Core Viewpoint - The ongoing conflict between the U.S. and Iran is driving oil prices towards a potential $100 per barrel, with significant implications for various industries and investment opportunities arising from the energy crisis [1][2]. Oil Price Surge and Its Impact - International oil prices have surged dramatically, with U.S. oil and Brent crude both surpassing $90 per barrel, marking the largest weekly increases since 1983 and 1991, respectively [1]. - The conflict has severely affected the shipping traffic through the Strait of Hormuz, with daily vessel traffic plummeting by 94%, leading to a significant loss in global oil supply estimated between 7 million to 11 million barrels per day [1][5]. Beneficiary Sectors in A-Share Market - The oil and gas extraction sector is expected to benefit directly from rising oil prices, with companies like China National Petroleum and China National Offshore Oil Corporation showing strong performance [3]. - Other sectors such as coal chemical and energy-related companies are also positioned to gain from the current high oil price environment, with companies like Baofeng Energy and China Coal Energy showing promising growth [4][5]. Energy Sector Valuation Reassessment - The surge in oil prices is reshaping the internal valuation system of the energy sector, with upstream oil and gas extraction companies experiencing the most direct benefits [5]. - Analysts suggest that the geopolitical tensions may sustain high oil prices, benefiting major state-owned enterprises in the oil and gas sector [5]. Coal Chemical Industry Dynamics - The rising oil prices are expected to enhance the competitiveness of coal chemical products, as companies in this sector can leverage stable raw material costs while benefiting from rising product prices [6]. - The coal chemical sector is seen as having clear upward momentum in the current high oil price environment, making it a focal point for investment [6]. Chemical Supply Chain Disruptions - The conflict is causing significant disruptions in the global chemical supply chain, particularly affecting methanol production, with Iran being a major supplier [8][9]. - The rising costs of raw materials, including natural gas and shipping, are expected to push up prices for various chemical products, including bromine and methanol [10][11]. Agricultural Sector Implications - The energy crisis is impacting agricultural production costs, particularly through rising fertilizer prices, which could lead to reduced fertilizer usage and potential declines in crop yields [12][13]. - The geopolitical tensions are also expected to affect the supply of key agricultural inputs like urea and potash, with potential price increases anticipated [14].

