Report Information - Report Title: Synthetic Rubber Morning Report - Research Team: Energy and Chemicals Team of the Research Center - Date: September 24, 2025 1. Market Data Summary BR (Butadiene Rubber) - **Futures Market**: The closing price of the main contract on September 23 was 11,430, a daily decrease of 75 and a weekly decrease of 245. The open interest was 65,588, a daily decrease of 4,718 but a weekly increase of 1,372. The trading volume was 109,780, a daily increase of 13,914 and a weekly increase of 35,016 [3][13][23]. - **Spot Market**: The Shandong market price dropped to 11,500, a daily decrease of 50 and a weekly decrease of 200. The Chuanhua market price remained at 11,450, with no daily change but a weekly decrease of 100. The Qilu ex - factory price was 11,700, unchanged daily but down 200 weekly [3][13][23]. - **Processing and Trade**: The spot processing profit was - 237, with a weekly decrease of 47. The import profit was - 83,069, a daily decrease of 62 but a weekly increase of 1,407. The export profit was 19, a daily decrease of 133 and a weekly decrease of 4 [3][13][23]. BD (Butadiene) - **Spot Market**: The Shandong market price was 9,350, a daily decrease of 50 and a weekly decrease of 150. The Jiangsu market price was 9,150, also down 50 daily and 150 weekly. The Yangzi ex - factory price was 9,150, unchanged daily but down 100 weekly [3][13][23]. - **Processing and Trade**: The butene oxidative dehydrogenation profit was 336, a daily increase of 140 and a weekly increase of 200. The import profit was 478, a daily decrease of 51 but a weekly increase of 91. The export profit was - 996, a daily decrease of 98 and a weekly decrease of 47 [3][13][23]. Downstream Products - The SBS production profit (791 - H) was 985, unchanged daily but up 160 weekly. The ABS production profit data was not available [3][13][23]. Price Spreads - **Inter - variety Spreads**: The RU - BR spread was - 50,063, a daily increase of 4,628 but a weekly decrease of 1,887. The NR - BR spread was - 53,193, a daily increase of 4,688 and a weekly decrease of 1,692. The Thai mixed - butadiene rubber spread was 3,280, a daily decrease of 20 and a weekly decrease of 170 [3][13][23]. - **Intra - variety Spreads**: The butadiene rubber standard - non - standard price spread was 100, a daily decrease of 50 and a weekly decrease of 50. The styrene - butadiene rubber 1502 - 1712 spread was 1,000, with no daily or weekly change [3][13][23]. 2. Core Viewpoints The report provides a comprehensive overview of the synthetic rubber market, including futures and spot prices, processing profits, import and export profits, and price spreads of BR, BD, and their downstream products. It shows the dynamic changes in the market over a week, which can help investors understand the market trends and potential investment opportunities in the synthetic rubber industry.

Report Information - Report Title: Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [2] - Report Date: September 24, 2025 [2] Core Data Analysis BR (Butadiene Rubber) - **Price and Volume**: On September 23, the closing price of the main contract was 11,430, down 75 from the previous day and 245 from the previous week; the trading volume was 109,780, up 13,914 from the previous day and 35,016 from the previous week; the open interest was 65,588, down 4,718 from the previous day but up 1,372 from the previous week; the warrant quantity was 9,190, unchanged from the previous day and down 4,440 from the previous week [3]. - **Basis and Spread**: The basis of cis - butadiene rubber increased by 25 from the previous day and 45 from the previous week; the 8 - 9 spread decreased by 135 from the previous day and 120 from the previous week, while the 9 - 10 spread increased by 15 from the previous day and 135 from the previous week [3]. - **Market Price**: The Shandong market price was 11,500, down 50 from the previous day and 200 from the previous week; the Transfar market price was 11,450, unchanged from the previous day and down 100 from the previous week; the Qilu ex - factory price was 11,700, unchanged from the previous day and down 200 from the previous week [3]. - **Processing and Import/Export Profits**: The spot processing profit was - 237, with a weekly decrease of 47; the futures processing profit was - 307, down 24 from the previous day and 92 from the previous week; the import profit was - 83,069, down 62 from the previous day but up 1,407 from the previous week; the export profit was 19, down 133 from the previous day and 4 from the previous week [3]. BD (Butadiene) - **Market Price**: The Shandong market price was 9,350, down 50 from the previous day and 150 from the previous week; the Jiangsu market price was 9,150, down 50 from the previous day and 150 from the previous week; the Yangzi ex - factory price was 9,150, unchanged from the previous day and down 100 from the previous week; the CFR China price was 1,060, unchanged from the previous day and down 30 from the previous week [3]. - **Processing and Import/Export Profits**: The carbon - four extraction profit was not available; the butylene oxidative dehydrogenation profit was 336, up 140 from the previous day and 200 from the previous week; the import profit was 447, down 51 from the previous day but up 91 from the previous week; the export profit was - 996, down 98 from the previous day and 47 from the previous week [3]. Downstream Products - **Production Profits**: The butadiene - styrene production profit was 1,063, unchanged from the previous day and down 50 from the previous week; the SBS 791 - H production profit was 882, unchanged from the previous day and up 160 from the previous week; the ABS production profit was not available [3]. Inter - and Intra - Product Spreads - **Inter - Product Spreads**: The RU - BR spread was - 50,063, up 4,628 from the previous day and down 1,887 from the previous week; the NR - BR spread was - 53,193, up 4,688 from the previous day and down 1,692 from the previous week; the Thai mixed - cis - butadiene spread was 3,280, down 20 from the previous day and 170 from the previous week; the 3L - butadiene - styrene spread was 3,100, unchanged from the previous day and up 50 from the previous week [3]. - **Intra - Product Spreads**: The butadiene - styrene 1502 - 1712 spread was 1,000, unchanged from the previous day and the previous week; the cis - butadiene standard - non - standard spread was 100, down 50 from the previous day and the previous week [3].

