纯苯产业日报 2025-10-09 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力收盘价:纯苯(日,元/吨) | 5763 | -37 主力结算价:纯苯(日,元/吨) | 5732 | -69 | | | 主力成交量:纯苯(日,手) 市场价:纯苯:华东市场:主流价(日,元/吨) | 5189 5860 | -394 主力持仓量:纯苯(日,手) -20 市场价:纯苯:华北市场:主流价(日,元/吨) | 12994 5870 | 615 0 | | | | 5900 | 0 市场价:纯苯:东北地区:主流价(日,元/吨) | 5700 | -102 | | | 市场价:纯苯:华南市场:主流价(日,元/吨) | | | | | | 现货市场 | 市场价:加氢苯:江苏 ...

Report Industry Investment Rating - No specific industry investment rating is provided in the report. Core Viewpoints - The demand for both PE and PP remains weak, which continues to limit their upward potential and is still constrained by supply - side pressure. The recovery of demand is slow, and the cost support is insufficient. For PE, the supply is increasing, and the demand realization rate is slow; for PP, the supply pressure is large, and the profit at a low level restricts its downward space [3]. Summary by Relevant Catalogs Market News and Important Data - **Price and Basis**: L main - contract closed at 7,169 yuan/ton (+27), PP main - contract at 6,898 yuan/ton (+21). LL North China spot was 7,130 yuan/ton (+50), LL East China spot 7,140 yuan/ton (+30), PP East China spot 6,750 yuan/ton (+20). LL North China basis was - 39 yuan/ton (+23), LL East China basis - 29 yuan/ton (+3), PP East China basis - 148 yuan/ton (-1) [1]. - **Upstream Supply**: PE开工率 was 81.8% (+1.5%), PP开工率 was 75.5% (+0.6%) [1]. - **Production Profit**: PE oil - based production profit was 48.7 yuan/ton (-128.7), PP oil - based production profit was - 571.3 yuan/ton (-128.7), PDH - based PP production profit was - 280.6 yuan/ton (-12.9) [1]. - **Import and Export**: LL import profit was - 64.1 yuan/ton (+84.8), PP import profit was - 529.7 yuan/ton (-0.8), PP export profit was 15.0 US dollars/ton (-19.9) [2]. - **Downstream Demand**: PE downstream agricultural film开工率 was 32.9% (+6.1%), PE downstream packaging film开工率 was 52.4% (+0.6%), PP downstream plastic weaving开工率 was 43.9% (+0.3%), PP downstream BOPP film开工率 was 61.4% (+0.0%) [2]. Market Analysis - **PE**: Supply increased as many previously - shut - down plants restarted. Demand improved slightly with pre - holiday stocking, but the demand realization rate was slow, and social inventory decreased slowly. Cost support from international oil prices was insufficient [3]. - **PP**: Supply pressure was large due to expected restart of plants, increased coal - enterprise production, and new capacity release. Demand improved marginally but slowly. Cost was supported by firm propane, and low profit limited the downward space [3]. Strategy - **Single - side**: Neutral for L and PP [4]. - **Inter - period**: L01 - L05 reverse spread; PP01 - PP05 reverse spread [4]. - **Inter - variety**: No strategy provided [4].

