董 事 会 根据《海南橡胶 2025 年橡胶收入保险项目保险协议》的约定，2025 年 11 月期间因橡胶价格波动造成收入损失，触发保险赔付条件。经查勘定损，确定保 险赔付金额为 21,580,650.00 元。公司近日已收到赔付款项，会计核算记入其他 收益。具体会计处理最终以审计机构审计确认后的结果为准，敬请广大投资者注 意投资风险。 特此公告。 海南天然橡胶产业集团股份有限公司 证券代码：601118 证券简称：海南橡胶 公告编号：2026-001 海南天然橡胶产业集团股份有限公司 关于收到橡胶收入保险赔款的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 2026 年 1 月 6 日 1 ...

Market Overview - The planting industry sector declined by 0.78% on January 5, with Shennong Agricultural Technology leading the decline [1] - The Shanghai Composite Index closed at 4023.42, up 1.38%, while the Shenzhen Component Index closed at 13828.63, up 2.24% [1] Stock Performance - Notable gainers in the planting sector included: - Noposion: Closed at 10.77, up 1.70% with a trading volume of 121,600 shares and a turnover of 131 million yuan [1] - Guotou Fengle: Closed at 6.68, up 0.91% with a trading volume of 72,100 shares and a turnover of 47.99 million yuan [1] - Qiu Le Seed Industry: Closed at 16.08, up 0.82% with a trading volume of 33,900 shares and a turnover of 54.37 million yuan [1] - Shennong Agricultural Technology was the biggest loser, closing at 7.07, down 4.97% with a trading volume of 2,384,300 shares and a turnover of 1.677 billion yuan [2] Capital Flow - The planting industry sector experienced a net outflow of 36.51 million yuan from institutional funds, while retail investors saw a net inflow of 80.96 million yuan [2] - The capital flow for specific stocks showed: - Qianyuan High-Tech: Net inflow of 55.91 million yuan from institutional funds, but a net outflow of 46.12 million yuan from speculative funds [3] - Hainan Rubber: Net inflow of 16.70 million yuan from institutional funds, with a net outflow of 3.07 million yuan from retail investors [3] - Yasheng Group: Net inflow of 15.96 million yuan from institutional funds, with a significant net outflow from retail investors [3]

Investment Rating - The industry investment rating is "Positive" and is maintained [5] Core Viewpoints - The pig farming sector is expected to benefit from recent policies and market dynamics that promote capacity reduction, leading to a potential price turning point in Q2 2026, with long-term performance improvements anticipated for related stocks [3][43] - The structural growth trend in the post-cycle sector continues, with profits likely to gradually transmit downstream if the current round of pig capacity reduction proceeds smoothly, benefiting the animal health sector [3] - The planting chain shows a confirmed upward trend in grain prices, indicating favorable fundamentals for planting and seed industries, highlighting significant investment opportunities [3] - The pet food sector is experiencing growth and price increase logic, with continuous recognition of domestic brands and sustained growth of leading companies [3] Summary by Sections Pig Farming - The average price of live pigs as of December 31 was 12.76 yuan/kg, a week-on-week increase of 10.38%, while the average price of 15 kg piglets was 19.44 yuan/kg, up 2.21% week-on-week [12][51] - The supply side shows a widening price gap for fattened pigs, supporting price increases, while demand is boosted by consumption expectations during the New Year holiday [12][17] Poultry - The price of white feather broilers increased to 7.82 yuan/kg, up 6.39% week-on-week, and chick prices rose to 3.59 yuan/chick, up 1.7% week-on-week [17][51] - The supply of meat chickens has increased, leading to a more relaxed market supply, while demand has weakened due to some slaughterhouses reducing operations [17] Feed Sector - The prices of corn, wheat, and soybean meal have risen, with corn averaging 2351.57 yuan/ton, up 0.57% week-on-week, and soybean meal at 3172.29 yuan/ton, up 0.96% week-on-week [27][51] - Increased selling enthusiasm among farmers is noted, although the pace of supply remains slow [27] Major Agricultural Products - The domestic natural rubber futures price was 15605 yuan/ton as of December 31, down 0.29% week-on-week, with inventory levels increasing [38][51] - The current down cycle for sugar prices continues, with no significant recovery expected [39]

