1. The overall demand slows down, the supply side continues to shrink, and the supply and demand margins are good.
 
      The investment fell smoothly and the demand slowed down overall. The deepening of the de-capacity and industrial restructuring of the glass building materials industry will continue to be the focus of the next few years. On the whole, although the glass building materials industry is facing a slowdown in demand, the supply side of the industry continues to shrink, and the overall supply and demand pattern is improving.
 
        2. Upstream price increases, the mid-stream profit rate is suppressed
 
      The overall manufacturing situation is good. It is expected that upstream prices will remain stable or even fall back in 2018, prices will continue to be transmitted to the middle and lower reaches, and the profitability of the midstream industry is expected to improve.
 
       Since August 2016, PMI has been located above the Rongshang Line for 16 consecutive months. In November 2017, the PMI reached 51.8, up 0.2 percentage points from the previous period. The manufacturing industry continued to maintain a stable and rising trend.
 
        3. Mid-stream properties of glass and new building materials industry, profitability is expected to improve

      Among the various industries of glass building materials, only the cement industry first transmitted the pressure of rising prices of upstream raw materials, and the industry's earnings rose sharply. Glass, pipe, waterproof materials, glass fiber and other sub-sectors are subject to pressures on fuel and raw materials rising too much, and environmental protection costs continue to rise. Although revenue growth is faster, gross profit margins have increased or decreased slightly.
 
      The rise in prices of upstream fuels and original prices has led to rising corporate costs and lower gross margins. Only the cement industry achieved rapid growth in revenue and the gross profit margin was less affected.
 
      It is expected that the price of fuel and raw materials at the end of the market will be stable or slightly reduced. At the same time, environmental protection will be strengthened and capacity will be removed. The increase in industry concentration will help leading enterprises maintain rapid growth, and the gross profit margin and profitability of the company are expected to improve.