Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core View - In the short term, after the trading of low warehouse receipts and Southeast Asian natural disasters in the rubber sector, it has returned to a volatile pattern. Due to two consecutive weeks of slight inventory accumulation in butadiene rubber, it is currently in an inventory - building pattern with a trading logic of narrowing processing profits and short - term weak decline. In the medium term, the fundamental pressure of butadiene remains high, driving down the lower limit of the dynamic valuation of butadiene rubber. The short - and medium - term fundamentals of butadiene are downward - driven, and the spot price center gradually moves down in the pattern of weak reality and weak expectation. For butadiene rubber, as the cost side drops, the processing profit expands significantly. In a neutral fundamental pattern of butadiene rubber itself, the futures price reflects the expectation of profit contraction. Therefore, with the reduced weight of short - term macro - end trading and the weak industrial chain fundamentals, butadiene rubber returns to a volatile and pressured pattern after a short - term rebound. The subsequent focus is on whether the supply - demand pattern of butadiene rubber will improve stage - by - stage in late November and early December, mainly paying attention to the explicit inventory data of butadiene rubber [3]. Group 3: Summary by Directory Fundamental Tracking - **Futures Market**: For the butadiene rubber main contract (01 contract), the daily closing price decreased by 135 yuan/ton to 10,385 yuan/ton, the trading volume increased by 54,051 lots to 167,355 lots, the open interest decreased by 3,765 lots to 68,247 lots, and the trading volume increased by 276,699 ten - thousand yuan to 877,067 ten - thousand yuan [1]. - **Spread Data**: The basis of Shandong butadiene - futures main contract decreased by 12 to 115, the monthly spread (BR12 - BR01) remained unchanged at - 30. The prices of North China, East China, and South China private butadiene decreased by 100 yuan/ton respectively. The Shandong butadiene market price (delivery product) decreased by 150 yuan/ton to 10,500 yuan/ton. The prices of Qilu styrene - butadiene rubber (models 1502 and 1712) decreased by 100 yuan/ton respectively. The mainstream prices of butadiene in Jiangsu and Shandong decreased by 250 yuan/ton and 190 yuan/ton respectively [1]. - **Fundamental Indicators**: The butadiene rubber operating rate remained unchanged at 72.4895%, the theoretical full cost of butadiene rubber remained unchanged at 9,916 yuan/ton, and the profit of butadiene rubber remained unchanged at 784 yuan/ton [1]. Industry News - As of November 19, 2025, the latest inventory of butadiene in East China ports was about 39,800 tons, an increase of 10,800 tons from the previous period. There were still imported vessels arriving at the port during the period, the downstream raw material digestion speed was normal, and the butadiene inventory increased significantly. - As of November 19, 2025, the domestic butadiene rubber inventory was 31,500 tons, an increase of 7,000 tons from the previous period, a month - on - month increase of 2.24%. During this period, the buying on the raw material end was actively following up, the cost support of butadiene rubber was slightly stronger, the supply prices of Sinopec and PetroChina resources were raised, but the spot resources continued to be tight. The high - premium offers were difficult to get buying follow - up, and the private price - holding was also difficult to get terminal follow - up, with part of the transactions weakening. The inventory of sample production enterprises increased, and the inventory of sample trading enterprises changed slightly [2][3].