Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Credit bond yields have followed the upward trend, and credit spreads have slightly widened again. This week, interest rates have generally fluctuated upward, and credit bond yields have generally followed suit. Except for the AA- credit bonds with 1Y and 5Y tenors, the spreads of other varieties have rebounded [2][5]. - The spreads of urban investment bonds have increased, with higher-grade varieties showing a relatively larger increase. This week, the spreads of urban investment bonds have generally increased, with the spreads of external subject-rated AAA platforms increasing by 3BP, and those of AA+ and AA platforms increasing by 1BP [2][9]. - The spreads of industrial bonds have diverged, and the spreads of private real estate bonds have continued to rise. This week, the spreads of central and state-owned enterprise real estate bonds have slightly increased by 2 - 3BP, the spreads of mixed-ownership real estate bonds have significantly decreased by 124BP, and the spreads of private real estate bonds have increased by 44BP [2][18]. - The spreads of secondary perpetual bonds have adjusted slightly upward, with a slightly higher increase in the 3 - 5Y tenors. This week, secondary perpetual bonds have adjusted, and their spreads have slightly increased, with a relatively higher increase in the 3 - 5Y tenors [2][27]. - The excess spreads of industrial perpetual bonds have basically remained flat, while the excess spreads of urban investment perpetual bonds have increased. This week, the excess spreads of industrial AAA3Y perpetual bonds have slightly increased by 0.01BP to 9.21BP, and those of urban investment AAA3Y and AAA5Y perpetual bonds have increased [2][29]. Summary According to Relevant Catalogs I. Credit Bond Yields Follow the Upward Trend, and Credit Spreads Slightly Widen Again - Interest rates have generally fluctuated upward. The yields of 3Y, 5Y, 7Y, and 10Y China Development Bank bonds have increased by 2BP, 3BP, 1BP, and 2BP respectively, while the yield of 1Y bonds has remained basically the same as last week [5]. - Credit bond yields have generally followed the upward trend. The yield of 1Y AA- credit bonds has decreased by 1BP, while the yields of other varieties have increased by 2BP; the yields of 3Y credit bonds of all grades have increased by 5 - 6BP; the yields of 5Y AAA and AA- credit bonds have increased by 1 - 3BP, and those of AA+ and AA varieties have increased by 5 - 6BP; the yields of 7Y credit bonds of all grades have increased by 3 - 4BP; the yields of 10Y bonds of all grades have increased by 5 - 6BP [5]. - Credit spreads have shown a mixed trend. Except for the slightly decreased spreads of 1Y and 5Y AA- credit bonds, the spreads of other varieties have rebounded. The spreads of 1Y AA- credit bonds have decreased by 1BP, while those of other varieties have increased by 2BP; the spreads of 3Y credit bonds of all grades have increased by 3 - 4BP; the spreads of 5Y AA- varieties have decreased by 2BP, while those of other varieties have increased by 1 - 3BP; the spreads of 7Y bonds of all grades have increased by 2 - 3BP; the spreads of 10Y bonds of all grades have increased by 3 - 4BP [5]. - Rating spreads and term spreads have shown a divergent trend. Most rating spreads have slightly decreased, and term spreads have shown different trends among different grades and tenors [5]. II. The Spreads of Urban Investment Bonds Increase, with Higher-Grade Varieties Showing a Relatively Larger Increase - Overall, the spreads of urban investment bonds have increased. The spreads of external subject-rated AAA platforms have increased by 3BP, and those of AA+ and AA platforms have increased by 1BP [9]. - Provincial AAA platform spreads: Most have increased by 1 - 3BP, with Tianjin, Xinjiang, and Shanxi increasing by 4 - 5BP [9]. - AA+ platform