Report Summary Industry Investment Rating - No investment rating information is provided in the report. Core Viewpoints - The natural rubber market is expected to maintain a narrow - range shock, while the synthetic rubber market is expected to show a weakening shock. Attention should be paid to the widening price gap between natural and synthetic rubber [6][28]. Summary by Directory Report Summary (PART 01) - Market Focus: From November 5th to 11th, 2025, rainfall in the main natural rubber - producing areas in Southeast Asia decreased compared to the previous period. In October, the retail sales of new - energy passenger vehicles in China reached 1.4 million, a year - on - year increase of 17% and a month - on - month increase of 8%, with a penetration rate of 58.7%. The China Logistics Prosperity Index in October was 50.7%, a month - on - month decrease of 0.5 percentage points [6]. - Fundamental Situation: The price support of natural rubber raw materials is weakly stable, with a slight inventory build - up. The price of butadiene, the raw material for butadiene rubber, is weakening, and the industrial profit is shifting downstream. The inventory of butadiene rubber is decreasing, and the overall tire capacity utilization rate is stable [6]. - Main View: This week, the natural rubber futures showed a narrow - range weakening shock, and the synthetic rubber futures dropped significantly. The cost support of natural rubber is stronger than that of synthetic rubber. The price of natural rubber raw materials is relatively firm due to weather factors, while the cost support of synthetic rubber is weakening. The downstream tire demand is stable, and the inventory and demand have limited impact on the market [6]. Multi - Empty Focus (PART 02) - Bullish Factors: The inventory pressure of natural rubber is not obvious, and the price of natural rubber raw materials has support [9]. - Bearish Factors: The price of butadiene, the raw material for synthetic rubber, is falling, and the weakening of synthetic rubber prices drags down natural rubber [9]. Data Analysis (PART 03) - Natural Rubber Raw Material Price: As of November 6th, the price of Thai raw material glue was 56.3 Thai baht/kg, the price of glue in Yunnan was 13,700 yuan/ton, and that in Hainan was 12,900 yuan/ton. The raw material price is weakly stable due to weather and low procurement enthusiasm [10]. - Natural Rubber Inventory: As of October 31st, 2025, the overall natural rubber inventory increased slightly. The inventory in bonded warehouses in Qingdao decreased by 400 tons, while that in general trade warehouses increased by 15,839 tons [14]. - Butadiene and Butadiene Rubber: Recently, the price of butadiene has dropped. The theoretical production profit of butadiene rubber has increased to 712.5714 yuan/ton as of November 7th. As of the same date, the production of high - cis butadiene rubber decreased by 352 tons, and the inventory in factories and among traders decreased [15][16][19]. - Tire Capacity Utilization: As of November 7th, the capacity utilization rate of all - steel tire sample enterprises was 65.37%, and that of semi - steel tire sample enterprises was 72.89%. The overall tire inventory fluctuated slightly [20]. - Rubber Contract Spread: As of November 6th, the spread of the "RU - NR" January contract fluctuated narrowly, and the spread of the "NR - BR" main contract was strong due to the weakening cost support of synthetic rubber [23]. 后市研判 (PART 04) - The macro - level disturbances have eased this week, and the market has returned to trading based on fundamentals. The cost support of natural rubber is stronger than that of synthetic rubber. The weakening of synthetic rubber prices drags down natural rubber. Natural rubber will maintain a range - bound shock, and synthetic rubber will show a weakening shock [28].