Report Industry Investment Rating - The rating for RU and NR is neutral [6]. - The rating for BR is neutral [7]. Report's Core View - For natural rubber, with reduced rainfall in major production areas, output is rising, and domestic raw material prices are falling. Although Thai raw material prices remain firm, the overall supply is expected to increase. After pre - holiday restocking by downstream tire factories, raw material demand will slow down this week, but rigid demand persists due to the rising tire factory operating rate. The overall domestic supply - demand is gradually becoming looser, and inventory depletion may slow down or even accumulate again. However, the current valuations of RU and NR are low, and the downside space is limited after the new round of state reserve sales news is confirmed. It is recommended to pay attention to the reverse arbitrage opportunity between RU01 and 05 [6]. - For butadiene rubber (BR), the recent low - level rebound of butadiene rubber futures prices is mainly due to the news of upstream device maintenance plans, which makes the market expect a decline in future supply. The recent rebound is more of a valuation repair after a large price drop. There are still maintenance plans for domestic butadiene rubber devices in October, and the supply side is still supported. After pre - holiday restocking by downstream tire factories, raw material demand will slow down this week, but the rising tire factory operating rate means rigid demand remains. The overall operating rate of butadiene rubber this year is still at a high level compared to the same period, and the pattern of abundant supply remains unchanged. It is expected that the downstream will continue the peak - season characteristics, and the supply - demand of butadiene rubber will show a pattern of both supply and demand being strong [7]. Market News and Data Futures and Spot Prices - Futures: On the previous trading day's close, the RU main contract was at 14,900 yuan/ton, up 5 yuan/ton from the previous day; the NR main contract was at 12,315 yuan/ton, up 80 yuan/ton; the BR main contract was at 11,135 yuan/ton, up 240 yuan/ton [1]. - Spot: The price of Yunnan - produced whole latex in the Shanghai market was 14,300 yuan/ton, unchanged from the previous day. The price of Thai mixed rubber in the Qingdao Free Trade Zone was 14,680 yuan/ton, up 80 yuan/ton. The price of Thai 20 - grade standard rubber in the Qingdao Free Trade Zone was 1,850 US dollars/ton, unchanged; the price of Indonesian 20 - grade standard rubber was 1,750 US dollars/ton, up 10 US dollars/ton. The ex - factory price of BR9000 from Sinopec Qilu Petrochemical was 11,200 yuan/ton, unchanged; the market price of BR9000 from Zhejiang Transfar was 10,900 yuan/ton, up 100 yuan/ton [1]. Industry Data - In September 2025, China's heavy - truck market sales volume was about 105,000 vehicles (wholesale basis, including exports and new energy), a year - on - year increase of about 82% and a month - on - month increase of 15%, hitting a new high in the same period in recent years [2]. - In September 2025, China's imports of natural and synthetic rubber (including latex) were 742,000 tons, a month - on - month increase of 11.75% and a year - on - year increase of 20.85%. From January to September, the cumulative import volume was 6.115 million tons, a cumulative year - on - year increase of 19.22% [2]. - In the first eight months of 2025, China's rubber tire export volume reached 6.5 million tons, a year - on - year increase of 5.1%; the export value was 114.2 billion yuan, a year - on - year increase of 4.6%. Among them, the export volume of new pneumatic rubber tires reached 6.26 million tons, a year - on - year increase of 4.8%; the export value was 109.7 billion yuan, a year - on - year increase of 4.4%. In terms of the number of tires, the export volume reached 47.86 billion, a year - on - year increase of 5.6% [2]. - From January to August, the export volume of automobile tires was 5.55 million tons, a year - on - year increase of 4.6%; the export value was 94.4 billion yuan, a year - on - year increase of 4.1% [3]. - According to QinRex data, in the first eight months of 2025, the total rubber export volume of Cote d'Ivoire was 1.05 million tons, an increase of 14.4% compared with 920,000 tons in the same period in 2024. Looking at the August data alone, the export volume increased by 14.8% year - on - year and decreased by 8.9% month - on - month [3]. - From January to August this year, China's automobile production and sales volume were 21.051 million and 21.128 million respectively, a year - on - year increase of 12.7% and 12.6% respectively. Among them, the production and sales volume of new energy vehicles were 9.625 million and 9.62 million respectively, a year - on - year increase of 37.3% and 36.7% respectively, and the sales volume of new energy vehicles accounted for 45.5% of the total sales volume of new automobiles. In terms of exports, from January to August, the automobile export volume was 4.292 million, a year - on - year increase of 13.7%. Among them, the export volume of new energy vehicles was 1.532 million, a year - on - year increase of 87.3% [3]. Market Analysis Natural Rubber - Spot and Spreads: On October 16, 2025, the RU basis was - 600 yuan/ton (- 5), the spread between the RU main contract and mixed rubber was 220 yuan/ton (- 75), the import profit of smoked sheet rubber was - 3,184 yuan/ton (+ 13.08), the NR basis was 814.00 yuan/ton (- 85.00); the price of whole latex was 14,300 yuan/ton (+ 0), the price of mixed rubber was 14,680 yuan/ton (+ 80), the price of 3L spot was 14,950 yuan/ton (+ 0). The STR20 was quoted at 1,850 US dollars/ton (+ 0), the spread between whole latex and 3L was - 700 yuan/ton (+ 0); the spread between mixed rubber and styrene - butadiene rubber was 3,380 yuan/ton (+ 80) [3]. - Raw Materials: The price of Thai smoked sheet was 57.39 Thai baht/kg (+ 0.20), the price of Thai latex was 54.10 Thai baht/kg (+ 0.00), the price of Thai cup lump was 50.00 Thai baht/kg (+ 0.35), and the spread between Thai latex and cup lump was 4.10 Thai baht/kg (- 0.35) [4]. - Operating Rate: The operating rate of all - steel tires was 63.96% (+ 22.43%), and the operating rate of semi - steel tires was 71.07% (+ 28.92%) [5]. - Inventory: The social inventory of natural rubber was 1,112,557 tons (- 122,953.00), the inventory of natural rubber at Qingdao Port was 461,188 tons (- 125,451), the RU futures inventory was 144,390 tons (- 5,420), and the NR futures inventory was 41,329 tons (- 705) [5]. Butadiene Rubber (BR) - Spot and Spreads: On October 16, 2025, the BR basis was - 235 yuan/ton (- 90), the ex - factory price of butadiene from Sinopec was 8,600 yuan/ton (+ 0), the price of BR9000 from Qilu Petrochemical was 11,200 yuan/ton (+ 0), the price of BR9000 from Zhejiang Transfar was 10,900 yuan/ton (+ 100), the price of private butadiene rubber in Shandong was 10,800 yuan/ton (+ 180), and the import profit of butadiene rubber in Northeast Asia was - 2,084 yuan/ton (+ 174) [5]. - Operating Rate: The operating rate of high - cis butadiene rubber was 74.82% (+ 0.13%) [5]. - Inventory: The inventory of butadiene rubber traders was 4,860 tons (- 840), and the inventory of butadiene rubber enterprises was 27,900 tons (+ 1,300) [5]. Strategy - For RU and NR, maintain a neutral view. Pay attention to the reverse arbitrage opportunity between RU01 and 05 [6]. - For BR, maintain a neutral view. Expect the supply - demand to show a pattern of both supply and demand being strong [7].