EB供应端恢复仍慢，盘面加速上涨

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The supply side of styrene has increased disruptions, with port de - stocking, strengthening of port basis, but price fluctuations due to expected early resumption of a large device. EB downstream开工 shows a mixed performance with inventory pressure gradually easing. The fundamentals of pure benzene have improved, with port inventory declining and downstream demand picking up, but domestic pure benzene production remains low. Overseas, attention should be paid to the implementation progress of the expected reduction of the US tariff on South Korean pure benzene [3]. 3. Summary by Relevant Catalogs 3.1 Pure Benzene and EB's Basis Structure, Inter - period Spread - Pure benzene: The main basis is - 40 yuan/ton (+37), the spot - M2 spread is - 155 yuan/ton (+20), and the spread between the first - and third - consecutive contracts is not mentioned in terms of specific data. - Styrene: The main basis is 237 yuan/ton (+95), and the spread between the first - and third - consecutive contracts is not mentioned with specific data [1]. 3.2 Pure Benzene and Styrene Production Profits, Internal and External Spreads - Pure benzene: CFR China processing fee is 175 dollars/ton (- 3 dollars/ton), FOB South Korea processing fee is 176 dollars/ton (- 4 dollars/ton), and the US - South Korea spread is 131.0 dollars/ton (- 23.0 dollars/ton). - Styrene: Non - integrated production profit is 527 yuan/ton (+141 yuan/ton), expected to gradually compress [1]. 3.3 Pure Benzene and Styrene Inventory, Operating Rate - Pure benzene: Port inventory is 29.70 million tons (- 2.70 million tons), and the operating rate remains low. - Styrene: East China port inventory is 93,500 tons (- 7,100 tons), East China commercial inventory is 58,900 tons (- 1,000 tons), and the operating rate is 70.9% (- 0.1%) [1]. 3.4 Styrene Downstream Operating Rate and Production Profit - EPS: Production profit is 30 yuan/ton (- 48 yuan/ton), and the operating rate is 54.05% (+7.34%). - PS: Production profit is - 470 yuan/ton (- 148 yuan/ton), and the operating rate is 57.40% (- 1.50%). - ABS: Production profit is - 1,157 yuan/ton (- 179 yuan/ton), and the operating rate is 69.80% (+0.00%) [2]. 3.5 Pure Benzene Downstream Operating Rate and Production Profit - Caprolactam: Production profit is - 965 yuan/ton (+25), and the operating rate is 77.17% (+2.95%). - Phenol - acetone: Production profit is - 892 yuan/ton (+27), and the operating rate is 89.00% (+3.50%). - Aniline: Production profit is 1,171 yuan/ton (+262), and the operating rate is 73.26% (+11.95%). - Adipic acid: Production profit is - 989 yuan/ton (- 68), and the operating rate is 65.30% (- 2.30%) [1]. 4. Strategy - Unilateral: Cautiously go long and hedge for EB2602 and BZ2603 at low prices - Basis and inter - period: None - Cross - varieties: None [4]