天然橡胶产业日报 2026-01-07 | 项目类别 | 数据指标 最新 | 最新 | 环比 数据指标 | | 环比 | | --- | --- | --- | --- | --- | --- | | | 沪胶主力合约收盘价(日,元/吨) 沪胶5-9差(日,元/吨) | 16180 | 130 20号胶主力合约收盘价(日,元/吨) -20 20号胶2-3价差(日,元/吨) | 13150 | 140 | | 期货市场 | | 10 | | -50 | -15 | | | 沪胶与20号胶价差(日,元/吨) | 3030 | -10 沪胶主力合约 持仓量(日,手) | 200122 | 513 | | | 20号胶主力合约持仓量(日,手) | 72732 | -1702 沪胶前20名净持仓 | -50296 | -1895 | | | 20号胶前20名净持仓 | -14041 | 1498 沪胶交易所仓单(日,吨) | 103190 | 2500 | | | 20号胶交易所仓单(日,吨) | 56952 | -1007 | | | | | 上海市场国营全乳胶(日,元/吨) | 15750 | 100 上海市场越南 ...

天然橡胶产业日报 2026-01-06 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 沪胶主力合约收盘价(日,元/吨) 沪胶5-9差(日,元/吨) | 16050 30 | 260 20号胶主力合约收盘价(日,元/吨) -10 20号胶2-3价差(日,元/吨) | 13010 -35 | 205 5 | | 期货市场 | | | | | | | | 沪胶与20号胶价差(日,元/吨) | 3040 | 55 沪胶主力合约 持仓量(日,手) | 199609 | 17689 | | | 20号胶主力合约持仓量(日,手) | 74434 | 3853 沪胶前20名净持仓 | -45601 | 1974 | | | 20号胶前20名净持仓 | -15481 | -1297 沪胶交易所仓单(日,吨) | 100690 | 0 | | | 20号胶交易所仓单(日,吨) | 57959 | 0 | | | | | 上海市场国营全乳胶(日,元/吨) | 15650 | 100 上海市场越南3L(日,元/吨) ...

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 沪胶主力合约收盘价(日,元/吨) 沪胶5-9差(日,元/吨) | 15790 | 185 20号胶主力合约收盘价(日,元/吨) | 12805 | 150 -10 | | | | 40 | -20 20号胶2-3价差(日,元/吨) | -40 | | | 期货市场 | 沪胶与20号胶价差(日,元/吨) | 2985 | 5 沪胶主力合约 持仓量(日,手) | 181920 | 13145 | | | 20号胶主力合约持仓量(日,手) | 70581 | 40988 沪胶前20名净持仓 | -45601 | 1974 | | | 20号胶前20名净持仓 | -15481 | -1297 沪胶交易所仓单(日,吨) | 100690 | 100 | | | 20号胶交易所仓单(日,吨) | 57959 | 0 | | | | | 上海市场国营全乳胶(日,元/吨) | 15300 | -50 上海市场越南3L(日,元/吨) | 15500 | 0 | | ...

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - This week, the price of the natural rubber market declined. The import rubber market was mainly for traders to swap positions, with strong restocking sentiment in January, while factories mainly adopted a wait - and - see approach. The downstream demand for domestic natural rubber showed no obvious improvement, and most of them were cautious and only made rigid purchases, resulting in weak actual order transactions. In the future, the Yunnan production area in China is in the non - tapping period. In the Hainan production area, some rubber forests in the western and southern regions are still in normal tapping, but the dry content of fresh latex is at a low level, and the amount of collectible rubber on the island is limited. Driven by the recovery of production profits, some processing plants have a sentiment of competing for rubber at higher prices. Recently, the total inventory at Qingdao Port has continued to accumulate, with both bonded warehouses and general trade warehouses showing inventory increases, and the total inventory increase rate has narrowed month - on - month. There is an expectation of a decrease in overseas ship arrivals, but the rubber price has risen more than expected, and downstream buyers are mainly in a wait - and - see state for restocking, with weak purchasing sentiment, so the inventory continues to accumulate. In terms of demand, domestic tire enterprises adjusted their production schedules flexibly last week, and some enterprises controlled production. The operating rate of semi - steel tire enterprises increased slightly month - on - month, while that of all - steel tire enterprises decreased. Entering the seasonal off - season, the overall shipment rhythm of enterprises was slow, the finished product inventory increased, and under the pressure of production and sales, some enterprises had production suspension or limitation phenomena [8]. 