Report Summary 1. Report Industry Investment Rating - No information provided in the report regarding industry investment rating. 2. Report's Core View - Both Shanghai rubber (RU) and synthetic rubber (BR) are expected to run strongly. Shanghai rubber 2509 and synthetic rubber 2507 are likely to maintain a slightly stronger and oscillating trend on Thursday, May 22, 2025 [1][5][7]. 3. Summary by Related Catalogs Shanghai Rubber (RU) - **Short - term, Medium - term, and Intraday Views**: Short - term: oscillating; Medium - term: oscillating; Intraday: oscillating and slightly stronger; Overall view: running strongly [1]. - **Core Logic**: Macro factors have improved, boosting the confidence of rubber market bulls. However, new rubber supply is gradually increasing as the new rubber tapping season begins in domestic and foreign natural rubber producing areas. Meanwhile, the procurement demand is expected to increase as the operating rate of the downstream tire industry returns to normal. Against the backdrop of improved supply - demand structure, Shanghai rubber futures may maintain an oscillating and slightly stronger trend. On the night of Wednesday, the 2509 contract of domestic Shanghai rubber futures slightly rose 0.61% to 14,945 yuan/ton [5]. Synthetic Rubber (BR) - **Short - term, Medium - term, and Intraday Views**: Short - term: oscillating; Medium - term: oscillating; Intraday: oscillating and slightly stronger; Overall view: running strongly [1]. - **Core Logic**: Although Sino - US economic and trade relations have made substantial progress and macro factors have turned optimistic, the US debt crisis in June is approaching, which may trigger a new round of negative macro - impacts. OPEC+ oil - producing countries are accelerating production, and the crude oil demand is expected to be weak. However, the geopolitical situation in the Middle East has become chaotic again, increasing geopolitical risks. With the recovery of crude oil premium, the 2507 contract of domestic synthetic rubber futures slightly rose 0.62% to 12,145 yuan/ton on the night of Wednesday. It may maintain an oscillating and slightly stronger trend on Thursday [7].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Report's Core View - The Shanghai rubber futures 2509 contract is expected to maintain a slightly stronger oscillating trend on Wednesday, and the synthetic rubber futures 2507 contract is also expected to maintain a slightly stronger oscillating trend [5][7] Group 3: Summary by Related Catalogs Shanghai Rubber (RU) - Short - term view: Oscillating; Medium - term view: Oscillating; Intraday view: Slightly stronger oscillating; Reference view: Stronger operation [1][5] - Core logic: Macro factors have improved, boosting the confidence to buy in the rubber market. However, the new rubber supply is gradually increasing as the rubber - tapping season arrives. The downstream tire industry's procurement demand is expected to increase. Despite a 0.74% decline in the 2509 contract on Tuesday night, it may maintain a slightly stronger oscillating trend on Wednesday [5] Synthetic Rubber (BR) - Short - term view: Oscillating; Medium - term view: Oscillating; Intraday view: Rising; Reference view: Stronger operation [1][7] - Core logic: Although macro factors are turning optimistic, the US debt crisis in June may cause a negative impact. OPEC+ is increasing production, and oil demand is expected to be weak. But the news of Israel's possible attack on Iran's nuclear facilities has driven up oil prices. Despite a 0.86% decline in the 2507 contract on Tuesday night, it may maintain a slightly stronger oscillating trend on Wednesday [7]