Summary of Key Points 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The butadiene rubber market this week was mainly affected by news factors of natural rubber and butadiene. With no clear positive factors in the supply - demand fundamentals, downstream continuous price - pressing led to weak trading performance. The inventory of sample production enterprises increased, while that of sample trading enterprises decreased slightly. As the production of previously - overhauled enterprises gradually returned to normal, the capacity utilization rate of domestic tire enterprises increased week - on - week, but the shipment pace of each tire enterprise was slow. In the short term, the production control behavior of enterprises still exists, and the increase in the overall capacity utilization rate is expected to be limited. The br2601 contract is expected to fluctuate in the range of 10,400 - 10,900 in the short term [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract of synthetic rubber was 10,455 yuan/ton, a decrease of 120 yuan/ton; the position of the main contract was 32,069, a decrease of 6,917; the 1 - 2 spread of synthetic rubber was 5 yuan/ton, unchanged; the number of warehouse receipts of butadiene rubber was 3,340 tons, a decrease of 10 tons [2] 3.2 Spot Market - The mainstream price of BR9000 from Qilu Petrochemical in Shandong was 10,500 yuan/ton, unchanged; that from Daqing Petrochemical in Shandong was 10,500 yuan/ton, unchanged; that from Daqing Petrochemical in Shanghai was 10,500 yuan/ton, unchanged; that from Maoming Petrochemical in Guangdong was 10,700 yuan/ton, unchanged. The basis of synthetic rubber was - 25 yuan/ton, an increase of 110 yuan/ton. Brent crude oil was 62.67 US dollars/barrel, an increase of 0.22 US dollars/barrel; naphtha CFR Japan was 567.25 US dollars/ton, a decrease of 0.25 US dollars/ton; Northeast Asian ethylene price was 740 US dollars/ton, unchanged; the intermediate price of butadiene CFR China was 820 US dollars/ton, unchanged; WTI crude oil was 58.95 US dollars/barrel, an increase of 0.31 US dollars/barrel; the mainstream price of butadiene in Shandong market was 7,425 yuan/ton, a decrease of 75 yuan/ton [2] 3.3 Upstream Situation - The weekly capacity of butadiene was 15.94 million tons/week, unchanged; the capacity utilization rate of butadiene was 70.97%, a decrease of 1.56 percentage points; the port inventory of butadiene was 47,300 tons, an increase of 7,500 tons; the operating rate of Shandong local refineries' atmospheric and vacuum distillation was 54.99%, an increase of 0.73 percentage points; the monthly output of butadiene rubber was 137,600 tons, an increase of 7,200 tons; the weekly capacity utilization rate of butadiene rubber was 70.19%, a decrease of 2.45 percentage points; the weekly production profit of butadiene rubber was 434 yuan/ton, an increase of 150 yuan/ton; the social inventory of butadiene rubber was 32,400 tons, an increase of 900 tons; the manufacturer inventory of butadiene rubber was 26,900 tons, an increase of 270 tons; the trader inventory of butadiene rubber was 5,540 tons, an increase of 660 tons [2] 3.4 Downstream Situation - The operating rate of domestic semi - steel tires was 69.19%, a decrease of 0.86 percentage points; the operating rate of domestic all - steel tires was 63.33%, an increase of 1.08 percentage points; the monthly output of all - steel tires was 12.42 million pieces, a decrease of 720,000 pieces; the monthly output of semi - steel tires was 51.68 million pieces, a decrease of 8.57 million pieces; the inventory days of all - steel tires in Shandong was 39.95 days, a decrease of 0.29 days; the inventory days of semi - steel tires in Shandong was 45.23 days, a decrease of 0.63 days [2] 3.5 Industry News - As of December 4, the capacity utilization rate of Chinese semi - steel tire sample enterprises was 68.33%, a week - on - week increase of 2.33 percentage points and a year - on - year decrease of 10.59 percentage points; the capacity utilization rate of Chinese all - steel tire sample enterprises was 64%, a week - on - week increase of 1.25 percentage points and a year - on - year increase of 4.87 percentage points. The production of overhauled sample enterprises gradually resumed during the