1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The geopolitical supply risk has eased, but there are still differences. The aromatics market is still dominated by cost and fluctuates with oil prices in the short term. The future trend depends on the duration of the geopolitical conflict and the blockade status of the Strait of Hormuz [5]. - Pure benzene is mainly dominated by the cost side, and the supply - demand balance tends to be in short - term supply shortage. The price has entered the rebound stage from the undervalued area [6]. - The core of the styrene market lies in the evolution of the geopolitical situation. If the geopolitical situation eases further, there is still room for the pure benzene - styrene price to fall [8]. 3. Summary According to Relevant Catalogs PX Market - **Price**: The PX price fell and then fluctuated this week but remained in a high - level historical range. Sinopec's February PX settlement price was 7,385 yuan/ton, and the March listing price was 10,200 yuan/ton, a significant increase [5]. - **Production and Device**: The 1.5 - million - ton PX device of CNOOC Ningbo Daxie continued to be shut down; a 2.5 - million - ton PX device of Zhejiang Petrochemical resumed operation. This week, the PX output was 720,600 tons, a month - on - month decrease of 2.4%. The domestic PX weekly average capacity utilization rate was 87.12%, a month - on - month decrease of 2.14%. The Asian PX weekly average capacity utilization rate was 77.01%, a month - on - month decrease of 2.29% [5]. - **Supply and Demand**: The weekly average capacity utilization rate of domestic PTA this week was 76.27%, a month - on - month decrease of 3.78% and a year - on - year decrease of 0.59% [5]. - **Summary and Outlook**: The supply of PX in China has decreased from the high level during the maintenance season, and there is support for the short - term supply - demand side. The PX price fluctuates at a high level following the oil price in the short term. However, the high cost of the raw material end and the weak terminal demand restrict the upward space of PX [5]. Pure Benzene Market - **Price**: The futures price of pure benzene fluctuated greatly recently. After the intensification of the US - Iran geopolitical conflict and the closure of the Strait of Hormuz, it rose sharply and then fell from the high level this week. On March 26, Sinopec's East China listing price was 8,075 yuan/ton, and the February settlement price was 6,124 yuan/ton [6]. - **Supply and Demand**: In February, the national pure benzene output was 1.8591 million tons, compared with 1.7206 million tons in the same month last year. The supply decreased, the demand decreased slightly, and the supply - demand balance sheet showed a slight de - stocking [6]. - **Inventory**: As of March 23, 2026, the total commercial inventory of pure benzene ports in Jiangsu was 269,000 tons, a decrease of 19,000 tons from the previous period, a month - on - month decrease of 6.60%, and an increase of 129,000 tons from the same period last year, a year - on - year increase of 92.14%. It is expected that the ports will de - stock slightly [6]. - **Summary and Outlook**: Since the end of last year, the domestic output of pure benzene has increased significantly. The overall supply - demand pattern has been loose until the first quarter of 2026. In the short term, it is mainly dominated by the cost side, and the supply - demand balance tends to be in short - term supply shortage [6]. Styrene Market - **Price**: This week, the main contract of styrene changed to 2605. Affected by the US - Iran geopolitical conflict, it fluctuated after following the cost side to fall. The current mainstream price in East China is 10,000 yuan/ton, maintaining the high level of last week [7]. - **Profit**: From March 12 to 18, 2026, the average profit of China's non - integrated styrene plants was 88.06 yuan/ton, a decrease of 398 yuan/ton from the previous period, a month - on - month decrease of 81.89%. On March 25, the daily profit of China's non - integrated styrene plants was - 401 yuan/ton, a decrease of 75 yuan/ton from the previous working day, a month - on - month decrease of 23.04% [7]. - **Production and Device**: From March 13 to 19, 2026, the total output of China's styrene plants was 353,400 tons, a decrease of 6,700 tons from the previous period, a month - on - month decrease of 1.86%; the plant capacity utilization rate was 70.46%, a month - on - month decrease of 1.33% [7]. - **Demand**: The consumption of the main downstream products (EPS, PS, ABS) of China's styrene was 265,800 tons, an increase of 4,700 tons from last week, a month - on - month increase of 1.8%. The overall demand of the three major downstream plants was basically stable this week, among which the EPS plant had a large increase in demand, while the ABS plant had a slight decrease in demand due to the maintenance of individual devices [7]. - **Inventory**: As of March 23, 2026, the total inventory of styrene ports in Jiangsu was 168,400 tons, an increase of 5,900 tons from the previous period, an increase of 3.63%. The commercial inventory was 88,800 tons, an increase of 6,300 tons from the previous period, an increase of 7.64% [7]. - **Summary and Outlook**: In January 2026, the supply of styrene increased limitedly, and the price and profit increased. In February, it was affected by the cost side and geopolitics. Since early March, it has been driven by geopolitical factors. The core of the styrene market lies in the evolution of the geopolitical situation. If the geopolitical situation eases, there is still room for the pure benzene - styrene price to fall [8].

