1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The basis of pure benzene at ports has weakened, and the downstream operations of pure benzene have declined to varying degrees. The inventory pressure in the CPL - PA6 - nylon industry chain and the aniline downstream MDI remains high. The pre - peak season (Golden September and Silver October) stocking is below expectations. - For styrene, the port basis rebounded slightly due to end - of - month paper cargo delivery and some traders covering short positions. However, port inventories are continuously accumulating due to high actual operations. If the September styrene maintenance is implemented, it will drag down the demand for pure benzene, and the single - side price will continue to fluctuate weakly. - Among styrene's downstream products, the operations of EPS and ABS have declined again, while PS operations continue to rise. The inventories of the three major hard - plastic products have increased, and the pre - peak season stocking is also below expectations. Styrene production profits are running weakly again [3]. 3. Summary According to Relevant Catalogs 3.1 Pure Benzene and EB's Basis Structure, Inter - Period Spreads - Pure benzene: The main contract basis is - 135 yuan/ton (- 31), and the spot - M2 paper cargo spread is - 50 yuan/ton (+ 0) [1]. - Styrene: The main contract basis is 21 yuan/ton (- 49 yuan/ton) [1]. 3.2 Pure Benzene and Styrene Production Profits, Internal and External Spreads - Pure benzene: The CFR China processing fee is 148 dollars/ton (- 5 dollars/ton), and the FOB Korea processing fee is 132 dollars/ton (- 5 dollars/ton). The US - Korea spread is 51.6 dollars/ton (- 5.0 dollars/ton) [1]. - Styrene: The non - integrated production profit is - 345 yuan/ton (- 15 yuan/ton), and it is expected to gradually shrink [1]. 3.3 Pure Benzene and Styrene Inventories, Operating Rates - Pure benzene: The port inventory is 13.80 million tons (- 0.60 million tons), and the operating rate of downstream products has declined to varying degrees. For example, the caprolactam operating rate is 89.38% (- 2.48%) [1]. - Styrene: The East China port inventory is 179,000 tons (+ 17,500 tons), the East China commercial inventory is 84,000 tons (+ 7,500 tons), and the operating rate is 78.1% (- 0.5%) [1]. 3.4 Styrene Downstream Operating Rates and Production Profits - EPS: The production profit is 337 yuan/ton (+ 0 yuan/ton), and the operating rate is 58.35% (- 2.63%) [2]. - PS: The production profit is - 43 yuan/ton (+ 24 yuan/ton), and the operating rate is 59.90% (+ 2.40%) [2]. - ABS: The production profit is - 115 yuan/ton (+ 18 yuan/ton), and the operating rate is 70.80% (- 0.30%) [2]. 3.5 Pure Benzene Downstream Operating Rates and Production Profits - Caprolactam: The production profit is - 1,710 yuan/ton (+ 50), and the operating rate is 89.38% (- 2.48%) [1]. - Phenol - acetone: The production profit is - 514 yuan/ton (+ 0), and the phenol operating rate is 76.00% (- 2.00%) [1]. - Aniline: The production profit is - 216 yuan/ton (- 12), and the operating rate is 67.55% (- 2.55%) [1]. - Adipic acid: The production profit is - 1,164 yuan/ton (+ 45), and the operating rate is 63.20% (- 2.30%) [1].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The supply pressure of asphalt is still high. In August 2025, the total planned asphalt production in China was 2.413 million tons, a month - on - month decrease of 5.1% and a year - on - year increase of 17.1%. This week, the sample capacity utilization rate decreased, and the refinery reduced production to ease supply pressure [7]. - The demand for asphalt is currently below the historical average. The construction and road - related asphalt开工率 (operating rates) are mostly lower than historical levels, although the waterproofing membrane开工率 increased slightly [7]. - The cost side shows that the daily asphalt processing profit is negative but increasing, and the delayed coking profit in Shandong is decreasing. The difference between asphalt and delayed coking profit is narrowing, and the strengthening of crude oil is expected to support prices in the short term [8]. - The basis is neutral, with the spot price at a premium to the futures price. The inventory situation is mixed, with social inventory decreasing, factory inventory increasing, and port diluted asphalt inventory decreasing. The market is expected to be in a narrow - range shock in the short term, with the asphalt 2511 contract oscillating between 3497 - 3537 [8]. - There are both positive and negative factors. The positive factor is that the relatively high cost of crude oil provides some support, while the negative factors include insufficient demand for high - priced goods and a downward trend in overall demand, along with an increasing expectation of an economic recession in Europe and the United States [10][11]. 