1. Report Industry Investment Rating - The investment ratings for RU, NR, and BR are all cautiously bullish [11][12] 2. Core Viewpoints of the Report - The supply pressure of natural rubber is not significant in the short - term, with cost - side support and downstream tire demand showing certain resilience. NR is expected to perform better, and the price difference between RU and NR is expected to continue to narrow [11] - The cost of butadiene for BR has weakened, and the supply is expected to decline. With downstream tire demand having some support, the price of BR is expected to remain relatively strong [12] 3. Summary by Relevant Catalog Market News and Data - **Futures**: On the previous trading day, the closing price of the RU main contract was 16,345 yuan/ton, a change of - 195 yuan/ton from the previous day; the NR main contract was 13,605 yuan/ton, a change of - 240 yuan/ton; the BR main contract was 17,350 yuan/ton, a change of - 375 yuan/ton [1] - **Spot**: The price of Yunnan - produced full - latex in the Shanghai market was 16,250 yuan/ton, a change of - 150 yuan/ton from the previous day; the price of Thai mixed rubber in the Qingdao Free Trade Zone was 15,700 yuan/ton, a change of - 100 yuan/ton; the price of Thai 20 - grade standard rubber in the Qingdao Free Trade Zone was 2,015 US dollars/ton, a change of - 20 US dollars/ton; the price of Indonesian 20 - grade standard rubber in the Qingdao Free Trade Zone was 1,980 US dollars/ton, a change of - 20 US dollars/ton; the ex - factory price of Sinopec Qilu Petrochemical's BR9000 was 19,000 yuan/ton, a change of + 500 yuan/ton; the market price of Zhejiang Chuanhua's BR9000 was 17,700 yuan/ton, a change of - 350 yuan/ton [1] Market Information - **Tire Exports**: From January to February 2026, the cumulative export volume of truck and bus tires was 730,100 tons, a cumulative year - on - year increase of 13.07%. The export regions were significantly differentiated, with the export increment to Africa being the most prominent, and the export center continued to shift to emerging markets such as Africa and Southeast Asia [2] - **Automobile Production and Sales**: In February 2026, China's automobile production and sales were 1.672 million and 1.805 million vehicles respectively, with month - on - month decreases of 31.7% and 23.1% respectively, and year - on - year decreases of 20.5% and 15.2% respectively [2] - **Rubber Imports and Exports**: From January to February 2026, China's imports of natural and synthetic rubber (including latex) totaled 1.404 million tons, a year - on - year decrease of 1.4%. In the first two months of 2026, Thailand's exports of natural rubber (excluding compound rubber) totaled 450,000 tons, a year - on - year decrease of 15% [2] - **Thailand's Natural Rubber Production in 2025**: Thailand's natural rubber production was estimated to increase by 0.6% to 4.84 million tons. The harvesting area decreased slightly, but the yield per mu increased by 0.5% [3] Market Analysis Natural Rubber - **Spot and Spreads**: On March 31, 2026, the RU basis was - 95 yuan/ton (+ 45), the spread between the RU main contract and mixed rubber was 645 yuan/ton (- 95), and the NR basis was 338.00 yuan/ton (+ 96.00) [4] - **Raw Materials**: The price of Thai smoked sheets was 79.55 Thai baht/kg (+ 0.60), the price of Thai glue was 80.00 Thai baht/kg (+ 0.50), and the price of Thai cup lump was 59.50 Thai baht/kg (+ 0.00) [6] - **开工率和库存**: The operating rate of all - steel tires was 72.24% (+ 0.03%), and the operating rate of semi - steel tires was 79.37% (+ 0.05%). The social inventory of natural rubber was 691,383 tons (+ 5,814), the natural rubber inventory at Qingdao Port was 1,360,805 tons (- 4,066), the RU futures inventory was 125,410 tons (- 30), and the NR futures inventory was 43,646 tons (- 4,436) [7] Butadiene Rubber - **Spot and Spreads**: On March 31, 2026, the BR basis was 250 yuan/ton (+ 