Group 1: Industry Investment Rating - No industry investment rating is provided in the report. Group 2: Core View - The supply of natural rubber is increasing, the spot is strong, domestic inventories are starting to rise, and the tire operating rate is at a high level. The market has support below, and short - long trading is recommended [4]. Group 3: Summary by Directory 1. Daily Prompt - The fundamentals of natural rubber show that supply is increasing, the spot is strong, domestic inventories are starting to increase, and the tire operating rate is at a high level, with a neutral outlook. The basis is - 835 with the spot at 14800, indicating a bearish sign. The inventory of the Shanghai Futures Exchange decreased week - on - week and year - on - year, while the inventory in Qingdao decreased week - on - week but increased year - on - year, showing a neutral situation. The price is running below the 20 - day line with the 20 - day line flat, which is bearish. The main force has a net short position with short positions decreasing, also bearish. The market has support below, and short - long trading is expected [4]. 2. Fundamental Data 2.1. Spot Price - The spot price of 2023 full - latex (non - deliverable) remained flat on August 14 [8]. 2.2. Inventory - The exchange inventory has increased recently, and the inventory in Qingdao has changed slightly [14][17]. 2.3. Import - The import volume has rebounded [20]. 2.4. Downstream Consumption - Automobile production and sales have seasonally declined, but tire production reached a new high in the same period, and tire industry exports have declined [23][29][32]. 3. Long - Short Factors and Main Risk Points - **Likely to Rise Factors**: High downstream consumption, resistant spot prices, and domestic anti - involution [6]. - **Likely to Fall Factors**: Increasing supply and non - seasonal destocking in Qingdao [6]. 4. Basis - The basis strengthened on August 14 [35].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The market has support at the bottom, and short - term long trading is recommended. The overall situation of natural rubber is neutral, with both positive and negative factors present [4]. 3. Summary According to the Table of Contents 3.1 Daily Hints - The supply of natural rubber is increasing, the spot is strong, domestic inventory is starting to increase, and the tire operating rate is at a high level, with a neutral outlook [4]. - The spot price is 14,750, and the basis is - 1,100, showing a bearish signal [4]. - The inventory of the Shanghai Futures Exchange decreased week - on - week and year - on - year; the inventory in Qingdao decreased week - on - week but increased year - on - year, with a neutral outlook [4]. - The 20 - day line is upward, and the price is running above the 20 - day line, showing a bullish signal [4]. - The main positions are net short, and the short positions are decreasing, showing a bearish signal [4]. 3.2 Fundamental Data - **Supply and Demand**: Supply is increasing, while downstream consumption is relatively high. The tire production reached a new high in the same period, but the export of the tire industry declined, and automobile production and sales decreased seasonally [4][23][29][32]. - **Price**: The spot price of 2023 whole latex (non - deliverable) increased on August 12, and the US dollar quotation in Qingdao Free Trade Zone was mentioned but no specific data was given [8]. - **Inventory**: The exchange inventory has been continuously decreasing recently, and the inventory in Qingdao has changed slightly [14][17]. - **Import**: The import volume has rebounded [20]. 3.3 Multi - Empty Factors and Main Risk Points - **Likely Factors**: High downstream consumption, resistant spot prices, and domestic anti - involution [6]. - **Negative Factors**: Increasing supply and the non - seasonal destocking in Qingdao [6].

Report Highlights 1. Report Industry Investment Rating - The investment rating for the natural rubber industry is neutral [4]. 2. Core Viewpoints - The supply of natural rubber is increasing, with strong foreign spot prices and rising domestic inventories. The tire operating rate is at a high level, and market sentiment dominates short - term trading. The overall situation presents a mix of long and short factors [4]. 3. Summary by Relevant Catalogs Daily Hints - The fundamentals show that supply is increasing, foreign spot prices are strong, domestic inventories are rising, and the tire operating rate is high, presenting a neutral situation. The basis is - 45 with a spot price of 14850, also neutral. The exchange inventory has decreased week - on - week and year - on - year, while the Qingdao area inventory has increased week - on - week and year - on - year, remaining neutral. The price is above the 20 - day line, showing a bullish trend, but the main positions are net short with an increase in short positions, which is bearish. Short - term trading is dominated by market sentiment [4]. Fundamental Data - **Supply and Demand**: Supply is increasing, while downstream consumption is at a high level. The raw material price is strong, and the spot price is resistant to decline. The external environment is bearish [4][6]. - **Inventory**: The exchange inventory has been continuously decreasing recently, while the Qingdao area inventory has increased slightly [14][17]. - **Import**: Import volume has seasonally declined [20]. - **Downstream Consumption**: Automobile production and sales have seasonally rebounded, and tire production has reached a new high for the same period, but tire industry exports have declined [23][26][29]. - **Spot Price**: The spot price of 2023 full - latex (non - deliverable) increased on July 21, and there is a US dollar quotation in the Qingdao Free Trade Zone [8]. - **Basis**: The basis weakened on July 21 [35]. Multi - Empty Factors and Main Risk Points - **Bullish Factors**: High downstream consumption, strong raw material prices, and resistant spot prices [6]. - **Bearish Factors**: Increasing supply and a bearish external environment [6].

