重要提示:本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。我 司不会因为关注、收到或阅读本报告内容而视相关人员为客户;市场有风险,投资需谨慎。 免责声明:除非另有说明、中信期货有限公司（以下简称"中信期货）拥有本报告的版权/或其他相关知识产权。未经 授权,不得发送或复制本报告任何内容。中信期货对于本报告所载的信息、观点以及数据的准确性、可靠性、时效性 以及完整性不作任何明确或隐含的保证。本报告并不构成中信期货给予的任何私人咨询建议。 苯乙烯利润较好, 开工率内升外降 2026/03/03 投资咨询业务资格: 册 尹伊君 证监许可【2012】669号 究 从业资格号:F03107980 投资咨询号: Z0021451 员 最新数据: 国内苯乙烯开工略升。根据隆众,截至2026年2月26日,国内苯乙烯开工率74.24%,环比+1.04pct,同比- 1. 46pct。周度产量37.24万吨,较上期增0.53万吨。本周华北一套装置检修后负荷提升;华东一套装置检修 后重启增量,无新增停车降负。 美国Garville装置检修,海外苯乙烯开工略降。根据卓创及计算,截至2026年3 ...

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - Global styrene operating rates are at a relatively low level. As of January 19, 2026, the global styrene operating rate was 72.0%, down 0.5 pct month - on - month and 7.4 pct year - on - year, at the lowest level in the same period in the past six years [3] 3. Summary by Related Content Domestic Styrene Situation - As of January 15, 2026, the domestic styrene operating rate was 70.86%, down 0.06 pct month - on - month and 7.7 pct year - on - year. The weekly output was 35.54 tons, a decrease of 0.03 tons from the previous period. Domestic styrene plants were basically stable, with a plant in East China having a short - stop and a plant in South China increasing its load [3] Overseas Styrene Situation - As of January 19, 2026, the overseas styrene operating rate was 73.2%, down 0.9 pct month - on - month and 7.8 pct year - on - year, at a relatively low level compared to the same period in the past five years. The 350,000 - ton FCFC2 plant in Taiwan, which shut down in mid - November 2025, restarted in mid - January 2026. A 550,000 - ton styrene plant in Saudi Arabia had an unexpected short - stop on January 15, and its originally planned maintenance in March or April would proceed as normal [3]

Report Summary 1) Report Industry Investment Rating - No information provided 2) Core Viewpoints of the Report - As of November 20, 2025, the domestic styrene operating rate decreased slightly, while overseas and global styrene operating rates increased, but all were at relatively low levels compared to the same period in previous years [3] 3) Summary by Related Catalogs - **Domestic Styrene Situation** - As of November 20, 2025, the domestic styrene operating rate was 68.95%, a month - on - month decrease of 0.3 pct and a year - on - year increase of 3.0 pct [3] - The weekly output was 34.29 tons, a decrease of 0.15 tons from the previous period. One unit in East China restarted, and one unit each in Northeast, East, and South China adjusted their loads, resulting in a slight decline in output [3] - **Overseas Styrene Situation** - As of November 24, 2025, the overseas styrene operating rate was 74.6%, a month - on - month increase of 2.3 pct and a year - on - year decrease of 12.1 pct, at a relatively low level compared to the same period in the past five years [3] - The 525,000 - ton US Amsty unit and the 580,000 - ton South Korea Lotte unit restarted [3] - **Global Styrene Situation** - As of November 24, 2025, the global styrene operating rate was 71.8%, a month - on - month increase of 1.0 pct and a year - on - year decrease of 4.7 pct, at the lowest level in the past six years [3]

