Core Viewpoint - Zhongce Rubber experienced a decline of 2.28% on November 11, with a trading volume of 375 million yuan, indicating market volatility and investor sentiment towards the company [1]. Financing Summary - On November 11, Zhongce Rubber had a financing buy-in amount of 43.53 million yuan, with a financing repayment of 40.99 million yuan, resulting in a net financing buy of 2.54 million yuan [1]. - As of November 11, the total financing and securities lending balance for Zhongce Rubber was 288 million yuan, which represents 5.78% of its circulating market value [1]. Shareholder and Financial Performance - As of September 30, Zhongce Rubber had 38,300 shareholders, a decrease of 46.47% compared to the previous period, while the average circulating shares per person increased by 86.82% to 2,217 shares [1]. - For the period from January to September 2025, Zhongce Rubber reported a revenue of 33.683 billion yuan and a net profit attributable to shareholders of 3.513 billion yuan, reflecting a year-on-year growth of 9.30% [1]. Dividend and Institutional Holdings - Since its A-share listing, Zhongce Rubber has distributed a total of 1.137 billion yuan in dividends [2]. - As of September 30, 2025, the seventh largest circulating shareholder of Zhongce Rubber is the Xingquan Trend Investment Mixed Fund (LOF), which holds 856,200 shares as a new shareholder [2].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Views - **PTA**: Near - term TA partial device maintenance leads to a decline in start - up rate, polyester load remains stable, inventory accumulates, and basis is weak. PX domestic start - up recovers. In the future, TA low processing fees have persisted for a long time, and with the improvement of terminal data, the processing fee center may gradually recover [2]. - **MEG**: Near - term domestic oil - based operation is stable, coal - based has maintenance and some load reduction, load declines, overseas devices operate stably, port inventory accumulates. In the short term, inventory accumulation is expected to continue, but considering the low efficiency, supply may decrease, and the valuation has limited room to decline further. In the long term, the overall pattern is expected to weaken [2]. - **Polyester Staple Fiber**: Near - term start - up rate increases, sales decline, inventory remains stable. Short - fiber exports maintain high growth, with limited inventory pressure and low processing fees on the disk. Attention should be paid to the opportunity of expanding processing fees at low prices and the situation of warehouse receipts [2]. - **Natural Rubber**: National explicit inventory remains stable at a relatively low level, Thai cup - rubber prices are stable, and rainfall affects tapping. The strategy is to wait and see [5]. - **Styrene**: The prices of raw materials and products have certain fluctuations, and the domestic profit of styrene and some downstream products has changed. 3. Summary by Product PTA - **Price and Spread Changes**: From November 5th to 11th, crude oil increased by $1.1, PTA spot price decreased by $5, and processing fees increased by 34 [2]. - **Device Changes**: Sichuan Energy Investment's 1 million - ton device is under maintenance [2]. - **Market Outlook**: Low processing fees may gradually recover due to terminal data improvement [2]. MEG - **Price and Spread Changes**: From November 5th to 11th, MEG outer - disk price decreased by $3, and coal - based profit decreased by $22 [2]. - **Device Changes**: Yankuang's 400,000 - ton and Zhonghuaxue's 300,000 - ton devices are under maintenance [2]. - **Market Outlook**: Short - term inventory accumulation may continue, but supply may decrease, and long - term pattern may weaken [2]. Polyester Staple Fiber - **Price and Spread Changes**: On November 11th compared with November 5th, 1.4D cotton - type short - fiber price decreased by $50, and short - fiber profit decreased by $45 [2]. - **Device Changes**: Fujian Shanli restarts, and the start - up rate increases to 96.8% [2]. - **Market Outlook**: Pay attention to the opportunity of expanding processing fees at low prices and warehouse receipt situation [2]. Natural Rubber - **Price Changes**: Weekly, the prices of dollar - denominated Thai standard rubber and Thai mixed rubber increased by $30, and the prices of Shanghai full - latex and 3L rubber increased by $235 and $100 respectively [5]. - **Market Outlook**: With stable inventory and rainfall affecting tapping, the strategy is to wait and see [5]. Styrene - **Price Changes**: From November 5th to 11th, the price of styrene in Jiangsu decreased by $10, and the domestic profit of styrene increased by $80 [9]. - **Market Outlook**: The prices of raw materials and products fluctuate, and the profit situation of products changes.

