1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - The pure benzene market continues to operate weakly, dominated by high inventory and weak demand in the short term, with subsequent focus on import rhythm and downstream load changes [2] - The styrene market is in a supply - demand game stage, and short - term trends are mainly driven by real - world supply - demand changes, with inventory evolution as the core concern [3] 3. Summary by Relevant Catalogs 3.1 Daily Market Summary 3.1.1 Fundamental Information - **Price**: On January 5, the main contract of styrene closed down 0.77% at 6,739 yuan/ton, and the main contract of pure benzene closed down 0.75% at 5,406 yuan/ton. The main contract of Brent oil closed at $57.3/barrel (-$0.7/barrel), and the main contract of WTI crude oil closed at $60.8/barrel (-$0.5/barrel). The spot price of pure benzene in East China was 5,290 yuan/ton (-40 yuan/ton) [2] - **Inventory**: The inventory of pure benzene at East China ports was 300,000 tons (+27,000 tons), and the inventory of styrene at East China ports was 139,000 tons (+0 tons) [2] - **Supply**: The processing fees of CFR China and FOB South Korea for styrene slightly rebounded. The styrene plant load rebounded from a low level, but non - integrated plants were still in the loss range [2] - **Demand**: The overall downstream of pure benzene strengthened, while the downstream of styrene entered the off - season. The production profit of hard plastics was continuously compressed, and the finished product inventory pressure remained [2] 3.1.2 Views - **Pure Benzene**: The overseas refined oil cracking spread remains low, pressuring the aromatic hydrocarbon valuation. The domestic supply side has low processing profits, and the demand side is generally weak. In the short term, it is still dominated by high inventory and weak demand [2] - **Styrene**: Overseas supply pressure has marginally increased, and the domestic supply recovery is lower than expected. The demand side is still in the off - season, and the inventory evolution is the core concern [3] 3.2 Industry Data Monitoring - **Price and Yield Data**: From December 31, 2025, to January 5, 2026, the prices of styrene and pure benzene futures and spot, as well as upstream oil prices, showed different degrees of decline or increase. The production of styrene and pure benzene in China decreased slightly, and the inventory of pure benzene ports increased significantly [5][6] - **Capacity Utilization**: From December 26, 2025, to January 2, 2026, the capacity utilization rates of some downstream products of pure benzene and styrene showed different trends, with some increasing and some decreasing [7] 3.3 Industry News - Eight OPEC+ countries have agreed in principle to suspend oil production growth in Q1 2026 [8] - The US demands that Iran completely abandon uranium enrichment activities [8] - Other international political and energy - related news, such as the situation in Venezuela, Ukraine's sanctions, and changes in South African fuel prices [8][9][10] 3.4 Industry Data Charts - The report provides multiple charts, including those related to the prices of pure benzene and styrene, their spreads, import and domestic costs, port and factory inventories, and the capacity utilization rates of downstream products [11][14][21]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints - The pure benzene market will maintain a range-bound oscillation dominated by weak reality in the short term, with the price range between 5300 - 5700. The overseas gasoline blending logic has faded, and there is significant pressure on inventory due to concentrated arrivals in December. There is an expectation of supply tightening in the far - month, and the demand is generally weak, but there will be marginal increases in demand from January [2]. - The styrene market remains in a weak equilibrium pattern of high inventory and low demand. The overall inventory pressure persists, and the supply and demand structure generally maintains a weak balance. The price center may still be dominated by weak oscillations [3]. Group 3: Summary by Directory 1. Daily Market Summary (1) Fundamentals - **Price**: On December 9, the styrene main contract closed down 1.39% at 6576 yuan/ton, with a basis of 204 (+73 yuan/ton); the pure benzene main contract closed down 0.65% at 5355 yuan/ton [2]. - **Cost**: On December 9, Brent crude oil closed at $58.9 per barrel (-$1.2 per barrel), WTI crude oil closed at $62.5 per barrel (-$1.3 per barrel), and the spot price of pure benzene in East China was 5355 yuan/ton (-35 yuan/ton) [2]. - **Inventory**: Styrene port inventory was 16.1 million tons (-0.3 million tons), a 7.5% decrease compared to the previous period, still higher than in previous years. Pure benzene port inventory was 22.4 million tons (+6.0 million tons), a 36.6% increase compared to the previous period [2]. - **Supply**: Styrene production and supply fluctuated slightly month - on - month. Currently, the weekly styrene output is 34.2 million tons (+0.7 million tons), and the factory capacity utilization rate is 68.9% (+1.6%) [2]. - **Demand**: The overall demand of the downstream 3S sector has recovered. The EPS capacity utilization rate is 56.4% (+1.6%), the ABS capacity utilization rate is 68.3% (-2.9%), and the PS capacity utilization rate is 59.0% (+1.4%) [2]. 2. Industry News - Canada provided an additional CAD 235 million in aid to Ukraine [8]. - The ADP employment in the US decreased by 32,000 in November, falling short of market expectations [10]. - Fitch lowered its oil price forecasts for 2025 - 2027, reflecting an oversupply in the market [10]. - Venezuela's daily oil exports exceeded 900,000 barrels in November despite US pressure [10]. - US Treasury Secretary Yellen stated that there are signs of weakness in some areas of the US economy and that interest rate cuts are needed [10]. - The EIA crude oil inventory in the US increased by 574,000 barrels in the week ending November 28, and the strategic petroleum reserve inventory increased by 250,000 barrels [10]. 3. Industry Chain Data Monitoring (1) Styrene and Pure Benzene Prices - Styrene futures main contract decreased by 1.39% to 6576 yuan/ton; spot price increased by 0.71% to 6770 yuan/ton; basis increased by 55.73% to 204 yuan/ton [5]. - Pure benzene futures main contract decreased by 1.22% to 5492 yuan/ton; East China spot price decreased by 0.65% to 5355 yuan/ton [5]. - The price of pure benzene in South Korea FOB, the US FOB, and China CFR remained unchanged [5]. - The difference between domestic pure benzene and CFR decreased by 7.53%, and the difference between East China and Shandong pure benzene decreased by 212.50% [5]. - Brent crude oil decreased by 2.00% to $58.9 per barrel, WTI crude oil decreased by 1.98% to $62.5 per barrel, and naphtha price remained unchanged [5]. (2) Styrene and Pure Benzene Production and Inventory - China's styrene production increased by 2.32% to 34.2 million tons, and pure benzene production decreased by 1.70% to 43.9 million tons [6]. - Styrene port inventory in Jiangsu decreased by 2.19% to 16.1 million tons, and domestic factory inventory decreased by 7.19% to 17.6 million tons [6]. - National pure benzene port inventory increased by 36.59% to 22.4 million tons [6]. (3) Capacity Utilization - The capacity utilization rate of styrene in pure benzene downstream increased by 1.56% to 68.9%, and that of caprolactam decreased by 7.53% to 79.2% [7]. - The capacity utilization rate of phenol increased by 0.57% to 81.7%, and that of aniline remained unchanged at 77.2% [7]. - Among styrene downstream, the EPS capacity utilization rate increased by 1.51% to 56.4%, the VBS capacity utilization rate decreased by 2.90% to 68.3%, and the PS capacity utilization rate increased by 1.10% to 59.0% [7].