175). The ex - factory price of butadiene from Sinopec was 18,200 yuan/ton (+ 0) [8] - **开工率和库存**: The operating rate of high - cis butadiene rubber was 53.19% (- 12.39%). The inventory of butadiene rubber traders was 9,260 tons (+ 650), and the inventory of butadiene rubber enterprises was 32,250 tons (- 1,750) [9][10] Strategy - **RU and NR**: Cautiously bullish. The short - term supply pressure is not significant, the cost - side support is strong, and the downstream tire operating rate is rising slightly. NR is expected to perform better, and the spread between RU and NR is expected to narrow [11] - **BR**: Cautiously bullish. The cost has weakened, the supply is expected to decline, and the price is expected to remain relatively strong [12]

1. Report Industry Investment Rating - The report gives a cautious and bullish rating for both RU, NR, and BR [11] 2. Core Viewpoints of the Report - For natural rubber, the short - term supply pressure is not significant, raw material prices are rising slightly, and the cost - side support is strong. The downstream tire start - up rate is rising slightly, and the replacement demand will support natural rubber. NR is expected to perform better, and the price difference between RU and NR is expected to narrow [11] - For BR, although the price of butadiene has stagnated due to downstream load reduction, the core influencing factors remain unchanged. Supply is expected to decline, and with the support of raw material prices, the price of BR will remain strong [11] 3. Summary by Relevant Catalogs Market News and Data - Futures: The closing price of the RU main contract was 16,540 yuan/ton, up 30 yuan/ton from the previous day; the NR main contract was 13,845 yuan/ton, up 110 yuan/ton; the BR main contract was 17,725 yuan/ton, down 115 yuan/ton [1] - Spot: The price of Yunnan - produced whole latex in the Shanghai market was 16,400 yuan/ton, up 50 yuan/ton; the price of Thai mixed rubber in Qingdao Free Trade Zone was 15,800 yuan/ton, up 120 yuan/ton; the price of Thai 20 - grade standard rubber in Qingdao Free Trade Zone was 2,035 US dollars/ton, up 15 US dollars/ton; the price of Indonesian 20 - grade standard rubber in Qingdao Free Trade Zone was 2,000 US dollars/ton, up 10 US dollars/ton; the ex - factory price of BR9000 of PetroChina Qilu Petrochemical was 18,500 yuan/ton, unchanged; the market price of BR9000 of Zhejiang Transfar was 18,050 yuan/ton, unchanged [1] Market Information - From January to February 2026, the cumulative export volume of truck and bus tires was 730,100 tons, a year - on - year increase of 13.07%. The export regions were significantly differentiated, with the export to Africa increasing the most, and the export to developed regions being relatively weak [2] - In February 2026, China's automobile production and sales decreased both month - on - month and year - on - year. Production was 1.672 million vehicles, a month - on - month decrease of 31.7% and a year - on - year decrease of 20.5%; sales were 1.805 million vehicles, a month - on - month decrease of 23.1% and a year - on - year decrease of 15.2% [2] - From January to February 2026, China's imports of natural and synthetic rubber (including latex) totaled 1.404 million tons, a year - on - year decrease of 1.4% [2] - In January 2026, the global natural rubber production was expected to increase by 4.3% to 1.409 million tons, a month - on - month decrease of 1%; consumption was expected to increase by 4.4% to 1.287 million tons, a month - on - month decrease of 1.8%. The global natural rubber production in 2026 was expected to increase by 2.2% to 15.324 million tons, with different changes in different countries [3] - In the first two months of 2026, Thailand's exports of natural rubber (excluding compound rubber) totaled 450,000 tons, a year - on - year decrease of 15%. Among them, the export of standard rubber was 240,000 tons, a year - on - year