Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - In March 2026, the price of the glass futures main contract fluctuated between 1017 - 1163 yuan/ton, closing at 1019 yuan/ton, a monthly decline of 43 yuan/ton or -4.05% [5]. - The average price of the domestic float glass market increased in March, mainly supported by the restocking demand after the Spring Festival. However, in the second half of the month, the procurement pace slowed down, and the market trends in different regions diverged [7][9]. - In April, the decline in supply may narrow as previously ignited production lines will start producing glass. Demand will enter the digestion stage, with insufficient purchasing power from the mid - and downstream after restocking. Coupled with high social inventory, supply - demand pressure will increase. The rising energy prices at the cost end provide bottom support, and the market is expected to continue narrow - range fluctuations, with resistance to upward movement and limited downward space [8][43]. 3. Summary by Directory Spot Price Trend - In March, the average price of the domestic float glass market increased, and manufacturers focused on destocking. By the end of the month, the procurement pace slowed down, and regional market trends diverged. Six production lines shut down in March, and one more was expected to shut down by the end of the month. The overall supply decreased significantly. The national average price of the float glass market was 1153 yuan/ton, a month - on - month increase of 42 yuan/ton or 3.78% [9]. - The price changes in different regions varied. For example, in North China, the average price was 1063 yuan/ton, a month - on - month increase of 3.20% and a year - on - year decrease of 14.35% [10]. Cost - Profit Analysis - In March, the average profit of float glass using coal - gas as fuel was - 31 yuan/ton, a month - on - month increase of 14 yuan/ton; that using petroleum coke was - 15 yuan/ton, a month - on - month decrease of 59 yuan/ton; and that using natural gas was - 95 yuan/ton, a month - on - month increase of 61 yuan/ton. The profit trends of float glass with different fuels diverged [15]. Supply - Side Situation - In March, the monthly total output of float glass increased compared with the previous month, but the daily output and capacity utilization rate declined. The estimated output for the month was 4.5342 million tons, a month - on - month increase of 8.77%; the daily output was 146,300 tons, a decrease of 2,610 tons or 1.75% from the previous period; the average capacity utilization rate was 73.43%, a decrease of 1.21 percentage points from the previous period. Six production lines shut down in March, one more was expected to shut down by the end of the month, and three production lines were ignited, with the daily output continuing to decline [19]. Demand - Side Situation - In March, the total consumption of float glass increased month - on - month. The domestic theoretical consumption was 460,860 tons, a month - on - month increase of 82.16% [27]. Inventory - Side Situation - In March, the inventory of sample float glass enterprises first increased and then decreased. By the end of the month, the total inventory of sample enterprises was 73.622 million weight boxes, a decrease of 2.3861 million weight boxes (3.14%) from the end of the previous month, but an increase of 6.6098 million weight boxes (9.86%) year - on - year [29]. Import - Export Data - In February 2026, China imported 10,800 tons of float glass, a decrease of 1,700 tons or 13.66% from the previous month. The cumulative import volume from January to February 2026 was 23,400 tons, a decrease of 2,100 tons or 8.21% compared with the same period last year [36]. - In February 2026, China exported 78,200 tons of float glass, a decrease of 13,700 tons or 14.91% from the previous month. The cumulative export volume from January to February 2026 was 170,200 tons, an increase of 50,300 tons or 41.91% compared with the same period last year [39]. Market Outlook - In March, the domestic float glass market showed a trend of rising first and then stabilizing. The national average price increased month - on - month, but regional trends diverged, and the trading volume weakened at the end of the month. The core contradiction in the market lies in the game between the release of post - festival phased restocking demand, continuous supply contraction, and medium - to - high inventory pressure [41]. - In April, the decline in supply may narrow, and demand will enter the digestion stage. The market is expected to continue narrow - range fluctuations, with resistance to upward movement and limited downward space. The recommended trading strategies are to wait and see or conduct range operations for single - side trading, wait and see for arbitrage, and consider covered call writing to increase returns or buying put options to prevent price correction risks [43].

