Report Industry Investment Ratings - Urea: ☆☆☆ (One star, indicating a bullish bias but limited operability on the trading floor) [1] - Methanol: ★★★ (Three stars, indicating a clear bullish trend and relatively appropriate investment opportunities) [1] - Pure Benzene: ★★★ (Three stars, indicating a clear bullish trend and relatively appropriate investment opportunities) [1] - Styrene: ★★☆ (Two stars, indicating a clear bullish trend and the market is fermenting) [1] - Propylene: ★★☆ (Two stars, indicating a clear bullish trend and the market is fermenting) [1] - Plastic: ☆☆☆ (One star, indicating a bullish bias but limited operability on the trading floor) [1] - PVC: ★★☆ (Two stars, indicating a clear bullish trend and the market is fermenting) [1] - Caustic Soda: ☆☆☆ (One star, indicating a bullish bias but limited operability on the trading floor) [1] - PX: ☆☆☆ (One star, indicating a bullish bias but limited operability on the trading floor) [1] - PTA: ☆☆☆ (One star, indicating a bullish bias but limited operability on the trading floor) [1] - Ethylene Glycol: ★★☆ (Two stars, indicating a clear bullish trend and the market is fermenting) [1] - Short Fiber: ☆☆☆ (One star, indicating a bullish bias but limited operability on the trading floor) [1] - Glass: ☆☆☆ (One star, indicating a bullish bias but limited operability on the trading floor) [1] - Soda Ash: ☆☆☆ (One star, indicating a bullish bias but limited operability on the trading floor) [1] - Bottle Chip: ★★★ (Three stars, indicating a clear bullish trend and relatively appropriate investment opportunities) [1] Core Viewpoints - The chemical market is significantly influenced by geopolitical factors, especially the situation in the Middle East, which affects the prices of oil and chemical products [2][3][5] - Different chemical products have different supply - demand situations, and their prices are affected by factors such as production capacity, inventory, and downstream demand [2][3][5] Summary by Directory Olefins - Polyolefins - Propylene futures fluctuated below the 5 - day moving average. The circulation volume in the northern mainstream propylene market increased temporarily, and downstream enterprises' resistance to receiving goods remained unchanged, with a cautious trading atmosphere [2] - Plastic and polypropylene futures showed a relatively strong consolidation. For polyethylene, the cost was supported by the Middle East geopolitical conflict, and the supply side provided support. The demand side was in the spring plowing season, but the downstream's acceptance of high prices was limited. For polypropylene, the upstream refineries' ex - factory prices remained high, the middlemen actively sold goods, but the high - price transaction pressure was prominent, and the downstream's enthusiasm and willingness to start work were weak [2] Polyester - Affected by the situation between the US and Iran, oil prices were strong, and PX and PTA prices fluctuated. The overall single - side trend was dominated by energy and closely related to the Middle East situation. PTA was dragged down by inventory accumulation and weak downstream demand [3] - Ethylene glycol's load decreased slightly, the port inventory increased, and the downstream recovery was slow. There was an expectation of tight supply due to the un - recovered external supply of Middle East energy chemical products [3] - Short fiber's load increased weekly, the downstream weaving's load increase slowed down, and new orders were not negotiated smoothly. The market was mainly affected by the Middle East situation and followed the raw material fluctuations [3] - Bottle chip's efficiency was good, the load increased significantly last week, the price was under pressure, and the monthly spread continued to weaken. The load decreased slightly in the new period [3] Pure Benzene - Styrene - The pure benzene futures contract rose significantly. The domestic pure benzene's starting load decreased, downstream consumption increased, and the port inventory continued to decrease. The import volume was expected to decrease, and the East China port was expected to continue destocking [5] - The styrene futures contract rose significantly. The sharp rise in the pure benzene price provided strong support from the cost side. The production of styrene might increase slightly, the inventory might continue to decline, and the demand side was expected to weaken slowly [5] Coal Chemical Industry - The methanol futures rose strongly. The import volume decreased, the MTO start - up rate in the Jiangsu and Zhejiang regions increased, and the East China port continued to destock. The domestic methanol plant's start - up increased, the profit of inland olefin enterprises continued to rise, and the downstream plant's start - up load increased. The supply - demand situation was expected to be strong [6] - The urea futures continued to consolidate at a high level. The domestic output decreased slightly, the