行业 沥青日报 日期 2026 年 1 月 6 日 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 期货从业资格号：F3015157 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 二、 行业要闻 能源化工研究团队 研究员：李捷,CFA（原油沥青） 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（碳市场工业硅） 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 研究员：冯泽仁（玻璃纯碱） 请阅读正文后 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The current geopolitical situation in Latin America does not provide sufficient bullish support for overall oil prices, but the valuation of heavy - oil products will be significantly increased. The valuation of heavy - oil products is upgraded to overweight, and the crack spreads of asphalt or fuel oil are expected to have upward momentum [2]. - The current valuation of methanol is low, and its outlook for the coming year is marginally improving with limited downside. Despite short - term negative pressure, the recent geopolitical instability in Iran has brought certain geopolitical expectations, making it feasible to go long on dips [4]. - The current situation of the domestic - foreign price difference has opened the import window. Coupled with the expectation of increased production at the end of January, negative expectations for the urea fundamentals are approaching, so it is advisable to take profits on rallies [6]. - For rubber, a neutral approach is currently adopted, with a temporary wait - and - see attitude. It is recommended to partially close the hedging position of buying RU2605 and selling RU2609 [13]. - For PVC, the comprehensive profit of enterprises is at a historically low level, with relatively small short - term valuation pressure. However, the reduction in supply is limited, and production is at a historical high. Domestic demand is entering the off - season, and the demand side is under pressure. Although the Indian BIS policy has been revoked and no anti - dumping duties are expected, there is still off - season pressure. Overall, the supply - demand imbalance persists, and a strategy of shorting on rallies is recommended in the medium term before significant production cuts in the industry [15]. - For pure benzene and styrene, the non - integrated profit of styrene is currently moderately low, with a large upward repair space for valuation. The supply of pure benzene is still abundant. The production of styrene is increasing, and its port inventory is continuously decreasing. It is advisable to go long on the non - integrated profit of styrene before the first quarter of next year [19]. - For polyethylene, OPEC+ plans to suspend production growth in the first quarter of 2026, and the oil price may have bottomed out. The spot price of polyethylene is rising, and the downward space for PE valuation still exists. The overall inventory is expected to decline from a high level, providing support for prices. In the long term, it is advisable to go long on the LL5 - 9 spread on dips [22]. - For polypropylene, the EIA monthly report predicts a slight reduction in global oil inventories, and the supply glut may ease. There are no capacity expansion plans in the first half of 2026, and the pressure on the supply side will be relieved. In the context of weak supply and demand, the overall inventory pressure is high. The price of the futures contract is expected to bottom out after the supply glut situation changes in the first quarter of next year [25]. - For PX, the current PX load remains high, and there are many maintenance activities for downstream PTA. Before the maintenance season, PX is expected to maintain a slight inventory - building pattern. Although the valuation has increased significantly, the supply - demand situation of both PX and downstream PTA will be strong next year. Attention should be paid to the risk of price corrections in the short term, and opportunities to go long on dips should be considered in the medium term [28]. - For PTA, the supply side will maintain a high level of maintenance in the short term, and the polyester fiber profit is under pressure. The load of the industry will gradually decline due to the off - season. After a short - term inventory reduction, PTA is expected to enter an inventory - building period during the Spring Festival. Attention should be paid to the risk of price corrections in the short term, and opportunities to go long on dips should be