1. Report Industry Investment Rating No information provided in the text. 2. Core Viewpoints of the Report - The PX market has been strongly influenced by geopolitical and supply - demand factors. With the continuous blockade of the Strait of Hormuz, the supply of PX is shrinking, and the price is expected to fluctuate at a high level in the short term. However, the high cost in the upstream may lead to a negative feedback in the industry chain, restricting the upward space of PX prices [6]. - The pure benzene market has shifted from being dominated by macro and chemical sectors to being influenced by supply changes. It is expected to change from oversupply to undersupply, and the price has entered a rebound phase [7]. - The styrene market is mainly affected by geopolitical situations and the linkage between upstream pure benzene and styrene. Although the downstream demand is gradually recovering, the price is more dominated by cost fluctuations in the short term [9]. 3. Summaries According to Relevant Catalogs PX Market - **Price**: The settlement price of Sinopec's PX in February was 7,385 yuan/ton, and the listed price in March was 10,200 yuan/ton, a significant increase. The PX market followed the trend of rising and then falling with the oil price [6]. - **Production and Device**: The 1.5 - million - ton PX device of CNOOC Ningbo Daxie continued to shut down, and a 2.5 - million - ton PX device of Zhejiang Petrochemical resumed operation. The weekly PX output was 720,600 tons, a month - on - month decrease of 2.4%. The domestic weekly average PX capacity utilization rate was 87.12%, a month - on - month decrease of 2.14%. The Asian weekly average PX capacity utilization rate was 77.01%, a month - on - month decrease of 2.29% [6]. - **Supply and Demand**: The domestic weekly average PTA capacity utilization rate dropped to 76.27%, a month - on - month decrease of 3.78% and a year - on - year decrease of 0.59%. The overall PTA capacity utilization rate in China decreased significantly this week [6]. Pure Benzene Market - **Price**: The futures price of pure benzene fluctuated greatly. After the intensification of the geopolitical conflict between the US and Iran and the closure of the Strait of Hormuz, it rose sharply and then fluctuated at a high level. On March 20, the listed price of Sinopec East China was 8,350 yuan/ton, and the settlement price in February was 6,124 yuan/ton [7]. - **Supply and Demand**: In February, the national pure benzene output was 1.8591 million tons, compared with 1.7206 million tons in the same month last year. The supply decreased, and the demand decreased slightly, showing a slight de - stocking in the supply - demand balance sheet [7]. - **Inventory**: As of March 16, 2026, the total commercial inventory of pure benzene ports in China was 299,000 tons, a decrease of 19,000 tons from the previous period, a month - on - month decrease of 5.97%, and a year - on - year increase of 121.48% [7]. Styrene Market - **Price**: The main styrene contract rose and then fell, fluctuating at a high level following the cost end affected by the geopolitical conflict between the US and Iran. The current mainstream price in East China is 10,400 yuan/ton, with a large increase [8]. - **Profit**: From March 12 - 18, 2026, the average profit of non - integrated styrene plants in China was 88.06 yuan/ton, a decrease of 398 yuan/ton from the previous period, a month - on - month decrease of 81.89%. On March 19, the daily profit of non - integrated styrene plants in China was - 108 yuan/ton, an increase of 39 yuan/ton from the previous working day, a month - on - month increase of 26.28% [8]. - **Production and Device**: From March 13 - 19, 2026, the total output of styrene plants in China was 353,400 tons, a decrease of 6,700 tons from the previous period, a month - on - month decrease of 1.86%. The plant capacity utilization rate was 70.46%, a month - on - month decrease of 1.33% [8]. - **Demand**: The consumption of the main downstream products (EPS, PS, ABS) of styrene in China was 265,800 tons, an increase of 4,700 tons from the previous week, a month - on - month increase of 1.8% [8]. - **Inventory**: As of March 16, 2026, the total inventory of styrene ports in Jiangsu was 162,500 tons, an increase of 6,000 tons from the previous period, an increase of 3.83%. The commercial inventory was 82,500 tons, an increase of 10,200 tons from the previous period, an increase of 14.11% [8].

