Report Industry Investment Rating - Not provided Core Viewpoints - The supply and demand of styrene gradually shift from tight balance to wide balance with weakening price support The short - term EB2601 is expected to show an oscillating trend, with the daily K - line focusing on the support near 6470 and the pressure near 6660 [2] Summary by Relevant Catalogs Futures Market - The closing price of the active styrene futures contract is 6585 yuan/ton, up 21 from the previous period The trading volume is 407,376, up 11,322 The long - position volume of the top 20 holders is 326,171 hands, up 5581, and the net long - position volume is - 46,726 hands, down 6493 The short - position volume of the top 20 holders is 372,897 hands, up 12,074 The open interest is 296,579 hands, down 1427 The 1 - month contract closing price is 6585 yuan/ton, up 21 The warehouse receipt quantity is 100 hands, up 100 [2] Spot Market - The spot price of styrene is 6654 yuan/ton, down 2 The FOB South Korea intermediate price is 814 dollars/ton, up 4 The CFR China intermediate price is 824 dollars/ton, up 4 The mainstream prices in Northeast, South, North, and East China are 6325 yuan/ton (down 50), 6800 yuan/ton (up 15), 6500 yuan/ton (down 5), and 6615 yuan/ton (up 15) respectively [2] Upstream Situation - The intermediate prices of ethylene CFR Northeast Asia, CFR Southeast Asia, CIF Northwest Europe, and FD US Gulf are 741 dollars/ton (unchanged), 721 dollars/ton (unchanged), 642 dollars/ton (down 1), and 457 dollars/ton (down 6) respectively The spot prices of pure benzene in Taiwan (CIF), Rotterdam (FOB), and the US Gulf (FOB) are 658 dollars/ton (unchanged), 714 dollars/ton (unchanged), and 280 cents/gallon (up 5) respectively The market prices of pure benzene in South, East, and North China are 5300 yuan/ton (unchanged), 5335 yuan/ton (up 15), and 5270 yuan/ton (unchanged) respectively [2] Industry Situation - The overall styrene plant operating rate is 67.29%, down 1.66% The national styrene inventory is 190,430 tons, up 2334 The total inventory at the main ports in East China is 16.06 tons, down 0.36 The trade inventory at the main ports in East China is 9.64 tons, up 0.22 [2] Downstream Situation - The operating rates of EPS, ABS, PS, UPR, and styrene - butadiene rubber are 54.75% (down 1.52), 71.2% (down 1.2), 57.6% (up 1.7), 37% (unchanged), and 75.99% (up 1.23) respectively [2] Industry News - From November 21st to 27th, China's styrene plant output was 334,700 tons, down 2.39% from the previous period, and the plant capacity utilization rate was 67.29%, down 1.66% From November 21st to 28th, the consumption of downstream EPS, PS, and ABS was 268,800 tons, down 0.3% As of November 27th, the styrene plant inventory was 190,400 tons, up 1.24% from the previous week As of December 1st, the styrene inventory at East China ports was 160,600 tons, down 2.19% from the previous week, and at South China ports was 95,000 tons, down 39.1% from the previous week [2] Viewpoint Summary - The non - integrated process losses are reduced, and the integrated process profitability deepens The recent launch of a 200,000 - ton new device in Dongming and the restart of a 600,000 - ton device in Lianyungang Petrochemical are expected to restore domestic styrene supply In December, the impact of styrene maintenance is expected to weaken, and the capacity utilization rate is expected to rise The short - term downstream demand load is adjusted slightly, with little overall change [2]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - Short - term supply - demand balance of styrene may deepen, and visible inventory is expected to maintain a destocking trend. The EB2601 contract is expected to show a volatile trend in the short term, with technical support around 6270 and resistance around 6600 [2]. - Last week, non - integrated plant losses decreased, and integrated plant profits expanded. Due to the maintenance of Sinochem Quanzhou's 450,000 - tonne plant, domestic styrene supply is expected to decline slightly this week [2]. - Downstream EPS demand is weak with high inventory, and there is a slight downward adjustment expectation for plant operation. PS plants are in a phased recovery state, and ABS plant supply is expected to remain high [2]. 3. Summary by Directory 3.1 Futures Market - The trading volume of styrene futures (active contract) was 361,779, and the closing price was 6,533 yuan/ton. The 1 - month contract closing price was also 6,533 yuan/ton. The trading volume of the active contract increased by 116,537, and the closing price decreased by 5,728 [2]. - The long - position volume of the top 20 holders was 319,939 lots, with a decrease of 3,466 lots; the net long - position volume was - 45,468 lots, an increase of 2,046 lots; the short - position volume was 407,247 lots, a decrease of 7,774 lots; the total warehouse receipt quantity was 200 lots, a decrease of 1,260 lots [2]. 3.2 Spot Market - The spot price of styrene was 6,636 yuan/ton, an increase of 46 yuan/ton. The FOB South Korea intermediate price was 802 US dollars/ton, unchanged; the CFR China intermediate price was 812 US dollars/ton, unchanged [2]. - The mainstream prices in Northeast, North, South, and East China were 6,275 yuan/ton (down 50 yuan/ton), 6,695 yuan/ton (unchanged), 6,430 yuan/ton (unchanged), and 6,510 yuan/ton (up 10 yuan/ton) 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 731 US dollars/ton (unchanged), 721 US dollars/ton (unchanged), 639 US dollars/ton (down 2.5 US dollars/ton), and 457 US dollars/ton (down 6 US dollars/ton) respectively [2]. - The spot prices of pure benzene in the US Gulf (FOB), Taiwan (CIF), Rotterdam (FOB) were 661.33 cents/gallon (unchanged), 273 US dollars/ton (down 3 US dollars/ton), and 721 US dollars/ton (down 15 US dollars/ton) respectively. The market prices in South, East, and North China were 5,300 yuan/ton (unchanged), 5,300 yuan/ton (down 25 yuan/ton), and 5,290 yuan/ton (unchanged) respectively [2]. 