spreads: Most have increased by 0 - 1BP, with Jilin and Guizhou increasing by 8BP, and Yunnan, Heilongjiang, and Shaanxi decreasing by 5BP, 2BP, and 1BP respectively [9]. - AA platform spreads: Most have increased by 0 - 2BP, with Hunan and Liaoning increasing by 3BP, and Shaanxi and Shandong decreasing by 7BP and 3BP respectively [9]. - By administrative level: The spreads of provincial, municipal, and district-level platforms have increased by 3BP, 2BP, and 1BP respectively. Most provincial platform spreads have increased by 1 - 3BP, with Shanxi increasing by 8BP, and Shaanxi and Tianjin increasing by 5BP; most municipal platform spreads in various regions have increased by 1 - 2BP, with Jilin increasing by 7BP, and the spreads in Shanxi, Heilongjiang, Yunnan, and Guizhou decreasing by 1 - 5BP; most district-level platform spreads in various regions have remained flat or increased by 1 - 2BP, with Liaoning increasing by 3BP, Guizhou decreasing by 9BP, and Shaanxi decreasing by 4BP [15]. III. The Spreads of Industrial Bonds Diverge, and the Spreads of Private Real Estate Bonds Continue to Rise - The spreads of industrial bonds have shown a divergent trend. The spreads of central and state-owned enterprise real estate bonds have slightly increased by 2 - 3BP, the spreads of mixed-ownership real estate bonds have significantly decreased by 124BP (Vanke's spreads have decreased by 278BP), and the spreads of private real estate bonds have increased by 44BP (Longfor's spreads have decreased by 27BP, Midea Real Estate and Huafa Co., Ltd.'s spreads have remained flat, and CIFI's spreads have increased by 563BP) [18]. - The spreads of coal and steel bonds of all grades have increased by 1 - 2BP; the spreads of AAA-grade chemical bonds have decreased by 5BP, and those of AA+ have decreased by 13BP. The spreads of Shaanxi Coal have increased by 3BP, those of Jinkong Coal Industry have increased by 2BP, and those of HBIS have increased by 2BP [18]. IV. The Spreads of Secondary Perpetual Bonds Slightly Increase, with a Slightly Higher Increase in the 3 - 5Y Tenors - This week, secondary perpetual bonds have adjusted, and their spreads have slightly increased, with a relatively higher increase in the 3 - 5Y tenors. Specifically, the yields of 1Y medium- and high-grade commercial bank secondary capital bonds and perpetual bonds have increased by 0 - 1BP, the yield of AA-grade secondary capital bonds has increased by 2BP, and the spreads of 1Y secondary perpetual bonds have generally increased by 0 - 2BP. The yields of 3Y secondary capital bonds have increased by 5 - 6BP, and the spreads have increased by 3 - 4BP; the yields of 3Y AAA- and AA+-grade perpetual bonds have increased by 4BP, and that of AA has increased by 2BP, with the spreads of 3Y perpetual bonds increasing by 0 - 2BP. The yields of 5Y secondary capital bonds have increased by 4 - 5BP, and the spreads have increased by 1 - 2BP; the yields of 5Y perpetual bonds have increased by 2 - 4BP, and the spreads have increased by 0 - 2BP [27]. V. The Excess Spreads of Industrial Perpetual Bonds Basically Remain Flat, while the Excess Spreads of Urban Investment Perpetual Bonds Increase - This week, the excess spreads of industrial AAA3Y perpetual bonds have slightly increased by 0.01BP to 9.21BP, at the 9.83% quantile since 2015; the excess spreads of industrial AAA5Y perpetual bonds have remained the same as last week at 8.72BP, at the 6.53% quantile since 2015; the excess spreads of urban investment AAA3Y perpetual bonds have increased by 0.75BP to 8.99BP, at the 9.68% quantile; the excess spreads of urban investment AAA5Y perpetual bonds have increased by 1.19BP to 10.92BP, at the 10.12% quantile [29]. VI. Credit Spread Database Compilation Instructions - The overall market credit spreads, commercial bank secondary perpetual spreads, and urban investment/industrial