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - Geopolitical conflicts have intensified supply risks in the aromatics market, with cost - side impacts being significant. Aromatic futures are strongly supported by the cost side and maintain high - level fluctuations. [5] - PX prices are driven by cost - side oil prices, and in the short term, the supply - demand situation provides strong support. However, if oil and naphtha prices continue to rise, processing profits may be squeezed. [5] - The supply - demand pattern of pure benzene is changing from oversupply to undersupply, and prices are in the rebound stage. It is currently mainly dominated by the cost side, but the supply - demand side has improved. [6] - The styrene market is mainly affected by geopolitical situations and the linkage between upstream pure benzene and styrene. If the conflict persists, the cost and price of styrene may continue to rise. [8] Summary by Relevant Catalogs PX Market - **Period and Spot Performance**: Geopolitical factors drive PX prices. After an initial slow rise, PX quickly made up for the increase and reached the daily limit. It then fluctuated at a high level following the cost - side oil prices. Sinopec significantly increased the PX settlement and listing prices. [5] - **Industrial Chain Start - up**: Some PX plants had malfunctions or continued maintenance. This week, PX production was 738,300 tons, a week - on - week decrease of 2.09%. The domestic average weekly capacity utilization rate was 89.26%, a week - on - week decrease of 1.90%. [5] - **Demand**: The average weekly domestic PTA capacity utilization rate reached 80.05%, a week - on - week increase of 0.36% and a year - on - year increase of 3.07%. [5] - **Summary and Outlook**: Aromatic futures are supported by the cost side. Geopolitical factors lead to expectations of reduced PX supply, driving price increases. In the short term, the supply - demand situation supports PX prices, but rising costs may squeeze processing profits. [5] Pure Benzene Market - **Period and Spot Performance**: The futures price of pure benzene fluctuated greatly. After the intensification of the US - Iran geopolitical conflict, it rose significantly and then fluctuated at a high level following the oil price. Sinopec raised the listing price. [6] - **Supply and Demand**: In February, the national pure benzene production was 1.8591 million tons. Overall, the supply decreased, and the demand decreased slightly, showing a slight de - stocking in the supply - demand balance sheet. [6] - **Inventory**: As of this week, the total commercial inventory of pure benzene ports in China was 318,000 tons, a decrease of 1,000 tons from the previous period, a week - on - week decrease of 0.31%, and a year - on - year increase of 125.53%. [6] - **Summary and Outlook**: Since the end of last year, the domestic production of pure benzene has increased significantly. The short - term cost increase due to geopolitical factors has made the supply change the dominant factor. The supply - demand pattern is changing from oversupply to undersupply, and prices are rebounding. [6] Styrene Market - **Period and Spot Performance**: The main styrene contract fluctuated after rising, with a large increase following the cost side due to the US - Iran geopolitical conflict. The current mainstream price in East China is 10,350 yuan/ton, with multiple adjustments within the month. [7] - **Industrial Chain Profit**: The average profit of non - integrated styrene plants in China this period was 486 yuan/ton, an increase of 134 yuan/ton from the previous period, a week - on - week increase of 38.24%. [7] - **Industrial Chain Start - up**: The total production of styrene plants in China was 360,100 tons, a decrease of 11,600 tons from the previous period, a week - on - week decrease of 3.12%. The plant capacity utilization rate was 71.79%, a week - on - week decrease of 2.32%. [7] - **Demand**: The consumption of the main downstream products of styrene in China (EPS, PS, ABS) was 263,900 tons, an increase of 71,300 tons from last week, a week - on - week increase of 37.02%. [7] - **Inventory**: As of March 9, 2026, the total inventory of the main styrene storage areas in South China was 51,000 tons, a decrease of 2,000 tons from the previous period, a week - on - week decrease of 3.77%. [7] - **Summary and Outlook**: In different periods, styrene prices were affected by factors such as supply, exports, cost - side oil prices, and geopolitical situations. In the future, the core of the styrene market lies in geopolitical situations and the linkage between upstream pure benzene and styrene. If the spread between pure benzene and styrene expands to over 2,000 yuan/ton, the processing spread can be reduced. [8]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - Benzene and styrene closed slightly lower intraday, but the downward space is expected to be limited. The support level is the 40 - day moving average on the hourly K - line. Adopt a low - buying strategy after a decline. Currently, the export trading expectation for styrene still exists, and focus on tracking exports and subsequent industrial upstream and downstream orders [3][4] Group 3: Summary by Related Catalogs Fundamental Analysis - As of February 23, 2026, the global styrene operating rate was 72.80%, a month - on - month increase of 3.43% and a year - on - year decrease of 3.89%, at a relatively low level in the same period of the past six years [1] - As of February 