1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The Fed Chair Powell warned that the US stock market was over - valued, causing global capital markets to fluctuate at high levels. The overall valuation of styrene is moderately low, with supply under pressure and demand in a seasonal peak. When the seasonal off - peak season arrives in the fourth quarter, the market price may continue to decline under the background of weak supply and demand. It is recommended to wait and see [11]. - The prices of styrene in the spot and futures markets have been continuously decreasing, with the basis weakening and the BZN spread declining. The profit of non - integrated EB plants has also decreased [11]. - The cost of styrene is affected by the price and supply of pure benzene. Last week, the price of pure benzene in East China decreased by 1.26%, and its production was fluctuating at a high level. The supply of styrene is affected by capacity utilization and production plans, with the largest production pressure expected in the fourth quarter [11]. - The demand for styrene has shown a slight improvement with the arrival of the seasonal peak. The weighted operating rate of the downstream three S products has increased, and the operating rates of PS, EPS, and ABS have all risen [11]. - The inventory of styrene has different trends. The in - plant inventory has decreased slightly, while the inventory at Jiangsu ports has increased significantly. However, the high - level inventory at ports is gradually being reduced [11]. 3. Summary by Directory 3.1 Week - on - Week Assessment and Strategy Recommendation - Policy: Fed Chair Powell warned of high US stock valuations, leading to high - level fluctuations in global capital markets [11]. - Valuation: Styrene's weekly decline was in the order of spot > cost > futures. The basis weakened, the BZN spread decreased, and the profit of non - integrated EB plants declined [11]. - Cost: Last week, the price of pure benzene in East China dropped by 1.26%, and its production was fluctuating at a high level [11]. - Supply: The capacity utilization rate of EB was 73.4%, a week - on - week decrease of 2.13% but a year - on - year increase of 4.26%. According to the production plan, the largest production pressure will be in the fourth quarter [11]. - Import and Export: In July, the domestic import volume of pure benzene was 4.412 million tons, a month - on - month decrease of 13.13% but a year - on - year increase of 8.38%. The import volume of EB in July was 269,200 tons, a month - on - month increase of 21.77% and a year - on - year increase of 29.29% [11]. - Demand: The weighted operating rate of the downstream three S products was 45.44%, a week - on - week increase of 1.03%. The operating rates of PS, EPS, and ABS all increased [11]. - Inventory: The in - plant inventory of EB was 215,600 tons, a week - on - week decrease of 0.31% but a year - on - year increase of 36.08%. The inventory at Jiangsu ports was 186,500 tons, a week - on - week increase of 17.30% and a year - on - year increase of 323.86%. The high - level port inventory is being reduced [11]. - Forecast: The reference range for pure benzene (BZ2603) is 5,800 - 6,100 yuan/ton, and for styrene (EB2511) is 6,800 - 7,100 yuan/ton [11]. - Strategy: It is recommended to wait and see [11]. 3.2 Spot and Futures Market - The prices of styrene in the spot and futures markets have been continuously decreasing, and multiple charts show the trends of styrene's spot price, futures price, basis, trading volume, and other indicators over the years [14][18][20]. 3.3 Profit and Inventory - The profit of styrene has slightly rebounded. Charts show the profit trends of different production processes such as ethylbenzene dehydrogenation and POSM [42]. - There are various inventory trends. Charts show the inventory trends of styrene in East China ports, factories, and other aspects over the years [36]. 3.4 Cost Side - The profit of naphtha has rebounded significantly. The profit chart of the naphtha - crude oil - pure benzene - styrene - PS industrial chain shows the profit trends of each link [54][56]. - Pure benzene will continue to see inventory reduction in 2025, especially with a large supply gap in the third quarter. There are detailed production and investment plans for pure benzene and its downstream products, as well as comparisons of production and demand in different quarters [58][59]. - The price difference between China and South Korea for pure benzene has decreased. Multiple charts show the price differences, import profits, production rates, and other indicators of pure benzene [65]. - The downstream demand and production of pure benzene have shown a downward trend in an oscillatory manner. Charts show the production profits and operating rates of downstream products such as phenol, aniline, and caprolactam [86]. - The in - plant inventory of caprolactam has been fluctuating at a high level. Charts show the inventory trends of caprolactam and other downstream products [93]. 3.5 Supply Side - In 2025, styrene will face a shortage starting from the third quarter, but the gap may gradually narrow. There are detailed production and investment plans for styrene and its downstream products, as well as comparisons of production and demand in different quarters [103][106]. - There are many planned maintenance activities in September, and the production of styrene has declined from the same - period high. Charts show the daily production, export volume, operating rate, and other indicators of styrene [115]. 3.6 Demand Side - The production capacity of the downstream 3S products of styrene has been forecasted. Charts show the production capacity, output, and growth rates of PS, EPS, and ABS [126][127]. - The operating rates of EPS and PS have seasonally improved. Charts show the operating rates and production profits of EPS and PS [131][135]. - The operating rate of ABS has rebounded from a low level. Charts show the profit and operating rate of ABS [139][140]. - The production of washing machines has a moderately high year - on - year growth rate. Charts show the sales volume, production volume, inventory, and year - on - year growth rate of washing machines [160][161]. - The production of air - conditioners also has relevant data and trends. Charts show the sales volume, production plan, inventory, and year - on - year growth rate of air - conditioners [163][165].