Report Summary 1. Report Industry Investment Ratings The report does not provide overall industry investment ratings. Instead, it offers specific investment suggestions for different varieties within various sectors. 2. Core Viewpoints - The A-share market may enter a high-level oscillation pattern after significant gains, and the volatility has increased. The bond market is likely to remain range-bound, and the precious metals market has ended its continuous rise and slightly declined. The shipping index is weakly oscillating, and the steel and iron ore markets are affected by supply and demand factors. The energy and chemical sectors show different trends, and the agricultural products market is influenced by factors such as supply expectations and seasonal reports [2]. 3. Summary by Categories Financial - **Stock Index Futures**: The current basis rates of IF, IH, IC, and IM main contracts are -0.36%, -0.37%, -0.77%, and -0.54% respectively. The A-share market may enter a high-level oscillation pattern, and it is recommended to wait and see [2]. - **Treasury Bonds**: The 10-year treasury bond interest rate may oscillate between 1.74% - 1.8%, and the T2512 contract may fluctuate between 107.6 - 108.4. It is recommended to conduct range operations [2]. - **Precious Metals**: The safe-haven sentiment has subsided, and the precious metals market has ended its continuous rise and slightly declined. It is recommended to buy gold cautiously at low prices or use out-of-the-money call options for hedging. For silver, short-term high-sell and low-buy operations are recommended [2]. Black - **Steel**: The steel price is affected by production restrictions and off-season demand. It is recommended to pay attention to the long position of the steel-ore ratio. The iron ore price fluctuates with the steel price, and it is recommended to conduct range operations [2]. - **Coking Coal**: The spot price is oscillating weakly. It is recommended to reduce short positions appropriately and conduct arbitrage operations [2]. - **Coke**: The seventh round of price increases by mainstream coking plants has been implemented, and the coking profit continues to recover. It is recommended to reduce short positions appropriately and conduct arbitrage operations [2]. Non-Ferrous Metals - **Copper**: The copper price center has risen, and the spot trading is weak. The main contract reference range is 79,000 - 81,000 [2]. - **Aluminum and Its Alloys**: The supply of aluminum is highly certain, and it is necessary to focus on the fulfillment of peak-season demand and the inventory inflection point. The main contract reference ranges for aluminum, aluminum alloy, zinc, tin, nickel, and stainless steel are provided [2]. Energy and Chemicals - **Crude Oil**: The EIA inventory increase and supply increment expectations put pressure on the oil price. It is recommended to take a short position. The support levels for WTI, Brent, and SC are provided [2]. - **Other Chemicals**: Different chemicals such as urea, PX, PTA, short fiber, bottle chip, ethylene glycol, caustic soda, PVC, benzene, styrene, synthetic rubber, LLDPE, PP, methanol, and others have different trends and corresponding investment suggestions [2]. Agricultural Products - **Grains and Oils**: The abundant harvest expectation suppresses the US soybean price, while the domestic expectation remains positive. It is recommended to arrange long positions for the 01 contract. The palm oil is waiting for the MPOB report, and the short-term oscillation range is provided [2]. - **Livestock and Poultry**: The supply and demand contradiction in the pig market is limited, and the market shows a weakly oscillating pattern. The corn price is oscillating and adjusting, and it is recommended to short on rebounds [2]. - **Other Agricultural Products**: The overseas sugar supply is expected to be loose, and the raw sugar price has broken through the support level. It is recommended to gradually close short positions. The cotton inventory is low, and it is recommended to wait and see. The egg market has some demand support, but the long-term trend is still bearish. The apple price is running around 8,350, and the jujube price has dropped significantly. The soda ash and glass markets are in a bearish pattern, and it is recommended to hold short positions [2]. Special Commodities - **Rubber**: The rubber market has a strong fundamental situation, and the price is oscillating at a high level. It is recommended to short at high positions if the raw material price rises smoothly [2]. - **Industrial Silicon**: The spot price has risen slightly, and the main price fluctuation range is expected to be between 8,000 - 9,500 yuan/ton [2]. New Energy - **Polysilicon**: The self-discipline supports the polysilicon price to rise temporarily, and it is recommended to wait and see [2]. - **Lithium Carbonate**: The market sentiment has improved, and the fundamental situation remains in a tight balance. It is recommended to wait and see [2].

