Report Summary 1. Report Information - Research variety: Synthetic rubber [1] - Report cycle: Daily report - Date of report: September 18, 2025 2. Investment Rating - No investment rating is provided in the report. 3. Core View - The short - term synthetic rubber futures market is expected to continue its weak performance, with supply, inventory, and cost factors influencing the market. Future price movements depend on pre - National Day stocking, device maintenance, butadiene prices, and tire production data [7][8] 4. Summary by Directory 4.1 Futures Market - **Contract行情**: On September 18, 2025, synthetic rubber fluctuated and declined. The BR2511 contract opened at 11,570 yuan/ton, reached a high of 11,590 yuan/ton, a low of 11,355 yuan/ton, and closed at 11,415 yuan/ton, down 205 yuan/ton or 1.76% from the previous trading day's settlement price. Trading volume was 116,100 lots, an increase of 43,000 lots from the previous day, and the open interest was 74,500 lots, an increase of 7,604 lots [2] - **Variety price**: The BR2510 contract opened at 11,610 yuan/ton with a high of 11,660 yuan/ton; the BR2512 contract opened at 11,570 yuan/ton with a high of 11,590 yuan/ton; the BR2601 contract opened at 11,605 yuan/ton, closed at 11,440 yuan/ton, down 185 yuan/ton or 1.59%, with a trading volume of 19,247 lots and an open interest of 22,233 lots [4] - **Spot price**: On September 18, the price of high - cis butadiene rubber in the Shanghai market decreased by 0 - 50 yuan/ton compared to the previous trading day. Some arbitrage resources had lower prices, and the mainstream supply price was affected [5] 4.2 Influencing Factors - **Industry information**: As of September 17, the inventory of domestic butadiene rubber sample enterprises was 33,700 tons, a 2.29% decrease from the previous period. However, trader inventories have increased for four consecutive weeks, and there is still pressure on total social inventory. Butadiene port inventory has dropped to 25,600 tons, but 50,000 tons of shipments are expected to arrive in October, weakening cost - side support [6] - **Policy and market dynamics**: According to data released by the General Administration of Customs on September 18, China's rubber tire exports in August were 870,000 tons, a 2.6% year - on - year increase. The cumulative export volume from January to August was 6.5 million tons, a 5.1% year - on - year increase [6] 4.3 Market Outlook - The Fed's interest rate cut has led to a rebound in the US dollar index, putting pressure on commodities. Although there are disruptions in the natural rubber tapping process due to rainfall and high raw material prices, the spot trading sentiment has weakened. Supply and inventory pressures dominate the market. The short - term synthetic rubber futures market is expected to continue its weak performance, and future price movements need to pay attention to pre - National Day stocking, device maintenance, butadiene prices, and tire production data [7][8]

Market Overview - The A-share market experienced a collective decline across the three major indices, with the Shanghai Composite Index closing at 3820.09 points, down 0.30% [1] - The Shenzhen Component Index closed at 13070.86 points, down 0.04%, while the ChiNext Index ended at 3091.00 points, down 0.16% [1] Sector Performance - The top-performing sectors included energy metals, education, and tourism & hotels, with energy sectors rising by 3.23% [2] - The education sector increased by 2.08%, and the tourism & hotel sector also saw a rise of 2.08% [2] - Conversely, the worst-performing sectors were electrical machinery, rubber products, and automotive services, with electrical machinery declining by 3.77% [2] - Rubber products fell by 2.78%, and automotive services decreased by 2.61% [2] Trading Volume and Capital Flow - The total trading volume for the A-share market reached 10163.48 billion yuan, with a total turnover of 10163.48 billion yuan for the Shanghai Composite Index [1] - The energy sector had a net inflow of 16.57 billion yuan, while the automotive parts sector experienced a significant net outflow of 108.53 billion yuan [2]