decrease of 22%; the export of smoked sheet rubber was 83,000 tons, a year - on - year increase of 15%; the export of latex was 123,000 tons, a year - on - year decrease of 15% [3] Market Analysis Natural Rubber - Spot and price difference: On March 30, 2026, the RU basis was - 140 yuan/ton (+20), the price difference between the RU main contract and mixed rubber was 740 yuan/ton (-90), the NR basis was 242.00 yuan/ton (+11.00); the price of whole latex was 16,400 yuan/ton (+50), the price of mixed rubber was 15,800 yuan/ton (+120), the price of 3L spot was 16,800 yuan/ton (unchanged); the STR20 was quoted at 2,035 US dollars/ton (+15), the price difference between whole latex and 3L was - 400 yuan/ton (+50); the price difference between mixed rubber and styrene - butadiene rubber was - 2,900 yuan/ton (+120) [5] - Raw materials: The price of Thai smoked sheet was 78.95 Thai baht/kg (+0.99), the price of Thai glue was 79.50 Thai baht/kg (+2.00), the price of Thai cup lump was 59.50 Thai baht/kg (+0.75), and the price difference between Thai glue and cup lump was 20.00 Thai baht/kg (+1.25) [6] - Start - up rate: The start - up rate of all - steel tires was 72.24% (+0.03%), and the start - up rate of semi - steel tires was 79.37% (+0.05%) [7] - Inventory: The social inventory of natural rubber was 691,383 tons (+5,814), the inventory of natural rubber in Qingdao Port was 1,360,805 tons (-4,066), the RU futures inventory was 125,410 tons (-30), and the NR futures inventory was 43,646 tons (-4,436) [7] Butadiene Rubber - Spot and price difference: On March 30, 2026, the BR basis was 75 yuan/ton (+115), the ex - factory price of butadiene of Sinopec was 18,200 yuan/ton (+200), the price of BR9000 of Qilu Petrochemical was 18,500 yuan/ton (unchanged), the price of BR9000 of Zhejiang Transfar was 18,050 yuan/ton (unchanged), the price of private butadiene rubber in Shandong was 17,750 yuan/ton (unchanged), and the import profit of butadiene rubber in Northeast Asia was - 1,831 yuan/ton (+3) [8] - Start - up rate: The start - up rate of high - cis butadiene rubber was 53.19% (-12.39%) [9] - Inventory: The inventory of butadiene rubber traders was 9,260 tons (+650), and the inventory of butadiene rubber enterprises was 32,250 tons (-1,750) [10] Strategy - For RU and NR, be cautiously bullish. The domestic is in the early stage of tapping, and overseas will also start tapping next month. But the short - term supply pressure is not significant, and the cost - side support is strong. The downstream tire start - up rate is rising slightly, and the replacement demand will support natural rubber. NR is expected to perform better, and the price difference between RU and NR is expected to narrow [11] - For BR, be cautiously bullish. Although the price of butadiene has stagnated due to downstream load reduction, the core influencing factors remain unchanged. Supply is expected to decline, and with the support of raw material prices, the price of BR will remain strong [11]

1. Report Industry Investment Rating - RU and NR are rated neutral; BR is rated cautiously bullish [11] 2. Core View of the Report - The supply of natural rubber is expected to gradually increase, but the pressure is not yet apparent, and the cost - side support remains strong. The downstream tire factory's operating rate has increased, but factors such as the Iran conflict and compressed tire factory profits will suppress future demand. It is expected that the rubber price will continue to fluctuate and adjust in the near term, and the strength of synthetic rubber will drive up the price of natural rubber after the price difference between natural and synthetic rubber is repaired. For BR, due to upstream production losses, the supply will continue to decline, and the downstream tire factory's operating rate is rising. Although there are factors suppressing demand, the supply - demand situation will continue to improve, and