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].

Report Summary 1. Report Industry Investment Rating No specific industry investment rating is provided in the report. 2. Core Viewpoints The report indicates that the natural rubber market is currently in a neutral state overall. The supply is increasing, the domestic inventory is rising, and the tire operating rate is falling. However, the foreign spot price is rising, and the market is mainly driven by sentiment, suggesting short - term trading [4]. 3. Summary by Directory 3.1 Daily Prompt - The fundamentals show that supply is increasing, foreign spot prices are rising, domestic inventory is starting to increase, and tire operating rate is falling, with a neutral outlook [4]. - The basis is 245 with a spot price of 14050, showing a bullish signal [4]. - The inventory situation is that 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, remaining neutral [4]. - The price is running below the 20 - day line with the 20 - day line pointing downwards, showing a bearish signal [4]. - The main positions are net short with a reduction in short positions, indicating a bearish trend [4]. - The market is sentiment - driven, suggesting short - term trading [4]. 3.2 Fundamental Data - **Likely Positive Factors**: The domestic economy is gradually recovering, downstream consumption is at a high level, and raw material prices are relatively strong [6]. - **Likely Negative 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 (non - deliverable) increased on May 27 [8]. 3.4 Inventory - The exchange inventory has shown little change recently [14]. - The Qingdao area inventory has shown little change recently [17]. 3.5 Import The import volume has seasonally declined [20]. 3.6 Downstream Consumption - Automobile production and sales have seasonally declined [23][26]. - Tire production has reached a new high for the same period [29]. - Tire industry exports have declined [32]. 3.7 Basis The basis became a futures discount on May 27 and has been narrowing [35].

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core View The report analyzes the natural rubber market. The overall situation is complex, with a neutral fundamental outlook, a combination of bullish and bearish factors, and market sentiment driving short - term trading. The supply is increasing, the domestic inventory is rising, the tire start - up rate is falling, but there are also positive factors such as domestic economic recovery and high downstream consumption [4][6]. 3. Summary by Directory 3.1 Daily Prompt - The supply of natural rubber starts to increase, foreign spot prices rise, domestic inventory begins to increase, and tire start - up rate drops. The market sentiment dominates and short - term trading is recommended [4]. 3.2 Fundamental Data - **Supply and Demand**: Supply is increasing while the tire start - up rate is falling. Automobile production and sales are seasonally decreasing, but tire production and exports are at a high level [4][23][29]. - **Inventory**: The inventory of the Shanghai Futures Exchange is increasing seasonally, and the inventory in Qingdao area has resumed growth. Both are increasing week - on - week and decreasing year - on - year [4][14][17]. - **Price**: The spot price of 2023 whole latex (non - deliverable) increased on May 12, and the base price on May 12 expanded [8][35]. - **Base Difference**: The spot price is 14,650, and the base difference is - 375, showing a bearish signal [4]. - **Disk Performance**: The 20 - day line is flat, and the price is running above the 20 - day line, showing a bullish signal [4]. - **Main Position**: The main force has a net short position, and the short position is decreasing, showing a bearish signal [4]. 3.3 Bullish and Bearish Factors - **Bullish 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].

交易咨询业务资格：证监许可【2012】1091号 天胶早报- 2025年5月7日 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 每日提示 2 3 4 基本面数据 基差 多空因素及主要风险点 天胶： 1、基本面：供应开始增加，国外现货回升，国内库存开始增加，轮胎开工率回升 中性 2、基差：现货14700，基差-115 偏空 3、库存：上期所库存周环比增加，同比减少；青岛地区库存周环比增加，同比减少 中性 4、盘面：20日线向下，价格20日线下运行 偏空 5、主力持仓：主力净空，空减 偏空 6、预期：市场情绪主导，短线交易 多空因素及主要风险点 • 利多 • 1、国内经济逐步复苏 • 2、下游消费高位 • 3、原料价格偏强 • 利空 • 1、供应增加 • 2、市场库存增加 • 3、外部环境偏空 • 风险点 • 世界经 ...

交易咨询业务资格：证监许可【2012】1091号 天胶早报- 2025年4月29日 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 每日提示 2 3 4 基本面数据 基差 多空因素及主要风险点 现货价格 天胶： 1、基本面：供应开始增加，国外现货回升，国内库存开始增加，轮胎开工率回升 中性 2、基差：现货14550，基差-180 偏空 3、库存：上期所库存周环比减少，同比减少；青岛地区库存周环比减少，同比减少 中性 4、盘面：20日线向下，价格20日线下运行 偏空 5、主力持仓：主力净空，空减 偏空 6、预期：市场情绪主导，短线交易 多空因素及主要风险点 • 利多 • 1、国内经济逐步复苏 • 2、下游消费高位 • 3、原料价格偏强 • 利空 • 1、供应增加 • 2、市场库存增加 • 3、外部环境偏空 • 风险点 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The supply of natural rubber is increasing, foreign spot prices are rising, domestic inventories are starting to increase, and tire operating rates are rising, presenting a neutral situation [4]. - The spot price is 14,750 with a basis of -225, showing a bullish tendency [4]. - The inventory of the Shanghai Futures Exchange has increased week - on - week and decreased year - on - year; the inventory in Qingdao has also increased week - on - week and decreased year - on - year, remaining neutral [4]. - The 20 - day moving average is downward, and the price is trading below the 20 - day line, indicating a bearish trend [4]. - The main positions are net short, and the short positions are decreasing, which is bearish [4]. - Market sentiment dominates, and short - term intraday bearish trading is recommended [4]. Summary by Directory 1. Daily Prompt - The fundamentals are neutral with supply increasing, foreign spot prices rising, domestic inventories starting to increase, and tire operating rates rising [4]. - The basis is bullish with a spot price of 14,750 and a basis of -225 [4]. - The inventory situation is neutral as the exchange and Qingdao inventories have increased week - on - week and decreased year - on - year [4]. - The market trend on the disk is bearish with the 20 - day moving average downward and the price below it [4]. - The main positions are bearish as they are net short and short positions are decreasing [4]. - Short - term intraday bearish trading is expected due to market sentiment [4]. 2. Fundamental Data - The 2023 full - latex, non - deliverable, had a flat spot price on April 10 [8]. - The exchange inventory is seasonally increasing [14]. - The Qingdao area inventory has recently increased [17]. - The import volume has rebounded [20]. - Automobile production and sales are seasonally declining [23][26]. - Tire production is at a record high for the same period [29]. - The tire industry's exports are rebounding [32]. - The basis narrowed on April 10 [35]. 3. Multi - empty Factors - Bullish factors include the gradual recovery of the domestic economy, high downstream consumption, and strong raw material prices [6]. - Bearish factors are the increasing supply, increasing market inventory, and a bearish external environment [6].