Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View On Tuesday, the natural rubber futures rebounded. The natural rubber is in the seasonal low - production stage. The early opening of the domestic Yunnan production area is expected to increase the pressure of new rubber supply, suppressing rubber prices. However, the domestic production area is still in the early stage of tapping with low output, and the specific output situation needs continuous observation. The Thai production area is still in the low - production season, which generally lasts until May. The total inventory of natural rubber in Qingdao, China, continues to accumulate, and the short - term supply - side elasticity weakens, with relatively firm raw rubber prices. The demand - side all - steel tire start - up is stable. The rubber price is currently facing the new rubber supply pressure, but the strength of synthetic rubber forms support at the bottom. The short - term trend is expected to be oscillating and slightly stronger [2]. 3. Catalog Summaries Futures Market - **Price and Volume**: The previous day's closing prices of RU, NR, and BR were 16225, 13310, and 16800 respectively. The prices of RU and NR increased by 80 (0.50%) and 255 (1.95%) respectively, while the price of BR decreased by 670 (-3.84%). The trading volumes of RU, NR, and BR were 299408, 74903, and 597751 respectively. The open interests of RU, NR, and BR were 111774, 57562, and 74665 respectively, with decreases of 5117, 1141, and 14227 respectively [2]. - **Spreads**: The current spreads of RU - NR, RU - BR, and NR - BR are 2915, - 575, and - 3490 respectively, with changes of - 175, 750, and 925 compared to the previous values [2]. - **Basis**: The current RU basis is - 125, the basis of mixed - RU is - 1005, and the basis of smoked sheet - RU is 3375 [2]. Spot Market - **Domestic Spot**: The spot prices of whole milk rubber in Shandong, Shanghai, and Kunming are 16000, 16100, and 16050 respectively, with increases of 1.03%, 0.63%, and 0.63% respectively. The spot prices of smoked sheet rubber in Shandong and Shanghai are 19600, with no change. The spot prices of mixed rubber in Qingdao and Yunnan are 15220 and 16150 respectively, with increases of 1.03% and 0.16% respectively [2]. - **Downstream Spot**: The prices of Thai smoked sheet, Thai cup rubber, and Thai latex are 75.45, 58.41, and 76 Thai baht per kilogram respectively. The prices of Thai smoked sheet and Thai latex increased by 2.10% and 0.66% respectively, while the price of Thai cup rubber remained unchanged [2].

Report Industry Investment Rating - Not provided Core View of the Report - On Tuesday, the natural rubber market rebounded. In terms of fundamentals, natural rubber is in a seasonal low - production stage. Domestic production areas have stopped tapping, and Thai production areas are also gradually ceasing. The low - production season usually lasts until May. The total inventory of natural rubber in Qingdao, China, continues to accumulate. In the short term, the elasticity of the supply side weakens, and the price of raw rubber is relatively firm. On the demand side, there is support for the expected resumption of post - holiday production. The start - up of all - steel tires is expected to be stable. Crude oil has fallen after rising, driving down synthetic rubber, but natural rubber has stopped falling and rebounded, showing an independent trend. In the short term, the external influence weakens, and the rubber price is expected to fluctuate and strengthen [2] Summary by Relevant Catalogs Futures Market - **Price and Change**: The previous day's closing prices of RU, NR, and BR were 17115, 13685, and 14975 respectively, with price changes of 220, 75, and - 750, and percentage changes of 1.30%, 0.55%, and - 4.77% respectively. The price differences between RU - BR, NR - BR, and RU - NR were 3430, 2140, and - 1290 respectively, with changes of 145, 970, and 825 [2] - **Volume and Position**: The trading volumes of RU, NR, and BR were 404983, 96016, and 227827 respectively. The positions were 147583, 65749, and 56479 respectively, with position changes of 3128, 276, and - 7237 [2] - **Basis**: The current basis of RU, the difference between mixed rubber and RU, and the difference between smoked sheet and RU were - 115, - 1400, and 2885 respectively [2] Spot Market - **Domestic Spot**: The current prices of whole - milk rubber in Shandong, Shanghai, and Kunming were 16900, 17000, and 16950 respectively, with percentage changes of 1.50%, 1.49%, and 1.19%. The current prices of smoked sheet in Shandong and Shanghai were 19950 and 20000 respectively, with a percentage change of 1.27%. The current prices of mixed rubber in Qingdao and Yunnan were 15715 and 16550 respectively, with percentage changes of 0.10% and - 0.45% [2] - **Downstream Spot**: The current prices of Thai smoked sheet, Thai cup rubber, and Thai latex were 71.89, 59.33, and 69.8 (in Thai baht per kilogram) respectively, with percentage changes of 0.39%, 1.68%, and 0.43% [2]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - On Wednesday, the natural rubber market declined. Amid geopolitical conflicts, the short - term strength of crude oil has driven the chemical