Group 1: Report Information - Report Name: Yong'an Synthetic Rubber Morning Report [2][12][22] - Research Team: Research Center Energy and Chemicals Team [2][12][22] - Report Date: September 4, 2025 [2][12][22] Group 2: BR (Butadiene Rubber) Market Data Demand Side - Main contract closing price on September 3: 11,885, weekly change: +175 [3][13][23] - Main contract open interest on September 3: 28,944, weekly change: -10,968 [3][13][23] - Main contract trading volume on September 3: 105,069, weekly change: +10,070 [3][13][23] - Warehouse receipt quantity on September 3: 12,540, weekly change: +70 [3][13][23] - Virtual - real ratio on September 3: 11.54, weekly change: -4 [3][13][23] Basis & Monthly Spread - Butadiene - styrene basis on September 3: 515, weekly change: -175 [3][13][23] - 8 - 9 monthly spread on September 3: 250, weekly change: -25 [3][13][23] - 9 - 10 monthly spread on September 3: 0, weekly change: +10 [3][13][23] Spot Market - Shandong market price on September 3: 11,900, weekly change: +100 [3][13][23] - Chuanhua market price on September 3: 11,800, weekly change: +100 [3][13][23] - Qilu ex - factory price on September 3: 12,100, weekly change: 0 [3][13][23] - CFR Northeast Asia on September 3: 1,500, weekly change: +25 [3][13][23] - CFR Southeast Asia on September 3: 1,700, weekly change: -25 [3][13][23] Processing & Import - Export - Spot processing profit on September 3: -92, weekly change: -2 [3][13][23] - Futures processing profit on September 3: -107, weekly change: +73 [3][13][23] - Import profit on September 3: -86,225, weekly change: +381 [3][13][23] - Export profit on September 3: -294, weekly change: +63 [3][13][23] Group 3: BD (Butadiene) Market Data Price - Shandong market price on September 3: 9,600, weekly change: +100 [3][13][23] - Jiangsu market price on September 3: 9,400, weekly change: +100 [3][13][23] - Yangzi ex - factory price on September 3: 9,500, weekly change: 0 [3][13][23] - CFR China on September 3: 1,095, weekly change: 0 [3][13][23] Processing & Import - Export - Carbon four extraction profit: Data unavailable on September 3 [3][13][23] - Butene oxidative dehydrogenation profit on September 3: 236, weekly change: +30 [3][13][23] - Import profit on September 3: 416, weekly change: +125 [3][13][23] - Export profit on September 3: -1,010, weekly change: +71 [3][13][23] Downstream Profit - Butadiene - styrene production profit on September 3: 1,125, weekly change: +50 [3][13][23] - ABS production profit data unavailable on September 3 [3][13][23] - SBS (791 - H) production profit on September 3: Data stable, weekly change: -125 [3][13][23] Group 4: Spread Data Inter - Variety Spread - RU - BR spread on September 3: -13,059, weekly change: +11,093 [3][13][23] - NR - BR spread on September 3: -16,229, weekly change: +11,068 [3][13][23] - Thai mixed - butadiene spread on September 3: 3,000, weekly change: +100 [3][13][23] - 3L - butadiene - styrene spread on September 3: 2,700, weekly change: +100 [3][13][23] Intra - Variety Spread - Standard - non - standard butadiene price difference on September 3: 250, weekly change: 0 [3][13][23] - Butadiene - styrene 1502 - 1712 spread on September 3: 1,000, weekly change: +100 [3][13][23]

Report Overview - Report Title: Yong'an Synthetic Rubber Morning Report - Research Team: Research Center's Energy and Chemicals Team - Report Date: September 3, 2025 [2][12][22] Report Industry Investment Rating - Not provided in the document Core Viewpoints - Not provided in the document Summary by Relevant Catalogs BR (Butadiene Rubber) Futures Market - The closing price of the main contract on September 2 was 11,820, a decrease of 75 from the previous day and 25 from the previous period [3][13][23] - The open interest of the main contract was 31,283, a decrease of 1,887 from the previous day and 11,837 from the previous period [3][13][23] - The trading volume of the main contract was 103,125, a decrease of 9,988 from the previous day and 9,322 from the previous period [3][13][23] Basis and Spread - The basis of cis - butadiene rubber was 80 on September 2, an increase of 75 from the previous day and a decrease of 25 from the previous period [3][13][23] - The 8 - 9 month spread was 235 on September 2, an increase of 110 from the previous day and 60 from the previous period [3][13][23] - The 9 - 10 month spread was 80 on September 2, an increase of 100 from the previous day [3][13][23] Spot Market - The Shandong market price remained at 11,900, with no change from the previous day and a decrease of 50 from the previous period [3][13][23] - The Chuanhua market price remained at 11,800, with no change from the previous day and a decrease of 50 from the previous period [3][13][23] - The Qilu ex - factory price remained at 12,100 [3][13][23] Processing and Import - Export - The spot processing profit was - 67 on September 2, a decrease of 26 from the previous day and 76 from the previous period [3][13][23] - The import profit was - 86,106, with no change from the previous day and an increase of 294 from the previous period [3][13][23] - The export profit was - 306, with no change from the previous day and an increase of 187 from the previous period [3][13][23] BD (Butadiene) Price - The Shandong market price on September 2 was 9,575, an increase of 25 [3][13][23] - The Jiangsu market price on September 2 was 9,375, a decrease of 125 [3][13][23] - The Yangzi ex - factory price remained at 9,500 [3][13][23] Processing and Import - Export - The carbon tetrachloride extraction profit was not available for calculation [3][13][23] - The butene oxidative dehydrogenation profit was 211, a decrease of 195 [3][13][23] - The import profit was 402, a decrease of 94 [3][13][23] - The export profit was - 997, a decrease of 22 [3][13][23] Downstream Products - The production profit of butadiene styrene rubber was 1,138, with no change from the previous day and an increase of 75 from the previous period [3][13][23] - The production profit of SBS (791 - H) was 1,090, with no change from the previous day and a decrease of 110 from the previous period [3][13][23] - The production profit of ABS was not available for calculation [3][13][23] Price Spreads Inter - Variety Spreads - The spread between Thai mixed rubber and cis - butadiene rubber was 2,980 on September 2, an increase of 60 from the previous day and 130 from the previous period [3][13][23] - The spread between RU - BR was - 15,413 on September 2, an increase of 1,897 from the previous day and 11,822 from the previous period [3][13][23] - The spread between NR - BR was - 18,573 on September 2, an increase of 1,917 from the previous day and 11,757 from the previous period [3][13][23] Intra - Variety Spreads - The spread between standard and non - standard cis - butadiene rubber remained at 250 [3][13][23] - The spread between butadiene styrene 1502 and 1712 remained at 1,050, with no change from the previous day and an increase of 100 from the previous period [3][13][23]

Report Summary 1. Investment Ratings The document does not provide an overall industry investment rating. 2. Core Views - The direction of monetary policy in the second half of 2025 is crucial for the equity market. After a significant increase in A-shares, they may enter a high-level shock pattern [2]. - In the short term, the 10-year treasury bond interest rate may fluctuate between 1.75% - 1.8%. Gold shows a strong shock trend, and copper prices are rising due to improved interest rate cut expectations [2]. - Many commodities such as steel, iron ore, coking coal, and coke are facing price - related challenges. Some suggest strategies like long steel - to - ore ratio and shorting at high prices [2]. 3. Summary by Categories Financial Futures - **Stock Index Futures**: After a large increase in A - shares, they may enter a high - level shock pattern. It is recommended to wait for the next direction decision [2]. - **Treasury Bond Futures**: The 10 - year treasury bond interest rate may fluctuate between 1.75% - 1.8%. It is recommended to use range - bound operations for unilateral strategies and pay attention to the basis convergence strategy of TL contracts for spot - futures strategies [2]. - **Precious Metals**: Gold is strongly fluctuating. It is advisable to be cautious when chasing long positions unilaterally. Buying at - the - money or in - the - money call options can be considered. Silver is affected by news and shows an upward shock [2][3]. Industrial Metals - **Copper**: Due to the improvement of interest rate cut expectations, the center of copper prices has risen, with the main contract reference range of 78500 - 80500 [2]. - **Aluminum and Related Products**: Aluminum oxide has a surplus pressure, and the disk is in a weak shock. Aluminum is in a high - level shock, and attention should be paid to whether the peak - season demand can be fulfilled. Aluminum alloy has a firm spot price [2]. - **Other Metals**: Nickel has an upward shock trend, and stainless steel has a strong disk due to improved spot trading, with cost support and weak demand in a game [3]. Energy and Chemicals - **Crude Oil**: Supported by geopolitical and supply risks, oil prices have rebounded. It is recommended to wait and see unilaterally in the short term and use a positive - spread strategy for arbitrage [2]. - **Other Chemicals**: Many chemicals have different market situations. For example, ethylene glycol is expected to have limited downward space, while PVC is in a weakening trend [2]. Agricultural Products - **Grains and Oils**: Corn futures are in a rebound adjustment, and palm oil may rise in the short term [2]. - **Other Agricultural Products**: Sugar has a relatively loose overseas supply outlook, and eggs have a weak peak - season performance [2]. Special and New Energy Commodities - **Special Commodities**: Glass has a high inventory, and it is recommended to short at high prices. Rubber has a strong fundamental situation and is in a high - level shock [2]. - **New Energy Commodities**: Polysilicon has risen significantly due to news stimulation, and lithium carbonate is in a wait - and - see state [2].

