Group 1: Report Overview - The report is the Synthetic Rubber Morning Report, issued by the Energy and Chemicals Team of the Research Center on March 30, 2026 [2] Group 2: BR (Butadiene Rubber) Data Futures Market - On March 26, the closing price of the BR main contract was 17,975, with a daily change of 255 and a weekly change of 1,990. The trading volume was 1,081,955, with a daily increase of 191,851 and a weekly increase of 711,504. The open interest was 116,947, up 1,942 from the previous day and 35,826 from the previous week. The warrant quantity was 48,550, an increase of 640 from the previous day and 1,270 from the previous week. The long - short ratio was 12.04, with no daily change and a weekly increase of 3 [3] Basis and Spread - The basis of BR was -75, with a daily change of -5 and a weekly change of 310. The 05 - 06 spread was 290, down 215 from the previous day. The 06 - 07 spread was 285, with no daily change. The RU - BR spread was -1,515, down 225 from the previous day and 1,530 from the previous week. The NR - BR spread was -4,340, down 182 from the previous day and 1,220 from the previous week [3] Spot Market - The Shandong market price was 17,900, up 250 from the previous day and 2,300 from the previous week. The Transfar market price was 18,000, up 400 from the previous day and 2,400 from the previous week. The Qilu ex - factory price was 18,500, with no daily change and an increase of 2,200 from the previous week. The CFR Northeast Asia price was 2,350, with no daily change and an increase of 250 from the previous week. The CFR Southeast Asia price was 2,600, with no daily change and an increase of 325 from the previous week [3] Profit - The spot processing profit was -2,966, down 5 from the previous day and 97 from the previous week. The import profit was -922, up 257 from the previous day and 348 from the previous week. The export profit was 1,738, down 224 from the previous day and up 244 from the previous week [3] Group 3: BD (Butadiene) Data Spot Market - The Shandong market price was 18,300, up 250 from the previous day and 2,350 from the previous week. The Jiangsu market price was 18,300, down 250 from the previous day and up 2,250 from the previous week. The Yangzi ex - factory price was 18,000, with no daily change and an increase of 2,000 from the previous week. The CFR China price was 2,350 (data for March 26 is N/A) [3] Profit - The ethylene cracking profit was 127 (data for March 26 is N/A). The carbon - four extraction profit was 7,881 (data for March 26 is N/A). The butene oxidative dehydrogenation profit was 6,420, down 250 from the previous day and up 1,340 from the previous week. The import profit was 66 (data for March 26 is N/A). The export profit was -543, up 557 from the previous day and 5,256 from the previous week [3] Group 4: Other Product Profit Data - The styrene - butadiene production profit was 275, with no daily change and an increase of 875 from the previous week. The ABS production profit was -1,497, down 104 from the previous day and 1,258 from the previous week. The SBS production profit was -2,410, with no daily change and a decrease of 690 from the previous week [3]

Report Information - Report Title: Synthetic Rubber Morning Report [2] - Team: Research Center's Energy and Chemicals Team [3] - Date: March 27, 2026 [3] - Data Sources: Mysteel, Wind [8] Key Information on BR (Butadiene Rubber) Price and Volume - The closing price of the BR main contract on March 26 was 17,975, with a daily change of 255 and a weekly change of 2,435 [4]. - The open interest on March 26 was 116,947, with a daily change of 1,942 and a weekly change of 53,147 [4]. - The trading volume in Germany on March 26 was 1,081,955, with a daily change of 191,851 and a weekly change of 780,767 [4]. Basis and Spread - The warehouse receipt quantity on March 26 was 48,550, with a daily change of 640 and a weekly change of 930 [4]. - The virtual - to - physical ratio on March 26 was 12.04, with a daily change of 0 and a weekly change of 5 [4]. - The basis of cis - butadiene was - 75 on March 26, with a daily change of - 5 [4]. - The basis of butadiene was 125 on March 26, with a daily change of 45 and a weekly change of - 135 [4]. - The 05 - 06 spread was 290 on March 26, with a daily change of - 215 and a weekly change of 70 [4]. - The 06 - 07 spread was 285 on March 26, with no daily change and a weekly change of 300 [4]. - The RU - BR spread was - 1,515 on March 26, with a daily change of - 225 and a weekly change of - 2,065 [4]. - The NR - BR spread was - 4,340 on March 26, with a daily change of - 185 and a weekly change of - 1,725 [4]. Spot Price and Profit - The Shandong market price on March 26 was 17,900, with a daily change of 250 and a weekly change of 2,500 [4]. - The Transfar market price on March 26 was 18,000, with a daily change of 400 and a weekly change of 2,550 [4]. - The Qilu ex - factory price on March 26 was 18,500, with no daily change and a weekly change of 2,700 [4]. - The CFR Northeast Asia price on March 26 was 2,350, with no daily change and a weekly change of 250 [4]. - The CFR Southeast Asia price on March 26 was 2,600, with no daily change and a weekly change of 325 [4]. - The spot processing profit on March 26 was - 2,966, with a daily change of - 5 and a weekly change of - 866 [4]. - The import profit on March 26 was - 922, with a daily change of 257 and a weekly change of 548 [4]. - The export profit on March 26 was 1,738, with a daily change of - 224 and a weekly change of 70 [4]. Key Information on BD (Butadiene) Spot Price and Profit - The Shandong market price on March 26 was 18,300, with a daily change of 250 and a weekly change of 3,300 [4]. - The Jiangsu market price on March 26 was 18,300, with a daily change of - 250 and a weekly change of 2,700 [4]. - The Yangzi ex - factory price on March 26 was 18,000, with no daily change and a weekly change of 2,500 [4]. - The CFR China price on March 26 was 2,350, with no daily change and a weekly change of 250 [4]. - The ethylene cracking profit on March 24 was 127 [4]. - The carbon - four extraction profit on March 24 was 7,881 [4]. - The butene oxidative dehydrogenation profit on March 26 was 6,420, with a daily change of - 250 and a weekly change of 1,370 [4]. - The import profit on March 26 was - 177, with a daily change of - 243 and a weekly change of 748 [4]. - The export profit on March 26 was - 888, with a daily change of 902 and a weekly change of 4,519 [4]. Production Profit - The butadiene - styrene production profit on March 26 was 275, with no daily change and a weekly change of 1,000 [4]. - The ABS production profit on March 26 was - 1,497, with a daily change of - 104 and a weekly change of - 1,147 [4]. - The SBS production profit on March 26 was - 2,410, with no daily change and a weekly change of - 1,040 [4].

1. Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints - There is no clear core viewpoint presented in the given content. 3. Summary by Relevant Catalogs BR (Butadiene Rubber) - **Futures Data**: On March 24, the BR main contract closing price was 16,800, down 670 from the previous day and up 1,270 from the week before; the holding volume was 74,665, down 14,227 from the previous day and up 8,249 from the week before; the trading volume was 597,751, up 104,638 from the previous day and up 333,804 from the week before; the warrant quantity was 47,850, down 30 from the previous day and up 690 from the week before; the long - short ratio was 7.80, down 1 from the previous day; the butadiene rubber basis was 600, up 970 from the previous day and up 630 from the week before [3]. - **Price and Spread**: The 05 - 06 spread was 315, down 10 from the previous day; the 06 - 07 spread was 250, up 40 from the previous day; the RU - BR spread was - 575, up 750 from the previous day and down 1,845 from the week before; the NR - BR spread was - 3,490, up some amount (not clear in the text) from the previous day and down 1,430 from the week before [3]. - **Spot Price**: The Shandong market price was 17,400, up 300 from the previous day and up 1,900 from the week before; the Transfar market price was 17,200, unchanged from the previous day and up 1,700 from the week before; the Qilu ex - factory price was 18,500, unchanged from the previous day and up 2,700 from the week before; CFR Northeast Asia was 2,350, up 250 from the previous day and up 250 from the week before; CFR Southeast Asia was 2,600, up 325 from the previous day and up 325 from the week before [3]. - **Profit**: The spot processing profit was - 3,313, up 147 from the previous day and down 1,466 from the week before; the import profit was - 1,365, down 1,617 from the previous day and down 6 from the week before; the export profit was 2,120, up 1,950 from the previous day and up 549 from the week before [3]. BD (Butadiene) - **Spot Price**: The Shandong market price was 18,150, up 150 from the previous day and up 3,300 from the week before; the Jiangsu market price was 18,200, up 300 from the previous day and up 2,950 from the week before; the Yangzi ex - factory price was 18,000, unchanged from the previous day and up 2,800 from the week before; CFR China was 2,300, unchanged from the previous day and up 250 from the week before [3]. - **Profit**: The ethylene cracking profit was not available on March 24; the carbon four extraction profit was not available on March 24; the butene oxidative dehydrogenation profit was 6,530, up 300 from the previous day and up 1,480 from the week before; the import profit was 168, up 329 from the previous day and up 1,043 from the week before; the export profit was - 1,535, up 542 from the previous day and up 3,607 from the week before; the styrene - butadiene production profit was - 450, up 75 from the previous day and down 63 from the week before; the ABS production profit was not available; the SBS production profit was - 2,680, up 90 from the previous day and down 1,652 from the week before [3].

