Report Information - Report Title: Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [3] - Report Date: December 12, 2025 [3] BR Main Contract Data - **Price**: On November 11, it was 10240; on December 5, 10410; on December 9, 10450; on December 10, 10605; on December 11, 10710, with a daily change of 105 and a weekly change of 300 [4] - **Open Interest**: On November 11, it was 82041; on December 5, 30197; on December 9, 76409; on December 10, 80546; on December 11, 86990, with a daily change of 6444 and a weekly change of 56793 [4] - **Trading Volume**: On November 11, it was 89151; on December 5, 65443; on December 9, 111045; on December 10, 126992; on December 11, 155798, with a daily change of 28806 and a weekly change of 90355 [4] - **Warehouse Receipt Quantity**: On November 11, it was 12610; on December 5, 13320; on December 9, 17320; on December 10, 19020; on December 11, 19320, with a daily change of 300 and a weekly change of 6000 [4] - **Virtual-to-Physical Ratio**: On November 11, it was 32.53; on December 5, 11.34; on December 9, 22.06; on December 10, 21.17; on December 11, 22.51, with a daily change of 1 and a weekly change of 11 [4] - **Butadiene Rubber Basis**: On November 11, it was 160; on December 5, 40; on December 9, 50; on December 10, -22; on December 11, -60, with a daily change of -5 and a weekly change of -100 [4] - **Styrene-Butadiene Rubber Basis**: On November 11, it was 560; on December 5, 540; on December 9, 550; on December 10, 445; on December 11, 490, with a daily change of 45 and a weekly change of -50 [4] BR Basis/Spread/Inter-Variety Data - **02 - 03 Spread**: On November 11, it was -52; on December 5, -30; on December 9, -20; on December 10, -15; on December 11, -20, with a daily change of -5 and a weekly change of 10 [4] - **03 - 04 Spread**: On November 11, it was -50; on December 5, -50; on December 9, -45; on December 10, -12; on December 11, -15, with a daily change of 0 and a weekly change of 35 [4] - **RU - BR Spread**: On November 11, it was 4855; on December 5, 4655; on December 9, 4535; on December 10, 4610; on December 11, 4475, with a daily change of -135 and a weekly change of -180 [4] - **NR - BR Spread**: On November 11, it was 1885; on December 5, 1635; on December 9, 1630; on December 10, 1665; on December 11, 1560, with a daily change of -105 and a weekly change of -75 [4] BR Spot Data - **Shandong Market Price**: On November 11, it was 10400; on December 5, 10450; on December 9, 10500; on December 10, 10550; on December 11, 10650, with a daily change of 100 and a weekly change of 200 [4] - **Chuanhua Market Price**: On November 11, it was 10250; on December 5, 10400; on December 9, 10400; on December 10, 10500; on December 11, 10580, with a daily change of 80 and a weekly change of 180 [4] - **Qilu Ex - factory Price**: On November 11, it was 10200; on December 5, 10600; on December 9, 10600; on December 10, 10600; on December 11, 10600, with a daily change of 0 and a weekly change of 0 [4] - **CFR Northeast Asia**: On November 11, it was 1400; on December 5, 1300; on December 9, 1325; on December 10, 1325; on December 11, 1325, with a daily change of 0 and a weekly change of 25 [4] - **CFR Southeast Asia**: On November 11, it was 1685; on December 5, 1575; on December 9, 1600; on December 10, 1600; on December 11, 1600, with a daily change of 0 and a weekly change of 25 [4] BR Profit Data - **Spot Processing Profit**: On November 11, it was 1086; on December 5, 906; on December 9, 905; on December 10, 802; on December 11, 775, with a daily change of -28 and a weekly change of -132 [4] - **Import Profit**: On November 11, it was -1366; on December 5, -442; on December 9, -579; on December 10, -529; on December 11, -428, with a daily change of 102 and a weekly change of 14 [4] - **Export Profit**: On November 11, it was 2297; on December 5, 1401; on December 9, 1522; on December 10, 1479; on December 11, 1390, with a daily change of -89 and a weekly change of -11 [4] BD Spot Data - **Shandong Market Price**: On November 11, it was 6975; on December 5, 7200; on December 9, 7250; on December 10, 7400; on December 11, 7525, with a daily change of 125 and a weekly change of 325 [4] - **Jiangsu Market Price**: On November 11, it was 6850; on December 5, 7050; on December 9, 7200; on December 10, 7250; on December 11, 7350, with a daily change of 100 and a weekly change of 300 [4] - **Yangzi Ex - factory Price**: On November 11, it was 6900; on December 5, 7100; on December 9, 7200; on December 10, 7200; on December 11, 7200, with a daily change of 0 and a weekly change of 100 [4] - **CFR China**: On November 11, it was 790; on December 5, 850; on December 9, 860; on December 10, 860; on December 11, 860, with a daily change of 0 and a weekly change of 10 [4] BD Profit Data - **Ethylene Cracking Profit**: On November 11, it was -88; on December 5, -64; on December 9, -62; on December 10, -61 [4] - **Carbon - four Extraction Profit**: On November 11, it was -134; on December 5, 172; on December 9, 276; on December 10, 304 [4] - **BD Overall Profit**: On November 11, it was -1824; on December 5, -1764; on December 9, -1614; on December 10, -1634; on December 11, -1534, with a daily change of 100 and a weekly change of 230 [4] - **Import Profit**: On November 11, it was 346; on December 5, 108; on December 9, 186; on December 10, 236; on December 11, 337, with a daily change of 101 and a weekly change of 229 [4] - **Export Profit**: On November 11, it was -982; on December 5, -1192; on December 9, -975; on December 10, -1019; on December 11, -1036, with a daily change of -17 and a weekly change of 156 [4] Other Production Profit Data - **Styrene - Butadiene Rubber Production Profit**: On November 11, it was 1175; on December 5, 1538; on December 9, 1450; on December 10, 1450; on December 11, 1450, with a daily change of 0 and a weekly change of -88 [4] - **ABS Production Profit**: On November 11, it was 56; on December 5, -697 [4] - **SBS Production Profit**: On November 11, it was -90; on December 5, -332; on December 9, -420; on December 10, -420; on December 11, -420, with a daily change of 0 and a weekly change of -82 [4] Data Source - Mysteel, Wind [8]