Report Overview - Report Date: September 23, 2025 [1] - Report Type: Synthetic Rubber Industry Daily Report - Researcher: Lin Jingyi - Futures Practice Qualification Number: F03139610 - Futures Investment Consulting Practice Certificate Number: Z0021558 Industry Investment Rating - Not provided in the report Core Viewpoints - The overall supply of domestic cis - butadiene rubber is sufficient, and the negotiation focus on the spot side is under continuous pressure. However, due to the pre - holiday stocking demand of downstream enterprises, the inventory level is expected to continue to decline [2]. - The capacity utilization rate of domestic tire enterprises fluctuated slightly last week. The semi - steel tire market has some support for overall production, while the all - steel tire market has no obvious improvement in demand and some enterprises face export pressure. The short - term capacity utilization rate of enterprises may be slightly reduced [2]. - The short - term forecast for the br2511 contract is to fluctuate in the range of 11,250 - 11,700 [2]. Summary by Directory 1. Market Data Futures Market - The closing price of the main synthetic rubber contract was 11,430 yuan/ton, a decrease of 75 yuan/ton; the position volume was 65,588, a decrease of 4,718 [2]. - The synthetic rubber 10 - 11 spread was 50 yuan/ton, a decrease of 15 yuan/ton; the total warehouse receipt quantity of butadiene rubber was 2,610 tons, unchanged [2]. Spot Market - The mainstream price of cis - butadiene rubber (BR9000) from different manufacturers had some fluctuations. For example, the price from Qilu Petrochemical in Shandong was 11,600 yuan/ton, unchanged; the price from Daqing Petrochemical in Shandong was 11,550 yuan/ton, a decrease of 50 yuan/ton [2]. - The basis of synthetic rubber was 95 yuan/ton, a decrease of 110 yuan/ton [2]. - The price of Brent crude oil was 66.57 dollars/barrel, a decrease of 0.11 dollars/barrel; the price of WTI crude oil was 62.28 dollars/barrel, a decrease of 0.4 dollars/barrel [2]. - The price of Northeast Asian ethylene was 845 dollars/ton, unchanged; the price of CFR China butadiene was 1,060 dollars/ton, unchanged; the price of CFR Japan naphtha was 595.63 dollars/ton, a decrease of 1.12 dollars/ton; the market price of butadiene in Shandong was 9,400 yuan/ton, a decrease of 100 yuan/ton [2]. 2. Upstream Situation - The weekly capacity of butadiene was 15.11 million tons/week, a decrease of 0.01 million tons/week; the capacity utilization rate was 66.78%, a decrease of 1.55 percentage points [2]. - The port inventory of butadiene was 23,100 tons, a decrease of 2,500 tons; the operating rate of Shandong local refinery atmospheric and vacuum distillation was 51.85%, an increase of 1.21 percentage points [2]. - The monthly output of cis - butadiene rubber was 13.57 million tons, an increase of 0.65 million tons; the weekly capacity utilization rate was 69.72%, a decrease of 3.76 percentage points [2]. - The weekly production profit of cis - butadiene rubber was - 658 yuan/ton, a decrease of 149 yuan/ton; the social inventory was 3.37 million tons, a decrease of 0.08 million tons [2]. - The manufacturer's inventory of cis - butadiene rubber was 25,900 tons, a decrease of 400 tons; the trader's inventory was 7,820 tons, a decrease of 390 tons [2]. 3. Downstream Situation - The operating rate of domestic semi - steel tires was 73.66%, an increase of 0.2 percentage points; the operating rate of all - steel tires was 65.66%, an increase of 0.07 percentage points [2]. - The monthly output of all - steel tires was 13.03 million pieces, an increase of 280,000 pieces; the monthly output of semi - steel tires was 58.06 million pieces, an increase of 1.09 million pieces [2]. - The inventory days of all - steel tires in Shandong were 39.13 days, an increase of 0.3 days; the inventory days of semi - steel tires in Shandong were 46.02 days, an increase of 0.08 days [2]. 4. Industry News - As of September 18, the inventory of domestic cis - butadiene rubber sample enterprises was 3.37 million tons, a decrease of 0.08 million tons from the previous period, a month - on - month decrease of 2.29% [2]. - As of September 18, the capacity utilization rate of Chinese semi - steel tire sample enterprises was 72.74%, a month - on - month increase of 0.13 percentage points and a year - on - year decrease of 6.92 percentage points; the capacity utilization rate of all - steel tire sample enterprises was 66.36%, a month - on - month increase of 0.05 percentage points and a year - on - year increase of 6.18 percentage points [2]. - In August 2025, the output of Chinese cis - butadiene rubber was 13.57 million tons, a month - on - month increase of 0.65 million tons, a month - on - month increase of 5.02% and a year - on - year increase of 30.73% [2]. 5. Key Points of Attention - No news today [2]

