1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The overall supply of domestic cis - butadiene rubber is sufficient. Under the influence of downstream bargain - hunting purchases, the negotiation focus on the spot side is continuously under pressure. Some industry players expect a certain reduction in the mainstream supply price. This week, both enterprise inventories and sample trading enterprise inventories have decreased slightly. Before the holiday, downstream enterprises have pre - holiday stocking needs, and it is expected that buyers will gradually follow up, and the inventory level is expected to continue to decline. In terms of demand, the capacity utilization rate of domestic tire enterprises has increased slightly this week. Most enterprises maintain their current production schedules to reserve inventory around the long holiday and make up for the previous order gap. The overall capacity utilization rate will mainly fluctuate slightly. The short - term price of the BR2511 contract is expected to fluctuate in the range of 11,250 - 11,700 [2] 3. Summary According to Relevant Catalogues 3.1 Futures Market - The closing price of the main contract for synthetic rubber is 11,415 yuan/ton, a decrease of 175 yuan; the position volume of the main contract is 74,503, an increase of 7,604; the 10 - 11 spread of synthetic rubber is 55 yuan/ton, an increase of 15 yuan; the total warehouse receipt quantity of butadiene rubber is 2,610 tons, a decrease of 360 tons [2] 3.2 Spot Market - The mainstream price of cis - butadiene rubber (BR9000, Qilu Petrochemical) in Shandong is 11,700 yuan/ton; the mainstream price of cis - butadiene rubber (BR9000, Daqing Petrochemical) in Shandong is 11,700 yuan/ton, a decrease of 50 yuan; the mainstream price of cis - butadiene rubber (BR9000, Daqing Petrochemical) in Shanghai is 11,700 yuan/ton; the mainstream price of cis - butadiene rubber (BR9000, Maoming Petrochemical) in Guangdong is 11,850 yuan/ton, an increase of 100 yuan; the basis of synthetic rubber is 235 yuan/ton [2] 3.3 Upstream Situation - The current - week production capacity of butadiene is 151,200 tons/week, with no change; the current - week capacity utilization rate of butadiene is 68.33%, a decrease of 0.12 percentage points; the port inventory of butadiene is 25,600 tons, a decrease of 5,350 tons; the operating rate of Shandong local refinery atmospheric and vacuum distillation units is 50.64%, an increase of 0.54 percentage points; the monthly output of cis - butadiene rubber is 135,700 tons, an increase of 6,500 tons; the current - week capacity utilization rate of cis - butadiene rubber is 73.48%, a decrease of 2.68 percentage points; the current - week production profit of cis - butadiene rubber is - 509 yuan/ton, a decrease of 47 yuan; the social inventory of cis - butadiene rubber is 34,500 tons, an increase of 2,600 tons; the manufacturer inventory of cis - butadiene rubber is 26,300 tons, an increase of 1,650 tons; the trader inventory of cis - butadiene rubber is 8,210 tons, an increase of 950 tons [2] 3.4 Downstream Situation - The operating rate of domestic semi - steel tires is 73.46%, an increase of 5.99 percentage points; the operating rate of domestic all - steel tires is 65.59%, an increase of 5.81 percentage points; the monthly output of all - steel tires is 13.03 million pieces, an increase of 280,000 pieces; the monthly output of semi - steel tires is 58.06 million pieces, an increase of 1.09 million pieces; the inventory days of all - steel tires in Shandong are 38.83 days, a decrease of 0.05 days; the inventory days of semi - steel tires in Shandong are 45.94 days, an increase of 0.09 days [2] 3.5 Industry News - As of September 18, the inventory of domestic cis - butadiene rubber sample enterprises is 33,700 tons, a decrease of 800 tons from the previous period, a month - on - month decrease of 2.29%; as of September 18, the capacity utilization rate of Chinese semi - steel tire sample enterprises is 72.74%, a month - on - month increase of 0.13 percentage points and a year - on - year decrease of 6.92 percentage points; the capacity utilization rate of Chinese all - steel tire sample enterprises is 66.36%, a month - on - month increase of 0.05 percentage points and a year - on - year increase of 6.18 percentage points; in August 2025, the output of Chinese cis - butadiene rubber is 135,700 tons, an increase of 6,500 tons from the previous month, a month - on - month increase of 5.02% and a year - on - year increase of 30.73% [2] 3.6 Key Points of Attention - There is no news today [2]

