l js 合成橡胶早报 研究中心能化团队 2026/1/6 | 品种 | 类别 | 指标 | 12/4 | 12/26 | 12/29 | 12/30 | 12/31 | 日度变化 | 周度变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | BR主力合约(12) | 10455 | 11635 | 11600 | 11565 | 11520 | -45 | -115 | | | | 持仓量 | 32069 | 64505 | 59203 | 49563 | 41261 | -8302 | -23244 | | | 播直 | 成交量 | 91501 | 196070 | 152140 | 121267 | 97681 | -23586 | -98389 | | | | 仓単数量 | 13420 | 23490 | 23490 | 23490 | 23490 | 0 | 0 | | | | 虚实比 | 11.95 | 13.73 | 12.60 | 10.55 | 8.78 | -2 | -5 | | | | 顺丁基差 ...

l js 合成橡胶早报 研究中心能化团队 2026/1/5 | 品种 | 类别 | 指标 | 12/3 | 12/26 | 12/29 | 12/30 | 12/31 | 日度变化 | 周度变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | BR主力合约(12) | 10575 | 11635 | 11600 | 11565 | 11520 | -45 | -115 | | | | 持仓量 | 38986 | 64505 | 59203 | 49563 | 41261 | -8302 | -23244 | | | 需要 | 成交量 | 122663 | 196070 | 152140 | 121267 | 97681 | -23586 | -98389 | | | | 仓単数量 | 15450 | 23490 | 23490 | 23490 | 23490 | 0 | 0 | | | | 虚实比 | 12.62 | 13.73 | 12.60 | 10.55 | 8.78 | -2 | -5 | | | | 顺丁基差 ...

化工板块年度策略 日期：2025-12-29 化工板块年度策略 总体配置思路 化工板块 配置息体思路 【总体思路】 相关品种寻求对冲配置,独立品种关注择时契机。 【具体配置】 1. 芳烃策略: PX-BZ PI、18产能格局有改善预期（2026年上游基本无投产，仅PIS闹石化一套200万吨装置。也在Q3之后，说付时间较为靠后），而纯苯延续投产格局（2006年全年产 能增速约6%），且纯苯作为副产，产能没放格局较难受到自身价格下跌和估值压缩带来的负反馈影响，因而芳经板块建议多配RI空配BZ. 2. 烯烃策略: V-PP 产能局期存在差异，PIC逐步进入产能出清阶段，2026年新增产能较少，产能增速仅0.27%，而长停装置增多，产能周期逐步走向下一阶段，且作为氯磷平衡区 杆另一端的SH在2026年延续投产压力，烧碱价格弱势ষৃষ找到PC等耗氯下游表现，而IPV及处于产能投放周期。2026年PT硕计发产超过400万吨，产能增速仍有9%。因 而烯烃板块建议多配PVC空配PP。 3. 择时策略:多配BR 挥时做多主要受原料瑞丁二烯格局尚可支撑。顺丁橄胶自身矛盾有限。而成本瑞丁二烯格局健康，国产供应在上半年无新增投产计划 ...

| 品种 | 类别 | 指标 | 11/28 | 12/24 | 12/26 | 12/29 | 12/30 | 日度变化 | 間度变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | BR主力合约(12) | 10415 | 11395 | 11635 | 11600 | 11565 | -35 | 170 | | | | 持仓量 | 52021 | 99013 | 64505 | 59203 | 49563 | -9640 | -49450 | | | 需面 | 成交量 | 97141 | 191046 | 196070 | 152140 | 121267 | -30873 | -69779 | | | | 仓単数量 | 15540 | 23490 | 23490 | 23490 | 23490 | 0 | 0 | | | | 虚实比 | 16.74 | 21.08 | 13.73 | 12.60 | 10.55 | -2 | -11 | | | | 顺丁基差 | 35 | -345 | -335 | -150 | ...

l js 合成橡胶早报 研究中心能化团队 2025/12/16 | 品种 | 类別 | 指标 | 11/13 | 12/9 | 12/11 | 12/12 | 12/15 | 日度变化 | 周度变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | BR主力合约(12) | 10480 | 10450 | 10710 | 10720 | 10845 | 125 | 3 તર | | | | 持仓量 | 76365 | 76409 | 86990 | 89834 | 98043 | 8209 | 21634 | | | 需值 | 成交量 | 99633 | 111045 | 155798 | 123845 | 210063 | 86218 | 99018 | | | | 仓単数量 | 12510 | 17320 | 19320 | 19180 | 19180 | 0 | 1860 | | | | 虚实比 | 30.52 | 22.06 | 22.51 | 23.42 | 25.56 | 2 | 4 | | | | 顺丁基差 ...

