Report Information - Report Title: Soda Ash and Glass Daily Report [1] - Report Date: May 23, 2024 [2] Investment Rating - No investment rating information provided in the report. Core Viewpoints - For soda ash, although supply has decreased and demand has rebounded, there is still inventory accumulation. The futures price lacks the impetus for continuous growth, and the price will re - enter the downward channel with a potentially weak and volatile trend on the market [8][9]. - For glass, supply has significantly declined, demand is in the traditional off - season, and the demand - boosting effect of policies is limited. The price trend will be weak and volatile in the short term [10][11]. Summary by Directory 1. Soda Ash and Glass Market Review and Operation Suggestions - **Market Data on May 22**: SA509 opened at 1284 yuan/ton, closed at 1286 yuan/ton, up 7 yuan/ton or 0.54%, with a decrease of 24,595 lots in positions; SA601 closed at 1276 yuan/ton, up 1 yuan/ton or 0.07%, with an increase of 3,943 lots in positions; FG509 closed at 1018 yuan/ton, down 8 yuan/ton or 0.77%, with an increase of 64,371 lots in positions; FG601 closed at 1074 yuan/ton, down 8 yuan/ton or 0.73%, with an increase of 6,554 lots in positions [7]. - **Soda Ash Market**: The spot price of heavy - quality soda ash in Central China was 1380 - 1480 yuan/ton, and that of light - quality soda ash was 1250 - 1380 yuan/ton, remaining unchanged from the previous day. Weekly production dropped to 663,800 tons, a 2.04% week - on - week decrease; the capacity utilization rate dropped to 78.63%. The shipment volume was 699,000 tons, a 4.81% week - on - week increase. The weekly inventory of heavy - quality soda ash was 860,000 tons, with a slight reduction [8]. - **Glass Market**: Glass production has dropped significantly to the level of late February, and there is a possibility of further decline. The glass market has entered the traditional off - season, and downstream purchasing enthusiasm is difficult to improve significantly in the short term. Policy support has little effect on boosting demand, and the price will be weak and volatile [10][11]. 2. Industry News - In April 2025, China's soda ash exports were 170,600 tons, a decrease of 23,700 tons month - on - month, with an average export price of $189.13/ton. The cumulative export volume from January to April was 653,900 tons, a 112.02% increase year - on - year. Imports were 4,600 tons, an increase of 1,400 tons month - on - month, with an average import price of $216.79/ton. The cumulative import volume from January to April was 14,500 tons, a 97.58% decrease year - on - year [12]. - The market price of baking soda in Henan remained stable, with the mainstream ex - factory price of food - grade baking soda at 1180 - 1260 yuan/ton [12]. - The domestic float glass market had mixed price changes, with most prices remaining stable. In North China, prices were mostly stable with some minor increases, and the market trading atmosphere was average [12]. 3. Data Overview - The report provides multiple data charts, including the price trends of active soda ash and glass contracts, weekly soda ash production, soda ash enterprise inventory, the market price of heavy - quality soda ash in Central China, and flat glass production, with data sources from Wind and Zhuochuang Information [17][18][16].

Group 1 - Industrial production remains stable, with a slight year-on-year decrease in blast furnace operating rates by 0.5 percentage points to 2.6% [2][5] - In the chemical sector, except for a significant drop in soda ash production, other areas like PTA and polyester filament show improvement, with year-on-year increases of 3.4 percentage points to 4.7% and 1.9 percentage points to 4.8% respectively [2][17] - The automotive semi-steel tire operating rate has improved significantly, with a year-on-year increase of 15.5 percentage points to -2.4% [2][17] Group 2 - Construction industry shows mixed performance; national grinding operating rates and cement shipment rates are significantly lower than last year, with year-on-year changes of 1.5 percentage points to -3.5% and -0.6 percentage points to -6.9% respectively [2][28] - Asphalt operating rates have increased significantly, with a year-on-year rise of 4.8 percentage points to 6.8% [2][40] Group 3 - The real estate market continues to decline, with average daily transaction area for new homes dropping by 45.7% year-on-year to -12% [2][52] - Port cargo throughput and container throughput related to exports have also decreased, with year-on-year declines of 15.3% to -6.2% and 7.1% to -0.3% respectively [2][63] Group 4 - Agricultural product prices show divergence; vegetable and egg prices have decreased by 2.2% and 0.6% respectively, while pork prices remain stable and fruit prices have increased by 0.7% [3][105] - Industrial product prices have rebounded, with the South China industrial product price index rising by 2% [3][117]

