Shenyin Wanguo believes that the basic changes of the glass manufacturing industry from the fourth quarter of last year to the present are similar to the end of 2008 to the beginning of 2009: Profitability is in a downward trend, and the industry gross profit margin is close to the bottom of the history of 2006 and early 2009, and demand has accelerated. It is expected that the industry profit will bottom out at the end of the first quarter. On the one hand, due to the slow rise in the kiln shutdown rate, the supply will gradually decline on the one hand, and on the other hand, the market will start seasonally. If the demand can start to recover slowly in the second quarter, then the profitability of the industry will increase. Glass prices will also gradually pick up. Main concern indicators: Kiln stoppage rate, gross profit margin, fixed investment growth, and real estate sales area growth.