Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Both Shanghai rubber (RU) and synthetic rubber (BR) are expected to run weakly in the short - term and on the day, and show a volatile trend in the medium - term [1][5][6]. 3. Summary by Variety Shanghai Rubber (RU) - **Short - term view**: Weak [1] - **Medium - term view**: Volatile [1] - **Intraday view**: Weak [1] - **Reference view**: Weakly run [1] - **Core logic**: As domestic natural rubber producing areas in Yunnan and Hainan are approaching the end of the harvest season, the supply of domestic full - latex is expected to decline. Meanwhile, the domestic automobile production and sales data are optimistic. After a previous steady rebound, the rubber market has entered a stage of long - short divergence. On Wednesday night, the 2601 contract of Shanghai rubber futures maintained a weakly volatile trend, and the futures price closed slightly lower. It is expected to maintain a weakly volatile trend on Thursday [5]. Synthetic Rubber (BR) - **Short - term view**: Weak [1] - **Medium - term view**: Volatile [1] - **Intraday view**: Weak [1] - **Reference view**: Weakly run [1] - **Core logic**: The recent macro sentiment is okay, but the slight decline of domestic and international crude oil futures on Wednesday night weakened the impetus for the continuous rebound of synthetic rubber futures. The domestic automobile production and sales data are optimistic, and the synthetic rubber market has shifted from "expectation - driven" to "reality - dominated". Under the long - short divergence, the synthetic rubber futures showed a volatile and stable trend on Wednesday night, with the futures price slightly rebounding. It is expected to maintain a weak trend on Thursday [6].

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - The report predicts that both Shanghai rubber (RU) and synthetic rubber (BR) futures will run stronger. For Shanghai rubber, it will maintain a volatile and stronger trend on Tuesday, and for synthetic rubber, it may maintain a stronger trend on Wednesday [5][7]. 3. Summary by Related Catalogs Shanghai Rubber (RU) - **Short - term**: Weak [1] - **Medium - term**: Oscillating [1] - **Intraday**: Stronger [1] - **Reference View**: Run stronger [1] - **Core Logic**: As domestic natural rubber production areas in Yunnan and Hainan are approaching the end of the season, the supply of domestic full - latex is expected to decline. Also, the domestic automobile production and sales data in the rubber market are optimistic. Under the good supply - demand structure, the 2601 contract of Shanghai rubber futures maintained a volatile and stronger trend on Tuesday night, with the futures price slightly rising [5]. Synthetic Rubber (BR) - **Short - term**: Weak [1] - **Medium - term**: Oscillating [1] - **Intraday**: Stronger [1] - **Reference View**: Run stronger [1] - **Core Logic**: Recently, the macro sentiment is good. Crude oil futures at home and abroad are supported by the rising winter heating demand and show a volatile and stronger trend, which strengthens the cost support for domestic synthetic rubber futures. Coupled with the optimistic domestic automobile production and sales data in the rubber market, the market has shifted from "expectation - driven" to "reality - dominated". On Tuesday night, domestic synthetic rubber futures showed a volatile and stable trend, with the futures price slightly rebounding [7].

