Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The price of synthetic rubber is expected to oscillate. The fundamentals of butadiene and cis - butadiene rubber are under pressure, with supply growth outpacing demand. However, the overall static valuation of cis - butadiene rubber is currently moderately low, and there are many important macro - events recently, so the price is supported by macro - sentiment [3] Group 3: Summary According to Relevant Catalogs 1. Fundamental Tracking - **Futures Market**: For the cis - butadiene rubber main contract (11 contract), the daily closing price was 11,120 yuan/ton (up 70 yuan from the previous day), the trading volume was 99,398 lots (up 19,944 lots), the open interest was 69,872 lots (down 2,100 lots), and the trading volume was 5.52049 billion yuan (up 1.14297 billion yuan) [1] - **Spread Data**: The basis of Shandong cis - butadiene - futures main contract was - 20 yuan (down 70 yuan from the previous day), and the monthly spread of BR11 - BR12 was 60 yuan (down 10 yuan) [1] - **Spot Market**: The prices of cis - butadiene in North China, East China, South China, and Shandong remained unchanged. The prices of Qilu styrene - butadiene rubber (models 1502 and 1712) also remained unchanged. The mainstream prices of butadiene in Jiangsu and Shandong decreased by 50 yuan to 8,450 yuan/ton [1] - **Fundamentals**: The cis - butadiene operating rate was 71.304% (unchanged), the theoretical full cost of cis - butadiene was 11,358 yuan/ton (unchanged), and the cis - butadiene profit was - 158 yuan/ton (unchanged) [1] 2. Industry News - As of October 22, 2025, the latest inventory of butadiene in East China ports was about 24,600 tons, a decrease of 6,200 tons from the previous period. Ship arrivals were limited, downstream raw material inventories were normally consumed, and the short - term tradable volume was limited, leading to the decline in port inventory. Merchants expect sufficient imports in October [2] - As of October 22, 2025, the domestic cis - butadiene rubber inventory was 33,200 tons, an increase of 400 tons from the previous period, a month - on - month increase of 1.25%. The spot market was driven by the expectation of reduced trade frictions and the strengthening of natural rubber. The mainstream supply price rebounded, and low - price transactions improved. However, there were more overhauls of domestic cis - butadiene rubber plants, and some sample production enterprises stocked up, resulting in an increase in the overall inventory of sample production enterprises and a decrease in the inventory of sample trading enterprises [2][3]

Report Information - Report Title: Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [3] - Report Date: October 23, 2025 [3] Key Points BR (Butadiene Rubber) Futures Market - The closing price of the BR12 main contract on October 22 was 11,050, up 10 from the previous day and down 85 from the previous week [4]. - The open interest was 71,972, down 836 from the previous day and up 53,561 from the previous week [4]. - The trading volume was 79,454, down 44,237 from the previous day and up 2,550 from the previous week [4]. - The number of warehouse receipts was 8,920, up 300 from the previous day and up 170 from the previous week [4]. - The long - short ratio was 40.34, down 2 from the previous day and up 30 from the previous week [4]. Basis, Spread and Inter - Variety Spread - The basis between BR12 and BR01 was 25, up 5 from the previous day and unchanged from the previous week [4]. - The spread between BR01 and BR02 was 10, down 5 from the previous day and up 10 from the previous week [4]. - The spread between RU - BR was 4,100, down 10 from the previous day and up 335 from the previous week [4]. - The spread between NR - BR was 1,300, down 25 from the previous day and up 120 from the previous week [4]. Spot Market - The Shandong market price was 11,100, unchanged from the previous day and up 50 from the previous week [4]. - The Transfar market price was 10,950, unchanged from the previous day and up 50 from the previous week [4]. - The Qilu ex - factory price was 11,200, unchanged from the previous day and the previous week [4]. - The CFR Northeast Asia price was 1,475, unchanged from the previous day and down 25 from the previous week [4]. - The CFR Southeast Asia price was 1,700, unchanged from the previous day and the previous week [4]. Profit - The spot processing profit was 230, up 102 from the previous day and up 203 from the previous week [4]. - The import profit was - 1,277, down 2 from the previous day and up 255 from the previous week [4]. - The export profit was 1,803, up 2 from the previous day and down 47 from the previous week [4]. BD (Butadiene) Spot Market - The Shandong market price was 8,500, down 100 from the previous day and down 150 from the previous week [4]. - The Jiangsu market price was 8,500, down 25 from the previous day and down 50 from the previous week [4]. - The Yangzi ex - factory price was 8,600, unchanged from the previous day and the previous week [4]. - The CFR China price was 975, down 35 from the previous week [4]. Profit - The carbon - four extraction profit was 1,885 (data for October 20) [4]. - The butylene oxidative dehydrogenation profit was - 104, down 25 from the previous day and up 20 from the previous week [4]. - The import profit was 203 (data for October 22), up 234 from the previous week [4]. - The export profit was - 921, down 48 from the previous day and down 386 from the previous week [4]. Production Profit of Related Products - The butadiene - styrene production profit was 863, unchanged from the previous day and up 138 from the previous week [4]. - The ABS production profit was - 33 (data for October 20) [4]. - The SBS production profit was 175, down 300 from the previous day and down 810 from the previous week [4].

