Soochow Securities·2025-05-25 04:41Investment Rating - The industry investment rating is "Overweight," indicating an expected outperformance of the industry index relative to the benchmark by more than 5% in the next six months [66]. Core Insights - The report highlights a continued decline in the prices of coking coal and coke, with coking coal averaging 1141 yuan/ton and coke at 1240 yuan/ton, reflecting a decrease of 18 yuan and 34 yuan respectively [10][40]. - The polyurethane sector shows mixed performance, with pure MDI prices increasing by 260 yuan/ton to 17880 yuan/ton, while polymer MDI prices decreased by 70 yuan/ton to 16230 yuan/ton [2][17]. - The oil, coal, and gas olefin sector reported an increase in ethylene prices to 5617 yuan/ton, while propylene prices decreased slightly to 5768 yuan/ton [10][26]. - The coal chemical sector experienced a drop in average prices for synthetic ammonia, urea, DMF, and acetic acid, with synthetic ammonia averaging 2334 yuan/ton, down by 59 yuan [10][45]. Summary by Sections 2.1 Basic Chemical Index Trends - The basic chemical index has shown fluctuations, with a recent decline of 1.2% over the past week [8]. 2.2 Polyurethane Sector - The average prices for pure MDI, polymer MDI, and TDI are 17880, 16230, and 12118 yuan/ton respectively, with corresponding gross profits of 4438, 3859, and 1103 yuan/ton [2][19]. 2.3 Oil, Coal, and Gas Olefin Sector - Ethane and propane prices are reported at 1382 and 4302 yuan/ton, with ethylene averaging 5617 yuan/ton [10][34]. 2.4 Coal Chemical Sector - The average prices for synthetic ammonia, urea, DMF, and acetic acid are 2334, 1875, 4025, and 2431 yuan/ton respectively, with synthetic ammonia showing a decrease of 59 yuan [10][45].