上海证券近日发布基础化工行业周报：过去一周（11.15-11.21），基础化工指数涨跌幅为-7.47%，沪深 300指数涨跌幅为-3.77%，基础化工板块跑输沪深300指数3.70个百分点，涨跌幅居于所有板块第29位。 基础化工子行业涨跌幅靠前的有：橡胶助剂（3.34%）、钾肥（-3.30%）、炭黑（-3.97%）、膜材料 （-4.30%）、合成树脂（-5.60%）。 以下为研究报告摘要： 市场行情走势 过去一周（11.15-11.21），基础化工指数涨跌幅为-7.47%，沪深300指数涨跌幅为-3.77%，基础化工板 块跑输沪深300指数3.70个百分点，涨跌幅居于所有板块第29位。基础化工子行业涨跌幅靠前的有：橡 胶助剂（3.34%）、钾肥（-3.30%）、炭黑（-3.97%）、膜材料（-4.30%）、合成树脂（-5.60%）。 周涨幅排名前五的产品分别为盐酸（江苏）（33.33%）、国际硫磺（13.41%）、碳酸锂（电池级） （7.59%）、碳酸锂（工业级）（7.47%）、甲基环硅氧烷（DMC）（5.60%）。周跌幅前五的产品分 别为：液氯（-98.00%）、盐酸（山东）（-41.67%）、浓硝酸（金禾 ...

Core Viewpoint - The domestic chemical market is expected to face an oversupply in 2025, with prices of various chemical products hitting new lows in November, indicating a weak market driven primarily by macroeconomic factors rather than crude oil prices [1][8]. Market Trends - The chemical market experienced fluctuations from January to March, with a peak in January followed by a decline due to geopolitical tensions and tariff impacts, leading to a low opening after the Spring Festival [3][4]. - In the second quarter, the market was heavily influenced by U.S. tariffs and trade tensions, resulting in significant volatility, with a brief recovery in June due to positive trade negotiations [5]. - The third quarter saw a weak overall market, but a slight recovery was noted due to domestic supply-side reforms and the elimination of outdated production capacity [7]. - The fourth quarter continued to reflect weak demand against high supply, with a notable decline in prices across multiple chemical products, although a slight rebound was expected towards the end of December [8]. Price Movements - As of November 18, 2025, 116 out of 131 monitored chemical products had decreased in price since the beginning of the year, representing 89% of the total, while only 15 products saw price increases [8]. - The leading price increase was observed in the sulfur market, with a rise of 2,420 yuan/ton (+156.13%), while products like SEBS and butadiene experienced significant declines of -26.44% and -39.69%, respectively [9]. Profitability - Most chemical products are operating at marginal or negative profit margins, with many experiencing increased losses compared to the beginning of the year, indicating a challenging operational environment for chemical companies [8].

Investment Rating - Industry Rating: Neutral (maintained rating) [5] Core Insights - The supply side of spandex is orderly released and concentrated among leading manufacturers, while downstream demand is growing rapidly [1][4] - China's spandex consumption is continuously increasing, driven by the demand from the fashion and comfort trends [5] - The production cost of spandex is primarily composed of raw materials, manufacturing expenses, labor, and transportation, with raw material costs accounting for approximately 42% of the total cost [20][21] Summary by Sections 1. Spandex Product Overview - Spandex, known as Lycra, is a highly elastic fiber that can stretch 5-8 times its length and has a recovery rate of over 99% [1][13] - It is widely used in textiles, improving the elasticity and comfort of fabrics with just a 3% addition [13] 2. Spandex Industry Supply - Over 75% of global spandex production capacity is concentrated in China, which has rapidly expanded its capacity from 15,400 tons in 2000 to 1.35 million tons by 2024, with a CAGR of 20.5% [3][46] - The industry has experienced four rounds of capacity expansion, with the latest round from 2020 to 2024 seeing significant growth due to rising demand for protective and leisure wear [52][56] 3. Spandex Industry Demand - China's spandex consumption is projected to grow from 121,000 tons in 2005 to 1.012 million tons by 2024, with a CAGR of 11.8% [5] - The demand for differentiated spandex is expanding into various applications, including automotive interiors and medical supplies, with a current differentiation rate of 23% in China compared to 60% in developed countries [5] 4. Related Companies - Major companies in the spandex industry include Huafeng Chemical, Xinxiang Chemical Fiber, and Taihe New Materials, which are key players in the market [4][21]

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].

