Investment Rating - The investment rating for the company is "Buy" (maintained) [6][7]. Core Insights - The report highlights the resumption of U.S. ethane exports to China, which is expected to benefit the company significantly due to its core assets in U.S. ethane exports [6]. - The company has a competitive edge with its low ethylene production costs and integrated supply chain advantages, positioning it well for future growth [6]. - The report projects substantial revenue and profit growth for the company from 2025 to 2027, with expected revenues of 588.39 billion, 681.97 billion, and 788.11 billion respectively, and net profits of 72.21 billion, 92.46 billion, and 117.78 billion respectively [7][8]. Summary by Sections Company Overview - The company has a total share capital of 336,865 million shares and a closing price of 17.31 as of July 2, 2025 [1]. - The asset-liability ratio stands at 53.62%, with a price-to-book ratio of 1.83 and a weighted return on equity of 5.05% [1]. Market Dynamics - The U.S. has lifted the export ban on ethane to China, which is crucial for the company's operations as it owns a significant export terminal in the U.S. [6]. - The report notes that the construction of new ethane terminals in the U.S. is unlikely due to high investment costs and regulatory challenges [6]. Competitive Position - The company is positioned in the lowest cost range for ethylene production in China, benefiting from technological advancements and lower raw material costs [6]. - The company plans to expand its fleet of VLEC ships to enhance its logistics capabilities, with an investment of 257 billion for six new vessels [6]. Financial Projections - Revenue growth rates are projected at 28.90% for 2025, followed by 15.90% and 15.56% for 2026 and 2027 respectively [8]. - The expected earnings per share (EPS) are projected to be 2.14, 2.74, and 3.50 for the years 2025, 2026, and 2027 respectively [7][8].

Group 1 - Energy Transfer and Enterprise Products Partners announced the cancellation of restrictions on ethane exports to China by the U.S. Department of Commerce on July 2 [1] - Energy Transfer is a key supplier of ethane to China's low-carbon chemical giant, Satellite Chemical, which is expected to resume imports of ethane from the U.S. soon [1] - The U.S. had previously implemented a licensing regime for ethane exports in late May, which halted shipments to China in June, but Satellite Chemical was not significantly affected due to its large ethane inventory [1] Group 2 - The U.S. is the world's largest ethane supplier, accounting for 62% of global supply, while China is the largest consumer, primarily importing from the U.S. [2] - Starting January 1, 2025, China will reduce the import tariff on ethane from 2% to 1%, indicating a positive signal for energy trade between the U.S. and China [2] - The normalization of U.S.-China ethane trade will allow Satellite Chemical to continue building a global raw material supply chain, contributing to market stability [2]

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report The report conducts a comprehensive analysis of the downstream landscape of pure benzene, including both horizontal and vertical perspectives. Horizontally, it analyzes the demand proportion, production capacity growth rate, and regional distribution of the five major downstream products of pure benzene. Vertically, it focuses on the device analysis of each of the five products, including the proportion of self - owned and externally purchased pure benzene, device characteristics, regional distribution, and enterprise group concentration [2]. 3. Summary According to the Directory 3.1 Pure Benzene Downstream Pattern Horizontal Analysis 3.1.1 Demand Proportion and Basic Introduction of Five Major Downstream Products for Pure Benzene - Based on 2024 production data, the demand proportions of benzene ethylene, caprolactam (CPL), phenol (phenol - ketone), aniline, and adipic acid for pure benzene are 42%, 21%, 17%, 12%, and 7% respectively, with other pure benzene demands accounting for 1% [9]. - Benzene ethylene is the largest downstream product of pure benzene. Its production processes mainly include ethylbenzene dehydrogenation, propylene oxide - styrene co - production (PO/SM), and C8 extraction. It is mainly used in PS, EPS, ABS, UPR, etc. [11]. - CPL is the second - largest downstream product, mainly produced by the cyclohexanone ammoximation method (HAO, 83%) and the phosphoric acid hydroxylamine method (HPO, 17%). It is mainly used to produce PA6, which is used to make nylon [15]. - Phenol (phenol - ketone) is the third - largest downstream product. Produced by the cumene method, it is co - produced with acetone. Its main downstream products are bisphenol A and phenolic resin [22]. - Aniline accounts for 12% of pure benzene demand, produced by the nitrobenzene catalytic hydrogenation method. It is mainly used to produce MDI [23]. - Adipic acid accounts for 7% of pure benzene demand, mainly produced by the cyclohexene method (81%) and the cyclohexane method (19%). It is used to produce polyester polyols and PA66 [33]. 