Group 1: Report Overview - Report Name: Yong'an Synthetic Rubber Morning Report [2] - Research Team: Research Center's Energy and Chemicals Team [3] - Report Date: August 28, 2025 [3] Group 2: BR (Butadiene Rubber) Data Contract Information - On August 27, the closing price of the main BR contract was 11,710, a daily decrease of 135 and a weekly decrease of 5 [4] - The open interest of the main contract was 39,912, a daily decrease of 3,208 and a weekly increase of 4,221 [4] - The trading volume of the main contract was 94,999, a daily decrease of 17,448 and a weekly decrease of 74,065 [4] Price and Basis - The warehouse receipt quantity remained at 12,470, with no daily change and a weekly increase of 280 [4] - The virtual - to - real ratio was 16.00, a daily decrease of 1 [4] - The butadiene rubber basis was 90, a daily decrease of 15 and a weekly increase of 205 [4] - The butadiene rubber basis (two major oil companies) was 390, a daily increase of 135 and a weekly increase of 205 [4] - The styrene - butadiene rubber basis was 690, with a daily increase of 8 [4] - The August - September spread was 275, a daily increase of 100 [4] - The September - October spread was - 10, a daily increase of 5 [4] Market Prices - The Shandong market price was 11,800, a daily decrease of 150 and a weekly increase of 200 [4] - The Chuanhua market price was 11,700, a daily decrease of 150 and a weekly increase of 200 [4] - The Qilu ex - factory price was 12,100, with no daily change and a weekly increase of 200 [4] Processing and Trade Profits - The CFR Northeast Asia price was 1,475, with no daily change and a weekly increase of 25 [4] - The CFR Southeast Asia price was 1,725, with no daily and weekly changes [4] - The spot processing profit was - 90, a daily decrease of 99 and a weekly decrease of 14 [4] - The on - screen processing profit was - 180, a daily decrease of 84 and a weekly decrease of 219 [4] - The import profit was - 86,509, a daily decrease of 109 and a weekly decrease of 1,110 [4] - The export profit was - 366, a daily increase of 126 and a weekly decrease of 27 [4] Group 3: BD (Butadiene) Data Market Prices - The Shandong market price was 9,500, a daily decrease of 50 and a weekly increase of 210 [4] - The Jiangsu market price was 9,300, a daily decrease of 200 and a weekly increase of 50 [4] - The Yangzi ex - factory price was 9,500, with no daily change and a weekly increase of 100 [4] - The CFR China price was 1,095, with no daily change and a weekly increase of 15 [4] Processing and Trade Profits - The carbon - four extraction profit was N/A [4] - The butene oxidative dehydrogenation profit was 406, a daily decrease of 200 [4] - The import profit was 299, a daily decrease of 196 and a weekly decrease of 44 [4] - The export profit was - 909, a daily increase of 278 and a weekly increase of 113 [4] Downstream Profits - The butadiene rubber production profit was - 180, a daily decrease of 84 and a weekly decrease of 219 [4] - The styrene - butadiene rubber production profit was 1,075, a daily increase of 13 and a weekly increase of 138 [4] - The ABS production profit was N/A [4] - The SBS production profit (791 - H) was 1,090, a daily increase of 15 and a weekly decrease of 25 [4] Group 4: Spread Data Inter - Variety Spreads - The RU - BR spread was - 24,152, a daily increase of 3,083 and a weekly decrease of 4,136 [4] - The NR - BR spread was - 27,297, a daily increase of 3,033 and a weekly decrease of 4,131 [4] - The Thai mixed - butadiene rubber spread was 2,900, a daily increase of 50 and a weekly decrease of 30 [4] - The 3L - styrene - butadiene rubber spread was 2,600, with no daily change and a weekly decrease of 100 [4] Intra - Variety Spreads - The butadiene rubber standard - non - standard price spread was 250, with no daily change and a weekly increase of 100 [4] - The styrene - butadiene rubber 1502 - 1712 spread was 900, a daily decrease of 50 and a weekly decrease of 50 [4]