agricultural fertilizer demand declined, the start - up of industrial compound fertilizer and melamine plants increased, and the urea production enterprises continued to destock. The urea market was expected to fluctuate within a range [6] Chlor - alkali Industry - PVC showed a weak and fluctuating trend. The overall supply increased slightly, the downstream procurement was poor, the inventory in sample warehouses in East and South China increased, and the downstream start - up rate increased seasonally but was still at a relatively low level compared with history. The export was expected to improve from March to April [7] - Caustic soda fluctuated weakly. The liquid caustic soda inventory increased, the chlor - alkali profit continued to rise, the industry's capacity utilization rate increased, the high - strength caustic soda had good support from export orders, and the downstream alumina production was stable, but the downstream traders' enthusiasm for purchasing decreased [7] Soda Ash - Glass - Soda ash fluctuated. The industry inventory increased, the maintenance increased this week, the start - up and weekly production decreased, the rigid demand for float glass was stable, the photovoltaic glass had a serious oversupply, and there was a trend of cold repair and production reduction, which was expected to drag down the demand for soda ash [8] - Glass fluctuated. The industry continued to destock, but the intensity slowed down, the inventory pressure in the middle and upper reaches was large, and the downstream was mainly for rigid demand replenishment. The production capacity fluctuated slightly, and the glass futures price was expected to fluctuate widely within a range [8]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [7]. Core Views - The company reported a revenue of 46.068 billion yuan for 2025, a year-on-year increase of 0.92%. However, the net profit attributable to shareholders decreased by 12.54% to 5.311 billion yuan. The non-recurring net profit increased by 4.02% to 6.292 billion yuan [2][4]. - In Q4 2025, the company achieved a revenue of 11.297 billion yuan, down 15.52% year-on-year and 0.12% quarter-on-quarter. The net profit for this quarter was 1.556 billion yuan, a decrease of 34.61% year-on-year but an increase of 53.83% quarter-on-quarter. The non-recurring net profit was 2.054 billion yuan, up 4.80% year-on-year and 53.06% quarter-on-quarter [2][4]. Financial Performance - The company’s total revenue for 2026 is projected to be 58.009 billion yuan, with net profits expected to reach 7.866 billion yuan, corresponding to a PE ratio of 11.0X. For 2027 and 2028, the net profits are forecasted to be 8.896 billion yuan and 9.637 billion yuan, with PE ratios of 9.7X and 9.0X respectively [10][13]. - The company is expected to see significant improvements in profitability due to a recovery in the olefin industry, driven by rising oil prices and a tightening supply of olefin products [10]. Industry Insights - The report indicates that the olefin industry is approaching a turning point, with a notable recovery in Q1 2026. The average price of ethane in Q4 2025 was 195 USD/ton, reflecting a 14% increase from the previous quarter [10]. - The report highlights a trend of high-cost facilities exiting the market, particularly in Europe, Japan, and South Korea, which is expected to accelerate the clearing of global olefin overcapacity [10]. - The company is advancing its strategy to strengthen its C3 industrial chain, with new projects in high-end materials expected to contribute to its growth trajectory [10].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 46.068 billion yuan in 2025, a year-on-year increase of 0.9%, while the net profit attributable to shareholders was 5.311 billion yuan, a decrease of 12.5% year-on-year [4][5] - The fourth quarter of 2025 saw a revenue of 11.297 billion yuan, down 15.5% year-on-year and 0.1% quarter-on-quarter, with a net profit of 1.556 billion yuan, down 34.6% year-on-year but up 53.8% quarter-on-quarter [4][5] - The report highlights that the olefin industry is under pressure, with a decline in performance in Q4 2025 due to geopolitical conflicts and trade restrictions affecting external demand [5] - The company is advancing its construction projects steadily, reinforcing its integrated supply chain advantages, with significant expansions in its acrylic acid and ester production capabilities [6] - The geopolitical situation has led to rising oil prices, enhancing the company's cost advantages in ethane cracking, which is expected to benefit the company during high oil price periods [7] Financial Performance Summary - The company forecasts revenues of 56.457 billion yuan in 2026, representing a growth rate of 22.55%, and net profits of 7.588 billion yuan, a growth rate of 42.88% [9] - The earnings per share (EPS) are projected to be 2.25 yuan in 2026, increasing to 2.76 yuan by 2028 [8][9] - The report provides a detailed financial outlook, including operating income, net profit, and key ratios such as return on equity (ROE) and price-to-earnings (P/E) ratios [10][12]

