黑色建材周报 | 2025-06-22 需求方面，全国各地区出货整体一般，市场以刚需采购为主，投机情绪较弱。 库存方面，本周全国浮法玻璃样本企业总库存6988.7万重箱，环比增加0.29%，下游拿货谨慎，价格承压。 整体来看，玻璃在部分产线亏损的情况下，供应环比仍有小幅上升，且下游刚需依旧疲软，房地产数据仍处于低 位。玻璃的高库存对价格形成较强的压制，在未减产的情况下仍需要长期亏损，以此达到出清产能的目的，持续 关注玻璃厂冷修计划和玻璃利润情况。 纯碱方面，本周纯碱主力合约2509震荡偏强，收盘价为1173元/吨，环比上涨17元/吨，涨幅1.47%。现货方面，下 游情绪较为谨慎，采购积极性不佳。 供应方面，据隆众资讯最新数据，本周纯碱产能利用率86.57%，环比增加1.68%，产量75.47万吨，环比增加1.97%， 部分企业有复产预期。 市场情绪好转，玻碱区间震荡 市场分析 玻璃方面，本周玻璃主力合约2509震荡上涨，收盘价为1007元/吨，环比上涨31元/吨，涨幅3.18%。现货方面，据 隆众资讯最新数据，国内浮法玻璃市场周均价1190元/吨，环比下降12.65元/吨，成交重心回落。 供应方面，本周浮法玻 ...

Report Industry Investment Rating No relevant content provided. Core Views - Glass: The medium - term outlook is a sideways market. Short - term spot prices are weak, with prices falling across regions. In the medium term, factors such as the June real - estate debt repayment peak and Hubei's warehouse receipt pricing will suppress the market. The 09 contract, a peak - season contract, is priced at a large loss, indicating high future volatility. Bulls focus on policy support, low spot prices, long - term factory losses, and peak - season expectations. Bears believe the real - estate market won't improve substantially, and inventory pressure is high [6][7]. -纯碱: The short - term outlook is weak. The glass market's pressure restricts the price increase of soda ash. High production and inventory are the core issues, and there is no long - term shortage expectation. Potential supporting factors like low light - heavy soda ash price difference, good exports, and high inventory concentration need the improvement of the glass market to take effect [8][9]. Summary by Directory Glass: Supply - side Situation - Cold - repaired production lines in 2025 have a total daily melting capacity of 8010 tons/day [12]. - Ignited production lines in 2025 have a total daily melting capacity of 9210 tons/day [13]. - Potential new ignition production lines have a total daily melting capacity of 13000 tons/day [15]. - Potential old - line复产 production lines have a total daily melting capacity of 7830 tons, mainly concentrated in South and Southwest China [16]. - Potential cold - repaired production lines have a total daily melting capacity of 7850 tons/day [18]. - The glass industry's production reduction space in the first half of the year is limited, with the current in - production capacity at around 155,000 tons/day [19][20]. Glass: Price and Profit - Recent transactions are slightly down but stable compared to last week. Some manufacturers' prices have dropped by 20 - 40 yuan/ton. Prices in different regions are: 1120 - 1180 yuan/ton in Shahe, 1000 - 1100 yuan/ton in Hubei, and 1220 - 1360 yuan/ton in East China [26][30]. - Futures prices have rebounded, the basis is weak, and the calendar spread is stable. The calendar spread's rebound space is limited due to near - month warehouse receipt factors [32][35]. - Profits vary by fuel: - 108 yuan/ton for petroleum coke, - 195 - 83 yuan/ton for natural gas and coal [36][40]. Glass: Inventory and Downstream开工 - Due to the rainy season, market transactions are weak, and inventory has slightly increased in most regions. Regional price differences have shrunk as prices in East China have declined [43][49]. Photovoltaic Glass: Price, Profit, Capacity, and Inventory - Prices are falling, recent orders are slightly down, shipments are average, and inventory is increasing. The prices of 2.0mm and 3.2mm coated panels have decreased by 4.08% and 2.47% respectively [56][58]. - As the market weakens, it may enter a production - reduction cycle again. The actual capacity as of mid - June is about 99,000 tons/day, and the sample inventory days are about 29.87 days, a 0.50% increase [59][64]. Soda Ash: Supply and Maintenance - Soda ash maintenance has reached its peak, and there may be less maintenance in June. The current capacity utilization rate is 86.5%, and the weekly output of heavy soda ash is 415,000 tons. The inventory is about 1.7267 million tons, with 812,600 tons of light soda ash and 914,000 tons of heavy soda ash [69][72][73]. Soda Ash: Price and Profit - This week's prices have changed little, with some northwest manufacturers reducing prices. The nominal prices in Shahe and Hubei are around 1200 - 1300 yuan/ton. High production and inventory put pressure on near - month contracts. The basis is slightly strong, and the calendar spread is under pressure. The profit in East China (excluding Shandong) for the joint - alkali method is 99.5 yuan/ton, and in North China for the ammonia - alkali method is 25 yuan/ton [84][86][91].

