Report Industry Investment Rating - Not provided Core Viewpoints - BZ2603 is expected to show a volatile trend in the short term, with the daily K-line focusing on support around 5360 and resistance around 5580. The supply surplus situation is expected to continue, and the international oil price has limited upside potential [2]. Summary by Relevant Catalogs Futures Market - The closing price of the main contract of pure benzene is 5487 yuan/ton, up 18 yuan; the settlement price is 5491 yuan/ton, down 41 yuan. The trading volume is 14907 lots, down 15784 lots; the open interest is 27128 lots, up 1212 lots [2]. Spot Market - The mainstream prices of pure benzene in the East China, South China, North China, and Northeast markets are 5487 yuan/ton, 5360 yuan/ton, 5300 yuan/ton, and 5206 yuan/ton respectively. The prices of hydrogenated benzene in Jiangsu and Shanxi regions are 5375 yuan/ton and 5040 yuan/ton respectively. The FOB intermediate price of pure benzene in South Korea is 664 dollars/ton, down 5 dollars/ton; the CFR intermediate price of pure benzene in China is 671.36 dollars/ton, down 3.73 dollars/ton [2]. Upstream Situation - The spot price of Brent DTD crude oil is 62.74 dollars/barrel, and the CFR intermediate price of naphtha in Japan is 534.63 dollars/ton, down 7.62 dollars/ton [2]. Industry Situation - The capacity utilization rate of pure benzene is 74.89%, down 0.05%; the weekly output is 43.63 tons, down 0.03 tons. The port inventory of pure benzene is 27.3 tons, up 1.3 tons. The production cost is 5109 yuan/ton, down 52.2 yuan/ton; the production profit is 201 yuan/ton, up 38 yuan/ton [2]. Downstream Situation - The开工率 of styrene is 70.7%, up 1.57%; the capacity utilization rates of caprolactam, phenol, aniline, and adipic acid are 74.04%, 78.15%, 62.98%, and 63.6% respectively, up 4.84%, 3.22%, 1.63%, and 4% respectively [2]. Industry News - From December 19th to 25th, the operating rate of petroleum benzene decreased by 0.05% to 74.89%, and the operating rate of hydrogenated benzene increased by 2.94% to 59.83%. From December 20th to 26th, the weighted operating rate of pure benzene downstream increased by 2.59% to 71.07%. As of December 29th, the inventory of pure benzene in East China ports was 30 tons, up 9.89% from last week. From December 20th to 26th, the profit of petroleum benzene increased by 38 yuan/ton to 201 yuan/ton [2]. Viewpoint Summary - The inventory of pure benzene continues to accumulate and remains at a high level. The profit of petroleum benzene has slightly recovered and is in a repair trend. A 210,000 - ton petroleum benzene plant in the Northeast and a hydrogenated benzene plant in the Northwest and Southwest will restart, and the domestic output of pure benzene is expected to increase slightly. The load of large - scale styrene plants is stable, and the operating rate is expected to remain stable; the caprolactam industry continues to cut production to maintain prices, and a small number of plants will resume production; the operating rates of phenol, aniline, and adipic acid plants are expected to increase. The supply - demand gap in the spot market narrows slowly, and the supply surplus is expected to continue. In terms of cost, the geopolitical situation between the US and Venezuela and between Russia and Ukraine shows no signs of deterioration in the short term, and the supply pressure of international crude oil remains, so the upside potential of oil prices is limited. BZ2603 is expected to fluctuate in the short term [2].