Core Viewpoint - The report highlights the significant revenue growth of Keda Manufacturing in 2025, driven by capacity expansion and increased overseas sales, despite challenges in certain business segments due to external economic factors [4][5]. Group 1: Financial Performance - In 2025, Keda Manufacturing achieved operating revenue of 17.39 billion yuan, a year-on-year increase of 38.0%, and a net profit attributable to shareholders of 1.31 billion yuan, up 30.1% [4]. - The fourth quarter of 2025 saw operating revenue of 4.78 billion yuan, but net profit dropped significantly by 47.4% to 160 million yuan, attributed to various financial pressures [4][5]. - The company's gross margin and net margin improved to 27.9% and 12.5%, respectively, reflecting a year-on-year increase of 1.95 and 2.23 percentage points [6]. Group 2: Revenue Breakdown - The revenue from mechanical equipment, overseas building materials, and lithium battery materials was 6.47 billion yuan, 8.19 billion yuan, and 2.38 billion yuan, showing a year-on-year change of -3.7%, +73.6%, and +170.6%, respectively [5]. - Domestic revenue was 5.69 billion yuan, up 24.6%, while international revenue reached 11.70 billion yuan, increasing by 45.8%, with overseas business accounting for over 67% of total revenue [5]. Group 3: Capacity Expansion and Future Prospects - Keda Manufacturing has expanded its overseas building materials capacity, with projects in Kenya and Côte d'Ivoire commencing operations in mid-2025, contributing to a total of 21 production lines across seven African countries [7][8]. - The company produced approximately 205 million square meters of building ceramics in 2025, a 16.5% increase year-on-year, and is actively pursuing additional projects in Peru, Côte d'Ivoire, and Guinea, expected to commence production between 2026 and 2027 [8]. Group 4: Lithium Material Sector - The company has strengthened partnerships with leading energy storage firms, achieving a production and sales volume of 115,800 tons and 114,400 tons for artificial graphite products, with a utilization rate of 98.8% [9]. - In 2025, the lithium carbonate production and sales volume reached 41,000 tons, with a net profit of approximately 318 million yuan, reflecting a 36.5% year-on-year increase [9].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's revenue and profit growth are driven by the overseas building materials and lithium battery sectors, with a significant increase in both volume and price expected to continue [1][11] - The company achieved operating revenue of 17.39 billion yuan and a net profit attributable to shareholders of 1.31 billion yuan in 2025, representing year-on-year increases of 38.0% and 30.1% respectively [5][11] - The overseas building materials segment accounted for over 67% of total revenue, with a notable expansion in production capacity and sales [6][8] Summary by Sections Financial Performance - In 2025, the company reported operating revenue of 17.39 billion yuan, net profit of 1.31 billion yuan, and net profit after deducting non-recurring gains and losses of 1.20 billion yuan, reflecting increases of 38.0%, 30.1%, and 30.2% year-on-year respectively [5] - The fourth quarter of 2025 saw operating revenue of 4.78 billion yuan, with net profit and net profit after deducting non-recurring gains and losses at 160 million yuan and 140 million yuan, showing year-on-year changes of +18.5% and -47.4% respectively [5] Revenue Breakdown - The company’s revenue from mechanical equipment, overseas building materials, and lithium battery materials was 6.47 billion yuan, 8.19 billion yuan, and 2.38 billion yuan respectively, with year-on-year growth rates of -3.7%, +73.6%, and +170.6% [6] - Domestic revenue was 5.69 billion yuan, while international revenue reached 11.70 billion yuan, marking increases of 24.6% and 45.8% year-on-year [6] Profitability and Cash Flow - The company’s gross margin and net margin for 2025 were 27.9% and 12.5%, reflecting increases of 1.95 and 2.23 percentage points year-on-year [7] - Operating cash flow for 2025 was 1.82 billion yuan, an increase of 1.26 billion yuan compared to the previous year [7] Future Outlook - The company is expected to continue expanding its overseas building materials capacity, with several projects in Africa projected to come online between 2026 and 2027 [8] - The report anticipates a recovery in the mechanical