the price is expected to remain strong before the Strait of Hormuz is unblocked [11] 3. Summary by Related Catalogs Market News and Data - **Futures**: The closing price of the RU main contract was 16,225 yuan/ton, up 80 yuan/ton from the previous day; the NR main contract was 13,310 yuan/ton, up 255 yuan/ton; the BR main contract was 16,800 yuan/ton, down 670 yuan/ton [1] - **Spot**: The price of Yunnan - produced whole latex in the Shanghai market was 16,100 yuan/ton, up 100 yuan/ton; the Thai mixed rubber in the Qingdao Free Trade Zone was 15,380 yuan/ton, up 150 yuan/ton; the Thai 20 - grade standard rubber in the Qingdao Free Trade Zone was 1,990 US dollars/ton, up 35 US dollars/ton; the Indonesian 20 - grade standard rubber was 1,930 US dollars/ton, up 45 US dollars/ton; the ex - factory price of BR9000 from PetroChina Qilu Petrochemical was 18,500 yuan/ton, unchanged; the market price of BR9000 from Zhejiang Chuanhua was 17,400 yuan/ton, up 200 yuan/ton [1] Market Information - **Tire Exports**: From January to February 2026, the cumulative export volume of truck and bus tires was 730,100 tons, a year - on - year increase of 13.07%. The export regions showed obvious differentiation, with the export increment to Africa being the most prominent, and the export to developed regions being relatively weak [2] - **Automobile Production and Sales**: In February 2026, China's automobile production and sales were 1.672 million and 1.805 million vehicles respectively, with month - on - month decreases of 31.7% and 23.1% and year - on - year decreases of 20.5% and 15.2% [2] - **Rubber Imports**: From January to February 2026, China imported a total of 1.404 million tons of natural and synthetic rubber (including latex), a year - on - year decrease of 1.4% [2] - **Heavy - Truck Sales**: In February 2026, the wholesale sales of heavy - trucks were about 75,000 vehicles, a month - on - month decrease of nearly 30% and a year - on - year decrease of about 8%. From January to February, the cumulative sales of the heavy - truck industry exceeded 180,000 vehicles, a year - on - year increase of about 17% [2] - **Global Natural Rubber Production and Consumption**: In January 2026, the global natural rubber production was expected to increase by 4.3% to 1.409 million tons, a month - on - month decrease of 1%; the consumption was expected to increase by 4.4% to 1.287 million tons, a month - on - month decrease of 1.8%. The global natural rubber production in 2026 was expected to increase by 2.2% to 15.324 million tons [3] - **Thailand's Natural Rubber Exports**: In January 2026, Thailand exported 214,000 tons of natural rubber (excluding compound rubber), a year - on - year decrease of 10%. The exports to China were 77,000 tons, a year - on - year decrease of 13% [3] Market Analysis Natural Rubber - **Spot and Spread**: On March 24, 2026, the RU basis was - 125 yuan/ton (+20), the spread between the RU main contract and the mixed rubber was 845 yuan/ton (-70), the NR basis was 410.00 yuan/ton (-33.00); the whole latex was 16,100 yuan/ton (+100), the mixed rubber was 15,380 yuan/ton (+150), the 3L spot was 16,600 yuan/ton (+100); the STR20 was quoted at 1,990 US dollars/ton (+35), the spread between the whole latex and 3L was - 500 yuan/ton (+0); the spread between the mixed rubber and butadiene styrene was - 3,320 yuan/ton (-350) [4][5] - **Raw Materials**: The price of Thai smoked sheets was 75.45 Thai baht/kg (+0.96), Thai glue was 76.00 Thai baht/kg (+0.50), Thai cup lump was 57.50 Thai baht/kg (+0.50), and the difference between Thai glue and cup lump was 18.50 Thai baht/kg (+0.00) [6] - **Operating Rate**: The operating rate of all - steel tires was 72.21% (+0.41%), and the operating rate of semi - steel tires was 79.32% (+0.59%) [7] - **Inventory**: The social inventory of natural rubber was 685,569 tons (+8,000), the inventory of natural rubber at Qingdao Port was 1,360,805 