1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - Based on weekly technical indicator signals, different sectors of commodity and financial futures show various trends. In the commodity futures, precious metals, non - ferrous metals, black and shipping, energy, chemical, and agricultural product sectors have different signals of rising, falling, or oscillation. In the financial futures, stock index futures mostly show bearish signals, while treasury bond futures show an oscillatory trend [1][2] 3. Summary by Directory 3.1有色及贵金属板块 - Precious metals: Gold shows a bearish signal, and silver shows an oscillatory signal. Non - ferrous metals: Zinc, industrial silicon, and lithium carbonate show bullish signals, aluminum shows a bearish signal, and the rest show oscillatory signals. For example, Shanghai Aluminum is expected to oscillate in the short - term, with a weekly "umbrella line" but no reversal, a shrinking MACD red column, and a narrowing Bollinger Band [9][10][13] 3.2黑色及航运板块 - Hot - rolled coil, coking coal, and manganese silicon show bullish signals, and the rest, including European container shipping, show oscillatory signals. For example, rebar is expected to oscillate in the short - term, with a flat weekly line, a MACD death - cross above the zero - axis on the daily line, and the price touching the MA60 [18][19][24] 3.3能源及化工板块 - In the energy sector, crude oil, asphalt, and LPG show bullish signals, while fuel oil and low - sulfur fuel oil show oscillatory signals. In the chemical sector, soda ash, 20 - rubber, methanol, PTA, etc. show bullish signals, and the rest show oscillatory signals. For example, pulp is expected to oscillate in the short - term, with a bearish monthly line, weakening upward momentum on the weekly line, and a MACD running below the zero - axis on the daily line [31][32][35] 3.4农产品板块 - Soybean oil, sugar, soybean No. 2, palm oil, rapeseed oil, eggs, and red dates show bullish signals, soybean No. 1, rapeseed meal, and apples show bearish signals, and the rest show oscillatory signals. For example, corn is expected to oscillate in the short - term, with a bullish weekly line but a shrinking red column and a MACD green column expanding on the daily line [40][41][45] 3.5股指期货板块 - Shanghai 50, CSI 500, CSI 1000, and SSE 300 stock index futures all show bearish signals. For example, IC CSI 500 futures and IF SSE 300 futures are expected to oscillate in the short - term [50][51][53] 3.6国债期货板块 - 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures all show oscillatory signals. For example, the 10 - year treasury bond futures are expected to oscillate and repair in the short - term, and the 2 - year treasury bond futures are expected to oscillate in the short - term [62][63][66]

Report Summary 1. Report Industry Investment Rating - There is no information about the industry investment rating in the provided content. 2. Core View - There is no clear core view presented in the given content. The document mainly provides a table of futures and spot prices, along with related data such as basis rates and price differences for various commodities. 3. Summary by Related Catalog Metals - **Copper**: The主力基差率 is 0.42%, with a 1.00% increase compared to yesterday. The spot price is 6556, and the主力 contract price is 95380 [3]. - **Aluminum**: The主力基差率 is -0.38%, with a 0.63% increase compared to yesterday. The spot price is 23760, and the主力 contract price is 23795 [3]. - **Zinc**: The主力基差率 is -0.17%, with a 0.43% increase compared to yesterday. The spot price is 22920, and the主力 contract price is 22950 [3]. - **Lead**: The主力基差率 is -1.09%, with a -0.06% change compared to yesterday. The spot price is 16325, and the主力 contract price is 16485 [3]. - **Tin**: The主力基差率 is 1.52%, with a 2.13% increase compared to yesterday. The spot price is 357600, and the主力 contract price is 352250 [3]. - **Nickel**: The主力基差率 is 1.85%, with a 0.76% increase compared to yesterday. The spot price is 137800, and the主力 contract price is 135270 [3]. - **Industrial Silicon**: The主力基差率 is 5.93%, with a -0.80% change compared to yesterday. The spot price is 9200, and the主力 contract price is 8530 [3]. - **Lithium Carbonate**: The主力基差率 is -0.64%, with a 0.60% increase compared to yesterday. The spot price is 157200, and the主力 contract price is 157920 [3]. - **Gold**: The主力基差率 is 0.05%, with a -0.03% change compared to yesterday. The spot price is 1014.44, and the主力 contract price is 1011.04 [3]. - **Silver**: The主力基差率 is 0.06%, with a -0.42% change compared to yesterday. The spot price is 18121, and the主力 contract price is 18174 [3]. Black Industry - **Rebar**: The主力基差率 is 2.81%, with a 0.42% increase compared to yesterday. The spot price is 3220, and the主力 contract price is 3132 [3]. - **Hot Rolled Coil**: The主力基差率 is -1.00%, with a -0.88% change compared to yesterday. The spot price is 3280, and the主力 contract price is 3313 [3]. - **Iron Ore**: The主力基差率 is 4.97%, with a 2.63% increase compared to yesterday. The spot price is 846.6, and the主力 contract price is 806.5 [3]. - **Coke**: The主力基差率 is -8%, with a 0.56% increase compared to yesterday. The spot price is 1625, and the主力 contract price is 1776 [3]. - **Coking Coal**: The主力基差率 is 0.52%, with a 0.68% increase compared to yesterday. The spot price is 1247.5, and the主力 contract price is 1241 [3]. - **Steam Coal**: The主力基差率 is -5.7%, with a 0.75% increase compared to yesterday. The spot price is 755, and the主力 contract price is 801.4 [3]. - **Silicon Iron**: The主力基差率 is -7.03%, with a -0.80% change compared to yesterday. The spot price is 5660, and the主力 contract price is 6166 [3]. - **Ferromanganese**: The主力基差率 is -5.2%, with a -0.18% change compared to yesterday. The spot price is 6150, and the主力 contract price is 6492 [3]. - **Stainless Steel**: The主力基差率 is -0.97%, with a -1.39% change compared to yesterday. The spot price is 14350, and the主力 contract price is 14490 [3]. Agricultural Products - **Soybean Meal**: The主力基差率 is 8.80%, with a -1.30% change compared to yesterday. The spot price is 3190, and the主力 contract price is 2932 [3]. - **Rapeseed Meal**: The主力基差率 is 9.88%, with a -0.06% change compared to yesterday. The spot price is 2570, and the主力 contract price is 2371 [3]. - **Soybean Oil**: The主力基差率 is 3.16%, with a -1.22% change compared to yesterday. The spot price is 8820, and the主力 contract price is 8480 [3]. - **Rapeseed Oil**: The主力基差率 is 5.39%, with a -0.90% change compared to yesterday. The spot price is 10230, and the主力 contract price is 9707 [3]. - **Peanut**: The主力基差率 is 10.00%, with a 0.43% increase compared to yesterday. The spot price is 9000, and the主力 contract price is 8136 [3]. - **Palm Oil**: The主力基差率 is 0.42%, with a -1.20% change compared to yesterday. The spot price is 9510, and the主力 contract price is 9510 [3]. - **Corn**: The主力基差率 is 1.01%, with a 0.09% increase compared to yesterday. The spot price is 2400, and the主力 contract price is 2376 [3]. - **Corn Starch**: The主力基差率 is 4.96%, with a 0.34% increase compared