Summary of Key Points from Conference Call Industry Overview - The conference call primarily discusses the oil and gas industry, particularly the impact of rising oil prices on various sectors including petrochemicals, chemicals, and fertilizers. Core Insights and Arguments 1. **Oil Price Surge**: Oil prices are expected to exceed $100 per barrel, potentially reaching $120-$150 due to geopolitical tensions and supply disruptions in the Strait of Hormuz, where oil exports have plummeted by 90% [1][2][4]. 2. **Profit Elasticity**: For major oil companies like PetroChina and CNOOC, a $10 increase in oil prices could lead to a profit increase of approximately 10%-15%. For potential beneficiaries like Potential Energy, the elasticity is around 20% [1][5]. 3. **Chemical Sector Benefits**: Satellite Chemical could see annual profits exceed 14 billion yuan with oil at $100 per barrel, while Baofeng Energy's profit potential is around 21 billion yuan [1][10]. 4. **Sulfur and Sulfuric Acid Prices**: The prices of sulfur and sulfuric acid have surged due to supply constraints and rigid demand, with companies like Yuegui Holdings benefiting from their sulfur iron ore production capacity [1][12]. 5. **Fertilizer Sector**: Rising oil prices are expected to increase costs for gas-based fertilizers, benefiting coal-based urea producers like Hualu Hengsheng and phosphate producers like Chuanheng [1][17]. 6. **Amino Acids**: New Hope Liuhe's methionine production is expected to benefit from European production cuts, with a profit increase of 350 million yuan for every 1 yuan/kg price increase [1][17]. 7. **Oil Service Sector**: Companies like Jereh and CNOOC Engineering are expected to benefit from increased orders and valuation uplift due to rising oil prices and upstream expansion [1][6][7]. 8. **Impact on Petrochemical Chain**: The petrochemical sector is expected to see price increases across various products, with companies like Hengyi Petrochemical and Rongsheng benefiting from improved margins [1][11][20]. Additional Important Insights 1. **Geopolitical Risks**: The ongoing geopolitical tensions are likely to prolong supply disruptions, affecting global oil supply and prices [2][4]. 2. **Market Dynamics**: The market is currently experiencing a significant upward price adjustment in downstream chemical products, indicating strong demand despite rising costs [10]. 3. **Supply Chain Concerns**: The supply chain for various chemicals and fertilizers is under pressure, with potential production cuts in response to rising costs and geopolitical uncertainties [15][18]. 4. **Investment Opportunities**: The call highlights several companies as key investment opportunities, including Jereh, CNOOC Engineering, and Baofeng Energy, due to their favorable positioning in the current market environment [20]. This summary encapsulates the critical insights and data points discussed during the conference call, providing a comprehensive overview of the current state and future outlook of the oil and gas industry and its related sectors.

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - Geopolitical factors will continue to dominate the commodity market next week. If the war intensifies, energy and chemical products are expected to perform strongly, while commodities sensitive to interest rates and worried about weakening demand may perform weakly. The expected order of performance is energy, chemicals > agricultural products > black commodities > non - ferrous metals and precious metals [2][18][19] 3. Summary by Directory 3.1 One - Week Review and Views 3.1.1 One - Week Review: Divergent Commodity Trends, Leading by Energy and Chemicals - This week (03.02 - 03.01), commodity trends were divergent. The performance order of sectors was energy > oil chemical > coal chemical > black > agricultural products > non - ferrous > precious metals. Due to the escalating US - Iran conflict, supply - side disturbances persisted. On Monday, commodities generally rose, with energy, chemicals, and precious metals seeing large increases. From Tuesday, as the market revised up the expected duration of the war and inflation rose, the Fed's interest - rate cut expectations were revised down, causing precious metals and non - ferrous metals to fall, while energy and chemical products continued to rise [1][12] 3.1.2 Next - Week Outlook: Geopolitical Dominance, Continued Strength in Energy and Chemicals - Geopolitical factors will continue to dominate the commodity market. The market has revised up the war duration, and the Strait of Hormuz remains blocked, with a low probability of short - term supply recovery. Geopolitical risks are increasing global stagflation pressure, and the Fed's interest - rate cut expectations are being revised down. Domestic policies announced during the Two Sessions are in line with market expectations. If the war intensifies, energy and chemical products will remain strong, while some commodities sensitive to interest rates may be weak. The expected performance order is energy, chemicals > agricultural products > black commodities > non - ferrous metals and precious metals [2][18][19] 3.2 Exchange Rate and Interest Rate Data Tracking - The US dollar index strengthened, and the 10 - year US Treasury yield rose. As of March 6, the US dollar index rose 1.34% to 98.9558, and the 10 - year US Treasury yield rose 18BP to 4.15%. The Sino - US 10 - year Treasury yield spread was inverted by 237.3BP. The US - Iran war exceeded market expectations, leading to increased risk - aversion, rising oil and chemical prices, and a significant downward revision of the Fed's interest - rate