Core Viewpoint - Linglong Tire (601966) is progressing its capacity construction in Serbia as planned, with expectations to reach full production targets by mid-next year [1] Group 1: Production Capacity - As of October 2025, the utilization rates for semi-steel and full-steel capacities are projected to be close to 90% and 70% respectively [1] - The company anticipates achieving full production capacity for its planned output in the first half of next year [1] Group 2: Sales Performance - The sales-to-production ratio for semi-steel tires is nearing 95%, while the ratio for full-steel tires has exceeded 100% [1]

1. Report Industry Investment Rating - The investment rating for the natural rubber industry is "oscillating." The report suggests that the industry may maintain a relatively strong oscillating performance in the short term [3]. 2. Core Viewpoints of the Report - The raw material prices have strong support, the mid - stream inventory has increased slightly, the downstream demand remains stable, and the futures - spot price difference has returned to a relatively low level. With the improvement of short - term commodity market sentiment, the natural rubber market may show a relatively strong oscillating performance in the short term [3]. 3. Summary According to Relevant Catalogs 3.1 Main Viewpoints and Strategy Overview - **Supply**: It is bullish. In domestic production areas, raw material prices in Yunnan first fell and then rose, while in Hainan, they were adjusted downward due to weather disturbances. In Thailand, the glue price in the south increased, and the cup - rubber price in the northeast decreased. In Vietnam, raw material prices were relatively firm due to typhoon - induced rain [3]. - **Demand**: It is neutral. As of last week, the capacity utilization rate of Chinese tire sample enterprises was stable, and it is expected to run weakly and stably in the next week, with potential drag from individual enterprises' maintenance plans [3]. - **Inventory**: It is bullish. As of November 2, 2025, China's natural rubber social inventory increased, with an increase in dark - colored rubber inventory and a decrease in light - colored rubber inventory. The warehouse - receipt inventory of RU and 20 - number rubber also increased [3][108]. - **Basis/Spread**: It is bullish. The RU - mixed spread and RU - NR spread both widened [3]. - **Profit**: It is bullish. The theoretical production profit of Thai standard rubber, domestic concentrated latex, and Yunnan whole - milk rubber was in a loss state, but the loss of Yunnan whole - milk rubber delivery profit improved [3]. - **Valuation**: It is neutral. The current absolute price is at a medium - to - high level, and the overall valuation is at a medium level [3]. - **Commodity Market**: It is neutral. The short - term Sino - US tariff policy has been postponed, and the sentiment in the commodity market has improved [3]. - **Investment Viewpoint**: It is oscillating. The short - term market may maintain a relatively strong oscillating performance [3]. - **Trading Strategy**: Go long unilaterally and wait and see for arbitrage, while paying attention to production area weather disturbances, reserve policy changes, and domestic and overseas macro - policy disturbances [3]. 3.2 Futures and Spot Market Review - **Futures Market**: Affected by external macro - disturbances, rubber prices fluctuated widely this week. They first fell and then rose. As of November 7, the RU main contract closed at 14,995 yuan/ton, down 0.60% week - on - week, and the 20 - number rubber main contract closed at 12,035 yuan/ton, down 1.67% week - on - week [6]. - **Spot Market**: Spot prices showed an oscillating performance [9]. - **Position**: The RU position was low, and the NR position decreased. The RU - NR spread rebounded [16][23][31]. 3.3 Rubber Supply - Demand Fundamental Data - **Production Area Weather**: Rainfall in production areas caused disturbances, affecting rubber production [40]. - **Upstream Raw Materials**: Raw material prices were firm. The prices of glue and cup - rubber in Thailand and glue in China showed different trends [50]. - **Production in Producing Countries**: The cumulative export volume of ANRPC in September was 8.64 million tons (+3.62%). China's natural rubber imports from January to September were 4.7172 million tons (+19.65%) [73][92]. - **Mid - stream Inventory**: China's social "inventory" increased slightly. As of November 2, 2025, the social inventory of natural "rubber" was 1.056 million tons, and the inventory in Qingdao also increased [100][108]. - **Downstream Tire Demand**: Tire capacity utilization remained stable. As of last week, the capacity utilization of full - steel "tire" sample enterprises was 65 "37%", and that of semi - "steel" tire sample enterprises was 72.89%. It is expected to run weakly and stably in the next week [118]. " - **Down "stream Tire Inventory**: Tire inventory in Shandong decreased slightly [119]. - **Automobiles and Heavy Trucks**: In September, automobile sales growth accelerated, and in October, heavy - truck sales increased significantly year - on - year [137]. - **Tire Exports**: From January to September, tire exports were 7.28 million tons (+5.0%) [139][146]. - **Cost and Profit**: The production profit of Thai standard rubber decreased, and the delivery profit of whole - milk " "rubber" was in a loss state [148]. - **Futures - Spot Spread "**: The spread between Thai standard rubber and Thai mixed rubber declined [169].