perpetual bond credit spreads are calculated based on ChinaBond medium- and short-term notes and ChinaBond perpetual bond data, with historical quantiles since the beginning of 2015; the credit spreads related to urban investment and industrial bonds are compiled and statistically analyzed by Cinda Securities R & D Center, with historical quantiles since the beginning of 2015 [36]. - The credit spreads of industrial and urban investment individual bonds are calculated as the individual bond's ChinaBond valuation (exercise) minus the yield to maturity of the same-term China Development Bank bond (calculated by linear interpolation method), and finally the credit spreads of the industry or regional urban investment are obtained by the arithmetic mean method [36]. - The excess spreads of bank secondary capital bonds/perpetual bonds are calculated as the credit spreads of bank secondary capital bonds/perpetual bonds minus the credit spreads of bank ordinary bonds of the same grade and term; the excess spreads of industrial/urban investment perpetual bonds are calculated as the credit spreads of industrial/urban investment perpetual bonds minus the credit spreads of medium-term notes of the same grade and term [37]. - Sample selection criteria: Industrial and urban investment bonds both select medium-term notes and public corporate bond samples, and exclude guaranteed bonds and perpetual bonds; if the remaining term of an individual bond is less than 0.5 years or more than 5 years, it will be excluded from the statistical sample; industrial and urban investment bonds are both externally subject-rated, while commercial banks use ChinaBond implicit bond ratings [38].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a decline in revenue and net profit for Q1 2025, with revenue at 69.585 billion yuan, down 21.1% year-on-year and 17.6% quarter-on-quarter, and net profit at 11.949 billion yuan, down 18.0% year-on-year and 5.14% quarter-on-quarter [1] - The acquisition of Hanjin Energy has led to a significant reduction in losses, with Hanjin Energy reporting a revenue of 1.025 billion yuan and a loss of 82 million yuan in Q1 2025, compared to a loss of 1.319 billion yuan in the same period last year [4] - The company is expected to benefit from asset injections and cost reduction initiatives, with a focus on enhancing core competitiveness and optimizing investor returns [9] Summary by Sections Financial Performance - In Q1 2025, the company produced 8.3 million tons of commodity coal, a decrease of 1.1% year-on-year, and sold 9.9 million tons, down 15% year-on-year [10] - The cost of self-produced coal increased to 196 yuan per ton, up 2.3% year-on-year, while the selling price decreased to 506 yuan per ton, down 11.5% year-on-year [10] - The company's total installed capacity reached 47,505 MW by the end of Q1 2025, an increase of 1,241 MW from the beginning of the year [10] Future Outlook - The company plans to produce 334.8 million tons of commodity coal and sell 465.9 million tons in 2025, with a capital expenditure of 41.793 billion yuan [9] - The forecasted net profit for 2025-2027 is 53.796 billion yuan, 56.146 billion yuan, and 59.110 billion yuan, respectively, with corresponding P/E ratios of 14.3, 13.7, and 13.0 [10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company achieved a revenue of 30.31 billion yuan in Q1 2025, a year-on-year decrease of 23.5% and a quarter-on-quarter decrease of 6.7% [1] - The net profit attributable to the parent company was 2.71 billion yuan, down 27.9% year-on-year and down 10.3% quarter-on-quarter [1] - The coal business is on track to reach a production capacity target of 300 million tons [4] - The chemical business is experiencing a recovery in gross profit, with ongoing advancements in high-end chemical new materials [3] Summary by Sections Coal Business - The company