3.1.2 Demand Proportion of Five Major Downstream Products for Pure Benzene (Weighted by the Proportion of Externally Purchased Pure Benzene) - After excluding self - owned pure benzene integrated production capacity, the demand proportions of caprolactam, benzene ethylene, phenol - ketone, aniline, and adipic acid for externally purchased pure benzene are 28%, 25%, 15%, 19%, and 12% respectively [38]. - Benzene ethylene has a higher proportion of self - owned pure benzene in integration, with externally purchased pure benzene device capacity accounting for 34%. Phenol has 51% externally purchased capacity, CPL has 76%, and aniline and adipic acid have 94% and 95% respectively [37]. 3.1.3 Production Cycle of Five Major Downstream Products - Benzene ethylene's high - speed production cycle from 2020 - 2023 has ended, and production has slowed down since 2024 [42]. - CPL's production growth rate slowed down to 10% in 2025 after reaching 16% and 21% in 2023 and 2024 respectively [42]. - Phenol's production growth rate slowed down to 13% in 2025 after an average of 23% from 2020 - 2024 [42]. - Aniline's production growth rate is 8% in 2025, with intermittent production increases in the past [42]. - Adipic acid had no production plan in 2025 after a large - scale production increase in 2023 [42]. 3.1.4 Regional Consumption Proportion of Pure Benzene and the Demand Proportion of the Five Major Downstream Products in Each Region - The main consumption area of pure benzene is East China, which is also the main trading market. Other regions have relatively small proportions [45]. - In East China (excluding Shandong), benzene ethylene accounts for 58% and phenol accounts for 23% of pure benzene demand [46]. - In Shandong, benzene ethylene accounts for 36% and CPL accounts for 22% of pure benzene demand, with a more evenly distributed downstream structure compared to East China [46]. - In North China and South China, benzene ethylene and CPL are the main downstream products [49]. 3.2 Pure Benzene Downstream Pattern Vertical Analysis 3.2.1 Benzene Ethylene Device Analysis - Self - owned pure benzene devices in benzene ethylene production mainly belong to Sinopec, CNOOC, PetroChina, and large refineries like Hengli, Zhejiang Petrochemical, etc. Externally purchased pure benzene devices are mainly private refineries in Shandong and Jiangsu - Zhejiang [50]. - Benzene ethylene devices are mainly distributed in East China (43%), South China (19%), Shandong (18%), and Northeast China (10%). Externally purchased pure benzene devices are mainly in East China (50%) and Shandong (39%) [54]. 3.2.2 CPL Device Analysis - Self - owned pure benzene devices in CPL production mainly belong to Sinopec and its joint - venture companies. Most devices are externally purchased [57]. - CPL devices are mainly distributed in Central China (28%), Shandong (27%), and South China (26%). The enterprise concentration is not high [59]. - About 44% of CPL devices have downstream PA6 devices, and 21% have downstream PA6 and nylon devices [59]. 3.2.3 Phenol Device Analysis - Self - owned pure benzene devices in phenol production mainly belong to Sinopec, PetroChina, CNOOC, and large private refineries. Externally purchased pure benzene devices are in East China, Shandong, and South China [62]. - 69% of phenol devices have downstream bisphenol A devices, and 35% of these have self - owned bisphenol A and PC devices [62]. - Phenol devices are mainly in East China (49%), Shandong (19%), and South China (13%). The enterprise concentration is not high [68]. 3.2.4 Aniline Device Analysis - Only 6% of aniline devices have self - owned pure benzene (Sinopec Nanjing Chemical). Most are externally purchased [69]. - Aniline devices are mainly in East China (37%) and Shandong (33%). Wanhua accounts for 48% of the total production capacity, with high industry concentration [71]. 3.2.5 Adipic Acid Device Analysis - Only 5% of adipic acid devices have self - owned pure benzene (PetroChina). Most are externally purchased [73]. - Adipic acid devices are mainly in Southwest China (34%) and Shandong (25%). Huafeng accounts for 34% of the total production capacity. The industry is in an over - supply and loss situation [77].