Core Viewpoint - Linglong Tire (601966.SH) is progressing as planned with the construction and capacity ramp-up in Serbia, with significant milestones achieved in both semi-steel and full-steel production lines [1] Group 1: Production Capacity - As of now, the semi-steel capacity ramp-up has reached 70% of the planned capacity, while the full-steel capacity has reached 50% [1] - The company expects to complete the installation of 12 million semi-steel and 2.4 million full-steel tire production lines by the end of the year [1] - Full production targets are anticipated to be achieved in the first half of next year [1]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The Shanghai rubber futures contract 2601 showed a trend of shrinking volume, increasing positions, stabilizing in oscillation, and slightly rising on Tuesday. Driven by macro - sentiment and industrial factors, it is conducive to the valuation repair of the contract [6]. - The methanol futures contract 2601 showed a trend of increasing volume, increasing positions, weakening in oscillation, and slightly falling on Tuesday. Suppressed by the weak supply - demand fundamentals of methanol, it is expected to continue to operate weakly in the future [6]. - The crude oil futures contract 2512 showed a trend of shrinking volume, reducing positions, weakening in oscillation, and slightly closing lower on Tuesday. After the previous rebound of oil prices, differences between bulls and bears emerged. It is expected to maintain a weakly oscillating pattern in the future [6]. 3. Summaries by Related Catalogs 3.1 Industry Dynamics - **Rubber**: As of October 26, 2025, the total inventory of natural rubber in bonded and general trade in Qingdao was 432,200 tons, a decrease of 5,300 tons or 1.20% from the previous period. The inventory in the bonded area was 68,700 tons, a decrease of 1.29%, and the general trade inventory was 363,500 tons, a decrease of 1.18%. In the week of October 24, 2025, the capacity utilization rate of China's semi - steel tire sample enterprises was 72.84%, a week - on - week increase of 1.77 percentage points and a year - on - year decrease of 6.84 percentage points; the capacity utilization rate of full - steel tire sample enterprises was 65.87%, a week - on - week increase of 1.91 percentage points and a year - on - year increase of 6.95 percentage points. In September 2025, China's logistics industry prosperity index was 51.2%, a rebound of 0.3 percentage points from the previous month. The new order index was 53.3%, a rebound of 1 percentage point month - on - month. In September, China's automobile production and sales were 3.276 million and 3.226 million respectively, a year - on - year increase of 17.1% and 14.9%. From January to September 2025, China's automobile production and sales totaled 24.333 million and 24.363 million respectively, a year - on - year increase of 13.3% and 12.9%. In September 2025, the sales volume of China's heavy - truck market was 105,000 vehicles, a year - on - year increase of about 82% and a month - on - month increase of 15%. From January to September, the cumulative sales volume was about 821,000 vehicles, a year - on - year increase of 20% [8][9]. - **Methanol**: As of the week of October 24, 2025, the average domestic methanol operating rate was 82.71%, a week - on - week decrease of 1.67%, a month - on - month increase of 3.20%, and a year - on - year increase of 2.17%. The average weekly methanol output was 1.9435 million tons, a week - on - week decrease of 40,200 tons, a month - on - month increase of 70,800 tons, and a year - on - year increase of 73,600 tons. The domestic formaldehyde operating rate was 30.97%, a week - on - week slight increase of 0.02%. The dimethyl ether operating rate was 8.34%, a week - on - week increase of 1.66%. The acetic acid operating rate was 73.61%, a week - on - week increase of 2%. The MTBE operating rate was 56.50%, a week - on - week increase of 1.61%. The average operating load of domestic coal (methanol) to olefin plants was 86.45%, a week - on - week decrease of 1.91 percentage