cut expectations. The slowdown in the US February non - farm employment data may intensify concerns about stagflation. The RMB's appreciation pace slowed [22] 3.3 Upstream Raw Material Prices - Due to the escalating US - Iran conflict, the Strait of Hormuz transportation was severely affected, causing a significant increase in crude oil prices. The resonance of energy substitution, cost transmission, rising transportation costs, and increased market risk - aversion also led to an increase in coking coal prices [27] 3.4 Production - End High - Frequency Data - The blast furnace capacity utilization rate of 247 steel enterprises decreased, while the daily output of clean coal from 523 sample mines increased. The production of copper tubes and electrolytic aluminum in China increased. The EIA US crude oil production data was presented. The methanol capacity utilization rate decreased, the PE capacity utilization rate slightly decreased, the PTA plant operating rate increased, the PVC operating rate decreased, the operating rate of Chinese soda ash enterprises slightly increased, the capacity utilization rate of float glass enterprises was low, the operating rates of automobile tire all - steel and semi - steel tires increased, and the production of soybean meal from Chinese full - sample enterprises' pressing plants increased [33][36][52] 3.5 Inventory - End High - Frequency Data - Gold and silver inventories decreased slightly. Most industrial product inventories continued to accumulate above the seasonal level. Inventories of copper, iron ore, methanol, PVC, soda ash, glass, etc. were at historical highs, and inventories of aluminum and steel were also increasing significantly. The key to inventory reduction is whether demand can improve significantly [53] 3.6 Demand - End High - Frequency Data - This year's growth - stabilization goals are pragmatic, with more attention on development quality, economic structure adjustment, and long - term development potential. The real - estate market data was divergent this week: the sales area of commercial housing in 30 large - and medium - sized cities decreased slightly, the sales area in first - tier cities increased but at a slower pace, and second - hand housing listing prices declined. However, the second - hand housing listing volume was low, and the second - hand housing transaction area continued to rise. This week, the issuance and net financing scale of government bonds decreased, and the cumulative net financing of government bonds this year was at a historical high. The subway passenger volume in the top ten cities and the apparent consumption of rebar increased seasonally [74][75][76] 3.7 Key Commodity Basis - Data on the basis of various key commodities such as gold, copper, aluminum, rebar, iron ore, coking coal, crude oil, methanol, PTA, PVC, pig, and soybean meal were presented [86][89][92] 3.8 Commodity Price Ratios - Data on various commodity price ratios such as gold - silver ratio, gold - copper ratio, gold - oil ratio, copper - oil ratio, copper - aluminum ratio, steel - ore ratio, agricultural - industrial ratio, and pig - grain ratio were presented [96][99][103] 3.9 Summary and Outlook - The expected performance order is energy, chemicals > agricultural products > black commodities > non - ferrous metals and precious metals [3][104]

Core Views - The report indicates that external disturbances have altered the rhythm of the A-share market rather than undermining the foundation of the bull market, suggesting a short-term volatility but a continuation of a medium-term slow bull trend into 2026 [3][13]. Market Overview - Last Friday, the three major indices of the Shanghai and Shenzhen markets opened lower but rebounded to close higher, with a general uptrend in individual stocks [5][6]. - The chemical sector showed strong performance, driven by a bullish trend in domestic chemical futures, while the energy sector experienced adjustments after recent gains [3][5][13]. - The total trading volume in the two markets shrank to 2.2 trillion yuan, indicating a lack of confidence among investors regarding future market movements [3][13]. Economic Policy Insights - The government's work report maintains a steady approach, adjusting the GDP growth target for 2026 to 4.5%-5%, with a focus on developing new productive forces and promoting high-quality economic growth [4][13]. - Fiscal policy is described as "more proactive," while monetary policy remains "moderately loose," emphasizing flexibility and efficiency [4][13]. Sector Performance - The chemical sector has been particularly active, with significant gains in agricultural chemicals, chemical raw materials, and biopharmaceuticals, attributed to geopolitical tensions affecting supply chains and prices [8][9]. - The agricultural sector has also seen a rise, driven by geopolitical risks impacting fertilizer supply and increasing biofuel demand due to rising oil prices [9]. - The electric grid equipment sector has shown continuous growth, supported by new energy system construction initiatives and the rising demand for stable power supply in AI computing [10]. - Oil and gas sectors experienced initial gains due to geopolitical tensions but faced corrections later in the week [11][13]. - The shipping and port sectors saw fluctuations, influenced by concerns over the security of key maritime routes [12]. Investment Strategy - Conservative investors are advised to remain cautious and wait for clearer trends before making decisions, while aggressive investors may consider positioning around key industry narratives such as energy and AI computing [4][14].