Report Industry Investment Rating - The report does not provide an overall industry investment rating [1][2][4] Core Viewpoints - The fundamentals of natural rubber are neutral, with increasing supply, strong foreign spot prices, increasing domestic inventories, and high tire operating rates [4] - The basis is -115 with a spot price of 14,550, indicating a bearish signal [4] - The inventory shows a mixed picture, with the Shanghai Futures Exchange inventory decreasing week - on - week and year - on - year, while the Qingdao area inventory increasing week - on - week and year - on - year, overall neutral [4] - The market is dominated by sentiment, and short - term trading is recommended [4] Summary by Directory 1. Daily Prompt - No specific content provided in the given text 2. Fundamental Data - Supply of natural rubber is increasing, foreign spot is strong, domestic inventory is rising, and tire operating rate is at a high level [4] - The 23 - year full - latex (non - deliverable) spot price rose on July 17 [8] - Import volume has a seasonal decline [20] - Automobile production and sales are seasonally rising [23][26] - Tire production is at a new high for the same period [29] - Tire industry exports are seasonally growing [32] 3. Base Difference - The spot price is 14,550, and the basis is - 115, showing a bearish situation [4] - The basis narrowed on July 17 [35] 4. Inventory - The Shanghai Futures Exchange inventory has not changed much recently [14] - The Qingdao area inventory has not changed much recently [17] 5. Long - Short Factors and Main Risk Points - **Likely to Rise Factors**: High downstream consumption, strong raw material prices, and resilient spot prices [6] - **Likely to Fall Factors**: Increasing supply and a bearish external environment [6]

Report Summary 1. Report Industry Investment Rating No specific investment rating is provided in the report. 2. Core Viewpoints - The fundamentals of natural rubber show that supply is increasing, foreign spot is strong, domestic inventory is rising, and tire operating rates are at a high level, presenting a neutral situation [4]. - The market is dominated by sentiment, and short - term trading is recommended [4]. 3. Summary by Directory Daily Tips - The fundamentals of natural rubber are neutral, with supply increasing, foreign spot strong, domestic inventory rising, and high tire operating rates [4]. - The basis is - 110 (spot price is 14250), showing a bearish signal [4]. - Exchange inventory decreased week - on - week and year - on - year, while Qingdao area inventory increased week - on - week and year - on - year, overall neutral [4]. - The price is above the 20 - day line and the 20 - day line is upward, showing a bullish signal [4]. - The main position is net short and short positions are increasing, showing a bearish signal [4]. Fundamental Data Supply and Demand - Downstream consumption is at a high level, raw material prices are strong, and spot prices are resistant to decline, which are bullish factors [6]. - Supply is increasing and the external environment is bearish, which are bearish factors [6]. Spot Price - The spot price of 2023 full - latex (non - deliverable) decreased on July 14 [8]. Inventory - Exchange inventory has changed little recently [14]. - Qingdao area inventory has changed little recently [17]. Import - Import volume has seasonally declined [20]. Downstream Consumption - Automobile production and sales have seasonally rebounded [23][26]. - Tire production is at a record high for the same period [29]. - Tire industry exports are seasonally increasing [32]. Basis - The basis widened on July 14 [35].

