纯苯苯乙烯日报 | 2025-10-10 节后纯苯库存再度下降，苯乙烯库存压力仍存 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-13元/吨（-73）。纯苯港口库存9.10万吨（-1.50万吨）；纯苯CFR中国加工费126美元/吨（+4 美元/吨），纯苯FOB韩国加工费115美元/吨（+7美元/吨），纯苯美韩价差69.6美元/吨（-5.0美元/吨）。华东纯苯现货 -M2价差35元/吨（+10元/吨）。 纯苯下游方面：己内酰胺生产利润-1900元/吨（+110），酚酮生产利润-332元/吨（+51），苯胺生产利润478元/吨（+140）， 己二酸生产利润-1325元/吨（-19）。己内酰胺开工率96.00%（+0.00%），苯酚开工率78.00%（-1.00%），苯胺开工率 77.16%（+1.12%），己二酸开工率66.90%（+4.00%）。 苯乙烯方面：苯乙烯主力基差-28元/吨（+7元/吨）；苯乙烯非一体化生产利润-486元/吨（+36元/吨），预期逐步压 缩。苯乙烯华东港口库存201900吨（+4400吨），苯乙烯华东商业库存116400吨（+9600吨），处于库存回建阶段。 苯乙烯开 ...

苯乙烯方面：苯乙烯主力基差-17元/吨（+17元/吨）；苯乙烯非一体化生产利润-470元/吨（-18元/吨），预期逐步压 缩。苯乙烯华东港口库存197500吨（+11000吨），苯乙烯华东商业库存106800吨（+8300吨），处于库存回建阶段。 苯乙烯开工率73.2%（-0.2%）。 下游硬胶方面：EPS生产利润204元/吨（+35元/吨），PS生产利润-116元/吨（+15元/吨），ABS生产利润42元/吨（+32 元/吨）。EPS开工率55.25%（-6.49%），PS开工率59.10%（-2.10%），ABS开工率70.00%（+0.20%）。 市场分析 纯苯方面，国内存量装置开工仍偏高，下游节前提货采购量有所回落，港口库存去库速率快速放缓。纯苯下游开 工底部快速回升，己内酰胺、酚酮、苯胺等开工均底部快速回升，但MDI、PA6、锦纶长丝库存压力仍存以及双酚 A开工不佳，节后纯苯下游该三个品种的中长期采购持续性存疑。 纯苯去库速率放缓，苯乙烯再度累库 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-25元/吨（-2）。纯苯港口库存10.60万吨（-0.10万吨）；纯苯CFR中国加工费116 ...

Core Viewpoint - Yistar Group Co., Ltd. is focusing on expanding its renewable energy and overseas business segments, with significant growth expected in solar, wind, and energy storage sectors due to the implementation of "dual carbon" policies [1][2]. Business Overview - In the first half of 2025, Yistar achieved a revenue of 1.667 billion yuan, with the renewable energy segment accounting for 56.83% of total revenue [1]. - The overseas business has been steadily increasing, reaching 21.26% of total revenue in the first half of 2025, primarily from power supply products such as UPS and EPS [1]. Charging Infrastructure - Yistar's charging pile business serves a wide range of clients, including major power companies and automotive manufacturers, and features mobile charging robots to alleviate congestion at gas stations and service areas [2]. Liquid Cooling Technology - The company offers various mature liquid cooling solutions, including cold plate, immersion, and spray cooling technologies, applicable in charging piles, data centers, and energy storage systems [2]. Research and Development - In the first half of 2025, Yistar invested 101 million yuan in R&D, representing 6.08% of its revenue, and holds over 1,000 patents and software copyrights [2]. Sodium Battery Products - Yistar has achieved mass production of long-cycle and high-power sodium battery cells, developing applications for sodium battery UPS power supplies and automotive start-stop systems [2]. Silicon Carbide Development - The company has been involved in silicon carbide technology development since 2016 and aims to continue research and application in the third-generation semiconductor field [2].

