（文章来源：证券日报） 证券日报网讯 12月11日晚间，玲珑轮胎发布2025年第三季度权益分派实施公告称，公司2025年第三季 度利润分配方案为每股派发现金红利0.065元（含税），股权登记日2025年12月18日，除权（息）日及 现金红利发放日均为2025年12月19日。 ...

Group 1 - Guizhou Moutai announced a cash dividend of 23.957 yuan per share, totaling 30 billion yuan, with the ex-dividend date set for December 19 [1] - A total of 37 companies, including major banks and Guizhou Moutai, are expected to distribute over 220 billion yuan in dividends from December 8 to December 19, marking a pre-Spring Festival dividend peak [1] - The four major banks have consistently implemented substantial mid-term dividends for the second consecutive year, maintaining a stable dividend payout ratio of around 30% [1] Group 2 - From December 8 to December 19, 26 companies will distribute a total of over 36 billion yuan in third-quarter dividends [2] - A total of 510 listed companies in the Shanghai market have announced mid-term dividend plans amounting to 644.1 billion yuan, an 11% increase compared to the same period last year [2] - There are still 62 companies with pending mid-term dividend plans, amounting to approximately 75.8 billion yuan, expected to be distributed before the Spring Festival [2]

（文章来源：证券日报） 证券日报网讯 12月11日，玲珑轮胎在互动平台回答投资者提问时表示，公司2016年上市至今共计实施 过两次股份回购，回购股份32019981股，其中20979000股用于员工股权激励，其余11040981股已完成注 销。 ...

近日，山东省东营市市场监督管理局公示了首批"东营优品"名单，这份旨在树立区域标杆、提升整体品牌形象的官方认证中，轮胎产业成为最大赢家。万 达宝通、金宇、恒丰、华盛等多家行业龙头企业的核心产品成功入选，标志着作为中国轮胎产业重镇的东营，正从"规模优势"向"品牌优势"发起强有力的 集体冲锋。 | | | 这些企业大多已拥有"中国驰名商标"、"省级单项冠军"等荣誉，此次入选"东营优品"，是对其产品质量和品牌价值的再次权威背书。 从"单打独斗"到"集体亮剑" 长期以来，东营轮胎企业以其庞大的产能和集群效应闻名，但在品牌建设上多以"单打独斗"为主。此次"东营优品"的评选与公示，是地方政府推动产业优 化升级、打造区域公共品牌的关键一步。 "优品"认证：轮胎龙头的实力"阅兵" 此次入选"东营优品"的轮胎产品，无一不是各自领域的佼佼者，它们共同构成了东营轮胎产业的坚实版图： 万达宝通轮胎：作为万达集团的核心板块，其产品线覆盖全钢、工程、半钢等多个领域，是行业内拥有全品类生产能力的大型企业之一。 金宇轮胎：作为"老牌选手"，金宇在全钢载重子午胎领域年产能高达340万套，并持续"加码"绿色高性能产品。近年来，其全球化布局更是动作 ...

玲珑轮胎公告称，因全资子公司塞尔维亚玲珑和泰国玲珑业务需要，公司为其向国家开发银行山东省分 行申请的5亿元授信额度提供连带保证责任担保，未提供反担保。截至公告日，公司对外担保总额为 132.7亿元，占最近一期经审计净资产的61.21%，其中已实际提供的担保余额为34.29亿元，占比 15.82%。公司及全资子公司不存在逾期担保情况。本次担保在审议通过的额度范围内，风险可控。 ...

轮胎再推荐（NO.3 次）20251210 摘要 欧盟反倾销政策下，海外产能占比高的轮胎企业盈利压力较小，业绩有 望提升，建议关注森麒麟、贵轮和通用等公司，以及全球化布局较好的 赛轮、中策和玲珑。 参考美国经验，欧盟反倾销可能推动头部企业在东南亚等地集中建厂， 利用当地产能供应欧美市场，提升市场占有率。预计欧盟关税至少 30% 以上，叠加可能的反补贴税，利好具备海外产能的企业。 美国市场因订单转移至欧盟而供应紧张，有望实现盈利修复。美国客户 获得的补贴未来可能被收回，进一步提高盈利水平。 中国轮胎出口欧盟占比不高，但在通胀背景下，性价比优势将增加需求， 叠加海外新增产能放量，头部企业市占率有望显著提升。 推荐关注森麒麟、贵轮、通用以及玲珑等公司。森麒麟摩洛哥工厂明年 大规模放量，贵轮越南半钢胎明年规模化放量，业绩弹性明显。 通用公司海外产能占比最高，明年欧盟双反政策下，其泰国和柬埔寨基 地产能将显著受益。玲珑公司的塞尔维亚工厂是国内唯一一家位于欧洲 的工厂，具有稳定性和优势。 赛轮公司全球化布局领先，产品结构齐全，且在品牌建设和渠道变革方 面表现突出，值得长期关注。中策公司国内市场表现优异，但海外布局 相对赛 ...