Industry Investment Ratings No investment ratings are provided in the report. Core Viewpoints - After the Fed cut interest rates by 25bp as expected, the market quickly digested the expectation and shifted to a volatile state. The technology sector still dominates the market. With the holiday approaching, capital activity has declined [2]. - Without incremental negative factors, 1.8% may be the high point for the 10 - year Treasury yield, but in the absence of strong positive factors, the short - term downward movement of the yield is also limited, with resistance around 1.75% [2]. - Gold remains in a high - level volatile state, and its volatility may rise again. Silver has high upward elasticity driven by突发事件 but the sentiment fades quickly [2]. - The EC futures contract continues to decline, and the main contract is weakly volatile [2]. - Steel exports support the valuation of the black commodity sector, and the spread between hot - rolled and rebar contracts is narrowing [2]. - The decline in iron ore shipments, the rebound in molten iron production, and the restocking demand support the strong price of iron ore [2]. - Coal prices at production areas are stable with a slight upward trend, and downstream restocking demand supports the upward trend of coal futures [2]. - The copper market is in a volatile consolidation phase, and the spot trading volume is good below 80,000 [2]. - There are more supply - side disturbances in Guinea for aluminum, and it is expected to fluctuate widely around the bottom of 2900 in the short term [2]. - The supply of tin ore imports remained low in August, providing fundamental support [2]. - Concerns about marginal increases in oil supply have led to a downward shift in short - term oil prices, but geopolitical factors still provide some support [2]. - The high supply pressure of urea persists, and the progress of urea factory orders before the National Day needs attention [2]. - The supply - demand outlook for PX has further weakened, and the cost side is also weak, putting short - term pressure on prices [2]. - The supply - demand situation of PTA has improved slightly but remains weak in the medium term, with limited driving forces [2]. - The short - fiber market has no obvious short - term drivers and follows the raw material price fluctuations [2]. - The demand for bottle - grade polyester chips has improved temporarily, but the supply - demand pattern remains loose, with limited upside for processing fees [2]. - The new ethylene glycol plant commissioning expectation and the weak terminal market put pressure on the upside of MEG [2]. - With the holiday approaching, the mid - stream of caustic soda is in a wait - and - see mode, and the spot price is under pressure [2]. - The spot procurement enthusiasm for PVC is average, and the market is in a volatile state [2]. - The supply - demand outlook for pure benzene has weakened, and the price driving force is limited [2]. - The weak oil price expectation puts pressure on the absolute price of styrene [2]. - The cost and supply - demand drivers for synthetic rubber are limited, and it may follow the trends of natural rubber and other commodities [2]. - The sentiment in the LLDPE spot market has weakened, and the basis remains stable [2]. - The number of PP plant overhauls has increased, and the trading volume is average [2]. - The port inventory of methanol has been accumulating, and the price is weak [2]. - After Argentina取消 the export tax, the two -粕 market is under pressure again [2]. - The pig slaughter pressure is high, and the spot price is unlikely to improve before the National Day [2]. - Under the bearish expectation, the corn futures price continues to decline [2]. - The Sino - US talks did not release incremental positive factors, and the oilseed market is in a volatile adjustment phase [2]. - The overseas sugar supply outlook is broad [2]. - With new cotton gradually coming onto the market, the supply pressure is increasing [2]. - The local domestic sales in the egg market still provide some support for demand, but the long - term trend is bearish [2]. - The early Fuji apples are traded at negotiated prices, and the sales volume is acceptable [2]. - The spot price of red dates fluctuates slightly, and the futures market is in a volatile state [2]. - The overall sentiment in the soda ash market has declined, and the price is trending weakly [2]. - The production and sales of glass have weakened, and the futures price has declined [2]. - Affected by