Report Industry Investment Rating - Not provided in the content Core Views - For pure benzene, domestic attention is on the commissioning progress of Yulong Cracking Unit 2. There will be concentrated new capacity additions from August to September. Domestic existing unit operations are still stable, while the rhythm of imports has slowed down. Downstream pick - up has reached its peak and declined but remains at a decent level, leading to a decline in port inventory. Downstream operations of pure benzene are recovering from the bottom, but overall operations are still low, and short - term maintenance of styrene has dragged down the rigid demand for pure benzene [3]. - For styrene, downstream pick - up during the peak season remains at a relatively high level, and port inventory is waiting to be further reduced. Currently, the absolute level of port inventory is still high. There will be short - term maintenance in the first and middle of September, leading to a decline in operations, and port inventory has started to decline. However, operations may recover in the second half of September. Among styrene's downstream products, the operations of ABS and PS have slightly declined, EPS operations are decent, and ABS has a large inventory pressure [3]. Summary by Directory 1. Pure Benzene and EB's Basis Structure and Inter - Period Spreads - Relevant figures include the pure benzene main contract basis and futures price, pure benzene main contract basis, pure benzene spot - M2 paper cargo spread, pure benzene continuous first - contract to continuous third - contract spread, EB main contract trend & basis, EB main contract basis, and styrene continuous first - contract to continuous third - contract spread [9][14][20] 2. Production Profits and Domestic - Foreign Spreads of Pure Benzene and Styrene - Relevant figures cover naphtha processing fees, the difference between FOB Korea pure benzene and CFR Japan naphtha, non - integrated styrene production profits, the difference between FOB US Gulf pure benzene and FOB Korea pure benzene, the difference between FOB US Gulf pure benzene and CFR China pure benzene, the difference between FOB Rotterdam pure benzene and CFR China pure benzene, pure benzene import profits, styrene import profits, the difference between FOB US Gulf styrene and CFR China styrene, and the difference between FOB Rotterdam styrene and CFR China styrene [22][25][33][40] 3. Inventory and Operating Rates of Pure Benzene and Styrene - Relevant figures are pure benzene inventory at East China ports, pure benzene operating rate, styrene inventory at East China ports, styrene operating rate, styrene commercial inventory in East China, and styrene factory inventory [42][44][47] 4. Operating Rates and Production Profits of Styrene's Downstream Products - Relevant figures involve EPS operating rate and production profit, PS operating rate and production profit, and ABS operating rate and production profit [53][55][58] 5. Operating Rates and Production Profits of Pure Benzene's Downstream Products - Relevant figures include caprolactam operating rate and production profit, phenol - acetone operating rate and production profit, aniline operating rate and production profit, adipic acid operating rate and production profit, PA6 regular spinning bright production profit, nylon filament production profit, bisphenol A production profit, PC production profit, epoxy resin E - 51 production profit, pure MDI production profit, and polymer MDI production profit [63][65][74][86] Strategies - Unilateral: None [4] - Basis and Inter - Period: Go for a positive spread arbitrage when the EB2510 - EB2511 spread is low [4] - Cross - Product: Temporarily go for widening the EB2510 - BZ2603 spread when it is low [4]

Report Industry Investment Rating - Unilateral: Neutral; For inter - period, after the restart of the main PDH, pay attention to the PL01 - 02 short - spread strategy when the spread is high; For inter - variety, none [3] Core View - On the supply side, the 650,000 - ton naphtha cracking new device of Yulong Petrochemical is planned to be put into production, and the PDH of Hebei Haiwei restarts. The propylene start - up rate increases month - on - month, and the supply is expected to recover. On the demand side, the spread between PP powder and propylene continues to shrink, and the profit is difficult to repair. Some downstream procurement enthusiasm weakens due to cost pressure, but the pre - holiday replenishment demand may drive short - term demand support. On the cost side, the geopolitical situation is still volatile, the oil price is under