Investment Rating - The investment rating for the building materials industry is "Positive" (maintained) [1] Core Views - The real estate market is showing marginal improvement, with a continued loose policy from both central and local governments. In May, the overall real estate market remained stable, with some indicators showing marginal improvement. Housing prices are experiencing a complex trend of "month-on-month decline, year-on-year decline narrowing." Data from the National Bureau of Statistics indicates that the sales prices of commercial and second-hand residential properties in various cities are declining month-on-month but showing a narrowing year-on-year decline. First-tier cities have relatively stable housing prices, with the lowest year-on-year decline in both commercial and second-hand residential prices. The inventory of real estate is slowly decreasing, particularly in first-tier and core second-tier cities, indicating a potential balance in supply and demand in the real estate market [3][4][6]. Summary by Sections Market Overview - The building materials index fell by 1.42% in the week from June 16 to June 20, 2025, underperforming the CSI 300 index by 0.97 percentage points. Over the past three months, the CSI 300 index has decreased by 2.18%, while the building materials index has dropped by 6.84%, underperforming by 4.66 percentage points. In the past year, the CSI 300 index has risen by 10.04%, while the building materials index has only increased by 1.99%, underperforming by 8.05 percentage points [4][13][19]. Cement Sector - As of June 20, 2025, the average price of P.O42.5 bulk cement nationwide was 296.97 yuan/ton, a month-on-month decrease of 2.55%. The price trends varied by region, with Northeast China down by 3.01%, North China down by 0.69%, East China down by 3.93%, South China down by 4.12%, Central China down by 0.33%, Southwest China down by 5.66%, and Northwest China remaining unchanged [6][24][25]. Glass Sector - As of June 20, 2025, the spot price of float glass was 1199.00 yuan/ton, down by 19.00 yuan/ton or 1.56% month-on-month. The average price of photovoltaic glass was 125.00 yuan/weight box, down by 2.30 yuan/weight box or 1.81% month-on-month [6][72][79]. Fiberglass Sector - The price of non-alkali 2400tex direct yarn is reported at 3400-4100 yuan/ton, with various other fiberglass products showing stable pricing trends. The market for non-alkali fiberglass is generally stable, with average prices holding steady across different product categories [6][15][17]. Consumer Building Materials - As of June 20, 2025, the price of crude oil was 78.40 USD/barrel, showing a week-on-week increase of 6.19%. The price of asphalt remained stable at 4290 yuan/ton, while acrylic acid was priced at 6750 yuan/ton, with a year-to-date decrease of 13.46% [6][19].

