1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The supply - demand situation of propylene is gradually tightening, and attention should be paid to cost - side disturbances. The PDH device shutdown news is gradually being realized, leading to a significant contraction in PDH supply. The short - term supply of the propylene spot market is tight. The downstream demand is supported by rigid needs, but the demand may be limited due to profit compression. The international oil price is in a volatile trend, and the propane price remains strong. The propylene market may fluctuate mainly following the cost side in the short term [1][2]. 3. Summary According to the Directory 3.1 Market News and Important Data - **Propylene Data**: The closing price of the propylene main contract is 6132 yuan/ton (+139), the East China spot price is 6325 yuan/ton (+0), the North China spot price is 6175 yuan/ton (+5), the East China basis is 193 yuan/ton (-139), the Shandong basis is 43 yuan/ton (-134), the operating rate is 71% (-4%), the China CFR propylene - Japan CFR naphtha is 242 US dollars/ton (-10), the propylene CFR - 1.2 propane CFR is 73 US dollars/ton (-2), the import profit is - 336 yuan/ton (-4), and the in - plant inventory is 38980 tons (-7290) [1]. - **Propylene Downstream Data**: The PP powder operating rate is 31% (-0.84%), the production profit is - 145 yuan/ton (+25); the propylene oxide operating rate is 73% (+1%), the production profit is - 288 yuan/ton (-4); the n - butanol operating rate is 87% (+0%), the production profit is 660 yuan/ton (-3); the octanol operating rate is 96% (+2%), the production profit is 782 yuan/ton (+46); the acrylic acid operating rate is 82% (-1%), the production profit is 159 yuan/ton (+0); the acrylonitrile operating rate is 75% (-3%), the production profit is - 1174 yuan/ton (+204); the phenol - acetone operating rate is 86% (-4%), the production profit is - 892 yuan/ton (+0) [1]. 3.2 Market Analysis - **Supply Side**: PDH device shutdown news is gradually being realized. The 600,000 - ton/year PDH device of Juzhengyuan Phase II has shut down this week, and the two 900,000 - ton PDH devices of Jinneng Phase II and Wanhua Penglai continue to be under maintenance. The domestic PDH operating rate has dropped significantly, and the supply of the PDH end in the region has shrunk significantly. The short - term supply of the propylene spot market is tight. Attention should be paid to the shutdown progress and new maintenance plans [2]. - **Demand Side**: The downstream rigid demand support continues, but considering that after the propylene price rises to a high level, the downstream demand may be limited due to profit compression, and the overall downstream operating rate has decreased. The propylene - PP powder price difference at the PP end continues to narrow, and the support for powder procurement has declined. At the PO end, the price of propylene oxide has risen rapidly and then fallen rapidly, mainly due to the resistance to high - priced polyether, and the willingness to purchase raw materials at the PO end may decrease. The profit of butanol and octanol is acceptable, and they provide good support for propylene [2]. - **Cost Side**: The international oil price tends to fluctuate, while the propane price remains strong. The supply - demand situation is gradually tightening. The propylene market may fluctuate mainly following the cost side in the short term. Attention should continue to be paid to the upstream PDH maintenance dynamics and the change of propane at the cost side [2]. 3.3 Strategy - **Unilateral**: Cautiously go long on hedging at low prices. The PDH device maintenance has begun to be realized, the supply - demand structure has improved slightly, the geopolitical disturbance has eased, the oil price tends to fluctuate, the overseas propane has continued to strengthen recently, the PDH device maintenance may intensify further, the supply - demand fundamentals and the cost side resonate, the sentiment in the chemical sector is hot, and the short - term market may be mainly fluctuating strongly [3]. - **Inter - period**: Not provided - **Inter - variety**: Not provided

