Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating in the report. 2. Core View of the Report - The production of domestic cis - butadiene rubber has increased due to the restart of some devices and the increase in the load of private enterprises. The supply is expected to increase slightly this week, and the pressure on spot sales remains. The inventory of production enterprises and trading enterprises is expected to rise slightly. On the demand side, the operation of semi - steel tire enterprises is generally stable, but some enterprises' maintenance has affected the overall capacity utilization rate. The full - steel tire enterprises continue the previous production - control state, and some enterprises' maintenance plans at the beginning of this month may still affect the short - term capacity utilization rate. The br2510 contract is expected to fluctuate in the range of 11670 - 12200 in the short term [2]. 3. Summary According to the Catalog Futures Market - The closing price of the main contract of synthetic rubber is 11895 yuan/ton, down 5 yuan/ton; the position of the main contract is 33170, down 2323; the 10 - 11 spread of synthetic rubber is 10 yuan/ton, down 10 yuan/ton; the warehouse receipt quantity of butadiene rubber is 2670 tons, up 180 tons [2]. Spot Market - The mainstream price of cis - butadiene rubber (BR9000) from different manufacturers in different regions remains unchanged. The basis of synthetic rubber is 50 yuan/ton, and the other basis is 130 yuan/ton [2]. Upstream Situation - The price of Brent crude oil is 68.12 dollars/barrel, down 0.5 dollars/barrel; the price of WTI crude oil is 64.01 dollars/barrel, down 0.59 dollars/barrel; the price of naphtha CFR Japan is 597.38 dollars/ton, up 3.5 dollars/ton; the price of Northeast Asian ethylene is 840 dollars/ton, down 2 dollars/ton; the price of butadiene CFR China is 1095 dollars/ton, unchanged; the mainstream price of butadiene in Shandong market is 9550 yuan/ton, up 25 yuan/ton. The weekly capacity of butadiene is 15.11 million tons/week, down 0.01 million tons/week; the capacity utilization rate is 67.91%, down 0.24 percentage points; the port inventory of butadiene is 24000 tons, down 3300 tons; the operating rate of Shandong local refinery atmospheric and vacuum distillation unit is 49.57%, up 0.44 percentage points [2]. Downstream Situation - The monthly output of cis - butadiene rubber is 12.92 million tons, up 0.67 million tons; the weekly capacity utilization rate is 75.85%, up 6.7 percentage points; the production profit is - 478 yuan/ton, down 20 yuan/ton; the social inventory is 3.17 million tons, up 0.11 million tons; the manufacturer's inventory is 25100 tons, up 1900 tons; the trader's inventory is 6620 tons, down 790 tons. The weekly operating rate of domestic semi - steel tires is 72.77%, down 0.36 percentage points; the weekly operating rate of domestic full - steel tires is 63.84%, down 0.92 percentage points; the monthly output of full - steel tires is 12750000 pieces; the monthly output of semi - steel tires is 56970000 pieces; the inventory days of full - steel tires in Shandong is 39.22 days, down 0.54 days; the inventory days of semi - steel tires in Shandong is 46.14 days, down 0.91 days [2]. Industry News - As of August 28, the inventory of high - cis cis - butadiene rubber sample enterprises in China is 3.17 million tons, a month - on - month increase of 3.63%. The capacity utilization rate of semi - steel tire sample enterprises is 70.97%, a month - on - month increase of 0.90 percentage points and a year - on - year decrease of 8.73 percentage points; the capacity utilization rate of full - steel tire sample enterprises is 64.89%, a month - on - month decrease of 0.08 percentage points and a year - on - year increase of 5.10 percentage points. In August 2025, the output of cis - butadiene rubber in China is 13.57 million tons, a month - on - month increase of 5.02% and a year - on - year increase of 30.73% [2].