Core Viewpoint - India has imposed a five-year anti-dumping tax on nitrile rubber from multiple countries, including China, which poses significant challenges for China's nitrile rubber industry, necessitating structural adjustments and technological innovation for sustainable development [1] Market Conditions - The nitrile rubber market has been sluggish in 2023, with the third quarter showing a typical "top and bottom" horizontal fluctuation pattern, where prices remained within a narrow range of 300 yuan per ton [2] - Domestic production saw a significant decrease of approximately 17.7% in the third quarter due to maintenance by major producers, creating a solid price floor [2] - Demand has weakened, with downstream industries operating at low capacity due to high temperatures and inventory issues, leading to disappointing recovery during the traditional peak season [2] - The cost support for nitrile rubber has weakened, with the price of its main raw material, butadiene, remaining below 10,000 yuan per ton, limiting price increase drivers [2] Future Outlook - The domestic market is expected to weaken further, with a projected 20% increase in production in the fourth quarter, while downstream demand may only grow by about 7% [3] - The supply-demand imbalance, coupled with declining raw material prices, indicates significant downward pressure on domestic nitrile rubber prices [3] Impact of Indian Anti-Dumping Tax - India has become the largest export destination for Chinese nitrile rubber, accounting for 38.5% of total exports in the first eight months of the year [4] - The imposition of a 291 USD anti-dumping tax will diminish China's price competitiveness, leading to a potential reduction in export volumes to India [4] - The shift of some export goods to the domestic market will intensify competition, risking a price war and further compressing profit margins [4] Industry Challenges and Opportunities - The industry faces a core challenge of an oversupply of low-end products, with high-performance products still reliant on imports [5] - Recent government policies aim to support the development of specialty rubber products, encouraging companies to increase R&D investments and improve product performance [5] - Companies are advised to explore new markets, particularly in Southeast Asia and the Middle East, while also targeting customers in Europe and America to enhance brand image and technical standards [6] - Long-term strategies may include local production in target markets to bypass trade barriers and transition from "product output" to "capacity output" [6]