1. Report Industry Investment Rating No information provided in the given text. 2. Report's Core View The report focuses on the weekly data of the basic chemical industry, showing the price and profit changes of various chemical products due to the intensification of the Middle - East conflict, which has led to significant price increases in chemicals such as olefins [1][2]. 3. Summary by Relevant Catalogs 3.1 Basic Chemical Weekly Data Briefing - **Related Company Performance** - **Stock Price Fluctuations**: The basic chemical index had a -0.6% change in the past week, 9.6% in the past month, 23.6% in the past three months, 52.0% in the past year, and 18.5% since the beginning of 2026. Companies like Wanhua Chemical, Baofeng Energy, Satellite Chemical, Hualu Hengsheng, New Hope Liuhe, and Andisul also showed different degrees of price changes [8]. - **Profit Tracking**: The report provides the total market value,归母净利润, PE, and PB of relevant companies from 2024A to 2027E [8]. - **Product Data** - **Polyurethane Industry**: This week, the average prices of pure MDI, polymer MDI, and TDI were 18343, 14607, and 15713 yuan/ton respectively, with week - on - week increases of 829, 679, and 957 yuan/ton. Their respective gross profits were 4599, 1863, and 3838 yuan/ton, with week - on - week increases of 370, 220, and 117 yuan/ton [2][8]. - **Oil, Gas, and Olefin Industry** - **Raw Material Prices**: The average prices of ethane, propane,动力煤, and naphtha were 1206, 5490, 520, and 5085 yuan/ton respectively, with week - on - week changes of +95, +1006, +0, and +770 yuan/ton [2]. - **Product Prices and Profits**: The average price of polyethylene was 7554 yuan/ton, with a week - on - week increase of 424 yuan/ton. The theoretical profits of ethane cracking, CTO, and naphtha cracking to produce polyethylene were 1160, 1657, and -1006 yuan/ton respectively, with week - on - week changes of +153, +240, and -537 yuan/ton. The average price of polypropylene was 7092 yuan/ton, with a week - on - week increase of 502 yuan/ton. The theoretical profits of PDH, CTO, and naphtha cracking to produce polypropylene were -1056, 1591, and -917 yuan/ton respectively, with week - on - week changes of -434, +333, and -442 yuan/ton [2]. - **Coal Chemical Industry**: The average prices of synthetic ammonia, urea, DMF, and acetic acid were 2025, 1817, 4109, and 2577 yuan/ton respectively, with week - on - week changes of -23, +31, +91, and +65 yuan/ton. Their respective gross profits were 25, 125, 24, and 375 yuan/ton, with week - on - week changes of -37, +4, +39, and +1 yuan/ton [2]. - **Animal Nutrition Industry**: The average prices of VA, VE, solid methionine, and liquid methionine were 60.5, 60.9, 19.9, and 15.2 yuan/kg respectively, with week - on - week changes of +0.0, +3.4, +1.4, and +0.8 yuan/kg [2]. 3.2 Basic Chemical Weekly Report - **2.1 Basic Chemical Index Trend**: No detailed content provided in the given text. - **2.2 Polyurethane Plate**: The report shows the price trends and price - spread situations of pure MDI, polymer MDI, and TDI in China [14][16]. - **2.3 Oil, Gas, and Olefin Plate** - **Raw Material Price Trends**: It includes the price trends of MB ethane, NYMEX natural gas, East China propane, Brent crude oil, domestic动力煤, and naphtha [21][22][27]. - **Profit Situations**: It presents the profit situations of ethane cracking to produce PE, PDH to produce PP, coal - made PE and PP, and naphtha - made PE and PP, as well as the profit comparisons of different routes for producing polyethylene and polypropylene [30][31][35][37][38]. - **2.4 Coal Chemical Plate** - **Coal - Coking Products**: It shows the price trends and gross profits of domestic coking coal and coke [40][41]. - **Traditional Coal Chemical Products**: It presents the price and gross profit situations of synthetic ammonia, methanol, urea, DMF, and acetic acid [43][47][49]. - **New Materials**: It shows the price and gross profit situations of DMC, oxalic acid, octanol, adipic acid, caprolactam, PA6, and PA66 [9]. - **2.5 Animal Nutrition Plate**: It shows the price trends of VA, VE, solid methionine, and liquid methionine [55][57][61].

Investment Rating - The report maintains an "Overweight" rating for the petrochemical sector [5] Core Viewpoints - The ongoing US-Iran conflict is expected to significantly impact global oil prices, with Brent and WTI crude oil prices rising by 53% and 59% respectively since the beginning of the year, reaching $93.32 and $91.27 per barrel [9][10] - The geopolitical tensions are likely to reshape the supply-demand dynamics in the petrochemical sector, with a focus on three main investment themes: continued optimism for the oil and gas sector, the restructuring of chemical supply-demand due to geopolitical conflicts, and the potential of coal chemical alternatives [10][11] Summary by Sections Oil and Gas Sector - The geopolitical conflict is anticipated to alleviate concerns regarding oil supply-demand, leading to sustained high oil prices. The "Big Three" oil companies in China are expected to maintain high capital expenditures and enhance their market presence in natural gas and refining sectors, which will support long-term growth [12][11] - The oil service sector is projected to benefit from increased upstream capital expenditures, with major oil service companies showing improved operational quality as overseas business begins to contribute to earnings [12][11] Chemical Supply-Demand Dynamics - The ongoing conflict is expected to tighten the supply of chemical products from Iran and other Middle Eastern countries, leading to increased prices for chemicals such as methanol, urea, and potassium fertilizers. European chemical production may also face challenges due to high energy costs, potentially leading to reduced production capacity [14][18] - The report highlights the importance of monitoring chemical products with significant production capacity in the Middle East and Europe, as their supply constraints could lead to price increases [14][18] Coal Chemical Sector - The coal chemical sector is gaining investment value due to its cost advantages in a high oil price environment. The report suggests that coal chemicals can provide a stable cost base while benefiting from rising product prices, thus enhancing profitability [19][4] - The report emphasizes the clear upward momentum for the coal chemical sector, making it a focal point for investment [19]