3. Summary by Directory 3.1 Daily Views - **Supply**: In August 2025, the total planned asphalt production in China was 2.413 million tons, a month - on - month decrease of 5.1% and a year - on - year increase of 17.1%. This week, the sample capacity utilization rate was 32.838%, a month - on - month decrease of 2.40 percentage points. The total shipment of sample enterprises was 237,300 tons, a month - on - month decrease of 4.50%, and the sample enterprise production was 548,000 tons, a month - on - month decrease of 6.80%. The estimated maintenance volume of sample enterprise devices was 648,000 tons, a month - on - month increase of 11.15%. The refinery's production cut this week will reduce supply pressure in the future [7]. - **Demand**: The heavy - traffic asphalt开工率 was 30.7%, a month - on - month decrease of 0.07 percentage points; the construction asphalt开工率 was 18.2%, unchanged from the previous month; the modified asphalt开工率 was 16.9855%, a month - on - month decrease of 0.11 percentage points; the road - modified asphalt开工率 was 28.33%, a month - on - month decrease of 2.17 percentage points; the waterproofing membrane开工率 was 30.6%, a month - on - month increase of 0.90 percentage points. Overall, the current demand is below the historical average [7]. - **Cost**: The daily asphalt processing profit was - 591.75 yuan/ton, a month - on - month increase of 5.70%. The weekly delayed coking profit in Shandong was 788.4443 yuan/ton, a month - on - month decrease of 12.78%. The loss of asphalt processing increased, and the profit difference between asphalt and delayed coking decreased. The strengthening of crude oil is expected to support prices in the short term [8]. - **Basis**: On August 28, the spot price in Shandong was 3,510 yuan/ton, and the basis of the 11 - contract was 27 yuan/ton, with the spot at a premium to the futures [8]. - **Inventory**: The social inventory was 1.292 million tons, a month - on - month decrease of 3.79%. The factory inventory was 716,000 tons, a month - on - month increase of 0.70%. The port diluted asphalt inventory was 150,000 tons, a month - on - month decrease of 21.05% [8]. - **Market Outlook**: It is expected that the market will be in a narrow - range shock in the short term, with the asphalt 2511 contract oscillating between 3497 - 3537 [8]. 3.2 Asphalt Futures Market Analysis - **Basis Trend**: The report presents the historical trends of the Shandong and East China asphalt basis from 2020 - 2025, which helps investors understand the relationship between spot and futures prices [18]. - **Spread Analysis** - **主力合约价差 (Main Contract Spread)**: The historical trends of the 1 - 6 and 6 - 12 contract spreads from 2020 - 2025 are shown, which can assist in analyzing market structure and arbitrage opportunities [22]. - **沥青原油价格走势 (Asphalt - Crude Oil Price Trend)**: The historical price trends of asphalt, Brent oil, and West Texas Intermediate (WTI) oil from 2020 - 2025 are presented, reflecting the relationship between asphalt and crude oil prices [25]. - **原油裂解价差 (Crude Oil Cracking Spread)**: The historical trends of asphalt - SC, asphalt - WTI, and asphalt - Brent cracking spreads from 2020 - 2025 are shown, which can help analyze the profitability of asphalt production [28]. - **沥青、原油、燃料油比价走势 (Asphalt - Crude Oil - Fuel Oil Price Ratio)**: The historical trends of the asphalt - SC and asphalt - fuel oil price ratios from 2020 - 2025 are presented, which can assist in analyzing the relative price relationships between different energy products [33]. 3.3 Asphalt Spot Market Analysis - The report shows the historical price trends of Shandong heavy - traffic asphalt from 2020 - 2025, which helps investors understand the regional asphalt spot market [35]. 3.4 Asphalt Fundamental Analysis - **Profit Analysis** - **沥青利润 (Asphalt Profit)**: The historical trends of asphalt profit from 2019 - 2025 are presented, which can help analyze the profitability of the asphalt industry [37]. - **焦化沥青利润价差走势 (Coking - Asphalt Profit Spread)**: The historical trends of the coking - asphalt profit spread from 2020 - 2025 are shown, which can assist in analyzing the profit differences between different production processes [41]. - **Supply - Side Analysis** - **出货量 (Shipment Volume)**: The historical trends of small - sample asphalt enterprise shipment volume from 2020 - 2025 are presented, which can help analyze the supply situation from the perspective of sales [44]. - **稀释沥青港口库存 (Diluted Asphalt Port Inventory)**: The historical trends of domestic diluted asphalt port inventory from 2021 - 2025 are shown, which can assist in analyzing the supply situation from the perspective of inventory [46]. - **产量 (Production)**: The historical trends of weekly and monthly asphalt production from 2019 - 2025 are presented, which can help analyze the overall supply situation [49]. - **马瑞原油价格及委内瑞拉原油月产量走势 (Marine - derived Crude Oil Price and Venezuelan Crude Oil Monthly Production)**: The historical trends of Marine - derived crude oil price and Venezuelan crude oil monthly production from 2018 - 2025 are shown, which can assist in analyzing the impact of raw material supply on asphalt production [53]. - **地炼沥青产量 (Local Refinery Asphalt Production)**: The historical trends of local refinery asphalt production from 2019 - 2025 are presented, which can help analyze the supply contribution of local refineries [55]. - **开工率 (Operating Rate)**: The historical trends of asphalt capacity utilization rate from 2021 - 2025 are shown, which can assist in analyzing the production activity level of the asphalt industry [58]. - **检修损失量预估 (Estimated Maintenance Loss)**: The historical trends of estimated maintenance loss from 2018 - 2025 are presented, which can help analyze the impact of refinery maintenance on supply [60]. - **Inventory Analysis** - **交易所仓单 (Exchange Warehouse Receipts)**: The historical trends of exchange warehouse receipts (total, social inventory, and factory inventory) from 2019 - 2025 are presented, which can assist in analyzing market supply and demand expectations [64]. - **社会库存和厂内库存 (Social Inventory and Factory Inventory)**: The historical trends of social inventory (70 - sample) and factory inventory (54 - sample) from 2022 - 2025 are shown, which can help analyze the inventory distribution and market supply and demand situation [67]. - **厂内库存存货比 (Factory Inventory - Stock Ratio)**: The historical trends of the factory inventory - stock ratio from 2018 - 2025 are presented, which can assist in analyzing the inventory management efficiency of factories [70]. - **进出口情况 (Import - Export Situation)** - **沥青出口走势 (Asphalt Export Trend)**: The historical trends of asphalt export from 2019 - 2025 are presented, which can help analyze the international market demand for domestic asphalt [73]. - **沥青进口走势 (Asphalt Import Trend)**: The historical trends of asphalt import from 2019 - 2025 are shown, which can assist in analyzing the impact of international supply on the domestic market [73]. - **韩国沥青进口价差走势 (Korean Asphalt Import Price Spread)**: The historical trends of the Korean asphalt import price spread from 2020 - 2025 are presented, which can help analyze the cost - effectiveness of imported asphalt [76]. - **Demand - Side Analysis** - **石油焦产量 (Petroleum Coke Production)**: The historical trends of petroleum coke production from 2019 - 2025 are presented, which can assist in analyzing the demand for asphalt in related industries [79]. - **表观消费量 (Apparent Consumption)**: The historical trends of asphalt apparent consumption from 2019 - 2025 are shown, which can help analyze the overall market demand [82]. - **下游需求 (Downstream Demand)** - **公路建设交通固定资产走势 (Highway Construction Fixed - Asset Investment)**: The historical trends of highway construction fixed - asset investment from 2020 - 2025 are presented, which can assist in analyzing the demand for asphalt in highway construction [85]. - **新增地方专项债走势 (New Local Special Bonds)**: The historical trends of new local special bonds from 2019 - 2025 are shown, which can help analyze the financial support for infrastructure construction and asphalt demand [86]. - **基础建设投资完成额同比 (Year - on - Year Growth of Infrastructure Investment Completion)**: The historical trends of the year - on - year growth of infrastructure investment completion from 2020 - 2024 are presented, which can assist in analyzing the overall infrastructure construction situation and asphalt demand [86]. - **下游机械需求走势 (Downstream Machinery Demand)**: The historical trends of asphalt concrete paver sales, excavator monthly operating hours, and domestic excavator sales from 2020 - 2025 are shown, which can help analyze the demand for asphalt in construction projects [89]. - **压路机销量走势 (Roller Sales)**: The historical trends of roller sales from 2019 - 2025 are presented, which can assist in analyzing the demand for asphalt in road compaction [91]. - **沥青开工率 (Asphalt Operating Rate)** - **重交沥青开工率 (Heavy - Traffic Asphalt Operating Rate)**: The historical trends of heavy - traffic asphalt operating rate from 2019 - 2025 are presented, which can help analyze the production activity level of heavy - traffic asphalt [94]. - **按用途分沥青开工率 (Asphalt Operating Rate by Use)**: The historical trends of construction asphalt and modified asphalt operating rates from 2019 - 2025 are shown, which can assist in analyzing the production activity levels of different types of asphalt [97]. - **下游开工情况 (Downstream Operating Conditions)** - **鞋材用sbs改性沥青开工率 (SBS - Modified Asphalt Operating Rate for Footwear)**: The historical trends of SBS - modified asphalt operating rate for footwear from 2019 - 2025 are presented, which can help analyze the demand for asphalt in the footwear industry [100]. - **道路改性沥青开工率 (Road - Modified Asphalt Operating Rate)**: The historical trends of road - modified asphalt operating rate from 2019 - 2025 are shown, which can assist in analyzing the demand for asphalt in road construction [100]. - **防水卷材改性沥青开工率 (Waterproofing Membrane - Modified Asphalt Operating Rate)**: The historical trends of waterproofing membrane - modified asphalt operating rate from 2019 - 2025 are presented, which can help analyze the demand for asphalt in the waterproofing membrane industry [102]. - **供需平衡表 (Supply - Demand Balance Sheet)**: The report provides the monthly asphalt supply - demand balance sheet from January 2024 to August 2025, including data on production, import, export, inventory, and downstream demand, which can help comprehensively analyze the market supply - demand situation [105].

1. Report Industry Investment Rating - There is no clear industry investment rating provided in the report. 2. Core Views of the Report - For pure benzene, port inventory is declining slightly from a high level, but the absolute level remains high. The port basis is expected to strengthen further. Korean aromatics plants are under maintenance, and the monthly import pressure is not increasing. However, attention should be paid to the large inventory pressure in the CPL - PA6 - nylon产业链 and the MDI inventory pressure in the aniline downstream. The performance during the "Golden September and Silver October" season for downstream industries should be monitored [3]. - For styrene, the port basis rebounded slightly due to some traders covering short positions at the end of the month. However, port inventory is continuously accumulating due to high current operating rates. There will be more maintenance in September, and the rate of destocking in September should be monitored. This will also drag down the demand for pure benzene, so there is limited support for the single - side price. In the downstream of EB, the operating rates of EPS and PS continue to rise, but their inventories do not show further destocking, indicating slow downstream follow - up. ABS maintains a state of high inventory and low operating rate. The performance during the "Golden September and Silver October" season for downstream industries should be monitored [3]. 