国内产区和销区现货价格 本周海南省浓缩乳胶现货平均价格为10500元/吨，较比较上周下跌1.87%（图1）。海南主产区受热带气 旋影响，局部降雨偏多。 来源：市场资讯 （来源：国家天然橡胶产业技术体系） 青岛全乳胶平均价格为14575元/吨，环比较上周上涨1.57%，天津全乳胶平均价格为14575元/吨，环比 较上周上涨1.57%；上海全乳胶平均价格为14675元/吨，环比较上周上涨1.56%（图2）。青岛混合橡胶 平均价格为14800元/吨，环比较上周上涨0.68%（图3），上海、天津与青岛一致。市场价格出现止跌上 升，假期结束下游轮胎企业复工复产。 国外产区现货价格 本周泰国烟片保税区和CIF平均价格分别为2130美元/吨和2120美元/吨，环比较上周均下跌1.62%；泰国 标胶保税区和CIF平均价格分别为1855美元/吨和1815美元/吨，保税区环比较上周上涨1.09%，CIF环比 较上周下跌1.11%（图4）。10月份以来，泰国北部、东北部天气好转，降雨减少，原料产出增加。 印尼标胶保税区和CIF平均价格分别为1745美元/吨和1712.5美元/吨，环比较上周分别上涨1.16%和 0.44%（图5）。 ...

1. Report Industry Investment Rating - The investment view of the natural rubber industry is "oscillating" [3] 2. Core Viewpoints of the Report - Macro - events have introduced new disturbances, and rubber has continued its weak performance. Although there is cost support due to rainfall in production areas and a decline in mid - stream inventory, and the downstream operating rate may rebound after the holiday, external macro - disturbances are negative, so it may maintain a weak performance in the short term [3][6] 3. Summary According to Relevant Catalogs 3.1 Main Viewpoints and Strategy Overview - **Supply**: It is rated as "neutral". In domestic production areas, raw material release in Yunnan was slow due to rain during the festival, and prices were weak. In Hainan, raw material supply was tight due to rain. In Thailand, heavy rainfall may affect raw material supply, and in Vietnam, although the weather improved, production had not fully recovered, and inventory was low [3] - **Demand**: It is rated as "neutral". As of last week, the capacity utilization rate of full - steel tire sample enterprises was 66.39% (a week - on - week increase of 0.03 percentage points and a year - on - year increase of 6.27 percentage points), and that of semi - steel tire sample enterprises was 72.64% (a week - on - week decrease of 0.10 percentage points and a year - on - year decrease of 6.95 percentage points). It is expected that the capacity utilization rate will rebound next week [3] - **Inventory**: It is rated as "relatively high". As of September 28, 2025, China's natural rubber social inventory was 108.8 tons, a week - on - week decrease of 1.5 tons (a decline of 1.4%); the total social inventory of dark - colored rubber was 66.1 tons, and that of light - colored rubber was 42.7 tons, a week - on - week decrease of 2.2% [3] - **Basis/Spread**: It is rated as "neutral". After the festival, the RU - mixed spread rebounded and expanded, and the spread between the RU and NR main contracts also increased slightly [3] - **Profit**: It is rated as "relatively high". The theoretical production profit of Thai STR20 improved, the theoretical production profit of domestic concentrated latex was in a loss state but stable, and the delivery profit of Yunnan full - latex was still in a loss state but recovered significantly [3] - **Valuation**: It is rated as "bearish". The current absolute price is at a medium - to - high level, and the overall valuation is still moderately high [3] - **Commodity Market**: It is rated as "neutral". The Fed's interest rate cut has been implemented, and the previous optimistic sentiment has subsided. The domestic commodity market currently lacks drivers, and market sentiment is weak [3] - **Trading Strategy**: For unilateral trading, buy RU on dips; for arbitrage, go long on BR/NR and short on RU, and pay attention to the cash - and - carry arbitrage of going long on NR and short on the mixed contract [3] 3.2 Futures and Spot Market Review - **Futures Market**: After the festival, natural rubber stopped falling and rebounded. As of October 10, the RU main contract closed at 15,315 yuan/ton, a weekly increase of 285 yuan/ton (+1.90%), and the 20 - rubber main contract closed at 12,350 yuan/ton, a weekly increase of 250 yuan/ton (+2.07%) [6] - **Spot Market**: Spot prices stopped falling and rebounded [9] - **Disk Position**: The position of the RU2601 contract was relatively low, while the total position of NR increased [17][24] - **Disk Spread**: The RU - NR spread fluctuated slightly [33] 3.3 Rubber Supply - Demand Fundamental Data - **Production Area Weather**: Rainfall in production areas has decreased [41] - **Upstream Raw Materials**: The price of cup rubber rebounded [50] - **Main - Producing Country Output**: In August, the cumulative output of ANRPC was 6.855 million tons (+1.76%) [63] - **Main - Producing Country Exports**: In August, the cumulative export volume of ANRPC was 6.325 million tons (+4.25%) [73] - **China's Imports**: From January to August, China imported 4.1214 million tons of natural rubber (+19.47%). In August, China imported 520,800 tons of natural rubber, a month - on - month increase of 9.68% and a year - on - year increase of 5.39% [86][93] - **Mid - Stream Inventory**: China's social inventory decreased significantly. As of September 28, 2025, China's natural rubber social inventory was 108.8 tons, a week - on - week decrease of 1.5 tons (a decline of 1.4%) [103][110] - **Downstream Tire Demand**: After the festival, the tire capacity utilization rate may rebound. As of last week, the capacity utilization rate of full - steel tire sample enterprises was 66.39% (a week - on - week increase of 0.03 percentage points and a year - on - year increase of 6.27 percentage points), and that of semi - steel tire sample enterprises was 72.64% (a week - on - week decrease of 0.10 percentage points and a year - on - year decrease of 6.95 percentage points) [111][119] - **Automobiles and Heavy Trucks**: In August, the growth rate of automobile sales expanded, and heavy - truck sales increased significantly year - on - year. In September, China's heavy - truck market sold about 105,000 vehicles, a month - on - month increase of 15% and a year - on - year increase of about 82% [125][136] - **Tire Exports**: From January to August, China exported 6.19 million tons of rubber tires (+5.1%). In August, the export volume was 850,000 tons, a year - on - year increase of 6.6% [137] - **Cost and Profit**: The production profit of Thai standard rubber and the delivery profit of full - latex were in a loss state [147]

