| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 沪胶主力合约收盘价(日,元/吨) | 16175 | -210 20号胶主力合约收盘价(日,元/吨) | 13135 | -165 | | | 沪胶5-9差(日,元/吨) | 110 | -10 20号胶3-4价差(日,元/吨) | -35 | -15 | | 期货市场 | 沪胶与20号胶价差(日,元/吨) | 3040 | -45 沪胶主力合约 持仓量(日,手) | 150013 | -9904 | | | 20号胶主力合约持仓量(日,手) | 50827 | -544 沪胶前20名净持仓 | -38712 | 2379 | | | 20号胶前20名净持仓 | -8112 | 1527 沪胶交易所仓单(日,吨) | 111570 | 0 | | | 20号胶交易所仓单(日,吨) 上海市场国营全乳胶(日,元/吨) | 50399 16100 | -201 200 上海市场越南3L(日,元/吨) | 16600 | 100 | | | 泰标STR2 ...

Core Viewpoint - The company has established a stable operation of its butadiene extraction and oxidative dehydrogenation processes, primarily producing polybutadiene rubber and nitrile latex, with a focus on maximizing profits through dynamic product structure optimization based on market price differences [1] Group 1 - The company operates butadiene extraction and oxidative dehydrogenation processes, with existing facilities running at full capacity [1] - Polybutadiene rubber production capacity dominates, while nitrile latex is closely tied to the downstream nitrile latex glove and medical protective sectors [1] - The self-sufficiency rate of butadiene from the company's butadiene facilities has exceeded 80%, significantly reducing raw material procurement volatility risks [1] Group 2 - The company leverages dual-process collaborative scheduling capabilities to dynamically adjust and optimize product structure [1] - This strategy aims to ensure maximum profitability for both butadiene rubber and nitrile latex products [1]

Report Information - Report Title: Synthetic Rubber Weekly Report [1] - Report Date: February 01, 2026 [1] - Analyst: Yang Honghan [1] Industry Investment Rating - Not provided in the given content Core Viewpoints - The synthetic rubber market is expected to experience a high-level decline in the short term. This is due to the reduction of geopolitical conflict probability and weakening macro sentiment, as well as the approaching boundary of some valuation indicators and the increasing negative feedback expectation [3][4]. - The butadiene market has limited short-term drivers and is expected to decline in the short term but has support in the medium term. The overall domestic butadiene fundamentals are balanced [5]. Summary by Directory Synthetic Rubber Supply - During the cycle, the high-cis butadiene rubber unit of Maoming Petrochemical restarted, and the load of individual butadiene rubber units in North China decreased slightly. The total capacity utilization rate only fluctuated slightly. The output of high-cis butadiene rubber in this cycle was 30,700 tons, an increase of 104 tons compared to the previous cycle, with a month-on-month increase of 0.34%. The capacity utilization rate was 76.38%, a month-on-month increase of 0.27 percentage points [4]. - There is no news of new unit restart or shutdown for maintenance in the next cycle, but the load of private butadiene rubber units still needs to be carefully observed [4]. Demand - In terms of rigid demand, some semi-steel tire sample enterprises were supported by foreign trade orders during the cycle, and the unit production schedule increased slightly, which supported the capacity utilization rate of semi-steel tire sample enterprises. The shipment of all-steel tires was dull, and some enterprises still had production control, dragging the capacity utilization rate down slightly. It is expected that the capacity utilization rate of tire sample enterprises will decline in the next cycle [4]. - In terms of substitution demand, the spread between the NR-BR main contracts has turned from positive to negative, and it is expected that the substitution demand for synthetic rubber will gradually weaken [4]. Inventory - As of January 28, 2026, the inventory of domestic butadiene rubber sample enterprises was 34,400 tons, a decrease of 1,000 tons compared to the previous cycle, with a month-on-month decrease of 2.74%. The price of butadiene, the raw material, increased unexpectedly this cycle, significantly driving up the butadiene rubber market. The low-price negotiation center shifted significantly upward, but the buying follow-up was slow. At the same time, butadiene rubber production was still significantly in the red, and some private enterprises in North China reduced their loads to varying degrees. The