products to perform strongly. However, the inflation and negative economic impact caused by geopolitical conflicts have increased the expected risks of liquidity. The natural rubber is in a seasonal low - production phase, with domestic and Thai production areas in a state of suspension. The low - production season usually lasts until May. The total natural rubber inventory in Qingdao, China, has been continuously accumulating, and the short - term supply flexibility has weakened, while the raw rubber prices remain relatively firm. After the Spring Festival, the demand side is expected to recover, with the all - steel tire production expected to be stable. In the short term, the market is still affected by geopolitical conflicts, and the rubber price is expected to fluctuate within a certain range [2] Group 3: Summary According to the Directory Futures Market - **Price and Change**: The previous day's closing prices of RU, NR, and BR were 16740, 13535, and 13880 respectively, with changes of - 95 (- 0.56%), - 55 (- 0.40%), and 340 (2.51%) compared to the day before. The spreads of RU - NR, RU - BR, and NR - BR were 3205, 2860, and - 345 respectively, with changes of - 40, - 435, and - 395 [2] - **Volume and Position**: The trading volumes of RU, NR, and BR were 370025, 81471, and 128841 respectively. The positions were 152591, 63605, and 53170 respectively, with position changes of - 7755, 2955, and 5112 [2] Spot Market - **Domestic Spot**: The current prices of whole - milk rubber in Shandong, Shanghai, and Kunming were 16500, 16600, and 16500 respectively, with a decline of 0.60%. The prices of smoked sheets in Shandong and Shanghai were 19400, with no change. The prices of mixed rubber in Qingdao and Yunnan were 15685 and 16250 respectively, with declines of - 1.72% and - 0.76% [2] - **Downstream Spot**: The current prices of Thai smoked sheets, Thai cup rubber, and Thai latex were 70.88, 58.53, and 69 respectively, with changes of - 1.95%, 1.14%, and 0.29% [2]

1. Report Industry Investment Rating - No information provided in the report 2. Core View of the Report - On Wednesday, the Shanghai rubber market trended upwards. Fundamentally, natural rubber is in a seasonally low - production stage. Domestic production areas have stopped tapping, and Thai production areas are also gradually ceasing. The low - production season usually lasts until May. The total natural rubber inventory in Qingdao, China, continues to accumulate, and the short - term supply elasticity weakens, while the raw rubber price is relatively firm. On the demand side, there is expected support for the resumption of post - holiday operations. The all - steel tire operation is expected to be stable, and rubber prices are expected to remain strong [2] 3. Summary According to Relevant Catalogs Futures Market - **Price and Volume Information**: The previous day's closing prices of RU, NR, and BR were 17240, 13980, and 13120 respectively, with price changes of 210, 185, and - 40, and percentage changes of 1.23%, 1.34%, and - 0.30%. The trading volumes were 272777, 56602, and 95999, and the open interests were 175091, 45890, and 54835, with changes of 13023, - 1632, and 425 respectively [2] - **Spread Information**: The current spreads of RU - NR, RU - BR, and NR - BR are 3260, 4120, and 860 respectively, with changes of 25, 250, and 225 compared to the previous values [2] - **Basis Information**: The current RU basis is - 190, the basis of mixed - RU is - 1425, and the basis of smoked sheet - RU is 2060 [2] Spot Market - **Domestic Spot**: The current prices of whole milk rubber in Shandong, Shanghai, and Kunming are 16950, 17050, and 16900 respectively, with percentage changes of 1.05%, 3.06%, and - 0.60%. The current prices of smoked sheet rubber in Shandong and Shanghai are 19300, with a 1.50% increase. The current prices of mixed rubber in Qingdao and Yunnan are 15815 and 16650, with percentage changes of 1.20% and 1.05% [2] - **Downstream Spot**: The current prices of Thai smoked sheet, Thai cup rubber, and Thai latex are 71.17, 57.87, and 67.3 (in Thai baht per kilogram), with percentage changes of 3.46%, 0.00%, and 0.45% [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - On Tuesday, the natural rubber market showed a slight rebound. With domestic rubber-producing areas in a state of suspension and the northeastern part of Thailand gradually ceasing production while the southern part maintains normal output, the total inventory of natural rubber in Qingdao, China, continues to accumulate. In the short term, the supply-side flexibility has weakened, and raw rubber prices remain relatively firm. The demand side supports the stable operation of all-steel tire production. As the Spring Festival holiday approaches, it is expected that natural rubber prices will undergo a period of oscillatory adjustment [2] 3. Summary by Relevant Catalogs Futures Market - **Price Changes**: The previous day's closing prices of RU, NR, and BR were 16,335, 13,230, and 12,900 respectively, with price increases of 90, 80, and 75, and corresponding increases of 0.55%, 0.61%, and 0.58% compared to the day before. The spreads of RU - NR, RU - BR, and NR - BR also increased by 10, 15, and 5 