considered in the medium term [31]. - For ethylene glycol, the overall load of the industry is still relatively high. Although the expected import volume in January will decline, the decline is limited, and the port inventory - building cycle will continue. In the medium term, there is an expectation of further profit compression and production reduction under the pressure of new capacity. The valuation is currently moderately low compared to the same period in previous years. In the absence of further production cuts in China, the valuation is expected to be compressed [33]. Summary by Related Catalogs Crude Oil - **Market Information**: The main INE crude oil futures contract closed down 14.80 yuan/barrel, a 3.39% decline, at 421.70 yuan/barrel. The main futures contracts of related refined oil products also declined: high - sulfur fuel oil closed down 29.00 yuan/ton, a 1.18% decline, at 2427.00 yuan/ton; low - sulfur fuel oil closed down 65.00 yuan/ton, a 2.20% decline, at 2891.00 yuan/ton. European ARA weekly data showed that gasoline inventory increased by 1.38 million barrels to 10.52 million barrels, a 15.07% increase; diesel inventory decreased by 0.12 million barrels to 14.61 million barrels, a 0.81% decrease; fuel oil inventory increased by 0.37 million barrels to 7.06 million barrels, a 5.60% increase; naphtha inventory decreased by 0.83 million barrels to 4.63 million barrels, a 15.18% decrease; aviation kerosene inventory decreased by 0.36 million barrels to 7.82 million barrels, a 4.43% decrease; the overall refined oil inventory increased by 0.44 million barrels to 44.64 million barrels, a 1.00% increase [1]. Methanol - **Market Information**: The spot prices in different regions showed changes: Jiangsu changed by 5 yuan/ton, Lunan by - 15 yuan/ton, Henan by 10 yuan/ton, Hebei by 0 yuan/ton, and Inner Mongolia by - 20 yuan/ton [3]. Urea - **Market Information**: The spot prices in different regions had the following changes: Shandong changed by 0 yuan/ton, Henan by 10 yuan/ton, Hebei by - 10 yuan/ton, Hubei by 0 yuan/ton, Jiangsu by 0 yuan/ton, Shanxi by 0 yuan/ton, and Northeast China by 0 yuan/ton. The overall basis was reported at - 68 yuan/ton. The main futures contract changed by 19 yuan/ton, at 1768 yuan/ton [5]. Rubber - **Market Information**: The rubber price fluctuated within a narrow range. The bulls of natural rubber RU were optimistic due to seasonal expectations and demand expectations, believing that the weather and the current situation of rubber plantations in Southeast Asia, especially Thailand, might limit rubber production growth, and the seasonality of rubber usually turns bullish in the second half of the year, with improved demand expectations in China. The bears were pessimistic due to weak demand, believing that the macro - economic outlook was uncertain, demand was in the seasonal off - season, and the expected postponement of EUDR and the supply benefits might be less than expected. The tire operating rate showed marginal deterioration. As of December 25, 2025, the operating rate of all - steel tires of Shandong tire enterprises was 62.20%, 2.46 percentage points lower than the previous week and 0.02 percentage points lower than the same period last year, with slower shipments and higher inventory pressure. The operating rate of semi - steel tires of domestic tire enterprises was 73.74%, 0.98 percentage points higher than the previous week but 5.05 percentage points lower than the same period last year, with slower shipping rhythms and higher inventory pressure. As of December 21, 2025, the social inventory of natural rubber in China was 118.2 million tons, a 3 - million - ton increase from the previous month, a 2.5% increase; the total social inventory of dark - colored rubber was 77.4 million tons, a 3.4% increase; the total social inventory of light - colored rubber was 40.8 million tons, a 1% increase; the inventory of natural rubber in Qingdao was 50.92 (+1.5) million tons. In the spot market, the price of Thai standard mixed rubber was 14800 (+150) yuan, STR20 was reported at 1875 (+20) US dollars, STR20 mixed was 1875 (+20) US dollars, Jiangsu and Zhejiang butadiene was 8650 (+200) yuan, and North China butadiene rubber was 11050 (+50) yuan [9][10][11]. PVC - **Market Information**: The PVC05 contract fell by 41 yuan to 4764 yuan. The