1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The fundamentals show that the Hengli 720,000 - tonne plant restarted, and the load of some plants in North and South China was adjusted. The styrene output decreased by 0.71% to 350,900 tonnes, and the capacity utilization rate decreased by 0.51% to 69.95%. The downstream operating rates mainly declined, with the consumption of the EPS, PS, and ABS industries decreasing by 0.98% to 263,200 tonnes. Factory inventory decreased by 7.47% to 164,900 tonnes, East China port inventory decreased by 4.63% to 160,600 tonnes, and South China port inventory decreased by 4.00% to 48,000 tonnes. Recently, there are both shutdown and restart of styrene plants. The tight supply of upstream ethylene restricts the operating load of downstream plants, and the styrene supply is not expected to increase significantly. The downstream industries are polarized, with the EPS industry increasing its operating load due to good profits, while the PS and ABS industries have low profits and reduced operations. The Middle - East raw material supply issue impacts the overseas chemical market, and there are positive news on the export side. EB2605 is expected to open lower in the morning and fluctuate with oil prices during the day [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the futures main contract for styrene was 9,856 yuan/tonne, a decrease of 741 yuan. The trading volume was 885,149 lots, an increase of 93,769 lots. The long positions of the top 20 holders were 301,088 lots, a decrease of 5,453 lots. The 3 - month contract closing price was 8,512 yuan/tonne, a decrease of 496 yuan. The open interest was 207,278 lots, a decrease of 16,331 lots. The net long positions of the top 20 holders were - 5,641 lots, a decrease of 4,843 lots. The short positions of the top 20 holders were 306,729 lots, a decrease of 610 lots. The total warehouse receipts were 0 lots [2] 3.2 Spot Market - The spot price of styrene was 10,890 yuan/tonne, an increase of 330 yuan. The mainstream price in Northeast China was 10,925 yuan/tonne, an increase of 400 yuan. The mainstream price in South China was 11,150 yuan/tonne, a decrease of 300 yuan. The mainstream price in North China was 10,550 yuan/tonne, a decrease of 300 yuan. The mainstream price in East China was 10,775 yuan/tonne, a decrease of 300 yuan [2] 3.3 Upstream Situation - The CFR Northeast Asia intermediate price of ethylene was 1,501 US dollars/tonne, an increase of 60 US dollars. The FD US Gulf price of ethylene was 716 US dollars/tonne, unchanged. The FOB price of pure benzene in the US Gulf was 429 US cents/gallon, an increase of 16 US cents. The CIF price of pure benzene in Taiwan was 1,154.64 US dollars/tonne, unchanged. The FOB price of pure benzene in Rotterdam was 1,199 US dollars/tonne, a decrease of 1 US dollar. The market price of pure benzene in the South China market was 9,000 yuan/tonne, unchanged. The market price of pure benzene in the East China market was 8,805 yuan/tonne, a decrease of 135 yuan. The market price of pure benzene in the North China market was 8,600 yuan/tonne, unchanged [2] 3.4 Industry Situation - The overall styrene operating rate was 69.95%, a decrease of 0.51 percentage points. The national styrene inventory was 164,900 tonnes, a decrease of 13,310 tonnes. The total inventory at the East China main port was 160,600 tonnes, a decrease of 7,800 tonnes. The EPS operating rate was 63.27%, an increase of 2.27 percentage points. The ABS operating rate was 62.6%, a decrease of 4.5 percentage points [2] 3.5 Downstream Situation - The PS operating rate was 51.4%, a decrease of 0.2 percentage points. The UPR operating rate was 35%, a decrease of 2 percentage points. The butadiene - styrene rubber operating rate was 73.53%, a decrease of 0.53 percentage points [2] 3.6 Industry News - From March 20th to March 26th, the total output of Chinese styrene plants was 350,900 tonnes, a decrease of 0.71% from the previous week, and the plant capacity utilization rate dropped to 69.95%, a decrease of 0.51 percentage points. The consumption of the main downstream industries (EPS, PS, ABS) of styrene in China was 263,200 tonnes, a decrease of 0.98% from the previous week. As of March 26th, the inventory of Chinese styrene plants was 164,900 tonnes, a decrease of 7.47% from the previous week. As of March 30th, the inventory at the East China port was 160,600 tonnes, a decrease of 4.63% from the previous week, and the inventory at the South China port was 48,000 tonnes, a decrease of 4.00%. EB2605 fell 7.38% to close at 9,856 yuan/tonne. The US President said that the war against Iran would end in "two to three weeks", and the Iranian President said that he was willing to end the war on the premise that his demands were met. The market expected the geopolitical situation in the Middle East to ease, and domestic crude oil and petrochemicals declined [2]

