Core Viewpoint - The Zhengzhou Commodity Exchange's main glass contract has increased by over 5%, currently priced at 1,081 yuan per ton [1] Group 1 - The main glass contract on the Zhengzhou Commodity Exchange has seen a significant price increase, indicating strong market demand or potential supply constraints [1]

Group 1 - The global borosilicate glass industry has entered a high-quality development stage, driven by its importance in laboratories, industrial applications, and household products [1] - The demand for borosilicate glass is expanding due to its applications in various products such as thermometers, lamp shades, syringes, and baby bottles [1] Group 2 - The global borosilicate glass market is projected to reach approximately $4.4 billion by 2024, with a year-on-year growth of 4.6% [3] - The North American region is currently the largest market for borosilicate glass, accounting for nearly half of the global market share [4] Group 3 - By 2030, the global borosilicate glass market is expected to grow to $6.5 billion, benefiting from the development of the global pharmaceutical market and increased penetration in developing countries [6] Group 4 - Key trends in the global borosilicate glass industry include the growing importance of emerging markets, the need for sustainable development, and continuous improvement in production processes [10] - Emerging markets are expected to play a significant role in the growth of the borosilicate glass market due to urbanization and rising income levels [10] - Companies are facing stricter environmental regulations and need to invest in cleaner production methods to reduce waste emissions [10] - Industry leaders are innovating production techniques to enhance efficiency and product quality, utilizing advanced technologies such as AI and big data [10]

黑色建材日报 2025-07-10 钢材 黑色建材组 陈张滢 从业资格号：F03098415 交易咨询号：Z0020771 0755-23375161 chenzy@wkqh.cn 郎志杰 从业资格号：F3030112 0755-23375125 langzj@wkqh.cn 万林新 从业资格号：F03133967 0755-23375162 wanlx@wkqh.cn 赵 航 从业资格号：F03133652 0755-23375155 zhao3@wkqh.cn 螺纹钢主力合约下午收盘价为 3063 元/吨, 较上一交易日跌 0 元/吨（0%）。当日注册仓单 44905 吨, 环 比减少 0 吨。主力合约持仓量为 217.4941 万手，环比增加 6394 手。现货市场方面, 螺纹钢天津汇总价格 为 3160 元/吨, 环比减少 0/吨; 上海汇总价格为 3160 元/吨, 环比增加 10 元/吨。 热轧板卷主力合约收 盘价为 3190 元/吨, 较上一交易日跌 1 元/吨（-0.03%）。 当日注册仓单 64587 吨, 环比减少 0 吨。主力 合约持仓量为 158.2553 万手，环比减少 11138 ...

Core Viewpoint - The glass futures market has transitioned from a downward trend to a phase of low-level consolidation, influenced by cost support and geopolitical factors, despite weak demand from the real estate sector [1][2]. Supply Side - As of July 4, the daily melting capacity of domestic float glass remained stable at 157,800 tons, with production expected to increase due to ongoing ignition plans for production lines [1]. - There is a strong resistance against excessive cost-cutting and low-quality competition, with calls for orderly market practices [1]. - The overall supply of float glass may continue to rise, which could limit price increases without strong policy measures [1]. Demand Side - The demand for float glass is weak, primarily driven by poor real estate data, with most orders concentrated in a short timeframe of 3-7 days [2]. - The market is awaiting potential policy measures such as interest rate cuts or incentives for the real estate sector, which could stimulate demand and lead to price increases [2]. Profitability - As of last week, the weekly profit margins for float glass varied significantly based on fuel type, with negative profits for natural gas and petroleum coke, while coal gas showed a positive margin [2]. - Float glass prices are currently undervalued, and with costs stabilizing, the downside potential for prices is limited [2]. Inventory Levels - As of July 3, the total inventory of float glass in sample enterprises was 69.085 million heavy boxes, indicating a historically high level, while downstream inventories remain low [3]. - A shift in market sentiment could lead to speculative replenishment in the downstream sector, potentially triggering a price increase [3]. Overall Market Outlook - The trend of declining float glass prices appears to have paused, supported by cost factors and improved macroeconomic sentiment, but sustained price increases lack strong drivers [3]. - The supply and demand dynamics are unlikely to undergo fundamental changes, but there is potential for policy support and speculative inventory replenishment to create short-term price fluctuations [3].

