Group 1 - The theoretical profit margin level for styrene-butadiene rubber (SBR) is continuing to widen as of December 2025 [1] - As of December 12, 2025, Sinopec's SBR price is set at 11,000 yuan/ton, an increase of 300 yuan/ton or 2.8% from November 3 [1] - The theoretical production cost of SBR is 10,162.5 yuan/ton, which has risen by 200 yuan/ton or 2.01% since November 3 [1] Group 2 - The increase in SBR prices is primarily due to the lower price increase of raw material butadiene compared to SBR [1] - Short-term expectations indicate that the theoretical profit margin for SBR may rise slightly by 500-800 yuan/ton [1] - Supply of SBR is expected to decrease initially and then increase, with a maintenance shutdown at Li Changgong (Huizhou) on December 8, expected to resume by the end of December [1] Group 3 - Overall demand for SBR is anticipated to weaken, which may limit effective support for SBR prices despite supply fluctuations [1] - There is no expectation for a significant decline in SBR prices due to macroeconomic disturbances [1] - Monitoring the export volume of butadiene is crucial for understanding its impact on SBR pricing [1]