Group 1 - Google has launched the Gemini 2.5 series, with the Flash-Lite version being the fastest and most cost-effective at $0.1 per million tokens [1] - Gemini 2.5 demonstrates human-like behavior in gaming scenarios, showing panic when health is low, which affects reasoning capabilities [1] - The 2.5 series utilizes a sparse MoE architecture, supporting multimodal inputs and long texts of up to millions of tokens, outperforming previous generations [1] Group 2 - Microsoft introduced three innovative algorithms: rStar-Math, LIPS, and CPL, which enhance large model inference capabilities [2] - rStar-Math improves mathematical reasoning quality through self-evolution and Python code validation, while LIPS optimizes mathematical proof strategies [2] - CPL algorithm significantly boosts cross-task generalization abilities by searching high-level abstract planning spaces [2] Group 3 - MiniMax has released the Hai Luo 02 video generation tool, capable of creating 10-second 1080P videos, ranking second in international video generation projects [3] - Hai Luo 02 achieves realistic physical effects and supports multilingual prompts, generating videos in a single attempt [3] - Four out of the top five video generation companies in the international rankings are Chinese, highlighting China's leading position in this field [3] Group 4 - Meta is collaborating with Italian luxury brand Prada to develop AI smart glasses, expanding partnerships beyond EssilorLuxottica [4] - Meta plans to launch Oakley smart glasses for athletes on June 20, priced around $360, featuring enhanced weather resistance [4] - Since 2023, Meta and Luxottica have sold 2 million pairs of Ray-Ban smart glasses, with plans to increase annual production to 10 million by the end of 2026 [5] Group 5 - Luo Yonghao's digital persona completed its first e-commerce live stream on Baidu, attracting over 13 million viewers and generating a GMV of over 55 million yuan [6] - Baidu's Hui Bo Xing technology enabled a unified five-dimensional presentation during the live stream, with AI accessing its knowledge base 13,000 times [6] - Baidu aims to add 100,000 digital personas and invest 100 million yuan to scale the digital persona live streaming industry [6] Group 6 - The "Six Little Dragons" of large models have faced significant executive turnover, with 22 executives leaving in the past six months [7] - Companies like Zero One and Baichuan Intelligence are shifting strategies, with Zero One abandoning large model training for Alibaba Cloud [7] - Commercialization is critical for survival, and the "Six Little Dragons" must find differentiated applications in the open-source large model era [7] Group 7 - Hong Kong University of Science and Technology has released the first medical world model, MeWM, which simulates tumor evolution and treatment planning [8] - The system achieves a Turing test accuracy of 79% and demonstrates an F1-score of 64.08% in liver cancer TACE treatment, nearing professional doctor levels [8] - MeWM's survival risk prediction C-Index is 0.752, indicating a 13% performance improvement when integrated into physician decision-making [8] Group 8 - Andrej Karpathy introduced the concept of Software 3.0, emphasizing the shift from traditional coding to prompt engineering in AI development [10] - He highlighted the limitations of LLMs, including "jagged intelligence" and "forward amnesia," necessitating new paradigms for storing problem-solving strategies [10] - AI product design should focus on human-agent collaboration, treating agents as new consumers of digital information [10] Group 9 - Sam Altman predicts that AI will achieve autonomous research capabilities within the next 5-10 years, significantly enhancing scientific discovery [11] - OpenAI envisions an "AI companion" that integrates into daily life, understanding user goals and proactively offering assistance [11] - Altman critiques Meta's talent acquisition strategy, suggesting it lacks innovation and that humans will adapt quickly to the superintelligent era [11] Group 10 - Stanford's research indicates a significant mismatch in AI startup investments, with 41% directed towards low-priority areas that do not meet employee needs [12] - A majority of employees prefer a "human-machine equal partnership" model, with only 17.1% in the arts welcoming automation [12] - The value of skills has shifted, with teaching others now ranked second in demand, highlighting the growing importance of interpersonal skills over information processing [12]