1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The synthetic rubber market is under pressure but the downside space is narrowing. The butadiene market is facing increasing fundamental pressure, with supply expansion outpacing demand growth in the medium to long term [2][4][5]. 3. Summary by Related Catalogs 3.1 This Week's Synthetic Rubber Views Supply - Shandong Weite, Taihang Yubu, and Haopu New Materials' butadiene rubber plants continued maintenance. The output of high - cis butadiene rubber was 28,000 tons, a 5.12% decrease from last week, and the capacity utilization rate was 69.72%, a 3.76 - percentage - point decline [4]. Demand - In terms of rigid demand, the capacity utilization rate of sample enterprises fluctuated slightly. Some tire companies increased production of winter tires, but overall shipment was below expectations. Substitute demand remained high, and the overall demand for butadiene rubber maintained a year - on - year high growth rate. As of September 17, 2025, the inventory of domestic butadiene rubber sample enterprises decreased by 2.29% [4]. Valuation - The static valuation range of butadiene rubber futures is 11,000 - 11,800 yuan/ton, and the dynamic valuation is expected to decline. The upper limit of the fundamental valuation is 11,700 - 11,800 yuan/ton, and the lower theoretical valuation is 11,000 yuan/ton [4]. Viewpoint - In the short term, it is under pressure and the driving force is neutral downward, but the downside space is narrowing. The fundamentals of butadiene rubber and butadiene are under increasing pressure, mainly from high supply. The macro - environment has a limited impact on the commodity market [4]. Strategy - For single - side trading, short at high levels within the static valuation range, with an upper pressure of 11,700 - 11,800 yuan/ton and a lower support of 11,000 - 11,100 yuan/ton. For cross - variety trading, the nr - br spread will fluctuate in the short term [4]. 3.2 This Week's Butadiene Views Supply - The weekly output of Chinese butadiene sample enterprises was estimated to be 100,900 tons, a 2.26% decrease from the previous period. Next week, the output is expected to increase slightly to about 102,000 tons [5]. Demand - In the synthetic rubber sector, the demand for butadiene remained high. In the ABS sector, the demand was expected to be constant due to large inventory pressure. In the SBS sector, the demand remained stable [5]. Inventory - From September 11 - 17, 2025, the total domestic butadiene sample inventory decreased by 4.88% week - on - week. Although the short - term inventory decreased, there were still expectations of ship arrivals [5]. Viewpoint - In the short term, supply and demand are both increasing, and the inventory is neutral, with butadiene oscillating. In the medium to long term, supply pressure is the main contradiction, and the market is expected to enter a weak pattern [5]. 3.3 Butadiene Fundamentals Capacity - Butadiene is in a state of continuous expansion to match the growth of downstream industries, and the expansion speed and amplitude are slightly faster than those of downstream industries at certain stages. In 2024, the new capacity was 380,000 tons, and in 2025, it is expected to be 860,000 tons [10][12]. Supply - Side - Operating Rate - Multiple plants were under maintenance, affecting the output. The operating rate data showed fluctuations over the years [14][15]. Net Imports - The net import volume data showed changes over the years, and the import profit was also affected by factors such as market price and import cost [16]. Demand - Side - Capacity of Downstream Products - The capacity of downstream products such as butadiene - styrene rubber and butadiene rubber continued to expand, and the operating and maintenance conditions of related plants varied [20][26]. Demand - Side - ABS and SBS Fundamentals - The ABS polymer's operating rate, net profit, and inventory data showed different trends over the years. The SBS capacity utilization rate also fluctuated [32][33]. Inventory - The enterprise inventory, port inventory, and total inventory of butadiene showed different trends over the years, and there were expectations of future inventory changes [34][35][36]. 3.4 Synthetic Rubber Fundamentals Butadiene Rubber - Supply - Output: The output and operating rate data of high - cis butadiene rubber showed changes over the years, and multiple plants had maintenance plans [40][41]. - Cost and Profit: The theoretical production cost, profit, and gross profit margin of butadiene rubber showed different trends over the years [42][43][44]. - Import and Export: The import, export, and apparent demand data of butadiene rubber showed changes over the years [45][46][47]. - Inventory: The enterprise inventory, futures inventory, and trader inventory of butadiene rubber showed different trends over the years [49][50][51]. Butadiene Rubber - Demand - Tires - The inventory and operating rate data of domestic full - steel and semi - steel tires showed different trends over the years [54][55].