tons (-4,066), the RU futures inventory was 125,440 tons (+4,600), and the NR futures inventory was 48,082 tons (-1,209) [7] Butadiene Rubber - **Spot and Spread**: On March 24, 2026, the BR basis was 200 yuan/ton (+870), the ex - factory price of butadiene from Sinopec was 18,000 yuan/ton (+0), the price of BR9000 from Qilu Petrochemical was 18,500 yuan/ton (+0), the price of BR9000 from Zhejiang Chuanhua was 17,400 yuan/ton (+200), the price of private butadiene rubber in Shandong was 17,000 yuan/ton (+400), and the import profit of butadiene rubber in Northeast Asia was - 2,442 yuan/ton (-1,961) [8] - **Operating Rate**: The operating rate of high - cis butadiene rubber was 65.58% (-12.52%) [9] - **Inventory**: The inventory of butadiene rubber traders was 8,610 tons (-470), and the inventory of butadiene rubber enterprises was 34,000 tons (-1,350) [10]

Group 1: Industry Investment Rating - No information about the industry investment rating is provided in the report. Group 2: Core View - The rubber market shows a wide - range oscillation trend, with a trend strength of 0, indicating a neutral stance [1]. The export of truck and bus tires has a mixed situation. In 2026, the cumulative export volume from January to February increased, but the export均价 decreased. The export regions are differentiated, with emerging markets growing and mature markets under pressure. The expected export volume of all - steel tires in March 2026 will decline significantly year - on - year [1][2][3][4]. Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking - **Futures Market**: The daily - session closing price of the rubber main contract was 16,225 yuan/ton, up 80 yuan from the previous day; the night - session closing price was 16,315 yuan/ton, up 135 yuan. The trading volume was 299,408 lots, a decrease of 26,974 lots; the holding volume of the 05 contract was 111,774 lots, a decrease of 5,117 lots; the warehouse receipt quantity was 125,410 tons, a decrease of 30 tons; the net short position of the top 20 members was 15,231 lots, a decrease of 2,309 lots [1]. - **Spread Data**: The basis of the spot - futures main contract was - 125, an increase of 20; the basis of the mixed - futures main contract was - 845, an increase of 70; the monthly spread of RU05 - RU09 was - 10, a decrease of 40 [1]. - **Spot Market**: The RSS3 outer - market quotation was 2,510 US dollars/ton, up 15 US dollars; the STR20 was 2,025 US dollars/ton, up 30 US dollars; the SMR20 was 2,015 US dollars/ton, up 30 US dollars; the SIR20 was 1,930 US dollars/ton, up 45 US dollars. The prices of substitutes like Qilu styrene - butadiene and Qilu cis - butadiene also increased. In the Qingdao market, the prices of imported Thai standard and Thai mixed rubber increased by 10 US dollars, and the African 10 increased by 5 US dollars [1]. 2. Industry News - From January to February 2026, the cumulative export volume of truck and bus tires was 73.01 tons, with a cumulative year - on - year increase of 13.07%. In February 2026, the export均价 of truck and bus tires was 2,079.47 US dollars/ton, with a month - on - month decrease of 0.09% and a year - on - year decrease of 3.54% [2][3]. - The export regions of truck and bus tires in China from January to February 2026 were significantly differentiated. Africa had the most prominent export growth, with a year - on - year increase of 42.31%. Southeast Asia, Oceania, and other regions also had positive growth. However, the Middle East and North America had year - on - year declines of 3.31% and 5.88% respectively [3]. - It is expected that the export volume of all - steel tires in China in March 2026 will be around 35 tons, showing a significant year - on - year decline. The export growth is restricted by multiple internal and external factors, such as the Middle East geopolitical conflict, trade barriers, and the shift of enterprise production capacity to the domestic market [4].

