Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core View of the Report - The short - term trend of synthetic rubber is volatile, and the fundamentals still face pressure. The decline of butadiene prices drags down the price of synthetic rubber, and the macro - driving force weakens, resulting in the weak operation of butadiene rubber. However, there may be a phased improvement in the supply - demand pattern of butadiene rubber in mid - to late November [1][4]. 3. Summary by Relevant Contents 3.1 Futures Market - The trading volume of the butadiene rubber futures main contract was 106,318 lots, with a decrease of 21,826 lots compared to the previous day. The closing price of the day - session was 10,190 yuan/ton, a decrease of 115 yuan/ton from the previous day. The open interest was 85,686 lots, an increase of 1,745 lots. The trading volume was 544.281 million yuan, a decrease of 108.999 million yuan [1][2]. - The basis of Shandong butadiene rubber - futures main contract was 160, a decrease of 5 compared to the previous day; the monthly spread of BR12 - BR01 was 65, a decrease of 15 [1]. 3.2 Spot Market - Butadiene rubber prices: North China (private) was 10,050 yuan/ton, unchanged; East China (private) was 10,300 yuan/ton, unchanged; South China (private) was 10,350 yuan/ton, unchanged; Shandong market price (delivery product) was 10,350 yuan/ton, an increase of 50 yuan/ton [1]. - Styrene - butadiene rubber prices: Qilu styrene - butadiene (model 1502) was 10,750 yuan/ton, an increase of 50 yuan/ton; Qilu styrene - butadiene (model 1712) was 9,750 yuan/ton, an increase of 50 yuan/ton [1]. - Butadiene prices: The mainstream price in Jiangsu was 6,900 yuan/ton, unchanged; the mainstream price in Shandong was 7,000 yuan/ton, a decrease of 50 yuan/ton [1]. 3.3 Fundamental Information - The butadiene rubber operating rate was 68.4798%, an increase of 1.74 percentage points compared to the previous day [1]. - As of November 5, 2025, the domestic butadiene rubber inventory was 29,300 tons, a decrease of 0.16 million tons compared to the previous period, a month - on - month decrease of 5.15% [2]. - In the period from October 23 - 29, 2025, the total inventory of domestic butadiene samples increased, with a month - on - month increase of 14.23%. Among them, the inventory of sample enterprises increased slightly by 1.47% month - on - month, and the inventory of sample ports increased significantly by 30.08% month - on - month [4]. 3.4 Industry News - In the short term, the decline of butadiene rubber has slowed down due to the decline in inventory and the phased improvement of spot transactions. In the medium term, the weak operation of butadiene has led to a downward movement of butadiene rubber prices. The high supply pressure of butadiene in the fourth quarter is the main contradiction, and the inventory pressure is gradually increasing. With the decline of the cost side, the processing profit of butadiene rubber has expanded significantly. The macro - driving force has weakened, and butadiene rubber is operating weakly [4]. - Attention should be paid to whether there will be a phased improvement in the supply - demand pattern of butadiene rubber during the concentrated maintenance in mid - to late November and under the background of the high nr - br spread [4].

1. Report Industry Investment Rating - The trend strength of synthetic rubber is -1, indicating a weak - bearish outlook. The industry is expected to run weakly under the current situation [3]. 2. Core View of the Report - With the easing of the Iran - Israel conflict, international oil prices have fallen sharply. Against this backdrop, synthetic rubber is expected to run weakly due to significant fundamental pressure. Although the market is worried about the increase in production costs driving up the supply price of cis - butadiene rubber, it is difficult to get buying support [3]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking 3.1.1 Futures Market - For the cis - butadiene rubber main contract (07 contract), the daily closing price decreased by 55 yuan/ton to 11,575 yuan/ton, the trading volume decreased by 3,792 lots to 102,647 lots, the open interest decreased by 2,322 lots to 10,874 lots, and the turnover decreased by 29,303 ten - thousand yuan to 594,738 ten - thousand yuan [1]. 3.1.2 Spread Data - The basis of Shandong cis - butadiene rubber minus the futures main contract increased by 55 to 225; the monthly spread of BR06 - BR07 increased by 55 to - 11,575. The prices of North China, East China, and South China's private cis - butadiene rubber were 11,670 yuan/ton (down 10 yuan/ton), 11,700 yuan/ton (unchanged), and 11,750 yuan/ton (unchanged) respectively. The market price of Shandong cis - butadiene rubber (delivery product) remained unchanged at 11,800 yuan/ton [1]. 