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]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The cost side remains the dominant factor in the price of pure benzene. In the short term, pure benzene futures are expected to fluctuate with oil prices [3] - The supply of pure benzene is expected to decline significantly in the future. The downstream demand is expected to increase, and the high inventory is expected to be digested smoothly [2] 3. Summary by Directory 3.1 Futures Market - The closing price of the main contract of pure benzene was 8,501 yuan/ton, a decrease of 704 yuan; the settlement price was 8,613 yuan/ton, a decrease of 210 yuan [2] - The trading volume of the main contract was 39,200 lots, an increase of 1,473 lots; the open interest was 22,162 lots, a decrease of 1,504 lots [2] 3.2 Spot Market - The mainstream price of pure benzene in the East China market was 8,760 yuan/ton, unchanged; in the North China market, it was 8,450 yuan/ton, an increase of 700 yuan; in the South China market, it was 8,400 yuan/ton, unchanged; in the Northeast region, it was 8,453 yuan/ton, an increase of 702 yuan [2] - The mainstream price of hydrogenated benzene in Jiangsu was 8,950 yuan/ton, an increase of 975 yuan; in Shanxi, it was 7,500 yuan/ton [2] - The FOB mid - price of pure benzene in South Korea was 1,133 US dollars/ton, an increase of 83 US dollars; the CFR mid - price of pure benzene in China was 1,141.46 US dollars/ton, an increase of 82.91 US dollars [2] 3.3 Upstream Situation - The spot price of Brent DTD crude oil was 110.15 US dollars/barrel [2] - The capacity utilization rate of pure benzene was 74.58%, an increase of 0.38 percentage points; the weekly output was 44.16 tons, an increase of 0.23 tons [2] 3.4 Industry Situation - The port inventory of pure benzene was 28.8 tons, a decrease of 1.4 tons; the production cost was 7,250.2 yuan/ton, an increase of 712.4 yuan; the production profit was 352 yuan/ton, a decrease of 523 yuan [2] 3.5 Downstream Situation - The开工率 of styrene was 70.46%, a decrease of 1.33 percentage points; the capacity utilization rate of caprolactam was 77.21%, an increase of 2.34 percentage points; the capacity utilization rate of phenol was 87.4%, an increase of 0.53 percentage points; the capacity utilization rate of aniline was 88.33%, a decrease of 0.71 percentage points; the capacity utilization rate of adipic acid was 69.5%, an increase of 0.5 percentage points [2] 3.6 Industry News - From March 13th to 19th, the operating rate of petroleum benzene increased by 0.39% to 74.58%, and the operating rate of hydrogenated benzene decreased by 1.59% to 61.48% [2] - From March 14th to 20th, the weighted operating rate of the five major downstream products of pure benzene decreased by 0.19% to 76.08% [2] - As of March 23rd, the inventory of pure benzene in East China ports was 26.9 tons, a decrease of 6.60% from the previous period. BZ2605 first rose and then fell, closing down 3.65% at 8,501 yuan/ton [2] - From March 13th to 19th, the profit of petroleum benzene in China was 352 yuan/ton, a decrease of 523 yuan/ton from the previous week [2]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - The supply of pure benzene is expected to decline significantly in the future due to the spring maintenance of domestic petroleum benzene enterprises and the reduction of overseas pure benzene production caused by the disruption of raw material supply in the Middle East [2]. - The demand for pure benzene is expected to decline less than the supply, and the domestic supply - demand gap will widen, with high inventories expected to be digested smoothly [2]. - In the short term, BZ2604 is expected to fluctuate with international oil prices due to the high uncertainty of the Middle East situation [2]. 3. Summary by Directory 3.1 Futures Market - The closing price of the main contract of pure benzene is 8375 yuan/ton, with a week - on - week increase of 221 yuan/ton; the settlement price is 8429 yuan/ton, with a week - on - week increase of 145 yuan/ton [2]. - The trading volume of the main contract is 18772 lots, with a week - on - week decrease of 11251 lots; the open interest is 11644 lots, with a week - on - week decrease of 1709 lots [2]. 