Group 1: Investment Highlights - This week, the average prices of pure MDI, polymer MDI, and TDI in the polyurethane sector were 17,210 yuan/ton, 15,770 yuan/ton, and 11,380 yuan/ton respectively, with week-on-week decreases of 360 yuan/ton, 20 yuan/ton, and 178 yuan/ton. Their respective gross profits were 3,714 yuan/ton, 3,214 yuan/ton, and -211 yuan/ton, down 620 yuan/ton, 320 yuan/ton, and 229 yuan/ton week-on-week [2]. - In the oil, gas, and olefin sector: ① The average prices of ethane, propane, steam coal, and naphtha this week were 1,245 yuan/ton, 4,373 yuan/ton, 495 yuan/ton, and 4,547 yuan/ton respectively, with week-on-week changes of -142 yuan/ton, +107 yuan/ton, -5 yuan/ton, and +356 yuan/ton. ② The average price of polyethylene was 7,945 yuan/ton, up 138 yuan/ton week-on-week. The theoretical profits of polyethylene production via ethane cracking, CTO, and naphtha cracking were 1,323 yuan/ton, 2,021 yuan/ton, and -246 yuan/ton respectively, with week-on-week changes of +230 yuan/ton, +101 yuan/ton, and -263 yuan/ton. ③ The average price of polypropylene was 7,160 yuan/ton, up 50 yuan/ton week-on-week. The theoretical profits of polypropylene production via PDH, CTO, and naphtha cracking were -184 yuan/ton, 1,702 yuan/ton, and -383 yuan/ton respectively, with week-on-week changes of -65 yuan/ton, +46 yuan/ton, and -318 yuan/ton [2]. - In the coal chemical sector, the average prices of synthetic ammonia, urea, DMF, and acetic acid this week were 2,272 yuan/ton, 1,813 yuan/ton, 3,940 yuan/ton, and 2,364 yuan/ton respectively, with week-on-week changes of -75 yuan/ton, +10 yuan/ton, -25 yuan/ton, and -13 yuan/ton. Their respective gross profits were 399 yuan/ton, 166 yuan/ton, -236 yuan/ton, and -57 yuan/ton, down 62 yuan/ton, +29 yuan/ton, -117 yuan/ton, and -89 yuan/ton week-on-week [2]. - Relevant listed companies in the chemical industry include Wanhua Chemical, Baofeng Energy, Satellite Chemical, and Hualu Hengsheng [2]. Group 2: Weekly Data Briefing of Basic Chemical Industry Company Performance Tracking - As of June 20, 2025, the Basic Chemical Index dropped 2.5% in the past week, 2.2% in the past month, 3.6% in the past three months, but rose 7.0% in the past year and 3.2% since the beginning of 2025. Wanhua Chemical, Baofeng Energy, Satellite Chemical, and Hualu Hengsheng had different performance in terms of stock price changes and profit [8]. Polyurethane Industry Chain - The average prices of pure MDI, polymer MDI, and TDI were 17,210 yuan/ton, 15,770 yuan/ton, and 11,380 yuan/ton respectively, with week-on-week decreases. Their respective gross profits were 3,714 yuan/ton, 3,214 yuan/ton, and -211 yuan/ton, also showing week-on-week declines [8]. Oil, Gas, and Olefin Industry Chain - Raw material prices: The average prices of ethane, propane, NYMEX natural gas, Brent crude oil, naphtha, steam coal, and methanol had different week-on-week changes. For example, ethane was 1,245 yuan/ton, down 142 yuan/ton week-on-week; propane was 4,373 yuan/ton, up 107 yuan/ton week-on-week [8]. - Product prices and profits: The average price of polyethylene was 7,945 yuan/ton, up 138 yuan/ton week-on-week. The theoretical profits of polyethylene production via different routes had different week-on-week changes. The average price of polypropylene was 7,160 yuan/ton, up 50 yuan/ton week-on-week, and the theoretical profits of polypropylene production via different routes also changed accordingly [8]. C2 and C3 Segments - In the C2 segment, products such as ethylene, HDPE, and ethylene glycol had different price changes and raw material price differences. For example, the price of ethylene was 5,891 yuan/ton, up 268 yuan/ton week-on-week, and the price difference with 1.3 ethane (CIF) was 2,034 yuan/ton, up 455 yuan/ton week-on-week [10]. - In the C3 segment, products like propylene, polypropylene, and acrylic acid also had their own price and price difference changes. For instance, the price of propylene was 5,461 yuan/ton, up 28 yuan/ton week-on-week, and the price difference with 1.2 propane was 213 yuan/ton, down 100 yuan/ton week-on-week [10]. Coal Chemical Industry Chain - Coal and coke products: The price of coking coal was 1,069 yuan/ton, down 24 yuan/ton week-on-week; the price of coke was 1,107 yuan/ton, down 22 yuan/ton week-on-week, and its gross profit was -25 yuan/ton, up 24 yuan/ton week-on-week [10]. - Traditional coal chemical products: The prices and gross profits of synthetic ammonia, urea, DMF, and acetic acid had different week-on-week changes [10]. - New materials: Products such as DMC, oxalic acid, and octanol also showed price and gross profit changes [10]. Group 3: Basic Chemical Industry Weekly Report 2.1 Basic Chemical Index Trend - The report may analyze the trend of the basic chemical index, but specific content is not fully presented in the provided text [12]. 2.2 Polyurethane Sector - The report may show the price trends of pure benzene, pure MDI, polymer MDI, and TDI, as well as the price and gross profit trends of polymer MDI, TDI, and pure MDI, but detailed analysis is not provided [17][18]. 2.3 Oil, Gas, and Olefin Sector - It may cover the price trends of MB ethane, NYMEX natural gas, East China propane, Brent crude oil, domestic steam coal, naphtha, and crude oil, as well as the profitability of different production routes such as ethane cracking to PE, PDH to PP, coal to PE, coal to PP, and naphtha to PE/PP, but in - depth analysis is lacking [25][33]. 2.4 Coal Chemical Sector - It may analyze the price trends of domestic coking coal and coke, as well as the price and gross profit trends of coke, synthetic ammonia, urea, acetic acid, DMF, octanol, caprolactam, and adipic acid, but detailed content is not given [42][47][54].

