Core Viewpoint - The synthetic rubber industry is responding to global supply chain restructuring and "dual carbon" goals by focusing on green transformation, collaborative empowerment, and intelligent innovation to achieve smart, green, and high-end development [1] Group 1: Intelligent Development - The synthetic rubber industry has seen continuous growth, with breakthroughs in key technologies and a shift towards high-end specialty products, breaking international monopolies [2] - Artificial intelligence (AI) is identified as a core engine for upgrading the synthetic rubber industry, with recommendations for building a shared data platform, a dual-drive system of models and mechanisms, a feedback loop for theory and experimentation, and promoting collaborative innovation among academia and industry [2] Group 2: Green Transformation - Experts agree that green transformation is essential for high-quality development in the synthetic rubber industry, with significant progress made in material greenification, clean production processes, and performance design during the 14th Five-Year Plan [4] - Innovations such as bio-based rubber, which combines natural and synthetic rubber, are being developed to reduce reliance on fossil fuels, while environmentally friendly technologies for rubber production are being explored to lower carbon emissions [4] Group 3: High-End Development - The pursuit of product and industry high-end development is a key goal for the synthetic rubber industry, with new research directions proposed for products like polyisobutylene and butyl rubber [6] - Advanced materials such as intelligent impact-resistant elastomers are being developed for applications in flexible screens and other high-performance products, showcasing the industry's capability to meet high-end market demands [7]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The production of cis - butadiene rubber in China has increased, and the domestic supply may significantly increase with the release of the production capacity of some overhauled devices, and the finished - product inventory level is expected to rise. The capacity utilization rate of domestic tires increased last week, but there may be a slight decline this week due to factors such as high - temperature weather and limited overall order increments. The br2510 contract is expected to fluctuate in the range of 11,850 - 12,300 in the short term [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract of synthetic rubber is 12,010 yuan/ton, with a week - on - week increase of 310 yuan/ton; the position of the main contract is 46,705 lots, with a week - on - week increase of 10,950 lots. The 10 - 11 spread of synthetic rubber is 20 yuan/ton, with a week - on - week increase of 30 yuan/ton. The total number of warehouse receipts for butadiene rubber in the warehouse is 2,490 tons, with no week - on - week change [2] 3.2 Spot Market - The mainstream price of cis - butadiene rubber (BR9000) from different petrochemical companies in different regions ranges from 11,700 yuan/ton, with price decreases ranging from 50 - 100 yuan/ton. The basis of synthetic rubber is 90 yuan/ton, with a week - on - week increase of 115 yuan/ton. The price of Brent crude oil is 67.73 dollars/barrel, with a week - on - week increase of 0.06 dollars/barrel; the price of naphtha CFR Japan is 587 dollars/ton, with a week - on - week increase of 2.5 dollars/ton. The price of Northeast Asian ethylene is 830 dollars/ton, with no week - on - week change; the intermediate price of butadiene CFR China is 1,095 dollars/ton, with a week - on - week increase of 15 dollars/ton. The price of WTI crude oil is 63.66 dollars/barrel, with a week - on - week increase of 0.14 dollars/barrel; the mainstream price of butadiene in the Shandong market is 9,315 yuan/ton, with a week - on - week decrease of 110 yuan/ton [2] 3.3 Upstream Situation - The weekly production capacity of butadiene is 15.11 million tons/week, with no week - on - week change; the weekly capacity utilization rate is 68.15%, with a week - on - week decrease of 1.54 percentage points. The terminal port inventory of butadiene is 27,300 tons, with a week - on - week increase of 6,900 tons; the daily operating rate of Shandong local refineries' atmospheric and vacuum distillation units is 49.13%, with a week - on - week increase of 1.61 percentage points. The monthly output of cis - butadiene rubber is 129,200 tons, with a month - on - month increase of 6,700 tons; the weekly capacity utilization rate is 69.15%, with a week - on - week increase of 4.63 percentage points. The weekly production profit of cis - butadiene rubber is - 458 yuan/ton, with a week - on - week increase of 24 yuan/ton. The terminal social inventory of cis - butadiene rubber is 30,600 tons, with a week - on - week increase of 200 tons; the terminal manufacturer inventory is 23,200 tons, with a week - on - week decrease of 250 tons; the terminal trader inventory is 7,410 tons, with a week - on - week increase of 420 tons [2] 3.4 Downstream Situation - The weekly operating rate of domestic semi - steel tires is 73.13%, with a week - on - week