spot price of Changzhou SG - 5 was 4480 (- 20) yuan/ton, the basis was - 284 (+11) yuan/ton, and the 5 - 9 spread was - 131 (+3) yuan/ton. The cost of calcium carbide in Wuhai was reported at 2325 (0) yuan/ton, the price of medium - grade semi - coke was 820 (0) yuan/ton, the price of ethylene was 745 (0) US dollars/ton, and the spot price of caustic soda was 690 (- 13) yuan/ton. The overall operating rate of PVC was 78.6%, a 1.4% increase from the previous period; among them, the calcium carbide method was 78.4%, a 0.1% decrease, and the ethylene method was 79.3%, a 5% increase. The overall downstream operating rate was 44.5%, a 0.9% decrease. The in - factory inventory was 30.9 million tons (+0.3), and the social inventory was 106.3 million tons (+0.3) [14]. Pure Benzene & Styrene - **Market Information**: In terms of fundamentals, the cost of pure benzene in East China was 5323 yuan/ton, a decrease of 27.5 yuan/ton; the closing price of the active pure benzene contract was 5406 yuan/ton, a decrease of 27.5 yuan/ton; the pure benzene basis was - 83.5 yuan/ton, an increase of 29.5 yuan/ton. In the spot - futures market, the spot price of styrene was 6950 yuan/ton, an increase of 50 yuan/ton; the closing price of the active styrene contract was 6739 yuan/ton, a decrease of 52 yuan/ton; the basis was 211 yuan/ton, an increase of 102 yuan/ton; the BZN spread was 142.87 yuan/ton, an increase of 6.25 yuan/ton; the profit of non - integrated EB plants was - 71.275 yuan/ton, an increase of 6.725 yuan/ton; the EB consecutive 1 - consecutive 2 spread was 69 yuan/ton, a decrease of 19 yuan/ton. On the supply side, the upstream operating rate was 70.7%, a 1.57% increase; the inventory at Jiangsu ports was 13.88 million tons, a decrease of 0.05 million tons. On the demand side, the weighted operating rate of the three S products was 42.24%, a 1.77% increase; the operating rate of PS was 59.40%, a 4.90% increase; the operating rate of EPS was 52.56%, a 0.76% increase; the operating rate of ABS was 69.40%, a 0.70% decrease [18]. Polyethylene - **Market Information**: Fundamentally, the closing price of the main contract was 6449 yuan/ton, a decrease of 23 yuan/ton; the spot price was 6435 yuan/ton, an increase of 35 yuan/ton; the basis was - 14 yuan/ton, an increase of 58 yuan/ton. The upstream operating rate was 84.2%, a 0.36% increase. In terms of weekly inventory, the inventory of production enterprises was 37.07 million tons, a decrease of 8.79 million tons from the previous week, and the inventory of traders was 2.76 million tons, a decrease of 0.49 million tons from the previous week. The average downstream operating rate was 41.15%, a 0.68% decrease. The LL5 - 9 spread was - 47 yuan/ton, a 10 - yuan decrease from the previous week [21]. Polypropylene - **Market Information**: Fundamentally, the closing price of the main contract was 6330 yuan/ton, a decrease of 18 yuan/ton; the spot price was 6300 yuan/ton, unchanged; the basis was - 30 yuan/ton, an increase of 18 yuan/ton. The upstream operating rate was 76.69%, a 0.16% decrease. In terms of weekly inventory, the inventory of production enterprises was 49.07 million tons, a decrease of 4.26 million tons from the previous week; the inventory of traders was 17.72 million tons, a decrease of 1 million tons from the previous week; the port inventory was 6.63 million tons, a decrease of 0.24 million tons from the previous week. The average downstream operating rate was 52.76%, a 0.48% decrease. The LL - PP spread was 119 yuan/ton, a 5 - yuan decrease from the previous week [23][24]. PX - **Market Information**: The PX03 contract fell by 50 yuan to 7210 yuan, the PX CFR price fell by 9 US dollars to 884 US dollars, and the basis was - 54 yuan (- 29) after conversion according to the central parity of the RMB. The 3 - 5 spread was - 2 yuan (+4). The operating rate of PX in China was 90.6%, a 2.4% increase; the operating rate in Asia was 80.9%, a 1.4% increase. Domestically, Fujia Dahua restarted and expanded its capacity. The operating rate of PTA was 78.1%, a 5.6% increase; Dushan Energy and Zhongtai restarted, and Weilian Chemical increased its production. In terms of imports, South Korea exported 43.3 million tons of PX to China in December, a 4.2 - million - ton increase from the same period last year. In terms of inventory, the inventory