Report Information - Report Title: Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [3] - Report Date: October 23, 2025 [3] Key Points BR (Butadiene Rubber) Futures Market - The closing price of the BR12 main contract on October 22 was 11,050, up 10 from the previous day and down 85 from the previous week [4]. - The open interest was 71,972, down 836 from the previous day and up 53,561 from the previous week [4]. - The trading volume was 79,454, down 44,237 from the previous day and up 2,550 from the previous week [4]. - The number of warehouse receipts was 8,920, up 300 from the previous day and up 170 from the previous week [4]. - The long - short ratio was 40.34, down 2 from the previous day and up 30 from the previous week [4]. Basis, Spread and Inter - Variety Spread - The basis between BR12 and BR01 was 25, up 5 from the previous day and unchanged from the previous week [4]. - The spread between BR01 and BR02 was 10, down 5 from the previous day and up 10 from the previous week [4]. - The spread between RU - BR was 4,100, down 10 from the previous day and up 335 from the previous week [4]. - The spread between NR - BR was 1,300, down 25 from the previous day and up 120 from the previous week [4]. Spot Market - The Shandong market price was 11,100, unchanged from the previous day and up 50 from the previous week [4]. - The Transfar market price was 10,950, unchanged from the previous day and up 50 from the previous week [4]. - The Qilu ex - factory price was 11,200, unchanged from the previous day and the previous week [4]. - The CFR Northeast Asia price was 1,475, unchanged from the previous day and down 25 from the previous week [4]. - The CFR Southeast Asia price was 1,700, unchanged from the previous day and the previous week [4]. Profit - The spot processing profit was 230, up 102 from the previous day and up 203 from the previous week [4]. - The import profit was - 1,277, down 2 from the previous day and up 255 from the previous week [4]. - The export profit was 1,803, up 2 from the previous day and down 47 from the previous week [4]. BD (Butadiene) Spot Market - The Shandong market price was 8,500, down 100 from the previous day and down 150 from the previous week [4]. - The Jiangsu market price was 8,500, down 25 from the previous day and down 50 from the previous week [4]. - The Yangzi ex - factory price was 8,600, unchanged from the previous day and the previous week [4]. - The CFR China price was 975, down 35 from the previous week [4]. Profit - The carbon - four extraction profit was 1,885 (data for October 20) [4]. - The butylene oxidative dehydrogenation profit was - 104, down 25 from the previous day and up 20 from the previous week [4]. - The import profit was 203 (data for October 22), up 234 from the previous week [4]. - The export profit was - 921, down 48 from the previous day and down 386 from the previous week [4]. Production Profit of Related Products - The butadiene - styrene production profit was 863, unchanged from the previous day and up 138 from the previous week [4]. - The ABS production profit was - 33 (data for October 20) [4]. - The SBS production profit was 175, down 300 from the previous day and down 810 from the previous week [4].

证券日报网讯 10月22日晚间，传化智联发布公告称，2025年半年度权益分派方案为：以公司权益分派 股权登记日总股本2，787，970，508股剔除已回购股份23，939，600股后的2，764，030，908股为基 数，向全体股东每10股派发现金红利0.50元（含税）。股权登记日为2025年10月29日，除权除息日为 2025年10月30日。 （编辑 楚丽君） ...

2025 年半年度权益分派实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 证券代码：002010 证券简称：传化智联 公告编号：2025-060 传化智联股份有限公司 特别提示： 1、截止本公告刊登之日，传化智联股份有限公司（以下简称"本公司"或 "公司"）回购专用证券账户持股数量为 23,939,600 股，该部分股票不参与此次 利润分配。公司 2025 年半年度权益分派方案为：以公司权益分派股权登记日总 股本 2,787,970,508 股剔除已回购股份 23,939,600 股后的 2,764,030,908 股为基数， 向全体股东每 10 股派发现金红利 0.50 元（含税），不以公积金转增股本和送红 股。 2、鉴于公司回购专户的股份不参与 2025 年半年度权益分派，本次实际现金 分红的总金额=实际参与分配的总股本×分配比例，即 2,764,030,908 股×0.05 元 /股=138,201,545.40 元人民币；按公司总股本折算的每 10 股现金分红（含税）= 本次实际现金分红总金额÷总股本（含回购股份）×10 股，即 138,20 ...

