纯苯苯乙烯日报 | 2026-02-27 下游开工等待进一步恢复 纯苯与苯乙烯观点 市场要闻与重要数据 纯苯方面：纯苯主力基差-9元/吨（+23）。纯苯港口库存30.40万吨（+0.00万吨）；纯苯CFR中国加工费167美元/吨 （-5美元/吨），纯苯FOB韩国加工费164美元/吨（-3美元/吨），纯苯美韩价差121.2美元/吨（-24.1美元/吨）。华东纯 苯现货-M2价差-160元/吨（+5元/吨）。 纯苯下游方面：己内酰胺生产利润-585元/吨（+35），酚酮生产利润-734元/吨（+100），苯胺生产利润1198元/吨（-56）， 己二酸生产利润-277元/吨（+32）。己内酰胺开工率74.46%（+0.36%），苯酚开工率89.50%（+0.50%），苯胺开工率 89.12%（-0.46%），己二酸开工率71.50%（+0.00%）。 苯乙烯方面：苯乙烯主力基差170元/吨（+18元/吨）；苯乙烯非一体化生产利润516元/吨（+44元/吨），预期逐步压 缩。苯乙烯华东港口库存158100吨（+61900吨），苯乙烯华东商业库存87200吨（+33200吨），处于库存回建阶段。 苯乙烯开工率74.7% ...

纯苯苯乙烯日报 | 2026-02-26 周中苯乙烯港口库存回升，下游利润有所压缩 下游硬胶方面：EPS生产利润197元/吨（+20元/吨），PS生产利润-353元/吨（+70元/吨），ABS生产利润-1041元/吨 （+1元/吨）。EPS开工率0.00%（-48.02%），PS开工率49.40%（-0.30%），ABS开工率68.90%（+0.00%）。 市场分析 原油方面。美伊局势仍是焦点，特朗普表示伊朗未放弃核野心，但仍保留外交窗口，继续关注谈判动向及对芳烃 成本的影响。 纯苯方面。节后港口库存微幅累积，港口库存仍处于历史高位。中国纯苯开工率明显较前期底部回升，进口到港 后续压力仍存。下游表现尚可，苯乙烯开工有进一步回升预期；己内酰胺开工仍处于低位，苯酚、苯胺、己二酸 开工均在偏高位。 苯乙烯方面，国内开工见底回升，苯乙烯港口库存周中继续回升，但库存绝对水平略低于同期；另外仍关注长停 的京博及玉皇后续的复工可能。节后下游EPS企业采购积极性有所回升；但苯乙烯涨价后，下游生产利润大幅压缩， 特别是ABS亏损加剧。 策略 纯苯与苯乙烯观点 市场要闻与重要数据 纯苯方面：纯苯主力基差-32元/吨（+17）。纯 ...

油价震荡，BZ2604日度区间预计在6080-6320附近。 研究员: 林静宜 期货从业资格号F03139610 期货投资咨询从业证书号Z0021558 助理研究员: 徐天泽 期货从业资格号F03133092 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 纯苯产业日报 2026-02-25 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力收盘价:纯苯(日,元/吨) | 6152 | -47 主力结算价:纯苯(日,元/吨) | 6195 | 38 | | | 主力成交量:纯苯(日,手) 市场价:纯苯:华东市场:主流价 ...

纯苯苯乙烯日报 | 2026-02-25 原油提升芳烃成本，苯乙烯过节期间库存回建 纯苯与苯乙烯观点 市场要闻与重要数据 纯苯方面：纯苯主力基差-49元/吨（-44）。纯苯港口库存30.40万吨（+0.00万吨）；纯苯CFR中国加工费165美元/吨 （-3美元/吨），纯苯FOB韩国加工费163美元/吨（-3美元/吨），纯苯美韩价差151.3美元/吨（+3.0美元/吨）。华东纯 苯现货-M2价差-135元/吨（-15元/吨）。 纯苯下游方面：己内酰胺生产利润-725元/吨（-145），酚酮生产利润-834元/吨（-118），苯胺生产利润1254元/吨（+19）， 己二酸生产利润-235元/吨（-131）。己内酰胺开工率74.10%（+0.00%），苯酚开工率89.00%（+0.00%），苯胺开工 率89.58%（+0.33%），己二酸开工率69.00%（+0.00%）。 苯乙烯方面：苯乙烯主力基差81元/吨（-80元/吨）；苯乙烯非一体化生产利润478元/吨（+106元/吨），预期逐步压 缩。苯乙烯华东港口库存158100吨（+61900吨），苯乙烯华东商业库存87200吨（+33200吨），处于库存回建阶段。 ...

【周期股选股方法】周期股特指原材料生产型的上市公司，该公司的利润高低受原材料价格波动影响； 因此利用生意社原材料价格的涨跌数据，提前于季报与年报，发现周期股买入信号，是投资周期股的重 要方法。欢迎使用生意社股票通。 据生意社监测，苯胺02月23日最新价格8845.00元/吨，最近60天上涨11.33%。 相关生产商有：华泰股份(600308)万华化学(600309)等。 相关生产商有：华泰股份(600308)万华化学(600309)等。 【周期股选股方法】周期股特指原材料生产型的上市公司，该公司的利润高低受原材料价格波动影响； 因此利用生意社原材料价格的涨跌数据，提前于季报与年报，发现周期股买入信号，是投资周期股的重 要方法。欢迎使用生意社股票通。 据生意社监测，苯胺02月23日最新价格8845.00元/吨，最近60天上涨11.33%。 ...