Report Investment Rating - No investment rating information provided in the report Core View - Supply-side spring inspection expectations are gradually being fulfilled; short-term downstream operating rates have limited room for further increase, but downstream inventories are continuously being depleted and profits are mainly on the rise, without forming a negative feedback on styrene; visible inventories are being depleted smoothly, and inventories are expected to remain at a neutral level; domestic styrene supply and demand are acceptable. Currently, there is still significant uncertainty in the Middle East situation, and in the short term, EB2604 is expected to fluctuate with international oil prices [2] Summary by Directory Futures Market - The closing price of the futures main contract for styrene is 10,218 yuan/ton, with a change of 250; the trading volume is 693,966 lots, with a change of -99,417; the open interest is 100,796 lots, with a change of -31,083; the net long position of the top 20 holders is -14,748 lots, with a change of 5,922; the number of warehouse receipts is 2,386 lots, with a change of 800 [2] Spot Market - The spot price of styrene is 10,280 yuan/ton, with a change of -30; the mainstream price in the Northeast region is 10,025 yuan/ton, with no change; the mainstream price in the South China region is 10,325 yuan/ton, with a change of -75; the mainstream price in the North China region is 10,000 yuan/ton, with no change; the mainstream price in the East China region is 10,075 yuan/ton, with a change of -75 [2] Upstream Situation - The CFR Northeast Asia ethylene price is 1,281 US dollars/ton, with a change of 30; the FOB US Gulf ethylene price is 650 US dollars/ton, with a change of 14; the CIF Taiwan pure benzene price is 1,086.67 US dollars/ton, with a change of 12; the FOB US Gulf pure benzene price is 409 US cents/gallon, with a change of 12; the FOB Rotterdam pure benzene price is 1,132 US dollars/ton, with a change of 47; the market price of pure benzene in the South China market is 8,400 yuan/ton, with no change; the market price of pure benzene in the East China market is 8,200 yuan/ton, with a change of -85; the market price of pure benzene in the North China market is 7,800 yuan/ton, with no change [2] Industry Situation - The styrene production start-up rate is 71.79%, with a change of -2.32; the national styrene inventory is 191,850 tons, with a change of -210; the total inventory at the East China main port is 162,500 tons, with a change of 6,000; the EPS production start-up rate is 57.78%, with a change of -0.2; the ABS production start-up rate is 67.4%, with a change of -2.1 [2] Downstream Situation - The PS production start-up rate is 51.7%, with a change of 0.2; the UPR production start-up rate is 38%, with a change of 3; the butadiene styrene rubber production start-up rate is 75.65%, with a change of -1.76 [2] Industry News - From March 13th to 19th, the overall output of Chinese styrene factories was 353,400 tons, a month-on-month decrease of 1.86%; the factory capacity utilization rate was 70.46%, a month-on-month decrease of 1.33% [2] - From March 6th to 12th, the consumption of styrene downstream products EPS, PS, and ABS decreased by 1.55% month-on-month to 261,100 tons [2] - As of March 19th, the styrene factory inventory was 178,200 tons, a month-on-month decrease of 7.11%. As of March 16th, the styrene inventory at Jiangsu ports was 162,500 tons, a month-on-month increase of 3.83%; the inventory at South China ports was 37,000 tons, a month-on-month decrease of 27.45% [2] - EB2604 rose and then fell, closing up at 10,218 yuan/ton. After Iran's domestic oil facilities were attacked, it launched strikes against US-related oil facilities in Saudi Arabia, the UAE, and Qatar. International oil prices fluctuated and rose yesterday. Market information revealed that Saudi Arabia transported oil to Yanbu Port through pipelines, restoring oil exports to half of the normal level, and international oil prices slightly corrected during the day [2] Data - As of March 18th, the non-integrated profit of styrene was -146.84 yuan/ton, and the integrated profit was 1,072.82 yuan/ton [2]

Report Industry Investment Rating - Not provided Core Viewpoints - EB2604 fluctuated weakly, closing at 9,968 yuan/ton. The market digested the impact of the Middle East geopolitical conflict on crude oil supply, combined with the unexpected increase in US API crude oil inventory, leading to a correction in international oil prices during the day. In terms of domestic supply and demand, the 600,000 - ton Gulei plant was shut down for maintenance, and the load of individual plants was adjusted. The production of styrene decreased by 3.12% to 360,100 tons, and the capacity utilization rate decreased by 2.32% to 71.79%. The downstream operating rates of styrene varied, with the consumption of EPS, PS, and ABS decreasing by 1.55% to 261,100 tons. The styrene factory inventory decreased by 7.70% to 191,900 tons, the East China port inventory increased by 3.83% to 1.625 million tons, and the South China port inventory decreased by 27.45% to 370,000 tons. The domestic spring maintenance expectation was gradually realized, but the restart of the 670,000 - ton faulty plant of Jingbo weakened the impact of maintenance, and the styrene capacity utilization rate was expected to decline slightly. In the short term, there was limited room for the downstream operating rate to continue to rise, but the downstream inventory continued to be depleted and the profit continued to recover, without forming a negative feedback on styrene. The visible inventory was depleted smoothly, and the inventory was expected to remain