1. Report Investment Ratings - Urea: ☆☆☆, indicating a relatively clear upward trend and a relatively appropriate investment opportunity [1] - Methanol: ☆☆☆, indicating a relatively clear upward trend and a relatively appropriate investment opportunity [1] - Pure Benzene: ☆☆☆, indicating a relatively clear upward trend and a relatively appropriate investment opportunity [1] - Styrene: ☆☆☆, indicating a relatively clear upward trend and a relatively appropriate investment opportunity [1] - Polypropylene: ☆☆☆, indicating a relatively clear upward trend and a relatively appropriate investment opportunity [1] - Plastic: ☆☆☆, indicating a relatively clear upward trend and a relatively appropriate investment opportunity [1] - PVC: ☆☆☆, indicating a relatively clear upward trend and a relatively appropriate investment opportunity [1] - Caustic Soda: ☆☆☆, indicating a relatively clear upward trend and a relatively appropriate investment opportunity [1] - PX: ☆☆☆, indicating a relatively clear upward trend and a relatively appropriate investment opportunity [1] - PTA: ☆☆☆, indicating a relatively clear upward trend and a relatively appropriate investment opportunity [1] - Ethylene Glycol: ☆☆☆, indicating a relatively clear upward trend and a relatively appropriate investment opportunity [1] - Short Fiber: ☆☆☆, indicating a relatively clear upward trend and a relatively appropriate investment opportunity [1] - Glass: ☆☆☆, indicating a relatively clear upward trend and a relatively appropriate investment opportunity [1] - Soda Ash: ☆☆☆, indicating a relatively clear upward trend and a relatively appropriate investment opportunity [1] - Bottle Chip: ☆☆☆, indicating a relatively clear upward trend and a relatively appropriate investment opportunity [1] - Propylene: ☆☆☆, indicating a relatively clear upward trend and a relatively appropriate investment opportunity [1] 2. Core Views - The chemical market is significantly affected by the Middle East situation, especially the oil price fluctuations [2][3][4][5][6][7] - Different chemical products have different supply - demand situations and price trends, and the market sentiment is complex [2][3][4][5][6][7] 3. Summary by Directory 3.1 Olefins - Polyolefins - The main contracts of olefin futures closed down. International oil price decline dragged down market sentiment, and downstream观望 increased [2] - For polyethylene, domestic production reduction devices increased, but cost support weakened due to the easing of the Middle East situation [2] - For polypropylene, high - price transactions faced pressure, and downstream enterprises' profit was squeezed, with weak order - taking and low willingness to start work [2] 3.2 Polyester - Affected by the US - Iran situation, PX and PTA prices declined, and the industry's efficiency decreased. The load of both decreased, and the downstream consumption followed up slowly [3] - The load of ethylene glycol decreased, and the price and monthly spread declined due to the expected decline in oil prices [3] - The load of short - fiber decreased slightly, and the downstream weaving load increase slowed down, mainly digesting raw materials [3] - The efficiency of bottle chips improved, the weekly load increased significantly, but the price was under pressure, and the monthly spread continued to weaken [3] 3.3 Pure Benzene - Styrene - The Middle East situation cooled slightly, and the geopolitical risk premium was withdrawn. The domestic pure benzene start - up load decreased, and the inventory decreased [4] - The main contract of styrene futures closed down, but the overall situation was relatively strong and volatile [4] 3.4 Coal Chemical Industry - The methanol market adjusted due to the expected geopolitical easing. The import volume decreased, and the inventory in the East China port continued to decline [5] - The spot price of Shandong urea was stable with a slight increase. The domestic device start - up decreased slightly, and the inventory of urea production enterprises continued to decline [5] 3.5 Chlor - alkali - PVC prices fell from high levels due to the expected easing of the geopolitical situation. The supply decreased, and the inventory decreased significantly [6] - Caustic soda fluctuated weakly. The inventory continued to decline, and the export inquiry was good [6] 3.6 Soda Ash - Glass - Soda ash fluctuated within the day. The industry inventory continued to decline but still faced pressure. The supply continued to expand [7] - Glass fluctuated weakly within the day. The industry continued to destock, but the intensity slowed down. The inventory pressure of the middle and upper reaches was relatively large [7]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a significant improvement in Q4 performance, indicating that the olefin industry has reached a