1. Report Industry Investment Rating - The investment rating of butadiene rubber is "oscillating". In the short - term, the trend of cis - polybutadiene rubber is expected to be oscillating with a slight upward bias. Follow - up attention should be paid to the impact of the arrival of butadiene ocean - going vessels and the maintenance of cis - polybutadiene rubber on the fundamentals [3]. 2. Core Viewpoints - The price of high - cis cis - polybutadiene rubber of Sinopec and PetroChina sales companies increased by 200 yuan/ton this cycle. The cost of cis - polybutadiene rubber remained strong, but downstream buyers still tried to push down prices. Although the domestic production and capacity utilization of cis - polybutadiene rubber reached the highest level of the year, considering the upcoming maintenance in September - November, the bearish sentiment in the market decreased [3][4]. - In terms of influencing factors, supply is bearish due to the operation status of some plants; demand is neutral with different situations in the semi - steel and all - steel tire markets; inventory is neutral with small changes and the need to pay attention to future inventory changes; basis, spread/price ratio are neutral; profit is bearish affected by production costs and market prices; geopolitical and macro factors are bearish because of OPEC+ production increase, weak domestic economic indicators and capacity reduction in the petrochemical industry [3]. 3. Summary by Related Catalogs 3.1 Market Review - The mainstream ex - factory price of high - cis cis - polybutadiene rubber in China was 12,100 - 12,200 yuan/ton as of August 28, 2025. The production and capacity utilization of domestic cis - polybutadiene rubber reached the highest level of the year, and the cost support led to an increase in the supply price of mainstream suppliers. However, downstream buyers still pressured prices [4]. 3.2 Price Comparison - The ex - factory prices of high - cis cis - polybutadiene rubber of Sinopec and PetroChina increased by 200 yuan/ton compared with the previous week. The market prices in different regions also showed varying degrees of increase [7]. - The prices of butadiene, cis - polybutadiene rubber, and styrene - butadiene rubber in the synthetic rubber industry chain also had different degrees of change. For example, the market price of butadiene in Hangzhou increased by 200 yuan/ton compared with the previous week [8]. 3.3 Correlation Analysis - The report provides the correlation coefficient heat maps of the price trends of crude oil, synthetic rubber, and natural rubber - related varieties for 1 - month and 3 - month periods, showing the relationships between different varieties [9]. 3.4 Device Maintenance - The report lists the maintenance plans of major refineries in China in 2025, including those of Sinopec, PetroChina, and CNOOC. It also details the maintenance situations of butadiene and high - cis cis - polybutadiene rubber plants [10][11]. 3.5 Price Spread and Basis Analysis - Analyzes the cross - variety price spreads and month - to - month spreads of BR, as well as the seasonal analysis of RU - BR, NR - BR, and BR - SC price spreads. It also presents the basis analysis of cis - polybutadiene rubber in different regions [12][13][22]. 3.6 Supply and Demand Analysis - In terms of butadiene, it shows the monthly production, apparent consumption, port and terminal inventory, as well as the production cost and profit. For cis - polybutadiene rubber, it includes the design capacity, production, import and export, inventory, cost, and profit. For styrene - butadiene rubber, it covers the capacity, production, inventory, and import and export [44][75][87]. 3.7 Downstream Market - Analyzes the production, start - up, and inventory of downstream products such as tires (full - steel and semi - steel) and conveyor belts [101][107][113].

Core Viewpoint - The article highlights the achievements of Liang Hongwen in the field of thermoplastic elastomers, particularly in the development of SEBS and SEPS, showcasing China's advancements in this industry and the importance of independent innovation [2][3][4]. Group 1: Achievements and Recognition - Liang Hongwen has received numerous awards, including one National Science and Technology Progress Award and ten provincial and ministerial-level awards, along with 75 domestic and 1 foreign authorized invention patents [1]. - He was honored as a "National Labor Model" by the All-China Federation of Trade Unions prior to the May Day holiday this year [1]. Group 2: Development of SEBS - In the 1990s, Liang Hongwen initiated the independent research and development of SEBS, overcoming significant technical challenges and achieving industrial production in 2006 with the establishment of China's first 10,000-ton industrial facility [2]. - His team has developed 18 different grades of SEBS and secured over 20 national invention patents, marking a significant advancement in China's SEBS technology [2]. Group 3: Advancements in SEPS - Following the success with SEBS, Liang Hongwen's team focused on SEPS, leading to the establishment of a 20,000-ton annual production facility in 2017, making China the third country to industrialize SEPS using proprietary technology [3]. Group 4: Industry Impact and Applications - Liang Hongwen's team has been instrumental in transitioning the thermoplastic rubber industry from expansion to refinement, contributing to various sectors including medical and tire manufacturing [4]. - In the medical field, they developed a specialized medical-grade SEBS to replace harmful PVC, significantly reducing costs and enhancing public health [4]. - In tire manufacturing, they created synthetic rubber materials that meet high-performance tire production requirements, achieving breakthroughs in product development from 2017 to 2023 [4].