Investment Rating - The report maintains an "Outperform" rating for the construction materials sector, indicating expected performance above the market index [2][4]. Core Insights - Urban renewal is anticipated to accelerate, with a focus on local construction and consumer building materials, driven by government policies aimed at enhancing existing building utilization and improving urban infrastructure [3][4]. - The construction materials sector is expected to benefit from increased orders related to urban renewal projects, particularly in waterproof materials, coatings, and piping [3][4]. Summary by Sections Cement - The national average cement price decreased by 1.1% last week, with regional price changes ranging from a drop of 10-30 CNY/ton in North, East, and Central South China, while prices in Liaoning and Henan increased by 20 CNY/ton. Demand showed a slight increase week-on-week but remains 6-7% lower year-on-year [3][22]. Glass - The float glass market continued to show weakness, with an average price of 1306.73 CNY/ton, down 0.82% from the previous week. Demand remains weak, and supply is stable with a production capacity utilization rate of 80.08% [3][35]. Fiberglass - The price of non-alkali fiberglass remained stable, with mainstream prices for 2400tex ranging from 3500-3800 CNY/ton, averaging 3735.25 CNY/ton, a year-on-year decrease of 3.3% [3][46]. Investment Recommendations - The report suggests focusing on resilient consumer building material leaders, particularly those benefiting from second-hand housing and renovation demand, recommending companies such as Sanke Tree, Beixin Building Materials, and others [4]. - For the cement and fiberglass sectors, companies like Anhui Conch Cement and China Jushi are highlighted for their potential recovery in performance [4].

行业 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 纯碱、玻璃日报 日期 2024 年 5 月 22 日 油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 硅）028-8663 0631 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635730 lijin@ccb.ccbfutures.com 期货从业资格号：F3015157 021-60635727 期货从业资格号：F03134307 fengzeren@ccb.ccbfutures.com 能源化工研究团队 研究员：李捷,CFA（原油燃料 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（尿素、工业 研究员：彭婧霖（聚 ...

Core Viewpoint - The article highlights the stable operation of industrial production, marginal improvement in infrastructure construction, and the divergent trends in shipping prices, indicating a mixed economic recovery landscape. Group 1: Industrial Production - Industrial production remains stable, with the blast furnace operating rate showing resilience, down by 0.5 percentage points year-on-year to 2.6% [2][5] - In the chemical sector, except for a significant drop in soda ash production, other areas like PTA and polyester filament have improved, with year-on-year increases of 3.4 percentage points to 4.7% and 1.9 percentage points to 4.8%, respectively [2][17] - The operating rate of automotive semi-steel tires has also improved significantly, up by 15.5 percentage points year-on-year to -2.4% [2][17] Group 2: Construction Industry - The construction industry shows mixed performance, with national grinding operating rates and cement shipment rates significantly lower than the same period last year, up by 1.5 percentage points to -3.5% and down by 0.6 percentage points to -6.9%, respectively [2][28] - Asphalt operating rates have seen a notable increase, up by 4.8 percentage points year-on-year to 6.8% [2][40] Group 3: Downstream Demand - The transaction volume of commercial housing continues to decline, with the average daily transaction area of new homes down by 45.7% year-on-year to -12% [2][52] - Port cargo throughput and container throughput related to exports have also decreased, down by 15.3% to -6.2% and 7.1% to -0.3%, respectively [2][63] - Shipping prices show divergence, with the West America route continuing to rise while Southeast Asia route prices have significantly dropped [2][93] Group 4: Price Trends - Agricultural product prices are mixed, with vegetable and egg prices falling by 2.2% and 0.6% respectively, while pork prices remain stable and fruit prices have increased by 0.7% [3][105] - The industrial product price index has risen by 2% week-on-week, with the energy and chemical price index up by 2.1% and the metal price index up by 1.8% [3][117]