Report Industry Investment Rating - The report gives a trend strength of 1 for caustic soda, indicating a "moderately strong" outlook [2] Core View - Caustic soda is expected to experience a moderately strong upward trend, but attention should be paid to the premium of the futures price over the spot price. The market is influenced by the escalation of the Middle - East geopolitical conflict, and the export of caustic soda is expected to increase, but the dynamics of overseas plants and Chinese export orders need to be continuously monitored [1][2] Summary by Relevant Catalog Fundamental Tracking - The 05 - contract futures price is 2348, the cheapest deliverable 32% caustic soda spot price in Shandong is 640, the Shandong spot 32% caustic soda converted to the futures price is 2000, and the basis is - 348 [1] Spot News - In Shandong, the spot trading of liquid caustic soda has not improved significantly. The price of 32% caustic soda has remained stable with a slight decline, and the overall sales volume is average. The price of high - concentration caustic soda has increased significantly due to the sharp rise in the futures market, but no new export orders have been signed [1] Market Condition Analysis - The escalation of the Middle - East geopolitical conflict has led to a sharp increase in the price of caustic soda. The main concerns in the market are: the impact on ethylene supply has affected PVC plants in some regions such as South Korea, leading to a passive reduction in caustic soda production through the chlor - alkali balance mechanism; as a net exporter of caustic soda, the Middle - East's long - term supply contracts have been disrupted, leading some overseas demand to turn to China and promoting the recent recovery of caustic soda exports; the uncertainty of natural gas supply in Europe may lead to significant fluctuations in local electricity prices, driving the expansion of China's caustic soda exports [1]

Summary of Conference Call Notes Company and Industry Involved - The focus is on **Satellite Chemical**, a company involved in the chemical industry, specifically in the production of ethylene from ethane. Core Points and Arguments - **Oil Price Surge and Arbitrage Opportunities**: - Oil prices increased by over **27%** last week, leading to a **22%** rise in ethylene prices. This creates arbitrage opportunities in the gas-based chemical route as oil prices rise [1] - The ethylene-naphtha price spread decreased, while the ethylene-ethane price spread significantly increased by **36%** [1] - Daily price data indicates that the ethylene price spread has expanded by over **1000 CNY/ton** [1] - Satellite Chemical's annual profit from its **3 million tons/year** ethane-to-ethylene project is expected to increase by over **3 billion CNY** [1] - **Impact of Geopolitical Conflicts**: - Ongoing conflicts, particularly in Iran, pose a significant risk to ethylene production, with Iran's ethylene capacity being approximately **7.88 million tons**, accounting for **23%** of the Middle East's capacity and **4%** of global production [1][2] - The risk of shutdowns in Iranian ethylene facilities could lead to a tightening of the global ethylene supply-demand balance, potentially increasing price spreads starting in **2026** [2] - **Future Growth Prospects**: - The company is advancing its **third-phase ethane project**, which is expected to enhance profitability through the development of high-value downstream products [2] - The establishment of projects in Indonesia is anticipated to contribute to steady growth, while overseas projects will help mitigate trade risks between China and the U.S., ensuring sustained profitability [2] Other Important but Possibly Overlooked Content - The ongoing geopolitical tensions and their potential long-term effects on the chemical industry, particularly in terms of supply chain stability and pricing dynamics, are critical considerations for investors [2]

Summary of Key Points from Conference Call Records Industry Overview - The geopolitical situation in the Middle East is compared to the Russia-Ukraine conflict, with significant implications for energy, transportation, basic chemicals, and food supply chains. The long-term effects are expected to persist even if the situation resolves in the short term, leading to stockpiling behaviors [1][2] Core Insights and Arguments - **Oil Price Dynamics**: Current oil prices are at $107, which may not be sustainable, but the central price level is expected to rise due to safety premiums. This situation is likely to trigger a multi-year bull market for gold, similar to previous cycles [1][2] - **Industrial Impact**: The industrial system is becoming a target, with a shift towards long-term, low-consumption warfare strategies. Investment