at a neutral level. Currently, there was still great uncertainty in the Middle East situation, and EB2604 was expected to fluctuate due to news - related disturbances in the short term [2] Summary by Directory Futures Market - The closing price of the main futures contract for styrene was 9,968 yuan/ton, a decrease of 236 yuan. The trading volume was 212,621 less. The long position of the top 20 holders decreased by 42,538 hands, the short position decreased by 31,766 hands, and the net long position decreased by 10,772 hands. The 3 - month contract closing price was 10,095 yuan/ton, an increase of 294 yuan. The futures open interest decreased by 20,670 hands, and the warehouse receipt quantity was 0 [2] Spot Market - The spot price of styrene was 10,025 yuan/ton. The mainstream prices in South China, Northeast, North, and East China were 10,000 yuan/ton, 10,400 yuan/ton, 10,150 yuan/ton respectively, with decreases of 100 yuan/ton, 140 yuan/ton, and 50 yuan/ton [2] Upstream Situation - The CFR Northeast Asia intermediate price of ethylene was 636 US dollars/ton, an increase of 50 US dollars/ton. The FD US Gulf price of ethylene was 58 US dollars/ton. The FOB price of pure benzene in the US Gulf was 397 cents/gallon, the CIF price in Taiwan was 1,086.67 US dollars/ton, and the FOB price in Rotterdam was 1,085 US dollars/ton. The market prices of pure benzene in South China, East China, and North China were 7,800 yuan/ton, 8,285 yuan/ton, and 8,085 yuan/ton respectively, with decreases of 0 yuan/ton, 115 yuan/ton, and 200 yuan/ton [2] Industry Situation - The overall production of Chinese styrene plants from March 6th to 12th was 360,100 tons, a decrease of 3.12% month - on - month; the plant capacity utilization rate was 71.79%, a decrease of 2.32% month - on - month. The national inventory of styrene decreased by 210 tons, and the total inventory in the East China main port was 162,500 tons, an increase of 6,000 tons [2] Downstream Situation - The operating rates of EPS, ABS, PS, UPR, and styrene - butadiene rubber were 67.4%, 57.78%, 51.7%, 38.3%, and 75.65% respectively, with changes of - 0.2%, - 2.1%, + 0.2%, no data, and - 1.76% [2] Industry News - From March 6th to 12th, the consumption of styrene downstream products EPS, PS, and ABS decreased by 1.55% to 261,100 tons. As of March 12th, the styrene factory inventory was 191,900 tons, a decrease of 7.70% compared with last week. As of March 16th, the styrene inventory in Jiangsu ports was 162,500 tons, an increase of 3.83% compared with last week; the inventory in South China ports was 370,000 tons, a decrease of 27.45% [2] Data - As of March 17th, the non - integrated profit of styrene was - 73.28 yuan/ton, and the integrated profit was 1,389.92 yuan/ton [2]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - Short - term observation of market sentiment and inventory changes is needed [4] Group 3: Summary by Related Directories Fundamental Analysis - As of January 27, the total inventory of styrene in the mainstream storage areas of East China's Jiangsu province fluctuated between 94,500 and 123,300 tons. The inventory at major ports in East China remained at a historically low level, and spot liquidity was still tight [1] - As of the week of January 22, the capacity utilization rate of EPS was 58.71%, a 4.66% increase from the previous period. In the off - season of downstream demand, merchants were cautious about chasing up prices, and the overall trading atmosphere was poor [1] - The capacity utilization rate of PS was 57.3%, a 0.1% decrease from the previous period. The Nanjing plant resumed production, and Guangxi Changke restarted, but Lianyungang Petrochemical and Ningbo Liwan each reduced one production line. The industry supply was temporarily stable, the total supply was steady, market sales were average, and inventory started to rise [1] - The capacity utilization rate of ABS was 66.8%, a 3% decrease from the previous period. Manufacturers' supply was still very tight, mainly controlling the volume of shipments. After entering January, most of the goods were high - priced. After the Spring Festival, market inquiries increased, trading volume expanded, and prices rebounded. In addition, the capacity utilization rate of UPR was 38%, a 1% decrease from the previous period, and the operating rate of styrene - butadiene rubber was 82.92%, remaining stable compared to the previous period [1] Macroeconomic Analysis - US President Trump said that the share of Venezuela in oil profits has not been discussed. India is about to intervene and buy Venezuelan oil. Trump's statement over the weekend that Iran is having "serious talks" with Washington signaled a cooling of the situation with the OPEC member, causing a sharp drop in WTI crude oil [2] - Nine units including the Ministry of Commerce issued the "2026 'Happy Shopping for the Spring Festival' Special Activity Plan" [2] Futures and Spot Market Analysis - The market fluctuated within the day, with the daily K - line closing positive for two consecutive days, showing the possibility of further rebound. Attention should be paid to the previous high as the upper pressure [3]