3.2 Spot Market - The mainstream price of pure benzene in the East China market is 8375 yuan/ton; in the South China market, it is 8200 - 8400 yuan/ton, with a week - on - week decrease of 85 yuan/ton; in the North China market, it is 7800 yuan/ton; in the Northeast region, it is 7703 yuan/ton, with a week - on - week decrease of 126 yuan/ton [2]. - The mainstream price of hydrogenated benzene in Jiangsu is 7975 yuan/ton, with a week - on - week decrease of 25 yuan/ton; in Shanxi, it is 7405 yuan/ton, with no change [2]. - The FOB mid - price of pure benzene in South Korea is 1048 US dollars/ton, with a week - on - week decrease of 31 US dollars/ton; the CFR mid - price of pure benzene in China is 1058.3 US dollars/ton, with a week - on - week decrease of 31.35 US dollars/ton [2]. 3.3 Upstream Situation - The spot price of Brent DTD crude oil is 112.77 US dollars/barrel, with a week - on - week increase of 9.32 US dollars/barrel [2]. - The CFR mid - price of naphtha in Japan is 1039.25 US dollars/ton, with a week - on - week increase of 7.25 US dollars/ton [2]. 3.4 Industry Situation - The capacity utilization rate of pure benzene is 74.2%, with a week - on - week decrease of 2.9 percentage points; the weekly output is 43.93 tons, with a week - on - week decrease of 1.4 tons [2]. - The port inventory of pure benzene is 30.2 tons, with a week - on - week decrease of 0.1 tons; the production cost is 6537.8 yuan/ton, with a week - on - week increase of 702.3 yuan/ton [2]. - The production profit of pure benzene is 875 yuan/ton, with a week - on - week increase of 348 yuan/ton [2]. 3.5 Downstream Situation - The total开工率 of styrene is 71.79%, with a week - on - week decrease of 2.32 percentage points; the capacity utilization rate of caprolactam is 74.87%, with no change [2]. - The capacity utilization rate of phenol is 86.87%, with a week - on - week decrease of 1.64 percentage points; the capacity utilization rate of aniline is 89.04%, with a week - on - week decrease of 0.31 percentage points [2]. - The capacity utilization rate of adipic acid is 69%, with a week - on - week decrease of 0.7 percentage points [2]. 3.6 Industry News - From March 6th to 12th, the operating rate of petroleum benzene decreased by 2.36% week - on - week to 74.20%, and the operating rate of hydrogenated benzene increased by 0.4% week - on - week to 63.07% [2]. - From March 7th to 13th, the weighted operating rate of pure benzene downstream decreased by 1.46% week - on - week to 76.27% [2]. - As of March 16th, the inventory of pure benzene in East China ports was 28.8 tons, with a week - on - week decrease of 4.64% [2]. - As of March 13th, the profit of petroleum benzene was 875 yuan/ton, with a week - on - week increase of 348 yuan/ton [2].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The cost - end oil price is expected to remain strong before the geopolitical situation eases. If the geopolitical situation eases, the oil price will give back some of the previous gains, but the overall operating center will be higher than before. The pure benzene supply and demand are expected to contract slightly, mainly driven by cost and geopolitics in the short - term. The benzene - ethylene supply - demand margin improves, and it may be strong before the geopolitical situation eases [78]. Summary by Relevant Catalogs Crude Oil - In February, the oil price fluctuated strongly. In the first half of the month, it rebounded due to geopolitical factors, and in the second half, it maintained a strong adjustment. In March, it rose significantly due to geopolitical risks. Looking forward, if the geopolitical situation eases, the oil price will give back some gains but the operating center will be higher; if it continues to ferment, the oil price will remain strong [13]. Pure Benzene - In February, pure benzene fluctuated widely. The demand weakened during the Spring Festival, but the price rose after the festival due to the increase in oil price. In early March, the price increased with the rise in oil price. The February output was 1.83 million tons, a 4.99% month - on - month decrease and a 9.65% year - on - year increase. The supply is expected to contract slightly in the future. The demand improved slightly in February but is expected to weaken slightly later. The port inventory remained high and is expected to adjust slightly at a high level [6][18][26]. - The pure benzene import volume in December was 537,200 tons, a 16.87% month - on - month increase and a 3.78% year - on - year increase. The 2025 import dependence was 17.7%, a 3 - percentage - point increase year - on - year. The main import regions are South Korea, Brunei, and Thailand. Geopolitical conflicts may affect the import volume [32]. Benzene - Ethylene - In February, benzene - ethylene fluctuated and adjusted. Before the festival, the demand