to yesterday. The spot price is 2900, and the主力 contract price is 2763 [3]. - **Apple**: The主力基差率 is not provided, with a 0.80% increase compared to yesterday. The spot price is 8500, and the主力 contract price is 9978 [3]. - **Egg**: The主力基差率 is -6.136%, with a -0.25% change compared to yesterday. The spot price is 3200, and the主力 contract price is 3410 [3]. - **Live Pig**: The主力基差率 is -3.3%, with a -0.37% change compared to yesterday. The spot price is 9650, and the主力 contract price is 12595 [3]. - **Cotton**: The主力基差率 is 8.94%, with a -1.03% change compared to yesterday. The spot price is 16711, and the主力 contract price is 15340 [3]. Soft Commodities - **Sugar**: The主力基差率 is 0.94%, with a 0.00% change compared to yesterday. The spot price is 5480, and the主力 contract price is 5429 [3]. - **Methanol**: The主力基差率 is 0.92%, with a -2.14% change compared to yesterday. The spot price is 3118, and the主力 contract price is 2883 [3]. - **Ethanol**: The主力基差率 is -1.21%, with a -0.06% change compared to yesterday. The spot price is 4975, and the主力 contract price is 5036 [3]. - **PTA**: The主力基差率 is -1.40%, with a -0.44% change compared to yesterday. The spot price is 6500, and the主力 contract price is 6592 [3]. - **Polypropylene**: The主力基差率 is 3.62%, with a 3.23% increase compared to yesterday. The spot price is 9000, and the主力 contract price is 8975 [3]. - **Styrene**: The主力基差率 is -1.04%, with a -3.2% change compared to yesterday. The spot price is 10000, and the主力 contract price is 10105 [3]. - **Short Fiber**: The主力基差率 is -0.12%, with a -3.10% change compared to yesterday. The spot price is 8100, and the主力 contract price is 8008 [3]. - **Plastic**: The主力基差率 is -0.40%, with a -3.00% change compared to yesterday. The spot price is 8680, and the主力 contract price is 8715 [3]. - **PVC**: The主力基差率 is -1.46%, with a -2.77% change compared to yesterday. The spot price is 5620, and the主力 contract price is 5703 [3]. - **Rubber**: The主力基差率 is -0.79%, with a -0.02% change compared to yesterday. The spot price is 16300, and the主力 contract price is 16430 [3]. - **20 -号胶**: The主力基差率 is 1.93%, with a -1.07% change compared to yesterday. The spot price is 13827, and the主力 contract price is 13565 [3]. - **Soda Ash**: The主力基差率 is -1.61%, with a 0.01% change compared to yesterday. The spot price is 1224, and the主力 contract price is 1244 [3]. - **Urea**: The主力基差率 is -0.16%, with a 0.05% change compared to yesterday. The spot price is 1860, and the主力 contract price is 1863 [3]. - **Bottle Chip**: The主力基差率 is 2.37%, with a -2.69% change compared to yesterday. The spot price is 8300, and the主力 contract price is 8108 [3]. - **Paper Pulp**: The主力基差率 is 0.26%, with a 0.26% increase compared to yesterday. The spot price is 5238, and the主力 contract price is 5224 [3]. Energy and Chemicals - **Crude Oil**: The主力基差率 is -6.11%, with a -1.41% change compared to yesterday. The spot price is 675.4, and the主力 contract price is 723.9 [3]. - **Fuel Oil**: The主力基差率 is 9.44%, with a -2.38% change compared to yesterday. The spot price is 4758, and the主力 contract price is 4348 [3]. - **Asphalt**: The主力基差率 is -2.94%, with a -2.24% change compared to yesterday. The spot price is 4280, and the主力 contract price is 4410 [3]. - **Low - Sulfur Fuel Oil**: The主力基差率 is 15.83%, with a -10.34% change compared to yesterday. The spot price is 5976, and the主力 contract price is 5159 [3]. - **LPG**: The主力基差率 is 9.89%, with a 6.06% increase compared to yesterday. The spot price is 7198, and the主力 contract price is 6550 [3]. Stock Index - **CSI 300**: The主力基差率 is 1.97%, with a 0.00% change compared to yesterday. The spot price is 4537.5, and the主力 contract price is 4505.6 [3]. - **SSE 50**: The主力基差率 is 1.04%, with a 0.32% increase compared to yesterday. The spot price is 2859.5, and the主力 contract price is 2848 [3]. - **CSI 500**: The主力基差率 is 3.16%, with a 0.62% change compared to yesterday. The spot price is 7767.7, and the主力 contract price is 7685.6 [3].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - This week, the fundamentals of the natural rubber market were linked with the macro - market, and rubber prices rebounded after hitting the bottom. The offer price of imported rubber first declined and then rose, with general trading atmosphere and real - order transactions following the upward trend. The spot price of domestic natural rubber fluctuated widely, and the demand side showed no obvious improvement. [7] - Currently, the weather in the Xishuangbanna production area in Yunnan, China is good, with some areas being slightly dry. The output of fresh latex is gradually increasing, and some concentrated latex factories are competing to purchase at higher prices. Recently, the total inventory at Qingdao Port has been accumulating, with both bonded and general trade warehouses increasing. The total inbound volume at the port has increased significantly compared to the previous period. Although downstream tire factories replenish inventory at low prices, the inbound growth rate exceeds the outbound rate, and the port inventory has returned to the accumulation rhythm. It is expected that the general trade warehouse in Qingdao may continue to accumulate slightly in the short term. [7] - This week, the capacity utilization rate of domestic tire enterprises fluctuated slightly. As it is the end of the quarter, some enterprises are striving to meet quarterly tasks, which supports the overall capacity utilization rate. However, some enterprises may have short - term maintenance arrangements at the end of March or early April, which will slightly drag down the overall capacity utilization rate. [7] - The ru2605 contract is expected to fluctuate in the range of 16,250 - 16,850 in the short term, and the nr2605 contract is expected to fluctuate in the range of 13,300 - 14,000 in the short term. [7] 3. Summary by Relevant Catalogs 3.1. Weekly Summary - **Market Review**: The fundamentals of the natural rubber market were linked with the macro - market, and rubber prices rebounded after hitting the bottom. The offer price of imported rubber first declined and then rose, with general trading atmosphere and real - order transactions following the upward trend. The spot price of domestic natural rubber fluctuated widely, and the demand side showed no obvious improvement. [7] - **Market Outlook**: The weather in Yunnan's Xishuangbanna production area is good, with some areas being slightly dry. The output of fresh latex is gradually increasing, and some concentrated latex factories are competing to purchase at higher prices. The total inventory at Qingdao Port is accumulating, and it is expected that the general trade warehouse in Qingdao may continue to accumulate slightly in the short term. The capacity utilization rate of domestic tire enterprises fluctuates slightly, and some enterprises may have short - term maintenance arrangements. [7] - **Strategy Suggestion**: The ru2605 contract is expected to fluctuate in the range of 16,250 - 16,850 in the short term, and