Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Viewpoints - The report presents daily data on glass and soda ash, including price changes, basis, spreads, production and sales, and inventory status [1]. Group 3: Summary of Key Points by Category Glass - **Prices**: On January 6, 2026, the low - price of 5mm large plates in Shahe was 946, unchanged from January 5 and down 4 from December 30, 2025; the low - price of large plates in Hubei was 970, unchanged from the previous two time points; FG05 contract was 1092, up 5 week - on - week and 11 day - on - day; FG09 contract was 1194, up 3 week - on - week and 11 day - on - day; FG01 contract was 956, up 6 week - on - week and 8 day - on - day [1]. - **Basis and Spreads**: 01 Shahe basis was - 10 on January 6, down 10 week - on - week and 8 day - on - day; FG:1 - 5 was - 136, up 1 week - on - week and down 3 day - on - day; FG:5 - 9 was - 102, up 2 week - on - week and unchanged day - on - day [1]. - **Profits**: North China natural gas profit was - 392.4, down 1.9 week - on - week and 2.1 day - on - day; South China natural gas profit was - 188.1, unchanged; 01FG盘面North China natural gas profit was - 382.6, up 11 week - on - week and 4.6 day - on - day; 01FG盘面South China natural gas profit was - 178.3, up 12.9 week - on - week and 6.7 day - on - day [1]. - **Production and Sales**: Shahe's production and sales rate was 135, Hubei's was 118, East China's was 105, and South China's was 134. Shahe factory's production and sales were relatively high, but Shahe traders had average shipments at low prices, and the spot - futures shipments were poor; Hubei's factory transactions were weak, and the mid - stream spot - futures transactions in Hubei were also poor [1]. Soda Ash - **Prices**: On January 6, 2026, the price of heavy soda ash in Shahe was 1150, unchanged week - on - week and up 10 day - on - day; SA05 contract was 1190, down 23 week - on - week and up 13 day - on - day; SA09 contract was 1259, down 18 week - on - week and up 10 day - on - day; SA01 contract was 1111, down 24 week - on - week and up 16 day - on - day [1]. - **Basis and Spreads**: SA01 contract basis was 39, up 24 week - on - week and down 6 day - on - day; SA:1 - 5 was - 79, down 1 week - on - week and up 3 day - on - day; SA:5 - 9 was - 69, down 5 week - on - week and up 3 day - on - day [1]. - **Cost and Profits**: North China ammonia - soda process cost was 1333.6, up 11.4 week - on - week and 1.9 day - on - day; North China ammonia - soda process profit was - 223.6, down 21.4 week - on - week and up 8.1 day - on - day; North China combined - soda process profit was - 277.2, up 5.7 week - on - week and 2.8 day - on - day [1]. - **Market Situation**: The spot price of heavy soda ash at the Hebei delivery warehouse was around 1110, and the price delivered to Shahe was around 1150. The upstream inventory of the soda ash industry increased significantly on Monday [1].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints The report presents the latest prices, profit margins, and market conditions of glass and soda ash in different regions, including price changes, production and sales, and inventory trends. 3. Summary by Category Glass - **Price Information**: From November 21 to November 28, 2025, the prices of 5mm glass in various regions showed different trends. For example, the price of 5mm large - plate glass from Shahe Anquan increased from 1044.0 to 1061.0, and the price of FG05 contract rose from 1141.0 to 1170.0 [1]. - **Profit Margin**: The profit margins of glass production using different energy sources also changed. The profit of North China coal - fired glass increased from 78.5 to 112.7, while the profit of South China natural gas - fired glass remained at - 188.1 [1]. - **Market Conditions**: The production and sales of glass factories in Shahe have recently strengthened, but the sales of traders are average. In Hubei, the transaction of factories has improved, but the mid - stream transaction has weakened. The production and sales rates in Shahe, Hubei, East China, and South China are 162, 162, 111, and 116 respectively [1]. Soda Ash - **Price Information**: From November 21 to November 28, 2025, the prices of heavy soda ash in different regions changed. For example, the price of heavy soda ash in Shahe increased from 1140.0 to 1160.0, and the price of SA01 contract rose from 1170.0 to 1177.0 [1]. - **Profit Margin**: The profit margins of soda ash production using different methods also changed. The profit of North China ammonia - soda method increased from - 338.4 to - 297.0, while the profit of North China combined - soda method changed from - 445.6 to - 448.5 [1]. - **Market Conditions**: The spot price of heavy soda ash in Hebei's delivery warehouses is around 1130, and the price delivered to Shahe is around 1150. The inventory of the mid - upstream of the soda ash industry continues to decline [1].

| | | | | | 纯 碱 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025/7/21 | | 2025/7/25 | | 2025/7/28 周度变化 日度变化 | | | 2025/7/21 | 2025/7/25 | | 2025/7/28 周度变化 日度变化 | | | 沙河重碱 | 1280.0 | 1430.0 | 1300.0 | 20.0 | -130.0 | SA05合 约 | 1390.0 | 1539.0 | 1417.0 | 27.0 | -122.0 | | 华中重碱 | 1200.0 | 1340.0 | 1280.0 | 80.0 | -60.0 | SA01合约 | 1354.0 | 1516.0 | 1387.0 | 33.0 | -129.0 | | 华南重碱 | 1400.0 | 1450.0 | 1450.0 | 50.0 | 0.0 | SA09合约 | 1295.0 | 1440.0 | 1316.0 | 21.0 | -1 ...