3.4 Industry Situation - The overall styrene plant operating rate was 68.95%, a decrease of 0.3%. The national styrene inventory was 188,096 tons, a decrease of 1,335 tons. The total inventory at the East China main port was 164,200 tons, an increase of 15,900 tons, and the trade inventory was 94,200 tons, an increase of 6,900 tons [2]. 3.5 Downstream Situation - The operating rates of EPS, ABS, PS, UPR, and styrene - butadiene rubber were 56.27% (up 4.64%), 72.4% (up 0.6%), 55.9% (up 0.5%), 37% (up 1%), and 74.76% (unchanged) respectively [2]. 3.6 Industry News - From November 14th to 20th, China's styrene plant output was 342,900 tons, a decrease of 0.44% from the previous period, and the plant capacity utilization rate was 68.95%, a decrease of 0.3% [2]. - From November 14th to 20th, the consumption of EPS, PS, and ABS in the styrene downstream was 269,600 tons, an increase of 3.45% [2]. - As of November 20th, the styrene plant inventory was 188,100 tons, a decrease of 0.70% from the previous week. As of November 24th, the East China port inventory was 164,200 tons, an increase of 10.72% from the previous week, and the South China port inventory was 15,600 tons, an increase of 11.43% from the previous week [2]. - As of November 19th, the non - integrated profit of styrene was - 225 yuan/ton, and the integrated profit was 139.67 yuan/ton [2].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The spot supply of styrene is expected to remain loose, while downstream demand is in the off - season with mainly rigid demand. The finished product inventory of EPS, PS, and ABS is high, and profit margins are shrinking, which restrains demand growth. The total inventory is at a relatively high level in the same period of history, making de - stocking more difficult. The cost support is limited as geopolitical factors have weakened and global demand growth is relatively weak, and pure benzene may decline under the influence of its own supply - demand contradiction. Although the deep discount of the futures main contract restrains the downside space, the spot supply - demand and cost of styrene are bearish. EB2508's daily K - line should pay attention to the support around 7200 and the resistance around 7420 [2] Group 3: Summary by Relevant Catalogs Futures Market - The closing price of the active contract of styrene futures was 7287 yuan/ton, a decrease of 11 yuan; the trading volume was 313,629 lots, a decrease of 10,678 lots. The long position of the top 20 holders was 357,712 lots, an increase of 6,971 lots; the closing price of the July contract was 7408 yuan/ton, a decrease of 23 yuan. The open interest of the active contract was 280,966 lots, an increase of 3,464 lots; the net long position of the top 20 holders was - 20,537 lots, a decrease of 3,373 lots. The short position of the top 20 holders was 378,249 lots, an increase of 10,344 lots; the total number of warehouse receipts was 0 lots, a decrease of 7,245 lots [2] Spot Market - The spot price of styrene was 8084 yuan/ton, a decrease of 80 yuan; the CFR China intermediate price was 921 US dollars/ton, the FOB South Korea intermediate price was 911 US dollars/ton. The mainstream price in the Northeast region was 7875 yuan/ton, in the South China region was 7865 yuan/ton, a decrease of 45 yuan, in the North China region was 7825 yuan/ton, and in the East China region was 7985 yuan/ton, an increase of 10 yuan [2] Upstream Situation - The CFR Northeast Asia intermediate price of ethylene was 851 US dollars/ton, the CFR Southeast Asia intermediate price was 861 US dollars/ton, the CIF Northwest Europe intermediate price was 823.5 US dollars/ton, an increase of 54 US dollars, and the FD US Gulf price was 457 US dollars/ton, a decrease of 6 US dollars. The spot price of pure benzene in Taiwan's CIF was 736.5 US dollars/ton, a decrease of 53.33 US dollars; the FOB price in the US Gulf was 263 cents/gallon; the FOB price in Rotterdam was 710 US dollars/ton, an increase of 19 US dollars. The market price in the South China market was 6100 yuan/ton, in the East China market was 5985 yuan/ton, and in the North China market was 5950 yuan/ton [2] Industry Situation - The total styrene operating rate was 80.08%, an increase of 1.07%. The national inventory was 199,923 tons, an increase of 11,141 tons; the total inventory in the East China main port was 85,000 tons, an increase of 18,700 tons; the trade inventory in the East China main port was 66,300 tons, an increase of 21,300 tons [2] Downstream Situation - The operating rate of EPS was 59.72%, an increase of 6.09%; the operating rate of ABS was 66%, an increase of 2.03%; the operating rate of PS was 57.4%, a decrease of 1.3%; the operating rate of UPR was 30%, unchanged; the operating rate of styrene - butadiene rubber was 74.09%, unchanged [2] Industry News - From June 20th to 26th, China's styrene factory output was 366,800 tons, a 1.35% increase from the previous period, and the capacity utilization rate was 80.08%, a 1.07% increase. The consumption of the main downstream products (EPS, PS, ABS) was 257,000 tons, a 3.92% increase from the previous week. As of June 26th, the sample inventory of Chinese styrene factories was 199,900 tons, a 5.90% increase from the previous cycle [2]