decreased and the supply increased, but it adjusted after the festival due to the rise in oil price. In early March, the price increased significantly with the rise in oil price. The February output was 1.4647 million tons, a 5.35% month - on - month decrease and a 4.18% year - on - year increase. The supply is expected to contract in the future. The profit margin decreased slightly in February, and it is expected to first decrease and then increase. The port inventory was 200,400 tons as of February 25th, and it is expected to first increase and then decrease [8][42][45]. - The December import volume was 16,900 tons, a 10.42% month - on - month decrease and a 67.64% year - on - year decrease. The 2025 import dependence was 1.32%. Geopolitical factors may affect the supply through cost - end transmission [55][57]. Downstream Products of Benzene - Ethylene - In 2026, there are new production plans for EPS, ABS, and PS. For EPS, the total planned production capacity is 1.18 million tons; for ABS, it is 1.01 million tons; for PS, it is 370,000 tons [59][60][61]. Related Consumer Goods - In December, the output of household washing machines was 11.975 million units, a 2.36% year - on - year decrease; the output of air - conditioners was 21.6289 million units, an 8.72% year - on - year decrease; the output of household refrigerators was 10.0115 million units, an 11.35% year - on - year increase; the output of automobiles was 3.4115 million vehicles, a 2.49% year - on - year decrease [70][73].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The short - term pure benzene price is expected to fluctuate with the oil price, and the daily range of BZ2604 is expected to be around 6080 - 6320 yuan/ton. During the Spring Festival, the operating load of domestic petroleum benzene plants increased slightly, the operating rate of hydrobenzene plants remained stable, and the domestic pure benzene output changed little. The downstream weighted operating rate of pure benzene rose slightly within the neutral range, and the inventory pressure at the East China port after the festival was relatively high. The international oil price fell slightly the previous day [2] 3. Summary According to Different Catalogs 3.1 Futures Market - The closing price of the pure benzene main contract was 6152 yuan/ton, a decrease of 47 yuan; the settlement price was 6195 yuan/ton, an increase of 38 yuan. The trading volume was 13654 lots, an increase of 3996 lots; the open interest was 8624 lots, a decrease of 3386 lots [2] - The mainstream prices in the East China, South China, and Northeast markets were 6150, 6150, and 6187 yuan/ton respectively, with changes of 0, 0, and an increase of 102 yuan; the mainstream price in the North China market was 6200 yuan/ton, a decrease of 80 yuan [2] 3.2 Spot Market - The mainstream prices of hydrobenzene in Jiangsu and Shanxi regions were 6325 and 6050 yuan/ton respectively, with changes of an increase of 100 yuan and 0 yuan [2] - The FOB mid - price of pure benzene in South Korea was 780 US dollars/ton, an increase of 3 US dollars; the CFR mid - price in China was 784.94 US dollars/ton, an increase of 5.93 US dollars [2] - The CFR mid - price of naphtha in the Japanese region was 613.5 US dollars/ton, a decrease of 0.75 US dollars [2] 3.3 Upstream Situation - The spot price of Brent DTD crude oil was 71.45 US dollars/barrel [2] - The capacity utilization rate of pure benzene was 79.52%, an increase of 0.9%; the weekly output was 46.73 tons, an increase of 0.53 tons [2] 3.4 Industry Situation - The port inventory of pure benzene was 30.4 tons, an increase of 0.7 tons; the production cost was 5423 yuan/ton, an increase of 43.4 yuan; the production profit was 712 yuan/ton, unchanged [2] 3.5 Downstream Situation - The开工 rate of styrene was 73.2%, an increase of 2.12%; the capacity utilization rate of caprolactam was 74.1%, unchanged; the capacity utilization rate of phenol was 89.58%, an increase of 0.83%; the capacity utilization rate of aniline was 89.58%, an increase of 0.33%; the capacity utilization rate of adipic acid was 69%, unchanged [2] 3.6 Industry News - From February 14th to 20th, the operating rate of domestic petroleum benzene plants was 79.52%, a 0.9% increase from the previous week; the operating rate of hydrobenzene plants remained stable [2] - From February 14th to 20th, the downstream weighted operating rate of pure benzene was 77.29%, a 1.20% increase compared to before the festival [2] - As of February 24th, the East China pure benzene port inventory was 30.4 