Group 1: Report Information - Report Title: Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [2] - Report Date: September 26, 2025 [2] Group 2: BR (Butadiene Rubber) Market Data Futures Market - On September 25, the closing price of the main contract was 11,545, with a daily increase of 25 and a weekly increase of 130 [3] - The open interest of the main contract was 51,154, a daily decrease of 7,496 and a weekly decrease of 23,349 [3] - The trading volume of the main contract was 83,682, a daily decrease of 29,720 and a weekly decrease of 32,429 [3] - The warrant quantity was 9,250, a daily increase of 100 and a weekly decrease of 1,740 [3] - The virtual - to - real ratio was 27.65, a daily decrease of 4 and a weekly decrease of 6 [3] Basis and Spread - The basis of cis - butadiene was 155, a daily decrease of 25 and a weekly decrease of 130 [3] - The 8 - 9 spread was - 5, a daily decrease of 15 and a weekly decrease of 170; the 9 - 10 spread was 190, a daily decrease of 40 and a weekly increase of 45 [3] Spot Market - The Shandong market price was 11,580, unchanged daily and up 30 weekly; the Transfar market price was 11,500, unchanged daily and up 50 weekly [3] - The Qilu ex - factory price was 11,700, unchanged both daily and weekly [3] - CFR Northeast Asia was 1,500, unchanged daily and down 25 weekly; CFR Southeast Asia was 1,700, unchanged both daily and weekly [3] Processing and Import - Export - The spot processing profit was - 121, a daily increase of 87 and a weekly increase of 142; the futures processing profit was - 156, a daily increase of 112 and a weekly increase of 242 [3] - The import profit was - 83,107, a daily decrease of 151 and a weekly decrease of 128; the export profit was - 38, a daily increase of 16 and a weekly decrease of 187 [3] Group 3: BD (Butadiene) Market Data Price - The Shandong market price was 9,315, a daily decrease of 82 and a weekly decrease of 110; the Jiangsu market price was 9,175, unchanged daily and up 25 weekly [3] - The Yangzi ex - factory price was 9,150, unchanged both daily and weekly; CFR China was 1,060, unchanged daily and down 30 weekly [3] Processing and Import - Export - The carbon - four extraction profit was not available; the butylene oxidative dehydrogenation profit was 361, unchanged daily and up 305 weekly [3] - The import profit was 492, a daily decrease of 14 and a weekly increase of 252; the export profit was - 1,080, a daily decrease of 60 and a weekly decrease of 259 [3] Group 4: Downstream Profit Data - The cis - butadiene production profit was - 156, a daily increase of 112 and a weekly increase of 242; the styrene - butadiene production profit was 1,063, unchanged daily and up 125 weekly [3] - The ABS production profit was 106, a daily decrease of 19 and a weekly increase of 109; the SBS (791 - H) production profit was 985, unchanged daily and up 130 weekly [3] Group 5: Inter - variety Spread Data - RU - BR was - 35,584, a daily increase of 7,446 and a weekly increase of 23,349; NR - BR was - 38,724, a daily increase of 7,461 and a weekly increase of 23,479 [3] - The Thai mixed - cis - butadiene spread was not available; the 3L - styrene - butadiene spread was 3,100, a daily decrease of 50 and a weekly increase of 50 [3] - The cis - butadiene standard - non - standard spread was 180, a daily increase of 20 and a weekly increase of 30; the styrene - butadiene 1502 - 1712 spread was 1,000, unchanged both daily and weekly [3]

Report Information - Report Title: Yongan Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [2] - Report Date: June 16, 2025 [2] Key Data Highlights BR (Butadiene Rubber) - **Price and Volume**: The closing price of the main contract was 11,390 on June 13, up 355 from the previous day and 90 from May 14. The trading volume was 206,269, an increase of 84,393 from the previous day and 46,762 from May 14. The open interest decreased by 1,302 to 19,801 compared to the previous day and 5,079 from May 14 [3]. - **Warehouse Receipts**: The number of warehouse receipts was 12,520 on June 13, a decrease of 300 from the previous day but an increase of 720 from May 14 [3]. - **Basis and Spread**: The butadiene basis (two - oil) was 410 on June 13, a decrease of 155 from the previous day but an increase of 110 from May 14. The 6 - 7 month spread was -70, a decrease of 250 from the previous day and 85 from May 14 [3]. - **Market Price**: The Shandong market price was 11,700 on June 13, an increase of 150 from the previous day and 100 from May 14. The Qilu ex - factory price was 11,800, an increase of 200 from the previous day and 200 from May 14 [3]. - **Profit**: The spot processing profit was -37 on June 13, a decrease of 3 from the previous day but an increase of 508 from May 14. The import profit was -84,605, a decrease of 1,618 from the previous day and 1,455 from May 14 [3]. BD (Butadiene) - **Market Price**: The Shandong market price was 9,350 on June 13, an increase of 150 from the previous day but a decrease of 400 from May 14. The CFR China price was 