Summary of Opinions 
Lido: 
The production capacity remains unchanged, and the supply maintains a historically high level. 
2. Inventory levels have dropped again, while demand for real estate and automobiles remains strong. 
3. The price of soda ash rose simultaneously with that of glass, and the profit margins of the original sheet manufacturers expanded. 
Negative factors: 
The spread has widened again, and the market risk has increased. 
Overall, from the fundamental perspective, this week the production capacity of float glass remained unchanged compared to the previous week. The current production capacity level has maintained at a historically high level. The inventory of domestic float glass raw sheet manufacturers decreased significantly compared to last week, and the inventory level has accordingly dropped to a historical low, approaching the inventory level of last October. After the release of the basic data for March, we found that the downstream real estate sector continued to maintain a strong momentum. The year-on-year growth rates of construction area, new construction area, completion area, and commercial housing sales area were all quite satisfactory. At the same time, the downstream automotive production also brought a pleasant surprise. The year-on-year growth rate in March was the highest in the past 8 years. Real estate and automobiles are the two main industries downstream of glass. Such remarkable growth has provided corresponding support for the spot price of glass. This week, the futures price of glass reached a new high, causing the negative basis at the lower level to widen again, and the market risk has also expanded accordingly. 
Market Overview 
This week, the price of glass fluctuated downward. As of the Friday night trading session, the closing price was 2,217 yuan per ton, down 129 yuan per ton compared to last Friday, with an increase of 6.18%. 
Analysis of Price Influencing Factors 
On the supply side, based on the domestic float glass production capacity, there are a total of 384 float glass production lines across the country this week, with 247 lines in operation. There has been no change compared to last week. The production line utilization rate is 64.32%, showing no change compared to the previous week and an increase of 1.99% compared to the same period last year. The total daily melting volume is 162,741 tons, an increase of 1,200 tons compared to the previous day, with an increase rate of 0.74%. Compared to last year, it has increased by 8,300 tons, with an increase rate of 5.34%. The actual average daily production capacity in April was 162,508 tons, an increase of 1,182 tons per day compared to the previous month, with an increase rate of 0.73%. From the above data, it can be seen that the float glass production capacity this week is unchanged compared to last week, and the current glass output remains at a historical high level. 
2. In terms of demand, according to the latest data, the inventory of float glass enterprises was 135.41 million tons, a decrease of 14.19 million tons compared to the previous week, with a month-on-month growth rate of -9.49%. Compared to the same period last year, it decreased by 357.89 million tons, with a year-on-year growth rate of -72.55%. From the above inventory data, it can be seen that the inventory of float glass enterprises has dropped again this week. In the real estate sector, the cumulative construction area of real estate in March increased by 11.2% year-on-year, the cumulative new construction area increased by 28.2% year-on-year, the cumulative completed area increased by 22.9% year-on-year, and the cumulative sales area of commercial housing increased by 63.9% year-on-year. In the automotive sector, the cumulative production of automobiles in March increased by 69.8% month-on-month. From the above data, it can be seen that the downstream demand for glass is relatively strong, and this will provide strong support for the futures and spot prices of glass in the future. 
3. In terms of profits, the current national average price is 2,281 yuan per ton, an increase of 133 yuan per ton compared to last week. The spot prices in the northern region are relatively stable, while in some southern regions, the spot prices have begun to decline to a certain extent. On the cost side, the spot price of pure soda has slightly increased compared to last week, reaching 1,990 yuan per ton. From the perspective of profits, the average profit of the original sheet manufacturers is 851 yuan per ton, an increase of 44 yuan per ton compared to last week, and an increase of 740 yuan per ton compared to the same period last year, with a profit rate of 37%. 
4. In terms of basis, the futures prices have risen significantly and reached new highs during this period. Compared with the increase in spot prices, the increase in futures prices has been much greater, and the basis has also widened again, further amplifying the risks on the market.