typhoon weather, the rubber price is strongly volatile in the short term [2]. - The market sentiment for industrial silicon has weakened, and the price has declined [2]. - Affected by fundamental sentiment, the polysilicon price has dropped significantly [2]. - With no new news, the market sentiment for lithium carbonate is temporarily stable, and the fundamentals are in a tight balance during the peak season [2]. Summaries by Categories Equity Index Futures - Recommend selling short - term put options on the IF2509, IH2509, IC2509, and MO2511 contracts near the strike price of 6600 when the index pulls back to collect option premiums [2]. Treasury Futures - The T2512 contract is expected to fluctuate between 107.5 and 108.35. For single - side strategies, investors are advised to trade within the range, and consider going long lightly when the price pulls back to the low level if the market sentiment stabilizes, but should pay attention to taking profits in time. For the spot - futures strategy, the basis of the TL contract is oscillating at a high level, and investors can appropriately participate in the basis narrowing strategy [2]. Precious Metals - For gold, consider buying at low levels or buying out - of - the - money call options instead of going long. For silver, sell out - of - the - money put options when the price is high [2]. Freight Index Futures (EC) - Consider the spread arbitrage between the December and October contracts [2]. Black Commodities - For steel, try to go long on pullbacks and narrow the spread between the January hot - rolled and rebar contracts. For iron ore, go long on the 2601 contract at low levels, with the reference range of 780 - 850, and consider a long - iron - ore short - hot - rolled strategy. For coking coal, go long on the 2601 contract at low levels, with the reference range of 1150 - 1300, and consider a long - coking - coal short - coke strategy. For coke, go long on the 2601 contract at low levels, with the reference range of 1650 - 1800, and consider a long - coking - coal short - coke strategy [2]. Non - ferrous Metals - For copper, the main contract reference range is 79,000 - 81,000. For aluminum, the main contract reference range is 20,600 - 21,000. For aluminum alloy, the main contract reference range is 20,200 - 20,600. For zinc, the main contract reference range is 21,500 - 22,500 [2][3]. Energy and Chemicals - For crude oil, temporarily observe on the single - side, with the support range of WTI at [60, 61], Brent at [63, 64], and SC at [467, 474]. For urea, wait for the implied volatility to rise and then narrow it. For PX, short on rebounds following the crude oil trend and pay attention to the support around 6500. For PTA, short on rebounds following the crude oil trend, pay attention to the support around 4500, and consider a rolling reverse spread strategy between the January and May contracts. For short - fiber, the single - side strategy is the same as PTA, and the processing fee oscillates between 800 - 1100. For bottle - grade polyester chips, the single - side strategy is the same as PTA, and the processing fee is expected to fluctuate between 350 - 500. For ethylene glycol, sell call options on rallies and consider a reverse spread strategy between the January and May contracts. For caustic soda, adopt a short - selling strategy. For PVC, observe. For pure benzene, it will follow the benzene - ethylene and oil price fluctuations in the short term. For benzene - ethylene, short on absolute price rebounds and widen the spread between the November benzene - ethylene and November pure - benzene contracts. For synthetic rubber, pay attention to the support around 11,400. For LLDPE, observe near the previous low. For PP, observe in the short term. For methanol, observe as the downward space is currently limited [2]. Agricultural Products - For soybeans and rapeseed meal, adjust weakly in the short term. For live pigs, pay attention to the reverse spread opportunities between the January - May and March - July contracts. For corn, it is in a weak trend. For oils, the main palm oil contract adjusts weakly in the short term. For sugar, hold short positions. For cotton, adopt a short - selling strategy in the short term. For eggs, control the short - position size. For apples, the main contract runs around 8300. For red dates, it is bearish in the medium - to - long term. For soda ash, observe. For glass, observe. For rubber, observe. For industrial silicon, the main price fluctuation range is expected to be between 8000 - 9500 yuan/ton. For polysilicon, observe temporarily. For lithium carbonate, the main contract is expected to run between 70,000 - 75,000 [2].

