Report Industry Investment Rating - No investment rating provided in the report Core Viewpoints - The Middle East geopolitical situation is complex and volatile, causing significant fluctuations in international crude oil prices at high levels. Domestic polyester bottle chip production has declined, and many bottle chip factories have declared force majeure, while the demand side maintains rigid demand. Affected by the raw material side, the polyester bottle chip market price fluctuates widely. Attention should be paid to the development of the Middle East geopolitical situation [1] Summary by Directory Market Review - On Tuesday night, the main contract fell by 2 yuan to 8,272 yuan/ton. The price of East China water bottle-grade bottle chips was 8,520 yuan/ton (-115), and the price of South China bottle chips was 8,650 yuan/ton (-200). In terms of positions, long positions decreased by 6,382 lots to 48,800 lots, and short positions decreased by 7,797 lots to 49,000 lots [1] Important Information - In terms of supply, cost, and profit, domestic polyester bottle chip production was 331,400 tons, a week-on-week decrease of 6,000 tons. The weekly average capacity utilization rate of domestic polyester bottle chips was 71.5%, a week-on-week decrease of 1.3%. The production cost of polyester bottle chips was 7,426 yuan, a week-on-week decrease of 92 yuan/ton. The weekly production profit of polyester bottle chips was 427 yuan/ton, a week-on-week decrease of 223 yuan/ton [1] - In February 2026, China's polyester bottle chip exports were 430,000 tons, a decrease of 78,000 tons or -15.39% from the previous month. The cumulative export volume from January to February 2026 was 938,300 tons, an increase of 29,200 tons or 3.21% compared with the same period last year [1] - In February 2026, the output of China's polyester bottle chip industry was 1.2314 million tons, a month-on-month decrease of 11.93%. The capacity utilization rate this month was 66.48%, a month-on-month decrease of 1.70 percentage points [1] - The United States and Iran have made statements on ending the conflict, but military operations have not stopped, and supply risks continue. International oil prices have shown mixed trends. The NYMEX crude oil futures 05 contract fell 1.50 US dollars/barrel to 101.38 US dollars/barrel, a week-on-week decrease of -1.46%. The ICE Brent oil futures 05 contract rose 5.57 US dollars/barrel to 118.35 US dollars/barrel, a week-on-week increase of +4.94%. The China INE crude oil futures 2605 contract fell 13.7 to 749.3 yuan/ton, and at night it fell 55.4 to 693.9 yuan/ton [1] Market Logic - The complex and changeable Middle East geopolitical situation leads to high and volatile international crude oil prices. The decline in domestic polyester bottle chip production, force majeure declarations by many factories, and rigid demand on the demand side result in wide fluctuations in the polyester bottle chip market price. Attention should be focused on the development of the Middle East geopolitical situation [1] Trading Strategy - The recommended trading strategy is to wait and see [1]

Group 1: Report Industry Investment Rating - The report recommends a long position for polyester bottle chips in the energy and chemical sector [2] Group 2: Core View of the Report - The Middle - East geopolitical situation is complex and changeable, with international crude oil fluctuating sharply at high levels. Domestic polyester bottle chip production has declined, and many bottle chip factories have declared force majeure. The demand side maintains rigid demand. The polyester bottle chip market price is in a strong - side oscillation under the influence of raw materials. Attention should be paid to the development of the Middle - East geopolitical situation [2] Group 3: Summary by Relevant Catalogs 1. Market Review - The main contract in the overnight session on Monday rose by 6 yuan to 8408 yuan/ton. The price of East China water - grade bottle chips was 8635 yuan/ton (+110), and the price of South China bottle chips was 8850 yuan/ton (+150). In terms of positions, long positions decreased by 1210 lots to 55,300 lots, and short positions decreased by 849 lots to 56,800 lots [2] 2. Important Information - **Supply, Cost and Profit**: Domestic polyester bottle chip production was 331,400 tons, a decrease of 6,000 tons month - on - month. The weekly average capacity utilization rate of domestic polyester bottle chips was 71.5%, a decrease of 1.3% month - on - month. The production cost of polyester bottle chips was 7426 yuan, a decrease of 92 yuan/ton month - on - month. The weekly production gross profit of polyester bottle chips was 427 yuan/ton, a decrease of 223 yuan/ton month - on - month [2] - **Export**: In February 2026, China's polyester bottle chip exports were 430,000 tons, a decrease of 78,000 tons or 15.39% from