Core Insights - The article discusses the performance and trends in the Chinese rubber tire industry, particularly focusing on the production of rubber tire outer casings from 2020 to 2025 [1] Industry Overview - According to data from the National Bureau of Statistics, the production of rubber tire outer casings in China for July 2025 is projected to be 94.36 million units, representing a year-on-year decrease of 7.3% [1] - Cumulative production from January to July 2025 is reported at 686.115 million units, showing a slight increase of 0.7% compared to the same period in the previous year [1] Company Insights - The article lists several publicly traded companies in the rubber tire sector, including Linglong Tire (601966), Triangle Tire (601163), Sailun Tire (601058), Guizhou Tire (000589), Fengshen Co. (600469), Qingdao Doublestar (000599), General Co. (601500), and S.Jiatong (600182) [1] - The report by Zhiyan Consulting provides an analysis of the market trends and forecasts for the rubber tire outer casing industry from 2025 to 2031 [1]

Group 1 - The core viewpoint of the articles highlights the performance and trends in the Chinese rubber tire industry, particularly focusing on the production statistics for the year 2025 [1][2] - According to the National Bureau of Statistics, the production of rubber tire outer tires in China for May 2025 is projected to be 10,199 million units, reflecting a year-on-year decrease of 1.2% [1] - Cumulatively, from January to May 2025, the total production of rubber tire outer tires in China reached 48,896.2 million units, indicating a cumulative growth of 2.8% [1] Group 2 - The listed companies in the rubber tire industry include Linglong Tire (601966), Triangle Tire (601163), Sailun Tire (601058), Guizhou Tire (000589), Fengshen Co., Ltd. (600469), Qingdao Doublestar (000599), General Co., Ltd. (601500), and S. Jiatong (600182) [1] - The report titled "2025-2031 China Rubber Tire Outer Tire Industry Market Analysis and Industry Trend Research Report" was published by Zhiyan Consulting, a leading industry consulting firm in China [1][2]

