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].

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 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 relevant content provided 2. Core Viewpoints - Due to the cold wave causing resource arrival delays, last week's inventory at East China ports decreased on a week - on - week basis, but it remains at a high level compared to the same period. In late January, the restart of multiple units at Sinochem Quanzhou and Shanghai Petrochemical may drive the domestic petroleum benzene operating rate to recover from a low level. The operating rate of styrene is expected to increase slightly, the operating rate of caprolactam is expected to remain low, and the overall demand for phenol, aniline, and adipic acid is expected to increase slightly. Overall, the domestic pure benzene supply - demand is still in a tight balance state. The sanctions by the US on oil - producing countries like Iran still exist, and the cold weather may lead to a decline in US oil production, causing international oil prices to rise. The sentiment in the commodity market is warm, with industrial product futures mostly rising and the Wenhua Industrial Products Index showing a significant increase. The daily K - line of BZ2603 should focus on the support around 6010 and the resistance around 6240 [2] 3. Summary by Directory 3.1 Futures Market - The closing price of the main contract of pure benzene is 6078 yuan/ton, with a week - on - week increase of 22 yuan/ton; the settlement price is 6083 yuan/ton, with a week - on - week increase of 50 yuan/ton. The trading volume of the main contract is 31,197 lots, with a week - on - week decrease of 23,869 lots; the open interest is 32,149 lots, with a week - on - week increase of 306 lots [2] 3.2 Spot Market - The mainstream price of pure benzene in the East China market is 5940 yuan/ton, with no change; in the North China market, it is 5940 yuan/ton, with a week - on - week increase of 210 yuan/ton; in the South China market, it is 5900 yuan/ton, with a week - on - week increase of 150 yuan/ton; in the Northeast region, it is 5934 yuan/ton, with a week - on - week increase of 118 yuan/ton. The mainstream price of hydrogenated benzene in Jiangsu is 6075 yuan/ton, with a week - on - week increase of 175 yuan/ton; in Shanxi, it is 5600 yuan/ton. The FOB mid - price of pure benzene in South Korea is 764 US dollars/ton, with a week - on - week increase of 10 US dollars/ton; the CFR mid - price of pure benzene in China is 759.58 US dollars/ton, with a week - on - week increase of 8.28 US dollars/ton [2] 3.3 Upstream Situation - The spot price of Brent DTD crude oil is 68.71 US dollars/barrel, with a week - on - week increase of 2.75 US dollars/barrel. The CFR mid - price of naphtha in Japan is 565.25 US dollars/ton, with a week - on - week decrease of 1.75 US dollars/ton [2] 3.4 Industry Situation - The capacity utilization rate of pure benzene is 72.37%, with a week - on - week decrease of 1.89 percentage points; the weekly output is 42.53 tons, with a week - on - week decrease of 1.11 tons. The port inventory of pure benzene at the end of the week is 29.7 tons, with a week - on - week decrease of 2.7 tons. The production cost of pure benzene is 5017.8 yuan/ton, with a week - on - week increase of 39.8 yuan/ton; the production profit is 446 yuan/ton, with a week - on - week increase of 77 yuan/ton [2] 3.5 Downstream Situation - The total operating rate of styrene is 69.63%, with a week - on - week decrease of 1.23 percentage points; the capacity utilization rate of caprolactam is 76.17%, with a week - on - week decrease of 1 percentage point; the capacity utilization rate of phenol is 88.44%, with a week - on - week decrease of 0.31 percentage point; the capacity utilization rate of aniline is 87.61%, with a week - on - week increase of 14.35 percentage points; the capacity utilization rate of adipic acid is 69.1%, with a week - on - week increase of 3.8 percentage points [2] 3.6 Industry News - From January 16th to 22nd, the operating rate of petroleum benzene decreased by 1.89% to 72.37% on a week - on - week basis, and the operating rate of hydrogenated benzene decreased by 3.42% to 54.17% on a week - on - week basis. From January 17th to 23rd, the weighted