证券代码：601118 证券简称：海南橡胶 公告编号：2025-082 海南天然橡胶产业集团股份有限公司 关于控股股东承诺履行进展及拟延期承诺的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、承诺内容 （一）原承诺内容 为有效解决海南天然橡胶产业集团股份有限公司（以下简称"公司"、"本公 司"或"海南橡胶"）控股股东海南省农垦投资控股集团有限公司（以下简称"海 垦控股集团"或"控股股东"）全资子公司 HSF(S)Pte.Ltd.收购 PT.Kirana Megatara（以下简称"KM 公司"）及 Archipelago Rubber Trading Pte.Ltd.（以 下简称"ART 公司"）部分股权而与公司产生的潜在同业竞争，海垦控股集团于 2017 年 7 月 11 日出具了《关于解决与上市公司潜在同业竞争问题的承诺》： 1、在满足提高上市公司资产质量、增强上市公司持续盈利能力、降低上市公 司收购风险的基础上，海垦控股集团承诺自本承诺函出具之日起 30 个月内，将全 资子公司 HSF(S)Pte.Ltd.持有 ...

证券代码：601118 证券简称：海南橡胶 公告编号：2025-081 海南天然橡胶产业集团股份有限公司 关于收到橡胶树保险赔款及橡胶收入保险赔款的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、橡胶树保险赔款 根据《海南橡胶 2025 年橡胶树物化成本保险项目保险协议》和《海南橡胶 2025 年橡胶树完全成本保险项目保险协议》的约定，受 2025 年第 13 号台风"剑 鱼"影响触发保险赔付条件，经查勘定损，确定保险赔付金额为 31,766,686.89 元，扣除保险公司此前已预付的部分保险赔款 5,000,000.00 元后，余款 26,766,686.89 元。公司近日已收到赔付余款，会计核算冲减营业外支出。 根据《海南橡胶 2025 年橡胶收入保险项目保险协议》的约定，2025 年 9 月、 10 月期间因橡胶价格波动造成收入损失，触发保险赔付条件。经查勘定损，确 定 9 月保险赔付金额 17,520,459.72 元，10 月保险赔付金额 20,506,173.29 元。 公司近日已收到上述赔付款项，会计核 ...

海南天然橡胶产业集团股份有限公司（以下简称"海南橡胶"）近日与中国 太平洋财产保险股份有限公司海南分公司、中国人民财产保险股份有限公司海南 省分公司、中国人寿财产保险股份有限公司海南省分公司、阳光财产保险股份有 限公司海南省分公司签订《海南橡胶 2026 年橡胶收入保险项目保险协议》，具 体内容如下： 一、协议当事人 甲方（投保人、被保险人）：海南天然橡胶产业集团股份有限公司 乙方（主承保人、保险人）：中国太平洋财产保险股份有限公司海南分公司 丙方（共保人、保险人）：中国人民财产保险股份有限公司海南省分公司 丁方（共保人、保险人）：中国人寿财产保险股份有限公司海南省分公司 戊方（共保人、保险人）：阳光财产保险股份有限公司海南省分公司 证券代码：601118 证券简称：海南橡胶 公告编号：2025-080 海南天然橡胶产业集团股份有限公司 关于签订 2026 年橡胶收入保险项目保险协议的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 （1）风力 8 级（含）以上的热带气旋、寒害、旱灾、阴雨天气； （2）洪水、泥石流、滑坡或 ...

