【纯苯&苯乙烯周报】：衰退交易成本崩塌，纯苯苯乙烯下行-20251020

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - Under the overseas recession trading, styrene follows the cost downwards. Its cost is weakening and is expected to be mainly bearish, showing an oscillating trend. The investment strategy suggests a wait - and - see approach for unilateral trading [4]. 3. Summaries According to Relevant Catalogs 3.1 Main Viewpoints and Strategy Overview - Styrene: Affected by multiple factors, it is expected to be mainly bearish. The spread between styrene and naphtha is about $252. Non - integrated production profit is still negative. The port inventory has a small decline, but market expectations are poor. Supply increases after maintenance, and overseas demand is decreasing. The inventory shows a mixed situation, with the total port inventory decreasing by 2.67% and the commodity inventory increasing by 4.38%. The basis is stable, and concerns about supply - side raw material reduction due to overseas sanctions exist. The profit situation is not optimistic, and the valuation is neutral due to the significant decline in crude oil prices and the inflow of overseas pure benzene. The macro - policy also has a bearish impact. The investment view is oscillating, and the trading strategy is to wait and see [4]. 3.2 Fundamental Overview of Pure Benzene and Styrene - Crude Oil: In the recession trading, it is weakly operating [6]. - Styrene: The integrated profit of styrene is declining, and the port inventory continues to decline slightly. The domestic pure benzene production and related indicators show certain trends, and overseas demand drags down the pure benzene price [13][24][36]. - Pure Benzene: Overseas demand affects its price. The profit of aniline is gradually recovering, and the European and Asian benzene markets have different price and spread situations. The domestic market atmosphere is weakening, and the inventory is decreasing while imports are declining [36][85][93]. 3.3 Polymer Demand Overview - Styrene Downstream - ABS: The domestic demand is okay, but the supply is strong. The inventory, production capacity utilization rate, and profit indicators show certain trends [51]. - Styrene Downstream - PS: The inventory is rising, and the profit is declining [64]. - Styrene Downstream - EPS: The inventory is accumulating [75]. - Pure Benzene - Aniline: The profit is gradually recovering [85]. - Phenol: The port inventory is further declining [96]. - Adipic Acid: The production load is declining [107]. - Caprolactam: The production is stable, but the price is falling [118]. - Household Appliances: The export demand is decreasing year - on - year [128].