1. Report Industry Investment Rating - No information provided about the industry investment rating 2. Report's Core View - BZ2603 oscillated with a slight upward trend, closing at 5,461 yuan/ton. Last week, the operating rate of petroleum benzene decreased month-on-month, while that of hydrogenated benzene increased. The domestic pure benzene output rose slightly. Most downstream operating rates declined, with significant drops in caprolactam, phenol, and aniline. The weighted operating rate of pure benzene downstream decreased month-on-month. The inventory at East China ports accumulated month-on-month, with high inventory pressure. The profit of petroleum benzene continued to recover, but the valuation remained low due to weak supply and demand. This week, most petroleum benzene plants will operate stably, and the load of some hydrogenated benzene plants will increase. Domestic pure benzene output is expected to increase slightly. The restart of a large styrene plant has been postponed, limiting the growth of its operating rate. The caprolactam industry will continue to cut production to maintain prices, and the plant load is expected to further decrease. The load of aniline and adipic acid plants is expected to increase slightly, but the impact is relatively limited. The supply-demand gap in the spot market will narrow slowly, and the oversupply situation is expected to continue. In terms of cost, due to the deterioration of the geopolitical situation between the US and Venezuela, international oil prices have risen significantly recently. In the short term, BZ2603 is expected to oscillate. Pay attention to the support around 5,360 and the resistance around 5,520 on the daily K-line [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the pure benzene futures main contract was 5,461 yuan/ton, up 36 yuan; the settlement price was 5,435 yuan/ton, down 17 yuan. The trading volume was 11,658 lots, down 1,607 lots; the open interest was 23,458 lots, up 0 lots [2] 3.2 Spot Market - The mainstream prices of pure benzene in the East China, North China, South China, and Northeast markets were 5,325 yuan/ton, 5,150 yuan/ton, 5,300 yuan/ton, and 5,155 yuan/ton respectively, with changes of 0, -201, 0, and -1 yuan. The mainstream prices of hydrogenated benzene in Jiangsu and Shanxi were 5,325 yuan/ton and 5,050 yuan/ton respectively, both unchanged. The spot price of pure benzene in South Korea (FOB) was 659 US dollars/ton, unchanged; the spot price of pure benzene in China (CFR) was 666 US dollars/ton, unchanged [2] 3.3 Upstream Situation - The spot price of Brent DTD crude oil was 63.21 US dollars/barrel, up 0.42 US dollars; the CFR price of naphtha in Japan was 542.25 US dollars/ton, up 2.37 US dollars [2] 3.4 Industry Situation - The capacity utilization rate of pure benzene was 74.94%, down 0.17 percentage points; the weekly output was 43.66 tons, down 0.1 tons. The port inventory of pure benzene was 26 tons, unchanged. The production cost was 5,161.2 yuan/ton, down 32.2 yuan; the production profit was 163 yuan/ton, up 55 yuan [2] 3.5 Downstream Situation - The operating rate of styrene was 69.13%, up 0.84 percentage points; the capacity utilization rates of caprolactam, phenol, aniline, and adipic acid were 69.2%, 74.93%, 61.35%, and 59.6% respectively, with changes of -5.37, -4.54, -14.59, and 0.4 percentage points [2] 3.6 Industry News - From December 13th to 19th, the operating rate of petroleum benzene decreased by 0.17% to 74.94%, and that of hydrogenated benzene increased by 3.05% to 55.99%. Domestic pure benzene output increased slightly [2] - From December 13th to 19th, the weighted operating rate of pure benzene downstream decreased by 2.82% to 68.49% [2] - As of December 22nd, the inventory of pure benzene at East China ports was 27.3 tons, up 5% from last week [2] - From December 13th to 19th, the profit of petroleum benzene increased by 55 yuan/ton to 163 yuan/ton [2]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - From November 21st to 27th, SH2601 fell 1.03% to close at 2212 yuan/ton, and BZ2603 declined and then rebounded, closing at 5454 yuan/ton [2] - Last week, the operating rates of petroleum benzene and hydrogenated benzene decreased month - on - month, and the domestic pure benzene output declined [2] - The operating rates of downstream styrene and caprolactam decreased, while those of phenol, aniline, and adipic acid increased. The weighted operating rate of pure benzene downstream decreased slightly [2] - The inventory at East China ports continued to accumulate, higher than the same period in previous years. The profit of petroleum benzene was slightly repaired but remained at a low - valuation level due to weak supply and demand [2] - This week, a domestic disproportionation unit is under maintenance, but the imported resources arriving at ports are increasing. The domestic petroleum benzene supply is expected to increase slightly [2] - In December, the impact of domestic petroleum benzene maintenance is not much different from that in November [2] - The downstream styrene plants are both under commissioning and restarting, and there are also expectations of increased loads for phenol and caprolactam, which may drive a slight increase in pure benzene demand and ease the wide - balance state of spot supply and demand [2] - In terms of cost, geopolitical uncertainties in Russia - Ukraine and US - Venezuela still exist, and the market expects an increased probability of the Fed cutting interest rates in December. Recently, international oil prices have fluctuated strongly [2] - In the short term, BZ2603 is expected to show a volatile trend, with the daily range expected to be around 5370 - 5460 [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of pure benzene futures main contract decreased by 19 yuan/ton to 5454 yuan/ton, and the settlement price decreased by 19 