备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 期货研究报告 晨会纪要 投资咨询业务资格：证监许可【2011】1778 宝城期货橡胶早报-2025-11-27 品种晨会纪要 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | --- | | 沪胶 | 2601 | 震荡 | 震荡 | 偏强 | 偏强运行 | 多空分歧出现，沪胶震荡偏强 | | 合成胶 | 2601 | 震荡 | 震荡 | 偏强 | 偏强运行 | 多空分歧出现，合成胶震荡偏强 | 2.跌幅大于 1%为弱势，跌幅 0~1%为偏弱，涨幅 0~1%为偏强，涨幅大于 1%为强势。 3.偏强/偏弱只针对日内观点，短期和中期不做区分。 主要品种价格行情驱动逻辑—商品期货能源化工板块 沪胶（RU） 日内观点：偏强 中期观点：震荡 参考观点：偏强运行 核心逻辑：随着国内云南和海南天胶产区逐渐临近停割季，未来国产全乳胶供应预期逐渐下降 ...

期货研究报告 晨会纪要 投资咨询业务资格：证监许可【2011】1778 宝城期货橡胶早报-2025-11-25 品种晨会纪要 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | --- | | 沪胶 | 2601 | 震荡 | 震荡 | 偏弱 | 偏弱运行 | 偏空因素主导，沪胶震荡偏弱 | | 合成胶 | 2601 | 震荡 | 震荡 | 偏弱 | 偏弱运行 | 偏空因素主导，合成胶震荡偏弱 | 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为偏弱，涨幅 0~1%为偏强，涨幅大于 1%为强势。 3.偏强/偏弱只针对日内观点，短期和中期不做区分。 主要品种价格行情驱动逻辑—商品期货能源化工板块 沪胶（RU） 日内观点：偏弱 中期观点：震荡 参考观点：偏弱运行 核心逻辑：随着国内云南和海南天胶产区逐渐临近停割季，未来国产全乳胶供应预期逐渐下降 ...

期货研究报告 晨会纪要 投资咨询业务资格：证监许可【2011】1778 宝城期货橡胶早报-2025-11-21 品种晨会纪要 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | --- | | 沪胶 | 2601 | 震荡 | 震荡 | 偏强 | 偏强运行 | 多空分歧延续，沪胶震荡企稳 | | 合成胶 | 2601 | 震荡 | 震荡 | 偏强 | 偏强运行 | 多空分歧延续，合成胶震荡企稳 | 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为偏弱，涨幅 0~1%为偏强，涨幅大于 1%为强势。 3.偏强/偏弱只针对日内观点，短期和中期不做区分。 主要品种价格行情驱动逻辑—商品期货能源化工板块 沪胶（RU） 日内观点：偏强 中期观点：震荡 参考观点：偏强运行 核心逻辑：随着国内云南和海南天胶产区逐渐临近停割季，未来国产全乳胶供应预期逐渐下降 ...

Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Report's Core View - The short - term and intraday views of both Shanghai rubber (RU) 2601 and synthetic rubber (BR) 2601 are weak, and the medium - term view is oscillatory, with an overall outlook of weak operation [1][5][7]. 3. Summary by Related Catalogs Shanghai Rubber (RU) - **Price Performance**: On Thursday night, the domestic Shanghai rubber futures 2601 contract maintained an oscillatory and stable trend, with the futures price slightly rising 0.57% to 15,035 yuan/ton, but the continued rise was blocked by the 10 - day moving average [5]. - **Core Logic**: After the meeting between the Chinese and US presidents in Busan, South Korea, the positive progress in economic and trade tariffs was slightly lower than market expectations. As the macro - positive sentiment faded, the driving force of macro factors weakened, and the market saw profit - taking. After the rubber market returned to being dominated by supply - demand fundamentals, the rubber price was under pressure. It is expected that the Shanghai rubber 2601 contract may maintain a weak trend on Friday [5]. Synthetic Rubber (BR) - **Price Performance**: On Thursday night, the domestic synthetic rubber futures 2601 contract showed an oscillatory and stable trend, with the futures price slightly rising 0.34% to 10,230 yuan/ton, but there was resistance to continued rise [7]. - **Core Logic**: Similar to Shanghai rubber, after the meeting between the Chinese and US presidents, the positive progress in economic and trade tariffs was slightly lower than market expectations. As the macro - positive sentiment faded, the market shifted from "expectation - driven" to "reality - dominated", and investors' sentiment became cautious. It is expected that the domestic synthetic rubber futures 2601 contract may maintain a weak trend on Friday [7].