at the end of November was 402 million tons, a 5 - million - ton decrease from the previous month. In terms of valuation and cost, PXN was 357 US dollars (+2), South Korea's PX - MX was 146 US dollars (+3), and the naphtha crack spread was 90 US dollars (+1) [27]. PTA - **Market Information**: The PTA05 contract fell by 64 yuan to 5046 yuan, the East China spot price fell by 65 yuan to 5030 yuan, the basis was - 49 yuan (- 3), and the 5 - 9 spread was 90 yuan (- 10). The operating rate of PTA was 78.1%, a 5.6% increase; Dushan Energy and Zhongtai restarted, and Weilian Chemical increased its production. The downstream operating rate was 90.8%, a 0.4% increase; Hengyi's 55 - million - ton chemical fiber and China Resources' 30 - million - ton bottle - grade chip restarted, while Yisheng's 25 - million - ton bottle - grade chip, Hengyi's 55 - million - ton filament, and Sanfangxiang's 50 - million - ton bottle - grade chip were under maintenance. The terminal texturing operating rate decreased by 5% to 74%, and the loom operating rate decreased by 1% to 59%. In terms of inventory, the social inventory (excluding credit warehouse receipts) on December 26 was 205.5 million tons, a 5.2 - million - ton decrease from the previous month. In terms of valuation and cost, the spot processing fee of PTA decreased by 13 yuan to 336 yuan, and the futures processing fee decreased by 31 yuan to 316 yuan [30]. Ethylene Glycol (MEG) - **Market Information**: The EG05 contract fell by 71 yuan to 3732 yuan, the East China spot price fell by 41 yuan to 3640 yuan, the basis was - 126 yuan (+15), and the 5 - 9 spread was - 90 yuan (+3). On the supply side, the operating rate of ethylene glycol was 73.7%, a 0.4% increase; among them, the operating rate of syngas - based production was 75.9%, a 1.4% decrease, and the operating rate of ethylene - based production was 72.5%, a 1.5% increase. Among the syngas - based plants, Tianye's plant resumed operation after an accidental shutdown, Huayi restarted, and Henan Coal Industry replaced the catalyst; among the petrochemical plants, Far East Union restarted; overseas, the plant of Formosa Plastics in Taiwan, China, shut down. The downstream operating rate was 90.8%, a 0.4% increase

Core Viewpoint - The launch of the Hainan Free Trade Port's full island closure on December 18, 2025, introduces significant benefits for enterprises, particularly through the processing value-added duty exemption policy, which allows for tax-free entry of goods into the mainland if they meet certain processing criteria [1]. Group 1: Policy Benefits - The processing value-added duty exemption policy allows goods processed in Hainan with over 30% value added from imported materials to enter the mainland without import duties, while still subject to VAT and consumption tax [1]. - As of October 2025, 129 pilot enterprises have been approved under this policy, with a total processing value of approximately 11.096 billion yuan and duty exemptions amounting to about 860 million yuan [1]. Group 2: Policy Upgrades - The threshold for enterprises to benefit from the policy has been lowered, removing the requirement that the main business income from encouraged industries must exceed 60% of total revenue [2]. - The range of import materials eligible for the policy has been expanded to include "zero-duty" goods, allowing enterprises to benefit from both zero duties and processing value-added advantages [2]. - The calculation formula for value-added processing has been optimized to include self-produced materials, making it easier for enterprises to achieve the 30% value-added requirement [2]. - The scope of cumulative value-added processing has been broadened from special customs supervision areas to the entire island, allowing for collaborative processing among upstream and downstream enterprises [2]. Group 3: Industry Impact - The processing value-added duty exemption policy is expected to attract key players in various industries, such as petrochemicals, food processing, and medical devices, by creating a complete industrial chain from raw materials to finished products [3]. - The lowered entry barriers and expanded benefits of the policy are anticipated to better meet the production needs of local enterprises and support the development of industrial chains and clusters in Hainan [3].