Report Information - Report Title: Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [3] - Date: March 16, 2026 [3] Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Not provided in the given content Summary by Relevant Catalogs BR (Butadiene Rubber) Futures Market - BR主力合约收盘价 reached 15,725 on March 13, with a daily increase of 185 and a weekly increase compared to February 12 [4]. - 持仓量 decreased to 21,693 on March 13, a daily decrease of 2,237 and a weekly decrease of 13,278 [4]. - 成交量 was 230,113 on March 13, a daily decrease of 99,425 and a weekly decrease of 69,548 [4]. - 仓単数量 increased to 47,410 on March 13, a daily increase of 1,080 and a weekly increase of 5,980 [4]. - 虚实比 was 2.29 on March 13, with no daily change and a weekly decrease of 2 [4]. Basis, Spread and Inter - Variety Spread - 顺丁基差 was -225 on March 13, a daily decrease of 85 and a weekly increase of 385 [4]. - 丁苯基差 was 375 on March 13, a daily decrease of 85 and a weekly increase of 735 [4]. - 05 - 06 spread was 275 on March 13, a daily increase of 70 and a weekly increase of 85 [4]. - 06 - 07 spread was -40 on March 13, a daily increase of 35 and a weekly increase of 85 [4]. - RU - BR spread was 1,040 on March 13, a daily decrease of 495 and a weekly decrease of 1,035 [4]. - NR - BR spread was -2,405 on March 13, a daily decrease of 500 and a weekly decrease of 1,215 [4]. Spot Market - 山东市场价 was 15,500 on March 13, a daily increase of 100 and a weekly increase of 1,350 [4]. - 传化市场价 was 15,500 on March 13, with no daily change and a weekly increase of 1,300 [4]. - 齐鲁出厂价 was 15,800 on March 13, a daily increase of 200 and a weekly increase of 1,500 [4]. - CFR东北亚 was 1,750 on March 13, with no daily change and a weekly increase of 25 [4]. - CFR东南亚 was 1,925 on March 13, with no daily change and a weekly increase of 25 [4]. Profit - 现货加工利润 was -2,153 on March 13, a daily decrease of 206 and a weekly decrease of 1,047 [4]. - 进口利润 was 1,423 on March 13, a daily increase of 100 and a weekly increase of 1,235 [4]. - 出口利润 was -893 on March 13, a daily decrease of 87 and a weekly decrease of 1,075 [4]. BD (Butadiene) Spot Market - 山东市场价 was 15,150 on March 13, a daily increase of 300 and a weekly increase of 2,350 [4]. - 江苏市场价 was 15,650 on March 13, a daily decrease of 100 and a weekly increase of 3,000 [4]. - 扬子出厂价 was 16,000 on March 13, with no daily change and a weekly increase of 3,400 [4]. - CFR中国 was 1,900 on March 13, a daily increase of 100 and a weekly increase of 480 [4]. Profit - 乙烯裂解利润 data after March 11 is not available [4]. - 碳四抽提利润 data after March 12 is not available [4]. - 丁烯氧化脱氢利润 data is not provided [4]. - 进口利润 was 752 on March 13, a daily decrease of 876 and a weekly decrease of 662 [4]. - 出口利润 was -1,882 on March 13, a daily increase of 2,148 and a weekly increase of 983 [4]. - 丁苯生产利润 was -1,188 on March 13, a daily decrease of 613 and a weekly decrease of 1,488 [4]. - ABS生产利润 data after March 11 is not available [4]. - SBS生产利润 was -1,585 on March 13, with a daily change not clearly provided and a weekly decrease of 862 [4].

