1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoint of the Report - Pure benzene is recommended for long - position allocation. Although the impacts of the conflict have been gradually factored into the absolute price valuation, and it is not advisable to chase high prices in the short term, the relative valuation of aromatics to naphtha is not expensive. Key factors include significant reduction in Asian pure benzene supply due to reduced cracking unit loads, increasing domestic exports of styrene, and active restocking by other downstream industries of pure benzene [3][68]. 3. Summary According to Relevant Catalogs Supply - **Import**: In the context of continuously reduced loads of overseas refineries, the monthly average import volume of pure benzene after the second quarter has been revised down to 350,000 tons. The import volume is expected to decline to around 380,000 tons in April and about 300,000 tons in May [3][68]. - **Domestic Production**: From March to May, the monthly average maintenance loss is 60,000 tons. Some domestic refineries such as Fujian United, CNOOC Shell, Zhejiang Petrochemical, and Gulei have started preventive load - reduction. Attention should be paid to whether there will be additional load - reduction in the future [3][68]. Demand - **Styrene**: Ethylene plants mainly ensure the operation of styrene units and reduce the loads of other ethylene downstream products. The downstream 3S products of styrene are gradually showing negative feedback [3][68]. - **Caprolactam and Adipic Acid**: Prices have risen, industry profits have recovered rapidly, PA6 inventory has been rapidly depleted, monthly average production is higher than previously expected, and there are fewer maintenance plans [3][68]. - **Phenol**: Profits remain high, and the operating rate is continuously rising. There are not many maintenance units, and attention should be paid to the commissioning progress of Shandong Ruilin [3][68]. - **Aniline**: Profits remain high. 17,000 tons were under maintenance in March, and there will be less maintenance from April to May, maintaining a high level in the short term [3][68]. Valuation - The valuation of this round mainly refers to the situation during the Russia - Ukraine conflict. After the aromatics blending oil demand starts in the second quarter, various price spreads are likely to exceed those in 2022. In the short term, when crude oil is at $100 per barrel, a styrene price of around 10,000 yuan/ton on the futures market is reasonable. Currently, the naphtha cracking spread is continuously expanding, and BZN is compressed to a historical low, with upward momentum for the valuation center. The reasonable valuation range of the bz2603 contract is 8,500 - 9,500 yuan/ton based on a $100 - per - barrel crude oil valuation [3][68]. - Short - term shorting of EB processing fees is not recommended because of the significant contradictions in ethylene and large phased profit fluctuations [3][68]. Strategy - **Single - sided Strategy**: Buy pure benzene on dips [3][68]. - **Cross - variety Strategy**: Buy pure benzene and short PTA [3][68].

Investment Rating - The report maintains a recommendation for investment in sectors focusing on domestic demand, high dividends, and import substitution [1] Core Insights - The report highlights significant price increases in products such as butadiene (up 42.36%), ethylene (up 39.18%), and LDPE (up 27.01%), while products like dichloromethane and pure MDI saw substantial declines [4][5][6] - The geopolitical situation in the Middle East, particularly the blockade of the Strait of Hormuz, is expected to lead to a significant increase in international oil prices, with Brent crude at $104.49 per barrel and WTI at $92.35 per barrel [6][17] - The report suggests focusing on helium, biodiesel, and agricultural chemicals as potential investment opportunities due to their expected growth driven by rising oil prices and geopolitical tensions [8][9][21] Summary by Sections Chemical Industry Investment Recommendations - The report emphasizes the importance of monitoring geopolitical developments in the Middle East and their impact on chemical prices, suggesting a focus on products that are significantly affected by these events [20][22] Price Trends - The report details the weekly price movements of various chemical products, noting that while some products have rebounded, others continue to decline, indicating a mixed market sentiment [17][18][19] Specific Product Insights - The report identifies helium as a key investment opportunity due to its supply constraints and price elasticity during geopolitical conflicts [20] - Biodiesel is highlighted as a growing market in Europe, driven by rising SAF prices and energy security concerns [21] - Agricultural chemicals are expected to benefit from rising food prices, with a projected increase in demand for fertilizers and pesticides [21] Market Dynamics - The report discusses the fluctuations in the propane market, indicating a return to rational pricing amid geopolitical tensions and supply constraints [27][28] - It also notes the stability in the spray coal market, supported by seasonal demand and stable pricing [29][30] PTA and Polyester Market - The PTA market is experiencing upward price pressure due to geopolitical risks and supply constraints, while the polyester market is facing challenges with demand and pricing stability [34][36][37] Urea Market - The urea market is characterized by narrow price declines amid a complex supply-demand dynamic, with expectations of increased supply from upcoming production restarts [38][39]