Report Overview - Report Title: Yong'an Synthetic Rubber Morning Report [2] - Research Team: Research Center Energy and Chemicals Team [3] - Report Date: August 27, 2025 [3] Report Industry Investment Rating - Not provided in the given content Report's Core View - Not provided in the given content Summary According to Relevant Catalogs BR (Butadiene Rubber) - **Price and Volume Indicators**: On August 26, the closing price of the main contract was 11,845, down 165 from the previous day and up 5 week - on - week; the position volume was 43,120, down 3,582 from the previous day and up 7,340 week - on - week; the trading volume was 112,447, down 42,957 from the previous day and up 10,506 week - on - week; the warrant quantity was 12,470, unchanged from the previous day and up 250 week - on - week; the long - short ratio was 17.29, down 1 from the previous day and up 3 week - on - week [4]. - **Basis and Spread**: The butadiene rubber basis was 105, up 215 from the previous day; the 8 - 9 month spread was 175, up 155 from the previous day and up 80 week - on - week; the 9 - 10 month spread was - 15, up 10 from the previous day and down 5 week - on - week [4]. - **Market Prices**: The Shandong market price was 11,950, up 50 from the previous day and up 200 week - on - week; the Transfar market price was 11,850, up 100 from the previous day and up 100 week - on - week; the Qilu ex - factory price was 12,100, up 200 from the previous day and up 200 week - on - week [4]. - **Processing and Import - Export Profits**: The spot processing profit was 0, down 1 from the previous day and up 98 week - on - week; the disk processing profit was - 96, down 216 from the previous day and down 97 week - on - week; the import profit was - 86,340, down 1,375 from the previous day and down 1,022 week - on - week; the export profit was - 499, up 116 from the previous day and down 36 week - on - week [4]. BD (Butadiene) - **Market Prices**: The Shandong market price was 9,550, up 50 from the previous day and up 100 week - on - week; the Jiangsu market price was 9,500, up 50 from the previous day and up 150 week - on - week; the Yangzi ex - factory price was 9,500, up 100 from the previous day and up 100 week - on - week; the CFR China price was 1,095, unchanged from the previous day and up 15 week - on - week [4]. - **Processing and Import - Export Profits**: The carbon four extraction profit was not available; the butene oxidative dehydrogenation profit was 406, up 50 from the previous day and up 150 week - on - week; the import profit was 501, up 67 from the previous day and up 64 week - on - week; the export profit was - 1,192, down 28 from the previous day and down 88 week - on - week [4]. Downstream Profits - The butadiene rubber production profit was - 96, down 216 from the previous day and down 97 week - on - week; the styrene - butadiene rubber production profit was 1,063, up 125 from the previous day and up 125 week - on - week; the ABS production profit was not available; the SBS (791 - H) production profit was 1,075, down 70 from the previous day and down 70 week - on - week [4]. Variety Spreads - **Inter - Variety Spreads**: The RU - BR spread was - 27,235, up 3,592 from the previous day and down 7,330 week - on - week; the NR - BR spread was - 30,330, up 3,590 from the previous day and down 7,240 week - on - week; the Thai mixed - butadiene rubber spread was 2,850, down 100 from the previous day and down 50 week - on - week; the 3L - styrene - butadiene rubber spread was 2,600, down 150 from the previous day and up 50 week - on - week [4]. - **Intra - Variety Spreads**: The butadiene rubber standard - non - standard price spread was 250, unchanged from the previous day and up 100 week - on - week; the styrene - butadiene rubber 1502 - 1712 spread was 1,020, down 50 from the previous day and down 50 week - on - week [4].