Report Summary 1. Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2. Report's Core View - Both沪胶 (RU) and合成胶 (BR) are expected to run strongly, with short - term weakness, medium - term oscillation, and intraday strength [1][5][7]. 3. Summary by Related Catalogs For沪胶 (RU) - **Short - term view**: Weak [1] - **Medium - term view**: Oscillation [1] - **Intraday view**: Strong [1] - **Reference view**: Run strongly [1] - **Core logic**: The US Senate's key step to end the federal government "shutdown" re - stimulates investors' risk preference, and market optimism recovers. With the strengthening of macro factors and optimistic domestic automobile production and sales data in the rubber market downstream,沪胶 futures maintained an oscillating and stable trend in the overnight session on Monday and are expected to maintain an oscillating and strong trend on Tuesday [5]. For合成胶 (BR) - **Short - term view**: Weak [1] - **Medium - term view**: Oscillation [1] - **Intraday view**: Strong [1] - **Reference view**: Run strongly [1] - **Core logic**: The US Congress Senate's agreement to end the federal government "shutdown" boosts investors' risk preference. With the strengthening of macro factors and optimistic domestic automobile production and sales data in the rubber market downstream, the market has shifted from "expectation - driven" to "reality - dominated".合成胶 futures showed an oscillating and stable trend in the overnight session on Monday and are expected to maintain a strong trend on Tuesday [7].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - Both Shanghai rubber (RU) and synthetic rubber (BR) are expected to run strongly in the short - term and intraday, with a mid - term view of oscillation [1][5][7] 3. Summary According to Related Catalogs Shanghai Rubber (RU) - **Short - term, Mid - term and Intraday Views**: Short - term is weak, mid - term is oscillating, intraday is strong, with a reference view of strong operation [1][5] - **Core Logic**: The US Senate's key step to end the federal government "shutdown" has re - stimulated investors' risk appetite, and market optimism has recovered. After the enhancement of macro factors, combined with the optimistic domestic automobile production and sales data in the rubber market. Last Friday night, the domestic Shanghai rubber futures maintained an oscillating and stable trend, with the futures price slightly lower. It is expected that the Shanghai rubber futures may maintain an oscillating and strong trend on Monday [5] Synthetic Rubber (BR) - **Short - term, Mid - term and Intraday Views**: Short - term is weak, mid - term is oscillating, intraday is strong, with a reference view of strong operation [1][7] - **Core Logic**: The US Senate has reached an agreement to end the federal government "shutdown", which has boosted investors' risk appetite. After the enhancement of macro factors, combined with the optimistic domestic automobile production and sales data in the rubber market. The market has shifted from "expectation - driven" to "reality - dominated", and investors' sentiment has become more cautious. Last Friday night, the domestic synthetic rubber futures showed an oscillating and stable trend, with the futures price slightly lower. It is expected that the synthetic rubber futures may maintain a strong trend on Monday [7]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View - Both Shanghai rubber (RU) and synthetic rubber (BR) are expected to run strongly, with an intraday view of being oscillating and strong, and a medium - term view of being oscillating and weak [1][5][7]. 3. Summary Based on Related Catalogs Shanghai Rubber (RU) - **Price Performance**: On Wednesday night, the domestic Shanghai rubber futures 2601 contract maintained an oscillating and strong trend, with the futures price rising slightly by 0.89% to 15,250 yuan/ton. It is expected to maintain an oscillating and strong trend on Thursday [5]. - **Core Logic**: The macro - bearish sentiment has weakened as US President Trump actively released easing signals. The better - than - expected domestic new car production and sales data in September have supported the correction of industrial factors, boosting the confidence of long - position holders in the rubber market [5]. Synthetic Rubber (BR) - **Price Performance**: On Wednesday night, the domestic synthetic rubber futures 2512 contract showed an oscillating and strong trend, with the futures price rising slightly by 1.23% to 11,150 yuan/ton. It is expected to maintain an oscillating and strong trend on Thursday [7]. - **Core Logic**: Similar to Shanghai rubber, the macro - bearish sentiment has weakened due to Trump's signal, and the better - than - expected new car production and sales data in September have corrected industrial factors and enhanced the confidence of long - position holders in the rubber market [7]. 4. Other Notes - For varieties with night trading, the starting price is the night - trading closing price; for those without, it is the previous day's closing price. The ending price is the day - trading closing price for calculating the price change [2]. - A decline greater than 1% is considered a fall, a decline of 0 - 1% is oscillating and weak, a rise of 0 - 1% is oscillating and strong, and a rise greater than 1% is a rise [3]. - The oscillating and strong/weak view only applies to the intraday view, not the short - term and medium - term views [4].