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company has shown steady growth in production and sales, awaiting an upward cycle turning point [7] - In the first three quarters of 2025, the company achieved revenue of 144.23 billion yuan, a year-on-year decrease of 2.3%, and a net profit attributable to shareholders of 9.16 billion yuan, down 17.5% year-on-year [5][13] - The third quarter of 2025 saw revenue of 55.32 billion yuan, an increase of 5.5% year-on-year and 11.5% quarter-on-quarter, with a net profit of 3.03 billion yuan, up 4.0% year-on-year [5][13] Summary by Sections Financial Performance - In Q3 2025, the company maintained volume growth but faced price declines across various segments, with revenue from polyurethane, petrochemicals, fine chemicals, and new materials at 18.3 billion, 24.4 billion, 8.2 billion, respectively [14] - The overall gross margin decreased due to falling sales prices, with the sales gross margin at 12.8% [14] - The company’s net profit margin for Q3 was 6.3%, reflecting a decrease mainly due to increased financial expenses [14] Market Position and Future Prospects - The global MDI industry remains oligopolistic, and the company, as a leading domestic MDI producer, is expected to benefit from market share and profitability in the long term [15] - Upcoming projects, including a 700,000-ton MDI expansion and a 330,000-ton TDI project, are anticipated to enhance the company's competitive edge in the polyurethane sector [15] - The petrochemical segment is expected to improve profitability following successful upgrades and expansions [15] Financial Forecasts - Revenue projections for 2025-2027 are 203.6 billion, 226.9 billion, and 249.5 billion yuan, with corresponding growth rates of 12%, 11%, and 10% [16] - Net profit forecasts for the same period are 12.5 billion, 16.1 billion, and 18.5 billion yuan, with growth rates of -4%, +29%, and +15% respectively [16] - The earnings per share (EPS) are projected to be 4.0, 5.2, and 5.9 yuan per share for 2025, 2026, and 2027 [16]

Core Viewpoint - Wanhua Chemical reported Q3 revenue of 53.32 billion yuan, a year-on-year increase of 5.52% and a quarter-on-quarter increase of 11.48%, with a net profit attributable to shareholders of 3.03 billion yuan, reflecting a year-on-year increase of 3.96% but a quarter-on-quarter decrease of 0.20% [1] Group 1: Financial Performance - In the first three quarters of 2025, the company achieved revenue of 144.23 billion yuan, a year-on-year decrease of 2.29%, and a net profit of 9.16 billion yuan, a year-on-year decrease of 17.45% [1] - The Q3 net profit aligns with the forecasted expectation of approximately 3 billion yuan [1] - The overall gross margin for the first three quarters was 13.4%, a year-on-year decrease of 1.9 percentage points [2] Group 2: Segment Performance - The sales volume for polyurethane, petrochemicals, and new materials in the first three quarters were 4.58 million tons, 4.60 million tons, and 1.84 million tons, respectively, with year-on-year increases of 12%, 13%, and 30% [2] - The average product prices for these segments saw year-on-year declines of 9%, 15%, and 8%, resulting in average prices of 12,000 yuan/ton, 12,900 yuan/ton, and 12,900 yuan/ton [2] - The Q3 sales volume for polyurethane, petrochemicals, and new materials were 1.55 million tons, 1.75 million tons, and 650,000 tons, with corresponding revenues of 18.3 billion yuan, 24.4 billion yuan, and 8.2 billion yuan [2] Group 3: Market Outlook - The polyurethane segment's prices for pure MDI, polymeric MDI, and TDI changed by +5%, -9%, and -9% respectively, indicating weak downstream demand [3] - The petrochemical segment's price differentials for propylene/propane and ethylene/ethane decreased by 5% and 10% respectively, suggesting ongoing challenges in market conditions [3] - The new materials segment showed signs of price stabilization for PC, although the overall segment remains under pressure [3] Group 4: Profit Forecast and Valuation - The company has adjusted its 2025 net profit forecast to 12.29 billion yuan, a reduction of 11% from the previous estimate of 13.78 billion yuan, while maintaining the 2026-2027 profit forecasts at 17.78 billion yuan and 20.81 billion yuan respectively [4] - The expected net profit growth rates for 2025, 2026, and 2027 are -6%, +45%, and +17% respectively, with corresponding EPS of 3.93 yuan, 5.68 yuan, and 6.65 yuan per share [4] - The target price for 2026 is set at 79.52 yuan, based on a 14x PE ratio, reflecting an increase from the previous target of 74.8 yuan [4]