yuan/ton to 5433 yuan/ton [2] - The trading volume of the main contract was 1193 lots, and the open interest was 11245 lots, a decrease of 551 lots [2] 3.2 Spot Market - The mainstream prices of pure benzene in East China, North China, South China, and Northeast China were 5320 yuan/ton, 5270 yuan/ton, 5300 yuan/ton, and 5246 yuan/ton respectively, with changes of - 35 yuan/ton, 0 yuan/ton, 0 yuan/ton, and - 19 yuan/ton [2] - The mainstream prices of hydrogenated benzene in Jiangsu and Shanxi were 5375 yuan/ton and 5150 yuan/ton respectively, with no change [2] - The FOB mid - price of pure benzene in South Korea was 657 US dollars/ton, an increase of 3 US dollars/ton; the CFR mid - price of pure benzene in China was 668.82 US dollars/ton, with no change [2] 3.3 Upstream Situation - The spot price of Brent DTD crude oil was 64.47 US dollars/barrel, and the CFR mid - price of naphtha in Japan was 567.5 US dollars/ton, a decrease of 4 US dollars/ton [2] - The capacity utilization rate of pure benzene was 76.59%, a decrease of 0.08 percentage points; the weekly output was 44.62 tons, a decrease of 0.05 tons [2] - The port inventory of pure benzene was 1.7 tons, and the production cost was 5246.8 yuan/ton, a decrease of 67.6 yuan/ton; the production profit was 78 yuan/ton, an increase of 38 yuan/ton [2] 3.4 Downstream Situation - The operating rate of styrene decreased by 1.66 percentage points; the capacity utilization rate of caprolactam was 67.29%, a decrease of 1.54 percentage points [2] - The capacity utilization rates of phenol, aniline, and adipic acid were 81.16%, 77.19%, and 59.4% respectively, with changes of 2.45 percentage points, 1.51 percentage points, and 3.9 percentage points [2]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - BZ2603 showed a weak and volatile trend, closing at 5455 yuan/ton last week. The operating rates of petroleum benzene and hydrobenzene decreased, and domestic pure benzene production declined. The operating rates of downstream styrene and caprolactam decreased, while those of phenol, aniline, and adipic acid increased. The weighted operating rate of pure benzene downstream decreased slightly. The inventory at East China ports continued to accumulate, higher than the same period in previous years. Petroleum benzene profit was slightly repaired but remained at a low - valuation level due to weak supply and demand. This week, a domestic disproportionation unit is under maintenance, but the increase in imported resources is expected to lead to a slight rise in domestic petroleum benzene supply. In December, the impact of domestic petroleum benzene maintenance changes little compared to November. The commissioning and restart of downstream styrene units, along with the expected increase in the loads of phenol and caprolactam, may drive a slight increase in pure benzene demand, and the wide - balance state of spot supply and demand is expected to ease. In terms of cost, the actual supply of international oil prices is stronger than demand, and there are still uncertainties in geopolitical situations such as Russia - Ukraine and US - Venezuela. The market expects an increased probability of the Fed cutting interest rates in December, leading to a long - short game in international oil prices. In the short term, BZ2603 is expected to show a volatile trend, with a daily range expected to be around 5400 - 5530 [2]. Group 3: Summary by Relevant Catalogs Futures Market - The closing price of the main pure benzene contract was 5455 yuan/ton, down 24 yuan; the settlement price was 5452 yuan/ton, down 13 yuan. The trading volume of the main contract decreased by 207 hands, and the open interest was 24075 hands, an increase of 649 hands. The mainstream prices in the East China, North China, South China, and Northeast markets were 5355 yuan/ton, 5300 yuan/ton, 5270 yuan/ton, and 5265 yuan/ton respectively, with the latter two increasing by 20 yuan/ton [2]. Spot Market - The mainstream price of pure benzene in the East China market was 5375 yuan/ton, unchanged; in the North China market, it was 5150 yuan/ton, unchanged. The FOB mid - price of pure benzene in South Korea was 657 US dollars/ton, an increase of 3 US dollars/ton; the CFR mid - price of pure benzene in China was 668.82 US dollars/ton, an increase of 3.54 US dollars/ton [2]. Upstream Situation - The CFR mid - price of naphtha in the Japanese region was 571.5 US dollars/ton, an increase of 5.5 US dollars/ton; the spot price of Brent DTD crude oil was 64.83 US dollars/barrel, an increase of 0.28 US dollars/barrel [2]. Industry Situation - The capacity utilization rate of pure benzene was 76.59%, a decrease of 0.08 percentage points; the weekly output was 44.62 tons, a decrease of 0.05 tons. The port inventory of pure benzene was 16.4 tons, an increase of 1.7 tons. The production cost of pure benzene was 5246.8 yuan/ton, a decrease of 67.6 yuan/ton; the production profit was 78 yuan/ton, an increase of 38 yuan/ton [2]. Downstream Situation - The operating rate of styrene was 67.29%, a decrease of 1.66 percentage points; the capacity utilization rate of caprolactam was 86.68%, a decrease of 1.54 percentage points; the capacity utilization rate of phenol was 81.16%, an increase of 2.45 percentage points; the capacity utilization rate of aniline was 77.19%, an increase of 1.51 percentage points; the capacity utilization rate of adipic acid was 59.4%, an increase of 3.9 percentage points [2]. Industry News - From November 21st to 27th, SH2601 fell 1.03% to close at 2212 yuan/ton. From November 22nd to 28th, the weighted operating rate of pure benzene downstream decreased by 0.14% to 72.99%. As of December 1st, the inventory of pure benzene in East China was 22.4 tons, an increase of 36.59% from the previous period. From November 21st to 27th, the profit of petroleum benzene increased by 38 yuan/ton to 78 yuan/ton [2].

