Group 1: Investment Rating - There is no information about the industry investment rating in the report. Group 2: Core Views - The view is to wait for short - selling opportunities for styrene, but the upside space may also be large, with the contract being eb2512 [5]. - In 2025, the supply pressure of pure benzene is relatively large. Domestic production will increase significantly after the resumption of refinery operations. Import volume is 970,000 tons more than last year, with a year - on - year increase of nearly 20%. The demand growth of downstream products has slowed down. Under the situation of increasing supply and weakening demand, the inventory pressure of pure benzene may still be large [5]. - The pattern of styrene in the second half of the year may be weaker than the previous period. Supply will increase with the restart of domestic and foreign plants and the commissioning of new capacities. The growth of downstream demand is weak, and the high - profit state of styrene may be difficult to sustain. Pay attention to the opportunities of basis decline and profit compression [5]. Group 3: Summary by Catalog Day - to - day Description - Crude oil is running weakly overall. The profit of domestic pure benzene has been continuously compressed to a relatively low level, while the non - integrated profit of styrene has been at a high overall valuation recently [9]. Styrene Industry Chain Overview - The report shows the styrene industry chain, including the sources of benzene, production methods of styrene, and its downstream products such as EPS, PS, ABS, etc [10]. Industrial Chain Daily Data - **Toluene Spread**: Data on the spread between toluene and other products in different regions are presented, including the spread between toluene and naphtha in the Americas, and the spread between benzene and toluene in the Americas, Europe, and Asia [13][14]. - **Pure Benzene Spread and Profit**: Information on the profit of domestic pure benzene, pure benzene import profit, and various spreads of pure benzene is provided, such as the spread between Chinese CFR and South Korean FOB [13][29]. - **Other Downstream Profits of Pure Benzene**: Profits of downstream products of pure benzene like caprolactam, phenol, adipic acid, aniline, and the comprehensive profit of pure benzene downstream are shown [31]. - **Styrene Profit and Spread**: Data on non - integrated and integrated (ethylbenzene dehydrogenation) profits of styrene, import profit, and various spreads are given, including the spread between South China and East China [13][32]. - **EB Inventory Situation**: Inventory data of styrene in different regions and overall inventory data are presented, including the inventory of mainstream storage areas in Jiangsu and South China, and the total inventory of styrene factories and ports [32][34]. - **EB Downstream Profit**: Profits of styrene downstream products such as EPS, GPPS, and ABS are shown [34]. Industrial Chain Operation Suggestions - Different participation roles in the styrene industry chain are given corresponding operation suggestions, including inventory management and procurement management strategies, as well as relevant hedging derivatives and ratios [6]. Attention Data - Pay attention to port inventory data on Mondays and Wednesdays, styrene factory inventory data on Thursdays, styrene downstream inventory data on Thursdays, and pure benzene industry chain operation data on Fridays [7].

戴一帆：Z0015428 周燕勤：F03129302 黄思婕：F03130744 投资咨询业务资格：证监许可【2011】1290 号 周度观点 南华苯乙烯产业链数据周报20250427 港口去库，基差走弱 | | 上游(纯苯) | | | --- | --- | --- | | 供应 | 截至4月24日，石油苯开工率71.1%，环比+0.8%;加氢苯开工率58.2%,环比-3.1%。据评估，2025年3月韩国出口纯苯总计31.48 万吨,其中出口至中国29.02万吨。 | | | 库存 | 截至4月21日,江苏纯莱港口库存12.1万吨,较上期去库2.1万吨,环比下降14.79%。 | | | | 中游(苯乙烯) | | | 供应 | 截至4月24日,苯乙烯开工率67.9%,环比+1.1% | | | 库存 | 截至2025年4月21日，江苏莱乙烯港口库存8.65万吨，较上周期去库0.91万吨，幅度一9.52%；截至2025年4月24日，中国苯乙烯 | | | | 工厂样本库存量21.63万吨,较上一周期增减少0.22万吨,环比减少1%。 | | | 利润 | 截至4月24日,苯乙烯一体化利润在-379元/吨附 ...