reported a coal production of 36.8 million tons in Q1 2025, an increase of 6.3% year-on-year and a slight increase of 0.3% quarter-on-quarter [9] - The self-produced coal sales volume was 30.49 million tons, down 3.0% year-on-year and down 9.1% quarter-on-quarter [9] - The average selling price of coal (excluding trade) was 545 yuan per ton, a decrease of 14.4% quarter-on-quarter and 18.5% year-on-year [9] - The comprehensive cost of coal was 318 yuan per ton, a decrease of 0.8% quarter-on-quarter and a decrease of 12.9% year-on-year [9] - The company is progressing with several projects to increase coal production capacity, including the Shandong Wanfeng coal mine and the Xinjiang Wucaiwan open-pit mine [9] Chemical Business - The company produced 2.41 million tons of chemical products in Q1 2025, an increase of 11.6% year-on-year and an increase of 8.3% quarter-on-quarter [9] - The sales volume of chemical products was 2.02 million tons, up 7.3% year-on-year and up 1.3% quarter-on-quarter [9] - The comprehensive selling price of chemical products was 3,122 yuan per ton, down 6.2% year-on-year but up 6.2% quarter-on-quarter [9] - The gross profit margin for chemical products increased by 29.4% year-on-year and 16.5% quarter-on-quarter, reaching 723 yuan per ton [9] Financial Projections - The company plans to produce 155-160 million tons of commercial coal and 8.6-9 million tons of chemical products in 2025 [10] - The projected net profit attributable to the parent company for 2025-2027 is 9.9 billion, 11.9 billion, and 13.7 billion yuan, respectively, with corresponding P/E ratios of 12.6X, 10.5X, and 9.1X [10] - The company aims to reduce the sales cost per ton of coal by 3% year-on-year and to lower the debt-to-asset ratio to below 60% [10]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a decline in revenue and net profit for Q1 2025, with revenue at 69.585 billion yuan, down 21.1% year-on-year and 17.6% quarter-on-quarter, and net profit at 11.949 billion yuan, down 18.0% year-on-year and 5.14% quarter-on-quarter [1] - The acquisition of Hanjin Energy has led to a significant reduction in losses, with Hanjin Energy reporting a revenue of 1.025 billion yuan and a loss of 82 million yuan in Q1 2025, compared to a loss of 1.319 billion yuan in the same period last year [4] - The company is expected to benefit from asset injections and cost reduction initiatives, with a focus on enhancing core competitiveness and optimizing investor returns [4][9] Summary by Sections Financial Performance - In Q1 2025, the company produced 83 million tons of commodity coal, a decrease of 1.1% year-on-year, and sold 99 million tons, down 15% year-on-year [10] - The cost of self-produced coal increased to 196 yuan per ton, up 2.3% year-on-year, while the selling price decreased to 506 yuan per ton, down 11.5% year-on-year [10] - The company's total installed capacity reached 47,505 MW by the end of Q1 2025, an increase of 1,241 MW from the beginning of the year [10] Future Outlook - The company plans to produce 334.8 million tons of commodity coal and sell 465.9 million tons in 2025, with a capital expenditure of 41.793 billion yuan [9] - The forecasted net profit for 2025-2027 is 53.796 billion yuan, 56.146 billion yuan, and 59.110 billion yuan, respectively, with corresponding P/E ratios of 14.3, 13.7, and 13.0 [10]

证券研究报告 | 季报点评 gszqdatemark 2025 04 26 年 月 日 兖矿能源（600188.SH） 化工业务毛利回升，煤炭业务向"3 亿吨"产能目标继续迈进 公司发布 2025 年 Q1 业绩公告。2025Q1 公司实现营业收入 303.1 亿元， 同比-23.5%，环比-6.7%；归母净利润 27.1 亿元，同比-27.9%，环比- 10.3%。 煤炭业务：产量增长、毛利下行，成长可期。 化工：产销增长，毛利回升，高端化工新材料持续推进。 向"3 亿吨"产能目标继续迈进。 多元矿业发展，夯实"资源为王"。公司积极布局多矿种领域，在加拿大 拥有 6 个钾盐采矿权，探明优质氯化钾资源量 17 亿吨；拟建设内蒙古曹 | 买入（维持） | | | --- | --- | | 股票信息 | | | 行业 | 煤炭开采 | | 前次评级 | 买入 | | 04 月 25 日收盘价（元） | 12.43 | | 总市值（百万元） | 124,795.46 | | 总股本（百万股） | 10,039.86 | | 其中自由流通股（%） | 99.60 | | 30 日日均成交量（百万股） | 25.27 ...