Business Overview - The company achieved a total revenue of 166,749.51 million yuan in the first half of 2025, with high-end power equipment contributing 71,240.65 million yuan (42.72%) and the new energy sector contributing 94,754.24 million yuan (56.83%) [1][2] - The new energy business is expected to grow in proportion due to the implementation of "dual carbon" policies, focusing on solar, wind, and energy storage as new growth points [2] International Business - The overseas business accounted for 21.26% of total revenue in the first half of 2025, primarily from power products like UPS and EPS [3] - The company has established an ODM cooperation model with partners and has its own overseas sales team, targeting markets in Europe, Africa, the Middle East, and Southeast Asia [3] Customer Base - Key customers for the charging pile business include major power companies and automotive manufacturers, with mobile charging robots being used to enhance charging capabilities during peak times [4] Technology and R&D - The company has invested 1.01 billion yuan in R&D in the first half of 2025, representing 6.08% of total revenue, and holds over 1,000 patents [7] - The company has developed various liquid cooling technologies, enhancing efficiency and reducing power consumption in high-density computing environments [6] Product Development - The company has launched a range of sodium battery products, including UPS power supplies and energy storage cabinets, which offer advantages over traditional lithium and lead-acid batteries [8][9] - The company is involved in the development of silicon carbide (SiC) technology, focusing on application technology rather than direct production [10] Risk Management - The company plans to apply for the removal of risk warnings by the end of 2025, having completed necessary financial corrections and audits [11] Investor Relations - The company emphasizes transparency and regular communication with investors, ensuring compliance with information disclosure regulations [12]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - For pure benzene, domestic existing plants are operating at a relatively high rate, import arrivals are slowing down, downstream pre - holiday procurement is good, port inventory is decreasing faster, and the basis is strengthening. The downstream开工 rate is rising from the bottom, but overall开工 remains low, and the long - term procurement sustainability of downstream is questionable [3]. - For styrene, the开工 of PS and EPS has declined,提货 has decreased, arrivals are concentrated, port inventory has accumulated again, the basis has weakened further, and the开工 is waiting to rise. Overseas, the开工 of EB in Europe and America is still low, but the price difference between Europe and America and China is narrowing, and the paper - cargo locked import window for EB has opened [3]. 3. Summary According to the Directory I. Pure Benzene and EB's Basis Structure, Inter - period Spread - The pure benzene main contract basis is - 12 yuan/ton (+0), and the styrene main contract basis is - 18 yuan/ton (- 15 yuan/ton). The pure benzene spot - M2 spread is 35 yuan/ton (- 10 yuan/ton) [1]. II. Pure Benzene and Styrene Production Profits, Domestic and Foreign Price Differences - Pure benzene CFR China processing fee is 120 dollars/ton (- 6 dollars/ton), FOB Korea processing fee is 103 dollars/ton (- 5 dollars/ton), and the US - Korea price difference is 38.5 dollars/ton (- 4.0 dollars/ton). Styrene non - integrated production profit is - 542 yuan/ton (- 4 yuan/ton) and is expected to be gradually compressed [1]. III. Pure Benzene and Styrene Inventory, Operating Rate - Pure benzene port inventory is 10.70 million