increase of 1.06 percentage points; the weekly operating rate of domestic all - steel tires is 64.76%, with a week - on - week increase of 1.67 percentage points. The monthly output of all - steel tires is 12.75 million pieces, with a month - on - month increase of 130,000 pieces; the monthly output of semi - steel tires is 56.97 million pieces, with a month - on - month increase of 1.74 million pieces. The terminal inventory days of all - steel tires in Shandong are 39.76 days, with a week - on - week increase of 0.25 days; the terminal inventory days of semi - steel tires in Shandong are 47.05 days, with a week - on - week increase of 0.32 days [2] 3.5 Industry News - As of August 21, the inventory of high - cis cis - butadiene rubber sample enterprises in China was 30,600 tons, with a week - on - week increase of 200 tons and a week - on - week growth rate of 0.56%. As of August 21, the capacity utilization rate of semi - steel tire sample enterprises in China was 71.87%, with a week - on - week 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 in China was 64.97%, with a week - on - week increase of 2.35 percentage points and a year - on - year increase of 7.01 percentage points. Most of the previously overhauled cis - butadiene rubber devices have been restarted, and the domestic output has increased. Affected by the surrounding market, the mainstream supply price has further increased, but the strong price - pressing procurement sentiment of downstream customers has led to slow terminal sales [2]

Report Information - Report Title: Yong'an Synthetic Rubber Morning Report [2][13][24] - Research Team: Research Center Energy and Chemicals Team [2][13][24] - Report Date: August 25, 2025 [2][13][24] Core Data Summary BR (Butadiene Rubber) - **Price and Volume Metrics**: On August 22, the closing price of the main contract was 11,660, down 115 from the previous day and 155 from the weekly comparison; the open interest was 35,755, a daily decrease of 2,681 but a weekly increase of 15,399; the trading volume was 89,334, down 17,547 from the previous day but up 26,069 from the weekly comparison; the warrant quantity was 12,190, unchanged from the previous day but up 1,720 from the weekly comparison; the long - short ratio was 14.67, a daily decrease of 1 but a weekly increase of 5 [3][14][25]. - **Basis and Spread**: The butadiene styrene basis was 590, a daily increase of 205; the 8 - 9 spread was 145, a daily increase of 75 and a weekly increase of 80; the 9 - 10 spread was 20, a daily increase of 40 and a weekly increase of 25 [3][14][25]. - **Spot Price**: The Shandong market price was 11,700, down 50 from the previous day but unchanged from the weekly comparison; the Transfar market price was 11,650, down 50 from the previous day but up 50 from the weekly comparison; the Qilu ex - factory price was 11,900, unchanged from the previous day but up 100 from the weekly comparison; CFR Northeast Asia was 1,450, unchanged; CFR Southeast Asia was 1,725, unchanged from the previous day but down 10 from the weekly comparison [3][14][25]. - **Processing and Trade Profits**: The spot processing profit was - 1, with a daily increase of 62 and a weekly increase of 36; the on - screen processing profit was 41, a daily decrease of 3 but a weekly decrease of 119; the import profit was - 82,362, a daily decrease of 108 and a weekly decrease of 790; the export profit was - 420, a daily increase of 49 but a weekly decrease of 2 [3][14][25]. BD (Butadiene) - **Price Metrics**: The Shandong market price was 9,315, down 110 from the previous day and 35 from the weekly comparison; the Jiangsu market price was 9,250, down 100 from the previous day and 50 from the weekly comparison; the Yangzi ex - factory price was 9,400, unchanged; CFR China was 1,080, unchanged from the previous day but up 10 from the weekly comparison [3][14][25]. - **Processing and Trade Profits**: The carbon four extraction profit data was unavailable; the butene oxidative dehydrogenation profit was 156, a daily decrease of 100 and a weekly decrease of 50; the import profit was 337, a daily decrease of 105 and a weekly decrease of 129; the export profit was - 945, a daily increase of 91 and a weekly increase of 114 [3][14][25]. Downstream Products - **Production Profits**: The butadiene rubber production profit was - 41, a daily decrease of 3 and a weekly decrease of 119; the butadiene styrene production profit was 938, unchanged from the previous day but up 100 from the weekly comparison; the ABS production profit data was unavailable; the SBS (791 - H) production profit was 1,145, unchanged [3][14][25]. Inter - and Intra - Product Spreads - **Inter - Product Spreads**: The Thai mixed - butadiene rubber spread was 2,900, a daily increase of 30 but a weekly decrease of 50; the 3L - butadiene styrene spread was 2,600, unchanged from the previous day and a weekly decrease of 50 [3][14][25]. - **Intra - Product Spreads**: The butadiene rubber standard - non - standard spread was 200, a daily increase of 50 but unchanged from the weekly comparison; the butadiene styrene 1502 - 1712 spread was 1,000, unchanged [3][14][25].

