苯乙烯：偏强运行

Report Industry Investment Rating - The investment rating for the styrene industry is "Bullish" [2] Core Viewpoints - Pure benzene and styrene will remain strong due to factors such as reduced supply from cracking unit slowdowns, increased styrene exports, and downstream inventory replenishment [2] - There is a need to focus on the expansion opportunity of BZN due to the reduced load of refineries exporting naphtha from the Middle East to Asia [2] Summary by Directory Fundamental Tracking - For styrene futures contracts on March 9, 2026, the prices of styrene 2603, 2604, and 2605 were 8,784, 8,909, and 8,911 respectively, with changes of 253, 253, and 338 compared to the previous day [1] - The EB - BZ spread was 1450, up 60 from the previous day; non - integrated profit was 260, up 111; integrated profit was 1029, up 255 [1] - The spreads between EB03 - 04 and EB04 - 05 were - 125 (unchanged) and - 2 (down 85) respectively [1] - The N + 1 and N + 2 contracts were 9040, up 440 and 420 respectively from the previous day [1] Trend Intensity - The trend intensity of styrene is 2, indicating a strong bullish outlook [1] Spot News - The conflict has led to reduced pure benzene supply, increased styrene exports, and downstream inventory replenishment, keeping pure benzene and styrene prices strong [2] - Due to the reduced load of Middle East refineries, there is a need to focus on the BZN expansion opportunity [2]