瑞达期货研究院 「2025.11.28」 合成橡胶市场周报 研究员：林静宜 期货从业资格号F03139610 期货投资咨询证书号Z0021558 关 注 我 们 获 取 更 多 资 讯 「周度要点小结」 策略建议： br2601合约短线预计在10100-10700区间波动。 3 行情回顾：本周山东市场顺丁橡胶价格窄幅震荡，现货价格区间在9750-10650元/吨。中石化化 销BR9000出厂价格在10400元/吨，中石油各销售公司BR9000出厂价格在10400-10500元/吨。 行情展望：前期多数检修顺丁橡胶装置陆续重启，国内产量恢复性提升。本周民营资源供应充足， 且成本面缺乏进一步带动因素影响下，下游压价心态坚决，现货商谈重心延续承压，生产企业库 存及贸易企业库存均表现增长。考虑茂名石化顺丁橡胶装置检修和部分装置重启后产量释放，整 体供应面变动预计有限，而下游需求面或延续压价跟进，短期生产企业库存及贸易企业库存增量 预计有限。需求方面，本周部分半钢胎企业检修，拖拽企业产能利用率走低；全钢胎检修企业复 工，产能利用率恢复性提升。下周随着检修企业开工逐步恢复至常规水平，将带动整体产能利用 率恢复性提升，但部 ...

沐浴着黄海之滨的冬日晨光，百米级风电叶片"切割"海风转化为清洁能源；在全国首家5G智慧海洋牧 场——爱伦湾海洋牧场上，养殖区一片繁忙，这个冬季已有约3亿头鲍鱼南下"越冬"；荣成大天鹅国家 级自然保护区里，成群"顶流"再度翩跹而至，拉开今冬"天鹅季"的序幕。 "游客一年比一年多，根本上还是靠环境好。"烟墩角村党支部书记、村委会主任曲学军说，近年来，村 里不断发挥大天鹅、海草房等天然资源优势，系统整合花斑彩石旅游风景区与各类渔业设施，推动绿色 安全渔业生产与原生态渔业资源风光、渔业文化、渔乡民俗深度融合。如今的烟墩角村，已发展成以渔 业观光、海上体验、赶海垂钓为主，融吃、住、行、游、购、娱等功能于一体的休闲旅游特色 村。"2024年，全村接待游客超50万人次，旅游收入2000多万元。" 烟墩角的蜕变，印证了荣成建设"零碳城市"的底气所在。荣成市发展改革局党组书记、局长殷波介绍， 论"生态家底"，荣成坐拥4920平方公里海域，森林面积达55万亩。粗略统计，海洋、森林每年固碳量在 80万吨左右。产业方面，海洋生物食品及医药、高端装备与智能制造、核电装备与新能源、高新材料、 电子信息等五大制造业，占规上工业总产值的98 ...

Core Insights - The strategic cooperation framework agreement between Luyuan Group and Yujian Technology aims to promote the application of 5,000 robotic dogs in smart store upgrades, marking a new phase in their partnership focused on intelligent retail [1][2][5] Group 1: Strategic Cooperation - The agreement was signed in Jinhua by key executives from both companies, indicating a strong commitment to collaboration [1] - The partnership will leverage Luyuan's extensive network of over 10,000 stores to explore large-scale applications of embodied intelligent robots [2][5] - The robotic dogs will serve multiple functions in stores, enhancing operational efficiency and customer service through intelligent upgrades [2][3] Group 2: Technological and Manufacturing Collaboration - The collaboration aims to create a replicable smart store system solution, establishing a benchmark for the commercial application of embodied intelligent technology [3] - Luyuan will integrate Yujian's robotic arms into its factory automation processes, accelerating the smart transformation of manufacturing [3] - The partnership will involve joint development of industry-level robotic projects, with both companies contributing their respective technological strengths [3] Group 3: Market Expansion and Brand Integration - The cooperation will focus on deep integration of brand, channel, and market resources to promote the widespread adoption of intelligent robotic dogs in consumer markets [5] - The collaboration signifies a strategic move towards commercializing embodied intelligent robots, transitioning from concept to practical application [5] - The partnership is expected to create tangible commercial value and establish a replicable model for smart retail, enhancing the industry's overall landscape [5]

（编辑 王雪儿） 证券日报网讯 11月27日，玲珑轮胎在互动平台回答投资者提问时表示，公司在推进全球化战略过程 中，会根据各阶段经营情况和市场环境合理利用金融工具优化债务结构、降低财务成本，并通过精细化 管理和监控提升资金使用效率，同时加强技术创新、优化生产流程，不断提升产品附加值和盈利能力， 确保企业实现健康、稳健发展。 ...

