苯乙烯：偏强震荡

Group 1: Report Industry Investment Rating - The investment rating for the styrene industry is "stronger oscillation" [1] Group 2: Core View of the Report - Short - term styrene exports continue to exceed expectations, the downstream replenishment cycle begins, leading to a rapid market rebound. It will mainly be in a high - level oscillation in the short term. Overseas styrene plant maintenance in the first quarter drives marginal market benefits. New domestic supply is limited, and the downstream 3s shows stronger - than - expected resilience, triggering a short - term positive feedback in the market. This round of styrene rebound drives pure benzene up. Pure benzene currently has large physical pressure, but the long - term expectation is gradually improving [2] Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking - Styrene futures prices: Styrene 2601 was 6,994 (unchanged from the previous day), Styrene 2602 was 7,203 (-92 from the previous day), Styrene 2603 was 7,248 (-100 from the previous day) [1] - Spreads and profits: EB - BZ was 1,655 (-90 from the previous day), non - integrated profit was 386 (-78 from the previous day), integrated profit was 1,055 (+109 from the previous day) [1] - Contract spreads: EB01 - 02 was -209 (+92 from the previous day), EB02 - 03 was -45 (+8 from the previous day) [1] - N + 1 contract was 7,310 (-40 from the previous day), N + 2 contract was 7,345 (-45 from the previous day) [1] 2. Trend Intensity - The trend intensity of styrene is 0, with a range of [-2, 2]. -2 means most bearish and 2 means most bullish [1] 3. Spot News - There is a situation of weak pure benzene and strong styrene, with a high - level spread. Overseas styrene plant maintenance in the first quarter leads to continuous export negotiations. Domestic new supply is limited, and the downstream 3s has stronger - than - expected resilience [2]