Core Viewpoint - The announcement details the implementation of the 2025 semi-annual cash dividend distribution plan for shareholders of Shanghai Yaopi Glass Group Co., Ltd, including specific cash dividend amounts for A and B shares [2][4]. Dividend Distribution Plan - The cash dividend for A shares is set at 0.028 RMB per share (including tax), while for B shares, it is 0.003942 USD per share (including tax) [2][4]. - The total cash dividend distribution amounts to approximately 26.18 million RMB based on the total share capital of 934,916,069 shares [4]. Relevant Dates - The annual shareholders' meeting was held on June 13, 2025, where the cash dividend proposal was approved [2]. - The board meeting on August 28, 2025, confirmed the profit distribution plan with unanimous approval [2]. Implementation Method - Cash dividends for A shares will be distributed through China Securities Depository and Clearing Corporation Limited, Shanghai Branch, to shareholders registered by the end of the trading day on the record date [5][6]. - For B shares, the cash dividend will be paid in USD, with the exchange rate set at 1 USD = 7.1030 RMB as of August 29, 2025 [10]. Taxation Details - For A share individual shareholders, the tax treatment varies based on the holding period, with a maximum tax rate of 20% for shares held for one month or less [6][7]. - For B share non-resident corporate shareholders, a 10% withholding tax applies, resulting in a net dividend of 0.003548 USD per share [10][11].

Summary of Key Points Core Viewpoint - Yao Pi Glass (600819) has announced a cash dividend distribution for the first half of 2025, reflecting its commitment to returning value to shareholders through a structured profit distribution plan [1]. Financial Performance - As of September 22, 2025, Yao Pi Glass's stock closed at 7.24 yuan, marking a 3.43% increase from the previous trading day, with a total market capitalization of 6.769 billion yuan [1]. - The stock opened at 7.07 yuan, reached a high of 7.5 yuan, and a low of 6.94 yuan, with a trading volume of 3.41 billion yuan and a turnover rate of 6.34% [1]. Dividend Distribution Details - The company will distribute a cash dividend of 0.028 yuan per share (tax included) to all shareholders, based on a total share capital of 934,916,069 shares, amounting to a total cash dividend payout of approximately 26.18 million yuan [1]. - For B-share shareholders, a cash dividend of 0.003942 USD per share (tax included) will be distributed [1]. - Key dates for A-shares include the record date on September 29, 2025, and the ex-dividend date on September 30, 2025, with cash dividends being paid on the same day [1]. - For B-shares, the record date is October 10, 2025, with the ex-dividend date also on September 30, 2025, and cash dividends to be paid on October 24, 2025 [1]. Taxation Policies - A-share individual and mutual fund investors will be subject to a differentiated personal income tax policy based on their holding period; QFII and Hong Kong investors will have a withholding tax rate of 10% [1]. - For B-share shareholders, non-resident enterprises will also face a 10% withholding tax, while resident individual shareholders will be taxed based on their holding period, and foreign individual shareholders are temporarily exempt from personal income tax [1].

