Group 1 - The company announced the acquisition of 80% equity in Ningbo Aisikai Synthetic Rubber Co., Ltd. for 516 million yuan, which will become a subsidiary and included in the consolidated financial statements [1][2] - The acquisition aims to ensure stable and sustainable operations post-transaction, with related patents, proprietary technologies, and trademarks being transferred to the company [1] - The assessed value of the intellectual property to be transferred is 64.7 million yuan, with the transfer price not exceeding this amount [1] Group 2 - Ningbo Aisikai is a production facility for ethylene-propylene-diene monomer (EPDM) rubber, which is a copolymer of ethylene, propylene, and a small amount of non-conjugated diene [2] - The acquisition will enhance the company's industrial layout in the elastomer sector and expand application scenarios, positively impacting future development [2]

Group 1 - The company has acquired 80% equity of Ningbo Aisikai Synthetic Rubber Co., Ltd. for a total of 515.9664 million RMB, making it a subsidiary included in the company's consolidated financial statements [1] - The acquisition agreement includes a provision for the transfer of relevant patents, proprietary technologies, and trademarks from SK Hong Kong's affiliates to ensure stable and sustainable operations post-acquisition [1] - The assessed value of the intellectual property to be transferred is 64.7 million RMB, with the transfer price not exceeding this amount [1] Group 2 - Ningbo Aisikai is a production facility for ethylene-propylene-diene monomer (EPDM) rubber, which is a copolymer of ethylene, propylene, and a small amount of non-conjugated diene [2] - The acquisition is expected to enhance the company's industrial layout in the elastomer sector and expand application scenarios, positively impacting future development [2]

国贸期货研究院：叶海文 从业资格证号：F3071622 投资咨询证号：Z0014205 国贸期货研究院：施宇龙 从业资格证号：F03137502 本报告非期货交易咨询业务项下服务，其中的观点和信息仅供参考，不构成任何投资建议；期市有风险，投资需谨慎 丁二烯橡胶：丁二烯出口预期增强，B R挺价后阶段性回落 | 影响因素 | 驱动 | 主要逻辑 | | --- | --- | --- | | | | （1）上周国内丁二烯产量 11 22 万吨（ -0 80% ），产能利用率为 70 4 %；高顺顺丁产量 2 95 万吨（ 4 76% ），产能利用率为 73 53 %； | | 供给 | 偏空 | （2）丁二烯方面，周内南京诚志、斯尔邦、燕山石化、广州石化等装置维持停车状态，上海石化一套、茂名石化2#以及中化泉州石化装置陆续停车检修， | | | | 影响产量环比下降；顺丁橡胶方面，茂名石化及裕龙石化顺丁橡胶装置检修，预计本周产量及产能利用率略下降，然现货端供应充足局面延续。 | | | | （1）半钢胎市场，本周期月份交替，市场交投表现弱势。四季胎市场弱稳运行，月底代理商依照任务量有补货需求，渠道走货一般；雪地胎 ...

Report Information - Report Title: Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [3] - Report Date: December 8, 2025 [3] - Data Sources: Mysteel, Wind [8] Core Data Summary BR Futures - On December 5th, the closing price of the BR12 contract was 10,410, down 45 from the previous trading day and up 100 week - on - week [4] - The open interest was 30,197, down 1,872 from the previous day and down 18,607 week - on - week [4] - The trading volume was 65,443, down 26,058 from the previous day and down 58,373 week - on - week [4] - The number of warehouse receipts was 13,320, down 100 from the previous day and down 2,520 week - on - week [4] - The long - short ratio was 11.34, down 1 from the previous day and down 4 week - on - week [4] Basis and Spread - The basis of BR was 40 on December 5th, up 45 from the previous day and down 50 week - on - week [4] - The difference between BR12 and BR01 was - 32, up 40 from the previous day and up 60 week - on - week [4] - The difference between BR01 and BR02 was - 25, down 30 from the previous day and down 25 week - on - week [4] - The difference between RU and BR was 4,655, up 70 from the previous day and down 285 week - on - week [4] - The difference between NR and BR was 1,635, up 120 from the previous day and down 225 week - on - week [4] Spot Prices - The Shandong market price of BR was 10,450 on December 5th, unchanged from the previous day and up 50 week - on - week [4] - The Chuanhua market price was 10,400, unchanged from the previous day and up 150 week - on - week [4] - The Qilu ex - factory price was 10,600, unchanged from the previous day and up 200 week - on - week [4] - CFR Northeast Asia was 1,300, unchanged from the previous day and down 25 week - on - week [4] - CFR Southeast Asia was 1,575, unchanged from the previous day and down 25 week - on - week [4] Profits - The spot processing profit of BR was 906, unchanged from the previous day and up 101 week - on - week [4] - The import profit was - 442, unchanged from the previous day and up 250 week - on - week [4] - The export profit was 1,401, unchanged from the previous day and down 220 week - on - week [4] Other Products - For other products, the report also provides data on prices, basis, spreads, and profits, including styrene - butadiene rubber, ABS, SBS, etc [4]