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The fundamentals of pure benzene have improved, with port inventories declining from a high level in the first week and downstream提货 demand being boosted. Although the styrene production is still at a low level, the production of non - styrene pure benzene downstream has increased, especially the aniline production which has rebounded significantly. Attention should be paid to the sustainability of the improvement in downstream production. Regarding overseas markets, attention should be paid to the implementation progress of the expected reduction of the US tariff on Korean pure benzene, which currently only affects the processing with supplied materials, and whether the general trade will be included later. Meanwhile, the domestic pure benzene production has further decreased. For styrene, due to plant malfunctions and shutdowns, along with the support of export orders in the first quarter, the actual port inventory is still slightly decreasing, and the basis is strong. The downstream production of EB is still acceptable, with the EPS production continuing to rebound beyond the seasonal level, the PS production slightly declining, and the ABS production further decreasing, but the inventory pressure has been further relieved [1][2] Summary According to the Directory I. Pure Benzene and EB's Basis Structure and Inter - Period Spreads - The report presents figures related to the basis of pure benzene and styrene, including the pure benzene main contract basis, the spread between pure benzene spot and M2 paper goods, the spread between the first and third pure benzene contracts, the styrene main contract basis, and the spread between the first and third styrene contracts [14][18] II. Production Profits and Domestic - Foreign Spreads of Pure Benzene and Styrene - Figures show the naphtha processing fee, the spread between pure benzene FOB Korea and naphtha CFR Japan, the production profit of non - integrated styrene plants, and various spreads and import profits of pure benzene and styrene in different regions [20][23] III. Inventories and Production Rates of Pure Benzene and Styrene - Information on the inventories and production rates of pure benzene and styrene is provided, including the pure benzene inventory at East China ports, the pure benzene production rate, the styrene inventory at East China ports, the styrene production rate, the styrene commercial inventory in East China, and the styrene factory inventory [38][41] IV. Production Rates and Production Profits of Styrene Downstream - Figures display the production rates and production profits of EPS, PS, and ABS, which are the downstream products of styrene [51][53] V. Production Rates and Production Profits of Pure Benzene Downstream - Information about the production rates and production profits of downstream products of pure benzene such as caprolactam, phenol - acetone, aniline, and adipic acid is presented [61][68]

Report Summary 1. Investment Rating No investment rating is provided in the report. 2. Core View The report believes that the iron ore price is expected to show a stable and fluctuating trend. Although the supply pressure has not been alleviated and the demand is weak, the positive factors are the pre - holiday restocking of steel mills and the warming of commodity sentiment [2][3]. 3. Summary by Section 3.1 Variety View Reference - For the iron ore 2605 contract, the short - term, medium - term trend is oscillating, and the intraday trend is oscillating and slightly stronger, with an overall view of oscillating and stabilizing. The core logic is the positive commodity sentiment [2]. 3.2 Market Driving Logic - The supply - demand pattern of iron ore remains weak. The inventory is rising at a high level, steel mill production is weakly stable, and terminal consumption of ore has little change. The steel market in the off - season has accumulated contradictions, and demand continues to operate weakly. The positive factor is the pre - holiday restocking of steel mills [3]. - Domestic port arrivals have declined from a high level, and miner shipments have continued to decrease. According to the shipping schedule, subsequent arrivals will decline, leading to a contraction in ore supply. However, due to the high inventory, the supply pressure has not been relieved [3].

1. Report Industry Investment Rating - No information provided about the industry investment rating 2. Core Viewpoints of the Report - The steel price of rebar 2605 is expected to fluctuate at a low level in the short - term, medium - term, and intraday, with a slightly weaker intraday trend, due to the weak - stable supply - demand situation [2][3] 3. Summary by Relevant Content 3.1 Variety Viewpoint Reference - For rebar 2605, the short - term view is "oscillation", the medium - term view is "oscillation", the intraday view is "oscillation and slightly weaker", and the overall view is "low - level oscillation". The core logic is the weak - stable supply - demand pattern [2] 3.2 Market Driving Logic - The supply of rebar has increased significantly to a relatively high level as construction steel mills are actively producing, increasing supply pressure. Meanwhile, the demand is weak, with most high - frequency demand indicators falling and at low levels compared to previous years. The downstream industry has not improved, showing obvious off - season weakness, which continues to drag down steel prices. Although the futures price has fallen near the valley - electricity cost, increasing the downward resistance, the steel price is still under pressure in the off - season and is expected to continue the low - level oscillation trend. Attention should be paid to inventory changes [3]

