格隆汇1月5日丨海南橡胶(601118.SH)公布，根据《海南橡胶 2025 年橡胶收入保险项目保险协议》的约 定，2025年11月期间因橡胶价格波动造成收入损失，触发保险赔付条件。经查勘定损，确定保险赔付金 额为2158.07万元。公司近日已收到赔付款项，会计核算记入其他收益。 ...

根据《海南橡胶2025年橡胶收入保险项目保险协议》的约定，2025年9月、10月期间因橡胶价格波动造 成收入损失，触发保险赔付条件。经查勘定损，确定9月保险赔付金额1752.05万元，10月保险赔付金额 2050.62万元。公司近日已收到上述赔付款项，会计核算计入其他收益。 格隆汇12月31日丨海南橡胶(601118.SH)公布，根据《海南橡胶2025年橡胶树物化成本保险项目保险协 议》和《海南橡胶2025年橡胶树完全成本保险项目保险协议》的约定，受2025年第13号台风"剑鱼"影响 触发保险赔付条件，经查勘定损，确定保险赔付金额为3176.67万元，扣除保险公司此前已预付的部分 保险赔款500万元后，余款2676.67万元。公司近日已收到赔付余款，会计核算冲减营业外支出。 ...

格隆汇12月31日丨海南橡胶(601118.SH)公布，公司近日与中国太平洋财产保险股份有限公司海南分公 司、中国人民财产保险股份有限公司海南省分公司、中国人寿财产保险股份有限公司海南省分公司、阳 光财产保险股份有限公司海南省分公司签订《海南橡胶 2026 年橡胶收入保险项目保险协议》，五方本 着自愿、平等、互利和诚实信用的原则，经充分协商，决定就甲方将所拥有的天然橡胶树生产的天然橡 胶干胶向乙方投保橡胶收入保险及相关保险服务事宜达成一致意见。 ...

海南橡胶公告称，近日与四家保险公司签订《海南橡胶2026年橡胶收入保险项目保险协议》，保险期间 为2026年1月1日至12月31日，保险标的为天然橡胶干胶。保险金额16.15亿元，保险费率13.24%，保险 费2.14亿元。投保人承担20%即4276.52万元，中央财政补贴45%即9622.17万元，海南省财政补贴35%即 7483.91万元。该协议可减少胶价下跌影响，稳定主营，不过存在履约风险。 ...