week, driving the overall capacity utilization rate. In November, the domestic butadiene rubber output was 130,100 tons, a decrease of 7,500 tons from the previous month, a month - on - month decrease of 5.44% and a year - on - year increase of 8.43%. The capacity utilization rate of butadiene rubber in November was 68.13%, a decrease of 3.27 percentage points from the previous month and an increase of 0.53 percentage points from the same period last year. As of December 4, the domestic butadiene rubber inventory was 32,300 tons, a decrease of 100 tons from the previous period, a month - on - month decrease of 0.34%. Some tight - supply spot resources were replenished this period. However, due to continuous downstream price - pressing, the trading performance was weak [2]

Group 1: Report Industry Investment Rating - No information on the report industry investment rating is provided in the content. Group 2: Core View of the Report - The synthetic rubber futures market currently shows a pattern of loose supply and demand. The price of butadiene at the cost - end is weakly oscillating. The supply - side capacity utilization rate has increased, while the demand - side is weak. It is expected that the synthetic rubber futures will maintain an oscillating bottom - building trend in the future, and the rubber price in December lacks the impetus for continuous rise [2][5]. Group 3: Summary Based on Related Content Supply - side Situation - In the butadiene market, due to the normal operation of some domestic petrochemical plants and new device production, as well as the expected high import volume, the supply is in a continuous loose pattern. In November 2025, the capacity utilization rate of China's butadiene rubber was 68.13%, down 3.27 percentage points from the previous month but up 0.53 percentage points year - on - year. The output was 13.01 tons, down 0.75 tons month - on - month with a decline of 5.44% but up 8.43% year - on - year. The inventory continued to grow. By the end of November, the inventory of sample enterprises reached 3.24 tons, up 5.05% from the end of October, and the warehouse receipts of synthetic rubber futures on the Shanghai Futures Exchange were 1.54 tons, up 79.25% from the end of October [3]. Demand - side Situation - The tire industry, the largest consumer area of synthetic rubber, performed below expectations in November. Affected by seasonal demand decline and trade barriers, the capacity utilization rate of tire enterprises decreased. As of the week of November 28, the capacity utilization rate of domestic semi - steel tire sample enterprises was 66%, down 3.36 percentage points week - on - week and 13.64 percentage points year - on - year. The capacity utilization rate of all - steel tire sample enterprises was 62.75%, up 0.71 percentage points week - on - week and 2.68 percentage points year - on - year. Since semi - steel tires use more synthetic rubber, the significant decline in their capacity utilization rate highlights the slowdown in synthetic rubber demand [4]. Inventory and Future Outlook - With the weakening of tire enterprises' material demand, the inventory pressure of synthetic rubber is further highlighted. The average inventory turnover days of semi - steel tire enterprises increased to 45.86 days, and that of all - steel tires was 40.24 days. High inventory led to low procurement willingness of tire factories. It is expected that this situation will continue in December, dragging down the overall output. Other downstream industries have no growth highlights. In general, the supply of synthetic rubber futures will remain abundant in the future, and the demand is not optimistic. The rubber price in December is expected to oscillate and build a bottom [5].

2025 年 12 月 04 日 合成橡胶：震荡回落 杨鈜汉 投资咨询从业资格号：Z0021541 yanghonghan025588@gtjas.com 【基本面跟踪】 合成橡胶基本面数据 | 项目 | | 项目名称 | | 昨日数据 | 前日数据 | 变动幅度 | | --- | --- | --- | --- | --- | --- | --- | | 期货市场 | 顺丁橡胶主力 （01合约） | 日盘收盘价 | （元/吨） | 10,575 | 10,685 | -110 | | | | 成交量 | （手） | 122,663 | 171,287 | -48624 | | | | 持仓量 | （手） | 38,986 | 45,603 | -6617 | | | | 成交额 | （万元） | 654,114 | 901,657 | -247543 | | 价差数据 | 基差 | 山东顺丁-期货主力 | | -25 | -135 | 110 | | | 月差 | BR12-BR01 | | -65 | -55 | -10 | | 现货市场 | 顺丁价格 | 华北顺丁 | （民营） | 10,100 | ...

