jis 加安期货 合成橡胶早报 研究中心能化团队 2026/1/8 | 品种 | 类别 | 指标 | 12/8 | 12/31 | 1/5 | 1/6 | 1/7 | 日度变化 | 周度変化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | BR主力合约收盘价 | 10515 | 11520 | 11645 | 11830 | 12155 | 325 | 635 | | | | 持仓量 | 27454 | 41261 | 40237 | 37293 | 33982 | -3311 | -7279 | | | 需可 | 成交量 | 62819 | 97681 | 87354 | 125869 | 138247 | 12378 | 40566 | | | | 仓単数量 | 17320 | 23490 | 23160 | 23160 | 24360 | 1200 | 870 | | | | 虚实比 | 7.93 | 8.78 | 8.69 | 8.05 | 6.97 | -1 | -2 | | | | 顺丁基差 | -15 | ...

免责 | 品种 | 类別 | 指标 | 12/5 | 12/30 | 12/31 | 1/5 | 1/6 | 日度变化 | 周度変化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | BR主力合约(12) | 10410 | 11565 | 11520 | 11645 | 11830 | 185 | 265 | | | | 持仓量 | 30197 | 49563 | 41261 | 40237 | 37293 | -2944 | -12270 | | | 德菲 | 成交量 | 65443 | 121267 | 97681 | 87354 | 125869 | 38515 | 4602 | | | | 仓単数量 | 13320 | 23490 | 23490 | 23160 | 23160 | 0 | -330 | | | | 虚实比 | 11.34 | 10.55 | 8.78 | 8.69 | 8.05 | -1 | -2 | | | | 顺丁基差 | 40 | -୧૨ | -20 | -45 | -80 | -35 ...

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Report Summary 1. Report Industry Investment Rating - No information provided in the report. 2. Core View of the Report - No explicit core view was presented in the provided content; the report mainly offers data on the synthetic rubber market. 3. Summary by Related Catalogs BR (Butadiene Rubber) - **Futures Indicators**: The closing price of the BR main contract (12) on December 24 was 11395, with a daily increase of 220 and a weekly increase of 355. The open interest was 99013, with a daily decrease of 4086 and a weekly decrease of 2363. The trading volume was 191046, with a daily increase of 34482 and a weekly increase of 63612. The warehouse receipt quantity was 23490, with a daily increase of 980 and a weekly increase of 3310. The long - short ratio was 21.08, with a daily decrease of 2 and a weekly decrease of 4 [4]. - **Price Differences**: The cash - and - carry spread was - 345, with a daily decrease of 170 and a weekly decrease of 155. The butadiene - styrene price difference was not fully clear from the data. The 02 - 03 spread was - 10, with a daily increase of 5 and a weekly increase of 0; the 03 - 04 spread was - 5, with a daily increase of 10 and a weekly increase of 20. The RU - BR spread was 4255, with a daily increase of 140 and a weekly decrease of 25; the NR - BR spread was 1220, with a daily decrease of 10 and a weekly decrease of 195 [4]. - **Spot Prices**: The Shandong market price was 11050, with a daily increase of 50 and a weekly increase of 200. The Transfar market price was 10950, with no daily change and a weekly increase of 150. The Qilu ex - factory price was 11100, with a daily increase of 200 and a weekly increase of 200. The CFR Northeast Asia price was 1400, with no daily change and a weekly increase of 50. The CFR Southeast Asia price was 1625, with no daily change [4]. - **Profit Indicators**: The spot processing profit was 767, with a daily decrease of 27 and a weekly increase of 149. The import profit was - 571, with a daily increase of 64 and a weekly decrease of 173. The export profit was 1166, with a daily decrease of 57 and a weekly decrease of 22 [4]. BD (Butadiene) - **Spot Prices**: The Shandong market price on December 24 was 7925, with a daily increase of 75 and a weekly increase of 50. The Jiangsu market price was 7700, with a daily increase of 75 and a weekly decrease of 50. The Yangzi ex - factory price was 7800, with no daily or weekly change. The CFR China price was 930, with no daily change and a weekly increase of 60 [4]. - **Profit Indicators**: The ethylene cracking profit data was incomplete. The carbon - four extraction profit data was incomplete. The butene oxidative dehydrogenation profit was - 1254, with a daily increase of 75 and a weekly decrease of 120. The import profit was 164, with a daily increase of 84 and a weekly decrease of 511. The export profit was - 945, with a daily increase of 279 and a weekly increase of 802. The styrene - butadiene production profit was 1313, with a daily increase of 100 and a weekly increase of 100. The ABS production profit data was incomplete. The SBS production profit was - 425, with no daily or weekly change [4]

