Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint The glass fundamentals are weak, and it is expected to fluctuate weakly in the short term [2]. 3. Summary by Relevant Catalogs Glass Futures Market - The closing price of the main glass futures contract decreased from 1017 yuan/ton to 1009 yuan/ton, a decline of 0.79%. The spot price of Shahe Safety large - board glass dropped from 1016 yuan/ton to 1000 yuan/ton, a decrease of 1.57%. The main basis increased from - 1 yuan/ton to - 9 yuan/ton, a rise of 800.00% [5]. Glass Spot Market - The market price of 5mm white glass large - board in Hebei Shahe, the spot benchmark, is 1000 yuan/ton, down 16 yuan/ton from the previous day [10]. Fundamental - Cost Side - The production profit of glass has weak recovery, and the supply is at a historically low level in the same period. The national floating glass production line has 222 in operation, with an operating rate of 75%, and the daily melting volume is 15.91 tons, both at historically low levels in the same period [2][21][23]. Fundamental - Demand Side - In September 2025, the apparent consumption of floating glass was 470.82 tons. The real - estate terminal demand is weak, the orders of glass deep - processing enterprises are at a historically low level in the same period, and the capital collection of the deep - processing industry is not optimistic [2][26]. Fundamental - Inventory Side - The inventory of national floating glass enterprises is 63.247 million weight - boxes, an increase of 0.18% from the previous week, and the inventory is running above the five - year average [2][39]. Fundamental - Supply - Demand Balance Sheet - From 2017 to 2024E, the production and consumption of floating glass have fluctuated. For example, in 2024E, the production is expected to be 55.1 million tons, with a growth rate of 3.94%, and the consumption is 53.1 million tons, with a decline rate of 1.15% [40]. Influencing Factors - **Likely Positive Factors**: Under the influence of the "anti - involution" policy and environmental protection policy, the floating glass industry has seen capacity clearance, such as the "coal - to - gas" conversion in the Shahe area and industry cold - repair, resulting in production losses [3]. - **Likely Negative Factors**: The glass supply has stabilized and rebounded at a low level, the downstream's phased replenishment has ended, and the glass factory's inventory has increased. The "anti - involution" market sentiment has subsided [3][4].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The glass industry has a weak fundamental outlook. In the short term, it is expected to operate with a weak and fluctuating trend. The supply has declined to a relatively low level, and there are more disturbances on the supply side recently, but the terminal demand recovery is weak [3][7]. 3. Summary by Relevant Catalogs Glass Futures Market - The closing price of the main contract was 1091 yuan/ton, a decrease of 3.19% from the previous value. The spot price of Shahe Safety large - size glass was 1048 yuan/ton, an increase of 0.38% from the previous value. The main basis was - 43 yuan/ton, a decrease of 48.19% from the previous value [8]. Glass Spot Market - The market price of 5mm white glass large - size boards in Hebei Shahe, the spot benchmark, was 1048 yuan/ton, an increase of 4 yuan/ton from the previous day [13]. Fundamental Analysis - Cost Side No detailed content provided. Fundamental Analysis - Production - The number of operating national float glass production lines was 226, with an operating rate of 76.35%. The number of operating production lines was at a historical low for the same period. The daily melting volume of national float glass was 161,300 tons, and the production capacity was at the lowest level in the same period in history and was stabilizing and recovering [24][26]. Fundamental Analysis - Demand - In August 2025, the apparent consumption of float glass was 4.8602 million tons. The real - estate terminal demand was still weak, and the number of orders from glass deep - processing enterprises was at a historical low for the same period. The capital collection in the deep - processing industry was not optimistic, and traders and processors were cautious, mainly digesting the original glass inventory [30][6]. Fundamental Analysis - Inventory - The inventory of national float glass enterprises was 65.79 million weight boxes, a decrease of 1.24% from the previous week. The inventory was running above the 5 - year average [45]. Fundamental Analysis - Supply - Demand Balance Sheet - The supply - demand balance sheet from 2017 to 2024E shows changes in production, consumption, and other indicators. For example, in 2024E, the production was 55.1 million tons, the consumption was 53.1 million tons, and the production growth rate was 3.94%, while the consumption growth rate was - 1.15% [46]. Influencing Factors - **Positive Factors**: Under the influence of the "anti - involution" policy, there