Group 1 - The company announced a profit distribution plan for the first half of 2025, with a cash dividend of 0.028 CNY per share for A-shares (tax included) [1] - For B-shares, the cash dividend is set at 0.003942 USD per share (tax included) [1] - The A-share registration date is September 29, 2025, with the ex-dividend date and cash dividend payment date both on September 30, 2025 [1] Group 2 - The B-share registration date is October 10, 2025, with the ex-dividend date on September 30, 2025, and the cash dividend payment date on October 24, 2025 [1]

1. Report Industry Investment Rating - There is no information about the industry investment rating in the report. 2. Core Viewpoints - For soda ash, the supply is expected to be loose, demand to decline slightly, and prices to remain under pressure. However, with the "anti - involution" hype, there may be changes. It is recommended to go long on the soda ash main contract at low levels in the short term [2]. - For glass, the supply and demand situation remains at a low level. The current real - estate situation is not optimistic, which may drag down glass demand. If the central bank cuts interest rates, it will support real - estate demand. The market will fluctuate around the demand side, and the overall de - stocking trend remains unchanged [2]. 3. Summary by Relevant Catalogs Futures Market - Soda ash main contract closing price: 1293 yuan/ton, down 25 yuan; glass main contract closing price: 1199 yuan/ton, down 17 yuan [2]. - Soda ash and glass price difference: down 8 yuan/ton; soda ash main contract open interest: 1420087 hands; glass main contract open interest: 1274079 hands, down 18252 hands [2]. - Soda ash top 20 net open interest: - 234955, up 24971; glass top 20 net open interest: - 193441, up 10196 [2]. - Soda ash exchange warehouse receipts: 2154 tons; glass exchange warehouse receipts: 0 tons, down 754 tons [2]. - Soda ash basis: - 108 yuan/ton, down 37 yuan; glass basis: - 119 yuan/ton, up 17 yuan [2]. - 1 - 5 month glass contract spread: - 127 yuan/ton, down 7 yuan; 1 - 5 month soda ash contract spread: - 89 yuan/ton, up 5 yuan [2]. 现货市场 - North China heavy soda ash: 1210 yuan/ton, down 25 yuan; Central China heavy soda ash: 1300 yuan/ton, unchanged [2]. - East China light soda ash: 1250 yuan/ton, unchanged; Central China light soda ash: 1210 yuan/ton, down 5 yuan [2]. - Shahe glass sheets: 1080 yuan/ton, down 4 yuan; Central China glass sheets: 1140 yuan/ton, unchanged [2]. Industry Situation - Soda ash plant operating rate: 85.53%, down 1.76%; float glass enterprise operating rate: 76.01%, unchanged [2]. - Glass in - production capacity: 16.02 million tons/year, unchanged; glass in - production production lines: 225, unchanged [2]. - Soda ash enterprise inventory: 175.56 million tons, up 0.85 million tons; glass enterprise inventory: 6090.8 million heavy boxes, down 67.5 million heavy boxes [2]. 下游情况 - Real - estate new construction area cumulative value: 35206 million square meters, up 4841.68 million square meters; real - estate completion area cumulative value: 25034 million square meters, up 2467.39 million square meters [2]. Industry News - Hubei Shuanghuan's soda ash plant increased production, with a light soda ash quote of 1160 yuan/ton [2]. - Henan Haohua Junhua's soda ash plant reduced production due to synthetic ammonia problems, with stable prices [2]. - Tangshan Sanyou's 2.3 million tons/year soda ash plant reduced operation, with a load of about 70% [2]. - Shandong Haihua's 3 million tons/year soda ash plant reduced operation [2]. - Shandong Haitian Bio - Chemical's 1.5 million tons/year soda ash plant resumed production [2]. - Guangdong Southern Alkali's 600,000 tons/year soda ash plant operated at about 80% load [2]. - Henan Tongbai Haijing's plant had one line under maintenance from September 13th, expected for 10 days, with stable prices [2]. - Anhui Huainan Alkali Factory's plant boiler was ignited [2]. - The Sichuan - Chongqing soda ash market was stable, with expected increased supply after plant resumption, and strong market wait - and - see sentiment [2]. 提示关注 - There is no news today [2].