Report Industry Investment Rating - No relevant information provided Core Viewpoints - This week, the reduction in supply is gradually becoming evident. After the price cuts of butadiene and cis - butadiene rubber, the spot offers are gradually declining, which may prompt some downstream enterprises to start stocking up. As a result, the inventories of producers and traders may slightly decrease [2]. - Last week, the capacity utilization rate of domestic tire enterprises increased significantly, and most enterprises that had maintenance at the beginning of the month have returned to normal levels. It is expected that most enterprises will maintain their current production schedules this week to build up inventory for the "National Day" holiday and fill the gaps in previous orders. The overall capacity utilization rate is expected to fluctuate slightly [2]. - The BR2511 contract is expected to fluctuate in the range of 11,500 - 12,000 in the short - term [2]. Summary by Relevant Catalogs Futures Market - The closing price of the main contract for synthetic rubber is 11,590 yuan/ton, down 85 yuan/ton from the previous period. The position of the main contract is 66,899 yuan/ton, up 2,683 yuan/ton [2]. - The price spread between October and November for synthetic rubber is 40 yuan/ton, up 5 yuan/ton. The total warehouse receipt quantity of butadiene rubber is 2,970 tons, unchanged [2]. Spot Market - The mainstream price of BR9000 cis - butadiene rubber from Qilu Petrochemical in Shandong is 11,700 yuan/ton, unchanged; from Daqing Petrochemical in Shandong is 11,700 yuan/ton, unchanged; from Daqing Petrochemical in Shanghai is 11,750 yuan/ton, up 50 yuan/ton; from Maoming Petrochemical in Guangdong is 11,750 yuan/ton, up 50 yuan/ton [2]. - The basis of synthetic rubber is 110 yuan/ton, up 85 yuan/ton. The price of Brent crude oil is 68.47 dollars/barrel, up 1.03 dollars/barrel; WTI crude oil is 64.52 dollars/barrel, up 1.22 dollars/barrel [2]. - The price of naphtha CFR Japan is 604.88 dollars/ton, down 3.62 dollars/ton. The Northeast Asian ethylene price is 850 dollars/ton, unchanged. The intermediate price of butadiene CFR China is 1,090 dollars/ton, unchanged [2]. - The mainstream market price of butadiene in Shandong is 9,450 yuan/ton, down 50 yuan/ton [2]. Upstream Situation - The weekly production capacity of butadiene is 151,200 tons, unchanged. The weekly capacity utilization rate of butadiene is 68.33%, down 0.12 percentage points [2]. - The port inventory of butadiene at the end of the week is 25,600 tons, down 5,350 tons. The daily operating rate of Shandong local refineries' atmospheric and vacuum distillation units is 50.64%, up 0.54 percentage points [2]. - The monthly production of cis - butadiene rubber is 135,700 tons, up 6,500 tons. The weekly capacity utilization rate of cis - butadiene rubber is 73.48%, down 2.68 percentage points [2]. - The weekly production profit of cis - butadiene rubber is - 509 yuan/ton, down 47 yuan/ton. The social inventory of cis - butadiene rubber at the end of the week is 34,500 tons, up 2,600 tons [2]. - The producer inventory of cis - butadiene rubber at the end of the week is 26,300 tons, up 1,650 tons. The trader inventory of cis - butadiene rubber at the end of the week is 8,210 tons, up 950 tons [2]. Downstream Situation - The weekly operating rate of domestic semi - steel tires is 73.46%, up 5.99 percentage points. The weekly operating rate of domestic all - steel tires is 65.59%, up 5.81 percentage points [2]. - The monthly production of all - steel tires is 13.03 million pieces, up 280,000 pieces. The monthly production of semi - steel tires is 58.06 million pieces, up 1.09 million pieces [2]. - The inventory days of all - steel tires in Shandong at the end of the week is 38.83 days, down 0.05 days. The inventory days of semi - steel tires in Shandong at the end of the week is 45.94 days, up 0.09 days [2]. Industry News - As of September 11, the inventory of domestic cis - butadiene rubber sample enterprises was 34,500 tons, an increase of 2,600 tons from the previous period, a month - on - month increase of 8.15% [2]. - As of September 11, the capacity utilization rate of Chinese semi - steel tire sample enterprises was 72.61%, a month - on - month increase of 5.69 percentage points and a year - on - year decrease of 7.31 percentage points. The capacity utilization rate of Chinese all - steel tire sample enterprises was 66.31%, a month - on - month increase of 5.57 percentage points and a year - on - year increase of 4.23 percentage points [2]. - In August 2025, China's cis - butadiene rubber production was 135,700 tons, an increase of 6,500 tons from the previous month, a month - on - month increase of 5.02% and a year - on - year increase of 30.73%. Although some production facilities had short - term maintenance, the overall production reached a high level this year [2].