Core Points - The company announced that the 2025 semi-annual profit distribution plan has been approved by the shareholders' meeting [1] - A cash dividend of 0.50 yuan (including tax) will be distributed for every 10 shares, with a total cash dividend amounting to 138 million yuan [1] - The record date for the distribution is set for October 29, 2025, and the ex-dividend date is October 30, 2025 [1]

Core Insights - The article highlights the significant advancements in logistics automation through the deployment of unmanned vehicles at Hangzhou Transfar Logistics Park, which is the largest logistics center in East China [1][3][7] Group 1: Unmanned Vehicle Operations - An unmanned vehicle has been operating in the Hangzhou Transfar Logistics Park since September 4, 2023, enhancing efficiency and reducing costs [4] - The unmanned vehicle operates in two main scenarios: daytime short-distance transportation and nighttime security patrols, forming a dual operational model [4][6] - Currently, the unmanned vehicle completes approximately 5 to 8 short-distance tasks daily, with potential cost reductions of about 40% if the daily task volume increases to 15 to 20 [6] Group 2: Logistics Center Overview - Hangzhou Transfar Logistics Park handles over 7,000 trucks daily, with a daily cargo throughput of 48,000 tons, indicating high operational demand [5] - The park hosts over 8,500 logistics companies, providing a rich environment for the application of unmanned vehicles [7][8] Group 3: Strategic Importance and Future Plans - The deployment of unmanned vehicles aligns with national strategies to promote artificial intelligence in logistics, supported by various government initiatives [7] - The company plans to extend unmanned vehicle applications from internal short-distance transport to full-chain unmanned transfer over the next 3 to 5 years, aiming to enhance supply chain efficiency and reduce logistics costs [8]

Report Industry Investment Rating - RU and NR are rated neutral. BR is also rated neutral [7] Core Viewpoints - For natural rubber, due to Sino - US tariff game, demand expectations are weakening, making futures prices weaker while the spot market remains firm due to slowed domestic arrivals. With reduced rainfall in domestic production areas, raw material prices are falling. Thai production areas may see increased cup - rubber supply later. Although downstream tire factory开工率 is rising and exports are resilient, overall domestic supply - demand is expected to become looser and inventory reduction may slow down. Currently, the valuations of RU and NR are low, and prices are expected to move within a range [7] - For butadiene rubber, in late October, more upstream butadiene rubber plant overhauls in China may reduce supply and support prices. Downstream tire factory开工率 is rising and exports are resilient. Supply - demand may improve, and raw material prices are expected to be stable. Surrounding natural rubber prices also provide bottom - support. However, high current inventories may limit the rebound space, and prices are expected to be more likely to rise than fall this week [7] Market News and Data Futures - The closing price of the RU main contract was 14,810 yuan/ton, up 115 yuan/ton from the previous day; the NR main contract was 12,180 yuan/ton, down 45 yuan/ton; the BR main contract was 10,840 yuan/ton, down 85 yuan/ton [1] Spot - The Shanghai market price of Yunnan - produced whole latex was 14,200 yuan/ton, up 100 yuan/ton. The price of Thai mixed rubber in Qingdao Free Trade Zone was 14,550 yuan/ton, unchanged. The price of Thai 20 - grade standard rubber was 1,830 US dollars/ton, unchanged; the price of Indonesian 20 - grade standard rubber was 1,730 US dollars/ton, down 10 US dollars/ton. The ex - factory price of BR9000 from PetroChina Qilu Petrochemical was 11,200 yuan/ton, unchanged; the market price of BR9000 in Zhejiang Transfar was 10,900 yuan/ton, unchanged [1] Market Information Heavy - Truck Sales - In September 2025, China's heavy - truck market sales were about 105,000 vehicles (wholesale, including exports and new energy), up about 82% year - on - year and 15% month - on - month, hitting a new high for the same period in recent years [2] Natural Rubber Imports - In September 2025, China's natural rubber imports were 595,900 tons, up 14.41% month - on - month