行业周报：天然橡胶

GTJA Futures Research InstituteGAOLinlin（Analyst）Advisory Code : Z0002332 Industry News Industry News 1.【CAAM: November Auto Production Tops 3.5 Million Units for the First Time, Hitting a New Historical High】 According to the latest data released by the China Association of Automobile Manufacturers (CAAM), in November, China's automobileproduction and sales reached 3.532 million units and 3.429 million units respectively, with a month-on-month (MoM) increase of 5.1% and From January to November, the cumulative automobile production and sales stood at 31.231 million units and 31.127 million unitsrespectively, Data shows that in November, China's automobile exports reached 728,000 units, up 9.3% MoM and 48.5% YoY, with the monthly exportvolume surpassing the 700,000-unit threshold for the first time in history. In the first 11 months, total automobile exports amounted to 6.343 In the January-November period, the production and sales of new energy vehicles (NEVs) in China both neared 15 million units, with a YoYgrowth rate of over 30% for both indicators. In terms of exports, NEV exports hit 2.315 million units, doubling the figure fromthe same period Industry News 2.【Malaysia's NR Output Down 22.7% YoY in October】 According to the data released by the Department of Statistics Malaysia on December 11, Malaysia's natural rubber (NR) exports in October2025 rose 9.9% year-on-year (YoY) to 52,932tonnesand grew 57.8% month-on-month (MoM). Specifically, 55.3% of the exports were destined Malaysia's NR imports in October reached 68,318tonnes, down 21.3% YoY but up 7.8% MoM. The major import categories included TSR,concentrated latex and other forms of natural rubber, with the primary sourcing countries being Thailand, Côte d’Ivoire, thePhilippines, The total monitored NR output of Malaysia stood at 29,673tonnesin October, a decrease of 22.7% YoY and an increase of 11.4% MoM. Among Malaysia's NR inventories amounted to 145,438tonnesin October, down 8.9% MoM but up 8% YoY. In terms of inventory distribution, 80.1%were held by rubber processors, 19.8% by downstream end-users and 0.1% by large-scale plantation owners. Domestic NR consumption in October climbed 0.7% YoY to 24,275tonnes, while edging down 1.6% MoM. The latex glove industry remainedthe dominant consumer of NR in Malaysia, accounting for 69.6% of total consumption. The tire and hose sector made up 8.2%, rubber thread Industry News 3.【Status Quo of Europe's Electric Vehicle Market】 One year has passed since LMC Automotive published a blog post on the slowing growth of electric vehicles (EVs) in the EuropeanUnion. Backthen, the market situation could be summed up by an old saying: "Far from showing any vitality, it was instead a landscape offactory closures, Overall, it is clear that European automakers are actively readjusting their powertrain strategies to cope with sluggish EV demand, economicheadwinds and changes in regulatory standards. These manufacturers are shifting toward a more balanced and adaptable strategy, with hybrid Market trends Futures Prices ➢Rubber futures rallied both domestically and overseas this week, with NR posting the largest gains. Basis & Calendar Spread Other Spreads: Inter-Commodity/Inter-Market Spreads ➢The price spread of RU-NR and RU-BR has narrowed, while the price spreads of NR-SGX TSR20 and RU-JPX Other Spreads: Spot(not deliverable)-Future ➢This week, the quotation focus of the imported rubber marketmoved downward. Traders mainly engaged in position rotation ➢Spot quotations of domestic natural rubber adjusted in tandemwith futures market movements. Downstream orders weremoderate, and procurement was based on cautious rigid demand. Other Spreads: Light and DarkColored ➢The price spread of SCRWF-Thai mixture rubber has widened, and the price spread of 3L-Thai mixture rubberhas narrowed. Price of Substitutes: BR & SBR ➢During the week, the gradual upward shift in the transaction focus of spot butadiene provided certain downside support for butadiene rubberprices. Coupled with the boost from external factors including theThailand-Cambodia conflict in the natural rubber sector and the U.S. interest rate cut, the focus of low-price quotations in the market movedupward slowly. By the end of the week, driven by capital-drivenspeculative activities, the negotiation focus of both the futures and spot Capital TrendsOpen Interests/ Warehouse Receipts: RU Supply & Demand Data Supply: ThailandWeather ➢The southern part of Thailand has entered the rainy season, with rainfall volume higher than that in the same period last year. Supply: China Weather ➢The rainy season has ended in the Hainan and Yunnan rubber-producing regions. The rolling 30-day average precipitation in the production areas of Yunnan Supply: Raw material prices ➢The market has largely digested the sentiment over tapping suspension and output reduction in domestic production areas.Meanwhile, the escalating geopolitical tensions