请仔细阅读本报告最后一页的免责声明策略摘要建议观望，上游纯苯进口利润大幅下降截至22日为-539元/吨。进口量受到压制，形成一定支撑。下游方面开工率下降，加权开工率为63.7%下降1.4%，需求稍有下降。上游纯苯供应压力微减，港口预期延续累库。核心观点■市场分析周一纯苯港口库存19.02万吨（+1.94万吨），仍累库状态。纯苯加工费200美元/吨（+13美元/吨），仍处于较高位置。EB基差28元/吨（+3元/吨），基差继续缩小。EB生产利润229元/吨（+8元/吨），大幅增加，再次回到高位。开工率为72.6%（+3.8%）周三苯乙烯港口库存8.55万吨（+0.47万吨），生产企业库存15.16万吨（+1.43万吨），均累库。周四隆众开工率EPS/PS/ABS分别为44.69%/73.33%/96.70%变化-4.01%/-1.25%/0略微下降。下游需求端本周ABS或变化不大，EPS、PS有下降预期，关注后续负荷调整情况。■策略（1）建议观望，上游纯苯进口利润大幅下降截至22日为-539元/吨。进口量受到压制，形成一定支撑。下游方面开工率下降，加权开工率为63.7%下降1.4%，需求稍有下降。上游纯苯供应压力微减，港口预期延续累库。（2）跨期套利：观望。风险原油价格反弹，期货研究报告|EB日报2022-12-23EB下游开工率降低，且利润下滑研究院能源化工组研究员潘翔0755-82767160panxiang@htfc.com从业资格号：F3023104投资咨询号：Z0013188梁宗泰020-83901031liangzongtai@htfc.com从业资格号：F3056198投资咨询号：Z0015616陈莉020-83901030cl@htfc.com从业资格号：F0233775投资咨询号：Z0000421康远宁0755-23991175kangyuanning@htfc.com从业资格号：F3049404投资咨询号：Z0015842联系人裴紫叶15801022486peiziye@htfc.com从业资格号：F03100446投资咨询业务资格：证监许可【2011】1289号 EB日报丨2022/12/23请仔细阅读本报告最后一页的免责声明2/8目录策略摘要..............................................................................................................................................................................................1核心观点..............................................................................................................................................................................................1EB日度表格........................................................................................................................................................................................3EB基差结构........................................................................................................................................................................................4纯苯加工费、纯苯基差、EB基差、EB加工利润.........................................................................................................................4EB开工、库存、进口利润&纯苯港口库存....................................................................................................................................5下游开工及生产利润..........................................................................................................................................................................6图表图1:EB主力合约走势&基差|单位：元/吨；元/吨.........................................................................................................................4图2:华东纯苯现货-M2纸货价差|单位：元/吨..............................................................................................................................4图3:纯苯-石脑油价差|单位：美元/吨.............................................................................................................................................4图4:EB主力合约基差|单位：元/吨................................................................................................................................................5图5:华东苯乙烯非一体化生产利润|单位：元/吨..........................................................................................................................5图6:苯乙烯华东港口库存|单位：万吨...........................................................................................................................................5图7:苯乙烯开工率|单位：%............................................................................................................................................................5图8:苯乙烯生产企业库存|单位：万吨...........................................................................................................................................5图9:苯乙烯现货进口利润|单位：元/吨..........................................................................................................................................5图10:纯苯华东港口库存|单位：万吨.............................................................................................................................................6图11:ABS开工率|单位：%..............................................................................................................................................................6图12:ABS生产利润|单位：元/吨....................................................................................................................................................6图13:PS开工率|单位：%.................................................................................................................................................................6图14:PS生产利润|单位：元/吨.......................................................................................................................................................6图15:EPS开工率|单位：%..............................................................................................................................................................7图16:EPS生产利润|单位：元/吨.....................................................................................................................................................7 EB日报丨2022/12/23请仔细阅读本报告最后一页的免责声明3/8EB日度表格表1:EB产业链日度表格丨单位：元/吨变动2022-12-222022-12-21EB主力基差（元/吨）32825苯乙烯华东现货价（元/吨）5380858232EB主力合约（2302）8283198237EB次主力合约（2303）8683288242EB次次主力合约（2304）5882888230brent主