Core Insights - The company reported a revenue of 3.518 billion yuan for the first half of 2025, representing a year-on-year growth of 11.71%, with a net profit attributable to shareholders of 103 million yuan [1] - The company achieved a sales volume increase of 9.78% in the domestic market and 10.97% in the overseas market, supported by product upgrades and targeted marketing strategies [1] - The company is advancing a key project for high-performance giant engineering tires, marking a significant step in capacity construction in the high-end non-road tire sector [1][2] Financial Performance - Revenue for the first half of 2025 reached 3.518 billion yuan, up 11.71% year-on-year [1] - Net profit attributable to shareholders was 103 million yuan [1] - Domestic revenue growth was 13.26%, while overseas revenue growth was 8.78% [1] Strategic Developments - The company completed all pre-construction approvals for a project to expand high-performance giant engineering tire production, with construction starting in April 2025 [1] - The project aims to strengthen the company's competitive advantage in the global giant tire market and capture high-value markets such as mining equipment [1] - The company is accelerating its overseas market expansion by establishing localized sales and service teams in key global mining areas [1] Research and Development - R&D investment reached 159 million yuan in the first half of 2025, a 20.10% increase year-on-year [2] - The company achieved two patent authorizations and participated in the formulation of four national standards and one group standard [2] - Innovations in low heat generation formulas and high thermal dissipation structures are underway, with some products nearing international leading brand performance [2] Market Positioning - The company is focusing on high-value sectors in the domestic market, such as public transport systems and major logistics fleets, enhancing brand penetration in high-end markets [3] - The overseas market strategy includes a "4+2" approach to build and manage subsidiaries, with nearly 300 primary regional agents globally [3] - The company aims to maintain its leadership in the industrial tire sector through technological advancements and optimized internal management [3]

Group 1 - The company, Aeolus Tyre Co., Ltd., plans to issue A-shares to specific investors, with a total fundraising target of up to 1.1 billion RMB (approximately 110,000 million RMB) [7][23][35] - The issuance is aimed at expanding the production capacity of high-performance giant engineering radial tires, which are a key focus of national support and innovation [14][16] - The company has already spent approximately 152.53 million RMB on the project, indicating a significant funding gap that the new issuance aims to address [8][23] Group 2 - The issuance will involve up to 35 specific investors, including the controlling shareholder, China National Chemical Corporation [17][24] - The controlling shareholder plans to invest between 200 million RMB and 300 million RMB in the issuance, which constitutes a related party transaction [4][19] - The final number of shares to be issued will not exceed 30% of the company's total share capital, amounting to a maximum of 218,835,261 shares [4][22][35] Group 3 - The pricing for the shares will be set at no less than 80% of the average trading price over the 20 trading days prior to the pricing date, and it will also not be lower than the audited net asset value per share [5][20][21] - The company aims to enhance its competitive position in the giant tire market, which is currently dominated by international brands such as Michelin, Bridgestone, and Goodyear [15][16] - The global demand for giant engineering tires is expected to grow significantly, with projections indicating a production volume of 338,000 units by 2026 [14][15]

Core Viewpoint - The event "I am a shareholder" organized by Shanghai Stock Exchange and Zhongyuan Securities successfully facilitated investor engagement with Windson Co., highlighting the company's investment value and promoting active shareholder awareness [1] Company Overview - Windson Co. is a publicly listed company under China National Chemical Corporation, specializing in the production of various brands of truck and bus tires, as well as off-road tires, with products sold in over 140 countries and regions globally [2] - The company serves as a strategic supplier for leading domestic engineering machinery firms like XCMG and SANY, and also supplies tires for renowned global construction