is recommended in energy, chemicals, tungsten, and sectors less correlated with AI and innovative pharmaceuticals [1][2] - **Market Sentiment**: The current market sentiment is cautious, with technical rebounds rather than trend reversals. Valuations are deemed cheap but are not driving index performance. The focus is on traditional economic sectors such as power generation, oil, coal, and insurance [6][4] Sector-Specific Insights - **Chemicals and Energy**: The chemical sector is expected to benefit from rising oil prices, with a sustained upward trend anticipated for the next 1-2 years. Companies like China Petroleum, CNOOC, and major chemical firms are positioned to gain from overseas supply chain disruptions [9][8] - **Agriculture**: There is a projected 30% increase in corn prices due to tight supply conditions. The rising costs of feed, particularly corn and soybean meal, are accelerating capacity reductions in the livestock sector [17][18] - **Metals and Commodities**: Concerns about inflation and economic downturns are leading to a cautious outlook on metals like copper and lithium. However, there is optimism for mid-term recovery in copper prices, with a support level identified at 100,000 [24] Additional Important Insights - **Investment Recommendations**: Companies with overseas assets in coal and chemical sectors, such as Yanzhou Coal and Yancoal Australia, are highlighted as potential beneficiaries of the current market dynamics. The focus is also on lithium battery manufacturers like CATL [12][16] - **Technological Developments**: The semiconductor sector is experiencing significant price increases, with NAND prices reportedly doubling. This is attributed to supply chain vulnerabilities exacerbated by geopolitical tensions [25] - **Financial Sector Outlook**: The banking sector is expected to benefit from a moderately loose monetary policy, with potential for interest rate cuts and increased credit expansion. High-dividend banks are recommended for investment [27] This summary encapsulates the critical insights and recommendations from the conference call, providing a comprehensive overview of the current market landscape and future expectations across various sectors.

Summary of Key Points from the Conference Call Industry or Company Involved - The report focuses on the A-share market and its response to global events, particularly the implications of the Iran war on inflation expectations and market dynamics. Core Insights and Arguments - Global markets experienced declines due to the Iran war and the resulting inflation expectations, with stocks, bonds, and gold all falling [1] - The market's pricing of risk is deemed insufficient, leading to a recommendation for caution in the short term [2][4] - A-share market saw a significant drop on Tuesday, followed by a rebound on Wednesday afternoon, indicating volatility and a potential mispricing of the war's impact as a temporary event [5] - The implied volatility of ETF options peaked on Wednesday before declining, suggesting a reduction in panic among investors [5] - In the commodity market, oil prices surged past $100, reaching $107, with significant increases in the implied volatility of oil ETFs [6] - The futures market indicates a steep contango, suggesting that the market does not expect a significant long-term shift in inflation due to the war [6][7] - The primary market concern is the war's impact on risk appetite and fundamentals, overshadowing other factors like the Two Sessions and AI developments [8] - There is a recognition that the war is escalating, with the market pricing in an overly optimistic outlook, leading to asymmetric risks where downside risks are greater than upside [10][11] - A recommendation for investors to be cautious in the short term is based on considerations of tail risks [12] Additional Important Content - Industry configuration recommendations include focusing on the oil price's impact on various sectors: - **Affected Industries**: Logistics, chemicals, leasing, mining [13] - **Benefiting Industries**: - Direct beneficiaries: Oil and natural gas [13] - Substitution effects: Coal and renewable energy [13] - Strong downstream transmission capabilities: Oilfield services, cement, chemical raw materials, personal care [13] - Defensive sectors: Aquaculture and retail [14] - The report emphasizes energy and electricity as priority sectors, aligning with government work reports on future energy and green transitions [14] - Attention is drawn to energy metals, grid equipment, and power operators, with a shift towards fundamental pricing expected from mid-March to April [15] - Opportunities may arise from rapid adjustments in high-growth industries, including small metals, chemicals, components, storage, military industry, engineering machinery, and agriculture [15]