Core Viewpoint - Synthetic rubber futures experienced a rapid increase, with the main contract reaching a peak of 10,675.0 yuan, closing at 10,670.0 yuan, reflecting a rise of 3.84% [1] Group 1: Market Analysis - According to Ruida Futures, the BR2601 contract is expected to fluctuate in the range of 10,000 to 10,600 yuan in the short term [2] - Southwest Futures anticipates a wide range of price consolidation for styrene-butadiene rubber in the upcoming period, with limited downside potential [3] Group 2: Supply and Demand Dynamics - The domestic production of styrene-butadiene rubber is recovering as many previously shut down facilities are restarting, leading to an increase in supply [2] - The demand side shows a decrease in the operating rate of tire companies, with an increase in inventory turnover days, indicating a lack of strong terminal demand [3] - As of November 19, the social inventory of styrene-butadiene rubber stood at 31,500 tons, reflecting a week-on-week increase of 2.24% [3]

Group 1: Report Information - Report Name: Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [3] - Report Date: December 2, 2025 [3] Group 2: BR (Butadiene Rubber) Data Futures - BR主力合约(12) price on December 1 was 10310, with a daily change of -105 and a weekly change of 40 [4] - Open interest on December 1 was 48804, with a daily change of -3217 and a weekly change of -19931 [4] - Trading volume on December 1 was 123816, with a daily change of 26675 and a weekly change of 9747 [4] - Warehouse receipt quantity on December 1 was 15840, with a daily change of 300 and a weekly change of 3340 [4] - Long - short ratio on December 1 was 15.41, with a daily change of -1 and a weekly change of -12 [4] Basis/Spread - Butadiene rubber basis on December 1 was 90, with a daily change of 55 and a weekly change of -140 [4] - Styrene - butadiene basis on December 1 was 590, with a daily change of 105 and a weekly change of -90 [4] - 12 - 01 spread on December 1 was -40 [4] - 01 - 02 spread on December 1 was 0, with a daily change of 5 and a weekly change of -15 [4] - RU - BR spread on December 1 was 4940, with a weekly change of 85 [4] - NR - BR spread on December 1 was 1860, with a daily change of 0 and a weekly change of -20 [4] Spot - Shandong market price on December 1 was 10400, with a daily change of -50 and a weekly change of -100 [4] - Transfar market price on December 1 was 10250, with a daily change of -100 and a weekly change of -50 [4] - Qilu ex - factory price on December 1 was 10400, with no daily or weekly change [4] - CFR Northeast Asia price on December 1 was 1325, with no daily or weekly change [4] - CFR Southeast Asia price on December 1 was 1600, with no daily or weekly change [4] Profit - Spot processing profit on December 1 was 805, with a daily change of -76 and a weekly change of -202 [4] - Import profit on December 1 was -698, with a daily change of -51 and a weekly change of -86 [4] - Export profit on December 1 was 1628, with a daily change of 45 and a weekly change of 73 [4] Group 3: BD (Butadiene) Data Spot - Shandong market price on December 1 was 7250, with a weekly change of 100 [4] - Yangzi ex - factory price on December 1 was 7100, with no daily change [4] - CFR China price on December 1 was 820, with no daily change and a weekly change of 50 [4] Profit - Ethylene cracking profit data after November 27 was N/A [4] - Carbon four extraction profit data after November 28 was N/A [4] - Butene oxidative dehydrogenation profit on December 1 was -1789, with a daily change of 25 and a weekly change of 75 [4] - Import profit on December 1 was 319, with a daily change of 24 and a weekly change of -317 [4] - Export profit on December 1 was -d22, with a daily change of 120 [4] Group 4: Production Profit Data - Styrene - butadiene production profit on December 1 was 1363, with no daily change and a weekly change of 50 [4] - ABS production profit data after November 28 was N/A [4] - SBS production profit on December 1 was -302, with no daily change and a weekly change of 40 [4]