3. Summary According to the Directory 3.1 Pure Benzene and EB's Basis Structure and Inter - period Spreads - Pure benzene: The main basis is - 104 yuan/ton (- 3), and the spot - M2 spread is - 45 yuan/ton (- 5 yuan/ton). There are also data on the spread between the first - and third - month contracts [1]. - Styrene: The main basis is 70 yuan/ton (+ 2 yuan/ton), and there are data on the spread between the first - and third - month contracts [1]. 3.2 Production Profits and Internal - External Spreads of Pure Benzene and Styrene - Pure benzene: The CFR China processing fee is 150 dollars/ton (- 9 dollars/ton), the FOB Korea processing fee is 135 dollars/ton (- 8 dollars/ton), and the US - Korea spread is 45.6 dollars/ton (- 15.1 dollars/ton). There are also data on import profits [1]. - Styrene: The non - integrated production profit is - 326 yuan/ton (- 48 yuan/ton), and there are data on import profits [1]. 3.3 Inventories and Operating Rates of Pure Benzene and Styrene - Pure benzene: The port inventory is 13.80 million tons (- 0.60 million tons), and the operating rate is not specifically mentioned in the text, but the downstream comprehensive operating rate is relatively high [1]. - Styrene: The East China port inventory is 179,000 tons (+ 17,500 tons), the East China commercial inventory is 84,000 tons (+ 7,500 tons), and the operating rate is 78.5% (+ 0.4%) [1]. 3.4 Operating Rates and Production Profits of Styrene Downstream - EPS: The production profit is 282 yuan/ton (+ 84 yuan/ton), and the operating rate is 60.98% (+ 2.90%) [2]. - PS: The production profit is - 68 yuan/ton (+ 34 yuan/ton), and the operating rate is 57.50% (+ 1.10%) [2]. - ABS: The production profit is - 132 yuan/ton (+ 88 yuan/ton), and the operating rate is 71.10% (+ 0.00%) [2]. 3.5 Operating Rates and Production Profits of Pure Benzene Downstream - Caprolactam: The production profit is - 1760 yuan/ton (+ 45), and the operating rate is 91.86% (- 1.86%) [1]. - Phenol - acetone: The production profit is - 514 yuan/ton (+ 113), and the operating rate is 78.00% (+ 1.00%) [1]. - Aniline: The production profit is - 204 yuan/ton (- 43), and the operating rate is 70.10% (- 1.47%) [1]. - Adipic acid: The production profit is - 1209 yuan/ton (+ 41), and the operating rate is 65.50% (+ 3.80%) [1]. 3.6 Strategies - Single - side: Hold a wait - and - see attitude towards pure benzene and styrene. - Basis and inter - period: Hold a wait - and - see attitude. - Cross - variety: Expand the EB - BZ spread on dips in the short term [4].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Korean petrochemical companies may cut 270 - 370 million tons of naphtha cracking capacity, potentially affecting EB supply more than BZ as Korean styrene accounts for 16% of overseas styrene capacity while Korean cracked pure benzene only accounts for 3.5% of overseas pure benzene capacity [3]. - For pure benzene, port inventory is slightly decreasing from a high level but still at a high absolute level, and the port basis is waiting to strengthen further. Attention should be paid to the inventory pressure in the CPL - PA6 - nylon industry chain and the MDI inventory pressure in the aniline downstream [3]. - For styrene, port inventory is accumulating due to high current operating rates, but there are concentrated maintenance plans in September, which may lead to destocking. The operating rates of EPS and PS in the downstream continue to rise, but inventory has not continued to decline, indicating slow downstream follow - up, and ABS maintains a state of high inventory and low operating rate [3]. Summary by Directory I. Pure Benzene and EB's Basis Structure and Inter - Period Spreads - Figures include pure benzene's main contract basis, spot - M2 paper cargo spread, and inter - period spreads between contracts, as well as EB's main contract basis and inter - period spreads [9][13][17] II. Pure Benzene and Styrene Production Profits and Domestic - Foreign Spreads - Figures cover naphtha processing fees, pure benzene's FOB spreads in different regions, styrene's non - integrated production profits, and import profits of pure benzene and styrene [20][23][33] III. Pure Benzene and Styrene Inventory and Operating Rates - Figures show pure benzene's East China port inventory and operating rate, and styrene's East China port inventory, commercial inventory, factory inventory, and operating rate [40][42][45] IV. Styrene Downstream Operating Rates and Production Profits - Figures present the operating rates and production profits of EPS, PS, and ABS in the styrene downstream [52][54][57] V. Pure Benzene Downstream Operating Rates and Production Profits - Figures display the operating rates and production profits of caprolactam, phenol - acetone, aniline, adipic acid, and other downstream products of pure benzene [60][67][71]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The short - term price fluctuations are large, and the market will operate weakly with oscillations [4] Group 3: Summary According to the Content Steel Production and Utilization Rates - Last week, the blast furnace iron - making capacity utilization rate of 247 steel mills was 90.25%, a 0.03 - percentage - point increase from