Core Viewpoint - The company, Michelin, has announced a securities repurchasing program, indicating a strategic move to buy back its own shares, which may reflect confidence in its financial health and future prospects [1] Group 1: Securities Repurchase Details - The repurchase program involves ordinary shares with the ISIN code FR001400AJ45 [1] - On November 27, 2025, Michelin acquired a total of 908,473 shares at an average price of €27.5187 per share [1] - The transactions were conducted over-the-counter, indicating a direct purchase rather than through a public exchange [1] Group 2: Transaction Information - The issuer code for Michelin is 549300SOSI58J6VIW052 [1] - The transactions were executed by financial institutions, including NATIXIS and BNP PARIBAS, which facilitated the share buyback [1] - The total volume of shares acquired on the specified date reflects a significant investment in the company's own equity [1]

点,同比+1.56个百分点;半钢胎样本企业产能利用率为69.36%,环比-3.63个 百分点,同比-10.40个百分点。在RU仓单注销后,目前盘面仓单数量处于较低 水平,关注短期资金交易情绪。商品市场方面,目前临近年底,且商品处于主 力移仓换月阶段,整体行情仍缺乏驱动,短期预计橡胶仍将震荡表现。交易策 | 略:单边暂时观望,关注多NR空RU套利。 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 本报告中的信息均源于公开可获得的资料，国贸期货力求准确可靠,但不对上述信息的准确性及完整性做任 | 何保证。本报告不构成个人投资建议,也未针对个别投资者持殊的投资目标、财务状况或需要，投资者需自行判 | 断本报告中的任何意见或建议是否符合其特定状况,据此投资,责任自负。本报告仅向国贸期货客户推送,未经 | 鬼 | 责 | | | | | 国贸期货授权许可,任何引用、转载以及向第三方传播的行为均构成对国贸期货的侵权,我可将视情况追究法律 | 明 | 声 | 责任。期市有风险,入市需谨慎。 | | | | | | ITC国贸期货 | | ...

