l js 数据来源: Mysteel、Wind 免责 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内容的客观, 公正，研究方法专业审慎，分析结论合理，但我司对信息来源的准确性和完整性不作任何保证，也不保证所依据的信息和建议不会发生任何变化。我们提 供的全部分析及建议内容仅供参考，不构成对您的任何投资建议及入市依据，您应当自主做出期货交易决策，独立承担期货交易后果，凡据此入市者，我 司不承担任何责任。我司在为您提供服务时已最大程度避免与您产生利益冲突，未经我司授权，不得随意转载、复制、传播本网站中所有研究分析报告、 行情分析视频等全部或部分材料、内容。对可能因互联网软硬件设备故障或失灵、或因不可抗力造成的全部或部分信息中断、延迟、遗漏、误导或造成资 料传输或储存上的错误、或遭第三人侵入系统篡改或伪造变造资料等，我司均不承担任何责任。 合成橡胶早报 研究中心能化团队 2025/11/20 | 品种 | 类别 | 指标 | 10/20 | 11/13 | 11/17 | 11/18 | 11/19 | 日度变化 | 周度变化 | | -- ...

l js 80000 60000 10000 40000 8000 20000 6000 BR价格结构 「-BR基差 IIII 11200 1200 1000 11000 800 10800 600 10600 400 10400 200 10200 10/1 11/1 12/1 5/1 7/1 -200 10000 -400 9800 -600 视总 II导起 12号动 01号钓 02号约 -800 ·2024 2025 -===11/11 -===10/17 -1-11/17 -- 11/18 苯-BR基差 BR12-01 免责 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内容的客观, 公正，研究方法专业审慎，分析结论合理，但我司对信息来源的准确性和完整性不作任何保证，也不保证所依据的信息和建议不会发生任何变化。我们提 供的全部分析及建议内容仅供参考，不构成对您的任何投资建议及入市依据，您应当自主做出期货交易决策，独立承担期货交易后果，凡据此入市者，我 司不承担任何责任。我司在为您提供服务时已最大程度避免与您产生利益冲突。未经我 ...

l js 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内容的客观, 公正，研究方法专业审慎，分析结论合理，但我司对信息来源的准确性和完整性不作任何保证，也不保证所依据的信息和建议不会发生任何变化。我们提 供的全部分析及建议内容仅供参考，不构成对您的任何投资建议及入市依据，您应当自主做出期货交易决策，独立承担期货交易后果，凡据此入市者，我 司不承担任何责任。我司在为您提供服务时已最大程度避免与您产生利益冲突，未经我司授权，不得随意转载、复制、传播本网站中所有研究分析报告、 行情分析视频等全部或部分材料、内容。对可能因互联网软硬件设备故障或失灵、或因不可抗力造成的全部或部分信息中断、延迟、遗漏、误导或造成资 料传输或储存上的错误、或遭第三人侵入系统篡改或伪造变造资料等，我司均不承担任何责任。 80000 60000 10000 40000 8000 20000 6000 BR价格结构 -BR基差 IIII 11400 1200 1000 11200 800 11000 600 10800 400 10600 200 10400 1020 ...

l js 数据来源: Mysteel、Wind 免责 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内容的客观, 公正，研究方法专业审慎，分析结论合理，但我司对信息来源的准确性和完整性不作任何保证，也不保证所依据的信息和建议不会发生任何变化。我们提 供的全部分析及建议内容仅供参考，不构成对您的任何投资建议及入市依据，您应当自主做出期货交易决策，独立承担期货交易后果，凡据此入市者，我 司不承担任何责任。我司在为您提供服务时已最大程度避免与您产生利益冲突，未经我司授权，不得随意转载、复制、传播本网站中所有研究分析报告、 行情分析视频等全部或部分材料、内容。对可能因互联网软硬件设备故障或失灵、或因不可抗力造成的全部或部分信息中断、延迟、遗漏、误导或造成资 料传输或储存上的错误、或遭第三人侵入系统篡改或伪造变造资料等，我司均不承担任何责任。 合成橡胶早报 研究中心能化团队 2025/11/12 | 品种 | 类别 | 指标 | 10/10 | 11/5 | 11/7 | 11/10 | 11/11 | 日度变化 | 周度变化 | | --- ...

