Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - The chemical sector is expected to continue its differentiated trend in 2025, with recommendations to focus on synthetic biology, pesticides, chromatography media, sweeteners, vitamins, light hydrocarbon chemicals, COC polymers, and MDI [4][5] - The recent suspension of anti-dumping duties on titanium dioxide by India is anticipated to allow Chinese companies to regain market share lost to competitors during the duty period [35] - The closure of four factories by Westlake Group in the U.S. is a strategic move to enhance profitability in high-performance and basic materials [35] Industry Performance - The chemical sector ranked 5th in overall performance for the week of December 15-19, 2025, with a gain of 2.58%, outperforming the Shanghai Composite Index by 2.55 percentage points [3][20] - The polyurethane sub-sector showed the highest increase at 9.04%, while non-metallic materials III experienced a decline of 2.29% [21] Specific Industry Trends - Synthetic biology is at a pivotal moment, with low-energy products expected to see significant growth due to energy structure adjustments [5] - The third-generation refrigerants are entering a high prosperity cycle as supply constraints tighten and demand remains stable [6] - The electronic specialty gases market presents substantial opportunities for domestic companies due to high technical barriers and increasing demand from semiconductor and photovoltaic sectors [7][8] - The trend towards light hydrocarbon chemicals is becoming global, with a shift from heavy naphtha to lighter feedstocks like ethane and propane [8] - The COC polymer industry is accelerating its domestic industrialization, driven by local demand and supply chain security concerns [9] - Potash prices are expected to rebound as major producers reduce output, leading to a tightening supply situation [10] - The MDI market is characterized by oligopoly, with a favorable supply structure anticipated as demand recovers [11]

Core Insights - The restructuring of global supply chains has made "going abroad" a necessity for survival rather than an option for Chinese manufacturers, driven by geopolitical fluctuations and compliance challenges [1][3][15] - Shanghai's Pudong Jinqiao industrial cluster is leveraging "marginal innovation" to transition from single product exports to a collaborative ecosystem, showcasing a new path for globalization [1][16] - The shift from "product output" to "system capability output" reflects a significant upgrade in China's manufacturing, providing a model for emerging economies to enhance their industrial competitiveness [1][16] Company Summaries - Shanghai Haier Electric Co., a leading air conditioning compressor manufacturer, has expanded its overseas presence, establishing factories in India and Thailand to adapt to local market demands and production requirements [3][8] - Kaizhong Co., a supplier in the automotive sector, has initiated overseas production to meet customer demands for supply chain security, with a focus on North America and Europe, and has achieved profitability in its Mexican operations [4][7] - Milkwell, a comprehensive supply chain service provider, is capitalizing on the growing demand from both global chemical giants and emerging Chinese companies, offering end-to-end services and digital solutions to enhance supply chain efficiency [5][11] Industry Trends - The trend of "going abroad" is increasingly driven by the need for supply chain security and the pursuit of higher profit margins in overseas markets, particularly for high-end manufacturing sectors [3][4] - The impact of the U.S.-China trade war has prompted companies to establish overseas production to mitigate rising tariffs, with firms like Kaizhong adapting their strategies to maintain competitiveness [5][15] - The establishment of the Pudong New Area's comprehensive service center for enterprises going abroad is facilitating international expansion by providing a range of support services, including market research and compliance assistance [15][16]

氯碱周报 S H ：需求端支撑乏力 ， 预计价格反弹后重回弱势 V ：供需仍存压力 ， 价格延续底部震荡 广发期货研究所 蒋诗语 投资咨询资格：Z0017002 本报告及路演当中所有观点仅供参考，请务必阅读此报告倒数第二页的免责声明 观点及策略建议 ◼ 烧碱主要观点：烧碱行业供需仍存一定压力，虽然部分区域企业库存去库，部分区域下游采买存积极性，但库存水平依然偏高，短期暂无明显利好显现，下周价格仍偏看空。 华东地区下周供应存恢复预期，供量增加下且需求未有实质性改善，预估下周华东区域液碱价格延续弱行。山东地区需求端利好尚未显现，企业开工高位维持，出货情况一般，预 计整体山东市场弱势维持。整体看需求端支撑较弱，长期看供需仍有压力。预计烧碱价格偏弱运行。 ◼ 期货策略建议：偏空思路 ◼ 期权策略建议：暂观望 ◼ PVC主要观点：供应端本周压力不减，但受到海外装置停产提振盘面大幅反弹。下周开工率预计小幅下降，需求端内外存压，持续低迷，淡季下硬制品开工低位，软制品相对稳 定。成本端支撑预期松动，预期PVC市场继续维持区间整理运行。当前处于传统需求淡季，北方进入冬季室外施工逐渐减少，整体地产需求减量仍形成利空影响。出口方面 ...

1. Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. 2. Core Viewpoints of the Report - For plastics, the supply - demand drive is weak, and the current LLDPE weighted profit is at a low level in the same period but still has room to decline. With the end of the peak season for northern shed films and the anti - seasonal inventory accumulation, there is high pressure on destocking. High - production cycles combined with seasonal weakening of supply and demand suggest that previous short positions can be held, and some can be reduced [4]. - For PP, attention should be paid to the dynamics of PDH devices. Although the weighted profit has room to decline, the marginal device PDH profit has limited room for further compression, increasing the expectation of maintenance. Given the high inventory, previous short positions can be held, and some can be closed at low prices [8]. 3. Summary by Relevant Catalogs Plastics Market Review - This week, plastics opened flat and closed lower, with three consecutive negative weekly lines. It opened at 6486 on Monday, reached a weekly high of 6619, then continued the downward trend of last week, hitting a new low of 6314 this year on Friday, and finally closed at 6320 yuan/ton (down 166 week - on - week), with an amplitude of 305 points [3][12]. Capital - As of this Friday, the main PE positions were 59.8 million lots, showing accelerated position - building [17]. Basis - As of this Friday, the main plastics spread was - 70 yuan/ton [20]. Month - to - Month Spread - As of this Friday, the L59 spread was - 47 yuan/ton [23]. Cross - Variety Spread - As of this Friday, the LP05 spread was 107 yuan/ton (down 211 week - on - week), and the MTO05 spread was - 231 yuan/ton (down 102 week - on - week) [28]. Valuation - As of this Friday, the LLDPE weighted profit was - 248 yuan/ton (+59), with a significant compression in MTO - based profit [31]. Supply - This week, PE production was 680,000 tons (down 0.2 week - on - week), with a capacity utilization rate of 84% and a cumulative year - on - year increase of 19.2%. Next week, due to the shutdown of some devices for maintenance, the production is expected to be 668,500 tons, a decrease of 11,100 tons from this week [44]. Import and Export - From January to October 2025, the cumulative import volume was 11.01 million tons (down 3.4% year - on - year). In October, the import volume was 1.01 million tons (down 16% year - on - year and 1% month - on - month). The expected import volume in December is 1.16 million tons [47]. - From January to October 2025, the cumulative export volume was 910,000 tons (up 30% year - on - year). In October, the export volume was 80,000 tons (up 35% year - on - year and down 16% month - on - month). The expected export volume in November is 94,000 tons [50]. Demand - This week, the PE downstream capacity utilization rate was 42%, showing a four - week decline. From January to October 2025, the cumulative apparent consumption of PE increased by 11% year - on - year. The total retail sales of social consumer goods from January to November 2025 were 45.6 trillion yuan (a cumulative year - on - year increase of 4.0%), with a continuous five - month decline in the cumulative year - on - year growth rate [63]. - The downstream agricultural film operating rate was 45% (down 1.2 pct), showing a five - week decline. The PE packaging film operating rate was 49% (down 0.6 pct), showing a four - week decline [65]. Inventory - As of this Friday, the polyolefin petrochemical inventory was 660,000 tons (up 6.5 year - on - year) [76]. - This week, the PE enterprise inventory was 490,000 tons (up 2 week - on - week and 10 year - on - year), remaining at a high level in the same period. The PE social inventory was 470,000 tons (up 1.2 week - on - week and 5 year - on - year). The PE commercial inventory was 990,000 tons (up 3 week - on - week and 15 year - on - year) [79][82][85]. PP Market Review - This week, PP fluctuated at a low level, with a positive weekly line. It opened 9 points higher at 6178 on Monday, briefly reached a weekly low of 6165, then quickly rose and fell back, with a maximum of 6315. From Tuesday to Friday, it fluctuated narrowly around 6250, and finally closed at 6213 (up 45 week - on - week), with an amplitude of 150 points [7][15]. Capital - No relevant information provided. Basis - As of this Friday, the main PP spread was - 34 yuan/ton [20]. Month - to - Month Spread - As of this Friday, the PP59 spread was - 27 yuan/ton [23]. Cross - Variety Spread - As of this Friday, the LP05 spread was 107 yuan/ton (down 211 week - on - week), and