Industry Investment Rating - The industry investment rating is maintained at "Outperform" [2] Core Viewpoints - The basic chemical industry index closed at 4770.63 points, up 2.31% from last week, outperforming the CSI 300 index by 3.73% [18][19] - Among the 20 sub-industries, 15 saw gains, with the highest increases in other chemical raw materials (5.94%), civil explosives (4.50%), carbon black (4.33%), polyurethane (3.55%), and nitrogen fertilizer (2.95%) [19] - The geopolitical situation, particularly the conflict involving Iran, is reshaping cost curves and driving a continued price increase across all chemical products [6][8] Summary by Relevant Sections 1. Weekly Chemical Sector Review - The basic chemical industry index rose to 4770.63 points, marking a 2.31% increase, outperforming the CSI 300 index by 3.73% [18][19] - 20 sub-industries reported gains, while 5 experienced declines, with notable increases in other chemical raw materials and civil explosives [19] 2. Key Chemical Sub-Industry Tracking - **Polyester Filament**: Market prices have declined due to fluctuating oil prices, with average prices for POY, FDY, and DTY dropping [28][29] - **Tires**: The industry operating rates increased, with raw material prices showing slight upward trends [39][40] - **Refrigerants**: The R22 market remains stable, with supply and demand dynamics affecting pricing [47] 3. Chemical Product Price Trends - Among 380 tracked chemical products, 203 saw price increases, with notable rises in vitamin B5 calcium pantothenate (98%), liquid methionine, and diethylene glycol [25][26] - The top ten products with price increases include vitamin B5 calcium pantothenate, liquid methionine, and diethylene glycol, with significant percentage increases [26] - Conversely, products like tryptophan and TDI experienced notable price declines [27]

江苏扬农化工股份有限公司 2025 年年度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 本公司根据上海证券交易所《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露》《上市公司行业信息披露指引第十三号——化工》要求， 现将 2025 年年度主要经营数据披露如下： 二、主要产品和原材料的价格变动情况 （一）主要产品价格变动情况 证券代码：600486 证券简称：扬农化工 编号：临 2026-011 1 一、主要产品的产量、销量及收入实现情况 主要产品 产量（吨） 销量（吨） 营业收入（万元） 原药 113,776.72 113,475.18 731,528.72 制剂（不折百） 36,713.15 36,828.54 149,761.45 | | 2025 年度 | 2024 年度 | | | --- | --- | --- | --- | | | 平均采购价格 | 平均采购价格 | 价格变动情况 | | | （元/吨） | （元/吨） | | | 甲醛 | 1,061 | 1,087 | -2.4 ...

Report Industry Investment Rating - Not provided in the report Core View - The spot price of methanol increased slightly in many places yesterday. The inventory of enterprises in the main production areas in the northwest was at a low level, and the willingness of downstream and traders to replenish at low prices increased. The auction transaction price of enterprises rose. The positive sentiment in the futures market drove the smooth transaction of new domestic orders in the afternoon. Some enterprises stopped selling and supported prices, pushing up the spot price. The downstream was mainly on the sidelines. After replenishing at low prices in the early stage, procurement became more rational. The market trend needs to pay attention to the downstream procurement transaction on Tuesday. In the short term, the methanol price will fluctuate within a range. In the medium and long term, the methanol spot market may change from strong to weak and fluctuate [1]. Summary According to Relevant Catalogs Spot Price - The price of Jincheng anthracite increased from 920.00 to 950.00, with an increase of 30.00. The price of Inner Mongolia steam coal remained unchanged at 630.00. The price of Sichuan and Chongqing liquefied gas increased from 4435.00 to 4530.00, with an increase of 95.00. The price of international natural gas decreased from 21.19 to 20.18, with a decrease of 1.01. The price of methanol in Taicang increased from 2990.00 to 3230.00, with an increase of 240.00. The price of methanol in Inner Mongolia increased from 2255.00 to 2440.00, with an increase of 185.00. The price of methanol in Shandong increased from 2690.00 to 2870.00, with an increase of 180.00. The price of methanol in China, Southeast Asia, Northwest Europe, and the United States remained unchanged [1]. Supply - Domestic methanol production decreased from 298525.00 to 298255.00, with a decrease of 270.00. Domestic methanol start - up rate decreased from 93.54 to 93.45, with a decrease of 0.08. International methanol start - up rate remained unchanged at 46.14. The arrival weight at the port remained unchanged at 12.27 [1]. Inventory - Enterprise inventory and port inventory remained unchanged at 523210.00 and 1312817.00 respectively [1]. Demand - The order backlog remained unchanged at 264840.00. The prices of Hebei coke oven gas, Inner Mongolia coal - to - methanol, Shandong coal - to - methanol, and Shanxi coal - to - methanol increased by 0.00, 21.00, 21.00, and 23.00 respectively. The prices of Sichuan natural gas - to - methanol remained unchanged. The start - up rates of MTO, dimethyl ether, formaldehyde, acetic acid, chloride, and MTBE remained unchanged [1]. Associated Product Prices - The prices of formaldehyde (Shandong), dimethyl ether, acetic acid, methane chloride, and MTBE increased by 135.00, 250.00, 100.00, 100.00, and 630.00 respectively [1]. Operation Strategy - The basis strengthened, and the trading volume was average. In the short term, the methanol price will fluctuate within a range. In the medium and long term, the methanol spot market may change from strong to weak and fluctuate [1].