Core Viewpoint - Shandong Huapeng plans to raise 90 million yuan through entrusted loans to repay debts and supplement working capital, with a financing term of one year and an interest rate not exceeding 6% [2] Group 1: Financing and Corporate Actions - The company will pledge 100% equity of Shandong Huapeng Shidao Glass Products Co., Ltd. and related assets to secure the financing [2] - The board of directors has approved the financing plan without requiring shareholder meeting approval [2] - The company has also applied for a comprehensive credit line of up to 700 million yuan from financial institutions, with a validity until the 2025 annual shareholder meeting [2] Group 2: Company Overview - ST Huapeng was established on December 29, 2001, with a registered capital of 319.948 million yuan, and is primarily engaged in the research, production, and sales of glassware products [2] - The current chairman is Liu Dongguang, and the company employs 603 people [2] Group 3: Financial Performance - The company's projected revenues for 2022, 2023, and 2024 are 782 million yuan, 543 million yuan, and 412 million yuan, reflecting year-on-year changes of -6.75%, -30.57%, and -24.17% respectively [3] - The net profit attributable to shareholders for the same years is projected at -402 million yuan, -292 million yuan, and -147 million yuan, with year-on-year changes of -8.08%, 27.46%, and 49.55% respectively [3] - The company's asset-liability ratios are 78.95%, 89.64%, and 97.47% for the years 2022, 2023, and 2024 [3] Group 4: Risk Factors - The company has a total of 275 risk records, with 267 related to surrounding entities and 31 historical risks, along with 103 warning alerts [3]

Group 1 - The company plans to apply for a comprehensive credit facility of up to 700 million yuan from various financial institutions, with the credit period lasting until the annual general meeting in 2025 [1] - The financing will be used for various purposes, including but not limited to non-current and current loans, bank acceptance bills, and non-financial guarantees [1] - The board of directors has approved the financing plan, which does not require further approval from the shareholders' meeting [2] Group 2 - The company intends to secure a loan of 90 million yuan through entrusted loans, with a term of one year and an interest rate not exceeding 6%, aimed at repaying loans or supplementing working capital [2] - The company will pledge its 100% equity in Shandong Huapeng Shidao Glass Products Co., Ltd. and certain assets as collateral for the loan [2] - The financial indicators for the company show total assets of approximately 1.6 billion yuan and total liabilities of about 1.59 billion yuan as of March 31, 2025 [2] Group 3 - The internal decision-making process for the financing was completed on June 20, 2025, with the board approving the proposal without needing shareholder approval [3] - The financing is expected to align with the company's operational needs and support business development without adversely affecting its operations [3] - The company reports a good operational status and manageable financial risks, indicating that the collateral and guarantee arrangements do not harm the interests of the company and its shareholders [3]

Group 1 - The company held its 23rd meeting of the 8th Board of Directors on June 20, 2025, with all 9 directors present, complying with legal and procedural requirements [1][2] - The Board approved a financing plan through entrusted loans amounting to 90 million yuan, with a term of 1 year and an interest rate not exceeding 6%, aimed at repaying loans or supplementing working capital [1] - The company plans to pledge 100% equity of Shandong Huapeng Shidao Glass Products Co., Ltd. and certain assets as collateral to secure the financing, with the specific rights holder yet to be determined [1]