is an expectation of production capacity clearance in the float glass industry. There are more disturbances on the supply side due to the "coal - to - gas" conversion of some production lines in the Shahe area [5]. - **Negative Factors**: The real - estate terminal demand is weak, and the number of orders from glass deep - processing enterprises is at a historical low for the same period. The capital collection in the deep - processing industry is not optimistic, and traders and processors are cautious [6]. Main Logic The glass supply has declined to a relatively low level for the same period. Recently, there have been more disturbances on the supply side, but the terminal demand recovery is weak. It is expected that the glass will mainly operate in a fluctuating manner [7].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The glass market has a weak fundamental situation. Supply is at a low level and has recently seen more disturbances, but the terminal demand recovery is weak. It is expected that the glass will mainly show a weak and volatile trend in the short - term [2][6]. 3. Summary by Directory 3.1 Daily View - Fundamental analysis: Supply is at a low level and starting to recover, with many supply - side disturbances in the Shahe area such as "coal - to - gas" conversion. Downstream deep - processing orders are generally weak, worse than the same period in previous years, and the real - estate terminal demand is weak, which is bearish [2]. - Basis: The spot price of float glass in Hebei Shahe is 1044 yuan/ton, the closing price of FG2601 is 1127 yuan/ton, and the basis is - 83 yuan, with the futures at a premium to the spot, which is bearish [2]. - Inventory: The inventory of national float glass enterprises is 66.613 million weight boxes, an increase of 3.64% from the previous week, and the inventory is running above the 5 - year average, which is bearish [2][44]. - Disk: The price is running below the 20 - day line, and the 20 - day line is downward, which is bearish [2]. - Main position: The main position is net short, and the short position is increasing, which is bearish [2]. - Expectation: The glass fundamentals are weak, and it is expected to mainly show a weak and volatile trend in the short - term [2]. 3.2 Influencing Factors Summary - Bullish factors: Under the influence of the "anti - involution" policy, there is an expectation of capacity clearance in the float glass industry. Some production lines in the Shahe area are undergoing "coal - to - gas" conversion, increasing supply - side disturbances [4]. - Bearish factors: The real - estate terminal demand is still weak, and the number of orders of glass deep - processing enterprises is at a historical low for the same period. The capital collection in the deep - processing industry is not optimistic, and traders and processors are cautious, mainly digesting the original glass inventory [5]. 3.3 Main Logic The glass supply has declined to a relatively low level in the same period. Recently, there have been more supply - side disturbances, but the terminal demand recovery is weak. It is expected that the glass will mainly show a volatile trend [6]. 3.4 Glass Futures Market - The closing price of the main contract increased from 1113 yuan/ton to 1127 yuan/ton, a rise of 1.26%. The spot price of Shahe Safety large - plate remained unchanged at 1044 yuan/ton. The main basis increased from - 69 yuan/ton to - 83 yuan/ton, a rise of 20.29% [7]. 3.5 Glass Spot Market The market price of 5mm white glass large - plate in the spot benchmark area of Hebei Shahe is 1044 yuan/ton, unchanged from the previous day [12]. 3.6 Fundamental - Cost Side The report mentions glass production profit but does not provide specific data [14][17]. 3.7 Fundamental - Production - The number of national float glass production lines in operation is 226, with an operating rate of 76.35%. The number of operating production lines is at a historical low for the same period [23]. - The daily melting volume of national float glass is 161,300 tons, with the production capacity at the lowest level in the same period in history and starting to recover [25]. 3.8 Fundamental - Demand - In August 2025, the apparent consumption of float glass was 4.8602 million tons [29]. - The report also mentions housing sales, new construction, construction, and completion areas, as well as the operating and order situations of downstream processing plants, but no specific data is provided [30][32][39]. 3.9 Fundamental - Inventory The inventory of national float glass enterprises is 66.613 million weight boxes, an increase of 3.64% from the previous week, and the inventory is running above the 5 - year average [44]. 3.10 Fundamental - Supply - Demand Balance Sheet The report provides the annual supply - demand balance sheet of float glass from 2017 to 2024E, including data such as production, apparent supply, consumption, production growth rate, consumption growth rate, and net import ratio [45].

