混动车和纯电动汽车（EV）等电动汽车的销量增长10%，达499万4894辆，占总销量的比重达47%。具 体来看，混动车销量增加7%，增至443万3503辆，纯电动汽车销量增加42%，增至19万9137万辆。在纯 电动汽车方面，在中国上市的新款SUV"bZ3X"和在日本和欧洲进行部分改良的"bZ4X"销售坚挺。 在美国的销量增长8%，达到251万8071辆。在中国的销量也比上年微增，达到178万396辆。集团整体全 球销量增长5%，达到1132万2575辆，创历史新高。超过德国大众集团的898万辆…… 丰田1月29日公布的数据显示，2025年全球销量（包括雷克萨斯）同比增长4%，达到1053万6807辆，创 出历史新高。混合动力车（HV）在美国等地表现坚挺。包括大发工业、日野汽车在内的集团全球销量 也增长5%，达到1132万2575辆，创历史新高。超过德国大众集团的898万辆，连续6年世界第一。 丰田的海外销量增长4%，达903万5544辆。因"凯美瑞"和"塞纳"等车型畅销，在美国的销量增长8%，达 到251万8071辆。在美国的混动车销量约为111万辆，增长20%。 在中国的销量也比上年微增，达到178万39 ...

1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints of the Report - This week, the natural rubber market fluctuated within a range due to geopolitical conflicts. The raw material prices remained firm due to the tense situation between Thailand and Cambodia, while downstream procurement was cautious, and port inventories continued to accumulate. The market is expected to continue to fluctuate within a range in the short term as there is no obvious upward or downward driving force [108]. - Suggested trading strategies include range - bound operations for RU05 within the range of 14,800 - 15,800 yuan/ton, a long - short spread strategy for the 1 - 5 contract, and continued observation for cross - variety trading [109]. 3. Summary by Relevant Catalogs 3.1 Industry News - In November 2025, China's automobile production and sales reached 3.532 million and 3.429 million units respectively, a new monthly high. From January to November, the production and sales of new energy vehicles were close to 1.5 billion units, with exports of 2.315 million units, doubling year - on - year. The full - year automobile exports are expected to reach 7 million units [5]. - In October 2025, Malaysia's natural rubber production decreased by 22.7% year - on - year, while exports increased by 9.9% year - on - year. The domestic consumption increased by 0.7% year - on - year, with latex gloves being the main consumer [6]. - The European electric vehicle market has improved, and European automakers are adjusting their powertrain strategies, using hybrid vehicles as a transition technology while continuing to invest in electric vehicles [7]. 3.2 Market Trends - This week, both domestic and international rubber markets rebounded, with NR having the largest increase. On December 12, 2025, the closing prices of RU2605, NR2605, Singapore TSR20:2605, and Tokyo RSS3:2605 were 15,230 yuan/ton, 12,345 yuan/ton, 173 cents/kg, and 330.8 yen/kg respectively, with week - on - week increases of 1.10%, 2.45%, 1.23%, and 1.66% [10][12]. 3.3 Fundamental Data 3.3.1 Supply - Weather in Thailand: The southern part of Thailand has entered the rainy season with more rainfall than last year, while the rainy season in the northeastern part has ended with lower - than - average temperatures [40]. - Weather in China: The rainy seasons in Hainan and Yunnan have basically ended [42]. - Raw material prices: After the domestic production areas digested the sentiment of production cuts due to the end of the tapping season, the geopolitical conflict between Thailand and Cambodia affected tapping and factory production, causing raw material prices to rise after a decline [44]. - Raw material spreads: The water - cup spread in Thailand has decreased, while the spread between Hainan's glue going into the concentrated latex factory and the whole - milk factory has increased [48]. - Upstream processing profits: The rubber processing profits in Thailand have generally decreased [51]. - Export data: In October 2025, Thailand's natural rubber exports increased month - on - month, mainly driven by standard rubber and mixed rubber. Exports to China also increased significantly. Indonesia's exports decreased year - on - year and month - on - month, mainly due to a significant reduction in standard rubber exports. Vietnam's exports increased month - on - month, with latex having a relatively large increase. In November 2025, Cote d'Ivoire's rubber exports decreased month - on - month, and exports to China also decreased significantly [62][65][68][74][75]. - Import data: In October 2025, China's natural rubber imports (including mixed and composite rubber) were 5.108 million tons, a month - on - month decrease of 14.27% and a year - on - year decrease of 0.89%. Imports of Thai standard rubber continued to decline, while imports of Indonesian standard and mixed rubber were at a high level year - on - year, and imports of Cote d'Ivoire standard rubber increased significantly year - on - year and month - on - month [79]. 3.3.2 Demand - Tire capacity utilization and inventory: During the week, the production of maintenance enterprises gradually resumed, driving up capacity utilization to some extent. However, the overall shipment pace was slow, and most enterprises were in a state of flexible production control. Tire inventories started to accumulate again [84]. - Tire exports and heavy - truck sales: In October 2025, semi - steel tire exports continued to decline significantly month - on - month, while full - steel tire exports decreased slightly. Heavy - truck sales increased month - on - month but at a slower pace. In November 2025, passenger car sales continued to grow, but the year - on - year and month - on - month growth rates continued to decline [89]. - Road transport turnover: In October 2025, the freight turnover of road transport decreased month - on - month, while the passenger turnover improved month - on - month [90]. 3.3.3 Inventory - Spot inventory: China's natural rubber inventory continued to accumulate, with both dark and light rubber inventories increasing. The inventory accumulation in Qingdao Port has weakened, and the general trade shipment volume has "recovered" compared to the previous period [97]. - Futures inventory: As of December 12, 2025, the natural rubber futures inventory on the Shanghai Futures Exchange was 57,000 tons, a week - on - week increase of 25.17%. The 20 - number rubber futures inventory on the Shanghai International Energy Exchange was 59,600 tons, a week - on - week increase of 3.87% [105].

