Core Viewpoint - The implementation of the "Private Economy Promotion Law" in China has significantly boosted the confidence and vitality of private enterprises, exemplified by the growth story of Shanxi Lihu Group Qingyao Technology Glass Co., Ltd, which is leveraging innovation and practical efforts to thrive in a favorable policy and market environment [1] Group 1: Company Overview - Shanxi Lihu Group Qingyao Technology Glass Co., Ltd was established in 2014 and is a subsidiary of Shanxi Lihu Glass Group, focusing on the research and production of safety glass for automobiles and rail transit [2] - The company employs 980 staff and has an annual production capacity of 4 million sets of automotive glass and 100,000 square meters of rail transit glass, positioning itself as a major supplier in the domestic automotive glass market [2] Group 2: Production and R&D - The production facility features automated equipment that efficiently processes glass through various stages, including cutting and polishing, to produce high-performance automotive and rail transit safety glass [4] - The R&D center is actively engaged in testing and optimizing new products, showcasing a dual focus on production and research that underpins the company's stable development [4] Group 3: Innovation as a Growth Driver - The company emphasizes innovation as the primary driver of development, continuously increasing R&D investment to enhance its independent innovation capabilities [5] - An example of innovation is the development of smart glass that adjusts transparency based on external light conditions, applicable in high-end automotive and smart building sectors, indicating a broad market potential [5] - Recent innovations include high-end products like atmosphere sunroofs and HUD glass, which meet diverse market demands and enhance product value and competitiveness [5] Group 4: Strategic Development Goals - The company has set strategic goals for transformation, innovation, and ecological development, increasing the production share of automotive glass, new energy glass, and other high-value-added deep-processed glass [6] - The supportive policies from the "Private Economy Promotion Law" are seen as a significant boost, providing strong motivation through encouragement for innovation and equal access to resources and financial support [6] - Future plans include expanding automotive glass production capacity, exploring new energy glass sectors, and fulfilling social responsibilities by creating job opportunities in local communities, contributing to regional economic development and rural revitalization [6]

Group 1 - The Low-E glass concept increased by 3.12%, ranking 8th among concept sectors, with 11 stocks rising, including Hainan Development hitting the daily limit, and Qibin Group, Hebang Biology, and Yaopi Glass showing gains of 5.01%, 4.76%, and 4.34% respectively [1][2] - The Low-E glass sector saw a net inflow of 376 million yuan, with 7 stocks receiving net inflows, and 6 stocks exceeding 10 million yuan in net inflow, led by Hainan Development with 204 million yuan [2][3] - The net inflow ratios for Hainan Development, Qibin Group, and Hebang Biology were 16.32%, 14.61%, and 14.35% respectively, indicating strong investor interest [3] Group 2 - The top stocks in the Low-E glass sector based on net inflow included Hainan Development, Hebang Biology, Qibin Group, and Nanbo A, with respective net inflows of 2038.49 million yuan, 715.68 million yuan, 633.98 million yuan, and 238.91 million yuan [3][4] - The trading volume and turnover rates for these stocks were notable, with Hainan Development showing a turnover rate of 13.86% and a daily increase of 10.01% [3]

| 玻璃纯碱早报 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | 研究中心能化团队 | | 2025/7/24 | | | 玻 璃 | | | | | | | | | | | | | 2025/7/23 周度变化 日度变化 | 2025/7/16 | 2025/7/22 | | | | | 2025/7/16 | 2025/7/22 | | 2025/7/23 周度变化 日度变化 | | | 沙河安全 5mm大 板 | 1160.0 | 1220.0 | 1240.0 | 80.0 | 20.0 | FG09合约 | 1070.0 | 1249.0 | 1211.0 | 141.0 | -38.0 | | 沙河长城 | 1164.0 | 1220.0 | 1248.0 | 84.0 | 28.0 | FG01合约 | 1162.0 | 1342.0 | 1309.0 | 147.0 | -33.0 | | 5mm大板 | | | ...

