Group 1 - The core point of the article is that Shanghai Yaopi Glass Group Co., Ltd. has received approval from the Shanghai Stock Exchange for its application to issue shares to specific investors, which meets the necessary conditions for issuance, listing, and information disclosure [1] - The company reported that for the year 2024, its revenue composition is as follows: glass accounts for 97.89% and other businesses account for 2.11% [1] - As of the time of reporting, the market capitalization of Yaopi Glass is 7 billion yuan [2]

Core Insights - Fuyao Glass Industry Group Co., Ltd. has been recognized as a respected enterprise for the 2024-2025 period by Economic Observer, highlighting its excellent performance in quality operations, innovation breakthroughs, and social contributions [1] Financial Performance - The company has achieved positive growth in key financial metrics including operating revenue, net profit, total assets, R&D expenses, and employee compensation for three consecutive years [1]

Report Summary 1. Report Industry Investment Rating There is no information provided about the report industry investment rating in the given content. 2. Core Viewpoints of the Report - The current profit of soda ash enterprises is poor. This week, the domestic soda ash production is expected to remain stable at a high level. The downstream demand for soda ash is expected to be relatively stable, and the output of downstream float glass is expected to operate steadily. Against the backdrop of loose supply and demand of soda ash, it is expected that the inventory of soda ash enterprises will remain at a high level in the near future. The price of soda ash is expected to fluctuate weakly in the near term, with the upper pressure on the 01 contract at the 1285 level. It is recommended to short on rallies in the short - term and pay attention to stop - loss [2][22]. 3. Summary by Relevant Catalogs Chapter 1: Market Review - The domestic soda ash market showed a dull and stable trend, with relatively firm prices. The weekly comprehensive capacity utilization rate of soda ash was 88.41%, a week - on - week decrease of 0.76%. The domestic soda ash output was 77.08 thousand tons, a weekly decrease of 0.66 thousand tons, a decline of 0.85%. The total inventory of soda ash manufacturers was 165.98 million tons, a 3.74% increase from before the holiday. The supply was affected by individual enterprise short - stops, and the demand was weakly stable, with good spot - futures transactions after the holiday [8]. Chapter 2: Analysis of Price Influencing Factors 2.1 Supply - Demand Analysis - **Supply Side**: As of October 9, the comprehensive capacity utilization rate of soda ash was 88.41%, a week - on - week decrease of 0.76%. The supply of soda ash this week is expected to remain at a high level, with an overall operating rate of about 88 + %. The theoretical profit of the dual - ton soda ash by the soda - ammonia method was - 76.50 yuan/ton, and that by the ammonia - soda method was - 29.25 yuan/ton, both remaining unchanged week - on - week [12]. - **Demand Side**: In the photovoltaic glass industry, after the National Day holiday, the inventory of sample enterprises rose to 114.61 million tons, a week - on - week increase of 56.33%, and the average inventory days were 22.67 days, an increase of 8.17 days compared with September 25. In the float glass industry, as of October 9, the average operating rate was 76.01%, unchanged week - on - week, and the average capacity utilization rate was 80.63%, a 0.09 - percentage - point increase. The output is expected to run steadily [16]. - **Inventory**: As of October 9, the total inventory of domestic soda ash manufacturers was 165.98 million tons, a 3.74% increase from before the holiday. The inventory of light soda ash was 73.91 million tons, a week - on - week increase of 4.24 million tons, and that of heavy soda ash was 92.07 million tons, a week - on - week increase of 1.75 million tons [18]. 2.2 Position Analysis - As of October 10, the long positions of the top 20 members in the soda ash futures were 956,961, an increase of 48,812, and the short positions were 1,241,366, an increase of 112,518. The net positions of the top 20 members were bearish [20]. Chapter 3: Market Outlook and Investment Strategy - The current profit of soda ash enterprises is poor. This week, the domestic soda ash production is expected to remain stable at a high level. The downstream demand for soda ash is expected to be relatively stable, and the output of downstream float glass is expected to operate steadily. Against the backdrop of loose supply and demand of soda ash, it is expected that the inventory of soda ash enterprises will remain at a high level in the near future. The price of soda ash is expected to fluctuate weakly in the near term, with the upper pressure on the 01 contract at the 1285 level. It is recommended to short on rallies in the short - term and pay attention to stop - loss [2][22].