tons, a 2.36% increase from the previous period [2] - On February 24th, the domestic petroleum benzene profit was 682 yuan/ton, a decrease of 19 yuan/ton compared to before the festival [2]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - In the short - term, the domestic pure benzene supply - demand is expected to remain in a relatively balanced state. In the medium - to - long - term, as the number of spring maintenance units of petroleum benzene increases in the second quarter and the downstream caprolactam enters the peak season, there is a certain support for the domestic pure benzene price. Technically, the daily K - line of BZ2603 should focus on the support around 6000 and the resistance around 6260 [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract of pure benzene is 6071 yuan/ton, a decrease of 53 yuan; the settlement price is 6118 yuan/ton, an increase of 38 yuan. The trading volume of the main contract is 12797 lots, an increase of 415 lots; the open interest is 16541 lots, a decrease of 2310 lots [2] 3.2 Spot Market - The mainstream price of pure benzene in the East China market is 6060 yuan/ton, unchanged; in the North China market, it is 6060 yuan/ton, unchanged; in the South China market, it is 6150 yuan/ton, unchanged; in the Northeast region, it is 6075 yuan/ton, an increase of 15 yuan. The mainstream price of hydrogenated benzene in Jiangsu and Shanxi regions is unchanged. The FOB mid - price of pure benzene in South Korea is 777 US dollars/ton, an increase of 13 US dollars; the CFR mid - price of pure benzene in China is 778.02 US dollars/ton, an increase of 12.13 US dollars [2] 3.3 Upstream Situation - The spot price of Brent DTD crude oil is 73.12 US dollars/barrel, an increase of 0.69 US dollars; the CFR mid - price of naphtha in the Japanese region is 617.13 US dollars/ton, an increase of 4.75 US dollars [2] 3.4 Industry Situation - The capacity utilization rate of pure benzene is 75.4%, an increase of 2.4 percentage points; the weekly output is 44.31 tons, an increase of 1.41 tons. The port inventory of pure benzene is 30.5 tons, unchanged. The production cost is 5331.4 yuan/ton, an increase of 185.4 yuan; the production profit is 647 yuan/ton, an increase of 114 yuan [2] 3.5 Downstream Situation - The开工率 of styrene is 69.96%, an increase of 0.68 percentage points; the capacity utilization rate of caprolactam is 73.16%, a decrease of 0.41 percentage points; the capacity utilization rate of phenol is 86%, a decrease of 2.29 percentage points; the capacity utilization rate of aniline is 89.04%, an increase of 0.51 percentage points; the capacity utilization rate of adipic acid is 69.1%, an increase of 0.6 percentage points [2] 3.6 Industry News - From January 30th to February 5th, the operating rate of petroleum benzene increased by 2.40% to 75.40% year - on - year, and the operating rate of hydrogenated benzene increased by 0.21% to 56.47% year - on - year. From January 31st to February 6th, the weighted operating rate of pure benzene downstream increased by 0.02% to 74.95% year - on - year. As of February 9th, the port inventory of pure benzene in East China was 29.7 tons, an increase of 0.34% compared with last week. From January 30th to February 5th, the profit of domestic petroleum benzene increased by 114 yuan/ton to 647 yuan/ton [2]

Report Industry Investment Rating - Not provided Core Viewpoints - BZ2603 rose 1.61% to close at 6,124 yuan/ton. Last week, the operating rates of petroleum benzene and hydrogenated benzene increased month-on-month, leading to an increase in domestic pure benzene production. The operating rates of downstream styrene, aniline, and adipic acid increased slightly, while those of caprolactam and phenol decreased to varying degrees. The weighted operating rate of pure benzene downstream changed little month-on-month. Affected by delayed resource arrivals at ports, the inventory at East China ports decreased month-on-month last week, but the inventory pressure remained high. The profit of petroleum benzene increased month-on-month, and the profit level was acceptable. This week, some units of Sinochem Quanzhou and Zhejiang Petrochemical will restart, and the capacity utilization rate of petroleum benzene is expected to continue to rise. The restarted 900,000-ton styrene unit is equivalent to less than the restarted capacity of pure benzene; although some caprolactam units will restart, the overall operating level is still under the negative pressure of the PA6-polyamide industry chain; the operating loads of