Soochow Securities·2025-10-19 15:20Investment Rating - The industry investment rating is "Overweight," indicating an expected outperformance of the industry index relative to the benchmark by more than 5% over the next six months [76]. Core Insights - The polyurethane sector shows mixed price movements with pure MDI averaging 17,914 CNY/ton (+336 CNY/ton), polymer MDI at 14,493 CNY/ton (-293 CNY/ton), and TDI at 13,315 CNY/ton (-150 CNY/ton) [2]. - In the oil, coal, and gas olefin sector, ethane and propane prices decreased, while coal remained stable. Ethylene averaged 5,580 CNY/ton (-124 CNY/ton) and polypropylene remained unchanged at 6,800 CNY/ton [10]. - The coal chemical sector saw slight increases in synthetic ammonia and acetic acid prices, with synthetic ammonia at 2,175 CNY/ton (+3 CNY/ton) and acetic acid at 2,430 CNY/ton (+15 CNY/ton) [10]. Summary by Sections 1. Polyurethane Sector - Average prices for pure MDI, polymer MDI, and TDI are 17,914 CNY/ton, 14,493 CNY/ton, and 13,315 CNY/ton respectively, with corresponding gross profits of 4,716 CNY/ton, 2,295 CNY/ton, and 2,106 CNY/ton [2][17][20]. 2. Oil, Coal, and Gas Olefin Sector - Ethane and propane prices are 1,343 CNY/ton (-130 CNY/ton) and 3,763 CNY/ton (-46 CNY/ton) respectively. Ethylene's theoretical profit from ethane cracking is 949 CNY/ton (+39 CNY/ton) [2][10][34]. 3. Coal Chemical Sector - Average prices for synthetic ammonia, urea, DMF, and acetic acid are 2,175 CNY/ton, 1,596 CNY/ton, 3,929 CNY/ton, and 2,430 CNY/ton respectively, with gross profits of 195 CNY/ton, -68 CNY/ton, -194 CNY/ton, and 160 CNY/ton [2][10][41]. 4. Related Listed Companies - Key companies in the chemical sector include Wanhua Chemical, Baofeng Energy, Satellite Chemical, Hualu Hengsheng, and Xinheng [2].