Report Information - Report Title: Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [3] - Report Date: March 6, 2026 [3] - Data Sources: Mysteel, Wind [8] Key Points 1. BR (Butadiene Rubber) 1.1 Futures Information - **Closing Price**: The closing price of the BR main contract on March 5 was 14,210, with a daily increase of 385 and a weekly increase of 1,510 [4]. - **Open Interest**: The open interest on March 5 was 34,953, with a daily increase of 1,983 and a weekly increase of 28,010 [4]. - **Trading Volume**: The trading volume on March 5 was 344,886, with a daily increase of 68,424 and a weekly increase of 292,767 [4]. - **Warehouse Receipt Quantity**: The warehouse receipt quantity on March 5 was 41,340, with a daily increase of 100 and a weekly increase of 1,470 [4]. - **Virtual - Physical Ratio**: The virtual - physical ratio on March 5 was 4.23, with no daily change and a weekly increase of 3 [4]. 1.2 Basis and Spread Information - **Butadiene - BR Basis**: The butadiene - BR basis on March 5 was - 210, with a daily increase of 215 and a weekly decrease of 110 [4]. - **Styrene - Butadiene - BR Basis**: The styrene - butadiene - BR basis on March 5 was - 110, with a daily increase of 15 and a weekly decrease of 410 [4]. - **02 - 03 Spread**: The 02 - 03 spread on March 5 was - 30, with a daily increase of 110 and a weekly decrease of 340 [4]. - **03 - 04 Spread**: The 03 - 04 spread on March 5 was - 60, with a daily increase of 35 and a weekly increase of 10 [4]. - **RU - BR Spread**: The RU - BR spread on March 5 was 2,345, with a daily decrease of 570 and a weekly decrease of 2,080 [4]. - **NR - BR Spread**: The NR - BR spread on March 5 was - 840, with a daily decrease of 250 and a weekly decrease of 1,995 [4]. 1.3 Spot Information - **Shandong Market Price**: The Shandong market price on March 5 was 14,000, with a daily increase of 600 and a weekly increase of 1,400 [4]. - **Chuanhua Market Price**: The Chuanhua market price on March 5 was 13,900, with a daily increase of 500 and a weekly increase of 1,350 [4]. - **Qilu Factory Price**: The Qilu factory price on March 5 was 13,400, with no daily change and a weekly increase of 400 [4]. - **CFR Northeast Asia**: The CFR Northeast Asia price on March 5 was 1,725, with no daily change and a weekly increase of 25 [4]. - **CFR Southeast Asia**: The CFR Southeast Asia price on March 5 was 1,900, with no daily change and a weekly increase of 50 [4]. 1.4 Profit Information - **Spot Processing Profit**: The spot processing profit on March 5 was - 899, with a daily decrease of 471 and a weekly decrease of 793 [4]. - **Import Profit**: The import profit on March 5 was 72, with a daily increase of 652 and a weekly increase of 1,106 [4]. - **Export Profit**: The export profit on March 5 was 281, with a daily decrease of 269 and a weekly decrease of 784 [4]. 2. BD (Butadiene) 2.1 Spot Information - **Shandong Market Price**: The Shandong market price on March 5 was 12,450, with a daily increase of 1,050 and a weekly increase of 2,150 [4]. - **Jiangsu Market Price**: The Jiangsu market price on March 5 was 12,450, with a daily increase of 1,250 and a weekly increase of 2,300 [4]. - **Yangzi Factory Price**: The Yangzi factory price on March 5 was 12,200, with a daily increase of 900 and a weekly increase of 2,000 [4]. - **CFR China**: The CFR China price on March 5 was 1,380, with a daily increase of 60 and a weekly increase of 105 [4]. 2.2 Profit Information - **Ethylene Cracking Profit**: The ethylene cracking profit on March 5 was not available, and previous data showed a decreasing trend [4]. - **C4 Extraction Profit**: The C4 extraction profit on March 5 was not available, and previous data showed a decreasing trend [4]. - **Import Profit**: The import profit on March 5 was 1,553, with a daily increase of 821 and a weekly increase of 1,410 [4]. - **Export Profit**: The export profit on March 5 was - 2,677, with a daily decrease of 1,119 and a weekly decrease of 1,906 [4]. 3. Other Product Profit Information - **Styrene - Butadiene Production Profit**: The styrene - butadiene production profit on March 5 was 213, with a daily decrease of 313 and a weekly decrease of 950 [4]. - **ABS Production Profit**: The ABS production profit on March 5 was - 308, with no daily or weekly change [4]. - **SBS Production Profit**: The SBS production profit on March 5 was - 1,305, with a daily decrease of 795 and a weekly decrease of 700 [4].

