JIANGSU HOLLY(SH:600128) Hong Ye Qi Huo·2025-10-17 06:54Report Industry Investment Rating - Not provided Core Viewpoints of the Report - The spot price of domestic whole milk in the Shanghai market dropped to 14,300 yuan/ton, a decrease of 300 yuan/ton from last week, while the US dollar price of Thai 20 - standard rubber in the Qingdao Free Trade Zone remained unchanged at 1,850 US dollars/ton [3]. - In the producing areas, rainfall in northeastern and northern Thailand eased, with a large decline in cup - rubber prices, while in southern Thailand, glue prices rebounded. In Yunnan, the weather was good, glue output was stable, and raw material prices decreased slightly. In Hainan, although rain affected tapping, weak procurement by factories dragged down raw material prices. In Vietnam, glue supply was normal, and stable procurement supported prices [3]. - The capacity utilization rate of semi - steel tire sample enterprises was 71.07%, a 28.92% increase from the previous week but an 8.57% decrease year - on - year. The capacity utilization rate of all - steel tire sample enterprises was 63.96%, a 22.43% increase from the previous week and a 4.98% positive year - on - year growth. Tire enterprises resumed work as planned, driving a significant increase in capacity utilization [3]. - As of October 12, 2025, China's natural rubber social inventory was 1.08 million tons, a decrease of 7,700 tons (0.7%) from the previous week. The total inventory of natural rubber in bonded and general trade in Qingdao was 456,000 tons, a decrease of 500 tons (0.11%) from the previous period. Bonded area inventory increased by 2.02% to 70,800 tons, and general trade inventory decreased by 0.49% to 385,200 tons [3]. - In the future, rainfall in major natural rubber producing areas is expected to ease, and tapping operations are likely to normalize. Global natural rubber supply is expected to enter a seasonal increase cycle, putting downward pressure on raw material prices. The terminal tire market lacks highlights, and demand recovery is slow. Tire enterprises continue to purchase natural rubber on a need - to - fill basis, and demand support for raw material prices is limited. Inventory reduction is expected to slow down, and some regions may face inventory accumulation pressure. In the short term, the natural rubber market may be under pressure [3]. Summary by Relevant Catalogs Natural Rubber Price Data - There are charts showing the basis of natural rubber and 20 - standard rubber, including the market mainstream price of Yunnan - produced natural rubber in Shanghai, the closing price of the main contract of SHFE natural rubber, the market price of Thai - produced STR20 dry rubber in the Qingdao Free Trade Zone, and the closing price of the main contract of SHFE 20 - standard rubber [5][6] Main - producing Countries' Rubber Output and China's Natural Rubber Imports - There are charts presenting the monthly output of natural rubber in ANRPC member countries and China's natural rubber imports from 2021 to 2025 [8][9][10] Tire Production - There is a chart showing the monthly tire production from 2021 to 2025 [11][12] Tire Enterprise开工率 - There are charts showing the weekly semi - steel and all - steel tire enterprise开工率 from 2021 to 2025 [14][15][16] Tire Enterprise Inventory - There are charts showing the weekly available inventory days of semi - steel and all - steel tires in Shandong factories from 2021 to 2025 [18][19][20][21] Natural Rubber Inventory - There are charts showing the 20 - standard rubber futures inventory, natural rubber futures inventory, natural rubber social inventory, Qingdao Free Trade Zone inventory, and Qingdao general trade inventory from 2021 to 2025 [24][25][26][27][28][29]