Core Viewpoint - Hainan Rubber (601118.SH) has received insurance compensation due to the impact of Typhoon "Swordfish" and fluctuations in rubber prices, which will positively affect its financials [1] Group 1: Insurance Compensation - The insurance compensation amount triggered by Typhoon "Swordfish" is determined to be 31.7667 million yuan, after deducting the previously advanced payment of 5 million yuan, leaving a net amount of 26.7667 million yuan [1] - The company has received the remaining compensation amount, which will be accounted for as a reduction in non-operating expenses [1] Group 2: Revenue Loss Compensation - According to the insurance agreement, the company will receive compensation for revenue losses due to rubber price fluctuations, with compensation amounts of 17.5205 million yuan for September and 20.5062 million yuan for October [1] - These compensation amounts will be recorded as other income in the company's financial statements [1]

Core Viewpoint - Hainan Rubber (601118.SH) has signed an insurance agreement for its rubber income with multiple insurance companies, indicating a strategic move to secure revenue from its natural rubber production [1] Group 1: Insurance Agreement Details - The agreement involves Hainan Rubber and four insurance companies: China Pacific Property Insurance Co., Ltd. Hainan Branch, China People's Property Insurance Co., Ltd. Hainan Branch, China Life Property Insurance Co., Ltd. Hainan Branch, and Sunshine Property Insurance Co., Ltd. Hainan Branch [1] - The insurance project is focused on the revenue from natural rubber produced by Hainan Rubber's owned rubber trees [1] - The parties involved have reached a consensus based on principles of voluntariness, equality, mutual benefit, and good faith after thorough negotiations [1]

Core Viewpoint - Hainan Rubber has signed an insurance agreement with four insurance companies to mitigate the impact of falling rubber prices, ensuring stability in its main operations [1] Group 1: Insurance Agreement Details - The insurance project covers natural rubber dry glue with a total insured amount of 1.615 billion yuan [1] - The insurance period is from January 1, 2026, to December 31, 2026 [1] - The insurance premium rate is set at 13.24%, amounting to 214 million yuan [1] Group 2: Financial Contributions - The policyholder will bear 20% of the insurance cost, which is approximately 42.76 million yuan [1] - Central government subsidies will cover 45% of the cost, totaling around 96.22 million yuan [1] - Hainan provincial government subsidies will account for 35% of the cost, amounting to approximately 74.84 million yuan [1] Group 3: Risk Considerations - The agreement aims to reduce the impact of price declines on rubber, stabilizing the company's main business [1] - There is a noted risk associated with the fulfillment of the agreement [1]

Core Insights - The water supply and drainage valve industry plays a crucial role in China's infrastructure development, directly impacting the stability of fluid transport systems and water resource safety [1][10] - The market size of China's water supply and drainage valve industry is projected to reach 31.8 billion yuan in 2024, with a year-on-year growth of 6% [1][10] - The industry is expected to continue growing due to advancements in urbanization, industrial automation, and smart technology [1][10] Industry Overview - Water supply and drainage valves are essential for controlling flow and water levels in various applications, including domestic water supply, fire protection systems, and industrial water supply [3] - The industry has evolved from relying on foreign technology in the 1950s to achieving significant technological advancements and market competitiveness by the 21st century [4][3] Market Dynamics - The upstream of the valve industry includes raw materials such as cast iron, carbon steel, stainless steel, and various alloys, while the downstream applications encompass urban water supply systems, wastewater treatment, and fire protection systems [6] - The demand for valves is closely tied to investments in infrastructure, which are expected to maintain high growth rates [6] Key Statistics - In 2024, China's total water supply is expected to reach 5,928 billion cubic meters, with a year-on-year growth of 0.36% [8] - The number of wastewater treatment plants in China is projected to reach 15,259, reflecting a year-on-year increase of 4.37% [8] - The daily treatment capacity of urban wastewater is expected to be 24,407 million cubic meters, with a growth of 3.03% [8] Industry Trends - The future of the valve industry is leaning towards smart technology integration, enabling valves to become intelligent nodes within water management systems [11] - There is an anticipated increase in demand for large-diameter valves due to national water network projects and modern water treatment facilities [14] - The domestic production rate of high-performance valves is expected to rise, focusing on specialized applications such as seawater desalination and industrial wastewater treatment [15] Key Companies - Notable companies in the industry include Crown Dragon Energy Saving, Xinxing Ductile Iron Pipes, and Wuhan Dayu Valve Co., among others [2][11] - Crown Dragon Energy Saving specializes in water-saving valve products and has a significant market presence in water conservancy projects [11]