Report Summary 1. Report Industry Investment Rating - No information provided regarding the report industry investment rating. 2. Core View of the Report - The trading center of platinum is moving up, and palladium is following the upward trend [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Price**: Platinum futures 2606 closed at 633.85 with a 0.85% increase; gold - exchange platinum closed at 624.40 with a - 0.50% decrease. New York platinum main - continuous (previous day) was at 2627.10 with a 5.98% increase. London spot platinum (previous day) was at 2633.10 with a 6.39% increase. Palladium futures 2606 closed at 483.75 with a - 0.42% decrease. RMB spot palladium was at 437.00 with a - 1.35% decrease. New York palladium main - continuous (previous day) was at 1945.50 with a 3.79% increase. London spot palladium (previous day) was at 1904.00 with a 3.42% increase [2]. - **Trading Volume and Position**: Guangdong platinum trading volume was 18,206 kg, a decrease of 10,045 kg compared to the previous day. Its position was 36,352 kg, a decrease of 1,071 kg. NYMEX platinum trading volume was 52,818 kg, a decrease of 14,081 kg, and its position was 103,299 kg, a decrease of 230 kg. Guangdong palladium trading volume was 6,548 kg, a decrease of 1,384 kg, and its position was 13,918 kg, a decrease of 5 kg. NYMEX palladium trading volume was 12,295 kg, a decrease of 2,099 kg, and its position was 55,980 kg, a decrease of 124 kg [2]. - **ETF Position**: Platinum ETF position (ounces, previous day) was 3,242,354 with no change. Palladium ETF position (ounces, previous day) was 1,192,934 with no change [2]. - **Inventory**: NYMEX platinum inventory (ounces, previous day) was 675,766, an increase of 11,373. NYMEX palladium inventory (ounces, previous day) was 216,266, a decrease of 398 [2]. - **Spread**: PT9995 to PT2606 spread was - 9.45, a decrease of 8.51 compared to the previous day. The spread between Guangdong platinum 2606 contract and 2610 contract was 2.20, a decrease of 0.95. The cost of buying Guangdong platinum 2606 and selling 2610 cross - period arbitrage was 7.78, an increase of 0.06. The spread between Guangdong platinum main contract and London platinum (considering VAT) was - 32.31, a decrease of 34.90. The spread between RMB spot palladium price and PD2606 was - 46.75, a decrease of 3.95. The spread between Guangdong palladium 2606 contract and 2610 contract was - 5.65, an increase of 7.55 [2]. - **Exchange Rate**: The US dollar index was 98.34, a decrease of 0.71%. The US dollar against RMB (CNY spot) was 6.96, an increase of 0.04%. The US dollar against offshore RMB (CNH spot) was 6.96, an increase of 0.08%. The US dollar against RMB (6M forward) was 6.88, a decrease of 0.05% [2]. 3.2 Macro and Industry News - Trump administration is seeking to "promote regime change in Cuba" by the end of the year. - US media reported that the US is considering a full withdrawal from Syria, potentially ending its more than a decade - long military operation there. - Trump signed documents with representatives of more than a dozen countries and regions in Davos to launch a "Peace Committee". - Trump said that the measure of imposing a 25% tariff on any country having (trade) relations with Iran will take effect soon. - The US House of Representatives passed a package of bills to prevent the government from shutting down at the end of this month, which will be sent to the Senate for review. - Trump said his meeting with Zelensky was "very good". Zelensky said that a tri - lateral meeting among Ukraine, the US, and Russia will be held in the UAE on the 23rd. - The US November core PCE price index met expectations. The number of initial jobless claims in the US for the week ending January 17 was 200,000, compared to an expected 210,000. - SpaceX has reached an agreement with four banks to prepare for a "super IPO". - The People's Bank of China will conduct 900 billion yuan of MLF operations with a one - year term on January 23 [5]. 3.3 Trend Intensity - Platinum trend intensity: 1; Palladium trend intensity: 1. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [4].

