Report Industry Investment Rating - Not provided Core Viewpoint - Due to new developments in the Middle East situation, Iran's ultimatum, the strengthening of crude oil during the day, the spring maintenance, and the further reduction of production load in the domestic chemical industry, there is still room and momentum for the price to rise further in the later period, and the market should be treated strongly. It is necessary to focus on tracking the current US - Iran situation and crude oil trends [3] Summary by Relevant Catalogs Fundamental Analysis - Supply side: The 600,000 - ton Gulei plant shut down for maintenance, and the load of individual plants was adjusted. Styrene production decreased by 3.12% to 360,100 tons, and the capacity utilization rate decreased by 2.32% to 71.79% [1] - Demand side: The downstream operating rates of styrene varied. The EPS operating rate decreased by 0.98% to 57.78%, the PS operating rate increased by 0.2% to 51.7%, the ABS operating rate decreased by 2.1% to 67.4%, the UPR operating rate increased by 3% to 38%, and the butadiene - styrene rubber operating rate decreased by 1.76% to 75.65% [1] - Inventory: Styrene factory inventory decreased by 7.70% to 191,900 tons, East China port inventory decreased by 10.88% to 156,500 tons, and South China port inventory decreased by 3.77% to 51,000 tons [1] Macroeconomic Analysis - The state has taken temporary regulatory measures on refined oil prices. The actual increase in gasoline and diesel prices is 1,160 yuan and 1,115 yuan respectively [2] - Saudi Arabia has reduced its crude oil supply to Asian buyers in April, only supplying Arab light crude oil exported from Yanbu Port to long - term customers [2] - The head of the International Energy Agency, Birol, said that it may take six months to restore oil and gas supplies from the Gulf region [2] - Iran proposed four measures in response to Trump's "ultimatum" to open the Strait of Hormuz, including completely closing the Strait of Hormuz [2] Futures and Spot Market Analysis - Due to new developments in the Middle East situation and Iran's ultimatum, crude oil strengthened during the day. With spring maintenance and further reduction of production load in the domestic chemical industry, there is still room and momentum for the price to rise further in the later period. The market should be treated strongly, and attention should be paid to the current US - Iran situation and crude oil trends [3]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - Due to spring maintenance and a further reduction in production load in the domestic chemical industry, there is still room and momentum for prices to rise further in the later period. In terms of trading strategy, it is advisable to maintain the idea of buying on dips, and focus on tracking the current situation between the US and Iran as well as the trend of crude oil [3] Group 3: Summary by Relevant Catalogs Fundamental Analysis - Supply side: The 600,000 - ton Gulei plant was shut down for maintenance, and the load of individual plants was adjusted. Styrene production decreased by 3.12% to 360,100 tons, and the capacity utilization rate decreased by 2.32% to 71.79% [1] - Demand side: The operating rates of styrene downstream industries varied. The EPS operating rate decreased by 0.98% to 57.78%, the PS operating rate increased by 0.2% to 51.7%, the ABS operating rate decreased by 2.1% to 67.4%, the UPR operating rate increased by 3% to 38%, and the butadiene - styrene rubber operating rate decreased by 1.76% to 75.65% [1] - Inventory: Styrene factory inventory decreased by 7.70% to 191,900 tons, East China port inventory decreased by 10.88% to 156,500 tons, and South China port inventory decreased by 3.77% to 51,000 tons [1] Macroeconomic Analysis - On March 18, the Party Committee of the People's Bank of China held an enlarged meeting to continue implementing a moderately loose monetary policy [2] - The State Administration for Market Regulation will intensify efforts to break local protection and market segmentation and deeply rectify "involution - style" competition [2] - US President Trump stated that the US was unaware of Israel's attack on Iranian facilities, and Israel would no longer take any action against the extremely important and valuable South Pars oil and gas field [2] - The Federal Reserve kept interest rates unchanged at 3.5% - 3.75% in its March interest - rate meeting [2] Futures and Spot Market Analysis - The situation in the Middle East is changing rapidly, and short - term fluctuations in crude oil have intensified. The exchange has increased the margin ratio and price limit for styrene and pure benzene. Attention should be paid to risk control [3]

Report Industry Investment Rating - Not provided Core Viewpoint - Due to the spring maintenance and the reduction of production load in the domestic chemical industry, there is still room and momentum for the price to rise further. It is recommended to adopt the strategy of buying on dips and closely monitor the current situation between the US and Iran and the trend of crude oil [3] Summary by Directory Fundamental Analysis - Supply: The 600,000 - ton Gulei plant was shut down for maintenance, and the load of individual plants was adjusted. The styrene output decreased by 3.12% to 360,100 tons, and the capacity utilization rate decreased by 2.32% to 71.79% [1] - Demand: The downstream operating rates of styrene varied. The EPS operating rate decreased by 0.98% to 57.78%, the PS operating rate increased by 0.2% to 51.7%, the ABS operating rate decreased by 2.1% to 67.4%, the UPR operating rate increased by 3% to 38%, and the styrene - butadiene rubber operating rate decreased by 1.76% to 75.65% [1] - Inventory: The styrene factory inventory decreased by 7.70% to 191,900 tons, the East China port inventory decreased by 10.88% to 156,500 tons, and the South China port inventory decreased by 3.77% to 51,000 tons [1] Macroeconomic Analysis - Iran launched missiles with cluster warheads at Tel Aviv, Israel [2] - The US has clarified that Trump's visit to China has nothing to do with the navigation issue in the Strait of Hormuz [2] - Federal Reserve officials will announce the interest rate decision at 2 a.m. Beijing time on Thursday, and Powell will hold a press conference 30 minutes later [2] Futures and Spot Market Analysis - The situation in the Middle East is volatile, and the short - term fluctuations of crude oil have intensified. The exchange has increased the margin ratio and daily price limit for styrene and pure benzene. It is necessary to control risks [3]