Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - EB2512 fluctuated weakly, closing at 6,421 yuan/ton. The production and capacity utilization rate of styrene decreased month - on - month due to the impact of plant shutdowns. The downstream EPS and UPR operating rates increased slightly, while the operating rates of PS, ABS, and styrene - butadiene rubber decreased to varying degrees. The visible inventory decreased slowly at a high level. The non - integrated cost decreased slightly due to weak raw material prices, and the profit recovery was not significant. The market expects a slight increase in OPEC+ production in December, and combined with weak crude oil demand, international oil prices have been under pressure recently. In the short term, EB2512 is expected to weaken with oil prices, and attention should be paid to the support of the lower Bollinger Band around 6,264 [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the active styrene futures contract was 6,421 yuan/ton, a decrease of 92. The trading volume was 11,843 lots, and the open interest was 430,156 lots, an increase of 17,279. The net long position of the top 20 holders was 2,497 lots. The closing price of the January contract was 6,470 yuan/ton, a decrease of 91. The spot price of styrene was 6,752 yuan/ton, an increase of 9,346. The FOB South Korea intermediate price was 801.5 US dollars/ton, a decrease of 9, and the CFR China intermediate price was 811.5 US dollars/ton, a decrease of 50 [2] 3.2 Spot Market - The mainstream prices of styrene in the Northeast, South China, North China, and East China regions were 6,225 yuan/ton (change not provided), 6,580 yuan/ton (an increase of 15), 6,360 yuan/ton (unchanged), and 6,460 yuan/ton (an increase of 5) respectively [2] 3.3 Upstream Situation - The intermediate prices of ethylene CFR Northeast Asia, CFR Southeast Asia, CIF Northwest Europe, and FD US Gulf were 766 US dollars/ton (unchanged), 756 US dollars/ton (a decrease of 15), 692.5 US dollars/ton (an increase of 0.5), and 457 US dollars/ton (a decrease of 6) respectively. The spot prices of pure benzene in the US Gulf (FOB), Taiwan (CIF), Rotterdam (FOB), and the market prices in the South China, East China, and North China markets were 243 US cents/gallon (a decrease of 1), 679.1 US dollars/ton (unchanged), 680 US dollars/ton (a decrease of 1), 5,450 yuan/ton (unchanged), 5,405 yuan/ton (a decrease of 30), and 5,130 yuan/ton (a decrease of 40) respectively [2] 3.4 Industry Situation - The total styrene operating rate was 69.25%, a decrease of 2.63%. The national inventory was 2,847 tons, the total inventory in the East China main port was 19.3 tons, a decrease of 0.95, and the trade inventory in the East China main port was 12.1 tons, a decrease of 0.15 [2] 3.5 Downstream Situation - The operating rates of EPS, ABS, PS, UPR, and styrene - butadiene rubber were 61.98% (a decrease of 0.55), 72.8% (a decrease of 0.3), 53.8% (unchanged), 34% (unchanged), and 70.57% (an increase of 0.29) respectively [2] 3.6 Industry News - From October 24th to 30th, the total output of Chinese styrene plants was 323,400 tons, a decrease of 1.1% from the previous period, and the plant capacity utilization rate was 66.72%, a decrease of 2.53% month - on - month. From October 17th to 23rd, the consumption of the main downstream products (EPS, PS, ABS) of Chinese styrene was 272,000 tons, a decrease of 0.44% from the previous week. As of October 23rd, the inventory of Chinese styrene plants was 196,300 tons, an increase of 1.47% from the previous week. As of October 27th, the inventory of styrene in Jiangsu ports was 193,000 tons, a decrease of 4.69% from the previous week, and the inventory in South China ports was 31,000 tons, a decrease of 6.06% from the previous week. As of October 22nd, the non - integrated cost of styrene was 6,990.04 yuan/ton, and the non - integrated profit was - 480 yuan/ton [2]

Report Summary 1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints - Driven by the rise in international oil prices, EB2511 fluctuated strongly and closed around 6928. The production and capacity utilization rate of styrene decreased due to the continuous shutdown of an 800,000 - tonne device of Guangdong Petrochemical and the new maintenance of two 1.2 - million - tonne devices of Zhejiang Petrochemical last week. The downstream operating rates fluctuated slightly. Factory and East China port inventories decreased month - on - month, while South China port inventory increased. The non - integrated cost of styrene increased month - on - month due to the rise in pure benzene and ethylene prices. Large domestic devices are taking turns for maintenance, and this maintenance cycle may last for several months. The 800,000 - tonne