Core Viewpoint - The company, Shuanghuan Technology, is forecasting a significant net loss for the year 2025, primarily due to a substantial decline in the sales prices of its main products, soda ash and ammonium chloride [1] Financial Performance - The expected net loss attributable to shareholders for 2025 is projected to be between 70 million and 100 million yuan [1] - The expected net loss attributable to shareholders after deducting non-recurring gains and losses is projected to be between 120 million and 150 million yuan [1] Market Conditions - The decline in profit during the reporting period is attributed to a significant decrease in the sales prices of key products compared to the same period last year [1]

Core Viewpoint - Sichuan Hebang Biotechnology Co., Ltd. is planning to recognize impairment provisions for various assets, which is expected to significantly reduce the net profit attributable to shareholders for the year 2025 by approximately 480 million to 580 million yuan, although the net profit excluding impairment effects remains positive [2][5]. Group 1: Impairment Provisions Overview - The company plans to recognize inventory impairment provisions ranging from 300 million to 380 million yuan due to the continuous decline in market prices for soda ash, ammonium chloride, glass, and photovoltaic products [2]. - Fixed assets and construction in progress are expected to incur impairment provisions of 220 million to 250 million yuan, while intangible assets are projected to have impairment provisions of 75 million to 85 million yuan, primarily due to an imbalance in supply and demand in the photovoltaic industry and strategic adjustments in related business [3]. - The company intends to recognize goodwill and related asset group impairment provisions of 55 million to 65 million yuan, following the requirements of accounting standards and considering the operational status and development expectations of the asset groups [4]. Group 2: Impact of Impairment Provisions - The impairment provisions are anticipated to reduce the net profit attributable to shareholders for 2025 by 480 million to 580 million yuan [5]. - The company expects a net profit attributable to shareholders for 2025 to be between -470 million and -570 million yuan, but excluding the impact of asset impairments, the net profit remains positive [10][12]. - The company also forecasts a net profit attributable to shareholders, excluding non-recurring gains and losses, to be between -460 million and -560 million yuan for 2025 [10]. Group 3: Main Business Impact - The company expects an increase in production and sales of liquid methionine and phosphate rock, with a recovery in market conditions for glyphosate and glufosinate, leading to improved gross margins for these products [19]. - However, the company faces ongoing challenges in the soda ash, glass, and photovoltaic sectors, resulting in increased inventory and sustained low prices, which have led to losses in these areas [19]. - The company plans to enhance profitability by increasing phosphate mining capacity and improving cost control measures for profitable products in 2026, following strategic adjustments to certain business operations [19].

Report Industry Investment Rating - No information provided Core Viewpoints of the Report - Last week's rise in the soda ash market was more of a rebound driven by sentiment and funds, lacking solid demand support. With increasing supply and rapid inventory accumulation, the upside for prices is severely restricted. The market has entered a phase of intense confrontation between "weak reality" and "expectations," and it is expected to continue the pattern of high - level oscillations, waiting for new drivers [8][36][37] Summary by Relevant Catalogs 1. Soda Ash Supply and Demand Situation (1) Production and Capacity Analysis - As of January 8, 2026, the weekly domestic soda ash production was 753,600 tons, a week - on - week increase of 56,500 tons or 8.11%. Among them, light soda ash production was 349,100 tons, a week - on - week increase of 23,000 tons, and heavy soda ash production was 404,500 tons, a week - on - week increase of 33,500 tons [9] - The comprehensive capacity utilization rate of soda ash was 84.39%, an increase of 4.43% from the previous period. The ammonia - soda process capacity utilization