Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-11-27 09:22Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Views - The total inventory at Qingdao Port has increased significantly. Overseas shipments arriving at the port for warehousing remain at a high level, but downstream enterprises are mainly in a wait - and - see mood with low stocking willingness. The capacity utilization rate of tire enterprises will gradually recover next week, but the increase will be limited due to some enterprises' maintenance plans. The ru2601 contract is expected to fluctuate between 14,900 - 15,600 in the short term, and the nr2601 contract is expected to fluctuate between 11,800 - 12,600 in the short term [2] 3. Summary According to Relevant Catalogs Futures Market - The closing price of the main Shanghai rubber contract is 15,280 yuan/ton, down 50 yuan; the closing price of the main 20 - number rubber contract is 12,205 yuan/ton, down 30 yuan. The positions of both contracts decreased, with the main Shanghai rubber contract's position down 9,867 hands and the main 20 - number rubber contract's position down 2,617 hands [2] Spot Market - The price of Shanghai market state - owned whole latex is 14,650 yuan/ton, down 200 yuan; the price of Shanghai market Vietnam 3L is 15,200 yuan/ton, unchanged. The price of Thai standard STR20 is 1,835 US dollars/ton, up 5 US dollars; the price of Malaysian standard SMR20 is 1,825 US dollars/ton, unchanged [2] Upstream Situation - The market reference price of Thai raw rubber (smoked sheet) is 60.91 Thai baht/kg, down 0.46 Thai baht; the price of rubber sheet is 57.15 Thai baht/kg, up 0.85 Thai baht. The monthly import volume of technically classified natural rubber is 126,100 tons, up 3,500 tons; the monthly import volume of mixed rubber is 256,400 tons, down 61,100 tons [2] Downstream Situation - The weekly operating rate of all - steel tires is 62.25%, down 2.25 percentage points; the weekly operating rate of semi - steel tires is 70.05%, down 3.63 percentage points. The monthly output of all - steel tires is 12.42 million pieces, down 720,000 pieces; the monthly output of semi - steel tires is 51.68 million pieces, down 8.57 million pieces [2] Option Market - The 20 - day historical volatility of the underlying is 15.18%, down 0.61 percentage points; the 40 - day historical volatility is 18.04%, down 0.01 percentage points. The implied volatility of at - the - money call options is 21.29%, down 0.27 percentage points; the implied volatility of at - the - money put options is 21.3%, down 0.25 percentage points [2] Industry News - In October 2025, China's heavy - truck market sold about 93,000 vehicles, a month - on - month decrease of about 12% and a year - on - year increase of about 40%. From January to October, the cumulative sales exceeded 916,000 vehicles, a year - on - year increase of about 22%. As of November 23, 2025, the total inventory of natural rubber in Qingdao was 468,900 tons, a month - on - month increase of 3.60%. As of November 27, the capacity utilization rate of China's semi - steel tire sample enterprises was 66%, a month - on - month decrease of 3.36 percentage points and a year - on - year decrease of 13.64 percentage points; the capacity utilization rate of all - steel tire sample enterprises was 62.75%, a month - on - month increase of 0.71 percentage points and a year - on - year increase of 2.68 percentage points [2]