苯乙烯累库加速，苯乙烯生产利润压缩

Group 1: Report Investment Rating - There is no mention of the industry investment rating in the report. Group 2: Core Viewpoints - The rate of inventory accumulation of pure benzene at ports has slowed down, but the high - inventory pressure persists. The support from oil products for aromatics is limited, and the BZN processing fee has rebounded and then declined. Chinese pure benzene processing fee has rebounded due to short - term downstream demand resilience, but the sustainability of high styrene开工 is questionable [3]. - Styrene port inventory has risen rapidly. In July, China's EB maintained high operation, and overseas styrene operation also increased. The export window closed, leading to a rapid decline in styrene basis and production profit. The low operation of PS and ABS has dragged down styrene demand [4]. - For pure benzene, new domestic production capacity is being released intensively, and the inventory problem persists. The basis of port spot for the 2603 contract remains weak. For styrene, it is necessary to wait for further compression of production profit and reduction of production for re - balancing [3][5]. Group 3: Summary by Directory Pure Benzene Fundamental Situation - In 2025, there are multiple pure benzene production capacity plans, with a planned production capacity of 105 million tons/year to be put into operation in the third quarter, with a production growth rate of about 4.1%. The new production capacity of Yulong will impact the Shandong region [14][15]. Pure Benzene Supply and Inventory - The basis of pure benzene spot to the BZ2603 futures contract and the basis of spot to the second - month paper cargo both reflect high inventory pressure. Overseas, the support from oil products for aromatics is limited, and the BZN processing fee has rebounded and then declined. Overseas styrene operation recovery has boosted overseas pure benzene demand, and the pressure of pure benzene arriving at Chinese ports has not further increased, but the volume from South Korea to China continues [23]. Chinese Pure Benzene Downstream Demand - The high operation of styrene has boosted pure benzene demand, but the sustainability of high styrene operation is questionable. The operation of CPL has peaked, and the operation of its downstream nylon filament is still low. The operation of phenol - acetone has declined, while the operation of aniline has rebounded at the bottom [3][31][35]. Chinese Styrene Fundamental Situation EB Domestic New Production Capacity - In 2025, there are new styrene production capacity plans, including Yulong Refining and Chemical Phase I, Shandong Zhongtai Chemical (Jingbo), Jilin Petrochemical, and Guangxi Petrochemical. Jingbo has carried out trial production [40]. Chinese EB Weekly Operation and Monthly Maintenance Forecast - In July, Chinese styrene maintenance was limited, and high operation continued. There is a maintenance plan for Zhenhai Lyondell in mid - September [48]. EB Basis, Production Profit, Operation Rate, and Inventory - The basis of EB spot to the 09 - month contract has declined significantly. In July, high operation at home and abroad led to a closed export window, rapid increase in port and factory inventory, and a rapid decline in basis and production profit [58]. Overseas Styrene Operation and Cross - Border Price Difference - In July, overseas styrene maintenance recovered, driving up overseas pure benzene demand and reducing the volume of pure benzene from South Korea to China. However, the increase in overseas styrene supply has led to a decline in China's export demand and a rapid weakening of the regional price difference [64][65]. Chinese Styrene Downstream Situation Styrene Downstream Operation Rate - The operation rates of PS and ABS are still low, dragging down styrene demand. The operation of EPS has no bright spots compared with the same period [89]. Styrene Downstream Inventory and Production Profit - The inventory pressure of PS has eased, but the inventory pressure of ABS still exists. The inventory pressure of EPS has increased. Attention should be paid to the performance of downstream industries during the peak seasons of "Golden September and Silver October" [89].