纯苯苯乙烯周报：纯苯下游负荷回升，苯乙烯未能兑现去库-20250928

Report Industry Investment Rating There is no information about the report industry investment rating provided in the content. Core Viewpoints - For pure benzene, domestic existing plant operations remain at a high level, while the rhythm of imports has slowed down. Pre - holiday downstream procurement and stocking were satisfactory, leading to a faster inventory reduction rate at ports and a continuous strengthening of the pure benzene basis. The downstream operations of pure benzene have rapidly recovered from the bottom, but the long - term procurement sustainability of MDI, PA6, and nylon filament after the holiday is questionable due to inventory pressure and poor BPA operations [4]. - For styrene, the operations of PS and EPS have declined, along with a decrease in提货. With concentrated EB arrivals, port inventories have accumulated again, and the EB basis has further weakened. EB operations will remain at a low level in the short term, and factory inventories have decreased. Overseas, the EB operations in Europe and the United States remain low, and the price difference between European and American EB and the Chinese market continues to be weak, limiting the upside potential of EB [4]. Summary by Directory I. Pure Benzene and Styrene Futures and Spot Prices, Basis, and Inter - period There is no specific content provided in the text for this section. II. Styrene Supply - The arrival volume of styrene in East China is 56,000 tons (+35,000). The overall styrene plant operating rate is 73.24% (-0.20%), with the operating rate in East China at 69.96% (-3.01%), in Shandong at 77.87% (-2.66%), and in South China at 69.50% (+12.87%) [1]. III. Styrene Downstream Demand - EPS operating rate is 55.25% (-6.49%), PS operating rate is 59.10% (-2.10%), ABS operating rate is 70.00% (+0.20%), UPR operating rate is 33.00% (-1.00%), and butadiene - styrene rubber operating rate is 70.43% (+0.00%). EPS sample enterprise inventory is 31,300 tons (-100), PS sample enterprise inventory is 89,360 tons (-360), ABS sample enterprise inventory is 243,600 tons (+4,900), and butadiene - styrene rubber sample enterprise inventory is 20,500 tons (+600) [1]. IV. Styrene Inventory - Styrene inventory in East China ports is 186,500 tons (+27,500), and styrene factory inventory is 203,274 tons (-13,009) [1]. V. Pure Benzene Supply and Inventory - Pure benzene inventory in East China ports is 107,000 tons (-27,000). The pure benzene operating rate is 79.27% (+0.92%), and the hydro - benzene operating rate is 63.99% (+4.05%) [2]. VI. Pure Benzene Downstream Demand - Caprolactam operating rate is 93.66% (+4.97%), phenol - acetone operating rate is 78.00% (+7.00%), aniline operating rate is 74.92% (+2.97%), and adipic acid operating rate is 61.40% (-1.20%). In the CPL industry chain, CPL operating rate is 93.66% (+4.97%), CPL factory inventory is 50,000 tons (+2,000), PA6 operating rate is 76.04% (+0.25%), PA6 conventional spinning factory inventory days are 7 days (-1 day), nylon filament operating rate is 78.00% (+0.00%), and nylon filament factory inventory days are 34.5 days (+0.5 days). In the phenol - acetone industry chain, phenol - acetone operating rate is 78.00% (+7.00%), Jiangyin phenol port inventory is 6,000 tons (-1,000), Jiangyin acetone port inventory is 24,500 tons (-4,500), bisphenol A operating rate is 65.93% (-2.91), PC operating rate is 81.27% (-2.63), and epoxy resin operating rate is 50.76% (-0.76). In the aniline industry chain, aniline operating rate is 74.92% (+2.97%), polymer MDI operating rate is 96.00% (+0.00%), polymer MDI factory inventory is 71,000 tons (+2,000), pure MDI operating rate is 96.00% (+0.00%), and pure MDI factory inventory is 7,000 tons (+700). In the adipic acid industry chain, adipic acid operating rate is 61.40% (-1.20%), spandex operating rate is 77.50% (+0.00%), spandex factory inventory days are 50 days (+0.00%), PA66 operating rate is 61.27% (+2.32%), and polyurethane elastomer operating rate is 52.29% (+1.02%) [2][3]. Strategy - Unilateral: Hold a wait - and - see attitude for BZ, and conduct short - selling hedging for EB at high prices. - Basis and inter - period: No strategy. - Cross - variety: No strategy [5].