Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - BZ port inventory has decreased slightly without further accumulation. Short - term downstream demand for BZ is okay, but the开工 rates of CPL and styrene have declined, and there is still some pressure on finished product inventory for the corresponding downstream. Phenol - ketone 开工 has also declined. In terms of supply, the shipping pressure from South Korea has not further increased, but there is an impact from the new production capacity of Yulong Petrochemical in China, and BZ processing fees continue to consolidate at a low level. For styrene, port inventory declined again during the week, port basis and the 09 - 10 inter - period spread of futures rebounded from the bottom. Combined with the increase in downstream提货 volume, it reflects that the speculative demand for the peak seasons of "Golden September and Silver October" has begun to appear. This week, the 开工 of styrene downstream was differentiated. EPS significantly reduced its load due to inventory pressure, while the 开工 of PS and ABS rebounded from the bottom. The inventory pressure of PS has eased, but the inventory pressure of ABS still persists [3] Summary by Directory 1. Pure Benzene and EB's Basis Structure and Inter - period Spread - Pure benzene main contract basis was - 113 yuan/ton (+78), and the spread between East China pure benzene spot and M2 was - 25 yuan/ton (+50). Styrene main contract basis was 49 yuan/ton (- 11 yuan/ton) [1] 2. Production Profits and Internal - External Spreads of Pure Benzene and Styrene - Pure benzene CFR China processing fee was 173 dollars/ton (+7 dollars/ton), and FOB South Korea processing fee was 161 dollars/ton (+9 dollars/ton), with a US - South Korea spread of 86.8 dollars/ton (+6.1 dollars/ton). Styrene non - integrated production profit was - 280 yuan/ton (- 62 yuan/ton), and it was expected to gradually compress [1] 3. Inventory and Operating Rates of Pure Benzene and Styrene - Pure benzene port inventory was 16.30 tons (- 0.70 tons), styrene East China port inventory was 159,000 tons (- 5,000 tons), and East China commercial inventory was 66,500 tons (- 1,000 tons). The 开工 rate of pure benzene downstream was mixed, and the 开工 rate of styrene was 77.7% (- 1.2%) [1] 4. Operating Rates and Production Profits of Styrene Downstream - EPS production profit was 178 yuan/ton (+0 yuan/ton), PS production profit was - 72 yuan/ton (+0 yuan/ton), and ABS production profit was 92 yuan/ton (- 2 yuan/ton). EPS 开工 rate was 43.67% (- 10.58%), PS 开工 rate was 55.00% (+1.70%), and ABS 开工 rate was 71.10% (+5.20%) [2] 5. Operating Rates and Production Profits of Pure Benzene Downstream - Caprolactam production profit was - 1,660 yuan/ton (- 80), phenol - ketone production profit was - 647 yuan/ton (+0), aniline production profit was 101 yuan/ton (+261), and adipic acid production profit was - 1,472 yuan/ton (- 72). Caprolactam 开工 rate was 88.41% (- 1.79%), phenol 开工 rate was 77.00% (+4.00%), aniline 开工 rate was 73.46% (- 0.48%), and adipic acid 开工 rate was 54.40% (- 10.40%) [1]