Report Industry Investment Rating - The investment rating for the natural rubber industry is neutral [9] Core View - The supply of natural rubber is increasing, the spot market is strong, and domestic inventories are starting to decrease while tire operating rates are at a high level. The market sentiment is cooling down, and it may fluctuate within a range before the holiday. The overall situation is neutral, with both positive and negative factors present [4] Summary by Directory Daily Hints - The supply of natural rubber is increasing, the spot market is strong, domestic inventories are starting to decrease, and tire operating rates are at a high level. The market sentiment is cooling down, and it may fluctuate within a range before the holiday [4] Fundamental Data - **Supply and Demand**: Supply is increasing, and domestic inventories are starting to decrease. Tire operating rates are at a high level, but automobile production and sales are declining. Tire production is increasing year - on - year, and tire industry exports are recovering [4][23][29] - **Inventory**: Exchange inventories have changed little recently, while Qingdao area inventories have rebounded. The inventory of the Shanghai Futures Exchange increased week - on - week and decreased year - on - year, and the Qingdao area inventory increased both week - on - week and year - on - year [4][14][17] - **Import**: Import volume has rebounded [20] - **Spot Price**: The spot price of 2024 whole latex (non - deliverable) increased on February 9, and the US dollar quotation in Qingdao Free Trade Zone is also provided [8][11] 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**: Negative domestic economic indicators and trade frictions [6] Basis - The spot price is 16,100, and the basis is - 145, showing a bearish signal. The basis weakened on February 9 [4][35]

1. Report Industry Investment Rating - The report gives a neutral rating to the natural rubber industry [6] 2. Core Viewpoints - The supply of natural rubber is increasing, the spot is relatively strong, domestic inventories are starting to decline, and tire operating rates are at a high level. The market sentiment is cooling, and it may fluctuate within a range before the festival [6] 3. Summary by Directory 3.1 Daily Hints - The supply of natural rubber starts to increase, the spot is strong, domestic inventories start to decrease, and tire operating rates are at a high level. The market sentiment cools down, and it may fluctuate within a range before the festival [6] 3.2 Fundamental Data - **Supply and Demand**: Supply increases, and downstream consumption shows mixed trends. Automobile production and sales decline, but tire production increases year - on - year, and tire industry exports rebound [6][25][31] - **Inventory**: The inventory of the Shanghai Futures Exchange has increased week - on - week and decreased year - on - year; the inventory in Qingdao has increased both week - on - week and year - on - year. The exchange inventory has changed little recently, and the Qingdao inventory has rebounded [6][16][19] - **Import**: The import quantity has rebounded [22] 3.3 Multi - empty Factors - **Likely to Rise Factors**: High downstream consumption, resistant spot prices, and domestic anti - involution [8] - **Likely to Fall Factors**: Bearish domestic economic indicators and trade frictions [8] 3.4 Basis - The spot price is 16000, and the basis is - 80, showing a bearish trend. The basis strengthened on February 6 [6][37] 3.5 Spot Price - The spot price of 2024 whole latex (non - deliverable) increased on February 6. The US dollar quotation in Qingdao Free Trade Zone is also involved [10][13]

1. Report Industry Investment Rating - The report gives a neutral rating to the natural rubber industry [6][11] 2. Core View of the Report - The supply of natural rubber is increasing, the spot market is strong, domestic inventories are starting to decrease, and the tire operating rate is at a high level The market sentiment is cooling, and it may fluctuate within a range before the holiday [6] 3. Summary by Relevant Catalogs 3.1 Daily Hints - The supply of natural rubber is increasing, the spot is strong, domestic inventories are starting to decrease, and the tire operating rate is at a high level The market sentiment is cooling, and it may fluctuate within a range before the holiday [6] 3.2 Fundamental Data 3.2.1 Supply and Demand - Supply is increasing, and downstream demand shows mixed signals. The tire production is increasing year - on - year, and tire industry exports are rebounding, but automobile production and sales are falling [6][25][31] 3.2.2 Inventory - The exchange inventory has not changed much recently, while the inventory in Qingdao area has rebounded The inventory of the Shanghai Futures Exchange increased week - on - week and decreased year - on - year; the inventory in Qingdao area increased both week - on - week and year - on - year [16][19] 3.2.3 Import - The import volume of natural rubber has rebounded [22] 3.2.4 Spot Price - The spot price of 2024 full - latex (non - deliverable) remained flat on February 3rd The US dollar quotation in Qingdao Free Trade Zone is also part of the spot price information [10] 3.3 Multi - empty Factors 3.3.1 Bullish Factors - High downstream consumption, resistant spot prices, and domestic anti - involution [8] 3.3.2 Bearish Factors - Bearish domestic economic indicators and trade frictions [8] 3.4 Basis - The spot price is 15,900, and the basis is - 280, showing a bearish signal The basis weakened on February 3rd [6][37]