Report Industry Investment Rating - Not provided in the report Core Viewpoint - In the short term, methanol prices will fluctuate within a range. In the medium to long term, the methanol spot market may shift from a strong to a weak and volatile state [1] Summary by Directory Price - The price of Jincheng anthracite remained at 920.00, and the price of Inner Mongolia steam coal remained at 630.00. The price of Sichuan and Chongqing liquefied gas decreased by 40.00 to 3305.00, and the price of international natural gas increased by 0.29 to 11.40. The price of methanol in Taicang decreased by 35.00 to 2145.00. The price of methanol in Inner Mongolia remained at 1850.00, the price in Shandong decreased by 10.00 to 2110.00, the price in China decreased by 4.00 to 256.00, and the prices in Southeast Asia, Northwest Europe, and the United States remained unchanged [1] Supply - Domestic methanol production and domestic start - up rate remained unchanged at 296335.00 and 92.85 respectively. The international start - up rate increased by 1.05 to 58.82 [1] Inventory - The enterprise inventory increased by 195030.00 to 535410.00, and the port inventory increased by 14514.00 to 1446697.00. The order backlog decreased by 108280.00 to 206751.00 [1] Cost - The costs of Hebei coke oven gas, Inner Mongolia coal - based, Shandong coal - based, Shanxi coal - based, and Southwest natural gas remained unchanged [1] Operating Rate - The MTO operating rate remained at 84.08. The ethylene glycol operating rate decreased by 1.08 to 3.38. The formaldehyde operating rate increased by 2.02 to 13.91. The acetic acid operating rate decreased by 0.74 to 84.11. The chloride operating rate increased by 0.29 to 82.84. The MTBE operating rate remained at 67.22 [1] Associated Product Prices - The price of formaldehyde (Shandong) remained at 960.00, the price of dimethylformamide remained at 3200.00, the price of glacial acetic acid remained at 2630.00, the price of methane chloride increased by 30.00 to 1630.00, and the price of MTBE increased by 30.00 to 5030.00 [1]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - As the holiday approaches, the domestic methanol market is expected to fluctuate within a range next week. The inland methanol market is gradually entering the pre - holiday adjustment period. On the demand side, traditional downstream devices such as formaldehyde have successively shut down for holidays, and some downstream players have completed pre - holiday stockpiling, leading to a gradual decline in terminal demand. On the supply side, domestic methanol plants have continued to increase their sales efforts, with enterprise inventory levels running at a low level. Some enterprises have adopted a limited - sales strategy, and the overall supply side remains sufficient without obvious pressure. As the Spring Festival holiday approaches, market trading activity has significantly decreased, and it is expected that the inland methanol market will maintain a light consolidation pattern in the short term. In the port area, methanol futures followed the non - ferrous metals sector through a round of sharp rises and falls and then fell into range - bound fluctuations again. Currently, the capital sentiment has dissipated, the geopolitical risk between the US and Iran is uncertain, and the fundamental weakness remains unchanged. It is expected that the port market will fluctuate within the bottom range before the holiday. The operation is recommended to focus on reducing risk exposure. Keep an eye on whether and when US President Trump will launch a real military action against Iran [7] 3. Summary by Directory 3.1 Weekly Review - The report predicts that the domestic methanol market will be range - bound next week due to the approaching holiday. The inland market is in a pre - holiday adjustment, with demand shrinking and supply sufficient. The port market is affected by factors such as capital sentiment and geopolitical risks, and is expected to fluctuate at the bottom [7] 3.2 Fundamental Data 3.2.1 Domestic Methanol Spot Price - The domestic methanol prices in different regions showed different trends from January 30th to February 6th. Prices in Jiangsu decreased by 2.78%, those in Hebei increased by 1.24%, those in Inner Mongolia increased by 1.12%, and those in Fujian decreased by 4.11%, while prices in Lunan remained unchanged [8] 3.2.2 Methanol Basis - From January 30th to February 6th, the spot price decreased by 2.78%, the futures price decreased by 3.28%, and the basis increased by 13 [11] 3.2.3 Methanol Production Profits by Different Processes - From January 30th to February 6th, the profit of coal - to - methanol increased by 76, that