rate was 90.41%, a week - on - week increase of 11.20%; the co - production process capacity utilization rate was 74.11%, a week - on - week increase of 1.33%. The overall capacity utilization rate of 15 enterprises with an annual capacity of one million tons or more was 88.15%, a week - on - week increase of 2.24% [11] (2) Soda Ash Inventory Analysis - As of January 8, 2026, the total inventory of domestic soda ash manufacturers was 1,572,700 tons, a 4.26% increase from Monday and an 11.67% increase from the previous Wednesday. Compared with the same period last year, it increased by 101,900 tons or 6.93%. Among them, light soda ash inventory was 836,500 tons, and heavy soda ash inventory was 736,200 tons [14] (3) Shipment Situation Analysis - As of January 8, the weekly shipment volume of Chinese soda ash enterprises was 589,200 tons, a week - on - week decrease of 18.99%. The overall shipment rate of soda ash was 78.18%, a week - on - week decrease of 26.15 percentage points [15] (4) Profit Analysis - As of January 8, 2026, the theoretical profit (per two - ton) of the co - production method for soda ash in China was - 40 yuan/ton, a week - on - week decrease of 12.68%. The profit decreased slightly due to the increase in the cost side and the weak and stable soda ash market [20] - As of January 8, 2026, the theoretical profit of the ammonia - soda process for soda ash in China was - 57.85 yuan/ton, a week - on - week increase of 39.65%. The profit improved because the soda ash price rebounded after a decline [24] 2. Downstream Industry Situation (1) Floating Glass Industry - As of January 8, 2026, the daily output of national floating glass was 150,100 tons, a 0.96% decrease compared to the 1st. The weekly output from January 2 - 8, 2026, was 1,059,200 tons, a week - on - week decrease of 1.32% and a year - on - year decrease of 3.9% [27] - As of January 8, 2026, the total inventory of national floating glass sample enterprises was 55,518,000 weight boxes, a week - on - week decrease of 1,348,000 weight boxes or 2.37%, and a year - on - year increase of 27.04%. The inventory days were 24.1 days, a decrease of 1.5 days from the previous period [31] 3. Market Price Analysis - The price of 5500 - calorie动力煤 increased by 1.31% week - on - week, while the price of well - mine salt in East China remained unchanged. The prices of light and heavy soda ash in most regions decreased or remained stable, except for heavy soda ash in the Northwest, which increased by 2.33%. The price of floating glass increased by 1.03% week - on - week, while the price of 2.0 - mm photovoltaic glass decreased by 4.35%. The price of 32% caustic soda in Jiangsu decreased by 2.35%, the price of dry ammonium chloride in Henan remained unchanged, and the price of synthetic ammonia in Jiangsu decreased by 1.37% [35] 4. Comprehensive Analysis - Last week, the main contract of soda ash futures showed a wide - range oscillation pattern, with the weekly line closing slightly positive. The market sentiment gradually returned to rationality, and there was a deep confrontation between "short - term sentiment game" and "accumulated fundamental pressure" [36] - The market showed a typical "strong supply and weak demand" characteristic. The supply - side pressure increased sharply, the inventory accumulated significantly, and the enterprise shipment volume and shipment rate decreased. However, due to previous losses and macro - level optimistic expectations, the price had a psychological bottom support, resulting in volatile prices [36] - In terms of operation, it is recommended to wait and see or conduct range operations for single - side trading, not to conduct arbitrage, and consider selling a wide - straddle option combination to earn time value [38]