Group 1: Report Industry Investment Rating - The report maintains a cautious bullish view on pure benzene and styrene, suggesting waiting for low - buying opportunities after pullbacks [3] Group 2: Core View of the Report - Aromatics continue a relatively strong trend, but there is a need to guard against callback risks. The market situation is affected by factors such as inventory in the industrial chain, especially downstream inventory consumption [1][3] Group 3: Summary by Relevant Catalogs Fundamental Analysis - As of January 27, the total inventory of styrene in the mainstream storage areas of East China's Jiangsu Province fluctuated in the range of 94,500 - 123,300 tons. The inventory in major ports of East China remained at a historically low level, and spot liquidity was still tight [1] - As of the week of January 22, the capacity utilization rate of EPS was 58.71%, a month - on - month increase of 4.66%. In the off - season of downstream demand, merchants were cautious about chasing up prices, and the overall trading atmosphere was poor [1] - The capacity utilization rate of PS was 57.3%, a month - on - month decrease of 0.1%. Although some devices resumed production, others reduced production lines. Industry supply was temporarily stable, market shipments were average, and inventory started to rise [1] - The capacity utilization rate of ABS was 66.8%, a month - on - month decrease of 3%. Manufacturer supply was still very tight, mainly controlling shipments. After the holiday, market inquiries increased, trading volume expanded, and prices rebounded. In addition, the capacity utilization rate of UPR was 38%, a month - on - month decrease of 1%; the start - up rate of styrene - butadiene rubber was 82.92%, remaining stable month - on - month [1] Macroeconomic Analysis - The Fed's January interest - rate meeting decided to keep the interest rate in the 3.5 - 3.75% range. Milan and Waller supported a 25 - basis - point interest - rate cut. Powell reiterated that the interest rate was at the upper end of the neutral range, and policy had no pre - set route, relying on data. He also said that if tariff inflation peaked and then declined, it indicated that policy could be relaxed [2] - The decline in EIA gasoline inventory in the week ending January 23 was the largest since the week of November 7, 2025, and it was the 11th consecutive week of increase. The domestic crude - oil production in that week was the lowest since the week of October 31, 2025 [2] Futures and Spot Market Analysis - Pure benzene and styrene had a slight intraday pullback, maintaining a cautious bullish view. Attention should be paid to inventory changes in the industrial chain, especially downstream inventory consumption. If inventory continued to decline, there was room for further upward movement; otherwise, the probability of a decline was high [3]

Report Summary 1) Report Industry Investment Rating - The report maintains a cautious bullish view on pure benzene and styrene, suggesting waiting for low - buying opportunities after a pullback, but also warning of the risk of a pullback [5]. 2) Core View - The upward momentum of aromatics has slowed, and there is a need to guard against the risk of a pullback. The prices of pure benzene and styrene have risen significantly, and with subsequent partial device resumptions and high inventory of pure benzene, a pullback may occur [5]. 3) Summary by Relevant Sections Fundamental Analysis - As of the week of January 22, the overall output of Chinese styrene plants was 349,300 tons, a week - on - week decrease of 6,100 tons or 1.72%. The plant capacity utilization rate was 69.63%, a week - on - week decrease of 1.23%. Overall losses were greater than increments, leading to a decline in output [1]. - As of the week of January 22, the EPS capacity utilization rate was 58.71%, a week - on - week increase of 4.66%. In the off - season of downstream demand, merchants were cautious about chasing the rise, and the overall trading atmosphere was poor [1]. - The PS capacity utilization rate was 57.3%, a week - on - week decrease of 0.1%. The industry supply was temporarily stable, the total supply was flat, the market shipments were average, and the inventory started to rise [1]. - The ABS capacity utilization rate was 66.8%, a week - on - week decrease of 3%. Manufacturers' supply was still very tight, mainly controlling shipments. After the holiday, market inquiries increased, trading volume expanded, and prices rebounded. The UPR capacity utilization rate was 38%, a week - on - week decrease of 1%; the butadiene - styrene rubber operation rate was 82.92%, remaining stable week - on - week [2]. Macroeconomic Analysis - In recent days, a large - scale winter storm has swept across many parts of the United States, with 24 states and Washington, D.C. declaring a state of emergency, and 7 deaths reported due to the cold weather [3]. - The USS Abraham Lincoln Carrier Strike Group has arrived in the Middle East, and Iran has warned the United States that it will attack U.S. aircraft carriers if subjected to military strikes [3]. Futures and Spot Market Analysis - Pure benzene and styrene strengthened slightly during the day. The supply - demand of pure benzene has marginally improved, and port inventories have started to decline from high levels. There are opportunities for low - buying after a pullback, but the risk of a pullback should be guarded against [5].