of natural - gas - to - methanol remained unchanged, and that of coke - oven - gas - to - methanol increased by 324 [13] 3.2.4 Domestic Methanol Enterprise Load - The national methanol load this week was 74.90%, a decrease of 3.81% compared with last week; the load in the northwest was 81.54%, a decrease of 3.55% compared with last week [15] 3.2.5 Foreign Methanol Prices and Spreads - From January 30th to February 6th, the CFR China price decreased by 2.24%, the CFR Southeast Asia price remained unchanged, and the spread decreased by 6 [18] 3.2.6 Methanol Import Spreads - From January 30th to February 6th, the spot price decreased by 2.78%, the import cost decreased by 2.26%, and the import spread decreased by 11 [21] 3.2.7 Methanol Traditional Downstream Product Prices - The prices of formaldehyde, dimethyl ether, and acetic acid remained unchanged from January 30th to February 6th [27] 3.2.8 Formaldehyde Production Profit and Load - From January 30th to February 6th, the formaldehyde production profit decreased by 11, and the load increased by 0.01% [28] 3.2.9 Dimethyl Ether Production Profit and Load - From January 30th to February 6th, the dimethyl ether production profit decreased by 36, and the load increased by 1.45% [30] 3.2.10 Acetic Acid Production Profit and Load - From January 30th to February 6th, the acetic acid production profit increased by 35, and the load decreased by 1.29% [35] 3.2.11 MTO Production Profit and Load - The MTO production profit increased from - 1264 on January 30th to - 1062 on February 6th, and the load decreased by 0.18% [39] 3.2.12 Methanol Port Inventory - This week, the inventory in East China was 56.36, a decrease of 3.22 compared with last week; the inventory in South China was 39.78, a decrease of 0.02 compared with last week [41] 3.2.13 Methanol Warehouse Receipts and Effective Forecasts - From January 30th to February 6th, the warehouse receipts decreased by 0.99%, and the effective forecasts remained unchanged [42] 3.3检修状况 3.3.1 Domestic Methanol Device Maintenance - Many domestic methanol enterprises are in maintenance, planned maintenance, or have production problems in various regions such as the Northwest, East, Southwest, and Northeast. For example, Shaanxi Black Cat's 100,000 - ton/year coke - oven - gas - based methanol device has been under maintenance since early November 2024 [44] 3.3.2 Foreign Methanol Device Operation - Foreign methanol enterprises in countries such as Iran, Saudi Arabia, Malaysia, and the US have different operating conditions. Some are in normal operation, some are restarting and recovering, and some are under maintenance. For example, ZPC in Iran is reported to have one set restored, but it needs to be verified [45] 3.3.3 Olefin Device Operation - Olefin devices in different regions have different operating conditions. Some are running smoothly, some are under maintenance, and some are expected to be put into production. For example, Shaanxi Qingcheng Clean Energy's methanol and olefin devices will be shut down for maintenance on March 15th for about 45 days [46]

Report Industry Investment Rating - Unilateral: Neutral; Inter - period: None; Inter - variety: None [4] Core View - Downstream MTO maintenance continues to increase, with Tianjin Bohua MTO advancing its maintenance to January 23, Xingxing shutting down for maintenance on January 12, and Ningbo Fude under maintenance from early December to late January. Port MTO maintenance drags down port demand. Supply disturbances depend on the Iranian situation, which has slowed down for now. Methanol port inventory has slightly increased this week, with Jiangsu de - stocking and Zhejiang stocking. Coal - based production maintains high - pressure operation, and southwest gas - based production is gradually restarting. Inland factories are in an inventory recovery cycle, and traditional downstream industries are in a seasonal off - season [3] Summary by Directory 1. Methanol Basis & Inter - period Structure - The report presents multiple figures related to methanol basis, including methanol Taicang basis and methanol main contract, methanol spot - main futures basis in different regions, and the basis between methanol in Taicang, Lunan, Inner Mongolia North Line, Henan, Hebei, and Guangdong and the main futures, as well as the price differences between different methanol futures contracts [7][9][13] 2. Methanol Production Profit, MTO Profit, and Import Profit - Figures show Inner Mongolia coal - based methanol production profit, East China MTO profit (PP&EG type), Taicang methanol - CFR China import price difference (excluding surcharges), and price differences between CFR Southeast Asia - CFR