Report Information - Report Name: Yongan Synthetic Rubber Morning Report - Research Team: Energy and Chemicals Team of the Research Center - Date: September 2, 2025 [2][12][22] Core Data Summary BR (Butadiene Rubber) - **Contract Indicators**: On September 1, the closing price of the main contract was 11,895, down 5 from the previous day and 115 from the previous week; the trading volume was 113,113, up 25,436 from the previous day but down 42,291 from the previous week; the open interest was 33,170, down 2,323 from the previous day and 13,535 from the previous week; the warrant quantity was 12,440, up 180 from the previous day and down 30 from the previous week; the virtual-to-real ratio was 13.33, down 1 from the previous day and 5 from the previous week [3][13][23]. - **Basis and Monthly Spread**: The butadiene-styrene basis was 5 (with a weekly increase of 215), the 8 - 9 monthly spread was 125 (up 20 from the previous day and 105 from the previous week), and the 9 - 10 monthly spread was -20 (down 35 from the previous day and up 5 from the previous week) [3][13][23]. - **Spot Price**: The Shandong market price was 11,900/11,800 (down 50/up 0 from the previous day and up 0/50 from the previous week), the Transfar market price and Qilu ex - factory price were both 12,100 (unchanged from the previous day and up 200 from the previous week), CFR Northeast Asia was 1,500 (up 50 from the previous week), and CFR Southeast Asia was 1,700 (down 25 from the previous day and 25 from the previous week) [3][13][23]. - **Processing and Import - Export Profits**: The spot processing profit was -41 (down 76 from the previous day and 51 from the previous week), the on - disk processing profit was -46 (down 31 from the previous day and 166 from the previous week), the import profit was -86,106 (down 51 from the previous day and 1,141 from the previous week), and the export profit was -306 (up 222 from the previous day and 308 from the previous week) [3][13][23]. BD (Butadiene) - **Price Indicators**: The Shandong market price was 9,350 (down 50 from the previous day and 100 from the previous week), the Jiangsu market price was 9,350 (down 50 from the previous day and 100 from the previous week), the Yangzi ex - factory price was 9,500 (unchanged from the previous day and up 100 from the previous week), and CFR China was 1,095 (unchanged) [3][13][23]. - **Processing and Import - Export Profits**: The carbon tetrachloride extraction profit data was unavailable, the butene oxidative dehydrogenation profit was 186 (down 50 from the previous day and 170 from the previous week), the import profit was 377 (down 50 from the previous day and 57 from the previous week), and the export profit was -975 (up 44 from the previous day and 230 from the previous week) [3][13][23]. - **Downstream Profits**: The butadiene - styrene production profit was 1,075 (unchanged from the previous day and up 138 from the previous week), the ABS production profit data was unavailable, and the SBS 791 - H production profit was 1,090 (down 125 from the previous day and 180 from the previous week) [3][13][23]. Spread Indicators - **Inter - Variety Spreads**: The spread between Thai mixed rubber and butadiene rubber was 2,920 (up 70 from the previous day and down 30 from the previous week), the spread between 3L and butadiene - styrene rubber was 2,650 (unchanged from the previous day and down 100 from the previous week) [3][13][23]. - **Intra - Variety Spreads**: The spread between butadiene - styrene 1502 and 1712 was 1,050 (unchanged from the previous day and up 50 from the previous week) [3][13][23].

1. Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. 2. Core Views - The Jackson Hole Global Central Bank Annual Meeting saw the Fed Chair's dovish stance, increasing the certainty of a September rate cut, but short - term leveraged funds flowing in too quickly pose risks to the stock index, which may face a slight shock adjustment [3]. - The bond market lacks its own drivers, and its sentiment is significantly suppressed by the equity market. It is in a range - bound state, and the short - term 10 - year Treasury active bond yield around 1.8% may be a resistance level for the upward movement of interest rates [3]. - The dovish attitude of Fed officials continues to suppress the US dollar, and precious metals are strengthening and approaching the upper limit of the fluctuation range [3]. - The EC main contract of the container shipping index (European line) shows a weak trend [3]. - Steel prices are in a weak decline, and iron ore follows steel prices, with a trading range of 770 - 820 [3]. - Copper prices have weak short - term drivers and are in a narrow - range shock [3]. - The supply and demand pressure of PX is not large, but the short - term driver is limited; PTA is under short - term pressure in a weak market atmosphere, but the supply - demand expectation is tight [3]. - The inventory of bottle chips has decreased, and it follows the raw materials, with limited short - term processing fee upward space [3]. - The overseas supply outlook for sugar is relatively loose, and the short - selling position should be held [3]. - The issuance of sliding - scale tax quotas for cotton is lower than expected, and the 01 contract is short - term strong [3]. 3. Summary by Related Catalogs Stock Index - The current basis rates of the main contracts of IF, IH, IC, and IM are 0.05%, 0.06%, - 0.36%, and - 0.67% respectively. The technology main line strongly pulled up, and the stock index reversed intraday. It is recommended to wait until after the earnings report disclosure in September to decide the next - round direction [3]. Treasury Bonds - The stock market is strong, and the bond market sentiment is weak again, in a range - bound state. The short - term 10 - year Treasury active bond yield around 1.8% may be a resistance level for the upward movement of interest rates, corresponding to support for the T2512 contract around 107.4 - 107.6. The short - term bond futures can be temporarily on the sidelines [3]. Precious Metals - Gold is in a shock - strengthening trend. Hold the bull spread strategy of buying gold option AIU2512C776 and selling AU2512C792; hold the long position of silver [3]. Container Shipping Index (European Line) - The EC main contract shows a weak trend. Short the 12 - contract on rallies [3]. Steel and Black Metals - Steel prices are in a weak decline, and it is recommended to wait and see. Iron ore follows steel prices, with a range of 770 - 820, and a strategy of long iron ore and short coking coal can be adopted. Coking coal and coke can be short - sold on rallies, and long iron ore and short coke/coal strategies can be used [3]. Non - ferrous Metals - Copper prices are in a narrow - range shock, with a reference range of 78000 - 80000. Aluminum should pay attention to whether the peak - season demand can be fulfilled, with a reference range of 20400 - 21000 and pay attention to the 21000 pressure level [3]. Energy and Chemicals - For PX, pay attention to the support around 6800 and look for low - buying opportunities; for PTA, pay attention to the support around 4750 and look for low - buying opportunities, and adopt a rolling reverse spread strategy for TA1 - 5 [3]. Agricultural Products - Short - sell sugar. Cotton's 01 contract is short - term strong. Eggs are still bearish in the long - term, and short positions should be held [3]. Special Commodities - For glass, the previous short positions can be closed out at a stage. For rubber, if the raw material supply increases smoothly, short on rallies [3]. New Energy - For polysilicon, wait and see. For lithium carbonate, mainly wait and see [3].