tons (- 2.70 million tons), and the operating rate of downstream pure benzene is rising from the bottom. Styrene East China port inventory is 186,500 tons (+27,500 tons), East China commercial inventory is 98,500 tons (+20,500 tons), and the operating rate is 73.2% (- 0.2%) [1]. IV. Styrene Downstream Operating Rate and Production Profits - EPS production profit is 179 yuan/ton (- 15 yuan/ton), PS production profit is - 91 yuan/ton (- 15 yuan/ton), ABS production profit is - 32 yuan/ton (- 9 yuan/ton). EPS operating rate is 55.25% (- 6.49%), PS operating rate is 59.10% (- 2.10%), ABS operating rate is 70.00% (+0.20%) [2]. V. Pure Benzene Downstream Operating Rate and Production Profits - Caprolactam production profit is - 2005 yuan/ton (- 10), phenolic ketone production profit is - 320 yuan/ton (- 124), aniline production profit is 186 yuan/ton (+124), adipic acid production profit is - 1369 yuan/ton (- 14). Caprolactam operating rate is 93.66% (+4.97%), phenol operating rate is 78.00% (+7.00%), aniline operating rate is 74.92% (+2.97%), adipic acid operating rate is 61.40% (- 1.20%) [1]. 4. Strategies - Unilateral: Wait and see for BZ, short - hedge EB on rallies. - Basis and inter - period: None. - Cross - variety: None [4]

纯苯苯乙烯日报 | 2025-09-25 EB港口库存继续累积 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-12元/吨（+18）。纯苯港口库存10.70万吨（-2.70万吨）；纯苯CFR中国加工费126美元/吨 （-7美元/吨），纯苯FOB韩国加工费108美元/吨（-7美元/吨），纯苯美韩价差42.5美元/吨（+5.0美元/吨）。华东纯苯 现货-M2价差45元/吨（+45元/吨）。 纯苯下游方面：己内酰胺生产利润-1995元/吨（-105），酚酮生产利润-196元/吨（+0），苯胺生产利润62元/吨（+91）， 己二酸生产利润-1356元/吨（-50）。己内酰胺开工率88.69%（+2.48%），苯酚开工率71.00%（+2.00%），苯胺开工 率71.95%（+6.74%），己二酸开工率62.60%（-1.60%）。 苯乙烯方面：苯乙烯主力基差-3元/吨（-3元/吨）；苯乙烯非一体化生产利润-550元/吨（+12元/吨），预期逐步压缩。 苯乙烯华东港口库存186500吨（+27500吨），苯乙烯华东商业库存98500吨（+20500吨），处于库存回建阶段。苯乙 烯开工率73.4%（-1.5 ...

纯苯苯乙烯日报 | 2025-09-24 EB基差进一步走弱 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-30元/吨（+36）。纯苯港口库存10.70万吨（-2.70万吨）；纯苯CFR中国加工费132美元/吨 （-3美元/吨），纯苯FOB韩国加工费114美元/吨（-2美元/吨），纯苯美韩价差37.5美元/吨（-3.0美元/吨）。华东纯苯 现货-M2价差0元/吨（+20元/吨）。 纯苯下游方面：己内酰胺生产利润-1890元/吨（-85），酚酮生产利润-196元/吨（+0），苯胺生产利润62元/吨（+91）， 己二酸生产利润-1306元/吨（-12）。己内酰胺开工率88.69%（+2.48%），苯酚开工率71.00%（+2.00%），苯胺开工 率71.95%（+6.74%），己二酸开工率62.60%（-1.60%）。 苯乙烯方面：苯乙烯主力基差0元/吨（-42元/吨）；苯乙烯非一体化生产利润-562元/吨（-87元/吨），预期逐步压缩。 苯乙烯华东港口库存186500吨（+27500吨），苯乙烯华东商业库存98500吨（+20500吨），处于库存回建阶段。苯乙 烯开工率73.4%（-1.5%）。 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The trading strategy for pure benzene is a sideways and weak trend for single - sided trading and a wait - and - see approach for arbitrage. For benzene - ethylene, the single - sided trading is also expected to be sideways and weak, and the strategies for arbitrage and options are to wait and see. The price of pure benzene is expected to show a weak sideways movement, and benzene - ethylene may face inventory accumulation pressure and price decline in the future [5][7]. Summary by Directory 1. Comprehensive Analysis and Trading Strategy Pure Benzene - The Fed cut interest rates by 25 basis points this week, increasing the risk of employment decline and inflation rise, and the macro - sentiment is weak. Geopolitical tensions have led to high - level fluctuations in oil prices. The supply and demand of pure benzene have both increased, the price difference with naphtha and styrene has remained stable, and the spot price has slightly increased. The import arrival in East China has been lower than expected, and the port inventory has decreased. The inventory of Shandong refineries is low, and the price is firm, but the buying interest has declined in the second half of the week. The price difference between Shandong and East China has strengthened, and the regional arbitrage window remains closed [5][11]. - Some