Report Investment Rating - The investment strategy for the glass industry is to cautiously go long [3] Core Viewpoints - Recently, the market has been speculating on the time and production line issues of the coal-to-gas conversion plan in Shahe, trading on the policy expectations of eliminating backward production capacity and anti-price involution. Technically, both long and short forces have weakened, but the trend remains strong. Against the backdrop of policy expectations, the glass futures market is expected to be more likely to rise than fall. Considering the frequent supply-side news disturbances, it is advisable to cautiously go long on the 01 contract and pay attention to the changes in Shahe production lines [3] Summaries by Sections 1. Investment Strategy - Main logic: Last week, glass futures fluctuated weakly. Some enterprises raised prices slightly, but due to holidays and rainfall, the shipment of float glass factories was restricted, and the trading in the northern and southern markets weakened. On the supply side, one production line resumed operation last week, and the daily melting volume increased slightly. The national factory inventory rebounded, and the inventories of traders in the main production areas of Shahe and Hubei also increased. Although the spot price has risen significantly recently, the market is still mainly selling at a discount, so the profit improvement is not obvious. On the demand side, downstream processors are still mainly waiting and maintaining just-in-time procurement. In the case of soda ash, after the holiday, the downstream replenishment is over, and the purchasing sentiment has cooled. However, the supply-side pressure continues, and the production is still expected to increase, so it is expected to fluctuate, with a weaker trend than glass [3] - Operation strategy: Cautiously go long [3][4] 2. Market Review - Spot Price - As of October 10, the market price of 5mm float glass was 1,230 yuan/ton in North China (+10), 1,220 yuan/ton in Central China (0), and 1,340 yuan/ton in East China (+20). The glass 01 contract closed at 1,207 yuan/ton last Friday, down 63 yuan from the previous week [9][10] 3. Market Review - Basis - As of October 25, the soda ash futures price was 1,240 yuan/ton, and the glass futures price was 1,207 yuan/ton, with a price difference of 33 yuan/ton (-12). The basis of the glass 01 contract last Friday was -17 yuan/ton (+50), and the price difference between 01 and 05 contracts was -127 yuan/ton (-14) [11][15] 4. Profit - For the natural gas production process, the cost was 1,577 yuan/ton (-1), and the gross profit was -237 yuan/ton (+21). For the coal gas production process, the cost was 1,164 yuan/ton (-17), and the gross profit was 75 yuan/ton (+32). For the petroleum coke production process, the cost was 1,091 yuan/ton (-1), and the gross profit was 129 yuan/ton (+1). On October 10, 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 567 yuan/ton [18] 5. Supply - Last Friday, the daily melting volume of glass was 160,155 tons/day (+700). Currently, there are 225 production lines in operation. The first line of Dalian Yaopi in Liaoning with a daily melting volume of 700 tons resumed operation last week [20] 6. Inventory - As of October 10, the total inventory of 80 glass sample manufacturers nationwide was 6,282.4 ten thousand weight boxes (+346.9). Among them, the factory inventory in Hubei was 433 ten thousand weight boxes (+85), the inventory in North China was 1,100.6 ten thousand weight boxes (+188), the inventory in Central China was 634.7 ten thousand weight boxes (+75.7), the inventory in East China was 1,371.1 ten thousand weight boxes (+78.6), the inventory in South China was 965.4 ten thousand weight boxes (+13.4), the inventory in Southwest China was 1,226.6 ten thousand weight boxes (-5.5), and the factory inventory in Shahe was 388 ten thousand weight boxes (+124) [25] 7. Deep Processing - On October 10, the comprehensive sales-to-production ratio of float glass was 90% (-16%), the operating rate of LOW-E glass was 45.2% (-1.9%), and in mid-September, the order days of glass deep processing were 10.5 days (+0.1) [28] 8. Demand - Automobile - In August, China's automobile production was 2.815 million vehicles, a month-on-month increase of 224,000 vehicles and a year-on-year increase of 323,000 vehicles. The sales volume was 2.857 million vehicles, a month-on-month increase of 264,000 vehicles and a year-on-year increase of 404,000 vehicles. In August, the retail sales of new energy passenger vehicles in China were 1.101 million vehicles, with a penetration rate of 55.2% [38] 9. Demand - 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%). From September 29 to October 5, the total commercial housing transaction area in 30 large and medium-sized cities was 1.44 million square meters, a month-on-month decrease of 42% and a year-on-year