the previous week; the steel mill profitability rate was 64.94%, a 0.86 - percentage - point decrease; the daily average pig iron output was 240.75 tons, a 0.09 - ton increase [3] - The average capacity utilization rate of 90 independent electric arc furnace steel mills nationwide was 56.67%, a 0.72 - percentage - point decrease from the previous week and a 22.48 - percentage - point increase year - on - year. The average operating rate was 75.69%, a 0.69 - percentage - point decrease from the previous week and a 24.72 - percentage - point increase year - on - year [3] - Among 87 section steel production lines in Tangshan, 15 were actually in operation, with an overall operating rate of 25.42%, a 27.12% decrease from the previous week; the capacity utilization rate was 49.23%, a 0.89% increase from the previous week [3] Steel Mill Maintenance Plans - According to the survey, 45% of steel mills in Tangshan, Hebei plan to conduct maintenance in the short - term but are waiting for notice, 32% have confirmed maintenance, and 23% will not conduct maintenance. The known daily average impact on pig iron output in Tangshan, Hebei is about 4.18 tons, with a total pig iron volume of 37 - 45 tons [3] Steel Price - Over the weekend, the ex - factory tax - included price of common billet resources in Qian'an, Tangshan increased by 20 yuan/ton to 3040 yuan/ton [3] Market Situation - Last week, the finished steel market mainly oscillated and corrected, returning to the fundamental trading logic. Although there were production restrictions on the supply side, downstream demand remained weak. As September approaches, construction sites in the Beijing - Tianjin - Hebei region will face stricter shutdowns, and short - term demand is difficult to improve [3] Factors to Watch - Macro policies, supply - side production reduction, and downstream demand [5]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - South Korean petrochemical companies may cut 2.7 - 3.7 million tons of naphtha cracking capacity, which boosts the downstream prices of domestic olefin derivatives. South Korea's cracked pure benzene accounts for 3.5% of the total overseas pure benzene capacity, and its styrene accounts for 16% of overseas styrene capacity, potentially supporting overseas styrene prices. However, both products face significant inventory pressure, and the spread may have a greater impact on EB supply than BZ [3]. - The high - level inventory of pure benzene at ports has slightly declined. The basis of pure benzene has recently stabilized and strengthened slightly. With South Korean aromatics undergoing maintenance from August to September, the import pressure has not increased further. The overall downstream开工 rate remains relatively high, driving the de - stocking of pure benzene, but the de - stocking amplitude is expected to be limited [3]. - The port inventory of styrene has accumulated again. The downstream EPS and PS开工 rates continue to rise, but the inventory of EPS and PS has not continued to decline further, and ABS still maintains a state of high inventory and low开工 rate. The actual inventory pressure of EB still exists [3]. Summary by Directory 1. Pure Benzene and EB's Basis Structure and Inter - Period Spread - The pure benzene main contract basis is - 110 yuan/ton (+0), and the styrene main contract basis is 26 yuan/ton (+31 yuan/ton). The spread between East China pure benzene spot and M2 is 0 yuan/ton (-10 yuan/ton) [1]. 2. Production Profits and Internal - External Spreads of Pure Benzene and Styrene - Pure benzene: CFR China processing fee is 173 dollars/ton (+0 dollars/ton), FOB South Korea processing fee is 157 dollars/ton (-1 dollar/ton), and the US - South Korea spread is 51.6 dollars/ton (-3.0 dollars/ton). Downstream production profits: caprolactam is - 1845 yuan/ton (-25), phenol - acetone is - 701 yuan/ton (+50), aniline is - 204 yuan/ton (-43), and adipic acid is - 1331 yuan/ton (+5) [1]. - Styrene: Non - integrated production profit is - 298 yuan/ton (+45 yuan/ton), and it is expected to gradually compress [1]. 3. Inventory and Operating Rates of Pure Benzene and Styrene - Pure benzene: Port inventory is 14.40 million tons (-0.20 million tons), and the开工 rate of downstream products varies. Caprolactam开工 rate is 91.86% (-1.86%), phenol开工 rate is 78.00% (+1.00%), aniline开工 rate is 70.10% (-1.47%), and adipic acid开工 rate is 65.50% (+3.80%) [1]. - Styrene: East China port inventory is 161,500 tons (+12,700 tons), East China commercial inventory is 76,500 tons (+7,000 tons), and the开工 rate is 78.5% (+0.4%) [1]. 4. Operating Rates and Production Profits of Styrene Downstream - EPS production profit is 58 yuan/ton (-35 yuan/ton), PS production profit is - 122 yuan/ton (-15 yuan/ton), ABS production profit is - 88 yuan/ton (-39 yuan/ton). EPS开工 rate is 60.98% (+2.90%), PS开工 rate is 57.50% (+1.10%), and ABS开工 rate is 71.10% (+0.00%) [2]. 5. Operating Rates and Production Profits of Pure Benzene Downstream - Caprolactam production profit is - 1845 yuan/ton (-25), phenol - acetone production profit is - 701 yuan/ton (+50), aniline production profit is - 204 yuan/ton (-43), and adipic acid production profit is - 1331 yuan/ton (+5) [1]. Strategies - Unilateral: Hold a wait - and - see attitude towards both pure benzene and styrene [4]. - Basis and Inter - Period: Hold a wait - and - see attitude [4]. - Cross - Variety: Expand the EB - BZ spread on dips in the short term, as the reduction of South Korean cracking capacity has a greater impact on EB than BZ [4].