Group 1 - The main contract for glass on Zhengzhou Commodity Exchange hit the daily limit, with an increase of 9.08%, currently priced at 1334 yuan per ton [1]

Report 1: Glass and Soda Ash Futures and Spot Daily Report Core Viewpoints - Yesterday, the market sentiment declined, and soda ash prices followed suit. Coal production cuts boosted market bullish sentiment, and the market has expectations for the elimination of backward production capacity. The overall macro - market sentiment is warm, and the stock market and commodities are rebounding. However, soda ash still has an obvious oversupply situation, and glass also faces over - capacity issues. Both markets need to track the implementation of relevant policies [1]. Key Points from Different Sections Price and Spread - **Glass**:华北报价 rose 0.83% to 1210 yuan/ton,华东报价 rose 0.80% to 1260 yuan/ton,华中报价 rose 2.63% to 1170 yuan/ton, and华南报价 remained unchanged at 1290 yuan/ton. Glass 2505 fell 2.21% to 1372 yuan/ton, and glass 2509 fell 3.04% to 1211 yuan/ton. The 05 basis increased by 20.20% [1]. - **Soda Ash**:华东报价 rose 4.07% to 1280 yuan/ton,华中报价 rose 4.17% to 1250 yuan/ton. Soda ash 2505 fell 1.63% to 1452 yuan/ton, and soda ash 2509 fell 2.51% to 1338 yuan/ton. The 05 basis increased by 19.05% [1]. Supply - Soda ash production rate increased by 3.42% to 84.10%, and weekly output increased by 3.41% to 73.32 million tons. Float glass daily melting volume decreased by 0.38% to 15.78 million tons, and photovoltaic daily melting volume decreased by 2.70% to 91840 tons [1]. Inventory - Glass factory inventory decreased by 3.22% to 6493.90 million cubic meters. Soda ash factory inventory increased by 2.26% to 190.56 million tons, and soda ash delivery warehouse inventory increased by 3.61% to 24.66 million tons. Glass factory soda ash inventory days increased by 11.34% to 23.4 days [1]. Real Estate Data - New construction area increased by 2.99% to - 18.73%, construction area decreased by 7.56% to - 33.33%, completion area increased by 15.67% to - 11.68%, and sales area increased by 12.13% to - 1.55% [1]. Report 2: Log Futures Daily Report Core Viewpoints - Recently, the sentiment of commodities has improved under the tone of anti - involution and stable growth, and log futures rose significantly last week. Currently, log demand is in the off - season, and weak demand drags down spot prices. In the context of strong expectations, attention should be paid to market sentiment changes, log supply, and inventory. Buying on dips can be considered [2]. Key Points from Different Sections Price and Spread - Log 2507 fell 1.79% to 818 yuan/cubic meter, log 2509 fell 1.90% to 823 yuan/cubic meter, log 2511 fell 2.05% to 826 yuan/cubic meter, and log 2601 fell to 835.5 yuan/cubic meter. The 9 - 11 spread increased by 2.5 to - 3 yuan/cubic meter, and the 9 - 1 spread increased by 2.5 to - 12.5 yuan/cubic meter [2]. Supply and Demand - Last week, inventory started to accumulate, increasing by 7 million cubic meters. As of July 18, the total national coniferous log inventory was 329 million cubic meters. Demand increased by 0.36 million cubic meters last week. As of July 18, the average daily log delivery volume was 6.24 million cubic meters [2]. Report 3: Polysilicon Futures and Spot Daily Report Core Viewpoints - The current futures price has reached the previous expectation, and the arbitrage window is open. The upstream enterprises have hedging needs. With the approaching of the delivery month, investors need to pay attention to position control and risk management. Whether the price will rise further in the long - term depends on the smoothness of the price transmission mechanism and the implementation of capacity integration and production regulation [3]. Key Points from Different Sections Price and Spread - N - type granular silicon average price rose 2.33% to 44000 yuan/ton, N - type material basis decreased by 31.40% to - 4080 yuan/ton. PS2506 rose 1.99% to 50080 yuan/ton, and some month - to - month spreads changed significantly [3]. Fundamental Data - Weekly silicon wafer production decreased by 3.48% to 11.10 GM, and weekly polysilicon production increased by 0.88% to 2.30 million tons. Monthly polysilicon production increased by 5.10% to 10.10 million tons, and silicon wafer production increased by 1.34% to 58.84 GW [3]. Inventory - Polysilicon inventory decreased by 9.78% to 24.90 million tons, and silicon wafer inventory decreased by 11.64% to 16.02 GM [3]. Report 4: Industrial Silicon Futures and Spot Daily Report Core Viewpoints - Driven by the coking coal futures, industrial silicon futures opened higher but then followed the decline of polysilicon and coking coal futures. The industry profit has been repaired, and the arbitrage window is open. However, the fundamental demand is weakening, and attention should be paid to the inventory pressure. If the prices of polysilicon and coking coal futures fall, the price of industrial silicon will also decline, and buying put options can be considered [4]. Key Points from Different Sections Price and Spread - The price of East China oxygen - passing S15530 industrial silicon rose 3.09% to 10000 yuan/ton, and the basis increased by 955.56% to 475 yuan/ton. Some month - to - month spreads changed, with 2508 - 2509 rising 20.00% to - 20 yuan/ton [4]. Fundamental Data - National industrial silicon production decreased by 12.10% to 30.08 million tons, and the national start - up rate decreased by 11.37% to 51.23%. Organic silicon DMC production increased by 13.75% to 20.93 million tons, and polysilicon production increased by 5.10% to 10.10 million tons [4]. Inventory - Social inventory decreased by 0.73% to 54.70 million tons, and warehouse receipt inventory increased by 0.11% to 25.05 million tons [4]. Report 5: Natural Rubber Futures and Spot Daily Report Core Viewpoints - In the short - term, due to continuous rainfall in Southeast Asia and typhoons in Hainan, the supply is disrupted, and rubber prices are rebounding. The overall demand is stable, and the terminal demand increment is limited. Short - term observation is recommended, and attention should be paid to the raw material supply situation after the weather improves in the main producing areas [6]. Key Points from Different Sections Price and Spread - The price of Yunnan state - owned standard rubber remained unchanged at 14950 yuan/ton, and the full - latex basis increased by 50.00% to - 55 yuan/ton. The 9 - 1 spread increased by 5.66% to - 750 yuan/ton [6]. Fundamental Data - In May, Thailand's production increased by 157.52% to 272.20 thousand tons, and China's production increased by 67.02% to 97.00 thousand tons. The start - up rate of semi - steel tires increased by 3.07% to 75.99%, and the start - up rate of all - steel tires increased by 0.54% to 65.10% [6]. Inventory - Bonded area inventory increased by 0.63% to 636383 tons, and the Shanghai Futures Exchange factory warehouse futures inventory decreased by 0.82% to 36691 tons [6].