operating rate of pure benzene downstream increased by 1.03% to 75.53% on a week - on - week basis. As of January 26th, the inventory of pure benzene at East China ports is 30.5 tons, with a week - on - week increase of 2.69%. From January 16th to 22nd, the profit of domestic petroleum benzene increased by 77 yuan/ton to 446 yuan/ton on a week - on - week basis. BZ2603 rose 0.75% to close at 6078 yuan/ton. Last week, the operating rates of petroleum benzene and hydrogenated benzene declined to varying degrees, and the domestic pure benzene output decreased on a week - on - week basis. The operating rates of styrene, caprolactam, and phenol decreased slightly, but the operating rate of aniline increased significantly, driving the weighted operating rate of pure benzene downstream to increase on a week - on - week basis [2]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - From November 21st to 27th, SH2601 fell 1.03% to close at 2212 yuan/ton, and BZ2603 declined and then rebounded, closing at 5454 yuan/ton [2] - Last week, the operating rates of petroleum benzene and hydrogenated benzene decreased month - on - month, and the domestic pure benzene output declined [2] - The operating rates of downstream styrene and caprolactam decreased, while those of phenol, aniline, and adipic acid increased. The weighted operating rate of pure benzene downstream decreased slightly [2] - The inventory at East China ports continued to accumulate, higher than the same period in previous years. The profit of petroleum benzene was slightly repaired but remained at a low - valuation level due to weak supply and demand [2] - This week, a domestic disproportionation unit is under maintenance, but the imported resources arriving at ports are increasing. The domestic petroleum benzene supply is expected to increase slightly [2] - In December, the impact of domestic petroleum benzene maintenance is not much different from that in November [2] - The downstream styrene plants are both under commissioning and restarting, and there are also expectations of increased loads for phenol and caprolactam, which may drive a slight increase in pure benzene demand and ease the wide - balance state of spot supply and demand [2] - In terms of cost, geopolitical uncertainties in Russia - Ukraine and US - Venezuela still exist, and the market expects an increased probability of the Fed cutting interest rates in December. Recently, international oil prices have fluctuated strongly [2] - In the short term, BZ2603 is expected to show a volatile trend, with the daily range expected to be around 5370 - 5460 [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of pure benzene futures main contract decreased by 19 yuan/ton to 5454 yuan/ton, and the settlement price decreased by 19 yuan/ton to 5433 yuan/ton [2] - The trading volume of the main contract was 1193 lots, and the open interest was 11245 lots, a decrease of 551 lots [2] 3.2 Spot Market - The mainstream prices of pure benzene in East China, North China, South China, and Northeast China were 5320 yuan/ton, 5270 yuan/ton, 5300 yuan/ton, and 5246 yuan/ton respectively, with changes of - 35 yuan/ton, 0 yuan/ton, 0 yuan/ton, and - 19 yuan/ton [2] - The mainstream prices of hydrogenated benzene in Jiangsu and Shanxi were 5375 yuan/ton and 5150 yuan/ton respectively, with no change [2] - The FOB mid - price of pure benzene in South Korea was 657 US dollars/ton, an increase of 3 US dollars/ton; the CFR mid - price of pure benzene in China was 668.82 US dollars/ton, with no change [2] 3.3 Upstream Situation - The spot price of Brent DTD crude oil was 64.47 US dollars/barrel, and the CFR mid - price of naphtha in Japan was 567.5 US dollars/ton, a decrease of 4 US dollars/ton [2] - The capacity utilization rate of pure benzene was 76.59%, a decrease of 0.08 percentage points; the weekly output was 44.62 tons, a decrease of 0.05 tons [2] - The port inventory of pure benzene was 1.7 tons, and the production cost was 5246.8 yuan/ton, a decrease of 67.6 yuan/ton; the production profit was 78 yuan/ton, an increase of 38 yuan/ton [2] 3.4 Downstream Situation - The operating rate of styrene decreased by 1.66 percentage points; the capacity utilization rate of caprolactam was 67.29%, a decrease of 1.54 percentage points [2] - The capacity utilization rates of phenol, aniline, and adipic acid were 81.16%, 77.19%, and 59.4% respectively, with changes of 2.45 percentage points, 1.51 percentage points, and 3.9 percentage points [2]