equipment segment in 2026, while profitability in the overseas building materials and lithium battery segments is expected to strengthen [11]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company reported a revenue of 5.64 billion yuan for 2025, a slight increase of 0.1% year-on-year, with a net profit attributable to shareholders of 140 million yuan, representing a year-on-year growth of 16.7% [1] - The automotive glass segment continues to grow, with revenue reaching 2.28 billion yuan in 2025, up 23.99% year-on-year, while the float glass segment is undergoing a high-end transformation [1][2] - The company is expected to benefit from the domestic leadership in TCO glass technology, particularly with the industrialization of perovskite batteries, projecting net profits of 171 million yuan, 207 million yuan, and 236 million yuan for 2026, 2027, and 2028 respectively [3] Financial Performance - The gross margin for 2025 was 18.3%, an increase of 0.8 percentage points year-on-year, while the net margin improved to 3.5%, up 1.0 percentage points year-on-year [2] - The company reported a net operating cash flow of 690 million yuan for 2025, a 2.0% increase year-on-year, with a net cash position of 730 million yuan, up 5.7% from the previous year [3] - The company’s total revenue for 2025 was 5.64 billion yuan, with a projected growth rate of 5.2% for 2026 [4] Segment Performance - Automotive glass revenue was 2.28 billion yuan in 2025, with a gross margin of 13.62% [1] - Float glass revenue decreased to 1.79 billion yuan, down 8.45% year-on-year, but the gross margin improved to 20.79% [1] - Building glass revenue fell to 1.97 billion yuan, a decline of 12.37% year-on-year, with a gross margin of 14.45% [1]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 5.64 billion yuan for 2025, a slight increase of 0.1% year-on-year, with a net profit attributable to shareholders of 140 million yuan, representing a year-on-year growth of 16.7% [1] - The automotive glass segment continues to grow, with a revenue of 2.28 billion yuan in 2025, up 23.99% year-on-year, while the float glass segment is undergoing a high-end transformation [1] - The company is expected to benefit from the domestic leadership in TCO glass technology and the industrialization of perovskite batteries, with projected net profits of 171 million yuan, 207 million yuan, and 236 million yuan for 2026, 2027, and 2028 respectively [3] Financial Performance - The gross margin for 2025 is reported at 18.3%, an increase of 0.8 percentage points year-on-year, while the net margin is 3.5%, up 1.0 percentage points year-on-year [2] - The company’s operating cash flow for 2025 is 690 million yuan, a year-on-year increase of 2.0%, with a net cash position of 730 million yuan, up 5.7% from the previous year [3] - The company’s total revenue for 2025 is projected to be 5.64 billion yuan, with a slight growth rate of 0.1% [4] Segment Performance - Automotive glass revenue reached 2.28 billion yuan in 2025, with a gross margin of 13.62% [1] - Float glass revenue was 1.79 billion yuan, down 8.45% year-on-year, but with a gross margin of 20.79%, an increase of 3.79 percentage points [1] - Building glass revenue was 1.97 billion yuan, down 12.37% year-on-year, with a gross margin of 14.45% [1]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's revenue and profit growth are driven by the overseas building materials and lithium battery sectors, with a continued growth outlook [1][11] - In 2025, the company achieved operating revenue of 17.39 billion yuan, a year-on-year increase of 38.0%, and a net profit attributable to shareholders of 1.31 billion yuan, up 30.1% [5][11] - The company’s overseas revenue accounted for over 67% of total revenue, with significant growth in overseas building materials and lithium battery materials [6][8] Summary by Relevant Sections Revenue Performance - In 2025, the company reported operating revenue of 17.39 billion yuan, with a quarterly revenue of 4.78 billion yuan in Q4, reflecting an 18.5% year-on-year increase [5][6] - The company’s domestic and foreign revenues were 5.69 billion yuan and 11.70 billion yuan, respectively, showing year-on-year growth of 24.6% and 45.8% [6] Profitability - The company’s gross margin and net margin for 2025 were 27.9% and 12.5%, respectively, reflecting increases of 1.95 and 2.23 percentage points year-on-year [7] - The profitability of the overseas building materials and lithium battery segments improved significantly, with gross margins of 35.3% and 13.3%, respectively [7][11] Capacity Expansion - The company has expanded its overseas building materials capacity, with projects in Kenya