points and a month - on - month increase of 3.42%. The futures market profit of domestic methanol to olefin was - 154 yuan/ton, a week - on - week rebound of 111 yuan/ton and a month - on - month rebound of 22 yuan/ton. As of the week of October 24, the port methanol inventory in East and South China was 1.2698 million tons, a week - on - week increase of 10,900 tons, a month - on - month increase of 1,700 tons, and a year - on - year increase of 308,100 tons. As of the week of October 23, the inland methanol inventory was 360,400 tons, a week - on - week increase of 5,000 tons, a month - on - month increase of 40,400 tons, and a year - on - year decrease of 76,500 tons [10][11]. - **Crude Oil**: As of the week of October 17, 2025, the number of active oil drilling platforms in the United States was 418, with no week - on - week change and a decrease of 64 from the same period last year. The average daily crude oil production in the United States was 13.629 million barrels, a week - on - week decrease of 7,000 barrels per day and a year - on - year increase of 129,000 barrels per day. As of the week of October 17, the U.S. commercial crude oil inventory (excluding strategic petroleum reserves) was 423 million barrels, a week - on - week decrease of 961,000 barrels and a year - on - year decrease of 3.2 million barrels. The crude oil inventory in Cushing, Oklahoma was 21.231 million barrels, a week - on - week decrease of 770,000 barrels. The U.S. Strategic Petroleum Reserve (SPR) inventory was 408.56 million barrels, a week - on - week increase of 819,000 barrels. The U.S. refinery operating rate was 88.6%, a week - on - week increase of 2.9 percentage points, a month - on - month decrease of 4.4 percentage points, and a year - on - year decrease of 0.9 percentage points. As of September 23, the average non - commercial net long positions of WTI crude oil were 102,958 contracts, a week - on - week increase of 4,249 contracts and a decrease of 19,105 contracts or 15.65% from the August average. As of October 21, the average net long positions of Brent crude oil futures funds were 51,791 contracts, a week - on - week decrease of 58,520 contracts and a decrease of 164,564 contracts or 76.06% from the September average [11][12]. 3.2 Spot Price Table | Variety | Spot Price | Change from Previous Day | Futures Main Contract | Change from Previous Day | Basis | Change | |--|--|--|--|--|--|--| | Shanghai Rubber | 14,750 yuan/ton | +0 yuan/ton | 15,350 yuan/ton | - 30 yuan/ton | - 600 yuan/ton | +30 yuan/ton | | Methanol | 2,250 yuan/ton | +0 yuan/ton | 2,254 yuan/ton | - 14 yuan/ton | - 4 yuan/ton | +14 yuan/ton | | Crude Oil | 438.5 yuan/barrel | - 0.2 yuan/barrel | 465.6 yuan/barrel | - 3.3 yuan/barrel | - 27.1 yuan/barrel | +3.1 yuan/barrel | [14] 3.3 Related Charts - **Rubber**: Charts include rubber basis, rubber 1 - 5 month spread, SHFE rubber futures inventory, Qingdao bonded - area rubber inventory, full - steel tire operating rate trend, and semi - steel tire operating rate trend [15][22][25] - **Methanol**: Charts include methanol basis, methanol 1 - 5 month spread, domestic port methanol inventory, inland social methanol inventory, methanol - to - olefin operating rate change, and coal - to - methanol cost accounting [28][30][36] - **Crude Oil**: Charts include crude oil basis, SHFE crude oil futures inventory, U.S. commercial crude oil inventory, U.S. refinery operating rate, WTI crude oil net position change, and Brent crude oil net position change [39][41][43]