the previous month. The cumulative export volume from January to February 2026 was 938,300 tons, an increase of 29,200 tons or 3.21% compared with the same period last year [2] - **Industry Output and Capacity Utilization**: In February 2026, the output of China's polyester bottle chip industry was 1,231,400 tons, a month - on - month decrease of 11.93%. The capacity utilization rate this month was 66.48%, a month - on - month decline of 1.70 percentage points [2] - **Oil Price**: The situation in Iran shows no sign of easing, and the Houthi armed forces have taken military actions against Israel, with the supply risk continuing and international oil prices rising. The NYMEX crude oil futures 05 contract rose 3.24 dollars/barrel to 102.88 dollars/barrel, a month - on - month increase of 3.25%. The ICE Brent oil futures 05 contract rose 0.21 dollars/barrel to 112.78 dollars/barrel, a month - on - month increase of 0.19%. The China INE crude oil futures 2605 contract rose 22.5 to 763 yuan/barrel, and fell 3.1 to 759.9 yuan/barrel in the overnight session [2] 3. Market Logic - The complex and changeable Middle - East geopolitical situation leads to sharp fluctuations of international crude oil at high levels. The decline in domestic polyester bottle chip production, force majeure declarations by many bottle chip factories, and rigid demand on the demand side result in a strong - side oscillation of the polyester bottle chip market price. Attention should be paid to the development of the Middle - East geopolitical situation [2] 4. Trading Strategy - Hold long positions [2]

Group 1: Report Industry Investment Rating - The investment rating for the energy and chemical industry (pure benzene) is "oscillating bullish" [2] Group 2: Core View of the Report - The complex and volatile geopolitical situation in the Middle East causes international crude oil to fluctuate sharply at high levels. The previous expectation of reduced raw material input for pure benzene led to an expectation of tight supply in the market. Most major downstream products are profitable. In the short - term, the pure benzene price is oscillating bullish under the influence of crude oil prices, and attention should be paid to the development of the Middle East geopolitical situation [2] Group 3: Summary by Relevant Catalogs Market Review - On the night of Monday, the price of the main contract futures BZ2605 rose 57 yuan to 9101 yuan/ton. The spot price in the mainstream area of East China was 8940 yuan/ton (a month - on - month increase of 215), and the spot price in Shandong was 8550 yuan/ton (a month - on - month increase of 374). In terms of positions, the long positions increased by 645 lots to 20,700 lots, and the short positions increased by 216 lots to 22,300 lots [2] Important Information - Supply: In February, the domestic pure benzene output was 1.8591 million tons, a decrease of 87,300 tons from the previous month and an increase of 138,500 tons from the same month last year [2] - Inventory: On March 23, 2026, the total commercial inventory of pure benzene ports in Jiangsu was 269,000 tons, a decrease of 19,000 tons from the previous inventory of 288,000 tons, a month - on - month decrease of 6.60%; an increase of 129,000 tons from the inventory of 140,000 tons in the same period last year, a year - on - year increase of 92.14%. From March 16th to March 22nd, the incompletely - counted arrivals were 16,000 tons, and the pick - ups were about 35,000 tons. During the period, among the statistical storage areas, 4 storage areas decreased, 1 storage area increased, and 2 storage areas remained stable [2] - Price adjustment: Sinopec Chemical Sales raised the listed price of pure benzene by 500 yuan/ton. The companies in East China, North China, South China, and Central China along the Yangtze River all implemented 9000 yuan/ton, which was officially implemented on March 30 [2] - Demand: The operating rate of styrene was 69.9%, a month - on - month decrease of 0.5%; the operating rate of phenol was 86.5%, a month - on - month decrease of 0.9%; the operating rate of caprolactam was 78.8%, a month - on - month increase of 1.8%; the operating rate of aniline was 88.5%, a month - on - month increase of 0.25%; the operating rate of adipic acid was 69.5%, unchanged month - on - month [2] - International oil price: The NYMEX crude oil futures 05 contract rose 3.24 dollars/barrel to 102.88 dollars/barrel, a month - on - month increase of 3.25%; the ICE Brent crude oil futures 05 contract rose 0.21 dollars/barrel to 112.78 dollars/barrel, a month - on - month increase of 0.19%. The China INE crude oil futures 2605 contract rose 22.5 to 763 yuan/barrel, and fell 3.1 to 759.9 yuan/barrel at night [2] Market Logic - The complex geopolitical situation in the Middle East makes international crude oil fluctuate sharply at high levels. The previous expectation of reduced raw material input for pure benzene led to an expectation of tight supply in the market. Most major downstream products are profitable. In the short - term, the pure benzene price is oscillating bullish under the influence of crude oil prices [2] Trading Strategy - Hold long positions [2]