device of Guangdong Petrochemical will restart this week, and a 620,000 - tonne device of Zhenhai Liande plans to shut down, so production and capacity utilization may rise periodically. The commissioning of new devices is postponed to October, and the supply pressure of styrene in September shows a downward trend. The load of EPS, PS, and ABS devices is expected to be slightly adjusted this week. Inventory has returned to the destocking cycle, but the current inventory pressure is still high. In terms of cost, the global crude oil supply - demand is weak, but the US sanctions on some oil - producing countries may be upgraded, and international oil prices rose significantly yesterday. In the short term, EB2511 is expected to fluctuate with oil prices, and technically, attention should be paid to the support of the lower Bollinger Band around 6845 and the pressure of the 10 - day moving average around 7034 [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - Futures trading volume (active: trading volume) of styrene (EB) was 6928 lots; the closing price of the active contract was 245,568 yuan/ton, with a month - on - month increase of 11,208 yuan/ton. The long positions of the top 20 holders were 411,907 lots, and the net long positions were - 29,310 lots with a month - on - month increase of 135 lots. The short positions of the top 20 holders were 441,217 lots. The total number of warehouse receipts was 905 lots. The closing price of the November contract was 6928 yuan/ton, with a month - on - month increase of 58 yuan/ton. The futures open interest (active: trading volume) was 399,631 lots [2]. 3.2 Spot Market - The spot price of styrene was 7130 yuan/ton, with a month - on - month decrease of 48 yuan/ton. The FOB South Korea intermediate price was 855 US dollars/ton, with a month - on - month decrease of 11 US dollars/ton. CFR China intermediate price was 865 US dollars/ton. The mainstream prices in Northeast, South, North, and East China were 6800 yuan/ton (unchanged), 7075 yuan/ton (unchanged), 6820 yuan/ton (a month - on - month decrease of 30 yuan/ton), and 6870 yuan/ton (a month - on - month decrease of 100 yuan/ton) respectively [2]. 3.3 Upstream Situation - The CFR Northeast Asia intermediate price of ethylene was 846 US dollars/ton, the CFR Southeast Asia intermediate price was 841 US dollars/ton, the CIF Northwest Europe intermediate price was 745.5 US dollars/ton (a month - on - month decrease of 3 US dollars/ton), and the FD US Gulf price was 457 US dollars/ton (a month - on - month decrease of 6 US dollars/ton). The FOB price of pure benzene in the US Gulf was 248 US cents/gallon, the CIF price in Taiwan was 722.17 US dollars/ton (unchanged), the FOB price in Rotterdam was 657 US dollars/ton (a month - on - month decrease of 8 US dollars/ton). The market prices of pure benzene in South, East, and North China were 5900 yuan/ton (unchanged), 5840 yuan/ton (unchanged), and 5950 yuan/ton (unchanged) respectively [2]. 3.4 Industry Situation - The overall styrene operating rate was 73.44%, with a month - on - month decrease of 1.54%. The national styrene inventory was 216,283 tons, with a month - on - month decrease of 3994 tons. The total inventory in the East China main port was 186,500 tons, and the trade inventory was 98,500 tons with a month - on - month increase of 20,500 tons [2]. 3.5 Downstream Situation - The operating rates of EPS, ABS, PS, UPR, and styrene - butadiene rubber were 61.74% (a month - on - month increase of 0.72%), 69.8% (a month - on - month decrease of 0.2%), 61.2% (a month - on - month decrease of 0.7%), 34% (unchanged), and 70.43% (a month - on - month increase of 0.86%) respectively [2]. 3.6 Industry News - From September 12th to 18th, the weekly styrene output decreased by 2.03% month - on - month to 346,800 tons, and the weekly capacity utilization rate decreased by 1.54% month - on - month to 73.44%. The consumption of downstream EPS, PS, and ABS increased by 0.14% month - on - month to 278,300 tons. As of September 18th, the styrene factory inventory decreased by 1.81% month - on - month to 216,300 tons; as of September 22nd, the East China port inventory increased by 17.30% month - on - month to 186,500 tons, and the South China port inventory decreased by 37.61% month - on - month to 13,600 tons. As of September 17th, the non - integrated cost of styrene was 7548 yuan/ton, and the non - integrated profit was - 368 yuan/ton [2].