Core Viewpoint - China National Petroleum Corporation's Jilin Petrochemical successfully trial-produced a new grade of "liquid ethylene-propylene rubber" known as J-4010, filling a domestic gap and meeting all standard indicators, achieving expected results [1] Group 1: Product Development - The new product J-4010 has excellent processing performance and broad application prospects, primarily used in electrical insulation materials, conductive adhesive additives, engine compartment vibration damping components modification, anti-corrosion coatings, and concrete expansion joint sealing [1] - The successful trial production of J-4010 reflects the company's commitment to customized research and development, driven by customer demand [1] Group 2: Operational Efficiency - Jilin Petrochemical has been enhancing its "production-sales-research-application" integrated collaborative mechanism, significantly improving market competitiveness and brand influence through product structure and production process optimization [1] - The technical team executed the trial plan and operational procedures strictly, utilizing online switching technology for multiple precise adjustments to the polymer formulation, demonstrating professional capabilities in process control [1]

Group 1 - The core viewpoint of the article is the strategic partnership formed between Zhongce Rubber, Lenovo (Beijing) Co., Ltd., and Lenovo New Vision (Zhejiang) Industrial Internet Research Institute to integrate "AI + manufacturing" for innovation and productivity enhancement [1] Group 2 - The collaboration aims to promote deep integration of AI technologies within the manufacturing sector [1] - The partnership is expected to accelerate the cultivation of new productive forces across the entire industry chain [1]

Report Summary 1) Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2) Core View of the Report - The synthetic rubber market will operate in a short - term oscillation due to the intensification of the contradiction between fundamentals and macro - sentiment. The fundamental pressure has increased significantly, but macro - expectations provide support. The market presents a pattern of increasing supply and demand, with the supply growth rate higher than the demand growth rate, leading to an increase in inventory pressure for cis - butadiene rubber. The high processing profit on the cis - butadiene rubber disk is unsustainable, and the cost side of cis - butadiene rubber is also under pressure. However, there are expectations of a preventive interest rate cut by the Fed and long - term policy support from China's anti - involution policy, which support the market. Overall, the market will oscillate widely within the fundamental valuation range [2][3]. 3) Summary by Relevant Catalogs a. Synthetic Rubber Fundamental Data - **Futures Market (10 - contract)**: The closing price of the cis - butadiene rubber main contract decreased by 30 yuan/ton to 11,675 yuan/ton. The trading volume increased by 23,286 lots to 74,764 lots, the open interest decreased by 402 lots to 64,216 lots, and the trading volume increased by 137,965 ten - thousand yuan to 436,360 ten - thousand yuan [1]. - **Spread Data**: The basis of Shandong cis - butadiene rubber against the futures main contract increased by 30 to 25, and the monthly spread (BR10 - BR11) decreased by 5 to 35 [1]. - **Spot Market**: The price of North China cis - butadiene rubber (private) increased by 50 yuan/ton to 11,550 yuan/ton, the price of East China cis - butadiene rubber (private) remained unchanged at 11,650 yuan/ton, and the price of South China cis - butadiene rubber (private) remained unchanged at 11,650 yuan/ton. The market price of Shandong cis - butadiene rubber (delivery product) remained unchanged at 11,700 yuan/ton. The price of Qilu styrene - butadiene rubber (Model 1502) increased by 100 yuan/ton to 12,300 yuan/ton, and the price of Qilu styrene - butadiene rubber (Model 1712) increased by 100 yuan/ton to 11,300 yuan/ton. The mainstream price of butadiene in Jiangsu increased by 50 yuan/ton to 9,300 yuan/ton, and the mainstream price in Shandong increased by 100 yuan/ton to 9,500 yuan/ton [1]. - **Fundamentals**: The operating rate of cis - butadiene rubber decreased by 1.22% to 68.7762%, the theoretical full cost of cis - butadiene rubber remained unchanged at 12,028 yuan/ton, and the profit of cis - butadiene rubber remained unchanged at - 128 yuan/ton [1]. b. Industry News - On September 15, the domestic butadiene market oscillated slightly. Downstream buyers maintained sporadic rigid demand, and poor transactions pressured suppliers' prices. Affected by the trend of downstream products in the afternoon, some offers were slightly pushed up, but downstream follow - up was less than expected, and the market showed some oscillations. The delivery price in the central Shandong region was around 9350 - 9450 yuan/ton, and the ex - tank self - pick - up price in East China was around 9000 - 9100 yuan/ton [2]. c. Trend Intensity - The trend intensity of synthetic rubber is 0, indicating a neutral view, with the trend intensity ranging from - 2 (most bearish) to 2 (most bullish) [3].

