1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - Pure benzene's domestic overall operating rate is at a relatively low level, with a tightened supply but high port inventory. Downstream demand is generally recovering, and with the expected post - holiday demand restoration, the price may maintain a moderately strong oscillating pattern in February [2] - Styrene's domestic supply has not fully recovered in February, and demand has declined seasonally. There is inventory accumulation pressure, but post - holiday demand recovery is expected. Considering the improved valuation and high production profit, styrene may also operate in a moderately strong oscillating manner this month [3] 3. Summary by Relevant Catalogs 3.1 Daily Market Summary Fundamental Information - On February 12, the styrene main contract closed down 0.59% at 7453 yuan/ton, and the pure benzene main contract closed down 0.87% at 6071 yuan/ton. The closing price of Brent crude oil was 64.6 dollars/barrel (+0.6 dollars/barrel), and WTI crude oil was 69.4 dollars/barrel (+0.6 dollars/barrel). The spot price of East China pure benzene was 6060 yuan/ton (-30 yuan/ton) [2] - Pure benzene's East China port inventory was 30.5 tons (+0 tons), remaining unchanged. Styrene's East China port inventory was 10.9 tons (+0.8 tons), showing a slow inventory build - up. The overall change in pure benzene's downstream was small, with only the phenol operating rate slightly dropping to 86.0%. Styrene's downstream entered the off - season, with the operating rates of PS and ABS slightly decreasing, and EPS slightly increasing, resulting in a weakened overall hard - rubber operating rate [2] Views - Pure benzene: The overall operating rate of domestic pure benzene is at a relatively low level, with a tightened supply but high port inventory. Except for the weak operating rate of caprolactam, downstream demand is generally recovering, supporting the price. The insufficient demand for caprolactam restricts price increases. As the styrene price rises, its production profit is high, and the expected increase in styrene output may gradually reduce pure benzene's port inventory. Overall, the pure benzene industry chain is showing marginal improvement, and the price may maintain a moderately strong oscillating pattern in February [2] - Styrene: In February, domestic styrene supply has not fully recovered, and demand has declined seasonally, leading to inventory accumulation pressure. However, with the expected post - holiday demand recovery, there are expectations of inventory reduction. The current styrene valuation has recovered beyond expectations, and production profit is at a high level. Whether the high - profit situation can continue depends on marginal demand changes. If the downstream operating rate recovers smoothly after the holiday and the pure benzene fundamentals improve, it may support the styrene cost. Overall, in February, styrene may operate in a moderately strong oscillating manner [3] 3.2 Industrial Chain Data Monitoring Prices of Styrene and Pure Benzene - On February 12, compared with February 11, the styrene futures main - contract price decreased by 0.59%, the pure benzene futures main - contract price decreased by 0.87%, and the prices of pure benzene in different regions also showed varying degrees of decline. The prices of upstream Brent crude oil, WTI crude oil, and naphtha all increased [5] Production and Inventory of Styrene and Pure Benzene - From January 30 to February 6, China's styrene production increased by 0.98% to 35.1 tons, and pure benzene production increased by 3.29% to 44.3 tons. Styrene's Jiangsu port inventory increased by 7.95% to 10.9 tons, and pure benzene's national port inventory remained unchanged at 30.5 tons [6] Operating Rate - From January 30 to February 6, among the pure benzene downstream, the operating rates of styrene, aniline increased slightly, while the operating rates of caprolactam and phenol decreased slightly. Among the styrene downstream, the EPS operating rate increased, and the ABS and PS operating rates decreased [7] 3.3 Industry News - Ukraine reported that a bus in Dnipropetrovsk Oblast was attacked by Russia, resulting in 15 deaths and 7 injuries - The US PPI in December increased by 3% year - on - year, higher than the expected 2.7% - The total number of US oil rigs this week was 411, the same as the previous value - Trump hinted that India would buy Venezuelan oil - Many places along the US southeastern coast were hit by the strongest snowstorms and storm surges in decades - The Iranian Foreign Minister expressed confidence in reaching a nuclear agreement with the US [8] 3.4 Industrial Chain Data Charts - The report provides charts showing the prices of pure benzene and styrene, the price difference between styrene and pure benzene, the cost comparison between imported and domestic pure benzene for SM, the inventory of styrene ports, factories, and ABS, the inventory of pure benzene ports, and the weekly capacity utilization rates of caprolactam, phenol, and aniline [9][12][19][23][28]

【冠通期货研究报告】 芳烃日报：外盘情绪影响下高位回落 发布日期：2026 年 2 月 3 日 【基本面分析】 1、截至 1 月 27 日，1 月苯乙烯华东江苏主流库区总库存量在 9.45-12.33 万吨区间波动。苯乙烯华东主要港口的库存整体仍处于历史低位区间，现货流通 性仍偏紧。 2、从下游三大领域（EPS、PS 和 ABS）的生产情况来看，截至 1 月 22 日当 周，EPS 产能利用率 58.71%，环比增长 4.66%，下游需求淡季，商家追涨情绪谨 慎，整体成交氛围欠佳。 3、 PS 产能利用率 57.3%，环比下降 0.1%，南京装置恢复、广西长科重启， 但连云港石化、宁波利万各减 1 条线，行业供应暂时稳定，行业总供应量平稳， 市场出货一般，库存转为上涨。 4、 ABS 产能利用率 66.8%，环比下降 3%，厂家供应依旧十分紧张，控量发 货为主，且进入 1 月份后多为高价货源，节后归来市场询盘问价增多，成交放量， 价格呈现反弹。此外，UPR 产能利用率 38%，环比下降 1%；丁苯橡胶开工 82.92%， 环比持稳。 【宏观面分析】 美国总统特朗普：尚未讨论委内瑞拉在石油利润中的份额。印度即将 ...

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