Report Industry Investment Rating No information provided. Core Viewpoints - The short - term arrival pressure of pure benzene in China is high, and port inventories are accumulating rapidly. The gasoline crack spread overseas is weak, but the price difference between the US and South Korea in the pure benzene market has been repaired. Downstream demand remains weak, and the off - season for downstream operations continues [3]. - For styrene, port inventories have further declined, and the port basis remains strong. Styrene maintains low - level operations, and downstream demand is fair. However, the off - season for downstream operations is obvious, and inventory pressure persists [3]. Summary by Directory I. Pure Benzene and EB's Basis Structure, Inter - period Spreads - Relevant figures include the basis of pure benzene's main contract, the spread between pure benzene spot and M2 paper goods, the spread between pure benzene's first - and third - continuous contracts, the trend and basis of EB's main contract, and the spread between EB's first - and third - continuous contracts [8][13][16]. II. Production Profits and Domestic - Foreign Spreads of Pure Benzene and Styrene - Figures cover naphtha processing fees, the difference between FOB South Korea pure benzene and CFR Japan naphtha, non - integrated styrene production profits, price differences between FOB US Gulf pure benzene and FOB South Korea pure benzene, price differences between FOB US Gulf pure benzene and CFR China pure benzene, price differences between FOB Rotterdam pure benzene and CFR China pure benzene, pure benzene import profits, and styrene import profits [21][23][32]. III. Inventories and Operating Rates of Pure Benzene and Styrene - Figures show the inventory of pure benzene at East China ports, the operating rate of pure benzene, the inventory of styrene at East China ports, the operating rate of styrene, the commercial inventory of styrene in East China, and the factory inventory of styrene [40][42][45]. IV. Operating Rates and Production Profits of Styrene's Downstream - Figures include the operating rate and production profit of EPS, the operating rate and production profit of PS, and the operating rate and production profit of ABS [51][53][56]. V. Operating Rates and Production Profits of Pure Benzene's Downstream - Figures involve the operating rates of caprolactam, phenol - acetone, aniline, and adipic acid, as well as their production profits, and the production profits of PA6, nylon filament, bisphenol A, PC, epoxy resin E - 51, pure MDI, and polymer MDI [61][64][73]. Strategies - Unilateral: None. - Basis and Inter - period: Consider a long - short spread trade on EB2601 - EB2602 when the price is low. - Cross - variety: Consider widening the spread of EB2601 - BZ2603 when the price is low [4].