Group 1: Report's Investment Ratings - The investment rating for RU and NR is neutral, and the rating for BR is also neutral [7] Group 2: Core Views of the Report - For natural rubber, before the end of September, rainfall in the main producing areas may continue to support rubber costs and limit the decline of rubber prices. The de - stocking in China is expected to slow down. The tire demand is in the seasonal peak season, and the supply - demand contradiction is not significant. After the downstream purchasing demand subsides, the rubber price is expected to be weak, but the decline is limited [7] - For BR, the upstream operating rate is expected to rise as the overhauled devices restart, and the supply will increase. The demand shows peak - season characteristics, but the raw material demand decreases after the tire factories finish stocking. The supply - demand situation is becoming looser. There are concerns about cost drag, and the price is expected to be weak, but the large price difference with natural rubber still supports the price [7] Group 3: Market News and Data Futures - The closing price of the RU main contract was 15615 yuan/ton, up 80 yuan/ton from the previous day; the NR main contract was 12425 yuan/ton, up 125 yuan/ton; the BR main contract was 11505 yuan/ton, up 60 yuan/ton [1] Spot - The price of Yunnan - produced whole latex in the Shanghai market was 14750 yuan/ton, up 50 yuan/ton. The price of Thai mixed rubber in the Qingdao Free Trade Zone was 14850 yuan/ton, up 120 yuan/ton. The price of Thai 20 - grade standard rubber in the Qingdao Free Trade Zone was 1835 US dollars/ton, up 10 US dollars/ton. The price of Indonesian 20 - grade standard rubber in the Qingdao Free Trade Zone was 1750 US dollars/ton, up 15 US dollars/ton. The ex - factory price of BR9000 from PetroChina Qilu Petrochemical was 11700 yuan/ton, unchanged from the previous day. The market price of BR9000 in Zhejiang Chuanhua was 11450 yuan/ton, unchanged from the previous day [1] Group 4: Market Information Import and Production - In August 2025, China's imports of natural and synthetic rubber (including latex) totaled 66.4 tons, an increase of 7.8% compared with the same period in 2024. From January to August, the total imports were 537.3 tons, a 19% increase [2] - In August 2025, China's synthetic rubber production was 74 tons, a year - on - year increase of 7.4%. From January to August, the cumulative production was 584.8 tons, a 10.9% increase [2] - In August 2025, China's output of rubber tire casings was 102.954 million pieces, a year - on - year increase of 1.5%. From January to August, the output was 795.467 million pieces, a 1.6% increase [2] - In the first eight months of 2025, Cote d'Ivoire's rubber exports totaled 1.05 million tons, a 14.4% increase compared with the same period in 2024. In August alone, exports increased by 14.8% year - on - year and decreased by 8.9% month - on - month [2] Sales of Heavy - Duty Trucks and Automobiles - In August 2025, China's heavy - duty truck market sold about 84,000 vehicles, a 1% month - on - month decrease and a 35% year - on - year increase. From January to August, the cumulative sales were about 708,000 vehicles, a 13% year - on - year increase [3] - From January to August, China's automobile production and sales were 21.051 million and 21.128 million vehicles respectively, up 12.7% and 12.6% year - on - year. New energy vehicle production and sales were 9.625 million and 9.62 million vehicles respectively, up 37.3% and 36.7% year - on - year, accounting for 45.5% of the total new vehicle sales. In terms of exports, 4.292 million vehicles were exported, a 13.7% year - on - year increase, including 1.532 million new energy vehicles, an 87.3% year - on - year increase [3] Group 5: Market Analysis Natural Rubber - Spot and spreads: On September 22, 2025, the RU basis was - 865 yuan/ton (- 30), the spread between the RU main contract and mixed rubber was 765 yuan/ton (- 40), the import profit of smoked sheet rubber was - 3388 yuan/ton (+ 132.60), the NR basis was 623.00 yuan/ton (- 58.00). The price of whole latex was 14750 yuan/ton (+ 50), the mixed rubber was 14850 yuan/ton (+ 120), the 3L spot was 15200 yuan/ton (+ 50). The STR20 was quoted at 1835 US dollars/ton (+ 10), the spread between whole latex and 3L was - 450 yuan/ton (+ 0), the spread between mixed rubber and styrene - butadiene rubber was 2750 yuan/ton (+ 120) [4][5] - Raw materials: The price of Thai smoked sheet was 59.67 Thai baht/kg (- 0.12), Thai glue was 55.80 Thai baht/kg (- 0.50), Thai cup lump was 50.35 Thai baht/kg (- 0.15), and the spread between Thai glue and cup lump was 5.45 Thai baht/kg (- 0.35) [5] - Operating rate: The operating rate of all - steel tires was 66.36% (+ 0.05%), and that of semi - steel tires was 72.74% (+ 0.13%) [6] - Inventory: The social inventory of natural rubber was 1,235,510 tons (- 22,205.00), the natural rubber inventory in Qingdao Port was 461,188 tons (- 125,451), the RU futures inventory was 154,920 tons (+ 3,180), and the NR futures inventory was 44,553 tons (- 1,411) [6] BR - Spot and spreads: On September 22, 2025, the BR basis was - 55 yuan/ton (- 60), the ex - factory price of butadiene from Sinopec was 9250 yuan/ton (+ 0), the price of BR9000 from Qilu Petrochemical was 11700 yuan/ton (+ 0), the price of BR9000 in Zhejiang Chuanhua was 11450 yuan/ton (+ 0), the price of private - owned BR in Shandong was 11400 yuan/ton (+ 0), and the import profit of BR in Northeast Asia was - 1732 yuan/ton (- 1) [6] - Operating rate: The operating rate of high - cis BR was 69.72% (- 3.76%) [6] - Inventory: The inventory of BR traders was 7820 tons (- 390), and the inventory of BR enterprises was 25900 tons (- 400) [6]

Group 1 - The core viewpoint of the article highlights the projected decline in the production of rubber tires in China, with a specific focus on the external tire segment [1] - According to data from the National Bureau of Statistics, the production of rubber tires in June 2025 is expected to reach 10,275 million units, reflecting a year-on-year decrease of 1.1% [1] - For the first half of 2025, the cumulative production of rubber tires in China is reported to be 59,166.8 million units, indicating a cumulative growth of 2% [1] Group 2 - The article references several listed companies in the tire industry, including Linglong Tire, Triangle Tire, Sailun Tire, Guizhou Tire, and others [1] - The report mentioned is titled "2025-2031 China Rubber Tire Outer Tire Industry Market Analysis Research and Industry Trend Judgment Report" published by Zhiyan Consulting [1][3] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research and providing comprehensive solutions for investment decisions [3]