the nr2605 contract is expected to fluctuate in the range of 13,300 - 14,000 in the short term. [7] 3.2. Futures Market - **Price Trends**: This week, the main contract price of Shanghai rubber futures rose oscillatingly, with a weekly increase of 3.19%; the main contract price of 20 - rubber rose oscillatingly, with a weekly increase of 6.76%. [12] - **Position Analysis**: No specific analysis content provided in the text. - **Inter - period Spread**: As of March 27, the spread between the May and September contracts of Shanghai rubber was - 45, and the spread between the May and June contracts of 20 - rubber was - 65. [21] - **Warehouse Receipts**: As of March 26, the warehouse receipts of Shanghai rubber were 125,410 tons, a decrease of 30 tons compared to last week; the warehouse receipts of 20 - rubber were 43,949 tons, a decrease of 4,133 tons compared to last week. [27] 3.3. Spot Market - **Domestic Natural Rubber Spot Price**: As of March 26, the price of state - owned whole latex was 16,300 yuan/ton, an increase of 300 yuan/ton compared to last week. [33] - **20 - rubber Basis and Non - standard Basis**: As of March 26, the basis of 20 - rubber was 241 yuan/ton, a decrease of 349 yuan/ton compared to last week; the non - standard basis was - 860 yuan/ton, a decrease of 60 yuan/ton compared to last week. [38] 3.4. Industrial Situation - **Upstream**: As of March 27, the field latex price in the Thai natural rubber raw material market was 77.5 (+3) Thai baht/kg; the cup lump price was 58.75 (+2.2) Thai baht/kg. The theoretical processing profit of standard rubber was - 16 US dollars/ton, an increase of 16 US dollars/ton compared to last week. As of March 26, the price of Yunnan latex was 14,600 yuan/ton, and the output of fresh latex in Yunnan's Xishuangbanna production area is gradually increasing, with some concentrated latex factories competing to purchase at higher prices. [41][44] - **Import Quantity**: According to customs data, in February 2026, China's import volume of natural rubber (including technical classification, latex, smoked sheets, primary forms, mixed rubber, and compound rubber) was 461,500 tons, a month - on - month decrease of 28.46% and a year - on - year decrease of 8.29%. The cumulative import volume from January to February 2026 was 1.1065 million tons, a cumulative year - on - year increase of 1.36%. [48] - **Inventory in Qingdao**: As of March 22, 2026, the total inventory of natural rubber in bonded and general trade in Qingdao was 685,600 tons, a month - on - month increase of 8,000 tons, an increase of 1.18%. The bonded area inventory was 122,100 tons, an increase of 0.66%; the general trade inventory was 563,500 tons, an increase of 1.29%. The inbound rate of the sample bonded warehouse of natural rubber in Qingdao increased by 1.41 percentage points, and the outbound rate increased by 1.50 percentage points; the inbound rate of the general trade warehouse increased by 1.62 percentage points, and the outbound rate decreased by 0.41 percentage points. [52] - **Downstream**: As of March 26, the capacity utilization rate of China's semi - steel tire sample enterprises was 79.37%, a month - on - month increase of 0.05 percentage points and a year - on - year increase of 1.18 percentage points; the capacity utilization rate of full - steel tire sample enterprises was 72.24%, a month - on - month increase of 0.03 percentage points and a year - on - year increase of 3.88 percentage points. The capacity utilization rate of tire sample enterprises fluctuated slightly. In February 2026, China's tire export volume was 631,500 tons, a month - on - month decrease of 10.49% and a year - on - year increase of 22.34%. The cumulative tire export volume from January to February was 1.3369 million tons, a cumulative year - on - year increase of 11.57%. In February 2026, China's heavy - truck market sold about 75,000 vehicles (wholesale caliber, including exports and new energy), a month - on - month decrease of nearly 30% compared to January 2025 and a year - on - year decrease of about 8%. The cumulative sales volume of the heavy - truck industry from January to February was more than 180,000 vehicles, a year - on - year increase of about 17%. It is expected that the wholesale sales volume of the heavy - truck industry in March will achieve a slight year - on - year increase. [55][58][61] 3.5. Option Market Analysis - No relevant information provided

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - This week, the natural rubber market was pressured by the expectation of domestic tapping, causing the rubber price center to decline. The import rubber market's offer prices dropped, and the spot price was weak. The spot price center of domestic natural rubber also moved down, with the futures market experiencing wide - range fluctuations and the spot offer prices slightly decreasing. The market sentiment was weak, with limited actual buying [7]. - The tapping in Yunnan's domestic rubber - producing area is progressing steadily, and new domestic rubber is gradually entering the market. Overseas natural rubber - producing areas are in the low - production season. Recently, the bonded warehouses in Qingdao Port have continued to accumulate inventory, while the general trade warehouses have reduced inventory, resulting in a slight reduction in the total inventory. The arrival of US - dollar - denominated standard rubber at the port remains at a low level, and tire enterprises' production has recovered to a high level, replenishing raw materials at low prices. It is expected that the inventory will continue to decline slightly in the short term [7]. - This week, the operating rate of domestic tire enterprises increased slightly week - on - week. Semi - steel tire enterprises are mainly fulfilling foreign trade orders, and the domestic sales supply is tight, so the capacity utilization rate remains at a high level. The capacity utilization rate of all - steel tire enterprises has slightly increased, and the concentrated shipment driven by price - increase news has supported the overall capacity utilization rate. At the end of the quarter, some enterprises are expected to maintain a high operating rate to complete quarterly tasks, but individual enterprises may flexibly adjust production schedules [7]. - The ru2605 contract is expected to fluctuate in the range of 15,950 - 16,500 in the short term, and the nr2605 contract is expected to fluctuate in the range of 12,750 - 13,300 [7]. 