Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology industry [1] Core Insights - Chinese innovative drugs performed beyond expectations at the ASCO conference, highlighting companies such as Innovent Biologics and Kelun-Biotech as key players [1][2] - The report emphasizes the growth potential in the innovative drug sector, with specific recommendations for stock selection based on growth, valuation, and dividend yield [11][12] Summary by Sections Industry Performance - The A-share pharmaceutical index has increased by 1.1% this week and 7.8% year-to-date, outperforming the CSI 300 by 0.3% and 9.4% respectively [10] - The Hong Kong biotechnology index rose by 4.5% this week and 47.8% year-to-date, also outperforming the Hang Seng Technology Index [10] Innovative Drug Developments - The ASCO conference showcased 73 oral presentations from China, marking a historical high, with significant contributions in ADC and dual-antibody research [5][16] - Notable advancements include the FDA IND approval for the first circular RNA drug by Huanma Biotech and the NDA submission for the first oral PROTAC estrogen receptor degrader by Arvinas and Pfizer [2] Stock Selection Strategy - Recommended sub-industry rankings for investment are: Innovative Drugs > CXO > Traditional Chinese Medicine > Medical Devices > Pharmacies > Pharmaceutical Commerce [11] - Growth-oriented stock picks include Innovent Biologics, Zai Lab, BeiGene, Kelun-Biotech, and others in the innovative drug space [11] - For undervalued stocks, focus on traditional Chinese medicine companies such as Zhaoli Pharmaceutical and Tianshili [11] Market Trends - The report notes a significant increase in licensing deals for Chinese innovative drugs, with 94 transactions totaling $51.9 billion in 2024, reflecting a 26% year-on-year growth [17] - The report highlights the strong performance of specific stocks, including Yiming Pharmaceutical and Wanbangde, which saw increases of 33% this week [10]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - This week, the average weekly prices of Brent/WTI crude oil futures were $65.4/$63.3 per barrel, up $1.0/$2.2 per barrel from last week [2]. - The total US crude oil inventory, commercial crude oil inventory, strategic crude oil inventory, and Cushing crude oil inventory were 8.4/4.4/4.0/0.2 billion barrels, with a week - on - week change of - 379/-430/+51/+58 thousand barrels [2]. - The US crude oil production was 13.41 million barrels per day, up 10 thousand barrels per day week - on - week. The number of active US crude oil rigs this week was 442, down 19 week - on - week. The number of active US fracturing fleets this week was 186, down 4 week - on - week [2]. - The US refinery crude oil processing volume was 17 million barrels per day, up 670 thousand barrels per day week - on - week; the US refinery crude oil utilization rate was 93.4%, up 3.2 percentage points week - on - week [2]. - The US crude oil imports, exports, and net imports were 6.35/3.91/2.44 million barrels per day, with a week - on - week change of - 1/-39/+39 thousand barrels per day [2]. - The average weekly prices of US gasoline, diesel, and jet fuel were $87/$87/$89 per barrel, with a week - on - week change of - $0.3/+$0.5/ - $5.1 per barrel; the spreads to crude oil were $21/$22/$23 per barrel, with a week - on - week change of - $1.0/ - $0.2/ - $5.8 per barrel [2]. - The US gasoline, diesel, and aviation kerosene inventories were 2.3/1.1/0.4 billion barrels, up 522/423/94 thousand barrels week - on - week [2]. - The US gasoline, diesel, and aviation kerosene production were 9.04/4.99/1.89 million barrels per day, with a week - on - week change of - 71/+18/+4 thousand barrels per day [2]. - The US gasoline, diesel, and aviation kerosene consumption were 8.26/3.15/1.76 million barrels per day, with a week - on - week change of - 119/ - 74/ - 2 thousand barrels per day [2]. - Recommended companies include CNOOC Limited (600938.SH/0883.HK), PetroChina Company Limited (601857.SH/0857.HK), Sinopec Corp. (600028.SH/0386.HK), etc. Companies to be noted include Sinopec Oilfield Service Corporation (600871.SH/1033.HK), China Petroleum Engineering & Construction Corporation (600339.SH), etc [3]. 