equipment manufacturers such as Volvo and Caterpillar [2] Event Highlights - Over 50 investors participated in the event, touring Windson Co.'s production line for giant engineering radial tires, observing the entire manufacturing process from molding to vulcanization [3] - The production facility showcased the manufacturing of "giant" products with diameters exceeding three meters, which is a core pillar of Windson Co.'s strategic transformation [3] Management Insights - Following the tour, the chairman of Windson Co., Wang Jianjun, provided a detailed overview of the company's development history, current operational status, and future strategic plans during a Q&A session with investors [4] - Investors raised questions regarding the company's performance, competitive landscape in the tire industry, and plans for capital increase, to which Wang Jianjun provided thorough and professional responses [4] - Wang acknowledged the existing technological gaps with leading international tire companies, emphasizing the company's commitment to enhancing material formulations and process precision, supported by a robust R&D framework [4] Future Engagement - The event established an effective communication bridge between investors and Windson Co., allowing for a deeper understanding of the company's operations and future direction [5] - Zhongyuan Securities plans to continue the "Walk into Listed Companies" series, aiming to foster a rational, value-oriented, and long-term investment environment while protecting investors' rights [5]

Group 1 - The company, Fengshen Co., Ltd. (600469.SH), confirmed its capability to design and produce a full range of tires for trucks and non-road vehicles [2] - The company serves as a strategic supplier for domestic construction machinery manufacturers such as XCMG and SANY [2] - Additionally, the company supplies tire products to global construction equipment firms including Volvo and Caterpillar [2]

Group 1 - The company plans to issue shares to raise up to 1.1 billion yuan for a high-performance giant engineering radial tire expansion project, with the net proceeds aimed at enhancing production capacity and efficiency [1] - The company produces a wide range of tires under various brands and has a strong presence in over 140 countries, serving as a strategic supplier for major domestic and international construction equipment manufacturers [1][2] - The company is focusing on high-end products, particularly giant engineering radial tires and specialty tires, and is transitioning its product structure towards non-road tires [1][2] Group 2 - The giant engineering radial tire market in China is still in its early stages, dominated by international brands such as Michelin, Bridgestone, and Goodyear, highlighting the need for domestic companies to invest in R&D and innovation [2] - The company has made significant R&D investments in the giant tire sector, achieving quality breakthroughs and gaining recognition from downstream customers, while also beginning to export products to international markets [2] - The domestic mining machinery manufacturing sector is growing, leading to an increased preference for domestic giant tires among original equipment manufacturers, thus accelerating the localization process [2] Group 3 - The fundraising project focuses on giant engineering radial tires, which are classified as encouraged products in the national industrial structure adjustment directory, indicating government support [3] - The company currently faces low order fulfillment rates for giant engineering radial tires, necessitating an expansion of production capacity to meet market demand amid increasing competition [3] - The project aims to leverage new technologies to enhance production capacity and reduce the gap with international competitors, thereby improving profitability and market share [3]

1. Report Industry Investment Rating - RU and NR are rated as neutral. BR is also rated as neutral [4][5] 2. Core View of the Report - The news of the EU's anti - dumping investigation on Chinese light - truck tires had a weak impact on the market, with limited actual influence as the market had long anticipated it. The cost support for natural rubber remains strong, and the supply and demand situation is expected to improve slightly. The price of natural rubber is expected to fluctuate. For BR, the supply pressure is small and the later - stage supply will decrease. The demand is expected to improve, and the price has certain support, but attention should be paid to the price of upstream