Report Summary - **Report Date**: November 17, 2025 [1] - **Report Type**: Pure Benzene Industry Daily Report Industry Investment Rating - No investment rating is provided in the report. Core Viewpoints - The domestic petroleum benzene profit has slightly narrowed and is in a state of low valuation due to weak supply and demand. The planned maintenance capacity of petroleum benzene and hydrogenated benzene in November is relatively small, and foreign supplies continue to flow in, resulting in a relatively high overall supply pressure. Terminal demand is weak, and devices such as styrene are expected to maintain low - level operation, making it difficult for downstream consumption to increase. In terms of cost, OPEC's production increase will continue until the end of the year, and the situation of supply exceeding demand in the crude oil market is expected to continue. However, the tense relationship between the US and Venezuela in the geopolitical aspect may intensify, and there are both bullish and bearish factors in international oil prices. The US gasoline blending demand is increasing, and overseas pure benzene prices are relatively strong. In the short term, BZ2603 is expected to show a fluctuating trend [2]. Summary by Directory 1. Futures Market - **Prices**: The closing price of the main pure benzene contract was 5,547 yuan/ton, up 21 yuan; the settlement price was 5,565 yuan/ton, up 7 yuan [2]. - **Volume and Open Interest**: The trading volume of the main contract was 14,191 lots, down 3,004 lots; the open interest was 20,275 lots, up 417 lots [2]. 2. Spot Market - **Domestic Prices**: The mainstream price of pure benzene in the East China market was 5,405 yuan/ton, up 30 yuan; in the North China market, it was 5,235 yuan/ton, up 45 yuan; in the South China market, it was 5,300 yuan/ton, unchanged; in the Northeast region, it was 5,235 yuan/ton, up 45 yuan. The mainstream price of hydrogenated benzene in Jiangsu was 5,400 yuan/ton, up 25 yuan; in Shanxi, it was 5,000 yuan/ton, unchanged [2]. - **International Prices**: The FOB mid - price of pure benzene in South Korea was 664 US dollars/ton, up 2 US dollars; the CFR mid - price of pure benzene in China was 678.24 US dollars/ton, up 2.27 US dollars [2]. 3. Upstream Situation - **Crude Oil and Naphtha**: The spot price of Brent DTD crude oil was 63.78 US dollars/barrel, up 1.42 US dollars; the CFR mid - price of naphtha in Japan was 577.38 US dollars/ton, up 8.25 US dollars [2]. - **Pure Benzene Production**: The capacity utilization rate of pure benzene was 77.98% (weekly), up 2.84 percentage points; the weekly output was 45.43 million tons, up 1.65 million tons [2]. 4. Industry Situation - **Inventory**: The terminal inventory of pure benzene at ports was 11.3 million tons (weekly), down 0.8 million tons. As of November 17, the inventory of pure benzene at East China ports was 14.7 million tons, up 30.09% week - on - week [2]. - **Cost and Profit**: The production cost of pure benzene was 5,316.2 yuan/ton (weekly), up 14.4 yuan; the production profit was 29 yuan/ton, down 5 yuan [2]. 5. Downstream Situation - **Capacity Utilization Rates**: The total开工率 of styrene was 69.25% (weekly), up 2.31 percentage points; the capacity utilization rate of caprolactam was 86.04%, unchanged; the capacity utilization rate of phenol was 67.25%, down 8.06 percentage points; the capacity utilization rate of aniline was 80.17%, up 2.43 percentage points; the capacity utilization rate of adipic acid was 62%, down 3.6 percentage points [2]. - **Industry Data**: From November 8th to 14th, the operating rate of petroleum benzene increased by 2.83% to 77.98%, and the operating rate of hydrogenated benzene increased by 0.75% to 54.55%. The weighted operating rate of pure benzene downstream decreased by 0.17% to 72.20% [2]. 6. Industry News - From November 8th to 14th, the operating rates of petroleum benzene and hydrogenated benzene increased, and the domestic pure benzene production increased. The operating rates of downstream industries varied, and the weighted operating rate of pure benzene downstream decreased slightly. Delayed resources arrived at ports in a concentrated manner, and the inventory of pure benzene at East China ports increased significantly this week [2]. - From November 7th to 13th, the domestic petroleum benzene profit was 29 yuan/ton, down 5 yuan/ton from the previous week [2]. 7. Viewpoint Summary - In the short term, BZ2603 is expected to fluctuate. The daily K - line should focus on the support around 5,450 and the resistance around 5,640 [2][3].