3. Summary by Relevant Catalogs 3.1 Crude Oil Weekly Data Briefing - Data sources include Bloomberg, WIND, EIA, TSA, Baker Hughes, and Dongwu Securities Research Institute [8][9] 3.2 This Week's Performance of the Petroleum and Petrochemical Sector 3.2.1 Performance of the Petroleum and Petrochemical Sector - Data on the percentage changes in the rise and fall of various industry sectors and the petroleum and petrochemical sub - sectors are presented, but specific values are not fully detailed in the provided text [14][19] 3.2.2 Performance of Listed Companies in the Sector - Performance data such as the rise and fall percentages, latest prices, and market capitalizations of upstream listed companies in the past week, month, three months, one year, and since the beginning of 2025 are provided [24]. - Valuation data including stock prices, total market capitalizations, net profits attributable to the parent company, P/E ratios, and P/B ratios of listed companies from 2024 to 2027 are presented [26]. 3.3 Crude Oil Sector Data Tracking 3.3.1 Crude Oil Prices - Data on the prices and spreads of Brent, WTI, Urals, ESPO crude oils, as well as the relationships between copper prices, the US dollar index, and WTI crude oil prices are presented [31][33][40] 3.3.2 Crude Oil Inventory - Data on the US total crude oil inventory, commercial crude oil inventory, strategic crude oil inventory, and Cushing crude oil inventory are provided, including historical data and week - on - week changes [54][55][62] 3.3.3 Crude Oil Supply - The US crude oil production, number of active crude oil rigs, and number of active fracturing fleets are presented, along with their relationships with oil prices [67][68] 3.3.4 Crude Oil Demand - Data on the US refinery crude oil processing volume, refinery utilization rate, and Shandong refinery utilization rate are provided [71][76] 3.3.5 Crude Oil Imports and Exports - Data on the US crude oil imports, exports, net imports, and the imports, exports, and net imports of crude oil and petroleum products are presented [78][81] 3.4 Refined Oil Sector Data Tracking 3.4.1 Refined Oil Prices - Data on the prices and spreads of crude oil and refined oils (gasoline, diesel, jet fuel) in the US, Europe, and Singapore are presented [88][97][103] 3.4.2 Refined Oil Inventory - Data on the inventories of gasoline, diesel, and jet fuel in the US and Singapore are provided [118][123][130] 3.4.3 Refined Oil Supply - Data on the production of gasoline, diesel, and jet fuel in the US are presented [137] 3.4.4 Refined Oil Demand - Data on the consumption of gasoline, diesel, and jet fuel in the US, as well as the number of US airport passenger security checks, are provided [140][144][146] 3.4.5 Refined Oil Imports and Exports - Data on the imports, exports, and net exports of gasoline, diesel, and jet fuel in the US are presented [152][155][157] 3.5 Oilfield Services Sector Data Tracking - Data on the average daily rates of jack - up drilling platforms and semi - submersible drilling platforms in the industry are presented [165][166]

证券研究报告·宏观报告·宏观深度报告 宏观深度报告 20250608 并购重组驶入"快车道"助力科技企业估值 提升 [Table_Summary] ◼ 政策红利密集释放 在资本市场加速发展的浪潮中，并购重组作为产业沿链补链的关键，直 接关乎创新产业发展机遇的把握和产业升级的进程。政策推进的节奏是 并购重组市场的关键驱动力。在此背景下，为了鼓励和活跃资本市场， 助力上市公司实现高质量发展，监管机构推出了一系列直击并购市场难 点痛点的举措，精准发力优化并购重组环境。 ◼ 本轮并购重组最新进展 ◼ 本轮并购重组成效和特点 央国企主导整合浪潮：本轮并购重组政策除了监管层面在积极推动，从 中央到地方的产业政策中也频频提及"国有企业"。从中央层面为国有 企业松绑，拓宽国有企业创新投资和并购重组的路径，是培育"耐心资 本"的必要手段。2025 年已完成的并购项目中，国有企业数量占比 50%， 金额占比 68%。国央企合并有望促进国有资本进一步向符合国家战略 的重点行业、关键领域和优势企业集中，推动国央企的产业结构调整升 级，优化国有资本的布局与资源配置，实现资源向维系国家安全、掌握 国民经济命脉和关乎国计民生的重要行业和关 ...