Report Summary 1. Report Industry Investment Rating The report does not provide an industry investment rating. 2. Core View The fundamentals of glass are weak, and it is expected to fluctuate weakly in the short term [3]. 3. Summary by Relevant Catalogs Glass Futures Market - The closing price of the main contract was 1129 yuan/ton, a decrease of 0.79% from the previous value; the spot price of Shahe Safety large - board glass was 1124 yuan/ton, a decrease of 0.71% from the previous value; the main basis was - 5 yuan/ton, a decrease of 16.67% from the previous value [8]. Glass Spot Market - The market price of 5mm white glass large - board in Hebei Shahe, the spot benchmark, was 1124 yuan/ton, down 8 yuan/ton from the previous day [13]. Fundamentals - Cost Side - The report mentions glass production profit but does not provide specific data. Fundamentals - Supply - The number of operating national float glass production lines was 225, with an operating rate of 76.01%, at a historically low level in the same period. The daily melting volume of national float glass was 161,300 tons, at the lowest level in the same period in history and showing a stable recovery [24][26]. Fundamentals - Demand - In August 2025, the apparent consumption of float glass was 4.8602 million tons [30]. Fundamentals - Inventory - The inventory of national float glass enterprises was 62.824 million weight - boxes, an increase of 5.84% from the previous week, and the inventory was running above the five - year average [46]. Fundamentals - Supply - Demand Balance Sheet - From 2017 to 2024E, the production, consumption, and other data of float glass showed different trends. For example, in 2024E, the production was 55.1 million tons, with a growth rate of 3.94%, and the consumption was 53.1 million tons, with a growth rate of - 1.15% [47]. Influencing Factors - **Positive Factors**: Under the influence of the "anti - involution" policy, there is an expectation of capacity clearance in the float glass industry. Some production lines in the Shahe area are undergoing "coal - to - gas" conversion, increasing supply - side disturbances [5]. - **Negative Factors**: The terminal demand in the real estate industry remains weak, and the number of orders from glass deep - processing enterprises is at a historical low in the same period. The capital collection in the deep - processing industry is not optimistic, and traders and processors are cautious, mainly digesting the inventory of raw glass [6]. Main Logic - The glass supply has declined to a relatively low level in the same period. Although there have been more supply - side disturbances recently, the recovery of terminal demand is weak, and it is expected that glass will mainly fluctuate [7].

Report Investment Rating No relevant information provided. Core View - Glass fundamentals are weak, and it is expected to fluctuate weakly in the short term due to supply decline, poor terminal demand, and inventory rebound [2][5]. Summary by Directory Glass Futures Market - The closing price of the main contract increased by 4.39% to 1189 yuan/ton, the spot price of Shahe safety large board remained unchanged at 1056 yuan/ton, and the main basis decreased by 60.24% to -133 yuan/ton [6]. Glass Spot Market - The market price of 5mm white glass large boards in Hebei Shahe, the spot benchmark, was 1056 yuan/ton, remaining flat from the previous day [11]. Fundamental - Cost Side - No specific content provided. Fundamental - Supply - The number of operating float glass production lines is 225, with an operating rate of 75.92%, at a historical low for the same period; the daily melting volume is 160,200 tons, the lowest in the same period in history and showing signs of stabilization and recovery [21][23]. Fundamental - Demand - In June 2025, the apparent consumption of float glass was 4.634 million tons; downstream processing plant orders are at a historical low for the same period due to weak real - estate terminal demand [27]. Fundamental - Inventory - The inventory of national float glass enterprises is 63.05 million weight boxes, an increase of 0.77% from the previous week, and the inventory is above the five - year average [40]. Fundamental - Supply - Demand Balance Sheet - From 2017 to 2024E, the production, consumption, and net import proportion of float glass have shown different trends, with production growth rates ranging from -3.59% to 9.88% and consumption growth rates from -2.64% to 6.87% [41]. Influencing Factors - **Positive Factors**: There is an expectation of capacity clearance in the float glass industry under the influence of the "anti - involution" policy [3]. - **Negative Factors**: Weak real - estate terminal demand, poor capital recovery in the processing industry, cautious attitudes of traders and processors, and the fading of the "anti - involution" market sentiment [4].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The glass market is expected to be weak and fluctuate in the short term due to weak fundamentals, with supply at a relatively low level but terminal demand remaining sluggish and inventory rebounding [2][5]. 3. Summary by Related Catalogs 3.1 Daily View - The glass production profit has declined, industry cold repair has slowed, and the start - up rate and production have dropped to historical lows. Downstream deep - processing orders are less than in previous years, and real - estate terminal demand is weak [2]. - The basis shows that the futures price is at a premium to the spot price, with a basis of - 79 yuan for FG2601 [2]. - National float glass enterprise inventory is 62.566 billion weight boxes, a 1.64% decrease from the previous week, and it is above the 5 - year average [2]. - The price is below the 20 - day moving average, and the 20 - day moving average is downward [2]. - The main position is net short, and short positions are increasing [2]. - In summary, the glass fundamentals are weak, and it is expected to fluctuate weakly in the short term [2]. 