Report Information - Report Name: Yongan Synthetic Rubber Morning Report [2] - Research Team: Research Center Energy and Chemicals Team [3] - Report Date: August 20, 2025 [3] Key Points 1. BR Main Contract Market Overview - The closing price of the main contract on August 19 was 11,840, up 40 from the previous day and 90 from July 18 [4]. - The open interest of the main contract on August 19 was 35,780, an increase of 18,326 from the previous day [4]. - The trading volume of the main contract on August 19 was 101,941, an increase of 44,902 from the previous day and 41,896 from July 18 [4]. - The number of warehouse receipts on August 19 was 12,220, an increase of 1,750 from the previous day and July 18 [4]. - The virtual - to - physical ratio on August 19 was 14.64, up 6 from the previous day and 2 from July 18 [4]. 2. Basis and Spread - The butadiene styrene basis on August 19 was 510, down 40 from the previous day but up 85 from July 18 [4]. - The 8 - 9 month spread on August 19 was 95, down 30 from the previous day but up 100 from July 18 [4]. - The 9 - 10 month spread on August 19 was - 5, down 10 from the previous day and 5 from July 18 [4]. 3. Price Information - The Shandong market price of BR on August 19 was 11,750, unchanged from the previous day and July 18 [4]. - The Chuanhua market price of BR on August 19 was 11,750, up 50 from the previous day and July 18 [4]. - The Qilu ex - factory price of BR on August 19 was 11,900, unchanged from the previous day but up 200 from July 18 [4]. 4. Processing and Import - Export Profits - The spot processing profit of BR on August 19 was - 89, down 10 from the previous day and July 18 [4]. - The import profit of BR on August 19 was - 85,345, down 80 from the previous day and 1,542 from July 18 [4]. - The export profit of BR on August 19 was - 460, up 8 from the previous day but down 8 from July 18 [4]. 5. Other Product Information - The carbon four extraction profit of butadiene on August 18 was 2,316, with data for August 19 not available [4]. - The butene oxidative dehydrogenation profit of butadiene on August 19 was 306, unchanged from the previous day but up 50 from July 18 [4]. - The import profit of butadiene on August 19 was 434, down 57 from the previous day and 74 from July 18 [4]. - The export profit of butadiene on August 19 was - 1,102, up 49 from the previous day and 138 from July 18 [4]. 6. Production Profits - The production profit of BR on August 19 was 78, up 30 from the previous day and 5 from July 18 [4]. - The production profit of styrene - butadiene rubber on August 19 was 938, unchanged from the previous day but up 188 from July 18 [4]. - The production profit of SBS (791 - H) on August 19 was 1,145, unchanged from the previous day but down 15 from July 18 [4]. 7. Price Spreads between Varieties - The price spread between Thai mixed rubber and BR on August 19 was 2,900, up 50 from the previous day and 30 from July 18 [4]. - The price spread between 3L and styrene - butadiene rubber on August 19 was 2,550, up 50 from the previous day but down 50 from July 18 [4]. - The price spread between standard and non - standard BR on August 19 was 150, unchanged from the previous day but down 50 from July 18 [4]. - The price spread between styrene - butadiene 1502 and 1712 on August 19 was 1,000, down 100 from the previous day but unchanged from July 18 [4].

Report Overview - Report Name: Yongan Synthetic Rubber Morning Report [2] - Research Team: Research Center Energy and Chemicals Team - Date: August 14, 2025 [3] - Data Sources: Mysteel, Wind [10] Report Industry Investment Rating - No investment rating information is provided in the report. Report Core View - No core view is explicitly stated in the report. The report mainly presents data on the synthetic rubber market, including prices, positions, trading volumes, and profit margins. Summary by Relevant Catalog BR (Butadiene Rubber) 1. Futures Contract Information - **Closing Price**: The closing price of the main contract on August 13 was 11,750, a daily decrease of 75 and a weekly increase of 245 compared to July 14 [4]. - **Open Interest**: The open interest of the main contract on August 13 was 26,557, a daily decrease of 130 and a weekly decrease of 1,530 [4]. - **Trading Volume**: The trading volume of the main contract on August 13 was 80,181, a daily increase of 20,136 and a weekly increase of 28,602 [4]. - **Warehouse Receipts**: The number of warehouse receipts on August 13 was 10,470, with no daily change and a weekly increase of 160 [4]. - **Virtual - Physical Ratio**: The virtual - physical ratio on August 13 was 12.68, with no daily change and a weekly decrease of 1 [4]. 