1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The supply - demand gap of pure benzene is expected to further widen. The short - term BZ2605 is expected to fluctuate with oil prices, and attention should be paid to the latest developments in the Middle East geopolitical situation [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract of pure benzene was 8190 yuan/ton, a decrease of 600 yuan; the settlement price was 8546 yuan/ton, a decrease of 365 yuan. The trading volume was 38906 lots, an increase of 2882 lots; the open interest was 21856 lots, a decrease of 2548 lots [2] 3.2 Spot Market - The mainstream prices of pure benzene in the East China, North China, South China, and Northeast regions were 8805 yuan/ton, 8600 yuan/ton, 9000 yuan/ton, and 8598 yuan/ton respectively, with changes of - 135 yuan, 0 yuan, 0 yuan, and + 48 yuan. The mainstream prices of hydrogenated benzene in Jiangsu and Shanxi regions were 8700 yuan/ton and 7750 yuan/ton respectively, with changes of - 150 yuan and 0 yuan. The FOB intermediate price of pure benzene in South Korea was 1136 US dollars/ton, a decrease of 12 US dollars; the CFR intermediate price of pure benzene in China was 1144.14 US dollars/ton, a decrease of 12 US dollars [2] 3.3 Upstream Situation - The spot price of Brent DTD crude oil was 127.41 US dollars/barrel, an increase of 3.56 US dollars; the CFR intermediate price of naphtha in the Japanese region was 1207.5 US dollars/ton, an increase of 1 US dollar [2] 3.4 Industry Situation - The capacity utilization rate of pure benzene was 72.57%, a decrease of 2.01 percentage points; the weekly output was 42.97 tons, a decrease of 1.19 tons. The port inventory of pure benzene was 26.9 tons, a decrease of 1.9 tons. The production cost was 7887 yuan/ton, an increase of 636.8 yuan; the production profit was - 149 yuan/ton, a decrease of 501 yuan [2] 3.5 Downstream Situation - The开工率 of styrene was 69.95%, a decrease of 0.51 percentage points; the capacity utilization rate of caprolactam was 78.85%, an increase of 1.64 percentage points; the capacity utilization rate of phenol was 86.69%, a decrease of 0.71 percentage points; the capacity utilization rate of aniline was 88.58%, an increase of 0.25 percentage points; the capacity utilization rate of adipic acid was 69.5%, with no change [2] 3.6 Industry News - From March 20th to 26th, the operating rate of petroleum benzene decreased by 2.01% to 72.57% year - on - year, and the operating rate of hydrogenated benzene increased by 6.37% to 67.83% year - on - year. From March 21st to 27th, the weighted operating rate of pure benzene downstream decreased by 0.03% to 76.04% year - on - year. As of March 30th, the commercial inventory of pure benzene ports in Jiangsu was 26.0 tons, a decrease of 3.35% year - on - year. BZ2605 fell 8.09% to close at 8190 yuan/ton. From March 21st to 27th, the profit of domestic petroleum benzene increased by 128 yuan/ton to 480 yuan/ton [2]

Report Industry Investment Rating - No relevant information provided Core Viewpoints - The emotional premium in the crude oil market has significantly declined, which will drive the overall decline of the energy sector. However, before the two sides truly reach an agreement, the situation in the Middle East remains unclear, and the impact of oil supply disruptions will gradually become apparent. The market structure of high - and low - sulfur fuel oil will trend weaker only when there is a definite signal of easing in the US - Iran negotiations, and the market emotional premium will be repeatedly disturbed by news, so caution is needed [1][2] Summary by Related Catalogs Market Analysis - The night session of the main contract of the Shanghai Futures Exchange fuel oil futures closed down 1.58%, at 4,433 yuan/ton; the night session of the main contract of INE low - sulfur fuel oil futures closed up 2.9%, at 5,295 yuan/ton [1] - Iran's president stated that Iran is willing to end the war, but on the condition that its demands are met, especially the guarantee of no more aggression. Trump also hinted that the US will soon withdraw from Iran. The high - sulfur fuel oil has a relatively high supply share from the Middle East and a large exposure to geopolitical conflict risks. The increase in exports from Russia and Venezuela can partially offset the supply gap, and the inventory accumulated on land and in floating storage can be used as a short - term source of goods for downstream. If the Strait closure lasts too long, the fundamentals are expected to tighten further [1] - For low - sulfur fuel oil, although the direct export share from the Middle East is not high, refineries in the Asia - Pacific region have