1. Report Industry Investment Rating - The report gives a neutral rating to the natural rubber industry [4][9] 2. Core Viewpoints - The supply of natural rubber is increasing, the spot is strong, domestic inventories are starting to decrease, and the tire operating rate is at a high level. The market has support below, and it is advisable to buy on dips [4] 3. Summary by Directory 3.1 Daily Prompt - The fundamentals of natural rubber show that supply is increasing, spot is strong, domestic inventories are decreasing, and tire operating rate is high. The overall assessment is neutral. The basis is -175 (spot price is 15800), indicating a bearish signal. The inventory situation is mixed, with Shanghai Futures Exchange inventory increasing week - on - week but decreasing year - on - year, and Qingdao area inventory increasing both week - on - week and year - on - year. The price is above the 20 - day line and the 20 - day line is upward, showing a bullish sign. The main position has turned from net short to net long, also bullish. The market is expected to have support below, suggesting buying on dips [4] 3.2 Fundamental Data 3.2.1 Supply and Demand - **Supply**: Supply is increasing [4][6] - **Demand**: Downstream consumption is high, with seasonal rebounds in automobile production and sales, and an increase in tire industry exports, but tire production has decreased year - on - year [6][23][26][29][32] 3.2.2 Inventory - Shanghai Futures Exchange inventory has increased week - on - week, and Qingdao area inventory has recently rebounded, increasing both week - on - week and year - on - year [4][14][17] 3.2.3 Price - On January 13, 2024, the spot price of whole latex (non - deliverable) increased, and the basis strengthened on the same day [8][35] 3.2.4 Import - Import volume has rebounded [20] 3.3 Multi - empty Factors and Main Risk Points - **Likely to Rise**: High downstream consumption, resistant spot prices, and domestic anti - involution [6] - **Likely to Fall**: Increasing supply, bearish domestic economic indicators, and trade frictions [6]

1. Report Industry Investment Rating - The investment rating for the natural rubber industry is neutral [6][11] 2. Core Viewpoints of the Report - The supply of natural rubber is increasing, the spot market is strong, and domestic inventories are starting to decrease while tire operating rates are at a high level. The market has support at the bottom, and it is advisable to buy on dips [6] 3. Summary by Relevant Catalog Daily Hints - The supply of natural rubber is increasing, the spot is strong, domestic inventories are decreasing, and tire operating rates are high. The market has support at the bottom, and it is advisable to buy on dips [6] Fundamental Data - **Supply**: Supply is increasing [6][8] - **Inventory**: Exchange inventories are rising, and Qingdao region inventories have recently rebounded. The inventory of the Shanghai Futures Exchange increased week - on - week and decreased year - on - year; Qingdao region inventory increased both week - on - week and year - on - year [6][16][19] - **Import**: Import volume is rising [22] - **Downstream Consumption**: Automobile production and sales are seasonally rising, tire production decreased year - on - year, and the tire industry's exports are rebounding [25][28][31][34] Multi - Empty Factors and Main Risk Points - **Likely to Rise Factors**: High downstream consumption, resistant spot prices, and domestic anti - involution [8] - **Likely to Fall Factors**: Increasing supply, negative domestic economic indicators, and trade frictions [8] Basis - The spot price is 15,550, and the basis is - 240, showing a bearish signal. The basis strengthened on January 5th [6][37] Spot Price - The spot price of 2024 full - latex (non - deliverable) rose on January 5th, and there is a US dollar quotation in Qingdao Free Trade Zone [10][13]

1. Report Industry Investment Rating - The industry investment rating is neutral [4] 2. Core Viewpoints of the Report - The supply of natural rubber is increasing, the spot is strong, domestic inventory is starting to decrease, and the tire operating rate is at a high level. The market has support below, and it is advisable to buy on dips [4] 3. Summary by Relevant Catalogs 3.1 Daily Hints - The fundamentals are neutral with increasing supply, strong spot, decreasing domestic inventory, and high tire operating rate; the basis is -550 (spot price is 15100), indicating a bearish signal; the inventory situation is neutral with the SHFE inventory increasing week - on - week and decreasing year - on - year, and Qingdao area inventory increasing both week - on - week and year - on - year; the market is bullish as the price is running above the 20 - day line which is flat; the main positions are bearish with the main net short and increasing shorts; the expectation is to buy on dips as the market has support below [4] 3.2 Fundamentals and Data 3.2.1 Supply and Inventory - Supply is increasing. The SHFE inventory has a small increase, and the Qingdao area inventory has recently rebounded. The import volume has also recovered [4][14][17] 3.2.2 Spot Price - The spot price of 2024 full - latex (non - deliverable) increased on December 24th. The basis weakened on December 24th [8][35] 3.2.3 Downstream Consumption - Automobile production and sales have a seasonal rebound. Tire production decreased year - on - year, but the tire industry's exports have recovered [23][29][32] 3.3 Multi - Empty Factors - **Likely to Rise**: High downstream consumption, resistant spot prices, and domestic anti - involution [6] - **Likely to Fall**: Increasing supply, bearish domestic economic indicators, and trade frictions [6]