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - As the Spring Festival approaches, the visible inventory of styrene enters the seasonal accumulation stage, and the current inventory pressure is not significant. Affected by the strong styrene spot, the profitability of integrated and non - integrated processes deepens. With the gradual resumption of plants, the tight supply - demand situation of styrene spot eases. In terms of cost, the market's concern about the Iranian situation has subsided, the troubled oil field in Kazakhstan is recovering, and international oil prices have fallen from high levels. In the short term, EB2603 is expected to show a volatile trend, with the daily range expected to be around 7470 - 7700 [2] 3. Summary According to Relevant Catalogs Futures Market - The closing price of the futures main contract of styrene was 7649 yuan/ton, a decrease of 53 yuan; the trading volume was down 56,375; the long position of the top 20 holders was 444,140 lots, a decrease of 420; the closing price of the March contract of styrene was 7649 yuan/ton, a decrease of 53 yuan; the open interest was down 28,663; the net long position of the top 20 holders was up 2,739; the short position of the top 20 holders was 472,803 lots, a decrease of 3,159; the total number of warehouse receipts was 2,480 lots, an increase of 500 [2] Spot Market - The spot price of styrene was 7,748 yuan/ton, a decrease of 6 yuan; the mainstream price in Northeast China was 7,675 yuan/ton, an increase of 175 yuan; the mainstream price in South China was 7,940 yuan/ton, an increase of 70 yuan; the mainstream price in North China was 7,775 yuan/ton, a decrease of 50 yuan; the mainstream price in East China was 7,905 yuan/ton, an increase of 85 yuan [2] Upstream Situation - The CFR Northeast Asia intermediate price of ethylene was 706 US dollars/ton, unchanged; the FD US Gulf price of ethylene was 424 US dollars/ton, a decrease of 8.5 US dollars; the CIF price of pure benzene in Taiwan was 776.29 US dollars/ton, unchanged; the FOB price of pure benzene in the US Gulf was 285 cents/gallon, unchanged; the FOB price of pure benzene in Rotterdam was 899 US dollars/ton, a decrease of 12 US dollars; the market price of pure benzene in South China was 5,900 yuan/ton, unchanged; the market price of pure benzene in East China was 6,025 yuan/ton, an increase of 85 yuan; the market price of pure benzene in North China was 5,940 yuan/ton, unchanged [2] Industry Situation - The total styrene operating rate was 69.63%, a decrease of 1.23 percentage points; the national styrene inventory was down 9,950 tons; the total inventory of the East China main port was 100,600 tons, an increase of 7,100 tons [2] Downstream Situation - The operating rate of EPS was 58.71%, an increase of 4.66 percentage points; the operating rate of ABS was 66.8%, a decrease of 3 percentage points; the operating rate of PS was 57.3%, a decrease of 0.1 percentage point; the operating rate of UPR was 38%, a decrease of 1 percentage point; the operating rate of styrene - butadiene rubber was 82.92%, unchanged [2] Industry News - From January 16th to 22nd, the overall output of Chinese styrene plants was 349,300 tons, a month - on - month decrease of 1.72%; the plant capacity utilization rate was 69.63%, a month - on - month decrease of 1.23%. From January 16th to 22nd, the consumption of EPS, PS, and ABS increased by 1.2% month - on - month to 270,800 tons. As of January 22nd, the styrene plant inventory was 151,200 tons, a month - on - month decrease of 6.17%. As of January 26th, the styrene inventory at the East China port was 100,600 tons, a month - on - month increase of 7.59%; the styrene inventory at the South China port was 15,000 tons, a month - on - month increase of 25%. EB2603 fell and then rebounded, closing at 7,649 yuan/ton. A 300,000 - ton plant in North China had a fault and shut down last week, and the load of some plants in Northeast and South China was adjusted, resulting in a month - on - month decrease in styrene production and capacity utilization. The EPS operating rate increased significantly, while the operating rates of other downstream products mainly decreased. The consumption of EPS, PS, and ABS increased month - on - month. As of January 26th, the non - integrated profit of styrene was 682.07 yuan/ton, and the integrated profit of styrene was 1,477.16 yuan/ton [2]