1. Report Industry Investment Rating - Not provided in the document 2. Core View of the Report - This week, the natural rubber market is affected by geopolitical conflicts, and the market is expected to continue to fluctuate within a range. The raw material prices are firm due to the tense situation between Thailand and Cambodia, while downstream procurement is cautious, and port inventories continue to accumulate. There is no obvious upward or downward driving force in the short - term [107]. 3. Summary by Relevant Catalogs 3.1 Industry News - In November 2025, China's automobile production reached 3.532 million units, a record high. The export of automobiles reached 728,000 units, exceeding 700,000 for the first time. The production and sales of new - energy vehicles both approached 1.5 million units, with exports of 2.315 million units, doubling year - on - year [5]. - In October 2025, Malaysia's natural rubber production decreased by 22.7% year - on - year, while exports increased by 9.9% year - on - year. The domestic consumption increased by 0.7% year - on - year [6]. - The European electric vehicle market has improved, and European automakers are adjusting their powertrain strategies, using hybrid vehicles as a transitional technology [7]. 3.2 Price - This week, both domestic and international rubber prices rebounded, with NR having the largest increase. On December 12, 2025, the closing price of RU2605 was 15,230 yuan/ton, a 1.10% increase from the previous period; NR2605 was 12,345 yuan/ton, a 2.45% increase [10][12]. - The basis and spread of rubber prices have changed. For example, the spread between whole - milk rubber and RU05 was - 330 yuan/ton on December 12, 2025, a 9.59% increase from the previous period [13]. - The prices of substitute products such as butadiene and styrene - butadiene rubber have also changed. The price of butadiene has supported the price of cis - butadiene rubber, but the downstream resistance to high - price offers remains [32]. 3.3 Fundamental Data 3.3.1 Supply - Weather conditions: Thailand's southern region is in the rainy season with more rainfall than last year, while the northeastern region has ended the rainy season with lower temperatures. Hainan and Yunnan in China have basically ended their rainy seasons [40][42]. - Raw material prices: After the domestic production areas stopped production, the impact on prices was digested. Due to the tense geopolitical situation between Thailand and Cambodia, raw material prices first fell and then rose [44]. - Upstream processing profits: Thailand's rubber processing profits generally decreased. For example, on December 12, 2025, the production profit of Thai standard rubber was - 1,666 yuan/ton, a 13,983.33% decrease from the previous period [51][53]. - Export situation: In October 2025, Thailand's natural rubber exports increased month - on - month, mainly contributed by standard rubber and mixed rubber. The exports to China also increased significantly. Indonesia's exports decreased year - on - month, mainly due to the sharp decline in standard rubber exports. Vietnam's exports increased month - on - month, with a large increase in latex exports. Cote d'Ivoire's exports decreased month - on - month in November [63][69][75][76]. - Import situation: In October 2025, China imported 5.108 million tons of natural rubber (including mixed and composite rubber), a 14.27% decrease from the previous month and a 0.89% decrease year - on - year [80]. 3.3.2 Demand - Tire production and sales: This week, the production capacity utilization rate of tire enterprises increased slightly, but the overall inventory began to accumulate again. In October 2025, the export of semi - steel tires continued to decline significantly, while the export of all - steel tires decreased slightly. The sales of heavy - duty trucks increased slightly, and the sales of passenger cars continued to grow in November [86][91]. - Road transportation turnover: In October 2025, the freight turnover of road transportation decreased month - on - month, while the passenger turnover improved month - on - month [92]. 3.3.3 Inventory - Social inventory: As of December 5, 2025, China's natural rubber social inventory continued to accumulate, with both dark and light rubber inventories increasing. The inventory in Qingdao Port increased at a slower pace, and the general trade shipments improved [99]. - Futures inventory: On December 12, 2025, the futures inventory of natural rubber on the Shanghai Futures Exchange was 57,000 tons, a 25.17% increase from the previous week [104]. 3.4 This Week's View Summary - View: Affected by geopolitical conflicts, the rubber market fluctuates within a range. The raw material prices are firm, but downstream procurement is cautious, and inventories continue to accumulate [107]. - Strategy: For single - side trading, use the RU05 range - trading idea within [14,800 - 15,800]. For inter - period trading, conduct a 1 - 5 positive spread strategy. For inter - variety trading, observe [108].

Core Insights - The article discusses a recent institutional research conducted by the well-known private equity firm, Lao Yumin Investment, on a listed company, Yapu Co., Ltd. [1] Company Overview - Yapu Co., Ltd. specializes in hybrid fuel systems, which are noted for their complexity and higher unit value compared to traditional fuel systems [1] - The company has established a strong international presence with 25 production bases and 7 engineering technology centers across 11 countries on 4 continents [1] - The increasing market share of hybrid vehicles is expected to drive revenue growth for Yapu's related business segments [1] - Yapu recently acquired Winshang Technology, which focuses on rotary transformers and special motor products, serving major automotive manufacturers, rail transportation companies, and industrial machinery, as well as aerospace and military sectors [1]