1. Report Industry Investment Ratings No investment ratings are provided in the reports. 2. Core Views of the Reports Chlor - alkali Industry - **Caustic Soda**: The caustic soda futures market strengthened, but the supply is expected to increase with more devices resuming and fewer maintenance plans. The rebound height is limited, and the 01 contract is expected to fluctuate between 2500 - 2700. It is recommended to wait and see [2]. - **PVC**: The supply of PVC is under pressure due to new capacity releases, while the downstream demand shows no sign of improvement. The industry is in the off - season, and it is recommended to take a bearish view [2]. Crude Oil Industry - The overnight oil price rebounded, driven by short - term supply - demand factors such as a large drop in US EIA inventory and strong terminal demand. However, there is still short - term supply pressure due to the increase in Cushing inventory and OPEC + production. It is recommended to wait and see on the long - short side, and consider expanding the 10 - 11/12 month spread on the inter - month side [5]. Methanol Industry - The methanol market has high port inventory due to large imports. The demand is differentiated, with traditional sectors weak and MTO profit improving. The 09 contract has significant inventory accumulation, while the 01 contract is supported by seasonal factors and Iranian gas - limit expectations [9][11][12]. Pure Benzene - Styrene Industry - **Pure Benzene**: The short - term price has some support due to expected improvement in supply - demand and lower port arrivals in August, but the medium - term supply is sufficient, and the rebound drive is limited. - **Styrene**: The short - term supply is high, but the demand has improved with the increase in downstream 3S load and export expectations. The price has support at the low level, but the rebound space is limited [16]. Urea Industry - The urea price fluctuated, mainly driven by export sentiment and inventory pressure. The fundamentals have limited changes, with increased daily production and weak agricultural demand. The market is expected to be volatile [19]. Polyester Industry Chain - **PX**: The supply is expected to increase as some domestic PX plants restart. The short - term price has support, and it is recommended to trade it in the range of 6600 - 6900 and expand the PX - SC spread [50]. - **PTA**: The short - term supply - demand has improved, but the medium - term is under pressure. It is recommended to trade it in the range of 4600 - 4800 and do reverse arbitrage on TA1 - 5 [50]. - **Ethylene Glycol**: The supply and demand are neutral to positive in the short - term, and it is expected to be volatile and strong. It is recommended to trade the EG01 contract in the range of 4350 - 4550 [50]. - **Short - fiber**: The price has some support due to the approaching peak season, but the rebound drive is limited. It is recommended to pay attention to the pressure above 6500 for the PF10 contract [50]. - **Bottle Chip**: The processing fee has support, and the absolute price follows the cost. It is recommended to go long on the processing fee at low levels [50]. Polyolefin Industry - The PP/PE market shows a pattern of both supply and demand increasing, with inventory depletion. The supply pressure is easing, and demand is showing signs of recovery. It is recommended to hold the LP 01 contract as the market fluctuates in the short - term [54]. 3. Summary According to Related Catalogs Chlor - alkali Industry - **Price and Spread**: The prices of caustic soda and PVC showed different trends. The export profit of caustic soda decreased, while the PVC export profit increased [2]. - **Supply**: The caustic soda industry's operating rate decreased slightly, while the PVC total operating rate increased [2]. - **Demand**: The downstream operating rates of caustic soda and PVC showed some improvement [2]. - **Inventory**: The inventory of caustic soda and PVC showed different trends, with an increase in some and a decrease in others [2]. Crude Oil Industry - **Price and Spread**: Brent, WTI, and SC prices changed, and the spreads between different contracts and varieties also changed [5]. - **Supply - Demand**: The US EIA inventory decreased significantly, but Cushing inventory increased, and OPEC + production increased [5]. Methanol Industry - **Price and Spread**: The methanol futures and spot prices increased, and the spreads between different contracts and regions also changed [9]. - **Inventory**: The methanol enterprise, port, and social inventories all increased [10]. - **Operating Rate**: The upstream domestic operating rate decreased slightly, while the overseas operating rate increased slightly. The downstream MTO operating rate increased [11]. Pure Benzene - Styrene Industry - **Price and Spread**: The prices of pure benzene, styrene, and their raw materials changed, and the spreads between different varieties also changed [16]. - **Inventory**: The pure benzene inventory in Jiangsu ports decreased slightly, while the styrene inventory increased [16]. - **Operating Rate**: The operating rates of pure benzene, styrene, and their downstream products showed different trends [16]. Urea Industry - **Price and Spread**: The urea futures and spot prices changed, and the spreads between different contracts and varieties also changed [19]. - **Supply - Demand**: The domestic urea daily production decreased slightly, and the inventory in some areas changed [19]. - **Position and Volume**: The long and short positions of the top 20 increased, and the trading volume increased significantly [19]. Polyester Industry Chain - **Price and Spread**: The prices of raw materials such as crude oil, PX, and downstream polyester products changed, and the spreads between different varieties also changed [50]. - **Operating Rate**: The operating rates of PX, PTA, and downstream polyester products showed different trends [50]. - **Inventory**: The MEG port inventory decreased, and the PTA inventory situation was also mentioned [50]. Polyolefin Industry - **Price and Spread**: The prices of LLDPE and PP futures and spot changed, and the spreads between different contracts and regions also changed [54]. - **Operating Rate**: The operating rates of PE and PP plants and their downstream industries showed different trends [54]. - **Inventory**: The PE and PP enterprise and social inventories showed different trends [54].