3. Summary According to Relevant Catalogs 3.1 Week - on - Week Summary - **Market Review**: The price of the natural rubber market declined this week. Import rubber traders mainly swapped positions, with strong restocking sentiment in January, while factories mainly waited and watched. The downstream demand for domestic natural rubber did not improve significantly, and most of them made rigid purchases cautiously, with weak actual order transactions [8]. - **Market Outlook**: Yunnan is in the non - tapping period, and in Hainan, the dry content of fresh latex is low, and the collectible rubber amount is limited. Some processing plants are competing for rubber at higher prices due to profit recovery. Qingdao Port's inventory continues to accumulate, but the increase rate has narrowed. There is an expectation of a decrease in overseas ship arrivals, but downstream purchasing sentiment is weak. Tire enterprises' operating rates are mixed, and the overall shipment is slow, with increasing finished product inventory [8]. - **Strategy Suggestion**: The ru2605 contract is expected to fluctuate in the range of 15400 - 16000 in the short term, and the nr2602 contract is expected to fluctuate in the range of 12400 - 13000 in the short term [8]. 3.2 Futures and Spot Market 3.2.1 Futures Market - **Price Trend**: This week, the main contract price of Shanghai rubber futures fluctuated and closed down, with a weekly decline of 1.11%. The main contract price of No. 20 rubber also fluctuated and closed down, with a weekly decline of 1.02% [11]. - **Position Analysis**: Not elaborated in detail in the summary part, only the position changes of the top 20 in Shanghai rubber and No. 20 rubber are mentioned [13][15]. - **Inter - period Spread**: As of December 31, the spread between the May and September contracts of Shanghai rubber was 60, and the spread between the February and March contracts of No. 20 rubber was - 30 [21]. - **Warehouse Receipts**: As of December 31, the warehouse receipts of Shanghai rubber were 100,590 tons, an increase of 6,660 tons compared with last week; the warehouse receipts of No. 20 rubber were 57,959 tons, a decrease of 1 ton compared with last week [26]. 3.2.2 Spot Market - **Domestic Natural Rubber Spot Price**: As of December 30, the price of state - owned whole latex was 15,250 yuan/ton, a decrease of 50 yuan/ton compared with last week [28]. - **No. 20 Rubber Basis and Non - Standard Basis**: As of December 30, the basis of No. 20 rubber was 38 yuan/ton, a decrease of 51 yuan/ton compared with last week; the non - standard basis was - 970 yuan/ton, a decrease of 40 yuan/ton compared with last week [35]. 3.3 Industry Situation 3.3.1 Upstream Situation - **Thailand's Raw Material Prices and Processing Profits**: As of December 30, the price of field latex in Thailand's natural rubber raw material market was 54.2 (+0) Thai baht/kg; the price of cup lump was 51.1 (+0.1) Thai baht/kg. As of December 26, the theoretical processing profit of standard rubber was - 17.4 US dollars/ton, a decrease of 19.8 US dollars/ton compared with last week [38]. - **Domestic Production Area Raw Material Prices**: As of December 30, the price of fresh latex in Hainan was 13,900 yuan/ton, unchanged from last week; the Yunnan production area was in the non - tapping period [41]. 3.3.2 Import Situation - In November 2025, China's natural rubber (including technical classification, latex, smoked sheets, primary forms, mixed rubber, and composite rubber) imports were 643,600 tons, a month - on - month increase of 25.98% and a year - on - year increase of 14.69%. From January to November 2025, the cumulative import volume was 5.8716 million tons, a cumulative year - on - year increase of 16.98% [44]. 