Core Insights - The top three companies by Hong Kong Stock Connect shareholding ratios are China Telecom (71.63%), Gree Power Environmental (69.81%), and Da Zhong Public Utilities (68.41%) [1] - The largest increases in shareholding amounts over the last five trading days were seen in China Merchants Bank (+2.22 billion), Industrial and Commercial Bank of China (+1.47 billion), and Agricultural Bank of China (+1.41 billion) [1] - The largest decreases in shareholding amounts were recorded for China Mobile (-2.62 billion), Tencent Holdings (-2.34 billion), and the Tracker Fund of Hong Kong (-1.54 billion) [1] Group 1: Shareholding Ratios - China Telecom (00728) holds 9.941 billion shares, with a shareholding ratio of 71.63% [1] - Gree Power Environmental (01330) holds 0.282 billion shares, with a shareholding ratio of 69.81% [1] - Da Zhong Public Utilities (01635) holds 0.365 billion shares, with a shareholding ratio of 68.41% [1] - Other notable companies include Kaisa New Energy (01108) at 68.25% and Tianjin Chuangye Environmental Protection (01065) at 67.29% [1] Group 2: Recent Increases in Shareholding - China Merchants Bank (03968) saw an increase of 2.22 billion, with a change of +42.72 million shares [1] - Industrial and Commercial Bank of China (01398) increased by 1.47 billion, with a change of +237.38 million shares [1] - Agricultural Bank of China (01288) increased by 1.41 billion, with a change of +249.72 million shares [1] - Other companies with significant increases include China Construction Bank (00939) and SMIC (00981) [1] Group 3: Recent Decreases in Shareholding - China Mobile (00941) experienced a decrease of 2.62 billion, with a change of -31.85 million shares [3] - Tencent Holdings (00700) saw a decrease of 2.34 billion, with a change of -3.75 million shares [3] - The Tracker Fund of Hong Kong (02800) decreased by 1.54 billion, with a change of -58.09 million shares [3] - Other companies with notable decreases include Alibaba (09988) and Zijin Mining (02899) [3]

【1】盘面表现：BU 2602合约日内稍微回落后，基本处于高位横盘，收盘3133，涨幅3.95%，盘中最高 触及3211，最低3111，近7天累计+5.2%。在连续宽幅震荡后出现大幅跳涨行情，实属罕见。次月合约 2603涨幅3.60%，其他合约也基本翻红上涨。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 来源：能源研发中心 日报观点 【2】现货市场：①山东重交沥青市场价为2940元/吨，环比假期前上涨4.1%，7天累计+5.1%。山东基 差为-63元/吨，7天累计+9元/吨。②华东重交沥青市场价为3130元/吨，环比假期前上涨1.3%。华东基差 为-3元/吨，7天累计-71元/吨。 【3】裂解变化：①BU-Brent录得-10元/吨，7天累计+88元/吨。当日BU主力+0.7%；Brent+3.7%（以下 午3点收盘成交价计算）。美委地缘升级影响对沥青的直接拉动要强于油价，BU-Brent裂解差大幅上 行。在美委地缘发酵下，建议可做多裂解差，即多沥青空原油。但仍要警惕的是地缘的不确定性，操作 过程仍需谨慎控仓。 【4】基本面变化：新年第一个交易日，沥青罕见出现大幅缺口跳涨，主要受周末委内 ...

本报讯 围绕降低装置能耗等工作重点，2025年以来中国石化扬子石化芳烃厂积极开展创新创效竞赛， 83名青年职工提交311条创新创效"金点子"，其中270余条运用在生产操作中，为装置经济运行、增产创 效发挥青年主力军作用。（匡文静） （来源：工人日报） ...

