Report Industry Investment Rating - Not provided in the content Core Viewpoints - In the short term, the concentrated arrival of pure benzene in China has led to a rapid increase in port inventories and a weakening of the basis. The domestic production start - up continues to rise, while the downstream start - up is weak. For styrene, port inventories continue to decline due to export boosts and low domestic start - up, but there is a resumption expectation at the end of November. Recently, the increase in pure benzene inventory and the decrease in styrene inventory are conducive to the short - term expansion of the EB - BZ spread [3] Summary by Directory 1. Pure Benzene and EB's Basis Structure and Inter - period Spreads - Figures include pure benzene's main basis, main futures contract price, main contract basis, spot - M2 paper cargo spread, and the spread between the first and third contracts. Also, EB's main contract trend and basis, main contract basis, and the spread between the first and third contracts are presented [7][10][15] 2. Production Profits and Internal - External Spreads of Pure Benzene and Styrene - Figures cover naphtha processing fees, the difference between pure benzene FOB Korea and naphtha CFR Japan, styrene non - integrated device production profits, the difference between pure benzene FOB US Gulf and FOB Korea, the difference between pure benzene FOB US Gulf and CFR China, the difference between pure benzene FOB Rotterdam and CFR China, pure benzene import profits, styrene import profits, the difference between styrene FOB US Gulf and CFR China, and the difference between styrene FOB Rotterdam and CFR China [18][21][36] 3. Inventories and Start - up Rates of Pure Benzene and Styrene - Figures show pure benzene's East China port inventory, start - up rate, styrene's East China port inventory, start - up rate, East China commercial inventory, and factory inventory [38][40][43] 4. Start - up and Production Profits of Styrene's Downstream - Figures present the start - up rates and production profits of EPS, PS, and ABS [49][51][52] 5. Start - up and Production Profits of Pure Benzene's Downstream - Figures include the start - up rates and production profits of caprolactam, phenol - ketone, aniline, adipic acid, PA6 regular spinning bright, nylon filament, bisphenol A, PC, epoxy resin E - 51, pure MDI, and polymer MDI [58][64][82]

Report Industry Investment Rating - Not provided Core View of the Report - The PG main contract is running strongly. The domestic chemical industry is firm, and there are expectations for the civilian sector to strengthen during the peak season, but the market valuation is high. The international propane market pattern is loose. Attention should be paid to the weather and the situation of cold snaps in the United States [4] Summary by Relevant Catalogs Daily Changes - On Wednesday, for civil gas, the price in East China was 4325 (-10), in Shandong was 4370 (-10), and in South China was 4345 (+0). The price of etherified C4 was 4590 (+0). The lowest delivery location was East China, with a basis of -60 (-62), and the 12 - 01 month spread was 81 (+20). FEI was 502 (-10) and CP was 486 (+14) dollars per ton [4] Weekly Views - The PG main contract showed a strong trend. The basis was 1 (-101), and the 12 - 01 month spread was 93 (+21). The cheapest delivery products were civil gas in East China at 4364 (-10), in Shandong at 4440 (+60), and in South China at 4460 (+10); etherified C4 was 4630 (+130). The overseas paper goods prices rose, the oil - gas ratio weakened slightly, the month spread strengthened, the domestic - foreign price difference weakened, PG - CP reached 128 (-9), and PG - FEI reached 111 (-2). The discount strengthened. The arrival discount of propane in East China was 78 (+8), and the FOB discounts of propane in AFEI, the Middle East, and the United States were -2.75 dollars (+3.75), 22 dollars (+13), and 39 dollars (+13) respectively. The freight weakened slightly. The FEI - MOPJ spread narrowed to -66 (+7). The naphtha crack spread changed little and remained at a relatively high level this year. The profit of propylene production from PDH in Shandong improved slightly, the profit of alkylation units deteriorated, the MTBE production profit fluctuated, and the export profit remained good. Domestic production decreased slightly, the arrival volume was limited, factory inventories decreased slightly, and port inventories decreased. The PDH operating rate was 71.74% (-3.71), Donghua Zhangjiagang restarted, and Juzhengyuan and Haiwei stopped for maintenance [4]