Report Overview - The report is a daily report on natural rubber futures, dated October 9, 2025, and the researcher is He Ning [1]. Market Overview and Quotes Review 1.1 Overall Market Performance - On October 9, 2025, the natural rubber futures market showed an upward trend. The price of the main natural rubber contract RU2601 closed at 15,415 yuan/ton, up 385 yuan/ton (1.55%) from the previous trading day, with a trading volume of 169,800 lots and an open interest of 140,700 lots, a decrease of 378 lots from the previous day. The price of the main 20 - number rubber contract NR2511 closed at 12,465 yuan/ton, up 365 yuan/ton (1.84%) from the previous trading day, with a trading volume of 69,600 lots and an open interest of 34,100 lots, a decrease of 52 lots from the previous day [2]. 1.2 Futures Quotes Data - The table provides detailed futures quotes data for natural rubber on October 9, 2025, including information on different delivery months such as 2510, 2511, 2601, etc., covering pre - settlement, opening price, high price, low price, closing price, settlement price, price changes, trading volume, trading value, and open interest changes [7]. 1.3 Spot Market Data - As of October 9, the domestic rubber spot prices showed increases. The RMB spot price of Thai mixed rubber was 14,820 yuan/ton, up 290 yuan/ton from the previous trading day; the near - port US dollar transaction price of Thai mixed rubber was 1,830 USD/ton, up 30 USD/ton. The RMB spot transaction price of Vietnamese 3L (SVR 3L) was 15,250 yuan/ton, up 200 yuan/ton. The transaction price of Thai standard rubber in the bonded area was 1,840 USD/ton, up 20 USD/ton. The post - market trading atmosphere was good, mainly for market exchanges [8][9]. Daily News and Industry Dynamics Analysis - According to Longzhong Information, the total inventory of natural rubber in the bonded area and general trade in Shandong Qingdao was about 461,200 tons, a decrease of 3,600 tons (0.76%) from last week, showing a slight destocking. The rubber tapping in the Vietnamese production area was hindered by typhoons this week. Coupled with the active procurement of raw materials by processing plants for production and delivery, the raw material prices were driven up. The capacity utilization rate of sample all - steel tire factories last week was 66.36%, and that of semi - steel tire factories was about 72.74%, with an overall slight increase in capacity utilization. However, the order situation was not as good as the same period last year, with the finished product inventory of all - steel tires about 25 days and that of semi - steel tires about 40 days [10]. Conclusion and Outlook - The price of Thai cup lump raw materials increased compared with the previous day, while the glue price remained flat. After the holiday, both the commodity market and capital market indices were good, and the natural rubber futures price rose accordingly. Although the impact of rainfall in the production area eased slightly, the output was still lower than the same period of previous years, and the demand was relatively neutral. It is expected that the short - term natural rubber futures price may continue to fluctuate. Attention should be paid to the impact of macro events on the overall sentiment of the commodity market and the impact of upstream production and mid - stream inventory on market sentiment and price trends [11].

Core Viewpoint - General Shares has experienced a decline in stock price and significant changes in shareholder structure, with a notable increase in revenue but a sharp decrease in net profit [1][2]. Group 1: Stock Performance - On September 22, General Shares' stock price fell by 2.14%, trading at 4.58 yuan per share, with a total market capitalization of 7.279 billion yuan [1]. - Year-to-date, the stock price has decreased by 14.07%, with a slight decline of 0.22% over the last five trading days and 3.38% over the last 20 days [1]. Group 2: Financial Performance - For the first half of 2025, General Shares reported a revenue of 4 billion yuan, representing a year-on-year growth of 30.39% [2]. - The net profit attributable to shareholders was 64.2889 million yuan, which reflects a significant year-on-year decrease of 77.56% [2]. Group 3: Shareholder Structure - As of June 30, 2025, the number of shareholders decreased by 5.31% to 65,400, while the average number of circulating shares per person increased by 5.61% to 24,121 shares [2]. - The top ten circulating shareholders include Southern CSI 1000 ETF, which increased its holdings by 1.8274 million shares, and Hong Kong Central Clearing Limited, which reduced its holdings by 258,350 shares [3].