Group 1: Report Information - Report Name: Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [3] - Date: December 10, 2025 [3] Group 2: BR (Butadiene Rubber) Data Futures - BR主力合约(12): Price on 12/9 was 10,450, down 65 from the previous day and 125 from the previous week [4] - 持仓量: On 12/9, it was 76,409, up 48,955 from the previous day and 37,423 from the previous week [4] - 成交量: In Germany, on 12/9, it was 111,045, up 48,226 from the previous day and down 11,618 from the previous week [4] - 仓単数量: On 12/9, it was 17,320, unchanged from the previous day and up 1,870 from the previous week [4] - 虚实比: On 12/9, it was 22.06, up 14 from the previous day and 9 from the previous week [4] Basis and Spread - 顺丁基差: On 12/9, it was 50, with a daily change not provided and up 125 from the previous week [4] - 丁本县差: On 12/9, it was 520, up 115 from the previous day and 25 from the previous week [4] - 12 - 01: On 12/9, it was 20, up 10 from the previous day and 85 from the previous week [4] - 01 - 02: On 12/9, it was -20, down 5 from the previous day and 25 from the previous week [4] - RU - BR: On 12/9, it was 4,535, down 15 from the previous day and 100 from the previous week [4] - NR - BR: On 12/9, it was 1,630, up 80 from the previous day and 120 from the previous week [4] Spot - 山东市场价: On 12/9, it was 10,500, unchanged from the previous day and the previous week [4] - 传化市场价: On 12/9, it was 10,400, unchanged from the previous day and the previous week [4] - 齐鲁出厂价: On 12/9, it was 10,600, unchanged from the previous day and the previous week [4] - CFR东北亚: On 12/9, it was 1,325, up 25 from the previous day and the previous week [4] - CFR东南亚: On 12/9, it was 1,600, up 25 from the previous day and the previous week [4] Profit - 现货加工利润: On 12/9, it was 702, down 51 from the previous day and 179 from the previous week [4] - 进口利润: On 12/9, it was -579, down 190 from the previous day and 199 from the previous week [4] - 出口利润: On 12/9, it was 1,522, up 167 from the previous day and 176 from the previous week [4] Group 3: BD (Butadiene) Data Spot - 山东市场价: On 12/9, it was 7,250, down 50 from the previous day and 175 from the previous week [4] - 江苏市场价: On 12/9, it was 7,200, down 50 from the previous day and 50 from the previous week [4] - 扬子出厂价: On 12/9, it was 7,200, unchanged from the previous day and up 100 from the previous week [4] - CFR中国: On 12/9, it was 860, unchanged from the previous day and up 40 from the previous week [4] Profit - 乙烯裂解利润: Data for 12/9 was not available [4] - 碳四抽提利润: Data for 12/9 was not available [4] - 丁烯氧化脱氢利润: On 12/9, it was -1,614, down 50 from the previous day and 20 from the previous week [4] - 进口利润: On 12/9, it was 186, down 44 from the previous day and 369 from the previous week [4] - 出口利润: On 12/9, it was -975, up 39 from the previous day and 396 from the previous week [4] Production Profit - 丁苯生产利润: On 12/9, it was 1,450, unchanged from the previous day and down 88 from the previous week [4] - ABS生产利润: Data for 12/9 was not available [4] - SBS生产利润: On 12/9, it was -420, unchanged from the previous day and down 85 from the previous week [4] Group 4: Data Source - Data sources include Mysteel and Wind [8]

免责 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内容的客观, 公正，研究方法专业审慎，分析结论合理，但我司对信息来源的准确性和完整性不作任何保证，也不保证所依据的信息和建议不会发生任何变化。我们提 供的全部分析及建议内容仅供参考，不构成对您的任何投资建议及入市依据，您应当自主做出期货交易决策，独立承担期货交易后果，凡据此入市者，我 司不承担任何责任。我司在为您提供服务时已最大程度避免与您产生利益冲突。未经我司授权、不得随意转载、复制、传播本网站中所有研究分析报告、 行情分析视频等全部或部分材料、内容。对可能因互联网软硬件设备故障或失灵、或因不可抗力造成的全部或部分信息中断、延迟、遗漏、误导或造成资 料传输或储存上的错误、或遭第三人侵入系统篡改或伪造变造资料等，我司均不承担任何责任。 合成橡胶早报 | 品种 | 类别 | 指标 | 11/6 | 12/2 | 12/4 | 12/5 | 12/8 | 日度变化 | 周度変化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