Report Industry Investment Rating - Not provided Core Viewpoints - BZ2603 declined and then rebounded, closing at 5418 yuan/ton. Last week, the operating rate of petroleum benzene increased slightly, while that of hydrobenzene dropped significantly, and the domestic pure benzene output decreased. The operating rates of the five major downstream sectors of pure benzene changed little, and the overall downstream weighted operating rate decreased slightly. The number of ships arriving at ports increased significantly, and the inventory at East China ports accumulated significantly. The profit of petroleum benzene decreased at a low level and was in a state of low valuation due to weak supply and demand. In November, the planned maintenance capacity of petroleum benzene and hydrobenzene is small, and low - priced overseas supplies continue to flow in, resulting in a relatively high overall supply pressure. This week, the load of East China petroleum benzene plants increased, and some shut - down hydrobenzene plants restarted, so the domestic pure benzene output is expected to increase month - on - month. Terminal demand is weak, and plants such as styrene are expected to maintain low - level operation, and downstream consumption is unlikely to increase. In terms of cost, affected by the strengthening of the US dollar and weak economic expectations, international oil prices fluctuated and declined yesterday. Technically, the daily K - line of BZ2603 should pay attention to the lower Bollinger Band near 5304 [2]. Summary by Relevant Catalogs Futures Market - The closing price of the main pure benzene contract was 5418 yuan/ton, down 20 yuan; the settlement price was 5405 yuan/ton, down 61 yuan. The trading volume was 12,094 lots, up 2,212 lots; the open interest was 17,063 lots, up 497 lots [2]. Spot Market - In the East China market, the mainstream price of pure benzene was 5405 yuan/ton; in the North China market, it was 5230 yuan/ton; in the South China market, it was 5450 yuan/ton; in the Northeast region, it was 5235 yuan/ton. The price of hydrobenzene in Jiangsu and Shanxi regions remained unchanged. The FOB mid - price of pure benzene in South Korea was 670.95 US dollars/ton, and the CFR mid - price of pure benzene in China was 654 US dollars/ton, down 10.28 US dollars/ton [2]. Upstream Situation - The spot price of Brent DTD crude oil was 65.45 US dollars/barrel, down 0.68 US dollars/barrel. The CFR mid - price of naphtha in Japan was 576.5 US dollars/ton, down 5.88 US dollars/ton. The capacity utilization rate of pure benzene was 78.14%, up 0.13 percentage points, and the weekly output was 42.89 tons, up 0.28 tons [2]. Industry Situation - The terminal inventory of pure benzene at ports was 8.5 tons, down 1.4 tons. The production cost of pure benzene was 5327.8 yuan/ton, down 118.2 yuan/ton, and the production profit was 737 yuan/ton, up 76 yuan/ton [2]. Downstream Situation - The operating rate of styrene was 66.72%, down 2.53 percentage points; the capacity utilization rate of caprolactam was 95.72%, up 6.41 percentage points; the capacity utilization rate of phenol was 78.54%, down 0.46 percentage points; the capacity utilization rate of aniline was 69.24%, down 0.1 percentage points; the capacity utilization rate of adipic acid was 64.3%, up 2 percentage points. From October 25th to 31st, the operating rate of petroleum benzene increased by 1.37% to 74.10%, and the operating rate of hydrobenzene decreased by 7.79% to 55.67%. The weighted operating rate of pure benzene downstream decreased by 1.22% to 72.18% [2]. Industry News - From October 25th to 31st, the operating rate of petroleum benzene increased by 1.37% to 74.10%, and the operating rate of hydrobenzene decreased by 7.79% to 55.67%. The weighted operating rate of pure benzene downstream decreased by 1.22% to 72.18%. As of November 3rd, the inventory of pure benzene at Jiangsu ports increased by 42.35% to 12.1 tons compared with last week. From October 25th to 31st, the profit of petroleum benzene decreased by 217 yuan/ton to 168 yuan/ton compared with last week [2].