Core Viewpoint - The company Maohua Shihua (000637) has reported a decline in revenue and a negative net profit for the first three quarters of 2025, indicating potential challenges in its financial performance and market position [2]. Financial Performance - For the first three quarters of 2025, the company's main revenue was 2.304 billion yuan, a year-on-year decrease of 19.24% [2]. - The net profit attributable to shareholders was -93.73 million yuan, which represents an increase of 18.15% year-on-year [2]. - The net profit excluding non-recurring items was -109 million yuan, showing a year-on-year increase of 7.18% [2]. - In Q3 2025, the company's single-quarter main revenue was 823 million yuan, down 11.88% year-on-year [2]. - The single-quarter net profit attributable to shareholders was -11.07 million yuan, reflecting a year-on-year increase of 45.76% [2]. - The single-quarter net profit excluding non-recurring items was -284.11 million yuan, down 27.84% year-on-year [2]. - The company's debt ratio stood at 68.65% [2]. - Investment income was 2.4289 million yuan, while financial expenses amounted to 26.5739 million yuan [2]. - The gross profit margin was 2.51% [2]. Market Activity - As of January 5, 2026, the stock price closed at 4.29 yuan, down 0.23% [1]. - The turnover rate was 3.15%, with a trading volume of 114,900 hands and a transaction amount of 49.8768 million yuan [1]. - On January 5, the net inflow of main funds was 6.3306 million yuan, accounting for 12.69% of the total transaction amount [1]. - The net inflow of speculative funds was 3.5611 million yuan, representing 7.14% of the total transaction amount [1]. - Retail investors experienced a net outflow of 9.8916 million yuan, which was 19.83% of the total transaction amount [1].

Core Insights - The energy industry is undergoing a digital transformation, with the HarmonyOS becoming a crucial choice for energy companies to enhance operational efficiency and data security [1][6] - Major state-owned enterprises in the energy sector have completed full adaptation of HarmonyOS across various applications, marking a new phase of collaborative innovation in the industry [1][5] Group 1: Digital Transformation in Energy Sector - The HarmonyOS has been fully adapted in key applications across energy enterprises, covering essential operational areas and enabling comprehensive digital empowerment [3][4] - Applications such as "China Petroleum Instant Messaging" and "Sinopec Office" have been integrated into the HarmonyOS, facilitating efficient communication and collaboration among employees [3][4] Group 2: Enhanced Operational Efficiency - The adaptation of HarmonyOS in business travel services has streamlined processes like travel booking and reimbursement, significantly improving employee experience [3][4] - In core production operations, applications like "Financial Shared Service Platform" and "WeSIS" have been integrated to ensure smooth business operations and data security [4] Group 3: Public Service Expansion - HarmonyOS is also enhancing public service capabilities for energy companies, with innovations like the "No-Sense Refueling Service" from China Petroleum, which improves user experience through AI technology [5] - Other applications such as "Sinopec Finance" and "Tower Energy" have joined the Harmony ecosystem, leveraging its technological advantages to expand service dimensions [5] Group 4: Future Prospects - The ongoing integration of more industry applications into HarmonyOS is expected to play a vital role in promoting high-quality development in the energy sector and ensuring national energy security [6]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The core contradiction in the pure benzene market lies in the mismatch between high import pressure and weak downstream demand. Overseas supply pressure persists, leading to continued accumulation of domestic port inventories, which suppresses the market. Domestic supply growth is limited, and there is a potential supply increase from new capacity in Q1. Demand remains weak [3]. - The styrene market shows a pattern of slow supply recovery, delayed inventory rebuilding, and some demand resilience. Overseas supply pressure has increased, but previous price