期待需求的利多 橡胶月报 2025/12/05 0755-233753333 zhangzh@wkqh.cn 从业资格号： F0270766 交易咨询号： Z0003000 张正华（能源化工组） 目录 01 月度评估及策略推荐 04 成本端 02 期现市场 05 需求端 03 利润和比价 06 供应端 月度评估及策略推荐 近期行情重点关注 期待需求（政策）利多期间胶价的表现 ◆ 11月中旬，橡胶仓单到期预期出库10-11万吨，交易所的橡胶库存和仓单将显著减少，库存偏低，容易引发多头关注。 ◆ 11月28日新闻，EUDR正式推迟。判断为需求利空。 ◆ 泰国橡胶出口10月同比增加明显，（雨季一般出口持平或者小增），超出市场的预期。判断为供应利空。 ◆ 20251205市场有降息降准的预期，利多需求预期。 ◆ 12月中旬泰国主产区有连续比较大的降雨。 ◆ 择机波段短多机会。 ◆ 12月仍然处于冬储等需求偏多的季节，没到供需边际走差的季节。 前期行情影响因素： 确认EUDR推迟1年，需求利空 ◆ 2025年9月23日消息，EUDR生效时间再度推迟。 ◆ 据艾科森环境技术消息，欧盟委员会希望再次推迟欧盟的反森林砍伐法， ...

l js 合成橡胶早报 2500 oun 500 2000 400 1500 300 1000 200 500 100 0 11/1 10/1 -100 - 7/1 8/1 9/1 10/1 12/1 11/1 5/1 -500 -200 -1000 -300 -1500 -400 2024 -2023 2025 2024 2025 顺丁出口利润(东南亚 BR现货加工利润 6000 5000 5000 4000 4000 3000 3000 2000 2000 1000 1000 0 0 11/1 10/1 12/ 91V V12/ 11/1 5/1 - 6/1 10/1 4/1 7/1 8/1 3/1 2/1 -1000 -1000 -2000 -2000 2020 2020 2023 -2021 2024 ·2025 2021 2022 2024 2025 -2022 2023 RU-BR NR-BR 6000 4000 3000 5000 2000 4000 1000 3000 0 2000 7/1 9/1 8/1 10/1 12/1 3/1 4/1 5/1 6/ RPORT / 1 -1000 100 ...

合成橡胶产业日报 2025-12-04 ，短期企业控产行为仍存，整体产能利用率提升幅度预计受限。br2601合约短线预计在10400-10900区间 研究员: 林静宜 期货从业资格号F03139610 期货投资咨询从业证书号Z0021558 波动。 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力合约收盘价:合成橡胶(日,元/吨) | 10455 | -120 主力合约持仓量:合成橡胶(日,元/吨) | 32069 | -6917 | | | 合成橡胶1-2价差(日,元 ...

