Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - The aromatics market shows a differentiated trend, with the supply - demand structure playing a dominant role in the PX, pure benzene, and styrene markets [1]. - PX has shown a relatively strong pattern since the fourth quarter, but lacks further upward support. It may maintain a tight pattern until the maintenance season from March to May 2026. - Pure benzene is in a state of oversupply, with high inventory and import pressure. It will likely remain in a low - level volatile and stable state in the short term. - Styrene has improved in terms of supply - demand structure since November. In the short term, it trades on the strength of aromatics prices and export news, and there may be an opportunity for the supply - demand pattern to improve in the second quarter. Summary by Related Catalogs PX Market - **Cost**: PX's ex - factory price has continuously increased, and the basis has widened. The main influencing factors of the cost side are geopolitical news and OPEC+ production policies. The international oil price remains weak, and the short - term cost support is average [3]. - **Supply**: Some PX plants have shut down or are under maintenance. This week, the PX output was 74.14 million tons, a month - on - month decrease of 0.52%. The domestic average weekly PX capacity utilization rate was 88.4%, a month - on - month decrease of 0.46%. The production enthusiasm of PX plants remains high [3]. - **Demand**: The average weekly capacity utilization rate of downstream PTA reached 74.2%, a month - on - month increase of 0.35% and a year - on - year decrease of 8.35%. The supply - demand of PTA is tight, and the balance sheet continues to reduce inventory [3]. - **Summary and Outlook**: PX has certain support from improved downstream demand since the fourth quarter. Although the current efficiency is good and the long - term outlook is positive, it lacks further upward support. It is expected to maintain a tight pattern until the maintenance season in 2026 [3]. Pure Benzene Market - **Spot and Futures**: The supply - demand of pure benzene is weak. The far - month price is under pressure, and the futures price has continuously declined. The increase since late December is less than that of other aromatics [5]. - **Supply and Demand**: In November, the national pure benzene output was 1.908 million tons, a year - on - year increase of 9.03%. The import volume in November was 459,600 tons, remaining at a high level. The supply exceeds demand, and many downstream styrene plants are under maintenance [5]. - **Inventory**: As of December 29, 2025, the commercial inventory of pure benzene in Jiangsu ports was 300,000 tons, a month - on - month increase of 9.89% and a year - on - year increase of 56.09%. The inventory has increased significantly [5]. - **Profit**: Terminal demand is insufficient. Among the five major downstream products of pure benzene, styrene, adipic acid, and phenol remain in a loss state, while the profit of pure benzene itself has recovered. The profits of caprolactam and aniline are acceptable [5]. - **Summary and Outlook**: Affected by the new production capacity, the domestic output has increased significantly, resulting in oversupply. The market is expected to remain in a low - level volatile and stable state in the short term, and the oversupply situation is expected to continue until the maintenance season [5]. Styrene Market - **Spot and Futures Performance**: The main styrene contract has rebounded recently, mainly affected by the increase in raw material and ex - factory prices. After the New Year's Day holiday, it回调 following the decline in the cost side. The current mainstream price in East China is 6,915 yuan/ton, higher than before [6]. - **Industrial Chain Profit**: From December 18 to 24, 2025, the average profit of non - integrated styrene plants in China was - 215 yuan/ton, a month - on - month decrease of 64.51%. On January 4, the daily profit was 109 yuan/ton, a day - on - day increase of 23.41%. The processing margin has slightly widened recently [6]. - **Industrial Chain Operation**: From December 26, 2025, to January 1, 2026, the total output of styrene plants in China was 352,200 tons, a month - on - month decrease of 0.68%. The capacity utilization rate was 70.23%, a month - on - month decrease of 0.47% [6]. - **Downstream**: The consumption of the main downstream products of styrene (EPS, PS, ABS) was 269,100 tons, a week - on - week increase of 2.79%. The overall demand of the three major downstream plants has increased [6]. - **Inventory**: As of January 5, 2026, the total inventory of styrene in Jiangsu ports was 132,300 tons, a month - on - month decrease of 4.68%. The commercial inventory was 77,300 tons, a month - on - month decrease of 7.20%. The port is expected to continue to reduce inventory [6]. - **Summary and Outlook**: Styrene has shown a downward trend overall. Since November, the supply - demand structure has improved. In the short term, it trades on the strength of aromatics prices and export news. There may be an opportunity for the supply - demand pattern to improve in the second quarter [7].