reduced their production due to insufficient raw materials, leading to a passive decline in output. In addition, the high premium in the diesel market has a boosting effect on the low - sulfur fuel oil market. Currently, the diesel crack spread remains strong, supporting the valuation of low - sulfur fuel oil [2] Strategy - For high - sulfur fuel oil, it is recommended to wait and see due to short - term sharp fluctuations - For low - sulfur fuel oil, it is recommended to wait and see due to short - term sharp fluctuations - No strategies are provided for cross - variety, cross - period, spot - futures, and options [3]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The crude oil price has corrected, and the supply remains tight. The asphalt futures market is affected by the crude oil price and geopolitical factors, with short - term volatility. If the terminal consumption recovers seasonally or remains stable, the inventory reduction expectation is strong, and the market structure is still supported. However, the asphalt futures market may be repeatedly disturbed by news, and both long and short positions lack a safety margin [1]. - For investment strategies, it is recommended to wait and see in the short - term for unilateral trading, and pay attention to the opportunity of positive arbitrage at low prices for inter - period trading [2]. 3. Summary by Relevant Catalogs Market Analysis - On March 31, the closing price of the main BU2606 contract of asphalt futures in the afternoon session was 4,512 yuan/ton, a decrease of 70 yuan/ton or 1.53% compared with the previous day's settlement price. The open interest was 274,080 lots, a net increase of 211 lots, and the trading volume was 1,044,757 lots, a net increase of 83,313 lots [1]. - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: 4,636 - 4,690 yuan/ton in Northeast China, 4,320 - 4,570 yuan/ton in Shandong, 4,530 - 4,750 yuan/ton in South China, and 4,720 - 4,840 yuan/ton in East China. The spot prices of asphalt in Northeast and South China rose slightly, while those in other regions remained stable. The crude oil and asphalt futures corrected, and the spot market sentiment was mainly wait - and - see, with a tight supply in some areas [1]. - Due to raw material shortages, the domestic asphalt refinery production schedule is expected to decline significantly in April. If the terminal consumption recovers seasonally or remains stable, the inventory reduction expectation is strong, and the market structure is supported. The asphalt futures market may be repeatedly disturbed by news, and both long and short positions lack a safety margin [1]. Strategy - Unilateral: Short - term sharp fluctuations, it is recommended to wait and see [2]. - Inter - period: Pay attention to the opportunity of positive arbitrage at low prices [2]. - Cross - variety: No recommendation [2]. - Spot - futures: No recommendation [2]. - Options: No recommendation [2].

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View - No clear core view is presented in the provided content. 3. Summary by Relevant Directory 3.1. Basis and Calendar Spread - **Basis**: The Shandong basis (+80, non - Jingbo) was -59 on 3/3, 29 on 3/24, -152 on 3/27, 67 on 3/30, and -32 on 3/31, with a daily change of -99 on 3/31. The East China basis (Zhenjiang warehouse) was -139 on 3/3, 49 on 3/24, -82 on 3/27, -63 on 3/30, and -62 on 3/31, with a daily change of 7 on 3/31. The South China basis (Foshan warehouse) was -189 on 3/3, 49 on 3/24, -82 on 3/27, -63 on 3/30, and -62 on 3/31, with a daily change of 1 on 3/31 [3]. - **Calendar Spread**: The 04 - 05 spread was -17 on 3/3, 3 on 3/24, -4 on 3/27, -3 on 3/30, and 0 on 3/31, with a daily change of 3 on 3/31. The 04 - 06 spread was -14 on 3/3, 8 on 3/24, -4 on 3/27, 6 on 3/30, and 5 on 3/31, with a daily change of -1 on 3/31. The 06 - 09 spread was 64 on 3/3, 245 on 3/24, 267 on 3/27, 218 on 3/30, and 233 on 3/31, with a daily change of 15 on 3/31 [3]. 3.2. Futures Contract Data - **BU Main Contract**: The price of the BU main contract was 3639 on 3/3, 4401 on 3/24, 4532 on 3/27, 4513 on 3/30, and 4512 on 3/31, with a daily change of -1 on 3/31. The trading volume was 815412 on 3/3, 1276564 on 3/24, 1165126 on 3/27, 1073272 on 3/30, and 1175067 on 3/31, with a daily change of 101795 on 3/31. The open interest was 385341 on 3/3, 348866 on 3/24, 378989 on 3/27, 372230 on 3/30, and 370991 on 3/31, with a daily change of -1239 on 3/31 [3]. 3.3. Spot Price - **Brent Crude Oil**: The price was 72.6 on 3/3, 100.8 on 3/24, 107.9 on 3/27, 114.5 on 3/30 and 3/31, with a daily change of 0.0 on 3/31 [3]. - **Asphalt Spot Price**: Jingbo's price was 3520 on 3/3, 4350 on 3/24, 4300 on 3/27, 4450 on 3/30 and 3/31, with a daily change of 0 on 3/31. Shandong (non - Jingbo) was 3500 on 3/3, 4350 on 3/24, 4300 on 3/27, 4500 on 3/30, and 4400 on 3/31, with a daily change of -100 on 3/31. Zhenjiang warehouse was 3500 on 3/3, 4450 from 3/24 to 3/31, with a daily change of 0 on 3/31. Foshan warehouse was 3450 on 3/3, 4450 from 3/24 to 3/31, with a daily change of 0 on 3/31 [3]. 3.4. Profit - **Asphalt - Marrow Profit**: The profit was 399 on 3/3, -127 on 3/24, -498 on 3/27, -716 on 3/30, and -718 on 3/31, with a daily change of -1 on 3/31 [3].