中信证券股份有限公司 关于蓝星安迪苏股份有限公司 2026 年度日常关联交易预计的核查意见 中信证券股份有限公司（以下简称"中信证券""保荐人"）作为蓝星安迪苏股 份有限公司（以下简称"安迪苏""公司"）向特定对象发行 A 股股票的保荐人，根 据《证券发行上市保荐业务管理办法》《上海证券交易所股票上市规则》《上海 证券交易所上市公司自律监管指引第 5 号——交易与关联交易》《上海证券交易 所上市公司自律监管指引第 1 号——规范运作》等有关规定，在持续督导期内， 对安迪苏 2026 年度日常关联交易预计情况进行了核查，具体情况如下： 一、日常关联交易基本情况 （一）日常关联交易预计履行的审议程序 公司于 2026 年 3 月 6 日召开第九届董事会第十三次会议，审议通过了关于 《确认公司2025年度日常关联交易情况和2026年度日常关联交易预计》的议案。 本次董事会中关联董事已回避表决。 公司第九届董事会第四次独立董事专门会议中审议通过了该议案，认为本次 关联交易严格遵循了公司《关联交易管理制度》，遵守了公开、公平、公正的原 则，不存在内幕交易的情况。本次交易对公司是必要的，交易价格定价公允合理， 未损害公司 ...

| 序号 | 项目名称 | 项目投资总额 | 拟使用募集资金额 | 扣除发行费用后拟 投入募集资金金额 | | --- | --- | --- | --- | --- | | 1 | 万吨/年固体蛋氨酸项目 15 | 493,231.12 | 174,300.00 | 173,171.26 | | 2 | 年产 3.7 万吨特种产品饲料 | 30,497.00 | 6,000.00 | 6,000.00 | | | 添加剂项目 | | | | | 3 | 布尔戈斯特种产品饲料添加 | 39,500.00 | 19,700.00 | 19,700.00 | | | 剂项目 | | | | | 4 | 丙烯酸废水处理和中水回用 | 32,497.30 | 10,000.00 | 10,000.00 | | | 项目 | | | | | 5 | 补充流动资金 | 90,000.00 | 90,000.00 | 89,516.25 | | | 合计 | 685,725.42 | 300,000.00 | 298,387.51 | 注："布尔戈斯特种产品饲料添加剂项目"投资总额为5,000.00万欧元，以1欧元兑7.9 ...

蓝星安迪苏股份有限公司 自 2025 年 1 月 1 日 至 2025 年 12 月 31 日止年度财务报表 and 2017 a 足球带型式大学经营 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 +86 (10) 8508 5000 H +86 (10) 8518 5111 传直 xxtir kpmg.com/cn 审计报告 毕马威华振审字第 2602509 号 蓝星安迪苏股份有限公司全体股东 : 一、审计意见 我们审计了后附的蓝星安迪苏股份有限公司 (以下简称"安迪苏公司") 财务报表，包括 2025 年 12 月 31 日的合并及母公司资产负债表，2025 年度的合并及母公司利润表、合并及母 公司现金流量表、合并及母公司股东权益变动表以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照中华人民共和国财政部颁布的企业会计准 则（以下简称"企业会计准则"）的规定编制，公允反映了安迪苏公司 2025 年 12 月 31 日的合 并及母公司财务状况以及 2025 年度的合并及母公司经营成果和现金流量。 二、形成审计意见的基础 我们按照中国注册会计 ...