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The pure benzene market is in a situation where supply exceeds demand, with significant port inventory pressure due to increased imports from South Korea. Although the subsequent inventory accumulation will gradually slow down, the market sentiment remains weak, and there is a possibility of further decline [1][4][5] - The styrene market shows a pattern of weak supply and demand. With low operating rates and inventory reduction, downstream demand is mainly for immediate needs. Considering the seasonal inventory accumulation in the first quarter of next year, styrene is expected to maintain a weak and volatile pattern in the short term [2][5] 3. Summary by Relevant Catalogs Fundamental Analysis Pure Benzene - Downstream production profits: The production profit of caprolactam is -330 yuan/ton (+0), that of phenol - ketone is -952 yuan/ton (+0), that of aniline is 611 yuan/ton (-237), and that of adipic acid is -1075 yuan/ton (+0) [1] - Downstream operating rates: The operating rate of caprolactam is 74.57% (-4.58%), that of phenol is 79.50% (-2.50%), that of aniline is 75.94% (-1.29%), and that of adipic acid is 59.20% (-0.80%) [1] - Market situation: Due to tariff issues, South Korea's exports of pure benzene to China have increased, resulting in concentrated arrivals of imports and significant port inventory pressure. However, the subsequent inventory accumulation will gradually slow down, presenting a pattern of strong supply and weak demand [1] Styrene - Production and utilization rate: From December 5th to 11th, China's total styrene factory output was 33.88 tons, a decrease of -1.05% from the previous period, and the factory capacity utilization rate was 68.11%, a decrease of -0.74% month - on - month [2] - Downstream consumption: The consumption of downstream EPS, PS, and ABS of styrene was 27.24 tons, a decrease of -0.73% month - on - month [2] - Inventory situation: The styrene factory inventory was 17.60 tons, a decrease of -0.11% from last week. As of December 8th, the styrene inventory at East China ports was 14.68 tons, a decrease of -8.59% from last week, and the inventory at South China ports was 2.3 tons, an increase of +142.11% from last week [2] - Profit situation: As of December 10th, the non - integrated profit of styrene was -140 yuan/ton, and as of December 12th, the integrated profit of styrene was 425.46 yuan/ton [2] - Market outlook: There were many styrene overhauls in the fourth quarter, and the port inventory decreased. However, according to past industry rules, there is a high possibility of seasonal inventory accumulation from January to March [2] Macroeconomic Analysis - The central financial office stated that expanding domestic demand is the top priority for next year, and efforts should be made to boost consumption from both supply and demand sides by grasping the structural changes in consumption [3] - Trump has completely blocked the sanctioned oil tankers entering and leaving Venezuela and demanded the return of oil and other assets to the United States [3] Futures and Spot Market Analysis - Pure benzene continued to decline during the day. Affected by the inventory pressure from concentrated imports, it remained in a state of strong supply and weak demand, with weak market sentiment. The continuous decline in crude oil also had a certain drag on pure benzene, and it is still treated as a weak pattern, with the possibility of further decline [4][5] - Styrene maintained inventory reduction at a low operating rate, and downstream demand was mainly for immediate needs, showing a pattern of weak supply and demand. Considering the seasonal inventory accumulation period in the first quarter of next year, styrene is expected to maintain a weak and volatile pattern in the short term [5]

Report Industry Investment Rating - Not provided Core Viewpoints - The pure benzene market shows a pattern of strong supply and weak demand due to tariff - related increased imports from South Korea and port inventory pressure, and the subsequent inventory accumulation will gradually slow down. The styrene market is in a situation of weak supply and demand, with inventory depletion in the fourth - quarter but a high possibility of seasonal inventory accumulation in the first quarter of next year [1][2][5] Summary by Relevant Catalogs Fundamental Analysis Pure Benzene - Downstream production profits: Caprolactam production profit is - 330 yuan/ton (+0), phenol - acetone production profit is - 952 yuan/ton (+0), aniline production profit is 611 yuan/ton (- 237), and adipic acid production profit is - 1075 yuan/ton (+0). - Downstream operating rates: Caprolactam operating rate is 74.57% (- 4.58%), phenol operating rate is 79.50% (- 2.50%), aniline operating rate is 75.94% (- 1.29%), and adipic acid operating rate is 59.20% (- 0.80%). - Market situation: Due to tariff issues, South Korea's exports of pure benzene to China have increased, with concentrated arrivals of imports and obvious port inventory pressure, presenting a pattern of strong supply and weak demand [1] Styrene - Production and utilization rate: From December 5th to 11th, China's styrene factory's overall output was 33.88 tons, a decrease of 1.05% from the previous period; the factory's capacity utilization rate was 68.11%, a decrease of 0.74% month - on - month. - Downstream consumption: The consumption of EPS, PS, and ABS in styrene downstream was 27.24 tons, a decrease of 0.73% month - on - month. - Inventory: Styrene factory inventory was 17.60 tons, a decrease of 0.11% from last week. As of December 8th, the styrene inventory in East China ports was 14.68 tons, a decrease of 8.59% from last week; the inventory in South China ports was 2.3 tons, an increase of 142.11% from last week. - Profit: As of December 10th, the non - integrated profit of styrene was - 140 yuan/ton. As of December 12th, the integrated profit of styrene was 425.46 yuan/ton. - Market situation: There were many overhauls in the fourth quarter, with port inventory depletion, but there is a high possibility of seasonal inventory accumulation from January to March [2] Macroeconomic Analysis - Key events: China's industrial added value above designated size in November increased by 4.8% year - on - year, with an expected increase of 5% and a previous value of 4.90%. China's total retail sales of consumer goods in November increased by 1.3% year - on - year, with an expected increase of 2.8% and a previous value of 2.90%. - Exchange rate: The on - shore RMB against the US dollar reached a high of 7.0500, the first time since October 9, 2024. The offshore RMB against the US dollar reached a high of 7.046 on December 15th, a new high since early October 2024. - Consumption: In November, the year - on - year increase in consumer prices further expanded, and positive changes continued to appear. The next stage should focus on promoting consumption [3][4] Futures and Spot Market Analysis - Pure benzene: Affected by inventory pressure from concentrated imports, it shows a pattern of strong supply and weak demand, with weak market sentiment. It is in a weak pattern, and inventory data needs continuous attention. - Styrene: With low operating rates and inventory depletion, downstream demand is mainly for rigid needs, showing a pattern of weak supply and demand. It is expected to maintain a volatile pattern in the short term [5]

1. Report's Investment Rating for the Industry - The provided content does not mention the industry investment rating. 2. Core Views of the Report - In 2025, the PX market showed characteristics of "low at first, then stable, and supply-demand tightening". The price was affected by multiple factors in the first half and returned to a strong fundamental in the second half. The market shifted from high inventory to a tight balance, supporting price rebound [1][147]. - The pure benzene market in 2025 presented a pattern of "strong supply, weak demand, and profit pressure". The price of the newly - listed futures first rose and then fell, with a significant downward shift in the price center at home and abroad [1][148]. - The styrene market in 2025 was significantly influenced by cost - side price decline and macro - policies. The basis widened in the second quarter and then converged, and the industry profit was generally poor [2][149]. 3. Summary According to the Table of Contents 3.1 PX 2025 Market Review - **PX Main Contract Situation**: The PX futures market in 2025 had four stages. The price fluctuated and declined in the first quarter, dropped sharply due to tariff policies in the second quarter, continued to fluctuate in summer, and rebounded at the end of the year. The basis showed different trends in different periods [9]. - **PX Spot Price and Operation Situation**: The PX spot price also had four stages. It was low and fluctuating in the first quarter, dropped sharply and then rebounded in the second quarter, fluctuated in the third quarter, and rose in the fourth quarter. The domestic PX operation rate decreased in the first half and increased in the second half [12]. - **PX Supply - Demand and Inventory Situation**: The annual PX import volume was about 9.84 million tons, similar to 2024. The estimated annual output was about 37.908 million tons, and the import dependence was below 20%. The downstream demand was about 48.305 million tons, an increase from 2024. The social inventory decreased continuously to 2.155 million tons at the end of the year [23][26]. - **PX 2026 Planned Production Situation**: In 2026, there are plans to put into production 3.5 million tons of PX. The overall supply - demand pattern will continue to be tight, supporting the price [39]. 3.2 Processing Margin Situation - The cracking spread in 2025 showed a pattern of "low at first, then stable". The BZ - N processing margin was continuously compressed, the PX - N spread fluctuated between $200 - 300 per ton, and the PX - MX spread was above $100 per ton in the fourth quarter [44][46]. 3.3 Pure Benzene 2025 Market Review - **Pure Benzene Main Contract Situation**: The pure benzene futures first rose and then fell after listing in July 2025. The price was under pressure due to weak supply - demand on the spot side, high port inventory, and other factors [56]. - **Pure Benzene Spot Price Situation at Home and Abroad**: The prices in Asia, America, and Europe dropped significantly in 2025. The Asian market was affected by US tariff policies, and the domestic East China spot price also declined continuously [61]. - **Pure Benzene Supply - Demand and Inventory Situation**: The total domestic pure benzene production capacity reached 27.716 million tons in 2025, and the total output was estimated to be 26.4308 million tons. The demand was estimated to be 31.1864 million tons, a year - on - year increase of about 6.6%. The inventory situation was relatively complex, and the overall supply was loose [66]. - **Pure Benzene Operation Profit and 2026 Planned Production Situation**: The profit level and operation rate of the domestic pure benzene industry weakened in 2025. In 2026, it is expected that there will be 2.208 million tons of new production capacity, which will intensify the supply - surplus pressure [75][78]. 