Group 1 - The report highlights the strong performance of the wind power hydraulic lubrication leader, Chuanrun Co., which is advancing into AIDC liquid cooling, benefiting from the rising industry demand [4] - The company has a solid global layout in high-end energy equipment manufacturing, focusing on offshore wind power and liquid cooling, with overseas revenue reaching 43.64 million yuan in the first half of 2025, a year-on-year increase of 375.7% [4] - The liquid cooling technology is expected to gain traction due to stricter energy consumption regulations for data centers, with NVIDIA's next-generation Rubin chip adopting a fully liquid cooling solution, enhancing market potential [5][6] Group 2 - The asset allocation report emphasizes the continuity of the policy framework for 2026, with a focus on expanding domestic demand and managing financial risks in real estate and local debts [8][9] - The macroeconomic environment is supported by a strong fiscal policy and moderate monetary easing, which is expected to stabilize the equity market [9] - The report outlines a shift towards more execution-oriented industrial policies, enhancing visibility for commercial applications and orders in various sectors [9] Group 3 - The AI demand is projected to exceed expectations, with Shengquan Group positioned to benefit from the high-performance resin market, which is expected to see rapid growth [11] - The company is the largest domestic supplier of electronic chemical materials, with a comprehensive product matrix for high-frequency and high-speed copper-clad laminates [12] - Shengquan Group is expanding its production capacity with new projects set to come online in 2026, including 2000 tons/year of PPO/OPE resin and 1500 tons/year of hydrocarbon resin [12] Group 4 - The automotive industry report discusses the competitive landscape of Robotaxi in the US and China, highlighting Waymo and Tesla as key players in the US market [16][17] - In China, companies like Pony.ai and WeRide are leading the Robotaxi sector, with significant advancements in operational areas and regulatory support for autonomous driving [18] - The report suggests investment opportunities in leading Robotaxi companies and related technologies, emphasizing the acceleration of commercialization in both markets [19] Group 5 - The macroeconomic commentary on the government work report for 2026 outlines a growth target of 4.5%-5%, with a focus on expanding domestic demand and optimizing supply [20][22] - The report emphasizes the importance of employment, with a target of over 12 million new urban jobs, aligning with the economic growth objectives [23] - The fiscal policy remains proactive, with a projected budget expenditure of 30 trillion yuan for 2026, reflecting a commitment to sustainable growth [25][26] Group 6 - The report indicates a strong emphasis on technology innovation as a driver for new economic momentum, with significant increases in R&D investment expected [36][37] - The focus on high-level self-reliance in technology is set to support the development of new industries and enhance the digital economy's contribution to GDP [37][38] - The report outlines plans for substantial investments in modernizing the industrial system, with a focus on high-quality development and technological advancements [38]

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Viewpoints of the Report - Last week, affected by the geopolitical tension caused by the US and Israel's raid on Iran, methanol futures rose significantly. As of Friday afternoon's close, the methanol weighted price closed at 2,558 yuan/ton, a 16.86% increase from the previous week. The main factor boosting methanol currently is the conflict between the US, Israel, and Iran, and the focus of the conflict is the navigation issue in the Strait of Hormuz. As long as the navigation problem in the Strait of Hormuz is not substantially resolved, crude oil and methanol will continue to be boosted. Methanol is likely to continue to run strongly in the short - term, and long - position operations on methanol futures and buying methanol call options can be considered [5][8][9] Group 3: Summary by Relevant Catalogs 1. Methanol Trend Review - Last week, due to geopolitical tension, methanol futures rose significantly. The weighted methanol price closed at 2,558 yuan/ton on Friday afternoon, up 16.86% from the previous week. In the spot market, after the Spring Festival, downstream demand and trucking pick - up gradually recovered, and the import apparent demand increased. Port methanol inventory remained high. Port methanol prices fluctuated greatly due to international instability. In the mainland, affected by the escalation of the Middle - East geopolitical conflict, port