BZ&EB周报：苯乙烯偏强震荡为主 国泰君安期货研究所·黄天圆 投资咨询从业资格号：Z0018016 日期：2026年03月01日 Guotai Junan Futures all rights reserved, please do not reprint 本周纯苯、苯乙烯总结：苯乙烯偏强震荡为主 | 供应 | • | 纯苯进口：虽然海外库存压力仍然偏大，但是整体进口量下调。26年1-3月纯苯单月进口量平均约43万吨左右。美韩关税仍在，但是后续美亚芳烃 | | --- | --- | --- | | | | 物流在春节后可能继续发生，预估影响每个月3-4万吨纯苯。 | | 需求 | • | 总体来看，纯苯下游维持高开工、高利润格局，关注春节之后新订单恢复情况。 | | | • | 苯乙烯：目前京博、玉皇等边际装置3月开车仍然有不确定性，重点关注边际检修的回归。 | | | • | 己内酰胺、己二酸：价格上涨，行业利润快速修复，PA6库存也快速去化，重点关注春节之后新订单的跟进情况。 | | | • | 苯酚：利润维持高位，开工也在持续回升。 | | | • | 苯胺：下游库存开始累库，重点关注节后新订单情况 ...

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 ...

维远股份首次公开发行股票募集资金总额为40.65亿元，扣除发行费用后，募集资金净额为38.80亿元。 维远股份最终募集资金净额比原计划多20.01亿元，募投项目也较此前多一项。维远股份于2021年9月1 日披露的招股说明书显示，该公司拟募集资金金额为387,993.54万元，分别用于"35万吨/年苯酚、丙 酮、异丙醇联合项目""10万吨/年高纯碳酸二甲酯项目""研发中心项目""60万吨/年丙烷脱氢及40万吨/年 高性能聚丙烯项目""补充流动资金"。 中国经济网北京2月25日讯维远股份（600955）(600955.SH)今日股价下跌，截至收盘报20.89元，跌幅 1.69%。 维远股份于2021年9月15日在上交所主板上市，公开发行新股1.38亿股，发行价格为29.56元/股，保荐机 构、主承销商为中信证券股份有限公司，保荐代表人为黄超、李飞，联席主承销商为中泰证券 （600918）股份有限公司。该股目前处于破发状态。 维远股份首次公开发行股票发行费用为1.85亿元，其中，承销及保荐费用1.61亿元。 ...

| 当日价 | 6500.00 | | --- | --- | | 日涨幅 | 0.00% | | 一年位置 | 中低位 | | 最小值 | 5670.00 | | 最大值 | 7952.50 | | 中位值 | 6811.25 | | 顶位差 | -1452.5 | | 底位差 | 830 | | 平均值 | 6626.73 | | 警戒 | | (文章来源：生意社) 生意社02月23日讯 新浪合作大平台期货开户 安全快捷有保障 2月23日，生意社苯酚基准价为6500.00元/吨，与本月初(6450.00元/吨)相比，上涨了0.78%。 ...

经济观察网 中国石油化工股份（600028.SH/00386.HK）近期值得关注的事件主要包括以下方面，基于 公开信息整理： 近期事件 市值情况 股价与资金表现 中国石油化工集团增持公司股份的计划实施期持续至2026年4月7日。截至2025年11月21日，集团已累计 增持A股和H股约3.9亿股。此外，2026年2月3日，FMR LLC增持H股2164.6万股，持股比例升至5.02%。 业绩经营情况 公司2025年前三季度营业收入为21,134.40亿元，同比下降10.69%；归母净利润299.84亿元，同比下降 32.23%。全年业绩情况需关注后续正式公告。 2025年12月24日，中国石化启动上市公司市值提升专项行动，重点包括优化资本布局、强化分红回购等 举措，以提升长期价值。 资金面情况 2026年2月12日数据显示，H股获港股通资金净流入，且国际油价波动可能影响板块景气度。公司苯酚 产品首次进入国际市场，拓展业务增量。 2026年1月8日，国务院国资委批准中国石油化工集团有限公司与中国航空油料集团有限公司实施重组。 此次重组旨在打造航空燃料全产业链一体化，后续业务整合及协同效应发挥值得关注。 以上内容基 ...

