纯苯苯乙烯日报：下游开工回升-20260116

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The geopolitical situation in Iran has eased, the upward trend of oil prices has slowed down, and the focus will return to the fundamentals of pure benzene and styrene [3]. - The fundamentals of pure benzene have improved, with downstream开工率 bottoming out and rebounding. However, the port inventory is still at a historical high, and the sustainability of the improvement in downstream开工率 needs to be monitored [3]. - For styrene, the port inventory is still being depleted, the recovery rate of styrene开工率 is slow, and the downstream开工率 has increased, with the inventory pressure of ABS gradually alleviating [3]. 3. Summary by Related Catalogs I. Pure Benzene and EB's Basis Structure, Inter - Period Spreads - Figures include pure benzene's main basis and main futures contract price, main contract basis, spot - M2 paper cargo spread, and the spread between the first - and third - month contracts; also styrene's main basis and main contract, EB main contract basis, and the spread between the first - and third - month contracts [8][12][17] II. Pure Benzene and Styrene Production Profits, Domestic - Foreign Spreads - Figures cover naphtha processing fee, the difference between pure benzene FOB Korea and naphtha CFR Japan, styrene non - integrated device production profit, and various spreads and profits related to pure benzene and styrene in different regions [19][22][29] III. Pure Benzene and Styrene Inventory, Operating Rates - Figures show pure benzene's East China port inventory and operating rate, and styrene's East China port inventory, commercial inventory, factory inventory, and operating rate [35][38][40] IV. Styrene Downstream Operating Rates and Production Profits - Figures display the operating rates and production profits of EPS, PS, and ABS [49][51][53] V. Pure Benzene Downstream Operating Rates and Production Profits - Figures present the operating rates and production profits of caprolactam, phenol - acetone, aniline, adipic acid, and other downstream products of pure benzene [59][61][70] 4. Strategy - Unilateral: Cautiously go long and hedge EB2602 and BZ2603 at low prices [4] - Basis and inter - period: No strategy [4] - Cross - variety: No strategy [4]