Investment Rating - The investment rating for Wanhua Chemical is "Outperform the Market" [5][31] Core Views - In Q3 2025, Wanhua Chemical reported a revenue of 53.32 billion yuan, a year-on-year increase of 5.5% and a quarter-on-quarter increase of 11.5%. The net profit attributable to shareholders was 3.03 billion yuan, up 4.0% year-on-year but down 0.2% quarter-on-quarter [8][31] - The polyurethane segment showed differentiated demand with orderly capacity expansion. The revenue from the polyurethane segment was 18.25 billion yuan, down 1.1% quarter-on-quarter, with production and sales volumes of 1.56 million tons and 1.55 million tons, respectively [10][24] - The petrochemical segment faced price pressure but benefited from new capacity contributions, achieving a revenue of 24.39 billion yuan, up 31.1% quarter-on-quarter, with production and sales volumes of 1.83 million tons and 1.75 million tons, respectively [24][27] - The fine chemicals and new materials segment maintained stable production and sales, with revenue of 8.18 billion yuan, down 1.0% quarter-on-quarter, and production and sales volumes of 650,000 tons [27][28] Summary by Sections Financial Performance - In Q3 2025, Wanhua Chemical's gross margin was 12.8%, a decrease of 0.6 percentage points year-on-year but an increase of 0.6 percentage points quarter-on-quarter. The net profit margin was 6.3%, down 0.3 percentage points year-on-year and 0.7 percentage points quarter-on-quarter [8][10] - The company adjusted its net profit forecasts for 2025-2027 to 12.556 billion yuan, 14.057 billion yuan, and 14.307 billion yuan, respectively, with corresponding EPS of 4.00, 4.48, and 4.56 yuan [31][33] Segment Analysis - The polyurethane segment's product prices showed fluctuations, with pure MDI priced at 18,300 yuan/ton, polymer MDI at 15,200 yuan/ton, TDI at 14,700 yuan/ton, and soft foam polyether at 8,000 yuan/ton [10][24] - The petrochemical segment's product prices generally declined, with significant drops in major products like propylene and butanol, but the company managed to offset price pressures through increased capacity utilization [24][27] - The fine chemicals and new materials segment continued to develop, with a focus on high-value products and new energy industry demand supporting long-term growth [27][28]

Investment Rating - The report maintains a "Buy" investment rating for the company [6][41]. Core Views - The company reported a revenue of 90.9 billion yuan for the first half of 2025, a year-on-year decline of 6.35%, with a net profit attributable to shareholders of 6.123 billion yuan, down 25.1% year-on-year [1][11]. - Despite price pressures, the company managed to increase its production and sales volume across its main business segments [12][17]. - The company has effectively controlled its expenses, with a total expense of 4.846 billion yuan, a decrease of 4.98 billion yuan compared to the previous year [3][31]. Financial Performance - In the first half of 2025, the company achieved a gross profit of 12.58 billion yuan, a decrease of 3.352 billion yuan year-on-year, with a comprehensive gross margin of 13.8%, down 2.6 percentage points [2][13]. - The company’s operating cash flow per share was 2.7 yuan, with a diluted earnings per share (EPS) of 1.95 yuan [1][11]. - The company’s net profit forecast for 2025-2027 is projected to be 13.1 billion, 16.3 billion, and 22.5 billion yuan respectively [41]. Business Segments - The revenue breakdown for the first half of 2025 shows that the polyurethane series generated 36.9 billion yuan, the petrochemical series 34.9 billion yuan, and the fine chemicals and new materials series 15.6 billion yuan [2][12]. - The production volumes for the three main series in the first half of 2025 were 2.98 million tons for polyurethane, 2.95 million tons for petrochemicals, and 1.24 million tons for fine chemicals, reflecting year-on-year increases [17][19]. Cost Control and Investment - The company’s expense ratio for the first half of 2025 was 5.3%, a decrease of 0.2 percentage points from the previous year, with significant reductions in management and financial expenses [3][31]. - The company’s ongoing construction projects have decreased significantly, with the amount of ongoing projects at 39.7 billion yuan, down 7.8 billion yuan from the previous period [37].