Report Summary 1. Report Industry Investment Rating No specific investment rating is provided in the report. 2. Report's Core View - Both Shanghai rubber (RU) and synthetic rubber (BR) are expected to run weakly, with short - term, medium - term, and intraday views being oscillatory and weak [1][5][7]. 3. Summary by Related Catalogs Shanghai Rubber (RU) - **Price and Performance**: On the night of last Friday, the domestic Shanghai rubber futures 2601 contract slightly rose 0.40% to 14,880 yuan/ton [5]. - **Market Outlook**: This Monday, the 2601 contract of Shanghai rubber is expected to maintain an oscillatory and weak trend [5]. - **Driving Logic**: Although the macro - bearish sentiment has weakened due to Trump's signal of easing, the macro and industrial factors in the rubber market remain weak. The better - than - expected domestic automobile production and sales data last week boosted the bulls' confidence [5]. Synthetic Rubber (BR) - **Price and Performance**: On the night of last Friday, the domestic synthetic rubber futures 2512 contract showed an oscillatory and weak trend, with the futures price slightly down 0.55% to 10,880 yuan/ton [7]. - **Market Outlook**: This Monday, the 2512 contract of domestic synthetic rubber futures is expected to maintain an oscillatory and weak trend [7]. - **Driving Logic**: Similar to Shanghai rubber, although the macro - bearish sentiment has weakened, the macro and industrial factors in the rubber market remain weak [7].

Core Insights - The report indicates a weak oscillation trend for both Shanghai rubber (沪胶) and synthetic rubber (合成胶) in the short and medium term, with a consensus on a bearish outlook [5][6]. Summary by Sections Shanghai Rubber (沪胶) - Daily view: Oscillation with a weak bias; Medium-term view: Oscillation [5] - The core logic suggests that the recent 25 basis point interest rate cut by the Federal Reserve aligns with market expectations, but the dot plot indicates two more cuts in Q4 2025 and only one in 2026, which is slower than the market's pricing of three cuts [5]. - The Shanghai rubber futures contract (2601) showed a slight increase of 0.10% to 15,545 CNY/ton, but resistance to further rebounds remains significant [5]. Synthetic Rubber (合成胶) - Daily view: Oscillation with a weak bias; Medium-term view: Oscillation [6] - Similar to Shanghai rubber, the recent interest rate cut by the Federal Reserve is acknowledged, with the same implications regarding future cuts [6]. - The synthetic rubber futures contract (2511) experienced a slight increase of 0.22% to 11,495 CNY/ton, but faces considerable resistance to further upward movement [6].

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Report's Core View - The report predicts that both the Shanghai rubber futures 2601 contract and the synthetic rubber futures 2511 contract will maintain a stable and fluctuating trend on Thursday, with a slightly upward bias [1][5][7]. 3. Summary by Related Catalogs Shanghai Rubber (RU) - **Short - term, Medium - term, and Intraday Views**: Short - term: fluctuating; Medium - term: fluctuating; Intraday: fluctuating with a slight upward bias; Overall view: upward - trending [1][5]. - **Core Logic**: Benefiting from the easing of Sino - US economic and trade relations and the increasing expectation of the Fed's interest rate cut, the macro - factors have improved. Although the Southeast Asian rubber - producing areas are in the peak tapping season, the actual supply output has decreased slightly year - on - year, and the supply pressure is lower than expected. The domestic auto market's production and sales are better than expected, the tire industry remains prosperous, the export growth rate has rebounded, and the external sales are optimistic. On Wednesday night, the 2601 contract of domestic Shanghai rubber futures maintained a stable and fluctuating trend, with the futures price rising slightly by 0.16% to 15,980 yuan/ton [5]. Synthetic Rubber (BR) - **Short - term, Medium - term, and Intraday Views**: Short - term: fluctuating; Medium - term: fluctuating; Intraday: fluctuating with a slight upward bias; Overall view: upward - trending [1][7]. - **Core Logic**: With the increasing expectation of the Fed's interest rate cut, the macro - sentiment has improved. The downstream tire industry remains highly prosperous, the external sales of tires are good, and the domestic terminal auto market has strong production and sales, better than expected. Supported by the stable and fluctuating prices of domestic and international crude oil futures recently, there are differences between long and short positions in the synthetic rubber futures market. On Wednesday night, the 2511 contract of domestic synthetic rubber futures maintained a stable and fluctuating trend, with the futures price rising slightly by 0.13% to 11,720 yuan/ton [7].