Report Industry Investment Rating - Not provided Core Viewpoints - Short-term BZ2603 is expected to fluctuate weakly, and technically, attention should be paid to the support around 5290 yuan/ton. The overall supply pressure of pure benzene is at a relatively high level, downstream consumption is difficult to increase, and the cost side has led to a recent rise in international oil prices [2] Summary by Relevant Catalogs Futures Market - The closing price of the main pure benzene contract was 5434 yuan/ton, up 80 yuan; the settlement price was 5414 yuan/ton, up 20 yuan. The trading volume was 10,561 lots, up 2457 lots; the open interest was 18,184 lots, down 106 lots [2] Spot Market - The mainstream price of pure benzene in the East China market was 5260 yuan/ton, down 25 yuan; in the North China market, it was 5220 yuan/ton, up 40 yuan; in the South China market, it was 5300 yuan/ton, unchanged; in the Northeast region, it was 5183 yuan/ton, down 27 yuan. The offshore intermediate price of pure benzene in South Korea was 649 US dollars/ton, up 1 US dollar; the CFR intermediate price in China was 663.26 US dollars/ton, down 2.61 US dollars [2] Upstream Situation - The spot price of Brent DTD crude oil was 64.4 US dollars/barrel, up 1.82 US dollars; the CFR intermediate price of naphtha in the Japanese region was 576.75 US dollars/ton, down 5.5 US dollars [2] Industry Situation - The capacity utilization rate of pure benzene was 75.14%, up 1.04 percentage points; the weekly output was 43.78 tons, up 0.89 tons. The port inventory of pure benzene was 12.1 tons, up 3.6 tons. The production cost was 5301.8 yuan/ton, down 10.8 yuan; the production profit was 34 yuan/ton, down 134 yuan [2] Downstream Situation - The开工率 of styrene was 66.94%, up 0.22 percentage points; the capacity utilization rate of caprolactam was 86.04%, unchanged; the capacity utilization rate of phenol was 75.31%, down 2.7 percentage points; the capacity utilization rate of aniline was 77.74%, down 0.83 percentage points; the capacity utilization rate of adipic acid was 65.6%, up 7.6 percentage points [2] Industry News - From November 1st to 7th, the operating rate of petroleum benzene increased by 1.04% to 75.14%, and the operating rate of hydrogenated benzene decreased by 1.87% to 53.80%. The weighted operating rate of pure benzene downstream increased by 0.19% to 72.37%. As of November 10th, the inventory of pure benzene in East China ports was 11.3 tons, a week-on-week decrease of 6.61%. From November 1st to 7th, the profit of petroleum benzene decreased by 134 yuan/ton to 34 yuan/ton [2]

Report Industry Investment Rating - Not provided Core Viewpoints - BZ2603 fluctuated weakly, closing at 5,398 yuan/ton. Last week, the operating rate of petroleum benzene rose slightly, while that of hydrogenated benzene dropped significantly, resulting in a decline in domestic pure benzene production. The changes in the operating rates of the five major downstream industries of pure benzene were limited, and the overall weighted operating rate of downstream industries decreased slightly. The number of ships arriving at ports increased significantly, and the inventory at East China ports accumulated significantly. Petroleum benzene profit decreased at a low level and was in a low - valuation state due to weak supply and demand. In November, the planned maintenance capacity of petroleum benzene and hydrogenated benzene was small, and low - priced overseas supplies continued to flow in, with the overall supply pressure at a relatively high level. This week, the load of East China petroleum benzene plants increased, and some shut - down hydrogenated benzene plants restarted, so domestic pure benzene production is expected to increase month - on - month. Terminal demand is weak, and plants such as styrene are expected to maintain low - level operation, with little growth in downstream consumption. In terms of cost, the accumulation of API and EIA inventories in the US, combined with the strengthening of the US dollar, has led to a recent weak fluctuation in international oil prices. Technically, the daily K - line of BZ2603 should focus on the support of the lower Bollinger Band around 5,288 and the pressure of the 10 - day moving average around 5,486 [2]. Summary by Relevant Catalogs Futures Market - The closing price of the main contract of pure benzene was 5,398 yuan/ton, down 20 yuan; the settlement price was 5,389 yuan/ton, down 16 yuan. The trading volume was 7,851 lots, down 4,243 lots; the open interest was 17,435 lots, up 372 lots [2]. Spot Market - In the domestic market, the mainstream prices of pure benzene in East China, North China, South China, and Northeast China were 5,335 yuan/ton, 5,230 yuan/ton, 5,450 yuan/ton, and 5,230 yuan/ton respectively, with changes of - 70 yuan/ton, 