Report Overview - Report Name: Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [3] - Report Date: December 1, 2025 [3] 1. Report Industry Investment Rating - Not provided in the content 2. Report's Core View - Not provided in the content 3. Summary According to Related Catalogs BR (Butadiene Rubber) Futures Information - BR主力合约(12)价格11月28日为10415，日度变化15，周度变化20；持仓量52021，日度变化 -6808，周度变化 -18302；成交量97141，日度变化14659，周度变化 -34014；仓单数量15540，日度变化90，周度变化3040；虚实比16.74，日度变化 -2，周度变化 -11 [4] - 顺丁基差35，日度变化35，周度变化 -70；丁本县差485，日度变化 -15，周度变化 -170；12 - 01为 -30，日度变化 -30；01 - 02为 -5，日度变化 -10，周度变化 -25；RU - BR为4995，日度变化115，周度变化70；NR - BR为1860，周度变化 -20 [4] Spot Information - 山东市场价10450，日度变化50，周度变化 -50；传化市场价10350，日度变化20，周度变化0；齐鲁出厂价10400，日度变化0，周度变化 -300；CFR东北亚1325，日度变化0，周度变化 -25；CFR东南亚1600，日度变化0，周度变化 -40 [4] Profit Information - 现货加工利润881，日度变化25，周度变化 -101；进口利润 -648，周度变化197；出口利润1584，日度变化 -52，周度变化 -286 [4] BD (Butadiene) Spot Information - 山东市场价7225，日度变化25，周度变化50；江苏市场价7000，日度变化0，周度变化0；扬子出厂价7100，日度变化0，周度变化 -100；CFR中国820，日度变化0，周度变化50 [4] Profit Information - 乙烯裂解利润 -63到 N/A；碳四抽提利润911到 N/A；丁烯氧化脱氢利润 -1814，日度变化0，周度变化0；进口利润294，日度变化5，周度变化 -374；出口利润 -933，日度变化350，周度变化 -804 [4] Production Profit - 丁苯生产利润1363，日度变化0，周度变化 -50；ABS生产利润 -369，日度变化 -20，周度变化 -67；SBS生产利润 -302，日度变化0，周度变化40 [4]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The BR2601 contract is expected to fluctuate in the range of 10,100 - 10,700 in the short - term [7]. - The price of cis - butadiene rubber in the Shandong market fluctuated narrowly this week, with the spot price ranging from 9,750 to 10,650 yuan/ton. The ex - factory price of Sinopec's BR9000 was 10,400 yuan/ton, and that of PetroChina's sales companies was between 10,400 - 10,500 yuan/ton [8]. - Most previously shut - down cis - butadiene rubber plants have restarted, and domestic production has recovered. With sufficient supply of private resources and a lack of cost - side drivers, downstream buyers are firm in pressing for lower prices, and the negotiation focus of spot prices remains under pressure. Inventories of producers and traders have both increased. Considering the maintenance of Maoming Petrochemical's plant and the output release after some plants restart, the overall supply is expected to change little, while downstream demand may continue to press for lower prices. The increase in inventories of producers and traders is expected to be limited in the short term [8]. - This week, some semi - steel tire enterprises carried out maintenance, dragging down the capacity utilization rate. The full - steel tire enterprises that had been under maintenance resumed work, and the capacity utilization rate recovered. Next week, as the maintenance enterprises gradually resume normal operation, the overall capacity utilization rate will recover, but some enterprises have maintenance plans at the end of this month and early next month, which will limit the increase in the overall capacity utilization rate [8]. 3. Summary by Directory 3.1. Week - on - Week Summary - Strategy suggestion: The BR2601 contract is expected to fluctuate in the range of 10,100 - 10,700 in the short - term [7]. - Market review: The price of cis - butadiene rubber in the Shandong market fluctuated narrowly this week, with the spot price ranging from 9,750 to 10,650 yuan/ton. The ex - factory price of Sinopec's BR9000 was 10,400 yuan/ton, and that of PetroChina's sales companies was between 10,400 - 10,500 yuan/ton [8]. - Market outlook: Supply has recovered, downstream demand is pressing for lower prices, and inventories of producers and traders have increased. The overall supply is expected to change little, and the increase in inventories is expected to be limited in the short term. The capacity utilization rate of tire enterprises will recover next week but will be limited by maintenance plans [8]. 