24, 2026, the total inventory of the benzene - styrene port samples in Jiangsu was 158,100 tons, an increase of 61,900 tons from the previous period, a growth rate of 64.35%. The commercial inventory was 87,200 tons, an increase of 33,200 tons from the previous period, a growth rate of 61.48% [1] Macroeconomic Analysis - On February 25, five departments in Shanghai jointly issued a notice to optimize and adjust the local real - estate policy. Eligible non - Shanghai residents can purchase an additional housing unit within the outer ring starting from February 26, 2026 [2] - The International Monetary Fund (IMF) released a statement on the 25th, predicting that the US debt burden will continue to increase in the next few years. It is estimated that the real GDP of the United States will grow by 2.6% in 2026 and 2.1% in 2027, and the medium - term potential growth rate of the US economy is lowered by 0.25 percentage points [2] - Some OPEC+ representatives said that the organization is expected to agree to resume a small - scale production increase when reviewing the April policy at the meeting this weekend. As of now, the action plan has not been determined. OPEC+ will consider increasing the daily oil production by 137,000 barrels in April at the March 1 meeting [2] Futures and Spot Market Analysis - Benzene and styrene closed slightly lower intraday. The downward space is expected to be limited, and the support level is the 40 - day moving average on the hourly K - line. Adopt a low - buying strategy after a decline. Pay attention to the export and subsequent industrial upstream and downstream orders [3][4]

Report Industry Investment Rating - Not provided in the report Core Viewpoints - The aromatics market is oscillating strongly due to the game between export support and plant restart. Pure benzene is mainly in high - level oscillation driven by cost in the short term, and its high valuation may face regression pressure if terminal restocking is insufficient. Styrene is in a short - term strong oscillation pattern, and its future trend depends on the plant restart progress and the real post - holiday de - stocking strength [2][3] Summary by Directory 1. Daily Market Summary Fundamental Information - **Prices**: On February 24, the styrene futures closed at 7,669 yuan/ton, and pure benzene futures closed at 6,199 yuan/ton. The spot price of East China pure benzene was 5,990 yuan/ton [2] - **Costs**: On February 24, the Brent crude oil main contract closed at $62.8/barrel (unchanged), and the WTI crude oil main contract closed at $67.5/barrel (unchanged) [2] - **Inventories**: The East China port inventory of pure benzene was 305,000 tons (unchanged), and the East China port inventory of styrene was 109,000 tons (an increase of 8,000 tons) [2] - **Demand**: The overall downstream operation rate of pure benzene increased. The downstream of styrene entered the off - season, and the operation rate decreased slightly except for ABS [2] Views - **Pure Benzene**: Crude oil remains strong due to geopolitical disturbances, supporting the aromatics chain. The supply - side operation rate of pure benzene continues to rise, and imported resources have recovered from a low level. The port inventory is still at a high level. The demand shows structural differentiation. The overall valuation of pure benzene and its downstream industries is high, and short - term high - level oscillation is mainly cost - driven [2] - **Styrene**: Styrene continues the short - term strong oscillation pattern. The seasonal inventory accumulation during the Spring Festival was lower than in previous years, and the overall market pressure is limited. The overseas supply - demand tight pattern continues, supporting domestic prices. However, the market focus is shifting to the post - holiday de - stocking slope and marginal supply recovery rhythm. Styrene is in a game stage between "low - inventory support" and "supply return expectation" [3] 2. Industrial Chain Data Monitoring Prices - **Styrene Prices**: The styrene futures main contract was 7,669 yuan/ton on February 24. The spot price decreased from 7,594 yuan/ton on February 23 to 7,530 yuan/ton on February 24, a decrease of 0.84% [5] - **Pure Benzene Prices**: The pure benzene futures main contract was 6,199 yuan/ton on February 24. The East China pure benzene spot price increased from 5,990 yuan/ton on February 23 to 6,170 yuan/ton on February 24, an increase of 3.01% [5] - **Upstream Prices**: The Brent crude oil price increased from $62.8/barrel on February 23 to $66.3/barrel on February 24, an increase of 5.52%. The WTI crude oil price increased from $67.5/barrel to $71.1/barrel, an increase of 5.32% [5] Production and Inventory - **Production**: The styrene production in China increased from 348,000 tons in January 30, 2026 to 350,000 tons in February 6, 2026, an increase of 0.98%. The pure benzene production increased from 429,000 tons to 443,000 tons, an increase of 3.29% [6] - **Inventory**: The styrene port inventory in Jiangsu increased from 101,000 tons in January 30, 2026 to 109,000 tons in February 6, 2026, an increase of 7.95%. The pure benzene port inventory in the whole country remained unchanged at 305,000 tons [6] Operation Rate - **Pure Benzene Downstream**: The operation rate of styrene increased from 69.3% to 70.0%, aniline increased from 88.5% to 89.0%, while the operation rate of caprolactam decreased from 73.6% to 73.2%, and phenol decreased from 88.3% to 86.0% [7] - **Styrene