关注乙烷关税政策动向，停车预期放缓

Report Industry Investment Rating - Not provided Core Viewpoints - The downstream demand for pure benzene remains weak, with high inventory pressure in PA6 and MDI, dragging down the low operation rates of caprolactam and aniline, and styrene is also undergoing concentrated maintenance. The domestic operation rate of pure benzene has further declined to a low level, and port inventories have decreased again, but there is still pressure from South Korea's shipments to China, and the processing margin of pure benzene is still under pressure. [2] - The domestic styrene industry is in a period of concentrated maintenance. There is an expectation of relaxation in the import tariff policy on ethane from the United States, and the original shutdown expectation of the styrene production units using ethane cracking to ethylene from the United States has slowed down. The domestic operation rate of styrene has gradually increased in May. [2] - The operation rates of PS and ABS in the downstream remain weak, and the inventory pressure of finished products of the three major hard plastics persists. [2] - It is recommended to cautiously short - hedge. [3] Summary by Directory EB& Pure Phenyl Difference Structure and Related Spreads - The EB main contract basis is 167 yuan/ton (+61 yuan/ton), and the spread between the styrene continuous - first contract and the continuous - third contract is also presented in the report. The non - integrated production profit of styrene is - 169 yuan/ton (- 5 yuan/ton), and the immediate import profit of styrene is also mentioned. The spread between East China pure benzene spot and M2 paper goods is 40 yuan/ton (- 20 yuan/ton), and the spread between pure benzene CFR China and naphtha, as well as the difference between pure benzene FOB US Gulf and FOB South Korea, and China's immediate import profit of pure benzene are also included. [1][6][9][10][13][17] EB& Pure Benzene Operation and Inventory - The pure benzene port inventory is 12.10 million tons (- 2.10 million tons), and the domestic operation rate of pure benzene has further declined to a low level. The styrene East China port inventory is 86,500 tons (- 9,100 tons), the East China commercial inventory is 65,100 tons (- 5,000 tons), and the operation rate of styrene is 67.9% (+1.2%). [1][22][24][27] Downstream Operation and Production Profit - The production profit of EPS is 409 yuan/ton (+24 yuan/ton), the production profit of PS is - 21 yuan/ton (+44 yuan/ton), and the production profit of ABS is 1031 yuan/ton (+23 yuan/ton). The operation rate of EPS is 57.04% (- 2.03%), the operation rate of PS is 59.20% (- 1.60%), and the operation rate of ABS is 65.08% (- 1.91%), and the downstream operation is at a seasonal low. [1][36][39][41] Pure Benzene Downstream Production Profit - The production profits of caprolactam, phenol - acetone, aniline, adipic acid, PA6 regular spinning bright, nylon filament, bisphenol A, PC, epoxy resin E - 51, pure MDI, and polymerized MDI are presented in the form of figures in the report. [47][52][54][58][60][63]