Soochow Securities·2025-06-15 07:02Investment 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 [67]. Core Insights - The report highlights a decline in prices for coking coal and coke, with coking coal averaging 1093 yuan/ton, down 15 yuan/ton, and coke at 1129 yuan/ton, down 47 yuan/ton [10][42]. - The polyurethane sector shows a decrease in average prices for pure MDI, polymer MDI, and TDI, with respective averages of 17570, 15790, and 11558 yuan/ton, reflecting declines of 318, 285, and 892 yuan/ton [2][17]. - In the oil, coal, gas, and olefin sector, ethane and propane prices increased slightly, while the average price of polyethylene rose to 7807 yuan/ton, up 17 yuan/ton [2][25]. - The coal chemical sector reported average prices for synthetic ammonia, urea, DMF, and acetic acid at 2348, 1803, 3965, and 2376 yuan/ton, with minor declines [2][51]. Summary by Sections 1. Polyurethane Sector - Average prices for pure MDI, polymer MDI, and TDI are 17570, 15790, and 11558 yuan/ton, with corresponding gross profits of 4334, 3534, and 18 yuan/ton [2][19]. - The sector experienced significant price drops, with TDI seeing the largest decline of 892 yuan/ton [2][24]. 2. Oil, Coal, Gas, and Olefin Sector - Ethane and propane prices are 1387 and 4267 yuan/ton, with slight increases of 197 and 9 yuan/ton respectively [2][34]. - The average price of polyethylene is 7807 yuan/ton, reflecting a minor increase of 17 yuan/ton [2][25]. 3. Coal Chemical Sector - Average prices for synthetic ammonia, urea, DMF, and acetic acid are 2348, 1803, 3965, and 2376 yuan/ton, with slight declines noted [2][51]. - Gross profits for synthetic ammonia and urea are 462 and 137 yuan/ton, while DMF and acetic acid report losses of 119 and 32 yuan/ton respectively [2][51]. 4. Related Listed Companies - Key companies in the chemical sector include Wanhua Chemical, Baofeng Energy, Satellite Chemical, and Hualu Hengsheng, with varying stock performance noted [2][8].