Report Industry Investment Rating - No relevant information provided Core Viewpoints - In October, domestic pure benzene supply is expected to increase. The impact of maintenance of petroleum benzene plants is expected to decline, and the operating load of North China hydrobenzene plants has gradually recovered to a neutral level after the end of production restrictions in early September, with stable operation expected in the future. New plants for downstream styrene, caprolactam, and phenol are planned to be put into operation, with the converted production capacity higher than that of pure benzene, indicating a medium - to long - term improvement in supply - demand trends. However, large - scale styrene plants are still in the maintenance cycle, limiting the growth space of pure benzene demand. Recently, international oil prices have fallen and rebounded due to factors such as OPEC's slight increase in production, concerns about economic growth caused by the U.S. government shutdown, and the intensification of the Russia - Ukraine conflict. In the short term, the domestic pure benzene supply - demand situation is difficult to improve. Technically, BZ2603 has broken below the lower Bollinger Band, and the MACD green bar has widened, but the single - day K - line has a long lower shadow. Pay attention to the support near 5682 [2]. Summary by Relevant Catalogs Futures Market - The closing price of the pure benzene futures main contract is 5763 yuan/ton, down 37 yuan; the settlement price is 5732 yuan/ton, down 69 yuan. The trading volume is 5189 lots, down 394 lots; the open interest is 12994 lots, up 615 lots. The mainstream price in the East China market is 5860 yuan/ton, down 20 yuan; the mainstream price in the North China market is 5870 yuan/ton, unchanged; the mainstream price in the Northeast region is 5700 yuan/ton, down 102 yuan [2]. Spot Market - The mainstream price of hydrobenzene in Jiangsu is 5825 yuan/ton, down 100 yuan; the mainstream price in Shanxi is 5740 yuan/ton, unchanged. The FOB intermediate price of pure benzene in South Korea is 699 US dollars/ton, up 5 US dollars; the CFR intermediate price of pure benzene in China is 709.5 US dollars/ton, up 2 US dollars [2]. Upstream Situation - The spot price of Brent DTD crude oil is 68.38 US dollars/barrel, up 1.05 US dollars; the CFR intermediate price of naphtha in Japan is 583.75 US dollars/ton, down 1.5 US dollars [2]. Industry Situation - The capacity utilization rate of pure benzene is 78.14%, up 0.13 percentage points; the weekly output is 45.7 tons, up 0.16 tons. The port inventory at the end of the week is 10.6 tons, down 0.1 tons. The production cost is 5327.8 yuan/ton, down 118.2 yuan/ton, and the production profit is 737 yuan/ton, up 76 yuan/ton [2]. Downstream Situation - The total styrene operating rate is 73.24%, down 0.2 percentage points; the caprolactam capacity utilization rate is 95.72%, up 6.41 percentage points; the phenol capacity utilization rate is 78.54%, down 0.46 percentage points; the aniline capacity utilization rate is 69.24%, down 0.1 percentage points; the adipic acid capacity utilization rate is 64.3%, up 2 percentage points [2]. Industry News - From September 19th to 25th, the pure benzene capacity utilization rate increased by 1.22% to 79.27% week - on - week, and the hydrobenzene capacity utilization rate increased by 4.05% to 63.99% week - on - week. The weighted operating rate of pure benzene downstream decreased by 1.24% to 76.37% week - on - week. As of October 9th, the total commercial inventory of pure benzene in Jiangsu port samples was 9.1 tons, a week - on - week decrease of 33.7%. From September 19th to 25th, the profit of petroleum benzene was 419 yuan/ton, a week - on - week decrease of 6 yuan/ton [2].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - In the short - term, the supply - demand contradiction of pure benzene intensifies, and the expectation of spot price decline is clear. Affected by weak supply - demand and cost, BZ2603 is expected to fluctuate weakly in the range of 5900 - 6000 yuan/ton [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The main closing price of pure benzene is 5936 yuan/ton, down 74 yuan; the main settlement price is 5966 yuan/ton, down 36 yuan. The main trading volume is 5447 lots, down 2217 lots; the main open interest is 13794 lots, up 516 lots [2] 3.2 Spot Market - The mainstream prices of pure benzene in East China, North China, South China, and Northeast China are 5930 yuan/ton (down 30 yuan), 6000 yuan/ton (down 50 yuan), 6000 yuan/ton (unchanged), and 5955 yuan/ton (down 20 yuan) respectively. The mainstream prices of hydrogenated benzene in Jiangsu and Shanxi are 6025 yuan/ton (down 25 yuan) and 5840 yuan/ton (unchanged) respectively. The FOB middle price of pure benzene in South Korea is 716 dollars/ton, down 8 dollars; the CFR middle price of pure benzene in China is 732.5 dollars/ton, down 7 dollars [2] 3.3 Upstream Situation - The spot price of Brent DTD crude oil is 69.08 dollars/barrel, up 0.98 dollars; the CFR middle price of naphtha in Japan is 596.25 dollars/ton, down 1.13 dollars [2] 3.4 Industry Situation - The capacity utilization rate of pure benzene is 78.14%, up 0.13%; the weekly output is 45.19 tons, up 0.11 tons. The port