Report Summary 1. Report Industry Investment Rating - Not provided 2. Core Viewpoints - The fundamentals of natural rubber are neutral, with supply increasing, foreign spot prices strong, domestic inventories rising, and tire operating rates at a high level [4]. - The market is dominated by sentiment, and short - term trading is recommended [4]. 3. Summary by Relevant Catalogs 3.1 Daily Tips - The fundamentals of natural rubber are neutral. The supply is increasing, foreign spot is strong, domestic inventories are starting to rise, and tire operating rates are at a high level [4]. - The basis is - 150 with a spot price of 13,800, showing a bearish signal [4]. - The inventory in the Shanghai Futures Exchange decreased week - on - week and year - on - year, while the inventory in Qingdao increased week - on - week and year - on - year, overall neutral [4]. - The 20 - day line is downward, but the price is running above the 20 - day line, which is neutral [4]. - The main position is net short, and the short position is decreasing, showing a bearish signal [4]. 3.2 Fundamental Data - **Supply**: Supply is increasing [4][6]. - **Spot Price**: The spot price of 2023 full - latex (non - deliverable) was flat on June 20th [8]. - **Inventory**: The exchange inventory has changed little recently [14]. The Qingdao area inventory has also changed little recently [17]. - **Import**: The import volume has seasonally declined [20]. - **Downstream Consumption**: Automobile production and sales have seasonally declined, while tire production is at a record high in the same period, and tire industry exports have declined [23][26][29][32]. 3.3 Multi - Empty Factors - **Likely to Rise**: Downstream consumption is at a high level, raw material prices are strong, and spot prices are resistant to decline [6]. - **Likely to Fall**: Supply is increasing, and the external environment is bearish [6].

Report Summary 1. Report Industry Investment Rating - The overall rating of the natural rubber industry is neutral, with some aspects showing a slightly bearish tendency [4]. 2. Core Viewpoints - The supply of natural rubber is increasing, foreign spot prices are strong, domestic inventories are rising, and tire operating rates are at a high level. Market sentiment dominates, and short - term trading is recommended [4]. 3. Summary by Directory 3.1 Daily Tips - The fundamentals of natural rubber are as follows: supply is increasing, foreign spot is strong, domestic inventory is rising, and tire operating rate is high, rated as neutral; the basis is - 10 with a spot price of 14000, rated as neutral; inventory shows different trends in the exchange and Qingdao area, rated as neutral; the price is above the 20 - day line while the 20 - day line is downward, rated as neutral; the main position is net short with a decrease in short positions, rated as bearish; market sentiment dominates and short - term trading is recommended [4]. 3.2 Fundamental Data - **Leverage Factors and Main Risk Points** - **Positive Factors**: High - level downstream consumption, strong raw material prices, and resilient spot prices [6]. - **Negative Factors**: Increasing supply, rising market inventory, and a bearish external environment [6]. - **Spot Price**: The spot price of 2023 full - latex (non - deliverable) increased on June 18, and the US dollar quotation in Qingdao Free Trade Zone was also involved [8]. - **Inventory**: Exchange inventory has changed little recently, and Qingdao area inventory has also changed little recently [14][17]. - **Import**: Import volume has seasonally declined [20]. - **Downstream Consumption**: Automobile production and sales have seasonally declined, tire production is at a record high for the same period, and tire industry exports have declined [23][29][32]. - **Basis**: The basis narrowed on June 18 [35].

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The overall situation of natural rubber is neutral, with supply starting to increase, foreign spot prices being strong, domestic inventories beginning to rise, and tire operating rates at a high level. The market is dominated by sentiment, and short - term trading is recommended [4] 3. Summary by Relevant Catalogs Daily Prompt - The fundamentals of natural rubber are neutral, with supply increasing, foreign spot being strong, domestic inventories rising, and tire operating rates at a high level. The basis is 265 with the spot price at 13850, showing a bullish signal. Inventories in the Shanghai Futures Exchange decreased week - on - week and year - on - year, while those in Qingdao decreased week - on - week but increased year - on - year, overall neutral. The price is running below the 20 - day line, and the main position is net short with an increase in shorts, showing bearish signals. The market is dominated by sentiment, and short - term trading is recommended [4] Fundamentals Data Supply and Demand - Supply is increasing, and downstream consumption is at a high level. The raw material price is strong, and the spot price is resistant to decline. Automobile production and sales are seasonally falling, while tire production is at a record high for the same period, and tire industry exports have declined [4][6][23][26][29][32] Price - The spot price of 2023 full - latex (non - deliverable) increased on June 12. The basis widened on June 12, with the futures at a premium [8][35] Inventory - The exchange inventory and Qingdao area inventory have changed little recently. The Shanghai Futures Exchange inventory decreased week - on - week and year - on - year, while the Qingdao area inventory decreased week - on - week but increased year - on - year [14][17][4] Import - The import volume is seasonally falling [20] Multi - empty Factors - Bullish factors include high downstream consumption, strong raw material prices, and resistant spot prices. Bearish factors include increased supply, increased market inventories, and a bearish external environment [6]

