Report Industry Investment Rating - Not provided Core Viewpoints - Due to the high supply of pure benzene both domestically and overseas, the inventory at East China ports has increased, and the profit of pure benzene is lower than the same period in previous years. The supply of domestic pure benzene exceeds demand, and the increase in overseas pure benzene export this year further exacerbates the supply - demand contradiction. Although the recent rise in international oil prices may support the cost side, in the short term, the spot price of pure benzene is expected to fluctuate at a low level, and the upward space of BZ2603 futures may be restricted by the supply - demand contradiction [2]. Summary by Relevant Catalogs Futures Market - The closing prices of pure benzene 03, 04, 05, and 06 contracts are 6070 yuan/ton (up 139), 6080 yuan/ton (up 154), 6079 yuan/ton (up 151), and 6050 yuan/ton (up 132) respectively. The trading volume of the main pure benzene contract is 31,731 lots, and the open interest is 9,140 lots [2]. Spot Market - The mainstream prices of pure benzene in East China, North China, South China, and Northeast China are 6,866 yuan/ton, 4,850 yuan/ton, 5,875 yuan/ton (down 150), and 5,800 yuan/ton (down 20) respectively. The mainstream prices of hydrogenated benzene in Jiangsu and Shanxi are 5,975 yuan/ton (up 50) and 5,675 yuan/ton (up 40) respectively. The spot prices of pure benzene in South Korea (FOB) and China (CFR) are 717 US dollars/ton (up 5) and 730.5 US dollars/ton (up 3) respectively [2]. Upstream Situation - The spot price of Brent DTD crude oil is 72.04 US dollars/barrel, and the CFR middle - price of naphtha in Japan is 586.5 US dollars/ton (up 9.5) [2]. Industry Situation - The capacity utilization rate of pure benzene is 78.14% (up 0.13), the weekly output is 43.33 tons (up 0.07), the port inventory is 17.7 tons (up 0.6), the production cost is 5,327.8 yuan/ton (down 118.2), and the production profit is 737 yuan/ton (up 76) [2]. Downstream Situation - The开工率 of styrene is 80.03% (down 0.05), 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), and the capacity utilization rate of adipic acid is 64.3% (up 2) [2]. Industry News - The GDP scale of China in 2025 is expected to be around 140 trillion yuan [2]. - From June 27 to July 3, the weekly profit of pure benzene was 737 yuan/ton, an increase of 76 yuan/ton compared with the previous period [2]. - As of July 7, the inventory of pure benzene in Jiangsu ports was 17.4 tons, a decrease of 1.69% compared with the previous period and an increase of 480.00% year - on - year. BZ2603 rose 2.50% to close at 6,070 yuan/ton [2].