Investment Rating - The industry rating is "Outperform the Market" [8][75] Core Viewpoints - The real estate development investment in China from January to August reached 6 trillion yuan, a year-on-year decrease of 12.9%, indicating a significant decline in the sector [3] - The new construction area of residential buildings decreased by 19.5% year-on-year, while the completion area fell by 17.0% [3] - The average price of bulk P.O 42.5 cement nationwide is 344.5 yuan/ton, showing a slight increase of 0.9% week-on-week but a decrease of 9.0% year-on-year [4][14] - The report highlights that the supply-side reform in the building materials sector is expected to reach a turning point, with a recovery in housing purchase willingness due to declining interest rates and supportive policies [6][20] - The report anticipates that the real estate market will stabilize, driven by policies aimed at boosting housing consumption and improving purchasing power [3][6] Summary by Sections High-frequency Data - As of September 19, 2025, the average price of P.O 42.5 cement is 344.5 yuan/ton, with regional prices varying [4][14] - The glass (5.00mm) ex-factory price is 1165.7 yuan/ton, reflecting a year-on-year decline of 3.0% [21][24] Sector Review - The Shanghai Composite Index fell by 1.3%, while the building materials index rose by 0.43% [5][59] - Sub-sectors such as refractory materials and fiberglass manufacturing showed positive growth, while cement manufacturing and glass manufacturing experienced declines [5][59] Investment Recommendations - The report suggests focusing on three main lines for investment: high-quality companies benefiting from stock renovation, undervalued stocks with long-term alpha attributes, and leading cyclical building materials companies [6]

Investment Rating No investment rating for the industry is provided in the report. Core Viewpoints - The glass market has a neutral fundamental situation. During the peak season, demand provides weak support at the lower end, while there are positive factors such as macro - news and environmental policies at the upper end. Technically, the bulls are continuous and stable, and the bears are discontinuous, so the glass futures price often has a lower shadow line. It is recommended to maintain a long - position strategy for the 01 contract, paying attention to the support level of 1150 - 1160 [3][4]. - The callback - buying strategy is recommended for glass investment. The main logic is that the glass fundamentals have no obvious changes, the price is affected by coal environmental protection news, the inventory is generally decreasing, the cost of coal - gas production has increased, and the demand from the middle and lower reaches has a short - term replenishment [3]. Summary by Directory 01 Investment Strategy - Strategy: Callback buying [3][5]. - Main Logic: Last week, glass futures first rose and then fell. The fundamentals remained unchanged, and the price followed the coking coal futures due to coal environmental protection news. There were no changes in production lines, and the daily melting volume remained the same. The national factory inventory continued to decline, but the inventory in North China increased slightly due to rumors of production suspension in Shahe. The inventory in Hubei continued to decline, and the orders of processing plants in East and South China were good. The cost of coal - gas production increased, and the profit decreased, while the profit of petroleum - coke production increased. The middle and lower reaches had short - term replenishment, and the market sentiment improved. The supply and inventory of soda ash decreased slightly, and it was expected to fluctuate recently considering future capacity expansion [3]. - Outlook: The glass fundamentals are neither good nor bad. In the peak season, demand provides weak support, and there are positive factors such as macro - news and environmental policies. Technically, the bulls are strong, so a long - position strategy for the 01 contract is maintained, with attention to the 1150 - 1160 support level [4]. 02 Market Review: Spot Price Increase - Spot Price: As of September 19, the market price of 5mm float glass was 1,150 yuan/ton (unchanged) in North China, 1,140 yuan/ton (+30) in Central China, and 1,230 yuan/ton (+10) in East China. - Futures Price: Last Friday, the glass 01 contract closed at 1,216 yuan/ton, up 36 yuan for the week [12]. 03 Market Review: Widening of Monthly Spreads - Soda Ash - Glass Spread: As of September 19, the soda ash futures price was 1,318 yuan/ton, and the glass futures price was 1,216 yuan/ton, with a spread of 102 yuan/ton (-8). - Basis: Last Friday, the basis of the glass 01 contract was - 106 yuan/ton (+4). - Contract Spread: Last Friday, the 01 - 05 spread was - 127 yuan/ton (-23) [13][17]. 04 Profit: Increase in Gas Cost - Natural Gas Process: The cost was 1,579 yuan/ton (+1), and the gross profit was - 349 yuan/ton (+9). - Coal - Gas Process: The cost was 1,181 yuan/ton (+22), and the gross profit was - 31 yuan/ton (-22). - Petroleum - Coke Process: The cost was 1,093 yuan/ton (+1), and the gross profit was 47 yuan/ton (+29). - Fuel Prices: On September 19, the industrial natural gas price in Hebei was 3.8 yuan/m³, the CIF price of US 3% sulfur shot coke was 165 US dollars/ton, and the price of Yulin thermal coal was 598 yuan/ton [20]. 