EB延续盘整，等待利润进一步压缩

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - Pure benzene and styrene markets are in a consolidation phase, with limited room for further increase in BZ processing fees and relatively weaker fundamentals for styrene compared to pure benzene [3] - Suggests a wait - and - see approach for both pure benzene and styrene in the single - side trading, and provides strategies for basis, inter - period, and cross - variety trading [4] Summary by Directory I. Pure Benzene and EB's Basis Structure, Inter - period Spread - Analyzes various data on pure benzene's basis and inter - period spread, such as pure benzene's main basis, spot - M2 paper cargo spread, and the spread between the first - and third - continuous contracts [8][12] - Also looks at EB's basis and inter - period spread, including EB's main contract basis and the spread between the first - and third - continuous contracts [15][16] II. Production Profits and Internal - External Spreads of Pure Benzene and Styrene - Covers production profit data of pure benzene and styrene, like styrene's non - integrated device production profit, and internal - external spreads such as the difference between pure benzene FOB US Gulf and FOB South Korea, and the import profit of pure benzene and styrene [20][23][32] III. Inventory and Operating Rates of Pure Benzene and Styrene - Presents inventory data of pure benzene and styrene, including pure benzene's East China port inventory and styrene's East China port, commercial, and factory inventories [38][40][43] - Also shows the operating rates of pure benzene and styrene [38][40] IV. Operating Rates and Production Profits of Styrene's Downstream - Analyzes the operating rates and production profits of styrene's downstream products, including EPS, PS, and ABS [50][51][56] V. Operating Rates and Production Profits of Pure Benzene's Downstream - Examines the operating rates and production profits of pure benzene's downstream products, such as caprolactam, phenol - ketone, aniline, and adipic acid [62][66][83]