苯乙烯开工低点或显现，关注复工进度

Report Industry Investment Rating - The investment rating for EB2603 and BZ2603 is changed to neutral and under observation [3] Core Viewpoints - The low point of domestic pure benzene production may have passed, with a decrease in domestic supply and a slight increase in port inventory. The overall downstream operation is fair, and attention should be paid to the downstream's intention to pick up goods. - The lowest point of domestic styrene production may have gradually passed. Attention should be paid to the actual resumption progress. Styrene maintains low inventory, and the inventory pressure of its downstream has been further alleviated [2] Summary According to the Directory 1. Basis Structure and Inter - Temporal Spreads of Pure Benzene and EB - The basis of pure benzene's main contract is - 40 yuan/ton (+13), and the spot - M2 spread is - 140 yuan/ton (- 25 yuan/ton). - The basis of styrene's main contract is 241 yuan/ton (+38 yuan/ton) [1] 2. Production Profits and Domestic - Foreign Spreads of Pure Benzene and Styrene - Pure benzene CFR China processing fee is 193 dollars/ton (- 2 dollars/ton), and FOB Korea processing fee is 195 dollars/ton (- 4 dollars/ton), with a US - Korea spread of 91.0 dollars/ton (- 4.0 dollars/ton). - Styrene's non - integrated production profit is 750 yuan/ton (+45 yuan/ton), and it is expected to gradually compress [1] 3. Inventory and Operating Rates of Pure Benzene and Styrene - Pure benzene port inventory is 30.50 tons (+0.80 tons), and its operating rate further decreases. - Styrene's East China port inventory is 100,600 tons (+7,100 tons), commercial inventory is 62,300 tons (+3,400 tons), and the operating rate is 69.6% (- 1.2%) [1] 4. Operating Rates and Production Profits of Styrene's Downstream - EPS production profit is - 11 yuan/ton (+15 yuan/ton), PS is - 431 yuan/ton (+15 yuan/ton), and ABS is - 1330 yuan/ton (+23 yuan/ton). - EPS operating rate is 58.71% (+4.65%), PS is 57.30% (- 0.10%), and ABS is 66.80% (- 3.00%) [2] 5. Operating Rates and Production Profits of Pure Benzene's Downstream - Caprolactam production profit is - 950 yuan/ton (+180), phenol - acetone is - 828 yuan/ton (- 25), aniline is 1241 yuan/ton (+70), and adipic acid is - 755 yuan/ton (+195). - Caprolactam operating rate is 76.17% (- 1.00%), phenol is 85.50% (- 3.50%), aniline is 87.61% (+10.51%), and adipic acid is 69.10% (+3.80%) [1]