Financial Data and Key Metrics Changes - The company reported Q4 2025 sales of $360 million, an increase of approximately 9% year-over-year, with sales volume up about 11% due to the prior year's extended planned turnaround [8][9] - Adjusted EBITDA for the quarter was $25 million, up $15 million from the previous year, resulting in an adjusted EBITDA margin of 6.9% [9][11] - Full-year adjusted EBITDA reached $157 million, with a margin expansion of 90 basis points to 10.3% [11][12] Business Line Data and Key Metrics Changes - In Nylon Solutions, volumes declined sequentially as production rates were moderated to manage inventory in a softer demand environment [10] - Plant nutrients showed strong performance with increased volumes and pricing, particularly in granular ammonium sulfate, supported by sulfur nutrition demand [10][11] - Chemical intermediates pricing remained stable sequentially but was lower year-over-year, consistent with expectations as acetone pricing moderated from previous highs [11] Market Data and Key Metrics Changes - The agriculture and fertilizer market remains the largest end market for the company, with favorable ammonium sulfate supply-demand fundamentals and sulfur nutrition demand growing approximately 3%-4% [14] - Sulfur prices have increased significantly, settling at nearly $500 per long ton in Q1 2026, compared to $165 per ton in Q1 2025 [14][15] - The building construction market is expected to see a recovery in 2026, with third-party estimates indicating approximately 3% growth [17] Company Strategy and Development Direction - The company is focused on bolstering sustainable cash flow generation through risk-based prioritization of capital investments and operational execution [18][22] - A reduction in CapEx is expected for 2026, with planned spending in the range of $75 million-$95 million, down from $116 million in 2025 [19] - The company aims to optimize production output and sales volume mix while managing cash tax rates and maintaining a disciplined approach to capital investment [21][22] Management's Comments on Operating Environment and Future Outlook - The macro environment remains challenging, with raw material input costs expected to be a headwind, particularly in the first half of the year due to higher sulfur and natural gas prices [6][7] - Management anticipates continued strength in plant nutrients and expects acetone margins to remain near cycle averages, while nylon remains plateaued in its trough [6][14] - The company is confident in its ability to navigate current market conditions and create long-term shareholder value through its integrated business model and competitive advantages [22][68] Other Important Information - The company successfully executed planned turnarounds at the low end of its target spend range and delivered record annual production across key ammonia and sulfuric acid unit operations [4][5] - The company is actively managing its cash tax rate, which is anticipated to be below 10% for the year [21] Q&A Session Summary Question: Outlook on nylon and capacity closures - Management noted that Europe remains structurally long in nylon, with utilization hovering around 50-60%, and mentioned potential capacity closures from companies like Fibrant and DOMO [26][28] Question: Sulfur market dynamics - Management indicated that sulfur prices are at nearly 20-year highs, driven by stronger demand in agriculture and mining, alongside supply constraints [31][33] Question: Section 45Q carbon credits - Management confirmed that the endangerment finding does not impact the ability to claim Section 45Q credits, which are expected to be worth over $100 million through 2029 [36][39] Question: Ammonia and sulfuric acid production records - Management attributed record production to ongoing maintenance and capital investments, indicating potential for permanent increases in production capacity [47][49] Question: Input cost pressures - Management acknowledged significant increases in sulfur and natural gas prices, with expectations of margin challenges in the first quarter [56][58] Question: Planned turnaround activity - Management clarified that they are focusing on key compliance and preventative maintenance while aligning turnaround activities with necessary inspections [63][65]

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]

Core Viewpoint - The stock price of China Petroleum & Chemical Corporation (Sinopec) has shown strong performance recently, driven by factors such as capital inflow, industry recovery, and technical indicators, despite a decline in net profit for Q3 2025 [1] Stock Price Movement Reasons - Capital Support: On February 11, net inflow of main funds through Hong Kong Stock Connect reached 82.95 million HKD, indicating sustained institutional investment [1] - Industry Recovery: International oil prices exhibited volatility on February 12, influenced by geopolitical factors and demand expectations, benefiting the oil and petrochemical sector [1] - Improvement in Fundamentals: Sinopec was recently increased by FMR LLC by 21.646 million shares at a price of 5.2836 HKD per share, reflecting international capital's recognition of its long-term value [1] - Market Expansion: Sinopec's phenol products have entered the international market for the first time, expanding its business growth potential [1] - Technical Breakthrough: The stock price has surpassed all major moving averages (5-day, 20-day, 60-day), and the MACD indicator remains in a bullish crossover state, indicating a strong short-term technical outlook [1] Company Fundamentals - It is important to note that the company's net profit for Q3 2025 decreased by 28.92% year-on-year, indicating ongoing pressure on fundamentals [1] - The current price-to-earnings ratio (TTM) for the Hong Kong stock is 17.07 times, which is above the historical valuation mean, necessitating attention to the alignment between performance and valuation [1]