Report Information - Report Title: Yong'an Synthetic Rubber Morning Report [2] - Research Team: Research Center Energy and Chemicals Team [3] - Report Date: July 24, 2025 [3] Core Data Summary BR (Butadiene Rubber) - **Price and Volume Metrics**: The closing price of the main contract was 11,875, a daily decrease of 225 and a weekly increase of 350; the position volume was 48,591, a daily decrease of 760 and a weekly increase of 27,888; the trading volume was 125,082, a daily increase (data not fully provided) and a weekly increase of 67,633; the warehouse receipt quantity was 9,840, a daily decrease of 10 and a weekly increase of 140; the virtual - real ratio was 24.69, a daily increase of 0 and a weekly increase of 14 [4]. - **Basis and Spread Metrics**: The butadiene basis was 25, a daily increase of 125 and a weekly increase of 50; the butadiene basis (two - oil) was 125, a daily increase of 225 and a weekly decrease of 50; the styrene - butadiene basis was 425, a daily increase of 225 and a weekly increase of 50; the 8 - 9 month spread was 35, a daily increase of 20 and a weekly decrease of 40; the 9 - 10 month spread was 20, a daily decrease of 5 and a weekly increase of 15 [4]. - **Market Price Metrics**: The Shandong market price was 11,900, a daily decrease of 100 and a weekly increase of 400; the Transfar market price was 11,750, a daily decrease of 150 and a weekly increase of 250; the Qilu ex - factory price was 12,000, with no daily change and a weekly increase of 300; CFR Northeast Asia was 1,450, with no daily change and a weekly increase (data not fully provided); CFR Southeast Asia was 1,730, with no daily and weekly change [4]. - **Profit Metrics**: The spot processing profit was - 194, a daily increase of 2 and a weekly decrease of 8; the on - disk processing profit was - 219, a daily decrease of 123 and a weekly decrease of 58; the import profit was - 85,824, a daily decrease of 9 and a weekly decrease of 1,981; the export profit was - 609, a daily increase of 78 and a weekly decrease of 174 [4]. BD (Butadiene) - **Market Price Metrics**: The Shandong market price was 9,700, a daily decrease of 100 and a weekly increase of 400; the Jiangsu market price was 9,600, a daily decrease of 50 and a weekly increase of 250; the Yangzi ex - factory price was 9,600, with no daily change and a weekly increase of 300; CFR China was 1,100, a daily increase of 50 and a weekly increase of 30 [4]. - **Profit Metrics**: The carbon - four extraction profit was N/A (previous value was 2,551); the butene oxidative dehydrogenation profit was 716, a daily decrease of 50 and a weekly increase of 460; the import profit was N/A (previous value was 986), a daily decrease of 447 and a weekly increase of 11; the export profit was - 1,476, a daily increase of 37 and a weekly decrease of 365 [4]. Downstream Products - **Profit Metrics**: The butadiene production profit was - 219, a daily decrease of 123 and a weekly decrease of 58; the styrene - butadiene production profit was 575, with no daily change and a weekly decrease of 75; the ABS production profit data was N/A; the SBS production profit (791 - H) was 590, with no daily change and a weekly decrease of 150 [4]. Variety Spreads - **Inter - Variety Spreads**: The RU - BR spread was - 33,586, a daily increase of 705 and a weekly decrease of 27,383; the NR - BR spread was - 35,816, a daily increase of 680 and a weekly decrease of 27,603; the Thai mixed - butadiene spread was 2,700, a daily increase of 50 and a weekly decrease of 100; the 3L - styrene - butadiene spread was 2,550, with no daily change and a weekly decrease of 100 [4]. - **Intra - Variety Spreads**: The butadiene standard - non - standard price spread was 250, with no daily change and a weekly increase of 50; the styrene - butadiene 1502 - 1712 spread was 1,100, with no daily and weekly change [4].