Report 1: Glass and Soda Ash Futures and Spot Daily Report 1. Report Industry Investment Rating Not provided in the report. 2. Core Viewpoints - **Soda Ash**: The supply - demand pattern remains bearish. After the traditional summer maintenance season, supply is at a high level. Without actual capacity exit or load - reduction, inventory will face further pressure. It is advisable to short on rebounds [1]. - **Glass**: In the short - term, the spot market is driven by sentiment, and its sustainability needs to be tracked. In the medium - term, the actual demand during the peak season should be focused on. In the long - term, the industry needs capacity clearance to solve the over - supply problem [1]. 3. Summary by Relevant Catalogs - **Prices and Spreads**: Glass prices in some regions increased slightly, while soda ash prices in some contracts decreased slightly. For example, the Huazhong glass quote increased by 0.88%, and the soda ash 2505 contract decreased by 0.14% [1]. - **Supply**: The soda ash开工率 decreased by 2.02%, and the weekly output decreased by 2.02%. The float glass daily melting volume decreased by 0.47%, and the photovoltaic daily melting volume remained unchanged [1]. - **Inventory**: Glass inventory decreased by 1.10%, soda ash factory inventory decreased by 2.33%, and soda ash delivery warehouse inventory increased by 10.69% [1]. - **Real Estate Data**: New construction area increased by 0.09%, construction area decreased by 2.43%, completion area decreased by 0.03%, and sales area decreased by 6.50% [1]. Report 2: Log Futures Daily Report 1. Report Industry Investment Rating Not provided in the report. 2. Core Viewpoints The current log price is temporarily stable supported by cost. With low arrival volume and low inventory, the price has strong bottom support. Although demand remains above 60,000 cubic meters, there is no obvious improvement trend. It is recommended to go long on dips [2]. 3. Summary by Relevant Catalogs - **Futures and Spot Prices**: Log futures prices decreased, with the 2511 contract closing at 801.5 yuan per cubic meter, down 7.5 yuan per cubic meter. The spot prices of major standard delivery products remained unchanged [2]. - **Supply**: The number of pre - arriving ships of New Zealand logs at 13 Chinese ports this week decreased by 6, and the arrival volume decreased by 208,000 cubic meters [2]. - **Inventory**: As of September 12, the total inventory of national coniferous logs increased by 80,000 cubic meters to 3.02 million cubic meters [2]. - **Demand**: As of September 12, the average daily log delivery volume increased by 0.17 million cubic meters to 62,900 cubic meters [2]. Report 3: Rubber Industry Futures and Spot Daily Report 1. Report Industry Investment Rating Not provided in the report. 2. Core Viewpoints In the short - term, rubber prices are expected to be weak and volatile. The 01 contract is expected to trade in the range of 15,000 - 16,500 yuan per ton. The subsequent supply situation in the peak - production season of the main producing areas should be focused on [3]. 3. Summary by Relevant Catalogs - **Spot Prices and Basis**: The prices of some rubber products decreased, such as the Yunnan state - owned whole - latex rubber decreased by 1.66%, and the Thai standard mixed rubber decreased by 0.99% [3]. - **Monthly Spreads**: The 9 - 1 spread increased by 20.00%, the 5 - 9 spread decreased by 12.50% [3]. - **Fundamentals**: The production of some countries increased in July, such as Thailand's production increased by 1.61% and Indonesia's production increased by 12.09%. The domestic tire production in August increased by 9.10%, and the export volume decreased by 5.46% [3]. - **Inventory Changes**: The bonded area inventory decreased by 1.66%, and the natural rubber factory - warehouse futures inventory decreased by 1.30% [3]. Report 4: Futures and Spot Daily Report 1. Report Industry Investment Rating Not provided in the report. 2. Core Viewpoints The polysilicon market is expected to continue to fluctuate in the short - term. The rise in downstream prices, industry meetings, and low inventory of some enterprises support the price increase of polysilicon enterprises [4]. 3. Summary by Relevant Catalogs - **Spot Prices and Basis**: The average price of N - type re - feedstock increased by 0.10%, and the N - type material basis increased by 35.64% [4]. - **Futures Prices and Monthly Spreads**: The main contract price decreased by 0.53%, and some monthly spreads increased, such as the 当月 - 连一 spread increased by 80.00% [4]. - **Fundamentals (Weekly)**: The silicon wafer production increased by 0.29%, and the polysilicon production decreased by 100.00% [4]. - **Fundamentals (Monthly)**: The polysilicon production increased by 23.31%, the import volume increased by 40.30%, and the net export volume decreased by 14.92% [4]. - **Inventory Changes**: The polysilicon inventory decreased by 100.00% [4]. Report 5: Industry Futures and Spot Daily Report 1. Report Industry Investment Rating Not provided in the report. 2. Core Viewpoints From the cost side, the cost of industrial silicon is rising. From the supply - demand side, the supply - demand in August increased simultaneously, maintaining a tight balance. If some capacities are cleared in the long - term, the supply pressure will decrease. It is recommended to go long on dips, and the main price fluctuation range is expected to be 8,000 - 9,500 yuan per ton [5]. 3. Summary by Relevant Catalogs - **Spot Prices and Main Contract Basis**: The price of some industrial silicon products remained unchanged, and the basis of some products increased, such as the basis of East China SI4210 industrial silicon increased by 36.36% [5]. - **Monthly Spreads**: Some monthly spreads changed, such as the 2510 - 2511 spread increased by 25.00% [5]. - **Fundamentals (Monthly)**: The national industrial silicon production increased by 14.01%, the national开工率 increased by 6.20%, and the organic silicon DMC production increased by 11.66% [5]. - **Inventory Changes**: The Xinjiang factory inventory decreased by 1.07%, the Yunnan factory inventory increased by 5.45%, and the social inventory increased by 0.74% [5].

