Report Industry Investment Ratings - All the industries mentioned in the report have a trend strength of 0, indicating a neutral investment rating [7][8][10] Core Views - The report provides a comprehensive analysis of various energy and chemical commodities, including their price trends, supply - demand fundamentals, and market news. It offers investment suggestions and views on the future trends of these commodities [2][7][8] Summaries Based on Related Catalogs PX, PTA, MEG - PX: The trend is strong, squeezing downstream profits. Despite planned polyester factory production cuts, the short - term trend remains strong due to the tight supply expectation [7]. - PTA: Cost support is strong, with a positive upward trend. It is recommended to hold long positions and positive spreads [8]. - MEG: Demand is weakening, and the price is expected to continue to decline. The mid - term trend is still bearish [8]. Rubber - The rubber market is in a wide - range oscillation. Port inventory accumulation suppresses market sentiment, but the human - mixed spot market is expected to strengthen in the long - term [10][12] Synthetic Rubber - It has entered an oscillatory phase. The previous upward trend has slowed down due to the marginal weakening of the overall fundamental data of butadiene and synthetic rubber [15] Asphalt - It shows a narrow - range oscillation, and the spot price in East China is accelerating its decline. The overall supply and demand situation is relatively stable, but there are signs of inventory accumulation [17][28] LLDPE - Spot prices remain weak. Although the futures have rebounded, the market trading atmosphere is still sluggish. The supply - demand pressure caused by high production capacity and weakening demand needs to be concerned [29][30] PP - The PDH profit is compressed again, and the trend is oscillatory and weak. The overall fundamental support at the end of the year is limited, and attention should be paid to the marginal changes of PDH devices [31][32] Caustic Soda - There is a short - term rebound, but the high - yield and high - inventory pattern around the Spring Festival remains. The far - month contract has long - position value, but the upward price elasticity depends on large - scale supply - side maintenance or production cuts [34][35] Pulp - It is oscillating. The spot price is stable, and the demand is weakly rigid. The supply - side port inventory pressure still exists, and it is recommended to pay attention to inventory changes and downstream procurement trends [40][41] Glass - The original sheet price is stable. The overall market trading atmosphere is average, and processing plants purchase raw sheets as needed [43][44] Methanol - It oscillates with support. The port inventory is in a de - stocking pattern, and the macro - situation may drive a short - term rebound, but the upside space is limited [46][48] Urea - It oscillates in the short - term, and the mid - term price center is expected to rise. The enterprise inventory is decreasing, and the demand and cost factors jointly affect the price trend [50][53] Styrene - It oscillates in the short - term. The processing fee is expected to remain at a relatively high level in 2026, but there are risks of negative feedback from downstream product inventories [54][55] Soda Ash - The spot market has little change. The comprehensive supply is decreasing, and downstream enterprises purchase on a "use - as - needed" basis [60] LPG - The market is suppressed by warehouse receipts, and the futures price has declined [62] Propylene - The spot market is weak. Attention should be paid to the inventory changes and the start - up rate of related devices [63] PVC - The short - term rebound space may be limited. The high - yield and high - inventory pattern is difficult to change in the short - term, and large - scale production cut expectations may appear after the 03 contract [71][73] Fuel Oil and Low - Sulfur Fuel Oil - Fuel oil shows a slight decline with increased short - term fluctuations. Low - sulfur fuel oil oscillates in a narrow range, and the price difference between high - and low - sulfur fuels in the overseas spot market is temporarily stable [76] Container Freight Index (European Route) - The near - month contract oscillates, and the far - month contract depends on the progress of the second - stage cease - fire negotiation in Gaza. The supply and demand situation of shipping capacity and freight volume, as well as geopolitical factors, jointly affect the price trend [78][87] Short - Fiber and Bottle Chip - Short - fiber follows the raw material price increase in the short - term, with compressed processing fees. Bottle chips also follow the raw material price increase in the short - term, and the market transaction is fair [92][93] Offset Printing Paper - It is recommended to wait and watch. The market price is stable, and the supply and demand are relatively balanced [95][96] Pure Benzene - It oscillates in the short - term. The inventory is at a high level, and the price is expected to be under pressure in the first quarter of 2026, with a chance of a bottom - rebound in the second quarter [99][100]

商 品 研 究 2025 年 12 月 24 日 LLDPE：转产及个别煤化工降负，现货仍偏弱 周富强 投资咨询从业资格号：Z0023304 zhoufuqiang@gtht.com 【基本面跟踪】 LLDPE 基本面数据 期货反弹，市场交投气氛延续疲软，上游、期现贸易商为完成年度销售目标，随行低报为主。下游工厂 谨慎观望，成交气氛清淡。需求边际转弱下产业持货意愿差，基差再度走弱，仓单暂停去化。中东、美国报 盘量级减少价格升水国内，内外价差倒挂，中东、美国船期因周转有延误，预计 26 年 Q1 到港或多。 【市场状况分析】 原料端原油价格震荡，单体环节弱稳，PE 乙烯、乙烷供应利润有所压缩。PE 盘面低位震荡，近端下游 农膜有转弱，包装膜行业刚需维持，但近期下跌后中下游持货意愿转弱，上游年底让价出货，厂库小幅去化， 基差偏弱。供应端，广西石化逐步开车，12 月目前检修计划中性，部分 FD 转产及内蒙装置降负，中期仍需 关注存量高产能和需求转弱带来的供需压力。 【趋势强度】 LLDPE 趋势强度：0 国 泰 君 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 | LLDPE 基本面数据 | | | ...