3.4 Aromatic Hydrocarbon Blending for Oil Situation - In 2025, the disproportionation and blending - for - oil profits of the aromatic hydrocarbon industry chain were poor. The blending - for - oil spread was "not prosperous in the peak season" in summer and rebounded slightly in the fourth quarter. The toluene disproportionation was in a loss state [85]. 3.5 Styrene 2025 Market Review - **Styrene Main Contract Situation**: The styrene futures market in 2025 had four stages. The price fluctuated and declined in the first stage, rose and then fell in the second stage, entered a weak period in summer, and showed a weak - to - strong trend in the fourth quarter. The basis widened in the second quarter and then converged [100]. - **Raw Material Ethylene and Styrene Spot Price Situation**: The ethylene price weakened in 2025, and it was difficult to provide strong support for styrene. The styrene international market price was high at first and then low, and the overall center of gravity moved down [106][112]. - **Styrene Supply - Demand and Inventory Situation**: The domestic styrene supply changed from "both supply and demand increasing" to a tight balance in the first half, then to a loose balance in the third quarter, and finally to a supply - less - than - demand situation at the end of the year. The port inventory showed an "M" - shaped fluctuation [117][124]. - **Styrene 2026 Planned Production Situation**: In 2025, the domestic styrene total production capacity increased to 23.577 million tons, and the output was estimated to be 17.904 million tons. In 2026, there are still plans for new production capacity [132]. 3.6 Main Downstream Operation Situation of Styrene - The prices of the three major downstream products (PS, ABS, EPS) of styrene declined significantly in 2025. The profits were in theoretical losses at some stages, and the operation rates showed a step - by - step decline. The overall terminal demand was weak [136]. 3.7 Summary and 2026 Outlook - **PX Outlook**: In 2026, the cost side may oscillate at a low level in the first half of the year, and the PX market may rebound during the maintenance season in the second quarter. It is still a variety with relatively strong supply - demand performance in aromatics [147]. - **Pure Benzene Outlook**: In 2026, the pure benzene market is expected to remain loose. The supply - demand contradiction is difficult to change, but there is a possibility of improvement in the second - quarter supply - demand structure [149]. - **Styrene Outlook**: In 2026, new devices may force old - fashioned devices to reduce loads or stop production. The turning point may occur in the spring maintenance season. Attention should be paid to the macro and policy - related news [150].

Report Structure and Content Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Not explicitly stated, but the report comprehensively analyzes the supply - demand situations of pure benzene and styrene, including historical and future trends 3. Summary by Relevant Catalog Part I: Pure Benzene/Styrene Market Review - Reviews the historical and 2025 market conditions of pure benzene and styrene, and analyzes futures trading volume and open interest [5] Part II: Cost - side Market Review and Outlook - Not elaborated in the provided text Part III: Pure Benzene Supply Analysis - The expected growth rate of pure benzene production capacity will slow down - The supply of pure benzene will increase steadily - The import volume of pure benzene will remain at a high level [5] Part IV: Pure Benzene Demand Analysis - The growth rate of downstream production capacity is expected to slow down - The demand for pure benzene will continue to grow slightly [5] Part V: Styrene Supply Analysis - Styrene investment plans are decreasing, and the industry's production capacity growth rate may slow down - The supply pressure of styrene may be relieved - Analyzes styrene plant profit and basis - Styrene imports have shrunk to a low level, and exports are growing slowly [5] Part VI: Styrene Downstream Demand Analysis - The growth rate of terminal demand has slowed down - The EPS industry faces high inventory pressure and squeezed profits - The PS production capacity is gradually being released, and prices are under pressure - There is a large amount of new ABS production capacity, and the supply pressure remains high [5] Part VII: Styrene Port Inventory Analysis - Not elaborated in the provided text Part VIII: Supply - Demand Balance Sheet - Provides supply - demand balance sheet forecasts for pure benzene and styrene [11] Part IX: Technical Analysis and Seasonal Trends - Conducts technical analysis and seasonal trend analysis on styrene [5] Part X: Option Analysis - Not elaborated in the provided text Part XI: Summary and Operation Suggestions - Not elaborated in the provided text Part XII: Industry - related Stocks - Lists some industry - related stocks and their closing prices and annual price changes [11][104] 4. New Device Production and Investment Plan Summary Pure Benzene New Device Production and Investment Plan - In 2026, multiple pure benzene production devices are planned to be put into operation, with a total planned production capacity of about 2430,000 tons [30] - From 2025 - 2026, some