pure benzene maintenance devices have restarted, and some new devices have been put into production, increasing the overall supply. The start - up rate of hydrogenated benzene has increased, although the profit remains in a loss state with a small loss margin, and the overall supply is also expected to increase. The downstream profit of pure benzene continues to be in a loss state, the inventory of major downstream products has increased, and the downstream procurement is coming to an end [5][26][28]. Benzene - ethylene - The price of benzene - ethylene first rose and then fell this week. The unexpected shutdown of Zhejiang Petrochemical widened the price difference between East China and Shandong, and the north - south arbitrage window opened. The inventory in East China ports has increased, and the basis has slightly weakened. The inventory of ports and trading enterprises has increased month - on - month, while the inventory of production enterprises has decreased [7][35]. - Some benzene - ethylene devices have reduced their loads or shut down, and some have restarted, resulting in a slight decline in the weekly start - up rate. In the future, the start - up rate is expected to increase, and new devices are planned to be put into production in the fourth quarter, increasing the supply. The downstream 3S orders are insufficient, the market spot supply is abundant, and the enterprise inventory is generally high, so benzene - ethylene may face inventory accumulation pressure in the future [7][44]. 2. Core Logic Analysis No specific content in the document is marked as core logic analysis, so this part is skipped. 3. Weekly Data Tracking 3.1 Pure Benzene - **Industrial Chain Prices**: The prices of pure benzene in East China, styrene in East China, EPS, PS, and ABS are presented, showing the price trends over the years [52]. - **External Prices**: The prices of pure benzene CFR in China, FOB in South Korea, FOB in the United States, and FOB in Rotterdam are shown [55]. - **Variety Price Differences**: The price differences between pure benzene and naphtha (external market), styrene and pure benzene (external and internal markets) are presented [57]. - **Regional Price Differences**: The price differences between Shandong and East China, China and South Korea, and the United States and South Korea for pure benzene are shown [61]. - **Industrial Chain Profits**: The production profits of pure benzene, styrene ethylbenzene dehydrogenation, phenol, adipic acid, caprolactam, and aniline are presented [67][71]. - **Start - up Rate**: The start - up rates of pure benzene and hydrogenated benzene are shown [74]. - **Port Inventory**: The port inventory of pure benzene is presented [75]. - **Downstream Start - up**: The start - up rates of styrene, caprolactam, phenol, aniline, and adipic acid, which are downstream of pure benzene, are shown [79]. 3.2 Benzene - ethylene - **Internal and External Prices**: The spot price of benzene - ethylene in East China, CFR in China, FOB in South Korea, FOB in the United States, and FOB in Rotterdam are presented [83]. - **External Price Differences**: The price differences between internal and external markets of benzene - ethylene, and between China and the United States, South Korea, and Rotterdam are shown [86]. - **Industrial Chain Profits**: The production profits of benzene - ethylene ethylbenzene dehydrogenation, POSM, EPS, PS, and ABS are presented [88]. - **Industrial Chain Start - up**: The start - up rates of benzene - ethylene, PS, ABS, EPS, and phenol are shown [90][91]. - **Port Inventory**: The port inventories of benzene - ethylene in East China, South China, and overall are presented [93].