1. Report Industry Investment Ratings - **Equity Index Futures**: Neutral, expecting a sideways trend [1] - **Treasury Bond Futures**: Neutral, with a range - bound outlook [1] - **Precious Metals (Gold and Silver)**: Neutral, with a long - term upward potential for gold [1][4] - **Non - ferrous Metals (Copper, Aluminum, Nickel)**: Copper - Neutral, Aluminum - Slightly Bullish, Nickel - Neutral [4] - **Carbonate Lithium**: Bearish, with a downward trend [4][6] - **Silicon Energy**: Neutral, with limited price fluctuations [6] - **Steel and Ore (Rebar, Hot - Rolled Coil, Iron Ore)**: Neutral, with a narrow - range sideways movement [6] - **Coking Coal and Coke**: Bearish [8] - **Soda Ash and Glass**: Soda Ash - Bearish, Glass - Bearish [8] - **Crude Oil**: Slightly Bullish [8][10] - **Methanol**: Bullish [10] - **Polyolefins**: Bullish [10] - **Cotton**: Slightly Bullish [10] - **Rubber**: Bearish [10] 2. Core Views - A - share market shows cautious sentiment in the short - term, lacking upward momentum and continuing the sideways pattern. However, with increasing capital volume and clear policy support, the long - term upward trend remains unchanged [1] - The Treasury bond market is affected by overseas geopolitical issues to a limited extent. With the central bank's net injection in the open market, the bond market is running at a high level, but the trend is uncertain [1] - Precious metals are affected by geopolitical factors, with gold prices oscillating at a high level and a potential long - term upward movement. Silver is more volatile than gold [1][4] - Non - ferrous metals face supply - demand imbalances. Copper has supply constraints but weak demand; aluminum has supply concerns and low inventory support; nickel has an oversupply situation [4] - Carbonate lithium has an increasing supply and weak demand, with a downward price trend [4][6] - Silicon energy has sufficient supply and demand uncertainty, with limited price fluctuations [6] - Steel and ore markets have limited contradictions, and the pressure of raw material valuation adjustment has eased, with prices in a narrow - range sideways movement [6] - Coking coal and coke markets are bearish due to factors such as inventory accumulation and production reduction [8] - Soda ash has a high inventory and weak demand, while glass has a relatively loose supply and weak demand, both with a bearish outlook [8] - Crude oil prices are supported by geopolitical factors, and the future trend depends on the development of the Middle - East situation [8][10] - Methanol production is increasing, but downstream losses are expanding. If domestic coal - chemical plants start centralized maintenance, prices will rise further [10] - Polyolefins have stable production, and prices are supported by rising crude oil prices [10] - Cotton has a strengthening expectation of tight supply and demand, and it is recommended to maintain a long - position strategy [10] - Rubber has an increasing supply and weakening demand, with limited potential for a trend - reversal [10] 3. Summary by Relevant Catalogs 3.1 Equity Index Futures - Market sentiment is cautious, with limited short - term upward momentum. A - shares continue the sideways pattern, but the long - term upward trend remains unchanged. Attention should be paid to the opportunity of low - level long - position layout [1] 3.2 Treasury Bond Futures - Overseas geopolitical issues have a limited impact on the domestic bond market. The central bank's net injection in the open market supports the bond market at a high level, but the trend is uncertain [1] 3.3 Precious Metals - Gold prices are oscillating at a high level, with a potential long - term upward movement. It is recommended to buy on dips or hold short - put options. Silver is more volatile than gold, and attention should be paid to stop - loss [1][4] 3.4 Non - ferrous Metals 3.4.1 Copper - Supply is tight, but demand is weak due to macro uncertainties. Prices are affected by market sentiment and funds, with a sideways trend [4] 3.4.2 Aluminum - Alumina has an oversupply pressure, but the downward drive may slow down.沪铝 has low inventory support, with a slightly bullish outlook [4] 3.4.3 Nickel - The supply is in an oversupply situation, but the downward momentum weakens at low prices. It is recommended to hold short - option strategies [4] 3.5 Carbonate Lithium - Supply is increasing, and demand is weak. The price trend is downward [4][6] 3.6 Silicon Energy - Supply is sufficient, and demand is uncertain. Price fluctuations are limited, and it is recommended to hold short - put options [6] 3.7 Steel and Ore 3.7.1 Rebar - Supply is increasing, demand is stable, and inventory is decreasing at a slower pace. Prices are expected to move in a narrow range in the short - term, with a weak long - term trend. It is recommended to hold short - call options [6] 3.7.2 Hot - Rolled Coil - Supply and demand are both increasing, with a slight inventory reduction. Prices are expected to move in a narrow range in the short - term. It is recommended to hold short - position contracts [6] 3.7.3 Iron Ore - Supply and demand are expected to shift from tight to balanced and slightly loose. Prices are expected to follow steel prices and move in a narrow range. It is recommended to hold short - position contracts [6] 3.8 Coking Coal and Coke - Coking coal production is decreasing, but inventory is increasing, with a bearish outlook. Coke production is decreasing, and prices are under downward pressure [8] 3.9 Soda Ash and Glass 3.9.1 Soda Ash - Supply is decreasing in the short - term, but inventory is high, and demand is weak. It is recommended to hold short - position contracts or long - glass short - soda ash strategies [8] 3.9.2 Glass - Supply is relatively loose, and demand is weak. It is recommended to hold short - position contracts or long - glass short - soda ash strategies [8] 3.10 Crude Oil - Prices are supported by geopolitical factors, and the future trend depends on the development of the Middle - East situation. It is recommended to hold long - call options [8][10] 3.11 Methanol - Production is increasing, but downstream losses are expanding. If domestic coal - chemical plants start centralized maintenance, prices will rise further [10] 3.12 Polyolefins - Production is stable, and prices are supported by rising crude oil prices [10] 3.13 Cotton - Supply - demand is expected to be tight, and it is recommended to maintain a long - position strategy [10] 3.14 Rubber - Supply is increasing, demand is decreasing, and the potential for a trend - reversal is limited. Attention should be paid to the tire inventory cycle and demand improvement [10]

