纯苯苯乙烯日报：纯苯库存继续累积-20251125

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - For pure benzene, as the peak of autumn maintenance of European and American refineries has passed and the gasoline shortage period may be over, the rhythmic arrival pressure of pure benzene is high, and the port inventory has further increased, suppressing the performance of pure benzene processing fees. Downstream开工率 remains low, with a significant increase in phenol开工率 but a decline in aniline and adipic acid开工率, and styrene is still in the maintenance period waiting for recovery at the end of the month [2]. - For styrene, the port inventory has not continued to decline, and the arrival volume has increased rhythmically. Attention should be paid to the resumption progress at the end of the month and whether the maintenance period will be further extended. Downstream开工率 is still low, with EPS开工率 rising from a low level but still in the off - season, and ABS and PS开工率 rising slightly at a low level, with inventory pressure still existing for PS and ABS [2]. - The strategy includes: no unilateral operation; for basis and inter - period, conduct long - short spread trading on EB2512 - EB2601 when the price difference is low; for cross - variety, widen the spread of EB2512 - BZ2603 when the price difference is low [2]. Summary by Directory I. Pure Benzene and EB's Basis Structure, Inter - period Spread - The basis and inter - period spread data of pure benzene and EB are presented through figures such as the pure benzene main contract basis, pure benzene spot - M2 paper cargo spread, and EB main contract basis [6][10][16]. II. Pure Benzene and Styrene Production Profits, Internal and External Spreads - The production profits and internal and external spreads of pure benzene and styrene are analyzed, including figures like naphtha processing fees, pure benzene FOB South Korea - naphtha CFR Japan spread, and styrene non - integrated device production profits [18][20][28]. III. Pure Benzene and Styrene Inventory, Operating Rates - The inventory and operating rates of pure benzene and styrene are shown, such as pure benzene East China port inventory, pure benzene operating rate, styrene East China port inventory, and styrene operating rate [34][39][40]. IV. Styrene Downstream Operating Rates and Production Profits - The operating rates and production profits of styrene downstream products are presented, including EPS, PS, and ABS operating rates and production profits [44][45][50]. V. Pure Benzene Downstream Operating Rates and Production Profits - The operating rates and production profits of pure benzene downstream products are analyzed, including caprolactam, phenol - ketone, aniline, and adipic acid operating rates and production profits, as well as the production profits of related products such as PA6, nylon filament, bisphenol A, and PC [53][61][66].