1. Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints The report presents a comprehensive analysis of the basic chemical industry's weekly data, covering price and profit changes in multiple sectors such as polyurethane, oil - gas - olefin, coal - chemical, and animal nutrition, and also tracks the stock price performance and profitability of related listed companies [1][2][8]. 3. Summary by Directory 3.1 Basic Chemical Weekly Data Briefing - **Related Company Performance Tracking**: - **Stock Price Changes**: The basic chemical index decreased by 2.1% in the past week, increased by 9.0% in the past month, 17.6% in the past three months, 48.7% in the past year, and 10.4% since the beginning of 2026. Among the related listed companies, New Hope Liuhe Co., Ltd. (002001.SZ) had a 6.8% increase in the past week, while other companies such as Wanhua Chemical Group Co., Ltd. (600309.SH) and Baofeng Energy Group Co., Ltd. (600989.SH) had varying degrees of decline [8]. - **Profitability**: The report provides the total market value, stock price, net profit attributable to the parent company, PE, and PB of related listed companies from 2024A to 2027E [8]. - **Industry Chain Data**: - **Polyurethane Industry Chain**: This week, the average prices of pure MDI, polymer MDI, and TDI were 17,500 yuan/ton, 13,900 yuan/ton, and 14,377 yuan/ton respectively. The corresponding weekly changes were - 43 yuan/ton, + 36 yuan/ton, and + 292 yuan/ton, and the gross margins were 4,097 yuan/ton, 1,497 yuan/ton, and 2,345 yuan/ton respectively [2][8]. - **Oil - Gas - Olefin Industry Chain**: The average prices of ethane, propane, steam coal, and naphtha were 1,277 yuan/ton, 4,399 yuan/ton, 520 yuan/ton, and 4,137 yuan/ton respectively, with weekly changes of - 139 yuan/ton, + 51 yuan/ton, 0 yuan/ton, and + 63 yuan/ton. The theoretical profits of polyethylene production through different processes and polypropylene production through different processes also had corresponding changes [2][8]. - **Coal - Chemical Industry Chain**: The average prices of synthetic ammonia, urea, DMF, and acetic acid were 2,119 yuan/ton, 1,758 yuan/ton, 4,004 yuan/ton, and 2,511 yuan/ton respectively, with weekly changes of - 65 yuan/ton, + 13 yuan/ton, + 41 yuan/ton, and - 69 yuan/ton. The corresponding gross margins also changed [2]. - **Animal Nutrition Industry Chain**: The average prices of VA, VE, solid methionine, and liquid methionine were 61.4 yuan/kg, 55.9 yuan/kg, 18.2 yuan/kg, and 14.3 yuan/kg respectively, with weekly changes of - 0.1 yuan/kg, + 0.9 yuan/kg, + 0.3 yuan/kg, and + 0.1 yuan/kg [2][9]. 3.2 Basic Chemical Weekly Report - **Basic Chemical Index Trend**: The report does not elaborate on the basic chemical index trend but focuses on the performance data of the index and related companies [8]. - **Polyurethane Plate**: Analyzes the price trends and price - spread situations of pure MDI, polymer MDI, and TDI in China [16][19]. - **Oil - Gas - Olefin Plate**: Discusses the price trends of raw materials such as ethane, propane, natural gas, and crude oil, as well as the profitability of different processes for producing polyethylene and polypropylene [23][31][38]. - **Coal - Chemical Plate**: Covers the price and gross margin trends of coal - coking products and traditional coal - chemical products, as well as some new materials [40][45][52]. - **Animal Nutrition Plate**: Analyzes the price trends of VA, VE, solid methionine, and liquid methionine [57][59][63].