2500 200 600 2000 400 1500 200 AAV 1000 11/1 2/1 -200 500 -400 0 -600 7/1 8/1 9/1 10/1 11/1 12/1 5/1 -500 -800 -1000 -1000 -1500 -1200 2024 2023 2024 2025 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 r 12/ 9VV V12/ 11/1 5/1 - 6/1 8/1 10/1 4/1 7/1 3/1 2/1 -1000 -1000 -2000 -2000 2020 2023 2020 2024 -2021 2024 ·2025 2021 2022 2025 -2022 2023 RU-BR NR-BR 6000 4000 3000 5000 2000 4000 1000 3000 0 2000 7/1 9/1 8/1 3/1 4/1 5/1 10/1 12/1 6/ AMA -1000 MAF 1000 -2000 ...

l 衣 合成橡胶早报 研究中心能化团队 2025/12/22 | 品种 | 类别 | 指标 | 11/19 | 12/15 | 12/17 | 12/18 | 12/19 | 日度变化 | 周度変化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | BR主力合约(12) | 10705 | 10845 | 11160 | 11040 | 11020 | -20 | 175 | | | | 持つ量 | 71378 | 98043 | 105416 | 101376 | 101995 | 619 | 3952 | | | 需可 | 成交量 | 120480 | 210063 | 181436 | 127434 | 127276 | -158 | -82787 | | | | 仓単数量 | 12030 | 19180 | 19680 | 20180 | 20810 | 630 | 1630 | | | | 虚实比 | 29.67 | 25.56 | 26.78 | 25.12 | 24.51 | -1 | -1 | | | | ...

jis 合成橡胶早报 2500 200 600 2000 400 1500 200 AAV 1000 11/1 2/1 -200 500 -400 0 -600 7/1 8/1 9/1 10/1 11/1 12/1 5/1 -500 -800 -1000 -1000 -1500 -1200 2024 2023 2024 2025 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 r 12/ 9VV V12/ 11/1 5/1 - 6/1 8/1 10/1 4/1 7/1 3/1 2/1 -1000 -1000 -2000 -2000 2020 2023 2020 2024 -2021 2024 ·2025 2021 2022 2025 -2022 2023 RU-BR NR-BR 6000 4000 3000 5000 2000 4000 1000 3000 0 2000 7/1 9/1 8/1 3/1 4/1 5/1 10/1 12/1 6/ RPORAL / / / - ...

Report Information - Report Title: Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [3] - Report Date: December 17, 2025 [3] Report Content BR (Cis - Polybutadiene Rubber) Futures Market - On December 16, the BR main contract (12) was at 10,930, up 85 from the previous day and 355 for the week [4]. - Open interest reached 101,056, an increase of 3,013 from the previous day and 20,510 for the week [4]. - Trading volume was 140,807, a decrease of 69,256 from the previous day but an increase of 13,815 for the week [4]. - Warehouse receipt quantity remained at 19,180, with no change from the previous day and an increase of 160 for the week [4]. - The long - short ratio was 26.34, up 1 from the previous day and 5 for the week [4]. Basis/Spread/Inter - Variety - The cis - polybutadiene basis was - 180, down 85 from the previous day and 125 for the week [4]. - The butadiene basis was 270, down 85 from the previous day and 175 for the week [4]. - The 02 - 03 spread was - 25, up 5 from the previous day and down 10 for the week [4]. - The 03 - 04 spread was - 25, unchanged from the previous day and down 10 for the week [4]. - The RU - BR spread was 4,240, down 115 from the previous day and 370 for the week [4]. - The NR - BR spread was 1,455, down 60 from the previous day and 210 for the week [4]. Spot Market - The Shandong market price was 10,750, unchanged from the previous day and up 200 for the week [4]. - The Transfar market price was 10,650, unchanged from the previous day and up 150 for the week [4]. - The Qilu ex - factory price was 10,700, up 100 from the previous day and 100 for the week [4]. - CFR Northeast Asia was 1,350, up 25 from the previous day and 25 for the week [4]. - CFR Southeast Asia was 1,600, unchanged from the previous day and for the week [4]. Profit - Spot processing profit was 543, up 92 from the previous day but down 259 for the week [4]. - Import profit was - 503, down 199 from the previous day but up 26 for the week [4]. - Export profit was 1,280, unchanged from the previous day and down 199 for the week [4]. BD (Butadiene) Spot Market - The Shandong market price was 7,850, down 90 from the previous day and up 450 for the week [4]. - The Jiangsu market price was 7,625 [4]. - The Yangzi ex - factory price was 7,550, unchanged from the previous day and up 350 for the week [4]. - CFR China was 870, unchanged from the previous day and up 10 for the week [4]. Profit - Ethylene cracking profit was N/A [4]. - C4 extraction profit was N/A [4]. - Butene oxidative dehydrogenation profit was - 1,259, up 375 [4]. - Import profit was 547, up 25 from the previous day and 311 for the week [4]. - Export profit was - 1,287, down 22 from the previous day and up 226 for the week [4]. Production Profit - Styrene - butadiene production profit was 1,288, up 100 from the previous day and down 163 for the week [4]. - ABS production profit was N/A [4]. - SBS production profit was - 465, unchanged from the previous day and down 45 for the week [4]

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 ...

rnn 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 1000 -2000 ...