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - Not provided in the given content 3. Summary by Relevant Catalog BR (Butadiene Rubber) - **Futures Information**: On November 10, the BR主力合约(12) was at 10275, with a daily change of 85 and a weekly change of 70. The holding volume was 83698, down 1988 from the previous day and up 47828 for the week. The trading volume was 114254, up 7936 daily and 22564 weekly. The warrant quantity was 12300, unchanged from the previous day and up 3720 for the week. The long - short ratio was 34.02, down 1 from the previous day and up 13 for the week [4]. - **Basis/Spread/Inter - Variety Spread**: The butadiene rubber basis was 25, down 85 daily and 70 weekly. The styrene - butadiene basis was 475, down 85 daily and 120 weekly. The 12 - 01 spread was 70, up 5 daily and down 20 weekly. The 01 - 02 spread was - 5, down 5 daily and 5 weekly. The RU - BR spread was 4835, up 30 daily and 165 weekly. The NR - BR spread was 1890, up 45 daily and 135 weekly [4]. - **Spot Price**: The Shandong market price was 10300, unchanged from the previous day and for the week. The Transfar market price was 10200, unchanged from the previous day and up 50 for the week. The Qilu ex - factory price was 10200, unchanged from the previous day and down 300 for the week. The CFR Northeast Asia price was 1450, unchanged from the previous day and for the week. The CFR Southeast Asia price was 1700, unchanged from the previous day and for the week [4]. - **Profit**: The spot processing profit was 1062, up 102 daily and 153 weekly. The import profit was - 1871, up 6 daily and 17 weekly. The export profit was 2494, down 6 daily [4]. BD (Butadiene) - **Spot Price**: The Shandong market price was 6900, down 100 from the previous day. The Yangzi ex - factory price was 6900, unchanged from the previous day and for the week. The CFR China price was 790, down 10 from the previous day and 60 for the week [4]. - **Profit**: The ethylene cracking profit was not available. The carbon four extraction profit was not available. The butadiene oxidation dehydrogenation profit was - 1824, down 50 from the previous day. The import profit was 345, up 34 daily and 542 weekly. The export profit was - 841, down 244 daily and 1726 weekly. The styrene - butadiene production profit was 1175, unchanged from the previous day and down 288 weekly. The ABS production profit was not available. The SBS production profit was 210, unchanged from the previous day and down 285 weekly [4].

Report Overview - Report Title: Synthetic Rubber Morning Report [2] - Release Date: November 10, 2025 [3] - Research Team: Energy and Chemicals Team of the Research Center [3] 1. BR (Butadiene Rubber) Market Data Futures Information - On November 7, the closing price of the BR main contract (12) was 10,190, down 115 from the previous day and 170 from the previous week [4]. - The open interest was 85,686, an increase of 1,745 from the previous day and 47,890 from the previous week [4]. - The trading volume was 106,318, a decrease of 21,826 from the previous day and 43,532 from the previous week [4]. - The number of warehouse receipts was 12,300, unchanged from the previous day and an increase of 3,720 from the previous week [4]. - The virtual - real ratio was 34.83, an increase of 1 from the previous day and 13 from the previous week [4]. Basis and Spread Information - The butadiene rubber basis was 110, an increase of 115 from the previous day and a decrease of 30 from the previous week [4]. - The styrene - butadiene basis was 560, an increase of 165 from the previous day and a decrease of 180 from the previous week [4]. - The spread between contracts 12 - 01 was 65, a decrease of 15 from the previous day and unchanged from the previous week [4]. - The spread between contracts 01 - 02 was 0, unchanged from the previous day and a decrease of 5 from the previous week [4]. - The spread between RU - BR was 4,805, an increase of 65 from the previous day and 70 from the previous week [4]. - The spread between NR - BR was 1,845, an increase of 20 from the previous day and 5 from the previous week [4]. Spot Market Information - The Shandong market price was 10,300, unchanged from the previous day and a decrease of 200 from the previous week [4]. - The Transfar market price was 10,200, unchanged from the previous day and a decrease of 150 from the previous week [4]. - The Qilu ex - factory price was 10,200, unchanged from the previous day and a decrease of 300 from the previous week [4]. - CFR Northeast Asia was 1,450, unchanged from the previous day and the previous week [4]. - CFR Southeast Asia was 1,700, unchanged from the previous day and the previous week [4]. Profit Information - The spot processing profit was 960, an increase of 51 from the previous day and a decrease of 1 from the previous week [4]. - The import profit was - 1,877, an increase of 7 from the previous day and a decrease of 210 from the previous week [4]. - The export profit was 2,499, a decrease of 7 from the previous day and an increase of 184 from the previous week [4]. 