3. Summary by Relevant Catalogs 3.1 Week - on - Week Summary - **Market Performance**: The domestic natural rubber market was pressured by the expectation of domestic tapping, with the rubber price center moving down. The import rubber market's offer prices dropped, and the spot price was weak. The domestic natural rubber spot price center also declined, with the futures market fluctuating widely and the spot offer prices slightly decreasing. The market sentiment was weak, with limited actual buying [7]. - **Market Outlook**: The tapping in Yunnan's domestic rubber - producing area is progressing steadily, and new domestic rubber is gradually entering the market. Overseas natural rubber - producing areas are in the low - production season. Recently, the bonded warehouses in Qingdao Port have continued to accumulate inventory, while the general trade warehouses have reduced inventory, resulting in a slight reduction in the total inventory. The arrival of US - dollar - denominated standard rubber at the port remains at a low level, and tire enterprises' production has recovered to a high level, replenishing raw materials at low prices. It is expected that the inventory will continue to decline slightly in the short term. The operating rate of domestic tire enterprises increased slightly week - on - week, and it is expected to remain high at the end of the quarter, but individual enterprises may flexibly adjust production schedules [7]. - **Strategy Suggestion**: The ru2605 contract is expected to fluctuate in the range of 15,950 - 16,500 in the short term, and the nr2605 contract is expected to fluctuate in the range of 12,750 - 13,300 [7]. 3.2 Futures Market - **Price Movement**: This week, the main contract price of Shanghai rubber futures closed down with a weekly decline of 4.56%, and the main contract price of 20 - number rubber closed down with a weekly decline of 3.42% [10]. - **Position Analysis**: Not provided with significant analysis content in the text. - **Inter - term Spread**: As of March 20, the spread between the May and September contracts of Shanghai rubber was 50, and the spread between the May and June contracts of 20 - number rubber was - 90 [20]. - **Warehouse Receipts**: As of March 20, the warehouse receipts of Shanghai rubber were 125,440 tons, an increase of 4,600 tons from last week; the warehouse receipts of 20 - number rubber were 48,082 tons, a decrease of 1,209 tons from last week [24]. 3.3 Spot Market - **Price and Basis**: As of March 19, the price of state - owned whole latex was 16,000 yuan/ton, a decrease of 600 yuan/ton from last week. As of March 19, the basis of 20 - number rubber was 602 yuan/ton, an increase of 30 yuan/ton from last week; the non - standard basis was - 940 yuan/ton, an increase of 275 yuan/ton from last week [31][36]. 3.4 Upstream Situation - **Thailand's Raw Material Price and Processing Profit**: As of March 20, the field latex price in Thailand's natural rubber raw material market was 74.5 (+3.5) Thai baht/kg; the cup lump price was 56.5 (-1.5) Thai baht/kg. The theoretical processing profit of standard rubber was - 32 US dollars/ton, a decrease of 19 US dollars/ton from last week [39]. - **Domestic Producing Area Raw Material Price**: Currently, large - scale tapping in Xishuangbanna, Yunnan, has not started. The previous hail and rain weather had limited impact, and the rubber trees are growing well. Tapping is expected to start around the 20th - 22nd [42]. 3.5 Industry Situation - **Import Volume**: According to customs data, in February 2026, China's natural rubber (including technical - grade rubber, latex, smoked sheets, primary - form rubber, mixed rubber, and compound rubber) import volume was 461,500 tons, a month - on - month decrease of 28.46% and a year - on - year decrease of 8.29%. The cumulative import volume from January to February 2026 was 1,106,500 tons, a cumulative year - on - year increase of 1.36% [45]. - **Inventory in Qingdao**: As of March 15, 2026, the total inventory of natural rubber in bonded and general trade in Qingdao was 677,600 tons, a decrease of 2,800 tons from the previous period, a decrease of 0.42%. The bonded area inventory was 121,300 tons, an increase of 1.43%; the general trade inventory was 556,300 tons, a decrease of 0.81%. The inbound rate of the sample bonded warehouses in Qingdao Port increased by 1.71 percentage points, and the outbound rate increased by 1.71 percentage points; the inbound rate of the general trade warehouses increased by 1.37 percentage points, and the outbound rate increased by 2.22 percentage points. Currently, the bonded warehouses in Qingdao Port continue to accumulate inventory, while the general trade warehouses reduce inventory, resulting in a slight reduction in the total inventory [49]. 3.6 Downstream Situation - **Tire Operating Rate**: As of March 19, the capacity utilization rate of China's semi - steel tire sample enterprises was 79.32%, a week - on - week increase of 0.59 percentage points and a year - on - year increase of 0.05 percentage points. The capacity utilization rate of all - steel tire sample enterprises was 72.21%, a week - on - week increase of 0.41 percentage points and a year - on - year increase of 3.31 percentage points. Semi - steel tire enterprises are mainly fulfilling foreign trade orders, and the domestic sales supply is tight, so the capacity utilization rate remains at a high level. The capacity utilization rate of all - steel tire enterprises has slightly increased, and the concentrated shipment driven by price - increase news has supported the overall capacity utilization rate [52]. - **Tire Export Volume**: According to customs data, in February 2026, China's tire export volume was 631,500 tons, a month - on - month decrease of 10.49% and a year - on - year increase of 22.34%. The cumulative tire export volume from January to February was 1,336,900 tons, a cumulative year - on - year increase of 11.57%. Among them, the export volume of passenger car tires was 257,600 tons, a month - on - month decrease of 9.82% and a year - on - year increase of 17.79%. The cumulative export volume of passenger car tires from January to February was 543,200 tons, a cumulative year - on - year increase of 8.42%. The export volume of truck and bus tires was 344,800 tons, a month - on - month decrease of 10.52% and a year - on - year increase of 23.97%. The cumulative export volume of truck and bus tires from January to February was 730,100 tons, a cumulative year - on - year increase of 13.07% [55]. - **Domestic Demand (Heavy - Truck Sales)**: According to preliminary data from First Commercial Vehicle Network, in February 2026, China's heavy - truck market sold about 75,000 vehicles (wholesale basis, including exports and new - energy vehicles), a month - on - month decrease of nearly 30% compared with January 2025 and a year - on - year decrease of about 8% compared with 81,400 vehicles in the same period last year. From January to February this year, the cumulative sales volume of China's heavy - truck industry exceeded 180,000 vehicles, a year - on - year increase of about 17%. The year - on - year and month - on - month decline in the heavy - truck industry in February 2026 was mainly due to the seasonal fluctuations during the Spring Festival. First Commercial Vehicle Network preliminarily predicts that the wholesale sales volume of the heavy - truck industry is expected to achieve a slight year - on - year increase in March [58].

