Report Industry Investment Rating No specific industry investment ratings were provided in the report. Core Viewpoints of the Report - A-share market is expected to continue its upward trend in the short term and may rise further in 2026 compared to 2025, supported by macro policies, inflation, capital market reforms, and the role of Central Huijin [1]. - The bond market is favored by asset shortages and weak economic conditions, but the central bank has recently warned of interest rate risks [1]. - Metal prices are influenced by factors such as supply disruptions, macro sentiment, and cost changes. Some metals are expected to have upward trends, while others may experience volatility or are subject to supply concerns [1]. - Energy and chemical product prices are affected by factors such as geopolitical conflicts, supply and demand, and cost support. Some products are expected to have upward trends, while others may experience volatility [1]. - Agricultural product prices are influenced by factors such as seasonal changes, policy support, and supply and demand. Some products are expected to have upward trends, while others may experience volatility [1]. Summary by Category A-shares - A-share market has continuous trading volume increase. Short-term, the index is expected to remain strong. In 2026, the index may continue to rise on the basis of 2025, supported by macro policies, inflation, capital market reforms, and Central Huijin [1]. Bonds - Asset shortages and weak economic conditions are favorable for bond futures, but the central bank has recently warned of interest rate risks. Attention should be paid to the Bank of Japan's interest rate decision [1]. Metals - Copper: Supply disruptions and improved macro sentiment have led to a rise in copper prices, and the upward trend is expected to continue [1]. - Aluminum: Domestic electrolytic aluminum has accumulated inventory, but macro sentiment is positive, and global aluminum ingot supply is expected to tighten, leading to a strong aluminum price [1]. - Alumina: Supply has significant release potential, putting pressure on prices. However, the current price is close to the cost line, and the price is expected to oscillate [1]. - Zinc: Fundamentals have improved, and the cost center has shifted upward. With positive macro sentiment, zinc prices have risen, but the upside space is limited due to fundamental pressure [1]. - Nickel: Supply concerns have led to a significant increase in nickel prices and an increase in positions. The short-term price may be strongly oscillating, but high risks and volatility are present at high price levels. Attention should be paid to Indonesian policies and macro sentiment [1]. Industrial and Energy Chemicals - Polycrystalline silicon: Northwest production has increased, while southwest production has decreased. December production schedules for polycrystalline silicon and organic silicon have declined [1]. - Carbonate lithium: It is the traditional peak season for new energy vehicles, with strong energy storage demand and increased supply from restarts. Prices have risen rapidly in the short term [1]. - Rebar and hot-rolled coil: Futures-spot arbitrage positions can be rolled for profit-taking. The price valuation is not high, and short-selling is not recommended [1]. - Iron ore: Near-term contracts are restricted by production cuts, but the commodity sentiment is positive, and there is still an upward opportunity for far-term contracts [1]. - Silicone and ferrosilicon: There is a combination of weak reality and strong expectations. In the short term, expectations dominate, and energy consumption control and anti-involution may disrupt supply [1]. - Soda ash: The market sentiment has improved, and the supply and demand are supportive. The price is low and expected to be strong in the short term [1]. - Coking coal and coke: If the "capacity reduction" expectation continues to ferment and there is pre-holiday restocking of spot goods, there may still be room for price increases, but the actual increase is difficult to judge, and volatility increases after a significant rise [1]. Agricultural Products - Palm oil: The December MPOB data is expected to be bearish, but the price is expected to reverse under themes such as seasonal production cuts, the B50 policy, and US biofuels. Short-term rebounds due to macro sentiment should be watched out for [1]. - Soybean oil: The fundamentals are strong, and it is recommended to be