3.3.3 Qingdao Inventory - As of December 28, 2025, the total inventory of natural rubber in bonded and general trade in Qingdao was 524,800 tons, a month - on - month increase of 9,600 tons, an increase of 1.87%. The bonded area inventory was 81,400 tons, an increase of 2.25%; the general trade inventory was 443,400 tons, an increase of 1.80%. The inbound rate of the sample bonded warehouses of Qingdao natural rubber decreased by 0.54 percentage points, and the outbound rate decreased by 0.08 percentage points; the inbound rate of general trade warehouses decreased by 1.08 percentage points, and the outbound rate increased by 0.38 percentage points [48]. 3.4 Downstream Situation - **Tire Operating Rate**: As of December 25, the capacity utilization rate of China's semi - steel tire sample enterprises was 70.36%, a month - on - month increase of 0.35 percentage points and a year - on - year decrease of 8.37 percentage points; the capacity utilization rate of all - steel tire sample enterprises was 61.69%, a month - on - month decrease of 1.92 percentage points and a year - on - year increase of 1.72 percentage points [51]. - **Tire Exports**: In November 2025, China's tire exports were 688,300 tons, a month - on - month increase of 5.40 and a year - on - year increase of 1.82%. From January to November, China's cumulative tire exports were 7.7321 million tons, a cumulative year - on - year increase of 3.51%. Among them, the export volume of passenger car tires was 237,100 tons, a month - on - month increase of 4.99% and a year - on - year decrease of 7.04%. From January to November, the cumulative export volume of passenger car tires was 2.9637 million tons, a cumulative year - on - year decrease of 0.67%. The export volume of truck and bus tires was 418,500 tons, a month - on - month increase of 5.00% and a year - on - year increase of 6.65%. From January to November, the cumulative export volume of truck and bus tires was 4.445 million tons, a cumulative year - on - year increase of 5.64% [54]. - **Domestic Demand (Heavy - Duty Truck Sales)**: In November 2025, China's heavy - duty truck market sold about 100,000 vehicles (wholesale caliber, including exports and new energy), a month - on - month decrease of about 6% compared with October this year and a year - on - year increase of about 46% compared with 68,500 vehicles in the same period last year. From January to November this year, the cumulative sales of China's heavy - duty truck market exceeded 1 million vehicles, reaching 1.03 million vehicles, a year - on - year increase of about 26% [57].

投资咨询业务资格：证监许可【2012】31号 【天然橡胶周报（RU&NR)】 市场风险偏好回升，橡胶偏强反弹 国贸期货 能源化工研究中心 2025-12-29 叶海文 从业资格证号：F3071622 投资咨询证号：Z0014205 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供参考，不构成任何投资建议；期市有风险，投资需谨慎 01 PART ONE 主要观点及策略概述 天然橡胶:市场风险偏好回升，橡胶偏强反弹 | | 天然橡胶:市场风险偏好回升，橡胶偏强反弹 | | | --- | --- | --- | | 影响因素 | 驱动 | 主要逻辑 | | 供给 | 偏多 | （1）国内产区：目前云南产区停割。周海南产区中东部地区基本停割，西线仍有部分胶林正常割胶，据调研全岛日均收胶量大致在2000吨左右，不及去年 同期水平，同时当前新鲜胶水干含下降至低位水平，部分民营加工厂陆续进入停工停产状态，市场内整体原料采购氛围走弱，原料价格下跌。（2）泰国产 区：泰国整体天气趋于正常，泰柬地缘紧张局势有缓解迹象，东北部大部分区 域处于割胶高产阶段，杯胶价格相对坚挺；南部产区供应逐步上量，拖拽胶 | | | | 水价 ...

天然橡胶产业日报 2025-12-24 免责声明 | 项目类别 | 数据指标 沪胶主力合约收盘价(日,元/吨) | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 沪胶5-9差(日,元/吨) | 15650 25 | 360 20号胶主力合约收盘价(日,元/吨) -5 20号胶2-3价差(日,元/吨) | 12615 -30 | 210 -10 | | 期货市场 | 沪胶与20号胶价差(日,元/吨) | 3035 | 150 沪胶主力合约 持仓量(日,手) | 167630 | 21101 | | | 20号胶主力合约持仓量(日,手) | 51674 | -1655 沪胶前20名净持仓 | -37521 | 1478 | | | 20号胶前20名净持仓 | -11718 | 1742 沪胶交易所仓单(日,吨) | 91330 | 2600 | | | 20号胶交易所仓单(日,吨) 上海市场国营全乳胶(日,元/吨) | 57758 14850 | 0 -200 上海市场越南3L(日,元/吨) | 15300 | 100 | | ...