中信证券股份有限公司关于 蓝星安迪苏股份有限公司 2025 年度募集资金 存放、管理与实际使用情况的核查意见 中信证券股份有限公司（以下简称"中信证券""保荐人"）作为蓝星安迪 苏股份有限公司（以下简称"安迪苏""公司"）向特定对象发行股票的保荐人， 根据《上市公司募集资金监管规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》《上海证券交易所股票上市规则》等有关规定，对安迪苏 2025 年度募集资金存放、管理与实际使用情况进行了核查，核查情况及核查意见如下： 一、募集资金基本情况 根据中国证券监督管理委员会《关于同意蓝星安迪苏股份有限公司向特定对 象发行股票注册的批复》（证监许可〔2025〕1970 号），公司向特定对象发行 A 股股票 397,877,984 股，每股发行价格人民币 7.54 元。截至 2025 年 12 月 10 日 止，公司的联席主承销商指定的认购资金专用账户收到参与本次发行的投资者缴 付的认购资金人民币 2,999,999,999.36 元，上述募集资金扣除与募集资金相关的 发行费用总计人民币 16,124,892.90 元（不含增值税），募集资金净额为人民币 2,98 ...

中信证券股份有限公司关于 蓝星安迪苏股份有限公司与中化集团财务有限责任公司 签署《金融服务协议》暨关联交易的核查意见 中信证券股份有限公司（以下简称"中信证券""保荐人"）作为蓝星安迪苏股 份有限公司（以下简称"安迪苏""公司"）向特定对象发行 A 股股票的保荐人，根 据《证券发行上市保荐业务管理办法》《上海证券交易所股票上市规则》《上海 证券交易所上市公司自律监管指引第 5 号——交易与关联交易》《上海证券交易 所上市公司自律监管指引第 1 号——规范运作》等有关规定，在持续督导期内， 对公司拟与中化集团财务有限责任公司（以下简称"财务公司"）签订的《金融 服务协议》暨关联交易的事项进行了核查，核查具体情况如下： 1 6.3.3 条第（二）项规定的情形，本次交易构成关联交易。本次交易不构成《上 市公司重大资产重组管理办法》规定的重大资产重组。本次关联交易尚需提交公 司股东会审议。 二、交易方介绍 （一）关联人基本情况 | 财务公司名称 | 中化集团财务有限责任公司 | | --- | --- | | 企业性质 | 有限责任公司 | | 统一社会信用代码 | 911100007109354688 | | 注册 ...

毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 内部控制审计报告 毕马威华振审字第 2603328 号 蓝星安迪苏股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审计了蓝 星安迪苏股份有限公司（以下简称"贵公司"）2025 年 12 月 31 日的财务报告内部控制的有效 性。 蓝星安迪苏股份有限公司 内部控制审计报告 2025 年 12 月 31 日 三、 内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于情况的变化 可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低，根据内部控制审计结果 推测未来内部控制的有效性具有一定风险。 毕马威华振会计师事务所(特殊普通合伙) — 中国合伙制会计 师事务所，是与毕马威国际有限公司(英国私营担保有限公 司)相关联的独立成员所全球组织中的成员。 毕马威华振会计师事务所(特殊普通合伙) — 中国 ...

林兆荣先生生于 1960 年，中国香港，澳洲麦觉理大学经济学会计专业学士，澳洲 新南威尔士大学商务学金融专业硕士，香港会计师公会资深会员，澳洲和新西兰特许 会计师公会资深会员。 林先生曾在澳洲（5 年）、中国香港（6 年）及中国大陆（25 年）工作，从事审计 及商务咨询项目超过 30 年，在会计、企业咨询等领域有丰富的经验。 2004 年至 2020 年任普华永道中天会计师事务所（特殊普通合伙）及罗兵咸永道会 计师事务所合伙人。林先生也曾于多家审计公司任职，包括香港毕马威会计师事务所 （自 1991 年 9 月至 1992 年 2 月）、Horwath Australia（自 1987 年 8 月至 1991 年 8 月） 及新南威尔士州审计长办公室（自 1987 年 3 月至 1987 年 7 月）。自 2022 年 6 月起， 任上海格派鎳鈷材料股份有限公司（未上市）的独立董事；自 2023 年 5 月起，任上海 复旦张江生物医药股份有限公司（于香港联交所上市，股票代码：01349；于上海证券 交易所上市，证券代码：688505）独立董事；自 2023 年 7 月起，任苏州贝康医疗股份 有限公司（于香港联 ...