increase of 58%. In August, the real estate development investment was 672.942 billion yuan, a year-on-year decrease of 20% [44] 10. Cost - Soda Ash (Futures) - Last Friday, the soda ash 2601 contract closed at 1,240 yuan/ton (-75). The basis of the soda ash Huazhong 01 contract last Friday was 60 yuan/ton (+75) [51][52] 11. Cost - Soda Ash (Profit) - As of last Friday, the cost of the ammonia-alkali method for soda ash enterprises was 1,297 yuan/ton (-26), and the gross profit was -29 yuan/ton (+8); the cost of the joint production method was 1,712 yuan/ton (-55), and the gross profit was -77 yuan/ton (+1). Last Friday, the market price of synthetic ammonia in Hubei was 2,258 yuan/ton (+233), and the ex-factory price of wet ammonium chloride in Xuzhou Fengcheng was 300 yuan/ton (unchanged) [53][54][55] 12. Cost - Soda Ash (Production) - Last week, the domestic soda ash production was 77.08 tons (a month-on-month decrease of 0.66 tons), including 42.87 tons of heavy soda ash (a month-on-month decrease of 0.28 tons) and 34.21 tons of light soda ash (a month-on-month decrease of 0.38 tons). The number of soda ash warehouse receipts on the exchange last weekend was 7,053 (+2,736). As of October 10, the national in-plant inventory of soda ash was 165.95 tons (a month-on-month increase of 0.83 tons), including 92.07 tons of heavy soda ash (a month-on-month decrease of 0.17 tons) and 73.91 tons of light soda ash (a month-on-month increase of 1 ton) [62][67] 13. Cost - Soda Ash (Apparent Consumption) - Last week, the apparent consumption of heavy soda ash was 51.38 tons, a week-on-week increase of 6.77 tons; the apparent consumption of light soda ash was 36.72 tons, a week-on-week increase of 2.57 tons. The sales-to-production ratio of soda ash last week was 92.23%. In August, the soda ash inventory days of sample float glass factories were 23.6 days [70][71][74]

| 玻璃纯碱期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 【2011】1292号 2025年10月13日 | | | | 将诗语 | Z0017002 | | 玻璃相关价格及价差 | | | | | | | 品种 | 现值 | 前值 | 张跃 | 涨跌幅 | 单位 | | 华北报价 | 1230 | 1240 | -10 | -0.81% | | | 华东报价 | 1340 | 1340 | 0 | 0.00% | | | 华中报价 | 1220 | 1220 | 0 | 0.00% | | | 华南报价 | 1310 | 1310 | 0 | 0.00% | TC/HP | | 玻璃2505 | 1334 | 1338 | -4 | -0.30% | | | 玻璃2509 | 1407 | 1407 | 0 | 0.00% | | | 05 # 7 | -104 | -d8 | -6 | -6.12% | | | 纯碱相关价格及价差 | | | | | | | 品和 | 现值 | 前值 | 涨跌 | 涨跌幅 | ...

Group 1: Autonomous Driving and Low Altitude Economy - The fourth Dubai World Autonomous Driving Congress highlighted that 25% of transportation in Dubai is expected to be automated by 2030, with a further increase to 36% by 2040 [2] - Chinese companies, including Pony.ai, WeRide, and Loong Air, are leading the autonomous driving sector in Dubai, providing testing autonomous taxis for the autonomous driving zone [2] - The DroneTech Dubai 2025 event showcased over 150 exhibitors from more than 40 countries, with the MENA region's low-altitude economy projected to grow to $22-26 billion by 2030, reflecting a compound annual growth rate exceeding 35% [2] Group 2: Aviation and Manufacturing Developments - COMAC (China Commercial Aircraft Corporation) will make its debut at the Dubai Airshow in November, indicating the importance of the Gulf region as a growth market for aircraft manufacturers [3] - China South Glass Group plans to invest 300 million dirhams to establish its first overseas smart manufacturing plant in Abu Dhabi, focusing on energy-efficient glass production with an expected annual output exceeding 5 million square meters [3] Group 3: Economic Policies and Business Growth - Dubai introduced the "Free Zone Mainland Operating Permit," allowing free zone companies to operate in the mainland, which is expected to boost cross-jurisdiction business growth by approximately 20% [4] - As of September 30, 2025, the UAE's corporate tax registration exceeded 640,000, facilitated by the EmaraTax digital platform, enhancing tax compliance and regulatory efficiency [4] Group 4: Real Estate Market Performance - Dubai's real estate market reached a historic high in Q3 2025, with total sales nearing 500 billion dirhams, marking a 32.3% year-on-year increase in transaction value [5] - Ajman’s real estate sales surged by 53% in September 2025, reaching 2.97 billion dirhams (approximately $809 million), indicating strong market growth [5] Group 5: Electric Vehicle Infrastructure - Dubai's electricity and water authority, DEWA, is collaborating with several companies to establish a comprehensive electric vehicle charging network, planning to build over 1,500 green charging stations [6] Group 6: Qatar's Economic Indicators - Qatar's Hamad, Ruwais, and Doha ports reported a 12% increase in transshipment volume in September, with a total of 1.11 million TEUs processed from January to September [7] - Qatar's foreign exchange reserves grew by 3.08% year-on-year in September 2025, reaching 261.05 billion riyals, with official international reserves increasing by 3.73% [7]