Group 1: Company News - Giant Legend's stock surged over 160% on July 9, closing with a 94.37% increase, attributed to Jay Chou's entry into Douyin, enhancing market sentiment significantly [1] - Fuyao Glass announced a reduction of 2.5 million shares by specific shareholder Tao Hongzhu, representing 0.1067% of total shares, with a total value of approximately 36.98 million yuan [2] - Shoucheng Holdings' subsidiary, Beijing Robotics Fund, made an additional investment in Starry Sky Technology, aiming to boost R&D and product upgrades in the global embodied intelligence sector [3] - Sound Communication Technology expects a net profit of no less than 50 million yuan for the first half of the year, a turnaround from a net loss of approximately 590 million yuan in the same period last year, driven by financial restructuring and business growth [4] Group 2: Market Overview - The Hang Seng Index closed at 23892.32, down 1.06% on July 10 [5] - The Hang Seng Tech Index fell by 1.76%, closing at 5231.99 [5] - The National Enterprises Index decreased by 1.28%, ending at 8597.27 [5]

Group 1 - Glass futures main contract showed a strong performance, reaching a peak of 1037.00 yuan, with a current price of 1033.00 yuan, reflecting a 0.88% increase [1] - Short-term strategy suggested by Ruida Futures is to buy on dips, while maintaining a long-term strategy of selling on highs [2] - The macroeconomic environment indicates that the Ministry of Finance and the Ministry of Housing and Urban-Rural Development are working to stabilize expectations, activate demand, optimize supply, and mitigate risks to support the real estate market [2] Group 2 - Supply side analysis shows that Shandong Jinjing Technology Co., Ltd. has resumed production with a capacity of 600 tons per day, leading to increased supply and heightened inventory pressure [3] - The real estate sector continues to show a downward trend, with no substantial improvement in the completion phase, contributing to ongoing industry challenges [3] - The market is expected to experience weak fluctuations, with attention needed on the implementation of industry production restriction policies [3]

Group 1 - The Egyptian government has announced that Chinese companies can register in Egypt using the Renminbi, which is a significant step in promoting Chinese investment and enhancing economic relations between the two countries [1][2] - The move allows Chinese enterprises to open Renminbi accounts in Egyptian banks and have full ownership, encouraging more Chinese investments in Egypt and facilitating direct currency transactions [1][2] - Experts believe that using Renminbi will reduce the costs associated with intermediary currency transactions, thereby fostering direct cooperation between China and Egypt [1][2] Group 2 - The use of Renminbi in Egypt is expected to alleviate the country's demand for US dollars and reduce pressure on foreign exchange reserves, supporting strategic bilateral cooperation [2] - The establishment of the China-Egypt TEDA Suez Economic and Trade Cooperation Zone serves as a key investment hub for Chinese companies, allowing them to use Renminbi directly for capital and transactions [2][3] - The increase in Chinese investments in Egypt has been notable, with companies like Anhui Delir Glass Co., Ltd. recently laying the foundation for a production base, indicating growing interest in the Egyptian market [3]