overweight in the oil market. Consider the spread between soybean oil and palm oil [1]. - Cotton: There is support but no driving force in the short term. Future attention should be paid to the central government's No. 1 document in the first quarter of next year, planting area intentions, weather during the planting period, and peak season demand [1]. - Sugar: There is a global surplus and increased domestic supply. The short side consensus is strong. If the price continues to fall, there is strong cost support, but there is a lack of continuous driving force in the short term [1]. - Corn: With the release of reserve and imported grains, the supply has increased. The spot price is expected to be firm in the short term, and the futures price will oscillate within a range [1]. - Pulp: The 05 contract is expected to oscillate between 5400 - 5700 yuan/ton due to the tug-of-war between "strong supply" and "weak demand" [1]. - Logs: The spot price has shown signs of bottoming out and rebounding, and the downward space for the futures price is limited. However, the January overseas quotation has slightly declined, and there is a lack of upward driving factors. The price is expected to oscillate between 760 - 790 yuan/m³ [1]. Energy and Chemicals - Crude oil: OPEC+ has suspended production increases until the end of 2026. The uncertainty of the Russia-Ukraine peace agreement and US sanctions on Venezuelan oil exports have an impact [1]. - Fuel oil: Follows the trend of crude oil in the short term, with no prominent supply-demand contradictions [1]. - Asphalt: The "14th Five-Year Plan" rush demand is likely to be disproven, and the supply of Ma Rui crude oil is sufficient. The profit margin is high [1]. - Natural rubber: The raw material cost provides strong support, the futures-spot price difference has rebounded significantly, and the midstream inventory has increased substantially [1]. - BR rubber: The upward momentum has slowed down, the spot price has led the recovery of the basis, and the processing profit has narrowed. There are positive factors for future domestic butadiene exports [1]. - PTA: The PX market has experienced a sharp rise, and the PTA market is expected to remain tight in 2026. Domestic PTA maintains high production, and the gasoline spread provides support for aromatics [1]. - Ethylene glycol: Two MEG plants in Taiwan, China, plan to shut down next month. The price has rebounded rapidly due to supply-side news, and the downstream demand is slightly better than expected [1]. - Styrene: The Asian market is stable, with suppliers reluctant to cut prices due to losses and buyers pressing for lower prices due to weak downstream demand. The market is in a weak balance, and the upward momentum depends on overseas markets [1]. - Urea: The export sentiment has eased, and the upside space is limited due to insufficient domestic demand. There is support from anti-involution and the cost side [1]. - PE: There is a risk of rising crude oil prices due to geopolitical conflicts. The supply pressure is high, and the market expectation is weak due to planned production increases in 2026 [1]. - PP: The supply pressure is high, and the downstream improvement is less than expected. The cost is supported by high propylene monomer and crude oil prices [1]. - PVC: The global production is expected to be low in 2026, but the current supply pressure is rising. The demand is weak, and the implementation of differential electricity prices in the northwest may force the clearance of PVC production capacity [1]. - LPG: The January CP has risen unexpectedly, and the import cost provides strong support. Geopolitical conflicts have increased the risk premium. The inventory accumulation trend has slowed down, and the domestic port inventory is decreasing. The long-term demand for LPG is expected to increase [1]. Aviation - It is expected to peak in mid-January. Airlines are still cautious about trial resumptions [1].

00区间波动。 免责声明 合成橡胶产业日报 2026-01-07 | 项目类别 | 数据指标 环比 数据指标 | 最新 | | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力合约收盘价:合成橡胶(日,元/吨) 325 主力合约持仓量:合成橡胶(日,元/吨) | 12155 | | 33981 | -3312 | | | 合成橡胶2-3价差(日,元/吨) -5 仓单数量:丁二烯橡胶:仓库:总计(日,吨) | -30 | | 4560 | 0 | | 现货市场 | 主流价:顺丁橡胶(BR9000,齐鲁石化):山 150 主流价:顺丁橡胶(BR9000,大庆石化):山 | 11750 | | 11750 | 150 | | | 东(日,元/吨) 主流价:顺丁橡胶(BR9000,大庆石化):上 东(日,元/吨) | | | | | | | | 11750 | 150 主流价:顺丁橡胶(BR9000,茂名石化):广 | 11800 | 100 | | | 海(日,元/吨) 基差:合成橡胶(日,元/吨) 布伦特原油(日,美元/桶) | -305 | ...