1. Report Industry Investment Rating - No relevant content found 2. Core Viewpoints of the Report - This week, the fundamentals of the natural rubber market resonated with commodity linkages, causing rubber prices to surge multiple times. The asking price center of the imported rubber market moved upwards. Traders mainly rotated and exchanged positions, with arbitrageurs actively closing positions and selling, while some added positions to buy. Factories remained cautiously on the sidelines. The spot price center of domestic natural rubber also moved upwards. The fluctuating and rising futures market boosted market trading sentiment, and holders adjusted their asking prices upwards. Downstream inquiry sentiment slightly improved, with cautious purchases based on rigid demand [7]. - In the domestic Yunnan production area, the rubber tapping season has ended, and the raw material purchase price has remained basically stable. In the Hainan production area, with the arrival of winter, the number of times local rubber farmers tap rubber has decreased, and the dry content of latex has continued to decline. The amount of rubber that can be collected on the island has significantly decreased, and some private processing plants have stopped purchasing latex, with their production lines gradually entering a shutdown state. Recently, the total inventory at Qingdao Port has continued to accumulate, with both bonded warehouses and general trade warehouses showing inventory accumulation, and the total inventory accumulation rate has increased compared to the previous period. The arrival of overseas standard rubber at the port has shown an increasing trend, while the arrival of mixed rubber has slightly decreased. Downstream tire factories have been cautious in replenishing their stocks, with most purchasing sentiment being wait - and - see. The overall outbound volume has been small. In terms of demand, tire enterprises have flexibly arranged production this week, with some enterprises controlling production. The capacity utilization rate of domestic tire enterprises has been running weakly, entering the seasonal off - season. The overall shipment rhythm of enterprises has been slow, and the finished product inventory has increased. Under the pressure of production and sales, some enterprises have limited or stopped production [7]. - The ru2605 contract is expected to fluctuate in the range of 15,000 - 15,650 in the short term, and the nr2602 contract is expected to fluctuate in the range of 12,200 - 12,650 in the short term [7]. 3. Summary by Directory 3.1 Week - to - Week Summary - **Market Review**: The fundamentals of the natural rubber market resonated with commodity linkages, and rubber prices surged multiple times. The asking price center of imported rubber and domestic natural rubber spot prices both moved upwards [7]. - **Market Outlook**: Yunnan has stopped tapping, and Hainan's rubber - tapping volume has decreased. Qingdao Port's inventory has continued to accumulate. Overseas standard rubber arrivals have increased, and downstream tire factories have been cautious in restocking. Tire enterprises have flexibly arranged production, with some controlling production, and are in the seasonal off - season [7]. - **Strategy Recommendation**: The ru2605 contract is expected to fluctuate between 15,000 - 15,650, and the nr2602 contract between 12,200 - 12,650 in the short term [7] 3.2 Futures and Spot Markets 3.2.1 Futures Market - **Price Trends**: This week, the main contract price of Shanghai rubber futures fluctuated and closed down, with a weekly decline of 0.26%. The main contract price of 20 - number rubber fluctuated and closed up, with a weekly increase of 0.24% [10]. - **Warehouse Receipts**: As of December 19, the Shanghai rubber warehouse receipts were 87,160 tons, an increase of 30,170 tons from the previous week. The 20 - number rubber warehouse receipts were 58,968 tons, a decrease of 605 tons from the previous week [25]. - **Spreads**: As of December 19, the spread between the Shanghai rubber 5 - 9 contracts was 20, and the spread between the 20 - number rubber 2 - 3 contracts was - 25 [20]. 