phenol and aniline are expected to change little. Overall, the supply-demand balance of domestic pure benzene is expected to remain loose. In terms of cost, the market is waiting for the second round of negotiations between the US and Iran. The weekly API crude oil inventory increased month-on-month, and the prices of WTI and Brent crude oil fluctuated slightly yesterday. In the short term, BZ2603 is expected to fluctuate with oil prices, and the daily K-line should pay attention to the support around 6,000 and the resistance around 6,260 [2] Summary by Relevant Catalogs Futures Market - The closing price of the main pure benzene contract was 6,124 yuan/ton, up 53 yuan from the previous day; the settlement price was 6,080 yuan/ton, and the trading volume was 12,382 lots, down 9,350 lots from the previous day; the open interest was 18,851 lots [2] Spot Market - The mainstream price of pure benzene in the East China market was 6,225 yuan/ton, up 175 yuan from the previous day; in the North China market, it was 6,035 yuan/ton, down 60 yuan; in the South China market, it was 6,150 yuan/ton, down 6 yuan; in the Northeast region, it was 6,060 yuan/ton. The FOB mid-price of pure benzene in South Korea was 764 US dollars/ton, and the CFR mid-price of pure benzene in China was 765.89 US dollars/ton, up 1.97 US dollars [2] Upstream Situation - The CFR mid-price of naphtha in the Japanese region was 72.43 US dollars/ton, and the spot price of Brent DTD crude oil was 612.38 US dollars/barrel, up 14.5 US dollars [2] Industry Situation - The capacity utilization rate of pure benzene was 75.4%, up 2.4 percentage points from the previous week; the weekly output was 44.31 tons, up 1.41 tons; the port inventory was 30.5 tons; the production cost was 5,331.4 yuan/ton, up 185.4 yuan; the production profit was 647 yuan/ton, up 114 yuan [2] Downstream Situation - The operating rate of styrene was 69.96%, up 0.68 percentage points from the previous week; the capacity utilization rate of caprolactam was 73.16%, down 0.41 percentage points; the capacity utilization rate of phenol was 86%, down 2.29 percentage points; the capacity utilization rate of aniline was 89.04%, up 0.51 percentage points; the capacity utilization rate of adipic acid was 69.1%, up 0.6 percentage points [2] Industry News - From January 30th to February 5th, the operating rate of petroleum benzene increased by 2.40% month-on-month to 75.40%, and the operating rate of hydrogenated benzene increased by 0.21% month-on-month to 56.47%. From January 31st to February 6th, the weighted operating rate of pure benzene downstream increased by 0.02% month-on-month to 74.95%. As of February 9th, the inventory of pure benzene in East China ports was 29.7 tons, up 0.34% from the previous week. From January 30th to February 5th, the profit of domestic petroleum benzene increased by 114 yuan/ton month-on-month to 647 yuan/ton [2]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - The domestic pure benzene supply - demand is expected to remain in a slightly loose balance. The cost side shows that the geopolitical situation between the US and Iran has sent new signals of tension, leading to a recent strong fluctuation in WTI and Brent oil prices. The daily range of BZ2603 is expected to be around 5870 - 6140 yuan/ton [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the pure benzene futures main contract is 6034 yuan/ton, up 10 yuan; the settlement price is 6027 yuan/ton, down 29 yuan. The trading volume is 21,732 lots, down 516 lots; the open interest is 19,243 lots, down 3065 lots. The mainstream market prices of pure benzene in East China, North China, South China, and Northeast China are 6035 yuan/ton (down 15 yuan), 6120 yuan/ton (down 80 yuan), 6150 yuan/ton (unchanged), and 6066 yuan/ton (down 73 yuan) respectively [2] 3.2 Spot Market - The mainstream market prices of hydrogenated benzene in Jiangsu and Shanxi are 6225 yuan/ton (down 100 yuan) and 6050 yuan/ton (unchanged) respectively. The FOB mid - price of pure benzene in South Korea is 762 US dollars/ton, down 3 US dollars; the CFR mid - price of pure benzene in China is 763.92 US dollars/ton, down 2.91 US dollars [2] 3.3 Upstream Situation - The spot price of Brent DTD crude oil is 72.26 US dollars/barrel, up 0.87 US dollars. The CFR mid - price of naphtha in Japan is 597.88 US dollars/ton, down 4.75 US dollars [2] 3.4 Industry Situation - The capacity utilization rate of pure benzene is 75.4%, up 2.4 percentage points; the weekly output is 44.31 million tons, up 1.41 million