Investment Rating - The industry investment rating is "Overweight," indicating an expected outperformance of the industry index relative to the benchmark by more than 5% over the next six months [66]. Core Insights - The report highlights strong price support from factories, with solid methionine prices rebounding [1]. - The average prices for various chemical products are provided, showing fluctuations in pricing and profitability across different segments [2]. - The report identifies key listed companies in the chemical sector, including Wanhua Chemical, Baofeng Energy, and others [2]. Summary by Sections 2.1 Basic Chemical Index Trends - The report includes a weekly overview of the basic chemical index trends, indicating overall market movements [10]. 2.2 Polyurethane Sector - The average prices for pure MDI, polymer MDI, and TDI are reported as 17,543, 13,864, and 14,085 CNY/ton respectively, with changes of -171, -36, and +110 CNY/ton [2]. - The gross margins for these products are 4,171, 1,493, and 2,363 CNY/ton, reflecting changes of -332, -196, and -15 CNY/ton [2]. 2.3 Oil, Coal, and Olefin Sector - Average prices for ethane, propane, thermal coal, and naphtha are reported as 1,416, 4,349, 520, and 4,074 CNY/ton respectively, with increases of +147, +52, +0, and +171 CNY/ton [2]. - The average price for polyethylene is 7,162 CNY/ton, showing a rise of +62 CNY/ton [2]. - The theoretical profits for ethane cracking, CTO, and naphtha cracking for polyethylene production are reported as 694, 1,438, and -245 CNY/ton, with respective changes of -161, +41, and -127 CNY/ton [2]. 2.4 Coal Chemical Sector - Average prices for synthetic ammonia, urea, DMF, and acetic acid are 2,184, 1,745, 3,962, and 2,579 CNY/ton respectively, with changes of -27, +5, +68, and -21 CNY/ton [2]. - The gross margins for these products are 199, 72, -92, and 445 CNY/ton, reflecting changes of -21, +1, +10, and -8 CNY/ton [2]. 2.5 Animal Nutrition Sector - Average prices for VA, VE, solid methionine, and liquid methionine are reported as 61.5, 55.1, 17.9, and 14.2 CNY/kg respectively, with changes of -0.7, +0.6, +0.3, and +0.0 CNY/kg [2].

Investment Rating - The industry investment rating is "Overweight," indicating an expected outperformance of the industry index relative to the benchmark by more than 5% over the next six months [67]. Core Insights - The report highlights significant price fluctuations in the chemical sector due to extreme weather conditions affecting natural gas prices in the U.S. [1]. - The average prices for various chemical products, including pure MDI, polymer MDI, and TDI, have shown a decline compared to the previous week, with respective price changes of -129, -114, and -213 CNY/ton [2]. - The report provides a detailed analysis of profit margins across different segments, indicating a decrease in margins for pure MDI and polymer MDI, while TDI margins remained relatively stable [2]. Summary by Sections 2.1 Basic Chemical Index Trends - The basic chemical index has shown a weekly increase of 7.3% as of January 23, 2026, with a year-to-date increase of 16.8% [8]. 2.2 Polyurethane Sector - The average prices for pure MDI, polymer MDI, and TDI are reported at 17,714, 13,900, and 13,975 CNY/ton respectively, with corresponding profit margins of 4,503, 1,689, and 2,459 CNY/ton [2][16]. 2.3 Oil, Coal, and Olefin Sector - Ethane and propane prices have increased by 210 and 21 CNY/ton respectively, while the average price for coal remains stable at 520 CNY/ton [2][22]. - The average price for polyethylene is reported at 7,100 CNY/ton, showing a slight decrease of 15 CNY/ton [2][28]. 2.4 Coal Chemical Sector - The average prices for synthetic ammonia, urea, DMF, and acetic acid are 2,211, 1,740, 3,894, and 2,600 CNY/ton respectively, with minor fluctuations in profit margins [2][41]. 2.5 Animal Nutrition Sector - The average prices for VA, VE, solid egg, and liquid egg are reported at 62.2, 54.5, 17.6, and 14.2 CNY/kg respectively, with minimal changes observed [2][54].

