基础化工行业周报：TDI价格上涨

Investment Rating - The industry investment rating is "Accumulate," 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 TDI prices increasing by 300 yuan/ton, while pure MDI and polymer MDI prices decreased by 330 and 70 yuan/ton respectively [2]. - The oil, coal, and gas olefin sector experienced price declines in ethane, propane, and naphtha, with average prices at 1143, 4466, and 4506 yuan/ton respectively [2]. - The coal chemical sector reported average prices for synthetic ammonia, urea, DMF, and acetic acid at 2606, 1828, 4285, and 2659 yuan/ton, with DMF showing a significant increase of 325 yuan/ton [3]. Summary by Sections 1. Polyurethane Sector - Average prices for pure MDI, polymer MDI, and TDI are 18800, 17920, and 12900 yuan/ton, with corresponding gross profits of 5502, 5545, and 345 yuan/ton [2][10]. - The gross profit for TDI increased by 411 yuan/ton, while pure MDI and polymer MDI saw decreases of 389 and 189 yuan/ton respectively [10]. 2. Oil, Coal, and Gas Olefin Sector - Ethane, propane, and coal prices averaged 1143, 4466, and 652 yuan/ton, with declines of 55, 59, and 1 yuan/ton respectively [2]. - The average price of polyethylene is 8350 yuan/ton, down by 50 yuan/ton, while polypropylene remains stable at 7300 yuan/ton [2]. 3. Coal Chemical Sector - Average prices for synthetic ammonia, urea, DMF, and acetic acid are reported at 2606, 1828, 4285, and 2659 yuan/ton, with DMF showing a notable increase of 325 yuan/ton [3]. - Gross profits for synthetic ammonia, urea, DMF, and acetic acid are 443, 86, -116, and 12 yuan/ton, with DMF's gross profit increasing significantly [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 tracked [4][9].