Group 1 - The company held its 21st meeting of the 5th Board of Directors on June 16, 2025, with all 7 directors present, either in person or via telecommunication [1] - The Board approved a proposal to provide a guarantee for its subsidiary, Benxi Yamaton New Materials Co., Ltd., for a bank loan of 10 million yuan, with the company providing a guarantee of 5.1 million yuan based on its 51% ownership [2] - The Board also approved the convening of the 2025 First Extraordinary General Meeting of Shareholders, scheduled for July 7, 2025 [2] Group 2 - The loan from Shengjing Bank is intended to meet the daily operational needs of the subsidiary [2] - The proposal for the guarantee will be submitted for approval at the upcoming shareholders' meeting [2] - The company ensures that the information disclosed is true, accurate, and complete, with no false records or misleading statements [1]

证券代码：002623 证券简称：亚玛顿 公告编号：2025-029 ? 被担保方亚玛顿（本溪）新材料有限公司（以下简称"本溪亚玛顿"）为 常州亚玛顿股份有限公司（以下简称"公司"）合并报表范围内的控股子公司。 ? 被担保方本溪亚玛顿最近一期经审计资产负债率超过 70%，请投资者充 分关注担保风险。 一、担保情况概述 公司控股子公司本溪亚玛顿为满足日常经营需求，拟向盛京银行股份有限公 司本溪县支行申请综合授信，期限为一年，主要用于流动资金贷款，合计金额 保，即公司拟以持股比例 51%为本溪亚玛顿提供 510 万元的连带责任保证担保， 贷款剩余部分则由关联股东提供连带责任保证担保。 上述担保合同尚未签订，公司将授权公司管理层根据公司经营计划和资金安 排，办理具体相关事宜。 常州亚玛顿股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 本次担保事项已经公司 2025 年 6 月 20 日召开的第五届董事会第二十一次会 议审议通过。根据中国证监会和深圳证券交易所的有关法律、法规及《公司章程》 《对外担保管理办法》等有关规定,鉴于被担保方本溪亚玛 ...

Core Viewpoint - Glass futures have shown a slight upward trend, with the main contract reaching a peak of 1021.00 yuan and closing at 1007.00 yuan, reflecting a 1.31% increase [1] Group 1: Market Analysis - New Century Futures indicates that glass prices are experiencing low-level fluctuations, with no substantial positive factors in the fundamentals. The current weak trend in glass spot prices is expected to continue, with daily melting volume dropping below 156,000 tons in the short term due to both production line ignition and shutdown [2] - Hualian Futures notes that the glass market is in a demand off-season, with companies reducing prices to stimulate sales. Inventory levels are slightly fluctuating at high levels, and the short-term supply-demand balance is unlikely to improve, leading to continued downward pressure on glass prices [3] - Zhonghui Futures highlights a significant decline in real estate completions from January to May, with a 5% decrease in downstream processing orders in mid-June compared to historical levels. The overall glass demand is expected to remain weak, with continued inventory accumulation upstream and a lack of significant drivers for price recovery [3] Group 2: Production and Inventory - New Century Futures reports that the total inventory of float glass among sample enterprises remains high compared to the same period in the past two years, indicating significant inventory pressure [2] - Hualian Futures mentions that one production line has been shut down, leading to a slight decrease in operating rates, while inventory levels have increased slightly in most regions, except for slight reductions in Central and Eastern China [3] - Zhonghui Futures states that the current production and daily melting volume are experiencing low-level fluctuations, with costs decreasing and market prices below production costs, indicating a low valuation despite weak fundamentals [3]