2. BD (Butadiene) Market Data Spot Market Information - The Shandong market price was 7,000, a decrease of 50 from the previous day and 195 from the previous week [4]. - The Jiangsu market price was 6,900, unchanged from the previous day [4]. - The Yangzi ex - factory price was 6,900, unchanged from the previous day [4]. - CFR China was 800, a decrease of 10 from the previous day [4]. Profit Information - The ethylene cracking profit was N/A [4]. - The import profit was 311, an increase of 84 from the previous day and 579 from the previous week [4]. - The export profit was - 811, a decrease of 217 from the previous day and 1,336 from the previous week [4]. - The butadiene - styrene production profit was 1,175, unchanged from the previous day and a decrease of 63 from the previous week [4]. - The ABS production profit was N/A [4]. - The SBS production profit was 1, unchanged from the previous day and a decrease of 90 from the previous week [4]. - The carbon - four extraction profit was N/A [4]. - The butylene oxidative dehydrogenation profit was - 1,774, unchanged from the previous day and a decrease of 398 from the previous week [4].

Group 1: Report Overview - Report Name: Synthetic Rubber Morning Report [2] - Release Date: November 6, 2025 [3] - Research Team: Energy and Chemicals Team of the Research Center [3] - Data Sources: Mysteel, Wind [8] Group 2: BR (Butadiene Rubber) Analysis Futures Market - BR主力合约(12): Price on November 5 was 10,235, up 30 from the previous day and down 565 from the previous week [4] - 持仓量: 28,838 on November 5, down 7,032 from the previous day and down 18,547 from the previous week [4] - 成交量: 83,480 on November 5, down 8,210 from the previous day and down 41,857 from the previous week [4] - 仓単数量: 8,560 on November 5, down 20 from the previous day and down 20 from the previous week [4] - 虚实比: 16.84 on November 5, down 4 from the previous day and down 11 from the previous week [4] Basis, Spread, and Inter - Variety Spreads - 顺丁基差: -32 on November 5, down 130 from the previous day and down 35 from the previous week [4] - 丁苯基差: 365 on November 5, down 230 from the previous day and down 85 from the previous week [4] - 12 - 01: 90 on November 5, unchanged from the previous day and up 65 from the previous week [4] - 01 - 02: 10 on November 5, up 10 from the previous day and up 35 from the previous week [4] - RU - BR: 4,615 on November 5, down from the previous day and up 15 from the previous week [4] - NR - BR: 1,700 on November 5, down from the previous day and down 25 from the previous week [4] Spot Market - 山东市场价: 10,200 on November 5, down 100 from the previous day and down 600 from the previous week [4] - 传化市场价: 10,150 on November 5, unchanged from the previous day and down 550 from the previous week [4] - 齐鲁出厂价: 10,200 on November 5, down 300 from the previous day and down 800 from the previous week [4] - CFR东北亚: 1,450 on November 5, unchanged from the previous day and the previous week [4] - CFR东南亚: 1,700 on November 5, unchanged from the previous day and the previous week [4] Profit Analysis - 现货加工利润: 937 on November 5, up 28 from the previous day and up 89 from the previous week [4] - 进口利润: -1,989 on November 5, down 101 from the previous day and down 653 from the previous week [4] - 出口利润: 2,598 on November 5, up 87 from the previous day and up 573 from the previous week [4] Group 3: BD (Butadiene) Analysis Spot Market - 山东市场价: 价格数据不完整 on November 5, down 125 from the previous day and down 675 from the previous week [4] - 江苏市场价: 6,750 on November 5, down 50 from the previous day and down 825 from the previous week [4] - 扬子出厂价: 6,900 on November 5, unchanged from the previous day and down 1,000 from the previous week [4] - CFR中国: 820 on November 5, down 30 from the previous day and down 120 from the previous week [4] Profit Analysis - 乙烯裂解利润: Data incomplete [4] - 碳四抽提利润: Data incomplete [4] - 丁烯氧化脱氢利润: -1,994 on November 5, down 120 from the previous day and down 1,130 from the previous week [4] - 进口利润: -6 on November 5, up 191 from the previous day and up 109 from the previous week [4] - 出口利润: -461 on November 5, down 527 from the previous day and down 642 from the previous week [4] Group 4: Production Profit Analysis of Related Products - 丁苯生产利润: 1,463 on November 5, unchanged from the previous day and up 250 from the previous week [4] - ABS生产利润: Data incomplete, up 58 from the previous day and down 24 from the previous week [4] - SBS生产利润: Data incomplete, down 300 from the previous day and down 500 from the previous week [4]