1. Report Industry Investment Ratings - No industry investment ratings are provided in the given reports. 2. Core Views of the Reports Steel Industry - Steel prices showed little fluctuation, with the night - session prices of rebar and hot - rolled coil closing at 3,124 yuan and 3,288 yuan respectively. The iron - water production is expected to decline slightly this week, rebar production will increase, and hot - rolled coil production will decrease. The industry is in a situation of both weak supply and demand. Rebar demand has a significant seasonal decline, while hot - rolled coil demand has a relatively small decline. Recent cost reduction may lead to a downward shift in the steel price center. Consider taking profits on long positions of the steel - ore ratio when the price is high and continue to hold long positions of the hot - rolled coil to rebar spread. The reference range for the May contract of rebar is 3,050 - 3,250 yuan, and for hot - rolled coil is 3,200 - 3,350 yuan [1]. Iron Ore Industry - The main iron - ore contract oscillated, with weak price rebound. Support factors for iron ore are reversing. Iron - water复产 falls short of expectations, the negotiation deadlock may change, and steel - mill restocking is gradually being realized. The supply side shows a decline in the global shipment volume of iron ore, and the shipment center has dropped. The demand side indicates that iron - water production remains flat this week, and the port clearance volume has started to decline seasonally, suppressing the pre - holiday iron - water复产 height. Steel - mill profitability has dropped significantly, and the subsequent iron - water复产 space is restricted. Port inventory continues to accumulate, and steel - mill inventory is increasing at a slower pace. Iron ore is facing a situation of both weak supply and demand, and its price is under pressure. It is advisable to short at around 800 [3]. Coke and Coking Coal Industry - Coke futures oscillated, and the spot market is currently stable. After the price adjustment, coke production is affected by coking coal, and coking profit is under pressure, with a slight decline in production. Steel mills are gradually resuming production after the New Year's Day, iron - water production has slightly increased, and steel prices have rebounded at a low level. Overall inventory has slightly increased, and coke supply - demand has improved. Some coke enterprises are starting to resist price cuts and initiate price increases, but the post - holiday market will be loose again, with a bearish view on single - side trading in the range of 1,600 - 1,800 yuan. Coking coal futures oscillated at a low level. The spot auction price in Shanxi mostly increased, and Mongolian coal prices followed the futures down. The supply side is in the复产 stage, and the demand side is at a low level. With downstream restocking, overall inventory has slightly increased. The post - holiday market supply - demand is expected to be loose, with a bearish view on single - side trading in the range of 1,000 - 1,200 yuan [5]. Ferrosilicon and Ferromanganese Industry - Ferrosilicon futures oscillated strongly. The supply side shows a slight decline in production, but the absolute value is still at a relatively low level in the same period of history. The demand side indicates that iron - water复产 may fall short of expectations, and non - steel demand has weakened. The inventory is still at a high level but is declining month - on - month. The cost side shows that alloy manufacturers are starting to replenish manganese ore, which supports the manganese ore price. The short - term supply - demand contradiction of ferrosilicon is limited, and the price is expected to fluctuate widely in the range of 5,300 - 5,800 yuan. Ferromanganese futures oscillated. The supply side shows a slight decline in production, and the demand side also shows weakness. The high inventory still exerts pressure on the price, and the price is expected to fall, with a reference range of 5,800 - 6,000 yuan [6]. 3. Summary by Relevant Catalogs Steel Industry Steel Prices and Spreads - Rebar and hot - rolled coil spot prices in different regions showed little change, while futures prices had slight increases or decreases. The spreads between different contracts also changed slightly [1]. Cost and Profit - Steel billet and slab prices remained unchanged. The cost of Jiangsu electric - furnace rebar was stable, while the cost of Jiangsu converter rebar decreased by 2 yuan/ton. The profits of rebar and hot - rolled coil in different regions showed different degrees of decline [1]. Production - The daily average iron - water production decreased slightly, the production of five major steel products increased slightly, rebar production increased by 4.9%, and hot - rolled coil production decreased by 1.0% [1]. Inventory - The inventory of five major steel products increased by 0.8%, rebar inventory increased by 3.2%, and hot - rolled coil inventory decreased by 1.3% [1]. Transaction and Demand - The building material