Report Industry Investment Ratings - **Bullish**: None - **Bearish**: Palm oil, Rapeseed oil, Soybean meal, Paper pulp - **Neutral (Oscillating)**: Stock index, Treasury bond, Gold, Copper, Aluminum, Alumina, Zinc, Nickel, Stainless steel, Tin, Polysilicon, Lithium carbonate, Iron ore, Manganese silicon, Soda ash, Coking coal, Coke, Cotton, Sugar, Corn, Crude oil, Fuel oil, Asphalt, Natural rubber, Synthetic rubber, PTA, Ethylene glycol, Short - fiber, Styrene, Urea, PE, PP, PVC, Caustic soda, PG, Container shipping European line Core Views - Short - term, market sentiment may shift from optimism to caution, and the stock index may enter an oscillating phase to accumulate momentum for the next upward movement, with strong support below due to policy and liquidity [1]. - Asset shortage and weak economy are favorable for bond futures, but short - term central bank interest - rate risk warnings suppress the upside [1]. - Precious metals are under short - term pressure due to tight dollar liquidity [1]. - Copper price is expected to have limited downside, while aluminum price oscillates, and alumina has a weak fundamental situation [1]. - Zinc price is expected to stay high, but chasing high should be cautious; nickel and stainless - steel prices are affected by macro factors and have different trends [1]. - Tin has long - term buying opportunities at low prices; polysilicon, lithium carbonate, and other commodities have their own oscillating or directional trends based on supply - demand and macro factors [1]. - Some agricultural products like palm oil, rapeseed oil, etc. face bearish factors, while others like sugar and cotton have complex supply - demand situations [1]. - Energy - chemical products' prices are affected by factors such as supply - demand, policies, and cost, showing various trends [1]. Summary by Related Catalogs Stock Index - Short - term, with the release of positive factors, the stock index may oscillate to accumulate momentum for the next upward movement, and there is strong support below due to policy and liquidity [1]. Treasury Bond - Asset shortage and weak economy are favorable for bond futures, but short - term central bank interest - rate risk warnings suppress the upside [1]. Gold - Precious metals are under short - term pressure due to tight dollar liquidity [1]. Copper - Macro - positive sentiment is digested, and copper price may decline, but the downside is limited [1]. Aluminum - Recent industrial drivers are limited, and with the digestion of macro - positives, aluminum price oscillates [1]. Alumina - Domestic alumina production capacity is continuously released, with both production and inventory increasing, and the fundamental situation is weak, putting pressure on the spot price [1]. Zinc - Market risk aversion rises, LME zinc inventory is decreasing, and zinc price is strong, but domestic over - supply requires caution when chasing high [1]. Nickel - Short - term, nickel price may be dominated by macro factors and oscillate weakly, with high inventory pressure; long - term, primary nickel over - supply persists [1]. Stainless Steel - Macro sentiment weakens, and stainless - steel futures are under pressure; short - term operations are recommended, and opportunities for selling hedges at high prices should be noted [1]. Tin - Long - term, there are opportunities to go long at low prices due to the unrepaired raw - material end and good new - quality demand expectations [1]. Polysilicon - Northwest production capacity is recovering, production in November is decreasing, and there are expectations of capacity reduction and increased terminal installation [1]. Lithium Carbonate - There are concerns about potential weakening of industrial demand in the off - season, and attention should be paid to upward pressure after the realization of macro sentiment [1]. Iron Ore - Near - month production is restricted, and far - month has upward potential [1]. Manganese Silicon - Direct demand is good, but high supply and inventory pressure limit price rebound [1]. Soda Ash - It follows glass, but supply - demand is average, and there is strong upward resistance [1]. Coking Coal and Coke - Coking coal is testing support, and coke has a complex situation; short - term, single - side operations should be observed, and long - term, low - buying is recommended [1]. Palm Oil - Short - term, it faces seasonal production