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 22, 2025 [2] Group 2: BR (Butadiene Rubber) Market Data Contract Data - On September 19, the closing price of the main contract was 11,445, a daily increase of 30 and a weekly decrease of 170 [3] - The position volume of the main contract was 75,259, a daily increase of 756 and a weekly increase of 54,200 [3] - The trading volume of the main contract was 94,561, a daily decrease of 21,553 and a weekly increase of 41,606 [3] Warehouse Receipts and Ratios - The number of warehouse receipts was 10,230, a daily decrease of 760 and a weekly decrease of 3,440 [3] - The virtual - to - real ratio was 36.78, a daily increase of 3 and a weekly increase of 29 [3] Basis and Spread - The basis of butadiene rubber was 20 higher than the previous day and 70 higher than the previous week [3] - The basis (two - oil) of butadiene rubber was 255, a daily decrease of 30 and a weekly decrease of 30 [3] - The 8 - 9 month spread was 125, a daily decrease of 40 [3] - The 9 - 10 month spread was 130, a daily decrease of 15 and a weekly increase of 70 [3] Price and Cost - The Shandong market price was 11,600, a daily increase of 50 and a weekly decrease of 100 [3] - The Chuanhua market price was 11,450, with no daily change and a weekly decrease of 100 [3] - The Qilu ex - factory price was 11,700, with no daily or weekly change [3] - CFR Northeast Asia was 1525, with no daily change and a weekly increase of 10 [3] - CFR Southeast Asia was 1700, with no daily or weekly change [3] Profit Data - The spot processing profit was - 290, a daily decrease of 27 and a weekly decrease of 177 [3] - The disk processing profit was - 445, a daily decrease of 47 and a weekly decrease of 247 [3] - The import profit was - 82,940, a daily increase of 39 and a weekly increase of 1,657 [3] - The export profit was 107, a daily decrease of 42 and a weekly increase of 142 [3] Group 3: BD (Butadiene) Market Data Price - The Shandong market price was 9,500, a daily increase of 75 and a weekly increase of 75 [3] - The Jiangsu market price was 9,200, a daily increase of 50 [3] - The Yangzi ex - factory price was 9,250, with no daily or weekly change [3] - CFR China was 1070, a daily decrease of 20 and a weekly decrease of 25 [3] Profit Data - The carbon four extraction profit was not available for the latest data [3] - The butene oxidative dehydrogenation profit was 106, a daily increase of 50 and a weekly increase of 70 [3] - The import profit was 450, a daily increase of 210 and a weekly increase of 215 [3] - The export profit was - 899, a daily decrease of 43 and a weekly increase of 60 [3] Group 4: Downstream Product Profit Data - The butadiene rubber production profit was - 445, a daily decrease of 47 and a weekly decrease of 247 [3] - The styrene - butadiene rubber production profit was 938, with no daily change and a weekly decrease of 175 [3] - The ABS production profit data was not available for the latest data [3] - The SBS (791 - H) production profit was 855, with no daily change and a weekly increase of 30 [3] Group 5: Price Spread Data - The RU - BR spread was - 59,724, a daily decrease of 791 and a weekly decrease of 54,485 [3] - The NR - BR spread was - 62,959, a daily decrease of 756 and a weekly decrease of 54,455 [3] - The Thai mixed - butadiene rubber spread was 3,130, a daily decrease of 70 and a weekly decrease of 150 [3] - The 3L - styrene - butadiene rubber spread was 3,050, with no daily or weekly change [3] - The butadiene rubber standard - non - standard price spread was 200, a daily increase of 50 and a weekly decrease of 50 [3] - The styrene - butadiene 1502 - 1712 spread was 1000, with no daily or weekly change [3]

Group 1 - The core viewpoint of the article highlights the growth in China's synthetic rubber industry, with a projected production increase of 3.7% year-on-year in May 2025, reaching 699,000 tons [1] - Cumulative production of synthetic rubber in China from January to May 2025 is reported at 3.534 million tons, reflecting a growth of 6.2% [1] - The article references a market supply and demand report for the synthetic rubber industry in China from 2025 to 2031, indicating a focus on future industry trends and opportunities [1] Group 2 - The companies mentioned in the article include Boshi Co., Ltd. (002698), Yaxing Chemical (600319), Yanggu Huatai (300121), Shuangjian Co., Ltd. (002381), Qixiang Tengda (002408), Haida Co., Ltd. (300320), Ruankong Co., Ltd. (002073), Sinochem International (600500), Sanlisi (002224), and Tongcheng New Materials (603650) [1] - The data source for the production statistics is the National Bureau of Statistics, with the analysis compiled by Zhiyan Consulting, a leading industry consulting firm in China [1] - Zhiyan Consulting specializes in providing in-depth industry research reports, business plans, feasibility studies, and customized services, emphasizing its expertise in the synthetic rubber sector [1]

