The hottest photovoltaic glass has dense productio

Photovoltaic glass is expected to drive the demand for soda ash to grow more than expected. We are optimistic that the tight balance between supply and demand in the soda ash industry will intensify. We expect that the soda ash industry is expected to start a high boom in 2021. In recent years, the output/apparent consumption of the soda ash industry has been declining. In 2020, the output/apparent consumption was 104%. We expect that the soda ash industry has basically achieved a tight balance between supply and demand. In, the new capacity of the soda ash industry was less: according to Baichuan Yingfu and zhuochuang information, it is expected that 600000 tons of new capacity of soda ash will be put into operation in June 2021, and the capacity of the soda ash industry is expected to be 33.77 million tons in 2021. In 2022, a total of 1.4 million tons of capacity will be added to the soda ash industry, and the capacity of the soda ash industry is expected to be 34.47 million tons in 2022. On the demand side, in 2020, despite the impact of the epidemic, the demand for light soda was suppressed for a long time, but the apparent consumption of the soda ash industry still reached 26.5884 million tons (year-on-year -0.74%), basically close to the level before the epidemic. We predict that the high prosperity of the glass industry in 2021 will drive the new demand for heavy soda ash of at least 824600 tons, and the apparent consumption of soda ash in 2021 will reach at least 27.4131 million tons. We predict that in 2021, the tight balance between supply and demand in the soda ash industry will enter, and it is necessary to add appropriate fixtures; There are also some super hard materials that are further intensified, and the price of soda ash is expected to continue to rise. At present, Sanyou chemical, yuntu holdings, Shandong Haihua, Hebang biological and Huachang Chemical have soda ash production capacity of 340 (equity production capacity of 286), 600000, 300, 1.2 and 700000 tons/year respectively. If the price of soda ash rises, these companies are expected to fully benefit. Beneficiary targets: Sanyou chemical, yuntu holdings, Hebang biology, Shandong Haihua and Huachang Chemical reached 32%; The household appliance industry ranks first in market share

float glass is booming, and it is expected to drive the demand for soda ash in 2021, with a total of 524700 tons. The new production capacity of float glass in 2021 is expected to significantly boost the demand for soda ash. According to the data of the National Bureau of statistics, the new construction area of houses has increased year by year since 2015, with an average annual compound growth rate of 7 Long journey and two test spaces 76%. We expect that the completed area of houses will remain at a high level in, supporting the high demand for float glass. According to wind data, as of January 29, the total number of float glass production lines was 384, while the number of production lines started was 248, supporting the daily melting capacity of float glass to maintain a record high. According to the data of Baichuan Yingfu, the number of new glass production lines in 2020 was 9, with a total ignition capacity of 6100 T/D. It is expected to contribute 1.098 million tons of new glass production capacity to the whole year of 2021, which is expected to drive the demand for 219600 tons of heavy soda ash in 2021. In addition, the proposed new and resumed production capacity of float glass in 2021 will total 11350t/D. It is conservatively expected that the new float glass will be ignited in 2021. In order to ensure the normal operation of the project, the production capacity supply will be 1525500 tons, which will drive the new demand for heavy soda ash of 305100 tons in 2021. Regardless of the annual capacity of cold repair and resumption of production of float glass, we predict that 524700 tons (2196 + 305100 tons) of heavy soda ash will be added in 2021

photovoltaic glass is intensively awaiting investment, and the demand for soda ash is expected to grow faster than expected. In terms of photovoltaic glass, according to incomplete statistics such as Baichuan Yingfu and zhuochuang information, it is expected to increase the production capacity of photovoltaic glass by 15700t/d in 2021, mainly in the second half of 2021. According to our conservative calculation, it is expected to drive at least 300000 tons of heavy soda ash demand. In an optimistic situation, according to incomplete statistics of zhuochuang information, it is expected that the new photovoltaic glass production capacity will be 60000 T/D from 2021 to 2022. If these new photovoltaic glasses can be put into operation as scheduled, it is expected to bring an increase in the demand for 10000 tons of heavy soda ash in the long term, and the apparent consumption of soda ash will reach at least 31.4931 million tons in 2022. We are optimistic that the soda ash industry will start a high boom in, and it is expected that the annual average price of soda ash in 2022 is expected to remain above 2000 yuan/ton