Report Title - Energy Chemicals Pure Benzene & Styrene Daily Report [1] Report Date - September 17, 2025 [1] Report Industry Investment Rating - Not provided Report Core Viewpoints - Pure benzene market remains weak due to increased supply from restarted and new - added plants, weak demand from downstream industries, and limited cost support from crude oil. Short - term market is likely to stay in weak and volatile consolidation [2] - Styrene has shown a temporary stabilization due to sudden production cuts. However, demand improvement is limited, and if there is no continuous maintenance or significant policy support, the medium - term market will fluctuate with crude oil prices [3] Summary by Relevant Catalogs 1. Daily Market Summary (1) Fundamentals - **Prices**: On September 16, the styrene main contract rose 1.00% to 7158 yuan/ton with a basis of 37 (+9 yuan/ton); the pure benzene main contract rose 0.68% to 6073 yuan/ton [2] - **Costs**: On September 16, Brent crude closed at 63.3 dollars/barrel (+0.6 dollars/barrel), WTI crude at 67.4 dollars/barrel (+0.5 dollars/barrel), and East China pure benzene spot price was 5970 yuan/ton (+25 yuan/ton) [2] - **Inventory**: Styrene inventory was 15.9 tons (-1.8 tons), a 9.9% de - stocking; pure benzene port inventory was 13.4 tons (-1.0 tons), a 6.9% de - stocking [2] - **Supply**: Styrene production and capacity utilization decreased as some plants were under maintenance. Weekly production was 35.4 tons (-2.2 tons), and capacity utilization was 75.0% (-4.8%) [2] - **Demand**: Downstream 3S industries had different capacity utilization changes. EPS was 61.0% (-8.5%), ABS was 70.0% (+1.0%), and PS was 61.9% (+0.9%) [2] (2) Views - **Pure Benzene**: Supply - side production increased due to restarted and new - added plants, while demand was weak as downstream industries'开工 rates declined. With limited crude - oil cost support, the market is likely to stay weak in the short term [2] - **Styrene**: Temporary supply cuts led to a price rebound, but demand improvement was limited. If maintenance doesn't continue or there are no policy incentives, the medium - term market will fluctuate with crude oil [3] 2. Industry Chain Data Monitoring (1) Styrene & Pure Benzene Prices - Styrene futures and spot prices, basis, and pure benzene futures and spot prices all had certain increases on September 16 compared to September 15. Upstream crude oil prices also rose slightly [5] (2) Styrene & Pure Benzene Production and Inventory - From September 5 to September 12, styrene production decreased by 5.97% to 35.4 tons, and pure benzene production increased slightly by 0.49% to 45.6 tons. Styrene port inventory in Jiangsu decreased by 10.18%, while factory inventory increased by 2.52%. Pure benzene port inventory decreased by 3.36% [6] (3) Capacity Utilization - From September 5 to September 12, the capacity utilization of pure benzene downstream industries (styrene, caprolactam, phenol, aniline) generally declined, while that of styrene downstream industries (EPS, ABS, PS) had mixed changes [7] 3. Industry News - The US imposed high tariffs on Asian chemical products, leading to adjustments in the global petrochemical industry structure. China's refining and chemical industry faced intensified losses in the first half of 2025, and the country's pure benzene production capacity has formed a pattern centered on East China [8] 4. Industry Chain Data Charts - The report includes charts on pure benzene price, styrene price, styrene - pure benzene price difference, styrene and pure benzene inventory, and the capacity utilization of related industries [9][14][19]

Group 1: General Information - Report title: Polyolefin Daily Report [1] - Date: September 17, 2025 [2] - Research team: Energy and Chemical Research Team [4] Group 2: Market Quotes - Futures market quotes: For plastic 2601, the opening price was 7232 yuan/ton, the closing price was 7234 yuan/ton, up 32 yuan/ton (0.44%), with a trading volume of 25.6 lots and a decrease in positions by 30939 to 524036 lots; for PP2601, the closing price was 6970 yuan/ton, up 24 yuan (0.35%), with a decrease in positions by 34852 to 581302 lots [5] Group 3: Market Review and Outlook - Market performance: Futures opened higher and fluctuated, boosting market trading sentiment. Spot prices rose in some areas, and terminal buyers purchased raw