Core Viewpoint - Satellite Chemical has achieved a MSCI ESG rating of BBB, ranking among the top in the A-share chemical industry, reflecting the company's efforts in ESG information disclosure and internal practices [1][2]. ESG Disclosure Performance - MSCI, a leading global index provider, has recognized Satellite Chemical's ESG performance, with the company's rating improving from B to BBB over two consecutive years [2]. - The company has been included in various prestigious ESG-related lists and has received multiple awards for its sustainable practices, including the "ESG Action Power Award" and "Best Responsible Enterprise Brand TOP100" [2]. ESG Practices Building Competitive Advantage - Satellite Chemical has published ESG reports for three consecutive years, emphasizing that true ESG commitment goes beyond regulatory compliance to enhance market competitiveness through green development and innovation [3]. - The company aims to reduce carbon emissions by over 2 million tons by 2030, with over 50% of this target achieved by 2024 [3]. - A significant portion of the company's R&D investment, over 40% of a planned 10 billion yuan, will focus on green technology [3]. Commitment to Social Responsibility - The company actively responds to social needs and contributes to rural revitalization and common prosperity, promoting a governance model of "co-creation, sharing, and common wealth" [4]. - Future plans include enhancing management in environmental, social, and governance areas, increasing the use of renewable energy, and developing green supply chains [4]. - The company aims to drive innovation in emerging fields such as artificial intelligence, new energy vehicles, and hydrogen utilization, focusing on developing green low-carbon chemical materials [4].

证券代码：002648 证券简称：卫星化学 公告编号：2025-030 截至2025年6月30日，公司通过回购专用证券账户以集中竞价交易方式回购 公司股份12,078,379股，占公司目前总股本的0.3586%，最高成交价为人民币18.90 元/股，最低成交价为人民币17.10元/股，成交总金额为人民币217,840,121.19元（不 含交易费用）。本次回购符合相关法律法规及公司既定的回购股份方案的要求。 二、其他说明 公司回购股份的时间、回购股份数量、回购股份价格及集中竞价交易的委托 时段符合《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 卫星化学股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 卫星化学股份有限公司（以下简称"公司"）于2025年4月10日召开第五届 董事会第九次会议审议通过了《关于回购公司股份方案的议案》。公司拟使用自 有/自筹资金以集中竞价交易的方式回购公司部分股份，用于实施公司事业合伙 人持股计划或其他股权激励计划。本次回购股份的资金总额不低于2亿元（含）、 不超过4亿元（含），回购价格不超过29.50元 ...

证券代码：002648 证券简称：卫星化学 公告编号：2025-030 卫星化学股份有限公司 关于回购公司股份的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 卫星化学股份有限公司（以下简称"公司"）于2025年4月10日召开第五届 董事会第九次会议审议通过了《关于回购公司股份方案的议案》。公司拟使用自 有/自筹资金以集中竞价交易的方式回购公司部分股份，用于实施公司事业合伙 人持股计划或其他股权激励计划。本次回购股份的资金总额不低于2亿元（含）、 不超过4亿元（含），回购价格不超过29.50元/股（含）。按回购上限价格和拟回 购金额的上、下限测算，预计本次回购股份的数量为6,779,661股-13,559,322股， 约占公司目前已发行总股本的0.20%-0.40%，具体回购股份的数量以回购期限届 满时实际回购的股份数量为准。本次回购股份的实施期限为自公司董事会审议通 过本回购方案之日起不超过十二个月。具体内容详见公司在《证券时报》《中国 证券报》和巨潮资讯网（www.cninfo.com.cn）上披露的《关于回购公司股份方案 的公告暨回购报告书》（ ...