increase and weak exports; from November, there may be a phased rebound if exports improve [1]. Rapeseed Oil - Sino - Canadian relations and Canadian harvest put pressure on the price [1]. Cotton - Uncertainty in cotton demand exists due to the contradiction between Xinjiang's capacity expansion and reduced spinning profit; the downside is limited, but new - crop base and price may be under pressure [1]. Sugar - Short - term, there is seasonal upward momentum, but new - sugar listing may limit the rebound space [1]. Corn - Futures and spot face selling pressure, and the price may oscillate and bottom out [1]. Soybean Meal - Domestic soybean purchase and processing profit is poor, and the price may rebound to repair the profit, but supply expectations limit the rebound height [1]. Paper Pulp - The 11 - contract has pressure, and an 11 - 1 reverse spread is recommended [1]. Log - The fundamental situation has declined, and it is recommended to wait and see [1]. Live Pig - Short - term, futures follow the spot and turn weak [1]. Crude Oil and Fuel Oil - OPEC+ continues to increase production slightly, geopolitical hype cools down, and market sentiment eases [1]. Asphalt - Short - term supply - demand is not prominent, and the "14th Five - Year Plan" demand may be false; supply is sufficient, and profit is high [1]. Natural Rubber - Supported by raw - material cost, mid - stream inventory decreases, and the market atmosphere is positive [1]. Synthetic Rubber - Cost support weakens, supply is loose, and the price is adjusted downwards [1]. PTA and Short - fiber - The "anti - involution" policy drives the price up, and short - fiber follows the cost [1]. Ethylene Glycol - It follows the decline of crude oil, but cost support strengthens, and polyester demand is stable [1]. Styrene - Asian benzene price is weak, and styrene profit declines, with more device overhauls [1]. Urea - Export is weak, and there is cost support [1]. PE and PP - Supply pressure is high, and downstream improvement is less than expected [1]. PVC - Supply pressure is large, and cost support strengthens [1]. Caustic Soda - Production plans increase, over - concentration of overhauls decreases, and there is a risk of short - squeeze [1]. PG - International oil and gas supply is loose, and domestic spot is stable [1]. Container Shipping European Line - Macro - positive sentiment is digested, and November's shipping capacity supply is relatively loose [1].

1. Report Industry Investment Rating - Not provided in the report 2. Core Views of the Report - In the short - term, the natural rubber market is expected to continue its wide - range oscillation. RU has low valuation and cost - side support but weak buying, while dark - colored rubbers like 20 - gauge rubber rely on downstream demand. In the medium - to - long - term, it is regarded as neutrally bearish due to supply pressure and uncertain demand [1][2] - The market has shifted from macro - driven to fundamentals - driven pricing. The current fundamentals show mixed signals, with some positive factors in the upstream and downstream but also significant supply and demand pressures [1] - Trade policies and international situations pose risks to the long - term demand for rubber, and downstream tire enterprises may restructure the supply - demand distribution of rubber [10] 3. Summary by Relevant Catalogs 3.1 Core Contradictions and Strategy Recommendations 3.1.1 Core Contradictions - Short - term: After the initial rise, rubber prices retraced due to the fading of macro - positive sentiment. The fundamentals show that although RU has cost - side support, the buying is weak, and 20 - gauge rubber depends on downstream demand. The supply of natural rubber is expected to increase, and the supply of synthetic rubber is loose, dragging down the price of the rubber system [1] - Medium - to - long - term: The global total production capacity cycle has not fully peaked, and the supply pressure is increasing. The demand needs continuous macro - positive support, and the export growth faces risks such as international situations and trade barriers [1][2] - Proximal trading: The price difference between Indonesian standard rubber and other standard rubbers has widened slightly, providing some support to NR. The risk of near - month delivery is small, but there is still an anti - arbitrage space for some standard rubbers [7] - Distal trading: The weather in production areas has improved, and the supply is expected to increase. The inventory in Qingdao has started to accumulate, increasing the supply pressure. The macro situation still has uncertainties, and the long - term demand may lead to a restructuring of the rubber supply - demand distribution [10] 3.1.2 Trading - Type Strategy Recommendations - **Price Range**: The short - term reference oscillation range for RU2601 is 14800 - 15400; for NR2511, it is 12000 - 12400 [15] - **Trend Judgement**: It is expected to maintain an oscillation, with the fundamentals as the main pricing factor. The support for RU01 is around 14600, and the pressure is around 15600; for NR12, the support is around 11800 [15] - **Strategy Recommendations**: Adopt a wait - and - see approach for unilateral trading, consider small - scale long - position trading when RU01 stabilizes. For hedging, combine with protective options or consider a long - volatility strategy. For basis trading, consider reverse arbitrage for some varieties. For calendar spread arbitrage, hold long - spread positions for RU and consider long - spread positions for NR11 - 01. For variety arbitrage, consider widening the spread at low levels [16] 3.1.3 Industry Customer Operation Recommendations - **Price Forecast**: The price range for rubber RU in the next two weeks is 14800 - 15700, and for 20 - gauge rubber NR, it is 11900 - 12900 [22] - **Risk Management Strategies**: For inventory management, when the inventory is high, short - sell rubber futures, buy out - of - the - money put options, and sell call options. For procurement management, when the inventory is low, buy long - term rubber futures and out - of - the - money call options, and sell put options [22] 3.2 Important Information and Attention Events 3.2.1 Last Week's Important Information - **Positive Information**: The US API and EIA crude oil inventories decreased, the Sino - US economic and trade consultations achieved results, the global automotive supporting demand was good, the Fed cut interest rates, the "15th Five - Year Plan" policies were introduced, and the demand for winter snow tires increased [24][25][26] - **Negative Information**: The Fed's decision on future interest rate cuts is uncertain, the increase in rubber prices has brought supply - demand pressure, the manufacturing PMI in China declined, the tire and automobile inventories are under pressure, and the weather may have a certain impact on production [27] 3.2.2 This Week's Attention Focus - Monitor the rainfall in production areas, changes in dry - rubber social inventory, downstream tire start - up conditions, and important macro data such as the US ISM manufacturing PMI and China's PPI and CPI reports [28] 3.3 Disk Interpretation 3.3.1 Price - Volume and Capital Interpretation - **Unilateral Trend**: Last week, rubber prices first rebounded and then declined. RU and NR found support at around 15000 and 12000 respectively. The liquidity problem of 20 - gauge rubber has been alleviated, and the spot price is still stronger than the disk price. RU's position remained flat, while NR's position continued to decrease [29] - **Capital Trend**: Since last Thursday, the short positions of RU and NR have increased, and the net positions have decreased [32] 3.3.2 Spot Market and Spread Analysis - **Spot Price Changes**: Last Friday, most spot prices fell, except for the increase in the price of whole milk latex. Among standard rubbers, the price of Thai standard rubber decreased significantly [35] - **Basis Structure**: The spread between whole milk latex and smoked sheet rubber narrowed, the basis of whole milk latex remained flat, and the basis of smoked sheet rubber decreased. The basis of some standard rubbers rebounded, and the term structure of NR has changed from a deep back to a shallower one [37][42] - **Calendar Spread Structure**: The calendar spread structure of RU changed little, and the center of gravity moved up slightly. The price of NR decreased, and the back structure became shallower, reflecting weak market expectations [42] - **External Market Conditions**: The price of Thai smoked sheet rubber increased, driving the near - month contracts of Japanese RSS3 to strengthen, and the monthly spread structure became flatter. The price and structure of Singapore TSR20 rubber changed little [48] - **Virtual - to - Physical Ratio and