05 Supply: Unchanged - Daily Melting Volume: Last Friday, the glass daily melting volume was 159,455 tons/day (unchanged), with 225 production lines in operation [22]. - Production Line Changes: There were cold - repairs, restarts, new ignitions, and product conversions in some production lines [23][24]. 06 Inventory: Continued Inventory Reduction - National Inventory: As of September 19, the inventory of 80 glass sample manufacturers was 6,090.8 million weight boxes (-67.5). - Regional Inventory: The inventory in North China was 955.5 million weight boxes (+30.9), in Central China was 589 million weight boxes (-33.7), in East China was 1,320.7 million weight boxes (-18.1), in South China was 941.7 million weight boxes (-13.8), in Southwest China was 1,248 million weight boxes (+5.6), the Shahe factory inventory was 278 million weight boxes (+31), and the Hubei factory inventory was 417 million weight boxes (-32) [26]. - Production and Sales Rate: On September 18, the comprehensive production and sales rate of float glass was 100% (+4). - LOW - E Glass: On September 19, the operating rate of LOW - E glass was 48.1% (+1). - Order Days: In mid - September, the order days of glass deep - processing were 10.5 days (+0.1) [32]. 07 Deep - Processing: Recovery and Maintenance of Production and Sales Rate - The production and sales rate of glass deep - processing recovered and was maintained. The order days and the operating rate of LOW - E glass showed certain trends [32][34]. 08 Demand: Intense Competition in Automobile Prices, Year - on - Year Growth in Production and Sales - Automobile: In August, China's automobile production was 2.815 million units, a month - on - month increase of 224,000 units and a year - on - year increase of 323,000 units. The sales volume was 2.857 million units, a month - on - month increase of 264,000 units and a year - on - year increase of 404,000 units. - New - Energy Automobile: In August, the retail volume of new - energy passenger cars in China was 1.101 million units, with a penetration rate of 55.2% [42]. 09 Demand: Decline in Real Estate Development Investment - Real Estate: In August, China's real estate completion area was 26.5913 million m², a year - on - year decrease of 21%; the new construction area was 45.9487 million m² (-20%); the construction area was 43.7767 million m² (-29%); and the commercial housing sales area was 57.4415 million m² (-11%). - Transaction Area: From September 13 to September 19, the total commercial housing transaction area in 30 large - and medium - sized cities was 1.54 million square meters, a month - on - month increase of 8% and a year - on - year increase of 2%. - Development Investment: In August, the real estate development investment was 672.942 billion yuan, a year - on - year decrease of 20% [48]. 10 Cost - Side: Soda Ash - Market Price Increase - Spot Price: As of last weekend, the mainstream market price of heavy soda ash was 1,325 yuan/ton (unchanged) in North China, 1,250 yuan/ton (unchanged) in East China, 1,300 yuan/ton (unchanged) in Central China, and 1,450 yuan/ton (unchanged) in South China. - Factory Price: The ex - factory prices of some heavy soda ash enterprises had certain changes. - Futures Price: Last Friday, the soda ash 2601 contract closed at 1,318 yuan/ton (+28). - Basis: Last Friday, the basis of soda ash in Central China for the 09 contract was - 18 yuan/ton (-28) [51][55][56]. 11 Cost - Side: Soda Ash - Cost Increase - Profit: As of last Friday, the profit of soda ash was - 71 yuan/ton (-16). - Other Prices: Last Friday, the market price of synthetic ammonia in Hubei was 2,100 yuan/ton (+111), and the ex - factory price of wet ammonium chloride in Xuzhou Fengcheng was 310 yuan/ton (unchanged). - Production Cost: The cost of the ammonia - soda process for soda ash enterprises was 1,320 yuan/ton (+44), with a gross profit of - 37 yuan/ton (unchanged); the cost of the co - production process was 1,739 yuan/ton (+57), with a gross profit of - 71 yuan/ton (-16) [57][58][59]. 12 Cost - Side: Soda Ash - Inventory Reduction - Production: Last week, the domestic soda ash production was 74.57 million tons (a month - on - month decrease of 1.54 million tons), including 41.77 million tons of heavy soda ash (a month - on - month decrease of 0.4 million tons) and 32.8 million tons of light soda ash (a month - on - month decrease of 1.14 million tons). The loss was 12.62 million tons (a month - on - month increase of 1.53 million tons). - Warehouse Receipts: At the end of last week, the number of soda ash warehouse receipts in the exchange was 0 (a month - on - month decrease of 6916). - Inventory: As of September 19, the national factory inventory of soda ash was 1.7556 million tons (a month - on - month decrease of 41,900 tons), including 1.0061 million tons of heavy soda ash (a month - on - month decrease of 28,400 tons) and 749,500 tons of light soda ash (a month - on - month decrease of 13,500 tons) [72]. 13 Cost - Side: Soda Ash - Improvement in Apparent Demand - Apparent Consumption: Last week, the apparent demand for heavy soda ash was 446,100 tons, a week - on - week decrease of 13,000 tons; the apparent demand for light soda ash was 341,500 tons, a week - on - week increase of 14,900 tons. - Production and Sales Rate: Last week, the production and sales rate of soda ash was 105.62%, a week - on - week increase of 2.39%. - Glass Factory Inventory: In August, the soda ash inventory of sample float glass factories was 23.6 days [75][80].