inventory of sample production enterprises decreased, and the inventory of sample trading enterprises increased slightly overall [4]. Valuation - The current static valuation range of the butadiene rubber futures fundamentals is 12,500 - 13,200 yuan/ton. The speculation is relatively strong, and the upward valuation pressure is invalid. In terms of the downward valuation, the NR-BR spread has completely shrunk, and the spread's support for valuation has failed. The effective support level is the butadiene rubber cost line, and butadiene is expected to support the butadiene price from the cost side. The theoretical full cost of butadiene is estimated to be mainly based on the butadiene price * 1.02 + (auxiliary agents + labor) = 10,500 * 1.02 + 2,500 ≈ 13,200. In terms of the actual full cost, depending on the factory, the fixed cost ranges from 1,500 to 2,500 yuan/ton, so the minimum cost is about 12,500 yuan/ton (10,500 * 1.02 + 1,800) [4]. Strategy - Unilateral: After overbought, short at high levels according to the valuation; the upper pressure is 13,600 - 13,800 yuan/ton, and the lower support is 12,500 - 12,600 yuan/ton (supported by the NR-BR spread and butadiene cost) [4]. - Cross-variety: The NR-BR spread gradually enters a low-level shock, and it is recommended to pay attention to the position of expanding the spread in the future [4]. Butadiene Supply - In this cycle (20260123 - 0129), the estimated weekly output of Chinese butadiene industry sample enterprises was 113,500 tons, an increase of 2,900 tons compared to the previous cycle, with a month-on-month increase of 2.61%. During the week, the units of Nanjing Chengzhi, Sierbang, Yanshan Petrochemical, and Hainan Refining and Chemical remained shut down, and the units of Shanghai Petrochemical and Maoming Petrochemical restarted one after another. The output of Sinochem Quanzhou Petrochemical was relatively limited, and the weekly output increased month-on-month. Next week, it is expected that the weekly output of Chinese butadiene sample enterprises will be about 116,500 tons, a slight increase compared to this cycle. The units of Hainan Refining and Chemical and Sinochem Quanzhou Petrochemical may gradually resume production [5]. Demand - In terms of synthetic rubber, the operating rates of butadiene rubber and styrene-butadiene rubber will remain high in the medium term, and the demand for butadiene will remain at a high level year-on-year. In the short term, as the maintenance of butadiene units decreases, it is expected that the rigid demand for butadiene in synthetic rubber will remain at a high level [6]. - In terms of ABS, the inventory pressure is relatively large, and it is expected that the demand for butadiene will only maintain a constant level, with relatively limited incremental demand [6]. - In terms of SBS, the operating rate increased slightly, and the rigid demand for butadiene remained unchanged, with limited changes [6]. Inventory - In this cycle (20260122 - 0128), the domestic butadiene inventory increased, and the total inventory of samples increased by 11.25% compared to last week. Among them, the inventory of sample enterprises increased by 3.85% compared to last week. Some enterprises' inventory increased slightly due to the restart of sporadic units and market fluctuations. The inventory of sample ports increased by 17.39% compared to last week. Although the raw material inventory of downstream enterprises was normally digested and merchants expected a decrease in imports in February, there were imported ships arriving at the port during this cycle, which affected the phased increase in sample port inventory [6]. - According to the report on January 28, the latest inventory of butadiene in East China ports was about 40,500 tons, an increase of 6,000 tons compared to the previous cycle. Although the raw material inventory of downstream enterprises was normally digested and merchants expected a certain decrease in imports in February, there were imported ships arriving at the port during this cycle, which affected the phased increase in port inventory [6]. Viewpoint - The prices of butadiene in Asia and Europe are relatively strong. Overall, the domestic butadiene fundamentals are balanced. Butadiene will decline in the short term and has support in the medium term [5].