Report Summary 1. Report Industry Investment Rating No specific report industry investment rating is provided in the content. 2. Core View The report assesses the natural rubber market as neutral overall, with multiple factors influencing the market. The supply is increasing, foreign spot prices are strong, and domestic inventories are starting to rise. The tire operating rate is at a high level. The market is mainly driven by market sentiment, and short - term trading is recommended [4]. 3. Summary by Directory 3.1 Daily Prompt - The fundamentals of natural rubber show that supply is increasing, foreign spot is strong, domestic inventory is rising, and tire operating rate is high, with a neutral assessment [4]. - The basis shows that the spot price is 13,650 and the basis is - 75, indicating a bearish signal [4]. - Inventory: The inventory of the Shanghai Futures Exchange decreased week - on - week and year - on - year; the inventory in Qingdao area decreased week - on - week but increased year - on - year, with a neutral assessment [4]. - The market trend shows that the 20 - day line is downward and the price is running below the 20 - day line, which is bearish [4]. - The main positions show that the main net short position increased, which is bearish [4]. - The market is dominated by market sentiment, and short - term trading is recommended [4]. 3.2 Fundamental Data - **Likely Factors**: The domestic economy is gradually recovering, downstream consumption is at a high level, and raw material prices are strong [6]. - **Bearish Factors**: Supply is increasing, market inventory is rising, and the external environment is bearish [6]. 3.3 Spot Price - The spot price of 2023 full - latex (not for delivery) increased on June 5 [8]. 3.4 Inventory - The exchange inventory has changed little recently [14]. - The Qingdao area inventory has changed little recently [17]. 3.5 Import The import volume has a seasonal decline [19]. 3.6 Downstream Consumption - Automobile production and sales have a seasonal decline [21][23]. - Tire production reached a new high in the same period [25]. - Tire industry exports have declined [27]. 3.7 Basis The basis became spot premium on June 5 [29].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The fundamentals of natural rubber show that supply is increasing, foreign spot prices are rising, domestic inventories are starting to increase, and tire operating rates are falling, presenting a neutral situation [6]. - The market is dominated by market sentiment, and short - term trading is recommended [6]. 3. Summary by Directory 3.1 Daily Tips - The supply of natural rubber is increasing, foreign spot prices are rising, domestic inventories are starting to increase, and tire operating rates are falling [6]. - The spot price of 2023 full - latex (non - deliverable) decreased on May 30 [10]. - The base price is 95 with a spot price of 13,500, showing a bullish sign [6]. - The inventory of the Shanghai Futures Exchange decreased week - on - week and year - on - year, while the inventory in Qingdao increased week - on - week and year - on - year, presenting a neutral situation [6]. - The 20 - day moving average is downward, and the price is running below the 20 - day line, showing a bearish sign [6]. - The main position is net short, and the short position is decreasing, showing a bearish sign [6]. 3.2 Fundamentals Data - **Supply and Demand**: Supply is increasing, and downstream consumption is at a high level. The raw material price is relatively strong [6][8]. - **Inventory**: The exchange inventory has changed little recently, and the Qingdao area inventory has also changed little recently. The Shanghai Futures Exchange inventory decreased week - on - week and year - on - year, while the Qingdao area inventory increased week - on - week and year - on - year [16][19][6]. - **Price**: The spot price of 2023 full - latex (non - deliverable) decreased on May 30. The US dollar quotation in Qingdao Free Trade Zone is available [10]. - **Import**: The import volume has a seasonal decline [22]. - **Downstream Consumption**: Automobile production and sales have a seasonal decline, tire production is at a record high for the same period, and tire industry exports have declined [25][28][31][34]. 3.3 Multi - Empty Factors - **Likely to Rise**: The domestic economy is gradually recovering, downstream consumption is at a high level, and raw material prices are relatively strong [8]. - **Likely to Fall**: Supply is increasing, market inventory is increasing, and the external environment is bearish [8].