materials as needed [6] - Supply situation: Upstream maintenance levels exceeded expectations, with more shutdown devices. Production capacity utilization and output declined. New PP production capacity from CNOOC Daxie Phase II brought supply pressure, and there were still second - line devices to be put into production in September [6] - Demand situation: The downstream was in the transition from the off - season to the peak season. The agricultural film industry entered the peak season, with the operating load rising but at a relatively low level compared to the same period. The overall demand was not fully released. The operating rate of PP downstream industries increased, and there was still room for demand recovery [6] - Cost situation: Due to the expected increase in crude oil supply and a weak medium - to - long - term fundamental outlook, cost support weakened [6] - Overall situation: The market was in a pattern of both supply and demand recovery. As low - price resources were gradually consumed, the price center stabilized and rebounded [6] Group 4: Industry News - Inventory: On September 16, 2025, the inventory level of major producers was 670,000 tons, a decrease of 30,000 tons (4.29%) from the previous working day, compared to 820,000 tons in the same period last year [7] - PE price: PE market prices rose in some areas. The LLDPE price in North China was 7140 - 7450 yuan/ton, in East China was 7230 - 7700 yuan/ton, and in South China was 7320 - 7750 yuan/ton [7] - Propylene price: The mainstream price of propylene in Shandong was 6530 - 6620 yuan/ton, a decrease of 25 yuan/ton from the previous working day. The demand support was weak, and the market transaction price was at the lower end [7] - PP price: PP market prices rose slightly in some areas. The mainstream price of North China drawstrings was 6740 - 6880 yuan/ton, in East China was 6720 - 6930 yuan/ton, and in South China was 6720 - 6930 yuan/ton [7][8]

Group 1 - The August industrial production data showed an unexpected increase of 0.1%, reversing the previous month's decline of 0.1% [1] - Utilization rates remained stable at 77.4%, which is the second weakest level of the year, with the weakest recorded in January [2] - There have been downward revisions in import prices, indicating potential challenges in the manufacturing sector [2]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - This week, the reduction in supply is gradually reflected. After the supply prices of butadiene rubber and butadiene are lowered, the spot quotations gradually decline, which may drive some downstream enterprises to gradually stock up, and the inventories of production enterprises and trade may decrease slightly. In terms of demand, the capacity utilization rate of domestic tire enterprises increased significantly last week, and most enterprises are expected to maintain the current production schedule this week, with the overall capacity utilization rate fluctuating slightly. The short - term price of the br2511 contract is expected to fluctuate between 11,500 - 12,000 [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the main contract of synthetic rubber is 11,675 yuan/ton, a decrease of 30 yuan; the position of the main contract is 64,216, an increase of 45,431; the 10 - 11 spread of synthetic rubber is 35 yuan/ton, a decrease of 5 yuan; the total number of warehouse receipts for butadiene rubber in warehouses is 2,970 tons, unchanged [2] 3.2 Spot Market - The mainstream price of BR9000 cis - butadiene rubber from Qilu Petrochemical in Shandong is 11,700 yuan/ton, a decrease of 50 yuan; the mainstream price of BR9000 cis - butadiene rubber from Daqing Petrochemical in Shandong is 11,700 yuan/ton, unchanged; the mainstream price of BR9000 cis - butadiene rubber from Daqing Petrochemical in Shanghai is 11,700 yuan/ton, unchanged; the mainstream price of BR9000 cis - butadiene rubber from Maoming Petrochemical in Guangdong is 11,700 yuan/ton, unchanged. The basis of synthetic rubber is 25 yuan/ton, an increase of 30 yuan [2] 3.3 Upstream Situation - Brent crude oil is 67.44 US dollars/barrel, an increase of 0.45 US dollars; WTI crude oil is 63.3 US dollars/barrel. Naphtha CFR Japan is 608.5 US dollars/ton, an increase of 10 US dollars; Northeast Asian ethylene price is 850 US dollars/ton, unchanged; the intermediate price of butadiene CFR China