Investment Rating - The report maintains a recommendation for investment in sectors focusing on domestic demand, high dividends, and import substitution [1] Core Insights - The report highlights significant price increases in products such as butadiene (up 42.36%), ethylene (up 39.18%), and LDPE (up 27.01%), while products like dichloromethane and pure MDI saw substantial declines [4][5][6] - The geopolitical situation in the Middle East, particularly the blockade of the Strait of Hormuz, is expected to lead to a significant increase in international oil prices, with Brent crude at $104.49 per barrel and WTI at $92.35 per barrel [6][17] - The report suggests focusing on helium, biodiesel, and agricultural chemicals as potential investment opportunities due to their expected growth driven by rising oil prices and geopolitical tensions [8][9][21] Summary by Sections Chemical Industry Investment Recommendations - The report emphasizes the importance of monitoring geopolitical developments in the Middle East and their impact on oil prices, which are expected to remain volatile [22][23] - It notes that the domestic demand for agricultural chemicals is likely to increase due to rising food prices, benefiting companies in the phosphate and potash sectors [21] Price Trends - The report details the weekly price movements of various chemical products, indicating a mixed performance with notable increases in certain sectors while others faced declines [4][5][6] - Specific products like butadiene and ethylene have shown remarkable price growth, while dichloromethane and pure MDI have experienced significant drops [17][18] Market Dynamics - The report discusses the current state of the propane market, indicating a high price level with fluctuations expected due to geopolitical tensions and supply chain issues [27][28] - It also highlights the stability in the spray coal market, with prices showing slight increases amid rising demand from steel manufacturers [29][30] Agricultural Chemicals - The report indicates that the agricultural sector is likely to see increased demand for fertilizers and pesticides due to rising food prices, with specific companies identified as beneficiaries [21][38][39]

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]

证券代码：603010 证券简称：万盛股份 公告编号：2026-013 浙江万盛股份有限公司 浙江万盛股份有限公司董事会 | | 2025 年 1-12 月平均售价 | 2024 年 1-12 月平均售价 | 年度同 比变动 | 四季度 同比变 | 四季度 环比变 | | --- | --- | --- | --- | --- | --- | | 主要产品 | （元/吨） | （元/吨） | 比率 | 动比率 | 动比率 | | | | | （%） | （%） | （%） | | 聚合物功能性助剂 | 16,585.38 | 16,340.84 | 1.50 | -15.54 | -8.97 | | 有机胺 | 25,693.42 | 21,700.95 | 18.40 | 13.22 | 1.41 | | 涂料助剂 | 10,134.10 | 10,795.81 | -6.13 | -3.51 | -5.92 | 主要产品 2025 年 1-12 月 产量（吨） 2025 年 1-12 月销 量（吨） 2025 年 1-12 月销售 金额（元） 聚合物功能性助剂 136,391.82 134,429.14 ...

1. Report Industry Investment Rating - The investment view for styrene is "oscillating", and the trading strategy for the single - side is "bullish" [4] 2. Core View of the Report - In April, there is a co - existence of supply contraction expectations and downstream negative feedback in the styrene market. The styrene fundamentals strengthen in the face of production cuts, and the crude oil market runs strongly [4] 3. Summary According to Relevant Catalogs 3.1 Main Views and Strategy Overview - **Supply**: Bullish. Although the spread between styrene and naphtha is about $300 and the spread between styrene and benzene is $280, the production economy of factories shrinks, and raw material shortages limit refinery choices [4] - **Demand**: Bullish. As of March 2, 2026, the total commercial inventory of pure benzene in Jiangsu port samples was 303,000 tons, a decrease of 1,000 tons from the previous inventory of 304,000 tons, a month - on - month decrease of 0.33%; compared with the inventory of 145,000 tons in the same period last year, the inventory increased by 158,000 tons, a year - on - year increase of 108.97% [4] - **Inventory**: Neutral. As of March 16, 2026, the total inventory of styrene port samples in Jiangsu was 162,500 tons, an increase of 6,000 tons from the previous period, an increase of 3.83%. The commercial inventory was 82,500 tons, an increase of 10,200 tons from the previous period, an increase of 14.11% [4] - **Basis**: Bullish. The styrene basis strengthens. Due to the situation in the Middle East, the market purchasing is crazy because of the expected shortage and the force majeure announced by overseas refineries [4] - **Profit**: Neutral. The spread between styrene and naphtha shrinks to $300, and the spread between styrene and benzene is $260. The styrene profit shrinks significantly [4] - **Valuation**: Neutral. The market sentiment cools down. The purchase and export expectations of pure benzene and styrene increase, but the market purchasing willingness is low under high volatility [4] - **Macro Policy**: Bullish. The military action against Iran will "continue until necessary", but the war may end faster than expected [4] 3.2 Overview of Pure Benzene and Styrene Fundamentals - **Crude Oil**: Geopolitical disturbances cause crude oil prices to rise beyond market expectations [6] - **Styrene**: The strength of pure benzene causes the styrene profit to shrink. Overseas force majeure leads to a decline in styrene buying sentiment [15][27] - **Pure Benzene**: The fundamentals are in a crazy state, and the market performance is chaotic [38] 3.3 Polymer Demand Overview - **ABS**: The ABS production increases, and the inventory is expected to decline [52] - **PS**: The PS production profit is at a low level, and the enthusiasm for styrene procurement has cooled down [65] - **EPS**: The EPS price has increased significantly, and the inventory has decreased significantly [76] - **Aniline**: The aniline load and gross profit margin have rebounded [87] - **Phenol**: The relevant data shows the situation of phenol capacity utilization, maintenance loss, price, port inventory, and production profit [102][103] - **Adipic Acid**: The adipic acid profit has rebounded [109] - **Caprolactam**: The caprolactam inventory has declined [120] - **Household Appliance Production**: The production schedules of refrigerators, freezers, and household air - conditioners are presented [131][133]