后存检修安排，叠加部分企业周期内延续控产，拖拽样本企业产能利用率下行，由于部分企业存3天左右的 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 检修安排，4号左右逐步恢复，本周轮胎企业产能利用率或有小幅回升。br2603合约短线预计在11700-122 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 00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 合成橡胶产业日报 2026-01-06 | 项目类别 | 数据指标 环比 数据指标 | 最新 | | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力合约收盘价:合成橡胶(日,元/吨) | 11830 | 185 主力合约持仓量:合成橡胶(日,元/吨) | 37293 | -2944 | | | 合成橡胶2-3价差(日,元/吨) | -25 | 15 仓单数量:丁二烯橡胶:仓库:总计(日,吨) | 4560 | 0 | | 现货市场 | 主流价:顺丁橡胶(BR9 ...

本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 流动性：金价创历史新高水平 点击注册小程序 查看完整报告 特别申明： 地产竣工链条：钛白粉毛利润处于低位水平 本周钛白粉、玻璃的价格环比分别+0.77%、+0.00%，钛白粉毛利润为-1744元/吨，平板玻璃本周开工率 73.89%。 工业品链条：半钢胎开工率处于五年同期中位 （1）本周主要大宗商品价格表现：冷轧、铜、铝价格环比-0.51%、+5.84%、+1.01%，对应的毛利环比变 化扭亏为盈、亏损环比+4.00%、+6.72%；（2）本周全国半钢胎开工率为72.05%，环比+0.66个百分点。 （1）BCI中小企业融资环境指数2025年12月值为47.15，环比上月-10.19%；（2）M1和M2增速差与上证 指数存在较强的正向相关性：M1和M2增速差在2025 ...

【消息面汇总】 11月26日，焦煤期货盘中低位震荡运行，截至发稿主力合约报1085.5元/吨，跌幅1.05%。 一德期货：本周重要会议时点，宏观层面存有扰动，终端需求承压，但下游对煤炭采购需求持续，煤炭 股价拉升明显，带动期货市场情绪。市场对钢材需求仍有担忧，短期双焦向上驱动不足，难以出现趋势 性行情。 11月25日，北方港（不包括黄骅港）煤炭库存为2398万吨，较上月同期增长8.56%。秦皇岛港煤炭库存 为568万吨，较上月同期增长2.71%。曹妃甸港煤炭调出量为52.3万吨，较上月同期增长8.96%。 招商期货：铁水产量环比下降0.6万吨至236.3万吨，同比增0.5万吨。钢厂利润恶化，后续高炉产量或稳 中有降。第三轮提涨落地，后续提涨存在博弈。供应端各环节库存分化，钢厂、焦化厂焦煤库存及库存 天数维持历史同期中性水平，坑口库存较低，总体库存水平中性。期货升水现货，远期升水结构维持， 期货估值偏高。消息面中美元首通话，风险偏好有望改善。交易策略：焦煤2605空单离场。激进者尝试 做多焦煤2605合约。JM01参考区间1090-1130。 机构观点 截至11月21日全国16个港口进口焦煤库存为456.90减 ...