Report Overview - Report Title: Synthetic Rubber Market Weekly Report - Report Date: August 22, 2025 - Researcher: Lin Jingyi Report Industry Investment Rating - Not provided in the report Core Viewpoints - This week, the price of domestic cis - butadiene rubber in the Shandong market fluctuated continuously, with the spot price ranging from 11,500 to 11,900 yuan/ton. The price of high - cis cis - butadiene rubber of Sinopec Chemical Marketing and CNPC's mainstream sales companies increased by 100 yuan/ton [6]. - Most previously shut - down cis - butadiene rubber plants have restarted, and domestic production has increased. Due to the influence of the surrounding market, the mainstream supply price has further increased, but the strong price - pressing procurement sentiment of downstream enterprises has led to slow terminal sales. Next week, the production capacity of some shut - down plants will be significantly released, and domestic supply may increase significantly, while the finished product inventory level is expected to rise [6]. - This week, the capacity utilization rate of domestic tire enterprises increased month - on - month. Next week, due to factors such as high - temperature weather and limited overall order growth, the capacity utilization rate of tire enterprises may decline slightly [6]. - The short - term fluctuation range of the br2510 contract is expected to be between 11,600 and 12,000 [6]. Summary by Directory 1. Week - to - week Key Points Summary - **Market Review**: The price of domestic cis - butadiene rubber in the Shandong market fluctuated continuously, and the price of high - cis cis - butadiene rubber of mainstream sales companies increased by 100 yuan/ton [6]. - **Market Outlook**: Supply may increase significantly next week, and the finished product inventory level is expected to rise. The capacity utilization rate of tire enterprises may decline slightly [6]. - **Strategy Suggestion**: The short - term fluctuation range of the br2510 contract is expected to be between 11,600 and 12,000 [6]. 2. Futures and Spot Markets Futures Market - **Price Movement**: The price of the synthetic rubber futures main contract closed down this week, with a weekly decline of 1.35% [10]. - **Position Analysis**: Not detailed in the given content. - **Inter - period Spread**: As of August 22, the 9 - 10 spread of butadiene rubber was 20 [17]. - **Futures Warehouse Receipts**: As of August 22, the cis - butadiene rubber warehouse receipts were 2,490 tons, unchanged from last week [20]. Spot Market - **Spot Price**: As of August 21, the price of Qilu Petrochemical BR9000 in the Shandong market was 11,750 yuan/ton, a decrease of 50 yuan/ton from last week [24]. - **Basis**: As of August 21, the basis of butadiene rubber was - 25 yuan/ton, a decrease of 150 yuan/ton from last week [24]. 3. Industry Situation Upstream - **Raw Material Prices**: As of August 21, the CFR intermediate price of naphtha in Japan was 584.5 US dollars/ton, an increase of 12.5 US dollars/ton from last week; the CIF intermediate price of Northeast Asian ethylene was 830 US dollars/ton, an increase of 5 US dollars/ton from last week [28]. - **Capacity Utilization and Inventory of Butadiene**: As of August 22, the weekly capacity utilization rate of butadiene was 68.15%, a decrease of 1.11% from last week; the port inventory of butadiene was 27,300 tons, an increase of 6,900 tons from last week [31]. Industry - **Production and Capacity Utilization of Cis - butadiene Rubber**: In July 2025, the domestic production of cis - butadiene rubber was 129,200 tons, an increase of 6,700 tons from the previous month. As of August 21, the weekly capacity utilization rate of domestic cis - butadiene rubber was 69.15%, an increase of 0.95% from last week [35]. - **Production Profit of Cis - butadiene Rubber**: As of August 21, the domestic production profit of cis - butadiene rubber was - 458 yuan/ton, an increase of 25 yuan/ton from last week [38]. - **Inventory of Cis - butadiene Rubber**: As of August 22, the domestic social inventory of cis - butadiene rubber was 30,610 tons, an increase of 170 tons from last week; the manufacturer's inventory was 23,200 tons, a decrease of 250 tons from last week; the trader's inventory was 7,410 tons, an increase of 420 tons from last week [42]. Downstream - **Tire Capacity Utilization**: As of August 21, the capacity utilization rate of Chinese semi - steel tire sample enterprises 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 Chinese 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 [45]. - **Tire Export Volume**: In July 2025, China's tire export volume was 812,600 tons, a month - on - month increase of 8.87% and a year - on - year increase of 11.48%. From January to July, China's cumulative tire export volume was 4.9339 million tons, a cumulative year - on - year increase of 7.18% [48]. 