Report Industry Investment Rating - The investment rating for the natural rubber industry is neutral [4][9] Report's Core View - The supply of natural rubber is increasing, the spot is strong, domestic inventory is starting to decrease, and tire operating rates are at a high level. The market has support below, and it is advisable to buy on dips [4] Summary by Directory 1. Daily Prompt - Supply of natural rubber is increasing, spot is strong, domestic inventory is decreasing, and tire operating rates are high The market has support below, and it is recommended to buy on dips [4] 2. Fundamental Data - **Supply and Demand**: Supply is increasing, while downstream consumption is high [4][6] - **Spot Price**: The spot price of 2023 full latex (non - deliverable) fell on September 19, and the spot price is resistant to decline [8][6] - **Inventory**: Shanghai Futures Exchange inventory decreased recently, and Qingdao area inventory decreased week - on - week and increased year - on - year [14][4] - **Import**: Import volume has rebounded [20] - **Downstream Consumption**: Automobile production and sales are seasonally rising, tire production is at a record high for the same period, and tire industry exports are rebounding [23][29][32] 3. Multi - empty 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, negative domestic economic indicators, and trade frictions [6] 4. Basis - The spot price is 14,700, and the basis is - 835, showing a bearish signal The basis weakened on September 19 [4][35]

交易咨询业务资格：证监许可【2012】1091号 天胶早报- 2025年9月18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 基本面数据 多空因素及主要风险点 4 基差 天胶： 1、基本面：供应开始增加，现货偏强，国内库存开始减少，轮胎开工率高位 中性 2、基差：现货15050，基差-830 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，同比增加 中性 4、盘面：20日线向上，价格20日线下运行 中性 5、主力持仓：主力净空，空增 偏空 6、预期：市场下方有支撑，回落做多 多空因素及主要风险点 现货价格 青岛保税区美元报价 库存 • 利多 • 1、下游消费偏高 • 2、现货价格抗跌 • 3、国内反内卷 • 利空 • 1、供应增加 • 2、国内经济指标偏空 • 3、贸 ...

Report Industry Investment Rating - The investment rating for the natural rubber industry is neutral [4][9] Core Viewpoints - The supply of natural rubber is increasing, the spot market is strong, domestic inventories are decreasing, and tire operating rates are at a high level. The market has support at the bottom, and it is advisable to buy on dips [4] Summary by Directory Daily Hints - The fundamental situation of natural rubber is that supply is increasing, the spot is strong, domestic inventories are decreasing, and tire operating rates are at a high level, rated as neutral. The basis is -995 with a spot price of 15,000, rated as bearish. Exchange inventories have decreased both week - on - week and year - on - year, while Qingdao inventories have decreased week - on - week but increased year - on - year, rated as neutral. The price is above the 20 - day line with the 20 - day line trending upwards, rated as bullish. The main positions are net short with short positions decreasing, rated as bearish. The market has support at the bottom, and the strategy is to buy on dips [4] Fundamental Data - **Supply and Demand**: The downstream consumption is high, and the spot price is resistant to decline, which are positive factors. However, the supply is increasing, and domestic economic indicators are bearish, which are negative factors [6] - **Inventory**: Exchange inventories have been continuously decreasing recently, and Qingdao area inventories have shown small changes [14][17] - **Import**: The import volume has rebounded [20] - **Downstream Consumption**: Automobile production and sales have seasonally declined, tire production reached a new high in the same period but decreased month - on - month, and the tire industry's exports have rebounded [23][26][29][32] Basis - The basis weakened on September 15 [35] Spot Price - The spot price of 2023 full - latex (non - deliverable) increased on September 15 [8] Multi - Empty Factors and Main Risk Points - **Positive Factors**: High downstream consumption, resistant spot prices, and domestic anti - involution [6] - **Negative Factors**: Increasing supply, bearish domestic economic indicators, and trade frictions [6]