Group 1: Report Information - Report Name: Yongan Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [2] - Report Date: September 15, 2025 [2] Group 2: BR (Butadiene Rubber) Contract and Market Data - On September 12, the closing price of the main contract was 11,615, a daily decrease of 40 and a weekly decrease of 202 [3] - The position volume of the main contract was 21,059, a daily decrease of 1,184 and a weekly decrease of 12,435 [3] - The trading volume of the main contract was 52,955, a daily decrease of 9,245 and a weekly decrease of 84,362 [3] - The warehouse receipt quantity was 13,670, with no daily change and a weekly increase of 930 [3] - The long - short ratio was 7.70, with no daily change and a weekly decrease of 5 [3] Price and Spread - The Shandong market price was 11,700, a daily decrease of 50 and a weekly decrease of 250 [3] - The Chuanhua market price was 11,550, with no daily change and a weekly decrease of 350 [3] - The Qilu ex - factory price was 11,900, with no daily change and a weekly decrease of 200 [3] - The CFR Northeast Asia price was 1,515, with no daily change and a weekly increase of 15 [3] - The CFR Southeast Asia price was 1,700, with no daily and weekly changes [3] - The spot processing profit was - 114, with a weekly decrease of 21 [3] - The on - disk processing profit was - 199, a daily increase of 11 and a weekly decrease of 366 [3] - The import profit was - 84,597, a daily decrease of 115 and a weekly increase of 1,459 [3] - The export profit was - 35, a daily increase of 50 and a weekly increase of 314 [3] Spread Analysis - The Shun - Ding county spread was 85, a daily decrease of 10 and a weekly increase of 345 [3] - The Shun - Ding basis (two - oil) was 285, a daily increase of 40 and a weekly increase of 335 [3] - The 8 - 9 month spread was 60, a daily decrease of 5 and a weekly decrease of 10 [3] - The 9 - 10 month spread was 60, a daily decrease of 135 and a weekly increase of 20 [3] Group 3: BD (Butadiene) Price and Profit - The Shandong market price was 9,425, a daily decrease of 50 and a weekly decrease of 225 [3] - The Jiangsu market price was 9,200, a daily decrease of 75 and a weekly decrease of 300 [3] - The Yangzi ex - factory price was 9,250, with no daily change and a weekly decrease of 250 [3] - The CFR China price was 1,095, with no daily and weekly changes [3] - The carbon - four extraction profit was 2,041, a daily increase of 44 and a weekly decrease of 167 [3] - The butene oxidative dehydrogenation profit was 36, a daily decrease of 75 and a weekly decrease of 300 [3] - The import profit was 236, a daily decrease of 81 and a weekly decrease of 291 [3] - The export profit was - 852, a daily increase of 70 and a weekly increase of 432 [3] Downstream Profit - The Shun - Ding production profit was - 199, a daily increase of 11 and a weekly decrease of 366 [3] - The styrene - butadiene production profit was 1,113, with no daily change and a weekly decrease of 13 [3] - The ABS production profit data was unavailable on September 12 [3] - The SBS 791 - H production profit was 825, with no daily change and a weekly decrease of 125 [3] Group 4: Variety Spreads Inter - Variety Spreads - The RU - BR spread was - 5,239, a daily increase of 1,099 and a weekly increase of 11,930 [3] - The NR - BR spread was - 8,504, a daily increase of 1,119 and a weekly increase of 11,900 [3] - The Thai mixed - Shun - Ding spread was 3,280, a daily increase of 30 and a weekly decrease of 70 [3] - The 3L - styrene - butadiene spread was 3,050, a daily increase of 50 and no weekly change [3] - The Shun - Ding standard - non - standard price spread was 250, with no daily change and a weekly increase of 50 [3] Intra - Variety Spreads - The styrene - butadiene 1502 - 1712 spread was 1,000, with no daily and weekly changes [3]

Report Industry Investment Rating - The report does not explicitly provide an industry investment rating [1][3][4] Core Viewpoints - The contradiction between fundamentals and macro - sentiment has intensified, with the market expected to oscillate in the short term. The fundamental pressure has increased significantly, while macro - expectations provide support. Despite high supply pressure in the fundamentals of both butadiene and cis - butadiene rubber, the market is supported by expectations, causing the market to oscillate widely within the fundamental valuation range. It is recommended to short at high valuations based on the valuation [4] Summary by Relevant Catalogs