2. Basis and Spread - **Cis - Butadiene Basis**: The cis - butadiene basis on August 13 was 100, a daily increase of 175 and a weekly increase of 5 [4]. - **Cis - Butadiene Basis (Two - Oil)**: The cis - butadiene basis (two - oil) on August 13 was - 50, a daily increase of 75 and a weekly decrease of 45 [4]. - **Styrene - Butadiene Basis**: The styrene - butadiene basis on August 13 was 550, a daily increase of 125 [4]. - **8 - 9 Month Spread**: The 8 - 9 month spread on August 13 was 70, a daily increase of 75 and a weekly increase of 15 [4]. - **9 - 10 Month Spread**: The 9 - 10 month spread on August 13 was - 15, a daily decrease of 20 and a weekly decrease of 20 [4]. 3. Price Information - **Shandong Market Price**: The Shandong market price on August 13 was 11,850, a daily increase of 100 and a weekly increase of 250 [4]. - **Chuanhua Market Price**: The Chuanhua market price on August 13 was 11,850, a daily increase of 150 and a weekly increase of 350 [4]. - **Qilu Factory Price**: The Qilu factory price on August 13 was 11,700, with no daily change and a weekly increase of 200 [4]. - **CFR Northeast Asia**: The CFR Northeast Asia price on August 13 was 1,450, with no daily or weekly change [4]. - **CFR Southeast Asia**: The CFR Southeast Asia price on August 13 was 1,735, with no daily change and a weekly decrease of 15 [4]. 4. Processing and Import - Export - **Spot Processing Profit**: The spot processing profit on August 13 was - 15, a daily increase of 64 and a weekly increase of 148 [4]. - **Futures Processing Profit**: The futures processing profit on August 13 was - 115, a daily decrease of 111 and a weekly increase of 143 [4]. - **Import Profit**: The import profit on August 13 was - 83,634, a daily increase of 1 and a weekly decrease of 1,367 [4]. - **Export Profit**: The export profit on August 13 was - 546, a daily decrease of 94 and a weekly decrease of 218 [4]. BD (Butadiene) 1. Price Information - **Shandong Market Price**: The Shandong market price on August 13 was 9,475, a weekly increase of 100 [4]. - **Jiangsu Market Price**: The Jiangsu market price on August 13 was 9,400, a daily increase of 50 and a weekly increase of 50 [4]. - **Yangzi Factory Price**: The Yangzi factory price on August 13 was 9,400, with no daily or weekly change [4]. - **CFR China**: The CFR China price on August 13 was 1,070, with no daily change and a weekly decrease of 10 [4]. 2. Processing and Import - Export - **Carbon Four Extraction Profit**: The carbon four extraction profit on August 11 was 2,338 [4]. - **Butene Oxidative Dehydrogenation Profit**: The butene oxidative dehydrogenation profit on August 13 was 306, a daily increase of 50 and a weekly decrease of 20 [4]. - **Import Profit**: The import profit on August 13 was 564, a daily increase of 56 and a weekly increase of 132 [4]. - **Export Profit**: The export profit on August 13 was - 1,144, a daily decrease of 49 and a weekly increase of 100 [4]. 3. Downstream Profit - **Cis - Butadiene Production Profit**: The cis - butadiene production profit on August 13 was - 115, a daily decrease of 111 and a weekly increase of 143 [4]. - **Styrene - Butadiene Production Profit**: The styrene - butadiene production profit on August 13 was 750, with no daily change and a weekly increase of 200 [4]. - **ABS Production Profit**: Data on August 11 and later is N/A [4]. - **SBS Production Profit (791 - H)**: The SBS production profit (791 - H) on August 13 was 1,145, a daily decrease of 15 and a weekly increase of 185 [4]. Spread 1. Inter - Variety Spread - **RU - BR**: The RU - BR spread on August 13 was - 10,757, a daily increase of 70 and a weekly increase of 1,832 [4]. - **NR - BR**: The NR - BR spread on August 13 was - 13,947, a daily increase of 75 and a weekly increase of 1,820 [4]. - **Thai Mixed - Cis - Butadiene**: The Thai mixed - cis - butadiene spread on August 13 was 2,750, a daily decrease of 120 and a weekly increase of 30 [4]. - **3L - Styrene - Butadiene**: The 3L - styrene - butadiene spread on August 13 was 2,500, a daily decrease of 100 and a weekly decrease of 150 [4]. 