Core Viewpoint - On January 9, Hebang Biotechnology's stock price remained unchanged, with a trading volume of 355 million yuan, indicating a stable market position despite fluctuations in financing activities [1]. Financing Summary - On January 9, Hebang Biotechnology had a financing buy-in amount of 54.7361 million yuan and a financing repayment of 62.7429 million yuan, resulting in a net financing outflow of 8.0068 million yuan [1]. - The total financing and securities balance for Hebang Biotechnology reached 576 million yuan, with the financing balance of 568 million yuan accounting for 2.76% of the circulating market value, which is above the 50th percentile level over the past year [1]. - In terms of securities lending, 30,100 shares were repaid, while 35,900 shares were sold, with a selling amount of 83,600 yuan calculated at the closing price [1]. Company Overview - Hebang Biotechnology, established on August 1, 2002, and listed on July 31, 2012, is located in Leshan, Sichuan Province. The company specializes in the manufacturing of pesticides and pesticide intermediates, fine chemical products, intelligent glass, special glass, and the development of soda ash and ammonium chloride [1]. - The revenue composition of Hebang Biotechnology includes 85.89% from chemical products, 17.61% from photovoltaic glass and other products, 6.74% from mineral products, and 5.02% from other businesses [1]. Financial Performance - As of September 30, the number of shareholders for Hebang Biotechnology was 196,500, a decrease of 1.99% from the previous period, while the average circulating shares per person increased by 2.03% to 44,939 shares [2]. - For the period from January to September 2025, Hebang Biotechnology reported a revenue of 5.927 billion yuan, a year-on-year decrease of 13.02%, and a net profit attributable to shareholders of 93.1085 million yuan, down 57.93% year-on-year [2]. Dividend Information - Since its A-share listing, Hebang Biotechnology has distributed a total of 1.205 billion yuan in dividends, with 553 million yuan distributed over the past three years [3]. Institutional Holdings - As of September 30, 2025, the fourth largest circulating shareholder of Hebang Biotechnology is the Penghua CSI Sub-Segment Chemical Industry Theme ETF Link A, holding 92.7878 million shares as a new shareholder [3]. - The fifth largest shareholder, the Southern CSI 500 ETF, holds 90.0899 million shares, a decrease of 2.1844 million shares from the previous period [3]. - The Hong Kong Central Clearing Limited is the sixth largest shareholder, holding 89.2826 million shares, an increase of 16.0908 million shares from the previous period [3].

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - In 2025, urea prices continued to oscillate and search for a bottom, with frequent rapid rebounds. Supply remained high, and production increased year - on - year. In 2026, supply is expected to grow further, with a potential 3.5% increase in capacity and a 3.5% increase in production, or 2 - 2.5% if prices fall. Agricultural demand is expected to rise by 2.67%. Domestic industrial demand may remain weak, with a 2% decline in melamine and urea - formaldehyde resin demand. Urea export policies may continue, but the stimulus from exports is weakening. Without unexpected export demand, urea prices will slowly decline until production shows negative feedback [3][6]. Summary by Relevant Catalogs 2025 Market Review - In 2025, urea prices oscillated downward. Key factors included continuous domestic capacity expansion (355 million tons in 2025, 317 million tons expected in 2026, and 600 million tons from 2027 - 2028), decent agricultural demand during peak seasons, changes in export policies, and stable industrial demand [12][14]. - Quarterly events included winter gas restrictions and rising international natural gas prices in Q3, which pushed up international nitrogen fertilizer prices. There were also factors such as spring plowing demand, changes in compound fertilizer export policies, and the start of summer demand [10]. Capacity Trends - China's urea is in a capacity expansion cycle. In 2025, net new capacity was 4.18 million tons, and 2.94 million tons are expected in 2026. Future plans involve adding about 14 million tons and removing 3 - 5 million tons in the next three years, resulting in a net increase of 9 - 11 million tons [19][24]. - Some fixed - bed processes using anthracite are being phased out, with about 13.61 million tons of such capacity (18% of the total) likely to be eliminated in the next five years [24]. Production and Profitability - In 2025, gas - based urea production was unprofitable, but production was not significantly affected due to planned gas supply and export quota support. However, long - term low prices may lead to reduced production [28]. - In 2026, urea production is expected to increase by 3.6%. But due to limited room