Investment Rating - Industry investment rating: Overweight [1] Core Views - The chemical sector's overall performance ranked 16th with a fluctuation of 3.11% during the week of June 23-27, 2025, outperforming the Shanghai Composite Index by 1.19 percentage points but underperforming the ChiNext Index by 2.59 percentage points [4][22] - The chemical industry is expected to continue its trend of differentiated performance in 2025, with recommendations to focus on synthetic biology, pesticides, chromatography media, sweeteners, vitamins, light hydrocarbon chemicals, COC polymers, and MDI [4] Summary by Sections Industry Review - The chemical sector's performance during the week was characterized by a 3.11% increase, with the top three performing sectors being computer (7.70%), defense industry (6.90%), and non-bank financials (6.66%) [22][23] - The top three gaining stocks in the chemical sector were Dazhongnan (50.00%), Taihe Technology (48.09%), and Tiensheng New Materials (31.41%) [29] Key Industry Dynamics - The ethane export situation has improved, transitioning from a "complete suspension" to "transportable, but not unloading" [1][37] - The upcoming quota policy for refrigerants is expected to lead to a high prosperity cycle for third-generation refrigerants, with companies holding a high quota share likely to benefit significantly [5] - The electronic specialty gases market is characterized by high technical barriers and high added value, presenting significant domestic substitution opportunities [6][8] - The light hydrocarbon chemical trend is becoming global, with a shift towards lighter raw materials for olefin production, which is expected to lead to a revaluation of leading companies in this sector [8] - The COC polymer industry is accelerating its domestic industrialization process, with significant potential for domestic companies to break through and capture market space [9] - The potassium fertilizer market is anticipated to bottom out and recover due to supply-side adjustments and increased demand from farmers [10] - The MDI market is expected to improve due to oligopolistic supply dynamics and stable demand from polyurethane applications [12]

Group 1: Financial Performance - 阳光诺和预计2025年营业收入将较2024年增长不低于10%[1] - 九号公司2025年营业收入预计为2509百万，较2024年增长40%[1] - 牧原股份2025年预计销量高速增长，2025年净利润增速为26%[1] Group 2: Market Trends and Risks - STC007新药研发进展领先，市场空间较大，潜在BD预期将增厚利润[1] - 美团外卖在补贴力度升级下可能受到影响，但长期看具备运营效率优势[1] - 华友钴业受益于刚果金延长出口禁令，钴价有望上涨[1] Group 3: Strategic Developments - 精智达预计2025年半导体设备收入将达到5亿，是2024年的两倍[1] - 阳光电源在全球储能市场具备竞争优势，预计2025年净利润具备高增潜力[1] - 广和通布局具身智能机器人，供货全球头部机器人公司[1]

Investment Rating - The report maintains a positive outlook on the polyester industry, particularly for polyester filament yarn, anticipating a recovery in demand due to improving Sino-US trade relations [3][4]. Core Insights - The report highlights the expectation of a recovery in polyester filament yarn demand as Sino-US trade restrictions are anticipated to ease, potentially restoring textile and apparel exports to the US [4][5]. - It notes that US apparel wholesalers have been depleting their inventories since Q4 2022, and with the overseas economy recovering, a replenishment phase is expected to begin in 2025, further boosting filament yarn demand [4][7]. - The report emphasizes that downstream inventories for polyester filament yarn are at historically low levels, which supports a stable demand outlook despite external trade pressures [11]. - The report indicates that the valuation of polyester filament yarn companies is currently at historical lows, suggesting potential for upward movement during the seasonal peak periods [14]. Summary by Sections Upstream Sector - Brent crude oil prices fell to $67.77 per barrel, a decrease of 12% week-on-week, while WTI prices dropped to $65.52 per barrel, down 11.27% [22]. - US commercial crude oil inventories decreased to 415 million barrels, down 5.84 million barrels from the previous week, and are 11% lower than the five-year average [24]. - The report anticipates a widening supply-demand trend for crude oil, with expectations of price fluctuations but overall stability due to OPEC+ production cuts [4][22]. Refining Sector - The report notes an increase in the Singapore refining margin to $16.47 per barrel, up $4.89 from the previous week, indicating improved refining profitability [56]. - The report suggests that refining product margins are still low but are expected to improve as economic recovery progresses [4][53]. Polyester Sector - PTA prices have been rising, with the average price in East China reaching 5,139 RMB per ton, up 1.08% week-on-week [4]. - The report highlights a positive outlook for leading polyester companies such as Tongkun Co. and Wankai New Materials, anticipating a recovery in profitability as supply-demand dynamics improve [18]. Investment Recommendations - The report recommends focusing on leading polyester companies, refining firms, and offshore oil service companies, citing potential for performance improvement as market conditions stabilize [18].

