Group 1: Report Information - Report Name: Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [3] - Date: December 10, 2025 [3] Group 2: BR (Butadiene Rubber) Data Futures - BR主力合约(12): Price on 12/9 was 10,450, down 65 from the previous day and 125 from the previous week [4] - 持仓量: On 12/9, it was 76,409, up 48,955 from the previous day and 37,423 from the previous week [4] - 成交量: In Germany, on 12/9, it was 111,045, up 48,226 from the previous day and down 11,618 from the previous week [4] - 仓単数量: On 12/9, it was 17,320, unchanged from the previous day and up 1,870 from the previous week [4] - 虚实比: On 12/9, it was 22.06, up 14 from the previous day and 9 from the previous week [4] Basis and Spread - 顺丁基差: On 12/9, it was 50, with a daily change not provided and up 125 from the previous week [4] - 丁本县差: On 12/9, it was 520, up 115 from the previous day and 25 from the previous week [4] - 12 - 01: On 12/9, it was 20, up 10 from the previous day and 85 from the previous week [4] - 01 - 02: On 12/9, it was -20, down 5 from the previous day and 25 from the previous week [4] - RU - BR: On 12/9, it was 4,535, down 15 from the previous day and 100 from the previous week [4] - NR - BR: On 12/9, it was 1,630, up 80 from the previous day and 120 from the previous week [4] Spot - 山东市场价: On 12/9, it was 10,500, unchanged from the previous day and the previous week [4] - 传化市场价: On 12/9, it was 10,400, unchanged from the previous day and the previous week [4] - 齐鲁出厂价: On 12/9, it was 10,600, unchanged from the previous day and the previous week [4] - CFR东北亚: On 12/9, it was 1,325, up 25 from the previous day and the previous week [4] - CFR东南亚: On 12/9, it was 1,600, up 25 from the previous day and the previous week [4] Profit - 现货加工利润: On 12/9, it was 702, down 51 from the previous day and 179 from the previous week [4] - 进口利润: On 12/9, it was -579, down 190 from the previous day and 199 from the previous week [4] - 出口利润: On 12/9, it was 1,522, up 167 from the previous day and 176 from the previous week [4] Group 3: BD (Butadiene) Data Spot - 山东市场价: On 12/9, it was 7,250, down 50 from the previous day and 175 from the previous week [4] - 江苏市场价: On 12/9, it was 7,200, down 50 from the previous day and 50 from the previous week [4] - 扬子出厂价: On 12/9, it was 7,200, unchanged from the previous day and up 100 from the previous week [4] - CFR中国: On 12/9, it was 860, unchanged from the previous day and up 40 from the previous week [4] Profit - 乙烯裂解利润: Data for 12/9 was not available [4] - 碳四抽提利润: Data for 12/9 was not available [4] - 丁烯氧化脱氢利润: On 12/9, it was -1,614, down 50 from the previous day and 20 from the previous week [4] - 进口利润: On 12/9, it was 186, down 44 from the previous day and 369 from the previous week [4] - 出口利润: On 12/9, it was -975, up 39 from the previous day and 396 from the previous week [4] Production Profit - 丁苯生产利润: On 12/9, it was 1,450, unchanged from the previous day and down 88 from the previous week [4] - ABS生产利润: Data for 12/9 was not available [4] - SBS生产利润: On 12/9, it was -420, unchanged from the previous day and down 85 from the previous week [4] Group 4: Data Source - Data sources include Mysteel and Wind [8]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report In the short - term, in the context of the strengthening of the cotton spot price, the price of the cotton 2509 contract may continue the trend of fluctuating and strengthening. It is necessary to closely monitor the support of the 5 - day moving average in the future [9]. 3. Summary by Relevant Catalogs 1. Market Overview and Market Review - **1.1 Overall Market Performance on the Day** - On July 2, 2025, the opening price of the main contract CF2509 of Zhengzhou Commodity Exchange's cotton futures was 13,730 yuan/ton. The price showed a fluctuating and strengthening pattern during the day, with an intraday peak of 13,850 yuan/ton and an intraday low of 13,720 yuan/ton. It finally closed at 13,805 yuan/ton, up 70 yuan/ton or 0.51% from the previous trading day's settlement price. The trading volume for the whole day was 182,581 lots, the open interest decreased by 2,771 lots, and the total open interest reached 560,465 lots [2]. - The trading volume of cotton options on that day was 95,770 lots, and the total open interest reached 360,536 lots, an increase of 7,129 lots compared with the previous trading day [2]. - **1.2 Futures Market Data** - For contract CF2507, the closing price was 13,600 yuan/ton, up 85 yuan/ton or 0.63%, with a trading volume of 1,081 lots, an amplitude of 0.67%, an open interest of 18,553 lots, and a daily decrease of 98 lots. - For contract CF2509, the closing price was 13,805 yuan/ton, up 70 yuan/ton or 0.51%, with a trading volume of 182,581 lots, an amplitude of 0.95%, an open interest of 560,465 lots, and a daily decrease of 2,771 lots. - For contract CF2601, the closing price was 13,820 yuan/ton, up 70 yuan/ton or 0.51%, with a trading volume of 53,324 lots, an amplitude of 0.98%, an open interest of 193,520 lots, and a daily increase of 2,882 lots [5]. - **1.3 Spot Market Data** - According to the monitoring data of the Cotlook M Index on July 2, the average arrival price of imported cotton was 75.54 cents/pound, down 0.18 cents/pound from July 1. After conversion, the import cost was 13,156 yuan/ton under the 1% tariff and 14,003 yuan/ton under the sliding - scale tariff [5]. - The domestic CC Index 3128B closed at 15,089 yuan/ton, up 40 yuan/ton from July 1. The arrival price of Xinjiang cotton at Shandong warehouses (Grade 3128B) was currently quoted at 15,180 yuan/ton, also up 40 yuan/ton from July 1. The national cotton basis index CNCottonJ (CF2509) was quoted at 1,038 yuan/ton, up 8 yuan/ton from July 1 [6]. 2. Analysis of Influencing Factors - **2.1 Tracking and Interpretation of Related Data** - **Analysis of the Open Interest of the Main Contract**: Among the top 20 seats of the main contract, the top three long - position increasing seats were CITIC Futures with a position of 85,574 lots and an increase of 3,044 lots, Dongzheng Futures with a position of 21,992 lots and an increase of 1,483 lots, and Founder CIFCO with a position of 14,683 lots and an increase of 291 lots. The top three long - position decreasing seats were Galaxy Futures with a position of 13,958 lots and a decrease of 4,008 lots, COFCO Futures with a position of 26,882 lots and a decrease of 2,011 lots, and Shenyin Wanguo with a position of 11,308 lots and a decrease of 1,212 lots [8]. - Among the top 20 seats of the main contract, the top three short - position increasing seats were Green大华 Futures with a position of 8,408 lots and an increase of 553 lots, Guotai Junan with a position of 25,157 lots and an increase of 270 lots, and Huatai Futures with a position of 10,568 lots and an increase of 263 lots. The top three short - position decreasing seats were COFCO Futures with a position of 53,340 lots and a decrease of 1,487 lots, Shenyin Wanguo with a position of 7,943 lots and a decrease of 1,251 lots, and Yong'an Futures with a position of 34,039 lots and a decrease of 596 lots [8].