Market Overview - The A-share market experienced a collective downturn in the afternoon session, with the Shanghai Composite Index closing at 3831.66 points, down 1.15% [1] - The Shenzhen Component Index closed at 13075.66 points, down 1.06% [1] - The ChiNext Index closed at 3095.85 points, down 1.64% [1] - Total trading volume reached 13659.62 billion yuan for Shanghai and 17691.95 billion yuan for Shenzhen [1] Sector Performance Gaining Sectors - The tourism and hotel sector led the gains with an increase of 2.19%, totaling a trading volume of 1906.88 million hands and a net inflow of 191.33 million yuan [2] - The automotive services sector rose by 2.14%, with a trading volume of 877.84 million hands and a net outflow of 10.25 million yuan [2] - The rubber products sector increased by 1.64%, with a trading volume of 380.43 million hands and a net inflow of 60.28 million yuan [2] Declining Sectors - The high-end materials sector saw the largest decline at -4.80%, with a trading volume of 779.60 million hands and a net outflow of 12.64 million yuan [2] - The industrial metals sector fell by 3.93%, with a trading volume of 5334.15 million hands and a net outflow of 88.56 million yuan [2] - The small metals sector decreased by 3.62%, with a trading volume of 1186.68 million hands and a net outflow of 48.01 million yuan [2]

Market Overview - The three major indices in the A-share market opened lower but rose during the morning session, with the Shanghai Composite Index closing at 3893.95 points, up 0.45% [1] - The Shenzhen Component Index closed at 13319.70 points, up 0.79%, and the ChiNext Index closed at 3162.90 points, up 0.49% [1] Sector Performance - The top-performing sectors included Automotive Services and Others (up 3.86%), Semiconductors (up 3.63%), Rubber Products (up 2.72%), and Components (up 2.72%) [2] - The sectors with the largest declines were Precious Metals (down 2.31%), Insurance (down 1.45%), Industrial Metals (down 1.45%), and Securities (down 1.44%) [2] Trading Volume and Net Inflow - The Automotive Services sector had a total trading volume of 536.37 million hands and a net inflow of 67.49 billion [2] - The Semiconductor sector recorded a total trading volume of 2599.29 million hands with a net inflow of 175.04 billion [2] - In contrast, the Insurance sector had a total trading volume of 156.42 million hands and a net outflow of 9.32 billion [2]