Investment Rating - The report maintains an "Overweight" rating for the retail industry, indicating a positive outlook for the sector in the coming months [1]. Core Insights - The report highlights the upcoming inclusion of companies Bruco, Guming, and Mixue Group into the Hong Kong Stock Connect, which is expected to attract incremental capital allocation [4]. - Bruco, as the leading building block toy brand in China, has achieved a market share of 30.3% in 2023, with a global market share of 7.4%. The company is expected to continue its rapid growth through new IP, products, and channel expansion [4][9]. - Guming, the leading domestic ready-to-drink tea brand, has expanded its store count to 9,914 by the end of 2024, with a projected GMV of 22.4 billion yuan. The company is well-positioned to capture market share through its differentiated competitive advantages [4][10]. - Mixue Group, a leader in affordable ready-to-drink beverages, has established a comprehensive supply chain and has expanded to 45,302 stores by September 2024. The company holds a 31% market share in the sub-10 yuan price segment, indicating strong market presence [4][10]. - The report suggests focusing on new consumer brands such as Bruco, Guming, and Mixue Group, as well as collectible brands like Pop Mart and pet food sectors, which are expected to benefit from changing consumer habits and increased brand value [4][11]. Summary by Sections Industry Trends - The retail sector has shown a positive performance with a 1.29% increase in the Shenwan retail index from June 2 to June 6, 2025, and a year-to-date increase of 9.30% [12][23]. Company Valuation Table - The report includes a valuation table for various companies in the retail sector, providing insights into their market capitalization, closing prices, and projected earnings [21]. Market Performance - The report notes that the Shenwan retail index has outperformed other indices, indicating a robust market environment for retail stocks [12][23].

Economic Indicators - As of June 8, 2025, the ECI supply index is at 50.19%, down 0.01 percentage points from last week, while the demand index is at 49.92%, also down 0.01 percentage points[6] - The ECI investment index is at 49.98%, up 0.02 percentage points from last week, while the consumption index is at 49.73%, down 0.04 percentage points[6] - The ELI index is at -1.04%, down 0.17 percentage points from last week, indicating a slight decrease in liquidity in the economy[11] Financing and Social Financing - In May 2025, new loans are expected to be between 700 billion and 800 billion RMB, slightly lower than the same period last year by 0.25 to 0.15 trillion RMB[13] - Government bond financing in May reached 1.49 trillion RMB, an increase of 0.17 trillion RMB compared to the same period last year[13] - The total social financing scale is expected to increase by 2.2 to 2.5 trillion RMB in May, with a projected growth rate of 8.8% for April 2025 due to a low base effect from last year[13] Industrial Production and Investment - The operating rate for major industries has shown a seasonal decline, but remains better than the same period last year, reflecting reduced tariff impacts[7] - Infrastructure investment continues to recover, with the operating rate for asphalt plants at 31.30%, up 3.60 percentage points from last year[26] - The sales area of commercial housing in major cities has decreased by 22.5% year-on-year in the first week of June[7] Export and Trade - The Shanghai container freight index increased by 167.64 points to 2240.35 points, indicating improved shipping demand[32] - The Baltic Dry Index rose by 177.50 points to 1520.00 points, reflecting a recovery in maritime trade[32] - South Korea's export growth rate fell to -1.30%, a decline of 5.00 percentage points from April[32] Risks and Policy Outlook - Uncertainties remain regarding U.S. tariff policies and the potential for policy measures to fall short of market expectations[48] - The sustainability of improvements in the real estate market is still under observation[48]

证券研究报告·宏观报告·宏观周报 海外周报 20250608 5 月非农超预期带动降息预期进一步降温 2025 年 06 月 08 日 ◼ 5 月非农：新增就业与时薪略超预期令降息预期进一步降温，但数据细 节或暗示美国劳务市场"外强中干"。美国 5 月新增非农就业+13.9 万， 预期+12.6 万，前值由+17.7 万下修至+14.7 万，前两个月数据累计下修 9.5 万。失业率 4.2%，持平预期与前值。时薪环比+0.4%，预期+0.3%， 前值+0.2%。从结构上看，新增就业的主要贡献来自教育医保（+8.7 万） 和休闲餐旅（+4.8 万）。整体来看，5 月略超预期的新增就业和时薪令市 场交易美国经济不着陆，降息预期进一步降温，截至最新联邦基金期货 市场预期 9 月降息概率下降至 68.3%，到 25 年底累计降息 1.77 次 44.3bps。但在非农数据结构之下，有三个细节或暗示美国就业市场并没 有那么强劲：①非农前值持续下修。本次 BLS 将前两月非农累计下修 9.5 万，下修幅度较此前 2 个月继续扩大。②非农与 ADP 数据的劈叉。 5 月美国 ADP 新增就业仅录得+3.7 万，且过去四个月 ...