respectively [2] - **Trading Volume and Open Interest**: The trading volumes of RU, NR, and BR were 177,554, 41,282, and 82,067 respectively. The open interests were 12,900, 48,541, and -2,893 respectively, with changes of 75, -128, and 10 [2] - **Basis**: The current basis values of RU, mixed - RU, and smoked sheet - RU are -185, -1,135, and 2,165 respectively, showing certain changes compared to the previous values [2] Spot Market - **Domestic Spot Prices**: The current prices of whole milk rubber in Shandong, Shanghai, and Kunming are 16,050, 16,150, and 15,950 respectively, with increases of 0.31%. The prices of smoked sheet rubber in Shandong and Shanghai are 18,500, with an increase of 0.54%. The prices of mixed rubber in Qingdao and Yunnan are 15,200 and 16,050 respectively, with increases of 0.86% and 0.63% [2] - **Downstream Product Prices**: The current prices of Thai smoked sheet, Thai cup lump, and Thai latex are 62.69, 53.56, and 60.5 respectively, with increases of 1.00%, 0.00%, and 0.83% [2]

1. Report's Industry Investment Rating - No relevant information provided 2. Core View of the Report - On Thursday, the natural rubber futures trended downward. With domestic production areas in a state of suspension, and Thailand's northeastern region set to gradually halt production in January while its southern region is in peak season, the total inventory of natural rubber in Qingdao continues to accumulate. In the short - term, the elasticity of the supply side weakens, and raw rubber prices remain relatively firm. The demand side supports stable production of all - steel tires. Synthetic rubber has seen a significant decline recently. It is expected that the natural rubber price will undergo oscillatory adjustments [2] 3. Summary According to Related Catalogs Futures Market - **Price Changes**: The previous day's closing prices of RU, NR, and BR were 16175, 13135, and 12925 respectively, with price drops of - 210, - 165, and - 435 and percentage drops of - 1.28%, - 1.24%, and - 3.26% compared to two days ago. The spreads of RU - BR, NR - BR, and RU - NR were 3040, 3250, and 210 respectively with changes of - 45, 225, and 270 compared to the previous values [2] - **Trading Volume and Open Interest**: The trading volumes of RU, NR, and BR were 283333, 62662, and 112386 respectively. The open interests were 12925, 50827, and - 684 respectively, with changes of - 435, - 544, and 10 [2] - **Basis**: The current basis of RU, mixed - RU, and smoke - sheet - RU were - 175, - 915, and 2125 respectively, compared to previous values of - 185, - 1260, and 2115 [2] Spot Market - **Domestic Spot Prices**: The current prices of whole - latex in Shandong, Shanghai, and Kunming were 15900, 16000, and 15800 respectively, with percentage drops of - 1.08%, - 0.93%, and - 1.23%. The prices of smoke - sheet in Shandong and Shanghai were 18300, with a percentage drop of - 1.08%. The prices of mixed rubber in Qingdao and Yunnan were 15260 and 15750 respectively, with a change of 0.89% and - 1.25% [2] - **Downstream Spot Prices**: The current prices of Thai smoke - sheet, Thai cup - lump, and Thai latex were 61, 53.52, and 59 (Thai baht/kg) respectively, with percentage changes of - 0.31%, 1.50%, and 0.34% [2]

Report Industry Investment Rating - Not provided Core Viewpoint - On Wednesday, the natural rubber futures rebounded. With domestic rubber-producing areas in a state of suspension, and the northeastern part of Thailand gradually ceasing production in January while the southern part is in the peak season, the total inventory of natural rubber in Qingdao, China, has been continuously increasing. In the short term, the elasticity of the supply side has weakened, and the price of raw rubber remains relatively firm. The demand side supports the stable operation of all-steel tire production. After a continuous decline, the rubber price stopped falling and rebounded, and it is expected to continue to fluctuate upward [4] Summary by Relevant Catalog Futures Market - **Price and Change**: The previous day's closing prices of RU, NR, and BR were 16385, 13300, and 13360 respectively, with increases of 205, 165, and 115, and increases of 1.27%, 1.26%, and 0.87% respectively. The spreads of RU - NR, RU - BR, and NR - BR were 3085, 3025, and -60 respectively, with increases of 40, 90, and 50 respectively [2] - **Volume and Position**: The trading volumes of RU, NR, and BR were 245413, 43945, and 69473 respectively. The positions were 13360, 51371, and -10 respectively, with position changes of 115, 1858, and 10 respectively [2] Spot Market - **Domestic Spot**: The current prices of whole milk rubber in Shandong, Shanghai, and Kunming were 16050, 16200, and 16100 respectively, with increases of 1.26%, 1.25%, and 1.26% respectively. The current prices of smoked sheets in Shandong and Shanghai were 18500, with an increase of 0.54%. The current prices of mixed rubber in Qingdao and Yunnan were 15125 and 15950 respectively, with increases of 1.10% and 0.95% respectively [2] - **Downstream Spot**: The current prices of Thai smoked sheets, Thai cup rubber, and Thai latex were 61.19, 52.73, and 58.8 respectively, with increases of 0.96%, 0.00%, and 0.00% respectively [2]