Report 1: Glass and Soda Ash 1. Report Industry Investment Rating No information provided. 2. Report's Core View - The overall sentiment of the commodity market has improved, and industrial products have stabilized and rebounded. Soda ash is driven by macro - sentiment, but its fundamental surplus problem persists. It is advisable to wait for a rebound and then go short. - Glass is sensitive to macro - atmosphere fluctuations, and the spot market has good transactions. However, the mid - term inventory in some areas is high, and the industry needs capacity clearance in the long - term. Short - term sentiment drives the market, and the follow - up should focus on policy implementation and peak - season demand [1]. 3. Summary by Relevant Catalogs - **Price and Spread**: - Glass: Prices in East China and Central China increased, with the 2505 and 2509 contracts rising slightly. The 05 - contract basis decreased. - Soda ash: Most regional spot prices remained unchanged, the 2505 contract fell slightly, and the 2509 contract rose. The 05 - contract basis increased [1]. - **Supply**: - Soda ash: The operating rate and weekly output increased. - Glass: The float - glass daily melting volume and photovoltaic daily melting volume increased slightly [1]. - **Inventory**: - Glass factory inventory decreased, and soda ash factory inventory decreased while the delivery - warehouse inventory increased [1]. - **Real Estate Data**: - New construction area increased slightly, construction area decreased, completion area decreased slightly, and sales area decreased significantly [1]. Report 2: Rubber 1. Report Industry Investment Rating No information provided. 2. Report's Core View The supply of natural rubber is stable with overseas raw materials rising and inventory decreasing. Demand has some changes with different tire enterprises' policies. The price is expected to be affected by macro factors in the short - term, and attention should be paid to raw - material output in the peak - season and the impact of La Nina [2]. 3. Summary by Relevant Catalogs - **Spot Price and Basis**: - The prices of Yunnan state - owned whole - latex rubber and Thai standard mixed rubber decreased, while the cup - rubber price increased. The basis of whole - latex rubber and non - standard price difference increased [2]. - **Monthly Spread**: - The 9 - 1 and 1 - 5 spreads decreased, and the 5 - 9 spread increased [2]. - **Fundamental Data**: - Production: The production of Thailand, Indonesia, and China in July had different changes. - Tire: The operating rates of semi - steel and full - steel tires increased, and domestic tire production increased in July, but tire exports decreased to zero. - Import: The import of natural rubber and synthetic rubber increased in July [2]. - **Inventory**: - The bonded - area inventory and factory - warehouse futures inventory of natural rubber decreased, and the warehouse - entry and exit rates of dry rubber in Qingdao changed [2]. Report 3: Logs 1. Report Industry Investment Rating No information provided. 2. Report's Core View The log price is currently stable supported by cost. The arrival volume is low, and the inventory is low, providing strong price support. Demand remains above 60,000 cubic meters, and it is recommended to go long at low prices. Attention should be paid to the improvement of shipment volume in the peak - season [4]. 3. Summary by Relevant Catalogs - **Futures and Spot Prices**: - Log futures prices increased slightly, and most spot prices remained unchanged. The basis of some contracts decreased [4]. - **Supply**: - The port shipment volume and the number of ships from New Zealand to China, Japan, and South Korea decreased [4]. - **Inventory**: - The inventory in major Chinese ports increased, with increases in Shandong and Jiangsu [4]. - **Demand**: - The daily average outbound volume increased slightly in China, Shandong, and Jiangsu [4]. Report 4: Polysilicon 1. Report Industry Investment Rating No information provided. 2. Report's Core View In the short - term, the market is more focused on the expectation of policy implementation in September, and the price is likely to rise. In September, the supply reduction is not obvious, and there may be a slight inventory accumulation. The price is more affected by policy expectations, and the risk is high. Attention should be paid to the self - discipline meeting of polysilicon enterprises [5]. 3. Summary by Relevant Catalogs - **Spot Price and Basis**: - The average price of N - type poly - feedstock increased slightly, and the N - type material basis increased significantly [5]. - **Futures Price and Monthly Spread**: - The main - contract price decreased, and the spreads between different contracts had different changes [5]. - **Fundamental Data**: - Weekly: Silicon wafer and polysilicon production increased. - Monthly: Polysilicon production, import, and export increased, and the net export decreased. Silicon wafer production, export, and net export increased, and the demand increased slightly [5]. - **Inventory**: - Polysilicon inventory increased, silicon wafer inventory decreased, and polysilicon warehouse receipts increased [5]. Report 5: Industrial Silicon 1. Report Industry Investment Rating No information provided. 2. Report's Core View The cost of industrial silicon is rising, and there is news of capacity clearance. The supply - demand relationship was in tight balance in August, and the supply pressure may decrease in the long - term. It is recommended to go long at low prices, but pay attention to inventory and warehouse - receipt pressure. The main price range is expected to be 8,000 - 9,500 yuan/ton [6]. 3. Summary by Relevant Catalogs - **Spot Price and Basis**: - The price of East China's oxygen - containing SI5530 industrial silicon increased, and the basis of some grades changed [6]. - **Monthly Spread**: - The spreads between different contracts had different changes [6]. - **Fundamental Data**: - Production: National and regional industrial silicon production increased, as well as organic silicon DMC and polysilicon production. The production of recycled aluminum alloy decreased. - Operating Rate: National and regional operating rates increased. - Export: Industrial silicon export volume increased [6]. - **Inventory**: - Inventories in Xinjiang, Yunnan, and the social inventory increased slightly, and the contract and non - contract inventories also had small increases [6].

