东方财富证券：多家轮胎企业发布涨价函 看好全钢胎需求修复

Core Insights - The tire industry is experiencing price increases of approximately 2%-5% starting from October, driven by rising demand for replenishment from downstream manufacturers and recovery in logistics demand [1] - The domestic production of rubber tires has shown a month-on-month increase, with stable operating rates across different tire segments [2] - Export performance has varied, with a decrease in domestic exports but significant growth in Vietnam's exports to the U.S. [3] - Demand for semi-steel tires remains stable, while full-steel tire demand is expected to recover gradually [4] - Companies with strong overseas production capabilities and competitive advantages are recommended for investment [5] Price Trends - The tire raw material price index stood at 90.12 in September, indicating a 4% historical percentile since 2021 [1] - Natural rubber prices are expected to rise due to the traditional peak season, while other material prices remain stable [1] Production Insights - In August 2025, China's rubber tire production reached 109 million units, showing a month-on-month increase of 15.78% but a year-on-year decrease of 11.44% [2] - The average operating rate for full-steel tires was 64.95%, up 1.82 percentage points month-on-month and 3.89 percentage points year-on-year [2] Export Performance - In August, China exported 62.99 million new inflatable rubber tires, a year-on-year increase of 1.84% but a month-on-month decrease of 5.51% [3] - Vietnam's rubber product exports to the U.S. saw a significant year-on-year increase of 43% in September [3] Demand Dynamics - Global demand for passenger and light truck tires decreased by 2% year-on-year in September, while replacement tire demand increased by 1% [4] - The heavy truck sales in China are expected to grow due to favorable policies and improved road transport demand, leading to a gradual recovery in full-steel tire demand [4] Investment Recommendations - Companies such as Sailun Tire, Zhongce Rubber, Senqilin, and Linglong Tire are highlighted as potential investment opportunities due to their overseas capacity expansion and competitive strengths [5]