Fundamental Tracking - **Futures Market**: For the cis - butadiene rubber (10 - contract) main contract, the daily closing price decreased by 40 yuan/ton to 11,615 yuan/ton, the trading volume decreased by 9,245 lots to 52,955 lots, the open interest decreased by 1,184 lots to 21,059 lots, and the trading volume decreased by 56,311 ten - thousand yuan to 306,525 ten - thousand yuan [1] - **Spread Data**: The basis of Shandong cis - butadiene rubber minus the futures main contract decreased by 10 to 135; the monthly spread of BR10 - BR11 (private) increased by 15 to 45. The prices of North China, East China, and Shandong cis - butadiene rubber decreased by 50 yuan/ton, while the price of South China cis - butadiene rubber remained unchanged. The prices of Qilu butadiene styrene rubber (models 1502 and 1712) decreased by 50 yuan/ton [1] - **Spot Market**: The market price of Shandong cis - butadiene rubber (delivery product) decreased by 50 yuan/ton to 11,750 yuan/ton. The mainstream prices of butadiene in Jiangsu and Shandong decreased by 75 yuan/ton and 50 yuan/ton respectively [1] - **Fundamentals**: The cis - butadiene rubber operating rate remained unchanged at 71.0425%, the theoretical full cost remained unchanged at 12,028 yuan/ton, and the profit remained unchanged at - 128 yuan/ton [1] Industry News - As of September 10, 2025, the inventory of domestic cis - butadiene rubber sample enterprises was 34,500 tons, an increase of 2,600 tons from the previous period, a month - on - month increase of 8.15%. Due to factors such as high inventory and weak market, both sample production enterprises and sample trading enterprises saw an increase in inventory [1][3] - As of September 10, the latest inventory of butadiene in East China ports was about 25,600 tons, a decrease of 5,350 tons from the previous period. Although the inventory has decreased, there is still a supply pressure due to the expected arrival of ships next week [4] Trend Intensity - The trend intensity of synthetic rubber is 0, indicating a neutral view [3]

Report Industry Investment Rating No industry investment rating is provided in the report. Core Viewpoints of the Report - Supply - side disturbances are expected to decrease, with decent profits and high tapping enthusiasm. Despite the large - cycle inflection point, 2025 supply is likely to increase. - On the demand side, large - scale infrastructure projects are set to start, which will have a long - term positive impact on heavy - truck demand. Heavy - truck sales are improving, and passenger - car sales remain at a high level. - Inflation and the inflection point of the production - capacity cycle have raised the price floor. Coupled with the fact that August to November is usually a season of relatively strong prices, it is predicted that rubber prices will fluctuate upwards. The operating range of ru is expected to be between 14,000 - 18,000 yuan/ton [4]. Summary by Directory Macroeconomy - The real - estate market continues to decline and awaits stabilization. Since July, domestic policies have been clearly aimed at reducing excessive competition, and a series of policy measures have been introduced, bringing benefits to commodities in terms of both supply and demand (large - scale infrastructure). There is a strong expectation of a Fed rate cut overseas [4]. Supply - The natural - rubber growing areas generally have normal weather conditions. Cup - lump prices have slightly stabilized, but the price difference between latex and cup - lump is weak, indicating that supply is not a major issue. Currently, it is the peak production season globally, with normal weather and occasional short - term rainfall disruptions. Tapping enthusiasm is high, and there are initial concerns about the 2025 production volume. The port inventory of butadiene, the raw material for synthetic rubber, has rapidly rebounded to a high level in recent years. From January to August this year, the import of natural and synthetic rubber (including latex) increased by 19% year - on - year, and the growth rate in August slowed down to 7.8% [4]. Inventory - The dry - rubber inventory in Qingdao has slightly decreased recently, but it is expected that there will still be a large amount of incoming goods, making it difficult to further reduce the inventory. The inventory of synthetic - rubber traders has increased, while the factory inventory is not high. The ru warehouse receipts on the exchange are at a relatively low level and are decreasing