Investment Rating - The report rates the chemical industry as "Outperforming the Market" [1] Core Views - International oil prices have risen, impacting the prices of methanol and methionine due to ongoing geopolitical conflicts affecting oil and some petrochemical product supplies and transportation [1] - The current P/E ratio for the SW basic chemical sector is 28.03, at the 81.52 percentile historically, while the P/B ratio is 2.53, at the 70.98 percentile historically [1] - The report anticipates that the current round of industry expansion is nearing its end, with measures like "anti-involution" expected to catalyze a recovery in industry profits [1] - The new materials sector is expected to benefit from rapid downstream demand growth, potentially initiating a new phase of high growth [1] Summary by Sections Industry Dynamics - As of March 22, 2026, the SW petrochemical sector's P/E ratio is 16.74, at the 50.60 percentile historically, and the P/B ratio is 1.62, at the 55.15 percentile historically [1] - The report highlights the need to focus on large energy state-owned enterprises, leading companies in coal chemical with stable and relatively low-cost raw material supply, and leading fine chemical companies with favorable supply-demand dynamics [1] Investment Recommendations - Short-term focus on large energy state-owned enterprises, coal chemical leaders, and fine chemical leaders with good cost transmission [1] - Long-term investment themes include traditional chemical leaders showing resilience, continuous improvement in supply-demand dynamics in sub-sectors like refining, polyester, dyes, organic silicon, pesticides, refrigerants, and phosphorous chemicals [1] - Recommended stocks include China Petroleum, China National Offshore Oil Corporation, China Petrochemical, Hengli Petrochemical, and others [1] Price Trends - For the week of March 16-22, 2026, 60 out of 100 tracked chemical products saw price increases, with notable rises in vitamin A, ethylene, naphtha, TDI, and methionine [28] - Methanol prices increased to 2,432 RMB/ton, up 7.04% week-on-week and 27.93% month-on-month [30] - Methionine prices rose to 39.5 RMB/kg, up 25.4% week-on-week and 111.23% month-on-month [31]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Pure benzene and styrene are mainly in high - level oscillations. The impacts of the conflict have been gradually factored into the absolute price valuation, so it is not advisable to chase high in the short term. However, from the relative valuation of aromatics - naphtha, the valuation of aromatics is not expensive [3][71]. - In the second quarter, after the aromatics blending oil demand starts, it is very likely that various price spreads will exceed those in 2022. In the short term, when crude oil is at $100, around 10,000 yuan/ton of styrene (on the futures market) is a reasonable range. Currently, the naphtha cracking spread is continuously expanding, and BZN is compressed to a historical low, so the valuation center still has upward momentum [3][71]. 3. Summary by Related Catalogs Supply - Pure benzene imports: After the second quarter, imports have been adjusted down to 38 - 400,000 tons under the background of continuous load reduction of overseas refineries [3][71]. - Pure benzene domestic production: The average monthly maintenance loss from March to May is 60,000 tons. Attention should be paid to the subsequent load reduction of domestic refineries. Preventive load reduction has occurred in Fujian United, CNOOC Shell, Zhejiang Petrochemical, Gulei, etc. this week. Attention should be paid to whether there will be new load - reduction in refineries [3][71]. - Styrene: There is still uncertainty about the start - up of marginal devices such as Jingbo and Yuhuang in March. The maintenance loss in March is 60,000 tons, and 90,000 tons in April [3][71]. - Caprolactam and adipic acid: Prices have risen, industry profits have been rapidly repaired, and PA6 inventory has also been rapidly depleted. The average monthly output is higher than previously expected, and there is less maintenance [3][71]. Demand - Phenol: Profits remain high, and the start - up rate is also continuously rising. There are not many maintenance devices. Attention should be paid to the commissioning progress of Shandong Ruilin [3][71]. - Aniline: Profits remain high. The maintenance volume in March is 17,000 tons, and there is less maintenance from April to May. It will remain at a high level in the short term [3][71]. - The demand for 3S downstream of styrene exceeds expectations. After the market rose rapidly, downstream factories entered the restocking cycle. Currently, home appliance factories are preparing for the post - Spring Festival boom, stimulating the restocking process of the industrial chain. Attention should be paid to the sustainability of the price increase of 3S. Currently, downstream profits remain resilient [3][71]. Viewpoints - The reduction of the load of cracking devices leads to a significant reduction in the supply of Asian pure benzene, corresponding to a decline in pure benzene imports to around 380,000 tons in April, which is significantly beneficial for the subsequent de - stocking of pure benzene ports [3][71]. - The domestic export of styrene continues to increase. The net export of styrene in the Middle East directly affects India and Europe, and the global balance is re - evaluated. The overseas styrene start - up rate continues to decline, and further load reduction overseas brings new opportunities for domestic exports. Assuming that the styrene export is more than 100,000 tons after April, if the subsequent maintenance of some refineries in East China is implemented, there is still a possibility of de - stocking in styrene ports [3][71]. - Other downstream industries of pure benzene start to actively restock. Due to the increase in demand from March to June and the short - term spot gap of pure benzene, downstream industries start to actively restock. Currently, downstream profits are still relatively high, and it is not yet the time for negative feedback [3][71]. Valuation - Absolute price valuation: Based on the valuation of crude oil at $100, the reasonable valuation range of the bz2603 contract is 8,500 - 9,500 yuan/ton [3][71]. - EB processing fee: It is not recommended to short the processing fee in the short term because the ethylene contradiction is too large, and the phased profit fluctuates greatly [3][71]. Strategy - Unilateral: Buy pure benzene on dips [3][71]. - Cross - variety: Buy pure benzene and short PTA [3][71].