China, FOB US Gulf - CFR China, and FOB Rotterdam - CFR China [24][25][30] 3. Methanol Start - up and Inventory - It includes figures on methanol port total inventory, MTO/P start - up rate (including integrated), inland factory sample inventory, and China methanol start - up rate (including integrated) [32][39] 4. Regional Price Differences - Figures display price differences such as Lubei - Northwest - 280, East China - Inner Mongolia - 550, Taicang - Lunan - 250, Lunan - Taicang - 100, Guangdong - East China - 180, and East China - Sichuan and Chongqing - 200 [36][43][45] 5. Traditional Downstream Profits - Figures show the production gross margins of Shandong formaldehyde, Jiangsu acetic acid, Shandong MTBE isomerization etherification, and Henan dimethyl ether [47][51]

Report Industry Investment Rating - Unilateral: Neutral; No rating for inter - period and cross - variety [4] Core Viewpoints - After the situation in Iran eased, the methanol futures price on the port has continuously corrected. The port inventory has started to decline, and the port basis has rebounded. However, attention should be paid to the downstream MTO maintenance situation. Overseas, Iranian methanol plants are still undergoing winter maintenance [3]. - In the inland areas, coal - based methanol plants maintain high - pressure operation, and southwest gas - based plants are gradually restarting. Inland factories are in a period of continuous inventory increase, and the traditional downstream is in the seasonal off - season [3]. Summary by Directory I. Methanol Basis & Inter - period Structure - This section includes multiple figures showing the basis between methanol in different regions (such as Taicang, Lunan, Inner Mongolia North Line, etc.) and the main futures contract, as well as the price differences between different methanol futures contracts (e.g., 01 - 05, 05 - 09, 09 - 01) [6][7][22] II. Methanol Production Profit, MTO Profit, and Import Profit - Figures in this part display the production profit of coal - based methanol in Inner Mongolia, the MTO profit in East China (PP&EG type), and the import price differences between Taicang methanol and CFR China, as well as the price differences between CFR Southeast Asia, FOB US Gulf, FOB Rotterdam and CFR China [6][26][27] III. Methanol Start - up and Inventory - It shows the total port inventory of methanol, the start - up rate of MTO/P (including integrated plants), the sample inventory of inland factories, and the start - up rate of methanol in China [6][33][39] IV. Regional Price Differences - The section presents the price differences between different regions, such as the price difference between northern Shandong and the northwest, the price difference between Taicang and Inner Mongolia, and the price differences between other regions [2][6][36] V. Traditional Downstream Profits - Figures show the production gross profit of formaldehyde in Shandong, acetic acid in Jiangsu, MTBE isomerization etherification in Shandong, and dimethyl ether in Henan [6][49][52]

Core Viewpoint - Methanol prices have ended a downward trend since July of the previous year and have entered an upward market in 2026, supported by low valuations, expectations of inventory reduction at ports, and geopolitical factors that have increased price volatility [1] Group 1: Inventory and Supply Dynamics - Methanol port inventory has been in a seasonal accumulation cycle since May of the previous year, reaching a historical high in September, which has suppressed prices [2] - Due to the cold weather, Iranian methanol production facilities began to shut down in November 2025, leading to a significant reduction in methanol imports to China, which is expected to alleviate port inventory pressure [3] - As of January 15, 2026, coastal methanol inventory stands at 1.42 million tons, down approximately 220,000 tons from the peak in mid-November 2025, indicating a marginal improvement in supply-demand dynamics [3] Group 2: Price and Profitability Trends - Domestic methanol production is characterized by high supply and low profitability, with overall operating rates at 77.91% as of January 15, 2026, slightly down from the previous week but up year-on-year [4] - Production profits have significantly decreased, with coal-based methanol in Inner Mongolia showing a loss of 251.60 yuan/ton, a 17.79% decrease month-on-month, and similar declines observed in other regions [4] - The upward movement in methanol prices is constrained by rising raw material costs, particularly during the winter demand peak for coal and natural gas [4] Group 3: Downstream Demand and Market Sentiment - The operating rate of methanol-to-olefins (MTO) facilities has decreased to 80.75%, with several plants undergoing maintenance, indicating pressure on downstream demand for methanol [5] - Traditional downstream sectors such as formaldehyde and acetic acid are performing poorly, with overall operating rates at historically low levels, limiting demand support for methanol as the Spring Festival approaches [6] - The geopolitical situation, particularly tensions between the U.S. and Venezuela, has raised concerns about methanol supply, further contributing to price volatility [3][6]