the MTO05 spread was - 231 yuan/ton (down 102 week - on - week) [28]. Valuation - As of this Friday, the PP weighted profit was - 692 yuan/ton (+96), with a significant compression in PDH and externally - purchased propylene - based profit [31]. Supply - This week, PP production was 820,000 tons (up 1 week - on - week), with a capacity utilization rate of 79%. Next week, the total PP production in China is estimated to be 810,000 tons, showing a decline from this week due to an increase in maintenance plans [53]. Import and Export - From January to October 2025, the cumulative import volume was 2.73 million tons (down 9% year - on - year). In October, the PP import volume was 270,000 tons (down 12% year - on - year and 6% month - on - month) [58]. - From January to October 2025, the cumulative export volume was 2.58 million tons (up 27% year - on - year). In October, the PP export volume was 240,000 tons (up 19% year - on - year and down 1% month - on - month) [60]. Demand - This week, the PP downstream operating rate was 54%, ending a ten - week increase, with only BOPP showing a month - on - month increase. From January to October 2025, the apparent consumption of PP increased by 13.1% year - on - year. In October, the apparent consumption of PP was 3.54 million tons [68]. - This week, the plastic braiding operating rate was 44%, and the BOPP operating rate was 63%, showing an eleven - week increase [71]. Inventory - This week, the PP enterprise inventory was 540,000 tons (up 0.1 week - on - week and 11 year - on - year), remaining at a high level in the same period. The PP trader inventory was 200,000 tons (down 0.9 week - on - week and up 7 year - on - year), remaining at a high level in the same period. The PP commercial inventory was 800,000 tons (down 0.9 week - on - week and up 19 year - on - year) [79][82][85]. Production Plan - In 2025 and 2026, there are large - scale production plans for PE and PP devices, indicating that 2026 is still in a high - production cycle [40][41].

1. Report Industry Investment Rating - No relevant content provided. 2. Core Views of the Report - The polyolefin price trend was divided this week. The continuous decline in the PE agricultural film operating rate led the L main contract to seek the bottom unilaterally. The PP operating rate was decent, and the slight increase in the BOPP operating rate supported the PP main contract price. Overall, the fundamental situation remained one of strong supply and weak demand, and there was significant upward pressure on polyolefins as a whole. It is expected that the PE main contract will fluctuate weakly, with attention on the 6300 support level. The PP main contract will fluctuate within a range, with attention on the 6200 support level. The LP spread is expected to narrow [9]. 3. Summary by Relevant Catalogs Plastic - **Weekly Market Review**: On December 19, the closing price of the plastic main contract was 6320 yuan/ton, a week-on-week decrease of 2.56%. The average price of LDPE was 8550 yuan/ton, a week-on-week decrease of 1.54%. The average price of HDPE was 7012.5 yuan/ton, a week-on-week decrease of 2.60%. The average price of LLDPE (7042) in South China was 6605 yuan/ton, a week-on-week decrease of 2.42%. The LLDPE South China basis was 285 yuan/ton, a week-on-week increase of 0.75%. The 1 - 5 month spread was -48 yuan/ton (-38) [12]. - **Key Data Tracking - Month Spread**: The 1 - 5 month spread on December 19 was -48 yuan/ton (-38), the 5 - 9 month spread was -47 yuan/ton (-14), and the 9 - 1 month spread was 95 yuan/ton (52) [18]. - **Key Data Tracking - Spot Price**: The spot prices of various plastic products in different regions showed different degrees of decline [20][21]. - **Key Data Tracking - Cost**: WTI crude oil was reported at 56.54 US dollars per barrel, a decrease of 0.99 US dollars per barrel from the previous week. Brent crude oil was reported at 60.12 US dollars per barrel, a decrease of 1.10 US dollars per barrel from the previous week. The price of anthracite at the Yangtze River port was 1070 yuan/ton (-30) [23]. - **Key Data Tracking - Profit**: The profit of oil - based PE was -279 yuan/ton, an increase of 202 yuan/ton from the previous week. The profit of coal - based PE was -13 yuan/ton, an increase of 163 yuan/ton from the previous week [29]. - **Key Data Tracking - Supply**: This week, the operating rate of polyethylene production in China was 83.86%, a decrease of 0.09 percentage points from the previous week. The weekly polyethylene output was 67.96 tons, a week - on - week decrease of 0.29%. The maintenance loss this week was 