is 1,090 US dollars/ton, unchanged; the market price of butadiene in Shandong market is 9,400 yuan/ton, a decrease of 25 yuan. The weekly capacity of butadiene is 151,200 tons, unchanged; the weekly capacity utilization rate of butadiene is 68.33%, a decrease of 0.12 percentage points; the port inventory of butadiene is 25,600 tons, a decrease of 5,350 tons. The daily operating rate of Shandong local refineries' atmospheric and vacuum distillation units is 50.64%, an increase of 0.54 percentage points [2] 3.4 Production and Inventory of Cis - Butadiene Rubber - The monthly output of cis - butadiene rubber is 0.65 million tons; the weekly capacity utilization rate of cis - butadiene rubber is 73.48%, a decrease of 2.68 percentage points; the weekly production profit of cis - butadiene rubber is - 509 yuan/ton, a decrease of 47 yuan. The weekly social inventory of cis - butadiene rubber is 34,500 tons, an increase of 2,600 tons; the weekly manufacturer inventory of cis - butadiene rubber is 26,300 tons, an increase of 1,650 tons; the weekly trader inventory of cis - butadiene rubber is 8,210 tons, an increase of 950 tons [2] 3.5 Downstream Situation - The weekly operating rate of domestic semi - steel tires is 73.46%, an increase of 5.99 percentage points; the weekly operating rate of domestic all - steel tires is 65.59%, an increase of 5.81 percentage points. The monthly output of all - steel tires is 13.03 million pieces, an increase of 280,000 pieces; the monthly output of semi - steel tires is 58.06 million pieces, an increase of 1.09 million pieces. The inventory days of all - steel tires in Shandong is 38.83 days, a decrease of 0.05 days; the inventory days of semi - steel tires in Shandong is 45.94 days, an increase of 0.09 days [2] 3.6 Industry News - As of September 11, the inventory of domestic cis - butadiene rubber sample enterprises was 34,500 tons, a week - on - week increase of 2,600 tons, or 8.15%. As of September 11, the capacity utilization rate of Chinese semi - steel tire sample enterprises was 72.61%, a week - on - week increase of 5.69 percentage points and a year - on - year decrease of 7.31 percentage points; the capacity utilization rate of Chinese all - steel tire sample enterprises was 66.31%, a week - on - week increase of 5.57 percentage points and a year - on - year increase of 4.23 percentage points. Most tire enterprises that had maintenance at the beginning of the month have resumed normal operations, driving the increase in capacity utilization. In August 2025, China's cis - butadiene rubber output was 135,700 tons, an increase of 6,500 tons from the previous month, a month - on - month increase of 5.02% and a year - on - year increase of 30.73%. Although some production facilities had short - term maintenance, the overall supply was sufficient, and the inventories of production and trading enterprises increased [2]

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views - **Pure Benzene**: The pure benzene market is in a weak supply - demand pattern. Supply has increased due to the restart of some units and new production capacity. Demand is sluggish with weak downstream industry开工 rates. With pressure on crude oil and lack of market confidence, the short - term market may fluctuate and consolidate [2]. - **Styrene**: There has been an unexpected supply tightening recently due to unplanned shutdowns. The market has a short - term price rebound, but demand is still divided and overall inventory is high. Without further support, the medium - term trend will mainly fluctuate with crude oil [3]. 3. Summary by Section **I. Daily Market Summary** - **Fundamentals** - **Prices**: On September 15, the styrene main contract rose 0.95% to 7087 yuan/ton with a basis of 28 (-22 yuan/ton); the pure benzene main contract rose 0.73% to 6032 yuan/ton. The price of Brent crude oil was 62.7 dollars/barrel (+0.3 dollars/barrel), and WTI crude oil was 67.0 dollars/barrel (+0.6 dollars/barrel). The spot price of East China pure benzene was 5945 yuan/ton (+50 yuan/ton) [2]. - **Inventory**: Styrene inventory was 15.9 tons (-1.8 tons), a 9.9% de - stocking; pure benzene port inventory was 13.4 tons (-1.0 tons), a 6.9% de - stocking [2]. - **Supply**: Styrene production and capacity utilization decreased. Weekly production was 35.4 tons (-2.2 tons), and the factory capacity utilization was 