Economic Indicators - As of June 8, 2025, the ECI supply index is at 50.19%, down 0.01 percentage points from last week, while the demand index is at 49.92%, also down 0.01 percentage points[6] - The ECI investment index is at 49.98%, up 0.02 percentage points from last week, while the consumption index is at 49.73%, down 0.04 percentage points[6] - The ELI index is at -1.04%, down 0.17 percentage points from last week, indicating a slight decrease in liquidity in the economy[11] Financing and Social Financing - In May 2025, new loans are expected to be between 700 billion and 800 billion RMB, slightly lower than the same period last year by 0.25 to 0.15 trillion RMB[13] - Government bond financing in May reached 1.49 trillion RMB, an increase of 0.17 trillion RMB compared to the same period last year[13] - The total social financing scale is expected to increase by 2.2 to 2.5 trillion RMB in May, with a projected growth rate of 8.8% for April 2025 due to a low base effect from last year[13] Industrial Production - The operating rate for the automotive tire industry has decreased, with full steel tires at 63.47% and semi-steel tires at 73.86%, down 1.33 and 4.39 percentage points respectively[15] - The national high furnace operating rate is recorded at 83.54%, down 0.35 percentage points from the previous week[15] Consumption Trends - Passenger car retail sales in May increased by 13% year-on-year, with a month-on-month growth of 10%[22] - The average wholesale price of pork is 20.63 RMB/kg, down 0.11 RMB/kg from the previous week[38] Export Performance - The Shanghai container freight index rose to 2240.35 points, an increase of 167.64 points from the previous week[33] - The Baltic Dry Index averaged 1520.00 points, up 177.50 points from the previous week[33] Risks - Uncertainties remain regarding U.S. tariff policies and the sustainability of improvements in the real estate market[48]

Investment Rating - The report maintains an "Overweight" rating for the non-bank financial sector [1]. Core Insights - The fundamentals of the non-bank financial industry are improving, with low valuations and expectations for policy catalysts [1]. - The non-bank financial sector has outperformed the CSI 300 index recently, with significant gains in the securities and multi-financial sectors [8][9]. - The report highlights the potential for growth in the insurance sector due to recovering premium income and increased equity investments [20][21]. Summary by Sections 1. Recent Performance of Non-Bank Financial Sub-Sectors - All sub-sectors of non-bank financials outperformed the CSI 300 index in the last four trading days, with securities up 2.55%, multi-financials up 2.22%, and insurance up 1.03% [8]. - Year-to-date, the insurance sector has shown the best performance, with a 1.08% increase, while multi-financials have decreased by 3.93% and securities by 8.78% [9]. 2. Insights on Non-Bank Financial Sub-Sectors 2.1 Securities - Trading volume has significantly increased, with June's average daily trading amount reaching 13,631 billion yuan, a 65.74% year-on-year increase [13]. - The China Securities Regulatory Commission (CSRC) is pushing for reforms in the capital market to support technology and innovation [17]. - The average price-to-book (PB) ratio for the securities industry is projected at 1.2x for 2025 [18]. 2.2 Insurance - Life insurance premiums have shown a recovery, with total premiums for the first four months of 2025 reaching 20,966 billion yuan, a 1.8% year-on-year increase [20]. - The insurance sector's investment in equities has increased, with a notable shift towards bonds and stocks [23]. - The insurance sector's valuation is currently between 0.57-0.93 times the expected 2025 embedded value (P/EV), indicating a historical low [27]. 2.3 Multi-Financial - The trust industry saw its assets grow to 29.56 trillion yuan by the end of 2024, but profits fell by 45.5% [31]. - The futures market experienced a significant increase in trading volume and value, with April 2025 figures showing a 21.49% increase in volume and a 23.92% increase in value year-on-year [36]. - The report suggests that innovation in risk management will be crucial for the future development of the futures industry [39]. 3. Industry Ranking and Key Company Recommendations - The report ranks the insurance sector as the most favorable, followed by securities and other multi-financials [44]. - Key recommended companies include New China Life Insurance, China Pacific Insurance, China Life Insurance, China Ping An, CITIC Securities, Tonghuashun, and Jiufang Zhitu Holdings [44].