turning point [5][12] - In 2025, the company achieved operating revenue of 46.068 billion yuan, a year-on-year increase of 0.92%. However, the net profit attributable to shareholders decreased by 12.54% to 5.311 billion yuan, while the net profit excluding non-recurring items increased by 4.02% to 6.292 billion yuan [5][12] - The fourth quarter of 2025 saw operating revenue of 11.297 billion yuan, a year-on-year decline of 15.52% and a slight quarter-on-quarter decrease of 0.12%. The net profit attributable to shareholders was 1.556 billion yuan, down 34.61% year-on-year but up 53.83% quarter-on-quarter [5][12] Financial Performance Summary - The company expects net profits attributable to shareholders for 2026, 2027, and 2028 to be 7.87 billion yuan, 8.90 billion yuan, and 9.64 billion yuan respectively, corresponding to a price-to-earnings ratio of 11.0X, 9.7X, and 9.0X based on the closing price on March 23, 2026 [12] - The company is advancing its C3 industrial chain strategy, with new projects such as an 80,000-ton neopentyl glycol facility and a 90,000-ton acrylic acid project successfully launched [12] - The report highlights a trend of high-cost overseas facilities exiting the market, which is expected to accelerate the clearing of global olefin overcapacity [12]

Summary of Key Points from the Conference Call on the Olefin Industry Amid Middle East Geopolitical Crisis Industry Overview - The olefin industry is heavily reliant on oil-based raw materials, with over 70% of global olefin feedstock sourced from oil, and over 80% in regions like Japan, South Korea, and Europe [1][2] - Geopolitical tensions have led to rising oil prices, which are expected to accelerate the exit of high-cost overseas production capacity [1] Core Insights and Arguments - By 2035, it is projected that ethylene production capacity in Europe, South Korea, and Japan will decrease by approximately 12 million tons, 6 million tons, and 2 million tons respectively, totaling nearly 20 million tons [1][4] - China is expected to add about 20 million tons of ethylene capacity over the next decade, but this growth will be slower than the overseas capacity exit, leading to a shift from importing ethylene to exporting downstream products like polyethylene [1] - Ethane cracking and coal-to-olefins processes have significant cost advantages, with U.S. ethane prices decoupling from natural gas prices due to oversupply [1][8] - The recovery priority for the ethylene chain is higher than for propylene, which faces severe overcapacity and slower overseas shutdowns, limiting short-term recovery potential [1][2] Geopolitical Impact - The rising geopolitical risks in the Middle East may accelerate the arrival of the "carbon two cycle" in the olefin industry, with oil price fluctuations providing strong support for ethylene and propylene costs [2] - The impact of geopolitical tensions on shipping and logistics could significantly increase transportation costs, further affecting the prices of oil, gas, and chemical raw materials [3] Capacity and Production Trends - European ethylene capacity is projected to drop from 24 million tons in 2025 to about 12 million tons by 2035, indicating a near halving of capacity [3][4] - South Korea's ethylene capacity is expected to decrease from approximately 12 million tons to 6 million tons, while Japan's capacity may fall from 600,000-700,000 tons to around 400,000 tons [3][4] - The global mismatch between ethylene capacity growth and consumption is expected to worsen, with global ethylene consumption projected to grow by nearly 30% over the next decade [4] Domestic Market Dynamics - China's import of ethylene has begun to decline due to rapid domestic capacity growth, with a focus on polyethylene consumption [6] - Domestic companies relying on naphtha for ethylene production will be more directly impacted by rising oil prices, with Sinopec being the largest ethylene producer in China [9] Cost Structures and Profitability - Current cost structures indicate that naphtha, MTO, and propane cracking routes are generally unprofitable, while coal-to-olefins and ethane cracking routes remain profitable [7] - Ethane pricing in the U.S. has diverged from natural gas prices due to oversupply, impacting the cost advantages of ethane-based ethylene production [8][9] Future Outlook - The profitability of the ethylene and propylene industries is expected to improve, with ethylene prices potentially rising to $900-$1,000 per ton if oil prices remain below $80 [1][23] - The exit of overseas production capacity is likely to support a faster global supply-demand rebalancing than previously anticipated [4][11] Conclusion - The olefin industry is at a critical juncture, with geopolitical tensions and domestic capacity changes shaping the future landscape. The expected exit of high-cost overseas production and the growth of China's domestic capacity will create both challenges and opportunities in the global market.