75.0% (-4.8%) [2]. - **Demand**: The downstream 3S industries had different capacity utilization rates. EPS was 61.0% (-8.5%), ABS was 70.0% (+1.0%), and PS was 61.9% (+0.9%) [2]. **II. Industry Chain Data Monitoring** - **Prices**: From September 11 - 12, styrene futures and spot prices decreased, while the basis increased. Pure benzene prices generally decreased, and upstream prices of Brent, WTI, and naphtha also decreased [5]. - **Production and Inventory**: From September 5 - 12, styrene production decreased by 5.97% to 35.4 tons, and pure benzene production increased slightly by 0.49% to 45.6 tons. Styrene port inventory in Jiangsu decreased, while factory inventory increased. Pure benzene port inventory decreased [6]. - **Capacity Utilization**: From September 5 - 12, the capacity utilization of pure benzene downstream industries (styrene, caprolactam, phenol, aniline) decreased, while that of styrene downstream industries (EPS, ABS, PS) generally increased [7]. **III. Industry News** - The US imposed high tariffs on Asian chemical products, leading to structural adjustments in the global petrochemical industry [8]. - In the first half of 2025, China's refining and chemical industry losses increased by about 8.3% year - on - year, with the refining and chemical sector losing over 9 billion yuan [8]. - China's pure benzene production capacity has formed a pattern with East China as the core, coordinated development in South and Northeast China [8]. **IV. Industry Chain Data Charts** - The report provides multiple charts on prices, production, inventory, and capacity utilization of pure benzene and styrene and their downstream products, with data sources from iFinD and Steel Union Data [9][21]

Report Industry Investment Rating - Not provided Core Viewpoints - International oil prices rebounded, and propane prices continued to rise, providing cost - side support for a slight rebound in the polyolefin market. Upstream supply is expected to remain at a high level, but there is significant inventory pressure. Downstream demand is in a seasonally improving phase, with overall downstream factory operating rates rising slightly, but the fundamental situation remains weak [3] Summary by Directory 1. Polyolefin Basis Structure - L主力合约收盘价为7232元/吨（+63），PP主力合约收盘价为6966元/吨（+53），LL华北现货为7160元/吨（+10），LL华东现货为7170元/吨（+0），PP华东现货为6800元/吨（+0），LL华北基差为 - 72元/吨（-53），LL华东基差为 - 62元/吨（-63），PP华东基差为 - 166元/吨（-53） [1] 2. Production Profit and Operating Rate - PE开工率为78.0%（-2.5%），PP开工率为76.8%（-3.1%）；PE油制生产利润为277.0元/吨（-69.2），PP油制生产利润为 - 333.0元/吨（-69.2），PDH制PP生产利润为 - 271.2元/吨（+64.0） [1] 3. Polyolefin Non - Standard Price Difference - Not provided in the summarized content 4. Polyolefin Import and Export Profits - LL进口利润为 - 101.2元/吨（-22.4），PP进口利润为 - 471.2元/吨（+40.4），PP出口利润为27.7美元/吨（+0.3） [1] 5. Polyolefin Downstream Operating Rates and Downstream Profits - PE下游农膜开工率为24.1%（+3.9%），PE下游包装膜开工率为51.3%（+0.8%），PP下游塑编开工率为43.1%（+0.4%），PP下游BOPP膜开工率为61.6%（+0.1%） [2] 6. Polyolefin Inventory - Upstream and mid - stream inventory pressure is large, but specific inventory data is not provided in the summarized content [3] Strategies - Unilateral: Neutral; - Inter - delivery: 01 - 05 reverse spread; - Inter - variety: Long L - P [4]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - This week, the reduction in supply is gradually reflected. After the supply prices of butadiene rubber and butadiene are lowered, the spot offers gradually decline, which may drive some downstream enterprises to gradually stock up. The inventories of production enterprises and trading enterprises may decrease slightly [2]. - Last week, the capacity utilization rate of domestic tire enterprises increased significantly. Most enterprises that had maintenance at the beginning of the month have returned to normal levels, driving up the capacity utilization rate. It is expected that most enterprises will maintain their current production schedules this week to stock up for the "National Day" holiday and make up for previous order gaps. The overall capacity utilization rate will fluctuate slightly [2]. - The short - term price of the BR2511 contract is expected to fluctuate between 11,500 - 12,000 yuan/ton [2]. 