4. Option Market Analysis - Not provided in the report

Report Industry Investment Rating - Not provided in the document Core Viewpoints - Not provided in the document Summary by Relevant Catalogs BR (Butadiene Rubber) - **Contract Information**: On August 21, the closing price of the main contract was 11,775, with a daily increase of 60 and an interval increase of 130; the position was 38,436, up 2,745 daily and 14,763 in the interval; the trading volume was 106,881, down 62,183 daily but up 38,728 in the interval; the warehouse receipt quantity was 12,190, unchanged daily and up 1,720 in the interval; the virtual - real ratio was 15.77, up 1 daily and 4 in the interval [3][13][23]. - **Spot Market**: The Shandong market price was 11,750, up 150 daily and 50 in the interval; the Chuanhua market price was 11,700, up 200 daily and 50 in the interval; the Qilu ex - factory price was 11,900, unchanged daily and up 100 in the interval; CFR Northeast Asia was 1,450, unchanged; CFR Southeast Asia was 1,725, unchanged daily and down 10 in the interval [3][13][23]. - **Profitability**: The spot processing profit was - 64, up 12 daily; the disk processing profit was - 39, down 78 daily and up 105 in the interval; the import profit was - 85,257, up 142 daily and down 733 in the interval; the export profit was - 469, down 130 daily and down 46 in the interval [3][13][23]. BD (Butadiene) - **Price**: The Shandong market price was 9,425, up 135 daily and 25 in the interval; the Jiangsu market price was 9,350, up 100 daily and 50 in the interval; the Yangzi ex - factory price was 9,400, unchanged; CFR China was 1,080, unchanged daily and up 10 in the interval [3][13][23]. - **Profitability**: The butene oxidative dehydrogenation profit was 256, up 100 daily and 50 in the interval; the import profit was 442, up from the previous value; the export profit was - 1,037, down 15 daily and up 26 in the interval; the butadiene styrene production profit was 938, unchanged daily and up 100 in the interval; the SBS production profit (791 - H) was 1,145, unchanged [3][13][23]. Price Spreads - **Inter - Variety**: The Thailand mixed - butadiene spread was 2,870, down 60 daily and up 150 in the interval; the 3L - butadiene styrene spread was 2,600, down 100 daily and up 150 in the interval [3][13][23]. - **Intra - Variety**: The butadiene standard - non - standard price spread was 150, unchanged daily and down 50 in the interval; the butadiene styrene 1502 - 1712 spread was 1,000, up 50 daily and unchanged in the interval [3][13][23].

Report Summary 1. Report Industry Investment Rating - No information provided in the report. 2. Core View of the Report - The production of domestic cis - butadiene rubber has increased due to the restart of previously - shut - down devices, and the supply is expected to rise significantly. The inventory level of finished products is likely to increase. In terms of demand, the capacity utilization rate of domestic tires fluctuated slightly last week. Some semi - steel tire enterprises' maintenance plans dragged down the overall capacity utilization rate, while the resumption of work of all - steel tire maintenance sample enterprises drove up the capacity utilization rate. Although there is still room for a slight increase in capacity utilization rate, the general order performance and enterprise production control will limit the increase. The br2510 contract is expected to fluctuate in the range of 11,600 - 12,000 yuan/ton in the short term [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract of synthetic rubber was 11,775 yuan/ton, with a week - on - week increase of 60 yuan/ton; the main contract position was 38,436, with a week - on - week increase of 2,745. The 9 - 10 spread of synthetic rubber was - 20 yuan/ton, with a week - on - week decrease of 10 yuan/ton. The number of warehouse receipts for butadiene rubber was 2,490 tons, with no change [2]. 