Core Viewpoint - India has imposed a five-year anti-dumping tax on nitrile rubber from multiple countries, including China, which poses significant challenges for China's nitrile rubber industry, necessitating structural adjustments and technological innovation for sustainable development [1] Market Conditions - The nitrile rubber market has been sluggish in 2023, with the third quarter showing a typical "top and bottom" horizontal fluctuation pattern, where prices were confined within a narrow range of 300 yuan per ton [2] - Domestic production saw a significant decrease of approximately 17.7% in the third quarter due to maintenance by major producers, creating a solid price floor [2] - Demand has weakened, with downstream industries operating at low capacity due to high temperatures and inventory issues, leading to disappointing recovery during the traditional peak season [2] - The cost support for nitrile rubber has diminished, as the price of its main raw material, butadiene, remained below 10,000 yuan per ton, limiting upward price momentum [2] Future Outlook - The domestic market fundamentals are expected to weaken further, with a projected 20% increase in production in the fourth quarter, while downstream demand may only grow by about 7% [3] - The supply-demand imbalance, coupled with declining raw material prices, indicates significant downward pressure on domestic nitrile rubber prices [3] Impact of Indian Anti-Dumping Tax - India has become the largest export destination for Chinese nitrile rubber, accounting for 38.5% of total exports in the first eight months of the year [4] - The imposition of a 291 USD anti-dumping tax will erode China's competitive pricing advantage, leading to a potential reduction in export volumes to India [4] - The shift of some export products to the domestic market will intensify competition, risking price wars and further compressing profit margins [4] Industry Challenges and Opportunities - The Chinese nitrile rubber industry faces a core issue of an oversupply of low-end products, with high-performance products still reliant on imports [5] - Recent government initiatives aim to support the development of specialty rubber products, encouraging companies to increase R&D investments and improve product performance [5] - Companies are advised to explore new markets, particularly in Southeast Asia and the Middle East, while also targeting customers in Europe and America to enhance brand image and technical standards [6] - There is an urgent need for companies to implement cost-reduction strategies and consider local production options in target markets to mitigate the impact of trade barriers [6]

"该标准实施后，将有效规范钕系丁二烯橡胶的工业化生产、质量检验与应用评价全环节，推动国产产 品质量稳定性进一步提升，助力我国高端合成橡胶在国内外市场的份额持续扩大。"独山子石化公司规 划和科技信息部副经理周豪说。 据悉，独山子石化公司长期致力于国际、国家、行业及团体标准的制修订工作，截至目前累计主导或参 与发布国际标准3项、国家标准37项、行业标准11项、团体及地方标准31项。 中化新网讯 近日从中国石油独山子石化公司传来消息，该公司主导制定的国家标准《钕系丁二烯橡 胶》(GB/T46327—2025)由国家标准化管理委员会于10月5日正式发布，将于2026年5月1日起正式实施。 钕系丁二烯橡胶是生产高性能绿色轮胎的核心原料，具有高顺式结构与优异线性链特征，能提升产品的 耐磨性、抗疲劳性及低滚动阻力等。随着新能源汽车市场进入爆发式增长阶段，绿色轮胎对低滚阻材料 的需求持续增长，钕系丁二烯橡胶在轮胎胎面胶中的应用占比逐步提升。 作为国内最早实现钕系丁二烯橡胶工业化生产的企业，独山子石化公司依托专用生产装置及稀土系橡胶 研发平台，在材料顺式结构控制、分子量分布调控等关键核心技术上领先。此次标准的发布，填补了国 内 ...

智通财经APP讯，中策橡胶(603049.SH)发布2025年三季度报告，该公司前三季度营业收入为336.83亿 元，同比增长14.98%。归属于上市公司股东的净利润为35.13亿元，同比增长9.30%。归属于上市公司股 东的扣除非经常性损益的净利润为34.31亿元，同比增长23.02%。基本每股收益为4.25元。 ...

Core Insights - The company reported a third-quarter revenue of 11.828 billion yuan, representing a year-on-year increase of 9.77% [2] - The net profit for the third quarter was 1.191 billion yuan, showing a significant year-on-year growth of 76.56% [2] - For the first three quarters, the total revenue reached 33.683 billion yuan, marking a year-on-year increase of 14.98% [2] - The net profit for the first three quarters was 3.513 billion yuan, with a year-on-year growth of 9.30% [2] Financial Performance - Third-quarter revenue: 11.828 billion yuan, up 9.77% year-on-year [2] - Third-quarter net profit: 1.191 billion yuan, up 76.56% year-on-year [2] - Year-to-date revenue (first three quarters): 33.683 billion yuan, up 14.98% year-on-year [2] - Year-to-date net profit (first three quarters): 3.513 billion yuan, up 9.30% year-on-year [2]