1,080, unchanged from the previous day and a decrease of 40 from May 14 [3]. - **Profit**: The butene oxidative dehydrogenation profit was 264 on June 13, an increase of 188 from the previous day but a decrease of 472 from May 14. The import profit was 482, an increase of 287 from the previous day and 181 from May 14 [3]. Downstream Products - **Profit**: The butadiene - styrene production profit was 488 on June 13, unchanged from the previous day and an increase of 200 from May 14. Some downstream product profit data such as ABS and SBS (791 - H) were marked as unavailable [3]. Variety Spreads - **Inter - Variety Spreads**: The RU - BR spread was -5,926 on June 13, an increase of 1,592 from the previous day and 5,304 from May 14. The NR - BR spread was -7,696, an increase of 1,477 from the previous day [3]. - **Intra - Variety Spreads**: The butadiene standard - non - standard price difference was 250 on June 13, a decrease of 150 from the previous day but an increase of 50 from May 14. The butadiene - styrene 1502 - 1712 spread was 1,050, an increase of 50 from the previous day and 50 from May 14 [3]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - No information provided 3. Summary by Relevant Catalogs BR Main Contract Disk Overview - The closing price of the main contract on June 5th was 10,960, a daily decrease of 135 and a weekly decrease of 382 [3] - The position volume of the main contract on June 5th was 26,276, a daily decrease of 1,407 and a weekly decrease of 7,622 [3] - The trading volume of the main contract on June 5th decreased by 30,189 daily and 64,286 weekly [3] - The warrant quantity on June 5th was 11,800, a daily decrease of 100 and a weekly decrease of 490 [3] - The virtual - real ratio on June 5th was 11.13, with no daily change and a weekly decrease of 3 [3] BR Price Structure - **Base and Month - to - Month Spreads** - The base spread (cis - BR) on June 5th was 440, a daily increase of 135 and a weekly increase of 235; the base spread (styrene - butadiene - BR) was 790, a daily and weekly increase of 135 [3] - The month - to - month spread (06 - 07) on June 5th was 125, a daily increase of 10 and a weekly decrease of 50; the month - to - month spread (07 - 08) was 160, a daily decrease of 35 [3] - **Spot Prices** - The Shandong market price on June 5th was 11,400, with no daily change and a weekly decrease of 150; the Transfar market price was 11,200, with no daily change and a weekly decrease of 200; the Qilu ex - factory price was 11,400, with no daily change and a weekly decrease of 300 [3] - CFR Northeast Asia was 1,525, with no daily change and a weekly decrease of 25; CFR Southeast Asia was 1,800, with no daily change and a weekly decrease of 25 [3] - **Processing and Import - Export Profits** - The spot processing profit on June 5th was - 388, a daily decrease of 51 and a weekly increase of 207; the disk processing profit was - 828, a daily decrease of 186 and a weekly decrease of 28 [3] - The import profit was - 81,550, a daily increase of 156 and a weekly increase of 2,414; the export profit was 373, a daily decrease of 18 and a weekly decrease of 64 [3] BD (Butadiene) - **Prices** - The Shandong market price on June 5th was 9,400, a daily increase of 50 and a weekly decrease of 350; the Jiangsu market price was 9,450, with no daily change and a weekly decrease of 250; the Yangzi ex - factory price was 9,500, with no daily change and a weekly decrease of 300 [3] - CFR China was 1,150, with no daily change and a weekly increase of 150 [3] - **Processing and Import - Export Profits** - The carbon four extraction profit was not available on June 5th; the butene oxidative dehydrogenation profit was 636, with no daily change and a weekly decrease of 320 [3] - The import profit was - 25, a daily increase of 16 and a weekly decrease of 1,455; the export profit was - 657, a daily decrease of 13 and a weekly increase of 1,249 [3] Downstream Profits - The cis - butadiene production profit on June 5th was - 828, a daily decrease of 186 and a weekly decrease of 28; the styrene - butadiene production profit was 88, with no daily change and a weekly decrease of 13 [3] - The ABS production profit was 199, a daily increase of 6 and a weekly increase of 179; the SBS production profit (791 - H) was 385, a daily decrease of 400 and a weekly decrease of 715 [3] Spreads between Varieties - The RU - BR spread on June 5th was - 12,731, a daily increase of 1,297 and a weekly increase of 7,287; the NR - BR spread was - 14,311, a daily increase of 1,352 and a weekly increase of 7,007 [3] - The Thai mixed - cis - butadiene spread was 2,100, a daily decrease of 100 and a weekly decrease of 300; the 3L - styrene - butadiene spread was 3,150, a daily decrease of 100 and a weekly decrease of 100 [3] Spreads within Varieties - The cis - butadiene standard - non - standard price spread on June 5th was 250, with no daily or weekly change; the styrene - butadiene 1502 - 1712 spread was 1,000, with no daily change and a weekly decrease of 100 [3]