for increasing the production rate and low prices for gas - based production, the increase in production may be less than the increase in capacity. If prices fall, output growth may drop to 2.3% [34][39]. Nitrogen Fertilizer Market - Production of nitrogen - containing fertilizers has grown rapidly in recent years. In 2025, synthetic ammonia production is expected to be 34.5% higher than in 2022. Urea remains cost - effective compared to other nitrogen fertilizers, but the substitution demand has decreased [49][53]. - Ammonium chloride and ammonium sulfate markets are moving towards a more balanced supply, with supply increasing and the substitution demand for urea limited. The substitution of ammonium sulfate for urea exports may weaken [54][60][62]. - Overall nitrogen fertilizer supply has increased significantly. In 2025, the total nitrogen - containing output of nitrogen fertilizers is expected to maintain a growth rate of over 10%. However, international nitrogen fertilizer prices have weakened, and future export momentum may decline [64][66]. Demand Trends - Agricultural demand is expected to continue to grow moderately. From 2020 - 2024, grain sowing area and production increased. Policies aim to increase grain production by 100 billion jin by 2030. In 2026, agricultural and other demand is expected to rise by 2.7%, and compound fertilizer demand may increase by 1.7% [70][82][85]. - Industrial demand is related to the real - estate market and furniture exports. With weak real - estate demand and falling furniture export prices, the demand for melamine and urea - formaldehyde resin is expected to decline by 2% in 2026 [88][97]. Export Situation - Export policies are crucial. Historically, policies have changed frequently. In 2025, export policies were relaxed through quotas, and exports may reach 4.76 million tons, with a possible increase to 5 million tons in 2026. India's import demand may decrease, while non - China and India regions are expected to add 4 million tons of new capacity in 2026. Export profit remains high, and the quota system is expected to continue in 2026 [102][111][113][116]. Balance Sheet - In 2026, domestic new capacity will continue to be put into operation. Without considering production cuts due to losses, urea production is expected to increase by about 2.54 million tons (3.7%). Demand is expected to see a 2.7% increase in agricultural and other sectors, a 1.7% increase in compound fertilizers, a 2% decrease in industrial demand, and stable or increasing exports. Overall, supply may slightly exceed demand, but there is still a possibility of short - term strength due to export policies [120][121].

Core Viewpoint - The stock of Hebang Biotechnology has shown a positive trend with a year-to-date increase of 12.75%, reflecting strong market interest and trading activity [1][2]. Company Overview - Hebang Biotechnology, established on August 1, 2002, and listed on July 31, 2012, is located in Leshan, Sichuan Province. The company specializes in the manufacturing of pesticides, fine chemicals, intelligent glass, special glass, and the development of salt and phosphate mines [2]. - The revenue composition of Hebang Biotechnology includes 85.89% from chemical products, 17.61% from photovoltaic glass and other products, 6.74% from mineral products, and 5.02% from other businesses [2]. Financial Performance - For the period from January to September 2025, Hebang Biotechnology reported a revenue of 5.927 billion yuan, a year-on-year decrease of 13.02%. The net profit attributable to shareholders was 93.11 million yuan, down 57.93% year-on-year [2]. - The company has distributed a total of 1.205 billion yuan in dividends since its A-share listing, with 553 million yuan distributed over the past three years [3]. Shareholder Structure - As of September 30, 2025, the number of shareholders for Hebang Biotechnology was 196,500, a decrease of 1.99% from the previous period. The average number of circulating shares per shareholder increased by 2.03% to 44,939 shares [2]. - Notable institutional shareholders include Penghua CSI Sub-Industry Chemical Theme ETF, which is the fourth largest shareholder with 92.79 million shares, and Southern CSI 500 ETF, which is the fifth largest with 90.09 million shares, having decreased its holdings by 2.18 million shares [3].