Raw Materials and Spot Prices - As of August 28, the market price of butadiene in Shandong is 9590 yuan/ton, an increase of 90 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 11950 yuan/ton, an increase of 150 yuan/ton, with a price difference of -2900 yuan/ton and a basis of -30 yuan/ton, down 120 yuan/ton [1] Production and Operating Rates - In July, China's butadiene production was 453,600 tons, up 3% month-on-month; styrene-butadiene rubber production was 129,200 tons, up 5.5% month-on-month; semi-steel tire production was 56.97 million units, down 1.1% month-on-month but up 7.8% year-on-year; full-steel tire production was 12.75 million units, up 1% month-on-month and up 5.1% year-on-year [2] - As of August 28, the operating rate for the butadiene industry is 67.9%, down 0.4% month-on-month; the operating rate for high-styrene butadiene rubber is 75.8%, up 9.7% month-on-month; the operating rate for semi-steel tire manufacturers is 71%, down 1.3% month-on-month; the operating rate for full-steel tire manufacturers is 65%, down 0.1% month-on-month [2] Inventory Levels - As of August 27, butadiene port inventory is 24,000 tons, down 3,300 tons; styrene-butadiene rubber factory inventory is 25,100 tons, up 1,900 tons, an increase of 8.2% month-on-month; trader inventory is 6,620 tons, down 790 tons, a decrease of 10.7% month-on-month [3] - During the period from August 21 to August 27, domestic butadiene sample total inventory decreased by approximately 5.69% week-on-week, with sample enterprise inventory slightly down 0.16% week-on-week; port inventory decreased by 12.09% week-on-week due to limited ship arrivals and normal consumption of downstream raw material inventory [4] Market Analysis - On August 28, it was reported that the supply of butadiene from Singapore and India is expected to decline, boosting BR prices, with the main synthetic rubber contract BR2510 closing at 11,980 yuan/ton, an increase of 1.01% compared to the previous day's settlement price; there are no significant expectations for an increase in domestic butadiene production in the near term, while the main downstream industries maintain decent operating rates [5] - The supply side indicates that after multiple styrene-butadiene rubber facilities resume operations, production will continue to grow, but overall inventory reduction will be limited; on the demand side, semi-steel tire inventory remains high, increasing pressure on both domestic and export sales, making it difficult to raise operating rates for semi-steel tires, while full-steel tire operating rates remain stable overall [5]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - No clear core view is presented in the provided text. It mainly offers data on synthetic rubber market indicators such as prices, profits, and spreads. 3. Summary According to Relevant Catalogs BR (Butadiene Rubber) Futures Market - The closing price of the main contract on August 27 was 11,710, down 135 from the previous day and 5 week - on - week [3][14][25]. - The open interest of the main contract was 39,912, a daily decrease of 3,208 but a weekly increase of 4,221 [3][14][25]. - The trading volume of the main contract was 94,999, down 17,448 from the previous day and 74,065 week - on - week [3][14][25]. Spot Market - The Shandong market price on August 27 was 11,800, down 150 from the previous day but up 200 week - on - week [3][14][25]. - The Chuanhua market price was 11,700, with the same daily and weekly changes as the Shandong market [3][14][25]. - The Qilu ex - factory price remained at 12,100 on August 27, unchanged from the previous day but up 200 week - on - week [3][14][25]. Basis and Spread - The butadiene basis on August 27 was 90, down 15 from the previous day but up 205 week - on - week [3][14][25]. - The 8 - 9 month spread was 275, up 100 from the previous day [3][14][25]. Processing and Import/Export - The spot processing profit on August 27 was - 90, down 99 from the previous day and 14 week - on - week [3][14][25]. - The import profit was - 86,509, down 109 from the previous day and 1,110 week - on - week [3][14][25]. - The export profit was - 366, up 126 from the previous day but down 27 week - on - week [3][14][25]. BD (Butadiene) Spot Market - The Shandong market price on August 27 was 9,500, down 50 from the previous day but up 210 week - on - week [3][14][25]. - The Jiangsu market price was 9,300, down 200 from the previous day but up 50 week - on - week [3][14][25]. - The Yangzi ex - factory price remained at 9,500 on August 27, unchanged from the previous day but up 100 week - on - week [3][14][25]. Processing and Import/Export - The butylene oxidative dehydrogenation profit on August 27 was 206, down 200 from the previous day but up 50 week - on - week [3][14][25]. - The import profit was 299, down 196 from the previous day and 44 week - on - week [3][14][25]. - The export profit was - 909, up 278 from the previous day and 113 week - on - week [3][14][25]. Downstream Profit - The butadiene styrene production profit on August 27 was 1,075, up 13 from the previous day and 138 week - on - week [3][14][25]. - The SBS (791 - H) production profit was 1,090, up 15 from the previous day but down 55 week - on - week [3][14][25]. Spreads Inter - Variety Spreads - The Thai mixed - butadiene rubber spread on August 27 was 2,900, up 50 from the previous day but down 30 week - on - week [3][14][25]. - The 3L - butadiene styrene spread was 2,600, unchanged from the previous day and down 100 week - on - week [3][14][25]. Intra - Variety Spreads - The butadiene styrene 1502 - 1712 spread on August 27 was 900, down 50 from the previous day and 50 week - on - week [3][14][25].