Report Information - Report Title: Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [3] - Report Date: March 3, 2026 [3] Group 1: BR (Butadiene Rubber) Information Futures Data - On March 2, the closing price of the BR main contract was 13,465, with a daily change of 835 and a weekly change of 420 [4]. - The position on March 2 was 39,382, with a daily change of -5,367 and a weekly change of 28,845 [4]. - The trading volume on March 2 was 286,143, with a daily change of 148,745 and a weekly change of 187,656 [4]. - The warrant quantity on March 2 was 40,870, with a daily change of 0 and a weekly change of 1,000 [4]. - The long - short ratio on March 2 was 4.82, with a daily change of -1 and a weekly change of 3 [4]. Basis, Spread and Inter - Species Spread - The butadiene rubber basis on March 2 was -665, with a daily change of -485 and a weekly change of -420 [4]. - The styrene - butadiene basis on March 2 was -165, with a daily change of -435 and a weekly change of -270 [4]. - The 02 - 03 spread on March 2 was 540, with a daily change of 145 and a weekly change of 275 [4]. - The 03 - 04 spread on March 2 was -95, with a daily change of 35 and a weekly change of -20 [4]. - The RU - BR spread on March 2 was 3,780, with a daily change of -745 and a weekly change of -415 [4]. - The NR - BR spread on March 2 was 405, with a daily change of -730 and a weekly change of -530 [4]. Spot Price and Profit - The Shandong market price on March 2 was 12,800, with a daily change of 350 and a weekly change of 0 [4]. - The Transfar market price on March 2 was 12,800, with a daily change of 400 and a weekly change of 0 [4]. - The Qilu ex - factory price on March 2 was 13,000, with a daily change of 400 and a weekly change of 0 [4]. - The CFR Northeast Asia price on March 2 was 1,725, with a daily change of 25 and a weekly change of 25 [4]. - The CFR Southeast Asia price on March 2 was 1,900, with a daily change of 50 and a weekly change of 50 [4]. - The spot processing profit on March 2 was -314, with a daily change of -170 and a weekly change of -102 [4]. - The import profit on March 2 was -1,061, with a daily change of 157 and a weekly change of -143 [4]. - The export profit on March 2 was 1,265, with a daily change of 38 and a weekly change of 297 [4]. Group 2: BD (Butadiene) Information Spot Price - The Shandong market price on March 2 was 10,700, with a daily change of 510 and a weekly change of 100 [4]. - The Jiangsu market price on March 2 was 10,350, with a daily change of 300 and a weekly change of 50 [4]. - The Yangzi ex - factory price on March 2 was 10,400, with a daily change of 300 and a weekly change of 0 [4]. - The CFR China price on March 2 was 1,270, with a daily change of -5 and a weekly change of 0 [4]. Profit - The ethylene cracking profit data on March 2 was N/A [4]. - The carbon four extraction profit data on March 2 was N/A [4]. - The butene oxidative dehydrogenation profit on March 2 was 1,550, with a daily change of 110 and a weekly change of -230 [4]. - The import profit on March 2 was 358, with a daily change of 339 and a weekly change of 87 [4]. - The export profit on March 2 was -890, with a daily change of -227 and a weekly change of -40 [4]. - The styrene - butadiene production profit on March 2 was 938, with a daily change of 100 and a weekly change of -75 [4]. - The ABS production profit data on March 2 was N/A [4]. - The SBS production profit on March 2 was -635, with a daily change of -100 and a weekly change of 110 [4].