and Côte d'Ivoire commencing operations in 2025 [8] - The company operates 21 building ceramic production lines across seven African countries, with an annual capacity of approximately 200 million square meters of building ceramics [8] Future Outlook - The company expects continued growth in the overseas building materials and lithium battery sectors, with profit forecasts for 2026 and 2027 raised to 2.13 billion yuan and 2.38 billion yuan, respectively [11][12] - The report anticipates a recovery in the ceramic machinery segment in 2026, despite slight pressure in 2025 [11]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The supply of soda ash is showing a downward trend with enterprise maintenance, but the overall supply remains abundant. The daily melting volume of downstream float glass and photovoltaic glass continues to decline, and the inventory of soda ash plants is at the highest level in the same period in history, indicating a bearish outlook [2]. - The basis is -7 yuan, with the futures price at a premium to the spot price, showing a neutral situation [2]. - The national inventory of soda ash in plants is 185.19 million tons, an increase of 2.22% from the previous week, and the inventory is above the 5 - year average, which is bearish [2][31]. - The price is running below the 20 - day line, and the 20 - day line is downward, indicating a bearish trend [2]. - The main positions are net short, and the short positions are increasing, which is bearish [2]. - Due to the boost from the cost side, soda ash is expected to fluctuate in the short term [2]. 3. Summary by Directory 3.1 Soda Ash Futures Market - The closing price of the main contract decreased from 1229 yuan/ton to 1207 yuan/ton, a decline of 1.79%. The low - end price of heavy soda ash in Shahe decreased from 1205 yuan/ton to 1200 yuan/ton, a decline of 0.41%. The main basis decreased from - 24 yuan/ton to - 7 yuan/ton, a decline of 70.83% [5]. 3.2 Soda Ash Spot Market - The low - end price of heavy soda ash in Hebei Shahe is 1200 yuan/ton, a decrease of 5 yuan/ton from the previous day [11]. 3.3 Soda Ash Production Profit - The profit of heavy soda ash produced by the ammonia - soda process in North China is - 94.20 yuan/ton, and the profit of the co - production process in East China is 135 yuan/ton [14]. 3.4 Soda Ash Operating Rate and Production - The weekly operating rate of the soda ash industry is 81.87% [17]. - The weekly production of soda ash is 77.54 million tons, including 40.74 million tons of heavy soda ash, reaching a historical high [20]. 3.5 Fundamental Analysis - Demand - The weekly sales - to - production ratio of soda ash is 100.23% [23]. - The daily melting volume of national float glass is 14.49 million tons, and the operating rate is 70.12% [26]. 3.6 Fundamental Analysis - Inventory - The national inventory of soda ash in plants is 185.19 million tons, an increase of 2.22% from the previous week, and the inventory is above the 5 - year average [31]. 3.7 Fundamental Analysis - Supply - Demand Balance Sheet - The report provides the annual supply - demand balance sheet of soda ash from 2017 to 2024E, including data on effective capacity, production, operating rate, imports, exports, net imports, apparent supply, total demand, supply - demand difference, capacity growth rate, production growth rate, apparent supply growth rate, and total demand growth rate [32]. 3.8 Influencing Factors - **Likely Positive Factors**: The cold - repair of downstream float glass is less, and the production remains stable. The conflict between the US and Iran boosts the bullish sentiment in the market [4]. - **Likely Negative Factors**: The operating load of the second - phase production line of Yuangxing Energy has increased, and there is no expectation of new maintenance, so the production is expected to remain at a high level. The production of photovoltaic glass, the downstream of heavy soda ash, has decreased, and the demand for soda ash has weakened [4]. - **Main Logic**: The supply of soda ash is at a high level, the terminal demand is declining, the inventory is at a high level in the same period, and the mismatch between supply and demand in the industry has not been effectively improved [4].