3.2 Influencing Factors - **Likely Positive Factors**: There is an expectation of capacity clearance in the float glass industry under the influence of the "anti - involution" policy [3]. - **Likely Negative Factors**: Real - estate terminal demand is still weak, with deep - processing enterprise orders at a historical low. The capital collection in the deep - processing industry is not optimistic, and traders and processors are cautious, mainly digesting original inventory. The market sentiment of "anti - involution" has faded [4]. 3.3 Main Logic The glass supply has declined to a relatively low level, but the terminal demand is weak, and the inventory has rebounded. Therefore, the glass market is expected to fluctuate weakly [5]. 3.4 Glass Futures Market - The closing price of the main contract of glass futures increased by 0.09% to 1135 yuan/ton, the spot price of Shahe Safety large - board remained unchanged at 1056 yuan/ton, and the main basis decreased by 1.28% to - 79 yuan/ton [6]. 3.5 Glass Spot Market The market price of 5mm white glass large - board in Hebei Shahe, the spot benchmark, remained unchanged at 1056 yuan/ton compared with the previous day [11]. 3.6 Fundamental Analysis - **Cost Side**: The glass production profit has declined [2]. - **Supply Side**: The number of national float glass production lines in operation is 223, with a start - up rate of 75.49%, at a historical low. The daily melting capacity is 159,600 tons, at the lowest level in the same period in history but showing signs of stabilization and recovery [21][23]. - **Demand Side**: In June 2025, the apparent consumption of float glass was 4.634 million tons. The real - estate terminal demand is weak, and the orders of deep - processing enterprises are at a historical low [27]. - **Inventory**: National float glass enterprise inventory is 62.566 billion weight boxes, a 1.64% decrease from the previous week, and it is above the 5 - year average [2][42]. - **Supply - Demand Balance Sheet**: The report provides the annual supply - demand balance sheet of float glass from 2017 to 2024E, including data on production, apparent supply, consumption, production growth rate, consumption growth rate, and net import ratio [43].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The glass market has a weak fundamental situation. In the short - term, it is expected to oscillate weakly. The supply of glass has declined to a relatively low level compared to the same period. Although there has been a phased restocking downstream and a reduction in glass factory inventories, the sustainability of this inventory reduction is questionable. It is expected that glass will mainly show a wide - range oscillatory trend [2][5]. 3. Summary by Directory Glass Futures Market - The closing price of the main glass futures contract decreased from 1191 yuan/ton to 1173 yuan/ton, a decline of 1.51%. The spot price of the main benchmark product in Shahe decreased from 1072 yuan/ton to 1064 yuan/ton, a decline of 0.75%. The main basis decreased from - 119 yuan/ton to - 109 yuan/ton, a decline of 8.40% [6]. Glass Spot Market - The market price of 5mm white glass large plates in the spot benchmark area of Hebei Shahe is 1064 yuan/ton, a decrease of 8 yuan/ton from the previous day [12]. Fundamental Analysis - **Cost Side**: The production profit of glass has declined, and the cold - repair speed of the industry has slowed down. The start - up rate and production volume have dropped to the lowest level in the same period in history [2]. - **Supply**: The number of operating national float glass production lines is 223, with a start - up rate of 75.34%. The daily melting volume of float glass is 159,600 tons, and the production capacity is at the lowest level in the same period in history but has stabilized and rebounded [23][25]. - **Demand**: In June 2025, the apparent consumption of float glass was 4.634 million tons. The terminal real - estate demand is still weak, and the number of orders from glass deep - processing enterprises is at a historical low in the same period. The capital collection in the deep - processing industry is not optimistic, and traders and processors are cautious, mainly focusing on digesting raw glass inventories [29][4]. - **Inventory**: The inventory of national float glass enterprises is 63.606 million weight boxes, an increase of 0.28% from the previous week, and the inventory is running above the five - year average [43]. - **Supply - Demand Balance Sheet**: From 2017 to 2024E, the production and consumption of float glass have fluctuated. In 2024E, the production is expected to be 55.1 million tons, with a production growth rate of 3.94%, and the consumption is expected to be 53.1 million tons, with a consumption growth rate of - 1.15% [44]. Influencing Factors - **Positive Factors**: Under the influence of the "anti - involution" policy, there is an expectation of capacity clearance in the float glass industry [3]. - **Negative Factors**: The terminal real - estate demand is weak, the capital collection in the deep - processing industry is not optimistic, and the "anti - involution" market sentiment has subsided [4].

