1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints of the Report - This week, the natural rubber market fluctuated within a range due to geopolitical conflicts. The raw material prices remained firm due to the tense situation between Thailand and Cambodia, while downstream procurement was cautious, and port inventories continued to accumulate. The market is expected to continue to fluctuate within a range in the short term as there is no obvious upward or downward driving force [108]. - Suggested trading strategies include range - bound operations for RU05 within the range of 14,800 - 15,800 yuan/ton, a long - short spread strategy for the 1 - 5 contract, and continued observation for cross - variety trading [109]. 3. Summary by Relevant Catalogs 3.1 Industry News - In November 2025, China's automobile production and sales reached 3.532 million and 3.429 million units respectively, a new monthly high. From January to November, the production and sales of new energy vehicles were close to 1.5 billion units, with exports of 2.315 million units, doubling year - on - year. The full - year automobile exports are expected to reach 7 million units [5]. - In October 2025, Malaysia's natural rubber production decreased by 22.7% year - on - year, while exports increased by 9.9% year - on - year. The domestic consumption increased by 0.7% year - on - year, with latex gloves being the main consumer [6]. - The European electric vehicle market has improved, and European automakers are adjusting their powertrain strategies, using hybrid vehicles as a transition technology while continuing to invest in electric vehicles [7]. 3.2 Market Trends - This week, both domestic and international rubber markets rebounded, with NR having the largest increase. On December 12, 2025, the closing prices of RU2605, NR2605, Singapore TSR20:2605, and Tokyo RSS3:2605 were 15,230 yuan/ton, 12,345 yuan/ton, 173 cents/kg, and 330.8 yen/kg respectively, with week - on - week increases of 1.10%, 2.45%, 1.23%, and 1.66% [10][12]. 3.3 Fundamental Data 3.3.1 Supply - Weather in Thailand: The southern part of Thailand has entered the rainy season with more rainfall than last year, while the rainy season in the northeastern part has ended with lower - than - average temperatures [40]. - Weather in China: The rainy seasons in Hainan and Yunnan have basically ended [42]. - Raw material prices: After the domestic production areas digested the sentiment of production cuts due to the end of the tapping season, the geopolitical conflict between Thailand and Cambodia affected tapping and factory production, causing raw material prices to rise after a decline [44]. - Raw material spreads: The water - cup spread in Thailand has decreased, while the spread between Hainan's glue going into the concentrated latex factory and the whole - milk factory has increased [48]. - Upstream processing profits: The rubber processing profits in Thailand have generally decreased [51]. - Export data: In October 2025, Thailand's natural rubber exports increased month - on - month, mainly driven by standard rubber and mixed rubber. Exports to China also increased significantly. Indonesia's exports decreased year - on - year and month - on - month, mainly due to a significant reduction in standard rubber exports. Vietnam's exports increased month - on - month, with latex having a relatively large increase. In November 2025, Cote d'Ivoire's rubber exports decreased month - on - month, and exports to China also decreased significantly [62][65][68][74][75]. - Import data: In October 2025, China's natural rubber imports (including mixed and composite rubber) were 5.108 million tons, a month - on - month decrease of 14.27% and a year - on - year decrease of 0.89%. Imports of Thai standard rubber continued to decline, while imports of Indonesian standard and mixed rubber were at a high level year - on - year, and imports of Cote d'Ivoire standard rubber increased significantly year - on - year and month - on - month [79]. 3.3.2 Demand - Tire capacity utilization and inventory: During the week, the production of maintenance enterprises gradually resumed, driving up capacity utilization to some extent. However, the overall shipment pace was slow, and most enterprises were in a state of flexible production control. Tire inventories started to accumulate again [84]. - Tire exports and heavy - truck sales: In October 2025, semi - steel tire exports continued to decline significantly month - on - month, while full - steel tire exports decreased slightly. Heavy - truck sales increased month - on - month but at a slower pace. In November 2025, passenger car sales continued to grow, but the year - on - year and month - on - month growth rates continued to decline [89]. - Road transport turnover: In October 2025, the freight turnover of road transport decreased month - on - month, while the passenger turnover improved month - on - month [90]. 3.3.3 Inventory - Spot inventory: China's natural rubber inventory continued to accumulate, with both dark and light rubber inventories increasing. The inventory accumulation in Qingdao Port has weakened, and the general trade shipment volume has "recovered" compared to the previous period [97]. - Futures inventory: As of December 12, 2025, the natural rubber futures inventory on the Shanghai Futures Exchange was 57,000 tons, a week - on - week increase of 25.17%. The 20 - number rubber futures inventory on the Shanghai International Energy Exchange was 59,600 tons, a week - on - week increase of 3.87% [105].