Core Viewpoint - Huqiang Technology (688151) expects a net profit attributable to shareholders of 32.15 million to 48.20 million yuan for 2025, representing a year-on-year growth of 42.7% to 113.94% [4] Financial Performance - The company anticipates a non-recurring net profit loss of 18.29 million to 27.43 million yuan, compared to a loss of 64.96 million yuan in the same period last year [4] - As of January 29, the price-to-earnings ratio (TTM) is approximately 148.66 to 222.88 times, the price-to-book ratio (LF) is about 1.71 times, and the price-to-sales ratio (TTM) is around 13.4 times [4] Revenue Drivers - The increase in military product orders has contributed to higher gross margins [13] - The company is actively adjusting its product and market structure, focusing on expanding market share and stabilizing its civilian product base, leading to increased sales of new products such as rubber components for pen-type injectors and pre-filled rubber components [13] - Continuous implementation of quality improvement and efficiency enhancement measures has resulted in improved production management levels [13] Historical Financial Data - The historical net profit and non-recurring profit data shows a significant recovery, with the expected net profit for 2025 being a notable improvement from previous years [14] - The year-on-year growth rates for net profit and non-recurring net profit indicate a positive trend for the upcoming fiscal year [14]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The market logic shows that bulls are mainly driven by the expected supply disruptions in Thailand due to the rainy season, more upward movements than downward in the second half of the year, and the expected positive impact of Chinese policies. The exchange inventory is low. Bears mainly base their view on the weak actual demand, the expected decline in demand due to tariff policies, and the increase in rubber exports from Thailand and Cote d'Ivoire [19]. - The rubber price still has opportunities for long - position trading on pullbacks. In the short term, wait for the price to stabilize and then consider short - term long positions. Also, pay attention to the strategy of going long on RU2601 and short on RU2609, as there may be opportunities for adding positions again and waiting for the right time for swing trading [19]. 3. Summaries According to Relevant Catalogs 3.1. Weekly Assessment and Strategy Recommendation - In the week of October 18, 2025, the report indicated positive factors such as a significant increase in the rainfall forecast in Thailand, positive expectations from the China - US talks, and the EUDR利好, which led to a significant increase of nearly 800 yuan in the rubber price. Subsequently, the driving force for the price increase diminished, and the price oscillated and corrected. In the week of November 1, 2025, and the morning reports from November 5 - 7, short - term long opportunities during the price correction were suggested [10]. - Around mid - November, about 10 - 11 tons of rubber warehouse receipts were expected to expire and be taken out of storage, which would significantly reduce the exchange's rubber inventory and warehouse receipts. Low inventory is likely to attract the attention of bulls [10]. - By November 21, 2025, the impact of the typhoon on the rainfall forecast weakened marginally, reducing the positive supply factors [10]. - The EUDR's implementation time has been postponed again. This postponement will cause a chain reaction such as inventory reduction in the stocking process of rubber and tire factories, which is a short - term negative factor for demand. However, the proposal released on October 21, 2025, is a marginal positive factor, but the positive expectation is not significant [14]. - The rubber throwing storage of 62,000 tons on September 25, 2025, is judged to be a short - term negative factor and a medium - term positive factor because it is a replacement storage [15]. 3.2. Futures and Spot Market - Rubber maintains its seasonal pattern, with a tendency to decline in the first half of the year. In 2018, 2019, and 2020, the decline occurred earlier. In 2023, the rubber price was lower than the industry's expectation and below the rubber farmers' cost for a long time [31]. - The overseas demand for rubber is expected to weaken marginally, while the Chinese demand remains stable [36]. - The ratio of rubber to crude oil has been declining since Q4 2020 [39]. 