Group 1: Report Information - Report Title: Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [3] - Report Date: November 5, 2025 [3] Group 2: BR Data Futures - BR主力合约(12) price on November 4 was 10,205, down 155 from the previous day and 590 from the previous week [4] - Open interest on November 4 was 35,870, down 1,926 from the previous day and 16,346 from the previous week [4] - Trading volume on November 4 was 91,690, down 58,160 from the previous day and 103,960 from the previous week [4] - Warehouse receipt quantity remained at 8,580 [4] - Long - short ratio on November 4 was 20.90, down 1 from the previous day and 10 from the previous week [4] Basis/Spread - Butadiene rubber basis on November 4 was -45 compared to the previous day and 90 compared to the previous week [4] - Styrene - butadiene rubber basis on November 4 was -145 compared to the previous day and 190 compared to the previous week [4] - 12 - 01 spread on November 4 was 25 compared to the previous day [4] - 01 - 02 spread on November 4 was -5 compared to the previous day and 20 compared to the previous week [4] - RU - BR spread on November 4 was -18 compared to the previous day and -160 compared to the previous week [4] - NR - BR spread on November 4 was -85 compared to the previous day and -170 compared to the previous week [4] Spot and Profit - Shandong market price on November 4 was 10,300, down 200 from the previous day and 500 from the previous week [4] - Transfar market price on November 4 was 10,150, down 200 from the previous day and 550 from the previous week [4] - Qilu factory price remained at 10,500 [4] - CFR Northeast Asia remained at 1,450 [4] - CFR Southeast Asia remained at 1,700 [4] - Spot processing profit on November 4 was 909, down 52 from the previous day and up 112 from the previous week [4] - Import profit on November 4 was -1,874, down 208 from the previous day and 537 from the previous week [4] - Export profit on November 4 was 2,496, up 181 from the previous day and 471 from the previous week [4] Group 3: BD Data Spot and Profit - Shandong market price on November 4 was 7,050, down 145 from the previous day and 600 from the previous week [4] - Jiangsu market price on November 4 was 6,800, down 400 from the previous day and 800 from the previous week [4] - Yangzi factory price on November 4 was 6,900, down 300 from the previous day and 1,000 from the previous week [4] - CFR China remained at 850 [4] - Carbon four extraction profit: data for November 4 is not available [4] - Butene oxidative dehydrogenation profit on November 4 was -1,874, down 498 from the previous day and 940 from the previous week [4] - Import profit on November 4 was -190, down 404 from the previous day and 19 from the previous week [4] - Export profit on November 4 was -84, up 138 from the previous day and -244 from the previous week [4] Production Profit - Styrene - butadiene production profit on November 4 was 1,463, up 225 from the previous day and 250 from the previous week [4] - ABS production profit data is not available [4] - SBS production profit on November 4 was 495, up 210 from the previous day and -200 from the previous week [4]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report No explicit core view is presented in the provided content. The report mainly offers data on the market situation of synthetic rubber, including price, volume, basis, and profit information for BR and BD. 3. Summary by Related Catalog BR (Cis - 1,4 - polybutadiene rubber) - **Futures Information**: On November 3, the BR主力合约(12) price was 10360, down 225 from the previous day and 445 from the previous week. The open interest was 37796, down 3692 from the previous day and 10822 from the previous week. The trading volume was 149850, up 31566 from the previous day and 37414 from the previous week. The warrant quantity remained at 8580, with no daily or weekly change. The long - short ratio was 22.03, down 2 from the previous day and 6 from the previous week [3]. - **Basis/Spread/Inter - Variety Spread**: The cis - butadiene basis was 140, down 25 from the previous day and 5 from the previous week. The styrene - butadiene basis