Core Viewpoint - The Indian Ministry of Finance has extended the anti-dumping measures on fluororubber products originating from or imported from China until February 26, 2026, affecting specific customs tariff numbers [1] Group 1: Anti-Dumping Measures - The anti-dumping investigation on fluororubber from China was initiated by India on January 2, 2018 [1] - A definitive ruling was made on December 27, 2018, leading to the imposition of anti-dumping duties ranging from $0.078 to $7.31 per kilogram starting January 28, 2019 [1] - The first sunset review investigation was launched on February 7, 2020, with a positive ruling on October 19, 2020, resulting in continued duties of $1.04 to $8.86 per kilogram from November 27, 2020 [1] Group 2: Timeline of Events - The anti-dumping measures were originally set to expire on November 27, 2025, but have now been extended to February 26, 2026 [1] - A second sunset review investigation was initiated on June 16, 2025, indicating ongoing scrutiny of the market conditions for fluororubber [1]

Core Viewpoint - The domestic high styrene-butadiene rubber market is experiencing weak price movements, with expectations of a slight increase in prices, although the extent of this increase is limited due to various market factors [1] Price Trends - The market prices for BR9000 in North and East China are around 11,525 - 11,650 CNY/ton, while in South China, prices are between 11,600 - 11,650 CNY/ton [1] - The synthetic rubber futures prices are stabilizing, with spot sellers offering discounts and some grades being withheld from sale [1] Supply and Demand Dynamics - There is a sufficient supply of spot styrene-butadiene rubber, but downstream tire production capacity is not fully utilized, leading to cautious raw material purchasing and price negotiations [1] - The market is expected to see a slight price increase today, but the extent of this increase will be limited due to the pressure from the fundamental market conditions [1] Cost Factors - The price of raw material butadiene is stabilizing, and the gap between rubber prices and cost prices is narrowing, indicating that there is still some bottom support for prices [1] - The futures market's night session has seen a rise, which is expected to boost spot trading, although sellers are facing high costs [1]

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report The report provides daily observations on the butadiene rubber (BR) and natural rubber (RU/NR) markets, including market prices, important news, logical analyses, and trading strategies. The market conditions and influencing factors are dynamic, with various factors such as production rates, inventories, and macro - economic indicators affecting the market trends of rubber products [1][2][3]. 3. Summary by Related Catalogs Market Conditions - **BR Butadiene Rubber**: Prices of BR contracts and related products in different regions fluctuate daily. For example, on 25 - 08 - 22, the BR主力10 contract was at 11820 points, up 45 points or + 0.38% [1]. - **RU/NR Natural Rubber**: Similar to BR, prices of RU and NR contracts and related products also change daily. On 25 - 08 - 22, the RU主力01 contract was at 15765 points, up 45 points or + 0.29% [2]. Important News - **Tire Industry**: There are various news related to tire companies, such as锦湖轮胎's capacity adjustment plan, new tire companies' establishment, and the predicted increase in US tire shipments in 2025 [2][16][32]. - **Automobile and Rubber - related Policies**: News includes the establishment of China Chang'an Automobile Group and policies on promoting the standardized construction and high - quality development of chemical industrial parks [62][20]. Logical Analysis - **Production and Inventory**: Factors like domestic tire production line operating rates, inventory levels of BR, NR, and related raw materials (such as butadiene), and their year - on - year and marginal changes are analyzed. For example, on 25 - 08 - 22, the domestic full - steel tire production line operating rate increased for 2 consecutive weeks to 64.8%, and the semi - steel tire production line operating rate increased to 73.1% [3]. - **Macroeconomic and Industry Indicators**: Indicators such as the US rubber product inventory - to - sales ratio, the European automobile industry index, and the global stock market value are considered to assess their impact on the rubber market [17][33]. Trading Strategies - **Single - side Trading**: Strategies include holding, trying long, trying short, or observing positions for BR contracts. For example, on 25 - 08 - 22, it was recommended to observe the BR主力10 contract and pay attention to the pressure at the high point on Thursday [4]. - **Arbitrage (Long - Short)**: Some days suggest observing, while on 25 - 08 - 22, it was recommended to consider intervening in the BR2510 - NR2510 spread and set a stop - loss at the low point on Wednesday [4]. - **Options**: Strategies involve selling and holding certain option contracts and setting stop - losses. For example, on 25 - 08 - 22, it was recommended to sell and hold the BR2510沽10600 contract and set a stop - loss at the high point on Wednesday [4].