and 20.92% year - on - year. From January to September 2025, the cumulative import volume was 4.7172 million tons, up 19.65% year - on - year [2] Automobile Production and Sales - In September 2025, China's automobile production and sales were 3.276 million and 3.226 million vehicles respectively, up 16.4% and 12.9% month - on - month, and 17.1% and 14.9% year - on - year. For the first time in history, automobile production and sales in the same period exceeded 3 million vehicles, and the monthly year - on - year growth rate has remained above 10% for 5 consecutive months [3] Rubber Tire Exports - In the first three quarters of 2025, China's rubber tire exports reached 7.28 million tons, up 5% year - on - year; the export value was 127.7 billion yuan, up 4.2% year - on - year. Among them, the export volume of new pneumatic rubber tires was 7.02 million tons, up 4.7% year - on - year; the export value was 122.7 billion yuan, up 4% year - on - year. In terms of the number of tires, the export volume was 534.91 million, up 5.4% year - on - year. The export volume of automobile tires was 6.22 million tons, up 4.5% year - on - year; the export value was 105.5 billion yuan, up 3.6% year - on - year [3] Market Analysis Natural Rubber Spot and Spreads - On October 20, 2025, the RU basis was - 610 yuan/ton (- 15), the spread between the RU main contract and mixed rubber was 260 yuan/ton (+ 115), the import profit of smoked sheet rubber was - 3,197 yuan/ton (+ 189.37), the NR basis was 801.00 yuan/ton (+ 42.00); the price of whole latex was 14,200 yuan/ton (+ 100), the price of mixed rubber was 14,550 yuan/ton (+ 0), the price of 3L spot was 14,950 yuan/ton (+ 50). The STR20 was quoted at 1,830 US dollars/ton (+ 0), the spread between whole latex and 3L was - 750 yuan/ton (+ 50); the spread between mixed rubber and styrene - butadiene rubber was 3,250 yuan/ton (+ 0) [4] Raw Materials - The price of Thai smoked sheet was 57.37 Thai baht/kg (+ 0.22), the price of Thai glue was 54.10 Thai baht/kg (+ 0.00), the price of Thai cup lump was 50.45 Thai baht/kg (+ 0.25), the spread between Thai glue and cup lump was 3.65 Thai baht/kg (- 0.25) [4] 开工率 - The开工率 of all - steel tires was 63.96% (+ 22.43%), and the开工率 of semi - steel tires was 71.07% (+ 28.92%) [5] Inventory - The social inventory of natural rubber was 1,112,557 tons (- 122,953.00), the inventory of natural rubber in Qingdao Port was 461,188 tons (- 125,451), the RU futures inventory was 135,000 tons (- 9,390), and the NR futures inventory was 40,119 tons (- 1,210) [5] Butadiene Rubber Spot and Spreads - On October 20, 2025, the BR basis was 60 yuan/ton (+ 85), the ex - factory price of butadiene from Sinopec was 8,600 yuan/ton (+ 0), the price of BR9000 from Qilu Petrochemical was 11,200 yuan/ton (+ 0), the price of BR9000 in Zhejiang Transfar was 10,900 yuan/ton (+ 0), the price of private butadiene rubber in Shandong was 10,700 yuan/ton (- 50), the import profit of butadiene rubber in Northeast Asia was - 1,963 yuan/ton (+ 168) [6] 开工率 - The开工率 of high - cis butadiene rubber was 74.82% (+ 0.13%) [6] Inventory - The inventory of butadiene rubber traders was 4,860 tons (- 840), and the inventory of butadiene rubber enterprises was 27,900 tons (+ 1,300) [6]

Core Viewpoint - Shein is transforming the Chinese apparel manufacturing industry by implementing intelligent systems and green innovations, enhancing efficiency and resilience across the supply chain [3][4][25]. Group 1: Shein's Impact on Supply Chain - Shein's sales surpassed ZARA starting in 2022, driven by its flexible supply chain model and digital management systems [4][5]. - The company is influencing the entire supply chain, from garment manufacturing to raw material innovation, by investing in digital systems and new technologies [5][12]. - By 2024, Shein is projected to capture 1.53% of the market share, becoming the third-largest fashion retailer globally, following Nike and Adidas [5]. Group 2: Digital Transformation and Efficiency - Shein's "small order quick response" model allows suppliers to maintain inventory rates in the low single digits, compared to the industry average of around 30% [6][9]. - The company has invested over 600 million yuan to empower suppliers, helping over 200 factories upgrade their operations and benefiting approximately 33,000 workers [9][12]. - Shein's