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - Pure benzene: The port inventory was still at a high level before the holiday. The domestic production rate has started to recover from the bottom. The arrival of imports has rebounded from the bottom, and there is still pressure on shipments to China in the future. The downstream production performance is acceptable, with the styrene production rate starting to recover from the bottom, the caprolactam production rate remaining at a low level, and the production rates of phenol, aniline, and adipic acid all performing well [1][3] - Styrene: The domestic production peak has passed, and Tianjin Bohua has resumed production. Attention should be paid to the resumption plans of Shandong Yuhuang and Jingbo, which have been shut down for a long time. The styrene production profit has started to peak and decline, and the market is worried that the supply may return more than expected under the current production profit. The port inventory declined again in the middle of the week, and the seasonal inventory accumulation was not realized before the holiday. EPS rapidly reduced its production load seasonally before the holiday, and the inventory increased seasonally; the PS production load declined again, but the inventory pressure was not large; after the ABS inventory pressure eased, the production rebounded [3] 3. Summary According to the Directory I. Basis Structure and Inter - Period Spreads of Pure Benzene and EB - Pure benzene: The main basis is -1 yuan/ton (+63), and the spread between East China pure benzene spot and M2 is -125 yuan/ton (+10 yuan/ton) [1] - Styrene: The main basis is 152 yuan/ton (+34 yuan/ton) [1] II. Production Profits and Internal - External Spreads of Pure Benzene and Styrene - Pure benzene: The CFR China processing fee is 161 dollars/ton (+7 dollars/ton), the FOB South Korea processing fee is 160 dollars/ton (+8 dollars/ton), and the US - South Korea spread is 154.3 dollars/ton (-4.0 dollars/ton). The production profits of downstream products vary, with aniline having a relatively high profit of 1235 yuan/ton (+174) [1] - Styrene: The non - integrated production profit is 403 yuan/ton (-17 yuan/ton), and it is expected to gradually compress [1] III. Inventory and Production Rates of Pure Benzene and Styrene - Pure benzene: The port inventory is 29.70 million tons (-0.80 million tons), and the production rate has started to recover from the bottom [1][3] - Styrene: The East China port inventory is 96,200 tons (-12,400 tons), the East China commercial inventory is 54,000 tons (-6,800 tons), and it is in the inventory rebuilding stage. The production rate is 71.1% (+1.1%) [1] IV. Production Rates and Profits of Styrene Downstream - EPS: The production profit is 321 yuan/ton (+10 yuan/ton), and the production rate is 48.02% (-8.22%) [2] - PS: The production profit is -329 yuan/ton (+10 yuan/ton), and the production rate is 54.00% (-1.20%) [2] - ABS: The production profit is -651 yuan/ton (+6 yuan/ton), and the production rate is 68.90% (+4.50%) [2] V. Production Rates and Profits of Pure Benzene Downstream - Caprolactam: The production profit is -630 yuan/ton (+30), and the production rate is 74.10% (+0.94%) [1] - Phenol - acetone: The production profit is -716 yuan/ton (+0), and the phenol production rate is 89.00% (+3.00%) [1] - Aniline: The production profit is 1235 yuan/ton (+174), and the production rate is 89.25% (+0.21%) [1] - Adipic acid: The production profit is -163 yuan/ton (-9), and the production rate is 69.00% (-0.10%) [1] 4. Strategy - Unilateral: None - Basis and Inter - Period: None - Cross - Variety: Short EB2604 and long BZ2603 [4]