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - The soda ash market is currently in a pattern of weak supply and demand. High inventory and weak demand continue to suppress the market. Although the supply side has slightly contracted, it has failed to effectively reverse the situation of loose supply and demand. The market is expected to lack upward momentum, and the market will continue to show a weak and volatile trend. Attention should be paid to downstream restocking efforts and inventory reduction [9][40]. - Operational suggestions include shorting on rallies in the single - side trading, conducting an arbitrage strategy of going long on glass and shorting on soda ash, and considering a bear spread option combination [40]. Summary by Relevant Catalogs 1. Soda Ash Supply and Demand Situation (1) Production and Capacity Analysis - As of October 9, 2025, domestic soda ash production was 770,800 tons, a decrease of 6,600 tons or 0.85% from the previous week. Light soda ash production was 342,100 tons, a decrease of 3,800 tons, and heavy soda ash production was 428,700 tons, a decrease of 2,800 tons [7][10]. - The comprehensive capacity utilization rate of soda ash was 88.41%, a decrease of 0.76 percentage points from the previous week. Among them, the ammonia - soda process capacity utilization rate was 91.09% (unchanged), the co - production process capacity utilization rate was 79.34%, a decrease of 1.56 percentage points, and the overall capacity utilization rate of 15 enterprises with an annual capacity of over one million tons was 90.16%, a decrease of 1.58 percentage points [12]. (2) Soda Ash Inventory Analysis - As of October 9, 2025, the total inventory of domestic soda ash manufacturers was 1.6598 million tons, an increase of 59,900 tons or 3.74% from before the holiday (September 29). Light soda ash inventory was 739,100 tons, an increase of 42,400 tons, and heavy soda ash inventory was 920,700 tons, an increase of 17,500 tons [8][15]. (3) Shipment Situation Analysis - On October 9, the weekly shipment volume of Chinese soda ash enterprises was 710,900 tons, a decrease of 14.25% from the previous week. The overall shipment rate was 92.23%, a decrease of 14.41 percentage points [18]. (4) Profit Analysis - As of October 9, 2025, the theoretical profit of the ammonia - soda process for soda ash was - 29.25 yuan/ton, unchanged from the previous week. The cost of raw salt and coke was stable, and the soda ash price remained stable, so the profit of the ammonia - soda process fluctuated at a low level [21]. - As of September 25, 2025, the theoretical profit (double - ton) of the co - production process for soda ash was - 77.50 yuan/ton, a decrease of 7 yuan/ton from the previous week. The cost increased, while the soda ash price was stable, so the double - ton profit of the co - production process fluctuated downward [24]. 2. Downstream Industry Situation (1) Float Glass Industry Production Increased Month - on - Month - As of October 9, 2025, the daily production of national float glass was 161,300 tons, the same as on the 3rd. The weekly production of national float glass was 1.1289 million tons, a month - on - month increase of 0.11% and a year - on - year decrease of 0.98% [28]. (2) Float Glass Industry Inventory Decreased - As of October 9, 2025, the total inventory of national float glass sample enterprises was 62.824 million weight boxes, an increase of 3.469 million weight boxes or 5.85% from the previous week, and a year - on - year increase of 6.76%. The inventory days were 26.7 days, an increase of 1.3 days from the previous period [29]. 3. Spot Market Situation - Not elaborated in detail in the report, only the names of relevant price trend charts are provided, including domestic light soda ash price trend, domestic heavy soda ash price trend, and soda ash basis trend [34][36][39]. 4. Comprehensive Analysis - The soda ash market last week showed a pattern of weak supply and demand. The supply side contracted slightly, but weak demand was the core contradiction. After the National Day holiday, enterprise inventory increased significantly, especially the inventory pressure of light soda ash increased, indicating weak downstream purchasing enthusiasm. - The demand side was weak, with downstream enterprises mainly restocking as needed. New orders were average, resulting in a significant decline in the shipment volume and shipment rate of soda ash enterprises this week. The industry's profit situation was still poor, and enterprises lacked the motivation to raise prices. - In the short term, high inventory and weak demand will continue to suppress the market. The market is expected to lack upward momentum and will continue to show a weak and volatile trend. Attention should be paid to downstream restocking efforts and inventory reduction [40].