| 业期现日报 | 投资咨询业务资格:证监许可 【2011】1292号 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 壬洋辉 | Z0019938 | 2025年12月24日 | | | | | | | | | | | 田阳 | 12月23日 | 12月22日 | 张跌幅 | 张跃 | | | | | | | | | 8320 | 8320 | 0 | 0.00% | 现价 | 江苏一级 | Y2605 | 7994 | 8002 | -8 | -0.10% | 期价 | | 甚差 | Y2605 | 326 | 318 | 8 | 2.52% | 现货墓差报价 | 江苏5月 | 05 + 500 | 05 +500 | 0 | ﺗ | | 28264 | 仓单 | 26264 | 2000 | 7.61% | 标相温 | | | | | | | | 12月23日 | 12月22日 | 张跌幅 | 涨跌 | 8370 | 8270 | 100 | 1.21% | ...

Report Overview - Research Variety: Apple - Report Cycle: Daily Report - Date: December 18, 2025 [1] 1. Futures Market 1.1 Contract Quotes - On December 18, 2025, the Apple AP2605 futures contract oscillated downward, closing at 9068 points, a 0.95% decrease from the previous day. The trading volume was 200,113 lots, and the open interest was 162,157 lots, an increase of 19,889 lots from the previous trading day [2]. 1.2 Variety Prices - All Apple futures contracts declined on the day. The total trading volume was 214,210 lots, and the open interest was 187,560 lots, an increase of 19,146 lots from the previous day [4]. 1.3 Related Quotes - The trading volume of Apple options was 20,328 lots, and the total open interest was 30,213 lots, an increase of 2,803 lots. There were 0 exercised options on the day [6]. 2. Spot Market 2.1 Basis Data - The current spot price of apples is 8200 yuan/ton, and the futures settlement price is 9034 yuan/ton, resulting in a basis of -834 yuan/ton [7]. 2.2 Registered Warehouse Receipts - According to the warehouse receipt daily report of the Zhengzhou Commodity Exchange, there are 0 registered warehouse receipts today [8]. 3. Influencing Factors 3.1 Industry News - The mainstream price of late Fuji apples in storage remains stable. There is no obvious improvement in the stocking atmosphere, and the enthusiasm of merchants to purchase from fruit farmers is average. They are gradually shipping their own inventory [9]. 3.2 Technical Analysis - The daily K - line of the AP2605 contract on the day is a medium - sized阴线 with a long lower shadow. The trading volume increased, the open interest slightly increased, and the price rebounded slightly after hitting the bottom [10]. 4. Market Outlook - Fundamentally, it is the off - season for consumption. High prices are suppressing purchases, and the sales in the distribution areas are slower compared to the same period. The impact of citrus fruits such as tangerines and the weak festival stocking indicate insufficient demand resilience. Technically, the AP2605 contract rebounded after hitting the bottom during the day and consolidated with shrinking volume at the end of the session. In the short term, the price of the Apple AP2605 contract may fluctuate [12].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The rapeseed meal market is in a situation of weak supply and demand. Near - month imports of Canadian rapeseed and rapeseed meal are restricted, and oil mills are shut down, but with Australian rapeseed arriving and potential Canadian imports, supply is expected to increase. Also, the good substitution advantage of soybean meal weakens demand. The rapeseed meal price has maintained a narrow - range fluctuation recently. Attention should be paid to China's soybean purchases from the US [2]. - The rapeseed oil market has a structurally tight supply currently, with oil mills shut down and inventory decreasing, which supports the price. However, with Australian rapeseed arriving and potential improvement in China - Canada trade relations, future supply pressure will increase. The abundant supply and good substitution of soybean oil keep rapeseed oil demand at a basic level. Affected by the rise of palm oil, rapeseed oil has rebounded slightly, and the short - term downward trend may slow down [2]. Group 3: Summary by Relevant Catalogs Futures Market - Futures closing prices: Rapeseed oil is 8864 yuan/ton (up 120), rapeseed meal is 2337 yuan/ton (up 14), ICE rapeseed is 594.5 CAD/ton (down 5.6), and domestic rapeseed is 5481 yuan/ton (up 33) [2]. - Month - to - month spreads: Rapeseed oil (5 - 9) is - 4 yuan/ton (down 2), rapeseed meal (5 - 9) is - 56 yuan/ton (up 3) [2]. - Main contract positions: Rapeseed oil is 200067 lots (down 8112), rapeseed meal is 604362 lots (up 5874) [2]. - Net long positions of the top 20 futures holders: Rapeseed oil is - 28709 lots (down 1210), rapeseed meal is - 57003 lots (up 17456) [2]. - Warehouse receipt quantities: Rapeseed oil is 3876 sheets (down 50), rapeseed meal is 0 sheets [2]. Spot Market - Spot prices: Rapeseed oil in Jiangsu is 9270 yuan/ton (down 230), rapeseed in Yancheng, Jiangsu is 5700 yuan/ton, rapeseed meal in Nantong is 2420 yuan/ton (up 40) [2]. - Average prices: Rapeseed oil is 9388.75 yuan/ton (down 230), the import cost of rapeseed is 7294.69 yuan/ton (down 83.67) [2]. - Basis: Rapeseed oil main - contract basis is 526 yuan/ton (down 29), rapeseed meal main - contract basis is 83 yuan/ton (up 26) [2]. - Substitute prices: Fourth - grade soybean oil in Nanjing is 8310 yuan/ton (up 80), 24 - degree palm oil in Guangdong is 8270 yuan/ton (up 20), soybean meal in Zhangjiagang is 3100 yuan/ton [2]. - Price differences: Rapeseed - soybean oil is 1040 yuan/ton (down 80), rapeseed - palm oil is 1020 yuan/ton (down 80), soybean - rapeseed meal is 680 yuan/ton (down 40) [2]. Upstream Situation - Global rapeseed production forecast is 92.27 million tons (up 1.31 million tons), and the annual forecast for rapeseed is 13446 thousand tons [2]. - Rapeseed imports are 0 tons (down 11.53 tons), and the import rapeseed crushing profit is 564 yuan/ton (up 100) [2]. - Rapeseed inventory in oil mills is 0.1 tons (up 0.1), and the weekly operating rate of imported rapeseed is 0% [2]. - Imports of rapeseed oil and mustard oil are 14 tons (down 2), and rapeseed meal imports are 22.06 tons (up 6.29) [2]. Industry Situation - Coastal rapeseed oil inventory is 0.5 tons (down 0.15), coastal rapeseed meal inventory is 0 tons (down 0.02) [2]. - East China rapeseed oil inventory is 29.8 tons (down 2.4), East China rapeseed meal inventory is 18.61 tons (down 0.75) [2]. - Guangxi rapeseed oil inventory is 0.4 tons (down 0.15), South China rapeseed meal inventory is 24.8 tons (up 1.4) [2]. - Weekly rapeseed oil提货量 is 0.9 tons (up 0.9), weekly rapeseed meal提货量 is 0 tons (down 0.45) [2]. Downstream Situation - Feed production is 2977.9 tons (up 20.9), and the monthly retail sales of social consumer goods in the catering industry is 6057 billion yuan (up 858) [2]. - Edible vegetable oil production is 427.6 tons (down 67.4) [2]. Option Market - Implied volatility of at - the - money call options for rapeseed meal is 16.65% (down 0.05), implied volatility of at - the - money put options for rapeseed meal is 16.65% (down 0.06) [2]. - 20 - day historical volatility for rapeseed meal is 11.82% (up 0.17), 60 - day historical volatility for rapeseed meal is 11.85% (up 0.09) [2]. - Implied volatility of at - the - money call options for rapeseed oil is 15.49% (up 1.54), implied volatility of at - the - money put options for rapeseed oil is 15.52% (up 1.55) [2]. - 20 - day historical volatility for rapeseed oil is 14.73% (up 1.67), 60 - day historical volatility for rapeseed oil is 14.73% (up 0.67) [2]. Industry News - On December 19, ICE rapeseed futures fell for the sixth consecutive trading day, with the most - actively traded March contract falling below 600 CAD/ton for the first time since March 2025 [2]. - The US soybean export season has abundant supply, and Brazil is expected to have a high - yield soybean