EB基差继续小幅走强

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoint of the Report - The fundamentals of pure benzene continue to improve, with port inventories declining from their peak in the first week and downstream提货 demand being boosted. Although the styrene startup rate remains low, the startup rates of non - styrene pure benzene downstream industries have rebounded, and attention should be paid to the sustainability of the improvement in downstream startup rates. Overseas, attention should be paid to the implementation progress of the expected reduction of the US tariff policy on South Korean pure benzene. The domestic pure benzene startup rate remains low. - For styrene, the port inventory is still slightly decreasing at the beginning of the week, and the port basis is slightly strengthening. The recovery rate of styrene startup is still slow, the resumption of production at Bohua is still to be determined, and Zhenhai Liande continues to be shut down. The downstream startup rate has increased, with the EPS startup rate rising above the seasonal level, the PS startup rate declining seasonally, and the ABS startup rate consolidating at a low level. Overall, the weighted downstream startup rate has increased, and the ABS inventory pressure has gradually eased [3]. 3. Summary According to the Directory 3.1 Pure Benzene and EB Basis Structure, Inter - period Spread - Pure benzene: The main contract basis is - 77 yuan/ton (+105), and the spot - M2 spread is - 175 yuan/ton (+15 yuan/ton) [1]. - Styrene: The main contract basis is 142 yuan/ton (+47 yuan/ton) [1]. 3.2 Pure Benzene and Styrene Production Profits, Domestic and Foreign Spreads - Pure benzene: The CFR China processing fee is 178 US dollars/ton (+20 US dollars/ton), the FOB South Korea processing fee is 180 US dollars/ton (+23 US dollars/ton), and the US - South Korea spread is 154.0 US dollars/ton (-6.0 US dollars/ton) [1]. - Styrene: The non - integrated production profit is 386 yuan/ton (-78 yuan/ton), and it is expected to gradually compress [1]. 3.3 Pure Benzene and Styrene Inventories, Startup Rates - Pure benzene: The port inventory is 29.70 tons (-2.70 tons), and the startup rate is not mentioned in the text [1]. - Styrene: The East China port inventory is 93,500 tons (-7,100 tons), the East China commercial inventory is 58,900 tons (-1,000 tons), and the startup rate is 70.9% (-0.1%) [1]. 3.4 Styrene Downstream Startup and Production Profits - EPS: The production profit is 78 yuan/ton (+145 yuan/ton), and the startup rate is 54.05% (+7.34%) [2]. - PS: The production profit is - 322 yuan/ton (+45 yuan/ton), and the startup rate is 57.40% (-1.50%) [2]. - ABS: The production profit is - 978 yuan/ton (-55 yuan/ton), and the startup rate is 69.80% (+0.00%) [2]. 3.5 Pure Benzene Downstream Startup and Production Profits - Caprolactam: The production profit is - 990 yuan/ton (-45), and the startup rate is 77.17% (+2.95%) [1]. - Phenol - acetone: The production profit is - 919 yuan/ton (+0), and the startup rate is 89.00% (+3.50%) [1]. - Aniline: The production profit is 1171 yuan/ton (+262), and the startup rate is 73.26% (+11.95%) [1]. - Adipic acid: The production profit is - 921 yuan/ton (-41), and the startup rate is 65.30% (-2.30%) [1]. 3.6 Strategy - Unilateral: Consider cautiously buying on dips and hedging for EB2602 and BZ2603 [4]. - Basis and inter - period: None [4]. - Cross - variety: None [4].