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]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - Keep an eye on the restart progress of subsequent plants. The production profit of styrene has started to peak and decline, and the market is worried about the possibility of supply returning more than expected under the current production profit. The seasonal inventory build - up of styrene at ports before the festival has not been realized as expected. [1][2] 3. Summary According to Relevant Catalogs 3.1 Pure Benzene and EB Basis Structure, Inter - period Spread - Pure benzene: The main basis is - 64 yuan/ton (- 65), and the spread between the spot in East China and M2 is - 135 yuan/ton (- 20 yuan/ton). [1] - Styrene: The main basis is 118 yuan/ton (+ 36 yuan/ton). [1] 3.2 Production Profit and Internal - external Spread of Pure Benzene and Styrene - Pure benzene: The processing fee of CFR China is 154 dollars/ton (- 13 dollars/ton), and the processing fee of FOB South Korea is 152 dollars/ton (- 13 dollars/ton). The profit of adipic acid production is - 154 yuan/ton (+ 78), and the profit of aniline production is 1061 yuan/ton (- 73). [1] - Styrene: The non - integrated production profit is 420 yuan/ton (+ 41 yuan/ton), and it is expected to gradually compress. [1] 3.3 Inventory and Operating Rate of Pure Benzene and Styrene - Pure benzene: The port inventory is 29.70 million tons (- 0.80 million tons), and the operating rate starts to bottom out and rebound. [1][2] - Styrene: The East China port inventory is 96,200 tons (- 12,400 tons), the East China commercial inventory is 54,000 tons (- 6,800 tons). The operating rate is 70.0% (+ 0.7%), and the domestic operating rate has passed the lowest point. [1][2] 3.4 Operating Rate and Production Profit of Styrene Downstream - EPS: The production profit is 311 yuan/ton (- 59 yuan/ton), and the operating rate is 56.24% (+ 2.98%). [2] - PS: The production profit is - 339 yuan/ton (- 59 yuan/ton), and the operating rate is 55.20% (- 0.40%). [2] - ABS: The production profit is - 657 yuan/ton (- 26 yuan/ton), and the operating rate is 64.40% (- 1.70%). [2] 3.5 Operating Rate and Production Profit of Pure Benzene Downstream - Caprolactam: The production profit is - 660 yuan/ton (+ 0), and the operating rate is 73.16% (- 0.41%). [1] - Phenol - acetone: The production profit is - 716 yuan/ton (+ 0), and the phenol operating rate is 86.00% (- 2.00%). [1] - Aniline: The production profit is 1061 yuan/ton (- 73), and the operating rate is 89.04% (+ 0.51%). [1] - Adipic acid: The production profit is - 154 yuan/ton (+ 78), and the operating rate is 69.10% (+ 0.60%). [1]

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 information provided 2. Core Viewpoints of the Report - Pure benzene: At the beginning of the week, port inventories remained high. China's pure benzene operating rate started to bottom out and rebound, and the willingness of reforming units to produce three benzenes increased. In terms of imports, the bottom of arrivals rebounded, and there was still pressure for shipments to China in the future. In the downstream, pick - up also rebounded from a low level, with the styrene operating rate bottoming out and rebounding, the caprolactam operating rate remaining at a low level, the phenol operating rate slightly falling from a high level, and the adipic acid and aniline operating rates performing well, with attention to sustainability [2]. - Styrene: The domestic operating rate is about to pass the lowest point. Sinochem Quanzhou is restarting, and Tianjin Bohua also has a restart expectation. Shandong Yuhuang may restart, and Jingbo also has a restart plan in March. Styrene production profit has started to peak and decline, and the market is worried that the supply may return more than expected under the current production profit. At the beginning of the week, styrene port inventories declined, and the seasonal inventory build - up that was long overdue before the Spring Festival did not materialize. In the downstream, the ABS operating rate further decreased, but the inventory pressure has been significantly alleviated; the PS continued the seasonal production cut cycle, and the inventory pressure was at a low level in the same period; the EPS operating rate performed well, and the finished product inventory was significantly reduced [2]. 3. Summaries According to Relevant Catalogs 3.1 Pure Benzene and EB's Basis Structure and Inter - period Spread - The report presents figures on pure benzene's basis and inter - period spread, including the pure benzene main contract basis, the spread between pure benzene spot and M2 paper goods, and the spread between the first - and third - month contracts of pure benzene. It also shows similar data for styrene, such as the styrene main contract basis and the spread between the first - and third - month contracts of styrene [7][14][16] 3.2 Production Profits and Internal - External Spreads of Pure Benzene and Styrene - It provides data on the processing fees of naphtha, the spreads between pure benzene FOB South Korea and naphtha CFR Japan, the production profit of non - integrated styrene plants, and the spreads between different regions' pure benzene and styrene prices (e.g., FOB US Gulf - FOB South Korea, FOB US Gulf - CFR China, etc.), as well as the import profits of pure benzene and styrene [20][22][34] 3.3 Inventories and Operating Rates of Pure Benzene and Styrene - Pure benzene: The port inventory in East China is 29.70 million tons (- 0.80 million tons), and the operating rate has started to bottom out and rebound. Styrene: The port inventory in East China is 96,200 tons (- 12,400 tons), the commercial inventory in East China is 54,000 tons (- 6,800 tons), and the operating rate is 70.0% (+ 0.7%) [1][2][37] 3.4 Operating Rates and Production Profits of Styrene's Downstream - EPS: The production profit is 371 yuan/ton (+ 188 yuan/ton), and the operating rate is 56.24% (+ 2.98%). PS: The production profit is - 279 yuan/ton (+ 158 yuan/ton), and the operating rate is 55.20% (- 0.40%). ABS: The production profit is - 631 yuan/ton (+ 171 yuan/ton), and the operating rate is 64.40% (- 1.70%) [2] 3.5 Operating Rates and Production Profits of Pure Benzene's Downstream - Caprolactam: The production profit is - 660 yuan/ton (+ 40), and the operating rate is 73.16% (- 0.41%). Phenol - ketone: The production profit is - 716 yuan/ton (+ 50), and the phenol operating rate is 86.00% (- 2.00%). Aniline: The production profit is 1061 yuan/ton (- 73), and the operating rate is 89.04% (+ 0.51%). Adipic acid: The production profit is - 232 yuan/ton (+ 50), and the operating rate is 69.10% (+ 0.60%) [1]