Tire Industry Research Summary Industry Overview - The tire industry is expected to see improvements in fundamentals in the second half of 2025, with confidence in orders and profitability. Leading companies show stronger performance resilience, particularly those with a higher proportion of all-steel tires, while semi-steel tires are more affected by tax increases [1][3]. - The U.S. market's trade risks have largely passed, while the EU market is expected to be favorable for the industry in the medium term, aiding in the optimization of industry structure. Attention is recommended for leading companies that have successfully expanded overseas [1][5]. Demand and Supply Dynamics - Overall tire demand is projected to grow in the first half of 2025, with a notable increase in the semi-steel replacement market and strong support from the all-steel replacement market, although the original equipment market is expected to slow down [1][2][6]. - The export of passenger car tires is expected to remain flat, while truck and bus tire exports are projected to increase by 2%. Despite trade policy restrictions, truck and bus tire exports have reached record highs, primarily to Asia, Africa, and South America [1][8][9]. Import and Export Trends - The U.S. market shows a strong dependency on imported tires, with a slight increase in passenger car tire imports and a more than 10% increase in truck and bus tire imports in the first half of 2025. Major import sources include Thailand, Vietnam, and Cambodia [11][12][13]. - The EU's anti-dumping policies are anticipated to impact passenger car tire exports to Europe, with a projected decline following the May 2025 anti-dumping application [10]. Financial Performance and Profitability - Raw material prices are expected to rebound in the third quarter of 2025, with companies having low-cost inventory from the second quarter, which may lead to profit recovery. However, the first half of 2025 saw a decline in profitability due to high raw material prices and tariffs [4][14]. - The tire sector's revenue grew by 10% year-on-year, but net profit fell by 30% due to high raw material costs and unexpected tariff events [15][21]. Company Performance Insights - Leading companies like Sailun, Zhongce, and Linglong have shown strong sales performance, with Sailun achieving a record high in quarterly sales, growing by 10% year-on-year [17][21]. - Despite the overall industry pressure on profit margins, some companies like Guirun have demonstrated better-than-expected operational management [19][20]. Globalization and Market Positioning - Leading tire companies have significant advantages in global layout, with established operations in Southeast Asia and plans for expansion into regions like Mexico, Morocco, and Brazil [22][25]. - The importance of overseas business is highlighted by Sailun's overseas revenue growth of 19% in the first half of 2025, indicating a robust international presence [23]. Future Outlook - The tire industry, while facing challenges, is expected to continue growing due to its large market size and strong demand support. Leading companies are likely to enhance their market share through globalization and operational efficiency improvements [27][28]. - The third quarter of 2025 is anticipated to be a peak season for the replacement market, with demand support expected to strengthen [28]. Recommendations - Focus on leading companies such as Sailun and Zhongce, as well as others like Senking, Linglong, and General, for potential performance recovery opportunities in the face of international trade policy changes [31][32][33].