9.86 tons, an increase of 0.87 tons from the previous week [32]. - **Key Data Tracking - 2025 Commissioning Plan**: A total of 543 tons of new polyethylene production capacity was planned to be put into operation in 2025, with some already commissioned and some scheduled for December 2025 [35]. - **Key Data Tracking - Maintenance Statistics**: Many polyethylene production enterprises had equipment under maintenance, with uncertain restart times for most [37]. - **Key Data Tracking - Demand**: This week, the overall operating rate of domestic agricultural films was 45.18%, a decrease of 1.22% from the previous week. The operating rate of PE packaging films was 48.96%, a decrease of 0.63% from the previous weekend. The operating rate of PE pipes was 31.00%, unchanged from the previous weekend [39]. - **Key Data Tracking - Downstream Production Ratio**: Currently, the production ratio of linear films was the highest, accounting for 37.3%, with a difference of 1.8% from the annual average level. The difference between the low - pressure film and the annual average data was significant, currently accounting for 8.6%, with a difference of 1.8% from the annual average level [42]. - **Key Data Tracking - Inventory**: This week, the social inventory of plastic enterprises was 46.87 tons, an increase of 1.22 tons from the previous week, a week - on - week increase of 2.67% [45]. - **Key Data Tracking - Warehouse Receipts**: The number of polyethylene warehouse receipts was 11332 lots, unchanged from the previous week [48]. PP - **Weekly Market Review**: On December 19, the closing price of the polypropylene main contract was 6213 yuan/ton, a decrease of 52 yuan/ton from the previous weekend, a week - on - week decrease of 0.83% [52]. - **Key Data Tracking - Downstream Spot Price**: The prices of various PP products showed different degrees of decline [54][56]. - **Key Data Tracking - Basis**: On December 19, the spot price of polypropylene reported by Shengyi was 6253.33 yuan/ton (-0%). The PP basis was 40 yuan/ton (-84), and the 1 - 5 month spread was -81 yuan/ton (-42) [58]. - **Key Data Tracking - Month Spread**: The 1 - 5 month spread on December 19 was -81 yuan/ton (-42), the 5 - 9 month spread was -27 yuan/ton (16), and the 9 - 1 month spread was 108 yuan/ton (26) [63]. - **Key Data Tracking - Cost**: The cost situation was the same as that of plastic, with WTI and Brent crude oil prices decreasing and anthracite price at the Yangtze River port also decreasing [68]. - **Key Data Tracking - Profit**: The profit of oil - based PP was -522.08 yuan/ton, an increase of 82.14 yuan/ton from the previous weekend. The profit of coal - based PP was -576.20 yuan/ton, a decrease of 7.40 yuan/ton from the previous weekend [73]. - **Key Data Tracking - Supply**: This week, the operating rate of PP petrochemical enterprises in China was 79.40%, an increase of 1.15 percentage points from the previous week. The weekly output of PP pellets reached 81.82 tons, a week - on - week increase of 1.26%. The weekly output of PP powder was 6.66 tons, a week - on - week decrease of 6.72% [75]. - **Key Data Tracking - Maintenance Statistics**: Many PP production enterprises had equipment under maintenance, with uncertain restart times for most [78]. - **Key Data Tracking - Demand**: This week, the average downstream operating rate was 53.80% (-0.19). The operating rate of plastic weaving was 44.00% (-0.06%), the operating rate of BOPP was 63.24% (+0.31%), the operating rate of injection molding was 58.50% (-0.05%), and the operating rate of pipes was 42.07% (-0.23%) [80]. - **Key Data Tracking - Import and Export Profit**: This week, the import profit of polypropylene was -318.03 US dollars per ton, a decrease of 4.63 US dollars per ton compared with the previous week. The export profit was -1.18 US dollars per ton, an increase of 1.26 US dollars per ton compared with the previous week [86]. - **Key Data Tracking - Inventory**: This week, the domestic inventory of polypropylene was 53.78 tons (+0.13%); the inventory of Sinopec and PetroChina decreased by 1.73% week - on - week; the inventory of traders decreased by 4.34% week - on - week; and the port inventory decreased by 1.03% week - on - week. The finished product inventory of large - scale plastic weaving enterprises was 1012.13 tons, a week - on - week increase of 2.59%. The raw material inventory of BOPP was 10.12 days, a week - on - week increase of 1.91% [89][95]. - **Key Data Tracking - Warehouse Receipts**: The number of polypropylene warehouse receipts was 10934 lots, a decrease of 4813 lots from the previous week [99].