3. Summary by Relevant Catalogs a. Futures Market - The closing price of the main contract of synthetic rubber is 11,705 yuan/ton, and the position volume of the main contract is 18,785, a decrease of 2,274 [2]. - The spread between synthetic rubber contracts 10 - 11 is - 5 yuan/ton, and the warehouse receipt quantity of butadiene rubber is 2,970 tons [2]. - The mainstream prices of BR9000 from different petrochemical companies show different changes, with some remaining unchanged and some decreasing by 50 yuan/ton [2]. - The basis of synthetic rubber is - 5 yuan/ton, a decrease of 140 yuan/ton [2]. b. Spot Market - The prices of BR9000 from different petrochemical companies in different regions have changes, with some unchanged and some decreasing by 50 yuan/ton [2]. c. Upstream Situation - The prices of Brent crude oil, WTI crude oil, Northeast Asian ethylene, naphtha, and butadiene show different changes, with some prices decreasing [2]. - The weekly capacity of butadiene is 15.12 million tons/week, and the capacity utilization rate is 68.33%, a decrease of 0.12 percentage points [2]. - The port inventory of butadiene decreased by 5,350 tons, and the operating rate of Shandong refineries' atmospheric and vacuum distillation units increased by 0.54 percentage points to 50.64% [2]. d. Downstream Situation - The monthly output of butadiene rubber is 13.57 million tons, an increase of 0.65 million tons from last month, a month - on - month increase of 5.02% and a year - on - year increase of 30.73% [2]. - The capacity utilization rate of butadiene rubber is 73.48%, a decrease of 2.68 percentage points [2]. - The production profit of butadiene rubber is - 47 yuan/ton, and the social inventory is 3.45 million tons, an increase of 0.26 million tons, a month - on - month increase of 8.15% [2]. - The operating rates of domestic semi - steel and all - steel tires increased, and the monthly output of all - steel and semi - steel tires also increased [2]. - The inventory days of all - steel and semi - steel tires in Shandong show different changes, with the inventory days of semi - steel tires increasing slightly [2]. e. Industry News - As of September 11, the inventory of domestic butadiene rubber sample enterprises increased by 0.26 million tons compared with the previous period, a month - on - month increase of 8.15% [2]. - As of September 11, the capacity utilization rate of Chinese semi - steel tire sample enterprises increased by 5.69 percentage points month - on - month and decreased by 7.31 percentage points year - on - year; the capacity utilization rate of all - steel tire sample enterprises increased by 5.57 percentage points month - on - month and increased by 4.23 percentage points year - on - year [2]. - In August 2025, China's butadiene rubber output increased by 0.65 million tons from the previous month, a month - on - month increase of 5.02% and a year - on - year increase of 30.73%. Although some devices had short - term maintenance, the overall supply was sufficient, and the inventories of production and trading enterprises increased [2].

Group 1: Economic Indicators - In August, the U.S. CPI increased slightly to 2.9% year-on-year, up from 2.7% in July, while the core CPI remained unchanged at 3.1%[6] - The U.S. non-farm unemployment rate rose to 4.3% in August, an increase of 0.1 percentage points from July, and the U6 unemployment rate increased to 8.1%, up 0.2 percentage points[13] - The initial jobless claims in the week of September 5 reached 263,000, the highest level this year, exceeding the market expectation of 235,000[13] Group 2: Market Performance - Commodity prices generally rose, with IPE Brent crude futures up 1.8%, London gold up 1.6%, and COMEX copper up 1.4% during the week of September 5-12[2] - Major stock markets saw gains, with the Nikkei 225 rising 4.1%, the Hang Seng Index up 3.8%, and the S&P 500 increasing by 1.6%[2] - The 10-year U.S. Treasury yield fell slightly to 4.06%, a decrease of 0.04 percentage points from the previous week[5] Group 3: Policy and Expectations - The Federal Reserve is expected to lower interest rates in September, with a focus on the impact of tariffs on inflation and the potential recovery of the job market post-tax cuts[1] - The European Central Bank maintained its deposit facility rate at 2%, indicating that the process of reducing inflation in the Eurozone has concluded[23] - The Bank of Japan may raise interest rates later this year, as economic conditions are reportedly aligning with expectations[23]