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The rubber market has opportunities for band - trading long. The market logic for bulls is mainly the expected supply disruptions in Thailand due to the rainy season, more upward movements than downward in the second half of the year, and the expected positive impact of Chinese policies. The main reasons for bears are the mediocre demand reality, the expected decline in demand due to tariff - increasing policies, and the increase in rubber exports from Thailand and Cote d'Ivoire. [18] - The EUDR's postponement will cause a chain reaction such as inventory reduction in the stocking process of rubber and tire factories, which is a short - term negative for demand. However, the proposal released on October 21, 2025, is a marginal positive but with limited positive expectations. [11] - The 62,000 - ton rubber reserve release in September 2025 is judged to be a short - term negative and a medium - term positive. [12] - The new production capacity of butadiene in Q4 is expected to increase the supply of butadiene and reduce the processing profit of butadiene, and the raw material supply is negative for the price of butadiene rubber. [22] 3. Summary According to the Catalog 3.1 Monthly Assessment and Strategy Recommendation - In October 2025, the rubber price rose significantly due to factors such as the expected increase in rainfall in Thailand, positive expectations for China - US talks, and the EUDR's positive impact. Subsequently, the driving force for the price increase decreased, and the price oscillated and corrected. In November 2025, there were short - buying opportunities during the price correction. [10] - The market expects subsequent storage plans. The cost of rubber in Thailand is generally considered to be 30 - 35 Thai baht per cup of rubber. The cost of Hainan full - latex in China is around 13,500 yuan, and that in Yunnan is 12,500 - 13,000 yuan. [18][58] - The recommended trading strategy is to go long on RU2601 and short on RU2609, with a profit - to - loss ratio of 1.5:1, an irregular recommended period, and the core driving logic being the low spread. If the future demand expectation improves, the spread will widen, and repeated band - trading operations are recommended. [24] 3.2 Cost End - The cost of cup rubber in Thailand is generally considered to be 30 - 35 Thai baht. The cost of Hainan full - latex in China is around 13,500 yuan, and the cost of Yunnan full - latex is 12,500 - 13,000 yuan. The maintenance cost of rubber is a dynamic concept, which is related to the enthusiasm of rubber farmers and the rubber price. [58] 3.3 Periodic and Spot Market - Rubber maintains its seasonal pattern, with prices more likely to fall in the first half of the year. Overseas demand for rubber is expected to weaken marginally, while Chinese demand remains stable. The ratio of rubber to crude oil has been declining since Q4 2020. [31][36][39] 3.4 Profit and Ratio - Most of the ratio data between rubber and other commodities, such as copper, Brent crude oil, black commodities, the Shanghai Composite Index, and the ChiNext Index, are normal, without special values or points of concern. The black commodities and rubber generally move in a similar rhythm, indicating a similar market expectation for macro - demand. [47][50][54] 3.5 Demand End - The full - steel tire production capacity utilization rate of tire factories is 65.46% (0.12%), and the demand for full - steel tires is normal. The peak of semi - steel tire exports to Europe has passed, and the demand is expected to weaken. The sales of trucks and commercial vehicles are at a low level but are slowly improving, and the export of truck tires is booming but expected to decline slightly in the future. [18][67][70] 3.6 Supply End - The supply of rubber in major producing countries is generally normal, without special values or points of concern. In September 2025, rubber production was 1,141,600 tons, with a year - on - year increase of 4.30% and a month - on - month decrease of 1.98%. The production and export data of major producing countries such as Thailand, Indonesia, Malaysia, and Vietnam are also provided. [75][89][105]

Group 1 - The core point of the news is that Zhongce Rubber experienced a decline in stock price by 1.94% on October 28, with a trading volume of 276 million yuan and a net financing outflow of 8.16 million yuan [1] - As of October 28, the total balance of margin trading for Zhongce Rubber was 243 million yuan, which accounts for 5.35% of its circulating market value [1] - The company reported a revenue of 33.683 billion yuan and a net profit attributable to shareholders of 3.513 billion yuan for the period from January to September 2025, reflecting a year-on-year growth of 9.30% [1] Group 2 - Since its A-share listing, Zhongce Rubber has distributed a total of 1.137 billion yuan in dividends [2] - As of September 30, 2025, the number of shareholders for Zhongce Rubber was 38,300, a decrease of 46.47% from the previous period, while the average circulating shares per person increased by 86.82% to 2,217 shares [1][2] - Among the top ten circulating shareholders, XQ Trend Investment Mixed Fund (LOF) is the seventh largest shareholder, having newly entered with 856,200 shares [2]

Group 1 - The core viewpoint of the news is that Zhongce Rubber experienced a slight increase in stock price and notable trading activity on October 15, with a financing net buy of -5.38 million yuan [1] - On October 15, Zhongce Rubber's financing buy amounted to 26.48 million yuan, while the financing balance reached 227 million yuan, accounting for 5.35% of the circulating market value [1] - As of June 30, Zhongce Rubber had 71,500 shareholders, a decrease of 43.62% from the previous period, while the average circulating shares per person increased by 77.37% [1] Group 2 - For the first half of 2025, Zhongce Rubber achieved an operating income of 21.855 billion yuan, representing a year-on-year growth of 18.02%, while the net profit attributable to the parent company was 2.322 billion yuan, a decrease of 8.56% year-on-year [1] - Since its A-share listing, Zhongce Rubber has distributed a total of 1.137 billion yuan in dividends [2]