hydrogenated benzene production devices are planned to be put into operation, with a total planned production capacity of about 371,000 tons [31] Pure Benzene Downstream New Device Production and Investment Plan (Excluding Styrene) - In 2025, new devices of multiple pure benzene downstream industries (excluding styrene) are put into operation, with a total production capacity of about 2,262,000 tons [40][41] Styrene New Device Production and Investment Plan - In 2025 - 2026, multiple styrene production devices are planned to be put into operation, with a total planned production capacity of about 4160,000 tons [47][48][69] EPS New Device Production and Investment Plan - In 2025 - 2026, some EPS production devices are planned to be put into operation, with a total planned production capacity of about 2160,000 tons [74] PS New Device Production and Investment Plan - In 2025 - 2026, some PS production devices are planned to be put into operation, with a total planned production capacity of about 2,935,000 tons [81] ABS New Device Production and Investment Plan - In 2025 - 2026, some ABS production devices are planned to be put into operation, but the specific total production capacity is not clearly summarized in a unified manner [5] 5. Supply - Demand Balance Sheet Data Pure Benzene Supply - Demand Balance Sheet - From 2016 - 2026E, it shows the data of the beginning inventory, production, import volume, export volume, downstream demand, ending inventory, and inventory changes of pure benzene [91] Styrene Supply - Demand Balance Sheet - For 2025E and 2026E, it shows the data of the beginning inventory, production, import volume, export volume, downstream demand, ending inventory, and inventory changes of styrene [92] 6. Price Fluctuation Data - Provides the monthly price change rates of pure benzene and styrene from 2013 - 2025 [97][99] 7. Industry - related Stocks - Lists the stocks of companies such as Wanhua Chemical, Baofeng Energy, Huajin Co., Ltd., Sinopec, PetroChina, Hengli Petrochemical, and Rongsheng Petrochemical, along with their closing prices and annual price changes [11][104]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - PX market is expected to see its processing fees and absolute prices continue to run strongly, with attention on cost - side support and potential impacts from India's BIS certification and long - term contract prices [4]. - The pure benzene market is expected to have a relatively loose supply, and it will be in a low - level oscillation, with focus on exports and potential changes in South Korean disproportionation plants [5]. - The styrene market is in a supply - stronger - than - demand pattern, following cost - side fluctuations, and future trends depend on consumption policies and macro - news [7]. 3. Summary by Related Catalogs PX Market - **Cost**: International oil prices are in a low - level oscillation, with weak support. Naphtha price is $557, and PX CFR price is $829. Sinopec's December PX listed price is 6,850 yuan/ton, up 50 yuan/ton from last month [4]. - **Supply**: This week's PX output is 752,600 tons, a 0.6% increase from last week. The domestic weekly average capacity utilization rate is 89.74%, up 0.53%. Some plants are under maintenance [4]. - **Demand**: The downstream PTA weekly average capacity utilization rate is 74.29%, down 1.89% from last week and 6.74% year - on - year [4]. - **Summary and Outlook**: PX fundamentals are strong due to continuous de - stocking, but the "peak season" failed to meet expectations. It is expected to run strongly if there are no unexpected cost - side disturbances [4]. Pure Benzene Market - **Concerns**: Geopolitical situation and US - South Korea arbitrage window [5]. - **Futures and Spot**: The pure benzene futures contract has rebounded slightly, and the basis difference between futures and spot has widened. The market is under cost - side pressure [5]. - **Supply and Demand**: This week's output is 446,700 tons, a 1.67% decrease from last week, and the capacity utilization rate is 76.67%, down 1.31%. Supply exceeds demand [5]. - **Inventory**: As of November 24, 2025, the commercial inventory in Jiangsu ports is 164,000 tons, with significant inventory accumulation [5]. - **Profit**: Most downstream products are in a loss, but some are expected to improve. Disproportionation plants' losses are increasing [5]. - **Summary and Outlook**: New capacities have led to increased domestic output, and the overall supply is expected to be loose, with the market in a low - level oscillation [5]. Styrene Market - **Futures and Spot Performance**: The styrene futures contract has rebounded, but cost - side weakness suppresses prices. Spot prices have declined [6]. - **Industrial Chain Profit**: As of November 26, the daily profit of non - integrated styrene plants is - 159 yuan/ton, with a reduced loss [6]. - **Industrial Chain Operation**: This week's styrene output is 334,700 tons, a 2.39% decrease from last week, and the capacity utilization rate is 67.29%, down 1.66% [6]. - **Downstream**: ABS, PS, EPS, and UPR have increased output, but the overall industry profitability is not good [6]. - **Inventory**: As of November 24, 2025, the port inventory in Jiangsu has increased, and there is an expectation of further inventory accumulation [6]. - **Summary and Outlook**: Styrene is in a supply - stronger - than - demand pattern, and the improvement in the supply - demand situation after the holiday has limited impact on high port inventories [7].

