9月2日，国内期市能化板块多数飘红。其中，玻璃期货主力合约报收于1134.00元/吨，震荡下跌 1.13%。 库存方面，据新湖期货介绍，上周玻璃厂库转为去库，全国厂库库存环比去化104万重量箱，分区域 看：主要以华中去库为主，华东、华南次之，此外华北地区仍有一定程度累库。当前全国厂库库存水平 低于去年同期，但中游环节库存压力依旧较大。 展望后市，五矿期货表示，短期内，预计玻璃偏弱震荡，但估值不宜过分看低。中长期来看，玻璃跟随 宏观情绪波动，需跟随关注反内卷对玻璃产能的进一步影响及城市更新政策对玻璃需求的影响，房地产 方面若有实质性政策出台，期价或能延续上涨趋势，但若需求继续疲软，则需要供给端持续收缩，才能 有较大的上涨空间。 供应方面，中辉期货分析称，深加工订单天数环比好转，华南现货价格上涨，企业库存高位去化，但沙 河贸易商及厂库开始累库。日熔量维持在16万吨，煤制及石油焦工艺均有利润，企业超预期冷修难现， 供给承压。 需求端瑞达期货（002961）指出，当前地产形势不容乐观，房地产依旧表现低迷，下游深加工订单小幅 抬升，采购以刚需为主。 ...

Group 1 - The glass futures market is experiencing a downward trend, with the main contract opening at 1071.00 CNY/ton and a decline of 2.59% observed, reaching a low of 1046.00 CNY/ton [1] - Inventory levels are high, particularly in upstream and midstream sectors, due to insufficient production and sales during the holiday period, leading to a buildup of stock [1] - The macroeconomic environment is influenced by recent monetary policy adjustments, including interest rate cuts, aimed at stabilizing the real estate market, although the immediate demand remains weak [1] Group 2 - The daily melting volume of float glass remains stable at approximately 15.85 million tons, which is at a four-year low, contributing to downward pressure on futures prices [2] - Despite a slight decrease in enterprise inventory, levels remain high compared to previous years, leading to unstable sentiment regarding sales and inventory reduction [2] - The real estate sector is still in an adjustment phase, with a significant year-on-year decline in housing completion area, limiting the potential for a substantial recovery in glass demand [2]