Sentiment Index**: Recently, the sentiment in the rubber market has fluctuated greatly. The bullish sentiment rose and then fell last week, and the demand sentiment for downstream tires was weak. The virtual - to - physical ratio of RU continued to rise, while that of NR decreased [57] - **Variety Spread Analysis**: The spread between light - colored and dark - colored rubbers widened and then stabilized. The spread between natural and synthetic rubbers increased and then corrected, dragging down the price of natural rubber [60][64] 3.4 Valuation and Profit Analysis 3.4.1 Industry Chain Profit Tracking - **Raw Material Cost**: Last week, rainfall in Hainan, Yunnan, and southern Thailand affected the supply, and raw material prices were firm. The price difference between water and cup in Thailand rebounded [66] - **Processing Profit - Domestic Rubber**: The delivery profit of whole milk latex and the profit of TSR9710 both decreased significantly [73] - **Processing Profit - Imported Rubber**: The overall center of rubber prices moved up last week. The import profit of Thai smoked sheet rubber remained flat, while the profits of 20 - gauge standard rubber and Thai mixed rubber decreased [75] 3.5 Supply - Demand and Inventory Deduction 3.5.1 Supply Side - **Production in Major Producing Countries**: The supply of natural rubber in major producing countries is expected to increase, and the weather in some areas has improved, which is conducive to production [10] - **Import Situation**: In September, the import of natural and synthetic rubber in China increased steadily. The import of Thai standard rubber decreased, while the import of Thai mixed rubber increased significantly [79] 3.5.2 Demand Side - **Total Demand in Major Producing Countries**: In August, the actual consumption of natural rubber in China remained stable year - on - year, while the demand in major producing countries such as Thailand, Indonesia, and Malaysia declined [86] - **Tire Production and Sales**: The demand for winter snow tires has increased, and most tire enterprises' start - up rates have remained stable. The inventory of semi - steel tires has decreased, while that of all - steel tires has increased slightly. The export of domestic tires has shown strong resilience but has declined month - on - month [91] - **Replacement Demand**: The domestic logistics industry has been stable, but the slowdown in fixed - asset investment may suppress the growth of replacement demand in the long term [96] - **Supporting Demand**: Domestic automobile sales have performed well, and the supporting demand for tires is expected to remain resilient. However, the long - term increase in the demand for truck - related tires may be limited [98][99] - **Overseas Tire Production**: Japan's tire production has remained stable overall, with strong performance in all - steel tires and a year - on - year decrease in semi - steel tires. Thailand's tire shipment index has increased year - on - year [102] - **Overseas Tire Demand**: US tire imports have increased despite the decline in automobile sales. The production and sales of European passenger cars have been stable, and the production of commercial vehicles has decreased. The automobile production in Japan and South Korea has shown different trends [104] - **Demand for Other Rubber Products**: The start - up rate of domestic conveyor belts has weakened, while that of rubber tubes is slightly higher than that of last year [111] 3.5.3 Inventory Side - **Futures Inventory**: Affected by the weather, the RU warehouse receipts have continued to decline, while the NR warehouse receipts have increased due to stable imports and weak downstream procurement [116] - **Social Inventory**: As of November 2, 2025, the total inventory of natural rubber in Qingdao has increased, with a decrease in bonded - area inventory and an increase in general - trade inventory [118]

三、主要原材料的价格变动情况 证券代码：600623 900909 股票简称：华谊集团 华谊 B 股 编号：2025-054 上海华谊集团股份有限公司 2025 年三季度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 上海华谊集团股份有限公司（以下简称"公司"）根据上海证券交易所上市 公司自律监管指引第 3 号——行业信息披露》及其《上市公司行业信息披露第十 三号——化工》要求，现将 2025 年三季度主要经营数据（未经审计）披露如下： 二、主要产品的价格情况 | 主要产品 | 单位 | 2025 年 1-9 月 | | --- | --- | --- | | | | 平均售价 | | 甲醇、醋酸及酯 | 元/吨 | 2,357.99 | | 工业气体 | 元/千立方米 | 1,032.37 | | 丙烯及下游产品 | 元/吨 | 6,707.40 | | 涂料及树脂 | 元/吨 | 25,142.97 | | 轮胎 | 元/条 | 644.58 | | 含氟材料 | 元/吨 | 36,101.36 | 特此 ...