3.3. Profit and Ratio - The ratios of rubber to copper, Brent crude oil, and other commodities are generally normal, with no special or notable values [47][54]. - The prices of rubber and black commodities move in a similar rhythm, indicating a similar market expectation for macro - demand [50]. 3.4. Cost End - The market generally believes that the cost of cup rubber in Thailand is between 30 - 35 Thai baht, the cost of Hainan full - latex in China is around 13,500 yuan, and the cost of Yunnan full - latex is between 12,500 - 13,000 yuan [58]. - The rubber maintenance cost is a dynamic concept. When the rubber price is high, rubber farmers are more motivated to maintain, and the cost is high; when the price is low, the cost decreases [58]. 3.5. Demand End - The operating rate of all - steel tires in tire factories is 61.31% (-3.19%), showing a downward trend. The demand for all - steel tires is normal, while the peak of the rush - export of semi - steel tires to Europe has passed, and the demand is expected to weaken [19]. - The demand from the middle - stream industry: the prosperity of trucks and commercial vehicles is slowly improving from a low level, and the demand for supporting tires is expected to recover gradually. The export of tires is highly prosperous, but it is expected to decline slightly in the future [67][70]. 3.6. Supply End - The supply of rubber in major producing countries is generally normal, with no special or notable values in production, consumption, export, and import data [75][79][82]. - In September 2025, the rubber production was 1,141,600 tons, a year - on - year increase of 4.30% and a month - on - month decrease of 1.98%. The cumulative production was 8,170,000 tons, a year - on - year increase of 4.33% [105]. - The production and export data of major rubber - producing countries such as Thailand, Indonesia, Malaysia, Vietnam, and China in September 2025 are provided, along with their year - on - year and month - on - month changes [105][106].

Group 1 - The core viewpoint of the news is that Shenzhen Kexin New Materials Co., Ltd. experienced a decline in stock price, with a drop of 5.44% to 44.65 CNY per share, resulting in a total market capitalization of 5.645 billion CNY [1] - The company specializes in the research, production, and sales of high-performance special rubber sealing materials, providing comprehensive solutions for waterproofing, insulation, fireproofing, and sealing [1] - The revenue composition of the company's main business includes: 56.03% from heat dissipation metal structural parts, 16.51% from automotive sealing strips, 13.65% from insulation and fireproof materials, 10.82% from waterproof sealing materials, and 2.98% from other products [1] Group 2 - Dongwu Fund has a significant holding in Kexin New Materials, with the Dongwu Double Triangle Stock A fund holding 79,000 shares, accounting for 3.74% of the fund's net value, making it the fifth-largest holding [2] - The Dongwu Double Triangle Stock A fund has a total scale of 23.4891 million CNY and has achieved a return of 37.68% year-to-date, ranking 894 out of 4208 in its category [2] - The fund manager, Chen Weibin, has been in position for 263 days, with the fund's total asset scale at 93.409 million CNY, achieving a best return of 30.09% and a worst return of 29.64% during his tenure [3]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The ru2601 contract is expected to fluctuate in the range of 15,000 - 15,700 in the short - term, and the nr2511 contract is expected to fluctuate in the range of 12,100 - 12,730 in the short - term [2] - During the holiday, some domestic tire enterprises had a 5 - 8 day maintenance plan, which dragged down the enterprise capacity utilization rate significantly. As the maintenance enterprises resume operation, the device capacity will be gradually released [2] - The inventory at Qingdao Port continued to decline, mainly in general trade warehouses. Before the festival, overseas goods arrived at the port and were warehoused in a concentrated manner, and the overall warehouse inbound volume increased month - on - month. Downstream tire factories picked up the previously