transaction volume decreased by 6.3%, the apparent demand for five major steel products decreased by 2.0%, the apparent demand for rebar decreased by 2.5%, and the apparent demand for hot - rolled coil decreased by 1.3% [1]. Iron Ore Industry Iron Ore - Related Prices and Spreads - The warehouse - receipt costs of different iron - ore varieties increased slightly, and the basis of the 05 contract for different varieties decreased slightly. The 5 - 9 spread decreased by 2.9%, and the 1 - 5 spread increased by 6.3% [3]. Spot Prices and Price Indexes - The spot prices of different iron - ore varieties at Rizhao Port increased slightly, and the Singapore Exchange 62% Fe swap price decreased by 0.4% [3]. Supply - The arrival volume at 45 ports decreased by 8.9%, the global shipment volume decreased by 7.9%, and the national monthly import volume increased by 8.2% [3]. Demand - The daily average iron - water production of 247 steel mills decreased by 0.6%, the daily average port clearance volume at 45 ports decreased by 1.0%, the national monthly pig - iron production decreased by 2.6%, and the national monthly crude - steel production decreased by 2.4% [3]. Inventory Changes - The inventory at 45 ports increased by 1.7%, the imported iron - ore inventory of 247 steel mills increased by 3.0%, and the inventory - available days of 64 steel mills increased by 9.5% [3]. Coke and Coking Coal Industry Coke - Related Prices and Spreads - The prices of coke in different regions and contracts showed little change or slight increases or decreases. The coking profit decreased by 16 [5]. Upstream Coking Coal Prices and Spreads - The prices of coking coal in different regions remained unchanged [5]. Supply - The daily average production of all - sample coking plants decreased by 0.2%, and the daily average production of 247 steel mills increased by 0.4% [5]. Demand - The iron - water production of 247 steel mills increased by 0.0% [5]. Inventory Changes - The total coke inventory increased by 2.1%, the coke inventory of all - sample coking plants decreased by 0.4%, the coke inventory of 247 steel mills increased by 1.7%, and the port inventory increased by 4.2% [5]. Coking Coal - Related Prices and Spreads - The prices of coking coal in different regions and contracts showed little change or slight increases. The sample coal - mine profit increased by 3.84 [5]. Overseas Coal Prices - The Australian Peak Downs coking coal CIF price increased by 0.8%, and the Jingtang Port Australian prime coking coal ex - warehouse price increased by 3.9% [5]. Supply - The raw - coal production decreased by 0.3%, and the clean - coal production decreased by 0.1% [5]. Demand - The coke production of all - sample coking plants decreased by 0.2%, and the coke production of 247 steel mills increased by 0.4% [5]. Inventory Changes - The clean - coal inventory of Fenwei coal mines decreased by 2.6%, the coking - coal inventory of all - sample coking plants increased by 4.04%, the coking - coal inventory of 247 steel mills increased by 0.1%, and the port inventory decreased by 3.24% [5]. Ferrosilicon and Ferromanganese Industry Ferrosilicon Spot Prices and Spreads - The ferrosilicon main - contract closing price increased by 1.04%, and the spot prices in different regions showed different degrees of change. The spreads between different regions and the main contract also changed [6]. Ferromanganese Spot Prices and Spreads - The ferromanganese main - contract closing price increased by 0.54%, and the spot prices in different regions remained unchanged [6]. Cost and Profit - The prices of manganese ore in different origins showed little change or slight decreases. The production cost in Inner Mongolia decreased by 0.0%, and the production profit in Inner Mongolia increased by 4.4% [6]. Manganese Ore Supply - The manganese ore shipment volume increased by 35.6%, the arrival volume increased by 38.84%, and the port clearance volume decreased by 2.7% [6]. Supply - The ferrosilicon production decreased by 0.34%, and the ferromanganese weekly production increased by 0.34% [6]. Demand - The ferrosilicon demand increased by 1.2%, the ferromanganese demand increased by 0.94%, the daily average iron - water production of 247 steel mills remained unchanged, the blast - furnace operating rate decreased by 0.6%, and the production of five major steel products increased by 0.04% [6]. Inventory Changes - The ferrosilicon inventory of 60 sample enterprises increased by 5.44%, and the inventory of 63 sample enterprises remained unchanged [6].

| 项目类别 数据指标 沪铝主力合约收盘价(日,元/吨) | | 最新 24,055.00 | 环比 数据指标 -100.00↓ 氧化铝期货主力合约收盘价(日,元/吨) | 最新 2,717.00 | 环比 +45.00↑ | | --- | --- | --- | --- | --- | --- | | | 主力-连二合约价差:沪铝(日,元/吨) | -110.00 | +10.00↑ 主力-连二合约价差:氧化铝(日,元/吨) | -123.00 | -6.00↓ | | | 主力合约持仓量:沪铝(日,手) | 337,960.00 | -5263.00↓ 主力合约持仓量:氧化铝(日,手) | 489,138.00 | +2713.00↑ | | | LME铝注销仓单(日,吨) | 28,800.00 | 0.00 库存:氧化铝:合计(周,万吨) | 217,143.00 | +21062.00↑ | | 期货市场 | LME电解铝三个月报价（日，美元/吨） 沪铝前20名净持仓（日，手） | 3,115.00 -44,665.00 | +7.50↑ LME铝库存（日，吨） +3182.00↑ 沪伦比值 | ...