Report Information - Report Title: Synthetic Rubber Morning Report [2] - Report Date: February 25, 2026 [3] - Research Team: Energy and Chemicals Team of the Research Center [3] Key Data Summary BR (Butadiene Rubber) - **Price and Volume**: The closing price of the BR main contract on February 24 was 13,140, with a daily change of 635 and a weekly change of 120. The holding volume was 14,886, a daily decrease of 104 and a weekly decrease of 9,151. The trading volume was 106,030, a daily decrease of 46,143 and a weekly decrease of 92,713 [4]. - **Warehouse Receipts and Ratios**: The warehouse receipt quantity was 39,870, a daily increase of 560 and a weekly increase of 2,960. The long - short ratio was 1.87, with no daily change and a weekly decrease of 1 [4]. - **Basis and Spreads**: The butadiene rubber basis was -190, a daily decrease of 135 and a weekly increase of 230. The styrene - butadiene basis was 60, a daily decrease of 285 and a weekly increase of 30. The 02 - 03 spread was -665, a daily decrease of 610 and a weekly decrease of 520. The 03 - 04 spread was -20, a daily increase of 65 and a weekly increase of 30 [4]. - **Price Differences with Other Rubbers**: The RU - BR price difference was 3,890, a daily increase of 80 and a weekly increase of 335. The NR - BR price difference was 111, a daily decrease of 20 and a weekly increase of 230 [4]. - **Market Prices**: The Shandong market price was 12,950, a daily increase of 500 and a weekly increase of 350. The Transfar market price was 12,900, a daily increase of 300 and a weekly increase of 250. The Qilu ex - factory price was 12,800, with no daily or weekly change [4]. - **Profits**: The spot processing profit was -164, a daily increase of 347 and a weekly increase of 299. The import profit was -817, a daily increase of 500. The export profit was 881, a daily decrease of 435 and a weekly decrease of 313 [4]. Other Rubbers and Related Products - **Styrene - Butadiene Rubber**: The Shandong market price was 10,700, a daily increase of 150 and a weekly increase of 50. The Jiangsu market price was 10,350, a daily increase of 50. The Yangzi ex - factory price was 10,400, a daily increase of 100 and a weekly increase of 100. The import profit was 285, a daily increase of 50 and a weekly increase of 6. The export profit was -864, a 133 - unit increase compared to the previous relevant data point. The styrene - butadiene production profit was 888, a daily decrease of 25 and a weekly decrease of 13 [4]. - **ABS and SBS**: The ABS production profit was -169 (data for some days are not available). The SBS production profit was -875, a 12 - unit increase compared to the previous relevant data point [4]. - **Butadiene - related Profits**: The butylene oxidative dehydrogenation profit was 1,830, a daily decrease of 90 and a weekly decrease of 70. The carbon - four extraction profit was -30 (data for some days are not available) [4].

Group 1: Report Information - Report title: Synthetic Rubber Morning Report [2] - Report date: February 13, 2026 [3] - Research team: Energy and Chemicals Team of the Research Center [3] Group 2: BR (Butadiene Rubber) Data Futures Data - BR main contract closing price on February 12: 12,715, daily change: -302, weekly change: -75 [4] - Open interest on February 12: 21,758, daily change: -2,279, weekly change: -5,519 [4] - Trading volume on February 12: 127,485, daily change: -71,258, weekly change: -77,704 [4] - Warehouse receipt quantity on February 12: 36,910, daily change: 0, weekly change: 4,740 [4] - Long - short ratio on February 12: 2.95 [4] Basis and Spread Data - Butadiene rubber basis on February 12: -215, daily change: 205, weekly change: -125 [4] - Styrene - butadiene rubber basis on February 12: 335, daily change: 305, weekly change: 75 [4] - 02 - 03 spread on February 12: 160, daily change: 305, weekly change: 145 [4] - 03 - 04 spread on February 12: -72, daily change: -15, weekly change: -10 [4] - RU - BR spread on February 12: 3735, daily change: 180, weekly change: 445 [4] - NR - BR spread on February 12: 777, daily change: 230, weekly change: 317 [4] Spot and Price Data - Shandong market price on February 12: 12,500, daily change: -100, weekly change: -200 [4] - Transfar market price on February 12: 12,600, daily change: -50, weekly change: -100 [4] - Qilu ex - factory price on February 12: 12,800, daily change: 0, weekly change: 0 [4] - CFR Northeast Asia on February 12: 1700, daily change: 0, weekly change: 75 [4] - CFR Southeast Asia on February 12: 1850, daily change: 0, weekly change: 175 [4] Profit Data - Spot processing profit on February 12: -512, daily change: -49, weekly change: -455 [4] - Import profit on February 12: -1276, daily change: -100, weekly change: -737 [4] - Export profit on February 12: 1281, daily change: 87, weekly change: 302 [4] Group 3: BD (Butadiene) Data Spot and Price Data - Shandong market price on February 12: 10,600, daily change: -50, weekly change: 250 [4] - Jiangsu market price on February 12: 10,350, daily change: 0, weekly change: 100 [4] - Yangzi ex - factory price on February 12: 10,300, daily change: 0, weekly change: 0 [4] - CFR China on February 12: 1270, daily change: 0, weekly change: 0 [4] Profit Data - Ethylene cracking profit: data on February 12 is N/A [4] - C4 extraction profit: data on February 12 is N/A [4] - Butylene oxidative dehydrogenation profit on February 12: 1900, daily change: 0, weekly change: 220 [4] - Import profit on February 12: 279, daily change: 0, weekly change: 137 [4] - Export profit on February 12: -859, daily change: 0, weekly change: 888 [4] - Styrene - butadiene production profit on February 12: 913, daily change: 13, weekly change: 50 [4] - ABS production profit on February 12: -231, daily change: -1, weekly change: 152 [4] - SBS production profit on February 12: -860, daily change: 0, weekly change: 45 [4] Group 4: Data Source - Data sources: Mysteel, Wind [8]

Report Information - Report Title: Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [2] - Date: February 6, 2026 [2] 1. Report Industry Investment Rating - Not provided in the given content. 2. Report Core View - Not explicitly stated in the given text. 3. Summary by Relevant Categories BR (Butadiene Rubber) Futures Data - On February 5, the BR主力合约's closing price was 12,855, a daily decrease of 460 and a weekly decrease of 235. The holding volume was 33,340, down 2,762 daily and 20,041 weekly. The trading volume was 311,702, with a daily increase of 88,839 but a weekly decrease of 361,018. The warehouse receipt quantity was 29,170, up 1,180 daily and 850 weekly [3]. - The virtual - real ratio was 6.97 on January 7 and 6.45 on February 4. The cis - butadiene spread was - 205 on February 5, with a daily increase of 260 and a weekly increase of 235. The styrene - butadiene spread was 145 on February 5, also with a daily increase of 260 and a weekly increase of 235 [3]. - The 02 - 03 spread was 230 on February 5, a daily increase of 335 and a weekly increase of 325. The 03 - 04 spread was - 70 on February 5, a daily decrease of 25 and a weekly decrease of 10 [3]. - The RU - BR spread was 3,320 on February 5, a daily increase of 250 and a weekly increase of 350. The NR - BR spread was 280 on February 5, a daily increase of 295 and a weekly increase of 435 [3]. Spot Data - The Shandong market price was 12,650 on February 5, a daily decrease of 200 and a weekly decrease of 300. The Transfar market price was 12,550 on February 5, a daily decrease of 250 and a weekly decrease of 350. The Qilu ex - factory price remained at 13,000 from February 3 - 5, with no daily or weekly change [3]. - CFR Northeast Asia was 1,625 on February 5, with no daily change but a weekly increase of 75. CFR Southeast Asia was 1,825 on February 5, with no daily change but a weekly increase of 40 [3]. Profit Data - The spot processing profit was 21 on February 5, a daily increase of 96 and a weekly increase of 182. The import profit was - 594 on February 5, a daily decrease of 200 and a weekly decrease of 876. The export profit was 1,027 on February 5, a daily increase of 174 and a weekly increase of 527 [3]. BD (Butadiene) Spot Data - The Shandong market price was 10,225 on February 5, a daily decrease of 290 and a weekly decrease of 475. The Jiangsu market price was 10,100 on February 5, a daily decrease of 325 and a weekly decrease of 500. The Yangzi ex - factory price remained at 10,500 from February 3 - 5, with no daily change and a weekly decrease of 100 [3]. - CFR China was 1,270 from February 3 - 5, with no daily or weekly change [3]. Profit Data - The ethylene cracking profit on February 3 was - 24, on February 4 was - 33. The carbon four extraction profit on February 3 was 3,510, on February 4 was 3,392. The butylene oxidative dehydrogenation profit was 1,510 on February 5, a daily decrease of 325 and a weekly decrease of 430 [3]. - The import profit was - 12 on February 5, a daily decrease of 325 and a weekly decrease of 491. The export profit was - 607 on February 5, a daily increase of 283 and a weekly increase of 2,512 [3]. - The styrene - butadiene production profit remained at 713 from February 3 - 5, with no daily change and a weekly increase of 125. The ABS production profit was - 424 on February 5, a daily increase of 104 and a weekly increase of 838. The SBS production profit remained at - 1045 from February 3 - 5, with no daily change and a weekly increase of 130 [3].