support is still being released. Domestic supply recovery is slower than expected, and demand is in the off - season with mixed performance in downstream sectors [3]. Group 3: Summary by Related Catalogs 1. Daily Market Summary (1) Fundamental Analysis - **Price**: On December 31, the styrene main contract rose 0.15% to 6,791 yuan/ton, and the pure benzene main contract fell 0.44% to 5,463 yuan/ton. Brent crude closed at $58.0/barrel (-$0.1/barrel), and WTI crude closed at $61.3/barrel (-$0.6/barrel). The spot price of East China pure benzene was 5,330 yuan/ton (-10 yuan/ton) [2]. - **Inventory**: East China pure benzene port inventory was 30.0 tons (+2.7 tons), and styrene port inventory was 13.9 tons (+0 tons) [2]. - **Supply**: CFR China and FOB South Korea processing fees rebounded slightly, and the US - South Korea price difference remained high. However, the overseas gasoline crack spread weakened, reducing the blending support. Styrene plant load rebounded from a low level, but non - integrated plants were still in the loss zone with limited profit improvement [2]. - **Demand**: The overall downstream of pure benzene strengthened, with the operating rates of CPL and phenol recovering. The styrene downstream entered the off - season, with slight fluctuations in the operating rates of PS and ABS, a slight decline in EPS operating rate, continuous compression of hard - rubber production profits, and persistent finished - product inventory pressure [2]. (2) Viewpoints - **Pure Benzene**: The core contradiction is the mismatch between high import pressure and weak downstream demand. Overseas supply pressure persists, and domestic port inventories continue to accumulate. Domestic supply growth is limited, and new capacity may be put into operation in Q1 [3]. - **Styrene**: The market shows slow supply recovery, delayed inventory rebuilding, and some demand resilience. Overseas supply pressure has increased, but previous price support is still being released. Domestic supply recovery is slower than expected, and demand is in the off - season [3]. 2. Industrial Chain Data Monitoring (1) Prices of Styrene and Pure Benzene - Styrene futures rose 0.15% to 6,791 yuan/ton, and spot prices rose 0.18% to 6,760 yuan/ton. Pure benzene futures fell 0.44% to 5,463 yuan/ton, and East China spot prices fell 0.19% to 5,330 yuan/ton. Brent crude fell 0.22% to $58.0/barrel, and WTI crude fell 0.98% to $61.3/barrel [5]. (2) Production and Inventory of Styrene and Pure Benzene - China's styrene production decreased 0.66% to 35.2 tons, and pure benzene production remained unchanged at 43.6 tons. Styrene port inventory in Jiangsu remained at 13.9 tons, and national pure benzene port inventory increased 9.89% to 30.0 tons [6]. (3) Operating Rates - Among pure benzene downstream, the operating rates of caprolactam and phenol increased, while that of aniline decreased. Among styrene downstream, the operating rate of EPS decreased, while those of VBS and ABS increased [7]. 3. Industry News - Eight OPEC+ countries agreed in principle to suspend oil production growth in Q1 2026. The US and Israel demanded that Iran completely abandon uranium enrichment activities. Other news includes political statements from Venezuela and Ukraine, sanctions by Ukraine, price cuts of gasoline and diesel in South Africa, and drone attacks by Ukraine on Russia [8][10]. 4. Industrial Chain Data Charts - The report provides charts on the prices of pure benzene and styrene, the price difference between styrene and pure benzene, import and domestic costs of pure benzene, port and factory inventories of styrene, port inventories of pure benzene and ABS, and the weekly capacity utilization rates of caprolactam, phenol, and aniline [11][21][30].

新华社香港1月5日电 香港恒生指数5日涨8.77点，涨幅0.03%，收报26347.24点。全日主板成交2834.62 亿港元。 中资金融股方面，中国银行跌1.55%，收报4.46港元；建设银行跌1.67%，收报7.67港元；工商银行跌 2.05%，收报6.21港元；中国平安涨2.69%，收报68.6港元；中国人寿涨3.4%，收报29.82港元。 国企指数跌20.52点，收报9148.47点，跌幅0.22%。恒生科技指数涨5.19点，收报5741.63点，涨幅 0.09%。 蓝筹股方面，腾讯控股涨0.24%，收报624.5港元；香港交易所涨1.06%，收报420.2港元；中国移动跌 1.38%，收报82.3港元；汇丰控股涨0.48%，收报124.9港元。 香港本地股方面，长实集团跌0.99%，收报39.9港元；新鸿基地产跌1.14%，收报95.5港元；恒基地产跌 1.8%，收报28.44港元。 石油石化股方面，中国石油化工股份跌1.91%，收报4.61港元；中国石油股份跌3.52%，收报8.22港元； 中国海洋石油跌3.29%，收报21.14港元。 【纠错】 【责任编辑:谷玥】 ...