digital systems have improved production management, reducing errors and enhancing efficiency in factories [7][10]. Group 3: Technological Innovations - Shein has developed over 170 innovative tools that can enhance process efficiency by an average of 80% [11][14]. - The company is pioneering sustainable practices, such as the cold transfer printing technology that significantly reduces water usage and chemical reliance [15][19]. - Shein's collaboration with East China University of Science and Technology aims to develop advanced recycling technologies for polyester, enhancing material recovery and reducing costs [16][18]. Group 4: Broader Industry Influence - Shein's model has led to a digital transformation of nearly 5,000 apparel manufacturers in Guangdong province [12]. - The company is fostering a collaborative ecosystem, linking production partners, suppliers, and service providers to create a more efficient and sustainable industry [25]. - Shein's investments in smart logistics and manufacturing facilities are expected to create thousands of jobs and significantly boost export volumes [23][24].

Report Industry Investment Rating - The rating for RU and NR is neutral [6]. - The rating for BR is neutral [7]. Report's Core View - For natural rubber, with reduced rainfall in major production areas, output is rising, and domestic raw material prices are falling. Although Thai raw material prices remain firm, the overall supply is expected to increase. After pre - holiday restocking by downstream tire factories, raw material demand will slow down this week, but rigid demand persists due to the rising tire factory operating rate. The overall domestic supply - demand is gradually becoming looser, and inventory depletion may slow down or even accumulate again. However, the current valuations of RU and NR are low, and the downside space is limited after the new round of state reserve sales news is confirmed. It is recommended to pay attention to the reverse arbitrage opportunity between RU01 and 05 [6]. - For butadiene rubber (BR), the recent low - level rebound of butadiene rubber futures prices is mainly due to the news of upstream device maintenance plans, which makes the market expect a decline in future supply. The recent rebound is more of a valuation repair after a large price drop. There are still maintenance plans for domestic butadiene rubber devices in October, and the supply side is still supported. After pre - holiday restocking by downstream tire factories, raw material demand will slow down this week, but the rising tire factory operating rate means rigid demand remains. The overall operating rate of butadiene rubber this year is still at a high level compared to the same period, and the pattern of abundant supply remains unchanged. It is expected that the downstream will continue the peak - season characteristics, and the supply - demand of butadiene rubber will show a pattern of both supply and demand being strong [7]. Market News and Data Futures and Spot Prices - Futures: On the previous trading day's close, the RU main contract was at 14,900 yuan/ton, up 5 yuan/ton from the previous day; the NR main contract was at 12,315 yuan/ton, up 80 yuan/ton; the BR main contract was at 11,135 yuan/ton, up 240 yuan/ton [1]. - Spot: The price of Yunnan - produced whole latex in the Shanghai market was 14,300 yuan/ton, unchanged from the previous day. The price of Thai mixed rubber in the Qingdao Free Trade Zone was 14,680 yuan/ton, up 80 yuan/ton. The price of Thai 20 - grade standard rubber in the Qingdao Free Trade Zone was 1,850 US dollars/ton, unchanged; the price of Indonesian 20 - grade standard rubber was 1,750 US dollars/ton, up 10 US dollars/ton. The ex - factory price of BR9000 from Sinopec Qilu Petrochemical was 11,200 yuan/ton, unchanged; the market price of BR9000 from Zhejiang Transfar was 10,900 yuan/ton, up 100 yuan/ton [1]. Industry Data - In September 2025, China's heavy - truck market sales volume was about 105,000 vehicles (wholesale basis, including exports and new energy), a year - on - year increase of about 82% and a month - on - month increase of 15%, hitting a new high in the same period in recent years [2]. - In September 2025, China's imports of natural and synthetic rubber (including latex) were 742,000 tons, a month - on - month increase of 11.75% and