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The current market's main contradiction has shifted from "high inventory" to the game between "short - term supply reduction" and "long - term capacity expansion." Downstream demand has not substantially improved, and the long - term supply pressure from new natural soda ash capacity in Inner Mongolia remains. The price rebound's height and sustainability are challenged, and the market is expected to find a new direction through oscillations. It is recommended to be cautious in participating in the rebound, gradually lay out short positions on rallies for single - sided trading, temporarily hold off on arbitrage, and consider buying put options to replace short positions [8][37] Summary by Relevant Directory 1. Market Review - Last week, the price of the main soda ash futures contract SA2605 ranged from 1,123 to 1,203 yuan/ton, with the price center moving down. As of December 19, 2025, the contract rose 50 yuan/ton for the week, a 4.44% increase, closing at 1,176 yuan/ton [5] 2. Supply and Demand of Soda Ash 2.1 Production and Capacity Analysis - As of December 18, 2025, the weekly domestic soda ash production was 721,400 tons, a 1.4 - ton (1.91%) decrease from the previous week. Light soda ash production was 331,100 tons (down 65,000 tons), and heavy soda ash production was 390,300 tons (down 75,000 tons). The comprehensive capacity utilization rate was 82.74%, a 1.61% decrease from the previous week. Among them, the ammonia - soda process capacity utilization rate was 89.22% (down 0.70%), the combined process capacity utilization rate was 73.07% (down 0.22%), and the overall capacity utilization rate of 15 enterprises with an annual capacity of one million tons or more was 87.49% (down 1.33%) [9][11] 2.2 Inventory Analysis - As of December 18, 2025, the total inventory of domestic soda ash manufacturers was 1,499,300 tons, a 33,700 - ton (2.20%) decrease from Monday. Light soda ash inventory was 727,600 tons (up 10,500 tons), and heavy soda ash inventory was 771,700 tons (down 44,200 tons). Compared with the previous Thursday, it increased by 5,000 tons (0.33%). Year - on - year, it decreased by 58,100 tons (3.73%) [7][14] 2.3 Shipment Analysis - As of December 18, the weekly shipment volume of Chinese soda ash enterprises was 716,400 tons, an 8.12% decrease from the previous week. The overall shipment rate was 99.31%, a 6.72 - percentage - point decrease [16] 2.4 Profit Analysis - As of December 18, 2025, the theoretical profit of the combined - process soda ash in China (double - ton) was - 41 yuan/ton, a 16.33% increase from the previous week. The theoretical profit of the ammonia - soda process was - 66.70 yuan/ton, a 1.33% increase from the previous week [19][24] 3. Downstream Industry Situation 3.1 Float Glass Industry - As of December 18, 2025, the daily output of national float glass was 155,000 tons, the same as on the 11th. The weekly output from December 12 - 18 was 1,084,900 tons, unchanged from the previous week but a 3.24% decrease year - on - year. The total inventory of national float glass sample enterprises was 58,558,000 weight cases, a 0.57% increase from the previous week and a 25.73% increase year - on - year. The inventory days were 26.5 days, 0.2 days more than the previous period [27][30] 4. Price Analysis - The price of 5,500 - kcal动力煤 decreased by 5.14% to 738 yuan/ton. The price of well - mine salt remained stable. The price of light soda ash in Central China increased by 2.61% to 1,180 yuan/ton, while most other regions remained unchanged. The price of heavy soda ash remained stable in most regions. The price of float glass decreased by 1% to 1,086 yuan/ton, and the price of 2.0 - mm photovoltaic glass decreased by 8% to 11.5 yuan/square meter. The price of 32% caustic soda in Jiangsu and dry ammonium chloride in Henan remained stable, while the price of synthetic ammonia in Jiangsu increased by 1.76% to 2,434 yuan/ton [36] 5. Operation Suggestions - Single - sided: Be cautious in participating in the rebound and gradually lay out short positions on rallies. Arbitrage: Temporarily hold off. Options: Consider buying put options to replace short positions to reduce market shocks from sudden news [38]