pressure, the price of external propane is adjusted, and the cost support is weakened [2] Summary by Directory I. Propylene Basis Structure - The figures involved are the closing price of the propylene main contract, the East China basis of propylene, the North China basis of propylene, the 01 - 05 contract of propylene, the East China market price of propylene, and the Shandong market price of propylene [6][9][11] II. Propylene Production Profit and Start - up Rate - The figures involved are the difference between China CFR of propylene and Japan CFR of naphtha, propylene capacity utilization rate, propylene PDH production gross profit, propylene PDH capacity utilization rate, propylene MTO production gross profit, methanol - to - olefin capacity utilization rate, propylene naphtha cracking production gross profit, and crude oil main refinery capacity utilization rate [15][23][30] III. Propylene Import and Export Profit - The figures involved are the difference between South Korea FOB and China CFR, the difference between Japan CFR and China CFR, the difference between Southeast Asia CFR and China CFR, and propylene import profit [33][35] IV. Propylene Downstream Profit and Start - up Rate - The figures involved are PP powder production profit, PP powder start - up rate, propylene oxide production profit, propylene oxide start - up rate, n - butanol production profit, n - butanol capacity utilization rate, octanol production profit, octanol capacity utilization rate, acrylic acid production profit, acrylic acid capacity utilization rate, acrylonitrile production profit, acrylonitrile capacity utilization rate, phenol - acetone production profit, and phenol - acetone capacity utilization rate [41][43][54] V. Propylene Inventory - The figures involved are propylene in - plant inventory and PP powder in - plant inventory [66]

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The overall supply of domestic cis - butadiene rubber is sufficient. Under the influence of downstream bargain - hunting purchases, the negotiation focus on the spot side is continuously under pressure. Some industry players expect a certain reduction in the mainstream supply price. This week, both enterprise inventories and sample trading enterprise inventories have decreased slightly. Before the holiday, downstream enterprises have pre - holiday stocking needs, and it is expected that buyers will gradually follow up, and the inventory level is expected to continue to decline. In terms of demand, the capacity utilization rate of domestic tire enterprises has increased slightly this week. Most enterprises maintain their current production schedules to reserve inventory around the long holiday and make up for the previous order gap. The overall capacity utilization rate will mainly fluctuate slightly. The short - term price of the BR2511 contract is expected to fluctuate in the range of 11,250 - 11,700 [2] 3. Summary According to Relevant Catalogues 3.1 Futures Market - The closing price of the main contract for synthetic rubber is 11,415 yuan/ton, a decrease of 175 yuan; the position volume of the main contract is 74,503, an increase of 7,604; the 10 - 11 spread of synthetic rubber is 55 yuan/ton, an increase of 15 yuan; the total warehouse receipt quantity of butadiene rubber is 2,610 tons, a decrease of 360 tons [2] 3.2 Spot Market - The mainstream price of cis - butadiene rubber (BR9000, Qilu Petrochemical) in Shandong is 11,700 yuan/ton; the mainstream price of cis - butadiene rubber (BR9000, Daqing Petrochemical) in Shandong is 11,700 yuan/ton, a decrease of 50 yuan; the mainstream price of cis - butadiene rubber (BR9000, Daqing Petrochemical) in Shanghai is 11,700 yuan/ton; the mainstream price of cis - butadiene rubber (BR9000, Maoming Petrochemical) in Guangdong is 11,850 yuan/ton, an increase of 100 yuan; the basis of synthetic rubber is 235 yuan/ton [2] 3.3 Upstream Situation - The current - week production capacity of butadiene is 151,200 tons/week, with no change; the current - week capacity utilization rate of butadiene is 68.33%, a decrease of 0.12 percentage points; the port inventory of butadiene is 25,600 tons, a decrease of 5,350 tons; the operating rate of Shandong local refinery atmospheric and vacuum distillation units is 50.64%, an increase of 0.54 percentage points; the monthly output of cis - butadiene rubber is 135,700 tons, an increase of 6,500 tons; the current - week capacity utilization rate of cis - butadiene rubber is 73.48%, a decrease of 2.68 percentage points; the current - week production profit of cis - butadiene rubber is - 509 yuan/ton, a