中东战事烈度仍高，芳烃支撑仍存

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The intensity of the Middle East conflict remains high, and there is still support for aromatics. The port inventory of pure benzene has started to decline from a high level, but there is still some pressure on short - term arrivals. The supply of pure benzene in South Korea is expected to decline, and domestic supply has also decreased due to refinery load reduction. The demand for pure benzene has marginally declined. The port inventory of styrene has not entered the de - stocking cycle yet. [1][2] - For the strategy, it is recommended to cautiously go long and hedge BZ2604 and EB2604 on dips. [3] Summary According to Relevant Catalogs 1. Pure Benzene and EB's Basis Structure and Inter - period Spreads - Pure benzene: The main basis of pure benzene is -158 yuan/ton (-107), and the spread between East China pure benzene spot and M2 is -20 yuan/ton (-5 yuan/ton). [1] - Styrene: The main basis of styrene is -54 yuan/ton (-108 yuan/ton). [1] 2. Production Profits and Internal - External Spreads of Pure Benzene and Styrene - Pure benzene: The CFR China processing fee of pure benzene is 48 dollars/ton (+27 dollars/ton), the FOB South Korea processing fee is 37 dollars/ton (+24 dollars/ton), and the US - South Korea spread is 77.4 dollars/ton (+13.1 dollars/ton). [1] - Styrene: The non - integrated production profit of styrene is 41 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: The port inventory of pure benzene is 28.80 tons (-1.40 tons), and the operating rate is affected by refinery load reduction. [1][2] - Styrene: The East China port inventory of styrene is 162,500 tons (+6,000 tons), the East China commercial inventory is 82,500 tons (+10,200 tons), and the operating rate is 71.8% (-2.3%). [1] 4. Operating Rates and Production Profits of Styrene Downstream - EPS: The production profit is 1,027 yuan/ton (-51 yuan/ton), and the operating rate is 57.78% (-0.98%). [2] - PS: The production profit is -749 yuan/ton (-251 yuan/ton), and the operating rate is 51.70% (+0.20%). [2] - ABS: The production profit is -1,827 yuan/ton (-105 yuan/ton), and the operating rate is 67.40% (-2.10%). [2] 5. Operating Rates and Production Profits of Pure Benzene Downstream - Caprolactam: The production profit is -385 yuan/ton (+115), and the operating rate is 74.87% (+0.00%). [1] - Phenol - acetone: The production profit is -192 yuan/ton (-872), and the operating rate of phenol is 86.50% (-1.50%). [1] - Aniline: The production profit is 989 yuan/ton (-555), and the operating rate is 89.04% (-0.31%). [1] - Adipic acid: The production profit is -207 yuan/ton (-147), and the operating rate is 69.00% (-0.70%). [1]