3.2.2 Spot Market - **Domestic Natural Rubber Spot Price**: As of December 18, the state - owned full - latex was reported at 15,000 yuan/ton, an increase of 150 yuan/ton from the previous week [29]. - **20 - number Rubber Basis and Non - standard Basis**: As of December 18, the 20 - number rubber basis was 536 yuan/ton, a decrease of 158 yuan/ton from the previous week. The non - standard basis was - 770 yuan/ton, a decrease of 65 yuan/ton from the previous week [35] 3.3 Industry Situation 3.3.1 Upstream - **Thailand's Raw Material Prices and Processing Profits**: As of December 19, the field latex in Thailand's natural rubber raw material market was 56 (+0.75) Thai baht/kg, and the cup lump was 50.75 (+1.3) Thai baht/kg. The standard rubber's theoretical processing profit was 2.4 US dollars/ton, a decrease of 48.6 US dollars/ton from the previous week [39]. - **Domestic Production Area Raw Material Prices**: As of December 18, the price of fresh latex in Hainan was 13,900 yuan/ton, a decrease of 400 yuan/ton from the previous week. The Yunnan production area was in the off - season [42]. 3.3.2 Imports - In October 2025, China's natural rubber imports (including technical classification, latex, smoked sheets, primary forms, mixed rubber, and compound rubber) were 510,800 tons, a month - on - month decrease of 14.27% and a year - on - year decrease of 0.9%. From January to October 2025, the cumulative import volume was 5.2281 million tons, a cumulative year - on - year increase of 17.27% [45]. 3.3.3 Qingdao Inventory - As of December 14, 2025, the total inventory of natural rubber in bonded and general trade in Qingdao was 498,900 tons, a week - on - week increase of 10,200 tons, an increase of 2.08%. The bonded area inventory was 77,500 tons, an increase of 4.88%. The general trade inventory was 421,400 tons, an increase of 1.58% [48]. 3.3.4 Downstream - **Tire Capacity Utilization**: As of December 18, the capacity utilization rate of China's semi - steel tire sample enterprises was 70.01%, a week - on - week decrease of 0.13 percentage points and a year - on - year decrease of 8.67 percentage points. The capacity utilization rate of China's full - steel tire sample enterprises was 63.61%, a week - on - week decrease of 0.94 percentage points and a year - on - year increase of 3.72 percentage points [51]. - **Tire Exports**: In October 2025 China's tire exports were 653,100 tons, a month - on - month decrease of 5050 tons and a year - on - year decrease of 6.79%. From January to October 2025, the cumulative tire exports were 7.0438 million tons, a cumulative year - on - year increase of 3.68% [54]. - **Domestic Heavy - truck Sales**: In November 2025, China's heavy - truck market sold about 100,000 vehicles (wholesale, including exports and new energy), a month - on - month decrease of about 6% and a year - on - year increase of about 46%. From January to November 2025, the cumulative sales of China's heavy - truck market exceeded 1 million vehicles, reaching 1.03 million vehicles, a year - on - year increase of about 26% [57]

天然橡胶产业日报 2025-12-18 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 沪胶主力合约收盘价(日,元/吨) 沪胶1-5价差(日,元/吨) | 15320 15 | -70 20号胶主力合约收盘价(日,元/吨) 15 20号胶2-3价差(日,元/吨) | 12455 -5 | -115 -5 | | 期货市场 | | | | | | | | 沪胶与20号胶价差(日,元/吨) | 2865 | 45 沪胶主力合约 持仓量(日,手) | 146623 | 128 | | | 20号胶主力合约持仓量(日,手) | 59257 | -2571 沪胶前20名净持仓 | -38927 | -8661 | | | 20号胶前20名净持仓 | -12843 | -1358 沪胶交易所仓单(日,吨) | 87160 | 0 | | | 20号胶交易所仓单(日,吨) 上海市场国营全乳胶(日,元/吨) | 58968 14900 | -605 -50 上海市场越南3L(日,元/吨) | 15350 | ...

何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 个百分点，同比+6.07个百分点。前期检修企业排产逐步恢复，对产能利用率形成一定带动。 制整体产能利用率提升幅度，随着成品库存继续攀升，后期不排除个别企业检修或降负运行。ru2605合约 研究员: 林静宜 期货从业资格号F03139610 期货投资咨询从业证书号Z0021558 短线预计在14950-15350区间波动，nr2602合约短线预计在12000-12650区间波动。 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 天然橡胶产业日报 2025-12-15 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 沪胶主力合约收盘价 ...