Report Investment Rating - No investment rating information is provided in the report. Core Viewpoints - The short - term EB2602 is expected to fluctuate strongly. The spot supply - demand balance is expected to continue, providing some support for prices. The cost of international oil prices has support, while the pure benzene price support is limited. The industry's operating rate may remain at a moderately low level, and the downstream operating rate will change differently [2]. Summary by Directory Futures Market - The closing price of the active contract of styrene futures was 7028 yuan/ton, a decrease of 46 yuan; the trading volume was 352,157 lots, a decrease of 155,060 lots. The long position of the top 20 holders was 375,459 lots, an increase of 594 lots; the net long position was - 37,350 lots, a decrease of 3,919 lots; the short position was 412,809 lots, an increase of 4,513 lots. The closing price of the March contract was 7081 yuan/ton, a decrease of 43 yuan. The open interest of the active contract was 242,728 lots, a decrease of 15,148 lots. The total number of warehouse receipts was 360 lots, an increase of 60 lots [2]. Spot Market - The spot price of styrene was 6964 yuan/ton, an increase of 114 yuan. The FOB Korea intermediate price was 895 dollars/ton, an increase of 29 dollars; the CFR China intermediate price was 905 dollars/ton, an increase of 29 dollars. The mainstream prices in Northeast, South, North, and East China were 6925, 7270, 7050, and 7170 yuan/ton respectively, with increases of 200, 165, 175, and 200 yuan [2]. Upstream Situation - The CFR Northeast Asia intermediate price of ethylene was 731 dollars/ton, unchanged; the CFR Southeast Asia intermediate price was 711 dollars/ton, unchanged; the CIF Northwest Europe intermediate price was 745.5 dollars/ton, an increase of 19.5 dollars; the FD US Gulf price was 399.5 dollars/ton, an increase of 8.5 dollars. The spot price of pure benzene in Taiwan's CIF was 682.6 dollars/ton, unchanged; the FOB price in the US Gulf was 277 cents/gallon, an increase of 2 cents; the FOB price in Rotterdam was 789 dollars/ton, a decrease of 5 dollars. The market prices in South, East, and North China were 5400, 5405, and 5300 yuan/ton respectively, with increases of 100, 70, and 80 yuan [2]. Industry Situation - The overall operating rate of styrene was 70.92%, an increase of 0.69%. The national inventory of styrene was 162,340 tons, a decrease of 9,420 tons; the inventory in the East China main port was 10.06 million tons, a decrease of 3.17 million tons [2]. Downstream Situation - The operating rates of EPS, ABS, PS, UPR, and styrene - butadiene rubber were 46.72%, 69.8%, 58.9%, 39%, and 81.68% respectively, with changes of +3.08%, - 0.1%, - 1.5%, +3%, and +1.16% [2]. Industry News - From January 2nd to 8th, China's styrene factory output was 355,700 tons, a month - on - month increase of 0.99%; the factory capacity utilization rate was 70.92%, a month - on - month increase of 0.69%. The consumption of downstream EPS, PS, and ABS increased by 0.31% month - on - month to 259,700 tons. As of January 8th, the styrene factory inventory was 162,300 tons, a decrease of 5.48% from last week; as of January 12th, the styrene inventory in East China ports was 100,600 tons, a decrease of 23.96% from last week [2]. Viewpoint Summary - There are no new plans for shutdown or restart of large - scale domestic styrene plants in the near future. The industry's operating rate may remain at a moderately low level. The operating rate of downstream EPS may increase slightly in the short term; the operating rate of the PS industry is expected to decline; the short - term supply of the ABS industry will not change much. The spot supply - demand balance is expected to continue, providing some support for prices. The international oil price has support, while the pure benzene price support is limited [2].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The macro sentiment is warm, and industrial products mainly rose during the day. EB2602 closed up at 6,811 yuan/ton. The impact of the shutdown of the 450,000 - ton plant of Bohua last week expanded, and the output and capacity utilization rate of styrene decreased month - on - month. The downstream EPS operating rate dropped significantly, the UPR operating rate decreased month - on - month, and the operating rates of PS, ABS, and styrene - butadiene rubber increased month - on - month. The absolute level of changes in factory and port inventories is not large, and the trend of explicit inventory depletion has slowed down. Non - integrated plants turned from loss to profit, and the profitability of integrated plants expanded. There are no recent news of major styrene plant shutdowns or restarts, and the domestic output and capacity utilization rate are expected to change little. EPS maintains a low operating rate due to the off - season of demand and high inventory, and the load of PS and ABS plants has no obvious adjustment. Currently, the overall downstream profit is low, and the enthusiasm of downstream enterprises to start work is suppressed. In terms of cost, the market believes that it will take time for Venezuela's crude oil production to recover, and international oil prices fluctuated