Downstream**: The operation rate of EPS decreased from 53.3% to 51.6%, ABS decreased from 66.1% to 64.4%, and PS decreased from 55.6% to 55.2% [7] 3. Industry News - WTI April crude oil futures fell $0.27, or 0.38%, to $66.31/barrel. Brent April crude oil futures fell $0.27, or 0.38%, to $71.49/barrel [8] - On Monday, the CFR price of port - linked PX fell $1.33 to $924.67 [8] - The European Parliament suspended the approval of the EU - US trade agreement [8] - The US may launch a military strike against Iran on February 23 or 24 [8] - The US February Dallas Fed Manufacturing Index was 0.2, the highest since July 2025, with an expected value of - 0.5 [8] 4. Industrial Chain Data Charts - The report provides charts on pure benzene prices, styrene prices, styrene - pure benzene spreads, SM import pure benzene cost vs. domestic pure benzene cost, styrene port inventory, styrene factory inventory, pure benzene port inventory, ABS inventory, and the weekly capacity utilization rates of caprolactam, phenol, and aniline [9][12][19][23][28]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - PX has been in a relatively strong pattern since the fourth quarter due to improved downstream demand and positive news. Although the current profitability is good and the long - term outlook is positive, there is a lack of support for further strengthening of the supply - demand side. The absolute price trend is mainly supported by strong crude oil. In the short term, pay attention to the price changes of aromatics and the shift of demand and the terminal to the off - season. It is expected that the tight pattern may continue during the maintenance season from March to May 2026, but the supply at home and abroad will return due to high profitability, which is more relaxed than before [3]. - For pure benzene, affected by the implementation of new production capacity, the overall environment is still bearish for its price. Although the supply - demand situation has improved, the high port inventory and high import volume are difficult to quickly reduce, and the supply - side pressure still exists. After the Spring Festival, there is an expectation of both supply and demand increase, and inventory may accumulate from March. If the cost - side support further weakens, the pure benzene - styrene industry chain may follow and then fluctuate [5]. - For styrene, the supply - demand structure has improved since November 2025. In 2026, the price has increased due to factors such as limited supply increase, port inventory reduction, and cost increase. In the short term, the planned maintenance will decrease, and the production is expected to remain high. However, due to the approaching Spring Festival, the terminal demand is weakening, and there is still pressure for inventory accumulation. In the medium term, pay attention to the performance of downstream rigid demand [7]. 3. Summary According to Relevant Catalogs PX Price - Previously, due to continuous geopolitical positive factors, the cost - side oil price rose, and the PX outer - market price increased continuously. The spot and futures prices fluctuated at a high level, and the basis widened continuously as the futures price rose rapidly. After the oil price回调 and then fluctuated, PX followed the cost - side changes. Sinopec's PX settlement price in January was 7340 yuan/ton, and the listed price in February was 7650 yuan/ton, a slight increase [3]. Supply - During the week, the reforming unit of Zhejiang Petrochemical restarted, and the PX load recovered. The 800,000 - ton PX unit of Sinochem Quanzhou stopped for maintenance on November 25, 2025, and restarted on January 25, 2026, but no qualified products were produced. This week, the PX output was 758,100 tons, a month - on - month increase of 1.99%. The average weekly capacity utilization rate of domestic PX was 91.65%, a month - on - month increase of 1.78%. The average weekly capacity utilization rate of Asian PX was 80.28%, a month - on - month increase of 0.97%. The production enthusiasm of PX factories remained good, and the domestic and overseas start - up rates were still at a high level [3]. Demand - This week, the domestic PTA output was 1.4639 million tons, an increase of 5,300 tons compared with last week and an increase of 63,700 tons compared with the same period last year. Sichuan Energy Investment restarted during the cycle, and there was no change in other devices. The overall domestic output increased slightly this cycle [3]. Outlook - In the short term, PX will be sorted at a high level, and the PX - BZ spread will slightly widen from a low level in the short term. There is an expectation that PX will be stronger than pure benzene during the maintenance season, and the processing spread may widen again after the Spring Festival, but there is still uncertainty on the cost side [3]. Pure Benzene Price - The futures price of pure benzene has fluctuated greatly recently. It continuously rose from around 5400 yuan/ton in early January, then fell sharply following the macro - market sentiment and the cost side in early February, and has fluctuated since then [5]. Supply and Demand - In December, the national pure benzene output was 1.9228 million tons, a year - on - year increase of 0.28%. The estimated import volume of pure benzene in China in December was 470,000 tons, remaining at a high level. Overall, pure benzene has changed from oversupply to undersupply, and the demand side has improved. The restart of the Quanzhou supply