1. Report Industry Investment Rating - The report suggests short - selling or short - selling on rallies within the range for the FG2605 contract [37] 2. Core View of the Report - In the second quarter, the glass futures market will continue the low - level operation trend of the first quarter. The FG2605 contract is expected to trade in the range of [900, 1200] yuan/ton [37] 3. Summary by Relevant Catalogs Glass Price - Since the beginning of the year, the glass futures main contract has been in a low - level operation, with small overall fluctuations. Although the commodity market was bullish in the first quarter, the glass futures was not significantly boosted due to its own fundamental pressure [5] Production and Supply - Since the beginning of the year, there have been both cold repairs and ignitions of float glass production lines, and the daily melting volume in production has continued to decline. Currently, it has reached a low level in recent years, with a large gap compared to the same period in 2025 [12] - In Shahe, the coal - to - gas conversion has limited impact on the supply of float glass in the second quarter. There are four planned ignition production lines in Shahe this year, and three of them were ignited in March with a total daily melting volume of about 3000 tons/day, expected to produce glass in April [17] - Looking ahead to the second quarter, the downward space for the daily melting volume in production of float glass is limited, and the actual supply may increase from the low level as the production lines ignited in March are expected to produce glass in April [20] Demand - Since the beginning of this year, the real - estate completion end has faced multiple pressures, and the real - estate completion area from January to February continued to decline significantly year - on - year. Affected by this, the consumption of float glass from January to February decreased by about 2.7% compared to the same period last year [25] - After the Spring Festival this year, the downstream resumed work slowly, and the order release was insufficient. The real - estate completion end is in a downward channel, which will continue to drag down the demand for float glass in the short term [31] Inventory - In the first quarter, float glass manufacturers and mid - stream inventory accumulated significantly, and the current inventory level is much higher than the same period in previous years. It is difficult for manufacturers to destock in the short term [36]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The soda ash industry is in a downward cycle due to capacity expansion, facing "high supply and high inventory" pressure, and the market is difficult to break out of the bearish pattern. It is recommended to focus on short - selling opportunities for the SA contract on rallies. The SA2605 contract may fluctuate in the range of [1150, 1300] yuan/ton in Q2, and short - selling on rallies within the range is advisable. However, there may be supply - side disturbances due to possible early summer maintenance in Q2, which may lead to short - term upward risks in the market [43]. 3. Summary by Related Catalogs 3.1 Soda Ash Price and Market - Since the beginning of the year, the main soda ash contract has basically operated in the range of [1200, 1300] yuan/ton, with mainly band - type market trends. From the beginning of the year to mid - February, the soda ash futures price declined, dominated by the logic of supply surplus during the capacity expansion period. After mid - February, the price rebounded from the low point, boosted by rising energy costs and improved export expectations [8]. 3.2 Supply Side - Two production facilities put into operation in December last year (Yingcheng Xindu's 700,000 - ton combined soda plant and Yuanxing's second - phase 2.8 - million - ton natural soda capacity) are the main sources of increased supply in 2026. Since the beginning of the year, as new capacities have been gradually put into production, the upper limit of soda ash production has been continuously increasing [13]. - In Q2, on one hand, new capacities are still ramping up, and the upper limit of soda ash production may further increase; on the other hand, due to fundamental pressure, there may be a situation similar to last year where summer maintenance is advanced, which may cause supply - side disturbances [20]. 3.3 Production Profit and开工率 - Since the beginning of the year, the production profit of the ammonia - soda process has changed little, while the production profit of the combined - soda process has significantly recovered due to the sharp rise in ammonium chloride prices, driving up the operating rate of combined - soda enterprises [20]. 3.4 Downstream Demand 3.4.1 Float Glass - In Q2, the production lines ignited in March will start producing glass, increasing the actual supply. There are still two production lines in the Shahe area waiting to be ignited. After the cold - repair peak from the end of last year to Q1 this year, the probability of short - term cold - repair for the remaining production lines is low. The downward space for the daily melting volume of float glass in production is limited, and the actual supply may increase from the low level [24]. 