Report Industry Investment Ratings - Acrylonitrile: ★★★ (predicted trend of upward movement) [1] - Polypropylene: ★★★ (predicted trend of upward movement) [1] - Plastic: ★★★ (predicted trend of upward movement) [1] - Styrene: ★★★ (predicted trend of upward movement) [1] - PTA: ★★★ (predicted trend of upward movement) [1] - Ethylene Glycol: ★★★ (predicted trend of upward movement) [1] - Short Fiber: ★★★ (predicted trend of upward movement) [1] - Bottle Chip: ★★★ (predicted trend of upward movement) [1] - Methanol: ★★★ (predicted trend of upward movement) [1] - Urea: ★★★ (predicted trend of upward movement) [1] - PVC: ★★★ (predicted trend of upward movement) [1] - Caustic Soda: ★★★ (predicted trend of upward movement) [1] - Soda Ash: ★★★ (predicted trend of upward movement) [1] - Glass: ★★★ (predicted trend of upward movement) [1] Core Viewpoints - The supply - demand patterns of various chemical products are affected by factors such as approaching the Spring Festival, production capacity changes, and downstream demand. Some products face supply - demand imbalances, and the market trends vary, with some showing short - term fluctuations and others having long - term pressure or improvement expectations [2][3][5][6][7][8] Summary by Directory Olefins - Polyolefins - The main contract of acrylonitrile futures declined during the day. Although there is an expected increase in supply, the pre - holiday supply shortage is difficult to reverse. Demand is mainly rational buying. The main contracts of plastic and polypropylene futures also declined, and as the Spring Festival approaches, the demand support for the market weakens [2] Polyester - PX and PTA futures prices fluctuated during the day. PX is recommended for long - position allocation in the first half of the year, but currently, the demand is declining, and there is an expectation of inventory accumulation. PTA load increased slightly, and the processing margin declined. Ethylene glycol inventory increased, but the rate of accumulation slowed down. In the second quarter, there is an expectation of improvement in supply - demand. Short fiber has a good supply - demand pattern but weak downstream orders. Bottle chip processing margin has recovered, but there is long - term capacity pressure [3] Pure Benzene - Styrene - The main contract of pure benzene continued to decline, and the spot market trading slowed down. The supply - demand pattern of pure benzene is expected to improve around the Spring Festival. The main contract of styrene futures declined, and the supply - demand structure will weaken until the Spring Festival, with seasonal inventory accumulation after the festival [5] Coal Chemical Industry - Methanol overseas plant operation rate declined. Coastal demand is weak, and it is difficult to reduce inventory in the short term. Domestic production increased, and the main production areas have smooth inventory clearance. After the Spring Festival, the methanol market may slowly reduce inventory. Urea daily production is high, and the market is supported by agricultural and reserve demand. After the Spring Festival, the demand is expected to increase significantly [6] Chlor - Alkali Industry - PVC fluctuated slightly. The industry will enter the seasonal inventory accumulation stage. The cost support is strengthening, and it is recommended to buy at low prices. Caustic soda is running strongly, but the profit is compressed, and there may be supply reduction due to potential maintenance. It is expected to run around the cost [7] Soda Ash - Glass - Soda ash is running weakly, with increasing inventory and high supply. It is recommended to short on rebounds. Glass futures prices fluctuated upward, with inventory increasing and production capacity compressing. It is recommended to look for low - value buying opportunities [8]

Investment Rating - The report maintains a positive investment outlook for the polyester sector, particularly recommending high-quality companies in the polyester filament and bottle chip segments [6][13]. Core Insights - The report highlights that the cost support for polyester filament remains solid, with expectations for inventory replenishment post-holiday. The operating rate of polyester filament has significantly decreased, laying a foundation for recovery after the Spring Festival [6][7]. - Polyester filament inventory has been consistently declining since the beginning of 2026, with downstream textile raw material inventory also at low levels, indicating a strong demand for replenishment after the holiday [7][11]. - The price spread of polyester filament has improved significantly, with cost support expected to remain strong due to stable raw material prices and proactive supply adjustments [11][13]. Summary by Sections Supply and Demand Dynamics - The operating rate of polyester filament has dropped to 79.65%, down approximately 16 percentage points from previous highs, as companies conduct maintenance ahead of the holiday [6]. - Downstream textile operating rates have fallen to 25.15%, marking a low for the year, which is expected to lead to a rigid demand for inventory replenishment post-holiday [6][7]. Price Trends - As of February 6, 2026, the price spreads for polyester filament POY, FDY, and DTY are 1375, 1575, and 2475 CNY/ton respectively, indicating a recovery in price spreads since late January 2026 [11]. - The PTA price, a key raw material for polyester filament, remains high, with limited downward pressure expected, providing solid support for filament prices throughout the year [11][13]. Company Recommendations - The report recommends focusing on high-quality companies in the polyester filament sector such as Tongkun Co., Ltd. and in the bottle chip sector like Wankai New Materials. It also suggests monitoring leading refining companies such as Hengli Petrochemical and Rongsheng Petrochemical due to expected improvements in cost structures [13][15].