Group 1 - The geopolitical situation in the Middle East remains unclear, with the US-Iran conflict ongoing since February 28, leading to significant market uncertainty [1] - International stock markets have been underperforming, while the A-share market has shown resilience with relatively smaller declines [1] - Upcoming disclosures of annual reports and first-quarter macroeconomic data are expected to shift investor focus towards fundamental data changes, influencing market trends [1] Group 2 - On Monday, the performance of the two markets was divergent, with the Shanghai Composite Index showing strength while the Shenzhen Component Index lagged [1] - The Shanghai Composite Index opened lower but rebounded to close above the 5-day moving average, while the Shenzhen Component faced resistance from the 10-day moving average [1] - The total trading volume for the day was approximately 1.9 trillion yuan, slightly higher than the previous Friday, with market hotspots concentrated in the non-ferrous metals and building materials sectors [1] Group 3 - The Shanghai Composite Index has been in a downward adjustment phase, with its focus shifting lower after reaching a new high in early March [1] - The index found support near the previous year's fourth-quarter low, indicating a critical technical support level, and has since stabilized and rebounded [1] - The market is currently in a bottoming phase, awaiting clearer fundamental signals [1]

1. Report Industry Investment Rating - The investment rating for the bottle chip in the energy and chemical sector is bullish [1] 2. Core View of the Report - The Middle East geopolitical situation is complex and volatile, causing high - level and intense fluctuations in international crude oil. Domestic polyester bottle chip production has declined, with many bottle chip factories declaring force majeure, and the demand side maintains rigid demand. Affected by the raw material side, the polyester bottle chip market price shows a strong - side oscillation. Attention should be focused on the development of the Middle East geopolitical situation [1] 3. Summary by Relevant Catalogs 3.1 Market Review - On Friday night, the main contract rose 176 yuan to 8362 yuan/ton. The price of East China water - grade bottle chips was 8525 yuan/ton (+110), and the price of South China bottle chips was 8700 yuan/ton (+100). In terms of positions, long positions decreased by 1028 lots to 56,600 lots, and short positions decreased by 1905 lots to 57,700 lots [1] 3.2 Important Information - In terms of supply, cost, and profit, domestic polyester bottle chip production was 331,400 tons, a week - on - week decrease of 6000 tons. The weekly average capacity utilization rate of domestic polyester bottle chips was 71.5%, a week - on - week decrease of 1.3%. The production cost of polyester bottle chips was 7426 yuan, a week - on - week decrease of 92 yuan/ton. The weekly production gross profit of polyester bottle chips was 427 yuan/ton, a week - on - week decrease of 223 yuan/ton [1] - In February 2026, China's polyester bottle chip exports were 430,000 tons, a decrease of 78,000 tons or 15.39% from the previous month. From January to February 2026, the cumulative export volume was 938,300 tons, an increase of 29,200 tons or 3.21% compared with the same period last year [1] - In February 2026, China's polyester bottle chip industry production was 1.2314 million tons, a month - on - month decrease of 11.93%. The capacity utilization rate this month was 66.48%, a month - on - month decrease of 1.70 percentage points [1] - The continuous blockage of the Strait of Hormuz has increased supply risks, and the market doubts the prospects of the US - Iran peace talks, leading to an increase in international oil prices. The NYMEX crude oil futures 05 contract rose 5.16 dollars/barrel to 99.64 dollars/barrel, a week - on - week increase of 5.46%. The ICE Brent oil futures 05 contract rose 4.56 dollars/barrel to 112.57 dollars/barrel, a week - on - week increase of 4.22%. The Chinese INE crude oil futures 2605 contract rose 12.1 to 740.5 yuan/barrel, and rose 19.8 to 760.3 yuan/barrel at night [1] 3.3 Market Logic - Due to the complex and changeable Middle East geopolitical situation, international crude oil fluctuates violently at a high level. Domestic polyester bottle chip production decreases, and many bottle chip factories declare force majeure. The demand side maintains rigid demand. Affected by the raw material side, the polyester bottle chip market price oscillates