3.4.2 Photovoltaic Glass - In Q1, the supply of photovoltaic glass was stable with a slight decline, with both production line ignition and cold - repair. Since late March, the cold - repair progress of photovoltaic glass production lines has accelerated due to high inventory and losses. There may be more cold - repairs of small and medium - sized production lines with high inventory pressure, and the overall supply of photovoltaic glass is expected to continue to decline [26]. 3.4.3 Light Soda Ash - Benefiting from the rapid development of industries such as lithium carbonate and monosodium glutamate, and the inherent resilience of light soda ash downstream demand, the demand for light soda ash is expected to remain strong in Q2, showing a divergence from the demand for heavy soda ash [33]. 3.5 Import and Export - China's soda ash is mainly exported to Southeast Asia, South Korea, and Nigeria. The Middle East geopolitical conflict has limited impact on China's soda ash export business. Although the European natural gas price has risen significantly due to the conflict, the natural gas price in the United States, a major export destination, has remained stable. China's soda ash exports are expected to continue the prosperous situation of last year but are unlikely to achieve significant growth [39]. 3.6 Inventory - Since the beginning of the year, the total inventory of the soda ash industry has continued to increase. The inventory of soda ash manufacturers accumulated significantly during the Spring Festival holiday and has not been effectively reduced since then. Downstream glass factories hoarded a large amount of inventory when the soda ash price was low at the end of last year and are currently in the inventory digestion stage [41].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The domestic soda ash market is stable with weakening transactions and negotiable real - order prices. The supply is decreasing due to individual enterprise maintenance and abnormal operation. Although the profits of soda ash enterprises have been repaired, the inventory is expected to remain high in the near future, and the price is expected to fluctuate weakly. Key factors to watch include soda ash start - up changes, new capacity launch progress, and inventory changes [1] Summary by Directory 1. Market Review and Outlook - The weekly production of domestic soda ash is 77.54 million tons, a decrease of 4.27 million tons or 5.22% compared to the previous week. The comprehensive capacity utilization rate is 81.87%, a decrease of 4.51 percentage points from last week. The inventory of soda ash manufacturers is 185.19 million tons, a decrease of 0.19 million tons or 0.10%. The pending orders of soda ash decreased to about 10 days, a decrease of more than 3 days [1] - The profits of soda ash enterprises have been repaired. The domestic soda ash start - up is expected to rise at a high level this week, and the downstream demand is expected to be relatively stable in the near future. The production of downstream float glass is expected to decline slightly this week, the start - up of photovoltaic glass has decreased, and the inventory of the photovoltaic glass industry has reached a new high, with prominent supply - demand contradictions. The inventory of soda ash enterprises is expected to remain high, and new capacity launch will put pressure on the market. The fuel price at the cost end is strong. The price of soda ash is expected to fluctuate weakly in the near future [1] 2. This Week's Fundamental Data Weekly Changes | Indicator | Latest Week | Previous Period | Weekly Change | Weekly Change Rate | | --- | --- | --- | --- | --- | | Basis (East China) (yuan/ton) | 21 | 48 | - 27 | - 56.3% | | Enterprise Inventory (million tons) | 185.19 | 185.38 | - 0.19 | - 0.1% | | Weekly Production (million tons) | 77.54 | 81.81 | - 4.27 | - 5.2% | | Dual - ton Profit of Dual - alkali Method (yuan/ton) | 215 | 227.5 | - 12.5 | - 5.5% | | Profit of Ammonia - alkali Method (yuan/ton) | - 26.2 | - 25.3 | - 0.9 | - 3.6% | | Start - up Rate of Downstream Float Glass (%) | 70.12 | 70.55 | - 0.43 | - 0.6% | | Start - up Rate of Downstream Photovoltaic Glass (%) | 64.82 | 66.34 | - 1.52 | - 2.3% | [2] 5. Position Analysis - The total trading volume of soda ash SA on March 27, 2026, was 1,076,733 lots, a decrease of 275,401 lots. The total long - position volume was 784,378 lots, a decrease of 8,972 lots, and the total short - position volume was 928,714 lots, a decrease of 19,770 lots [12]