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2][6][7] Core Views - The company has shown signs of performance stabilization with a year-on-year increase in product output and sales in the third quarter, indicating a potential turning point in its financial performance [1][6] - The polyurethane industry demand remains stable, particularly in the new energy and high-end manufacturing sectors, driven by the lightweight requirements of electric vehicles [6][7] - The report forecasts revenue growth for the company, estimating revenues of 191.17 billion yuan, 219.85 billion yuan, and 241.83 billion yuan for 2025, 2026, and 2027 respectively [6][7] Financial Performance Summary - For the first three quarters of 2025, the company achieved a revenue of 144.2 billion yuan, a decrease of 2.29% year-on-year, with a net profit attributable to shareholders of 9.157 billion yuan, down 17.45% year-on-year [1] - In Q3 2025, the company reported a revenue of 53.3 billion yuan, an increase of 5.52% year-on-year, and a net profit of 3.035 billion yuan, up 3.96% year-on-year [1][6] - The company’s production of polyurethane products reached 1.56 million tons in Q3 2025, a year-on-year increase of 13%, while sales increased by 10% [6][7] Price and Valuation Metrics - The current stock price is 61.45 yuan, with a total market capitalization of 192.4 billion yuan [2] - The report projects earnings per share (EPS) of 4.17 yuan, 4.29 yuan, and 4.89 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 14.7, 14.3, and 12.6 [6][7][14]

Report Industry Investment Rating No relevant content provided Core Viewpoints of the Report - The average prices of pure MDI, polymer MDI, and TDI in the polyurethane sector this week were 18,200 yuan/ton, 14,286 yuan/ton, and 13,449 yuan/ton respectively, with week-on-week changes of +286 yuan/ton, -207 yuan/ton, and +134 yuan/ton. Their respective gross profits were 5,099 yuan/ton, 2,184 yuan/ton, and 2,211 yuan/ton, with week-on-week changes of +383 yuan/ton, -110 yuan/ton, and +105 yuan/ton [2]. - In the oil, gas, and olefin sector, the average prices of ethane, propane, steam coal, and naphtha this week were 1,364 yuan/ton, 3,777 yuan/ton, 531 yuan/ton, and 3,937 yuan/ton respectively, with week-on-week changes of +21 yuan/ton, +15 yuan/ton, +16 yuan/ton, and -0 yuan/ton. The average price of polyethylene was 7,441 yuan/ton, a week-on-week decrease of 78 yuan/ton. The theoretical profits of ethane cracking, CTO, and naphtha cracking to produce polyethylene were 892 yuan/ton, 1,593 yuan/ton, and 15 yuan/ton respectively, with week-on-week changes of -56 yuan/ton, -96 yuan/ton, and -51 yuan/ton. The average price of polypropylene was 6,680 yuan/ton, a week-on-week decrease of 120 yuan/ton. The theoretical profits of PDH, CTO, and naphtha cracking to produce polypropylene were 16 yuan/ton, 1,289 yuan/ton, and -113 yuan/ton respectively, with week-on-week changes of -86 yuan/ton, -122 yuan/ton, and -78 yuan/ton [2]. - In the coal chemical sector, the average prices of synthetic ammonia, urea, DMF, and acetic acid this week were 2,154 yuan/ton, 1,596 yuan/ton, 3,907 yuan/ton, and 2,410 yuan/ton respectively, with week-on-week changes of -21 yuan/ton, -0 yuan/ton, -21 yuan/ton, and -19 yuan/ton. Their respective gross profits were 140 yuan/ton, -83 yuan/ton, -168 yuan/ton, and 154 yuan/ton, with week-on-week changes of -55 yuan/ton, -14 yuan/ton, +25 yuan/ton, and -6 yuan/ton [2]. - The chemical blue-chip companies mentioned in the report are Wanhua Chemical, Baofeng Energy, Satellite Chemical, Hualu Hengsheng, New Hope Liuhe, and Adisseo [2]. Summary According to