Report Information - Report Title: Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [3] - Report Date: February 4, 2026 [3] BR (Butadiene Rubber) Futures Market - On February 3, the closing price of the BR main contract was 13,185, with a daily increase of 285 and a weekly decrease of 80 [4] - The position volume was 37,321, a daily decrease of 2,381 and a weekly decrease of 39,019 [4] - The trading volume was 278,095, a daily decrease of 159,214 and a weekly decrease of 236,837 [4] - The warrant quantity was 27,890, a daily decrease of 420 and a weekly decrease of 330 [4] - The long - short ratio was 6.69, with no daily change and a weekly decrease of 7 [4] Basis and Spread - The butadiene rubber basis was -382, a daily decrease of 235 and a weekly decrease of 70 [4] - The styrene - butadiene basis was 15, a daily decrease of 285 and a weekly increase of 80 [4] - The 02 - 03 spread was -195, a daily decrease of 90 and a weekly decrease of 120 [4] - The 03 - 04 spread was -60, a daily decrease of 25 and a weekly decrease of 70 [4] - The RU - BR spread was 2,992, a daily decrease of 85 and a weekly decrease of 100 [4] - The NR - BR spread was -90, a daily decrease of 115 and a weekly decrease of 15 [4] Spot Market - The Shandong market price was 12,800, a daily increase of 50 and a weekly decrease of 150 [4] - The Transfar market price was 12,700, with no daily change and a weekly decrease of 200 [4] - The Qilu ex - factory price was 13,000, with no daily or weekly change [4] - The CFR Northeast Asia price was 1,625, with no daily change and a weekly increase of 75 [4] - The CFR Southeast Asia price was 1,825, with no daily change and a weekly increase of 40 [4] Profit - The spot processing profit was -161, a daily increase of 50 and a weekly decrease of 176 [4] - The import profit was -453, a daily increase of 45 and a weekly decrease of 724 [4] - The export profit was 902, a daily decrease of 38 and a weekly increase of 394 [4] BD (Butadiene) Spot Market - The Shandong market price was 10,550, with no daily change and a weekly increase of 25 [4] - The Jiangsu market price was 10,500, a daily increase of 100 and a weekly increase of 50 [4] - The Yangzi ex - factory price was 10,500, with no daily change and a weekly decrease of 100 [4] - The CFR China price was 1,270, with no daily or weekly change [4] Profit - The ethylene cracking profit on February 2 was -24, and data on February 3 was not available [4] - The carbon - four extraction profit on February 2 was 3,528, and data on February 3 was not available [4] - The butene oxidative dehydrogenation profit was 1,910, a daily increase of 170 and a weekly increase of 50 [4] - The import profit was 381, a daily increase of 96 and a weekly increase of 62 [4] - The export profit was -949, a daily decrease of 84 and a weekly increase of 2,172 [4] - The styrene - butadiene production profit was 713, a daily increase of 50 and a weekly increase of 125 [4] - The ABS production profit data after January 28 was not available [4] - The SBS production profit was -1,045, a daily increase of 60 and a weekly increase of 130 [4]