1. Report Industry Investment Rating - No relevant content found 2. Core Viewpoints - The report provides a comprehensive analysis of the glass and soda ash markets, including price changes, production and sales, and profit margins [2] 3. Summary by Related Catalogs Glass - **Price Changes**: From September 12 to September 19, 2025, the prices of various 5mm glass products in different regions showed different trends. For example, the price of Wuhan Changli 5mm large - plate increased by 40, while the price of Shandong 5mm large - plate remained unchanged. Futures contracts such as FG05 and FG01 also had price increases [2] - **Production and Sales**: In the glass market, the production and sales in Shahe area declined, with poor shipments at low prices. In Hubei, factory transactions were acceptable, but the transactions of new products in the middle - reaches were poor. The production and sales rates in different regions were as follows: Shahe 88, Hubei 102, East China 99, and South China 102 [2] - **Profit and Cost**: The profits of glass production in different regions and using different energy sources varied. For example, the profit of North China coal - fired glass decreased by 7.7, and the profit of South China natural - gas glass decreased by 6.3. The cost of North China coal - fired glass increased by 16.7 [2] Soda Ash - **Price Changes**: From September 12 to September 19, 2025, the prices of various soda ash products in different regions generally increased. For example, the price of Shahe heavy soda increased by 30, and the price of North China light soda increased by 40. Futures contracts such as SA05 and SA01 also had price increases [2] - **Industry Situation**: The factory inventory of soda ash decreased significantly, while the delivery warehouse inventory increased significantly, resulting in a slight overall increase in inventory [2] - **Profit and Cost**: The profits of soda ash production in different production methods and regions also changed. For example, the profit of North China ammonia - soda method decreased by 6.2, and the profit of North China combined - soda method decreased by 35.5. The cost of North China ammonia - soda method increased by 28.3 [2]

Core Viewpoint - The integration of futures and spot markets in the glass industry, particularly in Shihezi, Hebei, is transforming traditional manufacturing into a more competitive and resilient sector through financial tools and services [1][2][8]. Group 1: Industry Challenges and Solutions - The glass production industry faces significant financial pressures due to high capital requirements and price volatility of raw materials like soda ash and quartz sand, leading to frequent issues such as order losses and inventory accumulation [2][3]. - The entry of futures traders and the implementation of a futures-spot linkage model provide potential solutions to these challenges, offering customized financial services that help companies manage price risks and stabilize operations [2][3]. Group 2: Financial Tools and Services - Futures traders offer tailored services to glass manufacturers, including price hedging strategies that allow companies to lock in sales prices and hedge against rising raw material costs, thereby mitigating risks associated with price fluctuations [3][4]. - The introduction of a "virtual inventory" concept allows companies to reduce physical stock during periods of oversupply, thus lowering storage costs and improving cash flow [4][6]. Group 3: Market Dynamics and Collaboration - The collaboration between upstream raw material suppliers, midstream manufacturers, and downstream processors has improved with the introduction of flexible pricing mechanisms, such as "futures point pricing," which alleviates pricing conflicts and enhances stability across the supply chain [5][6]. - The integration of financial institutions with futures traders enables small and medium enterprises to access financing through warehouse receipt pledges, addressing cash flow challenges within the industry [6]. Group 4: Future Outlook and Transformation - The shift towards futures-spot integration is recognized as essential for enhancing the core competitiveness of glass enterprises, pushing them to evolve from traditional manufacturers to comprehensive service providers [8]. - The ongoing digital transformation and green initiatives in the glass industry are expected to further refine financial services, aligning them with specific industry needs and improving overall resource allocation [8].