Report Industry Investment Rating - Not provided in the content Core Views - For pure benzene, domestic attention is on the commissioning progress of Yulong Cracking Unit 2. There will be concentrated new capacity additions from August to September. Domestic existing unit operations are still stable, while the rhythm of imports has slowed down. Downstream pick - up has reached its peak and declined but remains at a decent level, leading to a decline in port inventory. Downstream operations of pure benzene are recovering from the bottom, but overall operations are still low, and short - term maintenance of styrene has dragged down the rigid demand for pure benzene [3]. - For styrene, downstream pick - up during the peak season remains at a relatively high level, and port inventory is waiting to be further reduced. Currently, the absolute level of port inventory is still high. There will be short - term maintenance in the first and middle of September, leading to a decline in operations, and port inventory has started to decline. However, operations may recover in the second half of September. Among styrene's downstream products, the operations of ABS and PS have slightly declined, EPS operations are decent, and ABS has a large inventory pressure [3]. Summary by Directory 1. Pure Benzene and EB's Basis Structure and Inter - Period Spreads - Relevant figures include the pure benzene main contract basis and futures price, pure benzene main contract basis, pure benzene spot - M2 paper cargo spread, pure benzene continuous first - contract to continuous third - contract spread, EB main contract trend & basis, EB main contract basis, and styrene continuous first - contract to continuous third - contract spread [9][14][20] 2. Production Profits and Domestic - Foreign Spreads of Pure Benzene and Styrene - Relevant figures cover naphtha processing fees, the difference between FOB Korea pure benzene and CFR Japan naphtha, non - integrated styrene production profits, the difference between FOB US Gulf pure benzene and FOB Korea pure benzene, the difference between FOB US Gulf pure benzene and CFR China pure benzene, the difference between FOB Rotterdam pure benzene and CFR China pure benzene, pure benzene import profits, styrene import profits, the difference between FOB US Gulf styrene and CFR China styrene, and the difference between FOB Rotterdam styrene and CFR China styrene [22][25][33][40] 3. Inventory and Operating Rates of Pure Benzene and Styrene - Relevant figures are pure benzene inventory at East China ports, pure benzene operating rate, styrene inventory at East China ports, styrene operating rate, styrene commercial inventory in East China, and styrene factory inventory [42][44][47] 4. Operating Rates and Production Profits of Styrene's Downstream Products - Relevant figures involve EPS operating rate and production profit, PS operating rate and production profit, and ABS operating rate and production profit [53][55][58] 5. Operating Rates and Production Profits of Pure Benzene's Downstream Products - Relevant figures include caprolactam operating rate and production profit, phenol - acetone operating rate and production profit, aniline operating rate and production profit, adipic acid operating rate and production profit, PA6 regular spinning bright production profit, nylon filament production profit, bisphenol A production profit, PC production profit, epoxy resin E - 51 production profit, pure MDI production profit, and polymer MDI production profit [63][65][74][86] Strategies - Unilateral: None [4] - Basis and Inter - Period: Go for a positive spread arbitrage when the EB2510 - EB2511 spread is low [4] - Cross - Product: Temporarily go for widening the EB2510 - BZ2603 spread when it is low [4]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - Recently, due to unplanned production cuts in some styrene plants and maintenance plans from September to October, the supply of styrene has shrunk. Driven by peak - season demand in the downstream EPS/PS industries, overall operations have slightly improved, raw material procurement has followed up, and demand support has strengthened. However, although port inventories continue the downward trend from high levels, the current inventory level