交易咨询业务资格：证监许可【2012】1091号 天胶早报- 2025年9月2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 基本面数据 多空因素及主要风险点 4 基差 天胶： 1、基本面：供应开始增加，现货偏强，国内库存开始减少，轮胎开工率高位 中性 2、基差：现货14950，基差-910 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减少，同比增加 中性 4、盘面：20日线向上，价格20日线上运行 偏多 5、主力持仓：主力净空，空增 偏空 6、预期：市场下方有支撑，短多交易 23年全乳胶，不可用于交割，9月1日现货价格上涨 中性 现货价格 青岛保税区美元报价 多空因素及主要风险点 • 利多 • 1、下游消费偏高 • 2、现货价格抗跌 • 3、国内反内卷 • 利空 • 1 ...

交易咨询业务资格：证监许可【2012】1091号 天胶早报- 2025年8月26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。 4 基差 CONTENTS 目 录 1 每日提示 2 3 基本面数据 多空因素及主要风险点 天胶： 1、基本面：供应开始增加，现货偏强，国内库存开始增加，轮胎开工率高位 中性 2、基差：现货14850，基差-1055 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，同比增加 中性 4、盘面：20日线走平，价格20日线上运行 偏多 5、主力持仓：主力净空，空减 偏空 6、预期：市场下方有支撑，短多交易 多空因素及主要风险点 • 利多 • 1、下游消费偏高 • 2、现货价格抗跌 • 3、国内反内卷 • 利空 • 1、供应增加 • 2、国内经济指标偏空 • 风险点 • 世界经济衰退、国内经济增长不 ...

交易咨询业务资格：证监许可【2012】1091号 天胶早报- 2025年8月22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 基本面数据 多空因素及主要风险点 4 基差 天胶： 1、基本面：供应开始增加，现货偏强，国内库存开始增加，轮胎开工率高位 中性 2、基差：现货14800，基差-920 偏空 4、盘面：20日线向下，价格20日线上运行 中性 5、主力持仓：主力净空，空减 偏空 6、预期：市场下方有支撑，短多交易 多空因素及主要风险点 • 利多 • 1、下游消费偏高 • 2、现货价格抗跌 • 3、国内反内卷 • 利空 • 1、供应增加 • 2、国内经济指标偏空 • 风险点 • 世界经济衰退、国内经济增长不如预期、中美贸易摩擦 现货价格 23年全乳胶，不可用于交割，8月21日现货价格上涨 ...

交易咨询业务资格：证监许可【2012】1091号 天胶早报- 2025年8月15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 基本面数据 多空因素及主要风险点 4 基差 天胶： 1、基本面：供应开始增加，现货偏强，国内库存开始增加，轮胎开工率高位 中性 2、基差：现货14800，基差-835 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，同比增加 中性 4、盘面：20日线走平，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：市场下方有支撑，短多交易 青岛保税区美元报价 多空因素及主要风险点 • 利多 • 1、下游消费偏高 • 2、现货价格抗跌 • 3、国内反内卷 • 利空 • 1、供应增加 • 2、青岛地区未季节性去库 • 风险点 • 世界经 ...

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。 交易咨询业务资格：证监许可【2012】1091号 天胶早报- 2025年8月13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 多空因素及主要风险点 CONTENTS 目 录 1 每日提示 2 3 基本面数据 多空因素及主要风险点 4 基差 天胶： 1、基本面：供应开始增加，现货偏强，国内库存开始增加，轮胎开工率高位 中性 2、基差：现货14750，基差-1110 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，同比增加 中性 4、盘面：20日线向上，价格20日线上运行 偏多 5、主力持仓：主力净空，空减 偏空 6、预期：市场下方有支撑，短多交易 • 利多 • 1、下游消费偏高 • 2、现货价格抗跌 • 3、国内反内卷 • 利空 • 1、供应增加 • 2、青岛地区未季节性去库 • 风险点 • 世界经济衰退、国内经济增 ...

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]