Mr. Pan divides his report into 4 parts. 

I. Aromatics overview: Three major sources of aromatics are naphtha reforming, naphtha cracking and coal-chemical which still requires upgrade 

II. PX-PTA-polyester industry chain overview. He points out that integration of refinery and chemical sectors is to solve the distribution problem of profit. 

III. Benzene industry chain overview. China is the largest benzene producer in Asia, and its capacity is expected to take up 50% of Asian total by 2021. The import dependency is expected to be over 16% driven by strong demand. China’s bargaining power in benzene market is expected to be further enhanced as external supply sources tend to be diversified. 

Profits of styrene and phenol/acetone, the major downstream of benzene, were relatively good in 2016. From 2017 to the first half year of 2018, styrene, phenol/acetone, CPL and aniline kept profitable, supporting the benzene demand. 

IV. Toluene & MX, refining, end-user demand. The supply and demand of the benzene industry is relatively stable. The future supply mainly comes from the refinery and the reformation ?extraction according to the　national standard VI., and the demand mainly comes from styrene and CPL investment. The future investment of the entire aromatics will continue to be driven by both reforming and cracking, whether it is PX or BTX. High-efficiency industrial chain integration is the future direction.