Core Insights - The pure soda industry is facing challenges such as rising raw material costs, low profits from traditional production methods, increasing environmental regulations, and high energy consumption. Experts at the 2025 Soda Ash Technology Conference emphasized that resource optimization, energy reduction, and intelligent development will be key to enhancing quality and efficiency in the industry [1] Resource Efficiency and Cost Reduction - Inner Mongolia's Alxa region has abundant natural soda ash reserves, but water scarcity poses a challenge. Baoyuan Yingen Chemical Co. has implemented a "dry cooling" system to save water during the cooling phase of production, successfully achieving water and energy savings [2] - Guangdong Southern Soda Industry Co. has adopted high-pressure diaphragm filter presses to efficiently produce low-chloride white mud, facilitating resource recycling and significantly reducing solid waste emissions [2] - Hannen (Suzhou) Energy-Saving Technology Co. has designed cooling equipment tailored to different water qualities, achieving over 90% waste heat recovery efficiency [2] - Solex China has introduced a cooling technology that ensures uniform cooling or heating of product particles, promoting resource conservation [2] Technological Innovations for Energy Reduction and Emission Control - Chengdu Tianbao Energy-Saving Environmental Protection Engineering Co. proposed using rotary ammonium dryers instead of fluidized beds, which reduces energy consumption and tail gas emissions significantly [3] - Dalian Chemical Machinery Co. developed a steam rotary ammonium dryer that maintains outlet temperatures between 85°C and 95°C, enhancing operational efficiency and reducing heat loss [3] - China Salt Anhui Hong Sifang Co. upgraded its coal crushing system to improve fuel utilization and explored energy cascading to achieve significant energy and water savings [3] - Southern Soda Industry shared its experience in optimizing lime kiln feeding systems to lower production energy consumption and developing efficient dust removal devices to reduce emissions [3] Intelligent Empowerment for Quality and Efficiency Improvement - The pure soda industry is leveraging intelligent systems as accelerators for quality and efficiency enhancement. Shandong Haohua Co. has implemented a smart system that stabilizes production processes, monitors equipment health, and manages production information centrally [4] - Hangzhou Holley Technology Co. has adopted full-process intelligent control to reduce energy consumption in steam and water systems while ensuring real-time product quality monitoring [4] - The intelligent dosing system ensures precise measurement control, while the evaporation crystallization optimization system dynamically adjusts temperatures [4] Smart Logistics in Material Transport - Kaos Intelligent Equipment Technology Co. has introduced industrial robot loading systems for smart loading of raw materials, equipment, and products, enhancing loading efficiency, safety, and cost-effectiveness in the final logistics of the pure soda industry [5]

Core Viewpoint - The ammonium chloride market is currently experiencing a stable price performance supported by demand from pending orders, stable costs, and downstream needs, although there are factors that may limit further price increases [1][2] Group 1: Price Trends - Ammonium chloride prices have increased by 50 yuan per ton compared to previous periods, with current mainstream factory prices ranging from 390 to 450 yuan per ton, and wet ammonium prices between 270 and 310 yuan per ton, showing regional variations [2] - The market is currently characterized by a focus on executing pending orders, with low activity in new transactions, leading to a noticeable slowdown in price increases [2] Group 2: Demand Factors - The increase in demand for ammonium chloride is driven by higher operating rates of compound fertilizer companies as agricultural production ramps up, leading to significant short-term replenishment needs [1] - The release of winter storage fertilizer demand has also injected strong momentum into the ammonium chloride market, as downstream companies increase their purchasing efforts to meet winter agricultural production needs [1] Group 3: Supply Factors - Ammonium chloride production companies are operating at around 70% capacity, resulting in a relatively ample supply that constrains further price increases [2] - The overall cost increase in the fertilizer industry has pressured ammonium chloride producers, leading them to pass some costs onto the market, providing a bottom support for prices [1]