device has increased the domestic supply of pure benzene after the Spring Festival [5]. Inventory - As of this week, the total commercial inventory of the pure benzene port samples in Jiangsu was 297,000 tons, an increase of 1,000 tons compared with the previous inventory of 296,000 tons, a month - on - month increase of 0.34%, and an increase of 129,000 tons compared with the inventory of 168,000 tons in the same period last year, a year - on - year increase of 76.79%. The port pick - up of pure benzene was active, and the inventory was basically the same as before [5]. Outlook - In the short term, pure benzene will fluctuate. After the Spring Festival, there is an expectation of both supply and demand increase, and inventory may accumulate from March. Pay attention to the rhythm of production reduction and shutdown during the maintenance season. If the cost - side support further weakens, the pure benzene - styrene industry chain may follow and then fluctuate [5]. Styrene Price - Recently, the main contract of styrene has fluctuated after a decline. It followed the cost side and the macro - commodity market to回调 in early February. The current mainstream price in East China is 7605 yuan/ton, a decrease from before [6]. Profit - The average profit of non - integrated styrene units in China this cycle was 490 yuan/ton, a decrease of 120 yuan/ton compared with the previous cycle, a month - on - month decrease of 19.69%. The weekly profit of non - integrated styrene units in China decreased, showing a downward trend. On February 12, the daily profit of non - integrated styrene units in China was 403 yuan/ton, a decrease of 17 yuan/ton compared with the previous working day, a month - on - month decrease of 4.01%. The theoretical cash - flow cost of domestic non - integrated styrene units is 6902 yuan/ton, and the cash - flow profit is 703 yuan/ton [6]. Supply - The overall output of Chinese styrene factories was 356,500 tons, an increase of 5,600 tons compared with the previous period, a month - on - month increase of 1.6%. The factory capacity utilization rate was 71.08%, a month - on - month increase of 1.12%. This week, the devices of Tianjin Bohua and Xinyang have restarted and produced products. There is a possibility of further output increase in the future. Coupled with the fact that the Sinochem Quanzhou device is likely to resume supply early next week, the overall supply will continue to increase compared with this week [6]. Demand - The consumption of the main downstream products (EPS, PS, ABS) of Chinese styrene was 260,400 tons, an increase of 1,800 tons compared with last week, a month - on - month increase of 0.7%. During the week, the overall demand of the three major downstream factories increased slightly. While the demand for PS and ABS decreased slightly, the pre - festival stocking of EPS increased unexpectedly [6]. Inventory - As of February 9, 2026, the total inventory of styrene port samples in Jiangsu was 96,200 tons, a decrease of 12,400 tons compared with the previous period, a decrease of 11.42%. The commercial inventory was 54,000 tons, a decrease of 6,800 tons compared with the previous period, a decrease of 11.18%. Affected by the Spring Festival holiday, the overall downstream demand is expected to decrease. Considering the changes in both supply and demand, styrene may accumulate inventory during the festival [6]. Outlook - In the short term, if the geopolitical risk does not further expand, styrene will remain relatively weak before the Spring Festival and fluctuate after a decline. In the medium term, pay attention to the performance of downstream rigid demand. It is recommended to close the position at an appropriate time and pay attention to the cost - side changes during the festival [7].

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Views of the Report - The supply increase and demand weakness expectations have emerged, putting pressure on the valuation of aromatics. [1] - For pure benzene, the overall supply is expected to rise, the demand in February may remain stable, the port inventory is expected to stay at a relatively high level, and the valuation is high. Short - term attention should be paid to geopolitical factors, crude oil prices, downstream resumption of work, and import arrivals. [2] - For styrene, the supply is expected to increase in February, the demand is weak, the inventory may turn from decreasing to increasing, the valuation is high, and the short - term price may follow crude oil fluctuations. Attention should be paid to downstream negative feedback and geopolitical factors. [3] Group 3: Summary by Directory 1. Daily Market Summary (1) Fundamental Information - On February 5, the styrene main contract closed down 1.13% at 7,689 yuan/ton, and the pure benzene main contract closed down 1.34% at 6,127 yuan/ton. [2] - On February 5, Brent crude oil closed at $65.1/barrel (+$1.9/barrel), WTI crude oil closed at $69.5/barrel (+$2.1/barrel), and the spot price of East China pure benzene was 6,110 yuan/ton (-75 yuan/ton). [2] - The East China port inventory of pure benzene was 30.5 tons (+0.8 tons), and the inventory was being reduced from a high level. The East China port inventory of styrene was 10.1 tons (+0.7 tons), and the inventory was decreasing. [2] - The overall downstream of pure benzene changed little, with only the caprolactam operating rate slightly dropping to 73.6%. The styrene downstream entered the off - season, with the operating rates of PS and ABS