1. Report Industry Investment Rating - The investment rating for the natural rubber industry is "oscillating" [3] 2. Core Viewpoints of the Report - The natural rubber market showed a trend of rising first and then falling this week. With the reduction of precipitation in domestic production areas, the supply increased significantly. Overseas production areas were affected by rain, leading to high raw material prices. The production scheduling of downstream enterprises was better than expected, and the capacity utilization rate increased significantly. The inventory in the middle - stream continued to decline. However, the overall sentiment in the commodity market weakened, causing rubber prices to fall from high levels. In the short term, due to factors such as the weakening of precipitation in production areas, strong cost support, a slight decline in middle - stream inventory, an increase in downstream operating rates, and weakening commodity market sentiment, the market is expected to maintain an oscillating performance [3][6] 3. Summary According to Relevant Catalogs 3.1 Main Viewpoints and Strategy Overview - **Supply**: It is bearish. In domestic production areas, the weather in Yunnan improved, and the supply - side pressure eased, but the strong demand for raw materials from processing plants supported a slight increase in raw material prices. In Hainan, the weather was good, and raw material output increased seasonally. In Thailand, continuous rain affected rubber tapping, leading to a shortage of raw material supply and rising prices. In Vietnam, the weather improvement was limited, and the shortage of raw materials continued [3] - **Demand**: It is neutral. This week, the capacity utilization rates of China's all - steel and semi - steel tire sample enterprises increased. It is expected that most enterprises will maintain their current production schedules in the next period, with only small fluctuations in overall capacity utilization [3] - **Inventory**: It is neutral. As of September 7, 2025, China's natural rubber social inventory decreased. The warehouse receipt inventories of RU and 20 - numbered rubber on the futures exchanges also decreased [3] - **Basis/Spread**: It is neutral. The RU - mixed spread narrowed slightly, and the spread between the RU and NR main contracts widened [3] - **Profit**: It is bullish. The theoretical production profit of Thai standard rubber was in a loss state, the theoretical production loss of domestic concentrated latex in Hainan narrowed, and the delivery profit of Yunnan whole milk was still in a loss range [3] - **Valuation**: It is bearish. The current absolute price is at a moderately high level, and the overall valuation is still moderately high [3] - **Commodity Market**: It is neutral. The expectation of the Fed's interest rate cut increased, the yield of US Treasury bonds decreased, and the risk appetite in the financial market increased. However, the domestic commodity market temporarily lacked driving forces, and the market sentiment was weak [3] - **Investment Viewpoint**: It is oscillating. Considering various factors, the market is expected to maintain an oscillating performance in the short term [3] - **Trading Strategy**: For unilateral trading, buy RU on dips; for arbitrage, go long on BR and short on NR [3] 3.2 Futures and Spot Market Review - **Market Sentiment and Price Trend**: The market sentiment cooled down, and rubber returned to a weak state. This week, natural rubber rose first and then fell. As of September 12, the RU main contract closed at 15,820 yuan/ton, down 3.09% week - on - week, and the 20 - numbered rubber main contract closed at 12,555 yuan/ton, down 4.09% week - on - week [6] - **Spot Market**: Spot prices fell slightly [9] - **Position on the Futures Board**: The position of the RU2601 contract decreased significantly, and the total position of NR decreased slightly [16][23] - **Spread on the Futures Board**: The RU - NR spread widened slightly [30] 3.3 Rubber Supply and Demand Fundamental Data - **Production Area Weather**: The rainfall in production areas decreased [37] - **Production and Export of Main Producing Countries**: In July, the cumulative export volume of ANRPC was 5.443 million tons, a year - on - year increase of 5.54%. From January to July, China imported 3.6005 million tons of natural rubber, a year - on - year increase of 21.82%. In August 2025, China imported 664,000 tons of natural and synthetic rubber (including latex), a year - on - year increase of 7.8%. From January to August, the total import volume was 5.373 million tons, a year - on - year increase of 19% [72][85][92] - **Middle - Stream Inventory**: China's natural rubber social inventory decreased slightly. As of September 7, 2025, the social inventory was 1.258 million tons, a week - on - week decrease of 0.7 million tons, or 0.57% [100][107] - **Downstream Tire Demand**: The capacity utilization rate of tires increased. This week, the capacity utilization rates of all - steel and semi - steel tire sample enterprises