芳烃日报：低开工率下，假期累库一般-20260227

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - The low opening rate of styrene during the holiday led to general inventory accumulation. The downward space of styrene and pure benzene is expected to be limited, and a low - buying strategy after a decline is recommended. Attention should be paid to the export and subsequent industrial upstream - downstream orders [1][3]. 3) Summary by Relevant 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 sample inventory of styrene ports in Jiangsu was 15.81 tons, an increase of 6.19 tons from the previous period, a growth rate of 64.35%. The commercial inventory was 8.72 tons, an increase of 3.32 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. Since February 26, 2026, eligible non - Shanghai household residents can purchase an additional property within the outer ring [2]. - The Political Bureau of the CPC Central Committee emphasized continuous prevention and resolution of risks in key areas, and efforts to stabilize employment, enterprises, markets, and expectations [2]. - The Political Bureau of the CPC Central Committee stated that a more proactive fiscal policy and a moderately loose monetary policy should continue to be implemented [2]. Futures and Spot Market Analysis - Styrene and pure benzene closed slightly lower intraday, but the downward space is expected to be limited. Support is focused on the 40 - day moving average of the daily K - line. A low - buying strategy after a decline is recommended. The expectation of styrene export trading still exists, and attention should be paid to exports and subsequent industrial upstream - downstream orders [3].