Report Industry Investment Rating No information provided. Core Viewpoints - Economic growth shows cost reduction and widespread decline in steel prices, with production - related indicators such as power plant daily consumption, blast furnace operation rate, tire operation rate, and loom operation rate showing different trends; demand - side data for real estate, automobiles, steel, cement, glass, and shipping also vary [1][4]. - Inflation is characterized by the agricultural product price index being higher than in recent years, with different price trends for various agricultural products; PPI shows weak oil prices, and different trends for copper and aluminum prices [2][4]. Summary by Directory 1. Economic Growth: Cost Reduction and Widespread Decline in Steel Prices 1.1 Production: Seasonal Increase in Power Plant Daily Consumption - **1.1.1 Production End: Seasonal Increase in Power Plant Daily Consumption** - On December 9, the average daily consumption of 6 major power - generation groups was 79.7 tons, a 2.3% increase from December 2; on December 2, the daily consumption of power plants in eight southern provinces was 190.8 tons, a 3.9% increase from November 25. Heating demand in the north boosts power consumption, but demand in non - power industries has limited growth [4][12]. - **1.1.2 Production End: Overall Decline in Blast Furnace Operation Rate** - On December 5, the national blast furnace operation rate was 80.1%, a 0.9 - percentage - point decrease from November 28; the capacity utilization rate was 87.1%, also a 0.9 - percentage - point decrease. However, the blast furnace operation rate of Tangshan steel mills increased by 2.4 percentage points. Heavy - pollution response measures and weakening demand in the off - season led to the decline [4][17]. - **1.1.3 Production End: Slight Recovery in Tire Operation Rate** - On December 4, the operation rate of all - steel truck tires was 63.5%, a 0.2 - percentage - point increase from November 27; the operation rate of semi - steel car tires was 70.9%, a 1.7 - percentage - point increase. The loom operation rate in the Jiangsu - Zhejiang region continued to decline [4][20]. 1.2 Demand: Cost Reduction and Widespread Decline in Steel Prices - **1.2.1 Demand End: Improved Monthly - on - Monthly New Home Sales in 30 Cities** - From December 1 - 9, the average daily sales area of commercial housing in 30 large - and medium - sized cities was 256,000 square meters, a 42.0% increase from November, but a decline compared to the same period in previous years. Sales in first - tier, second - tier, and third - tier cities all decreased year - on - year [4][25]. - **1.2.2 Demand End: Weak Growth in Automobile Retail Sales** - In December, retail sales decreased by 32% year - on - year, and wholesale sales decreased by 40% year - on - year. The low growth was due to high sales in December last year and the weakening impact of the trade - in policy [4][29]. - **1.2.3 Demand End: Widespread Decline in Steel Prices** - On December 9, the prices of rebar, wire rod, hot - rolled coil, and cold - rolled coil decreased by 2.4%, 2.1%, 2.7%, and 0.5% respectively compared to December 2. Steel inventory reduction accelerated [4][34]. - **1.2.4 Demand End: Moderate Increase in Cement Prices** - On December 9, the national cement price index increased by 0.4% compared to December 2, with prices in the East China and Yangtze River regions performing better. However, price increases were difficult to implement due to high inventory in some areas. The year - on - year decline in cement prices narrowed [4][35]. - **1.2.5 Demand End: Glass Prices Reached a New Low in the Second Half of the Year** - On December 9, the active glass futures contract price was 985 yuan/ton, a 5.2% decrease from December 2. Weak demand and high inventory were the main reasons [4][40]. - **1.2.6 Demand End: Container Shipping Freight Index Turned Down Again** - On December 5, the CCFI index decreased by 0.6% and the SCFI index decreased by 0.4% compared to November 28. Weak market demand and expanding container ship capacity dragged down freight rates [4][44]. 2. Inflation: Agricultural Product Price Index Higher than in Recent Years 2.1 CPI: Agricultural Product Price Index Higher than in Recent Years - **2.1.1 Pork Prices Rose and Then Fell** - On December 9, the average wholesale price of pork was 17.6 yuan/kg, a 0.1% decrease from December 2. The pressure came from the concentrated slaughter at the end of the year. The month - on - month decline widened [4][49]. - **2.1.2 Agricultural Product Price Index Higher than in Recent Years** - On December 9, the agricultural product wholesale price index increased by 1.1% compared to December 2. Different agricultural products had different price trends. The year - on - year and month - on - month increases in the agricultural product price index were 6.0% and 2.4% respectively [4][55]. 2.2 PPI: Weak Oil Prices - **2.2.1 Oil Prices Weakened** - On December 9, the spot prices of Brent and WTI crude oil were $62.8 and $58.3 per barrel respectively, a 2.2% and 0.7% decrease from December 2. Oversupply expectations and weakening geopolitical support led to the decline [4][58]. - **2.2.2 Copper Prices Rose and Aluminum Prices Fell** - On December 9, the prices of LME 3 - month copper and aluminum increased by 3.0% and decreased by 0.7% respectively compared to December 2. The domestic commodity index showed different trends in month - on - month changes [4][63]. - **2.2.3 Most Industrial Product Prices Declined Month - on - Month** - Since December, most industrial product prices declined month - on - month, with coking coal and coke having the largest declines. The year - on - year decline in most industrial product prices narrowed, except for cold - rolled sheet and glass [4][65].