marginally, and the nr warehouse receipts were once at an extremely low level. The inventory of full - steel tires for downstream users is lower than in previous years, and considering the market expansion, the inventory of semi - steel tires is also not high [4]. Demand - The upcoming large - scale infrastructure projects will have a long - term positive impact on the demand for heavy trucks. Stimulated by the policy of replacing old vehicles with new ones, heavy - truck sales have improved. In August 2025, the sales volume decreased by 1% month - on - month compared to July but increased by about 35% year - on - year compared to 62,500 units in the same period last year. This is the fifth consecutive monthly increase in the heavy - truck market since April this year. The sales volume of construction machinery rebounded significantly and then declined. Passenger - car sales remain at a historical high but have slightly softened [4]. Strategy - Given the reduced expected supply - side disturbances, decent profits, high tapping enthusiasm, and a low base, it is expected that supply in 2025 is likely to increase. On the demand side, large - scale infrastructure projects are driving up demand, heavy - truck sales are improving, and passenger - car sales remain at a high level. Inflation and the inflection point of the production - capacity cycle have raised the price floor. Coupled with the seasonally strong price period from August to November, it is predicted that rubber prices will fluctuate upwards, with the ru operating range expected to be between 14,000 - 18,000 yuan/ton. Key indicators to observe are the visible inventory and heavy - truck sales [4].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - This week, the price of cis - butadiene rubber in the Shandong market in China dropped from a high level, with the spot price ranging from 11,500 to 11,900 yuan/ton. The mainstream ex - factory price of high - cis butadiene rubber in China was between 11,900 and 12,000 yuan/ton as of September 11, 2025 [7]. - The supply of cis - butadiene rubber was sufficient this week. Although some private production plants stopped for maintenance, the inventory of producers and traders increased. Next week, the reduction in supply will gradually appear, and the inventory may decline slightly. The capacity utilization rate of domestic tire enterprises increased significantly this week and is expected to fluctuate slightly next week [7]. - The short - term price of the br2511 contract is expected to fluctuate between 11,400 and 12,000 yuan [7]. 3. Summary by Directory 3.1 Week - to - Week Summary - **Market Review**: The price of cis - butadiene rubber in the Shandong market dropped from a high level, and the price of high - cis butadiene rubber of major sales companies was reduced by 200 yuan/ton [7]. - **Market Outlook**: Supply reduction will be gradually reflected next week. After the price cuts of cis - butadiene rubber and butadiene, the spot price may drive some downstream enterprises to stock up, and the inventory may decline slightly. The capacity utilization rate of tire enterprises is expected to maintain the current level with slight fluctuations [7]. - **Strategy Recommendation**: The br2511 contract is expected to fluctuate between 11,400 and 12,000 yuan in the short term [7]. 3.2 Futures Market - **Price Trend**: The price of the synthetic rubber futures main contract fluctuated and closed down this week, with a weekly decline of 5.2% [11]. - **Position Analysis**: No detailed analysis content provided. - **Inter - delivery Spread**: As of September 11, the spread between the 10 - and 11 - month contracts of butadiene rubber was 30 [17]. - **Warehouse Receipts**: As of September 11, the warehouse receipts of cis - butadiene rubber were 2,970 tons, an increase of 200 tons from last week [20]. 3.3 Spot Market - **Price and Basis**: As of September 11, the price of Qilu Petrochemical BR9000 in the Shandong market was 11,750 yuan/ton, a decrease of 200 yuan/ton from last week. The basis of butadiene rubber was 95 yuan/ton, an increase of 355 yuan/ton from last week [24]. 3.4 Upstream Situation - **Raw Material Prices**: As of September 11, the CFR intermediate price of naphtha in Japan was 604 US dollars/ton, an increase of 7.75 US dollars/ton from last week; the CIF intermediate price of ethylene in Northeast Asia was 840 US dollars/ton, unchanged from last week [27]. - **Butadiene Capacity Utilization and Inventory**: As of September 12, the weekly capacity utilization rate of butadiene was 68.33%, a decrease of 0.12% from last week; the port inventory was 25,600 tons, a decrease of 5,350 tons from last week [30]. 