1. Report Industry Investment Rating - No relevant content found 2. Core Viewpoints of the Report - This week, the natural rubber market was affected by multiple factors, and rubber prices fluctuated. The import rubber market's offer prices rose, while the futures market continued to fluctuate. The spot offer prices of domestic natural rubber followed the market fluctuations, with low trading volume [8]. - The global natural rubber producing areas are in the seasonal supply off - season, and raw material prices are firm. Qingdao Port's bonded warehouses continued to accumulate inventory, while general trade warehouses reduced inventory, resulting in a slight increase in total inventory. Overseas is in the seasonal low - production season, the arrival of US - dollar standard rubber is decreasing. The situation in the Middle East is tense, synthetic rubber prices are rising, and tire enterprises are resuming production after the holiday, increasing the buying volume of natural rubber, and the出库 volume of Qingdao Port warehouses has increased, with the inventory accumulation rate narrowing significantly compared to the previous period [8]. - This week, the operating rates of domestic tire enterprises increased significantly week - on - week, and the production schedules of tire enterprises have basically returned to normal levels, which supports the overall capacity utilization rate. The export of tire enterprises in some regions is facing resistance due to the uncertainty of the Middle East geopolitical conflict, and there is a possibility of a slight decline in the short term [8]. - The ru2605 contract is expected to fluctuate in the range of 16,650 - 17,500, and the nr2605 contract is expected to fluctuate in the range of 13,300 - 14,000 [8]. 3. Summary by Directory 3.1 Week - on - Week Summary - **Market Review**: The natural rubber market was affected by multiple factors, with rubber prices fluctuating. The import rubber market's offer prices rose, and traders changed positions. The futures market continued to fluctuate, and the spot offer prices of domestic natural rubber followed the market. The trading volume was light [8]. - **Market Outlook**: The global natural rubber producing areas are in the off - season, and raw material prices are firm. Qingdao Port's inventory situation is complex, with bonded warehouses accumulating and general trade warehouses reducing inventory. Overseas supply is decreasing, and the demand from tire enterprises is increasing. The operating rates of tire enterprises have increased, but there are uncertainties in exports [8]. - **Strategy Suggestion**: The ru2605 contract is expected to fluctuate between 16,650 - 17,500, and the nr2605 contract between 13,300 - 14,000 [8]. 3.2 Futures Market - **Price Trends**: This week, the main contract price of Shanghai rubber futures fell by 0.42% week - on - week, and the main contract price of 20 - number rubber fell by 1.84% week - on - week [11]. - **Position Analysis**: No specific analysis content provided in the text. - **Inter - month Spread**: As of March 13, the spread between the May and September contracts of Shanghai rubber was 95, and the spread between the May and June contracts of 20 - number rubber was - 145 [21]. - **Warehouse Receipts**: As of March 13, the warehouse receipts of Shanghai rubber were 120,840 tons, an increase of 3,300 tons from last week; the warehouse receipts of 20 - number rubber were 49,291 tons, a decrease of 1,108 tons from last week [25]. 3.3 Spot Market - **Domestic Natural Rubber Spot Price**: As of March 12, the price of state - owned whole latex was 16,900 yuan/ton, an increase of 200 yuan/ton from last week [28]. - **20 - Number Rubber Basis and Non - Standard Basis**: As of March 12, the basis of 20 - number rubber was 460 yuan/ton, an increase of 5 yuan/ton from last week; the non - standard basis was - 1,295 yuan/ton, a decrease of 180 yuan/ton from last week [35]. 3.4 Industrial Situation - **Upstream**: As of March 13, the price of field latex in the Thai natural rubber raw material market was 71 (+2) Thai baht/kg, and the price of cup lump was 58 (+1) Thai baht/kg. The theoretical processing profit of standard rubber was - 13 US dollars/ton, an increase of 4 US dollars/ton from last week. The domestic Yunnan and Hainan producing areas are in the closed - cutting period [39][42]. - **Import Volume**: In December 2025, China's natural rubber import volume was 803,400 tons, a month - on - month increase of 24.84% and a year - on - year increase of 25.4% [48]. - **Inventory in Qingdao**: As of March 8, 2026, the total inventory of natural rubber in bonded and general trade in Qingdao was 680,400 tons, a month - on - month increase of 500 tons, an increase of 0.07%. The bonded area inventory was 119,600 tons, an increase of 1.27%; the general trade inventory was 560,900 tons, a decrease of 0.18% [51]. - **Downstream - Tire Operating Rates**: As of March 12, the capacity utilization rate of China's semi - steel tire sample enterprises was 78.73%, a month - on - month increase of 4.20 percentage points and a year - on - year decrease of 0.36 percentage points; the capacity utilization rate of full - steel tire sample enterprises was 71.80%, a month - on - month increase of 6.42 percentage points and a year - on - year increase of 2.81 percentage points [54]. - **Downstream - Tire Exports**: In December 2025, China's tire export volume was 698,500 tons, a month - on - month increase of 1.48% and a year - on - year increase of 1.94%. From January to December, the cumulative tire export volume was 8.4307 million tons, a cumulative year - on - year increase of 3.38% [57]. - **Downstream - Domestic Demand (Heavy - Truck Sales)**: In February 2026, China's heavy - truck market sold about 75,000 vehicles (wholesale basis, including exports and new energy), a month - on - month decrease of nearly 30% compared to January 2025 and a year - on - year decrease of about 8% compared to 81,400 vehicles in the same period last year. From January to February this year, the cumulative sales volume of the heavy - truck industry exceeded 180,000 vehicles, a year - on - year increase of about 17%. It is expected that the wholesale sales volume of the heavy - truck industry in March will achieve a slight year - on - year increase [60].

1. Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. 2. Core View of the Report - There is no clear core view presented in the provided content. The document mainly shows the Maike Futures basis statistics table, including the basis rate, spot price, and contract price of various futures products. 3. Summary According to the Catalog 3.1 Metals - **Copper**: The spot price of SMM 1 electrolytic copper is 100,860, with a主力基差率 of -0.19% and a change of -0.19% compared to the previous day [3]. - **Aluminum**: The spot price of SMM A00 aluminum is 25,410, with a主力基差率 of 0.24% [3]. - **Zinc**: The spot price of SMM 0 zinc is 24,285, with a主力基差率 of 0.64% [3]. - **Lead**: The spot price of SMM 1 lead ingot is 16,655, with a主力基差率 of -0.93% [3]. - **Tin**: The spot price of SMM 1 tin is 392,650, with a主力基差率 of 0.61% [3]. - **Nickel**: The spot price of SMM 1 electrolytic nickel is 140,950, with a主力基差率 of 0.22% [3]. - **Industrial Silicon**: The spot price of SMM East China oxygen - passing 553 silicon brick is 8,682, with a主力基差率 of 5.93% [3]. - **Lithium Carbonate**: The spot price of steel - linked high - quality battery - grade lithium carbonate is 158,250, with a主力基差率 of 1.63% [3]. - **Gold**: The spot price of AuT + D (Shanghai Gold Exchange) is 1,151.52, with a主力基差率 of -5.26 [3]. - **Silver**: The spot price of Ag(T + D) (Shanghai Gold Exchange) is 22,062, with a主力基差率 of -0.96% [3]. 3.2 Black Industry - **Steel Products** - **Rebar**: The spot price of HRB400 20mm in Shanghai is 3,230, with a主力基差率 of 3.53% [3]. - **Hot - Rolled Coil**: The spot price of Q235B 4.75mm in Shanghai is 3,275, with a主力基差率 of 1.04% [3]. - **Iron Ore**: The spot price of PB powder 61% in Qingdao is 821.5, with a主力基差率 of 3.26% [3]. - **Coke**: The spot price of quasi - first - grade metallurgical coke is 1,896.0, with a主力基差率 of -7.66% [3]. - **Coking Coal**: The spot price of main coking coal (Jixian, Mongolia 5) is 1,466.0, with a主力基差率 of 2.99% [3]. - **Power Coal**: The spot price of Shanxi Q500 at Qinhuangdao Port is 801.4, with a主力基差率 of -7.31% [3]. - **Silicon Iron**: The spot price of FeSi75 - B in Inner Mongolia is 6,002, with a主力基差率 of -7.3% [3]. - **Manganese Silicon**: The spot price of FeMn68Si18 in Hebei is 5,920, with a主力基差率 of -0.72% [3]. - **Stainless Steel**: The spot price of 304/2B 2.0*1219 from Angang Lianzhong in Wuxi is 14,495, with a主力基差率 of -0.50% [3]. 3.3 Agricultural Products - **Grains and Oils** - **Soybean**: The spot price of domestic first - grade soybean in Harbin is 4,862, with a主力基差率 of -9.26% [3]. - **Soybean Meal**: The spot price of ordinary protein soybean meal in Zhangjiagang is 3,078, with a主力基差率 of 7.07% [3]. - **Rapeseed Meal**: The spot price of ordinary rapeseed meal in Nantong is 2,470, with a主力基差率 of 4.74% [3]. - **Soybean Oil**: The spot price of first - grade soybean oil in Zhangjiagang is 9,000, with a主力基差率 of 1.00% [3]. - **Rapeseed Oil**: The spot price of rapeseed oil in Jiangsu is 10,440, with a主力基差率 of 6.87% [3]. - **Peanut**: The spot price of Baisha peanuts (45% oil content, 9% water content) in Changtu is 9,200, with a主力基差率 of 13.66% [3]. - **Palm Oil**: The spot price of 24 - degree palm oil in Guangdong is 9,780, with a主力基差率 of 0.99% [3]. - **Other Agricultural Products** - **Corn**: The spot price of national - standard first - grade corn at Qishenquan Port is 2,405, with a主力基差率 of 0.38% [3]. - **Corn Starch**: The spot price of corn starch at the factory in Changchun is 2,734, with a主力基差率 of 0.91% [3]. - **Apple**: The spot price of red Fuji apples in Yantai Qixia and Shaanxi Luochuan is 8,530, with a主力基差率 of 1.87% [3]. - **Egg**: The spot price of eggs in Hebei Cangzhou is 3,861, with a主力基差率 of -0.48% [3]. - **Pig**: The spot price of external ternary pigs in Henan is 13,790, with a主力基差率 of -9.0% [3]. - **Cotton**: The spot price of cotton price index 328 in Xinjiang is 16,848, with a主力基差率 of 8.38% [3]. - **Sugar**: The spot price of white sugar in Liuzhou is 5,480, with a主力基差率 of 1.18% [3]. 3.4 Energy and Chemicals - **Methanol**: The spot price of methanol in East China is 2,850, with a主力基差率 of 4.55% [3]. - **Ethanol**: The spot price of ethanol in East China is 4,560, with a主力基差率 of -2.00% [3]. - **PTA**: The spot price of PTA in East China is 6,606, with a主力基差率 of 0.74% [3]. - **Polypropylene**: The spot price of Hangzhou Shaoxing Sanyuan T30S is 8,950, with a主力基差率 of 2.88% [3]. - **Ethylene Benzene**: The spot price of ethylene benzene in East China is 10,350, with a主力基差率 of 3.46% [3]. - **Short - Fiber**: The spot price of Shangfangxiang semi - bright natural white 1.56*38mm short - fiber is 8,070, with a主力基差率 of 0.52% [3]. - **Plastic**: The spot price of Yuyao Zhejiang Petrochemical 7042 is 8,650, with a主力基差率 of 4.46% [3]. - **PVC**: The spot price of East China SG - 5 Xinjiang Zhongtai mainstream is 5,633, with a主力基差率 of 5.40% [3]. - **Rubber**: The spot price of Thai - produced rubber at Qingdao Bonded Area is 17,685, with a主力基差率 of 1.61% [3]. - **20 - Number Rubber**: The spot price of Thai 20 standard rubber at Qingdao Bonded Area is 14,155, with a主力基差率 of 0.62% [3]. - **Soda Ash**: The spot price of heavy - quality soda ash in Shahe is 1,363, with a主力基差率 of -1.99% [3]. - **Urea**: The spot price of small - particle urea in Henan is 1,890, with a主力基差率 of -0.80% [3]. - **Paper Pulp**: The spot price of bleached softwood pulp (Silver Star, Chile) is 5,313, with a主力基差率 of 0.25% [3]. - **Crude Oil**: The spot price of Chinese Shengli crude oil in the Pacific Rim is 658.7, with a主力基差率 of -7.26% [3]. - **Fuel Oil**: The spot price of bonded marine fuel oil 380CST in Zhoushan is 3,879, with a主力基差率 of -3.88% [3]. - **Asphalt**: The spot price of heavy - traffic asphalt in Shandong is 4,000, with a主力基差率 of 2.67% [3]. - **Low - Sulfur Fuel Oil**: The spot price of 0.5% low - sulfur marine fuel oil in Singapore is 4,445, with a主力基差率 of 1195% [3]. - **LPG**: The spot price of LPG in Guangzhou is 6,098, with a主力基差率 of -3.85% [3]. 3.5 Stock Index Futures - **CSI 300**: The spot price is 4,687.6, with a主力基差率 of 0.25% [3]. - **SSE 50**: The spot price is 2,966.4, with a主力基差率 of 0.17% [3]. - **CSI 500**: The spot price is 8,359.5, with a主力基差率 of 0.70% [3].