供应端方面，得益于2025年新增24.3万吨/年产能，前三季度中国PBR产量同比增长超25%至102.3万吨。 行业重点转向高性能、高附加值产品，特别是稀土PBR(钕系)和低顺式PBR(锂系)橡胶。生产企业灵活 切换生产工艺，可在镍系/稀土系PBR以及低顺式PBR/溶聚丁苯橡胶(S-SBR)之间进行产线转换。 但据标普预测，2026年PBR产能扩张速度将放缓，预计新增产能4.1万吨/年，远低于2025年的24.3万吨 和2024年的9.4万吨。"新能源汽车对高性能轮胎的需求，将持续支撑高端PBR材料的市场需求，"王芳 芳补充道。 中国贸易商透露，受东南亚主要产胶国供应不稳定影响，亚洲天然橡胶价格持续高于PBR。普氏数据显 示，近期，东北亚PBR均价1671美元/吨，而东南亚TSR 20均价为1785美元/吨。亚洲橡胶贸易商表示， 持续性洪涝和恶劣天气已对东南亚天然橡胶生产造成冲击。 中国贸易商指出，中国轮胎企业加速向泰国等东南亚国家转移，直接推动了中国PBR出口增长。据悉， 中国对东南亚出口的PBR价格显著低于当地货源价格。目前美国对中国轮胎征收20.73%~116.73%反倾 销税，而对泰国轮胎仅征收4.5 ...

1. Report Industry Investment Rating - No information provided in the given content. 2. Core View of the Report - No explicit core view is presented in the provided content. The report mainly offers data on various indicators of synthetic rubber, including prices, positions, trading volumes, basis, and profit margins. 3. Summary by Related Catalogs 3.1 BR (Butadiene Rubber) - **Price and Position Indicators**: On October 17, the closing price of the main contract was 10,925, a daily decrease of 210 and a weekly increase of 5; the position volume was 17,001, a daily decrease of 1,410 and a weekly decrease of 15,012; the trading volume was 57,027, a daily decrease of 19,877 and a weekly decrease of 56,219; the warrant quantity was 8,750, with no daily change and a weekly increase of 200; the long - short ratio was 9.71, a daily decrease of 1 and a weekly decrease of 9 [3]. - **Basis and Spread**: The butadiene basis was 125, a daily increase of 210 and a weekly decrease of 105; the butadiene basis (two - oil) was 275, a daily increase of 210 and a weekly decrease of 5; the 10 - 11 spread was 290, a daily increase of 345 and a weekly increase of 380; the 11 - 12 spread was 100, a daily increase of 15 [3]. - **Market Prices**: The Shandong market price was 11,050, with no daily change and a weekly decrease of 100; the Chuanhua market price was 10,900, with no daily change and a weekly decrease of 20; the Qilu ex - factory price was 11,200, with no daily or weekly change; CFR Northeast Asia was 1,500, with no daily or weekly change; CFR Southeast Asia was 1,700, with no daily or weekly change [3]. - **Processing and Import - Export Profits**: The spot processing profit was 53, a daily increase of 26 and a weekly decrease of 177; the on - disk processing profit was - 73, a daily decrease of 185 and a weekly decrease of 72; the import profit was - 79,618, a daily increase of 4 and a weekly increase of 3; the export profit was 424, with no daily change and a weekly increase of 75 [3]. 3.2 BD (Butadiene) - **Market Prices**: The Shandong market price was 8,625, a daily decrease of 25; the Jiangsu market price was 8,550, with no daily change and a weekly increase of 100; the Yangzi ex - factory price was 8,600, with no daily or weekly change; CFR China was 1,010, with no daily change and a weekly decrease of 35 [3]. - **Processing and Import - Export Profits**: The carbon four extraction profit was N/A; the butene oxidative dehydrogenation profit was - 124, with no daily change and a weekly increase of 170; the import profit was 269, with no daily change and a weekly increase of 391; the export profit was - 892, a daily decrease of 72 and a weekly decrease of 111 [3]. - **Downstream Profits**: The butadiene rubber production profit was - 73, a daily decrease of 182 and a weekly decrease of 72; the styrene - butadiene rubber production profit was 750, a daily increase of 25 and a weekly decrease of 138; the ABS production profit was N/A; the SBS production profit (791 - H) was 760, a daily increase of 30 and a weekly increase of 75 [3]. 3.3 Variety Spreads - **Cross - Variety Spreads**: RU - BR was - 2,306, a daily increase of 1,205 and a weekly increase of 14,767; NR - BR was - 4,776, a daily increase of 1,320 and a weekly increase of 15,197; Thai mixed - butadiene rubber was 3,500, a daily decrease of 130 and a weekly increase of 200; 3L - styrene - butadiene rubber was 3,400, a daily decrease of 100 and a weekly decrease of 50 [3]. - **Intra - Variety Spreads**: The butadiene rubber standard - non - standard price difference was 300, a daily increase of 50 and a weekly decrease of 150; the styrene - butadiene rubber 1502 - 1712 spread was 920, a daily increase of 20 and no weekly change [3].