Report Industry Investment Rating - Not provided in the content Core View of the Report - The current soda ash market lacks strong drivers. Under the pressure of high supply and expected future capacity increase, price rebound is weak. In the short term, it is expected to maintain a weak and volatile trend. Attention should be paid to the transfer of the main contract and changes in macro - sentiment. [7][37] - In terms of operation, it is recommended to treat it with a short - term oscillatory mindset. Considering shorting lightly on rebounds for single - side trading, temporarily observing for arbitrage, and buying put options to replace short positions for options trading. [38] Summary by Relevant Catalogs Soda Ash Supply and Demand Situation Production and Capacity Analysis - As of December 11, 2025, the weekly domestic soda ash production was 735,400 tons, a week - on - week increase of 31,500 tons or 4.48%. Light soda ash production was 337,600 tons, a week - on - week increase of 15,200 tons, and heavy soda ash production was 397,800 tons, a week - on - week increase of 16,300 tons. [8] - The comprehensive capacity utilization rate of soda ash was 84.35%, a week - on - week increase of 3.62%. Among them, the ammonia - soda process capacity utilization rate was 89.92%, a week - on - week decrease of 0.93%; the co - production process capacity utilization rate was 73.29%, a week - on - week increase of 2.34%. The overall capacity utilization rate of 15 enterprises with an annual capacity of one million tons or more was 88.82%, a week - on - week increase of 3%. [10] Soda Ash Inventory Analysis - As of December 11, 2025, the total inventory of domestic soda ash manufacturers was 1,494,300 tons, a week - on - week decrease of 8,200 tons or 0.55%. Light soda ash inventory was 703,800 tons, a week - on - week decrease of 3,300 tons, and heavy soda ash inventory was 790,500 tons, a week - on - week decrease of 4,900 tons. Compared with the previous Thursday, it decreased by 44,300 tons or 2.88%. Year - on - year, it decreased by 140,200 tons or 8.58%. [14] Shipment Situation Analysis - As of December 11, the weekly shipment volume of Chinese soda ash enterprises was 779,700 tons, a week - on - week increase of 3.59%. The overall shipment rate of soda ash was 106.02%, a week - on - week decrease of 0.91 percentage points. [16] Profit Analysis - As of December 11, 2025, the theoretical profit (double - ton) of the co - production process of Chinese soda ash was - 49 yuan/ton, a week - on - week increase of 50.25%. The cost decreased due to stable raw material salt prices and falling power coal prices, while the soda ash price was stable and the by - product ammonium chloride price increased. [19] - As of December 11, 2025, the theoretical profit of the ammonia - soda process of Chinese soda ash was - 67.60 yuan/ton, a week - on - week increase of 1.31%. The cost decreased due to stable sea salt prices and slightly falling anthracite prices, while the soda ash price was stable. [24] Downstream Industry Situation Float Glass Industry Production - As of December 4, 2025, the daily production of national float glass was 155,000 tons, a 1.4% decrease compared to the 27th. The weekly production of national float glass from November 28 to December 4, 2025, was 1,085,100 tons, a week - on - week decrease of 1.7% and a year - on - year decrease of 2.25%. [26] Float Glass Industry Inventory - As of December 4, 2025, the total inventory of national float glass sample enterprises was 59.442 million weight boxes, a week - on - week decrease of 2.92 million weight boxes or 4.68%, and a year - on - year increase of 23.25%. The inventory days were 26.8 days, a decrease of 0.7 days compared to the previous period. [30] Comprehensive Analysis - Last week, the main contract of soda ash futures continued to decline in a volatile manner, and the overall market sentiment was weak. The fundamental situation was a multi - factor intertwined pattern of "increasing supply, stable demand, and inventory reduction". [37] - On the supply side, after the maintenance of some devices was completed, the weekly production and capacity utilization rate increased significantly, indicating that the high - supply state remained unchanged. [37] - There was still rigid demand support, and the shipment of enterprises was acceptable, driving the continuous decline of the total inventory of manufacturers for several weeks, and the year - on - year change had turned negative, which gave soda ash manufacturers a certain price - holding mentality. [37] - However, the absolute level of inventory was still high, and the expectation of new capacity in the future continued to suppress the market. The trading atmosphere in the spot market was average, and downstream procurement was mainly for low - price rigid demand, with insufficient intention for large - scale stockpiling. [37] - On the cost side, the decline in power coal prices improved the profit of the co - production process, but the industry as a whole was still in the loss range, which formed a bottom support. [37]