Report Title - Synthetic Rubber Morning Report [2] Report Date - November 26, 2025 [3] Report Team - Research Center's Energy and Chemicals Team [3] Key Points from Data Table BR (Butadiene Rubber) - **Futures Information**: On November 25, the BR12 main contract price was 10,270, down 125 from the previous day and 435 from the previous week. The open interest was 68,735, down 1,588 daily and 2,643 weekly. The trading volume was 114,069, down 17,086 daily and 6,411 weekly. The warrant quantity was 12,500, unchanged daily and up 470 weekly. The long - short ratio was 27.49, down 1 daily and 2 weekly [4]. - **Basis/Spread Information**: The butadiene rubber basis was 230, up 125 daily and 335 weekly. The styrene - butadiene basis was 680, up 25 daily and 285 weekly. The 12 - 01 spread was - 30, down 30 daily and up 10 weekly. The 01 - 02 spread was 15, down 5 daily and unchanged weekly. The RU - BR spread was 4,855, down 70 daily and up 120 weekly. The NR - BR spread was 1,880, unchanged daily and up 105 weekly [4]. - **Spot and Price Information**: The Shandong market price was 10,500, unchanged daily and down 100 weekly. The Transfar market price was 10,300, down 50 daily and 150 weekly. The Qilu ex - factory price was 10,700, unchanged daily and weekly. The CFR Northeast Asia price was 1,325, down 25 daily and weekly. The CFR Southeast Asia price was 1,600, down 40 daily and weekly [4]. - **Profit Information**: The spot processing profit was 1,007, up 26 daily and 257 weekly. The import profit was - 640, up 205 daily and 112 weekly. The export profit was 1,582, down 289 daily and 209 weekly [4]. BD (Butadiene) - **Spot and Price Information**: The Shandong market price was 7,150, down 25 daily and 350 weekly. The Jiangsu market price was 6,950, down 50 daily and 275 weekly. The Yangzi ex - factory price was 7,200, unchanged daily and weekly. The CFR China price was 800, up 30 daily and weekly [4]. - **Profit Information**: The ethylene cracking profit was N/A. The carbon - four extraction profit was N/A. The butene oxidative dehydrogenation profit was - 1,864, down 50 daily and 275 weekly. The import profit was 379, down 288 daily and 509 weekly. The export profit was - 1,224, up 42 daily and down 1,117 weekly. The styrene - butadiene production profit was N/A. The ABS production profit was N/A. The SBS production profit was - 345, unchanged daily and up 15 weekly [4] Data Sources - Mysteel, Wind [8]

合成橡胶早报 研究中心能化团队 2025/11/14 | 品种 | 类別 | 指标 | 10/14 | 11/7 | 11/11 | 11/12 | 11/13 | 日度变化 | 周度变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | BR主力合约(12) | 10780 | 10190 | 10240 | 10430 | 10480 | 50 | 290 | | | | 持つ量 | 29075 | 85686 | 82041 | 76397 | 76365 | -32 | -9321 | | | 需回 | 成交量 | 65011 | 106318 | 89151 | 151513 | 99633 | -51880 | -୧୧୫୧ | | | | 仓単数量 | 8750 | 12300 | 12610 | 12610 | 12510 | -100 | 210 | | | | 虚实比 | 16.61 | 34.83 | 32.53 | 30.29 | 30.52 | 0 | -4 | | | | 顺丁基差 | 270 ...

l js 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内容的客观, 公正，研究方法专业审慎，分析结论合理，但我司对信息来源的准确性和完整性不作任何保证，也不保证所依据的信息和建议不会发生任何变化。我们提 供的全部分析及建议内容仅供参考，不构成对您的任何投资建议及入市依据，您应当自主做出期货交易决策，独立承担期货交易后果，凡据此入市者，我 司不承担任何责任。我司在为您提供服务时已最大程度避免与您产生利益冲突，未经我司授权，不得随意转载、复制、传播本网站中所有研究分析报告、 行情分析视频等全部或部分材料、内容。对可能因互联网软硬件设备故障或失灵、或因不可抗力造成的全部或部分信息中断、延迟、遗漏、误导或造成资 料传输或储存上的错误、或遭第三人侵入系统篡改或伪造变造资料等，我司均不承担任何责任。 合成橡胶早报 研究中心能化团队 2025/11/13 | 品种 | 类別 | 指标 | 10/13 | 11/6 | 11/10 | 11/11 | 11/12 | 日度变化 | 周度变化 | | --- | --- | --- | --- | - ...