交易咨询业务资格：证监许可【2012】1091号 工业硅期货早报 2025年11月26日 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 联系方式：0575-85226759 1 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。 目 录 1 每日观点 2 基本面/持仓数据 每日观点——工业硅 | | | | | 供给端来看 ， | 上周工业硅供应量为9 | . | 1万吨 ， | 环比持平 。 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 需求端来看 ， | 上周工业硅需求为8万吨 | | 环比减少4 ， | 76% . . | 需求持续低迷 | 多 . | | | | | | | | 晶硅库存为27 1万吨 . | 处于低位 ， ， | | 硅片亏损 ， | 电池片亏损 | 组 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The BR2601 contract is expected to fluctuate in the range of 10,400 - 10,700 in the short - term. Next week, due to the slight delay of Maoming Petrochemical's maintenance until the end of the month and the gradual output after the restart of Qilu Petrochemical, Sichuan Petrochemical, and Yangzi Petrochemical's devices, the production enterprise inventory is expected to increase, while the trading enterprise inventory is expected to decline slightly. The capacity utilization rate of the tire industry is expected to decline further as the number of maintenance days of the maintenance enterprises increases next week [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the main contract of synthetic rubber is 10,480 yuan/ton, with a week - on - week increase of 50 yuan/ton; the position of the main contract is 76,365, with a week - on - week decrease of 32. The 12 - 1 spread of synthetic rubber is 0 yuan/ton, with a week - on - week decrease of 35 yuan/ton. The total number of warehouse receipts of butadiene rubber in warehouses is 2,980 tons, with a week - on - week decrease of 10 tons [2]. Spot Market - The mainstream price of BR9000 cis - butadiene rubber from Qilu Petrochemical in Shandong is 10,400 yuan/ton; that from Daqing Petrochemical in Shandong is 10,400 yuan/ton, with a week - on - week increase of 50 yuan/ton; in Shanghai is 10,600 yuan/ton, with a week - on - week increase of 200 yuan/ton; and that from Maoming Petrochemical in Guangdong is 10,750 yuan/ton, with a week - on - week increase of 100 yuan/ton. The basis of synthetic rubber is - 30 yuan/ton, with a week - on - week decrease of 100 yuan/ton [2]. Upstream Situation - Brent crude oil is at $62.71 per barrel, with a week - on - week decrease of $2.45; WTI crude oil is at $58.49 per barrel, with a week - on - week decrease of $2.55. The price of naphtha CFR Japan is $584.25 per ton, with a week - on - week increase of $7.5. The price of Northeast Asian ethylene is $740 per ton, with no change; the intermediate price of butadiene CFR China is $790 per ton, with no change. The mainstream price of butadiene in the Shandong market is 7,150 yuan/ton, with a week - on - week increase of 175 yuan/ton. The weekly production capacity of butadiene is 155,300 tons, with a week - on - week decrease of 100 tons; the capacity utilization rate is 70.32%, with a week - on - week increase of 3.26 percentage points. The port inventory of butadiene is 29,800 tons, with a week - on - week decrease of 2,200 tons. The operating rate of Shandong local refineries' atmospheric and vacuum distillation units is 52.45%, with a week - on - week increase of 0.15 percentage points [2]. Downstream Situation - The monthly output of cis - butadiene rubber is 130,400 tons, with a month - on - month decrease of 5,300 tons; the weekly capacity utilization rate is 65.85%, with a week - on - week decrease of 1.1 percentage points. The weekly production profit of cis - butadiene rubber is 539 yuan/ton, with a week - on - week increase of 118 yuan/ton. The social inventory of cis - butadiene rubber is 29,300 tons, with a week - on - week decrease of 1,600 tons; the manufacturer's inventory is 25,770 tons, with a week - on - week decrease of 1,430 tons; the trader's inventory is 3,520 tons, with a week - on - week decrease of 160 tons. The operating rate of domestic semi - steel tires is 73.67%, with a week - on - week increase of 0.26 percentage points; the operating rate of full - steel tires is 65.46%, with a week - on - week increase of 0.12 percentage points. The monthly output of full - steel tires is 1.314 million pieces; the monthly output of semi - steel tires is 6.025 million pieces, with a month - on - month increase of 219,000 pieces. The inventory days of full - steel tires in Shandong are 39.2 days, with a week - on - week increase of 0.19 days; the inventory days of semi - steel tires in Shandong are 45.05 days, with a week - on - week increase of 0.23 days [2]. Industry News - As of November 13, the capacity utilization rate of Chinese semi - steel tire sample enterprises is 72.99%, with a week - on - week increase of 0.10 percentage points and a year - on - year decrease of 6.74 percentage points; the capacity utilization rate of full - steel tire sample enterprises is 64.29%, with a week - on - week decrease of 1.08 percentage points and a year - on - year increase of 6.04 percentage points. In October 2025, the domestic cis - butadiene rubber output was 137,600 tons, a month - on - month increase of 7,200 tons or 5.52%, and a year - on - year increase of 24.07%. The capacity utilization rate of cis - butadiene rubber in October was 71.39%, an increase of 1.46 percentage points from the previous period and 10.93 percentage points from the same period last year. As of November 13, the domestic cis - butadiene rubber inventory was 30,800 tons, a week - on - week increase of 1,500 tons or 5.22% [2].