Market Overview - As of February 25, 2026, the China Petroleum and Chemical Industry Index (H11057) increased by 1.01%, with notable gains from Yuntianhua (up 10.01%), Hebang Biotechnology (up 9.92%), Chuanfa Longmang (up 7.76%), Xingfa Group (up 5.29%), and Shengquan Group (up 4.65%) [1] - The Petrochemical ETF (159731) rose by 0.47%, closing at 1.06 yuan, with a turnover rate of 9.65% during the trading session and a total capital inflow of 1.153 billion yuan over the last 20 trading days [1] Key News - The main crude oil futures on INE fell by 1.60 yuan/barrel, a decrease of 0.33%, settling at 488.30 yuan/barrel. Related refined oil futures also saw declines, with high-sulfur fuel oil down by 10.00 yuan/ton (0.34%) at 2943.00 yuan/ton, and low-sulfur fuel oil down by 41.00 yuan/ton (1.18%) at 3436.00 yuan/ton [1] - The main contract for natural rubber rose by 2.10%, while the main contract for No. 20 rubber increased by 2.34%, with Shanghai spot prices adjusting to around 16,300 yuan/ton. The market anticipates continued strong fluctuations in rubber prices due to rising external prices and crude oil [1] Institutional Insights - Southwest Securities suggests that the global chemical industry is at the beginning of a new prosperity cycle. Chinese chemical companies have strengthened their profit foundations and elasticity over recent years. Looking ahead to 2026, with the U.S. entering a rate-cutting phase and minimal recession risks, and China prioritizing domestic demand, supply and demand improvements in the chemical industry are expected to exceed expectations [3] Popular ETFs - The Petrochemical ETF (159731) and its linked funds (017855/017856) closely track the China Petroleum and Chemical Industry Index, with the basic chemical industry accounting for 60.02% and the petroleum and petrochemical industry for 32.43%. This positioning allows for participation in the profit recovery of downstream chemical products. The industry narrative is expected to improve in the medium to long term due to structural adjustments in supply and demand [4]

Report Industry Investment Rating - Not provided Core Viewpoints - The domestic rubber-producing areas are in the off-season, the output in northern Thailand is decreasing, and the output in southern Thailand will enter the low-yield period. The upstream supply has entered the seasonal production reduction period, and the raw material prices are firm [2]. - During the Spring Festival holiday in China, the overall trading was sluggish. Recently, the general trade inventory in Qingdao has continued to accumulate, with a relatively large accumulation range. Next week, as downstream enterprises gradually resume work and production, the accumulation range may narrow, but the terminal replacement demand is still restricted by the resumption rhythm of logistics and infrastructure and the consumer wait-and-see sentiment [2]. - The terminal substantial demand will gradually be released after March. It is necessary to pay attention to the changes in domestic inventory and the post - holiday resumption of work and procurement sentiment of downstream tire factories. The ru2605 contract is expected to fluctuate in the range of 16,500 - 17,300 in the short term, and the nr2604 contract is expected to fluctuate in the range of 13,500 - 14,000 in the short term [2]. Summary by Directory Futures Market - The closing price of the main contract of Shanghai rubber is 17,240 yuan/ton, with a month - on - month increase of 210 yuan/ton; the closing price of the main contract of 20 - number rubber is 13,980 yuan/ton, with a month - on - month increase of 185 yuan/ton [2]. - The spread between Shanghai rubber 5 - 9 is 130 yuan/ton, with a month - on - month decrease of 70 yuan/ton; the spread between 20 - number rubber 4 - 5 is - 45 yuan/ton, with a month - on - month increase of 5 yuan/ton [2]. - The spread between Shanghai rubber and 20 - number rubber is 3,260 yuan/ton, with a month - on - month increase of 25 yuan/ton [2]. - The position of the main contract of Shanghai rubber is 175,091 lots, with a month - on - month increase of 13,023 lots; the position of the main contract of 20 - number rubber is 45,890 lots, with a month - on - month decrease of 1,632 lots [2]. - The net position of the top 20 in Shanghai rubber is - 35,223 lots, with a month - on - month increase of 2,014 lots; the net position of the top 20 in 20 - number rubber is - 8,359 lots, with a month - on - month decrease of 642 lots [2]. - The warehouse receipts of Shanghai rubber in the exchange are 112,570 tons, with no change; the warehouse receipts of 20 - number rubber in the exchange are 50,601 tons [2]. Spot Market - The price of state - owned whole latex in the Shanghai market is 16,800 yuan/ton, with a month - on - month increase of 550 yuan/ton; the price of Vietnamese 3L in the Shanghai market is 17,200 yuan/ton, with a month - on - month increase of 600 yuan/ton [2]. - The price of Thai standard STR20 is 2,055 US dollars/ton, with a month - on - month increase of 75 US dollars/ton; the price of Malaysian standard SMR20 is 2,050 US dollars/ton, with a month - on - month increase of 75 US dollars/ton [2]. - The price of Thai RMB mixed rubber is 15,850 yuan/ton, with a month - on - month increase of 530 yuan/ton; the price of Malaysian RMB mixed rubber is 15,800 yuan/ton, with a month - on - month increase of 530 yuan/ton [2]. - The price of Qilu Petrochemical's styrene - butadiene rubber 1502 is 13,000 yuan/ton, with no change; the price of Qilu Petrochemical's cis - butadiene rubber BR9000 is 12,800 yuan/ton, with no change [2]. - The basis of Shanghai rubber is - 230 yuan/ton, with a month - on - month decrease of 165 yuan/ton; the basis of non - standard products of the main contract of Shanghai rubber is - 1,180 yuan/ton [2]. - The price of 20 - number rubber in the Qingdao market is 13,671 yuan/ton, with a month - on - month decrease of 116 yuan/ton; the basis of the main contract of 20 - number rubber is - 124 yuan/ton, with a month - on - month decrease of 731 yuan/ton [2]. Upstream Situation - The market reference price of Thai raw rubber (smoked sheet) is 68.79 Thai baht/kg, with a month - on - month increase of 3.32 Thai baht/kg; the market reference price of Thai raw rubber (film) is 64.05 Thai baht/kg, with a month - on - month increase of 3.16 Thai baht/kg [2]. - The market reference price of Thai raw rubber (glue) is 67 Thai baht/kg, with a month - on - month increase of 4.7 Thai baht/kg; the market reference price of Thai raw rubber (cup rubber) is 52.95 Thai baht/kg, with a month - on - month increase of 0.85 Thai baht/kg [2]. - The theoretical production profit of RSS3 is 138.6 US dollars/ton, with a month - on - month increase of 13.6 US dollars/ton; the theoretical production profit of STR20 is - 8 US dollars/ton, with a month - on - month decrease of 13 US dollars/ton [2]. - The monthly import volume of technically classified natural rubber is 199,300 tons, with a month - on - month increase of 30,500 tons; the monthly import volume of mixed rubber is 396,300 tons, with a month - on - month increase of 94,100 tons [2]. Downstream Situation - The operating rate of all - steel tires is 14.2%, with a month - on - month decrease of 28.2 percentage points; the operating rate of semi - steel tires is 14.24%, with a month - on - month decrease of 45.2 percentage points [2]. - The inventory days of all - steel tires in Shandong at the end of the period are 47.86 days, with a month - on - month decrease of 0.02 days; the inventory days of semi - steel tires in Shandong at the end of the period are 44.43 days, with a month - on - month increase of 0.02 days [2]. - The monthly output of all - steel tires is 12.71 million pieces, with a month - on - month decrease of 150,000 pieces; the monthly output of semi - steel tires is 59.68 million pieces, with a month - on - month increase of 1.29 million pieces [2]. Option Market - The 20 - day historical volatility of the underlying is 25.5%, with a month - on - month decrease of 0.24 percentage points; the 40 - day historical volatility of the underlying is 20.89%, with a month - on - month decrease of 0.07 percentage points [2]. - The implied volatility of at - the - money call options is 26.58%, with a month - on - month increase of 0.48 percentage points; the implied volatility of at - the - money put options is 26.55%, with a month - on - month increase of 0.46 percentage points [2]. Industry News - In January 2026, China's heavy - truck market sold about 1 million vehicles (wholesale caliber, including exports and new energy), basically flat compared with December 2025, and a significant increase of about 39% compared with 722,000 vehicles in the same period of the previous year [2]. - As of February 23, 2026, the total inventory of natural rubber in bonded and general trade in Qingdao was 667,700 tons, a month - on - month increase of 61,000 tons, an increase of 10.05%. The bonded area inventory was 110,800 tons, an increase of 12%; the general trade inventory was 556,900 tons, an increase of 9.67% [2]. - As of February 12, the capacity utilization rate of semi - steel tire sample enterprises in China was 56.40%, a month - on - month decrease of 15.69 percentage points and a year - on - year decrease of 8.88 percentage points; the capacity utilization rate of all - steel tire sample enterprises was 40.55%, a month - on - month decrease of 19.90 percentage points and a year - on - year decrease of 13.74 percentage points [2]. Suggested Attention - Pay attention to the operating rate of Longzhong tire sample enterprises on Thursday [2].