Report Overview - Report Title: Yong'an Synthetic Rubber Morning Report [2] - Research Team: Research Center Energy and Chemicals Team [3] - Report Date: August 27, 2025 [3] Report Industry Investment Rating - Not provided in the given content Report's Core View - Not provided in the given content Summary According to Relevant Catalogs BR (Butadiene Rubber) - **Price and Volume Indicators**: On August 26, the closing price of the main contract was 11,845, down 165 from the previous day and up 5 week - on - week; the position volume was 43,120, down 3,582 from the previous day and up 7,340 week - on - week; the trading volume was 112,447, down 42,957 from the previous day and up 10,506 week - on - week; the warrant quantity was 12,470, unchanged from the previous day and up 250 week - on - week; the long - short ratio was 17.29, down 1 from the previous day and up 3 week - on - week [4]. - **Basis and Spread**: The butadiene rubber basis was 105, up 215 from the previous day; the 8 - 9 month spread was 175, up 155 from the previous day and up 80 week - on - week; the 9 - 10 month spread was - 15, up 10 from the previous day and down 5 week - on - week [4]. - **Market Prices**: The Shandong market price was 11,950, up 50 from the previous day and up 200 week - on - week; the Transfar market price was 11,850, up 100 from the previous day and up 100 week - on - week; the Qilu ex - factory price was 12,100, up 200 from the previous day and up 200 week - on - week [4]. - **Processing and Import - Export Profits**: The spot processing profit was 0, down 1 from the previous day and up 98 week - on - week; the disk processing profit was - 96, down 216 from the previous day and down 97 week - on - week; the import profit was - 86,340, down 1,375 from the previous day and down 1,022 week - on - week; the export profit was - 499, up 116 from the previous day and down 36 week - on - week [4]. BD (Butadiene) - **Market Prices**: The Shandong market price was 9,550, up 50 from the previous day and up 100 week - on - week; the Jiangsu market price was 9,500, up 50 from the previous day and up 150 week - on - week; the Yangzi ex - factory price was 9,500, up 100 from the previous day and up 100 week - on - week; the CFR China price was 1,095, unchanged from the previous day and up 15 week - on - week [4]. - **Processing and Import - Export Profits**: The carbon four extraction profit was not available; the butene oxidative dehydrogenation profit was 406, up 50 from the previous day and up 150 week - on - week; the import profit was 501, up 67 from the previous day and up 64 week - on - week; the export profit was - 1,192, down 28 from the previous day and down 88 week - on - week [4]. Downstream Profits - The butadiene rubber production profit was - 96, down 216 from the previous day and down 97 week - on - week; the styrene - butadiene rubber production profit was 1,063, up 125 from the previous day and up 125 week - on - week; the ABS production profit was not available; the SBS (791 - H) production profit was 1,075, down 70 from the previous day and down 70 week - on - week [4]. Variety Spreads - **Inter - Variety Spreads**: The RU - BR spread was - 27,235, up 3,592 from the previous day and down 7,330 week - on - week; the NR - BR spread was - 30,330, up 3,590 from the previous day and down 7,240 week - on - week; the Thai mixed - butadiene rubber spread was 2,850, down 100 from the previous day and down 50 week - on - week; the 3L - styrene - butadiene rubber spread was 2,600, down 150 from the previous day and up 50 week - on - week [4]. - **Intra - Variety Spreads**: The butadiene rubber standard - non - standard price spread was 250, unchanged from the previous day and up 100 week - on - week; the styrene - butadiene rubber 1502 - 1712 spread was 1,020, down 50 from the previous day and down 50 week - on - week [4].