ordered goods, increasing the overall outbound volume of general trade [2] 3. Summary by Relevant Catalogs Futures Market - The closing price of the main Shanghai rubber contract was 15,415 yuan/ton, up 385 yuan; the closing price of the main 20 - number rubber contract was 12,465 yuan/ton, up 365 yuan [2] - The 1 - 5 spread of Shanghai rubber was 60 yuan/ton, and the 11 - 12 spread of 20 - number rubber was 10 yuan/ton [2] - The spread between Shanghai rubber and 20 - number rubber was 2,950 yuan/ton, up 20 yuan [2] - The trading volume of the main Shanghai rubber contract was 140,720 lots, down 378 lots; the trading volume of the main 20 - number rubber contract was 34,149 lots, down 52 lots [2] - The net position of the top 20 in Shanghai rubber was - 22,185 lots, up 3,236 lots; the net position of the top 20 in 20 - number rubber was - 11,125 lots, down 482 lots [2] - The exchange warehouse receipts of Shanghai rubber were 145,390 tons, down 4,420 tons; the exchange warehouse receipts of 20 - number rubber were 41,632 tons, down 402 tons [2] Spot Market - The price of state - owned full - latex in the Shanghai market was 14,650 yuan/ton, up 350 yuan; the price of Vietnamese 3L in the Shanghai market was 15,250 yuan/ton, up 100 yuan [2] - The price of Thai standard STR20 was 1,820 US dollars/ton, down 30 US dollars; the price of Malaysian standard SMR20 was 1,820 US dollars/ton, down 30 US dollars [2] - The price of Thai RMB mixed rubber was 14,600 yuan/ton, down 200 yuan; the price of Malaysian RMB mixed rubber was 14,550 yuan/ton, down 200 yuan [2] - The price of Qilu Petrochemical's styrene - butadiene 1502 was 11,800 yuan/ton, unchanged; the price of Qilu Petrochemical's butadiene BR9000 was 11,500 yuan/ton, unchanged [2] - The basis of Shanghai rubber was - 765 yuan/ton, down 35 yuan; the non - standard product basis of the main Shanghai rubber contract was - 430 yuan/ton, up 145 yuan [2] - The price of 20 - number rubber in the Qingdao market was 12,968 yuan/ton, down 148 yuan; the basis of the main 20 - number rubber contract was 503 yuan/ton, down 513 yuan [2] Upstream Situation - The market reference price of smoked sheets of Thai raw rubber was 58.12 Thai baht/kg, down 0.49 Thai baht; the market reference price of rubber sheets of Thai raw rubber was 56.11 Thai baht/kg, down 0.7 Thai baht [2] - The market reference price of glue of Thai raw rubber was 54.8 Thai baht/kg, unchanged; the market reference price of cup - lump of Thai raw rubber was 50.3 Thai baht/kg, down 0.25 Thai baht [2] - The theoretical production profit of RSS3 was 171 US dollars/ton, up 20 US dollars; the theoretical production profit of STR20 was 15.8 US dollars/ton, up 20.8 US dollars [2] - The monthly import volume of technically specified natural rubber was 113,100 tons, down 8,800 tons; the monthly import volume of mixed rubber was 268,400 tons, up 8,900 tons [2] Downstream Situation - The operating rate of all - steel tires was 65.72%, up 0.06%; the operating rate of semi - steel tires was 73.58%, down 0.08% [2] - The inventory days of all - steel tires in Shandong were 39.16 days, up 0.03 days; the inventory days of semi - steel tires in Shandong were 46.15 days, up 0.13 days [2] - The monthly output of all - steel tires was 13.03 million pieces, up 280,000 pieces; the monthly output of semi - steel tires was 58.06 million pieces, up 1.09 million pieces [2] Option Market - The 20 - day historical volatility of the underlying was 19.68%, up 2.68%; the 40 - day historical volatility of the underlying was 16.86%, up 1.3% [2] - The implied volatility of at - the - money call options was 23.17%, up 0.51%; the implied volatility of at - the - money put options was 23.16%, up 0.49% [2] Industry News - From October 8 - 14, 2025, the rainfall in the main natural rubber producing areas in Southeast Asia increased compared with the previous period. In the northern hemisphere, the red areas were mainly in southern Thailand and south - western Cambodia, and the rainfall in most other areas was low, slightly increasing the impact on tapping; in the southern hemisphere, there were no red areas, and the rainfall in most other areas was moderately low, reducing the impact on tapping [2] - In September 2025, the El Niño index (ONI) was - 0.38, a month - on - month decrease of 