2. Intra - Variety Spread - **Cis - Butadiene Standard - Non - Standard Price Difference**: The cis - butadiene standard - non - standard price difference on August 13 was 150, a daily decrease of 50 and a weekly decrease of 100 [4]. - **Styrene - Butadiene 1502 - 1712**: The styrene - butadiene 1502 - 1712 spread on August 13 was 1,000, with no daily change and a weekly decrease of 150 [4].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report No relevant content provided. 3. Summary by Relevant Catalogs BR (Butadiene Rubber) - On July 25, the closing price of the main contract was 12,415, with a daily change of 130 and a weekly change not fully clear from the text [3][12]. - The main contract's open interest was 49,311, a daily increase of 483 and a weekly increase of 32,097 [3][12]. - The trading volume of the main contract was 160,791, a daily increase of 12,149 and a weekly increase of 70,426 [3][12]. - The warehouse receipt quantity remained at 9,840, with no daily change and a weekly increase of 140 [3][12]. - The virtual - real ratio was 25.06, with no daily change and a weekly increase of 16 [3][12]. - The Shun - Ding basis was - 215, a daily decrease of 30 and a weekly decrease of 195; the Shun - Ding basis (two - oil) was - 215, a daily decrease of 130 and a weekly decrease of 195 [3][12]. - The 8 - 9 month spread was - 30, a daily decrease of 5 and a weekly decrease of 55; the 9 - 10 month spread was 15, a daily decrease of 25 and a weekly decrease of 15 [3][12]. - The Shandong market price was 12,200, a daily increase of 100 and a weekly increase of 500; the Chuanhua market price was 12,100, a daily increase of 200 and a weekly increase of 500 [3][12]. - The Qilu ex - factory price was 12,200, with no daily change and a weekly increase of 500 [3][12]. - CFR Northeast Asia was 1,450, with no daily or weekly change; CFR Southeast Asia was 1,730, with no daily or weekly change [3][12]. - The spot processing profit was 81, a daily increase of 24 and a weekly increase of 220; the on - screen processing profit was 296, a daily increase of 54 and a weekly increase of 415 [3][12]. - The import profit was - 87,056, a daily decrease of 16 and a weekly decrease of 3,271; the export profit was - 879, a daily decrease of 75 and a weekly decrease of 284 [3][12]. BD (Butadiene) - The Shandong market price on July 25 was 9,725, a daily increase of 75 and a weekly increase of 275; the Jiangsu market price was 9,750, a daily increase of 100 and a weekly increase of 300 [3][12]. - The Yangzi ex - factory price was 9,700, with no daily change and a weekly increase of 300 [3][12]. - CFR China was 1,100, with no daily change and a weekly increase of 50 [3][12]. - The carbon - four extraction profit data was incomplete; the butene oxidative dehydrogenation profit was 866, a daily increase of 100 and a weekly increase of 370 [3][12]. - The import profit was 697, a daily increase of 90 and a weekly decrease of 80; the export profit was - 1,470, a daily increase of 64 and a weekly decrease of 282 [3][12]. Downstream Profits - The Shun - Ding production profit was 296, a daily increase of 54 and a weekly increase of 415; the Ding - Ben production profit was 700, with no daily change and a weekly increase of 125 [3][12]. - The ABS production profit data was incomplete; the SBS production profit (791 - H) was 520, with no daily change and a weekly decrease of 150 [3][12]. Price Spreads - The RU - BR spread was - 33,726, a daily decrease of 143 and a weekly decrease of 31,322; the NR - BR spread was - 35,991, a daily decrease of 283 and a weekly decrease of 31,452 [3][12]. - The Thai mixed - Shun - Ding spread was 2,900, a daily increase of 100 and a weekly increase of 100; the 3L - Ding - Ben spread was 2,750, a daily decrease of 100 and a weekly increase of 100 [3][12]. - The Shun - Ding standard - non - standard price spread was 250, a daily decrease of 150 and a weekly increase of 50; the Ding - Ben 1502 - 1712 spread was 1,150, a daily increase of 50 and a weekly decrease of 50 [3][12].