Report Summary 1. Investment Rating of the Industry The provided content does not mention the industry investment rating. 2. Core Viewpoints - In the polyurethane sector, this week, the average prices of pure MDI, polymer MDI, and TDI were 17,040 yuan/ton, 15,650 yuan/ton, and 11,225 yuan/ton respectively, with week - on - week decreases of 170 yuan/ton, 120 yuan/ton, and 155 yuan/ton. Their respective gross profits were 3,556 yuan/ton, 3,177 yuan/ton, and - 280 yuan/ton, with week - on - week decreases of 158 yuan/ton, 36 yuan/ton, and 69 yuan/ton [2]. - In the oil - gas - olefin sector, the average prices of ethane, propane, steam coal, and naphtha this week were 1,172 yuan/ton, 4,189 yuan/ton, 470 yuan/ton, and 4,221 yuan/ton respectively, with week - on - week decreases of 72 yuan/ton, 183 yuan/ton, 25 yuan/ton, and 330 yuan/ton. The average price of polyethylene was 7,975 yuan/ton, a week - on - week increase of 30 yuan/ton. The theoretical profits of ethylene cracking, CTO, and naphtha cracking to produce polyethylene were 1,418 yuan/ton, 2,113 yuan/ton, and 100 yuan/ton respectively, with week - on - week increases of 93 yuan/ton, 89 yuan/ton, and 348 yuan/ton. The average price of polypropylene was 7,136 yuan/ton, a week - on - week decrease of 24 yuan/ton. The theoretical profits of PDH, CTO, and naphtha cracking to produce polypropylene were - 38 yuan/ton, 1,752 yuan/ton, and - 80 yuan/ton respectively, with week - on - week increases of 147 yuan/ton, 50 yuan/ton, and 308 yuan/ton [2]. - In the coal - chemical sector, the average prices of synthetic ammonia, urea, DMF, and acetic acid this week were 2,214 yuan/ton, 1,802 yuan/ton, 3,960 yuan/ton, and 2,381 yuan/ton respectively, with week - on - week changes of - 58 yuan/ton, - 11 yuan/ton, + 20 yuan/ton, and + 17 yuan/ton. Their respective gross profits were 336 yuan/ton, 156 yuan/ton, - 214 yuan/ton, and 4 yuan/ton, with week - on - week changes of - 63 yuan/ton, - 10 yuan/ton, + 22 yuan/ton, and + 61 yuan/ton [2]. - The relevant listed companies in the chemical industry include Wanhua Chemical, Baofeng Energy, Satellite Chemical, and Hualu Hengsheng [2]. 3. Summary by Directory 3.1 Basic Chemical Weekly Data Briefing - **Related Company Performance Tracking** - The basic chemical index had a weekly increase of 3.1%, a monthly increase of 2.2%, a three - month decrease of 0.7%, an annual increase of 12.1%, and a year - to - date increase of 6.4% as of June 27, 2025 [8]. - Wanhua Chemical had a weekly increase of 0.4%, a monthly decrease of 2.4%, a three - month decrease of 20.5%, an annual decrease of 36.2%, and a year - to - date decrease of 24.2% [8]. - Baofeng Energy had a weekly decrease of 1.5%, a monthly increase of 0.2%, a three - month decrease of 5.3%, an annual increase of 0.2%, and a year - to - date decrease of 0.9% [8]. - Satellite Chemical had a weekly increase of 7.2%, a monthly increase of 0.6%, a three - month decrease of 18.4%, an annual decrease of 3.0%, and a year - to - date decrease of 6.1% [8]. - Hualu Hengsheng had a weekly decrease of 0.6%, a monthly increase of 5.2%, a three - month decrease of 1.9%, an annual decrease of 18.3%, and a year - to - date increase of 0.5% [8]. - **Related Company Profit Tracking** - As of June 27, 2025, Wanhua Chemical's stock price was 53 yuan, with a total market value of 167.6 billion yuan. Its net profit attributable to the parent company in 2024A was 13.033 billion yuan, and the expected values for 2025E, 2026E, and 2027E were 13.966 billion yuan, 16.864 billion yuan, and 19.233 billion yuan respectively. The PE values for 2024A, 2025E, 2026E, and 2027E were 12.9, 12.0, 9.9, and 8.7 respectively, and the PB value for 2025E was 1.7 [8]. - Baofeng Energy's stock price was 16 yuan, with a total market value of 119.2 billion yuan. Its net profit attributable to the parent company in 2024A was 6.338 billion yuan, and the expected