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - The economic situation shows a mixed picture, with some indicators improving while others facing challenges. The geopolitical situation, especially the Iran - US conflict, has significant impacts on the global economy, trade, and financial markets. Central banks are implementing various monetary policies to maintain economic stability and promote growth [1][2][13] - The bond market is expected to maintain a volatile and relatively strong performance in the second quarter, and attention should be paid to international situation changes and crude oil import conditions [21] - The stock market is volatile, with different sectors showing different trends, and the public - offering fund market is making progress in implementing performance comparison benchmark regulations [30][31] 3. Summary by Directory 3.1 Macro Data Overview - GDP growth in Q4 2025 was 4.5% year - on - year, lower than the previous quarter and the same period last year. The manufacturing PMI in March 2026 was 50.4%, up from the previous month. The non - manufacturing PMI: business activity was 50.1%, slightly down from the previous month [1] - In February 2026, social financing scale was 23855 billion yuan, M0, M1, and M2 year - on - year growth rates were 14.1%, 5.9%, and 9.0% respectively. New RMB loans were 9000 billion yuan. CPI was 1.3% year - on - year, and PPI was - 0.9% year - on - year [1] - In February 2026, fixed - asset investment cumulative year - on - year growth was 1.8%, and social consumer goods retail sales cumulative year - on - year growth was 2.8%. Exports and imports in February 2026 increased by 39.60% and 13.80% year - on - year respectively [1] 3.2 Commodity Investment Reference 3.2.1 Comprehensive - The US, Iran are willing to end the war, but Iran requires guarantees. The Iran - US conflict may cause significant GDP losses in Arab countries, rising unemployment, and increased poverty [2] - The Central Bank's Monetary Policy Committee suggests integrating incremental and stock policies, using various tools for monetary policy regulation, and maintaining financial market stability [3] 3.2.2 Metals - Goldman Sachs raised the Q2 2026 LME aluminum price forecast to $3450 from $3200. On March 31, domestic tin and copper inventories reached new lows, while aluminum inventory reached a new high [4] - Three Middle - Eastern aluminum plants cut production by about 2.63 million tons. On March 31, the gold持仓 of SPDR Gold Trust increased by 0.11% to 1047.28 tons [5] 3.2.3 Coal, Coke, Steel, and Minerals - In mid - March, the price of rebar increased by 0.83% month - on - month to 3189.1 yuan/ton, the price of coke decreased by 2.08% month - on - month to 1346.4 yuan/ton, and the price of coking coal increased by 0.4% month - on - month to 1420.7 yuan/ton [6] 3.2.4 Energy and Chemicals - US API crude oil inventory increased by 10.263 million barrels last week, causing oil prices to fall. Sadara Chemical Company temporarily shut down due to supply chain disruptions. Iran's oil discount has narrowed, and the average selling price has risen. The US Treasury Secretary said the oil market has a daily supply shortage of 10 - 12 million barrels [7] 3.2.5 Agricultural Products - In mid - March, the prices of soybean meal, soybeans, and cotton increased by 6.82%, 2.98%, and 2.15% month - on - month respectively, reaching new highs [9] 3.3 Financial News Compilation 3.3.1 Open Market - On March 31, the central bank conducted 32.5 billion yuan of 7 - day reverse repurchase operations, with a net investment of 15 billion yuan [10] 3.3.2 Important News - The US and Iran are willing to end the war, but there is no formal negotiation yet. Iran listed 18 US ICT and AI - related companies as "legitimate targets" [11][12] - China's economic sentiment improved in March, with manufacturing, non - manufacturing, and comprehensive PMI output indexes all returning to the expansion range [14] - From January to February, state - owned enterprises' total operating income increased by 0.2% year - on - year, and the profit decreased by 2% year - on - year. The asset - liability ratio at the end of February was 65.4%, up 0.5 percentage points year - on - year [15] - A number of national regulations will be implemented in April. The Ministry of Finance announced the issuance arrangements for key - term, short - term, and ultra - long - term treasury bonds in Q2 2026 [15][16] - In February, government bond net financing decreased by 292.53 billion yuan year - on - year, and corporate bond net financing decreased by 18.02 billion yuan year - on - year. At the end of February, the bond market custody balance was 198.9 trillion yuan, with foreign institutions holding 3.4 trillion yuan [16] - New special bonds issuance accelerated in Q1 2026, reaching 1.1599 trillion yuan, a 21% increase from the same period in 2025 [17] - The trading association supported 370+ enterprises to issue 1.06 trillion yuan of science and technology innovation bonds. New bond indexes will be launched on April 1 [17][18] - Global central banks are selling US Treasury bonds at the fastest pace in more than a decade. The market trading logic has shifted from inflation trading to recession trading [18] - Some bond - related events include bond redemption options, asset transfers, and rating changes [19] 3.3.3 Bond Market Summary - The inter - bank bond market was volatile, with most major interest - rate bond yields rising slightly. Treasury bond futures mostly strengthened. The inter - bank market liquidity was very loose [20][21] - The exchange - traded bond market had mixed performance, with some bonds rising and some falling. The convertible bond index and related indexes also showed different trends [21][22] - Money market interest rates mostly declined, and the yields of some domestic and foreign bonds also changed [22][24][25] 3.3.4 Foreign Exchange Market - The on - shore RMB against the US dollar rose 49 basis points at the 16:30 close. The US dollar index fell 0.62%, and most non - US currencies rose [26] 3.3.5 Research Report Highlights - CITIC Securities believes that accelerating the revitalization of existing assets helps local platforms transform and serve economic growth. The acceleration of government debt clearance for enterprises is expected to repair the balance sheets and valuations of industries such as construction [27][28] - CITIC Construction Investment believes that the "South - bound Bond Connect" meets the needs of institutional diversification, and the Hong Kong bond market may expand, providing more choices for global asset allocation [28] 3.4 Stock Market News - The A - share market declined, with some sectors rising and some falling. The Hong Kong stock market had a mixed performance, with the Hang Seng Index rising slightly and the Hang Seng Tech Index falling [30][31] - The public - offering fund market is making progress in implementing performance comparison benchmark regulations [31] 3.5 Today's Reminder - On April 1, 132 bonds were listed, 120 bonds were issued, 55 bonds were due for payment, and 173 bonds paid principal and interest [29]

1. Report Information - Report Name: Asphalt Daily Report [1] - Date: April 1, 2026 [2] - Research Team: Energy and Chemical Research Team [4] 2. Investment Rating - Not provided in the report 3. Core View - The asphalt market has a certain expectation of inventory reduction and is expected to be relatively strong, but due to large oil price fluctuations, short - term long positions are recommended [6] 4. Summary by Directory 4.1 Market Review and Operation Suggestions - **Market Review**: For BU2606, the opening price was 4499 yuan/ton, the closing price was 4512 yuan/ton, the highest was 4630 yuan/ton, the lowest was 4440 yuan/ton, the decline was 1.53%, and the trading volume was 1.0448 million lots. For BU2609, the opening price was 4270 yuan/ton, the closing price was 4279 yuan/ton, the highest was 4400 yuan/ton, the lowest was 4228 yuan/ton, the decline was 1.25%, and the trading volume was 67,400 lots [6] - **Supply and Demand Situation**: On the supply side, the continuous tightening of raw materials and the sharp rise in oil prices have led to the domestic refinery asphalt operating rate hitting a new low for the same period. On the demand side, with the gradual warming of the weather, road construction has begun to improve marginally, and the waterproofing demand is relatively stable [6] - **Operation Suggestions**: Short - term long positions are recommended [6] 4.2 Industry News - Not provided in the report 4.3 Data Overview - **Shandong Market**: The mainstream intended price of 70A grade asphalt was 4320 - 4570 yuan/ton, remaining stable compared to the previous working day. Although the intraday correction of international oil prices and asphalt futures had a certain negative impact on market sentiment, the supply of spot resources remained tight, and refineries and traders were reluctant to lower prices [9] - **South China Market**: The mainstream intended price of 70A grade asphalt was 4530 - 4750 yuan/ton, an increase of 50 yuan/ton compared to the previous working day. The supply of resources in the South China market remained tight. Although asphalt resources could still be replenished in Foshan, the replenishable resources in Maoming and Qinzhou were very limited, and the quotes of traders and inventories were relatively high, driving up the market price [9]