decrease of 47 yuan; the social inventory of cis - butadiene rubber is 34,500 tons, an increase of 2,600 tons; the manufacturer inventory of cis - butadiene rubber is 26,300 tons, an increase of 1,650 tons; the trader inventory of cis - butadiene rubber is 8,210 tons, an increase of 950 tons [2] 3.4 Downstream Situation - The operating rate of domestic semi - steel tires is 73.46%, an increase of 5.99 percentage points; the operating rate of domestic all - steel tires is 65.59%, an increase of 5.81 percentage points; the monthly output of all - steel tires is 13.03 million pieces, an increase of 280,000 pieces; the monthly output of semi - steel tires is 58.06 million pieces, an increase of 1.09 million pieces; the inventory days of all - steel tires in Shandong are 38.83 days, a decrease of 0.05 days; the inventory days of semi - steel tires in Shandong are 45.94 days, an increase of 0.09 days [2] 3.5 Industry News - As of September 18, the inventory of domestic cis - butadiene rubber sample enterprises is 33,700 tons, a decrease of 800 tons from the previous period, a month - on - month decrease of 2.29%; as of September 18, the capacity utilization rate of Chinese semi - steel tire sample enterprises is 72.74%, a month - on - month increase of 0.13 percentage points and a year - on - year decrease of 6.92 percentage points; the capacity utilization rate of Chinese all - steel tire sample enterprises is 66.36%, a month - on - month increase of 0.05 percentage points and a year - on - year increase of 6.18 percentage points; in August 2025, the output of Chinese cis - butadiene rubber is 135,700 tons, an increase of 6,500 tons from the previous month, a month - on - month increase of 5.02% and a year - on - year increase of 30.73% [2] 3.6 Key Points of Attention - There is no news today [2]

Report Industry Investment Rating - Unilateral: Neutral; Inter - period: 01 - 05 reverse spread; Inter - variety: None [4] Core View - Recently, the cost - end oil price has rebounded, and the external propane price has risen strongly. With the support of macro - sentiment, polyolefins have rebounded slightly with fluctuations. Some upstream petrochemical plants have shut down for maintenance, and the capacity utilization rate has decreased slightly. There is an expectation of new capacity from ExxonMobil, and Daxie Petrochemical is continuously increasing production, so the supply is still under pressure. The downstream demand is in the "Golden September" seasonal improvement stage, with the overall downstream factory operating rate rising slightly. However, the downstream mainly maintains rigid procurement, and the demand fulfillment rate is still slow. PP production profit has shrunk significantly, and the cost - end support is strong [3] Summary by Related Catalogs Market News and Important Data - **Price and Basis**: L main contract closed at 7,245 yuan/ton (+11), PP main contract at 6,982 yuan/ton (+12). LL North China spot was 7,200 yuan/ton (+0), LL East China spot was 7,170 yuan/ton (+0), PP East China spot was 6,780 yuan/ton (+0). LL North China basis was - 45 yuan/ton (-11), LL East China basis was - 75 yuan/ton (-11), and PP East China basis was - 202 yuan/ton (-12) [2] - **Upstream Supply**: PE operating rate was 78.0% (-2.5%), PP operating rate was 76.8% (-3.1%) [2] - **Production Profit**: PE oil - based production profit was 170.9 yuan/ton (-70.8), PP oil - based production profit was - 459.1 yuan/ton (-70.8), and PDH - based PP production profit was - 303.0 yuan/ton (-12.1) [2] - **Import and Export**: LL import profit was - 92.1 yuan/ton (+10.2), PP import profit was - 482.1 yuan/ton (-9.8), and PP export profit was 29.1 US dollars/ton (+1.2) [2] - **Downstream Demand**: PE downstream agricultural film operating rate was 24.1% (+3.9%), PE downstream packaging film operating rate was 51.3% (+0.8%), PP downstream plastic weaving operating rate was 43.1% (+0.4%), and PP downstream BOPP film operating rate was 61.6% (+0.1%) [2] Market Analysis - Cost - end factors and macro - sentiment have driven polyolefins to rebound slightly. Supply is under pressure due to potential new capacity and production increases. Downstream demand is in a seasonal improvement stage, but the demand fulfillment is slow, and PP cost - end support is strong [3] Strategy - Unilateral strategy is neutral; inter - period strategy is 01 - 05 reverse spread; no inter - variety strategy [4]