Group 1 - The recent surge in commodity futures prices has attracted widespread market attention, with polysilicon contracts reaching over 50,000 yuan/ton, marking a more than 70% increase from late June [1] - Coking coal contracts also showed strong performance, closing at over 1,100 yuan/ton, reflecting a rebound of over 50% from early June [1] - Other commodities such as industrial silicon and coke have also seen significant price increases, with industrial silicon surpassing 10,000 yuan/ton, a nearly 50% rise since early June [2] Group 2 - The central government's recent meeting emphasized addressing key challenges, including regulating low-price competition and promoting integrated development of domestic and foreign trade [2] - Analysts attribute the commodity price surge to a combination of economic recovery expectations, supply rigidity, and liquidity premiums, with both the US and China manufacturing PMIs returning to expansion territory [2] - The chemical industry is expected to see a recovery in the second half of 2025, driven by reduced capital expenditure and a resurgence in domestic demand [3] Group 3 - Companies with market capitalizations below 10 billion yuan and institutional ratings include those in the pig farming, coal, glass, and organic silicon sectors [3] - Yaxing Chemical, with a market cap of approximately 2.644 billion yuan, specializes in chlorinated polyethylene and other chemical products [4] - Dongrui Co., a modern agricultural enterprise, operates a full industry chain in pig farming, while Beibo Co. focuses on glass deep processing equipment [4]