Report Information - Report Title: Weekly Report on Basic Chemical Industry: Continuous Increase in Urea Price [1] - Report Date: March 30, 2025 [1] - Analyst: Chen Shuxian, CFA [1] - Research Assistant: Zhou Shaowen [1] Industry Investment Rating - Not provided in the report Core Viewpoints - The report presents the weekly data of the basic chemical industry, including the price and profit changes of various chemical products, as well as the performance of related listed companies [2][8][10] Summary by Directory 1. Basic Chemical Weekly Data Briefing - **Related Company Performance** - The basic chemical index had a 0.0% change in the past week, 0.9% in the past month, 2.8% in the past three months, 9.6% in the past year, and 5.3% since the beginning of 2025 [8] - Among related companies, Satellite Chemical had a significant increase in stock price, with a 7.2% increase in the past week, 6.8% in the past month, 23.9% in the past three months, and 38.1% in the past year [8] - The report also provides the profit tracking data of related companies, including total market value, net profit attributable to the parent company, PE, and PB [8] - **Polyurethane Industry Chain** - The average prices of pure MDI, polymer MDI, and TDI this week were 17,870 yuan/ton, 16,280 yuan/ton, and 11,983 yuan/ton respectively, with a week-on-week change of -170 yuan/ton, -420 yuan/ton, and +18 yuan/ton [2][8] - The corresponding gross profits were 3,971 yuan/ton, 3,407 yuan/ton, and 199 yuan/ton, with a week-on-week change of -100 yuan/ton, -336 yuan/ton, and -44 yuan/ton [2][8] - **Oil, Gas, and Olefin Industry Chain** - The average prices of ethane, propane, steam coal, and naphtha this week were 1,531 yuan/ton, 4,523 yuan/ton, 540 yuan/ton, and 4,593 yuan/ton respectively, with a week-on-week change of -34 yuan/ton, +165 yuan/ton, +0 yuan/ton, and +35 yuan/ton [2][8] - The theoretical profits of ethylene production from ethane cracking, CTO, and naphtha cracking were 1,162 yuan/ton, 2,055 yuan/ton, and -197 yuan/ton respectively, with a week-on-week change of +76 yuan/ton, +47 yuan/ton, and -4 yuan/ton [2][8] - The theoretical profits of propylene production from PDH, CTO, and naphtha cracking were -333 yuan/ton, 1,610 yuan/ton, and -453 yuan/ton respectively, with a week-on-week change of -159 yuan/ton, +0 yuan/ton, and -49 yuan/ton [2][8] - **Coal Chemical Industry Chain** - The average prices of synthetic ammonia, urea, DMF, and acetic acid this week were 2,671 yuan/ton, 1,905 yuan/ton, 4,150 yuan/ton, and 2,642 yuan/ton respectively, with a week-on-week change of -29 yuan/ton, +64 yuan/ton, +110 yuan/ton, and -25 yuan/ton [2][10] - The corresponding gross profits were 725 yuan/ton, 218 yuan/ton, -291 yuan/ton, and 12 yuan/ton, with a week-on-week change of +50 yuan/ton, +68 yuan/ton, +213 yuan/ton, and -28 yuan/ton [2][10] 2. Basic Chemical Weekly Report - **2.1 Basic Chemical Index Trend** - Not provided in the report - **2.2 Polyurethane Sector** - The report shows the price and profit trends of pure MDI, polymer MDI, and TDI [2][8] - **2.3 Oil, Gas, and Olefin Sector** - It presents the price trends of raw materials such as ethane, propane, and naphtha, as well as the profit comparison of different production processes [2][8] - **2.4 Coal Chemical Sector** - The report shows the price and profit trends of coal chemical products such as synthetic ammonia, urea, and DMF [2][10]