Group 1: Report Information - Report Title: Yong'an Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center - Report Date: August 22, 2025 [3] Group 2: BR Main Contract Data - Closing Price: On August 21, it was 11,775, with a daily change of 60 and a weekly change of 130 [4] - Open Interest: On August 21, it was 38,436, with a daily change of 2,745 and a weekly change of 14,763 [4] - Trading Volume: On August 21, it was 106,881, with a daily change of -62,183 and a weekly change of 38,728 [4] - Warehouse Receipt Quantity: On August 21, it was 12,190, with no daily change and a weekly change of 1,720 [4] - Virtual-to-Physical Ratio: On August 21, it was 15.77, with a weekly change of 4 [4] Group 3: BR Basis and Spread Data - Butadiene Styrene Basis: On August 21, it was 510, with a daily change of 90 and a weekly change of -80 [4] - 8 - 9 Month Spread: On August 21, it was 70, with a daily change of 150 and a weekly change of -185 [4] - 9 - 10 Month Spread: On August 21, it was -20, with a daily change of -10 and a weekly change of -20 [4] Group 4: BR Price Data - Shandong Market Price: On August 21, it was 11,750, with a daily change of 150 and a weekly change of 50 [4] - Chuanhua Market Price: On August 21, it was 11,700, with a daily change of 200 and a weekly change of 50 [4] - Qilu Factory Price: On August 21, it was 11,900, with no daily change and a weekly change of 100 [4] - CFR Northeast Asia: On August 21, it was 1,450, with no daily change and no weekly change [4] - CFR Southeast Asia: On August 21, it was 1,725, with no daily change and a weekly change of -10 [4] Group 5: BR Processing and Import - Export Data - Spot Processing Profit: On August 21, it was -64, with a daily change of 12 [4] - Futures Processing Profit: On August 21, it was -39, with a daily change of -78 and a weekly change of 105 [4] - Import Profit: On August 21, it was -85,257, with a daily change of 142 and a weekly change of -733 [4] - Export Profit: On August 21, it was -469, with a daily change of -130 and a weekly change of -46 [4] Group 6: BD Price Data - Shandong Market Price: On August 21, it was 9,425, with a daily change of 135 and a weekly change of 25 [4] - Jiangsu Market Price: On August 21, it was 9,350, with a daily change of 100 and a weekly change of 50 [4] - Yangzi Factory Price: On August 21, it was 9,400, with no daily change and no weekly change [4] - CFR China: On August 21, it was 1,080, with no daily change and a weekly change of 10 [4] Group 7: BD Processing and Import - Export Data - Carbon Four Extraction Profit: The data on August 21 was N/A [4] - Butene Oxidative Dehydrogenation Profit: On August 21, it was 256, with a daily change of 100 and a weekly change of 50 [4] - Import Profit: On August 21, it was 442, with a daily change of [missing value] and a weekly change of -29 [4] - Export Profit: On August 21, it was 1,037, with a daily change of -15 and a weekly change of 26 [4] Group 8: Downstream Product Profit Data - Butadiene - Styrene Production Profit: On August 21, it was 938, with no daily change and a weekly change of 100 [4] - ABS Production Profit: The data on August 21 was N/A [4] - SBS Production Profit (791 - H): On August 21, it was 1,145, with no daily change and no weekly change [4] Group 9: Inter - Variety Spread Data - RU - BR: On August 21, it was -22,716, with a daily change of -2,700 and a weekly change of -14,678 [4] - NR - BR: On August 21, it was -25,836, with a daily change of -2,670 and a weekly change of -14,653 [4] - Thai Mixed - Butadiene: On August 21, it was 2,870, with a daily change of -60 and a weekly change of 150 [4] - 3L - Butadiene - Styrene: On August 21, it was 2,600, with a daily change of -100 and a weekly change of 150 [4] Group 10: Intra - Variety Spread Data - Butadiene Standard - Non - Standard Price Difference: On August 21, it was 150, with no daily change and a weekly change of -50 [4] - Butadiene - Styrene 1502 - 1712: On August 21, it was 1,000, with a daily change of 50 and no weekly change [4]

Core Viewpoint - The legal opinion letter from Zhejiang Tiance Law Firm confirms the legality and validity of the procedures, qualifications, and voting results of the second extraordinary general meeting of shareholders for Zhongce Rubber Group Co., Ltd. in 2025 [1][8]. Group 1: Meeting Procedures - The extraordinary general meeting was proposed and convened by the board of directors, with the notice published on July 26, 2025 [2][3]. - The meeting utilized a combination of on-site and online voting methods, with specific time slots for online voting [3]. - The meeting was chaired by the company's chairman, and all procedures adhered to legal and regulatory requirements [4][5]. Group 2: Attendance and Voting