3.5 Industry Situation - **Production and Capacity Utilization**: In August 2025, the domestic production of cis - butadiene rubber was 135,700 tons, an increase of 16,500 tons from the previous month. As of September 11, the weekly capacity utilization rate of domestic cis - butadiene rubber was 73.48%, a decrease of 2.68% from last week [33]. - **Production Profit**: As of September 11, the production profit of domestic cis - butadiene rubber was - 509 yuan/ton, a decrease of 47 yuan/ton from last week [36]. - **Inventory**: As of September 12, the social inventory of domestic cis - butadiene rubber was 34,510 tons, an increase of 2,600 tons from last week; the producer inventory was 26,300 tons, an increase of 1,650 tons from last week; the trader inventory was 8,210 tons, an increase of 950 tons from last week [40]. 3.6 Downstream Situation - **Tire Capacity Utilization**: As of September 11, the capacity utilization rate of China's semi - steel tire sample enterprises was 72.61%, a month - on - month increase of 5.69 percentage points and a year - on - year decrease of 7.31 percentage points; the capacity utilization rate of China's full - steel tire sample enterprises was 66.31%, a month - on - month increase of 5.57 percentage points and a year - on - year increase of 4.23 percentage points [43]. - **Tire Exports**: In July 2025, China's tire exports were 812,600 tons, a month - on - month increase of 8.87% and a year - on - year increase of 11.48%. From January to July, the cumulative tire exports were 4,933,900 tons, a cumulative year - on - year increase of 7.18% [47].

Raw Materials and Spot Prices - As of September 11, the market price of butadiene in Shandong is 9475 yuan/ton, down by 75 yuan/ton; CIF price for butadiene in China is 1095 USD/ton, unchanged; the market price for styrene-butadiene rubber (BR9000) in Shandong Qilu Petrochemical is 11850 yuan/ton, unchanged; the price difference for styrene-butadiene rubber-Taiwan mix is -3200 yuan/ton, unchanged; basis is 145 yuan/ton, up by 65 yuan/ton [1] Production and Operating Rates - In August, China's butadiene production was 456,800 tons, up by 0.7% month-on-month; styrene-butadiene rubber production was 135,700 tons, up by 5% month-on-month; semi-steel tire production was 58.06 million units, down by 1.1% month-on-month, but up by 4.4% year-on-year for January to August; full-steel tire production was 13.03 million units, up by 1% month-on-month, and up by 2.8% year-on-year for January to August [2] - As of September 11, the operating rates in the styrene-butadiene rubber industry show differentiation: butadiene industry operating rate is 68.3%, down by 0.2% month-on-month; high-styrene butadiene rubber industry operating rate is 73.5%, down by 3.5% month-on-month; semi-steel tire sample manufacturers' operating rate is 72.6%, up by 8.5% month-on-month; full-steel tire sample manufacturers' operating rate is 66.3%, up by 9.2% month-on-month [2] Inventory Levels - As of September 10, butadiene port inventory is 25,600 tons, down by 5,350 tons; styrene-butadiene rubber factory inventory is 26,300 tons, up by 1,650 tons, an increase of 6.7% month-on-month; traders' inventory is 8,210 tons, up by 950 tons, an increase of 13.1% month-on-month [3] Market Insights - According to Longzhong Information on September 11, during the current cycle (September 4-10), domestic butadiene sample total inventory slightly decreased, with a week-on-week decline of 9.04%. Among them, sample enterprise inventory decreased slightly by 0.81% week-on-week, with sporadic device shutdowns or reduced load, and no significant inventory pressure from domestic manufacturers. Sample port inventory decreased by 17.29% week-on-week, with limited import shipments arriving at the port during the week, and downstream raw material inventory being normally digested, leading to a decline from last week's high point. However, there are still expectations for incoming shipments and some trade volumes for sale, necessitating cautious monitoring of inventory changes [4] Analysis - On September 11, BR followed the daily fluctuations of natural rubber, with the main contract for synthetic rubber BR2510 closing at 11,655 yuan/ton, a decrease of 0.55% compared to the previous day's settlement price. On the cost side, there