建筑材料 行业专题报告 hyzqdatemark 2025 年 05 月 22 日 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 朱芸 SAC：S1350524070001 zhuyun@huayuanstock.com 证券研究报告 唐志玮 tangzhiwei@huayuanstock.com 板块表现： 由单边下行走向结构分化，赛道及龙头α开始显现 投资评级： 看好（维持） ——建材行业 2024 年报及 2025 年一季报综述 投资要点： 风险提示：经济恢复不及预期，化债力度不及预期，房地产政策不及预期 请务必仔细阅读正文之后的评级说明和重要声明 | 1. 综述:行业压力仍存,结构性拐点逐步显现…………………………………………………………………………………… 5 | | --- | | 2. 消费建材:行业逐步探底,结构分化开始显现. | | 3. ...

Core Viewpoint - The article highlights the stable operation of industrial production, marginal improvement in infrastructure construction, and the divergent trends in shipping prices, indicating a mixed economic recovery landscape. Group 1: Industrial Production - Industrial production remains stable, with the blast furnace operating rate showing resilience, down by 0.5 percentage points year-on-year to 2.6% [2][5] - In the chemical sector, except for a significant drop in soda ash production, other areas like PTA and polyester filament have improved, with year-on-year increases of 3.4 percentage points to 4.7% and 1.9 percentage points to 4.8%, respectively [2][17] - The operating rate of automotive semi-steel tires has also improved significantly, up by 15.5 percentage points to -2.4% year-on-year [2][17] Group 2: Construction Industry - The construction industry shows mixed performance, with national grinding operating rates and cement shipment rates significantly below last year's levels, up by 1.5 percentage points to -3.5% and down by 0.6 percentage points to -6.9%, respectively [2][28] - Asphalt operating rates have seen a notable increase, up by 4.8 percentage points to 6.8% year-on-year [2][40] Group 3: Downstream Demand - The transaction volume of commercial housing continues to decline, with the average daily transaction area of new homes down by 45.7% year-on-year to -12% [2][52] - Port cargo throughput and container throughput related to exports have also decreased, down by 15.3% to -6.2% and 7.1% to -0.3% year-on-year, respectively [2][63] - Shipping prices are showing divergent trends, with the price on the West America route continuing to rise, while prices on the Southeast Asia route have significantly dropped [2][93] Group 4: Price Trends - Agricultural product prices are mixed, with vegetable and egg prices declining by 2.2% and 0.6% respectively, while pork prices remain stable and fruit prices have increased by 0.7% [3][105] - The industrial product price index has risen by 2% week-on-week, with the energy and chemical price index up by 2.1% and the metal price index up by 1.8% [3][117]