Supply and Demand Dynamics - In 2026, new production capacity will largely have supporting downstream projects, leading to a slowdown in domestic production pressure. Seasonal maintenance will impact operating rates and output [1][18] - The demand for methanol will see significant growth from external purchases of methanol-to-olefins (MTO) units, with traditional downstream new capacity providing a certain demand increment for methanol [1][18] - The overall supply-demand balance for methanol may improve to some extent in 2026, despite facing import pressures in the second half of the year [1][18] Production Capacity Growth - As of November 2025, domestic methanol production capacity reached 108.045 million tons, an increase of approximately 5.18 million tons from the end of 2024, with a year-on-year growth rate of 5% [2] - Integrated projects are the main contributors to new capacity, with about 70% of the new capacity in 2025 being integrated projects supporting downstream applications like MTO and BDO [2] - The dominance of coal-based methanol production is expected to strengthen, with coal-based capacity projected to reach 85.97 million tons by 2025, accounting for 81.8% of total capacity [2] Production Trends - Methanol production in 2025 is expected to reach 101.83 million tons, reflecting a year-on-year increase of 10.8% [6] - The average operating rate for coal-based methanol units is around 80%, showing a gradual increase, while natural gas-based units remain stable at approximately 49% [7] - The overall operating rate for the methanol industry was 85.74% as of November 2025, an increase of 2.10 percentage points compared to the same period in 2024 [7] Import Market Dynamics - China's methanol import market experienced a "V" shaped trend in 2025, with total imports expected to reach 14.28 million tons, a year-on-year increase of 5.9% [8] - The growth in imports is influenced by multiple factors, including overseas supply and international logistics [8] - In 2026, methanol imports from Iran are expected to increase, while imports from Russia may also rise due to geopolitical factors [9] Downstream Demand - In 2025, the average weighted operating rate for downstream methanol industries was approximately 76%, a 3 percentage point increase from 2024 [10] - The methanol-to-olefins (MTO) sector remains the primary downstream consumer, accounting for about 50% of methanol demand [10] - The MTO industry is projected to continue its rapid growth in 2026, with an expected annual increase in capacity of 320,000 tons [12] Price Trends - Methanol prices are expected to exhibit seasonal fluctuations in 2026, with potential price recovery in the first half of the year due to lower import pressures, followed by a possible decline in the second half [1][18] - The overall price trend for 2026 is anticipated to show a stronger performance in the first half and a weaker performance in the second half, influenced by seasonal maintenance and import dynamics [18]

Group 1 - The core viewpoint of the report highlights significant price increases in certain chemical products such as butadiene and acrylonitrile, while others like sulfur and aluminum fluoride have seen substantial declines [1][2][4] - This week, the products with the largest price increases include butadiene (Shanghai Petrochemical, +10.09%), acrylonitrile (East China AN, +7.29%), and nitric acid (Anhui, +6.67%) [1][2] - Conversely, products with the largest price declines include liquid chlorine (East China, -21.55%), aluminum fluoride (Henan, -9.58%), and natural rubber (Malaysian No. 20 standard rubber SMR20, -4.68%) [2][4] Group 2 - The report suggests that the chemical industry is currently in a weak performance phase, with mixed results across different sub-sectors due to past capacity expansions and weak demand [4] - It emphasizes investment opportunities in glyphosate, fertilizers, and sectors benefiting from domestic demand and high dividend yields [4] - Specific recommendations include focusing on companies like Jiangshan Co. (600389) and Xingfa Group (600141) in the glyphosate sector, and China Heartland Fertilizer as a key recommendation [4]