1. Report Industry Investment Rating - Not provided in the content 2. Core Views of the Report - In October, the rubber futures prices showed a volatile trend. As of October 31, the main contract of Shanghai rubber closed at 15,090 yuan/ton, with a monthly cumulative increase of 5 yuan/ton and a growth rate of 0.03%. The INE 20 - rubber contract closed at 12,160 yuan/ton, with a monthly cumulative decrease of 70 yuan/ton and a decline rate of 0.57% [2] - In October, the rubber price fluctuated. Macro - policies were intensively introduced, and market sentiment expectations were repeated, increasing rubber price fluctuations. Globally, it was still in the high - yield period, with sufficient rubber supply and less weather disturbance. In the Chinese market, natural rubber supply was abundant, with a 4.4% year - on - year increase in supply from January to August. Downstream, domestic tire enterprises maintained a high operating rate, but high inventory limited their restocking enthusiasm. Bonded area inventory remained high without a turning point, and imports were at a relatively high level. In September, tire production and exports continued to grow year - on - year, automobile consumption was stable, and heavy - truck consumption increased significantly year - on - year for five consecutive months. Sino - US trade relations improved. Looking forward, from December, natural rubber tapping in China will gradually slow down, supply pressure will ease, consumption will be tepid, and policies will still have a supporting effect, so rubber prices may have upward momentum [3] 3. Summary According to the Directory 3.1. Market Review - In August, rubber futures prices fluctuated upward. As of August 29, the main contract of Shanghai rubber closed at 15,860 yuan/ton, with a monthly cumulative increase of 480 yuan/ton and a growth rate of 3.12%. The INE 20 - rubber contract closed at 12,725 yuan/ton, with a monthly cumulative increase of 375 yuan/ton and a growth rate of 3.04% [8] 3.2. Fundamental Analysis 3.2.1. ANRPC Slight Increase in Production from January to August, Abundant Domestic Supply - In August, Thailand's natural rubber production was 458,800 tons, a year - on - year decrease of 4.00%; Indonesia's production was 189,000 tons, a year - on - year increase of 11.90%; Malaysia's production was 35,000 tons, a year - on - year decrease of 2.51%; Vietnam's production was 140,500 tons, a year - on - year decrease of 12.19%. In August, ANRPC's total production was 1.0787 million tons, a year - on - year increase of 4.25%. From January to August, ANRPC's total production was 6.8555 million tons, with a cumulative year - on - year increase of 1.76% [12] 3.2.2. Tire Operating Rate at a High Level, Stable Growth in Tire Exports - In October, tire enterprises' operating rates were high. As of October 30, the operating rate of semi - steel tire enterprises was 73.41%, and that of all - steel tire enterprises was 65.34%. In September, tire exports grew steadily. The export volume of automobile tires in China was 56.3 million pieces, a month - on - month decrease of 10.65% and a year - on - year increase of 3.74%. From January to September, the cumulative export volume of new pneumatic tires was 365.48 million pieces, with a cumulative year - on - year increase of 3.64% [14] 3.2.3. Stable Growth in Automobile Production and Sales, Six Consecutive Months of Year - on - Year Growth in Heavy - Trucks - In September, China's automobile sales were 3.2264 million vehicles, a year - on - year increase of 14.86%. Among them, passenger car sales were 2.8585 million vehicles, and heavy - truck sales were 105,600 vehicles, a year - on - year increase of 82.95%. Heavy - trucks had six consecutive months of year - on - year growth, with the growth rate expanding month by month [18] 3.3. Outlook for the Future - In October, rubber prices fluctuated. Macro - policies and market sentiment affected prices. Globally, supply was abundant, and in China, natural rubber supply was sufficient. Downstream, tire enterprises had high inventory. In September, tire production and exports increased, automobile consumption was stable, and heavy - truck consumption grew significantly. Sino - US trade relations improved. From December, rubber tapping in China will slow down, supply pressure will ease, and rubber prices may have upward momentum [23]