3.1.3 Spot Market - The prices of Qilu styrene - butadiene rubber (type 1502) and (type 1712) decreased by 100 yuan/ton to 12,200 yuan/ton and 11,000 yuan/ton respectively. The mainstream prices of butadiene in Jiangsu and Shandong decreased by 100 yuan/ton to 9,550 yuan/ton and by 25 yuan/ton to 9,575 yuan/ton respectively [1]. 3.1.4 Fundamental Indicators - The cis - butadiene rubber operating rate increased by 1.05 percentage points to 68.8633%. The theoretical full cost of cis - butadiene rubber remained unchanged at 12,388 yuan/ton, and the profit remained unchanged at - 388 yuan/ton [1]. 3.2 Industry News - The latest inventory of butadiene at East China ports is about 28,400 tons, an increase of 7,400 tons compared with the previous period. Importers expect a slight month - on - month increase in imports in June, and attention should be paid to the flow of goods [2]. - As of June 18, 2025 (week 25), the inventory of China's high - cis cis - butadiene rubber sample enterprises was 33,700 tons, a decrease of 200 tons (a month - on - month decrease of 0.56%) compared with the previous period. Due to the impact of the rising crude oil prices caused by geopolitical factors in the Middle East, the market's concern about the increase in production costs driving up the supply price of cis - butadiene rubber has gradually increased. The overall inventory of sample producers has decreased, while the overall inventory of sample traders has increased [2][3].

1. Report Industry Investment Rating - The trend strength of synthetic rubber is 1, indicating a "偏强" (relatively strong) outlook. The range of trend strength is an integer within the [-2, 2] interval, where -2 means the most bearish and 2 means the most bullish [3]. 2. Core View of the Report - The synthetic rubber market is expected to run relatively strongly with the overall repair of macro - sentiment, following the upward trends of the rubber sector and crude oil. Although the fundamentals of butadiene - based cis - polybutadiene rubber currently have a neutral driving force, its relatively low valuation provides some support for the price [3]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking 3.1.1 Futures Market - For the cis - polybutadiene rubber main contract (06 contract), the daily closing price was 11,820 yuan/ton, up 370 yuan from the previous day; the trading volume was 189,461 lots, an increase of 78,727 lots; the open interest was 25,672 lots, up 1,552 lots; and the trading volume was 1,092,299 ten - thousand yuan, an increase of 458,352 ten - thousand yuan [1]. 3.1.2 Spread Data - The basis of Shandong cis - polybutadiene minus the futures main contract was - 70 yuan, down 320 yuan from the previous day; the monthly spread of BR05 - BR06 North China cis - polybutadiene (private) was - 20 yuan, down 150 yuan from the previous day; the price of East China cis - polybutadiene (private) increased by 200 yuan, and the price of South China cis - polybutadiene (private) increased by 150 yuan [1]. 3.1.3 Spot Market - The market price of Shandong cis - polybutadiene (delivery product) was 11,750 yuan/ton, up 50 yuan from the previous day; the price of Qilu styrene - butadiene rubber (model 1502) was 12,250 yuan/ton, up 50 yuan; the price of Qilu styrene - butadiene rubber (model 1712) was 11,200 yuan/ton, up 50 yuan; the mainstream price of butadiene in Jiangsu was 9,700 yuan/ton, up 350 yuan, and the mainstream price in Shandong was 10,000 yuan/ton, up 350 yuan [1]. 3.1.4 Fundamental Indicators - The operating rate of cis - polybutadiene was 79.4979%, down 0.17% from the previous day; the theoretical full cost of cis - polybutadiene was 12,388 yuan/ton, up 309 yuan; the profit of cis - polybutadiene was - 488 yuan/ton, down 109 yuan [1]. 3.2 Industry News 3.2.1 Butadiene Market - The price of Asian butadiene remains stable, and the domestic butadiene fundamentals have improved, with support around 9300 yuan/ton. The supply - side operating rate is still high year - on - year but has decreased month - on - month due to ethylene plant maintenance. Short - term import arrivals are limited. The demand from the synthetic rubber sector has increased, and the inventory of butadiene producers and ports has risen [1][3]. 3.2.2 Cis - Polybutadiene Rubber Market - The fundamentals of cis - polybutadiene rubber currently have a neutral driving force. However, due to the previous significant decline, its low valuation provides support. There is no significant inventory build - up, and the high NR - BR spread has improved the demand for cis - polybutadiene, thus supporting the price [3].