Relevant Catalogs 1. Basic Chemical Weekly Data Briefing - **Related Company Performance Tracking**: The basic chemical index had a week-on-week increase of 2.1%, a month-on-month increase of 1.8%, a three-month increase of 7.8%, a one-year increase of 21.9%, and a year-to-date increase of 23.0% as of October 24, 2025. Among the related companies, Baofeng Energy had a week-on-week increase of 7.0%, a month-on-month increase of 8.6%, a three-month increase of 11.8%, a one-year increase of 15.9%, and a year-to-date increase of 12.1%. Satellite Chemical had a week-on-week increase of 2.8%, a month-on-month decrease of 1.7%, a three-month decrease of 0.3%, a one-year increase of 0.3%, and a year-to-date increase of 0.0%. Hualu Hengsheng had a week-on-week increase of 0.9%, a month-on-month decrease of 0.8%, a three-month increase of 3.1%, a one-year increase of 6.0%, and a year-to-date increase of 16.6%. New Hope Liuhe had a week-on-week increase of 0.3%, a month-on-month increase of 0.2%, a three-month increase of 5.5%, a one-year decrease of 1.0%, and a year-to-date increase of 10.0%. Wanhua Chemical had a week-on-week decrease of 0.1%, a month-on-month decrease of 3.0%, a three-month decrease of 0.6%, a one-year decrease of 21.5%, and a year-to-date decrease of 12.7% [8][10]. - **Related Company Profit Tracking**: As of the closing price on October 24, 2025, the total market capitalization of Wanhua Chemical was 192.4 billion yuan, with net profits attributable to the parent company of 13 billion yuan in 2024A, 13.5 billion yuan in 2025E, 16.5 billion yuan in 2026E, and 19 billion yuan in 2027E. Baofeng Energy had a total market capitalization of 132.7 billion yuan, with net profits attributable to the parent company of 6.3 billion yuan in 2024A, 12.4 billion yuan in 2025E, 14.1 billion yuan in 2026E, and 14.9 billion yuan in 2027E. Satellite Chemical had a total market capitalization of 61.4 billion yuan, with net profits attributable to the parent company of 6.1 billion yuan in 2024A, 6.6 billion yuan in 2025E, 8 billion yuan in 2026E, and 9.8 billion yuan in 2027E. Hualu Hengsheng had a total market capitalization of 52.8 billion yuan, with net profits attributable to the parent company of 3.9 billion yuan in 2024A, 4.3 billion yuan in 2025E, 4.7 billion yuan in 2026E, and 5.1 billion yuan in 2027E. New Hope Liuhe had a total market capitalization of 71.4 billion yuan, with net profits attributable to the parent company of 5.9 billion yuan in 2024A, 6 billion yuan in 2025E, 6.9 billion yuan in 2026E, and 7.3 billion yuan in 2027E. Adisseo had a total market capitalization of 25.4 billion yuan, with net profits attributable to the parent company of 1.2 billion yuan in 2024A, 1.6 billion yuan in 2025E, 1.7 billion yuan in 2026E, and 2.1 billion yuan in 2027E [8][10]. - **Polyurethane Industry Chain**: The average price of pure MDI this week was 18,200 yuan/ton, with a week-on-week increase of 286 yuan/ton and a seven-year quantile of 25%. Its gross profit was 5,099 yuan/ton, with a week-on-week increase of 383 yuan/ton and a seven-year quantile of 73%. The average price of polymer MDI was 14,286 yuan/ton, with a week-on-week decrease of 207 yuan/ton and a seven-year quantile of 21%. Its gross profit was 2,184 yuan/ton, with a week-on-week decrease of 110 yuan/ton and a seven-year quantile of 45%. The average price of TDI was 13,449 yuan/ton, with a week-on-week increase of 134 yuan/ton and a seven-year quantile of 31%. Its gross profit was 2,211 yuan/ton, with a week-on-week increase of 105 yuan/ton and a seven-year quantile of 67% [8][10]. - **Oil, Gas, and Olefin Industry