Group 1: Report Summary - The short - term supply of pure benzene in China is expected to exceed demand, putting pressure on prices; in the medium - to - long - term, the supply - demand contradiction may improve as new downstream capacity in August is higher than that of pure benzene [2] - The supply of crude oil exceeds demand, and international oil prices are expected to fluctuate weakly due to positive signals from Russia - Ukraine peace talks [2] - Technically, for BZ2603, attention should be paid to the support around 6100 and the pressure around 6300 [2] Group 2: Market Data Futures Market - The closing price of the main pure benzene contract is 6205 yuan/ton, up 23 yuan; the settlement price is 6177 yuan/ton, down 13 yuan [2] - The trading volume of the main pure benzene contract is 11282 lots, up 7924 lots; the open interest is 13106 lots, down 877 lots [2] Spot Market - The mainstream price of pure benzene in the East China market is 6250 yuan/ton, unchanged; in the South China market, it is 6095 yuan/ton, down 5 yuan [2] - The FOB mid - price of pure benzene in South Korea is 732 US dollars/ton, unchanged; the CFR mid - price of pure benzene in China is 746.5 US dollars/ton, unchanged [2] Upstream Situation - The spot price of Brent DTD crude oil is 67.6 US dollars/barrel, unchanged; the CFR mid - price of naphtha in Japan is 574.5 US dollars/ton, up 3.75 US dollars [2] Industry Situation - The capacity utilization rate of pure benzene is 78.14%, up 0.13%; the weekly output is 44.52 tons, down 0.08 tons [2] - The port inventory of pure benzene is 14.6 tons, down 1.7 tons; the production cost is 5327.8 yuan/ton, down 118.2 yuan [2] - The production profit of pure benzene is 737 yuan/ton, up 76 yuan [2] Downstream Situation - The开工率 of styrene is 78.18%, up 0.45%; the capacity utilization rate of caprolactam is 95.72%, up 6.41% [2] - The capacity utilization rate of phenol is 78.54%, down 0.46%; the capacity utilization rate of aniline is 69.24%, down 0.1% [2] - The capacity utilization rate of adipic acid is 64.3%, up 2% [2] Group 3: Industry News - China will comprehensively rectify the petrochemical and refining industries, phasing out small facilities and upgrading backward capacity while directing investment towards advanced materials [2] - From August 8 - 14, the profit of petroleum benzene in China was 689 yuan/ton, up 113 yuan/ton; the BZ2603 fluctuated widely and closed at 6205 yuan/ton [2] - As of August 18, the commercial inventory of pure benzene in Jiangsu ports was 14.4 tons, down 1.37% [2]

Report Investment Ratings No investment ratings for the industries are provided in the reports. Core Views - **Urea**: The current core driver of the futures market is the strong expectation of the substantial relaxation of export policies, which has been realized. China may resume urea exports to India, opening up an incremental market window. The policy window requires concentrated exports by the end of September, which coincides with the domestic autumn storage period, creating a demand resonance. The overall market is expected to oscillate strongly in the short term [1]. - **Polyester Industry Chain**: For PX, domestic supply is expected to increase as some maintenance devices gradually restart, and the absolute price rebound space is limited. PTA's short - term basis is supported, but the upward space is limited. For ethylene glycol, the supply and demand are expected to be balanced with minor fluctuations in August. Short - fiber supply and demand both increase slightly, and prices are expected to oscillate within a certain range. Bottle - chip prices follow the cost end, and the processing fee space depends on demand [4]. - **Methanol**: The port inventory is at a relatively high level year - on - year due to high imports in August. The demand is differentiated, with the traditional sector remaining weak and MTO profits recovering. The 09 contract is facing significant inventory accumulation, while the 01 contract is supported by seasonal peak season and gas - limit expectations [11]. - **Chlor - alkali Industry**: For caustic soda, the market sentiment is weakening, and the supply is expected to increase. For PVC, the supply - demand pressure remains high due to new capacity release and weak demand [20]. - **Polyolefin**: In the static view, the supply and demand of PP/PE both increase, inventory is being destocked, and the basis is weak. Strategically, the market is expected to oscillate in the short term [23]. - **Pure Benzene - Styrene**: For pure benzene, the supply is expected to improve in the third quarter, and short - term prices are supported, but it is under pressure in the medium - term. For styrene, the supply is high, but there are maintenance expectations as profits are compressed, and the downstream load is rising [32]. - **Crude Oil**: Overnight oil prices were weak, mainly driven by geopolitical expectations. In the short term, oil prices are expected to continue to oscillate weakly, and it is recommended to expand the spread between October - November/December contracts [35]. Summaries by Catalog Urea - **Futures Prices**: On August 19, the 01 contract closed at 1817 yuan/ton, up 3.59% from the previous day; the 05 contract closed at 1839 yuan/ton; the 09 contract closed at 1783 yuan/ton. The main methanol contract closed at 2391 yuan/ton, down 0.21% [1]. - **Futures Spreads**: The spread between the 01 and 05 contracts was - 36 yuan/ton, up 38.89%; the spread between the 05 and 09 contracts was 56 yuan/ton, down 5.08% [1]. - **Positions**: The long positions of the top 20 increased by 12.03%, and the short positions of the top 20 increased by 16.18% [1]. - **Upstream Raw Materials**: The prices of anthracite small pieces and动力煤坑口 remained unchanged, while the price of动力煤港口 decreased by 0.47% [1]. - **Spot Prices**: The spot prices of small - particle urea in various regions remained unchanged [1]. - **Downstream Products**: The price of melamine in Shandong increased by 0.60%, while the prices of compound fertilizers remained stable [1]. - **Supply - Demand**: The daily domestic urea production was 19.12 million tons, down 0.78%; the weekly