纯苯开工见底回升，苯乙烯下游EPS开工仍可

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Pure benzene port inventory peaked and declined slightly at the beginning of the week. China's pure benzene operating rate started to bottom out and rebound, and the pressure of overseas supply being shipped to China still exists. Downstream, the styrene operating rate bottomed out and rebounded; the caprolactam operating rate remained at a low level, the phenol operating rate slightly declined from a high level, and the adipic acid and aniline operating rates performed well, with their sustainability to be observed [3]. - For styrene, the lowest point of domestic operating rate has gradually passed, with Sinochem Quanzhou restarting and Tianjin Bohua expected to resume production. Styrene port inventory still declined in the middle of the week, and the inventory rebuilding cycle is yet to be realized. Downstream, the ABS operating rate further decreased, but the inventory pressure has been significantly relieved; PS continued its seasonal production reduction cycle, and the inventory pressure was at a low level compared to the same period; EPS operating rate performed impressively, and the finished product inventory was significantly reduced [3]. Summary by Directory 1. Basis Structure and Inter - period Spread of Pure Benzene and EB - The basis of pure benzene's main contract is 23 yuan/ton (+53), and the spread between East China pure benzene spot and M2 is -115 yuan/ton (-20 yuan/ton). The basis of styrene's main contract is 161 yuan/ton (+18 yuan/ton) [1]. 2. Production Profits and Domestic - Foreign Spreads of Pure Benzene and Styrene - Pure benzene CFR China processing fee is 183 US dollars/ton (-3 US dollars/ton), and FOB South Korea processing fee is 182 US dollars/ton (-3 US dollars/ton). The price difference between the US and South Korea is 91.0 US dollars/ton (-9.0 US dollars/ton). Styrene non - integrated production profit is 566 yuan/ton (-48 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 (+0.00 tons). Styrene East China port inventory is 108,600 tons (+8,000 tons), and East China commercial inventory is 60,800 tons (-1,500 tons), in the inventory rebuilding stage. Pure benzene operating rate is starting to bottom out and rebound, and styrene operating rate is 70.0% (+0.7%) [1][3]. 4. Operating Rates and Production Profits of Styrene Downstream - EPS production profit is 129 yuan/ton (+69 yuan/ton), PS production profit is -422 yuan/ton (-31 yuan/ton), and ABS production profit is -843 yuan/ton (+109 yuan/ton). EPS operating rate is 56.24% (+2.98%), PS operating rate is 55.20% (-0.40%), and ABS operating rate is 64.40% (-1.70%) [2]. 5. Operating Rates and Production Profits of Pure Benzene Downstream - Caprolactam production profit is -755 yuan/ton (+125), phenol - ketone production profit is -766 yuan/ton (+0), aniline production profit is 1061 yuan/ton (-73), and adipic acid production profit is -385 yuan/ton (+27). Caprolactam operating rate is 73.16% (-0.41%), phenol operating rate is 86.00% (-2.00%), aniline operating rate is 89.04% (+0.51%), and adipic acid operating rate is 69.10% (+0.60%) [1].