Report Industry Investment Rating - Not provided Core Viewpoints - International oil prices rebounded, and propane prices continued to rise, providing cost - side support for a slight rebound in the polyolefin market. Upstream supply is expected to remain at a high level, but there is significant inventory pressure. Downstream demand is in a seasonally improving phase, with overall downstream factory operating rates rising slightly, but the fundamental situation remains weak [3] Summary by Directory 1. Polyolefin Basis Structure - L主力合约收盘价为7232元/吨（+63），PP主力合约收盘价为6966元/吨（+53），LL华北现货为7160元/吨（+10），LL华东现货为7170元/吨（+0），PP华东现货为6800元/吨（+0），LL华北基差为 - 72元/吨（-53），LL华东基差为 - 62元/吨（-63），PP华东基差为 - 166元/吨（-53） [1] 2. Production Profit and Operating Rate - PE开工率为78.0%（-2.5%），PP开工率为76.8%（-3.1%）；PE油制生产利润为277.0元/吨（-69.2），PP油制生产利润为 - 333.0元/吨（-69.2），PDH制PP生产利润为 - 271.2元/吨（+64.0） [1] 3. Polyolefin Non - Standard Price Difference - Not provided in the summarized content 4. Polyolefin Import and Export Profits - LL进口利润为 - 101.2元/吨（-22.4），PP进口利润为 - 471.2元/吨（+40.4），PP出口利润为27.7美元/吨（+0.3） [1] 5. Polyolefin Downstream Operating Rates and Downstream Profits - PE下游农膜开工率为24.1%（+3.9%），PE下游包装膜开工率为51.3%（+0.8%），PP下游塑编开工率为43.1%（+0.4%），PP下游BOPP膜开工率为61.6%（+0.1%） [2] 6. Polyolefin Inventory - Upstream and mid - stream inventory pressure is large, but specific inventory data is not provided in the summarized content [3] Strategies - Unilateral: Neutral; - Inter - delivery: 01 - 05 reverse spread; - Inter - variety: Long L - P [4]

Report Industry Investment Rating - Not provided Core Viewpoints - The supply side of polyolefins has increased significantly due to the commissioning of new capacity and the increase in the overall operating rate of existing devices. The upstream inventory has shifted downward, with a slight decrease in production enterprise inventory and inventory accumulation in the middle - link, resulting in certain pressure on the supply side. The cost - end support is weak, and the demand side is slowly rising but lacks short - term new orders, with limited upward - driving force [3]. - For trading strategies, a neutral stance is taken for single - side trading; a 01 - 05 reverse spread is recommended for inter - period trading; and going long on the L - P spread is suggested for inter - variety trading [4]. Summary by Directory 1. Polyolefin Basis Structure - The closing price of the L main contract is 7247 yuan/ton (- 5), and the closing price of the PP main contract is 6954 yuan/ton (+ 11). The LL spot price in North China is 7180 yuan/ton (+ 10), in East China is 7170 yuan/ton (+ 0), and the PP spot price in East China is 6830 yuan/ton (- 20). The LL basis in North China is - 67 yuan/ton (+ 15), in East China is - 77 yuan/ton (+ 5), and the PP basis in East China is - 124 yuan/ton (- 31) [1]. 2. Production Profit and Operating Rate - The PE operating rate is 78.7% (+ 0.0%), and the PP operating rate is 80.2% (+ 2.0%). The PE oil - based production profit is 107.1 yuan/ton (- 95.7), the PP oil - based production profit is - 452.9 yuan/ton (- 95.7), and the PDH - based PP production profit is - 151.5 yuan/ton (- 125.4) [1]. 3. Polyolefin Non - Standard Price Spread - Not provided with specific content in the text 4. Polyolefin Import and Export Profit - The LL import profit is - 280.1 yuan/ton (- 20.0), the PP import profit is - 600.1 yuan/ton (- 50.0), and the PP export profit is 32.4 US dollars/ton (+ 6.2) [2]. 5. Polyolefin Downstream Operating Rate and Downstream Profit - The operating rate of PE downstream agricultural film is 17.5% (+ 2.9%), the operating rate of PE downstream packaging film is 49.6% (- 0.3%), the operating rate of PP downstream plastic weaving is 42.3% (+ 0.3%), and the operating rate of PP downstream BOPP film is 60.4% (- 0.3%) [2]. 6. Polyolefin Inventory - The upstream inventory has shifted downward, with a slight decrease in production enterprise inventory and inventory accumulation in the middle - link, indicating certain pressure on the supply side [3].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The polyolefin market shows a narrow - range downward trend. The restart of previously overhauled devices and new capacity releases lead to an obvious increase in supply. The supply side has certain pressure as upstream inventory transfers downstream, with a slight decrease in producers' inventory and an increase in mid - stream inventory. The cost - side support is weak, and the demand side is slowly rising but lacks new orders in the short term, resulting in limited upward - driving force [3] Summary by Directory 1. Polyolefin Basis Structure - The closing price of the L main contract is 7270 yuan/ton (-17), and the closing price of the PP main contract is 6965 yuan/ton (-9). The LL North China spot price is 7180 yuan/ton (-50), the LL East China spot price is 7190 yuan/ton (-110), and the PP East China spot price is 6850 yuan/ton (-50). The LL North China basis is -90 yuan/ton (-33), the LL East China basis is -80 yuan/ton (-93), and the PP East China basis is -115 yuan/ton (-41) [1] 2. Production Profit and Operating Rate - PE operating rate is 78.7% (+0.0%), and PP operating rate is 80.2% (+2.0%). PE oil - based production profit is 315.2 yuan/ton (+17.8), PP oil - based production profit is -324.8 yuan/ton (+17.8), and PDH - based PP production profit is 2.2 yuan/ton (-59.9) [1] 3. Polyolefin Non - Standard Price Difference - Not elaborated in the content 4. Polyolefin Import and Export Profit - LL import profit is -150.0 yuan/ton (-20.6), PP import profit is -550.0 yuan/ton (-50.6), and PP export profit is 26.2 US dollars/ton (+6.3) [2] 5. Polyolefin Downstream Operating Rate and Downstream Profit - PE downstream agricultural film operating rate is 17.5% (+2.9%), PE downstream packaging film operating rate is 49.6% (-0.3%), PP downstream plastic weaving operating rate is 42.3% (+0.3%), and PP downstream BOPP film operating rate is 60.4% (-0.3%) [2] 6. Polyolefin Inventory - Upstream inventory transfers downstream, producers' inventory decreases slightly, and mid - stream inventory accumulates [3] Strategies - Unilateral: Neutral; - Inter - period: 01 - 05 reverse spread; - Inter - variety: Long L - P [4]

1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The basis of pure benzene at ports has weakened, and the downstream operations of pure benzene have declined to varying degrees. The inventory pressure in the CPL - PA6 - nylon industry chain and the aniline downstream MDI remains high. The pre - peak season (Golden September and Silver October) stocking is below expectations. - For styrene, the port basis rebounded slightly due to end - of - month paper cargo delivery and some traders covering short positions. However, port inventories are continuously accumulating due to high actual operations. If the September styrene maintenance is implemented, it will drag down the demand for pure benzene, and the single - side price will continue to fluctuate weakly. - Among styrene's downstream products, the operations of EPS and ABS have declined again, while PS operations continue to rise. The inventories of the three major hard - plastic products have increased, and the pre - peak season stocking is also below expectations. Styrene production profits are running weakly again [3]. 3. Summary According to Relevant Catalogs 3.1 Pure Benzene and EB's Basis Structure, Inter - Period Spreads - Pure benzene: The main contract basis is - 135 yuan/ton (- 31), and the spot - M2 paper cargo spread is - 50 yuan/ton (+ 0) [1]. - Styrene: The main contract basis is 21 yuan/ton (- 49 yuan/ton) [1]. 3.2 Pure Benzene and Styrene Production Profits, Internal and External Spreads - Pure benzene: The CFR China processing fee is 148 dollars/ton (- 5 dollars/ton), and the FOB Korea processing fee is 132 dollars/ton (- 5 dollars/ton). The US - Korea spread is 51.6 dollars/ton (- 5.0 dollars/ton) [1]. - Styrene: The non - integrated production profit is - 345 yuan/ton (- 15 yuan/ton), and it is expected to gradually shrink [1]. 3.3 Pure Benzene and Styrene Inventories, Operating Rates - Pure benzene: The port inventory is 13.80 million tons (- 0.60 million tons), and the operating rate of downstream products has declined to varying degrees. For example, the caprolactam operating rate is 89.38% (- 2.48%) [1]. - Styrene: The East China port inventory is 179,000 tons (+ 17,500 tons), the East China commercial inventory is 84,000 tons (+ 7,500 tons), and the operating rate is 78.1% (- 0.5%) [1]. 3.4 Styrene Downstream Operating Rates and Production Profits - EPS: The production profit is 337 yuan/ton (+ 0 yuan/ton), and the operating rate is 58.35% (- 2.63%) [2]. - PS: The production profit is - 43 yuan/ton (+ 24 yuan/ton), and the operating rate is 59.90% (+ 2.40%) [2]. - ABS: The production profit is - 115 yuan/ton (+ 18 yuan/ton), and the operating rate is 70.80% (- 0.30%) [2]. 3.5 Pure Benzene Downstream Operating Rates and Production Profits - Caprolactam: The production profit is - 1,710 yuan/ton (+ 50), and the operating rate is 89.38% (- 2.48%) [1]. - Phenol - acetone: The production profit is - 514 yuan/ton (+ 0), and the phenol operating rate is 76.00% (- 2.00%) [1]. - Aniline: The production profit is - 216 yuan/ton (- 12), and the operating rate is 67.55% (- 2.55%) [1]. - Adipic acid: The production profit is - 1,164 yuan/ton (+ 45), and the operating rate is 63.20% (- 2.30%) [1].