Report Overview - Report Title: Polyolefin Daily Report - Date: November 13, 2025 [2] - Research Team: Energy and Chemical Research Team of Jianxin Futures 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The prices of polyolefins are expected to remain under pressure. There are no new production plans in November, but some maintenance devices will restart, increasing the capacity expansion pressure and intensifying the imbalance between supply and demand. The downstream demand is weak, with the seasonal peak of agricultural film production passing, the demand for pipes increasing first and then decreasing, and the downstream's willingness to stock up being low due to fear of price drops [6] 3. Summary by Directory 3.1 Market Review and Outlook - **Futures Market Performance**: The L2601 contract of linear low - density polyethylene (LLDPE) opened higher, fluctuated during the session, and closed down at 6,788 yuan/ton, a decrease of 6 yuan/ton (-0.09%), with a trading volume of 186,000 lots and an increase in positions by 2,586 lots to 586,919 lots. The PP2601 contract of polypropylene closed at 6,460 yuan/ton, a decrease of 7 yuan (-0.11%), with a decrease in positions by 4,959 lots to 636,600 lots. The futures market opened low and fluctuated, the market trading atmosphere changed little, traders mostly offered discounts, and downstream buyers mainly made small - order purchases [5][6] - **Supply and Demand Situation**: There are no new production plans in November, but some maintenance devices will restart, increasing the device operating load and the pressure of new capacity expansion, which intensifies the imbalance between supply and demand. The downstream demand is weak. The agricultural film production has reached a seasonal peak and is declining, the demand for pipes increases first and then decreases, the plastic weaving of PP is boosted by packaging demand, and BOPP enterprises mainly digest inventory. The downstream's low willingness to stock up due to fear of price drops further drags down the transaction price [6] 3.2 Industry News - **Inventory**: On November 12, 2025, the inventory level of major producers was 690,000 tons, a decrease of 20,000 tons (-2.82%) from the previous working day, compared with 680,000 tons in the same period last year [7] - **PE Market Price**: The prices of LLDPE in some areas decreased. The price range in North China was 6,760 - 7,000 yuan/ton, in East China was 6,900 - 7,400 yuan/ton, and in South China was 7,050 - 7,450 yuan/ton [7] - **Propylene Market**: The mainstream price of propylene in Shandong market was 5,750 - 5,780 yuan/ton, remaining unchanged from the previous working day. The market was in a supply - demand game, downstream factories mostly waited and watched for rigid demand, producers had a certain intention to stabilize the market, and individual offers had narrow discounts. The overall trading atmosphere was average [7] - **PP Market Price**: Most prices in the PP market fluctuated slightly, and some prices weakened. The mainstream price of North China wire drawing was 6,230 - 6,450 yuan/ton, in East China was 6,320 - 6,600 yuan/ton, and in South China was 6,400 - 6,550 yuan/ton [7] 3.3 Data Overview - The report provides multiple data charts, including L basis, PP basis, L - PP price difference, crude oil futures main contract settlement price, two - oil inventory, and two - oil inventory year - on - year increase/decrease rate, but specific data values are not described in detail in the text [9][13][17]

Group 1: General Information - Report title: Polyolefin Daily Report [1] - Report date: October 31, 2025 [2] - Research team: Energy and Chemical Research Team [4] Group 2: Market Quotes - L2601 opened higher, oscillated downward during the session, and closed down at 6,968 yuan/ton, down 20 yuan/ton (-0.29%), with a trading volume of 215,000 lots and an open interest decrease of 3,569 lots to 508,700 lots [5] - PP2601 closed at 6,651 yuan/ton, down 14 yuan (-0.21%), with an open interest increase of 677 lots to 613,335 lots [5] - On October 30, 2025, the inventory level of major producers was 695,000 tons, a decrease of 15,000 tons (-2.11%) from the previous working day; the inventory in the same period last year was 720,000 tons [7] - PE market prices were weakly sorted. The LLDPE prices in North China, East China, and South China were 6,910 - 7,150 yuan/ton, 7,030 - 7,500 