芳烃日报：苯乙烯超预期去库、纯苯历史级别高库存-20260114

Industry Investment Rating - No specific industry investment rating is provided in the report. 2. Core Viewpoints - Pure benzene has significant supply - demand pressure, and although it rebounds due to overall sentiment, the upside space is limited. Consider hedging opportunities if it continues to rise [4]. - Styrene is short - term strong due to the short - term rebound of the overall commodity market, export disruptions, and unexpected de - stocking. Pay attention to the support of the 60 - day moving average on the daily K - line and look for low - buying opportunities [4]. 3. Summary by Directory Fundamental Analysis - From January 2nd to 8th, the total output of Chinese styrene factories was 355,700 tons, a month - on - month increase of 0.99%, and the factory capacity utilization rate was 70.92%, a month - on - month increase of 0.69% [1]. - From January 2nd to 8th, the consumption of EPS, PS, and ABS, the downstream products of styrene, increased by 0.31% month - on - month to 259,700 tons [1]. - As of January 8th, the styrene factory inventory was 162,300 tons, a 5.48% decrease from the previous week; as of January 12th, the styrene inventory at East China ports was 100,600 tons, a 23.96% decrease from the previous week [1]. - As of January 12th, the non - integrated profit of styrene was 250.79 yuan/ton, and the integrated profit was 660.46 yuan/ton [1]. - According to past industry rules, January - March is the off - season for styrene demand, with a high possibility of seasonal inventory accumulation. This year, due to the late Spring Festival, the time for seasonal production reduction is also late [1]. Macroeconomic Analysis - The Ministry of Finance announced an adjustment to the export tax - rebate policy for products such as photovoltaic. Starting from April 1st, 2026, the VAT export tax - rebate for products such as photovoltaic will be cancelled, including multiple chemical and electronic products [2]. Futures and Spot Market Analysis - No specific analysis content is provided in the given report.