1. Report Industry Investment Ratings - Bullish: Equity Index [2] - Cautiously Bearish: Treasury Bonds, Coke, Coking Coal, Carbonate Lithium [2][7] - Bearish: Iron Ore, Rebar, Hot - Rolled Coil, Soda Ash, Float Glass, Crude Oil [6][7] - Bullish: Rubber [8] - Sideways: Gold, Copper, Aluminum, Alumina, Nickel, Industrial Silicon, Polysilicon, Methanol, Polyolefins, Cotton [5][8] 2. Core Views - The equity index is on an upward trend with continuous inflow of funds and clear long - term narratives, so a long - position strategy should be maintained [2]. - The bond market is under pressure due to the strong stock market and lack of new positive factors [2]. - Soda ash is in an oversupply situation, and short - position strategies are recommended [7]. - Rubber's fundamentals are improving, and long - position strategies should be continued [3][8]. - Gold is in a high - level sideways pattern, and attention should be paid to the Fed's interest - rate decisions [5]. - Silver maintains a long - position pattern, and the Fed's interest - rate decisions are the focus [5]. - Copper prices are supported in the medium - to long - term by tight mine supply, and short - term attention should be paid to the Fed's monetary policy [5]. - Aluminum and alumina prices are in a sideways pattern, with limited downward space for alumina and clear medium - term support for aluminum [5]. - Nickel prices are in a narrow - range sideways pattern, and selling call options is recommended [5]. - Carbonate lithium supply is abundant, and prices are under pressure [6]. - Polysilicon prices may decline due to the need for market - oriented elimination of backward production capacity [6]. - Rebar prices are under pressure, and selling out - of - the - money call options is recommended [6]. - Hot - rolled coil prices are expected to be sideways, and attention should be paid to the spread between hot - rolled coil and rebar and molten iron transfer [6]. - Iron ore prices are under pressure in the short term, and the 01 contract is expected to trade in the range of [750, 810] [6]. - Coke prices are mainly sideways, and coking coal prices are under pressure [7]. - Float glass prices are under downward pressure, and short - position strategies for near - term contracts are recommended [7]. - Crude oil prices are relatively resilient, and previous short positions can be gradually closed if there are no further negative factors [7]. - Methanol prices may continue to rebound if the arrival volume does not increase significantly [8]. - The L - PP spread is expected to continue to widen [8]. - Cotton demand is weak currently, and the market is waiting for the peak season [8]. 3. Summary by Related Catalogs Financial Futures - **Equity Index**: The Shanghai Composite Index hit a ten - year high, and the bullish sentiment is rising. With continuous capital inflow and clear long - term narratives, the upward trend is clear, and long positions should be held [2]. - **Treasury Bonds**: The bond market is weak, affected by the strong stock market. Without new positive factors, the bearish pattern continues [2]. Commodity Futures - **Soda Ash**: The industry has an oversupply situation. With the possible commissioning of new devices, supply pressure will increase, and previous short positions in SA601 should be held [3][7]. - **Rubber**: The fundamentals are improving, with stable demand and slow raw - material production increase. Long positions in RU2601 should be held [3][8]. - **Precious Metals** - **Gold**: Prices are in a high - level sideways pattern. The Fed's interest - rate decisions and the speech at the Jackson Hole Symposium are key factors [5]. - **Silver**: Maintains a long - position pattern, and the Fed's interest - rate decisions are the focus [5]. - **Non - Ferrous Metals** - **Copper**: Supply is tight in the medium - to long - term, and short - term attention should be paid to the Fed's monetary policy and the US dollar trend [5]. - **Aluminum and Alumina**: Alumina has an overcapacity situation but low valuation, and aluminum has clear medium - term support. Both are in a sideways pattern [5]. - **Nickel**: Supply is abundant, demand is in the off - season, and prices are in a narrow - range sideways pattern. Selling call options is recommended [5]. - **Lithium and Silicon** - **Carbonate Lithium**: Supply is abundant, and prices are under pressure. Aggressive investors can hold previous short positions lightly [6]. - **Industrial Silicon and Polysilicon**: Industrial