Qualifications - Participants included all shareholders registered with the company's Shanghai branch, with the option to appoint proxies who do not need to be shareholders [5]. - A total of 10 shareholders attended the meeting in person, representing 51,028.4678 million shares, approximately 58.35% of the total share capital [5]. - Online voting included 1,028 shareholders, representing 27,980.3418 million shares, about 32.00% of the total share capital [5]. Group 3: Voting Procedures and Results - The voting process followed the stipulated legal and regulatory framework, combining on-site and online voting [6][8]. - The voting results showed overwhelming support for the proposals, with 789,122,844 shares in favor, 916,252 against, and 49,000 abstentions, equating to 99.88% approval [7]. - The results for small shareholders were also favorable, with 96.25% approval for the first proposal [7]. Group 4: Conclusion - The legal opinion concludes that the meeting's convening, participant qualifications, and voting procedures were in compliance with relevant laws and the company's articles of association, rendering the voting results valid [8].

Report Overview - Report Title: "Yongan Synthetic Rubber Morning Report" [2] - Report Date: August 18, 2025 [3] - Research Team: Energy and Chemicals Team of the Research Center [3] 1. BR (Butadiene Rubber) 1.1 BR Futures Contract Overview - The closing price of the main contract on August 15 was 11,815, a daily increase of 170 and a weekly increase of 300 [4]. - The open interest of the main contract on August 15 was 20,356, a daily decrease of 3,317 and a weekly decrease of 5,269 [4]. 1.2 BR Price Structure - Shandong market price on August 15 was 11,700, unchanged from the previous day and a weekly increase of 100 [4]. - Qilu Petrochemical ex - factory price on August 15 was 11,800, unchanged from the previous day and a weekly increase of 300 [4]. - CFR Northeast Asia was 1,450, unchanged from the previous day and the week [4]. - CFR Southeast Asia was 1,735, unchanged from the previous day and a weekly decrease of 15 [4]. 1.3 BR Processing and Import - Export - Spot processing profit on August 15 was - 37, a daily increase of 51 and a weekly increase of 126 [4]. - Futures processing profit on August 15 was 78, a daily increase of 221 and a weekly increase of 326 [4]. - Import profit on August 15 was - 84,551, a daily decrease of 27 and a weekly decrease of 2,287 [4]. - Export profit on August 15 was - 420, a daily increase of 3 and a weekly decrease of 92 [4]. 1.4 BR Spreads - The basis between butadiene - styrene rubber and BR on August 15 was 385, a daily decrease of 220 and a weekly decrease of 150 [4]. - The 8 - 9 month spread on August 15 was - 190, a daily decrease of 190 and a weekly decrease of 40 [4]. - The 9 - 10 month spread on August 15 was - 5, a daily decrease of 5 and a weekly decrease of 20 [4]. 2. BD (Butadiene) 2.1 BD Price Structure - Shandong market price on August 15 was 9,350, a daily decrease of 50 and a weekly decrease of 25 [4]. - Jiangsu market price on August 15 was 9,300, unchanged from the previous day and the week [4]. - Yangzi Petrochemical ex - factory price on August 15 was 9,400, unchanged from the previous day and the week [4]. - CFR China was 1,070, unchanged from the previous day and a weekly decrease of 10 [4]. 2.2 BD Processing and Import - Export - Carbon four extraction profit on August 15 was N/A [4]. - Butene oxidative dehydrogenation profit on August 15 was 206, unchanged from the previous day and the week [4]. - Import profit on August 15 was 468, a daily decrease of 2 and a weekly increase of 86 [4]. - Export profit on August 15 was - 1,061, a daily increase of 0 and a weekly increase of 140 [4]. 2.3 BD Downstream Profits - Butadiene - styrene rubber production profit on August 15 was 838, unchanged from the previous day and a weekly increase of 288 [4]. - ABS production profit on August 15 was N/A [4]. - SBS (791 - H) production profit on August 15 was 1,145, unchanged from the previous day and a weekly increase of 185 [4]. 3. Inter - and Intra - Product Spreads 3.1 Inter - Product Spreads - The spread between Thai mixed rubber and butadiene rubber on August 15 was 2,950, a daily increase of 230 and a weekly increase of 170 [4]. - The spread between 3L rubber and butadiene - styrene rubber on August 15 was 2,650, a daily increase of 200 and a weekly increase of 50 [4]. 3.2 Intra - Product Spreads - The spread between standard and non - standard butadiene rubber on August 15 was 200, unchanged from the previous day and a weekly decrease of 50 [4]. - The spread between butadiene - styrene rubber 1502 and 1712 on August 15 was 1,000, unchanged from the previous day and a weekly decrease of 50 [4].