prices rose and spread to the mainland, with strong market sentiment, but then cooled quickly. The price range in the main production area of Ordos North Line was 1,815 - 1,988 yuan/ton, and the downstream Dongying receiving price range was 2,115 - 2,285 yuan/ton [13] 2. Methanol Fundamental Analysis - **Production**: Last week, China's methanol production was 2,047,465 tons, a decrease of 23,980 tons from the previous week, and the device capacity utilization rate was 91.65%, a 1.15% decrease from the previous week [15] - **Downstream Demand**: As of March 5, the capacity utilization rates of some downstream methanol products were as follows: The MTO device in Jiangsu and Zhejiang had a weekly average capacity utilization rate of 38.95%, unchanged from the previous week; the dimethyl ether capacity utilization rate was 2.85%; the acetic acid capacity utilization rate was stable; the methane chloride capacity utilization rate was 80.94%, a decrease; the formaldehyde capacity utilization rate was 28.72%, an increase [17][19] - **Inventory**: As of March 4, 2026, the inventory of Chinese methanol sample production enterprises was 552,400 tons, a 3.19% increase from the previous period; the order backlog of sample enterprises was 295,200 tons, a 104.91% increase from the previous period. The port sample inventory was 1,443,500 tons, a 0.22% decrease from the previous period. The overall performance was inventory accumulation in East China and inventory reduction in South China [20][25] - **Profit**: Last week, due to the sharp rise in commodity prices caused by the sudden escalation of the geopolitical conflict, and the raw material price increase was weaker than that of methanol, the profitability of various production processes improved significantly. The weekly average profit of coal - to - methanol in Northwest Inner Mongolia was - 185.10 yuan/ton, a 20.96% increase; in Shandong, it was - 106.10 yuan/ton, a 26.42% increase; in Shanxi, it was - 168.30 yuan/ton, a 25.07% increase; the weekly average profit of coke - oven gas - to - methanol in Hebei was 199.00 yuan/ton, a 101.01% increase; the weekly average profit of natural - gas - to - methanol in the Southwest was - 248.00 yuan/ton, a 14.48% increase [27][28] 3. Methanol Trend Outlook - **Supply**: Next week, more domestic methanol devices are expected to resume production than to be shut down for maintenance. It is estimated that China's methanol production will be about 2.0485 million tons, and the capacity utilization rate will be about 91.69%, with an increase in production [29] - **Downstream Demand**: In the short - term, there are no plans to change the MTO devices of domestic enterprises, and the industry's operating rate is expected to remain stable. The dimethyl ether, acetic acid, formaldehyde, and chloride industries are expected to increase their capacity utilization rates. It is expected that the inventory of inland factories will decrease, and the prices will remain relatively firm. Attention should be paid to the transportation capacity [30][32][33] - **Port Inventory**: This week, the arrival of foreign ships at ports will decrease, but there may be some inland supplies. Demand may continue to recover. Overall, the port methanol inventory is expected to decrease, and attention should be paid to the unloading speed and pick - up volume [33]

Industrial Sector - After the Spring Festival, industrial production continues to recover, with industrial product price index rising rapidly, driven by international oil prices[2] - Steel and construction material production increased, with cement clinker capacity utilization rate and float glass operating rate rising month-on-month[2] - Daily average pig iron production decreased month-on-month, while polyester operating rate in textiles rebounded[2] Real Estate - New home sales in 30 major cities decreased by 21.7% year-on-year, but the growth rate improved by 54.5 percentage points compared to the previous week[2] - The second-hand housing listing price index fell by 0.69% month-on-month as of February 23[2] Domestic Demand - Domestic flight execution increased by 19.9% year-on-year, with the Baidu migration index up by 54.6%[2] - Retail sales of major home appliances decreased by 31.1% year-on-year, a drop of 19.2 percentage points compared to the previous value[2] External Demand - Port cargo throughput increased by 1.4% year-on-year, while container throughput rose by 10.9%[2] - Vietnam's export value grew by 18.3% year-on-year, and South Korea's exports increased by 31.4%[2] Price Trends - The Nanhua Industrial Price Index rose by 8.4%, with the Nanhua Petrochemical Index increasing by 16.2%[2] - The agricultural product wholesale price index fell by 1.5% month-on-month, indicating seasonal decline[2]