3.2 Spot Market - The mainstream price of cis - butadiene rubber (BR9000, Qilu Petrochemical) in Shandong was 11,650 - 11,700 yuan/ton, with a week - on - week decrease of 100 yuan/ton; the mainstream price of cis - butadiene rubber (BR9000, Daqing Petrochemical) in Shandong was 11,600 - 11,700 yuan/ton, with a week - on - week decrease of 100 - 150 yuan/ton. The basis of synthetic rubber was - 25 yuan/ton, with a week - on - week increase of 40 yuan/ton [2]. 3.3 Upstream Situation - The price of Brent crude oil was 65.79 US dollars/barrel, with a week - on - week decrease of 0.81 US dollars/barrel; the price of WTI crude oil was 62.35 US dollars/barrel, with a week - on - week decrease of 1.07 US dollars/barrel. The Northeast Asian ethylene price was 830 US dollars/ton, with a week - on - week increase of 5 US dollars/ton; the price of naphtha (CFR Japan) was 574.5 US dollars/ton, with a week - on - week increase of 3.75 US dollars/ton; the intermediate price of butadiene (CFR China) was 1,080 US dollars/ton, with no change. The mainstream price of butadiene in the Shandong market was 9,425 yuan/ton, with a week - on - week increase of 135 yuan/ton [2]. - The weekly production capacity of butadiene was 15.11 million tons/week, with a week - on - week increase of 0.42 million tons; the capacity utilization rate of butadiene was 69.69%, with a week - on - week decrease of 0.07 percentage points. The port inventory of butadiene was 20,400 tons, with a week - on - week increase of 5,700 tons; the operating rate of Shandong local refineries' atmospheric and vacuum distillation units was 47.52%, with a week - on - week increase of 0.65 percentage points [2]. - The monthly output of cis - butadiene rubber was 129,200 tons, with a month - on - month increase of 6,700 tons; the weekly capacity utilization rate of cis - butadiene rubber was 64.52%, with a week - on - week decrease of 3.65 percentage points. The production profit of cis - butadiene rubber was - 482 yuan/ton, with a week - on - week increase of 124 yuan/ton. The social inventory of cis - butadiene rubber was 30,400 tons, with a week - on - week decrease of 1,000 tons; the manufacturer's inventory of cis - butadiene rubber was 23,450 tons, with a week - on - week decrease of 700 tons; the trader's inventory of cis - butadiene rubber was 6,990 tons, with a week - on - week decrease of 300 tons [2]. 3.4 Downstream Situation - The operating rate of domestic semi - steel tires was 72.07%, with a week - on - week decrease of 2.28 percentage points; the operating rate of domestic all - steel tires was 63.09%, with a week - on - week increase of 2.09 percentage points. The monthly output of all - steel tires was 12.75 million pieces, with a month - on - month increase of 130,000 pieces; the monthly output of semi - steel tires was 56.97 million pieces, with a month - on - month increase of 1.74 million pieces [2]. - The inventory days of all - steel tires in Shandong were 39.51 days, with a week - on - week increase of 0.14 days; the inventory days of semi - steel tires in Shandong were 46.73 days, with a week - on - week increase of 0.28 days [2]. 3.5 Industry News - As of August 21, the inventory of high - cis cis - butadiene rubber sample enterprises in China was 30,600 tons, a week - on - week increase of 200 tons, or 0.56%. As of August 14, the capacity utilization rate of semi - steel tire sample enterprises in China was 69.11%, a week - on - week increase of 0.60 percentage points and a year - on - year decrease of 10.55 percentage points; the capacity utilization rate of all - steel tire sample enterprises in China was 62.62%, a week - on - week increase of 2.56 percentage points and a year - on - year increase of 3.69 percentage points [2]. - In July 2025, the output of cis - butadiene rubber in China was 129,200 tons, a month - on - month increase of 6,700 tons, or 5.47%, and a year - on - year increase of 27.04% [2].