0.19, indicating a weakening of the El Niño phenomenon month - on - month [2] - In September 2025, China's heavy - truck market sold about 105,000 vehicles (wholesale, including exports and new energy), a 15% month - on - month increase from August and an 82% year - on - year increase from 58,000 vehicles in the same period last year. From January to September this year, the cumulative sales of China's heavy - truck market exceeded 800,000 vehicles, reaching 821,000 vehicles, a year - on - year increase of about 20% [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The report maintains a medium - term bullish view on rubber prices. Future 3 - 14 days see an increased risk of heavy rain and flash floods in Thailand, which is positive for supply [10][11][12]. - The current environment and commodity prices are similar to those during the 2016 commodity rally. The significant decline in rubber prices has curbed supply, and the market is currently in a bottom - building phase. It is advisable to go long when the opportunity arises [11]. - In the short term, rubber prices are volatile and tend to rise. One can go long on dips. Attention should be paid to the spread trading strategy of going long on RU2601 and short on RU2511, gradually closing positions and conducting band operations [11][16][22]. 3. Summary by Directory 3.1 Monthly Assessment and Strategy Recommendation - Medium - term bullish on rubber prices due to increased flood risks in Thailand, which affect supply. Short - term, prices are volatile and tend to rise. One can go long on dips [10][11][12]. - Key factors to watch include the overall sentiment of industrial products, domestic demand policies, the progress of downstream inventory accumulation, and whether Thailand's supply is affected by typhoons and floods [11][16]. - The recommended trading strategy is to go long on RU2601 and short on RU2511, with a profit - to - loss ratio of 2:1, an indefinite period, and a high recommendation level [22]. 3.2 Cost - end - The general market view is that the cost of cup - lump rubber in Thailand is 30 - 35 Thai baht. The cost of Hainan full - latex rubber in China is around 13,500 yuan, and that of Yunnan full - latex rubber is 12,500 - 13,000 yuan [55]. - Rubber maintenance costs are dynamic. High rubber prices lead to high maintenance enthusiasm and costs for rubber farmers, while low prices result in the opposite [55]. 3.3 Periodic and Spot Market - Rubber shows consistent seasonality, with prices more likely to fall in the first half of the year. Overseas demand for rubber is expected to weaken marginally, while Chinese demand remains stable [29][33]. - The ratio of rubber to crude oil has been declining since Q4 2020 [36]. 3.4 Profit and Ratio - Most of the ratio data are normal, without special or noteworthy values. Black and rubber varieties generally move in a similar rhythm, indicating similar market expectations for macro - demand [44][47][51]. 3.5 Demand - end - The overall tire factory full - steel tire operating rate is 59.78% (-4.06%). Full - steel tire exports are good, while semi - steel tire inventory consumption is slow [16]. - The prosperity of trucks and commercial vehicles is slowly improving from a low level, which will affect the demand for supporting tires. The export of truck tires is booming, but the future is expected to decline slightly [64][67]. 3.6 Supply - end - Supply is generally normal, without special or noteworthy values. In July 2025, rubber production was 1,014.5 thousand tons, a year - on - year decrease of 1.95% and a month - on - month increase of 6.19% [72][102]. - New production capacity of butadiene is expected to be put into operation in 2025, with a total increase of 113 tons, a 16% increase compared to 2024. This is expected to increase butadiene supply and decrease processing profits [20].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - No clear core view presented in the given content Group 3: Summary by Relevant Catalogs 1. BR Main Contract Overview - The closing price of the main contract on August 28 was 11,980, with a daily increase of 270 and a weekly increase of 320 [4]. - The open interest of the main contract was 41,078, up 1,166 daily and 5,323 weekly [4]. - The trading volume of the main contract was 132,297, a daily increase of 37,298 and a weekly increase of 42,963 [4]. - The number of warehouse receipts was 12,260, down 210 daily and up 70 weekly [4]. - The long - short ratio was 16.75 [4]. 