Core Viewpoint - The company, Hainan Natural Rubber Industry Group Co., Ltd., has received a regulatory inquiry from the Shanghai Stock Exchange regarding its 2024 annual report, highlighting concerns about its financial performance and disclosure practices [1]. Business and Performance - The company reported a revenue of RMB 48.577 billion in the agricultural sector, with a net profit of -RMB 5.81 billion, indicating a long-term non-operating loss [1]. - The domestic revenue remained stable with a gross margin of 4.68% [1]. - The company has not disclosed detailed segment information for its main business activities, which include rubber planting, processing, and trading [2]. Revenue Breakdown - The main business revenue is categorized as follows: - Rubber trading: RMB 36.32 billion - Rubber initial processing: RMB 15.88 billion - Rubber planting: RMB 1.85 billion - Rubber deep processing: RMB 0.80 billion [3]. - The total revenue from rubber products reached RMB 48.335 billion, with significant contributions from both domestic and international markets [3]. Domestic vs. International Sales - Domestic sales showed a higher growth rate compared to international sales, attributed to the increasing demand for natural rubber in China, which is a major consumer market [4]. - The gross margin for domestic sales was lower than that for international sales due to factors such as market competition and higher production costs domestically [5]. Business Structure and Subsidiaries - The company operates through various subsidiaries, with full ownership in several entities involved in rubber planting, processing, and trading [6]. - The total assets of the company were reported at RMB 2.698 billion, with a net asset value of RMB 1.201 billion [6]. Customer and Supplier Relationships - The company has identified its top five customers, including Sichuan Haida Rubber Group and Shandong Linglong Tire Co., with significant increases in transaction amounts [7][9]. - The top five suppliers include companies like Sichuan Chuanxiang Tongli Trade Co., with notable increases in procurement amounts [9]. Internal Transactions - Internal transactions between the parent company and subsidiaries are structured to optimize production and sales functions, ensuring efficient resource allocation [6].

以下文章来源于CFC能源化工研究 ，作者中信建投期货 CFC能源化工研究 . 从宏观经济的周期出发，从三大一次能源的基础供需起步，回归到产业一线，精耕到品种细节，守望初心—金融如何更好地服务实体，中信建投期货能化 团队努力尝试展现品种背后的暗流涌动，尝试预估未来波澜壮阔的行情曲谱，我们在路上，我们在思考，我们在服务！ 欢迎加入交易理想国知识星球 文 | 刘书源 来源 | CFC能源化工研究 编辑 | 杨兰 审核 | 浦电路交易员 主要逻辑 4月16日，随着商品市场走弱，全球主要天然橡胶期货合约迎来回调。相较于单边价格的波动，上期所天然橡胶期货合约（下简 称"RU"）迎来的期限结构的强Back式收敛。全乳胶的供需平衡一般无法定价其单边价格，其单边价格更多取决于其基本面与20号胶基 本面的强弱关系，而全乳胶的供需平衡更多地去定价价差结构，期限结构便是其中之一。 今年国内云南和海南产区的天气条件显著优于去年同期，均未出现明显的高温少雨，在树况相对理想的情况下，均已按照往年季节性陆 续开割。故，从总量角度而言，国内天然橡胶（包含全乳胶）的产量在近期并未受太大影响；国内乳胶下游行业或在3月原料库存消化 后，于4月初开始 ...