Investment Rating - The industry investment rating is "Overweight," indicating an expected outperformance of the industry index relative to the benchmark by more than 5% over the next six months [70]. Core Insights - The average prices for pure MDI, polymer MDI, and TDI are reported at 18,043, 14,171, and 14,478 CNY/ton respectively, with TDI showing a week-on-week increase of 59 CNY/ton [2]. - The average prices for ethane, propane, and coal are 1,165, 4,172, and 520 CNY/ton respectively, with ethane decreasing by 85 CNY/ton and propane increasing by 45 CNY/ton [2]. - The average prices for synthetic ammonia, urea, DMF, and acetic acid are 2,213, 1,724, 3,787, and 2,546 CNY/ton respectively, with synthetic ammonia decreasing by 34 CNY/ton and urea increasing by 12 CNY/ton [2]. - The average prices for animal nutrition products such as VA and VE are 62.5 and 54.9 CNY/kg respectively, with no significant changes [2]. Summary by Sections Polyurethane Sector - The average prices for pure MDI, polymer MDI, and TDI are 18,043, 14,171, and 14,478 CNY/ton respectively, with TDI showing a week-on-week increase of 59 CNY/ton [2][16][20]. Oil, Coal, and Olefins Sector - Ethane and propane average prices are 1,165 and 4,172 CNY/ton respectively, with ethane decreasing by 85 CNY/ton and propane increasing by 45 CNY/ton [2][24][31]. - The average price for polyethylene is 6,800 CNY/ton, reflecting a week-on-week increase of 30 CNY/ton [2]. Coal Chemical Sector - The average prices for synthetic ammonia, urea, DMF, and acetic acid are 2,213, 1,724, 3,787, and 2,546 CNY/ton respectively, with synthetic ammonia decreasing by 34 CNY/ton and urea increasing by 12 CNY/ton [2][40][48][49]. Animal Nutrition Sector - The average prices for VA, VE, solid egg amino acid, and liquid egg amino acid are 62.5, 54.9, 17.6, and 14.2 CNY/kg respectively, with no significant changes [2][56][62].

Investment Rating - The industry investment rating is "Overweight," indicating an expected outperformance of the industry index relative to the benchmark by more than 5% in the next six months [74]. Core Insights - The report highlights a rebound in prices for Vitamin A (VA) and Vitamin E (VE), with VA priced at 62.6 yuan/kg and VE at 49.5 yuan/kg, reflecting increases of 0.9 yuan/kg and 6.0 yuan/kg respectively [10][59][63]. - The polyurethane sector shows varied price movements, with pure MDI averaging 18,414 yuan/ton (+214 yuan/ton), polymer MDI at 14,293 yuan/ton (+7 yuan/ton), and TDI at 13,341 yuan/ton (-108 yuan/ton) [2][16]. - In the oil, coal, and gas olefin sector, ethane and propane prices are reported at 1,296 yuan/ton (-68 yuan/ton) and 3,934 yuan/ton (+157 yuan/ton) respectively, while the average price of polypropylene is 6,600 yuan/ton (-80 yuan/ton) [2][24]. - The coal chemical sector shows mixed results, with synthetic ammonia at 2,151 yuan/ton (-3 yuan/ton) and urea at 1,615 yuan/ton (+19 yuan/ton) [2][40]. - Key listed companies in the chemical sector include Wanhua Chemical, Baofeng Energy, Satellite Chemical, Hualu Hengsheng, New Chemical, and Andisu [2]. Summary by Sections 1. Polyurethane Sector - Average prices for pure MDI, polymer MDI, and TDI are 18,414 yuan/ton, 14,293 yuan/ton, and 13,341 yuan/ton respectively, with corresponding gross profits of 5,400 yuan/ton, 2,279 yuan/ton, and 1,918 yuan/ton [2][16]. 2. Oil, Coal, and Gas Olefin Sector - Ethane and propane average prices are 1,296 yuan/ton and 3,934 yuan/ton, with theoretical profits for polyethylene production from ethane at 947 yuan/ton [2][24][33]. 3. Coal Chemical Sector - Average prices for synthetic ammonia, urea, DMF, and acetic acid are 2,151 yuan/ton, 1,615 yuan/ton, 3,943 yuan/ton, and 2,330 yuan/ton respectively, with gross profits of 121 yuan/ton, -69 yuan/ton, -151 yuan/ton, and 80 yuan/ton [2][40][44]. 4. Animal Nutrition Sector - VA and VE prices are reported at 62.6 yuan/kg and 49.5 yuan/kg, with recent increases noted [10][59][63].