2. Basis & Calendar Spread - The basis of cis - butadiene changed from 40 on August 22 to - 30 on August 28, a daily decrease of 120 and a weekly decrease of 70 [4]. - The basis of cis - butadiene (two major oil companies) changed from 240 on August 22 to 120 on August 28, a daily decrease of 270 and a weekly decrease of 120 [4]. - The basis between butadiene styrene and cis - butadiene changed from 590 on August 22 to 420 on August 28, a daily decrease of 270 and a weekly decrease of 170 [4]. - The spread between the 8 - 9 contracts changed from 145 on August 22 to 15 on August 28, a daily decrease of 260 and a weekly decrease of 130 [4]. - The spread between the 9 - 10 contracts was - 15 on August 28, a daily decrease of 5 and a weekly decrease of 35 [4]. 3. Spot Market - The market price in Shandong for cis - butadiene was 11,950 on August 28, up 150 daily and 250 weekly [4]. - The market price at Transfar for cis - butadiene was 11,900 on August 28, up 200 daily and 250 weekly [4]. - The ex - factory price of Qilu for cis - butadiene was 12,100 on August 28, unchanged daily and up 200 weekly [4]. - CFR Northeast Asia was 1,475, unchanged daily and no weekly change data available [4]. - CFR Southeast Asia was 1,725, unchanged daily and weekly [4]. 4. Processing & Import - Export - The spot processing profit of BR was - 32 on August 28, up 28 daily and down 31 weekly [4]. - The futures processing profit of BR was - 2 on August 28, up 178 daily and 40 weekly [4]. - The import profit was - 86,374 on August 28, up 232 daily and down 1,112 weekly [4]. - The export profit was - 495 on August 28, down 139 daily and 65 weekly [4]. 5. BD Price and Profit - The market price in Shandong for butadiene was 9,590 on August 28, up 90 daily and 275 weekly [4]. - The market price in Jiangsu for butadiene was 9,400 on August 28, up 100 daily and 150 weekly [4]. - The carbon four extraction profit was not available on August 28, and previous data showed fluctuations [4]. - The butene oxidative dehydrogenation profit was 306 on August 28, up 100 daily and 150 weekly [4]. - The import profit of butadiene was not available on August 28, and previous data showed changes [4]. - The export profit of butadiene was - 93 on August 28, down 93 daily and up 29 weekly [4]. 6. Downstream Profit - The production profit of ABS was 33 on August 28, up 24 daily and 102 weekly [4]. - The production profit of SBS (791 - H) was 1,090 on August 28, unchanged daily and down some amount (data incomplete) weekly [4]. 7. Inter - Variety and Intra - Variety Spreads - The spread between RU - BR was - 25,133 on August 28, down 981 daily and 5,003 weekly [4]. - The spread between NR - BR was - 28,298 on August 28, down 1,001 daily and 5,053 weekly [4]. - The spread between Thai mixed rubber and cis - butadiene was 2,900 on August 28, unchanged daily and weekly [4]. - The spread between 3L and butadiene styrene was 2,750 on August 28, up 150 daily and 150 weekly [4]. - The spread between standard and non - standard cis - butadiene was 200 on August 28, down 50 daily and unchanged weekly [4]. - The spread between butadiene styrene 1502 and 1712 was 900 on August 28, unchanged daily and down 100 weekly [4].

Core Viewpoint - Changhong Gaoke (605008.SH) has decided to terminate its investment plan to establish a joint venture with Panjin Shengteng Industrial Development Co., Ltd due to the ongoing downturn in the photovoltaic industry and the uncertainty in future profitability [1] Summary by Relevant Sections - **Investment Plan Details** - The original investment plan involved a total investment of 500 million yuan, with Changhong Gaoke contributing 225 million yuan for a 45% stake and Panjin Shengteng contributing 275 million yuan for a 55% stake [1] - **Market Conditions** - Since the third quarter of 2023, the photovoltaic industry chain has been in continuous decline, leading to POE film prices dropping to historical lows without signs of recovery [1] - **Decision Rationale** - The decision to terminate the investment was made to protect the interests of the company and its shareholders, as the future profitability of the project is highly uncertain [1]