Report Information - Report Title: Yongan Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [2] - Report Date: September 19, 2025 [2] Core Data Summary BR (Butadiene Rubber) - **Price and Volume**: The closing price of the main contract was 11,415, down 175 from the previous day and 240 from the previous week. The open interest of the main contract was 74,503, an increase of 7,604 from the previous day and 52,260 from the previous week. The trading volume of the main contract was 116,114, an increase of 42,925 from the previous day and 53,914 from the previous week [3]. - **Basis and Spread**: The basis of butadiene rubber was 135, up 40 from the previous week. The 8 - 9 month spread was 165, up 100 from the previous week. The 9 - 10 month spread was 145, down 5 from the previous day and 50 from the previous week [3]. - **Spot Price**: The Shandong market price was 11,550, down 150 from the previous day and 200 from the previous week. The Chuanhua market price was 11,450, down 100 from the previous day and 100 from the previous week. The Qilu ex - factory price was 11,700, down 200 from the previous day and 200 from the previous week [3]. - **Processing and Import/Export**: The spot processing profit was - 264, down 125 from the previous day and 149 from the previous week. The on - screen processing profit was - 399, down 150 from the previous day and 189 from the previous week. The import profit was - 82,873, up 1,455 from the previous day and 1,609 from the previous week. The export profit was 137, up 131 from the previous day and 223 from the previous week [3]. BD (Butadiene) - **Price**: The Shandong market price was 9,425, down 25 from the previous day and 50 from the previous week. The Jiangsu market price was 9,150, down 100 from the previous day and 125 from the previous week. The Yangzi ex - factory price was 9,250, unchanged from the previous day and the previous week [3]. - **Processing and Import/Export**: The carbon - four extraction profit was not available. The butene oxidative dehydrogenation profit was 56, down 30 from the previous day and 55 from the previous week. The import profit was 250, down 100 from the previous day and 66 from the previous week. The export profit was - 862, up 51 from the previous day [3]. Downstream Products - **Production Profit**: The butadiene styrene rubber (SBR) production profit was 938, down 175 from the previous day and 175 from the previous week. The ABS production profit was - 3, up 92 from the previous week. The SBS production profit (791 - H) was 825, unchanged from the previous day and the previous week [3]. Variety Spreads - **Inter - Variety Spreads**: The RU - BR spread was - 28,933, down 7,914 from the previous day and 25,295 from the previous week. The NR - BR spread was - 62,203, down 7,894 from the previous day and 52,580 from the previous week. The Thai mixed - butadiene rubber spread was 3,200, down 100 from the previous day and 50 from the previous week [3]. - **Intra - Variety Spreads**: The spread between standard and non - standard butadiene rubber was 150, unchanged from the previous day and down 100 from the previous week. The spread between SBR 1502 and 1712 was 1,000, unchanged from the previous day and the previous week [3].

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The overall supply of domestic cis - butadiene rubber is sufficient. Under the influence of downstream bargain - hunting purchases, the negotiation focus on the spot side is continuously under pressure. Some industry players expect a certain reduction in the mainstream supply price. This week, both enterprise inventories and sample trading enterprise inventories have decreased slightly. Before the holiday, downstream enterprises have pre - holiday stocking needs, and it is expected that buyers will gradually follow up, and the inventory level is expected to continue to decline. In terms of demand, the capacity utilization rate of domestic tire enterprises has increased slightly this week. Most enterprises maintain their current production schedules to reserve inventory around the long holiday and make up for the previous order gap. The overall capacity utilization rate will mainly fluctuate slightly. The short - term price of the BR2511 contract is expected to fluctuate in the range of 11,250 - 11,700 [2] 3. Summary According to Relevant Catalogues 3.1 Futures Market - The closing price of the main contract for synthetic rubber is 11,415 yuan/ton, a decrease of 175 yuan; the position volume of the main contract is 74,503, an increase of 7,604; the 10 - 11 spread of synthetic rubber is 55 yuan/ton, an increase of 15 yuan; the total warehouse receipt quantity of butadiene rubber is 2,610 tons, a decrease of 360 tons [2] 3.2 Spot Market - The mainstream price of cis - butadiene rubber (BR9000, Qilu Petrochemical) in Shandong is 11,700 yuan/ton; the mainstream price of cis - butadiene rubber (BR9000, Daqing Petrochemical) in Shandong is 11,700 yuan/ton, a decrease of 50 yuan; the mainstream price of cis - butadiene rubber (BR9000, Daqing Petrochemical) in Shanghai is 11,700 yuan/ton; the mainstream price of cis - butadiene rubber (BR9000, Maoming Petrochemical) in Guangdong is 11,850 yuan/ton, an increase of 100 yuan; the basis of synthetic rubber is 235 yuan/ton [2] 3.3 Upstream Situation - The current - week production capacity of butadiene is 151,200 tons/week, with no change; the current - week capacity utilization rate of butadiene is 68.33%, a decrease of 0.12 percentage points; the port inventory of butadiene is 25,600 tons, a decrease of 5,350 tons; the operating rate of Shandong local refinery atmospheric and vacuum distillation units is 50.64%, an increase of 0.54 percentage points; the monthly output of cis - butadiene rubber is 135,700 tons, an increase of 6,500 tons; the current - week capacity utilization rate of cis - butadiene rubber is 73.48%, a decrease of 2.68 percentage points; the current - week production profit of cis - butadiene rubber is - 509 yuan/ton, a decrease of 47 yuan; the social inventory of cis - butadiene rubber is 34,500 tons, an increase of 2,600 tons; the manufacturer inventory of cis - butadiene rubber is 26,300 tons, an increase of 1,650 tons; the trader inventory of cis - butadiene rubber is 8,210 tons, an increase of 950 tons [2] 3.4 Downstream Situation - The operating rate of domestic semi - steel tires is 73.46%, an increase of 5.99 percentage points; the operating rate of domestic all - steel tires is 65.59%, an increase of 5.81 percentage points; the monthly output of all - steel tires is 13.03 million