1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The supply - demand gap of pure benzene is expected to further widen. The short - term BZ2605 is expected to fluctuate with oil prices, and attention should be paid to the latest developments in the Middle East geopolitical situation [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract of pure benzene was 8190 yuan/ton, a decrease of 600 yuan; the settlement price was 8546 yuan/ton, a decrease of 365 yuan. The trading volume was 38906 lots, an increase of 2882 lots; the open interest was 21856 lots, a decrease of 2548 lots [2] 3.2 Spot Market - The mainstream prices of pure benzene in the East China, North China, South China, and Northeast regions were 8805 yuan/ton, 8600 yuan/ton, 9000 yuan/ton, and 8598 yuan/ton respectively, with changes of - 135 yuan, 0 yuan, 0 yuan, and + 48 yuan. The mainstream prices of hydrogenated benzene in Jiangsu and Shanxi regions were 8700 yuan/ton and 7750 yuan/ton respectively, with changes of - 150 yuan and 0 yuan. The FOB intermediate price of pure benzene in South Korea was 1136 US dollars/ton, a decrease of 12 US dollars; the CFR intermediate price of pure benzene in China was 1144.14 US dollars/ton, a decrease of 12 US dollars [2] 3.3 Upstream Situation - The spot price of Brent DTD crude oil was 127.41 US dollars/barrel, an increase of 3.56 US dollars; the CFR intermediate price of naphtha in the Japanese region was 1207.5 US dollars/ton, an increase of 1 US dollar [2] 3.4 Industry Situation - The capacity utilization rate of pure benzene was 72.57%, a decrease of 2.01 percentage points; the weekly output was 42.97 tons, a decrease of 1.19 tons. The port inventory of pure benzene was 26.9 tons, a decrease of 1.9 tons. The production cost was 7887 yuan/ton, an increase of 636.8 yuan; the production profit was - 149 yuan/ton, a decrease of 501 yuan [2] 3.5 Downstream Situation - The开工率 of styrene was 69.95%, a decrease of 0.51 percentage points; the capacity utilization rate of caprolactam was 78.85%, an increase of 1.64 percentage points; the capacity utilization rate of phenol was 86.69%, a decrease of 0.71 percentage points; the capacity utilization rate of aniline was 88.58%, an increase of 0.25 percentage points; the capacity utilization rate of adipic acid was 69.5%, with no change [2] 3.6 Industry News - From March 20th to 26th, the operating rate of petroleum benzene decreased by 2.01% to 72.57% year - on - year, and the operating rate of hydrogenated benzene increased by 6.37% to 67.83% year - on - year. From March 21st to 27th, the weighted operating rate of pure benzene downstream decreased by 0.03% to 76.04% year - on - year. As of March 30th, the commercial inventory of pure benzene ports in Jiangsu was 26.0 tons, a decrease of 3.35% year - on - year. BZ2605 fell 8.09% to close at 8190 yuan/ton. From March 21st to 27th, the profit of domestic petroleum benzene increased by 128 yuan/ton to 480 yuan/ton [2]