is no significant pressure on butadiene supply in early to mid-September, while some downstream industries are expected to see a decline in operating rates. However, with concentrated arrivals of European shipments in September, the expected import volume remains relatively abundant, making it difficult for port inventory to drop to previous low levels. On the supply side, Haopu New Materials and Taiwan Rubber's styrene-butadiene rubber facilities are scheduled for maintenance in September, and some facilities in East China are also expected to undergo maintenance in October, indicating a clear expectation of reduced supply in the short to medium term. On the demand side, overall capacity utilization rates are recovering, and companies are expected to stock up inventory ahead of the National Day holiday, with capacity utilization running at a relatively high level. Overall, BR cost support is limited, and the supply-demand situation for BR remains loose, likely following fluctuations in natural rubber and commodities [5]

Group 1: Report Information - Report Name: Yongan Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [2] - Report Date: September 11, 2025 [2] Group 2: BR (Butadiene Rubber) Market Overview - On September 10, the closing price of the BR main contract was 11,720, up 30 from the previous day and down 165 from the previous week [3]. - The position volume of the main contract was 23,343, down 3,507 from the previous day and down 5,601 from the previous week [3]. - The trading volume of the main contract was 64,219, down 53,901 from the previous day and down 40,850 from the previous week [3]. Price and Basis - The warehouse receipt quantity was 13,670, up 30 from the previous day and up 1,130 from the previous week [3]. - The virtual - real ratio was 8.54, down 1 from the previous day and down 3 from the previous week [3]. - The Shun - Ding basis was 80, down 130 from the previous day [3]. Market Prices - The Shandong market price was 11,800, down 100 from the previous day and down 100 from the previous week [3]. - The Chuanhua market price was 11,700, down 50 from the previous day and down 100 from the previous week [3]. - The Qilu ex - factory price was 11,900, unchanged from the previous day and down 200 from the previous week [3]. Processing and Import - Export - The spot processing profit was - 141, down 120 from the previous day and down 49 from the previous week [3]. - The on - disk processing profit was - 221, up 10 from the previous day and down 114 from the previous week [3]. - The import profit was - 84,469, down 100 from the previous day and up 1,637 from the previous week [3]. - The export profit was - 125, up 87 from the previous day and up 181 from the previous week [3]. Group 3: BD (Butadiene) Market Prices - The Shandong market price was 9,550, up 20 from the previous day and down 50 from the previous week [3]. - The Jiangsu market price was 9,350, up 50 from the previous day and down 50 from the previous week [3]. - The Yangzi ex - factory price was 9,350, unchanged from the previous day and down 150 from the previous week [3]. Processing and Import - Export - The carbon - four extraction profit was not available on September 10 [3]. - The butene oxidative dehydrogenation profit was 186, up 50 from the previous day and down 50 from the previous week [3]. - The import profit was 388, up 50 from the previous day and down 38 from the previous week [3]. - The export profit was - 125, up 87 from the previous day and up 181 from the previous week [3]. Group 4: Downstream Profits - The ABS production profit data was not available on September 10 [3]. - The SBS (791 - H) production profit was 1,055, unchanged from the previous day and up 105 from the previous week [3]. Group 5: Price Spreads Variety - to - Variety Spreads - The RU - BR spread was - 7,363, up 3,547 from the previous day [3]. - The NR - BR spread was - 10,628, up 3,487 from the previous day and up 5,601 from the previous week [3]. - The Thai mixed - Shun - Ding spread was 3,200, up 100 from the previous day and up 200 from the previous week [3]. - The 3L - styrene - butadiene spread was 3,000, up 100 from the previous day and up 300 from the previous week [3]. Variety - Internal Spreads - The Shun - Ding standard - non - standard price spread was 220, down 30 from the previous day and down 30 from the previous week [3]. - The styrene - butadiene 1502 - 1712 spread was 920, down 50 from the previous day and down 50 from the previous week [3].