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - For soda ash, on the macro - level, the national economy maintained stable growth in April. Fundamentally, soda ash device fluctuated slightly, with supply decreasing narrowly due to planned maintenance in Qinghai and expected maintenance in the middle and late period. Downstream demand was tepid, with more wait - and - see sentiment, mainly replenishing inventory at low prices. High inventory pressure persisted, suppressing price increases. It is recommended to short on rallies for soda ash [2]. - For glass, on the supply side, the overall profit of glass made from natural gas, coal, and oil decreased slightly due to falling spot prices while production remained stable. On the demand side, there was a lack of positive news, and demand remained weak. Some original sheet enterprises might operate flexibly and offer discounts to avoid high - inventory pressure. The futures price was close to the production cost, and cost support might work in the short - term. It is recommended to buy on dips for glass [2]. Summary by Related Catalogs Futures Market - The closing price of the soda ash main contract was 1,288 yuan/ton, up 8 yuan; the closing price of the glass main contract was 1,034 yuan/ton, up 9 yuan. The price difference between soda ash and glass was 254 yuan/ton, down 1 yuan [2]. - The position volume of the soda ash main contract was 1,465,721 hands, down 32,407 hands; the position volume of the glass main contract was 1,484,264 hands, up 1,681 hands [2]. - The net position of the top 20 soda ash traders was - 270,580, up 10,693; the net position of the top 20 glass traders was - 164,811, up 6,861 [2]. - The exchange warehouse receipts of soda ash were 2,317 tons, down 453 tons; the exchange warehouse receipts of glass were 3,568 tons, down 10 tons [2]. - The price difference between the September and January soda ash contracts was 9 yuan, up 3 yuan; the price difference between the September and January glass contracts was - 54 yuan, up 2 yuan [2]. Spot Market - The price of North China heavy soda ash was 1,320 yuan/ton, unchanged; the price of Central China heavy soda ash was 1,400 yuan/ton, unchanged [2]. - The price of East China light soda ash was 1,400 yuan/ton, unchanged; the price of Central China light soda ash was 1,335 yuan/ton, unchanged [2]. - The price of Shahe glass sheets was 1,076 yuan/ton, unchanged; the price of Central China glass sheets was 1,130 yuan/ton, unchanged [2]. - The basis of soda ash was 40 yuan/ton, up 4 yuan; the basis of glass was 51 yuan/ton, down 7 yuan [2]. Industry Situation - The operating rate of soda ash plants was 80.27%, down 7.47 percentage points; the operating rate of float glass enterprises was 75%, down 0.24 percentage points [2]. - The in - production capacity of glass was 15.63 million tons/year, up 0.11 million tons; the number of in - production glass production lines was 222, unchanged [2]. - The inventory of soda ash enterprises was 168.75 tons, down 2.45 tons; the inventory of glass enterprises was 68,082,000 weight boxes, up 522,000 weight boxes [2]. Downstream Situation - The cumulative value of the newly started area of real estate was 12,996.46 million square meters, up 6,382.46 million square meters; the cumulative value of the completed area of real estate was 13,060.27 million square meters, up 4,296.27 million square meters [2]. - From January to April, the state - owned land use right transfer income was 934 billion yuan, a year - on - year decrease of 11.4% [2]. Industry News - Guangdong encourages local governments to support farmers in buying houses in cities by issuing housing subsidies, housing vouchers, etc [2]. - Shantou plans to supply 161.4 hectares of housing land and renovate 58 old communities in 2025 [2]. - Shanghai's housing and urban - rural construction and management commission investigated the housing provident fund situation of some enterprises [2].

Group 1 - The fourth China-Africa Economic and Trade Expo will be held from June 12 to 15 in Changsha, Hunan, focusing on "China-Africa Cooperation for Modernization" [1] - In 2024, the trade volume between China and Africa reached $295.6 billion, a year-on-year increase of 4.8%, marking the fourth consecutive year of record highs [1] - China has maintained its position as Africa's largest trading partner for 16 consecutive years, with imports from Africa totaling $116.8 billion (up 6.9%) and exports to Africa reaching $178.8 billion (up 3.5%) [1] Group 2 - Chinese enterprises are increasingly investing in various economic and trade zones in Africa, contributing significantly to local tax revenue, employment, and export earnings [2] - Successful examples include the Suez Economic and Trade Cooperation Zone in Egypt and the East Africa Trade and Logistics Park in Tanzania, which is expected to create over 20,000 jobs [2] - In Zambia, the Zambia-China Economic and Trade Cooperation Zone is developing a full industrial chain for copper mining, refining, and processing [2] Group 3 - Cooperation in emerging fields is deepening, with Chinese companies building large data centers in Africa and providing cloud computing services [2] - The cumulative installed capacity of photovoltaic power stations built through China-Africa cooperation exceeds 1.5 GW, meeting the electricity needs of millions of African households [2] - Financial cooperation has also progressed, with Egypt and the African Export-Import Bank successfully issuing RMB "Panda Bonds" in China [2] Group 4 - The upcoming expo is significant as it coincides with the successful Beijing Summit of the Forum on China-Africa Cooperation in September 2024, where major initiatives for modernization were proposed [3] - The expo will focus on the "Ten Partnership Actions" and showcase cooperation achievements, aiming to gather resources and enhance collaboration for high-quality development of China-Africa economic and trade relations [3]

行业 纯碱、玻璃日报 日期 2024 年 5 月 21 日 油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 硅）028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635730 lijin@ccb.ccbfutures.com 期货从业资格号：F3015157 021-60635727 期货从业资格号：F03134307 fengzeren@ccb.ccbfutures.com 能源化工研究团队 研究员：李捷,CFA（原油燃料 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（尿素、工业 研究员：彭婧霖（聚 ...