Report Industry Investment Rating - Not provided in the given content Core Viewpoints - For pure benzene, the port destocking rate has slowed down, domestic production capacity utilization has declined, and downstream capacity utilization has decreased. There is still inventory pressure in PA6, nylon filament, and MDI [4]. - For styrene, short - term maintenance continues, new device production impacts, downstream capacity utilization has increased but port inventory pressure persists, overseas demand is weak, and inventory pressure continues [4]. Summary by Directory 1. Pure Benzene and Styrene Futures and Spot Prices, Basis, and Inter - period - Not elaborated in the content, only figure names are mentioned such as pure benzene and styrene futures contracts, spot prices, basis, and inter - period spreads [9][10][17] 2. Styrene Supply - The arrival volume of styrene in East China is 11,900 tons (-27,300 tons). The overall styrene factory capacity utilization is 71.88% (-1.73%), with different rates in different regions: East China 71.42% (+3.35%), Shandong 62.46% (-13.08%), and South China 80.53% (-2.17%) [1]. - In the short term, maintenance continues, satellite petrochemical is under maintenance, and new device production from Jihua, Guangxi Petrochemical, etc. impacts [4]. 3. Styrene Downstream Demand - EPS capacity utilization is 62.52% (+21.78%), PS capacity utilization is 53.80% (-0.80%), ABS capacity utilization is 73.10% (+0.60%), UPR capacity utilization is 34.00% (+14.00%), and butadiene - styrene rubber capacity utilization is 70.20% (-0.20%) [1]. - EPS has a seasonal post - festival increase, PS capacity utilization continues to decline, ABS capacity utilization rebounds from a low level, and the finished product inventory pressure of the three hard plastics is still large [4]. 4. Styrene Inventory - The East China port inventory of styrene is 196,500 tons (-5,400 tons), and the factory inventory is 193,420 tons (-443 tons). The inventory of EPS sample enterprises is 34,600 tons (+4,100 tons), PS sample enterprises is 112,050 tons (+3,350 tons), ABS sample enterprises is 257,000 tons (+6,000 tons), and butadiene - styrene rubber sample enterprises is 19,000 tons (-1,500 tons) [1]. - The port inventory pressure persists, and overseas demand is weak, increasing the import pressure on China [4]. 5. Pure Benzene Supply and Inventory - The East China port inventory of pure benzene is 90,000 tons (-1,000 tons). The pure benzene capacity utilization is 75.48% (-3.81%), and the hydro - benzene capacity utilization is 64.53% (+1.29%) [2]. 6. Pure Benzene Downstream Demand - In the CPL industry chain, the CPL capacity utilization is 92.41% (-3.59%), the PA6 capacity utilization is 79.58% (+1.37%), and the nylon filament capacity utilization is 77.50% (-0.50%) [2]. - In the phenol - acetone industry chain, the phenol - acetone capacity utilization is 78.00% (+0.00%), the bisphenol A capacity utilization is 68.90% (-5.77%), the PC capacity utilization is 77.69% (-3.23%), and the epoxy resin capacity utilization is 50.64% (-0.25%) [2]. - In the aniline industry chain, the aniline capacity utilization is 75.73% (-1.43%), the polymer MDI capacity utilization is 96.00% (+0.00%), and the pure MDI capacity utilization is 96.00% (+0.00%) [3]. - In the adipic acid industry chain, the adipic acid capacity utilization is 59.10% (-7.80%), the spandex capacity utilization is 77.50% (+0.00%), the PA66 capacity utilization is 60.45% (-0.82%), and the polyurethane elastomer capacity utilization is 53.50% (+1.21%) [3].