港口库存延续累库，苯乙烯基差快速回落

Report Industry Investment Rating - The investment rating for the industry is neutral [3] Core Viewpoints - In the pure benzene market, the pressure of South Korea's shipments to China remains high, domestic production starts to decline from a high level, and the demand for pure benzene increases after the destocking of downstream CPL inventory. However, the inventory of pure benzene continues to accumulate, and the port inventory pressure is still at a relatively high level compared to the same period. In the styrene market, the port inventory is in a continuous accumulation cycle, and the EB basis drops rapidly after the paper cargo delivery. The domestic EB operating rate is at a high level, and the factory inventory continues to rise. The operating rates of downstream PS and ABS are still low [2] Summary by Directory EB& Pure Phenyl Difference Structure and Related Spreads - The report presents multiple figures related to EB and pure phenyl difference structures and related spreads, including EB main contract trends and basis, EB main contract basis, the spread between the first and third contracts of styrene, the production profit of non - integrated styrene plants, the spot - M2 paper cargo spread of East China pure benzene, the spread between pure benzene CFR China and naphtha, the spread between pure benzene FOB US Gulf and FOB South Korea, and the immediate import profit of Chinese pure benzene [6][9][10] EB& Pure Benzene Operating Rate and Inventory - The report shows figures about the operating rates and inventories of EB and pure benzene, such as the East China port inventory of pure benzene, the operating rate of pure benzene, the East China port inventory of styrene, the operating rate of styrene, the East China commercial inventory of styrene, and the factory inventory of styrene [24][26][29] Downstream Operating Rate and Production Profit - The report provides information on the operating rates and production profits of downstream products, including the operating rate and production profit of EPS, the operating rate and production profit of PS, and the operating rate and production profit of ABS [38][43][47] Production Profit of Pure Benzene Downstream - The report includes figures on the production profits of pure benzene downstream products, such as the production profit of caprolactam, the production profit of phenol - acetone, the production profit of aniline, the production profit of adipic acid, the production profit of PA6 regular spinning bright, the production profit of nylon filament, the production profit of bisphenol A, the production profit of PC, the production profit of epoxy resin E - 51, the production profit of pure MDI, and the production profit of polymer MDI [54][56][60]