Report Industry Investment Rating - No relevant content provided Core Viewpoints - The pure benzene market is significantly affected by the large fluctuations in crude oil and refined oil. The gasoline crack spread has changed from strong to weak, weakening the support from gasoline blending. Supply may decrease due to overseas plant shutdowns and domestic factory load - reduction plans, but the weakening cost due to falling oil prices restricts price increases. The market is likely to maintain a weak and stable oscillation in the short term [2]. - The styrene market is in a state of intertwined supply - demand forces. The impact of new production capacity has been gradually absorbed, and supply pressure is moderately stable. Demand has a certain boost from exports. However, the weakening cost leads to price oscillations. In the short term, styrene is expected to remain in low - level oscillations, and the market direction depends on export continuity and cost stability [3]. Summary by Directory 1. Daily Market Summary (1) Fundamentals - **Price**: On November 26, the styrene main contract closed up 1.35% at 6,533 yuan/ton with a basis of 64 (+0 yuan/ton); the pure benzene main contract closed up 0.96% at 5,463 yuan/ton. The spot price of East China pure benzene was 5,330 yuan/ton (+40 yuan/ton) [2]. - **Cost**: On November 26, Brent crude oil closed at $58.0/barrel (-$0.9/barrel), and WTI crude oil closed at $61.8/barrel (-$0.9/barrel) [2]. - **Inventory**: Styrene port inventory was 14.8 tons (-2.7 tons), a 15.2% month - on - month de - stocking. Pure benzene port inventory was 14.7 tons (+3.4 tons), a 30.1% month - on - month stocking [2]. - **Supply**: Styrene production and capacity utilization had a slight month - on - month change. Weekly styrene output was 34.3 tons (-0.1 tons), and factory capacity utilization was 69.0% (-0.3%) [2]. - **Demand**: The overall demand of downstream 3S industries improved. EPS capacity utilization was 56.3% (+4.6%), ABS capacity utilization was 72.4% (+0.6%), and PS capacity utilization was 55.9% (+0.5%) [2]. (2) Views - **Pure Benzene**: The market is affected by crude oil and refined oil fluctuations. The gasoline crack spread has weakened, reducing the support from gasoline blending. Supply may decrease, but the weakening cost restricts price increases. The market is likely to oscillate weakly and stably in the short term [2]. - **Styrene**: The market is in a state of intertwined supply - demand forces. The impact of new capacity has been absorbed, and exports may support demand. However, the weakening cost leads to oscillations. It is expected to remain in low - level oscillations in the short term [3]. 2. Industrial Chain Data Monitoring - **Price**: Styrene futures and pure benzene futures prices increased on November 26, while styrene spot prices decreased. Crude oil prices decreased [5]. - **Output and Inventory**: Styrene and pure benzene production decreased slightly. Styrene port and factory inventories decreased, while pure benzene port inventory increased [6]. - **Capacity Utilization**: The capacity utilization of some pure benzene and styrene downstream industries increased, while that of some decreased [7]. 3. Industry News - The EU imposed sanctions on several Russian individuals. - The number of non - farm payrolls in the US in September increased by 119,000, higher than market expectations. - Iran's foreign minister announced the official termination of the Cairo Agreement with the IAEA. - The US Department of Energy announced a reorganization, prioritizing oil and nuclear resources [8]. 