yuan/ton, and 7,250 - 7,500 yuan/ton respectively [7] - The mainstream price of propylene in the Shandong market was temporarily 5,930 - 5,950 yuan/ton, down 45 yuan/ton from the previous working day [7] - The PP market was mainly sorted, with individual prices slightly loosening. The mainstream prices of North China, East China, and South China were 6,450 - 6,540 yuan/ton, 6,530 - 6,620 yuan/ton, and 6,470 - 6,630 yuan/ton respectively [7] Group 3: Core Viewpoint - The futures opened higher and oscillated, but the market atmosphere was limitedly boosted. Traders quoted prices according to the market, and some quoted prices weakened. Downstream buyers mainly replenished stocks at low prices [5] - The expected output of the new Guangxi Petrochemical plant in November is expected to increase, and the impact of maintenance from November to December will decrease. Although the downstream operating rate remains high, the concentrated demand will decrease later, and the demand support will weaken [5] - Affected by the new round of US sanctions, the market sentiment is cautious, the oil price is under pressure, and the weak supply - demand fundamentals of polyolefin itself will cause the price to oscillate at a low level [5]

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report 2. Core Viewpoints - The short - term production and capacity utilization of domestic butadiene rubber may decline due to increased maintenance of domestic butadiene rubber units, but considering the weak raw material side, it is expected that production enterprise inventories will decrease and trading enterprise inventories will increase [2] - The overall capacity utilization rate of domestic tire enterprises has increased slightly, with semi - steel tire enterprises maintaining stable production and full - steel tire enterprises keeping production stable. The BR2512 contract is expected to fluctuate in the range of 10,500 - 11,000 yuan/ton in the short term [2] 3. Summary by Directory 3.1 Futures Market - The closing price of the main contract of synthetic rubber is 10,795 yuan/ton, a decrease of 10 yuan/ton; the position volume of the main contract is 52,216, an increase of 3,565; the 12 - 1 spread of synthetic rubber is 25 yuan/ton, an increase of 5 yuan/ton; the total number of warehouse receipts for butadiene rubber is 3,010 tons, unchanged [2] 3.2 Spot Market - The mainstream price of BR9000 from Qilu Petrochemical, Daqing Petrochemical in Shandong and Shanghai is 10,950 yuan/ton, down 50 yuan/ton; the mainstream price of BR9000 from Maoming Petrochemical in Guangdong is 11,150 yuan/ton, down 100 yuan/ton; the basis of synthetic rubber is 195 yuan/ton, down 140 yuan/ton [2] 3.3 Upstream Situation - The current - week production capacity of butadiene is 155,300 tons/week, a decrease of 100 tons/week; the capacity utilization rate is 65.62%, a decrease of 0.17 percentage points; the port inventory is 24,600 tons, a decrease of 6,200 tons; the production capacity utilization rate of butadiene rubber is 73.45%, a decrease of 1.37 percentage points [2] 3.4 Downstream Situation - The production of full - steel tires in the current month is 1.314 million pieces, an increase of 110,000 pieces; the production of semi - steel tires is 6.025 million pieces, an increase of 219,000 pieces; the inventory days of full - steel tires in Shandong is 40.34 days, an increase of 0.39 days; the inventory days of semi - steel tires in Shandong is 45.26 days, an increase of 0.09 days [2] 3.5 Industry News - As of October 23, the capacity utilization rate of Chinese semi - steel tire sample enterprises was 72.84%, a month - on - month increase of 1.77 percentage points and a year - on - year decrease of 6.84 percentage points; the capacity utilization rate of full - steel tire sample enterprises was 65.87%, a month - on - month increase of 1.91 percentage points and a year - on - year increase of 6.95 percentage points [2] - In September 2025, China's heavy - truck market sold about 105,000 vehicles, a month - on - month increase of 15% and a year - on - year increase of about 82%. From January to September, the cumulative sales exceeded 800,000 vehicles, reaching 821,000 vehicles, a year - on - year increase of about 20% [2] - As of October 22, the domestic butadiene rubber inventory was 33,200 tons, an increase of 400 tons from the previous period, a month - on - month increase of 1.25% [2]