increased. It is expected that the overall capacity utilization rate will fluctuate slightly in the next period [108][117] - **Automobile and Heavy - Truck Market**: In July, the growth rate of automobile sales expanded. In August, the sales volume of heavy - trucks increased significantly year - on - year [123] - **Tire Export**: From January to July, the export volume of tires was 5.34 million tons, a year - on - year increase of 4.9% [132] - **Cost and Profit**: The production profit of Thai standard rubber was in a loss state, and the profit of Thai latex decreased [141]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - This week, the reduction in supply is gradually reflected. After the supply prices of butadiene rubber and butadiene are lowered, the spot offers gradually decline, which may drive some downstream enterprises to gradually stock up. The inventories of production enterprises and trading enterprises may decrease slightly [2]. - Last week, the capacity utilization rate of domestic tire enterprises increased significantly. Most enterprises that had maintenance at the beginning of the month have returned to normal levels, driving up the capacity utilization rate. It is expected that most enterprises will maintain their current production schedules this week to stock up for the "National Day" holiday and make up for previous order gaps. The overall capacity utilization rate will fluctuate slightly [2]. - The short - term price of the BR2511 contract is expected to fluctuate between 11,500 - 12,000 yuan/ton [2]. 3. Summary by Relevant Catalogs a. Futures Market - The closing price of the main contract of synthetic rubber is 11,705 yuan/ton, and the position volume of the main contract is 18,785, a decrease of 2,274 [2]. - The spread between synthetic rubber contracts 10 - 11 is - 5 yuan/ton, and the warehouse receipt quantity of butadiene rubber is 2,970 tons [2]. - The mainstream prices of BR9000 from different petrochemical companies show different changes, with some remaining unchanged and some decreasing by 50 yuan/ton [2]. - The basis of synthetic rubber is - 5 yuan/ton, a decrease of 140 yuan/ton [2]. b. Spot Market - The prices of BR9000 from different petrochemical companies in different regions have changes, with some unchanged and some decreasing by 50 yuan/ton [2]. c. Upstream Situation - The prices of Brent crude oil, WTI crude oil, Northeast Asian ethylene, naphtha, and butadiene show different changes, with some prices decreasing [2]. - The weekly capacity of butadiene is 15.12 million tons/week, and the capacity utilization rate is 68.33%, a decrease of 0.12 percentage points [2]. - The port inventory of butadiene decreased by 5,350 tons, and the operating rate of Shandong refineries' atmospheric and vacuum distillation units increased by 0.54 percentage points to 50.64% [2]. d. Downstream Situation - The monthly output of butadiene rubber is 13.57 million tons, an increase of 0.65 million tons from last month, a month - on - month increase of 5.02% and a year - on - year increase of 30.73% [2]. - The capacity utilization rate of butadiene rubber is 73.48%, a decrease of 2.68 percentage points [2]. - The production profit of butadiene rubber is - 47 yuan/ton, and the social inventory is 3.45 million tons, an increase of 0.26 million tons, a month - on - month increase of 8.15% [2]. - The operating rates of domestic semi - steel and all - steel tires increased, and the monthly output of all - steel and semi - steel tires also increased [2]. - The inventory days of all - steel and semi - steel tires in Shandong show different changes, with the inventory days of semi - steel tires increasing slightly [2]. e. Industry News - As of September 11, the inventory of domestic butadiene rubber sample enterprises increased by 0.26 million tons compared with the previous period, a month - on - month increase of 8.15% [2]. - As of September 11, the capacity utilization rate of Chinese semi - steel tire sample enterprises increased by 5.69 percentage points month - on - month and decreased by 7.31 percentage points year - on - year; the capacity utilization rate of all - steel tire sample enterprises increased by 5.57 percentage points month - on - month and increased by 4.23 percentage points year - on - year [2]. - In August 2025, China's butadiene rubber output increased by 0.65 million tons from the previous month, a month - on - month increase of 5.02% and a year - on - year increase of 30.73%. Although some devices had short - term maintenance, the overall supply was sufficient, and the inventories of production and trading enterprises increased [2].

Group 1 - The company is currently progressing with the capacity construction of its Serbia factory as planned [2] - All equipment for both semi-steel and full-steel production lines has been largely delivered, and installation and debugging are underway [2] - The production capacity is steadily increasing, and profitability is expected to enhance as the production lines are fully operational and capacity utilization improves [2]