芳烃日报：低开工率下，假期累库一般-20260226

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - Benzene and styrene closed slightly lower intraday, but the downward space is expected to be limited. The support level is the 40 - day moving average on the hourly K - line. Adopt a low - buying strategy after a decline. Currently, the export trading expectation for styrene still exists, and focus on tracking exports and subsequent industrial upstream and downstream orders [3][4] Group 3: Summary by Related Catalogs Fundamental Analysis - As of February 23, 2026, the global styrene operating rate was 72.80%, a month - on - month increase of 3.43% and a year - on - year decrease of 3.89%, at a relatively low level in the same period of the past six years [1] - As of February 24, 2026, the total inventory of the benzene - styrene port samples in Jiangsu was 158,100 tons, an increase of 61,900 tons from the previous period, a growth rate of 64.35%. The commercial inventory was 87,200 tons, an increase of 33,200 tons from the previous period, a growth rate of 61.48% [1] Macroeconomic Analysis - On February 25, five departments in Shanghai jointly issued a notice to optimize and adjust the local real - estate policy. Eligible non - Shanghai residents can purchase an additional housing unit within the outer ring starting from February 26, 2026 [2] - The International Monetary Fund (IMF) released a statement on the 25th, predicting that the US debt burden will continue to increase in the next few years. It is estimated that the real GDP of the United States will grow by 2.6% in 2026 and 2.1% in 2027, and the medium - term potential growth rate of the US economy is lowered by 0.25 percentage points [2] - Some OPEC+ representatives said that the organization is expected to agree to resume a small - scale production increase when reviewing the April policy at the meeting this weekend. As of now, the action plan has not been determined. OPEC+ will consider increasing the daily oil production by 137,000 barrels in April at the March 1 meeting [2] Futures and Spot Market Analysis - Benzene and styrene closed slightly lower intraday. The downward space is expected to be limited, and the support level is the 40 - day moving average on the hourly K - line. Adopt a low - buying strategy after a decline. Pay attention to the export and subsequent industrial upstream and downstream orders [3][4]