纯苯苯乙烯日报 | 2025-11-19 库存表现差异，EB-BZ价差回升 纯苯与苯乙烯观点 市场要闻与重要数据 纯苯方面：纯苯主力基差-122元/吨（+5）。纯苯港口库存14.70万吨（+3.40万吨）；纯苯CFR中国加工费111美元/吨 （+10美元/吨），纯苯FOB韩国加工费96美元/吨（+9美元/吨），纯苯美韩价差137.7美元/吨（-3.0美元/吨）。华东纯 苯现货-M2价差-100元/吨（+15元/吨）。 纯苯下游方面：己内酰胺生产利润-1395元/吨（+200），酚酮生产利润-415元/吨（+0），苯胺生产利润496元/吨（-63）， 己二酸生产利润-1286元/吨（+68）。己内酰胺开工率86.05%（+0.00%），苯酚开工率67.00%（-8.50%），苯胺开工 率80.17%（+2.43%），己二酸开工率62.00%（-3.60%）。 苯乙烯方面：苯乙烯主力基差35元/吨（-4元/吨）；苯乙烯非一体化生产利润-281元/吨（+22元/吨），预期逐步压缩。 苯乙烯华东港口库存148300吨（-26500吨），苯乙烯华东商业库存87300吨（-14500吨），处于库存回建阶段。苯乙 烯开工率 ...

Report Industry Investment Rating - No information provided on the industry investment rating Core View of the Report - Pure benzene port inventory decreased slightly, but its basis and processing fee continued to be weak. Domestic production capacity utilization of pure benzene has bottomed out and rebounded, with the impact of previous sanctions on refinery operations easing, and the pressure of incoming shipments increasing intermittently. Downstream demand remained weak, with styrene in concentrated maintenance, phenol production declining again, CPL production at a low level, and adipic acid production rebounding [2]. - Styrene ports continued to experience a slight reduction in inventory, with short - term low - level production capacity utilization, and maintenance only decreasing at the end of November. EB factory inventory further decreased, and port inventory began to decline. However, attention should be paid to downstream demand, as EPS production capacity utilization dropped rapidly, ABS and PS production capacity utilization remained low, and the inventory of the three major hard plastics only slightly decreased from high levels [2]. Summary by Directory 1. Pure Benzene and EB's Basis Structure, Inter - period Spreads - Figures related to pure benzene basis and inter - period spreads include the pure benzene main contract basis, pure benzene spot - M2 paper cargo spread, and pure benzene continuous first - contract to continuous third - contract spread [7][10]. - Figures related to EB basis and inter - period spreads include the EB main contract basis and the styrene continuous first - contract to continuous third - contract spread [15][18]. 2. Pure Benzene and Styrene Production Profits, Domestic - Foreign Spreads - Figures related to production profits and spreads include styrene non - integrated production profit, pure benzene FOB US Gulf - FOB South Korea spread, naphtha processing fee, pure benzene FOB South Korea - naphtha CFR Japan spread, pure benzene import profit, and styrene import profit [21][24][33]. 3. Pure Benzene and Styrene Inventory, Production Capacity Utilization - For pure benzene, figures show the East China port inventory and production capacity utilization [39]. - For styrene, figures cover the East China port inventory, production capacity utilization, East China commercial inventory, and factory inventory [42][44]. 4. Styrene Downstream Production Capacity Utilization and Production Profits - Figures display the production capacity utilization and production profits of EPS, PS, and ABS [52][53][57]. 5. Pure Benzene Downstream Production Capacity Utilization and Production Profits - Figures show the production capacity utilization and production profits of caprolactam, phenol - ketone, aniline, adipic acid, and other downstream products [60][68][73]. Strategy - Unilateral: No strategy provided [3]. - Basis and Inter - period: Consider a long - short spread strategy for EB2512 - EB2601 at low prices and a short - long spread strategy for BZ2603 - BZ2605 at high prices [3]. - Cross - variety: No strategy provided [3].

Report Industry Investment Rating - Not provided in the content Core Views - The fundamentals of pure benzene remain weak as port inventories rise again, indicating weak downstream提货 demand, while domestic pure benzene operating rates have bottomed out and rebounded [1][3] - For styrene, short - term maintenance continues, factory inventory pressure eases, port inventories start to decline, and the port basis rebounds slightly with improved low - level trading [3] Summary by Directory 1. Pure Benzene and EB's Basis Structure and Inter - Period Spreads - Figures include pure benzene's main basis, spot - M2 paper - cargo spread, and inter - period spreads of pure benzene and EB [8][11][16] 2. Production Profits and Domestic - Foreign Spreads of Pure Benzene and Styrene - Figures cover various production profits and price spreads such as naphtha processing fee, pure benzene's FOB and CFR price spreads, and styrene's non - integrated production profit and import profit [20][23][32] 3. Inventories and Operating Rates of Pure Benzene and Styrene - 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 [39][41][44] 4. Operating Rates and Production Profits of Styrene's Downstream Products - Figures present the operating rates and production profits of EPS, PS, and ABS [50][52][54] 5. Operating Rates and Production Profits of Pure Benzene's Downstream Products - Figures display the operating rates and production profits of caprolactam, phenol - ketone, aniline, adipic acid, and other downstream products [58][62][71] Strategies - Unilateral: None [4] - Basis and Inter - Period: Go long on the spread of EB2512 - EB2601 at low levels [4] - Cross - Product: None [4]

