继续关注霍尔木兹海峡通航情况

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The conflict in the Middle East is still intense, with low traffic in the Strait of Hormuz, and the market anticipates a recovery in traffic. For pure benzene, port inventories are starting to decline from a high level, and there are expectations of a decline in supply in South Korea. In the domestic market, refinery production cuts have led to a decline in pure benzene production. For styrene, port inventories have not continued to enter the de - stocking cycle, and downstream demand shows mixed performance [2][3] 3. Summary According to Relevant Catalogs 3.1 Pure Benzene and EB's Basis Structure and Inter - period Spreads - Figures include the basis of pure benzene and styrene main contracts, the spread between pure benzene spot and M2 paper goods, and the spread between the first and third contracts of pure benzene and styrene [8][15][17] 3.2 Production Profits and Internal - External Spreads of Pure Benzene and Styrene - Figures cover naphtha processing fees, the spread between FOB South Korea pure benzene and CFR Japan naphtha, non - integrated styrene production profits, and various spreads and import profits of pure benzene and styrene [24][25][35] 3.3 Inventories and Operating Rates of Pure Benzene and Styrene - Figures show the inventory of pure benzene in East China ports, the operating rate of pure benzene, the inventory of styrene in East China ports, the operating rate of styrene, and the commercial and factory inventories of styrene [42][45][47] 3.4 Operating Rates and Production Profits of Styrene Downstream - Figures present the operating rates and production profits of EPS, PS, and ABS [55][57][60] 3.5 Operating Rates and Production Profits of Pure Benzene Downstream - Figures display the operating rates and production profits of caprolactam, phenol - ketone, aniline, adipic acid, and other downstream products [66][68][77]