production was 132.85 million tons, up 1.51% [1]. Polyester Industry Chain - **Upstream Prices**: Brent crude oil (October) was at $65.79/barrel, down 1.2%; WTI crude oil (September) was at $62.35/barrel, down 1.7% [4]. - **PX - Related**: CFR China PX was at $835/ton, up 0.2%. The PX basis (11) decreased by 44.1% [4]. - **PTA - Related**: The PTA East China spot price was 4690 yuan/ton, up 0.4%. The PTA basis (01) increased by 42.1% [4]. - **MEG - Related**: The MEG East China spot price was 4458 yuan/ton, up 0.4%. The MEG basis (09) decreased by 30.6% [4]. - **Downstream Products**: The prices of POY150/48, FDY150/96, and other polyester products showed different changes, and the cash - flows and processing fees also varied [4]. - **Inventory and开工率**: MEG port inventory was 54.1 million tons, and the polyester industry chain's various开工 rates showed different trends [4]. Methanol - **Prices and Spreads**: On August 19, the MA2601 contract closed at 2391 yuan/ton, down 0.21%. The太仓基差 was - 5 yuan/ton, down 171.43% [8]. - **Inventory**: The methanol enterprise inventory was 29.5573 million tons, up 0.64%; the port inventory was 102.2 million tons, up 10.41% [10]. - **开工率**: The upstream domestic enterprise开工率 was 72.63%, down 0.74%; the downstream外采MTO装置开工率 was 76.92%, up 0.68% [11]. Chlor - alkali Industry - **Prices**: The price of Shandong 32% caustic soda remained unchanged, while the price of Shandong 50% caustic soda increased by 0.8%. The price of East China PVC decreased [14]. - **开工率**: The caustic soda industry开工率 was 87.3%, down 2.0%; the PVC总开工率 was 78.8%, up 1.4% [17]. - **Profits**: The外采电石法PVC利润 was - 562 yuan/ton, down 3.7%; the西北一体化利润 was 278.8 yuan/ton, down 5.1% [17]. - **Demand**: The开工 rates of caustic soda's downstream industries such as alumina and viscose staple fiber increased slightly, while PVC's downstream product开工 rates showed different trends [18][19]. - **Inventory**: The caustic soda inventory in East China factories and Shandong increased, while the PVC upstream factory inventory decreased slightly [20]. Polyolefin - **Prices**: The L2601 contract closed at 7307 yuan/ton, down 0.37%; the PP2601 contract closed at 7016 yuan/ton, down 0.45% [23]. - **Inventory**: PE enterprise inventory was 44.5 million tons, down 13.76%; PP贸易商库存 was 18.0 million tons, down 4.06% [23]. - **开工率**: The PE装置开工率 was 77.8%, down 2.10%; the PP装置开工率 was 76.6%, down 1.1% [23]. Pure Benzene - Styrene - **Upstream Prices**: Brent crude oil (October) was at $65.79/barrel, down 1.2%; CFR China pure benzene was at $747/ton, unchanged [29]. - **Benzene - Styrene Prices**: The East China spot price of styrene was 7280 yuan/ton, down 0.1% [29]. - **Inventory**: The pure benzene inventory in Jiangsu ports was 14.40 million tons, down 1.4%; the styrene inventory in Jiangsu ports was 16.15 million tons, up 8.5% [31]. - **开工率**: The Asian pure benzene开工率 was 75.7%, down 0.4%; the styrene开工率 was 78.2%, up 0.6% [32]. Crude Oil - **Prices**: Brent crude oil was at $65.79/barrel, down 1.2%; WTI crude oil was at $62.60/barrel, up 0.4% [35]. - **Spreads**: Brent M1 - M3 was at $0.88, down 14%; WTI M1 - M3 was at $0.92, up 4.5% [35]. - **Refined Oil**: The prices of NYM RBOB, NYM ULSD, and ICE Gasoil showed different changes, and the cracking spreads also varied [35].

1. Report Industry Investment Rating No information provided. 2. Core View of the Report - Pure benzene port inventory continues to decline slightly, and its basis has stabilized and strengthened recently. From August to September, there are maintenance plans for aromatics in South Korea, and the import pressure has not increased further. The overall downstream operating rate remains high, and the demand is at a seasonal high, which drives the de - stocking of pure benzene, but the de - stocking range is expected to be limited. - For styrene, the port inventory did not continue to decline at the beginning of the week, and the port pickup volume did not continue to increase. Among the downstream products, the operating rates of EPS and PS have rebounded, and their inventory pressures have been relieved, while ABS still maintains a state of high inventory and low operating rate [3]. 3. Summary According to the Directory I. Pure Benzene and EB's Basis Structure, Inter - Period Spread - Pure benzene's main basis is - 87 yuan/ton (+4), and the spot - M2 spread is 5 yuan/ton (+0). Styrene's main basis is 54 yuan/ton (+14) [1]. II. Pure Benzene and Styrene Production Profits, Domestic and Foreign Spreads - Pure benzene's CFR China processing fee is 176 dollars/ton (+0), and FOB South Korea processing fee is 161 dollars/ton (+0). The profit of styrene's non - integrated production is - 327 yuan/ton (+10), and it is expected to gradually compress [1]. III. Pure Benzene and Styrene Inventory, Operating Rate - Pure benzene port inventory is 14.40 tons (- 0.20), and styrene's East China port inventory is 161,500 tons (+12,700), in the inventory rebuilding stage. The operating rate of pure benzene downstream such as caprolactam is 93.72% (+5.31), and styrene's operating rate is 78.2% (+0.5) [1]. IV. Styrene Downstream Operating Rate and Production Profit - Among styrene's downstream products, EPS production profit is 93 yuan/ton (- 160), PS production profit is - 107 yuan/ton (- 60), and ABS production profit is - 66 yuan/ton (+2). EPS operating rate is 58.08% (+14.41), PS operating rate is 56.70% (+1.70), and ABS operating rate is 71.10% (+0) [2]. V. Pure Benzene Downstream Operating Rate and Production Profit - For pure benzene's downstream products, caprolactam production profit is - 1795 yuan/ton (+0), phenol - acetone production profit is - 751 yuan/ton (- 62), aniline production profit is - 161 yuan/ton (- 262), and adipic acid production profit is - 1386 yuan/ton (+0) [1]. 4. Strategy - **Single - side**: Hold a wait - and - see attitude towards pure benzene and styrene. - **Basis and Inter - period**: Carry out positive arbitrage, buy near - month BZ paper goods and sell BZ2603 futures. - **Cross - variety**: Expand the BZN processing fee when it is low in the peak season. Hold a wait - and - see attitude towards the EB - BZ spread [4].