1. Report Industry Investment Rating - LLDPE: Neutral; PP: Cautiously short on rallies [3] - L01 - 05: Reverse calendar spread on rallies; PP01 - 05: Reverse calendar spread on rallies [3] - Cross -品种: None [3] 2. Core Viewpoints - PE: The pattern of weak supply and demand continues. The short - term polyethylene futures is dominated by the cost side and continues the volatile pattern. High supply, limited demand support, and weak cost - side support lead to weak and volatile PE [2]. - PP: The supply - demand contradiction still exists. The previous weak propane on the cost side and the lack of macro - level boost lead to a weak pattern. Supply - side pressure persists, demand support is limited, and it continues the weak and volatile pattern in the short term [2]. 3. Summary by Directory 3.1 Market News and Important Data - **Price and Basis**: L主力合约收盘价为6888元/吨（-11）, PP主力合约收盘价为6576元/吨（-14）, LL华北现货为6890元/吨（-10）, LL华东现货为7000元/吨（-20）, PP华东现货为6580元/吨（+0）, LL华北基差为2元/吨（+1）, LL华东基差为112元/吨（-9）, PP华东基差为4元/吨（+14） [1]. - **Upstream Supply**: PE开工率为80.9%（-0.6%）, PP开工率为77.1%（+1.1%） [1]. - **Production Profit**: PE油制生产利润为283.4元/吨（-54.1）, PP油制生产利润为 - 396.6元/吨（-54.1）, PDH制PP生产利润为 - 152.1元/吨（-55.6） [1]. - **Imports and Exports**: LL进口利润为18.8元/吨（-51.6）, PP进口利润为 - 292.8元/吨（-11.4）, PP出口利润为 - 16.5美元/吨（+1.4） [1]. - **Downstream Demand**: PE下游农膜开工率为49.5%（+2.4%）, PE下游包装膜开工率为51.3%（-1.3%）, PP下游塑编开工率为44.2%（-0.2%）, PP下游BOPP膜开工率为61.6%（+0.2%） [1]. 3.2 Market Analysis - **PE**: The supply - demand pattern is weak. The supply is expected to increase, the demand follow - up is limited, the cost - side support is expected to weaken, and it continues the weak and volatile pattern [2]. - **PP**: The supply - demand contradiction exists. The supply - side pressure persists, the demand support is limited, and it continues the weak and volatile pattern in the short term [2]. 3.3 Strategy - **Single - side**: LLDPE neutral; PP cautiously short on rallies [3]. - **Calendar Spread**: L01 - 05 reverse calendar spread on rallies; PP01 - 05 reverse calendar spread on rallies [3]. - **Cross -品种**: None [3]