and rose yesterday. Overall, styrene will gradually shift from a tight balance to a wide balance in January, and the supply - demand drive is weak. In the short term, EB2602 is expected to fluctuate, with the range expected to be around 6,700 - 6,900 [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the active contract of styrene futures was 6,811 yuan/ton, a month - on - month increase of 72 yuan/ton; the trading volume was 255,208 lots, a month - on - month decrease of 14,594 lots. The long position of the top 20 holders of styrene futures was 361,224 lots, a month - on - month increase of 10,030 lots; the net long position was - 33,503 lots, a month - on - month decrease of 762 lots; the short position was 394,727 lots, a month - on - month increase of 10,792 lots. The closing price of the March contract was 6,862 yuan/ton, a month - on - month increase of 68 yuan/ton. The open interest of the active contract was 300,124 lots, a month - on - month decrease of 2,551 lots. The total number of warehouse receipts was 200 lots, a month - on - month increase of 200 lots [2]. 3.2 Spot Market - The spot price of styrene was 6,792 yuan/ton, a month - on - month increase of 32 yuan/ton. The FOB South Korea intermediate price was 839 US dollars/ton, a month - on - month decrease of 9 US dollars/ton; the CFR China intermediate price was 849 US dollars/ton, a month - on - month decrease of 9 US dollars/ton. The mainstream price in the Northeast region was 6,625 yuan/ton, with no month - on - month change; the mainstream price in the South China region was 6,965 yuan/ton, a month - on - month decrease of 100 yuan/ton; the mainstream price in the North China region was 6,710 yuan/ton, a month - on - month increase of 15 yuan/ton; the mainstream price in the East China region was 6,860 yuan/ton, a month - on - month decrease of 55 yuan/ton [2]. 3.3 Upstream Situation - The CIF price of pure benzene in Taiwan was 746 US dollars/ton, with no month - on - month change; the CFR Southeast Asia intermediate price of ethylene was 726 US dollars/ton, a month - on - month decrease of 3 US dollars/ton; the CFR Northeast Asia intermediate price was 675 US dollars/ton, a month - on - month decrease of 0.5 US dollars/ton; the CIF Northwest Europe intermediate price was 272 US dollars/ton; the FD US Gulf price was 430 US dollars/ton. The FOB price of pure benzene in the US Gulf was 53 US cents/gallon, with no month - on - month change; the FOB price in Rotterdam was 764 US dollars/ton, a month - on - month increase of 26 US dollars/ton. The market price of pure benzene in the South China market was 5,300 yuan/ton, with no month - on - month change; the market price in the East China market was 5,290 yuan/ton, a month - on - month decrease of 60 yuan/ton; the market price in the North China market was 5,250 yuan/ton, with no month - on - month change [2]. 3.4 Industry Situation - The overall operating rate of styrene was 70.23%, a month - on - month decrease of 0.47%. The national inventory of styrene was 171,760 tons, a month - on - month increase of 800 tons. The total inventory in the East China main port was 132,300 tons, a month - on - month decrease of 6,500 tons; the trade inventory in the East China main port was 77,300 tons, a month - on - month decrease of 6,000 tons [2]. 3.5 Downstream Situation - The operating rate of EPS was 43.64%, a month - on - month decrease of 8.92%; the operating rate of ABS was 69.9%, a month - on - month increase of 0.5%; the operating rate of PS was 60.4%, a month - on - month increase of 1.8%; the operating rate of UPR was 36%, a month - on - month decrease of 2%; the operating rate of styrene - butadiene rubber was 80.52%, a month - on - month increase of 1.14% [2]. 3.6 Industry News - From December 26 to January 1, the output of styrene factories was 352,200 tons, a month - on - month decrease of 0.68%; the capacity utilization rate was 70.23%, a month - on - month decrease of 0.47%. The operating rate of downstream EPS decreased by 8.92% month - on - month to 43.64%, the operating rate of PS increased by 1.8% month - on - month to 60.4%, the operating rate of ABS increased by 0.5% month - on - month to 69.9%, the operating rate of UPR decreased by 2% month - on - month to 36%, and the operating rate of styrene - butadiene rubber increased by 1.14% month - on - month to 80.52%. As of December 25, the inventory of styrene factories was 171,800 tons, a month - on - month increase of 0.47%. As of January 5, the inventory in East China ports was 132,300 tons, a month - on - month decrease of 4.68%; the inventory in South China ports was 20,600 tons, a month - on - month increase of 10.16%. On January 4, the non - integrated profit of styrene was 139.35 yuan/ton. On December 31, the integrated profit of styrene was 723.78 yuan/ton [2].