Group 1 - The core viewpoint is that Fujian has become a significant player in the global automotive glass market, producing one out of every three automotive glasses worldwide, with a particular focus on innovative products like the "5G antenna glass" which has received over 4 million orders this year [1][3][8] - The "5G antenna glass" not only supports high-speed data transmission exceeding 70 Mbps but also features multiple functionalities such as infrared isolation, adjustable light transmission through liquid crystal arrangement, and self-heating for defrosting [3][5] - The development of new technologies and production processes is being driven by an increasing number of companies in Fujian establishing dedicated R&D laboratories, which facilitate the continuous emergence of innovative products like the "5G antenna glass" [7][8] Group 2 - The testing of automotive glass, particularly the windshield, emphasizes that the glass should break within a fraction of a second upon impact to absorb energy, while also ensuring that the shattered glass does not pose a secondary injury risk [5] - The support from various government departments during the "14th Five-Year Plan" period has been crucial, with policies such as expanding the scope of "technology loans" to promote R&D investment and innovation, enhancing the reputation of "Fujian manufacturing" [8]

1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View Glass - Supply: Current daily melting is around 160,000 tons with a short - term upward expectation. Xinjiang Puyao and Zhuzhou Liling Qibin restarted production in August. Attention should be paid to unexpected supply changes and the coal - to - gas conversion of Shahe production lines [3]. - Inventory: The total inventory of national float glass sample enterprises is 60.908 million heavy cases, a week - on - week decrease of 675,000 heavy cases (-1.10%) and a year - on - year decrease of 18.56%. The inventory days are 26 days, 0.3 days less than the previous period. Middle - stream inventories in Shahe and Hubei remain high [3]. - Profit: According to Longzhong data, the profit of natural gas - fired glass production lines is - 165 yuan, coal - gas - fired is + 94 yuan, and petroleum - coke - fired is + 41 yuan [3]. - Demand: As of mid - September, the deep - processing order days are 10.5 days, a week - on - week increase of 1.0% and a year - on - year increase of 2.94%. The deep - processing raw material reserve is 11.1 days, a week - on - week decrease of 5.1% and a year - on - year increase of 60.87%. This week's production and sales weakened overall, especially in Shahe [3]. - Strategy: High inventories in the upper and middle reaches and weak real - world demand limit price increases. There are still differences in whether there will be an unexpected reduction in supply in the fourth quarter. The glass price currently lacks a clear trend and trading logic. The near - term supply - strong and demand - weak pattern remains unchanged, and the mid - stream inventory reduction ability is weak. There are still profits in coal - gas and petroleum - coke production lines, and policy expectations are uncertain. The cumulative apparent demand from January to September is estimated to decline by 6% - 6.5%, and the spot market is in a state of weak balance to weak surplus. Future attention points include supply ignition expectations, coal prices, and mid - stream inventory reduction [3]. 纯碱 - Supply: Weekly production is 745,700 tons (a week - on - week decrease of 15,400 tons, with heavy soda down 4,000 tons and light soda down 11,400 tons). The supply remains high, and Yuanxing Phase II started the commissioning stage on September 19 [4]. - Inventory: The factory inventory is 1.7556 million tons, a week - on - week decrease of 41,900 tons. The delivery warehouse inventory is 614,900 tons (an increase of 59,400 tons). The total inventory of factory and delivery warehouses is 2.3705 million tons, a week - on - week increase of 17,500 tons. The upstream soda ash plants are reducing high - level inventories [6]. - Profit: According to Longzhong data, the theoretical profit of the dual - ton joint - alkali method is - 71 yuan/ton, and that of the ammonia - alkali method is - 37 yuan/ton. The raw salt price remained stable this week, while the coal price increased, leading to a slight increase in the cost [6]. - Demand: The inventory of photovoltaic finished products continues to decline, and the pressure eases. The daily melting of photovoltaic glass is 88,800 tons, remaining stable. The float glass end is generally stable. In August, the export of soda ash was 215,400 tons, far exceeding expectations, a month - on - month increase of 33.6% [6]. - Strategy: Market sentiment and focus will fluctuate, increasing the volatility of soda ash. With Yuanxing Phase II starting commissioning, the