每经记者 陈晴 每经编辑 陈俊杰 并购重组 冠城新材：终止重大资产重组程序，转为一般关联交易推进 中国电信发布一季报，2025年第一季度营收为1345.09亿元，同比增长0.01%；归属于上市公司股东的净 利润为88.64亿元，同比增长3.11%。 回购增持 冠城新材公告，公司拟将持有的12家公司股权转让至公司控股股东或实际控制人指定的关联公司，交易 方式为现金出售资产。经审慎评估，本次交易不构成重大资产重组，公司决定终止本次重大资产重组程 序，并将其转为一般关联交易事项继续推进。 业绩披露 沪光股份：2024年归母净利润6.7亿元，同比增长1139% 沪光股份发布年报，2024年营业收入79.14亿元，同比增长97.70%；归属于上市公司股东的净利润6.7亿 元，同比增长1139.15%。 大名城：2024年归母净利润亏损约23亿元 大名城发布年报，2024年营业收入41.71亿元，同比下降64.34%；归属于上市公司股东的净利润亏损 23.36亿元，上年同期净利润2.23亿元。 中国神华：2025年第一季度归母净利润近120亿元，同比下降18.0% 中国神华发布一季报，2025年第一季度营业收入695.8 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is expected to achieve a revenue of 29.859 billion yuan in 2024, representing a year-on-year growth of 11.23%, and a net profit attributable to shareholders of 5.342 billion yuan, reflecting a year-on-year increase of 17.15% [1] - The growth in performance is primarily driven by the increase in both volume and price of coal and electrolytic aluminum [1] - The company has established itself as a leading brown coal seller in Northeast China, with a planned coal production and sales volume of 48 million tons for 2025, maintaining the long-term contract price for coal in 2025 at the same level as in 2024 [3] - The electrolytic aluminum business is expected to contribute significant elasticity and growth potential, with a production and sales plan of 90,000 tons for 2025 [8] Financial Performance - In 2024, the company plans to generate 1,155,445 million kWh of electricity, a year-on-year increase of 32.8%, with a significant contribution from renewable energy sources [4] - The company’s coal production in 2024 is projected to be 48 million tons, a year-on-year increase of 3.1%, with a sales volume of 47.76 million tons, up 2.8% year-on-year [11] - The average selling price of coal in 2024 is expected to be 222 yuan per ton, an increase of 8.6% year-on-year, while the cost is projected to decrease by 8% to 90 yuan per ton [11] - The company plans to distribute a cash dividend of 1.8 yuan per 10 shares, totaling 1.79 billion yuan, which represents 35.67% of the net profit attributable to shareholders [10] Future Outlook - The company is expected to achieve net profits of 5.9 billion yuan, 6.1 billion yuan, and 6.4 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 7.1X, 6.9X, and 6.5X [10] - The construction of the second phase of the aluminum project is anticipated to enhance the green electricity proportion to 79%, contributing to the development of a circular economy in the region [8]

上海能源（600508）公告，2025年第一季度营收为17.36亿元，同比下降25.16%；净利润为1.05亿元， 同比下降65.45%。 ...

Investment Rating - The industry investment rating is "Buy" [2] Core Views - The report indicates that the social electricity consumption in March increased by 4.8% year-on-year, and the supply-demand situation is expected to gradually improve in the second quarter [11][68] - The coal price has shown signs of stabilization, with expectations of a rebound as inventory levels decrease and demand increases in the upcoming summer peak [7][32][70] Market Dynamics - Recent market dynamics show a slight decline in thermal coal prices, with the CCI5500 thermal coal price reported at 670 RMB/ton, down 2 RMB/ton week-on-week [7][13] - The coal mining operating rate as of April 16 was 90.2%, reflecting a 0.3 percentage point increase week-on-week [16] - The inventory of thermal coal at major ports increased by 2.8% week-on-week, indicating a slight rise in supply [16][18] Industry Insights - The report highlights that the coal industry index rose by 2.6%, outperforming the CSI 300 index by 2.0 percentage points [68] - The first round of price increases for coke has been implemented, with prices rising by 50-55 RMB/ton, supported by strong demand from steel production [56][66] - The report notes that the first two months of 2025 saw a significant decline in industry profits, with total profits of 50.7 billion RMB, down 47.3% year-on-year [71][73] Key Companies - Key companies with stable profits and high dividends include Shaanxi Coal and China Shenhua [7][71] - Companies with low valuations and long-term growth potential include Xinji Energy and Yanzhou Coal [7][71] - Companies benefiting from positive demand expectations and low price-to-book ratios include Huabei Mining and Shanxi Coking Coal [7][71]