纯碱现货：重碱河北交割库现货报价在1140左右，送到沙河1160左右 纯碱产业：工厂库存累积，交割库小累，整体累库 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 1190 1241 1190 1150 1099 1103 1207 1334 900 1000 1100 1200 1300 1400 沙河德金 沙河安全 沙河低价 湖北低价 10合约 11合约 01合约 05合约 玻璃价格结构 今日(10/10） 昨日(10/9） 一周前(9/30） 一月前(9/10） (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 ...

Investment Rating - The investment rating for the building materials industry is "Positive" (maintained) [1] Core Viewpoints - The Ministry of Housing and Urban-Rural Development has emphasized deepening reforms in the construction industry, focusing on industrialization, digitalization, and greening as development paths. This aims to transition the construction industry from a traditional extensive model to a refined and intelligent one, with key measures including the promotion of prefabricated buildings and the application of construction robots. The ultimate goal is to achieve high-quality development and enhance the quality, efficiency, and sustainability of "Chinese construction" [1] - The report highlights the long-term investment value of the building materials sector, particularly in green building materials and intelligent construction, which are expected to open new growth spaces due to the profound changes driven by the "three transformations" [1] - Recommended stocks in the consumer building materials sector include: Sankeshu (channel penetration, retail expansion), Dongfang Yuhong (waterproof leader, optimized operational structure), Weixing New Materials (high-quality operations, high retail business proportion), and Jianlang Hardware. Beneficiary stocks include: Beixin Building Materials (gypsum board leader, diversified expansion in coatings and waterproof sectors) [1] Summary by Sections Market Overview - The building materials index increased by 2.66% from October 6 to October 10, 2025, outperforming the CSI 300 index by 3.18 percentage points. Over the past three months, the CSI 300 index rose by 14.91%, while the building materials index increased by 14.73%, indicating a slight underperformance of 0.18 percentage points. In the past year, the CSI 300 index rose by 16.55%, and the building materials index increased by 21.26%, outperforming the CSI 300 index by 4.71 percentage points [2][11] Cement Sector - As of October 10, 2025, the average price of P.O42.5 bulk cement nationwide was 287.21 yuan/ton, a decrease of 0.26% month-on-month. The price trends varied by region, with increases in Northeast (+0.60%) and Central China (+1.32%), while declines were noted in North China (-1.09%) and East China (-1.57%) [22][25] - The clinker inventory ratio was stable at 67.40% [23] - The report tracks the valuation of listed companies in the cement sector, indicating a need for monitoring [72] Glass Sector - The average spot price of float glass as of October 10, 2025, was 1301.65 yuan/ton, reflecting a week-on-week increase of 0.72%. However, the futures price decreased by 2.86% [76][77] - National float glass inventory increased by 696 million weight boxes, a rise of 13.71% [78][79] Fiberglass Sector - The market price for non-alkali 2400tex direct yarn ranged from 3400 to 4000 yuan/ton, with variations depending on the manufacturer [4] Consumer Building Materials - As of October 10, 2025, the price of crude oil was 65.05 USD/barrel, down 3.59% week-on-week. The price of asphalt remained stable at 4570 yuan/ton, while acrylic acid and titanium dioxide prices showed slight declines [4]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Glass: Short - term outlook is weakly oscillating, and medium - term is an oscillating market. The short - term pressure comes from the unclear implementation of anti - deflation and anti - involution policies and the weak real estate market. However, the undetermined anti - deflation and anti - involution policies prevent excessive bearishness. The manufacturer's inventory is not at a high level, so the spot price decline may be slow, and the basis is no longer weak [2]. -纯碱: The trend is weakly downward. The long - standing issues of high production and high inventory are worsening. Either significant production cuts in soda ash or continuous improvement in the glass market to drive positive feedback are needed. If the glass industry does not continue to improve and no substantial anti - involution measures are implemented for soda ash, the market will be oscillating or the price will be weak [4]. 