纯苯港口库存压力仍大，关注韩国后续发货

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The port inventory pressure of pure benzene remains high, and attention should be paid to the subsequent shipments from South Korea. The short - term arrival pressure of pure benzene in China is large, leading to an accelerated accumulation of port inventory. The most critical period for overseas gasoline has passed, but the price difference between the US and South Korea in the pure benzene market still needs to be repaired. The downstream demand for pure benzene is weak, and the downstream operating rates are generally low during the off - season. For styrene, it maintains a low operating rate, and the port inventory continues to decline. The downstream demand shows a mixed performance, with EPS operating rate slightly rebounding during the off - season but still facing inventory pressure, ABS operating rate decreasing due to continuous inventory pressure, and PS operating rate continuing to rise at the end of the year as the inventory pressure is alleviated [3] Summary by Relevant Catalogs I. Pure Benzene and EB's Basis Structure, Inter - period Spread - The pure benzene main contract basis is - 190 yuan/ton (- 27), and the East China pure benzene spot - M2 spread is - 190 yuan/ton (- 20 yuan/ton). The EB main contract basis is 131 yuan/ton (- 38 yuan/ton) [1] II. Production Profits and Domestic - Foreign Spreads of Pure Benzene and Styrene - The production profit of non - integrated styrene units is - 15 yuan/ton (+ 36 yuan/ton), and it is expected to gradually compress. The CFR China processing fee for pure benzene is 115 dollars/ton (- 1 dollar/ton), and the FOB South Korea processing fee is 110 dollars/ton (- 1 dollar/ton), with the US - South Korea price difference being 179.9 dollars/ton (+ 0.0 dollars/ton) [1] III. Inventory and Operating Rates of Pure Benzene and Styrene - The pure benzene port inventory is 26.00 tons (+ 3.60 tons), and the styrene East China port inventory is 146,800 tons (- 13,800 tons), and the East China commercial inventory is 87,800 tons (- 8,600 tons), in the inventory rebuilding stage. The pure benzene downstream operating rates show a mixed performance: the caprolactam operating rate is 79.15% (- 7.53%), the phenol operating rate is 82.00% (+ 1.00%), the aniline operating rate is 77.23% (+ 0.04%), and the adipic acid operating rate is 60.00% (+ 0.60%). The styrene operating rate is 68.9% (+ 1.6%) [1] IV. Operating Rates and Production Profits of Styrene Downstream - Among the styrene downstream hard plastics: the EPS production profit is 18 yuan/ton (+ 26 yuan/ton), the PS production profit is - 182 yuan/ton (- 74 yuan/ton), and the ABS production profit is - 797 yuan/ton (- 71 yuan/ton). The EPS operating rate is 56.36% (+ 1.61%), the PS operating rate is 59.00% (+ 1.40%), and the ABS operating rate is 68.30% (- 2.90%) [2] V. Operating Rates and Production Profits of Pure Benzene Downstream - The production profit of caprolactam is - 470 yuan/ton (- 50), the production profit of phenol - acetone is - 977 yuan/ton (- 150), the production profit of aniline is 848 yuan/ton (+ 95), and the production profit of adipic acid is - 1233 yuan/ton (- 45) [1] Strategies - Unilateral: None - Basis and Inter - period: Go long on the inter - period spread of EB2601 - EB2602 when the price is low - Cross - variety: Expand the spread of EB2601 - BZ2603 when the price is low [4]