Report Summary 1. Investment Rating - For L and PP, the rating is neutral [4]. 2. Core View - The downstream demand for polyolefins is still slowly increasing, and both PE and PP are under pressure. The short - term trends of PE and PP are mainly influenced by the cost side. The supply of both is under pressure, and the demand is slowly recovering. The price of PE is in short - term shock consolidation, and the price of PP continues to be weak [2][3]. 3. Section Summaries Market News and Important Data - **Price and Basis**: L main contract closed at 6,968 yuan/ton (-41), PP main contract at 6,651 yuan/ton (-34). LL North China spot was 6,950 yuan/ton (-10), LL East China spot 7,060 yuan/ton (+0), PP East China spot 6,580 yuan/ton (-30). LL North China basis was -18 yuan/ton (+31), LL East China basis 92 yuan/ton (+41), PP East China basis -71 yuan/ton (+4) [2]. - **Upstream Supply**: PE开工率 was 80.9% (-0.6%), PP开工率 was 77.1% (+1.1%) [2]. - **Production Profit**: PE oil - based production profit was 343.2 yuan/ton (-39.1), PP oil - based production profit was -346.8 yuan/ton (-39.1), PDH - based PP production profit was 45.6 yuan/ton (-8.9) [2]. - **Imports and Exports**: LL import profit was 69.8 yuan/ton (+86.1), PP import profit was -294.7 yuan/ton (+0.7), PP export profit was -21.7 dollars/ton (-5.1) [2]. - **Downstream Demand**: PE downstream agricultural film开工率 was 49.5% (+2.4%), PE downstream packaging film开工率 was 51.3% (-1.3%), PP downstream plastic weaving开工率 was 44.2% (-0.2%), PP downstream BOPP film开工率 was 61.6% (+0.2%) [2]. Market Analysis - **PE**: OPEC+ has a production increase plan, the supply surplus expectation is strengthened, and the demand is expected to remain weak. The cost support of PE is weakened. The supply is expected to increase, and the downstream demand is still limited. The PE price is in short - term shock consolidation, and the upside space may be limited [3]. - **PP**: The oil - based cost support is weakened, but the supply - demand contradiction still exists. The supply pressure continues, and the demand is slowly recovering. The price of PP continues to be weak [3]. Strategy - **Unilateral**: Neutral for L and PP [4]. - **Inter - delivery Spread**: L01 - L05 reverse spread; PP01 - PP05 reverse spread [4]. - **Inter - commodity Spread**: None [4].

Report Industry Investment Rating - No investment rating provided in the report Core Viewpoints - For pure benzene, port inventory has slightly declined, but low downstream开工 rates of styrene, CPL, and adipic acid have dragged down demand, leading to a continuously weak port basis. Domestic pure benzene开工 has also decreased, and the impact of previous sanctions on some refinery loads can be resolved by switching crude oil resources [3] - For styrene, despite short - term maintenance, port inventory has not been reduced, and there is still pressure. New device startups such as Jihua and Guangxi Petrochemical have had an impact. Downstream开工 has changed little, but提货 is average, and the finished product inventory pressure of the three major hard rubbers is still high, so the port inventory pressure of EB persists [3] Summary by Directory I. Pure Benzene and EB's Basis Structure, Inter - period Spread - The report mentions figures related to the basis of pure benzene and EB, including the basis of pure benzene futures contracts, the spread between pure benzene spot and M2 paper goods, and the spread between consecutive contracts of pure benzene and EB [8][11][16] II. Pure Benzene and Styrene Production Profits, Internal and External Spreads - Information on production profits and internal - external spreads of pure benzene and styrene is provided, such as styrene non - integrated device production profit, pure benzene FOB US Gulf - FOB South Korea spread, and import profits of pure benzene and styrene [19][22][30] III. Pure Benzene and Styrene Inventory,开工 Rate - Pure benzene port inventory is 8.50 million tons (- 1.40 million tons), and its开工 rate has declined. Styrene port inventory is still under pressure, with East China port inventory at 193,000 tons (- 9,500 tons), and its开工 rate is 69.3% (- 2.6%) [1][3][34] IV. Styrene Downstream开工 and Production Profits - EPS production profit is 255 yuan/ton (- 5 yuan/ton), with an开工 rate of 61.98% (- 0.54%); PS production profit is - 45 yuan/ton (- 5 yuan/ton), with an开工 rate of 53.80% (+ 0.00%); ABS production profit is - 192 yuan/ton (+ 48 yuan/ton), with an开工 rate of 72.80% (- 0.30%) [2] V. Pure Benzene Downstream开工 and Production Profits - For pure benzene downstream products, caprolactam production profit is - 1850 yuan/ton (+ 35), with an开工 rate of 88.89% (- 3.52%); phenol - acetone production profit is - 329 yuan/ton (+ 0), with an开工 rate of 78.00% (+ 0.00%); aniline production profit is 1050 yuan/ton (+ 224), with an开工 rate of 76.48% (+ 0.75%); adipic acid production profit is - 1165 yuan/ton (- 23), with an开工 rate of 55.80% (- 3.30%) [1] Strategy - Unilateral: None - Basis and inter - period: None - Cross - variety: Short - term, go long on the spread of pure benzene processing fees (pure benzene - naphtha) [4]