a year - on - year increase of 20.85%. From January to September, the cumulative import volume was 6.115 million tons, a cumulative year - on - year increase of 19.22% [2]. - In the first eight months of 2025, China's rubber tire export volume reached 6.5 million tons, a year - on - year increase of 5.1%; the export value was 114.2 billion yuan, a year - on - year increase of 4.6%. Among them, the export volume of new pneumatic rubber tires reached 6.26 million tons, a year - on - year increase of 4.8%; the export value was 109.7 billion yuan, a year - on - year increase of 4.4%. In terms of the number of tires, the export volume reached 47.86 billion, a year - on - year increase of 5.6% [2]. - From January to August, the export volume of automobile tires was 5.55 million tons, a year - on - year increase of 4.6%; the export value was 94.4 billion yuan, a year - on - year increase of 4.1% [3]. - According to QinRex data, in the first eight months of 2025, the total rubber export volume of Cote d'Ivoire was 1.05 million tons, an increase of 14.4% compared with 920,000 tons in the same period in 2024. Looking at the August data alone, the export volume increased by 14.8% year - on - year and decreased by 8.9% month - on - month [3]. - From January to August this year, China's automobile production and sales volume were 21.051 million and 21.128 million respectively, a year - on - year increase of 12.7% and 12.6% respectively. Among them, the production and sales volume of new energy vehicles were 9.625 million and 9.62 million respectively, a year - on - year increase of 37.3% and 36.7% respectively, and the sales volume of new energy vehicles accounted for 45.5% of the total sales volume of new automobiles. In terms of exports, from January to August, the automobile export volume was 4.292 million, a year - on - year increase of 13.7%. Among them, the export volume of new energy vehicles was 1.532 million, a year - on - year increase of 87.3% [3]. Market Analysis Natural Rubber - Spot and Spreads: On October 16, 2025, the RU basis was - 600 yuan/ton (- 5), the spread between the RU main contract and mixed rubber was 220 yuan/ton (- 75), the import profit of smoked sheet rubber was - 3,184 yuan/ton (+ 13.08), the NR basis was 814.00 yuan/ton (- 85.00); the price of whole latex was 14,300 yuan/ton (+ 0), the price of mixed rubber was 14,680 yuan/ton (+ 80), the price of 3L spot was 14,950 yuan/ton (+ 0). The STR20 was quoted at 1,850 US dollars/ton (+ 0), the spread between whole latex and 3L was - 700 yuan/ton (+ 0); the spread between mixed rubber and styrene - butadiene rubber was 3,380 yuan/ton (+ 80) [3]. - Raw Materials: The price of Thai smoked sheet was 57.39 Thai baht/kg (+ 0.20), the price of Thai latex was 54.10 Thai baht/kg (+ 0.00), the price of Thai cup lump was 50.00 Thai baht/kg (+ 0.35), and the spread between Thai latex and cup lump was 4.10 Thai baht/kg (- 0.35) [4]. - Operating Rate: The operating rate of all - steel tires was 63.96% (+ 22.43%), and the operating rate of semi - steel tires was 71.07% (+ 28.92%) [5]. - Inventory: The social inventory of natural rubber was 1,112,557 tons (- 122,953.00), the inventory of natural rubber at Qingdao Port was 461,188 tons (- 125,451), the RU futures inventory was 144,390 tons (- 5,420), and the NR futures inventory was 41,329 tons (- 705) [5]. Butadiene Rubber (BR) - Spot and Spreads: On October 16, 2025, the BR basis was - 235 yuan/ton (- 90), the ex - factory price of butadiene from Sinopec was 8,600 yuan/ton (+ 0), the price of BR9000 from Qilu Petrochemical was 11,200 yuan/ton (+ 0), the price of BR9000 from Zhejiang Transfar was 10,900 yuan/ton (+ 100), the price of private butadiene rubber in Shandong was 10,800 yuan/ton (+ 180), and the import profit of butadiene rubber in Northeast Asia was - 2,084 yuan/ton (+ 174) [5]. - Operating Rate: The operating rate of high - cis butadiene rubber was 74.82% (+ 0.13%) [5]. - Inventory: The inventory of butadiene rubber traders was 4,860 tons (- 840), and the inventory of butadiene rubber enterprises was 27,900 tons (+ 1,300) [5]. Strategy - For RU and NR, maintain a neutral view. Pay attention to the reverse arbitrage opportunity between RU01 and 05 [6]. - For BR, maintain a neutral view. Expect the supply - demand to show a pattern of both supply and demand being strong [7].