silicon supply is abundant, and polysilicon prices may decline due to market - oriented elimination of backward production capacity [6]. - **Steel and Iron** - **Rebar**: Fundamentals are under pressure, and selling out - of - the - money call options in RB2510C3300 is recommended [6]. - **Hot - Rolled Coil**: Prices are expected to be sideways, and attention should be paid to the spread between hot - rolled coil and rebar and molten iron transfer [6]. - **Iron Ore**: Prices are under pressure in the short term, and the 01 contract is expected to trade in the range of [750, 810] [6]. - **Coal and Coke** - **Coke**: Prices are mainly sideways, affected by environmental protection policies on both supply and demand sides [7]. - **Coking Coal**: Prices are under pressure due to weakening demand from steel and coke enterprises [7]. - **Soda Ash and Glass** - **Soda Ash**: Maintains an oversupply situation, and previous short positions in the 01 contract should be held [7]. - **Float Glass**: Prices are under downward pressure, and short - position strategies for near - term contracts are recommended [7]. - **Energy** - **Crude Oil**: Prices are relatively resilient, and previous short positions can be gradually closed if there are no further negative factors [7]. - **Chemicals** - **Methanol**: Prices may continue to rebound if the arrival volume does not increase significantly [8]. - **Polyolefins**: The L - PP spread is expected to continue to widen [8]. - **Agricultural Products** - **Cotton**: Demand is weak currently, and the market is waiting for the peak season [8]. - **Rubber**: The fundamentals are improving, and long positions should be held [3][8].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The glass fundamentals remain weak, and it is expected to mainly trade in a volatile range in the short term due to the return of the "anti-involution" sentiment [2]. 3. Summary by Related Catalogs Glass Futures Market - The closing price of the main glass futures contract rose from 1219 yuan/ton to 1240 yuan/ton, a 1.72% increase. The spot price of Shahe safety large - size glass remained unchanged at 1104 yuan/ton. The main basis changed from -115 yuan/ton to -136 yuan/ton, a 18.26% change [6]. Glass Spot Market - The market price of 5mm white glass large - size boards in Hebei Shahe, the spot benchmark, was 1104 yuan/ton, unchanged from the previous day [12]. Fundamental Analysis - Cost Side No detailed content on cost side other than mentioning glass production profit, but no specific data presented. Fundamental Analysis - Supply - The number of operating national float glass production lines is 223, with an operating rate of 75.19%, and the number of operating production lines is at a historical low for the same period. The daily melting capacity of national float glass is 159,600 tons, with the production capacity at the lowest level for the same period in history and showing a stable recovery [23][25]. Fundamental Analysis - Demand - In June 2025, the apparent consumption of float glass was 4.634 million tons. The terminal real - estate demand remains weak, and the number of orders from glass deep - processing enterprises is at a historical low for the same period. The capital collection in the deep - processing industry is not optimistic, and traders and processors are cautious, mainly focusing on digesting the inventory of raw glass [29][4]. Fundamental Analysis - Inventory - The inventory of national float glass enterprises is 61.847 million weight boxes, a 3.95% increase from the previous week, and the inventory is running above the five - year average [42]. Fundamental Analysis - Supply - Demand Balance Sheet - The annual supply - demand balance sheet of float glass from 2017 to 2024E shows changes in production, consumption, and other indicators. For example, in 2024E, the production was 55.1 million tons, the consumption was 53.1 million tons, and the surplus was 1.51 million tons [43]. Factors Affecting the Market - **Positive factors**: Under the influence of the "anti - involution" policy, there is an expectation of capacity clearance in the float glass industry [3]. - **Negative factors**: Weak real - estate terminal demand, low orders from deep - processing enterprises, poor capital collection in the deep - processing industry, cautious attitudes of traders and processors, and the fading of the "anti - involution" market sentiment [4]. Main Logic - The glass supply has declined to a relatively low level for the same period, and downstream has carried out phased replenishment, resulting in a reduction in glass factory inventory. However, the sustainability of subsequent inventory reduction is questionable, and it is expected that glass will mainly trade in a wide - range volatile manner [5].