Chain**: - **Raw Material Prices**: The average price of ethane this week was 26 cents/gallon (1,364 yuan/ton), with a week-on-week increase of 0.41 cents/gallon (21 yuan/ton) and a ten-year quantile of 63% (74%). The average price of propane was 532 dollars/ton (3,777 yuan/ton), with a week-on-week increase of 2 dollars/ton (15 yuan/ton) and a ten-year quantile of 45% (51%). The average price of NYMEX natural gas was 3.4 dollars/mmbtu (1,252 yuan/ton), with a week-on-week increase of 0.38 dollars/mmbtu (138 yuan/ton) and a ten-year quantile of 78% (79%). The average price of Brent crude oil was 63 dollars/barrel (3,282 yuan/ton), with a week-on-week increase of 1 dollar/barrel (69 yuan/ton) and a ten-year quantile of 41% (49%). The average price of naphtha was 555 dollars/ton (3,937 yuan/ton), with a week-on-week change of -0 dollars/ton (-0 yuan/ton) and a ten-year quantile of 43% (52%). The average price of steam coal was 531 yuan/ton, with a week-on-week increase of 16 yuan/ton and a ten-year quantile of 61%. The average price of methanol was 2,276 yuan/ton, with a week-on-week decrease of 29 yuan/ton and a ten-year quantile of 26% [8][10]. - **Profit Comparison of Oil, Gas, and Coal Routes**: For polyethylene production, the profit of ethane cracking was 892 yuan/ton, with a week-on-week decrease of 56 yuan/ton, a decrease of 475 yuan/ton compared to the beginning of the year, and a decrease of 907 yuan/ton year-on-year. The profit of naphtha cracking was 15 yuan/ton, with a week-on-week decrease of 51 yuan/ton, a decrease of 60 yuan/ton compared to the beginning of the year, and a decrease of 60 yuan/ton year-on-year. The profit of MTO was -77 yuan/ton, with a week-on-week increase of 2 yuan/ton, an increase of 320 yuan/ton compared to the beginning of the year, and an increase of 320 yuan/ton year-on-year. The profit of CTO was 1,593 yuan/ton, with a week-on-week decrease of 96 yuan/ton, an increase of 392 yuan/ton compared to the beginning of the year, and a decrease of 265 yuan/ton year-on-year. For polypropylene production, the profit of PDH was 16 yuan/ton, with a week-on-week decrease of 86 yuan/ton, a decrease of 332 yuan/ton compared to the beginning of the year, and an increase of 401 yuan/ton year-on-year. The profit of naphtha cracking was -113 yuan/ton, with a week-on-week decrease of 78 yuan/ton, a decrease of 254 yuan/ton compared to the beginning of the year, and an increase of 338 yuan/ton year-on-year. The profit of MTO was -381 yuan/ton, with a week-on-week decrease of 24 yuan/ton, an increase of 106 yuan/ton compared to the beginning of the year, and a decrease of 93 yuan/ton year-on-year. The profit of CTO was 1,289 yuan/ton, with a week-on-week decrease of 122 yuan/ton, an increase of 177 yuan/ton compared to the beginning of the year, and a decrease of 84 yuan/ton year-on-year [8][10]. 2. Basic Chemical Weekly Report - **2.1 Basic Chemical Index Trend**: No specific content provided - **2.2 Polyurethane Sector**: Analyzed the price trends and price - spread relationships of pure MDI, polymer MDI, and TDI [17][20] - **2.3 Oil, Gas, and Olefin Sector**: Analyzed the price trends of domestic steam coal, naphtha, crude oil, propane, ethane, and natural gas, as well as the profitability of different routes for producing polyethylene and polypropylene [24][25][33] - **2.4 Coal Chemical Sector**: Analyzed the price trends and gross profit situations of synthetic ammonia, urea, DMF, acetic acid, coke, methanol, and other products [40][45][50] - **2.5 Animal Nutrition Sector**: Analyzed the price trends of solid and liquid methionine, VA, and VE [62][66][68]