金信期货日刊 本刊由金信期货研究院撰写 2025/11/27 GOLDTRUST FUTURES CO.，LTD 看多玻璃次主力合约的3大可能性分析 ibaotu.com 热点聚焦 当前玻璃期货次主力合约处于"弱现实"与"强预期"的博弈中，从成本、供应、库存、政策及盘面资金等维度 看，存在诸多支撑因素，长期具备抄底价值，以下五大理由为看多逻辑提供核心支撑。 感谢您下载包图网平台上提供的PPT作品，为了您和包图网以及原创作者的利益，请勿复制、传播、销售，否则将承担法律责任！包图网将对作品进行维权，按照传播下载次数进行十倍的索取赔偿！ 一，成本端形成强力托底，下跌空间受限 行业盈亏平衡点约980 - 1000元/吨，而玻璃次主力合约11月21日报1113元/吨，虽当前部分企业仍能承压，但 价格若进一步下探，将触发更多企业限产停产，成本硬约束下，合约价格下跌空间已十分有限。 二，供应收缩持续加码，供需格局逐步优化 供应端收缩动作不断落地，沙河地区4条燃煤生产线已集中停产冷修，合计日熔量达2650吨，直接带动全国浮法 玻璃日产量环比下降1.33%。此外广东有企业公示平板玻璃生产线产能出让方案，进一步减少市场供应。 三 ...

金信期货日刊 本刊由金信期货研究院撰写 2025/11/26 GOLDTRUST FUTURES CO.，LTD 看多玻璃次主力合约的3大可能性分析 ibaotu.com 热点聚焦 当前玻璃期货次主力合约处于"弱现实"与"强预期"的博弈中，从成本、供应、库存、政策及盘面资金等维 度看，存在诸多支撑因素，长期具备抄底价值，以下五大理由为看多逻辑提供核心支撑。 感谢您下载包图网平台上提供的PPT作品，为了您和包图网以及原创作者的利益，请勿复制、传播、销售，否则将承担法律责任！包图网将对作品进行维权，按照传播下载次数进行十倍的索取赔偿！ 一，成本端形成强力托底，下跌空间受限 行业盈亏平衡点约980 - 1000元/吨，而玻璃次主力合约11月21日报1113元/吨，虽当前部分企业仍能承压， 但价格若进一步下探，将触发更多企业限产停产，成本硬约束下，合约价格下跌空间已十分有限。 二，供应收缩持续加码，供需格局逐步优化 供应端收缩动作不断落地，沙河地区4条燃煤生产线已集中停产冷修，合计日熔量达2650吨，直接带动全国浮 法玻璃日产量环比下降1.33%。此外广东有企业公示平板玻璃生产线产能出让方案，进一步减少市场供应。 三 ...

Report Industry Investment Rating - No relevant information provided Core View of the Report - The glass futures secondary main contract is in a game between "weak reality" and "strong expectation", with many supporting factors from cost, supply, inventory, policy, and capital aspects, and has long - term bottom - fishing value [3] - The stock index futures are significantly oversold, with shrinking trading volume and a wait - and - see attitude in the capital market, expected to remain in high - level oscillations [7] - Gold has rebounded and is approaching an important resistance level, with increased oscillations and expected to fluctuate for some time [12] - Iron ore is in the process of finding a bottom, with weak domestic demand support, and should be treated as a wide - range oscillation for high - selling and low - buying [14] - Glass daily melting has little change, inventory has increased this week, and can be regarded as an oscillatory upward trend [18] - For methanol, there is an opportunity to short in the short - term and go long in the long - term [21] - Pulp futures show an oscillatory downward trend [25] Summary by Related Catalogs Analysis of the Possibility of Bullish on Glass Secondary Main Contract - Cost provides strong support, and the decline space of the contract price is limited. The industry's break - even point is about 980 - 1000 yuan/ton, and the glass secondary main contract was reported at 1113 yuan/ton on November 21 [3] - Supply contraction continues to increase, and the supply - demand pattern is gradually optimized. Four coal - fired production lines in the Shahe area have been shut down for cold repair, with a total daily melting volume of 2650 tons, driving the national float glass daily output to decline by 1.33% month - on - month [4] - The contract is undervalued, and the long - term allocation value is prominent. Some institutions suggest buying in batches on sharp drops and taking profit when the industry profit returns to the break - even point [4] Technical Analysis of Stock Index Futures - Significantly oversold, with shrinking trading volume, and expected to remain in high - level oscillations, it is recommended to observe more and act less [7] Technical Analysis of Gold - After a rebound, it is approaching an important resistance level, with increased oscillations and expected to fluctuate for some time [12] Technical Analysis of Iron Ore - In the process of finding a bottom, with weak domestic demand support, and should be treated as a wide - range oscillation for high - selling and low - buying [14] Technical Analysis of Glass - Daily melting has little change, inventory has increased this week, and can be regarded as an oscillatory upward trend [18] Technical Analysis of Methanol - As of November 19, 2025, the total inventory of Chinese methanol ports was 147.93 million tons, a decrease of 6.43 million tons from the previous period. There is an opportunity to short in the short - term and go long in the long - term [21] Technical Analysis of Pulp - The import volume in October decreased month - on - month, and the domestic port inventory is in a destocking trend. The supply is still abundant, and the futures show an oscillatory downward trend [25]