库存高位叠加淡季，芳烃震荡整理

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - Pure benzene is expected to be range - bound in the short term, with high inventory, weak demand, and limited external support [4] - Styrene will also maintain a short - term range - bound pattern, facing issues such as slow inventory reduction, increased supply, and weak demand in the off - season [4] Group 3: Summary of Each Section 1. Daily Market Summary (1) Fundamental Analysis - Price: On December 22, the styrene main contract rose 2.16% to 6,540 yuan/ton, and the pure benzene main contract rose 1.21% to 5,459 yuan/ton. Brent crude closed at $56.5/barrel (+$0.5/barrel), WTI at $60.5/barrel (+$0.6/barrel), and East China pure benzene spot was quoted at 5,315 yuan/ton (+35 yuan/ton) [2] - Inventory: Styrene's East China port and factory inventories decreased, but the de - stocking slope slowed. Pure benzene's East China port inventory remained at a high level with no obvious de - stocking [2] - Supply: Styrene's supply marginally increased with a 0.84 - percentage - point rise in the national operating rate. Pure benzene's overall supply was high but marginally weakened, with a 0.17 - percentage - point drop in the domestic operating rate and a 3.05 - percentage - point rise in the hydro - benzene operating rate [2] - Demand: Styrene's downstream entered the off - season, with the operating rates of EPS, PS, and ABS falling. Non - styrene downstream's CPL, phenol, and aniline operating rates also declined [3] (2) Views - Pure benzene: High inventory persists, overseas support weakens, supply slightly reduces, and demand is weak. It will be range - bound in the short term [4] - Styrene: Inventory de - stocking slows, supply increases, demand is in the off - season, and market sentiment is cautious. It will also be range - bound in the short term [4] 2. Industry Chain Data Monitoring - Price: Styrene futures rose 2.16%, and spot fell 1.19%. Pure benzene futures rose 1.21%, and East China spot rose 0.66%. Brent crude rose 0.93%, and WTI rose 1.09%. Naphtha fell 0.04% [6] - Output and Inventory: China's styrene output increased 2.32%, and pure benzene output decreased 1.70%. Styrene's port and factory inventories decreased, while pure benzene's port inventory increased 36.59% [7] - Operating Rate: Styrene's downstream EPS and PS operating rates increased, while ABS decreased. Pure benzene's downstream caprolactam operating rate decreased, while phenol and aniline were relatively stable [8] 3. Industry News - European Central Bank President Lagarde said inflation outlook uncertainty is higher than usual [9] - US November core CPI year - on - year growth was 2.6%, the lowest since 2021 [9] - US initial jobless claims last week were 224,000, lower than expected [9] - Fed's Goolsbee said there is room to cut interest rates if inflation returns to 2% [9] 4. Industry Chain Data Charts - The report includes charts on prices, output, inventory, and operating rates of pure benzene and styrene and their downstream products, with data sources from iFinD and Steel Union Data [12][21]