Report Industry Investment Rating - The report gives a neutral rating to the natural rubber industry [9] Core Viewpoints - The supply of natural rubber is increasing, the spot is strong, domestic inventories are starting to decrease, and the tire operating rate is at a high level The market is supported at the bottom, and it is advisable to buy on dips [4] Summary by Directory Daily Tips - The supply of natural rubber starts to increase, the spot is strong, domestic inventories start to decrease, and the tire operating rate is at a high level The overall situation is neutral The market is supported at the bottom, and it is advisable to buy on dips [4] Fundamental Data Supply and Demand - Supply is increasing, while downstream consumption such as automobile production and sales is seasonally rising, and tire production reaches a new high in the same period, but tire industry exports are declining [4][23][29][32] Inventory - The inventory of the Shanghai Futures Exchange has increased week - on - week and decreased year - on - year, and the inventory in Qingdao area has increased both week - on - week and year - on - year Recently, the exchange inventory has risen slightly, and the Qingdao area inventory has rebounded [4][14][17] Import - The import volume of natural rubber has declined [20] Spot Price - The spot price of 2024 full latex (non - deliverable) fell on December 16, 2025, and the basis weakened on the same day The spot price in the Qingdao Free Trade Zone is quoted in US dollars [8][35] Basis - The spot price is 14,900, and the basis is - 250, showing a bearish trend On December 16, 2025, the basis weakened [4][35] Multi - Empty Factors Bullish Factors - Downstream consumption is high, spot prices are resistant to decline, and there is a domestic anti - involution trend [6] Bearish Factors - Supply is increasing, domestic economic indicators are bearish, and there are trade frictions [6]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The supply of natural rubber is increasing, the spot is strong, domestic inventory is starting to decrease, and the tire operating rate is at a high level. The market has support below, and it is recommended to buy on dips [4]. 3. Summary According to the Directory Daily Prompt - The fundamentals of natural rubber are neutral with increasing supply, strong spot, decreasing domestic inventory, and high tire operating rate. The base - spread is -415 (spot price 14800), which is bearish. The inventory shows different trends in the exchange and Qingdao area, overall neutral. The price is above the 20 - day line, which is bullish. The main position is net short with a decrease in short positions, which is bearish. The market has support below, and it is advisable to buy on dips [4]. Fundamentals Data - Supply is increasing, the spot is strong, domestic inventory is starting to decrease, and the tire operating rate is at a high level, with a neutral assessment [4]. - The price of 2023 full - latex (non - deliverable) remained flat on November 14 [8]. - The exchange inventory has been continuously decreasing recently, while the Qingdao area inventory has increased [14][17]. - Import volume has rebounded [20]. - Automobile production and sales are seasonally rising, tire production and export are at a record high in the same period [23][26][29][32]. Base - spread - The spot price is 14800, and the base - spread is -415, which is bearish. The base - spread strengthened on November 14 [4][35]. Multi - empty Factors - **Likely to Rise Factors**: High downstream consumption, resistant spot prices, and domestic anti - involution [6]. - **Likely to Fall Factors**: Increasing supply, bearish domestic economic indicators, and trade frictions [6].

1. Report Industry Investment Rating - Not provided 2. Core Viewpoints - The supply of natural rubber is increasing, the spot is strong, domestic inventories are starting to decrease, and the tire operating rate is at a high level. The market has support below, and it is advisable to buy on dips [4]. 3. Summary by Directory 3.1 Daily Hints - The fundamentals of natural rubber are neutral, with supply increasing, spot being strong, domestic inventories decreasing, and tire operating rate at a high level. The market has support below, and a strategy of buying on dips is recommended [4]. 3.2 Fundamental Data - **Supply**: Supply is increasing [4][6]. - **Spot**: The spot price is 14,550, and the basis is -560, showing a bearish signal. The 2023 full - latex (non - deliverable) spot price remained flat on November 10 [4][8]. - **Inventory**: 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. The exchange inventory has been continuously de - stocking recently, and the Qingdao area inventory has rebounded [4][14][17]. - **Market Trend**: The 20 - day line is upward, and the price is running above the 20 - day line, showing a bullish signal [4]. - **Main Position**: The main net position is short, and the short position is decreasing, showing a bearish signal [4]. 3.3 Multi - Empty Factors and Main Risk Points - **Likely Positive Factors**: High downstream consumption, resistant spot prices, and domestic anti - involution [6]. - **Likely Negative Factors**: Increasing supply, bearish domestic economic indicators, and trade frictions [6]. 3.4 Basis - The basis weakened on November 10 [35]. 3.5 Import - The import volume has rebounded [20]. 3.6 Downstream Consumption - Automobile production and sales have seasonally rebounded, and tire production and exports are at record highs for the same period [23][26][29][32].

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]