Group 1 - The company currently owns four coal mines with a total annual production capacity of 9.1 million tons [1] - Among the four mines, three are operational with a combined capacity of 8.2 million tons, while one mine under construction has a capacity of 0.9 million tons [1] - The company plans to launch its Ningdong Phase IV coal-to-olefins project in 2026, which is expected to enhance its competitiveness in the olefins industry [1]

1. Report Industry Investment Rating - Investment ratings are provided for various chemicals, with each chemical having a corresponding star rating. Red stars represent a predicted upward trend, green stars represent a predicted downward trend. One star indicates a bullish or bearish bias with limited trading opportunities, two stars suggest a clear upward or downward trend with the market moving, and three stars represent a more distinct trend with appropriate investment opportunities. White stars indicate a balanced short - term trend with poor trading opportunities, suggesting to wait and see [1][9] 2. Core View - The market trends of different chemicals vary. Some are affected by factors such as supply, demand, cost, and inventory. For example, some chemicals show upward trends due to demand recovery or cost support, while others face downward pressure due to over - supply or weak demand [2][3][5] 3. Summary by Directory 3.1 Olefins - Polyolefins - The main contract of propylene futures rose during the day. Supply increase was limited, inventory was controllable, and downstream demand rebounded, pushing up the trading center. The main contracts of plastic and polypropylene futures were weakly sorted. For polyethylene, there was no short - term supply pressure, but downstream trading was dull. For polypropylene, cost support recovered, but downstream orders were near the end, and the market was in shock [2] 3.2 Polyester - PX and PTA rebounded due to oil price boost. PX had new capacity in the second half of the year while PTA had none, so it was recommended to be long in the first half. However, current demand declined and there was an inventory build - up expectation around the Spring Festival. PTA processing margin was repaired, and a plant restart increased inventory pressure. For glycol, port inventory continued to increase, but there were expectations of concentrated maintenance and demand recovery in the second quarter. Short - fiber had a good supply - demand pattern but weak downstream orders. Bottle - chip processing margin was repaired, and mid - term inventory performance after the Spring Festival should be focused on [3] 3.3 Pure Benzene - Styrene - The cost of pure benzene rebounded, driving up the futures price. Downstream pre - holiday stocking reduced port inventory, and downstream capacity utilization was expected to increase. However, the fundamentals were expected to weaken as supply increased. The main contract of styrene futures rose, with cost support from oil price increase and supply uncertainties after the Spring Festival [5] 3.4 Coal Chemical Industry - The price of methanol futures rose. Port inventory decreased, but coastal demand was weak. Domestic production increased, and inventory was transferred downstream. Urea prices in central China slightly declined. Production increased, and there was a small inventory reduction. The market was expected to fluctuate within a range [6] 3.5 Chlor - Alkali - PVC showed a strong trend. Factory inventory decreased, and export was good. With cost support, it was expected to fluctuate strongly. Caustic soda fluctuated. Chlorine price was strong, but inventory was high, and the fundamentals were weak [7] 3.6 Soda Ash - Glass - Soda ash fluctuated strongly. Inventory increased, and there was a supply - demand surplus in the long - term. Glass was strongly affected by supply news. Inventory slightly decreased, but there was an inventory build - up pressure during the Spring Festival. It was expected to fluctuate strongly [8]