南华苯乙烯产业链数据周报20250420 关注终端负反馈 戴一帆：Z0015428 周燕勤：F03129302 黄思婕：F03130744 投资咨询业务资格：证监许可【2011】1290 号 周度观点 | | 上游(纯苯) | | | --- | --- | --- | | 供应 | 截至4月17日，石油苯开工率70.4%,环比-2.1%;加氢苯开工率61.3%,环比+3.6%。据评估，2025年3月韩国出口纯苯总计31.48 万吨,其中出口至中国29.02万吨。 | | | 库存 | 截至4月14日,江苏纯莱港口库存14.2万吨,较上期累库0.15万吨,环比上升1.07%。 | | | | 中游(苯乙烯) | | | 供应 | 截至4月17日,苯乙烯开工率66.8%,环比-1.6% | | | 库存 | 截至2025年4月14日，江苏莱乙烯港口库存9.56万吨，较上周期去库2.34万吨，幅度=19.66%，截至2025年4月17日，中国苯乙烯 | | | | 工厂样本库存量21.84万吨,较上一周期增减少0.98万吨,环比减少4.30%。 | | | 利润 | 截至4月17日,苯乙烯一体化利润在-263元/ ...

1. Report Industry Investment Rating - There is no information provided about the industry investment rating in the report. 2. Core Viewpoints - The downward space of styrene is limited, with support at the price level of 7,600. The contract is eb2505. Looking ahead, styrene may show a pattern of having support below and pressure above. The support lies in the fact that as the maintenance season of pure benzene and styrene approaches, styrene inventory will gradually be depleted. The de - stocking degree of pure benzene is less than that of styrene, showing a mild de - stocking trend, so the price support in the second quarter is relatively strong. The upper - side pressure comes from the limited ability of the end - users to bear high prices. One should focus on the downstream profits of pure benzene and styrene. The price range is estimated to be between 7,600 and 8,150 [5]. 3. Summary by Related Catalogs 3.1产业链操作建议 - For refiners with high inventory and worried about styrene price decline, they can short - hedge a small proportion of unsold EB inventory using eb2505 at an entry price of 9,600 to prevent unexpected risks [6]. - For traders building inventory and seeking to buy styrene at low prices, they can buy call options (eb2505 - C - 8600) according to the procurement plan at an entry price of 77 [6]. - For traders with inventory and seeking to sell styrene at high prices, they can short - hedge a part of the inventory using eb2505 at an entry price of 9,600 to prevent short - term price decline [6]. - For end - customers purchasing styrene and worried about price increase, they can buy call options (eb2505 - C - 8600) according to the procurement plan at an entry price of 77 [6]. - For end - customers with inventory and worried about price decline, they can short - hedge a part of the inventory using eb2505 at an entry price of 9,600 to prevent short - term price decline [6]. 3.2日度描述 - Crude oil is generally running strongly. The domestic profit of pure benzene has recently continued to recover to a seasonal high, while the non - integrated profit of styrene is currently at a relatively low valuation level [8]. 3.3产业链每日数据 - **Price Data**: On April 1, 2025, compared with March 31, 2025, the price of naphtha CFR Japan decreased by 1 to 645.00; the price of ethylene CFR Northeast Asia remained unchanged at 855.00; the price of toluene CFR China increased by 12 to 747.00; the price of toluene FOB Korea increased by 4 to 730.00; the price of pure benzene China CFR increased by 17 to 853.00; the price of pure benzene Korea FOB increased by 12 to 832.00; the price of pure benzene in East China increased by 145 to 6,760.00; the spot price of styrene in East China increased by 146 to 8,153.00; the EPS price remained unchanged at 8,950.00; the PS price remained unchanged at 8,800.00; the ABS price remained unchanged at 11,275; the EB outer - disk US dollar price in China CFR decreased by 3 to 975.00; the US Gulf FOB remained unchanged at 1,100.00; the Korea FOB decreased by 3 to 965.00; the Rotterdam FOB increased by 47 to 1,264.00; the China Taiwan CFR remained unchanged at 1,006.50 [10]. - **Profit Data**: On April 1, 2025, compared with March 31, 2025, the domestic profit of pure benzene increased by 152.9 to 532.54; the import profit of pure benzene increased by 1.4 to - 331.18; the non - integrated profit of styrene increased by 31.2 to - 161.72; the integrated profit of styrene (ethylbenzene dehydrogenation) increased by 164.0 to 714.05; the import profit of styrene increased by 170.0 to - 106.69; the EPS profit increased by 73.73 to - 203; the PS profit decreased by 146.0 to - 353.00; the ABS profit decreased by 119.9 to 527.55 [21]. - **Spread and Basis Data**: On April 1, 2025, compared with March 31, 2025, the pure benzene paper - cargo spread decreased by 5 to 0.00; the EB04 closing price increased by 109 to 8,029.00; the EB05 closing price increased by 146 to 7,983.00; the EB4 - 5 spread decreased by 37 to 46.00; the EB04 East China basis increased by 37 to 124.00 [30].