1. Report Industry Investment Rating - The industry investment rating is "Oscillating operation, with fundamental pressure but valuation support" for synthetic rubber [1] 2. Core View of the Report - In the short - term, after the trading of low warehouse receipts and Southeast Asian natural disasters in the rubber sector, it has returned to an oscillating pattern. Due to two consecutive weeks of slight inventory accumulation in butadiene rubber, it is in a profit - shrinking trading logic under the inventory - accumulation pattern and is experiencing a short - term weak decline. In the medium - term, the fundamental pressure on butadiene remains high, driving down the lower limit of the dynamic valuation of butadiene rubber. The butadiene rubber futures price reflects the expectation of profit contraction. With the weak industrial chain fundamentals, butadiene rubber will return to an oscillating and pressured pattern after a short - term rebound. Attention should be paid to the supply - demand pattern improvement and inventory data in late November and early December [4] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking 3.1.1 Futures Market - For the butadiene rubber main contract (01 contract), the daily closing price decreased from 10,395 yuan/ton to 10,270 yuan/ton, a decrease of 125 yuan/ton; the trading volume decreased from 131,155 lots to 114,069 lots, a decrease of 17,086 lots; the open interest decreased from 70,323 lots to 68,735 lots, a decrease of 1,588 lots; and the trading volume decreased from 678,682 ten - thousand yuan to 588,418 ten - thousand yuan, a decrease of 90,264 ten - thousand yuan [1] 3.1.2 Spread Data - The basis of Shandong butadiene - futures main contract increased from 105 to 230, an increase of 125; the monthly spread of BR12 - BR01 decreased from 0 to -30 [1] 3.1.3 Spot Market - For butadiene rubber prices, North China private butadiene decreased from 10,050 yuan/ton to 10,000 yuan/ton; East China private butadiene decreased from 10,250 yuan/ton to 10,200 yuan/ton; South China private butadiene decreased from 10,300 yuan/ton to 10,250 yuan/ton; Shandong butadiene market price (delivery product) remained unchanged at 10,500 yuan/ton. For styrene - butadiene rubber prices, Qilu styrene - butadiene (model 1502) decreased from 11,050 yuan/ton to 10,950 yuan/ton; Qilu styrene - butadiene (model 1712) decreased from 10,000 yuan/ton to 9,900 yuan/ton. For butadiene prices, the mainstream price in Jiangsu decreased from 7,000 yuan/ton to 6,950 yuan/ton; the mainstream price in Shandong decreased from 7,175 yuan/ton to 7,150 yuan/ton [1] 3.1.4 Fundamental Indicators - The butadiene rubber operating rate remained unchanged at 68.4798%; the theoretical full cost of butadiene rubber remained unchanged at 9,916 yuan/ton; the butadiene rubber profit decreased from 784 yuan/ton to 484 yuan/ton, a decrease of 300 yuan/ton [1] 3.2 Industry News - From November 13 - 19, 2025, the total domestic butadiene sample inventory increased significantly, with a week - on - week increase of 17.99%. The sample enterprise inventory increased by 1.17% week - on - week, and the sample port inventory increased by 37.24% week - on - week. The market supply has increased recently, and the inventory accumulation has been aggravated [1][3] - As of November 26, 2025, the domestic butadiene rubber inventory was 32,400 tons, an increase of 900 tons from the previous period, a week - on - week increase of 2.95%. Due to sufficient supply of private resources and a lack of cost - side driving factors, downstream price - pressing mentality was firm, and the inventory of sample production enterprises and sample trading enterprises both increased [4] 3.3 Trend Intensity - The trend intensity of synthetic rubber is 0, indicating a neutral view [3]