Soochow Securities·2026-01-18 05:11Report Summary 1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - This week, the average prices of pure MDI, polymerized MDI, and TDI in the polyurethane industry were 17,843 yuan/ton, 14,014 yuan/ton, and 14,188 yuan/ton respectively, with week - on - week decreases of 200 yuan/ton, 157 yuan/ton, and 290 yuan/ton. Their respective gross profits also declined [2]. - In the oil - gas - olefin sector, prices of raw materials such as ethane, propane, etc. had different changes this week. The average prices of polyethylene and polypropylene increased, and the theoretical profits of different production routes also changed accordingly [2]. - In the coal - chemical industry, the average prices of synthetic ammonia, urea, DMF, and acetic acid had slight fluctuations, and their gross profits also changed slightly [2]. - In the animal nutrition products sector, the average prices of VA, VE, solid methionine, and liquid methionine had minor changes this week [2]. 3. Summary by Relevant Catalogs 1. Basic Chemical Weekly Data Briefing - Related Company Performance Tracking - The Basic Chemical Index had a weekly increase of 0.9%, a monthly increase of 12.3%, a quarterly increase of 12.9%, an annual increase of 44.7%, and a year - to - date increase of 6.0% as of 2026/1/16. Different chemical companies had different performance in terms of stock price changes and earnings. For example, Wanhua Chemical's stock price decreased by 0.8% this week, while Baofeng Energy's increased by 5.2% [8]. - The report also provided data on the total market value, net profit attributable to the parent company, PE, and PB of relevant companies from 2024A to 2027E [8]. - Industry Chain Data - Polyurethane Industry Chain: The average prices and gross profits of pure MDI, polymerized MDI, and TDI decreased this week. Their respective seven - year quantiles were 51%, 45%, and 65% for prices, and 71%, 49%, and 71% for gross profits [8]. - Oil - Gas - Olefin Industry Chain: - Raw Material Prices: The average prices of ethane, propane, NYMEX natural gas, Brent crude oil, and naphtha had different changes. Their ten - year quantiles also varied [8]. - Profit Comparison of Different Routes: The single - ton profits of different production routes for polyethylene and polypropylene had different changes compared to the previous week, the beginning of the year, and the same period last year [8]. - C2 and C3 Plates: The average prices and price differences between products and raw materials in the C2 and C3 plates had different changes, with different ten - year quantiles. For example, the price of ethylene decreased by 90 yuan/ton, and the price difference between HDPE and ethylene increased by 353 yuan/ton [10]. - Coal - Chemical Industry Chain: - Coal - Coke Products: The average prices of coking coal and coke decreased, and the gross profit of coke was - 47 yuan/ton, with a 3 - yuan decrease [10]. - Traditional Coal - Chemical Products: The average prices and gross profits of synthetic ammonia, methanol, urea, DMF, and acetic acid had different changes, with different seven - year quantiles [10]. - New Materials: The average prices and gross profits of DMC, oxalic acid, octanol, adipic acid, caprolactam, PA6, and PA66 had different changes, with different seven - year quantiles [10]. - Animal Nutrition Products Industry Chain: The average prices of VA, VE, solid methionine, and liquid methionine changed slightly, with different ten - year quantiles [10]. 2. Basic Chemical Weekly Report - 2.1 Basic Chemical Index Trends: The report did not provide specific content in the text, only the title. - 2.2 Polyurethane Sector: The report presented the price trends of pure MDI, polymerized MDI, and TDI in China, as well as their price - spread situations [16][18][20]. - 2.3 Oil - Gas - Olefin Sector: It showed the price trends of raw materials such as MB ethane, NYMEX natural gas, East China propane, Brent crude oil, domestic steam coal, and naphtha, and the profit situations of different production routes for polyethylene and polypropylene [24][27][29]. - 2.4 Coal - Chemical Sector: The report presented the price trends and gross profit situations of coal - coke products, traditional coal - chemical products, and new materials in the coal - chemical industry [40][46][51]. - 2.5 Animal Nutrition Products Sector: It showed the price trends of VA, VE, solid methionine, and liquid methionine [55][59][61].