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - On January 22, 2026, due to the strengthening of butadiene, the cost support for BR was strong, driving a strong rebound of BR. As of the time of publication, the main contract of synthetic rubber futures, BR2603, rose by more than 4% [1] - In the short - term, BR cost is strongly supported, but the operating rate and inventory of BR are both high, and butadiene is expected to have seasonal inventory accumulation in February. Therefore, in the short - term, BR2603 may test the previous resistance level of 12,500 again. It is not recommended to short BR, and those who previously held long positions in BR2603 can choose to reduce positions and take profits around 12,500 [10] 3. Summary by Relevant Catalog Cost - side Driving Factors - **Short - term**: The current supply - demand situation of butadiene is good. Affected by the previous maintenance of devices, the domestic butadiene operating rate declined in January until late January when domestic devices gradually restarted. The downstream operating rate is relatively high. The latest inventory at the East China port of butadiene this week is about 34,500 tons, a significant decrease of 10,100 tons from last week. Due to tight domestic supply - demand and the expected decline in net imports, the price of butadiene is likely to rise and difficult to fall. The production profit of BR has changed from profit to loss, indicating strong cost support for BR [3] - **Medium - term**: There will be no new butadiene devices put into production in the first half of the year, but there is an expectation of new devices being put into production in the downstream industry in the second quarter. There will be a mismatch between production and supply - demand in the butadiene industry chain, and the second quarter is the traditional maintenance season for Northeast Asian ethylene, so the supply - demand of butadiene will be tight in the second quarter [3] Demand - side Driving Factors - The EU will not implement temporary anti - dumping measures, reducing the export pressure on Chinese tires. The overall orders of tire enterprises in January improved compared with last month. The cancellation of the planned anti - dumping tax on Chinese - made PCR by the EU on January 21, 2026 is beneficial to the export of domestic semi - steel tire enterprises. The orders for semi - steel tire exports to the EU improved significantly compared with last month. Coupled with the pre - "Spring Festival" stocking period at home and abroad, the overall orders are relatively sufficient, which supports the production scheduling of tire enterprises in January [8] Market Outlook - **Cost side**: The high inventory of butadiene at ports in the short - term has been alleviated, with weak import and strong export expectations. The price of butadiene is likely to rise and difficult to fall. In February, due to the Spring Festival holiday, the downstream operating rate will decline, and many domestic butadiene devices restarted in late January. It is expected that butadiene will enter a seasonal inventory accumulation period, suppressing the upward space of butadiene prices [10] - **Supply side**: As butadiene strengthens, the production of BR has changed from profit to loss. However, since the futures market is stronger than the spot market, the supply is expected to decline slowly, and the inventory of BR will remain at a high level in the short term [10] - **Demand side**: The orders of tire enterprises were sufficient in January, and it is expected that Chinese tires will still rush to export to the EU from January to March. BR is still much cheaper than natural rubber, maintaining high cost - effectiveness. Therefore, the demand for BR is expected to improve in the first quarter [10]

Report Industry Investment Rating - No relevant content provided Core Viewpoints - PX is expected to open higher intraday due to the overnight sharp rebound in oil prices affected by the US-Iran conflict. The industry is a bit weak. The price has limited downside space before the Spring Festival and faces pressure after the festival. Attention should be paid to the hedging of going long on PX and short on PTA, and going long on SC/MX and short on PX. The future PX supply and demand are expected to gradually weaken [5]. - For PTA, the overnight oil price rebound supports its valuation. Attention should be paid to reducing the processing fee position. The future supply and demand of PTA are both weak, and it will enter a state of inventory accumulation [6]. - MEG has valuation support below 3600, showing a range - bound market. Attention should be paid to basis and 5 - 9 calendar spread arbitrage. The supply pressure is still large, but the downside space is limited [6]. Summary by Related Catalogs Futures Market - The closing prices of PX, PTA, MEG, PF, and SC futures on the previous day were 7206, 5154, 3689, 6496, and 440.8 