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 佈 之 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或 任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 STRONG PETROCHEMICAL HOLDINGS LIMITED 海 峽 石 油 化 工 控 股 有 限 公 司* （於開曼群島註冊成立的有限公司） (1)有關復牌進度之季度更新； 及 (2)繼續暫停買賣 本 公 佈 乃 由 海 峽 石 油 化 工 控 股 有 限 公 司（「 本 公 司 」， 連 同 其 附 屬 公 司 統 稱「 本 集 團」）根據香港聯合交易所有限公司（「聯交所」）證券上市規則（「上市規則」）第13.09 條及香港法例第571章證券及期貨條例第XIVA部內幕消息條文（ 定義見上市規則 ） 而作出。 茲提述本公司於二零二四年十月二日至二零二五年十二月三十一日作出的多份公 佈（「該等公佈」），內容有關（ 其中包括 ）：(1)本公司股份（「股份」）自二零二四年十 二月三十一日上午九時正起暫停買賣（「暫停買賣」）及聯交 ...

Core Viewpoint - The article discusses the complex impacts of rising oil prices on global markets, emphasizing the need to understand both direct and indirect effects stemming from geopolitical tensions in the Middle East and their implications for various industries [3][4]. Group 1: Direct Impacts of High Oil Prices - Direct impacts are driven by the rapid increase in oil prices, leading to higher costs and increased demand for substitutes. Industries heavily reliant on energy and refined products, such as mining, metallurgy, and agriculture, are particularly affected [4]. - The demand for substitutes is rising in energy and chemical sectors, with expansions in new energy sources and coal chemical products [4][6]. - The cost shock is evident in high-energy-consuming industries, with significant impacts on fertilizer and diesel costs affecting agricultural products [6][10]. Group 2: Indirect Impacts of High Oil Prices - Indirect impacts include changes in policies and long-term expectations, such as export restrictions on key energy and chemical raw materials and adjustments in central bank policies in response to currency pressures [4][11]. - The anticipated changes in monetary policy, particularly regarding the Federal Reserve's stance on interest rates, are influenced by rising oil prices and inflation expectations [12][31]. - The article highlights the potential for a shift in global demand, particularly as overseas manufacturing faces disruptions, which may benefit China's energy supply stability and lead to increased exports of certain raw materials and downstream products [10][21]. Group 3: Supply Chain and Production Adjustments - Domestic refinery operations have significantly decreased following the Middle East conflict, coinciding with a seasonal maintenance period, raising concerns about future production levels [13][15]. - The tightening of chemical raw material supply in Asia is exacerbated by reduced output from Japanese and Korean refineries, which previously supplied significant quantities of aromatics to China [15][17]. - The article notes that the aluminum supply from the Middle East is constrained due to production halts and damage to facilities, while European aluminum production is also affected by rising energy costs [21]. Group 4: Energy and Chemical Substitution - The article discusses the shift towards alternative energy sources, including battery technologies and biofuels, as a response to tightening oil and gas supplies [24][29]. - The domestic coal market remains crucial, with recent price increases driven by production regulations and seasonal demand for coal in power generation [24]. - The potential for coal-to-olefins processes to fill gaps left by oil and gas supply constraints is highlighted, although challenges remain in maintaining profitability for certain production methods [29]. Group 5: Monetary Policy and Inflation Expectations - The article raises questions about the Federal Reserve's future interest rate decisions, suggesting that current inflationary pressures are primarily driven by oil price increases [31][32]. - There is a noted divergence in market expectations regarding interest rate adjustments, with potential for a prolonged period of higher rates if inflation persists [35][38]. - The article emphasizes that the Fed's response to inflation will depend on sustained price increases and broader economic conditions, indicating a cautious approach to monetary tightening [38].