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Report Core View - Both Shanghai rubber and synthetic rubber are expected to run weakly, with short - term, medium - term, and intraday views all being weakly oscillating [1][5][7] 3. Summary by Related Catalogs Shanghai Rubber (RU) - **Price Performance**: On Wednesday night, the domestic Shanghai rubber futures 2601 contract continued the weakly oscillating trend, with the futures price slightly down 0.37% to 14,795 yuan/ton [5] - **Core Logic**: Although the macro - bearish sentiment has weakened due to Trump's signal, the macro and industrial factors in the rubber market remain weak, so it is expected to maintain a weakly oscillating trend on Thursday [5] Synthetic Rubber (BR) - **Price Performance**: On Wednesday night, the domestic synthetic rubber futures 2512 contract showed a stable and slightly rising trend, with the futures price rebounding 0.84% to 10,835 yuan/ton, but it lacks the momentum to continue strengthening [7] - **Core Logic**: Similar to Shanghai rubber, despite the weakening of macro - bearish sentiment, the macro and industrial factors in the rubber market are still weak, and it is expected to maintain a weakly oscillating trend on Thursday [7]

Report Summary 1. Report Industry Investment Rating No information is provided regarding the report industry investment rating. 2. Report's Core View - The overall view is that both Shanghai rubber (RU) and synthetic rubber (BR) are expected to run weakly. For Shanghai rubber 2601 and synthetic rubber 2512, the short - term view is oscillating weakly, the medium - term view is downward, and the intraday view is downward [1]. - Systemic risks have emerged, with President Trump restarting the tariff war targeting China and the US bipartisan deadlock leading to a government shutdown, which has caused negative sentiment to spread and put pressure on rubber and synthetic rubber futures [5][6]. 3. Summary by Relevant Catalogs Shanghai Rubber (RU) - **Price Performance**: On Friday, the Shanghai rubber 2601 contract fell significantly by 2.05% to 15,045 yuan/ton [5]. - **Market Outlook**: The 2601 contract's moving averages maintain a bearish trend. It is expected to maintain an oscillating and weakly downward trend on Monday [5]. Synthetic Rubber (BR) - **Price Performance**: On Friday, the domestic synthetic rubber 2512 contract fell significantly by 2.77% to 10,890 yuan/ton [6]. - **Market Outlook**: It is expected that the domestic synthetic rubber 2512 contract will maintain an oscillating and weakly downward trend on Monday [6].

Report Industry Investment Rating No relevant content provided. Core View of the Report - Both Shanghai rubber (RU) and synthetic rubber (BR) are expected to run weakly, with short - term and intraday views of being oscillatory and weak, and mid - term views of decline [1][5][6] Summary by Related Catalogs Shanghai Rubber (RU) - **Price Trend**: Short - term oscillatory and weak, mid - term decline, intraday oscillatory and weak, overall expected to run weakly [1][5] - **Core Logic**: During the National Day holiday, the unexpected shutdown of the US federal government led to a significant increase in risk - aversion sentiment in the global financial market. Commodities were generally under pressure, and the main contract of Japanese rubber futures had a cumulative maximum decline of 3.83%. Typhoon "Maidoum" might cause yield reduction in natural rubber planting areas. Before the holiday, the 2601 contract of domestic Shanghai rubber futures showed a weak downward trend, so it is expected to maintain an oscillatory and weak trend on the first trading day after the holiday [5] Synthetic Rubber (BR) - **Price Trend**: Short - term oscillatory and weak, mid - term decline, intraday oscillatory and weak, overall expected to run weakly [1][6] - **Core Logic**: During the National Day holiday, the US federal government shutdown increased global risk - aversion sentiment. Commodity prices were under pressure. The prices of US WTI crude oil and Brent crude oil futures had a cumulative decline of about 1%. Due to weak cost support and a weak supply - demand structure, and the 2511 contract of synthetic rubber futures showed a weak downward trend before the holiday, it is expected to maintain an oscillatory and weak trend on the first trading day after the holiday [6]