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 given content Core Viewpoints - The intensity of the Middle East conflict remains high, and there is still support for aromatics. The port inventory of pure benzene has started to decline from a high level, but there is still some pressure on short - term arrivals. The supply of pure benzene in South Korea is expected to decline, and domestic supply has also decreased due to refinery load reduction. The demand for pure benzene has marginally declined. The port inventory of styrene has not entered the de - stocking cycle yet. [1][2] - For the strategy, it is recommended to cautiously go long and hedge BZ2604 and EB2604 on dips. [3] Summary According to Relevant Catalogs 1. Pure Benzene and EB's Basis Structure and Inter - period Spreads - Pure benzene: The main basis of pure benzene is -158 yuan/ton (-107), and the spread between East China pure benzene spot and M2 is -20 yuan/ton (-5 yuan/ton). [1] - Styrene: The main basis of styrene is -54 yuan/ton (-108 yuan/ton). [1] 2. Production Profits and Internal - External Spreads of Pure Benzene and Styrene - Pure benzene: The CFR China processing fee of pure benzene is 48 dollars/ton (+27 dollars/ton), the FOB South Korea processing fee is 37 dollars/ton (+24 dollars/ton), and the US - South Korea spread is 77.4 dollars/ton (+13.1 dollars/ton). [1] - Styrene: The non - integrated production profit of styrene is 41 yuan/ton (+48 yuan/ton), and it is expected to gradually compress. [1] 3. Inventory and Operating Rates of Pure Benzene and Styrene - Pure benzene: The port inventory of pure benzene is 28.80 tons (-1.40 tons), and the operating rate is affected by refinery load reduction. [1][2] - Styrene: The East China port inventory of styrene is 162,500 tons (+6,000 tons), the East China commercial inventory is 82,500 tons (+10,200 tons), and the operating rate is 71.8% (-2.3%). [1] 4. Operating Rates and Production Profits of Styrene Downstream - EPS: The production profit is 1,027 yuan/ton (-51 yuan/ton), and the operating rate is 57.78% (-0.98%). [2] - PS: The production profit is -749 yuan/ton (-251 yuan/ton), and the operating rate is 51.70% (+0.20%). [2] - ABS: The production profit is -1,827 yuan/ton (-105 yuan/ton), and the operating rate is 67.40% (-2.10%). [2] 5. Operating Rates and Production Profits of Pure Benzene Downstream - Caprolactam: The production profit is -385 yuan/ton (+115), and the operating rate is 74.87% (+0.00%). [1] - Phenol - acetone: The production profit is -192 yuan/ton (-872), and the operating rate of phenol is 86.50% (-1.50%). [1] - Aniline: The production profit is 989 yuan/ton (-555), and the operating rate is 89.04% (-0.31%). [1] - Adipic acid: The production profit is -207 yuan/ton (-147), and the operating rate is 69.00% (-0.70%). [1]