long - term supply pressure of soda ash persists. The mid - and downstream of heavy and light soda ash mainly replenish inventory due to rigid demand, and the pressure on soda ash plants has eased. The long - and medium - term supply of soda ash is expected to remain high, and normal maintenance continues. The fundamentals of photovoltaic glass have further improved, and the inventory of photovoltaic glass finished products has declined to a relatively low level. The rigid demand for soda ash is stable, and there is no expectation of weakening. The balance of heavy soda ash remains in surplus. However, the export of soda ash in August exceeded 200,000 tons, which alleviates domestic pressure to some extent. High inventories in the upper and middle reaches limit the price of soda ash, and the supply - strong and demand - weak pattern remains unchanged [6]. 3. Summary by Relevant Catalogs Glass Industry Data Futures Disk - Includes seasonal charts of the closing price, trading volume, and warehouse receipt quantity of the glass futures main contract [8]. Spot Data - Presents seasonal charts of Shahe delivery product prices, float glass prices in different regions (such as Central China, East China), and price differences between different regions and plate sizes [11][14][17]. Month - to - Month and Basis - Provides seasonal charts of glass futures month - to - month spreads (e.g., 05 - 09, 09 - 01) and basis of different contracts (e.g., 01, 05, 09) in different regions (such as Shahe, Hubei Yijun) [25][27][36]. Supply Data - Contains seasonal charts of float glass daily melting, weekly production, loss volume, production line start - up rate, and capacity utilization rate [40][41][45]. Production and Sales - Shows seasonal charts of glass production and sales rates on a weekly average basis in different regions (such as Shahe, Hubei, East China, South China) [48]. Deep - Processing - Presents seasonal charts of deep - processing glass raw material inventory days, deep - processing order days, and the ratio and difference between them [54]. Cost and Profit - Displays seasonal charts of the cost and profit of float glass produced by different processes (coal - fired, natural - gas - fired, petroleum - coke - fired) [58]. Import and Export - Provides seasonal charts of float glass monthly import, export, and net export volumes [62]. Statistics Bureau Data - Includes seasonal charts of the monthly output of flat glass, hollow glass, tempered glass, and laminated glass [66]. Inventory - Contains seasonal charts of float glass factory inventory, inventory in different regions (such as East China, North China, South China), and Shahe inventory (factory, dealer, and total inventory) [70][72][79]. Apparent Demand - Shows seasonal charts of float glass weekly and monthly apparent demand (with and without imports and exports) and the cumulative year - on - year change of monthly apparent demand [85]. Soda Ash Industry Data Futures Disk - Includes seasonal charts of the closing price, trading volume, and warehouse receipt quantity of the soda ash futures main contract [88]. Spot Data - Presents seasonal charts of the market price of heavy and light soda ash in different regions (such as Shahe, North China, Qinghai) and the price difference between heavy and light soda ash in different regions [92][96][101]. Month - to - Month and Basis - Provides seasonal charts of soda ash futures month - to - month spreads (e.g., 05 - 09, 09 - 01) and basis of different contracts (e.g., 01, 05, 09) in Shahe [109][111][116]. Supply Data - Contains seasonal charts of soda ash weekly production, production of heavy and light soda ash, capacity utilization rate in different regions and processes, and monthly production (weekly converted to monthly) and its cumulative value [115][117][132]. Cost and Profit - Displays seasonal charts of the cost and profit of soda ash produced by different processes (ammonia - alkali method, co - production method) [134]. Import and Export - Provides seasonal charts of soda ash monthly import, export, and net export volumes [143]. Inventory - Contains seasonal charts of soda ash factory inventory, delivery warehouse inventory, total inventory (factory + delivery warehouse), and inventory in different regions (such as North China, South China, Central China) [147][149][153]. Apparent Demand - Shows seasonal charts of soda ash weekly and monthly apparent demand (with and without imports and exports), apparent demand of light and heavy soda ash, and the number of days of outstanding orders of soda ash enterprises and raw material inventory days of glass factories [157][160][168]. Photovoltaic Glass - Presents seasonal charts of photovoltaic glass daily melting, loss volume, combined daily melting and loss volume of float and photovoltaic glass, and weekly enterprise inventory [172][173][177].