3.2. Futures and Spot Markets 3.2.1. Futures Market - Price trend: The price of the synthetic rubber futures main contract oscillated and closed higher this week, with a weekly increase of 0.29% [12]. - Position analysis: No specific content provided. - Inter - period spread: As of November 28, the spread between contracts 1 and 2 of butadiene rubber was - 5 [19]. - Warehouse receipts: As of November 28, the warehouse receipts of cis - butadiene rubber were 3,110 tons, an increase of 130 tons from last week [22]. 3.2.2. Spot Market - Spot price: As of November 27, the price of Qilu Petrochemical's BR9000 in the Shandong market was 10,400 yuan/ton, a decrease of 50 yuan/ton from last week [28]. - Basis: As of November 27, the basis of butadiene rubber was 0 yuan/ton, a decrease of 65 yuan/ton from last week [28]. 3.3. Industry Situation 3.3.1. Upstream - Naphtha and ethylene prices: As of November 27, the CFR mid - price of naphtha in Japan was 566 US dollars/ton, an increase of 4.12 US dollars/ton from last week; the CIF mid - price of Northeast Asian ethylene was 730 US dollars/ton, unchanged from last week [31]. - Butadiene capacity utilization rate and port inventory: As of November 28, the weekly capacity utilization rate of butadiene was 70.97%, a decrease of 1.56% from last week; the port inventory of butadiene was 47,300 tons, an increase of 7,500 tons from last week [34]. 3.3.2. Industry - Cis - butadiene rubber production and capacity utilization rate: In November 2025, the domestic production of cis - butadiene rubber was 130,100 tons, a decrease of 7,500 tons from last month. As of November 27, the weekly capacity utilization rate of domestic cis - butadiene rubber was 70.19%, a decrease of 2.45% from last week [37]. - Cis - butadiene rubber production profit: As of November 27, the domestic production profit of cis - butadiene rubber was 434 yuan/ton, an increase of 150 yuan/ton from last week [40]. - Cis - butadiene rubber inventory: As of November 28, the domestic social inventory of cis - butadiene rubber was 32,440 tons, an increase of 930 tons from last week; the producer inventory was 26,900 tons, an increase of 270 tons from last week; the trader inventory was 5,540 tons, an increase of 660 tons from last week [44]. 3.3.3. Downstream - Tire capacity utilization rate: As of November 27, the capacity utilization rate of China's semi - steel tire sample enterprises was 66%, a decrease of 3.36 percentage points from the previous week and a decrease of 13.64 percentage points from the same period last year; the capacity utilization rate of full - steel tire sample enterprises was 62.75%, an increase of 0.71 percentage points from the previous week and an increase of 2.68 percentage points from the same period last year [47]. - Tire export volume: In October 2025, China's tire export volume was 653,100 tons, a decrease of 50,500 tons from the previous month and a decrease of 6.79% from the same period last year. From January to October, the cumulative tire export volume was 7,043,800 tons, a cumulative year - on - year increase of 3.68%. Among them, the export volume of passenger car tires was 225,900 tons, a decrease of 13.23% from the previous month and a decrease of 12.82% from the same period last year; the cumulative export volume from January to October was 2,726,600 tons, a cumulative year - on - year decrease of 0.08%. The export volume of truck and bus tires was 398,500 tons, a decrease of 0.35% from the previous month and a decrease of 3.85% from the same period last year; the cumulative export volume from January to October was 4,026,500 tons, a cumulative year - on - year increase of 5.53% [50]. 3.4. Options Market Analysis No relevant content provided.