Report Summary 1. Industry Investment Rating No information provided. 2. Core View - Cost supports the supply price of cis - butadiene rubber, but with the restart of some devices, domestic supply may increase significantly. Due to downstream caution and production - sales pressure, procurement may be cautious, and the finished product inventory is expected to rise. The br2510 contract is expected to fluctuate in the range of 11,600 - 12,000 yuan/ton in the short term [2]. 3. Summary by Directory 3.1 Futures Market - The closing price of the main contract for synthetic rubber is 11,715 yuan/ton, down 125 yuan; the main contract position is 35,691, down 89; the 9 - 10 spread is - 10 yuan/ton, unchanged; the total warehouse receipt quantity of butadiene rubber is 2,490 tons, unchanged [2]. 3.2 Spot Market - The mainstream price of BR9000 cis - butadiene rubber from different manufacturers in different regions has decreased to varying degrees, with a maximum decrease of 100 yuan/ton. The basis of synthetic rubber is - 65 yuan/ton, up 25 yuan [2]. 3.3 Upstream Situation - The weekly production capacity of butadiene is 151,100 tons, up 4,200 tons; the capacity utilization rate is 69.69%, down 0.07 percentage points; the port inventory is 20,400 tons, up 5,700 tons; the daily start - up rate of Shandong refineries' atmospheric and vacuum distillation units is 47.52%, up 0.65 percentage points [2]. 3.4 Downstream Situation - The monthly production of cis - butadiene rubber is 129,200 tons, up 6,700 tons; the weekly capacity utilization rate is 64.52%, down 3.65 percentage points; the production profit is - 482 yuan/ton, up 124 yuan; the social inventory is 30,400 tons, down 1,000 tons; the manufacturer's inventory is 23,450 tons, down 700 tons; the trader's inventory is 6,990 tons, down 300 tons [2]. - The weekly start - up rate of domestic semi - steel tires is 72.07%, down 2.28 percentage points; the start - up rate of full - steel tires is 63.09%, up 2.09 percentage points; the monthly production of full - steel tires is 12.75 million, up 130,000; the monthly production of semi - steel tires is 56.97 million, up 1.74 million; the inventory days of full - steel tires in Shandong are 39.51 days, up 0.14 days; the inventory days of semi - steel tires in Shandong are 46.73 days, up 0.28 days [2]. 3.5 Industry News - As of August 14, the inventory of high - cis cis - butadiene rubber sample enterprises in China was 30,400 tons, down 1,000 tons from the previous period, a month - on - month decrease of 3.18% [2]. - As of August 14, the capacity utilization rate of semi - steel tire sample enterprises in China was 69.11%, down 0.60 percentage points month - on - month and 10.55 percentage points year - on - year; the capacity utilization rate of full - steel tire sample enterprises was 62.62%, up 2.56 percentage points month - on - month and 3.69 percentage points year - on - year [2]. - In July 2025, China's cis - butadiene rubber production was 129,200 tons, an increase of 6,700 tons from the previous month, a month - on - month increase of 5.47% and a year - on - year increase of 27.04% [2].

Report Information - Report Name: Yongan Synthetic Rubber Morning Report [2] - Research Team: Research Center Energy and Chemicals Team [3] - Report Date: August 20, 2025 [3] Key Points 1. BR Main Contract Market Overview - The closing price of the main contract on August 19 was 11,840, up 40 from the previous day and 90 from July 18 [4]. - The open interest of the main contract on August 19 was 35,780, an increase of 18,326 from the previous day [4]. - The trading volume of the main contract on August 19 was 101,941, an increase of 44,902 from the previous day and 41,896 from July 18 [4]. - The number of warehouse receipts on August 19 was 12,220, an increase of 1,750 from the previous day and July 18 [4]. - The virtual - to - physical ratio on August 19 was 14.64, up 6 from the previous day and 2 from July 18 [4]. 2. Basis and Spread - The butadiene styrene basis on August 19 was 510, down 40 from the previous day but up 85 from July 18 [4]. - The 8 - 9 month spread on August 19 was 95, down 30 from the previous day but up 100 from July 18 [4]. - The 9 - 10 month spread on August 19 was - 5, down 10 from the previous day and 5 from July 18 [4]. 3. Price Information - The Shandong market price of BR on August 19 was 11,750, unchanged from the previous day and July 18 [4]. - The Chuanhua market price of BR on August 19 was 11,750, up 50 from the previous day and July 18 [4]. - The Qilu ex - factory price of BR on August 19 was 11,900, unchanged from the previous day but up 200 from July 18 [4]. 4. Processing and Import - Export Profits - The spot processing profit of BR on August 19 was - 89, down 10 from the previous day and July 18 [4]. - The import profit of BR on August 19 was - 85,345, down 80 from the previous day and 1,542 from July 18 [4]. - The export profit of BR on August 19 was - 460, up 8 from the previous day but down 8 from July 18 [4]. 5. Other Product Information - The carbon four extraction profit of butadiene on August 18 was 2,316, with data for August 19 not available [4]. - The butene oxidative dehydrogenation profit of butadiene on August 19 was 306, unchanged from the previous day but up 50 from July 18 [4]. - The import profit of butadiene on August 19 was 434, down 57 from the previous day and 74 from July 18 [4]. - The export profit of butadiene on August 19 was - 1,102, up 49 from the previous day and 138 from July 18 [4]. 