天眼查App显示，近日，长沙胜鸿机械设备有限公司成立，法定代表人为刘晓明，注册资本50万人民 币，经营范围为一般项目：轮胎销售；机械零件、零部件销售；建筑工程机械与设备租赁；建筑工程用 机械销售；信息技术咨询服务；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；人 工智能硬件销售；机械设备销售；机床功能部件及附件销售；汽车零配件零售；新能源汽车电附件销 售；汽车装饰用品销售；新能源汽车生产测试设备销售；租赁服务（不含许可类租赁服务）；橡胶制品 销售；润滑油销售；五金产品零售；五金产品批发；互联网销售（除销售需要许可的商品）；信息咨询 服务（不含许可类信息咨询服务）；汽车零配件批发。（除依法须经批准的项目外，凭营业执照依法自 主开展经营活动）。 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Supply - side production cuts are accelerating the destocking of steel products, while inflation shows signs of the decline in pork prices slowing down. [1][2] Summary by Directory 1. Economic Growth: Supply - side Production Cuts Accelerate Steel Destocking 1.1 Production: Limited Increment in Power Plant Daily Consumption - Power plant daily consumption has limited increment. On November 25, the average daily consumption of 6 major power - generating groups was 79.3 tons, down 1.3% from November 18. On November 18, the daily consumption of power plants in eight southern provinces was 186 tons, up 3.3% from November 11. [4][11] - The blast furnace operating rate has been declining this month. On November 21, the national blast furnace operating rate was 82.2%, down 0.6 percentage points from November 14; the capacity utilization rate was 88.6%, down 0.3 percentage points from November 14. The blast furnace operating rate of Tangshan steel mills remained flat at 91.2% compared to November 14. [4][15] - The tire operating rate has declined. On November 20, the operating rate of truck all - steel tires was 61.3%, down 3.2 percentage points from November 13; the operating rate of car semi - steel tires was 71.1%, down 2.6 percentage points from November 13. The operating rate of looms in the Jiangsu and Zhejiang regions continued to decline. [4][17] 1.2 Demand: Supply - side Production Cuts Accelerate Steel Destocking - The sales volume of new homes in 30 cities has improved month - on - month. From November 1 - 25, the average daily sales area of commercial housing in 30 large and medium - sized cities was 243,000 square meters, up 11.9% from the same period in October, but down 30.4% from the same period last November, 20.1% from the same period in 2023, and 35.9% from the same period in 2022. [4][23] - The retail sales of the auto market have improved week by week. In November, retail sales were down 11% year - on - year, and wholesale sales were down 8% year - on - year. [4][27] - Steel prices fluctuated within a narrow range. On November 25, the prices of rebar, wire rod, hot - rolled coil, and cold - rolled coil changed by + 0.6%, - 0.3%, + 1.5%, and - 0.1% respectively compared to November 18. [4][32] - Cement prices remained stable. On November 25, the national cement price index remained flat compared to November 18. Cement prices in the East China and Yangtze River regions fell by 0.7%. [4][33] - Glass prices fluctuated strongly. On November 26, the active glass futures contract price was 1,026 yuan/ton, up 1.1% from November 19. [4][38] - The container shipping freight index showed a pattern of near - term decline and long - term increase. On November 21, the CCFI index rose 2.6% compared to November 14, while the SCFI index fell 4.0%. [4][40] 2. Inflation: The Decline in Pork Prices Slows Down 2.1 CPI: The Decline in Pork Prices Slows Down - The decline in pork prices slowed down. On November 26, the average wholesale price of pork was 17.9 yuan/kg, down 0.3% from November 19. [4][46] - The agricultural product price index rose moderately. On November 26, the agricultural product wholesale price index rose 0.6% compared to November 18. By variety, fruits (+ 2.8%) > vegetables (+ 1.4%) > mutton (+ 1.3%) > pork (- 0.3%) > eggs (- 0.5%) > chicken (- 0.7%) > beef (- 1.0%). [4][53] 2.2 PPI: Oil Prices Declined Weakly - Oil prices declined weakly. On November 25, the spot prices of Brent and WTI crude oil were 63.2 and 58.0 dollars/barrel respectively, down 0.6% and 4.6% from November 18. [4][56] - Copper and aluminum prices rose. On November 25, the prices of LME 3 - month copper and aluminum rose 1.5% and 1.0% respectively compared to November 18. [4][61] - The decline of the domestic commodity index narrowed month - on - month. On November 25, the Nanhua industrial products index fell 0.6% compared to November 18, and the CRB index fell 0.7%. [4][61] - Most industrial product prices fell month - on - month in November. The prices of steam coal and wire rod rose month - on - month, while other industrial product prices fell. The year - on - year decline of most industrial product prices converged, except for cement and glass. [63]

（编辑 任世碧） 证券日报网讯 11月26日晚间，风神股份发布公告称，公司于2025年11月26日收到上海证券交易所出具 的《关于风神轮胎股份有限公司向特定对象发行股票的交易所审核意见》："根据有关法律、法规及本 所有关规定，上海证券交易所形成如下审核意见：风神轮胎股份有限公司向特定对象发行股票申请符合 发行条件、上市条件和信息披露要求。本所将在收到你公司申请文件后提交中国证监会注册。"公司本 次向特定对象发行A股股票事项尚需获得中国证券监督管理委员会（简称"中国证监会"）作出同意注册 的决定，最终能否获得中国证监会同意注册的决定及其时间尚存在不确定性。 ...

Core Viewpoint - Chengdu Jinniu District Chunyi Xin Auto Parts Business Unit has been established, focusing on various automotive-related retail and wholesale activities [1] Group 1: Company Overview - The business is registered with a capital of 10,000 RMB [1] - The legal representative of the business is Wu Chunyang [1] Group 2: Business Scope - The company engages in retail and wholesale of auto parts, including but not limited to electric vehicle charging sales, charging pile sales, motorcycle parts, tire sales, and automotive decoration supplies [1] - Additional activities include the sale of batteries, bearings, gears, transmission components, and plug-in hybrid dedicated engines [1] - The business operates under the principle of conducting activities independently with its business license, except for projects requiring legal approval [1]