基础化工周报：TDI价格上涨

Investment Rating - The industry investment rating is "Increase" indicating an expected outperformance of the industry index relative to the benchmark by more than 5% in the next six months [74]. Core Insights - The polyurethane sector shows varied price movements with pure MDI, polymer MDI, and TDI averaging at 18,800, 17,920, and 12,900 CNY/ton respectively, with TDI experiencing a week-on-week increase of 300 CNY/ton [2]. - The energy and chemical sector reflects a decline in prices for ethane, propane, and coal, with ethane and propane averaging at 1,143 and 4,466 CNY/ton, respectively, both showing a decrease [2]. - The coal chemical sector shows mixed results with synthetic ammonia and urea prices at 2,606 and 1,828 CNY/ton, respectively, while DMF and acetic acid prices increased [3]. Summary by Sections 1. Polyurethane Sector - Average prices for pure MDI, polymer MDI, and TDI are 18,800, 17,920, and 12,900 CNY/ton, with TDI showing a week-on-week increase of 300 CNY/ton [2][10]. - The gross margins for pure MDI, polymer MDI, and TDI are 5,502, 5,545, and 345 CNY/ton, with TDI's margin increasing by 411 CNY/ton [2][10]. 2. Oil, Coal, and Olefin Sector - Ethane, propane, and coal prices are 1,143, 4,466, and 652 CNY/ton, respectively, with ethane and propane prices decreasing by 55 and 59 CNY/ton [2]. - The average price for polyethylene is 8,350 CNY/ton, showing a decrease of 50 CNY/ton, while polypropylene remains stable at 7,300 CNY/ton [2]. 3. Coal Chemical Sector - Average prices for synthetic ammonia, urea, DMF, and acetic acid are 2,606, 1,828, 4,285, and 2,659 CNY/ton, respectively, with DMF showing a significant increase of 325 CNY/ton [3]. - Gross margins for synthetic ammonia, urea, DMF, and acetic acid are 443, 86, -116, and 12 CNY/ton, respectively, with DMF's margin improving by 451 CNY/ton [3]. 4. Related Listed Companies - Key companies in the chemical sector include Wanhua Chemical, Baofeng Energy, Satellite Chemical, and Hualu Hengsheng, with notable stock performance [4].