pieces, an increase of 280,000 pieces; the monthly output of semi - steel tires is 58.06 million pieces, an increase of 1.09 million pieces; the inventory days of all - steel tires in Shandong are 38.83 days, a decrease of 0.05 days; the inventory days of semi - steel tires in Shandong are 45.94 days, an increase of 0.09 days [2] 3.5 Industry News - As of September 18, the inventory of domestic cis - butadiene rubber sample enterprises is 33,700 tons, a decrease of 800 tons from the previous period, a month - on - month decrease of 2.29%; as of September 18, the capacity utilization rate of Chinese semi - steel tire sample enterprises is 72.74%, a month - on - month increase of 0.13 percentage points and a year - on - year decrease of 6.92 percentage points; the capacity utilization rate of Chinese all - steel tire sample enterprises is 66.36%, a month - on - month increase of 0.05 percentage points and a year - on - year increase of 6.18 percentage points; in August 2025, the output of Chinese cis - butadiene rubber is 135,700 tons, an increase of 6,500 tons from the previous month, a month - on - month increase of 5.02% and a year - on - year increase of 30.73% [2] 3.6 Key Points of Attention - There is no news today [2]

Report Industry Investment Rating - No relevant information provided Core Viewpoints - This week, the reduction in supply is gradually becoming evident. After the price cuts of butadiene and cis - butadiene rubber, the spot offers are gradually declining, which may prompt some downstream enterprises to start stocking up. As a result, the inventories of producers and traders may slightly decrease [2]. - Last week, the capacity utilization rate of domestic tire enterprises increased significantly, and most enterprises that had maintenance at the beginning of the month have returned to normal levels. It is expected that most enterprises will maintain their current production schedules this week to build up inventory for the "National Day" holiday and fill the gaps in previous orders. The overall capacity utilization rate is expected to fluctuate slightly [2]. - The BR2511 contract is expected to fluctuate in the range of 11,500 - 12,000 in the short - term [2]. Summary by Relevant Catalogs Futures Market - The closing price of the main contract for synthetic rubber is 11,590 yuan/ton, down 85 yuan/ton from the previous period. The position of the main contract is 66,899 yuan/ton, up 2,683 yuan/ton [2]. - The price spread between October and November for synthetic rubber is 40 yuan/ton, up 5 yuan/ton. The total warehouse receipt quantity of butadiene rubber is 2,970 tons, unchanged [2]. Spot Market - The mainstream price of BR9000 cis - butadiene rubber from Qilu Petrochemical in Shandong is 11,700 yuan/ton, unchanged; from Daqing Petrochemical in Shandong is 11,700 yuan/ton, unchanged; from Daqing Petrochemical in Shanghai is 11,750 yuan/ton, up 50 yuan/ton; from Maoming Petrochemical in Guangdong is 11,750 yuan/ton, up 50 yuan/ton [2]. - The basis of synthetic rubber is 110 yuan/ton, up 85 yuan/ton. The price of Brent crude oil is 68.47 dollars/barrel, up 1.03 dollars/barrel; WTI crude oil is 64.52 dollars/barrel, up 1.22 dollars/barrel [2]. - The price of naphtha CFR Japan is 604.88 dollars/ton, down 3.62 dollars/ton. The Northeast Asian ethylene price is 850 dollars/ton, unchanged. The intermediate price of butadiene CFR China is 1,090 dollars/ton, unchanged [2]. - The mainstream market price of butadiene in Shandong is 9,450 yuan/ton, down 50 yuan/ton [2]. Upstream Situation - The weekly production capacity of butadiene is 151,200 tons, unchanged. The weekly capacity utilization rate of butadiene is 68.33%, down 0.12 percentage points [2]. - The port inventory of butadiene at the end of the week is 25,600 tons, down 5,350 tons. The daily operating rate of Shandong local refineries' atmospheric and vacuum distillation units is 50.64%, up 0.54 percentage points [2]. - The monthly production of cis - butadiene rubber is 135,700 tons, up 6,500 tons. The weekly capacity utilization rate of cis - butadiene rubber is 73.48%, down 2.68 percentage points [2]. - The weekly production profit of cis - butadiene rubber is - 509 yuan/ton, down 47 yuan/ton. The social inventory of cis - butadiene rubber at the end of the week is 34,500 tons, up 2,600 tons [2]. - The producer inventory of cis - butadiene rubber at the end of the week is 26,300 tons, up 1,650 tons. The trader inventory of cis - butadiene rubber at the end of the week is 8,210 tons, up 950 tons [2]. Downstream Situation - The weekly operating rate of domestic semi - steel tires is 73.46%, up 5.99 percentage points. The weekly operating rate of domestic all - steel tires is 65.59%, up 5.81 percentage points [2]. - The monthly production of all - steel tires is 13.03 million pieces, up 280,000 pieces. The monthly production of semi - steel tires is 58.06 million pieces, up 1.09 million pieces [2]. - The inventory days of all - steel tires in Shandong at the end of the week is 38.83 days, down 0.05 days. The inventory days of semi - steel tires in Shandong at the end of the week is 45.94 days, up 0.09 days [2]. Industry News - As of September 11, 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% [2]. - As of September 11, the capacity utilization rate of Chinese 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 Chinese all - 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 [2]. - In August 2025, China's cis - butadiene rubber production was 135,700 tons, an increase of 6,500 tons from the previous month, a month - on - month increase of 5.02% and a year - on - year increase of 30.73%. Although some production facilities had short - term maintenance, the overall production reached a high level this year [2].

