1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The short - term BZ2603 is expected to fluctuate weakly. The international oil price faces medium - and long - term pressure due to OPEC's production increase and the slowdown of global economic growth, but the Russia - Ukraine conflict remains highly uncertain. The short - term downward trend of BZ2603 may continue, but the decline space may be limited as the 6 - day RSI enters the oversold range below 20 [2] 3. Summaries According to Relevant Catalogs 3.1 Futures Market - The main closing price of pure benzene was 5461 yuan/ton, a decrease of 105 yuan; the main settlement price was 5535 yuan/ton, a decrease of 59 yuan. The main trading volume was 8145 lots, an increase of 1292 lots; the main open interest was 15376 lots, an increase of 1387 lots [2] 3.2 Spot Market - The mainstream price of pure benzene in the East China market was 5575 yuan/ton, unchanged; in the North China market, it was 5290 yuan/ton, unchanged; in the South China market, it was 5615 - 5650 yuan/ton, unchanged; in the Northeast region, it was 5400 - 5416 yuan/ton, a decrease of 75 - 28 yuan. The offshore intermediate price of pure benzene in South Korea was 676 US dollars/ton, an increase of 3 US dollars; the CFR intermediate price of pure benzene in China was 684.32 US dollars/ton, a decrease of 7.63 US dollars [2] 3.3 Upstream Situation - The spot price of Brent DTD crude oil was 61.1 US dollars/barrel, a decrease of 1.03 US dollars; the CFR intermediate price of naphtha in the Japanese region was 537 US dollars/ton, a decrease of 8.5 US dollars [2] 3.4 Industry Situation - The capacity utilization rate of pure benzene was 78.14%, an increase of 0.13 percentage points; the weekly output was 43.8 tons, a decrease of 2.22 tons. The terminal port inventory of pure benzene was 9 tons, a decrease of 0.1 tons. The production cost was 5327.8 yuan/ton, a decrease of 118.2 yuan; the production profit was 737 yuan/ton, an increase of 76 yuan [2] 3.5 Downstream Situation - The开工率 of styrene was 71.88%, a decrease of 1.73 percentage points; the capacity utilization rate of caprolactam was 95.72%, an increase of 6.41 percentage points; the capacity utilization rate of phenol was 78.54%, a decrease of 0.46 percentage points; the capacity utilization rate of aniline was 69.24%, a decrease of 0.1 percentage points; the capacity utilization rate of adipic acid was 64.3%, an increase of 2 percentage points [2] 3.6 Industry News - From October 11th to 17th, the capacity utilization rate of petroleum benzene decreased by 3.81% to 75.48%, and that of hydrobenzene decreased by 0.85% to 62.39%. The weighted开工率 of pure benzene downstream decreased by 2.35% to 75.37%. As of October 20th, the pure benzene inventory in East China ports was 9.9 tons, a 10% increase from last week. From October 10th to 16th, the profit of petroleum benzene increased by 33 yuan/ton to 347 yuan/ton [2]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - BZ2603 oscillated strongly and closed at 6307 yuan/ton. In the short term, the domestic pure benzene market continues to have stronger supply than demand, and the low - valuation state of spot may persist. The cost is affected by the easing of concerns about US tariff policies and the strengthening of international oil prices. Macroscopically, the US - EU tariff agreement and the 90 - day extension of the suspended tariffs between China and the US have an impact. BZ2603's daily K - line should pay attention to the pressure around 6440 [2]. Summary by Relevant Catalogs Futures Market - The closing price of the main pure benzene contract was 6307 yuan/ton, up 11 yuan; the settlement price was 6304 yuan/ton, up 21 yuan. The trading volume was 10003 lots, down 471 lots; the open interest was 12826 lots, down 241 lots [2]. Spot Market - The mainstream prices of pure benzene in the East China, North China, South China, and Northeast markets were 6040 yuan/ton, 6090 yuan/ton, 6050 yuan/ton, and 6065 yuan/ton respectively. The mainstream prices of hydrogenated benzene in Jiangsu and Shanxi were 6200 yuan/ton and 5700 yuan/ton respectively. The spot prices of pure benzene in South Korea (FOB) and China (CFR) were 745 dollars/ton and 757.5 dollars/ton respectively, both up 7 dollars/ton [2]. Upstream Situation - The spot price of Brent DTD crude oil was 71.47 dollars/barrel, up 1.17 dollars. The CFR intermediate price of naphtha in Japan was 589.25 dollars/ton, up 10.75 dollars/ton [2]. Industry Situation - The capacity utilization rate of pure benzene was 78.14%, up 0.13 percentage points; the weekly output was 42.48 tons, down 1.04 tons. The port inventory of pure benzene was 17.1 tons, up 0.7 tons. The production cost was 5327.8 yuan/ton, down 118.2 yuan/ton; the production profit was 737 yuan/ton, up 76 yuan/ton [2]. Downstream Situation - The开工率 of styrene was 78.84%, up 0.54 percentage points; the capacity utilization rates of caprolactam, phenol, aniline, and adipic acid were 95.72% (up 6.41 percentage points), 78.54% (down 0.46 percentage points), 69.24% (down 0.1 percentage point), and 64.3% (up 2 percentage points) respectively [2]. Industry News - The Politburo meeting pointed out that macro - policies should continue to exert force and increase force in a timely manner, release domestic demand potential, expand high - level opening - up, and prevent and resolve key risks. The China - US economic and trade talks were held in Stockholm from July 28th to 29th, and the suspension of some tariffs and counter - measures will be extended for 90 days. From July 18th to 24th, the profit of domestic petroleum benzene increased by 19 yuan/ton to 609 yuan/ton. As of July 28th, the pure benzene inventory in Jiangsu ports was 17 tons, down 0.58% from last week [2]. Forecast for the Future - This week, affected by the restart of domestic plants, the production of petroleum benzene and hydrogenated benzene is expected to increase. The import volume is expected to decrease, which may lead to a reduction in total supply, but the loose supply of pure benzene is expected to continue. The increase in phenol plant shutdowns this week may drive down downstream demand in the short term; in the long - term, the demand for pure benzene may improve marginally as downstream plants are put into operation from July to August [2].