harvest. The US is facing competition from cheaper Brazilian soybeans. China's soybean purchases have slowed down [2]. - Canada's AAFC raised the ending inventory forecast of Canadian rapeseed for the 2025/26 season by 450,000 tons to 2.95 million tons [2]. - Indonesia started the road test of B50 biodiesel two weeks ago, and the test is expected to last about six months. The mandatory use policy of B50 biodiesel is likely to be officially implemented in the second half of 2026 [2]. Key Points to Watch - The rapeseed operating rate and rapeseed oil and meal inventories in various regions reported by My Agricultural Network on Monday, and the development of China - Canada trade relations [2]

Group 1 - The core viewpoint of the articles indicates that the foundry aluminum market is experiencing a strong upward trend, with the main contract closing at 21,290 yuan, an increase of 140 yuan or 0.66% [1] - The trading volume for the foundry aluminum main contract increased by 259 hands to 4,594 hands, while the open interest decreased by 32 hands to 17,184 hands [1] - The average price of foundry aluminum alloy ingots (A356.2) rose by 200 yuan to 23,400 yuan/ton, while other grades such as A380, ADC12, ZL102, and ZLD104 also saw price increases ranging from 100 to 200 yuan [1][2] Group 2 - On the macroeconomic front, the market sentiment is cautious due to the Christmas week and upcoming third-quarter GDP data, but global stock markets and rising oil prices have improved risk sentiment, positively impacting metal demand [1] - The supply and demand for foundry aluminum have both decreased to some extent as the year-end approaches, leading to a stalemate in the market [2] - The cost side remains high, with aluminum alloy prices sustaining at elevated levels, while the smelting sector faces losses, limiting the increase in operating rates and supply capacity [2][3] Group 3 - The overall trading atmosphere in the spot market has improved, supported by orders from the automotive consumer market, leading to increased trading activity [2] - The price performance of foundry aluminum is primarily supported by the cost of scrap aluminum, and it is expected to maintain a high-level oscillation trend in the future [3]

Report Industry Investment Ratings - No specific industry investment ratings were provided in the report. Core Views of the Report - The report provides daily research and analysis on various energy and chemical futures, including trends, fundamentals, and trading strategies for each commodity [2]. - It also includes market news, industry data, and macro - news that may impact the futures market. Summaries by Commodity 1. PX, PTA, MEG - **PX**: Unilateral price trend is strong, squeezing downstream profits. It is recommended to focus on long PX and short PF/PR positions and maintain positive spread operations [8]. - **PTA**: Cost support is strong, unilateral trend is upward. It is recommended to hold long positions and positive spreads, and long PTA and short PF/PR [8]. - **MEG**: Unilateral is in a sideways market, and the medium - term trend is still weak [9]. 2. Rubber - The rubber market is in a wide - range sideways pattern. Domestic production areas are stopping production faster, overseas raw material prices are high, but tire production capacity utilization is weak and inventory is increasing [10][11][13]. 3. Synthetic Rubber - It is gradually entering a sideways pattern. The short - term fundamentals of butadiene are neutral, and the fundamentals of cis - butadiene rubber have weakened, with processing profits likely to be compressed [15][17]. 4. Asphalt - It is in a low - level sideways pattern, and geopolitical factors should be monitored. Refinery inventory has increased, and social inventory has decreased slightly [18][28]. 