strongly. Attention should be paid to the development of the Middle East geopolitical situation [1] 3.4 Trading Strategy - Hold long positions [1]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - The short - term and medium - term trend of TL2606 is oscillatory, and the intraday trend is bullish. The overall view is oscillatory consolidation. The possibility of a comprehensive interest rate cut in the short term is low [1]. - The overall intraday view of financial futures in the stock index sector is bullish, and the medium - term view is oscillatory. The reference view is oscillatory consolidation. The market sentiment is cautious due to the high uncertainty of the US - Iran negotiation situation, increasing the safe - haven demand for national debt. However, the domestic macro - economic indicators are resilient, and the policy is more inclined to structural easing, so the upward momentum of national debt is limited in the short term. The future trend of the Middle East geopolitical situation, especially the resumption of navigation in the Strait of Hormuz, needs to be concerned. In general, national debt futures will be mainly in the range of oscillatory consolidation in the short term [5]. Group 3: Summary by Relevant Catalogs Variety Viewpoint Reference - Financial Futures Stock Index Sector - For TL2606, the short - term trend is oscillatory, the medium - term trend is oscillatory, the intraday trend is bullish, and the view is oscillatory consolidation. The core logic is that the possibility of a comprehensive interest rate cut in the short term is low [1]. Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The varieties include TL, T, TF, TS. The intraday view is bullish, the medium - term view is oscillatory, and the reference view is oscillatory consolidation. The core logic is that national debt futures closed up oscillatory yesterday. The inconsistent news between Iran and the US in the US - Iran negotiation indicates large differences and high uncertainty, which makes the market sentiment cautious and increases the safe - haven demand for national debt. But the domestic macro - economic indicators are resilient, and the policy is more inclined to structural easing, so the upward momentum of national debt is limited in the short term. The future trend of the Middle East geopolitical situation, especially the resumption of navigation in the Strait of Hormuz, needs to be concerned [5].

1. Report Industry Investment Rating - The report recommends a "wait - and - see" strategy for the polyester bottle chip market [1] 2. Core View - The Middle East geopolitical situation is complex and changeable, causing international crude oil to fluctuate sharply at high levels. Last week, the domestic polyester bottle chip production increased, and many bottle chip factories announced force majeure. The demand side maintained rigid demand. Affected by the raw material side, the polyester bottle chip market price fluctuated. Attention should be paid to the development of the Middle East geopolitical situation [1] 3. Summary by Directory 3.1 Market Review - On Tuesday night, the main contract fell 248 yuan to 8,224 yuan/ton. The price of East China water - grade bottle chips was 8,600 yuan/ton (-50), and the price of South China bottle chips was 8,750 yuan/ton (-150). In terms of positions, long positions increased by 1,931 lots to 59,900 lots, and short positions increased by 2,580 lots to 63,500 lots [1] 3.2 Important Information - In terms of supply, cost, and profit, the domestic polyester bottle chip production was 337,400 tons, a week - on - week increase of 14,200 tons. The weekly average capacity utilization rate of domestic polyester bottle chips was 72.8%, a week - on - week increase of 3.1%. The production cost of polyester bottle chips was 7,518 yuan, a week - on - week increase of 451 yuan/ton. The weekly production gross profit of polyester bottle chips was 650 yuan/ton, a week - on - week increase of 434 yuan/ton [1] - In December 2025, China's polyester bottle chip exports were 588,700 tons, an increase of 55,700 tons from the previous month, a month - on - month increase of 10.44%. From January to December 2025, the cumulative export volume was 6.4545 million tons, an increase of 607,000 tons compared with the same period last year, a year - on - year increase of 10.38% [1] - In February 2026, the output of China's polyester bottle chip industry was 1.2314 million tons, a month - on - month decrease of 11.93%. The capacity utilization rate this month was 66.48%, a month - on - month decline of 1.70 percentage points [1] - Iran denied peace talks with the United States, the conflict has not been substantially eased, and the supply risk remains. International oil prices rose. The NYMEX crude oil futures 05 contract rose 4.22 US dollars/barrel to 92.35, a month - on - month increase of 