Report Information - Report Title: Yongan Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [2] - Report Date: September 17, 2025 [2] Key Points 1. BR (Butadiene Rubber) - **Price and Position Data**: On September 16, the closing price of the main contract was 11,675, down 30 from the previous day and 15 from the previous week; the position volume was 64,216, an increase of 45,431 from the previous day and 37,366 from the previous week; the trading volume was 74,764, an increase of 38,182 from the previous day and a decrease of 43,356 from the previous week; the warehouse receipt quantity was 13,670, unchanged from the previous day and an increase of 30 from the previous week; the virtual - real ratio was 23.49, an increase of 17 from the previous day and 14 from the previous week [3]. - **Basis and Spread**: The butadiene rubber basis was 30 from the previous day and - 185 from the previous week; the butadiene rubber basis (two - oil) was 30 from the previous day; the styrene - butadiene basis was 130 from the previous day and - 85 from the previous week; the 8 - 9 month spread was 35 from the previous day and 145 from the previous week; the 9 - 10 month spread was 90 from the previous day and - 130 from the previous week [3]. - **Market Price**: The Shandong market price was 11,700, unchanged from the previous day and a decrease of 200 from the previous week; the Transfar market price was 11,550, unchanged from the previous day and a decrease of 200 from the previous week; the Qilu ex - factory price was 11,900, unchanged from the previous day and the previous week; CFR Northeast Asia was 1,525, unchanged from the previous day and an increase of 10 from the previous week; CFR Southeast Asia was 1,700, unchanged from the previous day and the previous week [3]. - **Processing and Profit**: The spot processing profit was - 190, a decrease of 102 from the previous day and 169 from the previous week; the disk processing profit was - 215, a decrease of 132 from the previous day and an increase of 16 from the previous week; the import profit was - 84,535, an increase of 16 from the previous day and a decrease of 166 from the previous week; the export profit was 29, a decrease of 2 from the previous day and an increase of 242 from the previous week [3]. 2. BD (Butadiene) - **Market Price**: The Shandong market price was 9,500, an increase of 100 from the previous day and a decrease of 30 from the previous week; the Jiangsu market price was 9,300, an increase of 50 from the previous day and unchanged from the previous week; the Yangzi ex - factory price was 9,250, unchanged from the previous day and a decrease of 100 from the previous week; CFR China was 1,090, unchanged from the previous day and a decrease of 5 from the previous week [3]. - **Processing and Profit**: The carbon four extraction profit was N/A; the butene oxidative dehydrogenation profit was 136, an increase of 50 from the previous day and unchanged from the previous week; the import profit was 382, an increase of 51 from the previous day and 43 from the previous week; the export profit was - 944, a decrease of 45 from the previous day and an increase of 104 from the previous week [3]. 3. Downstream Products - **Production Profit**: The butadiene - styrene production profit was 1,113, unchanged from the previous day and an increase of 75 from the previous week; the SBS 791 - H production profit was 825, unchanged from the previous day and a decrease of 230 from the previous week; the ABS production profit was N/A [3]. 4. Variety Spreads - **Inter - Variety Spreads**: RU - BR was - 48,176, a decrease of 45,386 from the previous day and 37,266 from the previous week; NR - BR was - 51,501, a decrease of 45,426 from the previous day and 37,386 from the previous week; Thai mixed - butadiene rubber was 3,450, unchanged from the previous day and an increase of 350 from the previous week; 3L - styrene - butadiene was 3,050, a decrease of 50 from the previous day and an increase of 150 from the previous week [3]. - **Intra - Variety Spreads**: The butadiene rubber standard - non - standard price difference was 150, a decrease of 50 from the previous day and 100 from the previous week; the styrene - butadiene 1502 - 1712 was 1,000, unchanged from the previous day and the previous week [3].