respectively. The price changes were - 26, 10, 15, 2, and 3.8, with price change rates of - 0.36%, 0.19%, 0.41%, 0.03%, and 0.87% respectively [2]. - The month - spreads of PX5 - 9, PTA5 - 9, MEG5 - 9, PF3 - 4, and SC2 - 3 on the previous day were 42, 44, - 117, - 40, and - 0.6 respectively, with price changes of - 18, - 8, - 10, 2, and 1.3 respectively compared with the previous day [2]. Spot Market - The spot prices of PX CFR China, PTA in East China, MEG, naphtha MOPJ, and Dated Brent on the previous day were 888.33 dollars/ton, 5085 yuan/ton, 3581 yuan/ton, 558.5 dollars/ton, and 67.43 dollars/barrel respectively. The price changes were 0.33, 75, - 14, 9.5, and - 0.57 respectively compared with the previous day [2]. - The spot processing fees of PX - naphtha spread, PTA processing fee, short - fiber processing fee, bottle - chip processing fee, and MOPJ naphtha - Dubai crude oil spread on the previous day were 330.5, 309.31, 120.64, 149.42, and - 4.34 respectively. The price changes were 4.42, - 70.31, - 21.37, 47.24, and 0 respectively compared with the previous day [2]. Fundamental Data - Crude oil: Some oil fields in Kazakhstan have not resumed production, and geopolitical uncertainties remain, leading to an increase in international oil prices. The US military is strengthening its air power in the Middle East due to high - tension relations between the US and Iran [4]. - PX: The naphtha price was weakly maintained in the late trading. The estimated price of February MOPJ was 555 dollars/ton CFR. On January 21, the PX price remained stable. In 2025, the total PX import volume in mainland China was 9.607 billion tons, a year - on - year increase of 2.4%. The import dependence rebounded slightly to around 20% [4]. - Polyester: On January 21, the sales of polyester yarn in Jiangsu and Zhejiang partially increased, with an average sales rate of about 80% by 3:30 pm. The sales rate of direct - spun polyester staple fiber declined, with an average sales rate of 78% by 3:00 pm [5]. - Trend Intensity: The trend intensities of p - xylene, PTA, and MEG are all 1 [5].

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The supply side of styrene has increased disruptions, with port de - stocking, strengthening of port basis, but price fluctuations due to expected early resumption of a large device. EB downstream开工 shows a mixed performance with inventory pressure gradually easing. The fundamentals of pure benzene have improved, with port inventory declining and downstream demand picking up, but domestic pure benzene production remains low. Overseas, attention should be paid to the implementation progress of the expected reduction of the US tariff on South Korean pure benzene [3]. 3. Summary by Relevant Catalogs 3.1 Pure Benzene and EB's Basis Structure, Inter - period Spread - Pure benzene: The main basis is - 40 yuan/ton (+37), the spot - M2 spread is - 155 yuan/ton (+20), and the spread between the first - and third - consecutive contracts is not mentioned in terms of specific data. - Styrene: The main basis is 237 yuan/ton (+95), and the spread between the first - and third - consecutive contracts is not mentioned with specific data [1]. 3.2 Pure Benzene and Styrene Production Profits, Internal and External Spreads - Pure benzene: CFR China processing fee is 175 dollars/ton (- 3 dollars/ton), FOB South Korea processing fee is 176 dollars/ton (- 4 dollars/ton), and the US - South Korea spread is 131.0 dollars/ton (- 23.0 dollars/ton). - Styrene: Non - integrated production profit is 527 yuan/ton (+141 yuan/ton), expected to gradually compress [1]. 3.3 Pure Benzene and Styrene Inventory, Operating Rate - Pure benzene: Port inventory is 29.70 million tons (- 2.70 million tons), and the operating rate remains low. - Styrene: East China port inventory is 93,500 tons (- 7,100 tons), East China commercial inventory is 58,900 tons (- 1,000 tons), and the operating rate is 70.9% (- 0.1%) [1]. 3.4 Styrene Downstream Operating Rate and Production Profit - EPS: Production profit is 30 yuan/ton (- 48 yuan/ton), and the operating rate is 54.05% (+7.34%). - PS: Production profit is - 470 yuan/ton (- 148 yuan/ton), and the operating rate is 57.40% (- 1.50%). - ABS: Production profit is - 1,157 yuan/ton (- 179 yuan/ton), and the operating rate is 69.80% (+0.00%) [2]. 3.5 Pure Benzene Downstream Operating Rate and Production Profit - Caprolactam: Production profit is - 965 yuan/ton (+25), and the operating rate is 77.17% (+2.95%). - Phenol - acetone: Production profit is - 892 yuan/ton (+27), and the operating rate is 89.00% (+3.50%). - Aniline: Production profit is 1,171 yuan/ton (+262), and the operating rate is 73.26% (+11.95%). - Adipic acid: Production profit is - 989 yuan/ton (- 68), and the operating rate is 65.30% (- 2.30%) [1]. 4. Strategy - Unilateral: Cautiously go long and hedge for EB2602 and BZ2603 at low prices - Basis and inter - period: None - Cross - varieties: None [4]