Report Industry Investment Rating - Not provided Core Viewpoints - The total inventory at Qingdao Port has continued to accumulate, with both bonded and general trade warehouses showing inventory increases, and the overall inventory accumulation rate narrowing. Overseas shipments arriving at the port remain at a high level, rubber prices are fluctuating downward, tire companies are making appropriate low - price purchases according to demand, the overall procurement sentiment has slightly improved, and the warehouse outbound volume has increased slightly month - on - month, but it is still in the inventory accumulation cycle. In terms of demand, as the production of previously overhauled enterprises gradually resumes to normal levels, the capacity utilization rate of domestic tire enterprises increased month - on - month last week, but the shipment pace of each tire enterprise is slow, and short - term production control behavior still exists, so the increase in overall capacity utilization rate is expected to be limited. The ru2601 contract is expected to fluctuate in the range of 14,900 - 15,500 in the short term, and the nr2601 contract is expected to fluctuate in the range of 11,800 - 12,200 in the short term [2] Summary by Directory Futures Market - The closing price of the main Shanghai rubber contract was 14,985 yuan/ton, down 80 yuan; the 1 - 5 spread was 50 yuan/ton, up 25 yuan. The closing price of the main 20 - rubber contract was 12,080 yuan/ton, unchanged; the 1 - 2 spread was - 15 yuan/ton, unchanged. The spread between Shanghai rubber and 20 - rubber was 2,905 yuan/ton, down 95 yuan. The trading volume of the main Shanghai rubber contract was 127,685 lots, an increase of 3,726 lots; the trading volume of the main 20 - rubber contract was 56,144 lots, an increase of 26,357 lots. The net position of the top 20 in Shanghai rubber was - 27,378 lots, an increase of 1,839 lots; the net position of the top 20 in 20 - rubber was - 10,295 lots, a decrease of 4,066 lots. The Shanghai rubber exchange warehouse receipts were 46,030 tons, unchanged; the 20 - rubber exchange warehouse receipts were 56,752 tons, a decrease of 402 tons [2] Spot Market - The price of state - owned whole latex in the Shanghai market was 14,700 yuan/ton, unchanged; the price of Vietnamese 3L was 15,150 yuan/ton, unchanged. The price of Thai standard STR20 was 1,815 US dollars/ton, unchanged; the price of Malaysian standard SMR20 was 1,810 US dollars/ton, unchanged. The price of Thai RMB mixed rubber was 14,380 yuan/ton, unchanged; the price of Malaysian RMB mixed rubber was 14,330 yuan/ton, unchanged. The price of Qilu Petrochemical's styrene - butadiene 1502 was 11,000 yuan/ton, unchanged; the price of Qilu Petrochemical's cis - butadiene BR9000 was 10,600 yuan/ton, unchanged. The Shanghai rubber basis was - 365 yuan/ton, unchanged; the non - standard product basis of the main Shanghai rubber contract was - 685 yuan/ton, unchanged. The price of 20 - rubber in the Qingdao market was 12,806 yuan/ton, an increase of 74 yuan; the basis of the main 20 - rubber contract was 741 yuan/ton, an increase of 54 yuan [2] Upstream Situation - The theoretical production profit of RSS3 was 125 US dollars/ton, a decrease of 23.2 US dollars; the theoretical production profit of STR20 was 43.2 US dollars/ton, an increase of 70.2 US dollars. The monthly import volume of technically classified natural rubber was 126,100 tons, an increase of 3,500 tons; the monthly import volume of mixed rubber was 256,400 tons, a decrease of 61,100 tons [2] Downstream Situation - The weekly operating rate of all - steel tires was 63.5%, an increase of 0.17 percentage points; the weekly operating rate of semi - steel tires was 70.92%, an increase of 1.73 percentage points. The inventory days of all - steel tires in Shandong at the end of the period were 39.51 days, a decrease of 0.44 days; the inventory days of semi - steel tires in Shandong at the end of the period were 44.95 days, a decrease of 0.28 days. The monthly output of all - steel tires was 13.01 million pieces, an increase of 590,000 pieces; the monthly output of semi - steel tires was 58.31 million pieces, an increase of 6.63 million pieces [2] Option Market - The historical 20 - day volatility of the underlying was 13.18%, a decrease of 0.3 percentage points; the historical 40 - day volatility of the underlying was 15.47%, a decrease of 1.08 percentage points. The implied volatility of at - the - money call options was 19.71%, an increase of 0.37 percentage points; the implied volatility of at - the - money put options was 19.73%, an increase of 0.4 percentage points [2] Industry News - In November 2025, China's heavy - truck market sold about 100,000 vehicles (wholesale basis, including exports and new energy), a month - on - month decrease of about 6% compared with October this year, and a significant year - on - year increase of about 46% compared with 68,500 vehicles in the same period last year. From January to November this year, the cumulative sales volume of China's heavy - truck market exceeded 1 million vehicles, reaching 1.03 million vehicles, a year - on - year increase of about 26%. As of December 7, 2025, the total inventory of natural rubber in bonded and general trade in the Qingdao area was 488,700 tons, a month - on - month increase of 7,200 tons, an increase of 1.49%. The bonded area inventory was 73,900 tons, an increase of 2.08%; the general trade inventory was 414,800 tons, an increase of 1.38%. As of December 4, the capacity utilization rate of China's semi - steel tire sample enterprises was 68.33%, a month - on - month increase of 2.33 percentage points and a year - on - year decrease of 10.59 percentage points; the capacity utilization rate of China's all - steel tire sample enterprises was 64%, a month - on - month increase of 1.25 percentage points and a year - on - year increase of 4.87 percentage points [2]