Group 1: Report Information - Report Title: "Yongan Synthetic Rubber Morning Report" [2] - Research Team: Research Center Energy and Chemical Team [3] - Report Date: July 17, 2025 [3] Group 2: BR Market Data Futures - On July 16, the closing price of the main contract was 11,525, down 10 from the previous day and up 215 from the previous week [4] - The open interest of the main contract was 20,703, down 2,036 from the previous day and 7,080 from the previous week [4] - The trading volume of the main contract was 57,449, down 44,436 from the previous day and 26,874 from the previous week [4] Spot - The warehouse receipt quantity was 9,700, up 300 from the previous day and 1,100 from the previous week [4] - The virtual - real ratio was 10.67, down 1 from the previous day and 5 from the previous week [4] Basis and Spread - The butadiene rubber basis was - 25, down 90 from the previous day and 165 from the previous week [4] - The 7 - 8 spread was - 130, down 5 from the previous day and 20 from the previous week [4] Price - The Shandong market price was 11,500, down 100 from the previous day and up 50 from the previous week [4] - The Transfar market price was 11,500, unchanged from the previous day and up 250 from the previous week [4] - The Qilu ex - factory price was 11,700, unchanged from the previous day and up 300 from the previous week [4] Processing and Trade - The spot processing profit was - 186, up 2 from the previous day and down 180 from the previous week [4] - The import profit was - 83,843, down 100 from the previous day and 2,289 from the previous week [4] Group 3: BD Market Data Price - The Shandong market price was 9,300, down 100 from the previous day and up 225 from the previous week [4] - The Jiangsu market price was 9,350, down 50 from the previous day and up 300 from the previous week [4] - The CFR China price was 1,070, unchanged from the previous day and up 10 from the previous week [4] Processing and Trade - The carbon four extraction profit was N/A [4] - The butylene oxidative dehydrogenation profit was 256, down 50 from the previous day and up 440 from the previous week [4] - The import profit was 527, down 50 from the previous day and up 228 from the previous week [4] Group 4: Downstream Market Data - The butadiene - styrene production profit was 650 [4] - The SBS 791 - H production profit was 740, up 30 from the previous day [4] Group 5: Spread Data - The RU - BR spread was - 6,203, up 2,141 from the previous day and 7,535 from the previous week [4] - The NR - BR spread was - 8,213, up 2,146 from the previous day and 7,475 from the previous week [4] - The Thai mixed - butadiene rubber spread was 2,800, up 220 from the previous day and 370 from the previous week [4]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report No clear core view presented in the given content. The report mainly presents a large amount of data on the synthetic rubber market, including prices, trading volumes, and profit margins. 3. Summary by Relevant Catalog a. BR (Butadiene Rubber) - **Price and Volume Indicators**: - The closing price of the BR main contract on June 4 was 11,095, down 50 from the previous day and showing a certain change compared to earlier dates [3]. - The main contract's open interest was 27,683, a decrease of 734 from the previous day and 15,981 from the previous week [3]. - The trading volume of the main contract was 129,848, a decrease of 21,475 from the previous day and 38,879 from the previous week [3]. - The warehouse receipt quantity was 11,900, a decrease of 370 from the previous day but an increase of 2,000 from the previous week [3]. - **Price Structure and Spreads**: - The basis (cis - BR) was -135 on June 4, a significant decrease of 390 from the previous day and 335 from the previous week [3]. - The basis (styrene - butadiene - BR) was 265, a decrease of 540 from the previous day and 735 from the previous week [3]. - The monthly spread (06 - 07) was 105, an increase of 130 from the previous day and 160 from the previous week [3]. - The monthly spread (07 - 08) was 160, an increase of 10 from the previous day [3]. - **Market Prices and Profits**: - The market prices in Shandong, Zhejiang, and the ex - factory price in Qilu all showed significant increases, with the Shandong market price reaching 13,650, an increase of 2,150 from the previous day and 2,100 from the previous week [3]. - The CFR Northeast Asia price was 1,750, an increase of 200 from the previous week [3]. - The spot processing profit was 179, an increase of 773 from the previous day and 672 from the previous week [3]. - The import profit was -1,214, an increase of 481 from the previous day and 397 from the previous week [3]. - The export profit was 1,981, a decrease of 562 from the previous day and 491 from the previous week [3]. b. BD (Butadiene) - **Price and Profit Indicators**: - The market prices in Shandong, Jiangsu, and the ex - factory price in Yangzi all increased. The Shandong market price reached 11,050, an increase of 1,350 from the previous day and 1,400 from the previous week [3]. - The CFR China price was 11,082, an increase of 1,390 from the previous week [3]. - The carbon - four extraction profit was 3,459, an increase of 644 from the previous day and 513 from the previous week [3]. - The butene oxidative dehydrogenation profit was 816, a decrease of 90 from the previous day but an increase of 130 from the previous week [3]. - The import profit was -139, a decrease of 301 from the previous day but an increase of 23 from the previous week [3]. - The export profit was -576, an increase of 245 from the previous day but a decrease of 39 from the previous week [3]. c. Downstream Profits - The ABS production profit was 418, showing a significant change compared to previous data (previously -73) [3]. - The SBS production profit (791 - H) was 330, a decrease of 170 from the previous day and 630 from the previous week [3]. d. Price Spreads - **Inter - variety Spreads**: - The RU - BR spread was 3,340, an increase of 1,080 from the previous day [3]. - The NR - BR spread was 1,085, an increase of 365 from the previous day [3]. - The Thai mixed - cis butadiene spread was 3,000, an increase of 1,050 from the previous day [3]. - The 3L - styrene - butadiene spread was 3,450, an increase of 500 from the previous day [3]. - **Intra - variety Spreads**: - The spread between the standard and non - standard cis butadiene was 250, an increase of 50 from the previous day [3]. - The spread between styrene - butadiene 1502 and 1712 was 1,700, an increase of 650 from the previous day [3].