1. Report Industry Investment Rating - No relevant information provided 2. Report's Core View - The production of domestic butadiene rubber has increased due to the restart of previously overhauled devices, and the mainstream supply price has further increased. However, the high pressure - buying sentiment of downstream buyers has led to slow terminal sales. Last week, the inventory of production enterprises decreased slightly while that of trading enterprises increased. This week, the capacity of some overhauled devices will be significantly released, and domestic supply may increase significantly, with the finished - product inventory level expected to rise. The capacity utilization rate of domestic tire enterprises increased last week but may decrease slightly this week due to high - temperature weather and limited overall order increments [2]. - The BR2510 contract is expected to fluctuate in the range of 11,750 - 12,300 in the short term [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the main contract of synthetic rubber was 11,845 yuan/ton, a decrease of 165 yuan/ton; the position of the main contract was 43,120, a decrease of 3,585. The 10 - 11 spread of synthetic rubber was 10 yuan/ton, a decrease of 10 yuan/ton; the total warehouse receipt quantity of butadiene rubber was 2,490 tons, unchanged [2]. 3.2 Spot Market - The mainstream prices of BR9000 from Qilu Petrochemical, Daqing Petrochemical, and Maoming Petrochemical in different regions increased by 150 - 200 yuan/ton. The basis of synthetic rubber was 155 yuan/ton, an increase of 265 yuan/ton. The price of Brent crude oil was 68.8 dollars/barrel, an increase of 1.07 dollars/barrel; the price of naphtha CFR Japan was 592.5 dollars/ton, an increase of 5.5 dollars/ton; the price of Northeast Asian ethylene was 840 dollars/ton, an increase of 10 dollars/ton; the intermediate price of butadiene CFR China was 1095 dollars/ton, unchanged; the price of WTI crude oil was 64.8 dollars/barrel, an increase of 1.14 dollars/barrel; the mainstream price of butadiene in the Shandong market was 9,550 yuan/ton, an increase of 50 yuan/ton [2]. 3.3 Upstream Situation - The weekly capacity of butadiene was 15.11 million tons/week, unchanged; the capacity utilization rate was 68.15%, a decrease of 1.54 percentage points. The port inventory of butadiene was 27,300 tons, an increase of 6,900 tons; the operating rate of Shandong local refineries' atmospheric and vacuum distillation units was 49.13%, an increase of 1.61 percentage points. The monthly output of butadiene rubber was 129,200 tons, an increase of 6,700 tons; the weekly capacity utilization rate was 69.15%, an increase of 4.63 percentage points. The weekly production profit of butadiene rubber was - 458 yuan/ton, an increase of 24 yuan/ton; the social inventory was 30,600 tons, an increase of 200 tons; the manufacturer's inventory was 23,200 tons, a decrease of 250 tons; the trader's inventory was 7,410 tons, an increase of 420 tons [2]. 3.4 Downstream Situation - The operating rate of domestic semi - steel tires was 73.13%, an increase of 1.06 percentage points; the operating rate of domestic all - steel tires was 64.76%, an increase of 1.67 percentage points. The monthly output of all - steel tires was 12.75 million pieces, an increase of 130,000 pieces; the monthly output of semi - steel tires was 56.97 million pieces, an increase of 1.74 million pieces. The inventory days of all - steel tires in Shandong were 39.76 days, an increase of 0.25 days; the inventory days of semi - steel tires in Shandong were 47.05 days, an increase of 0.32 days [2]. 3.5 Industry News - As of August 21, the inventory of high - cis butadiene rubber sample enterprises in China was 30,600 tons, a month - on - month increase of 0.56%. The capacity utilization rate of semi - steel tire sample enterprises in China was 71.87%, a month - on - month increase of 2.76 percentage points and a year - on - year decrease of 7.81 percentage points; the capacity utilization rate of all - steel tire sample enterprises was 64.97%, a month - on - month increase of 2.35 percentage points and a year - on - year increase of 7.01 percentage points. In July 2025, the output of butadiene rubber in China was 129,200 tons, a month - on - month increase of 5.47% and a year - on - year increase of 27.04% [2].