6. Production Profits - The production profit of BR on August 19 was 78, up 30 from the previous day and 5 from July 18 [4]. - The production profit of styrene - butadiene rubber on August 19 was 938, unchanged from the previous day but up 188 from July 18 [4]. - The production profit of SBS (791 - H) on August 19 was 1,145, unchanged from the previous day but down 15 from July 18 [4]. 7. Price Spreads between Varieties - The price spread between Thai mixed rubber and BR on August 19 was 2,900, up 50 from the previous day and 30 from July 18 [4]. - The price spread between 3L and styrene - butadiene rubber on August 19 was 2,550, up 50 from the previous day but down 50 from July 18 [4]. - The price spread between standard and non - standard BR on August 19 was 150, unchanged from the previous day but down 50 from July 18 [4]. - The price spread between styrene - butadiene 1502 and 1712 on August 19 was 1,000, down 100 from the previous day but unchanged from July 18 [4].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - Cost supports the offer price of cis - butadiene rubber, but with the restart of some devices, domestic supply may increase significantly. Downstream procurement may be cautious, and the finished - product inventory level is expected to rise. The br2510 contract is expected to fluctuate in the range of 11,700 - 12,200 yuan/ton in the short term [2]. - Last week, the domestic tire capacity utilization rate fluctuated slightly. Some semi - steel tire enterprises' maintenance dragged down the overall capacity utilization rate, while the resumption of work of all - steel tire maintenance enterprises drove up the capacity utilization rate. There is still room for a slight increase in capacity utilization, but the general order performance will limit the increase [2]. 3. Summary by Directory 3.1 Futures Market - The closing price of the main contract of synthetic rubber is 11,840 yuan/ton, with a week - on - week increase of 40 yuan/ton; the position of the main contract is 35,780, with a week - on - week increase of 18,326. The 9 - 10 spread of synthetic rubber is - 10 yuan/ton, with a week - on - week decrease of 5 yuan/ton [2]. - The total warehouse receipt quantity of butadiene rubber is 2,490 tons, with no change [2]. 3.2 Spot Market - The mainstream prices of BR9000 cis - butadiene rubber from different petrochemical companies in different regions have increased, with increases ranging from 100 - 200 yuan/ton. The basis of synthetic rubber is - 90 yuan/ton, with a week - on - week decrease of 140 yuan/ton [2]. - The price of Brent crude oil is 66.6 dollars/barrel, with a week - on - week increase of 0.75 dollars/barrel; the price of WTI crude oil is 63.42 dollars/barrel, with a week - on - week increase of 0.62 dollars/barrel. The price of Northeast Asian ethylene is 825 dollars/ton, with no change; the price of naphtha CFR Japan is 570.75 dollars/ton, with a week - on - week decrease of 1.75 dollars/ton; the price of butadiene CFR China is 1,080 dollars/ton, with no change. The mainstream price of butadiene in the Shandong market is 9,440 yuan/ton, with a week - on - week increase of 90 yuan/ton [2]. 3.3 Upstream Situation - The weekly production capacity of butadiene is 15.11 million tons/week, with a week - on - week increase of 0.42 million tons/week; the capacity utilization rate is 69.69%, with a week - on - week decrease of 0.07 percentage points [2]. - The port inventory of butadiene is 20,400 tons, with a week - on - week increase of 5,700 tons; the operating rate of Shandong refineries' atmospheric and vacuum distillation units is 47.52%, with a week - on - week increase of 0.65 percentage points [2]. - The monthly output of cis - butadiene rubber is 129,200 tons, with a month - on - month increase of 6,700 tons; the weekly capacity utilization rate is 64.52%, with a week - on - week decrease of 3.65 percentage points. The weekly production profit is - 482 yuan/ton, with a week - on - week increase of 124 yuan/ton [2]. - The social inventory of cis - butadiene rubber is 30,400 tons, with a week - on - week decrease of 1,000 tons; the manufacturer's inventory is 23,450 tons, with a week - on - week decrease of 700 tons; the trader's inventory is 6,990 tons, with a week - on - week decrease of 300 tons [2]. 3.4 Downstream Situation - The operating rate of domestic semi - steel tires is 72.07%, with a week - on - week decrease of 2.28 percentage points; the operating rate of domestic all - steel tires is 63.09%, with a week - on - week increase of 2.09 percentage points [2]. - The monthly output of all - steel tires is 13 million pieces; the monthly output of semi - steel tires is 56.97 million pieces, with a month - on - month increase of 1.74 million pieces [2]. - The inventory days of all - steel tires in Shandong are 0.14 days; the inventory days of semi - steel tires in Shandong are 46.73 days, with a week - on - week increase of 0.28 days [2]. 3.5 Industry News - As of August 14, the inventory of high - cis cis - butadiene rubber sample enterprises in China was 30,400 tons, a week - on - week decrease of 1,000 tons, or - 3.18% [2]. - As of August 14, the capacity utilization rate of semi - steel tire sample enterprises in China was 69.11%, a week - on - week decrease of 0.60 percentage points and a year - on - year decrease of 10.55 percentage points; the capacity utilization rate of all - steel tire sample enterprises was 62.62%, a week - on - week increase of 2.56 percentage points and a year - on - year increase of 3.69 percentage points [2]. - In July 2025, the output of cis - butadiene rubber in China was 129,200 tons, a month - on - month increase of 6,700 tons, or + 5.47%, and a year - on - year increase of 27.04% [2].

