Investment Rating - The report does not explicitly provide an investment rating for the rubber oil industry. Core Insights - The demand side remains stable, with rubber oil shipments maintaining essential needs. The rising trend in international oil prices provides support on the cost side [6][12]. - Domestic rubber oil inventory stands at 53,700 tons, indicating a slight decrease due to stable production and incentives for large orders [11][37]. - The overall market for rubber oil is characterized by stable production and a steady demand, with a production capacity utilization rate of 52% [22][26]. Summary by Sections 1. Rubber Oil Product Fluctuation Analysis - The average price for N4006 is 7,363 RMB/ton, N4010 is 7,671 RMB/ton, A0709 is 6,141 RMB/ton (down 0.98%), and A1004 is 6,049 RMB/ton (down 0.99%) [17][19]. - The overall price fluctuation for rubber oil products ranges from -0.99% to 0.00% [19]. 2. Rubber Oil Market Weekly Overview - The domestic rubber oil market shows minor adjustments, with stable prices for N4006 and N4010, while A0709 and A1004 experienced slight declines [24][25]. - The market is influenced by stable production from refineries and a cautious purchasing atmosphere from downstream buyers [25]. 3. Rubber Oil Supply and Demand Situation - The weekly production of rubber oil is reported at 27,000 tons, with stable market supply [28]. - The production and sales ratio for rubber oil is 108%, reflecting a 7% increase from the previous week, driven by large orders stimulating market demand [34]. 4. Rubber Oil Inventory Situation - The rubber oil inventory decreased slightly to 53,700 tons due to reduced supply and incentives for large orders [11][37]. 5. Downstream Situation - The capacity utilization rate for semi-steel tire manufacturers is 64.05%, down 8.46 percentage points week-on-week, indicating a slowdown in production [44]. - The SBS production increased by 6.86% to 21,800 tons, with a capacity utilization rate of 60.64% [47]. 6. Rubber Oil Related Products - International oil prices have shown an upward trend, with WTI at $62.85 per barrel and Brent at $64.86 per barrel, reflecting a 3.13% and 1.11% increase respectively [52]. 7. Trend Forecast - Supply is expected to remain stable, with refineries maintaining production levels, while demand is anticipated to continue at a steady pace [53][54].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The supply and demand in the base oil industry remain stable, with slight adjustments in tail oil prices. The demand is generally moderate, and imported base oils are stabilizing. Rising crude oil prices are stimulating downstream purchases [7][11][65] - The theoretical profit for hydrogenated base oil this week is 356 CNY/ton, a decrease of 10.55% compared to the previous week [13][19] - The production capacity utilization rate for domestic II-type paraffinic base oil is currently at 50% [22][24] Summary by Sections 1. Industry Chain Product Fluctuation Analysis - The price fluctuations of lubricating oil base oil products show a range of -1.6% to 0.3% this week, with waste mineral oil and base oil 150N experiencing declines of -1.6% and -0.3% respectively [16] - The theoretical profit for hydrogenated base oil has decreased by 10.55% week-on-week [19] 2. Base Oil Market Weekly Overview - The international base oil market shows mixed price trends, with some categories experiencing price increases while others remain stable or decline [25][26] - The domestic market for 150N base oil is reported at 7712 CNY/ton, a decrease of 0.48% [35] 3. Base Oil Cost and Profit Changes - The production cost for hydrogenated base oil is 7356 CNY/ton, with a slight increase of 0.09% week-on-week. The profit margin has decreased significantly [35] 4. Base Oil Supply and Demand Situation - The domestic II-type paraffinic base oil production has increased by 4% due to the resumption of operations at high-bridge petrochemical [40] - The inventory level for II-type paraffinic base oil remains low at approximately 35,000 tons, indicating a balanced supply-demand situation [54] 5. Base Oil and Downstream Inventory Situation - The average inventory ratio for lubricating oil production enterprises is 25%, indicating a slight decrease from the previous week [58] 6. Related Products - The international crude oil prices have shown an upward trend, with WTI at 62.85 USD/barrel and Brent at 64.86 USD/barrel, reflecting geopolitical tensions and seasonal demand [61] 7. Trend Forecast - The market sentiment survey indicates that 25% of participants expect prices to rise, 65% expect stability, and 10% expect a decline in the coming week [66]