5. LLDPE - Full - density production has partially shifted, and valuation support is limited. The market is weak, with marginal demand weakening and high inventory pressure in the medium term [29][30]. 6. PP - PDH profits have improved month - on - month, and the trend is weakly sideways. Cost support is limited, supply - demand competition is intensifying, and demand is weak [31][32]. 7. Caustic Soda - There is still pressure in the later period. It is in a pattern of high production and high inventory, with weak demand and high supply pressure [34][36]. 8. Pulp - The trend is slightly strong. The import pulp market price is stable, the port inventory is decreasing, and the cost of living paper is strongly supported, with prices expected to be sideways [39][44][45]. 9. Glass - The price of the original sheet is stable. The domestic float glass price is generally stable, with weak downstream orders and some areas in the payment collection stage [49][50]. 10. Methanol - It is sideways with support. The port inventory is decreasing, but the MTO fundamentals are weak, and there is a cost support at the bottom [51][54][55]. 11. Urea - It is in a sideways operation. The enterprise inventory is decreasing, the demand - side drive is neutral, and there is support at the bottom for the 05 contract [57][59]. 12. Styrene - It is in a short - term sideways pattern. Pure benzene is expected to have a wide - range sideways pattern with a low - to - high center of gravity in 2026, and styrene processing fees are expected to remain at a high level [60][61]. 13. Soda Ash - The spot market has little change. The domestic soda ash market is stable, with weak demand from downstream enterprises and short - term price weakness [65][66]. 14. LPG and Propylene - **LPG**: The short - term trend is weak. - **Propylene**: There is support in the short - term due to the expectation of supply reduction and demand increase [68][72]. 15. PVC - The trend is weak. It is in a pattern of high production and high inventory, with limited rebound space and high pressure on long - position holders to take delivery [76][77]. 16. Fuel Oil and Low - Sulfur Fuel Oil - **Fuel Oil**: It is mainly in a sideways pattern with support at the bottom. - **Low - Sulfur Fuel Oil**: The night - session is strong, and the price difference between high - and low - sulfur in the overseas spot market has rebounded slightly [79]. 17. Freight Index (European Line) - For the 02 contract, pay attention to delivery opportunities; for the 04 contract, maintain rolling short - selling; for far - month contracts, pay attention to the progress of the Gaza peace talks [81]. 18. Short - Fiber and Bottle Chip - **Short - Fiber**: It follows the rise of raw materials in the short - term, and the processing fee is compressed. - **Bottle Chip**: It follows the rise of raw materials in the short - term [97][98]. 19. Offset Printing Paper - It is recommended to wait and see. The market price is stable, the cost is high, the demand is weak, and the industry is in a weak balance [100][101][103]. 20. Pure Benzene - It is in a short - term sideways pattern. In 2026, it is expected to be in a wide - range sideways pattern with a low - to - high center of gravity, and the current inventory is high [104][105].

期 货 研 究 2025 年 12 月 22 日 所 铝、氧化铝、铸造铝合金基本面数据更新 | | | | T | T-1 | T-5 | T-22 | T-66 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 沪铝主力合约收盘价 | 22185 | 230 | 15 | 305 | 1435 | | | | 沪铝主力合约夜盘收盘价 | 22245 | - | - | ー | - | | | | LME铝3M收盘价 | | | | | | | | | | 2956 | 39 | 81 | 70 | 349 | | | | 沪铝主力合约成交量 | 225621 | 37177 | -3581 | 1823 | 72280 | | | 电解铝 | 沪铝主力合约持仓量 | 315093 | 20928 | 290 | -104973 | 70065 | | | | LME铝3M成交量 | 21594 | -11947 | -1277 | 275 | 8371 | | | | LME注销仓单占比 | 14. 20% | 0. 00% | 7. 46% ...