0 yuan/ton, 0 yuan/ton, and - 5 yuan/ton. The mainstream prices of hydrogenated benzene in Jiangsu and Shanxi were 5,375 yuan/ton and 4,900 yuan/ton respectively, with a change of - 50 yuan/ton for Jiangsu. The offshore intermediate price of pure benzene in South Korea was 650 US dollars/ton, down 4 US dollars/ton; the CFR intermediate price of pure benzene in China was 667.08 US dollars/ton, down 3.88 US dollars/ton [2]. Upstream Situation - The spot price of Brent DTD crude oil was 64.68 US dollars/barrel, down 0.77 US dollars/barrel; the CFR intermediate price of naphtha in Japan was 577.5 US dollars/ton, up 1 US dollar/ton [2]. Industry Situation - The capacity utilization rate of pure benzene was 78.14%, up 0.13 percentage points; the weekly output was 42.89 million tons, up 0.28 million tons. The port inventory of pure benzene was 8.5 million tons, down 1.4 million tons. The production cost was 5,327.8 yuan/ton, down 118.2 yuan/ton; the production profit was 737 yuan/ton, up 76 yuan/ton [2]. Downstream Situation - The operating rate of styrene was 66.72%, down 2.53 percentage points; the capacity utilization rate of caprolactam was 95.72%, up 6.41 percentage points; the capacity utilization rate of phenol was 78.54%, down 0.46 percentage points; the capacity utilization rate of aniline was 69.24%, down 0.1 percentage point; the capacity utilization rate of adipic acid was 64.3%, up 2 percentage points. From October 25th to 31st, the operating rate of petroleum benzene increased by 1.37% to 74.10%, and the operating rate of hydrogenated benzene decreased by 7.79% to 55.67%. The weighted operating rate of pure benzene downstream industries decreased by 1.22% to 72.18% [2]. Industry News - From October 25th to 31st, the operating rate of petroleum benzene increased by 1.37% to 74.10%, and the operating rate of hydrogenated benzene decreased by 7.79% to 55.67%. The weighted operating rate of pure benzene downstream industries decreased by 1.22% to 72.18%. As of November 3rd, the inventory of pure benzene ports in Jiangsu increased by 42.35% to 12.1 million tons week - on - week. From October 25th to 31st, the profit of petroleum benzene decreased by 217 yuan/ton to 168 yuan/ton week - on - week [2].

Report Industry Investment Rating - Not provided Core Viewpoints - BZ2603 declined and then rebounded, closing at 5418 yuan/ton. Last week, the operating rate of petroleum benzene increased slightly, while that of hydrobenzene dropped significantly, and the domestic pure benzene output decreased. The operating rates of the five major downstream sectors of pure benzene changed little, and the overall downstream weighted operating rate decreased slightly. The number of ships arriving at ports increased significantly, and the inventory at East China ports accumulated significantly. The profit of petroleum benzene decreased at a low level and was in a state of low valuation due to weak supply and demand. In November, the planned maintenance capacity of petroleum benzene and hydrobenzene is small, and low - priced overseas supplies continue to flow in, resulting in a relatively high overall supply pressure. This week, the load of East China petroleum benzene plants increased, and some shut - down hydrobenzene plants restarted, so the domestic pure benzene output is expected to increase month - on - month. Terminal demand is weak, and plants such as styrene are expected to maintain low - level operation, and downstream consumption is unlikely to increase. In terms of cost, affected by the strengthening of the US dollar and weak economic expectations, international oil prices fluctuated and declined yesterday. Technically, the daily K - line of BZ2603 should pay attention to the lower Bollinger Band near 5304 [2]. Summary by Relevant Catalogs Futures Market - The closing price of the main pure benzene contract was 5418 yuan/ton, down 20 yuan; the settlement price was 5405 yuan/ton, down 61 yuan. The trading volume was 12,094 lots, up 2,212 lots; the open interest was 17,063 lots, up 497 lots [2]. Spot Market - In the East China market, the mainstream price of pure benzene was 5405 yuan/ton; in the North China market, it was 5230 yuan/ton; in the South China market, it was 5450 yuan/ton; in the Northeast region, it was 5235 yuan/ton. The price of hydrobenzene in Jiangsu and Shanxi regions remained unchanged. The FOB mid - price of pure benzene in South Korea was 670.95 US dollars/ton, and the CFR mid - price of pure benzene in China was 654 US dollars/ton, down 10.28 US dollars/ton [2]. Upstream Situation - The spot price of Brent DTD crude oil was 65.45 US dollars/barrel, down 0.68 US dollars/barrel. The CFR mid - price of naphtha in Japan was 576.5 US dollars/ton, down 5.88 US dollars/ton. The capacity utilization rate of pure benzene was 78.14%, up 