Report Title - Synthetic Rubber Morning Report [2] Report Date - November 26, 2025 [3] Report Team - Research Center's Energy and Chemicals Team [3] Key Points from Data Table BR (Butadiene Rubber) - **Futures Information**: On November 25, the BR12 main contract price was 10,270, down 125 from the previous day and 435 from the previous week. The open interest was 68,735, down 1,588 daily and 2,643 weekly. The trading volume was 114,069, down 17,086 daily and 6,411 weekly. The warrant quantity was 12,500, unchanged daily and up 470 weekly. The long - short ratio was 27.49, down 1 daily and 2 weekly [4]. - **Basis/Spread Information**: The butadiene rubber basis was 230, up 125 daily and 335 weekly. The styrene - butadiene basis was 680, up 25 daily and 285 weekly. The 12 - 01 spread was - 30, down 30 daily and up 10 weekly. The 01 - 02 spread was 15, down 5 daily and unchanged weekly. The RU - BR spread was 4,855, down 70 daily and up 120 weekly. The NR - BR spread was 1,880, unchanged daily and up 105 weekly [4]. - **Spot and Price Information**: The Shandong market price was 10,500, unchanged daily and down 100 weekly. The Transfar market price was 10,300, down 50 daily and 150 weekly. The Qilu ex - factory price was 10,700, unchanged daily and weekly. The CFR Northeast Asia price was 1,325, down 25 daily and weekly. The CFR Southeast Asia price was 1,600, down 40 daily and weekly [4]. - **Profit Information**: The spot processing profit was 1,007, up 26 daily and 257 weekly. The import profit was - 640, up 205 daily and 112 weekly. The export profit was 1,582, down 289 daily and 209 weekly [4]. BD (Butadiene) - **Spot and Price Information**: The Shandong market price was 7,150, down 25 daily and 350 weekly. The Jiangsu market price was 6,950, down 50 daily and 275 weekly. The Yangzi ex - factory price was 7,200, unchanged daily and weekly. The CFR China price was 800, up 30 daily and weekly [4]. - **Profit Information**: The ethylene cracking profit was N/A. The carbon - four extraction profit was N/A. The butene oxidative dehydrogenation profit was - 1,864, down 50 daily and 275 weekly. The import profit was 379, down 288 daily and 509 weekly. The export profit was - 1,224, up 42 daily and down 1,117 weekly. The styrene - butadiene production profit was N/A. The ABS production profit was N/A. The SBS production profit was - 345, unchanged daily and up 15 weekly [4] Data Sources - Mysteel, Wind [8]

1. Report Industry Investment Rating - No relevant information provided. 2. Core View of the Report - After the restart of previously overhauled devices, the short - term domestic output of cis - butadiene rubber is expected to increase, and the inventories of production enterprises and trading enterprises are also expected to rise slightly. The cost side support has strengthened slightly, but high - premium offers and private price - holding strategies have difficulty attracting buyers. Last week, tire enterprises had insufficient orders, some arranged overhauls and some reduced production, dragging down tire capacity utilization. As the production scheduling of overhauled enterprises gradually recovers, the tire enterprises' capacity utilization may show a restorative increase this week, but the overall demand improvement space is limited, and enterprise production control will continue to restrict the increase in capacity utilization. The br2601 contract is expected to fluctuate between 10,000 - 10,500 in the short term [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract for synthetic rubber was 10,270 yuan/ton, a decrease of 125 yuan/ton; the position of the main contract was 15 (units not specified), a decrease of 5; the 1 - 2 spread of synthetic rubber was not specified in the change; the total warehouse receipt quantity of butadiene rubber in warehouses was 68,735 tons, a decrease of 1,588 tons [2]. 3.2 Spot Market - The mainstream prices of cis - butadiene rubber (BR9000) from different manufacturers in different regions increased by 50 yuan/ton. The basis of synthetic rubber was 105 yuan/ton, a decrease of 10 yuan/ton. The price of Brent crude oil was 63.37 dollars/barrel, an increase of 0.81 dollars/barrel; the price of naphtha CFR Japan was 562.63 dollars/ton, an increase of 0.75 dollars/ton [2]. 