tons. The terminal inventory of pure benzene at ports is 30.5 million tons, unchanged. The production cost of pure benzene is 5331.4 yuan/ton, up 185.4 yuan; the production profit is 647 yuan/ton, up 114 yuan [2] 3.5 Downstream Situation - The开工 rate of styrene is 69.96%, up 0.68 percentage points; the capacity utilization rate of caprolactam is 73.16%, down 0.41 percentage points; the capacity utilization rate of phenol is 86%, down 2.29 percentage points; the capacity utilization rate of aniline is 89.04%, up 0.51 percentage points; the capacity utilization rate of adipic acid is 69.1%, up 0.6 percentage points [2] 3.6 Industry News - From January 30th to February 5th, the operating rate of petroleum benzene increased 2.40% to 75.40% week - on - week, and the operating rate of hydrogenated benzene increased 0.21% to 56.47% week - on - week. - From January 31st to February 6th, the weighted operating rate of pure benzene downstream increased 0.02% to 74.95% week - on - week. - As of February 9th, the inventory of pure benzene at ports in East China was 29.7 million tons, up 0.34% from last week. - From January 30th to February 5th, the profit of domestic petroleum benzene increased 114 yuan/ton to 647 yuan/ton week - on - week [2]

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - Due to the cold wave causing delays in resource arrivals at ports, the inventory at East China ports decreased week-on-week last week, but it remains at a high level compared to the same period. From late January to early February, multiple sets of devices such as Sinochem Quanzhou and Shanghai Petrochemical will restart, and the supply and demand of pure benzene in China may shift from a tight balance to a loose balance. The 450,000-ton maintenance device of styrene in Sinochem Quanzhou is planned to restart, and the operation of the 450,000-ton device of Bohua is still uncertain, with the operating rate expected to increase slightly. The negative impact in the nylon industry chain is transmitted upwards, and the operating rate of caprolactam is expected to remain low. The overall demand for phenol, aniline, and adipic acid is expected to increase slightly. In terms of cost, affected by the increased possibility of military conflict between the US and Iran, large-scale winter storms in the US, and the recent weakening of the US dollar, international oil prices have risen significantly recently. In the short term, BZ2603 is expected to fluctuate with oil prices [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the main contract of pure benzene was 6,130 yuan/ton, up 140 yuan; the settlement price was 6,067 yuan/ton, up 58 yuan. The trading volume of the main contract was 29,884 lots, up 6,572 lots; the open interest was 31,613 lots, up 760 lots. The mainstream price of pure benzene in the East China market was 5,950 yuan/ton, unchanged; in the North China market, it was 5,940 yuan/ton, unchanged; in the South China market, it was 5,900 yuan/ton, unchanged; in the Northeast region, it was 5,941 yuan/ton, down 11 yuan [2] 3.2 Spot Market - The spot price of pure benzene in South Korea's FOB intermediate price was 750 US dollars/ton, down 18 US dollars; the CFR intermediate price of pure benzene in China was 750.79 US dollars/ton, down 14.72 US dollars [2] 3.3 Upstream Situation - The spot price of Brent DTD crude oil was 69.53 US dollars/barrel, up 1.17 US dollars; the CFR intermediate price of naphtha in the Japanese region was 573.25 US dollars/ton, up 8 US dollars [2] 3.4 Industry Situation - The capacity utilization rate of pure benzene was 72.37%, down 1.89 percentage points; the weekly output was 425,300 tons, down 11,100 tons. The port inventory of pure benzene was 297,000 tons, down 27,000 tons. The production cost of pure benzene was 5,017.8 yuan/ton, up 39.8 yuan; the production profit was 446 yuan/ton, up 77 yuan [2] 3.5 Downstream Situation - The operating rate of styrene was 69.63%, down 1.23 percentage points; the capacity utilization rate of caprolactam was 76.17%, down 1 percentage point; the capacity utilization rate of phenol was 88.44%, down 0.31 percentage point; the capacity utilization rate of aniline was 87.61%, up 14.35 percentage points; the capacity utilization rate of adipic acid was 69.1%, up 3.8 percentage points [2] 3.6 Industry News - From January 16th to 22nd, the operating rate of petroleum benzene decreased by 1.89% week-on-week to 72.37%, and the operating rate of hydrogenated benzene decreased by 3.42% week-on-week to 54.17%. From January 17th to 23rd, the