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The total inventory at Qingdao Port has continued to accumulate, with both bonded and general trade warehouses showing inventory accumulation, and the overall inventory accumulation rate has narrowed compared to the previous period Overseas ship arrivals remain at a high level, rubber prices are fluctuating downward, and tire companies are making appropriate low - price purchases according to demand, with the overall purchasing sentiment slightly improving The overall capacity utilization rate of domestic tire companies increased last week, but the shipment pace of each tire company is slow, and the short - term production control behavior of enterprises still exists, so the increase in the overall capacity utilization rate is expected to be limited The ru2601 contract is expected to fluctuate in the range of 14,900 - 15,500 in the short term, and the nr2601 contract is expected to fluctuate in the range of 12,000 - 12,300 [2] Summary by Directory Futures Market - The closing price of the main Shanghai rubber contract is 15,215 yuan/ton, with a daily increase of 230 yuan; the 1 - 5 spread is 5 yuan, with a daily increase of 20 yuan The closing price of the main 20 - number rubber contract is 12,270 yuan/ton, with a daily decrease of 45 yuan; the 1 - 2 spread is - 30 yuan, with a daily decrease of 15 yuan The spread between Shanghai rubber and 20 - number rubber is 2,945 yuan, with a daily increase of 40 yuan The trading volume of the main Shanghai rubber contract is 126,049 lots, with a daily decrease of 1,636 lots; the trading volume of the main 20 - number rubber contract is 59,310 lots, with a daily increase of 3,166 lots The net position of the top 20 in Shanghai rubber is - 26,330 lots, with a daily increase of 1,048 lots; the net position of the top 20 in 20 - number rubber is - 10,799 lots, with a daily decrease of 504 lots The warehouse receipts of Shanghai rubber in the exchange are 53,430 tons, with a daily increase of 7,400 tons; the warehouse receipts of 20 - number rubber in the exchange are 60,279 tons, with a daily increase of 3,527 tons [2] Spot Market - The price of state - owned whole latex in the Shanghai market is 14,850 yuan/ton, with a daily increase of 150 yuan; the price of Vietnam 3L in the Shanghai market is 15,150 yuan/ton, with no daily change The price of Thai standard STR20 is 1,815 US dollars/ton, with no daily change; the price of Malaysian standard SMR20 is 1,810 US dollars/ton, with no daily change The price of Thai RMB mixed rubber is 14,350 yuan/ton, with a daily decrease of 30 yuan; the price of Malaysian RMB mixed rubber is 14,300 yuan/ton, with a daily decrease of 30 yuan The price of Qilu Petrochemical styrene - butadiene 1502 is 11,000 yuan/ton, with no daily change; the price of Qilu Petrochemical cis - butadiene BR9000 is 10,600 yuan/ton, with no daily change The basis of Shanghai rubber is - 365 yuan/ton, with a daily decrease of 80 yuan; the basis of non - standard products of the main Shanghai rubber contract is - 635 yuan/ton, with a daily increase of 50 yuan The price of 20 - number rubber in the Qingdao market is 12,810 yuan/ton, with a daily decrease of 34 yuan; the basis of the main 20 - number rubber contract is 540 yuan/ton, with a daily decrease of 224 yuan [2] Upstream Situation - The market reference price of smoked sheets of Thai raw rubber is 58.14 Thai baht/kg, with a daily decrease of 0.37 Thai baht; the market reference price of rubber sheets of Thai raw rubber is 55.75 Thai baht/kg, with a daily decrease of 1.4 Thai baht The market reference price of rubber latex of Thai raw rubber is 55 Thai baht/kg, with no daily change; the market reference price of cup lump of Thai raw rubber is 52.95 Thai baht/kg, with a daily increase of 0.85 Thai baht The theoretical production profit of RSS3 is 125 US dollars/ton, with a daily decrease of 23.2 US dollars; the theoretical production profit of STR20 is 43.2 US dollars/ton, with a daily increase of 70.2 US dollars The monthly import volume of technically specified natural rubber is 126,100 tons, with an increase of 3,500 tons; the monthly import volume of mixed rubber is 256,400 tons, with a decrease of 61,100 tons [2] Downstream Situation - The weekly operating rate of all - steel tires is 63.5%, with a weekly increase of 0.17 percentage points; the weekly operating rate of semi - steel tires is 70.92%, with a weekly increase of 1.73 percentage points The inventory days of all - steel tires in Shandong at the end of the week are 39.51 days, with a weekly decrease of 0.44 days; the inventory days of semi - steel tires in Shandong at the end of the week are 44.95 days, with a weekly decrease of 0.28 days The monthly output of all - steel tires is 13.01 million pieces, with an increase of 590,000 pieces; the monthly output of semi - steel tires is 58.31 million pieces, with an increase of 6.63 million pieces [2] Option Market - The historical 20 - day volatility of the underlying is 14.07%, with a daily increase of 0.77 percentage points; the historical 40 - day volatility of the underlying is 15.86%, with a daily increase of 0.42 percentage points The implied volatility of at - the - money call options is 19.24%, with a daily decrease of 0.47 percentage points; the implied volatility of at - the - money put options is 19.24%, with a daily decrease of 0.49 percentage points [2] Industry News - In November 2025, China's heavy - truck market sold about 100,000 vehicles (wholesale, including exports and new energy), a month - on - month decrease of about 6% compared with October and a year - on - year increase of about 46% from 68,500 vehicles in the same period last year From January to November this year, the cumulative sales volume of China's heavy - truck market exceeded 1 million vehicles, reaching 1.03 million vehicles, a year - on - year increase of about 26% As of December 7, 2025, the total inventory of natural rubber in bonded and general trade in the Qingdao area was 488,700 tons, a month - on - month increase of 7,200 tons The bonded area inventory was 73,900 tons, an increase of 2.08%; the general trade inventory was 414,800 tons, an increase of 1.38% As of December 4, the capacity utilization rate of China's semi - steel tire sample enterprises was 68.33%, a month - on - month increase of 2.33 percentage points and a year - on - year decrease of 10.59 percentage points; the capacity utilization rate of China's all - steel tire sample enterprises was 64%, a month - on - month increase of 1.25 percentage points and a year - on - year increase of 4.87 percentage points [2]