4. Industrial Chain Data Charts - The report provides charts on pure benzene and styrene prices, production, inventory, and capacity utilization, with data sources from iFinD and Steel Union Data [10][11][20]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views - PX: Despite a relatively strong supply - demand situation due to continuous inventory reduction, the PX market failed to meet the "Golden September and Silver October" peak - season expectations. However, with improved downstream demand in November, positive news on Sino - US tariffs, and planned supply cuts, PX processing fees and absolute prices are expected to remain strong, but cost - side support needs attention [6]. - Pure Benzene: Affected by new production capacity and overseas oversupply, the price is under pressure. But with the current low - price level and downstream rigid demand support, the downside is limited. The market is trading on the expectation of export of blending oils to the US, and the overall market sentiment is positive [7]. - Styrene: After multiple small increases followed by rapid declines since the third quarter, the styrene market has generally shown a downward trend. Recently, due to plant shutdowns and inventory reduction, the supply - demand situation has improved, and the futures price has rebounded. Future performance depends on consumption policies and macro news [9]. 3. Summary by Directory PX - **Price**: The current international oil price is oscillating at a low level with weak support. The naphtha price is 573 US dollars, and the PX CFR price is 832 US dollars. Sinopec raised the November PX listed price slightly to 6800 yuan/ton [6]. - **Production and Devices**: This week's PX output was 74.81 tons, a week - on - week decrease of 0.41%. The domestic average weekly PX capacity utilization was 89.21%, a week - on - week decrease of 0.36%. Some devices had maintenance and malfunctions, but the production enthusiasm of PX factories remained high [6]. - **Supply and Demand**: Downstream PTA capacity utilization was 74.29%, a week - on - week decrease of 1.89% and a year - on - year decrease of 6.74%. The PX market is in a situation of strong supply and weak demand [6]. Pure Benzene - **Spot and Futures**: The main pure - benzene contract 2603 has been declining continuously since mid - September and rebounded slightly recently. The basis between the futures and the East China spot has widened [7]. - **Supply and Demand**: This week's output was 44.67 tons, a decrease of 0.76 tons from last week. The capacity utilization was 76.67%, a decrease of 1.31% from last week. There is an oversupply situation, with many downstream styrene factories under maintenance [7]. - **Inventory**: The commercial inventory of pure benzene at Jiangsu ports was 14.7 tons, a significant increase of 3.4 tons from the previous period due to a large number of imported goods arriving at the port [7]. - **Profit**: Except for aniline and caprolactam, the five major downstream industries of pure benzene are still operating at a loss. However, it is expected that the profits of pure benzene, styrene, phenol, and caprolactam will increase or be repaired in the future [7]. Styrene - **Spot and Futures**: The main styrene contract rebounded this week due to improved fundamentals and higher raw material prices. The current mainstream price in East China is 6615 yuan/ton, and the port inventory has been continuously decreasing [8]. - **Industrial Chain Profit**: The profit of non - integrated styrene plants in China was - 305 yuan/ton this week, an increase of 146 yuan/ton from the previous period, a week - on - week increase of 32.43% [8]. - **Industrial Chain Capacity Utilization**: The total output of Chinese styrene factories was 34.29 tons, a decrease of 0.15 tons from the previous period. The capacity utilization was 68.95%, a week - on - week decrease of 0.3%. The supply is lower than demand, but the market sentiment remains cautious [8]. - **Inventory**: As of November 17, 2025, the total inventory of styrene at Jiangsu ports was 14.83 tons, a decrease of 2.65 tons from the previous period, a decrease of 15.16%. The market is in a tight - balance state [8].