1. Report Industry Investment Rating - The report gives a cautious and bearish outlook for the plastics industry [4][5] 2. Core Viewpoints of the Report - The future outlook for plastics is weak, with a cautious and bearish stance. The plastics 2509 contract closed at 7,143 yuan/ton on April 18, down 109 yuan/ton from the previous week. Spot prices of plastics declined across the board. In the second quarter, the domestic PE market is expected to face significant supply pressure due to planned new capacity of 2.15 million tons. Downstream demand is generally weak, with a sharp decline in the agricultural film sector as the peak season ends, and mediocre demand in the packaging film and pipe sectors. Inventory remains neutral, with no obvious de - stocking trend and low willingness among downstream players to replenish inventory at low prices. However, tariffs may provide some support to market prices. It is expected that the plastics 2505 contract will fluctuate at a low level in the short term [4] 3. Summary by Relevant Catalogs 3.1 Plastic Weekly Market Review - On April 18, the plastics 2509 contract closed at 7,143 yuan/ton, down 109 yuan/ton from the previous week. The market fluctuated at the bottom this week, and the trade war brought great uncertainty, intensifying market fluctuations. LLDPE's South China basis reached 694.65 yuan/ton, a 15.71% increase from the previous week, and the May - September spread was 168 yuan/ton (up 69). Spot prices of plastics declined across the board, with the LDPE average price at 9,166.67 yuan/ton, a 1.08% decrease from the previous week, the HDPE average price at 8,140.00 yuan/ton, a 0.88% decrease, and the average price of LLDPE (7042) in South China at 7,837.65 yuan/ton, a 0.19% decrease [4][8] 3.2 Key Data Tracking - Month Spread | Month Spread | April 18, 2025 (yuan/ton) | Change | | --- | --- | --- | | 1 - 5 | -230 | -48 | | 5 - 9 | 168 | 69 | | 9 - 1 | 62 | -21 | [15] 3.3 Key Data Tracking - Spot Price - Spot prices of various plastics products showed different degrees of decline. For example, the LDPE average price decreased by 1.08%, the HDPE average price decreased by 0.88%, and the average price of LLDPE (7042) in South China decreased by 0.19%. Specific prices and changes in different regions and product categories are detailed in the report [4][8][16] 3.4 Key Data Tracking - Cost - This week, WTI crude oil closed at $63.75 per barrel, up $2.27 from the previous week, and Brent crude oil closed at $67.85 per barrel, up $3.26 from the previous week. The price of anthracite at the Yangtze River port was 1,020 yuan/ton (down 20). It is expected that the crude oil market will maintain a low - level fluctuating trend, and the coal market price has slightly increased [19] 3.5 Key Data Tracking - Profit - The profit of oil - based PE was - 33 yuan/ton, down 249 yuan/ton from the previous week, and the profit of coal - based PE was 1,237 yuan/ton, up 4 yuan/ton from the previous week. It is expected that the profit of oil - based PE and coal - based PE will run weakly [22] 3.6 Key Data Tracking - Supply - This week, the operating rate of China's polyethylene production was 83.81%, up 0.17 percentage points from the previous week, and the weekly polyethylene output was 633,500 tons, a 0.88% increase from the previous week. The maintenance loss this week was 91,900 tons, down 3,900 tons from the previous week. Some enterprises' devices are under maintenance, and there are many planned new capacity projects in 2025 [25][27] 3.7 Key Data Tracking - 2025 Production Plan - Many enterprises have new production capacity plans in 2025, with a total planned capacity of 5.43 million tons. Some projects have already started production, some are in the process of starting up, and others are scheduled to start at different times throughout the year [27] 3.8 Key Data Tracking - Maintenance Statistics - Several enterprises carried out device maintenance this week, such as Baolai LyondellBasell's HDPE device from April 14 to April 20, and Daqing Petrochemical's LLDPE device which stopped on April 16 with an undetermined restart time [28] 3.9 Key Data Tracking - Demand - This week, the overall operating rate of domestic agricultural film was 30.09%, down 7.45% from the previous week; the operating rate of PE packaging film was 47.56%, down 0.51% from the previous week; and the operating rate of PE pipes was 31.50%, down 0.17% from the previous week. The peak season of agricultural film is coming to an end, with an expected further decline, and the operating performance of packaging film and pipes is mediocre due to weak downstream demand [29] 3.10 Key Data Tracking - Downstream Production Ratio - Currently, the production ratio of linear film is the highest, accounting for 36.1%, which is 2% different from the annual average level. The ratio of low - pressure pipes shows a significant difference from the annual average data, currently accounting for 6%, a 4.2% difference from the annual average [34] 3.11 Key Data Tracking - Inventory - This week, the social inventory of plastics enterprises was 616,000 tons, an increase of 2,900 tons from the previous week [36] 3.12 Key Data Tracking - Warehouse Receipts - This week, the number of polyethylene warehouse receipts was 1,565 lots, an increase of 939 lots from the previous week [44]