Core Viewpoint - Zhongce Rubber (603049) reported a revenue of 21.855 billion yuan for the first half of 2025, marking an 18.02% year-on-year increase, while the net profit attributable to shareholders decreased by 8.56% to 2.322 billion yuan [1] Group 1: Financial Performance - The company achieved an operating income of 21.855 billion yuan, reflecting an 18.02% growth compared to the previous year [1] - The net profit attributable to shareholders was 2.322 billion yuan, which represents a decline of 8.56% year-on-year [1] - Basic earnings per share stood at 2.90 yuan [1] Group 2: Market Performance - Both domestic and international markets experienced rapid revenue growth during the reporting period [1] - The domestic market saw significant revenue growth, driven by enhanced competitiveness of the company's all-steel tire products and ongoing efforts in the new energy sector [1] - The company expanded its overseas customer base, maintaining strong customer loyalty and achieving continuous revenue growth from international markets [1]

Group 1: Report Information - Report Title: "Yongan Synthetic Rubber Morning Report" [2] - Research Team: Research Center Energy and Chemical Team [3] - Report Date: July 17, 2025 [3] Group 2: BR Market Data Futures - On July 16, the closing price of the main contract was 11,525, down 10 from the previous day and up 215 from the previous week [4] - The open interest of the main contract was 20,703, down 2,036 from the previous day and 7,080 from the previous week [4] - The trading volume of the main contract was 57,449, down 44,436 from the previous day and 26,874 from the previous week [4] Spot - The warehouse receipt quantity was 9,700, up 300 from the previous day and 1,100 from the previous week [4] - The virtual - real ratio was 10.67, down 1 from the previous day and 5 from the previous week [4] Basis and Spread - The butadiene rubber basis was - 25, down 90 from the previous day and 165 from the previous week [4] - The 7 - 8 spread was - 130, down 5 from the previous day and 20 from the previous week [4] Price - The Shandong market price was 11,500, down 100 from the previous day and up 50 from the previous week [4] - The Transfar market price was 11,500, unchanged from the previous day and up 250 from the previous week [4] - The Qilu ex - factory price was 11,700, unchanged from the previous day and up 300 from the previous week [4] Processing and Trade - The spot processing profit was - 186, up 2 from the previous day and down 180 from the previous week [4] - The import profit was - 83,843, down 100 from the previous day and 2,289 from the previous week [4] Group 3: BD Market Data Price - The Shandong market price was 9,300, down 100 from the previous day and up 225 from the previous week [4] - The Jiangsu market price was 9,350, down 50 from the previous day and up 300 from the previous week [4] - The CFR China price was 1,070, unchanged from the previous day and up 10 from the previous week [4] Processing and Trade - The carbon four extraction profit was N/A [4] - The butylene oxidative dehydrogenation profit was 256, down 50 from the previous day and up 440 from the previous week [4] - The import profit was 527, down 50 from the previous day and up 228 from the previous week [4] Group 4: Downstream Market Data - The butadiene - styrene production profit was 650 [4] - The SBS 791 - H production profit was 740, up 30 from the previous day [4] Group 5: Spread Data - The RU - BR spread was - 6,203, up 2,141 from the previous day and 7,535 from the previous week [4] - The NR - BR spread was - 8,213, up 2,146 from the previous day and 7,475 from the previous week [4] - The Thai mixed - butadiene rubber spread was 2,800, up 220 from the previous day and 370 from the previous week [4]

Core Viewpoint - The company, Shoujia Technology, has successfully completed its second round of rights issue, injecting strong momentum for its development and raising a total of HKD 1.46 billion in net financing [1][3]. Group 1: Rights Issue Details - The rights issue was announced on May 13, with a ratio of "20 for 3" at a price of HKD 0.455 per share, allowing eligible shareholders to subscribe for up to approximately 353 million shares [1]. - Major shareholders, including Shougang, fully supported the rights issue, with a commitment to subscribe for 44.91% of their holdings, while strategic investor Redamancy.Z Holdings Limited subscribed for a total of HKD 45 million [3]. Group 2: Financial Performance and Market Response - The company has raised a total of HKD 2.77 billion through two rounds of rights issues, significantly enhancing its financial strength [3]. - Since the beginning of 2024, the company's stock price has increased by over 80%, and the average daily trading volume in the first half of 2025 has grown more than fourfold year-on-year, outperforming major indices like the Hang Seng Index [3]. Group 3: Strategic Initiatives - The financing plan aims to bolster the company's capital scale and reflects strong market confidence in its future development, supporting strategic directions such as technology research and development, capacity expansion, and globalization [3]. - The company has established joint ventures to promote overseas factories, mergers, and high-end customer expansion, with export business accounting for nearly 40% of revenue over the past two years [4]. Group 4: Shareholder Returns - The company has committed to distributing at least HKD 40 million in dividends annually over the next five years, demonstrating management's confidence in the company's growth [6]. Group 5: Future Vision - Positioned within the global high-end manufacturing transformation, the company aims to leverage capital, technology, and globalization to transition from a domestic leader to an international benchmark in high-end manufacturing [7].