Summary of Glass Industry Conference Call Industry Overview - The float glass industry is currently facing significant challenges, with prices continuously declining and approaching or falling below the cost line for some companies, particularly in Hubei where prices are below 1,000 RMB/ton [1][3][21] - The overall industry is experiencing over 80% losses, leading to tight cash flow and increased risk of production halts [1][6][21] - Real estate demand has drastically decreased to only 30% of 2020 levels, while float glass production capacity has only decreased by 8%, highlighting a severe supply-demand imbalance [1][5][6] Key Points and Arguments - **Production Capacity and Costs**: The high cost of cold repairs for float glass production lines (60-100 million RMB) discourages companies from halting production, despite the expectation of a seasonal market improvement in September and October [1][4] - **Environmental Policies**: The effectiveness of environmental policies on supply-side reforms has diminished, as companies have already invested heavily in compliance, and new requirements are increasing operational costs without effectively reducing capacity [1][10][12] - **Market Dynamics**: The float glass market is expected to undergo a natural clearing process through price wars and company losses if no effective interventions are made, with a prediction of numerous production line shutdowns in the next 3-6 months [1][15][27] - **Future Outlook**: If market clearing occurs smoothly, the glass market may gradually recover to above cost levels by the second half of next year, but high profitability is not anticipated [2][27] Additional Important Insights - **Inventory Levels**: Despite the drop in real estate demand, there has not been a severe inventory accumulation, indicating that while supply-demand issues are prominent, the pressure on inventory has not reached extreme levels [7] - **Challenges in the Industry**: The industry is grappling with high natural gas and petroleum coke prices, with over 80% of companies currently operating at a loss, leading to potential production halts [6][21] - **Impact of Government Policies**: The government's push for unified gas stations and stricter environmental regulations is expected to increase operational costs, potentially leading to market exits for less resilient companies [12][14] - **Long-term Industry Changes**: The float glass industry is expected to undergo a natural selection process, with weaker companies exiting the market, while stronger firms may consolidate through acquisitions and technological upgrades [24][25] Conclusion The float glass industry is currently in a precarious state, with significant overcapacity, declining prices, and a challenging economic environment. The effectiveness of government interventions and the industry's ability to adapt will be crucial in determining the future landscape of the market.

【玻璃现货行情】 玻璃：沙河成交均价1100元/吨上下。 【供需】 截至2025年7月3日，全国浮法玻璃日产量为15.78万吨，比26日+0.64%。本周（20250627-0703）全国浮 法玻璃产量110.34万吨，环比+1.15%，同比-7.46%。 免责声明：本报告中的信息均来源于被广发期货有限公司认为可靠的已公开资料，但广发期货对这些信 息的准确性及完整性不作任何保证。在任何情况下，报告内容仅供参考，报告中的信息或所表达的意见 并不构成所述品种买卖的出价或询价，投资者据此投资，风险自担。本报告的最终所有权归报告的来源 机构所有，客户在接收到本报告后，应遵循报告来源机构对报告的版权规定，不得刊载或转发。 【分析】 玻璃：前期相关政策扰动，市场对于玻璃有减产预期带动盘面大幅反弹。盘面情绪带动现货端大幅好 转，叠加月初授信，产销走强，基差结构激发了部分投机需求，关注持续性以及是否能形成正反馈。当 前处于夏季梅雨淡季，深加工订单偏弱，lowe开工率持续偏低，玻璃刚需端有一定压力，长远看最终行 业需要产能出清来解决过剩困境，因此还需等待更多冷修兑现或能带来盘面真正的反转。盘面反弹后市 场认为利多有限，近日重新 ...

Core Viewpoint - The Hong Kong stock market showed positive momentum with major indices rising, particularly driven by technology and consumer sectors, while some sectors faced declines [1] Group 1: Market Performance - The Hang Seng Index rose by 0.78% [1] - The Hang Seng Tech Index increased by 1.29% [1] - The National Enterprises Index gained 0.84% [1] Group 2: Sector Highlights - Cryptocurrency stocks continued to rise, with Guotai Junan International (01788.HK) surging over 16% [1] - The photovoltaic sector saw gains, with Flat Glass Group (06865.HK) and GCL-Poly Energy (03800.HK) both rising over 9% [1] - Apple-related stocks rebounded, with Sunny Optical Technology (02382.HK) and Q Tech (01478.HK) both increasing over 4% [1] - New consumption, education, chips, and gold sectors also experienced early gains [1] Group 3: Individual Stock Movements - Jinyong Investment (01328.HK) surged over 150% following a strategic partnership with AnchorX to explore stablecoin applications [1] - The Red Sea crisis concept stocks weakened, with Hai Feng International (01308.HK) dropping nearly 4% [1] - Logistics, environmental protection, and electric power sectors faced early declines [1]