Group 1: Report Industry Investment Rating - No information on the report industry investment rating is provided in the content. Group 2: Core View of the Report - The synthetic rubber futures market currently shows a pattern of loose supply and demand. The price of butadiene at the cost - end is weakly oscillating. The supply - side capacity utilization rate has increased, while the demand - side is weak. It is expected that the synthetic rubber futures will maintain an oscillating bottom - building trend in the future, and the rubber price in December lacks the impetus for continuous rise [2][5]. Group 3: Summary Based on Related Content Supply - side Situation - In the butadiene market, due to the normal operation of some domestic petrochemical plants and new device production, as well as the expected high import volume, the supply is in a continuous loose pattern. In November 2025, the capacity utilization rate of China's butadiene rubber was 68.13%, down 3.27 percentage points from the previous month but up 0.53 percentage points year - on - year. The output was 13.01 tons, down 0.75 tons month - on - month with a decline of 5.44% but up 8.43% year - on - year. The inventory continued to grow. By the end of November, the inventory of sample enterprises reached 3.24 tons, up 5.05% from the end of October, and the warehouse receipts of synthetic rubber futures on the Shanghai Futures Exchange were 1.54 tons, up 79.25% from the end of October [3]. Demand - side Situation - The tire industry, the largest consumer area of synthetic rubber, performed below expectations in November. Affected by seasonal demand decline and trade barriers, the capacity utilization rate of tire enterprises decreased. As of the week of November 28, the capacity utilization rate of domestic semi - steel tire sample enterprises was 66%, down 3.36 percentage points week - on - week and 13.64 percentage points year - on - year. The capacity utilization rate of all - steel tire sample enterprises was 62.75%, up 0.71 percentage points week - on - week and 2.68 percentage points year - on - year. Since semi - steel tires use more synthetic rubber, the significant decline in their capacity utilization rate highlights the slowdown in synthetic rubber demand [4]. Inventory and Future Outlook - With the weakening of tire enterprises' material demand, the inventory pressure of synthetic rubber is further highlighted. The average inventory turnover days of semi - steel tire enterprises increased to 45.86 days, and that of all - steel tires was 40.24 days. High inventory led to low procurement willingness of tire factories. It is expected that this situation will continue in December, dragging down the overall output. Other downstream industries have no growth highlights. In general, the supply of synthetic rubber futures will remain abundant in the future, and the demand is not optimistic. The rubber price in December is expected to oscillate and build a bottom [5].

2025 年 12 月 04 日 合成橡胶：震荡回落 杨鈜汉 投资咨询从业资格号：Z0021541 yanghonghan025588@gtjas.com 【基本面跟踪】 合成橡胶基本面数据 | 项目 | | 项目名称 | | 昨日数据 | 前日数据 | 变动幅度 | | --- | --- | --- | --- | --- | --- | --- | | 期货市场 | 顺丁橡胶主力 （01合约） | 日盘收盘价 | （元/吨） | 10,575 | 10,685 | -110 | | | | 成交量 | （手） | 122,663 | 171,287 | -48624 | | | | 持仓量 | （手） | 38,986 | 45,603 | -6617 | | | | 成交额 | （万元） | 654,114 | 901,657 | -247543 | | 价差数据 | 基差 | 山东顺丁-期货主力 | | -25 | -135 | 110 | | | 月差 | BR12-BR01 | | -65 | -55 | -10 | | 现货市场 | 顺丁价格 | 华北顺丁 | （民营） | 10,100 | ...

Core Viewpoint - Synthetic rubber futures experienced a rapid increase, with the main contract reaching a peak of 10,675.0 yuan, closing at 10,670.0 yuan, reflecting a rise of 3.84% [1] Group 1: Market Analysis - According to Ruida Futures, the BR2601 contract is expected to fluctuate in the range of 10,000 to 10,600 yuan in the short term [2] - Southwest Futures anticipates a wide range of price consolidation for styrene-butadiene rubber in the upcoming period, with limited downside potential [3] Group 2: Supply and Demand Dynamics - The domestic production of styrene-butadiene rubber is recovering as many previously shut down facilities are restarting, leading to an increase in supply [2] - The demand side shows a decrease in the operating rate of tire companies, with an increase in inventory turnover days, indicating a lack of strong terminal demand [3] - As of November 19, the social inventory of styrene-butadiene rubber stood at 31,500 tons, reflecting a week-on-week increase of 2.24% [3]