Report Industry Investment Rating - Not mentioned in the report Core Viewpoints - The report is a meteorological analysis report on natural rubber futures. It points out that it is the end of the peak production season, and the weather conditions are generally good. However, there are still some potential impacts from climate phenomena such as La Nina and El Nino on the rubber production areas [1]. - The long - and medium - term climate dynamics show that the La Nina phenomenon has strengthened slightly month - on - month, and there is a possibility of transitioning to ENSO neutral and then to a weak El Nino phenomenon, which may increase weather disturbances in the production areas [1]. - Different natural rubber production areas around the world have different weather conditions, which will have different impacts on rubber production, including the progress of tapping, yield, and the risk of diseases and pests [1][2][3] Summary by Directory 1. This Week's Important Meteorological Warnings - **Long - and medium - term climate dynamics**: - **ENSO**: The current Nino3.4 index is - 0.8 (- 0.1), and the La Nina phenomenon has strengthened slightly month - on - month. A weak La Nina phenomenon may last from December 2025 to February 2026, transition to ENSO neutral around January - March 2026, and there is a probability of over 45% of turning into a weak El Nino phenomenon from June to August 2026, which may increase weather disturbances in the production areas [1]. - **IOD**: The DMI index is - 0.60, increasing the probability of rainfall around Indonesia [1]. - **MJO**: It is expected to be in the second phase and will develop towards the third phase, which will affect the area around Indonesia and intensify weather changes [1]. - **Production area weather**: - **China**: Yunnan has stopped tapping. The significant cooling in early January and mostly sunny weather are conducive to the complete defoliation of rubber trees. Hainan is gradually cooling, with sporadic light rain recently. Most areas in the central and eastern parts have stopped tapping, and the western and southern parts are still tapping but are expected to stop completely in mid - January [2]. - **Indochina Peninsula**: In Thailand, rainfall has significantly decreased month - on - month, and the rubber in the main planting areas may increase production in the next few weeks but will decrease and stop tapping in mid - January. Vietnam has less rain, which has little impact on tapping. Cambodia's weather is similar to Vietnam's. Myanmar has less rain, and the tapping may be postponed [3]. - **Malay Archipelago**: In Indonesia, the La Nina phenomenon and IOD have strengthened, increasing the probability of rainfall. In December, precipitation in the whole area was high, which affected production. In Malaysia, the Malay Peninsula is in the peak rainy season, and continuous rainfall still affects tapping. In the Philippines, rainfall was less in December but increased recently, and future rainfall will decrease, which is beneficial to production [5]. - **South Asia**: In India, weather disturbances have weakened month - on - month. In Sri Lanka, the flood has subsided, but there is still rain in the central and northern parts [6]. - **West Africa**: In Cote d'Ivoire, rainfall has increased significantly year - on - year in December, and attention should be paid to soil humidity changes and drought risks in the future [6]. 2. Production Area Rainfall Data Summary - The report provides the weekly precipitation data of main natural rubber production areas, including the cumulative precipitation of the current month, the year - on - year change percentage, the cumulative precipitation of last week, the weekly difference, the forecast precipitation for this week, and the forecast precipitation for the next week [7]. 3. Production Area Sudden Disaster Monitoring - **Tropical depression**: A tropical depression may form in the southwest of Indonesia, increasing rainfall in western Indonesia, but the impact is limited [10]. - **Flood disaster**: Thailand has less rain recently, and future rainfall is limited, which may increase production. The Malay Peninsula and Sumatra Island in Indonesia are in the peak rainy season, but the rainfall has decreased month - on - month, and the flood risk has decreased [11]. 4. Weather Conditions in Each Production Area - The report provides detailed weather maps and meteorological indicator tracking data for each production area, including daily precipitation distribution, monthly precipitation distribution, annual cumulative precipitation, soil humidity anomaly of each layer, temperature comparison, and average wind speed [20][40][63] Appendix - **Appendix 1: Planting Area and Yield Distribution of Main Natural Rubber Production Areas**: Global natural rubber is mainly planted in Southeast Asia, accounting for about 80%. Thailand's planting area accounts for about 1/4, and Indonesia accounts for about 1/5. In terms of yield, Thailand accounts for more than 30% of the global total, Indonesia accounts for 15%, and Cote d'Ivoire accounts for more than 10% [196]. - **Appendix 2: Phenological Period of Rubber and the Impact of Weather**: The phenological period of rubber trees includes five stages. New leaves are most sensitive to weather and natural disasters before maturity. Long - term rubber supply depends on planting area and tree - age structure, while short - term supply is more affected by weather factors. Different weather conditions have different impacts on rubber production during the tapping and non - tapping periods [205]. - **Appendix 3: Production Cycle and Potential Meteorological Risks of Main Natural Rubber Production Areas**: The global natural rubber supply has obvious seasonality. The high - yield period is from September to November, and the low - yield period is from February to March. The tapping and non - tapping times of each production area vary due to latitude differences [207].

格隆汇12月29日丨海南橡胶(601118.SH)公布，根据《海南省收回农垦国有土地使用权社会保险费补贴 办法》的相关规定，公司近日收到琼西北供水工程（儋州段）等征地项目的社会保险费补贴 157,253,831.19元，会计核算计入营业外收入。 根据《海南省人民政府关于重新公布全省征地区片综合地价的通知》，公司近日收到110千伏兰洋(交 月)输变电工程项目等征地项目的青苗补偿款1,269,612.60元，征地协议约定的条件达成时确认为营业外 收入。 ...

Group 1 - The core objective of Hainan's customs closure is to transition from "factor flow-based openness" to "institutional openness," characterized by the mechanism of "one line open, two lines controlled, and island-wide freedom" [2][4] - The number of zero-tariff items has expanded from 1,900 to 6,600, covering 74% of product categories, which directly reduces import costs for enterprises [5] - The policies post-closure are expected to empower development, enhancing corporate profitability and attracting industries through tax incentives and optimized regulations [5] Group 2 - The customs closure aligns with Hainan's key industries such as tourism, modern manufacturing, high-tech industries, and tropical agriculture, providing differentiated development opportunities for listed companies [6] - Hainan's airport operations are expected to see increased traffic, with international passenger volume projected to exceed 2.4 million, benefiting companies like Hainan Development through infrastructure demands [7] - In the tropical agriculture sector, companies like Hainan Rubber and Shennong Seed Industry will benefit from zero-tariff policies, significantly lowering market expansion costs and enhancing their international market reach [8]

非洲财经信息通讯社12月24日报道，作为全球第三大、非洲第一大天然橡胶生产国，科特迪瓦计划 进一步提高橡胶生产力。20日，科橡胶种植振兴生产者协会（APRHE-CI）宣布，科政府计划在未来十 年内新增50万公顷橡胶种植园。此举一方面是为满足日益增长的国际市场需求，印度私营咨询和市场研 究公司Mordor Intelligence预测，2025年全球天然橡胶市场规模将达到485亿美元，预计到2030年将以每 年4.58%的速度增长。另一方面，扩大橡胶种植面积也满足科政府开发生物质能等新兴领域的愿景，促 进相关产业发展。 （原标题：科特迪瓦计划未来十年新增50万公顷橡胶种植园） ...