1. Report Industry Investment Rating No information about the industry investment rating is provided in the content. 2. Core View of the Report The report focuses on the weekly data of the large refining and chemical industry, including price, profit, inventory, and operating rate of different sectors such as polyester, refining, and chemicals, as well as the performance and profit forecasts of related listed companies [2][8]. 3. Summary According to Relevant Catalogs 3.1 Big Refining Weekly Data Briefing - **Price and Spread**: The domestic key large refining project spread this week was 2,675 yuan/ton, a week - on - week decrease of 48 yuan/ton (-2%); the foreign key large refining project spread was 1,063 yuan/ton, a week - on - week decrease of 23 yuan/ton (-2%). The average price of PX this week was 832.1 dollars/ton, a week - on - week decrease of 8.0 dollars/ton, and the spread to crude oil was 356.4 dollars/ton, a week - on - week decrease of 13.1 dollars/ton [2]. - **Polyester Plate**: The average prices of POY/FDY/DTY this week were 6,979/7,279/8,200 yuan/ton respectively, with week - on - week changes of -57/-21/+0 yuan/ton. Their weekly average profits were 96/30/44 yuan/ton, with week - on - week increases of +8/+31/+46 yuan/ton. The inventory was 16.5/21.6/28.4 days, with week - on - week increases of +2.7/+0.9/+1.1 days. The filament operating rate was 89.1%, a week - on - week decrease of 0.6 pct. The downstream loom operating rate was 61.3%, a week - on - week decrease of 1.1 pct [2]. - **Refining Plate**: Domestic refined oil prices: gasoline, diesel, and jet fuel prices rose this week. US refined oil prices: gasoline prices fell, while diesel and jet fuel prices rose [2]. - **Chemical Plate**: The PX operating rate was 84.6%, a week - on - week increase of 3.9 pct [2]. - **Related Listed Companies**: Private large refining and chemical & polyester filament companies include Hengli Petrochemical, Rongsheng Petrochemical, Orient Shenghong, Hengyi Petrochemical, Tongkun Co., Ltd., and Xin凤鸣 [2]. - **Stock Price and Profit Forecast**: The report provides the stock price changes of 6 private refining and chemical companies in different time periods and their profit forecasts from 2024A to 2027E [8]. 3.2 Big Refining Weekly Report 3.2.1 Big Refining Index and Project Spread Trend The report shows the changes in the Shanghai - Shenzhen 300, petroleum and petrochemical, and oil prices, as well as the weekly spreads of domestic and foreign large refining projects [14][16]. 3.2.2 Polyester Plate It presents various data such as the prices, spreads, operating rates, inventories, and production - sales ratios of PX, PTA, MEG, polyester filaments (POY, FDY, DTY), polyester staple fibers, and polyester bottle chips [10]. 3.2.3 Refining Plate The report details the prices, spreads, and changes of domestic, US, European, and Singapore refined oil products (gasoline, diesel, jet fuel) compared to crude oil [10]. 3.2.4 Chemical Plate It provides the prices, spreads, and changes of various chemical products such as pure benzene, styrene, acrylonitrile, polycarbonate, MMA, etc., compared to crude oil [10].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views - The average prices of pure MDI, TDI, polyethylene, polypropylene, and urea decreased slightly this week, while the average price of polymer MDI increased slightly. The gross margins of pure MDI, polymer MDI, and urea increased, while those of TDI, polyethylene, and polypropylene decreased [2]. - Relevant listed chemical companies 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 rose 2.6% in the past week, 4.6% in the past month, 1.8% in the past three months, 7.0% in the past year, and 5.8% since the beginning of 2025. - Wanhua Chemical rose 1.4% in the past week, 2.2% in the past month, -18.1% in the past three months, -36.4% in the past year, and -22.1% since the beginning of 2025. - Baofeng Energy rose 2.9% in the past week, 5.4% in the past month, -0.4% in the past three months, 5.4% in the past year, and 0.3% since the beginning of 2025. - Satellite Chemical rose 1.9% in the past week, -5.9% in