weighted operating rate of pure benzene downstream increased by 1.03% week-on-week to 75.53%. As of January 26th, the inventory of pure benzene at East China ports was 305,000 tons, up 2.69% week-on-week. From January 16th to 22nd, the profit of domestic petroleum benzene increased by 77 yuan/ton week-on-week to 446 yuan/ton [2]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - Due to the cold wave causing delays in resource arrivals at ports, the inventory at East China ports decreased week-on-week last week, but it remains at a high level compared to the same period. From late January to early February, multiple plants such as Sinochem Quanzhou and Shanghai Petrochemical will restart, and the supply and demand of pure benzene in China may shift from a tight balance to a loose balance. The restart of the 450,000 - tonne benzene - ethylene plant of Sinochem Quanzhou is planned, and the start - up rate is expected to increase slightly; the start - up rate of caprolactam is expected to remain low; the overall demand for phenol, aniline, and adipic acid is expected to increase slightly. In terms of cost, market concerns about the Iranian situation have subsided, the faulty oil fields in Kazakhstan are recovering, and international oil prices have fallen from their highs. After the previous macro - level benefits have been digested, the expectation of loose supply and demand in the later market will put some pressure on the market. The daily range of BZ2603 is expected to be around 5,880 - 6,050 yuan/ton [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main pure benzene contract was 5,990 yuan/ton, a decrease of 88 yuan/ton; the settlement price was 6,009 yuan/ton, a decrease of 74 yuan/ton. The trading volume was 23,312 lots, a decrease of 7,885 lots; the open interest was 30,853 lots, a decrease of 1,296 lots [2]. 3.2 Spot Market - The mainstream price of pure benzene in the East China market was 6,025 yuan/ton; in the North China market, it was 5,940 yuan/ton; in the South China market, it was 5,900 yuan/ton; in the Northeast region, it was 5,952 yuan/ton, an increase of 18 yuan/ton. The mainstream price of hydrogenated benzene in Jiangsu and Shanxi regions remained unchanged. The FOB mid - price of pure benzene in South Korea was 768 US dollars/ton, an increase of 4 US dollars/ton; the CFR mid - price of pure benzene in China was 765.5 US dollars/ton, an increase of 5.92 US dollars/ton [2]. 3.3 Upstream Situation - The spot price of Brent DTD crude oil was 68.36 US dollars/barrel, a decrease of 0.35 US dollars/barrel; the CFR mid - price of naphtha in the Japanese region was 573.25 US dollars/ton [2]. 3.4 Industry Situation - The capacity utilization rate of pure benzene was 72.37%, a decrease of 1.89 percentage points; the weekly output was 425,300 tons, a decrease of 11,100 tons. The port inventory of pure benzene was 297,000 tons, a decrease of 27,000 tons. The production cost was 5,017.8 yuan/ton, an increase of 39.8 yuan/ton; the production profit was 446 yuan/ton, an increase of 77 yuan/ton [2]. 3.5 Downstream Situation - The start - up rate of benzene - ethylene was 69.63%, a decrease of 1.23 percentage points; the capacity utilization rate of caprolactam was 76.17%, a decrease of 1 percentage point; the capacity utilization rate of phenol was 88.44%, a decrease of 0.31 percentage point; the capacity utilization rate of aniline was 87.61%, an increase of 14.35 percentage points; the capacity utilization rate of adipic acid was 69.1%, an increase of 3.8 percentage points [2]. 3.6 Industry News - From January 16th to 22nd, the start - up rate of petroleum benzene decreased by 1.89% to 72.37%, and the start - up rate of hydrogenated benzene decreased by 3.42% to 54.17%. From January 17th to 23rd, the weighted start - up rate of pure benzene downstream increased by 1.03% to 75.53%. As of January 26th, the inventory of pure benzene at East China ports was 305,000 tons, a week - on - week increase of 2.69%. BZ2603 fell 1.53% to close at 5,990 yuan/ton. Last week, the start - up rates of petroleum benzene and hydrogenated benzene declined to varying degrees, and the domestic pure benzene output decreased week - on - week. The start - up rates of benzene - ethylene, caprolactam, and phenol decreased slightly, but the start - up rate of aniline increased significantly, driving the weighted start - up rate of pure benzene downstream to increase week - on - week. From January 16th to 22nd, the profit of domestic petroleum benzene increased by 77 yuan/ton to 446 yuan/ton [2].