4.79%. The ICE Brent oil futures 05 contract rose 4.55 US dollars/barrel to 104.49, a month - on - month increase of 4.55%. The China INE crude oil futures 2605 contract fell 53.2 to 751.9 yuan/ton, and fell 11.7 to 740.2 yuan/ton at night [1] 3.3 Market Logic - The complex and changeable Middle East geopolitical situation leads to high - level and sharp fluctuations in international crude oil. The increase in domestic polyester bottle chip production last week, the force majeure announcements of many bottle chip factories, and the rigid demand on the demand side cause the polyester bottle chip market price to fluctuate under the influence of raw materials. Attention should be paid to the development of the Middle East geopolitical situation [1] 3.4 Trading Strategy - It is recommended to wait and see [1]

Group 1: Report Industry Investment Rating - The investment rating for the pure benzene in the energy and chemical industry is "oscillating", and the trading strategy is "wait - and - see" [2] Group 2: Report Core View - The Middle East geopolitical situation is complex and changeable, with international crude oil fluctuating sharply at high levels. The previous expectation of reduced raw material input for pure benzene led to an expected supply shortage in the market. Most major downstream products are profitable. In the short term, the pure benzene price will oscillate under the influence of crude oil prices, and the development of the Middle East geopolitical situation needs to be closely monitored [2] Group 3: Summary by Relevant Catalogs Market Review - On Tuesday night, the price of the main - contract futures BZ2605 dropped by 270 yuan to 8553 yuan/ton. The spot price in the mainstream East China region was 8435 yuan/ton (down 325 yuan month - on - month), and the spot price in Shandong was 8353 yuan/ton (down 99 yuan month - on - month). In terms of positions, long positions increased by 1552 lots to 19,100 lots, and short positions increased by 1962 lots to 21,100 lots [2] Important Information - Supply: In February, the domestic pure benzene production was 1.8591 million tons, a decrease of 87,300 tons from the previous month and an increase of 138,500 tons compared with the same month last year [2] - Inventory: On March 23, 2026, the total commercial inventory of pure benzene at ports in Jiangsu was 269,000 tons, a decrease of 19,000 tons from the previous inventory of 288,000 tons, a month - on - month decrease of 6.60%; an increase of 129,000 tons compared with the inventory of 140,000 tons in the same period last year, a year - on - year increase of 92.14%. From March 16th to March 22nd, the incomplete statistics showed arrivals of 16,000 tons and pick - ups of about 35,000 tons. During the period, among the statistical storage areas, 4 storage areas decreased, 1 increased, and 2 remained stable [2] - Price adjustment: Sinopec Chemical Sales raised the listed price of pure benzene by 100 yuan/ton. The East China, North China, South China, and Central China branches along the Yangtze River all implement 8500 yuan/ton. This price has been officially implemented since March 24th [2] - Demand: The operating rate of styrene was 71.7%, a month - on - month decrease of 2.3%; the operating rate of phenol was 87%, a month - on - month decrease of 2%; the operating rate of caprolactam was 74.5%, unchanged month - on - month; the operating rate of aniline was 89%, a month - on - month decrease of 0.3%; the operating rate of adipic acid was 69%, a month - on - month decrease of 0.7% [2] - International oil price: Iran denied having peace talks with the United States, the conflict has not been substantially alleviated, and the supply risk remains. International oil prices have risen. The NYMEX crude oil futures 05 contract rose 4.22 dollars/barrel to 92.35 dollars/barrel, a month - on - month increase of 4.79%; the ICE Brent crude oil futures 05 contract rose 4.55 dollars/barrel to 104.49 dollars/barrel, a month - on - month increase of 4.55%. The China INE crude oil futures 2605 contract dropped 53.2 to 751.9 yuan/barrel and dropped 11.7 to 740.2 yuan/barrel at night [2] Market Logic - Due to the complex and changeable Middle East geopolitical situation, international crude oil fluctuates sharply at high levels. The previous expectation of reduced raw material input for pure benzene led to an expected supply shortage in the market, and most major downstream products are profitable. In the short term, the pure benzene price will oscillate under the influence of crude oil prices [2] Trading Strategy - The recommended trading strategy is to wait and see [2]