Group 1: Report Information - Report Name: Yong'an Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [2] - Report Date: May 21, 2025 [2] Group 2: BR (Butadiene Rubber) Data Futures Data - BR2505 Closing Price on May 20: 12,070, down 190 from the previous day and 135 from the previous period [3] - BR2505 Position on May 20: 16,991, down 5,792 from the previous day and 9,431 from the previous period [3] - BR2505 Trading Volume on May 20: 94,802, down 32,062 from the previous day and 124,989 from the previous period [3] - Warehouse Receipt Quantity on May 20: 10,290, down 1,390 from the previous day and 1,250 from the previous period [3] - Long - Short Ratio on May 20: 8.26, down 1 from the previous day and 3 from the previous period [3] Basis and Spread Data - Basis (Cis - BR) on May 20: - 135, down 325 from the previous day and 30 from the previous period [3] - Basis (Styrene - Butadiene - BR) on May 20: 265, down 375 from the previous day and up 20 from the previous period [3] - Month Spread (03 - 04) on May 20: 130, down 50 from the previous day [3] - Month Spread (04 - 05) on May 20: - 45, up 50 from the previous day and 125 from the previous period [3] Spot Price Data - Shandong Market Price on May 20: 13,650, up 1,100 from the previous day and 1,500 from the previous period [3] - Zhejiang Chuanhua Market Price on May 20: 13,500, up 1,050 from the previous day and 1,400 from the previous period [3] - Qilu Factory Price on May 20: 13,700, up 1,000 from the previous day and 1,400 from the previous period [3] Processing and Import - Export Data - Spot Processing Profit on May 20: 179, up 1,457 from the previous day and 1,041 from the previous period [3] - Futures Processing Profit on May 20: 164, up 1,732 from the previous day and 971 from the previous period [3] - Import Profit on May 20: - 1,214, down 1,395 from the previous day and 1,002 from the previous period [3] - Export Profit on May 20: 1,981, up 718 from the previous day and 377 from the previous period [3] Group 3: BD (Butadiene) Data Price Data - Shandong Market Price on May 20: 11,050, down 350 from the previous day and up 450 from the previous period [3] - Jiangsu Market Price on May 20: 11,000, up 100 from the previous day and 550 from the previous period [3] - Yangzi Factory Price on May 20: 11,100, unchanged from the previous day and up 800 from the previous period [3] - CFR China Price on May 20: 11,082, up 967 from the previous day [3] Processing and Import - Export Data - Carbon Four Extraction Profit on May 20: 3,459, down 600 from the previous day and up 929 from the previous period [3] - Butene Oxidative Dehydrogenation Profit on May 20: 816, down 1,270 from the previous day and 820 from the previous period [3] - Import Profit on May 20: - 139, down 953 from the previous day [3] - Export Profit on May 20: - 576, up 913 from the previous day [3] Group 4: Downstream Profit Data - Cis - Butadiene Production Profit on May 20: 179, up 1,457 from the previous day and 1,041 from the previous period [3] - Styrene - Butadiene Production Profit on May 20: 1,075, up 1,000 from the previous day and 650 from the previous period [3] - ABS Production Profit on May 20: 418, up 368 from the previous period [3] - SBS Production Profit (791 - H) on May 20: 330, up 200 from the previous day and down 160 from the previous period [3] Group 5: Variety Spread Data - RU - BR Spread on May 20: 3,340, up 510 from the previous day and 550 from the previous period [3] - NR - BR Spread on May 20: 1,085, up 455 from the previous day and 435 from the previous period [3] - Thai Mixed - Cis - Butadiene Spread on May 20: 3,000, up 750 from the previous day and 380 from the previous period [3] - 3L - Styrene - Butadiene Spread on May 20: 3,450, up 400 from the previous day and down 50 from the previous period [3] - Standard - Non - Standard Cis - Butadiene Spread on May 20: 250, up 80 from the previous day and 100 from the previous period [3] - Styrene - Butadiene 1502 - 1712 Spread on May 20: 1,700, up 700 from the previous day and 650 from the previous period [3]