was 740, up 125 from the previous day. The 12 - 01 spread was 30, up 45 from the previous week. The 01 - 02 spread was 5, up 15 from the previous day and 15 from the previous week. The RU - BR spread was 4735, up 235 from the previous day and 180 from the previous week. The NR - BR spread was 1840, up 195 from the previous day and 115 from the previous week [3]. - **Spot Price**: The Shandong market price was 10500, down 250 from the previous day and 450 from the previous week. The Transfar market price was 10350, down 250 from the previous day and 550 from the previous week. The Qilu ex - factory price was 10500, down 500 from the previous day and 500 from the previous week. The CFR Northeast Asia price was 1450, with no daily change and down 25 from the previous week. The CFR Southeast Asia price was 1700, with no daily or weekly change [3]. - **Profit**: The spot processing profit was 961, up 10 from the previous day and 320 from the previous week. The import profit was - 1666, down 260 from the previous day and 277 from the previous week. The export profit was 2315, up 227 from the previous day and 419 from the previous week [3]. BD (Butadiene) - **Spot Price**: The Shandong market price was 7195, down 255 from the previous day and 755 from the previous week. The Jiangsu market price was 7200, down 200 from the previous day and 700 from the previous week. The Yangzi ex - factory price was 7200, down 300 from the previous day and 1000 from the previous week. The CFR China price was 850, down 60 from the previous day and 110 from the previous week [3]. - **Profit**: The carbon - four extraction profit was not available for calculation on November 3. The butene oxidative dehydrogenation profit was - 1376, down 312 from the previous day and 742 from the previous week. The import profit was 215, up 276 from the previous day and 167 from the previous week. The export profit was - 294, up 37 from the previous day and - 193 from the previous week. The Japanese production profit was 1238, down 275 from the previous day and 275 from the previous week. The ABS production profit and SBS production profit data were partially unavailable [3].

Report Information - Report Title: Synthetic Rubber Morning Report [2][10] - Research Team: Energy and Chemicals Team of the Research Center [3][11] - Report Date: November 3, 2025 [3][11] Core Data Summary BR (Butadiene Rubber) - **Futures Information**: On October 30, the BR主力合约(12) was at 10,800, with a daily change of 5 and an interval change of -195. The holding volume was 47,385, down 4,831 from the previous day and 2,233 from the interval. The trading volume was 125,337, a daily decrease of 70,313 and an interval decrease of 6,643. The warehouse receipt quantity was 8,580, unchanged from the previous day and down 340 from the interval [4][12]. - **Basis/Spread/Inter - Variety Data**: The 12 - 01 spread was 25, unchanged; the 01 - 02 spread was -25, with a daily change of -5 and an interval change of -15. The RU - BR spread was 4,600, a daily decrease of 230 and an interval increase of 215; the NR - BR spread was 1,725, a daily decrease of 200 and an interval increase of 180 [4][12]. - **Spot Price**: The Shandong market price was 10,800, unchanged from the previous day and down 200 from the interval; the Transfar market price was 10,700, unchanged from the previous day and down 200 from the interval; the Qilu ex - factory price was 11,000, unchanged from the previous day and down 200 from the interval. CFR Northeast Asia was 1,450, unchanged from the previous day and down 25 from the interval; CFR Southeast Asia was 1,700, unchanged [4][12]. - **Profit Data**: The spot processing profit was 848, a daily increase of 51 and an interval increase of 387; the import profit was -1,336, a daily increase of 1 and an interval increase of 21; the export profit was 2,025, a daily decrease of 1 and an interval increase of 154 [4][12]. BD (Butadiene) - **Spot Price**: The Shandong market price was 7,600, a daily decrease of 50 and an interval decrease of 575; the Jiangsu market price was 7,575, a daily decrease of 25 and an interval decrease of 252; the Yangzi ex - factory price was 7,900, unchanged from the previous day and down 400 from the interval. CFR China was 930 (data for October 30 is N/A) [4][12]. - **Profit Data**: The carbon four extraction profit was 911 (data for October 30 and later is N/A). The butene oxidation dehydrogenation profit was -864, a daily increase of 70 and an interval decrease of 360. The import profit was -10 (data for October 30 and later is N/A) [4][12].