Core Viewpoint - The stock of Chuanhua Zhiliang has experienced fluctuations, with a recent decline of 2.11%, while the company has shown a significant year-to-date increase of 46.92% in stock price [1] Group 1: Stock Performance - As of October 17, Chuanhua Zhiliang's stock price is 6.51 yuan per share, with a total market capitalization of 18.15 billion yuan [1] - The stock has seen a net outflow of 15.63 million yuan in principal funds, with large orders showing a buy of 71.46 million yuan and a sell of 79.42 million yuan [1] - Year-to-date, the stock has risen by 46.92%, with a 0.93% increase over the last five trading days and a 9.23% increase over the last 20 days [1] Group 2: Company Overview - Chuanhua Zhiliang, established on July 6, 2001, and listed on June 29, 2004, is based in Hangzhou, Zhejiang Province, focusing on specialized chemical products and logistics network operations [2] - The company's revenue composition includes 45.38% from network freight platform business, 29.26% from textile dyeing agents, and 12.54% from synthetic rubber, among others [2] - As of June 30, the number of shareholders is 43,700, a decrease of 5.24%, with an average of 63,678 circulating shares per person, an increase of 5.54% [2] Group 3: Financial Performance - For the first half of 2025, Chuanhua Zhiliang reported revenue of 12.23 billion yuan, a year-on-year decrease of 5.42%, while net profit attributable to shareholders increased by 76.01% to 509 million yuan [2] - The company has distributed a total of 3.21 billion yuan in dividends since its A-share listing, with 831 million yuan distributed over the past three years [3] - As of June 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited and Southern CSI 1000 ETF, with the latter being a new shareholder [3]

Group 1 - The core viewpoint of the news is that Transfar Zhilian's stock price increased by 5.2%, reaching 6.68 CNY per share, with a trading volume of 528 million CNY and a turnover rate of 2.95%, resulting in a total market capitalization of 18.624 billion CNY [1] - Transfar Zhilian, established on July 6, 2001, and listed on June 29, 2004, is based in Hangzhou, Zhejiang Province, and its main business includes the research, production, and sales of specialized chemicals, as well as operating a road logistics network platform [1] - The revenue composition of Transfar Zhilian's main business includes: 45.38% from network freight platform business, 29.26% from textile dyeing auxiliaries, 12.54% from butadiene rubber, 5.02% from smart road port business, 3.68% from coatings and building new materials, 2.29% from logistics supply chain business, 1.33% from post-vehicle business, and 0.49% from other sources [1] Group 2 - Among the top ten circulating shareholders of Transfar Zhilian, a fund under Southern Fund ranks as a significant shareholder, specifically the Southern CSI 1000 ETF (512100), which entered the top ten in the second quarter with 12.8742 million shares, accounting for 0.46% of circulating shares [2] - The Southern CSI 1000 ETF (512100) was established on September 29, 2016, with a latest scale of 64.953 billion CNY, and has achieved a year-to-date return of 27.01%, ranking 1958 out of 4218 in its category, and a one-year return of 37.36%, ranking 1439 out of 3864 [2]