butadiene [4][5] 3. Summary According to Related Catalogs Market News and Data - In the futures market, the RU main contract closed at 14,820 yuan/ton, down 120 yuan/ton from the previous day; the NR main contract was at 12,715 yuan/ton, down 200 yuan/ton. In the spot market, the price of Yunnan - produced whole latex in the Shanghai market was 14,750 yuan/ton, down 150 yuan/ton; the price of Thai mixed rubber in Qingdao Free Trade Zone was 14,550 yuan/ton, down 50 yuan/ton; the price of Thai 20 - grade standard rubber in Qingdao Free Trade Zone was 1,780 US dollars/ton, down 10 US dollars/ton; the price of Indonesian 20 - grade standard rubber was 1,720 US dollars/ton, down 10 US dollars/ton. The ex - factory price of Sinopec Qilu Petrochemical's BR9000 was 12,700 yuan/ton, unchanged from the previous day, and the market price of Zhejiang Transfar's BR9000 was 12,200 yuan/ton, down 100 yuan/ton [1] Recent Market Information - In April, the export volume of Chinese truck and bus tires was 410,200 tons, a month - on - month decrease of 5.43% and a year - on - year increase of 10.11%. The cumulative export volume from January to April was 1,489,700 tons, a cumulative year - on - year increase of 6.45%. In April, exports to Asia ranked first at 164,800 tons, a month - on - month decrease of 3.85% and a year - on - year increase of 0.78%. Exports to South America and Oceania increased both month - on - month and year - on - year, with exports to South America performing better, a month - on - month increase of 8.51% and a year - on - year increase of 46.09%. On May 21, the EU officially launched an anti - dumping investigation on Chinese light - truck tires, with the final result to be determined next year [2] Market Analysis Natural Rubber - Spot and spreads: On May 21, 2025, the RU basis was - 70 yuan/ton (- 30), the spread between the RU main contract and mixed rubber was 270 yuan/ton (- 70), the import profit of smoked sheet rubber was - 6,188 yuan/ton (+ 157.65), the NR basis was 90 yuan/ton (+ 129). The price of whole latex was 14,750 yuan/ton (- 150), the price of mixed rubber was 14,550 yuan/ton (- 50), and the price of 3L spot was 15,900 yuan/ton (- 50). The STR20 was quoted at 1,780 US dollars/ton (- 10). - Raw materials: The price of Thai smoked sheet was 68.59 Thai baht/kg (- 3.00), the price of Thai latex was 62.75 Thai baht/kg (unchanged), the price of Thai cup lump was 54.20 Thai baht/kg (+ 0.20), and the spread between Thai latex and cup lump was 8.55 Thai baht/kg (- 0.20). - Operating rate: The operating rate of all - steel tires was 59.88% (+ 18.19%), and the operating rate of semi - steel tires was 71.21% (+ 24.50%). - Inventory: The social inventory of natural rubber was 1,342,455 tons (- 13,072), the inventory of natural rubber in Qingdao Port was 614,189 tons (- 4,504), the RU futures inventory was 200,270 tons (- 230), and the NR futures inventory was 70,257 tons (- 4,435) [3] Butadiene Rubber (BR) - Spot and spreads: On May 21, 2025, the BR basis was 200 yuan/ton (+ 70), the ex - factory price of butadiene from Sinopec was 10,500 yuan/ton (- 200), the price of Qilu Petrochemical's BR9000 was 12,700 yuan/ton (unchanged), the market price of Zhejiang Transfar's BR9000 was 12,200 yuan/ton (- 100), the price of private - owned butadiene rubber in Shandong was 12,100 yuan/ton (- 100), and the import profit of butadiene rubber from Northeast Asia was - 956 yuan/ton (- 100). - Operating rate: The operating rate of high - cis butadiene rubber was 79.20% (+ 4.46%). - Inventory: The inventory of butadiene rubber traders was 5,800 tons (+ 330), and the inventory of butadiene rubber enterprises was 27,000 tons (+ 350) [3] Strategy - For RU and NR, maintain a neutral view. The anti - dumping investigation by the EU has limited actual impact. The cost support for natural rubber is strong, and it is expected that the raw material output in the production areas will increase in June. The domestic basis has weakened slightly. After the profit of downstream tires is restored, it can offset part of the pressure of the increase in finished product inventory. It is expected that the operating rate of tire factories will perform well in the later stage. The overall supply and demand situation is expected to improve slightly, but the price is expected to fluctuate. For BR, maintain a neutral view. The supply pressure is small and the later - stage output will decrease. The demand is expected to improve, and the price has certain support, but attention should be paid to the price of upstream butadiene [4][5]