fluctuating slightly and the EPS operating rate weakening slightly, and the production profit of hard rubber was further compressed. [2] (2) Views - **Pure Benzene**: The supply is expected to increase. The demand in February may remain stable, and it is expected to recover after the holiday. The port inventory in February is expected to remain high, and the valuation is high. Short - term attention should be paid to geopolitical factors, crude oil prices, downstream resumption of work, and import arrivals. [2] - **Styrene**: The supply in February is expected to increase, the demand is weak, the inventory may turn from decreasing to increasing, the valuation is high, and the short - term price may follow crude oil fluctuations. Attention should be paid to downstream negative feedback and geopolitical factors. [3] 2. Industrial Chain Data Monitoring (1) Styrene and Pure Benzene Prices - On February 5, the styrene futures main contract decreased by 1.13% to 7,689 yuan/ton, and the spot price increased by 0.41% to 7,752 yuan/ton. The styrene basis increased by 12.59% to 161 yuan/ton. [5] - The pure benzene futures main contract decreased by 1.34% to 6,127 yuan/ton, the East China pure benzene spot price decreased by 1.21% to 6,110 yuan/ton. The FOB prices in South Korea, the US, and CFR in China also decreased. [5] - The difference between the domestic profit of pure benzene and CFR decreased by 10.89%, and the difference between East China and Shandong decreased by 214.29%. [5] - Brent crude oil increased by 3.05% to $65.1/barrel, WTI crude oil increased by 3.16% to $69.5/barrel, and naphtha increased by 0.48% to 7,036.7 yuan/ton. [5] (2) Styrene and Pure Benzene Production and Inventory - From January 23 to January 30, 2026, China's styrene production decreased by 0.50% to 34.8 tons, and pure benzene production increased by 0.87% to 42.9 tons. [6] - The port inventory of styrene in Jiangsu increased by 7.59% to 10.1 tons, and the national port inventory of pure benzene increased by 2.69% to 30.5 tons. [6] (3) Operating Rate - For pure benzene downstream, the operating rate of styrene decreased by 0.35% to 69.3%, caprolactam decreased by 2.60% to 73.6%, phenol decreased by 0.15% to 88.3%, and aniline increased by 0.92% to 88.5%. [7] - For styrene downstream, the operating rate of EPS decreased by 5.45% to 53.3%, ABS decreased by 0.70% to 66.1%, and PS decreased by 1.70% to 55.6%. [7] 3. Industry News - A bus in Dnipropetrovsk Oblast, Ukraine, was attacked by Russia, resulting in 15 deaths and 7 injuries. [8] - The US PPI in December increased by 3% year - on - year, higher than the expected 2.7%. [8] - The total number of US oil rigs this week was 411, the same as the previous value. [8] - Trump hinted that India would buy oil from Venezuela. [8] - Many places on the US southeast coast suffered the strongest snowstorms and storm surges in decades. [8] - The Iranian foreign minister said he was still confident in reaching a nuclear agreement with the US. [8] 4. Industrial Chain Data Charts - There are charts showing the prices of pure benzene, styrene, the styrene - pure benzene price difference, the cost difference between imported and domestic pure benzene for styrene, the port and factory inventories of styrene, the port inventory of pure benzene, the inventory of ABS, and the weekly capacity utilization rates of caprolactam, phenol, and aniline. [9][12][19][23][25][28][29]

Group 1 - The chemical industry is experiencing a strong rebound in prices, with the basic chemical index rising by 12.72% year-to-date as of January 30, driven by supply-side maintenance, recovering export demand, and policy-driven structural tightness [1] - Aromatic products have shown significant price increases, with pure benzene prices in East China rising by 18.3% and styrene by 15.5% in January [1] - The price surge is attributed to multiple factors, including rising international oil prices, unexpected maintenance of chemical facilities, and a favorable market outlook for low-valuation chemical products [1] Group 2 - PX social inventory is expected to decrease rapidly starting in the second half of 2025, with a projected drop to 1.67 million tons by the end of 2025, supporting PX spot price increases [2] - The price of caprolactam has also rebounded, with prices rising from 9,325 yuan/ton to 9,600 yuan/ton in January, driven by reduced industry operating rates [2] - The pesticide industry is benefiting from rising core raw material prices and new export tax regulations, leading to price increases for products like glyphosate [2] Group 3 - The pesticide industry is undergoing supply-side structural reforms driven by policy changes, including the implementation of a new registration policy and the cancellation of export tax rebates for certain products [3] - The chemical industry is approaching a cyclical turning point, with stricter standards for energy consumption, carbon emissions, and safety processes expected to accelerate the elimination of outdated production capacity [3]