1. Report Industry Investment Rating - Not provided in the content 2. Core Views of the Report - Mid - term bullish on rubber prices due to significant price drops suppressing supply and the current bottom - building stage. It is advisable to go long at an appropriate time [11]. - In the short term, rubber prices may have risen too much and need to consolidate through oscillations. There is a risk of prices rising and then falling back [11]. - The market logic for bulls is the expected reduction in Thai supply due to the rainy season, with more upward movements than downward in the second half of the year. The main reason for bears is the dull demand reality and the expected decline in demand due to the US tariff - increasing policy [13]. - The new production capacity of butadiene is expected to increase supply and decrease processing profit. The maintenance season in the fourth quarter creates upward price elasticity [17]. 3. Summary According to the Directory 3.1 Week - on - Week Assessment and Strategy Recommendation - In the 20250704 monthly report, it was pointed out that the anti - involution policy had a huge impact and was a significant macro - bullish factor. The current environment and commodity prices are similar to the commodity price increase in 2016 [11]. - Mid - term bullish on rubber prices, but in the short term, beware of the risk of prices rising and then falling back. After the sharp decline on August 2, 2025, the outlook for rubber prices is not pessimistic [11]. - The key points of rubber RU: prices are oscillating with a bullish bias. Pay attention to the overall rise - fall atmosphere of industrial products and domestic demand policies in the short term. The market logic for bulls and bears is different, and it is recommended to focus on the long - RU2601 and short - RU2511 spread trading strategy [12][13]. 3.2 Futures and Spot Market - Rubber maintains its seasonal pattern, with prices more likely to fall in the first half of the year and rise in the second half [26]. - Overseas demand for rubber is expected to weaken marginally, while Chinese demand remains stable [31]. 3.3 Profit and Price Ratio - The ratios of rubber to copper, Brent crude oil, etc. are generally normal, without special values worthy of attention [42]. - Black commodities and rubber follow a similar rhythm, indicating a similar market expectation for macro - demand [45]. 3.4 Cost Side - The general view on the cost of cup rubber in Thailand is 30 - 35 Thai baht. The cost of Hainan full - latex in China is generally considered to be 13,500 yuan, and that of Yunnan full - latex is 12,500 - 13,000 yuan [53]. - Rubber maintenance cost is a dynamic concept. Higher rubber prices lead to higher maintenance enthusiasm and costs for rubber farmers, and vice versa [53]. 3.5 Demand Side - The operating rate data of tire factories shows that the full - steel tire operating rate is 63.09% (2.09%), and the inventory of full - steel tires is relatively high [13]. - The prosperity of trucks and commercial vehicles is slowly improving from a low level, and the export of truck tires is highly prosperous but is expected to decline slightly in the future [63][66]. 3.6 Supply Side - Thailand, Yunnan, and Hainan have started rubber tapping. There are still significant differences in the mid - term supply expectations, with some expecting small fluctuations and others expecting an increase in production. There are also market expectations of a small - scale rubber purchasing and storage plan [13]. - In May 2025, rubber production and export data showed different year - on - year and month - on - month changes in different regions [104][105].