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - This week, the main contract of styrene futures fluctuated in the range of 6,700 - 6,870. As of December 31, 2025, the main EB2602 contract of styrene closed at 6,791 yuan/ton, up 0.06% from last week's closing price. In the short - term, the supply - demand of styrene will gradually shift from tight balance to wide balance in January, with limited cost - side support, and the upward price trend is expected to weaken. The short - term operating range of EB2602 is expected to be around 6,680 - 6,950 [7]. 3. Summary by Relevant Catalogs 3.1. Weekly Key Points Summary - **Price**: The main contract of styrene futures fluctuated in the range of 6,700 - 6,870, and the EB2602 contract closed at 6,791 yuan/ton, up 0.06% [7]. - **Fundamentals**: On the supply side, Baolai's 350,000 - ton plant restarted, Tianjin Bohua's 450,000 - ton plant shut down due to a fault. Styrene output increased by 2.25% to 354,600 tons, and capacity utilization rose by 1.57% to 70.70%. On the demand side, the downstream operating rates mostly increased, with EPS up 0.75% to 52.56%, PS up 4.1% to 58.6%, ABS down 0.7% to 69.4%, UPR up 2% to 38%, and styrene - butadiene rubber up 0.15% to 79.38%. In terms of inventory, the styrene factory inventory increased by 0.47% to 171,800 tons, the East China port inventory decreased by 0.36% to 138,800 tons, and the South China port inventory increased by 70% to 18,700 tons. In terms of cost - profit, the non - integrated cost of styrene rose to 6,766.50 yuan/ton, and the non - integrated profit slightly recovered to - 177 yuan/ton. The integrated profit is around 635.04 yuan/ton, which is profitable [7]. - **Outlook**: There are no major styrene plant shutdown or restart news in the near future. Domestic output and capacity utilization are expected to change little. EPS will maintain low operation due to the off - season and high inventory. The load of PS and ABS plants has no significant adjustment. Currently, downstream profits are generally low, suppressing the enthusiasm of downstream enterprises to start production. In terms of cost, there are no signs of deterioration in the short - term geopolitical situation, and there is still supply pressure in the real - end of international crude oil. International oil prices are expected to be more likely to fall than to rise [7]. 3.2. Futures and Spot Market 3.2.1. Futures Market - **Futures Price and Warehouse Receipts**: The main EB futures contract fluctuated strongly, and the number of registered warehouse receipts decreased month - on - month [8]. - **Net Position and Monthly Spread**: The position of the 02 contract decreased month - on - month, and the 02 - 03 spread fluctuated slightly [13]. 3.2.2. Spot Market - **Spot Price and Basis**: The spot price fluctuated and rose, the main basis strengthened, and the spot was slightly at a premium [17]. 3.3. Industry Situation 3.3.1. Upstream Situation - **Ethylene and Pure Benzene Prices**: The RMB price of ethylene remained stable, and the price of pure benzene in East China fluctuated slightly [23]. - **Ethylene Supply**: In November, ethylene output decreased month - on - month, and ethylene imports remained basically stable month - on - month [27]. 3.3.2. Supply - **Capacity and Output**: In December, a new 200,000 - ton plant in Dongming was put into operation. In November, styrene production was 1.4562 million tons, a month - on - month decrease of 1.50% and a year - on - year increase of 13.83% [32]. - **Capacity Utilization**: Last week, the styrene operating rate increased month - on - month [36]. 3.3.3. Demand - **Downstream Price and Operating Rate**: The price decline of downstream EPS, PS, and ABS slowed down, and the downstream operating rates mostly increased. EPS, PS, and UPR operating rates increased, while ABS operating rate decreased, and styrene - butadiene rubber operating rate increased. EPS continued to accumulate inventory, while PS and ABS had some inventory reduction. Downstream profits were weak [39][43][48][53][56]. 3.3.4. Import and Export - In November, styrene imports were 18,800 tons, and exports were 23,700 tons [61]. 3.3.5. Inventory - Port inventory was 157,500 tons, and factory inventory was 171,800 tons. The East China port inventory was 138,800 tons, and the South China port inventory was 18,700 tons [66][70]. 3.3.6. Production Cost and Profit - Non - integrated cost increased slightly, and profit slightly recovered. The integrated process was highly profitable. This week, the import profit continued to be in a loss, and the import window was closed [74][80][83]. 3.4. Options Market Analysis - The 20 - day historical volatility of the main styrene contract was reported at 18.26%. The implied volatility of at - the - money call and put options was around 22.05% [88].