Group 1 - The core viewpoint of the articles emphasizes the importance of futures markets in enhancing the risk management capabilities of enterprises in Hebei Province, particularly in industries like petrochemicals, coal, steel, and glass [1][2] - The training program organized by Hebei regulatory bodies aims to improve the understanding and utilization of futures tools among local enterprises, thereby fostering a better regulatory environment for hedging activities [2][5] - Hebei Zhengda Glass Co., Ltd. serves as a case study, showcasing effective use of futures for hedging against price volatility, which has strengthened its market competitiveness and industry position [1][2] Group 2 - The demand for hedging through futures has been increasing among enterprises, necessitating enhanced regulatory oversight from government departments, including tax and audit agencies [2][5] - Zhengda Glass has adjusted its inventory management strategy post the listing of soda ash futures, reducing minimum inventory levels while increasing maximum inventory to ensure production stability [3] - The company has established a comprehensive risk management system and continuously updates its financial derivative management policies to optimize hedging operations [4]

1,000 1,200 1,400 1,600 1,800 2,000 2,200 河北鑫利4.8mm（折5mm） 2022 2023 2024 2025 (600) (400) (200) 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 华北玻璃生产利润（气） 2020 2021 2022 2023 2024 2025 1215 1220 1215 1080 1407 1249 1293 1342 900 1000 1100 1200 1300 1400 1500 沙河德金 沙河安全 沙河低价 湖北低价 07合约 09合约 11合约 01合约 玻璃价格结构 今日(7/22） 昨日(7/21） 一周前(7/15） 一月前(6/23） (500) 0 500 1,000 1,500 华南玻璃利润（气） 2020 2021 2022 2023 2024 2025 0 500 1,000 1,500 2,000 2,500 3,000 3,500 玻璃：河北低价大板 2019 2020 2021 2022 2023 2024 2025 0 100 200 300 40 ...

交易咨询业务资格：证监许可【2012】1091号 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证号：Z0021337 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 玻璃早报 2025-7-23 每日观点 玻璃： 1、基本面： "反内卷"政策发酵，提振市场情绪；玻璃生产利润修复，行业冷修速度放缓，开工 率、产量下降至历史同期低位；深加工订单不及往年同期，终端需求偏弱；偏空 2、基差：浮法玻璃河北沙河大板现货1136元/吨，FG2509收盘价为1249元/吨，基差为-113元，期 货升水现货；偏空 3、库存：全国浮法玻璃企业库存6493.90万重量箱，较前一周减少3.22%，库存在5年均值上方运 行；偏空 4、盘面：价格在20日线上方运行，20日线向上；偏多 5、主力持仓：主力持仓净空，空减；偏空 6、预期：政策利好提振情绪，玻璃基本面维持疲弱，短期预计震荡偏强运行为主。 影响因素总结 利多： 1、"反内卷"政 ...

Trading Information Summary - On July 22, 2025, Nanfang Glass A (000012) closed at 5.09 yuan, up 2.83%, with a turnover rate of 2.38% and a trading volume of 466,700 shares, amounting to 234 million yuan [1] - The capital flow on July 22 showed a net outflow of 14.09 million yuan from main funds, accounting for 6.03% of the total turnover, while retail investors had a net inflow of 17.45 million yuan, representing 7.46% of the total turnover [1][3] Company Announcement Summary - Nanfang Glass Group Co., Ltd. announced an adjustment to the maximum repurchase price after the 2024 annual profit distribution, with the new maximum for A-shares set at 7.53 yuan per share and for B-shares at 3.05 Hong Kong dollars per share, effective from July 23, 2025 [1][3] - The profit distribution plan for 2024 is set at 0.7 yuan per 10 shares (including tax), with no stock dividends or capital reserve transfers [1] - The repurchase amount for A-shares will be no less than 243 million yuan and no more than 485 million yuan, with an expected repurchase quantity between 44.44 million and 76.58 million shares; for B-shares, the repurchase amount will be between 50 million and 100 million Hong Kong dollars, with an expected quantity between 22.14 million and 38.53 million shares [1]