Report Summary 1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - Not explicitly stated in the provided text, but the report presents detailed data on the synthetic rubber market including prices, trading volume, open interest, basis, and profit margins for various products such as BR and BD 3. Summary by Relevant Catalog BR (Butadiene Rubber) - **Futures Data**: The BR主力合约(12) price was 10480 on 11/13, with a daily increase of 50 and a weekly increase of 290. Open interest was 76365, down 32 from the previous day and 9321 from the previous week. Trading volume was 99633, down 51880 from the previous day. The warehouse receipt quantity was 12510, down 100 from the previous day but up 210 from the previous week. The long - short ratio was 30.52 [3] - **Basis and Spread**: The BR basis was 20 on 11/13, up 50 from the previous day and down 90 from the previous week. The 12 - 01 spread was 0, down 35 from the previous week. RU - BR was 4910, up 120 from the previous day and 105 from the previous week. NR - BR was 1920, up 170 from the previous day and 75 from the previous week [3] - **Spot Prices**: The Shandong market price was 10500, up 100 from the previous day and 200 from the previous week. The Transfar market price was 10420, up 20 from the previous day and 220 from the previous week. The Qilu ex - factory price was 10300, unchanged from the previous day but up 100 from the previous week. CFR Northeast Asia was 1400, unchanged from the previous day but down 50 from the previous week. CFR Southeast Asia was 1682, unchanged from the previous day but down 15 from the previous week [3] - **Profit Margins**: The spot processing profit was 1007, up 100 from the previous day and 47 from the previous week. The import profit was - 1269, up 97 from the previous day and 608 from the previous week. The export profit was 2213, down 84 from the previous day and 286 from the previous week [3] BD (Butadiene) - **Spot Prices**: The Shandong market price was 7150, unchanged from the previous day but up 150 from the previous week. The Jiangsu market price was 6950, unchanged from the previous day but up 50 from the previous week. The Yangzi ex - factory price was 7000, up 100 from the previous day and 100 from the previous week. CFR China was 790, unchanged from the previous day but down 20 from the previous week [3] - **Profit Margins**: The ethylene cracking profit data was incomplete. The carbon - four extraction profit data was incomplete. The butene oxidative dehydrogenation profit was - 1724, unchanged from the previous day but up 50 from the previous week. The import profit was 445, down 2 from the previous day but up 214 from the previous week. The export profit was - 1071, down 70 from the previous day and 1613 from the previous week. The styrene - butadiene production profit was 1200, down 75 from the previous day but up 25 from the previous week. The ABS production profit was - 24, down 57 from the previous day and 50 from the previous week. The SBS production profit was - 160, down 70 from the previous day and 370 from the previous week [3]

1. Report Information - Report Name: Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [3] - Date: November 13, 2025 [3] 2. BR (Butadiene Rubber) Data 2.1 Futures Information - BR主力合约(12) price on November 12 was 10430, with a daily change of 190 and a weekly change of 125 [4] - Open interest on November 12 was 76397, with a daily change of -5644 and a weekly change of -7544 [4] - Trading volume on November 12 was 151513, with a daily change of 62362 and a weekly change of 23369 [4] - Warehouse receipt quantity on November 12 was 12610, with a daily change of 0 and a weekly change of 310 [4] - Long - short ratio on November 12 was 30.29, with a daily change of -2 and a weekly change of -4 [4] 2.2 Basis/Spread/Inter - variety - BR basis on November 12 was -30, with a daily change of -190 and a weekly change of -25 [4] - Styrene - butadiene basis on November 12 was 520, with a daily change of -40 and a weekly change of 125 [4] - 12 - 01 spread on November 12 was 35, with a daily change of -30 and a weekly change of -45 [4] - 01 - 02 spread on November 12 was -5, with a daily change of -10 and a weekly change of -5 [4] - RU - BR spread on November 12 was 4790, with a daily change of -65 and a weekly change of 50 [4] - NR - BR spread on November 12 was 1750, with a daily change of -135 and a weekly change of -75 [4] 2.3 Spot (Domestic/International) - Shandong market price on November 12 was 10400, with a daily change of 0 and a weekly change of 100 [4] - Transfar market price on November 12 was 10400, with a daily change of 150 and a weekly change of 200 [4] - Qilu ex - factory price on November 12 was 10300, with a daily change of 100 and a weekly change of 100 [4] - CFR Northeast Asia price on November 12 was 1400, with a daily change of 0 and a weekly change of -50 [4] - CFR Southeast Asia price on November 12 was 1682, with a daily change of 0 and a weekly change of -12 [4] 2.4 Profit - Spot processing profit on November 12 was 907, with a daily change of -179 and a weekly change of -2 [4] - Import profit on November 12 was -1365, with a daily change of 0 [4] - Export profit on November 12 was 2296, with a daily change of 0 and a weekly change of -209 [4] 3. BD (Butadiene) Data 3.1 Spot Price - Shandong market price on November 12 was 7150, with a daily change of 175 and a weekly change of 100 [4] - Jiangsu market price on November 12 was 6950, with a daily change of 100 and a weekly change of 50 [4] - Yangzi ex - factory price on November 12 was 6900, with a daily change of 0 and a weekly change of 0 [4] - CFR China price on November 12 was 790, with a daily change of 0 and a weekly change of -30 [4] 3.2 Profit - Ethylene cracking profit data on November 12 was N/A [4] - Carbon four extraction profit data was N/A [4] - Import profit on November 12 was 446, with a daily change of 100 and a weekly change of 300 [4] - Export profit on November 12 was -1072, with a daily change of -230 and a weekly change of -1690 [4] - Styrene - butadiene production profit on November 12 was 1275, with a daily change of 100 and a weekly change of 100 [4] - ABS production profit data was N/A [4] - SBS production profit on November 12 was -90, with a daily change of 0 and a weekly change of -300 [4]