may still limit the upside potential of prices. Additionally, attention should be paid to the potential impact of macro - policies and geopolitical factors on the commodity market. The strategy is to take a short - term low - buying approach for EB10, and pay attention to the pressure around 7200; widen the spread between EB11 and BZ11 at low levels [2]. - Recently, the restart of some pure benzene plants has led to a month - on - month increase in production, and the supply side remains at a relatively high level. The demand side is sluggish, with unplanned production cuts in some styrene plants and a general weakening of the operating rates in other downstream industries. The supply - demand pattern of pure benzene remains loose, and the pre - holiday stocking demand has not been significantly released, resulting in weak overall market drivers. In the short term, price trends may be easily affected by geopolitical and macro factors. The strategy is for BZ2603 to fluctuate in tandem with styrene [2]. 3. Summary by Relevant Catalogs 3.1 Upstream Prices and Spreads - Brent crude oil (November) on September 17 was $67.95, down $0.52 (-0.8%) from September 16; WTI crude oil (October) was $64.05, down $0.47 (-0.7%); CFR Japan naphtha was $600, up $4 (0.7%); CFR Northeast Asia ethylene was $850, unchanged; CFR China pure benzene was $742, up $1 (0.1%); the spread between pure benzene and naphtha was 133, down 3 (-2.2%); the spread between ethylene and naphtha was 241, down 4 (-1.6%); the listed price of pure benzene by Sinopec East China was 5900 yuan/ton, unchanged; the spot price of pure benzene in East China was 5980 yuan/ton, up 5 yuan (0.1%); BZ futures 2603 was 6057 yuan/ton, down 16 yuan (-0.3%); the BZ basis (03) was -77, up 21 (-21.4%); the import profit of pure benzene was -90 yuan/ton, down 2 yuan (2.2%); the exchange rate (RMB central parity rate) was 7.1013, down 0.0014 (0.0%) [2]. 3.2 Styrene - Related Prices and Spreads - The spot price of styrene in East China on September 17 was 7180 yuan/ton, down 10 yuan (-0.1%); EB futures 2510 was 7138 yuan/ton, down 20 yuan (-0.3%); EB futures 2511 was 7152 yuan/ton, down 24 yuan (-0.3%); the EB basis (10) was 42, up 10 (31.3%); EB10 - EB11 was -14, up 4 (-22.2%); the non - integrated EB cash flow was -142 yuan/ton, down 14 yuan (10.6%); the integrated EB cash flow was -334 yuan/ton, down 47 yuan (16.5%); the EB - BZ spot spread was 1200 yuan/ton, down 15 yuan (-1.2%); EB03 - BZ03 was 1169 yuan/ton, up 58 yuan (5.2%); EB10 - BZ03 was 1081 yuan/ton, down 4 yuan (-0.4%); CFR China styrene was $888/ton, down $1 (-0.1%); the EB import profit was -168 yuan/ton, up 0.5 yuan (0.2%) [2]. 3.3 Cash Flows of Pure Benzene and Styrene Downstream - The cash flow of phenol on September 17 was -392 yuan/ton, up 54 yuan (-12.2%); the cash flow of caprolactam (single product) was -1830 yuan/ton, down 80 yuan (4.6%); the cash flow of aniline was 220 yuan/ton, up 46 yuan (26.3%); the Eb2 cash flow was 70 yuan/ton, up 10 yuan (16.7%); the PS cash flow was -180 yuan/ton, up 50 yuan (-21.7%); another cash flow was -201 yuan/ton, up 13 yuan (-6.1%); no information was provided for ABS cash flow [2]. 3.4 Inventories of Pure Benzene and Styrene (Weekly, Longzhong) - On September 15, the inventory of pure benzene in Jiangsu ports was 13.40 million tons, down 1.00 million tons (-6.9%) from September 8; the inventory of styrene in Jiangsu ports was 15.90 million tons, down 1.75 million tons (-9.9%) [2]. 3.5 Changes in the Operating Rates of the Pure Benzene and Styrene Industry Chain (Weekly, Longzhong, Huarui) - The Asian pure benzene operating rate (Huarui) on September 11 was 79.0%, up 1.1% (1.4%) from September 4; the domestic pure benzene operating rate was 79.3%, down 0.1% (-0.1%); the domestic hydro - benzene operating rate was 54.6%, up 4.8% (9.6%); the phenol operating rate was 68.9%, down 6.3% (-8.4%); the caprolactam operating rate was 86.3%, down 4.2% (-4.6%); the aniline operating rate was 65.5%, down 2.5% (-3.7%); the styrene operating rate was 75.0%, down 4.7% (-5.9%); the downstream PS operating rate was 61.9%, up 0.9% (1.5%); the downstream EPS operating rate was 61.0%, up 8.5% (16.2%); the downstream ABS operating rate was 70.0%, up 1.0% (1.4%) [2].