Report Title - Aromatic Hydrocarbon Market Weekly Report: Blending Logic Boosts Aromatic Hydrocarbon Prices (PX, Pure Benzene, Styrene) [1] Report Date and Author - Date: November 14, 2025 - Author: Jiang Zhou Xilin - Institution: Hongye Futures, Financial Research Institute [2] Report Industry Investment Rating - Not provided in the report Core Viewpoints - PX market: Despite a strong supply-demand situation due to continuous inventory reduction, the peak season expectation has failed. However, with the improvement of downstream demand and supply tightening in November, PX processing fees and absolute prices are expected to remain strong [3]. - Pure benzene market: Affected by new production capacity and overseas supply surplus, the price is under pressure. But due to the relatively low current price and downstream demand support, the short - term decline space is limited. The market still expects inventory accumulation and supply - demand contradictions remain [4]. - Styrene market: Although there has been a recent rebound, the device profit is still poor. The weak fundamentals are difficult to change, and it will fluctuate at a low level [5][6]. Summary by Directory PX Market - **Cost**: International oil prices are oscillating at a low level. The price of naphtha is $569, and the PX CFR price is $825. Sinopec's PX listed price in November is slightly increased to 6,800 yuan/ton [3]. - **Supply**: Domestic PX production is 758,900 tons, a week - on - week increase of 1.65%. The weekly average capacity utilization rate is 90.49%, a week - on - week increase of 1.46%. Some plants are under maintenance [3]. - **Demand**: The downstream PTA capacity utilization rate is 76.18%, a week - on - week decrease of 1.51% and a year - on - year decrease of 6.37% [3]. - **Summary and Outlook**: The PX market is expected to have a strong performance in the medium - long term if there are no unexpected geopolitical conflicts [3]. Pure Benzene Market - **Spot and Futures**: The pure benzene futures contract 2603 rebounded slightly this week. The basis between the futures and spot widened. The arbitrage window from Shandong to East China is partially open [4]. - **Supply and Demand**: Weekly production is 454,300 tons, an increase of 3.77%. The capacity utilization rate is 77.98%, an increase of 2.83%. The supply exceeds demand, and many downstream styrene plants are under maintenance [4]. - **Inventory**: As of November 10, 2025, the commercial inventory in Jiangsu ports is 113,000 tons, a week - on - week decrease of 6.61% and a year - on - year increase of 7.62%. There is an expectation of inventory accumulation in the next period [4]. - **Profit**: Among the five major downstream products of pure benzene, styrene, phenol, caprolactam, and adipic acid are in loss, while aniline still has profit and it slightly expands [4]. - **Summary and Outlook**: The short - term decline space is limited, but the supply - demand contradiction is difficult to change. The market is affected by factors such as US supply reduction and gasoline price increase [4]. Styrene Market - **Spot and Futures**: The styrene futures contract rebounded this week. The spot price in East China is 6,405 yuan/ton, a decrease from the previous level [5]. - **Industrial Chain Profit**: The profit of non - integrated styrene plants in China is - 451 yuan/ton, with a loss increase of 35 yuan/ton compared to the previous period [5]. - **Industrial Chain Capacity Utilization**: The production of styrene plants in China is 344,400 tons, a week - on - week increase of 3.45%. The capacity utilization rate is 69.25%, a week - on - week increase of 2.31% [5]. - **Downstream**: The output of ABS, PS, and SBR increased, while the capacity utilization rate of EPS decreased. The overall demand for styrene slightly decreased [5]. - **Inventory**: As of November 10, 2025, the inventory in Jiangsu ports is 174,800 tons, a week - on - week decrease of 2.51%. The commodity inventory is 101,800 tons, a week - on - week decrease of 7.29% [5]. - **Summary and Outlook**: Although there has been a recent rebound, the device profit is poor, and the weak fundamentals are difficult to change [5][6].

1. Report Industry Investment Rating - No relevant content provided. 2. Core View of the Report - The supply and demand side of pure benzene and styrene lacks upward drivers [2]. 3. Summary by Relevant Catalogs 3.1 Preface Summary - The supply - demand situation of pure benzene and styrene lacks upward momentum [2]. 3.2 Fundamental Situation - **Pure Benzene Data**: The report presents data on pure benzene prices (including domestic and foreign markets), spreads,开工 rates (petroleum benzene, hydrogenated benzene), downstream weighted开工 loads and profits, port inventories, and import volumes from 2019 - 2025. For example, in 2025, the monthly pure benzene production ranges from 157.81 to 197.61 million tons, and the monthly import volume is around 40 - 50 million tons [12][15][33]. - **Styrene Data**: It shows styrene prices, price spreads,开工 rates, production profits, port and enterprise inventories, and downstream开工 rates and profits. The styrene production in 2025 ranges from 136.85 to 163.62 million tons, and the monthly import volume varies [37][41][60]. - **Downstream Product Data**: Data on the开工 rates, production profits, and inventories of downstream products such as CPL, phenol, aniline, and adipic acid are provided. For instance, the CPL开工 rate in 2025 is between 55% - 105% [21][23][27]. - **Balance Sheets**: Pure benzene and styrene balance sheets from January to December 2025 are presented, showing production, import, demand, and supply - demand differences. For example, the supply - demand difference of pure benzene in October 2025 is 0.05 million tons, and that of styrene is 2.05 million tons [33][60]. 3.3 Market Outlook and Strategy Recommendations - **Related Data**: Data on automobile production and export growth rates, and real - estate construction, new construction, sales, and completion area cumulative year - on - year growth rates are provided. For example, the automobile production and export data show trends from 0 - 3500 units with corresponding growth rates, and the real - estate data show cumulative year - on - year growth rates from - 100% - 100% [74].