the past month, -19.8% in the past three months, -6.3% in the past year, and -9.3% since the beginning of 2025. - Hualu Hengsheng rose 5.2% in the past week, 7.4% in the past month, 6.1% in the past three months, -20.4% in the past year, and 1.3% since the beginning of 2025 [8]. - **Related Company Profit Tracking** - As of June 6, 2025, Wanhua Chemical had a stock price of 55 yuan, a total market value of 172.3 billion yuan, and net profits attributable to the parent company of 13.033 billion yuan in 2024, 14.254 billion yuan in 2025E, 17.261 billion yuan in 2026E, and 19.257 billion yuan in 2027E. - Baofeng Energy had a stock price of 16 yuan, a total market value of 120.7 billion yuan, and net profits attributable to the parent company of 6.338 billion yuan in 2024, 12.36 billion yuan in 2025E, 14.076 billion yuan in 2026E, and 14.88 billion yuan in 2027E. - Satellite Chemical had a stock price of 17 yuan, a total market value of 57.4 billion yuan, and net profits attributable to the parent company of 6.072 billion yuan in 2024, 7.016 billion yuan in 2025E, 9.147 billion yuan in 2026E, and 11.128 billion yuan in 2027E. - Hualu Hengsheng had a stock price of 22 yuan, a total market value of 46.5 billion yuan, and net profits attributable to the parent company of 3.903 billion yuan in 2024, 4.265 billion yuan in 2025E, 4.69 billion yuan in 2026E, and 5.066 billion yuan in 2027E [8]. - **Polyurethane Industry Chain** - The average prices of pure MDI, polymer MDI, and TDI were 17,888 yuan/ton, 16,075 yuan/ton, and 12,450 yuan/ton respectively, with week-on-week changes of -13 yuan/ton, +15 yuan/ton, and -63 yuan/ton. The gross margins were 4,663 yuan/ton, 3,856 yuan/ton, and 920 yuan/ton respectively, with week-on-week changes of +40 yuan/ton, +47 yuan/ton, and -283 yuan/ton [8]. - **Oil, Gas, and Olefin Industry Chain** - The average prices of ethane, propane, power coal, and naphtha were 1,190 yuan/ton, 4,257 yuan/ton, 518 yuan/ton, and 4,025 yuan/ton respectively, with week-on-week changes of -53 yuan/ton, -51 yuan/ton, -8 yuan/ton, and -34 yuan/ton. - The average price of polyethylene was 7,790 yuan/ton, with a week-on-week decrease of 77 yuan/ton. The theoretical profits of ethylene cracking, CTO, and naphtha cracking to produce polyethylene were 1,272 yuan/ton, 1,858 yuan/ton, and 167 yuan/ton respectively, with week-on-week changes of +39 yuan/ton, -35 yuan/ton, and -16 yuan/ton. - The average price of polypropylene was 7,100 yuan/ton, with a week-on-week decrease of 80 yuan/ton. The theoretical profits of PDH, CTO, and naphtha cracking to produce polypropylene were -118 yuan/ton, 1,599 yuan/ton, and 90 yuan/ton respectively, with week-on-week changes of -7 yuan/ton, -37 yuan/ton, and -18 yuan/ton [2][8]. - **Coal Chemical Industry Chain** - The average prices of synthetic ammonia, urea, DMF, and acetic acid were 2,349 yuan/ton, 1,861 yuan/ton, 4,025 yuan/ton, and 2,428 yuan/ton respectively, with week-on-week changes of +2 yuan/ton, -2 yuan/ton, +0 yuan/ton, and -22 yuan/ton. The gross margins were 446 yuan/ton, 186 yuan/ton, -77 yuan/ton, and 109 yuan/ton respectively, with week-on-week changes of -10 yuan/ton, +2 yuan/ton, +163 yuan/ton, and -68 yuan/ton [2][10]. 3.2 Basic Chemical Weekly Report - **2.1 Basic Chemical Index Trend** - No specific content is provided in the text, only the topic is mentioned. - **2.2 Polyurethane Sector** - The text mainly presents the price and gross margin trends of pure benzene, pure MDI, polymer MDI, and TDI but does not provide a summary analysis [17][18]. - **2.3 Oil, Gas, and Olefin Sector** - The text shows the price trends of MB ethane, NYMEX natural gas, East China propane, Brent crude oil, domestic power coal, naphtha, and the profitability of different processes for producing polyethylene and polypropylene but does not provide a summary analysis [26][32][34]. - **2.4 Coal Chemical Sector** - The text presents the price and gross margin trends of domestic coking coal, coke, synthetic ammonia, urea, acetic acid, DMF, octanol, caprolactam, and adipic acid but does not provide a summary analysis [41][45][52].