数据显示，截至2025年11月28日，中证细分化工产业主题指数(000813)前十大权重股分别为万华化学 (600309)、盐湖股份(000792)、天赐材料(002709)、藏格矿业(000408)、巨化股份(600160)、华鲁恒升 (600426)、多氟多(002407)、恒力石化(600346)、宝丰能源(600989)、云天化(600096)，前十大权重股合 计占比45.41%。 化工ETF(159870)，场外联接(A：014942；C：014943；I：022792)。 MACD金叉信号形成，这些股涨势不错！ 机构指出，PX/PTA产品库存均已到近三年新低，且PX/PTA产品价格价差均处于历史低位水平，大概率 迎来反转行情。26年原油供给过剩预计将会持续，甚至会迎来史无前例的过剩400万桶/天。大炼化原料 成本有望走低，而国内涤纶长丝，PX等产品由于库存下降等原因价格继续走低可能性较小。因此产品 价差有望扩大。 根据2024年公司年报披露，恒力石化拥有PX520万吨、PTA1660万吨，荣盛石化拥有PX1070万吨、 PTA2180万吨，东方盛虹拥有PX280万吨，恒逸石化拥有PX265万吨、P ...

Group 1 - The chemical sector continues its upward trend, with the chemical ETF (516020) showing a gain of 0.61% as of the latest report [1] - Key stocks in the sector include Rongsheng Petrochemical and Hengyi Petrochemical, both rising over 4%, and Enjie shares increasing by over 3% [1] - The overall market sentiment is positive, reflecting strong performance in sub-sectors such as petrochemicals, fluorochemicals, and lithium batteries [1] Group 2 - Wanhua Chemical has signed an investment agreement for the "Wanhua Laizhou Green Power Industrial Park," which is a strategic move in the new materials sector, planning to produce 650,000 tons of lithium iron phosphate annually [1][3] - Wanhua Chemical's planned lithium iron phosphate capacity exceeds 1 million tons, with ongoing projects to expand existing production capabilities [3] - The chemical sector is currently viewed as having a favorable valuation, with the chemical ETF's underlying index price-to-book ratio at 2.44, indicating a relative low point historically [3] Group 3 - Analysts predict a recovery in the chemical industry, with expectations of improved supply-demand dynamics in sub-sectors like titanium dioxide, pesticides, and chemical fibers [3] - The chemical ETF (516020) provides a diversified investment opportunity, covering various sub-sectors and focusing on large-cap leading stocks [4] - The ETF's strategy allows investors to efficiently capture investment opportunities in the chemical sector [4]

Group 1: Market Performance - The chemical sector continued its upward trend on December 22, with the Chemical ETF (516020) showing a price increase of 0.61% after a peak rise of nearly 1% during the trading session [1][9] - Key stocks in the sector, including Rongsheng Petrochemical and Hengyi Petrochemical, saw significant gains of over 4%, while other companies like Enjie and Jinfatong also experienced increases of over 2% [1][9] Group 2: Company Developments - Wanhua Chemical signed an investment agreement for the "Wanhua Laizhou Green Electricity Industrial Park" project, which includes plans to build a lithium iron phosphate production facility with an annual capacity of 650,000 tons [11] - Wanhua Chemical's planned lithium iron phosphate capacity has exceeded 1 million tons, with ongoing projects including a 50,000-ton integrated project in Sichuan and an expansion plan to increase capacity from 50,000 tons to 120,000 tons per year [3][11] Group 3: Industry Outlook - The chemical industry is expected to see a bottoming out of its economic cycle, with a slight decline in the chemical product price index projected for 2025, while global energy costs are decreasing [4][12] - Analysts are optimistic about the potential for recovery in the chemical sector, particularly in sub-industries such as titanium dioxide, pesticides, and chemical fibers, as supply-demand dynamics improve [4][12] Group 4: Investment Opportunities - The current valuation levels in the chemical sector are at historical lows, suggesting a favorable environment for investment, with potential for increased dividend capabilities among Chinese chemical companies [5][12] - The Chemical ETF (516020) offers a diversified investment approach, with nearly 50% of its holdings in large-cap leading stocks, providing an efficient way to capitalize on the sector's rebound [6][12]