Report Industry Investment Rating No relevant information provided. Core Viewpoints - For pure benzene, port inventory declined slightly. Low开工 rates of downstream styrene, CPL, and adipic acid dragged down demand, leading to a weak port basis. The domestic开工 rate of pure benzene decreased at an accelerating pace, and attention should be paid to the impact of European and American sanctions on Russian oil on refinery loads [3]. - For styrene, there were still short - term maintenance plans, and new device launches such as Jihua and Guangxi Petrochemical had an impact. Downstream开工 changed little, but提货 was average, and the finished product inventory pressure of the three major hard plastics remained high, resulting in continuous port inventory pressure [3]. Summary by Related Catalogs 1. Pure Benzene and EB's Basis Structure, Inter - period Spread - Figures include pure benzene's main basis and main futures contract price, main contract basis, spot - M2 paper cargo spread, and the spread between the first and third contracts of pure benzene. Also, EB's main contract trend & basis, main contract basis, and the spread between the first and third contracts of styrene are presented [8][12][17] 2. Pure Benzene and Styrene Production Profits, Internal and External Spreads - Figures show naphtha processing fees, the spread between pure benzene FOB Korea and naphtha CFR Japan, styrene non - integrated device production profits, the spread between pure benzene FOB US Gulf and FOB Korea, the spread between pure benzene FOB US Gulf and CFR China, the spread between pure benzene FOB Rotterdam and CFR China, pure benzene import profits, styrene import profits, the spread between styrene FOB US Gulf and CFR China, and the spread between styrene FOB Rotterdam and CFR China [23][25][31] 3. Pure Benzene and Styrene Inventory, Operating Rates - Figures display pure benzene's East China port inventory,开工 rate, styrene's East China port inventory,开工 rate, East China commercial inventory, and factory inventory [42][44][47] 4. Styrene Downstream Operating Rates and Production Profits - Figures present the开工 rates and production profits of EPS, PS, and ABS [53][55][58] 5. Pure Benzene Downstream Operating Rates and Production Profits - Figures show the开工 rates and production profits of caprolactam, phenol - acetone, aniline, adipic acid, PA6 regular spinning bright, nylon filament, bisphenol A, PC, epoxy resin E - 51, pure MDI, and polymer MDI [61][64][76] Strategy - Unilateral: None - Basis and Inter - period: None - Cross - variety: Short - term, buy the spread of pure benzene processing fees (pure benzene - naphtha) at low levels [4]

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - Pure benzene port inventory has declined again, but the basis performance remains weak due to weak downstream demand, with varying degrees of decline in the开工 rates of styrene, CPL, and adipic acid. The domestic开工 rate of pure benzene has decreased at an accelerating pace, and the pure benzene load of some refineries in Shandong and Ningbo has been affected by the sanctions on Russian oil by Europe and the United States [3]. - For styrene, there are still short - term maintenance plans, and new device launches such as Jihua and Guangxi Petrochemical have an impact. Downstream开工 changes little, but the提货 performance is average, and the finished product inventory pressure of the three major hard plastics remains high, so the port inventory pressure of EB persists, waiting for further loss - driven production cuts [3]. Summary by Directory I. Pure Benzene and EB's Basis Structure, Inter - period Spread - Figures related to the basis and inter - period spread of pure benzene and EB are presented, including the basis of pure benzene and EB main contracts, the spread between pure benzene spot and M2 paper cargo, and the spread between the first and third contracts of pure benzene and EB [8][12][19] II. Pure Benzene and Styrene Production Profits, Internal and External Spreads - Figures show the processing fees of naphtha, the spread between pure benzene FOB Korea and naphtha CFR Japan, the production profit of non - integrated styrene devices, and various internal and external spreads of pure benzene and styrene [22][25][31] III. Pure Benzene and Styrene Inventory, Operating Rates - Figures display the inventory and operating rates of pure benzene and styrene, including the East China port inventory, commercial inventory, factory inventory of styrene, and the East China port inventory and operating rate of pure benzene [42][44][47] IV. Styrene Downstream Operating Rates and Production Profits - Figures show the operating rates and production profits of EPS, PS, and ABS, which are the downstream products of styrene [53][55][58] V. Pure Benzene Downstream Operating Rates and Production Profits - Figures present the operating rates and production profits of pure benzene downstream products such as caprolactam, phenol - ketone, aniline, and adipic acid, as well as the production profits of related products like PA6, nylon filament, bisphenol A, etc. [63][66][77] Strategy - Unilateral: None - Basis and inter - period: None - Cross - variety: Short - term strategy is to expand the spread of pure benzene processing fees (pure benzene - naphtha) when it is low [4]