Report Summary 1. Industry Investment Rating No industry investment rating information is provided in the report. 2. Core View - Short - fiber and bottle - chip prices are following the increase of raw materials in the short term, with short - fiber processing fees being compressed [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Short - fiber**: - Futures prices of short - fiber contracts (2601, 2602, 2603) increased, with short - fiber 2601 rising from 6180 to 6286, short - fiber 2602 from 6172 to 6292, and short - fiber 2603 from 6108 to 6276 [1]. - Spreads between contracts (PF01 - 02, PF02 - 03) changed, with PF01 - 02 dropping from 8 to - 6 and PF02 - 03 decreasing by 48 [1]. - The short - fiber主力基差 decreased from 108 to 38, the主力持仓 volume decreased from 141087 to 133093, and the主力 trading volume decreased from 220316 to 219076 [1]. - The short - fiber East China spot price increased from 6280 to 6330, and the short - fiber production and sales rate rose from 72% to 92% [1]. - **Bottle - chip**: - Futures prices of bottle - chip contracts (2601, 2602, 2603) increased, with bottle - chip 2601 rising from 5610 to 5672, bottle - chip 2602 from 5700 to 5766, and bottle - chip 2603 from 5698 to 5772 [1]. - Spreads between contracts (PR01 - 02, PR02 - 03) changed, with PR01 - 02 dropping from - 90 to - 94 and PR02 - 03 decreasing by 10 [1]. - The bottle - chip主力基差 decreased from - 21 to - 52, the主力持仓 volume increased from 37457 to 37920, and the主力 trading volume increased from 37859 to 63494 [1]. - The bottle - chip East China spot price increased from 5675 to 5720, and the bottle - chip South China spot price increased from 5700 to 5780 [1]. 3.2 Spot News - **Short - fiber**: Raw material futures rose significantly, and short - fiber spot factories mostly raised prices by about 150 yuan/ton. The sales of direct - spun polyester staple fiber improved, with an average production and sales rate of 92% by 3:00 pm [1]. - **Bottle - chip**: Upstream raw material futures rose strongly, and polyester bottle - chip factories mostly raised their quotes by 50 - 100 yuan. The trading atmosphere in the polyester bottle - chip market was average, and 12 - 2 month orders were mostly traded at 5700 - 5740 yuan/ton ex - factory [2]. 3.3 Trend Intensity - The trend intensity of short - fiber and bottle - chip is 0, indicating a neutral trend for the day - session main - contract futures prices on the report day [2].

Report Industry Investment Rating - Not provided in the report Core Viewpoints - In the short term, the overall upward trend of butadiene rubber has slowed down and gradually entered a volatile pattern. The previous continuous rise of butadiene rubber was mainly due to the improvement of butadiene fundamentals and strong expectations for the far - month. However, this week, due to the marginal weakening of the overall fundamental data of butadiene and butadiene rubber, coupled with the large premium of futures over spot, the speculative nature of futures prices has weakened and prices have corrected. Butadiene currently presents a pattern of neutral reality and strong expectations, and the short - term fundamentals of butadiene are neutral. The visible inventory of butadiene rubber has increased this week, and its fundamentals have weakened. Overall, the processing profit of butadiene rubber may be compressed, and the futures price has corrected under the high - premium pattern. But due to the strong expectations of butadiene still bringing some speculative nature, it has entered a volatile pattern in the short term [3] Summary by Relevant Catalogs 1. Fundamental Tracking Futures Market - For the butadiene rubber main contract (02 contract), the daily closing price was 11,020 yuan/ton (down 20 yuan from the previous day), the trading volume was 127,276 lots (down 158 lots), the open interest was 101,995 lots (up 619 lots), and the trading value was 703,480 ten - thousand yuan (down 2,972 ten - thousand yuan) [1] Spread Data - The basis of Shandong butadiene - futures main contract was - 170 (down 80 from the previous day), and the monthly spread of BR01 - BR05 was - 80 (up 45 from the previous day) [1] Spot Market - For butadiene rubber prices, the prices of North China, East China, South China (private) and Shandong market (delivery product) decreased by 0 - 100 yuan/ton compared with the previous day. For styrene - butadiene rubber prices, the price of Qilu styrene - butadiene (model 1502) decreased by 50 yuan/ton, and the price of Qilu styrene - butadiene (model 1712) remained unchanged. For butadiene prices, the mainstream prices in Jiangsu and Shandong decreased by 50 yuan/ton [1] Fundamental Indicators - The butadiene rubber operating rate was 76.7608%, the theoretical full cost was 10,534 yuan/ton, and the profit was 366 yuan/ton, all remaining unchanged from the previous day [1] 2. Industry News - As of December 17, 2025, the domestic butadiene rubber inventory was 34,000 tons, an increase of 2,100 tons from the previous period, a month - on - month increase of 6.45%. The inventory of sample production enterprises increased, and the inventory of sample trading enterprises with cargo rights also increased [2] - As of December 17, the latest inventory of butadiene in East China ports was about 36,000 tons, a slight increase of 100 tons from the previous period. Although the inventory change was not significant this period, there were still some trade inventories and the expectation of ocean - going vessel arrivals, so attention should be paid to the phased inventory changes [2][3]