Core Viewpoint - The recent report from Zhongyin Securities highlights a decline in international oil prices and suggests focusing on undervalued leading companies in the chemical industry, the impact of "anti-involution" on supply in related sub-industries, and the importance of self-sufficiency in electronic materials and certain new energy materials companies amid rising prices [1][7]. Group 1: Oil Price Trends - International oil prices have decreased, with WTI crude oil futures closing at $56.52 per barrel, a weekly decline of 1.60%, and Brent crude oil futures at $59.82 per barrel, down 2.13% [3]. - U.S. crude oil production averaged 13.843 million barrels per day for the week ending December 12, a decrease of 10,000 barrels from the previous week but an increase of 239,000 barrels compared to the same period last year [3]. - U.S. oil demand averaged 20.573 million barrels per day, down 50,900 barrels from the previous week, with gasoline demand increasing by 62,200 barrels to 9.078 million barrels per day [3]. Group 2: Chemical Industry Price Movements - Among 100 tracked chemical products, 42 saw price increases, 37 experienced declines, and 21 remained stable during the week [2]. - The average price of isopropanol fell by 4.97% week-on-week to 6,612 yuan per ton, and the average price of glyphosate decreased by 1.58% to 24,901 yuan per ton [4][5]. Group 3: Investment Recommendations - The SW basic chemical sector's price-to-earnings ratio (TTM) is 24.74, at the 73.47% historical percentile, while the price-to-book ratio is 2.24, at the 55.99% historical percentile [7]. - Recommended investment themes include focusing on undervalued leading companies, the impact of "anti-involution" on supply, and the growth potential in semiconductor materials, OLED materials, and new energy materials [7]. - Specific companies recommended for investment include Wanhua Chemical, Hualu Hengsheng, and China Petroleum, among others [7][8].

Group 1 - The average prices for pure MDI, polymer MDI, and TDI are 19186, 14721, and 14693 CNY/ton respectively, with week-on-week changes of -293, +93, and +234 CNY/ton [1] - The gross margins for pure MDI, polymer MDI, and TDI are 6149, 2684, and 2769 CNY/ton respectively, with week-on-week changes of -240, +145, and +3 CNY/ton [1] Group 2 - The average prices for ethane, propane, thermal coal, and naphtha are 1324, 4166, 522, and 3790 CNY/ton respectively, with week-on-week changes of -102, -122, -8, and -166 CNY/ton [2] - The average price for polyethylene is 6933 CNY/ton, with a week-on-week decrease of 113 CNY/ton, while the theoretical profits for ethane cracking, CTO, and naphtha cracking for polyethylene are 625, 1291, and -132 CNY/ton respectively, with week-on-week changes of +41, -44, and +104 CNY/ton [2] - The average price for polypropylene is 6000 CNY/ton, with a week-on-week decrease of 70 CNY/ton, and the theoretical profits for PDH, CTO, and naphtha cracking for polypropylene are -758, 861, and -393 CNY/ton respectively, with week-on-week changes of +65, -25, and +120 CNY/ton [2] Group 3 - The average prices for synthetic ammonia, urea, DMF, and acetic acid are 2346, 1702, 3739, and 2422 CNY/ton respectively, with week-on-week changes of +29, -3, -75, and +15 CNY/ton [2] - The gross margins for synthetic ammonia, urea, DMF, and acetic acid are 331, 33, -396, and 225 CNY/ton respectively, with week-on-week changes of +53, +10, -49, and -2 CNY/ton [2] Group 4 - Related listed companies in the chemical sector include Wanhua Chemical, Baofeng Energy, Satellite Chemical, Hualu Hengsheng, New Hope Liuhe, and Andisu [3]