inventory of pure benzene is 13.8 tons, down 0.6 tons. The production cost is 5327.8 yuan/ton, down 118.2 yuan; the production profit is 737 yuan/ton, up 76 yuan [2] 3.5 Downstream Situation - The开工率 of styrene is 78.07%, down 0.46%; the capacity utilization rate of caprolactam is 95.72%, up 6.41%; the capacity utilization rate of phenol is 78.54%, down 0.46%; the capacity utilization rate of aniline is 69.24%, down 0.1%; the capacity utilization rate of adipic acid is 64.3%, up 2% [2] 3.6 Industry News - As of September 1, the commercial inventory of pure benzene ports in Jiangsu is 14.9 tons, a month - on - month increase of 7.97% and a year - on - year increase of 119.12%. From August 22nd to 28th, the profit of petroleum benzene is 671 yuan/ton, a month - on - month decrease of 36 yuan/ton. BZ2603 fell 1.10% to close at 5936 yuan/ton. Last week, the domestic petroleum benzene plants mainly operated stably, with the capacity utilization rate increasing by 0.19% to 79.18% month - on - month; some hydrogenated benzene plants reduced production or stopped, with the capacity utilization rate decreasing by 1.57% to 56.12% month - on - month. The downstream weighted开工率 of pure benzene decreased by 1.46% to 76.96% month - on - month. The inventory of pure benzene in East China ports decreased by 4.17% to 13.8 tons month - on - month [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - BZ2603 shows a weakening and oscillating trend, closing at 6,206 yuan/ton. The supply of pure benzene is expected to remain abundant, while the consumption may continue to be weak. The situation of supply exceeding demand in the domestic pure benzene market is expected to continue, exerting pressure on prices. In the short term, BZ2603 is expected to show an oscillating trend, with technical support around 6,100 and resistance around 6,300 [2]. 3. Summary by Relevant Catalogs Futures Market - The main closing price of pure benzene is 6,206 yuan/ton, down 2 yuan; the main settlement price is 6,217 yuan/ton, up 3 yuan. The main trading volume is 5,336 lots, down 410 lots; the main open interest is 13,064 lots, up 371 lots. The mainstream prices in different domestic markets have different changes, with some remaining unchanged [2]. Spot Market - The spot price of pure benzene in South Korea's FOB middle - price is 736 US dollars/ton, up 4 US dollars; the CFR middle - price in China is 750.5 US dollars/ton, unchanged. The spot price in the domestic market is 6,225 yuan/ton, unchanged [2]. Upstream Situation - The spot price of Brent DTD crude oil is 68.49 US dollars/barrel, up 0.21 US dollars; the CFR middle - price of naphtha in the Japanese region is 584.5 US dollars/ton, up 9 US dollars [2]. Industry Situation - The capacity utilization rate of pure benzene is 78.14%, up 0.13%; the weekly output is 45.08 million tons, up 0.56 million tons. The port inventory of pure benzene is 14.4 million tons, down 0.2 million tons. The production cost is 5,327.8 yuan/ton, down 118.2 yuan/ton; the production profit is 737 yuan/ton, up 76 yuan/ton [2]. Downstream Situation - The开工率 of styrene is 78.53%, up 0.35%; the capacity utilization rate of caprolactam is 95.72%, up 6.41%. The capacity utilization rate of phenol is 78.54%, down 0.46%; the capacity utilization rate of aniline is 69.24%, down 0.1%. The capacity utilization rate of adipic acid is 64.3%, up 2 [2]. Industry News - From August 15th to 21st, the profit of PetroChina's benzene was 707 yuan/ton, an increase of 18 yuan/ton compared with the previous week. As of August 25th, the total commercial inventory of pure benzene ports in Jiangsu was 13.8 million tons, a decrease of 4.17% compared with the previous period [2]. Supply and Demand Analysis - On the supply side, the impact of the restart of previous petroleum - benzene devices has expanded, with the capacity utilization rate of petroleum benzene up 0.98% to 78.99%, while the number of shut - down and load - reducing devices of hydro - benzene in North China has increased, with the capacity utilization rate down 5.03% to 57.69%. On the demand side, the operating rates of pure - benzene downstream industries changed differently last week, with the weighted operating rate of pure - benzene downstream up 0.19% to 78.42%. The inventory of pure benzene in East China ports decreased by 4.17% to 13.8 million tons. This week, petroleum - benzene devices are expected to operate stably, and there are both shut - down and restart devices for hydro - benzene. Overall, the domestic pure - benzene output is expected to change little. The arrival volume of imported pure benzene in East China will increase, and the supply may remain abundant. Terminal demand is insufficient, and all five major downstream industries of pure benzene are in the red, so the consumption of pure benzene may continue to be weak [2]. Cost and Price Forecast - The expectation of the Fed's interest - rate cut in September has increased, and the progress of the Russia - Ukraine meeting is limited. The international oil price has rebounded recently, but the impact of OPEC+ production increase restricts the upward space of oil prices. In the short term, BZ2603 is expected to show an oscillating trend, with technical support around 6,100 and resistance around 6,300 [2].