0.13 percentage points, and the weekly output was 42.89 tons, up 0.28 tons [2]. Industry Situation - The terminal inventory of pure benzene at ports was 8.5 tons, down 1.4 tons. The production cost of pure benzene was 5327.8 yuan/ton, down 118.2 yuan/ton, and the production profit was 737 yuan/ton, up 76 yuan/ton [2]. Downstream Situation - The operating rate of styrene was 66.72%, down 2.53 percentage points; the capacity utilization rate of caprolactam was 95.72%, up 6.41 percentage points; the capacity utilization rate of phenol was 78.54%, down 0.46 percentage points; the capacity utilization rate of aniline was 69.24%, down 0.1 percentage points; the capacity utilization rate of adipic acid was 64.3%, up 2 percentage points. From October 25th to 31st, the operating rate of petroleum benzene increased by 1.37% to 74.10%, and the operating rate of hydrobenzene decreased by 7.79% to 55.67%. The weighted operating rate of pure benzene downstream decreased by 1.22% to 72.18% [2]. Industry News - From October 25th to 31st, the operating rate of petroleum benzene increased by 1.37% to 74.10%, and the operating rate of hydrobenzene decreased by 7.79% to 55.67%. The weighted operating rate of pure benzene downstream decreased by 1.22% to 72.18%. As of November 3rd, the inventory of pure benzene at Jiangsu ports increased by 42.35% to 12.1 tons compared with last week. From October 25th to 31st, the profit of petroleum benzene decreased by 217 yuan/ton to 168 yuan/ton compared with last week [2].

Report Summary 1. Report Industry Investment Rating No information about the report industry investment rating is provided in the content. 2. Core Viewpoints - The overall supply pressure of pure benzene is at a relatively high level due to limited planned maintenance capacity of petroleum benzene and hydrogenated benzene in November and continuous inflow of low - priced overseas sources. The domestic pure benzene production is expected to increase month - on - month as the load of East China petroleum benzene devices rises and some shutdown hydrogenated benzene devices restart. However, the terminal demand is weak, and downstream consumption is difficult to grow, with downstream devices expected to maintain low - level operation. The short - term BZ2603 is expected to show a volatile trend, with technical attention on the previous low support around 5430 and the previous high pressure around 5640 [2]. 3. Summary by Related Catalogs Futures Market - The main closing price of pure benzene is 5438 yuan/ton, down 68 yuan; the main settlement price is 5466 yuan/ton, down 50 yuan. The main trading volume is 9882 lots, an increase of 1859 lots; the main open interest is 16566 lots, an increase of 37 lots [2]. Spot Market - In the domestic market, the mainstream price of pure benzene in the East China market is 5438 yuan/ton, in the South China market is 5420 - 5450 yuan/ton (up 70 yuan), in the North China market is 5230 yuan/ton (up 60 yuan), and in the Northeast region is 5215 yuan/ton (up 49 yuan). The mainstream price of hydrogenated benzene in Jiangsu is 5425 yuan/ton (up 50 yuan), and in Shanxi is 4900 yuan/ton. The offshore intermediate price of pure benzene in South Korea is 663 US dollars/ton (up 3 US dollars), and the CFR intermediate price of pure benzene in China is 681.23 US dollars/ton (up 3.94 US dollars) [2]. Upstream Situation - The spot price of Brent DTD crude oil is 66.13 US dollars/barrel, up 0.4 US dollars; the CFR intermediate price of naphtha in Japan is 582.38 US dollars/ton, up 1.88 US dollars [2]. Industry Situation - The capacity utilization rate of pure benzene is 78.14%, up 0.13 percentage points; the weekly output is 42.89 million tons, up 0.28 million tons. The port inventory of pure benzene is 8.5 million tons, down 1.4 million tons. The production cost is 5327.8 yuan/ton, down 118.2 yuan; the production profit is 737 yuan/ton, up 76 yuan [2]. Downstream Situation - The total开工率 of styrene is 66.72%, down 2.53 percentage points; the capacity utilization rate of caprolactam is 95.72%, up 6.41 percentage points; the capacity utilization rate of phenol is 78.54%, down 0.46 percentage points; the capacity utilization rate of aniline is 69.24%, down 0.1 percentage point; the capacity utilization rate of adipic acid is 64.3%, up 2 percentage points [2]. Industry News - From October 25th to 31st, the operating rate of petroleum benzene increased by 1.37% to 74.10%, and the operating rate of hydrogenated benzene decreased by 7.79% to 55.67%. The weighted operating rate of pure benzene downstream decreased by 1.22% to 72.18%. As of November 3rd, the pure benzene port inventory in Jiangsu increased by 42.35% to 12.1 million tons. From October 25th to 31st, the profit of petroleum benzene decreased by 217 yuan/ton to 168 yuan/ton [2].