1. Report's Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The inflection point of new planting area in natural rubber-producing countries was reached in 2018, corresponding to a decline in the growth rate of new natural rubber production capacity starting in 2025 [3][58] - It's currently impossible to determine the arrival of the production inflection point in Thailand. Although the production elasticity of southern Thailand is decreasing, the northern part is still in the production release cycle [3][58] - Cote d'Ivoire in Africa has the largest share of natural rubber production in the region, with its production exceeding Vietnam's and is expected to overtake Indonesia's in the future [5][46][58] 3. Summary by Relevant Catalogs 3.1. Introduction - Since the beginning of 2011, the prices of natural rubber futures and spot have been on a downward trend due to factors such as the downward cycle of China's real estate and increased supply. After the global health event in 2019, the recovery of global tire demand became more difficult, leading to a more than decade-long downward cycle in natural rubber prices. Recently, raw material prices in Thailand have shown strong resilience [11] 3.2. Supply Review of Southeast Asian Producing Countries - **Planting and Production Areas**: Southeast Asian natural rubber-producing countries can be divided into three tiers in terms of planting area. Thailand and Indonesia are in the first tier, Malaysia in the second, and China and Vietnam in the third. Myanmar, Cambodia, and Laos are in a lower tier. Malaysia was the first to see a decline in the tapping area [14][15] - **Import Volume**: China's natural rubber imports from Laos and Myanmar have been steadily increasing, mainly due to the alternative planting policy. The tariff exemption policy at the beginning of this year has increased imports from Laos [16] - **Yield per Unit Area**: Vietnam currently has the highest yield per unit area among Southeast Asian countries. Laos has great growth potential, and its yield per unit area has been rising rapidly in recent years, while Myanmar's is also increasing year by year [20] - **Production Volume**: Thailand's production remains at a high level, but its growth rate has slowed since 2021. Indonesia's production has been declining since reaching its peak in 2017, and Vietnam's production growth has also slowed after reaching its peak in 2022 [28] - **Tree Age Structure**: Thailand's rubber trees are mostly in the high-yield period, and the proportion of new rubber trees is small. Vietnam has a large proportion of rubber trees in the prime production period. Indonesia, Malaysia, China, and Thailand have a relatively large proportion of old trees [4][33][54] - **Thailand's Situation**: Thailand's tapping rate has been increasing in recent years, the new planting area has significantly decreased, and the area of old trees has increased. However, it's still uncertain whether the production inflection point has arrived. The theoretical new production is expected to peak in 2027, but the actual production is affected by weather and tapping enthusiasm [29][39][55] 3.3. Supply Review of African Producing Countries - **Planting and Tapping Areas**: Cote d'Ivoire has the largest share in Africa's natural rubber production, and its tapping area has been increasing year by year. It currently has the highest yield per unit area in Africa, but the peak yield per unit area is gradually decreasing [42] - **Production Volume**: Cote d'Ivoire's natural rubber production has been increasing rapidly in the past five years, and its production exceeded Vietnam's in 2023. It is expected to overtake Indonesia in the future [5][46] 3.4. Conclusion - Southeast Asian natural rubber production is mainly concentrated in Thailand, Indonesia, and Vietnam. Areas with growth potential include northern Thailand, Vietnam, Myanmar, and Laos [54][58] - Vietnam currently has the highest yield per unit area in Southeast Asia, and Laos and Myanmar have great growth potential [54] - Cote d'Ivoire in Africa is expected to become the world's second-largest natural rubber producer, overtaking Indonesia [58]

格隆汇12月16日丨海南橡胶(601118.SH)公布，根据《海南省人民政府关于重新公布全省征地区片综合 地价的通知》，公司近日收到海口羊山大道至定安母瑞山公路(定安段)电力设施迁改工程等征地项目的 青苗补偿款29.10万元，征地协议约定的条件达成时确认为营业外收入。 ...