Report Industry Investment Rating - The investment rating for styrene is "medium-term bearish" [1] Core View of the Report - The styrene market is expected to be bearish in the medium term. In the short term, it will mainly fluctuate due to weak crude oil, strong downstream bottom-fishing sentiment, and the downstream entering the seasonal bottom-fishing stage. However, the downstream raw material inventory is at a medium to high level, and the power for continuous restocking during the peak season is insufficient. Short-term explicit inventory is being depleted while implicit inventory is gradually accumulating, stabilizing market volatility [1][2] Summary by Relevant Catalog Fundamental Tracking - For styrene futures contracts, the price of styrene 2509 decreased from 7,352 to 7,296, a change of -56; styrene 2510 decreased from 7,378 to 7,330, a change of -48; styrene 2509 increased from 7,374 to 7,387, a change of 13. The spread EB08 - EB09 decreased from -26 to -34, a change of -8; EB09 - EB10 decreased from 4 to -57, a change of -61. The N + 1 contract price decreased from 7,480 to 7,460, a change of -20; the N + 2 contract price increased from 7,370 to 7,390, a change of 20. The EB - BZ spread increased from 1,290 to 1,315, a change of 25. Non - integrated profit decreased from -131 to -143, a change of -12; integrated profit decreased from 756 to 689, a change of -67 [1] Trend Intensity - The trend intensity of styrene is -1, indicating a bearish view, with the range of trend intensity being integers in the [-2, 2] interval, where -2 represents the most bearish and 2 represents the most bullish [1] Spot News - Crude oil is weak, and the downstream industry's bottom-fishing sentiment is strong, with the market mainly fluctuating. As it enters late August, the downstream enters the seasonal bottom-fishing stage, and the overall market sentiment is optimistic with strong bottom-fishing willingness. Currently, the downstream raw material inventory of styrene is at a medium to high level after nearly a month of restocking, and the power for continuous restocking during the peak season is insufficient. Short-term explicit inventory is being depleted while implicit inventory is gradually accumulating, stabilizing market volatility. The short-term trend is mainly fluctuating [2]