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Driven by the rise in international oil prices, EB2511 fluctuated strongly and closed around 6928. The production and capacity utilization rate of styrene decreased due to the continuous shutdown of the 800,000 - tonne device of Guangdong Petrochemical and the maintenance of two 1.2 - million - tonne devices of Zhejiang Petrochemical last week. The downstream operating rate fluctuated slightly, with the operating rates of EPS and styrene - butadiene rubber rising, those of PS and ABS falling, and that of UPR remaining stable. Factory and East China port inventories decreased, while South China port inventory increased. Affected by the rise in pure benzene and ethylene prices, the non - integrated cost of styrene increased last week. Large domestic devices are taking turns for maintenance, and this maintenance cycle may last for several months. This week, the 800,000 - tonne device of Guangdong Petrochemical restarted, and the 620,000 - tonne device of Zhenhai Liande is planned to stop, so the production and capacity utilization rate may increase periodically. The commissioning of new devices is postponed to October, and the overall supply pressure of styrene in September shows a downward trend [2]. - This week, the load of EPS, PS, and ABS devices is expected to be slightly adjusted with little change. Inventory has returned to the destocking cycle, but the current inventory pressure is still high. In terms of cost, the global crude oil supply - demand is weak, but the US sanctions on some oil - producing countries may be upgraded, and international oil prices rose significantly yesterday. In the short term, EB2511 is expected to fluctuate with oil prices. Technically, pay attention to the support of the lower Bollinger Band around 6845 and the pressure of the 10 - day moving average around 7034 [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The trading volume of styrene futures (active contract) was 411,907, with a decrease of 11,208; the closing price was 6,928 yuan/ton, with a decrease of 58. The closing price of the November contract was 6,928 yuan/ton. The net long position of the top 20 holders was 399,631 lots, with a decrease of 1,289; the short position was 441,217 lots, with a decrease of 7,184. The number of warehouse receipts was 905 lots, with no change. The spot price of styrene was 7,130 yuan/ton, with a decrease of 48. The FOB South Korea intermediate price was 855 US dollars/ton, with a decrease of 11; the CFR China intermediate price was 865 US dollars/ton [2]. 3.2 Spot Market - The mainstream price of styrene in the Northeast region was 6,800 yuan/ton, with no change; in the South China region, it was 7,075 yuan/ton, with no change; in the North China region, it was 6,820 yuan/ton, with a decrease of 30; in the East China region, it was 6,870 yuan/ton, with a decrease of 100 [2]. 3.3 Upstream Situation - The CFR Northeast Asia intermediate price of ethylene was 846 US dollars/ton, with no change; the CFR Southeast Asia intermediate price was 722.17 US dollars/ton, with no change; the CIF Northwest Europe intermediate price was 745.5 US dollars/ton, with a decrease of 3; the FD US Gulf price was 457 US dollars/ton, with a decrease of 6. The spot price of pure benzene in the US Gulf was 657 cents/gallon, with a decrease of 8. The market price of pure benzene in the South China market was 5,900 yuan/ton, with no change; in the East China market, it was 5,840 yuan/ton, with no change; in the North China market, it was 5,950 yuan/ton, with no change [2]. 3.4 Industry Situation - The total operating rate of styrene was 73.44%, with a decrease of 1.54%. The national inventory of styrene was 216,283 tons, with a decrease of 3,994. The total inventory in the East China main port was 186,500 tons, with an increase of 27,500; the trade inventory was 98,500 tons, with an increase of 20,500. The operating rate of EPS was 61.74%, with an increase of 0.72; the operating rate of ABS was 69.8%, with a decrease of 0.2 [2]. 3.5 Downstream Situation - The operating rate of PS was 61.2%, with a decrease of 0.7; the operating rate of UPR was 34%, with no change; the operating rate of styrene - butadiene rubber was 70.43%, with an increase of 0.86 [2]. 3.6 Industry News - From September 12th to 18th, the weekly output of styrene decreased by 2.03% to 346,800 tons, and the weekly capacity utilization rate decreased by 1.54% to 73.44% [2]. - From September 12th to 18th, the consumption of downstream EPS, PS, and ABS of styrene increased by 0.14% to 278,300 tons compared with last week [2]. - As of September 18th, the factory inventory of styrene decreased by 1.81% to 216,300 tons compared with last week; as of September 22nd, the inventory in East China ports increased by 17.30% to 186,500 tons compared with last week, and the inventory in South China ports decreased by 37.61% to 13,600 tons compared with last week [2]. - As of September 17th, the non - integrated cost of styrene was 7,548 yuan/ton, and the non - integrated profit was - 368 yuan/ton [2].

Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core View of the Report - The spot price of styrene is under pressure due to weak supply - demand. The futures price of the 08 contract is expected to be stronger than the spot price because the basis of the 08 contract is still relatively high. Technically, attention should be paid to the support around 7270 for EB2508. The supply side is expected to remain in a high - production state, the demand side has not improved, the total inventory is at a relatively high level in the same period of history and difficult to deplete, and the cost lacks support [2]. 3. Summary by Related Catalogs Futures Market - Futures trading volume (active: trading volume) of styrene (EB) is 420,738, with a daily increase of 125,804. The futures closing price (active contract) of styrene is 7,340 yuan/ton. The 9 - month contract closing price of styrene is 7,255 yuan/ton, down 112 yuan/ton. The futures holding volume (active: trading volume) of styrene (EB) decreased by 15,310. The net long position of the top 20 holders of styrene decreased by 4,506 to 18,033 hands. The short position of the top 20 holders of styrene increased by 7,432 to 411,972 hands. The warehouse receipt quantity of styrene is 0 [2]. 现货市场 - The spot price of styrene is 7,936 yuan/ton. The FOB South Korea intermediate price of styrene is 915 US dollars/ton. The CFR China intermediate price of styrene is 925 US dollars/ton. The mainstream prices in the northeast, south, north, and east regions are 7,750 yuan/ton, 7,850 yuan/ton, 7,705 yuan/ton, and 7,715 yuan/ton respectively, with the north and east regions decreasing by 5 yuan/ton and 10 yuan/ton respectively [2]. Upstream Situation - The CFR Northeast Asia intermediate price of ethylene is 821 US dollars/ton, the CFR Southeast Asia intermediate price is 831 US dollars/ton, the CIF Northwest Europe intermediate price is 802 US dollars/ton, and the FD US Gulf price is 457 US dollars/ton, down 6 US dollars/ton. The spot prices of pure benzene in the US Gulf, Taiwan, Rotterdam are 290 US cents/gallon, 735.83 US dollars/ton, and 779 US dollars/ton respectively. The market prices of pure benzene in the south, east, and north regions are 5,950 yuan/ton, 5,965 yuan/ton, and 5,860 yuan/ton respectively [2]. Industry Situation - The total styrene inventory in the country is 209,695 tons, an increase of 15,745 tons. The total inventory in the East China main port is 138,500 tons, an increase of 27,000 tons, and the trade inventory is 45,000 tons, an increase of 6,000 tons. The overall styrene production from July 4th to 10th was 362,800 tons, a month - on - month decrease of 1.04%, and the capacity utilization rate was 79.21%, a month - on - month decrease of 0.82% [2]. Downstream Situation - The operating rates of styrene, EPS, ABS, PS, UPR, and styrene - butadiene rubber are 79.21% (down 0.82%), 51.06% (down 4.82%), 65% (down 0.04%), 51.1% (down 1.3%), 29%, and 73.08% (down 0.58%) respectively. From July 4th to 10th, the consumption of the main downstream products (EPS, PS, ABS) of styrene was 234,100 tons, a month - on - month decrease of 3.9% [2]. Industry News - From July 4th to 10th, the overall production of Chinese styrene factories was 362,800 tons, a month - on - month decrease of 1.04%, and the factory capacity utilization rate was 79.21%, a month - on - month decrease of 0.82%. The consumption of the main downstream products (EPS, PS, ABS) of styrene was 234,100 tons, a month - on - month decrease of 3.9%. As of July 10th, the sample inventory of Chinese styrene factories was 209,700 tons, a month - on - month increase of 8.12% [2].