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The geopolitical situation in the Middle East is tense, with Trump warning Iran and the Houthi rebels launching missile attacks on Israel, which may lead to further escalation of the conflict and push up oil prices. The oil price is expected to fluctuate, and the overall center of gravity is moving upward [1]. - High - and low - sulfur fuel oils are supported by the cost of crude oil, and the supply is actually tightening. They are expected to maintain high - level operation, but the risk of a short - term sharp decline in oil prices after the end of the conflict should be noted [2]. - The demand for asphalt is gradually recovering, and the price is expected to be strong. However, the risk of a short - term sharp decline in oil prices after the end of the conflict should be noted, and its price volatility is expected to be smaller than that of other oil products [2]. - The polyester industry chain follows the cost - end fluctuations. The PX has many overhauls, the PTA operating load is at a high level, and the coal - based and oil - based production of ethylene glycol is differentiated. The downstream polyester yarn sales are sluggish [3]. - The natural rubber inventory is slightly increasing, and the butadiene rubber is oscillating strongly. The cash trends of natural rubber and butadiene are differentiated [5]. - The methanol inventory is starting to decline, but the supply recovery of Iranian plants may suppress price increases, and the market is prone to large fluctuations [5]. - The polyolefin market is de - stocking, but the short - term geopolitical risk pushes up the cost, which may hinder the growth of subsequent demand [6]. - The PVC export will supplement the domestic demand to a certain extent, and the short - selling power has not weakened. Attention should be paid to the fulfillment of export orders and the Middle East situation [6]. 3. Summary by Directory 3.1 Research Views - **Crude Oil**: On Monday, the WTI May contract closed up $3.24 to $102.88 per barrel, a 3.25% increase; the Brent May contract closed up $0.21 to $112.78 per barrel, a 0.19% increase; the SC2605 closed at 759.9 yuan per barrel, down 3.1 yuan per barrel, a 0.41% decrease. Geopolitical tensions may further push up oil prices, and the oil price is expected to oscillate [1]. - **Fuel Oil**: The main fuel oil contract FU2605 rose 4.05% to 4,619 yuan per ton, and the low - sulfur fuel oil contract LU2605 rose 3.44% to 5,285 yuan per ton. Affected by factors such as the rise in diesel cracking and freight, the supply is tightening, and it is expected to maintain high - level operation [2]. - **Asphalt**: The main asphalt contract BU2606 rose 0.02% to 4,513 yuan per ton. The demand is gradually recovering, and the price is expected to be strong [2]. - **Polyester**: The TA605 closed at 6,768 yuan per ton, down 1.57%; the EG2605 closed at 5,359 yuan per ton, up 1.52%. The industry chain is affected by the cost and device changes, and the market is waiting for the development of the situation [3]. - **Rubber**: The main natural rubber contract RU2605 rose 30 yuan per ton to 16,540 yuan per ton, and the NR main contract rose 110 yuan per ton to 13,845 yuan per ton. The natural rubber inventory is slightly increasing, and the butadiene rubber is oscillating strongly [5]. - **Methanol**: The inventory is starting to decline, but the supply recovery of Iranian plants may suppress price increases, and the market is prone to large fluctuations [5]. - **Polyolefins**: The upstream device overhauls and production cuts are more, and the demand is gradually released in spring. However, the short - term geopolitical risk pushes up the cost, which may hinder the growth of subsequent demand [6]. - **Polyvinyl Chloride (PVC)**: The PVC export will supplement the domestic demand to a certain extent, and the short - selling power has not weakened. Attention should be paid to the fulfillment of export orders and the Middle East situation [6]. 3.2 Daily Data Monitoring - A table shows the basis data of various energy - chemical products on March 30, 2026, including spot prices, futures prices, basis, basis rates, and their changes, as well as the quantile of the latest basis rate in historical data [7]. 3.3 Market News - Trump warned Iran that unless the Strait of Hormuz is reopened, the US will destroy its oil wells, power plants, and Kharg Island. He also said that the response to Iran's attack on an Israeli refinery "will come soon" [9]. - US Treasury Secretary Scott Bessent said that as more ships pass through the Strait of Hormuz, the global oil market supply is sufficient, and the US will regain control of the Strait of Hormuz over time [9]. 