Core Viewpoint - The A-share market experienced a collective rise in the three major indices, indicating positive market sentiment and trading activity on September 17, 2023 [1] Market Performance - The Shanghai Composite Index closed at 3876.34 points, with an increase of 0.37% and a trading volume of 10066.79 billion yuan - The Shenzhen Component Index closed at 13215.46 points, rising by 1.16% with a trading volume of 13700.59 billion yuan - The ChiNext Index closed at 3147.35 points, up by 1.95% with a trading volume of 6629.44 billion yuan [1] Sector Performance - The leading sectors in terms of growth included: - Diversified Finance: increased by 2.87% with a trading volume of 2071.86 million hands and a total turnover of 178.51 billion yuan - Wind Power Equipment: rose by 2.66% with a trading volume of 990.98 million hands and a turnover of 139.18 billion yuan - Rubber Products: up by 2.19% with a trading volume of 191.41 million hands and a turnover of 32.07 billion yuan [2] Declining Sectors - The sectors that experienced declines included: - Audio-Visual Equipment: decreased by 2.57% with a trading volume of 695.22 million hands and a turnover of 133.32 billion yuan - Tourism and Hotels: down by 1.62% with a trading volume of 1641.96 million hands and a turnover of 152.53 billion yuan - Beverage Manufacturing: fell by 0.97% with a trading volume of 562.09 million hands and a turnover of 77.79 billion yuan [2]

Core Viewpoint - The article discusses the complexities and ambiguities in the prospectus of Yuan Chuang Co., a company specializing in rubber track products, raising concerns about its production capacity, research and development (R&D) capabilities, and overall transparency in its IPO process [1][12]. Production Capacity - Yuan Chuang Co. claims that after the completion of its fundraising project, its rubber track production capacity will reach 550,000 units, which raises questions since its actual capacity was already 609,300 units at the end of 2022 and is projected to increase to 679,400 units by 2024 [2][3]. - The prospectus does not clearly explain whether the stated 550,000 units is an addition to existing capacity or the total capacity, leading to confusion [3][4]. - The company has been quietly expanding its production capacity over the years, but the lack of clear communication in the prospectus creates ambiguity [5][6]. Environmental Compliance - Concerns are raised regarding the compliance of the company's production with environmental regulations, as it is listed among key monitored units by the local environmental authority, yet no environmental impact assessment documents for the new capacity could be found [7]. Research and Development - The article highlights issues with Yuan Chuang's R&D efforts, noting that the company has only filed 13 patents since 2022, which is fewer than its competitor Jin Li Long [8]. - There are questions about the legitimacy of a named inventor on the patents, as this individual does not appear to be part of the company's staff, raising doubts about the authenticity of its R&D claims [8][9]. - The company has faced criticism for product quality, with significant returns reported and specific complaints from agricultural machinery departments regarding product failures [9][10]. High-tech Enterprise Status - Yuan Chuang claims to be a high-tech enterprise, but the article points out that it does not meet the criteria for such a designation, including insufficient R&D expenditure relative to sales and a lack of qualified technical personnel [10][12]. - The company’s self-identified status as a high-tech enterprise appears to be misleading, as it has not been listed as such since 2016 [10]. Market Positioning - The company aims to list on the main board, which typically favors larger, more established firms, yet its market position in the niche rubber track sector is questioned, especially in comparison to industry giants like Zhongce Rubber [11][12]. - The article suggests that Yuan Chuang's focus on a narrow market segment may not justify its ambitions for a main board listing, raising concerns about its overall viability and transparency [12].

Core Insights - Huizhou Fusen Rubber Products Co., Ltd. has been established with a registered capital of 1 million RMB [1] Company Overview - The company is engaged in the manufacturing and sales of rubber products, daily miscellaneous goods, household items, leather products, and electronic products [1] - It also involves in software development, internet sales (excluding licensed goods), import and export of goods and technology, and domestic trade agency [1]

中国经济网北京9月17日讯 三大指数早盘集体上涨，截至午间收盘，上证综指报3877.55点，涨幅0.41%；深成指报13197.01点，涨幅1.02%；创业板指报 3140.76点，涨幅1.74%。 板块方面，多元金融、橡胶制品、电机等板块涨幅居前，贵金属、影视院线等板块跌幅居前。 A股市场板块涨跌幅排行 | 序号 | 板块 | 涨跌幅(%)▼ | | 总成交量（万手） ▼ 总成交额（亿元）▼ | 浄流入（亿元）▼ | 上涨家数 | 下跌2 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 多元金融 | 3.09 | 1363.46 | 108.88 | 20.13 | 27 | o | | 2 | 橡胶制品 | 2.58 | 123.20 | 21.21 | 1.26 | 18 | വ | | 3 | 电机 | 2.20 | 898.37 | 232.03 | 6.37 | 20 | ഗ | | ব | 消費电子 | 1.82 | 2313.71 | 608.58 | 17.61 | 77 | 21 | | 5 | 米素米电子 | 1.78 ...