Group 1: BR (Butadiene Rubber) Futures Information - The price of the BR main contract (12) on 12/5 was 10410, with a daily change of -45 and an interval change of 100 compared to 11/5 [3][12]. - The holding volume on 12/5 was 30197, with a daily change of -1872 and an interval change of -18607 [3][12]. - The trading volume on 12/5 was 65443, with a daily change of -26058 and an interval change of -58373 [3][12]. - The warrant quantity on 12/5 was 13320, with a daily change of -100 and an interval change of -2520 [3][12]. - The virtual - real ratio on 12/5 was 11.34, with a daily change of -1 and an interval change of -4 [3][12]. Basis/Spread/Inter - Variety - The cis - butadiene spread on 12/5 was 40, with a daily change of 45 and an interval change of -50 [3][12]. - The butadiene spread on 12/5 was 540, with a daily change of 45 and an interval change of -50 [3][12]. - The 12 - 01 spread on 12/5 was -35, with a daily change of 40 and an interval change of 60 [3][12]. - The 01 - 02 spread on 12/5 was -25, with a daily change of -30 and an interval change of -25 [3][12]. - The RU - BR spread on 12/5 was 4655, with a daily change of 70 and an interval change of -285 [3][12]. - The NR - BR spread on 12/5 was 1635, with a daily change of 120 and an interval change of -225 [3][12]. Spot Market - The Shandong market price on 12/5 was 10450, with a daily change of 0 and an interval change of 50 [3][12]. - The Transfar market price on 12/5 was 10400, with a daily change of 0 and an interval change of 150 [3][12]. - The Qilu ex - factory price on 12/5 was 10600, with a daily change of 0 and an interval change of 200 [3][12]. - The CFR Northeast Asia price on 12/5 was 1300, with a daily change of 0 and an interval change of -25 [3][12]. - The CFR Southeast Asia price on 12/5 was 1575, with a daily change of 0 and an interval change of -25 [3][12]. Profit - The spot processing profit on 12/5 was 906, with a daily change of 0 and an interval change of 101 [3][12]. - The import profit on 12/5 was -442, with a daily change of 0 and an interval change of 250 [3][12]. - The export profit on 12/5 was 1401, with a daily change of 0 and an interval change of -220 [3][12]. Group 2: BD (Butadiene) Spot Market - The Shandong market price on 12/5 was 7200 (the original text had an unclear value on 11/5), with a daily change of 0 and an interval change of -50 [3][12]. - The Jiangsu market price on 12/5 was 7050 (the original text had an unclear interval change value), with a daily change of 0 [3][12]. - The Yangzi ex - factory price on 12/5 was 7100, with a daily change of 0 and an interval change of 0 [3][12]. - The CFR China price on 12/5 was 850, with a daily change of 0 and an interval change of 30 [3][12]. Profit - The ethylene cracking profit on 12/3 was -65, and data for 12/4 and 12/5 were unavailable [3][12]. - The carbon - four extraction profit on 12/4 was 202, and data for 12/5 were unavailable [3][12]. - The butene oxidative dehydrogenation profit on 12/5 was -1764, with a daily change of 0 and an interval change of 25 [3][12].

Report Information - Report Title: Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [3] - Report Date: December 8, 2025 [3] - Data Sources: Mysteel, Wind [8] Core Data Summary BR Futures - On December 5th, the closing price of the BR12 contract was 10,410, down 45 from the previous trading day and up 100 week - on - week [4] - The open interest was 30,197, down 1,872 from the previous day and down 18,607 week - on - week [4] - The trading volume was 65,443, down 26,058 from the previous day and down 58,373 week - on - week [4] - The number of warehouse receipts was 13,320, down 100 from the previous day and down 2,520 week - on - week [4] - The long - short ratio was 11.34, down 1 from the previous day and down 4 week - on - week [4] Basis and Spread - The basis of BR was 40 on December 5th, up 45 from the previous day and down 50 week - on - week [4] - The difference between BR12 and BR01 was - 32, up 40 from the previous day and up 60 week - on - week [4] - The difference between BR01 and BR02 was - 25, down 30 from the previous day and down 25 week - on - week [4] - The difference between RU and BR was 4,655, up 70 from the previous day and down 285 week - on - week [4] - The difference between NR and BR was 1,635, up 120 from the previous day and down 225 week - on - week [4] Spot Prices - The Shandong market price of BR was 10,450 on December 5th, unchanged from the previous day and up 50 week - on - week [4] - The Chuanhua market price was 10,400, unchanged from the previous day and up 150 week - on - week [4] - The Qilu ex - factory price was 10,600, unchanged from the previous day and up 200 week - on - week [4] - CFR Northeast Asia was 1,300, unchanged from the previous day and down 25 week - on - week [4] - CFR Southeast Asia was 1,575, unchanged from the previous day and down 25 week - on - week [4] Profits - The spot processing profit of BR was 906, unchanged from the previous day and up 101 week - on - week [4] - The import profit was - 442, unchanged from the previous day and up 250 week - on - week [4] - The export profit was 1,401, unchanged from the previous day and down 220 week - on - week [4] Other Products - For other products, the report also provides data on prices, basis, spreads, and profits, including styrene - butadiene rubber, ABS, SBS, etc [4]

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].