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The glass market is expected to be mainly in a wide - range oscillatory operation, with a short - term outlook of weak oscillation. The glass has returned to its weak fundamental state, and the follow - up inventory reduction sustainability is questionable [2][5]. 3. Summary by Relevant Catalogs 3.1 Daily View - The fundamentals show that glass production profit has recovered, the cold - repair speed of the industry has slowed down, the start - up rate and output have dropped to the low level of the same period in history; deep - processing orders are less than the same period in previous years, and terminal demand is weak [2]. - The basis shows that the spot price of float glass in Hebei Shahe is 1104 yuan/ton, the closing price of FG2601 is 1219 yuan/ton, and the basis is - 115 yuan, with the futures at a premium to the spot [2]. - The inventory shows that the inventory of national float glass enterprises is 61.847 million weight boxes, an increase of 3.95% from the previous week, and the inventory is running above the 5 - year average [2]. - The disk shows that the price is running below the 20 - day line, and the 20 - day line is upward [2]. - The main position shows that the main position is net short, and the short position is decreasing [2]. - The expectation is that the glass returns to the weak fundamentals, and it is expected to mainly operate with weak oscillation in the short term [2]. 3.2 Influencing Factors - **Likely to Rise Factors**: Under the influence of the "anti - involution" policy, there is an expectation of capacity clearance in the float glass industry [3]. - **Likely to Fall Factors**: The terminal demand in the real estate industry remains weak, and the number of orders of glass deep - processing enterprises is at a historical low in the same period; the capital collection in the deep - processing industry is not optimistic, and traders and processors are cautious, mainly digesting the original sheet inventory; the market sentiment of "anti - involution" has subsided [4]. 3.3 Main Logic The glass supply has declined to a relatively low level in the same period, and the downstream has carried out phased replenishment, resulting in the reduction of glass factory inventories. However, the sustainability of subsequent inventory reduction is questionable, and it is expected that the glass will mainly operate in a wide - range oscillation [5]. 3.4 Glass Futures Market - The closing price of the main contract has increased from 1196 yuan/ton to 1219 yuan/ton, a rise of 1.92%. - The spot price of Shahe Safety large - board glass remains unchanged at 1104 yuan/ton. - The main basis has changed from - 92 yuan/ton to - 115 yuan/ton, a change of 25.00% [6]. 3.5 Glass Spot Market The market price of 5mm white glass large - board in Hebei Shahe, the spot benchmark location, is 1104 yuan/ton, remaining unchanged from the previous day [12]. 3.6 Fundamentals - Cost Side No detailed information provided. 3.7 Fundamentals - Production and Supply - The number of operating float glass production lines in the country is 223, with an operating rate of 75.19%, and the number of operating production lines is at a historical low in the same period [23]. - The daily melting volume of national float glass is 159,600 tons, with the production capacity at the lowest level in the same period in history and showing a stable recovery [25]. 3.8 Fundamentals - Demand - In June 2025, the apparent consumption of float glass was 4.634 million tons [29]. - The downstream terminal demand in the real estate industry is weak, and the number of orders of glass deep - processing enterprises is at a historical low in the same period [4]. 3.9 Fundamentals - Inventory The inventory of national float glass enterprises is 61.847 million weight boxes, an increase of 3.95% from the previous week, and the inventory is running above the 5 - year average [2][42]. 3.10 Fundamentals - Supply - Demand Balance Sheet The supply - demand balance sheet from 2017 to 2024E shows the changes in production, consumption, and other data of float glass over the years, including production growth rate, consumption growth rate, and net import ratio [43].