3. Summaries by Related Catalogs Glass Supply - As of October 9, 2025, the daily output of national float glass was 161,300 tons, unchanged from the 3rd. The weekly output from October 3 - 9, 2025 was 1.1289 million tons, a 0.11% increase from the previous week and a 0.98% decrease year - on - year. The short - term production reduction space is limited, and the production capacity is expected to change little in the fourth quarter. The current in - production capacity is about 161,000 tons per day, and the peak production capacity in 2021 was 178,000 tons per day [2][16]. - In 2025, the total daily melting volume of cold - repaired production lines was 11,680 tons per day; the total daily melting volume of ignited production lines was 13,210 tons per day; the total potential daily melting volume of new ignited production lines was 14,790 tons per day; the total potential daily melting volume of old production line restarts was 10,730 tons; and the total potential daily melting volume of cold - repaired production lines was 8,100 tons per day [9][10][11]. Demand - As of September 30, 2025, the average order days of national deep - processing sample enterprises was 11.0 days, a 4.9% increase from the previous period and a 19.0% decrease year - on - year. The deep - processing orders are mainly concentrated in engineering orders, with a scheduling period of 15 - 30 days and some up to 60 days. The deep - processing price has a plan to increase after the festival, but the market is cautious about the price increase, and the actual price exploration needs further observation. The increase in the raw glass price has also made some deep - processing enterprises more cautious in accepting orders [2]. Inventory - As of October 9, 2025, the total inventory of national float glass sample enterprises was 62.824 million heavy boxes, a 3.469 million heavy - box increase from the previous period, a 5.85% increase from the previous period and a 6.76% increase year - on - year. The inventory days were 26.7 days, 1.3 days more than the previous period. During the National Day, due to downstream holidays and rainfall, the inventory in the North China region generally increased. The East China market had inventory accumulation, and the Central China market's inventory increased compared to the end of September. The South China market's inventory first decreased and then increased [2]. Price and Profit - The price in the Shahe area is around 1,210 - 1,270 yuan per ton; in the Hubei area of Central China, it is around 1,190 - 1,240 yuan per ton; and in some large factories in the Jiangsu and Zhejiang areas of East China, it is around 1,340 - 1,400 yuan per ton. Recently, the spot price has changed little, the basis and the spread between different contract months have strengthened. The profit of using petroleum coke as fuel is about 61 yuan per ton, the profit of using natural gas is - 151 yuan per ton, and the profit of using coal is 95 yuan per ton [23][25][32]. Photovoltaic Glass - Price and Profit: The overall domestic photovoltaic glass market has good transactions, and the price is oscillating upwards. The mainstream order price of 2.0mm coated panels is around 13 yuan per square meter, and the 3.2mm coated mainstream order price is around 20 yuan per square meter, both remaining flat compared to the previous period [47][49]. - Capacity and Inventory: The capacity has changed little recently, the trading has improved, and the inventory has declined. The number of national photovoltaic glass in - production production lines is 408, with a total daily melting volume of 89,290 tons per day, unchanged from the previous week and a 14.28% decrease year - on - year. The sample inventory days are about 14.65 days, a 2.50% decrease from the previous period [51][52][60]. Soda Ash Supply and Maintenance - The domestic soda ash production was 770,800 tons, a 6,600 - ton decrease from the previous week (September 26 - October 2, 2025), a 0.85% decline. The production of light soda ash was 342,100 tons, a 38,000 - ton decrease from the previous week, and the production of heavy soda ash was 428,700 tons, a 28,000 - ton decrease from the previous week. Some maintenance devices have resumed production, and the production has rebounded. The current weekly production of heavy soda ash is around 430,000 tons per week [3][63][68]. - The capacity utilization rate of soda ash was 88.4%, down from 89.12% last week. There are still pressures from new production capacity in the later stage [65]. Inventory - As of October 9, 2025, the total inventory of domestic soda ash manufacturers was about 1.66 million tons. The inventory of light soda ash was 739,100 tons, a 42,400 - ton increase from the previous period, and the inventory of heavy soda ash was 920,700 tons, a 17,500 - ton increase from the previous period [71][73]. Price and Profit - The nominal prices in the Shahe and Hubei areas are around 1,210 - 1,400 yuan per ton. The market price has changed little. The basis and the spread between different contract months show that the near - term contracts are under pressure due to high production and high inventory. The profit of the joint - alkali method in East China (excluding Shandong) is - 77 yuan per ton, and the profit of the ammonia - alkali method in North China is - 37 yuan per ton [81][85][88].