3.3 Upstream Situation - The price of Northeast Asian ethylene was 730 dollars/ton, unchanged; the intermediate price of butadiene CFR China was 800 dollars/ton, an increase of 30 dollars/ton; the price of WTI crude oil was 58.84 dollars/barrel, an increase of 0.78 dollars/barrel; the market price of butadiene in Shandong was 7,175 yuan/ton, a decrease of 175 yuan/ton. The weekly capacity of butadiene was 15.94 million tons/week, an increase of 0.38 million tons/week; the capacity utilization rate of butadiene was 72.53%, a decrease of 0.49 percentage points. The port inventory of butadiene was 39,800 tons, an increase of 10,800 tons; the operating rate of Shandong local refineries' atmospheric and vacuum distillation was 54.26%, an increase of 1.01 percentage points [2]. 3.4 Downstream Situation - The operating rate of domestic semi - steel tires was 70.05%, a decrease of 3.63 percentage points; the operating rate of domestic all - steel tires was 62.25%, a decrease of 2.25 percentage points. The monthly output of all - steel tires was 12.42 million pieces, a decrease of 720,000 pieces; the monthly output of semi - steel tires was 51.68 million pieces, a decrease of 8.57 million pieces. The inventory days of all - steel tires in Shandong were 40.24 days, an increase of 0.69 days; the inventory days of semi - steel tires in Shandong were 45.86 days, an increase of 0.5 days [2]. 3.5 Industry News - As of November 20, the capacity utilization rate of Chinese semi - steel tire sample enterprises was 69.36%, a decrease of 3.63 percentage points month - on - month and 10.40 percentage points year - on - year; the capacity utilization rate of all - steel tire sample enterprises was 62.04%, a decrease of 2.25 percentage points month - on - month and an increase of 1.56 percentage points year - on - year. In October 2025, the domestic output of cis - butadiene rubber was 137,600 tons, an increase of 7,200 tons month - on - month and 24.07% year - on - year. The capacity utilization rate of cis - butadiene rubber was 71.39%, an increase of 1.46 percentage points from the previous period and 10.93 percentage points from the same period last year. As of November 19, the domestic inventory of cis - butadiene rubber was 31,500 tons, an increase of 7,000 tons from the previous period, a month - on - month increase of 2.24% [2]. 3.6 Key Points of Concern - There is no news today [2].

Report Information - Report Name: Synthetic Rubber Morning Report [2][10] - Research Team: Energy and Chemicals Team of the Research Center [3][11] - Report Date: November 25, 2025 [3][11] Key Points BR (Butadiene Rubber) - **Futures Information**: On November 24, the price of the BR main contract (12) was 10,395, with a daily increase of 10 and a weekly decrease of 110. The holding volume was 70,323, with a daily increase of 2,076 and a weekly decrease of 1,698. The trading volume was 131,155, with a daily decrease of 36,200 and a weekly decrease of 9,991. The warehouse receipt quantity was 12,500, with a daily increase of 470 and a weekly increase of 250. The virtual - real ratio was 28.13, with no daily change and a weekly decrease of 1 [4][12]. - **Basis/Month Spread/Inter - Variety Spread**: The 12 - 01 spread was 0, with a daily increase of 30 and a weekly decrease of 5. The 01 - 02 spread was 20, with a daily decrease of 10 and no weekly change. The RU - BR spread was 4,925, with a daily increase of 70 and a weekly increase of 135. The NR - BR spread was 1,880, with a daily decrease of 20 and a weekly increase of 40 [4][12]. - **Spot Price**: The Shandong market price was 10,500, with a daily increase of 50 and a weekly decrease of 50. The Transfar market price was 10,350, with no daily change and a weekly decrease of 50. The Qilu ex - factory price was 10,700, with no daily change and a weekly increase of 200. The CFR Northeast Asia price was 1,350, with no daily or weekly change. The CFR Southeast Asia price was 1,700, with no daily or weekly change [4][12]. - **Profit**: The spot processing profit was 982, with a daily increase of 229 and a weekly increase of 78. The import profit was - 849, with a daily increase of 62 and a weekly decrease of 49. The export profit was 1,875, with a daily decrease of 56 and a weekly increase of 43 [4][12]. BD (Butadiene) - **Spot Price**: The Shandong market price was 7,175, with a daily decrease of 175 and a weekly decrease of 125. The Jiangsu market price was 7,000, with a daily decrease of 50 and a weekly decrease of 50. The Yangzi ex - factory price was 7,200, with no daily change and a weekly increase of 200. The CFR China price was 970, with no daily or weekly change [4][12]. - **Profit**: The ethylene cracking profit was - 56 on November 21 (data for November 24 is unavailable). The C4 extraction profit was 195 on November 20 and 285 on November 21 (data for November 24 is unavailable). The butene oxidative dehydrogenation profit was - 1,814, with a daily decrease of 50 and a weekly decrease of 50 [4][12].