Core Viewpoint - The domestic futures market opened with mixed performance on February 25, 2026, with some contracts showing gains while others experienced declines [3][7]. Price Movements - Notable increases were observed in the prices of 20 rubber and lithium carbonate, both rising over 2% [3][7]. - Other commodities such as tin, soda ash, cotton, and rubber also saw gains close to 2% [3][7]. - Conversely, liquefied gas and polysilicon experienced declines exceeding 1% [3][7]. Detailed Contract Performance - Lithium carbonate (contract 2605 M) reached a price of 164,500, marking a 2.17% increase [4]. - 20 rubber (contract 2604 M) was priced at 13,950, reflecting a 2.12% rise [4]. - Tin (contract 2803 M) showed a price of 394,290, with a 1.97% increase [4]. - In contrast, liquefied gas (contract 2504 M) fell to 4,526, down by 1.35% [8]. - Polysilicon (contract 2605 M) was priced at 47,405, down 1.23% [8].

Report Summary 1. Report Industry Investment Rating - Not provided in the content. 2. Core Viewpoints - This week, the natural rubber market prices were volatile at high levels. Imported rubber prices rose, while domestic spot prices also increased. However, demand showed no significant improvement, and actual orders were average [10]. - Currently, domestic main producing areas are in the off - season, and overseas production is transitioning from peak to the reduction period, resulting in a decrease in overall supply. Qingdao port inventories are accumulating, and this trend is expected to continue during the Spring Festival as downstream enterprises complete their stocking and gradually enter the holiday period [10]. - The capacity utilization rate of domestic tire enterprises declined significantly this week, and it will reach an annual low during the Spring Festival holiday next week [10]. 3. Summary by Directory 3.1 Week - to - week Summary - Strategy suggestion: Pay attention to overseas macro - situations, geopolitical issues, and overseas production area conditions during the long holiday [9]. - Market review: Imported rubber market prices rose, and domestic spot prices increased due to external macro - sentiment and higher futures prices. However, demand remained weak [10]. - Market outlook: Supply is decreasing, port inventories are accumulating, and tire enterprise capacity utilization will be low during the Spring Festival [10]. 3.2 Futures and Spot Markets - **Futures Market** - Price trends: The main contract price of Shanghai Rubber futures rose 1.46% week - on - week, and the main contract price of 20 - rubber rose 1% week - on - week [13]. - Position analysis: Not detailed in the summary part, only mentioned the top 20 position changes of Shanghai Rubber and 20 - rubber [16][18]. - Inter - delivery spread: As of February 13, the spread between Shanghai Rubber's May and September contracts was 120, and the spread between 20 - rubber's March and April contracts was - 60 [25]. - Warehouse receipts: As of February 12, Shanghai Rubber warehouse receipts were 112,570 tons, an increase of 500 tons from last week; 20 - rubber warehouse receipts were 50,803 tons, a decrease of 201 tons from last week [29]. - **Spot Market** - Domestic natural rubber: As of February 12, the price of state - owned whole latex was 16,250 yuan/ton, an increase of 250 yuan/ton from last week [33]. - 20 - rubber basis and non - standard basis: As of February 12, the 20 - rubber basis was 365 yuan/ton, a decrease of 36 yuan/ton from last week; the non - standard basis was - 1100 yuan/ton, a decrease of 120 yuan/ton from last week [39]. 3.3 Industry Conditions - **Upstream** - Thailand: As of February 13, the price of field latex in Thailand was 62.3 (+3) Thai baht/kg, and the price of cup lump was 55 (+1) Thai baht/kg. The theoretical processing profit of standard rubber was - 8 US dollars/ton, a decrease of 13 US dollars/ton from last week [42]. - Domestic: Yunnan and Hainan producing areas are in the off - season [45]. - **Import Volume** - In December 2025, China's natural rubber import volume was 803,400 tons, a month - on - month increase of 24.84% and a year - on - year increase of 25.4% [51]. - **Inventory in Qingdao** - As of February 8, 2026, the total inventory of natural rubber in Qingdao's bonded and general trade areas was 606,800 tons, a month - on - month increase of 15,100 tons, or 2.55%. The bonded area inventory was 99,000 tons, an increase of 1.38%, and the general trade inventory was 507,800 tons, an increase of 2.78% [54]. - **Downstream** - Tire capacity utilization: As of February 12, the capacity utilization of Chinese semi - steel tire sample enterprises was 56.40%, a month - on - month decrease of 15.69 percentage points and a year - on - year decrease of 8.88 percentage points; the capacity utilization of full - steel tire sample enterprises was 40.55%, a month - on - month decrease of 19.90 percentage points and a year - on - year decrease of 13.74 percentage points [57]. - Tire export: In December 2025, China's tire export volume was 698,500 tons, a month - on - month increase of 1.48% and a year - on - year increase of 1.94%. From January to December, the cumulative export volume was 8,430,700 tons, a cumulative year - on - year increase of 3.38% [60]. - Domestic demand: In January 2026, China's heavy - truck market sold about 100,000 vehicles, a year - on - year increase of about 39% compared with 72,200 vehicles in the same period last year [63]. 3.4 Option Market Analysis - Not provided in the content.