1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The weekly synthesis rubber report suggests that the oscillation center has shifted upwards, with the supply of high - cis butadiene rubber decreasing this week and the demand maintaining a year - on - year high growth rate. The inventory has slightly decreased, and the valuation logic has changed. The short - term trading logic is diversified, and the price center has shifted upwards [2][4]. - The weekly butadiene report indicates that butadiene has rebounded in the short term. The supply is expected to remain stable, the demand from synthetic rubber is high, and the inventory is in a destocking state [5]. 3. Summary by Relevant Catalogs 3.1 Butadiene Fundamentals - Pricing stage: Butadiene is currently in the supply - demand pricing stage, with a low correlation to the raw material end [8]. - Capacity expansion: To match the expansion of downstream industries, butadiene capacity is continuously expanding, with the speed and amplitude slightly faster than that of downstream industries in some stages. In 2024, the new capacity was 380,000 tons; in 2025, 940,000 tons; and it is expected to be 620,000 tons in 2026 [10][12]. - Supply - side: - Production: This cycle (20251205 - 1211), the estimated weekly output of Chinese butadiene sample enterprises was 113,400 tons, a week - on - week increase of 1.08%. Next week, it is expected to be around 113,400 tons, with limited fluctuations [5]. - Operating rate: The operating rate has fluctuated, and some enterprises have carried out maintenance [14][15]. - Net imports: The data shows the monthly import and net import volume trends of butadiene in China [16]. - Demand - side: - Cis - butadiene rubber: The capacity increased by 200,000 tons in 2025 and is expected to increase by 190,000 tons in 2026 [18]. - Styrene - butadiene rubber: The capacity increased by 60,000 tons in 2025 and is expected to increase by 220,000 tons in 2026. The operating rate and maintenance situation of some enterprises are provided [20][21][27]. - ABS: The capacity is expected to increase by 1.635 million tons in 2025 and 1.3 million tons in 2026 [28][30]. - SBS: The capacity increased by 360,000 tons in 2025 and is expected to increase by 55,000 tons in 2026 [32][33]. - ABS and SBS fundamentals: The operating rate, profit, and inventory data of ABS and SBS are presented [35][36]. - Inventory - side: The weekly enterprise, port, and total inventory data of butadiene show the inventory trends over the years [37][38][39]. 3.2 Synthetic Rubber Fundamentals - Cis - butadiene rubber: - Supply: - Production: This week, the output of high - cis butadiene rubber was 28,400 tons, a decrease of 0.11 tons compared to the previous cycle, with a week - on - week decrease of 3.87%. The capacity utilization rate was 70.69%, a week - on - week decrease of 2.84 percentage points [4]. - Cost and profit: The daily theoretical production cost, profit, and gross profit margin data over the years are provided [45][46][47]. - Import and export: The monthly import and export volume data of cis - butadiene rubber are presented [48][49]. - Inventory: The weekly enterprise, trader, and futures inventory data of cis - butadiene rubber show the inventory trends [52][53]. - Demand: The inventory and operating rate data of Shandong Province's all - steel and semi - steel tires are provided, reflecting the demand situation of cis - butadiene rubber in the tire industry [56][57].