values for 2025E, 2026E, and 2027E were 12.360 billion yuan, 14.076 billion yuan, and 14.880 billion yuan respectively. The PE values for 2024A, 2025E, 2026E, and 2027E were 18.8, 9.6, 8.5, and 8.0 respectively, and the PB value for 2025E was 2.7 [8]. - Satellite Chemical's stock price was 17 yuan, with a total market value of 57.7 billion yuan. Its net profit attributable to the parent company in 2024A was 6.072 billion yuan, and the expected values for 2025E, 2026E, and 2027E were 7.004 billion yuan, 9.103 billion yuan, and 11.075 billion yuan respectively. The PE values for 2024A, 2025E, 2026E, and 2027E were 9.5, 8.2, 6.3, and 5.2 respectively, and the PB value for 2025E was 1.9 [8]. - Hualu Hengsheng's stock price was 22 yuan, with a total market value of 46.1 billion yuan. Its net profit attributable to the parent company in 2024A was 3.903 billion yuan, and the expected values for 2025E, 2026E, and 2027E were 4.265 billion yuan, 4.690 billion yuan, and 5.066 billion yuan respectively. The PE values for 2024A, 2025E, 2026E, and 2027E were 11.8, 10.8, 9.8, and 9.1 respectively, and the PB value for 2025E was 1.5 [8]. - **Polyurethane Industry Chain** - The average price of pure MDI was 17,040 yuan/ton, with a week - on - week decrease of 170 yuan/ton, and a seven - year quantile of 11%. Its gross profit was 3,556 yuan/ton, with a week - on - week decrease of 158 yuan/ton, and a seven - year quantile of 34% [8]. - The average price of polymer MDI was 15,650 yuan/ton, with a week - on - week decrease of 120 yuan/ton, and a seven - year quantile of 32%. Its gross profit was 3,177 yuan/ton, with a week - on - week decrease of 36 yuan/ton, and a seven - year quantile of 66% [8]. - The average price of TDI was 11,225 yuan/ton, with a week - on - week decrease of 155 yuan/ton, and a seven - year quantile of 9%. Its gross profit was - 280 yuan/ton, with a week - on - week decrease of 69 yuan/ton, and a seven - year quantile of 23% [8]. - **Oil - Gas - Olefin Industry Chain** - **Raw Material Prices**: Ethane had an average price of 1172 yuan/ton, a week - on - week decrease of 72 yuan/ton, and a ten - year quantile of 50%. Propane had an average price of 4189 yuan/ton, a week - on - week decrease of 183 yuan/ton, and a ten - year quantile of 63%. NYMEX natural gas had an average price of 1317 yuan/ton, a week - on - week decrease of 135 yuan/ton, and a ten - year quantile of 82%. Brent crude oil had an average price of 3576 yuan/ton, a week - on - week decrease of 428 yuan/ton, and a ten - year quantile of 62%. Naphtha had an average price of 4221 yuan/ton, a week - on - week decrease of 330 yuan/ton, and a ten - year quantile of 62%. Steam coal had an average price of 470 yuan/ton, a week - on - week decrease of 25 yuan/ton, and a ten - year quantile of 40%. Methanol had an average price of 2711 yuan/ton, a week - on - week decrease of 5 yuan/ton, and a ten - year quantile of 71% [8]. - **Profit Comparison of Oil - Gas Routes**: For polyethylene production, the profit of ethane cracking was 1418 yuan/ton, with a week - on - week increase of 93 yuan/ton, a change of + 51 yuan/ton compared to the beginning of the year, and a year - on - year decrease of 467 yuan/ton. The profit of naphtha cracking was 100 yuan/ton, with a week - on - week increase of 348 yuan/ton, a change of + 25 yuan/ton compared to the beginning of the year, and a year - on - year increase of 25 yuan/ton. The profit of MTO was - 548 yuan/ton, with a week - on - week increase of 32 yuan/ton, a change of - 151 yuan/ton compared to the beginning of the year, and a year - on - year decrease of 151 yuan/ton. The profit of CTO was 2113 yuan/ton, with a week - on - week increase of 89 yuan/ton, a change of + 912 yuan/ton compared to the beginning of the year, and a year - on - year increase of 298 yuan/ton. For polypropylene production, the profit of PDH was - 38 yuan/ton, with a week - on - week increase of 147 yuan/ton, a change of - 386 yuan/ton compared to the beginning of the year, and a year - on - year increase of 52 yuan/ton. The profit of naphtha cracking was - 80 yuan/ton, with a week - on - week increase of 308 yuan/ton, a change of - 221 yuan/ton compared to the beginning of the year, and a year - on - year increase of 481 yuan/ton. The profit of MTO was - 909 yuan/ton, with a week - on - week decrease of 7 yuan/ton, a change of - 423 yuan/ton compared to the beginning of the year, and a year - on - year decrease of 737 yuan/ton. The profit of CTO was 1752 yuan/ton, with a week - on - week increase of 50 yuan/ton, a change of + 641 yuan/ton compared to the beginning of the year, and a year - on - year increase of 170 yuan/ton [8]. - **C2 and C3 Sectors and Coal - Chemical Industry Chain** - **C2 Sector**: The average price of ethylene was 6099 yuan/ton, with a week - on - week increase of 180 yuan/ton. The average price of HDPE was 7975 yuan/ton, with a week - on - week increase of 30 yuan/ton. The average price of ethylene glycol was 4492 yuan/ton, with a week - on - week decrease of 82 yuan/ton. The average price of ethylene oxide was 6400 yuan/ton, with a week - on - week increase of 80 yuan/ton. The average price of polyether macromonomer was 8200 yuan/ton, with no change. The average price of ethanolamine was 5800 yuan/ton, with a week - on - week decrease of 150 yuan/ton. The average price of dimethyl carbonate was 3860 yuan/ton, with a week - on - week increase of 60 yuan/ton. The average price of styrene was 7830 yuan/ton, with a week - on - week decrease of 120 yuan/ton. The average price of polystyrene was 8600 yuan/ton, with a week - on - week increase of 30 yuan/ton [10]. - **C3 Sector**: The average price of propylene was 5690 yuan/ton, with a week - on - week increase of 230 yuan/ton. The average price of polypropylene was 7136 yuan/ton, with a week - on - week decrease of 24 yuan/ton. The average price of acrylic acid was 6830 yuan/ton, with a week - on - week increase of 170 yuan/ton. The average price of butyl acrylate was 8190 yuan/ton, with a week - on - week increase of 190 yuan/ton. The average price of propylene oxide was 7744 yuan/ton, with a week - on - week increase of 168 yuan/ton [10]. - **Coal - Chemical Industry Chain** - **Coal - Coke Products**: The average price of coking coal was 1038 yuan/ton, with a week - on - week decrease of 31 yuan/ton. The average price of coke was 1081 yuan/ton, with a week - on - week decrease of 26 yuan/ton, and its gross profit was - 47 yuan/ton, with a week - on - week decrease of 22 yuan/ton [10]. - **Traditional Coal - Chemical Products**: The average price of synthetic ammonia was 2214 yuan/ton, with a week - on - week decrease of 58 yuan/ton, and its gross profit was 336 yuan/ton, with a week - on - week decrease of 63 yuan/ton. The average price of methanol was 2100 yuan/ton, with a week - on - week decrease of 8 yuan/ton, and its gross profit was 207 yuan/ton, with a week - on - week decrease of 9 yuan/ton. The average price of urea was 1802 yuan/ton, with a week - on - week decrease of 11 yuan/ton, and its gross profit was 156 yuan/ton, with a week - on - week decrease of 10 yuan/ton. The average price of DMF was 3960 yuan/ton, with a week - on - week increase of 20 yuan/ton, and its gross profit was - 214 yuan/ton, with a week - on - week increase of 22 yuan/ton. The average price of acetic acid was 2381 yuan/ton, with a week - on - week increase of 17 yuan/ton, and its gross profit was 4 yuan/ton, with a week - on - week increase of 61 yuan/ton [10]. - **New Materials**: The average price of DMC was 10800 yuan/ton, with a week - on - week decrease of 120 yuan/ton, and its gross profit was - 2141 yuan/ton, with a week - on - week decrease of 114 yuan/ton. The average price of oxalic acid was 2700 yuan/ton, with no change. The average price of octanol was 7