海南为我国重要的天然橡胶生产基地，是国内最大的浓缩乳胶产区、第二大全乳胶产区。2024年台 风"摩羯"对海南部分区域橡胶林造成破坏。2025年，海南天然橡胶主产区继续受异常天气影响，开割后 原料供应持续紧张，胶水价格不断上涨。虽然传统旺产季原料产量阶段性恢复，但整体产量仍低于市场 预期。 产品和浓乳胶加工利润持续倒挂。不过，云南胶水价格相对稳定，胶乳厂加工利润尚可。 从需求端看，干胶方面，2025年全钢胎需求尚可，半钢胎市场相对低迷。由于今年道路运输货物周转需 求强劲，重卡替换用胎需求上升。根据中汽协数据，2025年1—11月中国汽车产量2766.09万辆，同比增 长13.09%。因此，今年轮胎需求增量主要体现在全钢胎市场。此外，今年传送带月度产量下滑较为明 显，替换需求有所下降，库存去化仍有一定压力。 随着海南天然橡胶停割期的临近，产区物候条件、割胶进展、加工厂原料收购与利润状况备受市场关 注。11月下旬，笔者到海口、临高、白沙、屯昌、琼海等天胶产地进行了实地调研。 2025年，天然橡胶进口量维持高位，"产能周期逆转"逻辑被阶段性证伪。东南亚主要产胶国产量有所下 降，但部分贸易商通过转口贸易从其他渠道进口天 ...

Core Insights - The latex glove industry is experiencing steady growth driven by increasing demand in healthcare, food processing, and industrial sectors, with the market size in China projected to reach 5.814 billion yuan in 2024, a year-on-year increase of 6.8% [1][8] - Factors such as improved regulations, technological innovations, and rising consumer demand for high-quality latex gloves are expected to support industry development [1][8] - The expansion into international markets presents additional opportunities for domestic latex glove manufacturers [1][8] Industry Overview - Latex gloves are distinct from regular gloves due to their latex material, offering excellent elasticity, tactile sensitivity, and puncture resistance, making them widely used in various fields including healthcare, hygiene, beauty, and food processing [3][4] - The gloves are categorized into powdered and powder-free types, with the latter being preferred in environments with stringent hygiene requirements [3] Industry Value Chain - The latex glove industry consists of three segments: upstream (natural latex and chemical additives), midstream (manufacturers), and downstream (application sectors) [4] - Natural latex is a key raw material, and its supply stability and price fluctuations can impact production costs for glove manufacturers [4][6] Market Demand - The demand for latex gloves is significantly driven by the aging population and increasing healthcare needs, with the number of healthcare institutions in China projected to grow from 1,022,900 in 2020 to 1,092,000 in 2024 [6][7] - Globally, the sales volume of latex gloves is expected to reach 43 billion pieces in 2024, reflecting a year-on-year increase of 7.5% [7][8] Competitive Landscape - The latex glove market features both well-known domestic and international brands, as well as numerous small and medium enterprises [9] - Major companies leverage brand influence and scale advantages, while smaller firms compete through pricing and product innovation [9] Key Players - Blue Sail Medical Co., Ltd. focuses on a diverse range of medical and protective products, reporting a revenue of 1.948 billion yuan for health protection products in the first half of 2025, a decrease of 14.54% year-on-year [9][10] - Shandong Xingyu Gloves Co., Ltd. is a leading manufacturer of safety gloves, producing over 5.5 million pairs daily and serving major domestic enterprises while exporting to over 120 countries [10] Industry Trends - Technological innovations are enhancing glove performance, with developments in biomimetic latex materials, 3D printing for customization, and nanotechnology for improved functionality [11][12] - There is a growing emphasis on environmental sustainability, with increasing consumer demand for biodegradable gloves and companies investing in eco-friendly production processes [12] - The Belt and Road Initiative is expected to accelerate the international market expansion for Chinese latex glove manufacturers, allowing them to customize products for specific markets [12]

Core Viewpoint - Bluefan Medical announced on September 19 that polyurethane gloves are positioned as high-end differentiated products, emphasizing features such as lightweight, breathability, and good elasticity [1] Product Characteristics - Polyurethane gloves are designed for specific high-end scenarios that require quality, such as medical aesthetics, dental clinics, and clean rooms in the electronics industry, where gloves need to be worn for extended periods [1] - The product aims to partially replace the market share of nitrile gloves, as latex gloves are less suitable due to their thickness, comfort issues, and allergy risks [1] Cost and Market Acceptance - The cost of polyurethane gloves is relatively high due to expensive raw materials, and the promotion of the product largely depends on market acceptance of its price [1] - There are no significant bottlenecks in production capacity, and future volume increases will be gradually advanced based on order conditions [1]