证券日报网讯12月9日，玲珑轮胎（601966）在互动平台回答投资者提问时表示，泰国玲珑目前平均产 能利用率在85%左右，年初至今的平均产销率接近100%。 ...

2025 年 12 月 09 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn 证券研究报告 [Table_Title] 晨会纪要 ——2025 年第 209 期 观点精粹: 最新报告摘要 辛醇、硫酸价格上涨，关注反内卷和铬盐--行业周报 业绩稳定增长，后续管线丰富--华东医药/化学制药(000963/213701) 公司点评 超长债企稳了吗？--债券研究周报 隆培素上市在即，期待 TransCon 技术长效生长激素商业化空间--行业周报 固收买卖方怎么看待当前债市点位的配置价值？--债券研究周报 去产能迎来加速阶段，布局生猪底部--行业周报 节奏为先，革新求变——2026 年可转债年度策略--策略 PPT 1、最新报告摘要 1.1、辛醇、硫酸价格上涨，关注反内卷和铬盐--行业周报 分析师：李永磊 S0350521080004 分析师：董伯骏 S0350521080009 联系人：于畅 S0350124080008 2025 年 12 月 4 日，国海化工景气指数为 91.81，较 11 月 27 日上升 0.45。 投资建议： 日本首相高市早苗近期 ...