Report Information - Report Title: Yongan Synthetic Rubber Morning Report - Research Team: Energy and Chemicals Team of the Research Center - Report Date: August 19, 2025 - Data Sources: Mysteel, Wind [2][11][20] Core Data Summary BR (Butadiene Rubber) - **Contract and Market Indicators**: On August 18, the closing price of the main contract was 11,800, a daily decrease of 15 and a weekly increase of 15; the position volume was 17,454, a daily decrease of 2,902 and a weekly decrease of 10,634; the trading volume was 57,039, a daily decrease of 6,226 and a weekly decrease of 81,276; the warehouse receipt quantity remained unchanged at 10,470; the virtual - real ratio was 8.34, a daily decrease of 1 and a weekly decrease of 5 [3][12][21]. - **Basis and Spread**: The butadiene basis was - 50, with a daily and weekly change not clearly defined; the butadiene basis (two - oil) was 100, a daily increase of 115 and a weekly increase of 185; the styrene - butadiene basis was 550, a daily increase and a weekly increase of 185; the 8 - 9 month spread was 125, a daily increase of 60 and a weekly increase of 115; the 9 - 10 month spread was - 5, with no daily change and a weekly decrease of 5 [3][12][21]. - **Market Prices**: The Shandong market price was 11,750, a daily and weekly increase of 50; the Transfar market price was 11,700, a daily increase of 100 and no weekly change; the Qilu ex - factory price was 11,900, a daily increase of 100 and a weekly increase of 200; CFR Northeast Asia was 1,450, with no daily or weekly change; CFR Southeast Asia was 1,735, with no daily change and a weekly decrease of 15 [3][12][21]. - **Profit Indicators**: The spot processing profit was - 79, a daily decrease of 42 and a weekly increase of 111; the disk processing profit was - 29, a daily decrease of 107 and a weekly increase of 76; the import profit was - 85,265, a daily decrease of 690 and a weekly decrease of 1,418; the export profit was - 469, a daily decrease of 51 and a weekly decrease of 60 [3][12][21]. BD (Butadiene) - **Market Prices**: The Shandong market price was 9,440, a daily increase of 90 and a weekly decrease of 60; the Jiangsu market price was 9,400, a daily increase of 100; the Yangzi ex - factory price was 9,400, with no daily or weekly change; CFR China was 1,080, a daily and weekly increase of 10 [3][12][21]. - **Profit Indicators**: The carbon - four extraction profit data was unavailable; the butene oxidative dehydrogenation profit was 306, a daily increase of 100 and no weekly change; the import profit was 491, a daily increase and a weekly decrease of 67; the export profit was - 1,151, a daily decrease of 92 and a weekly increase of 132 [3][12][21]. Downstream Products - **Profit Indicators**: The butadiene - styrene production profit was 938, a daily increase of 100 and a weekly increase of 188; the ABS production profit data was partially unavailable; the SBS production profit (791 - H) was 1,145, with no daily change and a weekly increase of 185 [3][12][21]. Variety Spreads - **Inter - Variety Spreads**: RU - BR was - 1,634, a daily increase of 2,817 and a weekly increase of 10,699; NR - BR was - 4,804, a daily increase of 2,842 and a weekly increase of 10,664; Thai mixed - butadiene was 2,850, a daily decrease of 100 and a weekly decrease of 30; 3L - styrene - butadiene was 2,500, a daily decrease of 150 and a weekly decrease of 200 [3][12][21]. - **Intra - Variety Spreads**: The butadiene standard - non - standard price difference was 150, a daily decrease of 50 and no weekly change; the styrene - butadiene 1502 - 1712 was 1,100, a daily increase of 100 and a weekly increase of 150 [3][12][21].