1. Report Industry Investment Rating - No relevant information is provided in the content 2. Core Viewpoints of the Report - The domestic pure benzene production has decreased. Last week, the operating rates of downstream products such as styrene, caprolactam, aniline, and adipic acid declined to varying degrees, while the phenol operating rate remained stable. Overall, the weighted operating rate of pure benzene downstream decreased. The inventory in the East China pure benzene port has rebounded, and the inventory pressure is moderately high. The profit of petroleum benzene has slightly recovered but is still at a low - valued level due to weak supply and demand. This week, the impact of maintenance of petroleum benzene plants has slightly increased, and some maintenance - suspended hydrogenated benzene plants have restarted. The domestic pure benzene production is expected to increase slightly. Since a large amount of styrene production capacity is still under maintenance, and the loads of other downstream plants are expected to decline, the demand side is expected to remain weak in the short term. In terms of cost, there is still uncertainty in the Russia - Ukraine peace talks, and the situation in Venezuela may deteriorate, causing a significant increase in international oil prices during the day. In the short term, BZ2603 is expected to fluctuate strongly following the oil price, and technically, attention should be paid to the previous high pressure around 5665 [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main pure benzene contract was 5563 yuan/ton, with a week - on - week increase of 87 yuan/ton; the settlement price was 5521 yuan/ton, with a week - on - week increase of 39 yuan/ton. The trading volume was 7744 lots, a decrease of 2081 lots compared to the previous period; the open interest was 13581 lots, a decrease of 829 lots compared to the previous period [2] 3.2 Spot Market - The mainstream price of hydrogenated benzene in Jiangsu was unchanged; the mainstream prices of pure benzene in East China, South China, North China, and Northeast China were 5435 yuan/ton, 5450 yuan/ton, 5300 yuan/ton, and 5288 yuan/ton respectively, with week - on - week decreases of 100 yuan/ton, 200 yuan/ton, 40 yuan/ton, and 53 yuan/ton. The mainstream price of hydrogenated benzene in Shanxi was 5290 yuan/ton, unchanged. The FOB mid - price of Korean pure benzene was 668 US dollars/ton, unchanged; the CFR mid - price of Chinese pure benzene was 674 US dollars/ton, a week - on - week decrease of 10.1 US dollars/ton [2] 3.3 Upstream Situation - The spot price of Brent DTD crude oil was 61.28 US dollars/barrel, unchanged; the CFR mid - price of naphtha in the Japanese region was 537 US dollars/ton, a week - on - week decrease of 8.5 US dollars/ton [2] 3.4 Industry Situation - The capacity utilization rate of pure benzene was 78.14%, with a week - on - week increase of 0.13 percentage points; the weekly output was 43.8 tons, a decrease of 2.22 tons compared to the previous period. The port inventory at the end of the week was 9 tons, a decrease of 0.1 tons compared to the previous period. The production cost was 5327.8 yuan/ton, a week - on - week decrease of 118.2 yuan/ton; the production profit was 737 yuan/ton, a week - on - week increase of 76 yuan/ton [2] 3.5 Downstream Situation - The operating rate of styrene was 71.88%, a week - on - week decrease of 1.73 percentage points; the capacity utilization rate of caprolactam was 95.72%, a week - on - week increase of 6.41 percentage points; the capacity utilization rate of phenol was 78.54%, a week - on - week decrease of 0.46 percentage points; the capacity utilization rate of aniline was 69.24%, a week - on - week decrease of 0.1 percentage point; the capacity utilization rate of adipic acid was 64.3%, a week - on - week increase of 2 percentage points [2] 3.6 Industry News - From October 11th to 17th, the capacity utilization rate of petroleum benzene decreased by 3.81 percentage points to 75.48% week - on - week, and the capacity utilization rate of hydrogenated benzene decreased by 0.85 percentage points to 62.39% week - on - week. The operating rates of pure benzene downstream products such as styrene, caprolactam, aniline, and adipic acid decreased week - on - week, while the phenol operating rate remained stable. The weighted operating rate of pure benzene downstream decreased by 2.35 percentage points to 75.37% week - on - week. Driven by the increase in oil prices, BZ2603 rose 1.48% to close at 5563 yuan/ton. As of October 20th, the inventory of pure benzene in East China ports was 9.9 tons, a week - on - week increase of 10%. From October 10th to 16th, the profit of petroleum benzene increased by 33 yuan/ton to 347 yuan/ton compared to the previous week [2]