Group 1: Report Information - Report Name: Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center - Date: October 17, 2025 Group 2: Core Data Summary BR (Butadiene Rubber) - **Contract Information**: On October 16, the closing price of the main contract was 11,135, with a daily change of 240 and a weekly change of -85; the position volume was 18,411, a daily decrease of 6,057 and a weekly decrease of 10,447; the trading volume was 76,904, a daily increase of 16,649 and a weekly increase of 5,377 [3]. - **Warehouse Receipts and Ratio**: The number of warehouse receipts was 8,750, with no daily change and a weekly increase of 630; the virtual - real ratio was 10.52, a daily decrease of 3 and a weekly decrease of 7 [3]. - **Basis and Spread**: The butadiene basis was -85, with a daily decrease of 140 and a weekly decrease of 215; the 10 - 11 spread was -110, a daily increase of 170 and a weekly decrease of 210; the 11 - 12 spread was 85, a daily increase of 25 and a weekly increase of 40 [3]. - **Spot Prices**: The Shandong market price was 11,050, a daily increase of 100 and a weekly decrease of 300; the Transfar market price was 10,900, a daily increase of 100 and a weekly decrease of 350; the Qilu ex - factory price was 11,200, with no daily change and a weekly decrease of 300 [3]. - **Processing and Trade Profits**: The spot processing profit was 27, a daily increase of 24 and a weekly decrease of 147; the on - screen processing profit was 112, a daily increase of 164 and a weekly increase of 68; the import profit was -79,638, a daily increase of 270 and a weekly increase of 2,082; the export profit was 426, a daily decrease of 106 [3]. BD (Butadiene) - **Spot Prices**: The Shandong market price was 8,650, a daily increase of 75 and a weekly decrease of 150; the Jiangsu market price was 8,550, a daily increase of 100 and a weekly decrease of 200; the Yangzi ex - factory price was 8,600, with no daily change and a weekly decrease of 200; the CFR China price was 1,010, with no daily change and a weekly decrease of 35 [3]. - **Processing and Trade Profits**: The carbon - four extraction profit was not available; the butylene oxidative dehydrogenation profit was -124, a daily increase of 100 and a weekly decrease of 130; the import profit was 268, a daily increase of 115 and a weekly increase of 79; the export profit was -819, a daily decrease of 278 and a weekly decrease of 322 [3]. Downstream Profits - The butadiene rubber production profit was 112, a daily increase of 164 and a weekly increase of 68; the styrene - butadiene rubber production profit was 725, with no daily change and a weekly decrease of 300; the ABS production profit was 119, a daily increase of 23 and a weekly increase of 141; the SBS (791 - H) production profit was 730, with no daily change and a weekly decrease of 100 [3]. Price Spreads between Varieties - The RU - BR spread was -3,511, a daily increase of 6,062 and a weekly increase of 10,032; the NR - BR spread was -6,096, a daily increase of 6,137 and a weekly increase of 10,412; the Thai mixed - butadiene spread was 3,630, a daily decrease of 20 and a weekly increase of 230 [3]. Price Spreads within Varieties - The styrene - butadiene 1502 - 1712 spread was 950, a daily increase of 50 and a weekly decrease of 50; the 3L - styrene - butadiene spread was 3,500, with no daily change and a weekly increase of 100; the standard - non - standard butadiene spread was 250, a daily decrease of 80 and a weekly decrease of 100 [3]