Report Industry Investment Rating - The investment view of the natural rubber industry is bearish [3] Core View of the Report - Macro利空 factors have led to a continuous weak decline in rubber prices. The normal tapping expectations in the production areas are strong, and the mid - stream inventory has entered the destocking process. However, the current futures - spot price difference is still high, and the Middle East situation has disturbed market sentiment. In the short term, rubber may show a weak and volatile performance [3] Summary by Directory 1. Main Views and Strategy Overview - **Supply**: The supply is bearish. In China, the rubber trees in Hainan and Yunnan are growing well, with minor impacts from drought and powdery mildew. In Thailand, the country is mostly in the off - season, with tight raw material supply and rising procurement prices. In Vietnam, it is in the seasonal off - season, expected to start tapping from late March to early April, and a small amount of raw materials from Laos has eased the supply pressure [3] - **Demand**: The demand is neutral. As of last week, the capacity utilization rate of the all - steel tire sample enterprises in China was 72.21%, a week - on - week increase of 0.41 percentage points and a year - on - year increase of 3.31 percentage points; the capacity utilization rate of the semi - steel tire sample enterprises was 79.32%, a week - on - week increase of 0.59 percentage points and a year - on - year increase of 0.05 percentage points. It is expected that the capacity utilization rate of tire sample enterprises will fluctuate slightly in the next period [3] - **Inventory**: The inventory situation is neutral. As of March 15, 2026, China's natural rubber social inventory was 1.3649 million tons, a week - on - week decrease of 15,600 tons, a decrease of 1.13%; the total social inventory of dark rubber was 921,000 tons, a decrease of 1.34%; the total social inventory of light rubber was 443,900 tons, a week - on - week decrease of 0.68% [3] - **Basis/Spread**: The basis/spread is bearish. The RU - mixed spread and the RU - NR spread have both narrowed slightly [3] - **Profit**: The profit situation is neutral. The theoretical production profit of Thai standard rubber has increased losses compared with the previous period, and the profit analysis of Hainan concentrated latex has been suspended due to the off - season in domestic production areas [3] - **Valuation**: The valuation is neutral. The current absolute price is at a moderately high level overall [3] - **Market Sentiment**: The market sentiment is bearish. Rising oil prices and inflation expectations have suppressed the Fed's rate - cut space, and the Middle East geopolitical situation has increased concerns about rubber demand [3] - **Investment View**: The investment view is bearish. The phenological conditions in the production areas are good, and the normal tapping expectations are strong. Although the mid - stream inventory has entered the destocking process, the current futures - spot price difference is still high, and the Middle East situation has disturbed market sentiment. In the short term, it may show a weak and volatile performance [3] - **Trading Strategy**: For single - side trading, try to go long in the range of 15,800 - 16,000. For arbitrage, go long on NR and short on RU [3] 2. Futures and Spot Market Review - **Futures Market**: This week, rubber prices have fallen significantly. As of the close on March 20, the RU main contract closed at 16,000 yuan/ton, a weekly decrease of 765 yuan/ton (- 4.56%); the 20 - number rubber main contract closed at 12,865 yuan/ton, a weekly decrease of 455 yuan/ton (- 3.42%) [6] - **Spot Market**: Spot prices have declined [8] - **Positions on the Futures Board**: The RU 2505 contract has entered the main contract transfer stage, and both RU and NR positions have decreased [15][21] - **Price Spreads on the Futures Board**: The RU - NR spread has narrowed, and the RU2609 - RU2605 spread has widened [26] 3. Rubber Supply - Demand Fundamental Data - **Production Area Weather**: Precipitation in the production areas is low [32] - **Upstream Raw Materials**: Raw material prices are strong [39] - **Production in Main - producing Countries**: The cumulative export volume of ANRPC in January was 834,400 tons (+ 0.59%) [49] - **China's Imports**: From January to February, China imported 1.1065 million tons of natural rubber (+ 1.36%). In February, China imported 461,500 tons of natural rubber, a month - on - month decrease of 28.46% and a year - on - year decrease of 8.29%. From January to February, the cumulative import volume was 1.1065 million tons, a cumulative year - on - year increase of 1.36% [52][66] - **Mid - stream Inventory**: China's social inventory has decreased slightly. As of March 15, 2026, China's natural rubber social inventory was 1.3649 million tons, a week - on - week decrease of 15,600 tons, a decrease of 1.13% [68][77] - **Downstream Tire Demand**: The tire factory's capacity utilization rate has fluctuated slightly. As of last week, the capacity utilization