Report Summary 1. Report Industry Investment Rating - No information provided in the report. 2. Report's Core View - Both Shanghai rubber (RU) and synthetic rubber (BR) are expected to run strongly, with short - term and medium - term trends being oscillatory and intraday trends being oscillatory and strong [1][5][7]. 3. Summary by Related Catalogs Shanghai Rubber (RU) - **Price and Trend**: On Wednesday night, the 2601 contract of domestic Shanghai rubber futures maintained an oscillatory and stable trend, with the futures price slightly rising 0.96% to 15,755 yuan/ton. It is expected to maintain an oscillatory and strong trend on Thursday [5]. - **Core Logic**: The domestic Shanghai rubber futures market is dominated by supply - demand fundamentals. Southeast Asian producing areas are in the rubber - tapping season, and domestic producing areas are also releasing new rubber output, resulting in high supply pressure. The domestic tire industry has seen a decline in inventory, a decrease in operating load, and obstacles in export sales with a slowdown in growth. The increasing expectation of the Fed's interest - rate cut also affects the market [5]. Synthetic Rubber (BR) - **Price and Trend**: On Wednesday night, the 2510 contract of domestic synthetic rubber futures maintained an oscillatory and strong trend, with the futures price rising significantly by 2.03% to 11,790 yuan/ton. It is expected to maintain an oscillatory and strong trend on Thursday [7]. - **Core Logic**: The domestic synthetic rubber futures market is also dominated by supply - demand fundamentals. The operating load of domestic synthetic rubber plants is stable, with a slight increase in supply pressure. The domestic tire industry has a decline in inventory, a decrease in operating load, and obstacles in export sales with a slowdown in growth. The increasing expectation of the Fed's interest - rate cut also has an impact [7].

Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Report's Core View - The domestic rubber and synthetic rubber futures markets are expected to maintain a moderately strong and volatile trend. The 2601 contract of Shanghai rubber futures and the 2510 contract of synthetic rubber futures are both likely to show a moderately strong performance on August 20, 2025 [1][5][7]. 3. Summary by Related Catalogs 3.1 Shanghai Rubber (RU) - **Market Trends**: In the short - term, medium - term, and intraday, the market shows a volatile trend, with an intraday moderately strong bias. The overall view is a moderately strong operation [1][5]. - **Core Logic**: The market is driven by supply - demand fundamentals. Currently, the Southeast Asian rubber - tapping season and continuous new rubber output in domestic production areas lead to high supply pressure. However, the heavy - truck sales and new - car production and sales data in August are better than expected, showing a significant year - on - year increase. On the night of August 18, 2025, the 2601 contract of Shanghai rubber futures closed slightly up 0.06% at 15,835 yuan/ton, and is expected to continue the moderately strong trend on August 19 [5]. 3.2 Synthetic Rubber (BR) - **Market Trends**: In the short - term, medium - term, and intraday, the market shows a volatile trend, with an intraday moderately strong bias. The overall view is a moderately strong operation [1][7]. - **Core Logic**: The market is also driven by supply - demand fundamentals. The domestic synthetic rubber plant load is stable, resulting in continuous supply pressure. The heavy - truck sales and new - car production and sales data in August are better than expected, showing a significant year - on - year increase. On the night of August 18, 2025, the 2510 contract of synthetic rubber futures closed slightly up 0.17% at 11,830 yuan/ton, and is expected to continue the moderately strong trend on August 19 [7].