3.4 Chart Analysis - **4.1 Main Contract Prices**: There are multiple charts showing the closing prices of main contracts of various energy - chemical products from 2022 to 2026, including crude oil, fuel oil, low - sulfur fuel oil, asphalt, LPG, PTA, ethylene glycol, etc. [11][14][17][20][23][27][28] - **4.2 Main Contract Basis**: There are charts showing the basis of main contracts of various energy - chemical products, such as crude oil, fuel oil, low - sulfur fuel oil, asphalt, ethylene glycol, etc. [29][30][33][35] - **4.3 Inter - period Contract Spreads**: There are charts showing the spreads between different contracts of various energy - chemical products, such as fuel oil, PTA, ethylene glycol, PP, LLDPE, natural rubber, etc. [38][40][44][47][48][51] - **4.4 Inter - variety Spreads**: There are charts showing the spreads and ratios between different varieties of energy - chemical products, such as crude oil internal and external spreads, fuel oil high - low sulfur spreads, fuel oil/asphalt ratio, etc. [54][56][57][59] - **4.5 Production Profits**: There are charts showing the production profits of various energy - chemical products, such as LLDPE, PP, PTA processing fees, and ethylene - based ethylene glycol cash flow [61][63]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The logic behind the recent increase in aromatic hydrocarbon prices remains unchanged, which is due to supply - side issues in Asian refineries and cracking operations caused by potential disruptions in Middle East crude oil and naphtha supplies. The situation in the Middle East has further escalated, with concerns about the involvement of the US ground forces and the impact on oil transportation. For pure benzene, Chinese port inventories are gradually decreasing, and domestic refineries are operating at a low level due to crude oil supply problems. For styrene, although the current inventory reduction is slow, there are expectations of faster inventory reduction in the future. [2][3] 3. Summary According to the Directory I. Pure Benzene and EB's Basis Structure and Inter - period Spreads - Figures related to pure benzene include the relationship between the pure benzene main contract basis and the futures contract price, the main contract basis, the spot - M2 paper cargo spread, and the spread between the first - and third - month contracts. For styrene, similar basis and spread figures are presented, such as the main contract basis and the spread between the first - and third - month contracts. [8][15][16][19] II. Production Profits and Internal - External Spreads of Pure Benzene and Styrene - The report shows various production profit and spread data, including naphtha processing fees, the difference between pure benzene FOB Korea and naphtha CFR Japan, non - integrated styrene production profits, and the spreads between different regions for pure benzene and styrene, as well as import profits. [21][24][29][32][36] III. Inventories and Operating Rates of Pure Benzene and Styrene - Pure benzene's inventory is presented in terms of the East China port inventory, and its operating rate is also provided. For styrene, the East China port inventory, commercial inventory, factory inventory, and operating rate are shown. [39][42][44] IV. Operating Rates and Production Profits of Styrene's Downstream Products - The operating rates and production profits of EPS, PS, and ABS are presented, with changes in operating rates and production profits compared to previous data. EPS operating rate increased to 63.27% (+2.27%), PS operating rate was 51.40% (-0.20%), and ABS operating rate was 62.60% (-4.50%). EPS production profit was 936 yuan/ton (+398 yuan/ton), PS production profit was - 764 yuan/ton (+98 yuan/ton), and ABS production profit was - 2414 yuan/ton (-158 yuan/ton). [2][52][54][57] V. Operating Rates and Production Profits of Pure Benzene's Downstream Products - The operating rates and production profits of downstream products such as caprolactam, phenol - acetone, aniline, and adipic acid are presented, along with their changes. Caprolactam operating rate was 78.85% (+1.64%), phenol operating rate was 86.50% (-0.50%), aniline operating rate was 88.58% (+0.25%), and adipic acid operating rate was 69.50% (+0.00%). Caprolactam production profit was - 440 yuan/ton (+10), phenol - acetone production profit was 86 yuan/ton (-115), aniline production profit was 1195 yuan/ton (+52), and adipic acid production profit was - 46 yuan/ton (+407). [1][63][67][75]