Core Viewpoint - Dongfang Shenghong (000301) has a strong position in the domestic market with significant production capacities across various chemical products, enabling it to adapt flexibly to market dynamics and leverage its integrated layout advantages [1] Production Capacity - The company has a PX production capacity of 2.8 million tons per year, PTA production capacity of 6.3 million tons per year, and pure benzene production capacity exceeding 1 million tons per year, ranking among the top in the country [1] - Additional production capacities include 450,000 tons per year for styrene, 400,000 tons per year for phenol, 250,000 tons per year for acetone, and 200,000 tons per year for propylene oxide, contributing to a total aromatic chain product capacity exceeding 10 million tons [1] Integrated Supply Chain - The company has established a complete supply chain from crude oil to PX, PTA, and polyester fibers, allowing for flexible adjustments in production and operational strategies based on market and upstream/downstream industry dynamics [1]

1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - PX has been in a relatively strong pattern since the fourth quarter due to improved downstream demand, positive news, and rising cost - end prices. However, there is a lack of further support from the supply - demand side. The absolute price is mainly supported by strong crude oil. It is expected that the tight pattern may continue during the maintenance season from March to May 2026, but the supply will return, and the situation will ease compared to before. [6] - Pure benzene has shifted from oversupply to undersupply, and the demand side has improved. Although the high - import and high - inventory situation is difficult to change, the short - term market still has support. [7] - Styrene's performance in the traditional peak season in 2025 was not as expected. After November, the supply - demand structure improved. Recently, the spot and futures prices have increased significantly, but the fundamentals may weaken in the short term. The export in February still supports demand, and the mid - term supply - demand pattern has improved significantly compared to the fourth quarter of 2025. [9] 3. Summary by Relevant Catalogs PX Price - The ex - factory price of Sinopec's PX in January was significantly raised to 7,500 yuan/ton, and the settlement price in December was 7,020 yuan/ton. The PX futures price has been in high - level shock, and the basis has widened. [6] Supply - Zhejiang Petrochemical's reform was under maintenance for 15 - 20 days this week, and the PX load continued to decrease. Zhonghua Quanzhou's 800,000 - ton PX unit restarted this week but has not produced qualified products yet. This week's PX output was 743,300 tons, with a month - on - month increase of 0%. The domestic weekly average PX capacity utilization rate was 89.87%, and the Asian weekly average PX capacity utilization rate was 79.31%, both with a month - on - month increase of 0%. [6] Demand - The domestic PTA weekly average capacity utilization rate this week was 75.83%, remaining flat month - on - month and down 4.60% year - on - year. The domestic PTA capacity utilization rate remained stable this week. [6] Strategy - In the short term, PX is in high - level consolidation. The PX - BZ spread has continuously narrowed since the beginning of the year. One can choose the opportunity to take profit. [6] Pure Benzene Price - The futures price of pure benzene has risen significantly recently, from around 5,400 yuan/ton at the beginning of January. It has continuously increased with the rise in oil prices and the improvement in downstream demand. [7] Supply and Demand - In December, the national pure benzene output was 1.9228 million tons, a year - on - year increase of 0.28%. The estimated import volume in December was 470,000 tons, remaining at a high level. The supply - demand situation has shifted from oversupply to undersupply. [7] Inventory - As of this week, the total commercial inventory of pure benzene ports in China was 323,000 tons, a month - on - month increase of 1.89% and a year - on - year increase of 139.26%. [7] Strategy - If the geopolitical situation on the cost side eases, one can consider taking profit by narrowing the PX - BZ spread. If the pure benzene - styrene spread further rises, one can choose the opportunity to narrow the processing spread. [7] Styrene Price - The recent increase in the main styrene contract is mainly due to the increase in the cost side and the external price of aromatics, as well as the positive impact of the chemical industry sector. The current mainstream price in East China is 8,050 yuan/ton, up from before. [8] Profit - The average profit of China's non - integrated styrene units this week was 713 yuan/ton, a month - on - month increase of 272 yuan/ton, or 61.65%. The daily profit on January 29 was 758 yuan/ton, a month - on - month decrease of 0.14%. The theoretical cash - flow cost of domestic non - integrated styrene units is 6,992 yuan/ton, and the cash - flow profit is 1,058 yuan/ton. [8] Supply - China's total styrene output was 347,500 tons, a month - on - month decrease of 0.18 tons, or 0.52%. The factory capacity utilization rate was 69.28%, a month - on - month decrease of 0.35%. The overall supply is expected to continue to increase. [8] Demand - The consumption of the main downstream products of styrene (EPS, PS, ABS) was 270,800 tons, a week - on - week increase of 0.32 tons, or 1.2%. The overall demand of the three major downstream factories increased slightly. [8] Inventory - As of January 29, 2026, the sample inventory of Chinese styrene factories was 155,800 tons, a month - on - month increase of 3.06%. It is expected that the inventory may continue to accumulate slightly next week. [8] Strategy - One can pay attention to the opportunity to narrow the spread at a high level, which was continuously widened by the continuous rise of pure benzene. [9]