Group 1: Report Core Information - The report is about the global styrene market situation as of November 2025 [1][3] Group 2: Domestic Styrene Situation - As of November 6, 2025, the domestic styrene operating rate was 66.94%, a week - on - week increase of 0.22 pct and a year - on - year decrease of 0.9 pct [3] - The weekly output was 33.29 tons, an increase of 0.95 tons from the previous period. The restart of maintenance of units in North and South China and the normal production of new units in Northeast and South China led to an overall increase in domestic supply [3] Group 3: Overseas Styrene Situation - As of November 10, 2025, the overseas styrene operating rate was 75.2%, a week - on - week decrease of 2.75 pct and a year - on - year decrease of 10.9 pct, at a relatively low level in the past five - year comparison [3] - A 635,000 - ton line of LyondellBasell in the US started maintenance in November, and a 240,000 - ton INEOS device in Belgium restarted in early November [3] Group 4: Global Styrene Situation - As of November 10, 2025, the global styrene operating rate was 71.1%, a week - on - week decrease of 1.4 pct and a year - on - year decrease of 6.9 pct, close to the lowest level in the past six years [3]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints - Global styrene start - up is at a low level, with domestic and overseas start - up rates showing different trends and new overseas device maintenance plans [3] Group 3: Summary by Relevant Content Domestic Styrene Situation - As of October 23, 2025, the domestic styrene start - up rate was 69.3%, a week - on - week decrease of 2.6 pct and a year - on - year decrease of 1.1 pct. The weekly output was 32.7 tons, a decrease of 1.24 tons from the previous period. One device in the Northeast restarted and one in the South stopped, and the impact of the stopped devices led to a decline in weekly output [3] Overseas Styrene Situation - As of October 27, 2025, the overseas styrene start - up rate was 76.9%, with no week - on - week change and a year - on - year decrease of 10.8 pct, at a low level in the past five years. There are new maintenance plans for two devices: TSMC's 160,000 - ton styrene device in Taiwan and Guochiao's 150,000 - ton styrene device, both possibly to be maintained from November to December [3] Global Styrene Situation - As of October 27, 2025, the global styrene start - up rate was 74.4%, a week - on - week decrease of 0.9 pct and a year - on - year decrease of 5.3 pct, at a low level [3]

Group 1: Report Information - Report title: Overseas start - up rebounds, global start - up at a low level [1] - Report date: October 14, 2025 [1] Group 2: Industry Investment Rating - No relevant information provided Group 3: Core Viewpoints - Domestic styrene start - up rises while overseas and global start - up are at relatively low levels [3] Group 4: Summary by Content Domestic Styrene - As of October 9, 2025, the domestic styrene start - up rate is 73.6%, with a week - on - week increase of 2.37 pct and a year - on - year increase of 3.2 pct [3] - The weekly output is 34.75 tons, an increase of 1.11 tons from the previous period due to the restart of two units in East China and the load increase of a unit in South China [3] Overseas Styrene - As of October 13, 2025, the overseas styrene start - up rate is 76.9%, a week - on - week increase of 2.3 pct and a year - on - year decrease of 3.99 pct, at a relatively low level in the past five years [3] - There is a new Amsty maintenance overseas, and three units of Cosmar, SMI and Idemitsu are restarted [3] Global Styrene - As of October 13, 2025, the global styrene start - up rate is 75.3%, a week - on - week increase of 1.3 pct and a year - on - year decrease of 0.75 pct, at a low level [3]

Group 1: Report Core Views - Domestic styrene profit is low and the domestic styrene operating rate decreased. As of September 11, 2025, the domestic styrene operating rate was 74.98%, a decrease of 4.76 pct compared to the previous period and an increase of 5.6 pct year - on - year. The weekly output was 354,000 tons, a decrease of 22,500 tons from the previous period [2]. - Overseas, there are new styrene device overhauls in Malaysia and Belgium. As of September 15, 2025, the overseas styrene operating rate was 81.8%, a decrease of 1.9 pct compared to the previous period and a decrease of 0.1 pct year - on - year, at a relatively low level compared to the same period in the past five years [2]. - The global styrene operating rate is at a neutral level. As of September 15, 2025, the global styrene operating rate was 78.5%, a decrease of 3.3 pct compared to the previous period and an increase of 2.33 pct year - on - year [2]. Group 2: Specific Data Summaries - Domestic styrene: As of September 11, 2025, the operating rate was 74.98%, weekly output was 354,000 tons. As of September 15, the non - integrated profit was - 307 yuan/ton [2]. - Overseas styrene: As of September 15, 2025, the operating rate was 81.8%. The US INEOS 500,000 - ton styrene overhaul plan was postponed to January 2026, a 240,000 - ton styrene device in Malaysia started a 20 - day overhaul at the end of August, and a 440,000 - ton styrene device in Belgium started a one - month overhaul in mid - September [2]. - Global styrene: As of September 15, 2025, the operating rate was 78.5% [2].