橡胶：宽幅震荡20260313

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The rubber market is expected to experience wide - range fluctuations [1] - The overseas rubber - producing areas are gradually entering the off - season, with a shortage of raw materials. Yunnan has started trial tapping in some areas, and Hainan is expected to start tapping at the end of this month [3] - In February 2026, China's imports of natural and synthetic rubber (including latex) decreased by 20.2 tons month - on - month to 60.1 tons, a month - on - month decrease of 25.16%. The cumulative import volume from January to February was 140.4 tons, a cumulative year - on - year decrease of 1.4% [4] - This week, the capacity utilization rate of China's semi - steel tire sample enterprises was 78.73%, a month - on - month increase of 4.20 percentage points and a year - on - year decrease of 0.36 percentage points; the capacity utilization rate of all - steel tire sample enterprises was 71.80%, a month - on - month increase of 6.42 percentage points and a year - on - year increase of 2.81 percentage points. Next week, the capacity utilization rate of tire sample enterprises is expected to fluctuate slightly [4] 3. Summary by Relevant Catalogs 3.1 Fundamental Data - Futures Market: The daily closing price of the rubber main contract was 17,075 yuan/ton, a decrease of 105 yuan from the previous day; the night - session closing price was 17,085 yuan/ton, a decrease of 65 yuan. The trading volume was 421,824 lots, an increase of 100,737 lots. The open interest of the 05 contract was 141,956 lots, a decrease of 1,654 lots. The warehouse receipt quantity remained unchanged at 120,540 tons. The net short position of the top 20 members increased by 2,655 lots to 23,892 lots [2] - Spread Data: The basis of spot - futures main contract increased by 5 to - 175; the basis of mixed - futures main contract increased by 5 to - 1,295; the month - spread of RU05 - RU09 decreased by 15 to 95 [2] - Spot Market: The outer - market quotes of RSS3, STR20, SMR20, and SIR20 remained unchanged. The prices of Qilu butadiene styrene and Qilu cis - butadiene rubber increased by 700 yuan/ton and 400 yuan/ton respectively. The price of Thai mixed rubber in the Qingdao market increased by 45, and the price of Thai standard rubber increased by 5. The price of African 10 increased by 10 [2] 3.2 Industry News - Overseas rubber - producing areas are entering the off - season, and raw materials are in short supply. Yunnan has started trial tapping in some areas, and Hainan is expected to start tapping at the end of this month [3] - In February 2026, China's imports of natural and synthetic rubber (including latex) decreased by 20.2 tons month - on - month to 60.1 tons, a month - on - month decrease of 25.16%. The cumulative import volume from January to February was 140.4 tons, a cumulative year - on - year decrease of 1.4% [4] - This week, the capacity utilization rate of China's semi - steel tire sample enterprises was 78.73%, a month - on - month increase of 4.20 percentage points and a year - on - year decrease of 0.36 percentage points; the capacity utilization rate of all - steel tire sample enterprises was 71.80%, a month - on - month increase of 6.42 percentage points and a year - on - year increase of 2.81 percentage points. Next week, the capacity utilization rate of tire sample enterprises is expected to fluctuate slightly [4]