rate of all - steel tire sample enterprises was 72.21%, a week - on - week increase of 0.41 percentage points and a year - on - year increase of 3.31 percentage points; the capacity utilization rate of semi - steel tire sample enterprises was 79.32%, a week - on - week increase of 0.59 percentage points and a year - on - year increase of 0.05 percentage points [83] - **Downstream Tire Inventory**: The inventory days of tires in Shandong have decreased [84] - **Automobiles and Heavy Trucks**: In February, automobile production and sales decreased significantly month - on - month and year - on - year, and heavy - truck sales declined [89][97] - **Tire Exports**: From January to February, China exported 1.55 million tons of rubber tires (+ 12.50%). In February, China exported 730,000 tons of rubber tires, a year - on - year increase of 23.6% [98]

1. Report Industry Investment Rating - The investment rating for the pure benzene in the energy and chemical industry is "oscillating bullish" [2] 2. Core View of the Report - The Middle East geopolitical situation has significantly escalated, causing high - level and volatile international crude oil prices. The previous expectation of reduced raw material input for pure benzene has led to an expected tightening of the supply side. Most major downstream products are in a good profit - making state. In the short term, the pure benzene price will oscillate at a high level under the influence of crude oil prices. Attention should be paid to the development of the Middle East geopolitical situation [2] 3. Summary by Relevant Catalog 3.1 Market Review - On Friday, the price of the main contract futures BZ2605 rose by 217 yuan to 8481 yuan/ton. The spot price in the mainstream area of East China was 8140 yuan/ton (a month - on - month decrease of 210 yuan), and the spot price in Shandong was 7751 yuan/ton (a month - on - month decrease of 75 yuan). In terms of positions, long positions increased by 441 lots to 17,800 lots, and short positions increased by 256 lots to 19,200 lots [2] 3.2 Important Information - **Supply**: In February, the domestic pure benzene production was 1.8591 million tons, a decrease of 87,300 tons from the previous month and an increase of 138,500 tons from the same month last year [2] - **Inventory**: On March 16, 2026, the total commercial inventory of pure benzene ports in Jiangsu was 288,000 tons, a decrease of 14,000 tons from the previous inventory of 302,000 tons, a month - on - month decrease of 4.6%; compared with the inventory of 135,000 tons in the same period last year, the inventory increased by 153,000 tons, a year - on - year increase of 113.33%. From March 9th to March 15th, the incomplete statistics showed that the arrival was 44,000 tons and the pick - up was about 58,000 tons. During the period, among the statistical storage areas, 3 storage areas decreased, 1 increased, and 3 remained stable [2] - **Price Adjustment**: Sinopec's chemical sales raised the listed price of pure benzene by 400 yuan/ton. The companies in East China, North China, South China, and Central China along the Yangtze River all implemented 8400 yuan/ton, which has been officially implemented since March 12th [2] - **Demand**: The operating rate of styrene was 71.7%, a month - on - month decrease of 2.3%; the operating rate of phenol was 87%, a month - on - month decrease of 2%; the operating rate of caprolactam was 74.5%, unchanged from the previous month; the operating rate of aniline was 89%, a month - on - month decrease of 0.3%; the operating rate of adipic acid was 69%, a month - on - month decrease of 0.7% [2] - **International Oil Price**: The Middle East situation has led to significant production cuts in multiple oil - producing countries, and there are reports that the US may send ground troops, increasing supply risks and causing international oil prices to rise. The NYMEX crude oil futures 04 contract rose 2.18 dollars/barrel to 98.32 dollars/barrel, a month - on - month increase of 2.27%; the ICE Brent crude oil futures 05 contract rose 3.54 dollars/barrel to 112.19 dollars/barrel, a month - on - month increase of 3.26%. The Chinese INE crude oil futures 2605 contract fell 27 to 776.4 yuan/barrel and rose 26.4 to 802.8 yuan/barrel at night [2] 3.3 Market Logic - The sharp escalation of the Middle East geopolitical situation has caused high - level and volatile international crude oil prices. The previous expectation of reduced raw material input for pure benzene has led to an expected tightening of the supply side. Most major downstream products such as styrene, caprolactam, and aniline are in a good profit - making state. In the short term, the pure benzene price will oscillate at a high level under the influence of crude oil prices [2] 3.4 Trading Strategy - The trading strategy is to wait and see or do short - term long [2]