Investment Rating - The report does not explicitly provide an investment rating for the chemical industry Core Insights - The geopolitical tensions, particularly between the US and Iran, have led to significant disruptions in the chemical supply chain, affecting various sectors including fertilizers and semiconductors [1][2] - The chemical market is experiencing price fluctuations due to supply chain vulnerabilities, with specific products like helium and fertilizers facing acute shortages [1][2] - The AI industry is facing challenges due to increased demand for computing power, leading to a surge in CPU prices and extended delivery times [1] - Major companies are actively expanding production capacities to meet rising demand, with significant investments in AI infrastructure [1] Summary by Sections Market Review - Brent crude oil averaged $105.45 per barrel, down 0.87% week-on-week, while WTI crude oil averaged $92.98 per barrel, down 3.22% [9] - The basic chemical sector outperformed the index with a 2.31% increase, while the petrochemical sector saw a slight decline of 0.10% [10] Recent Views from the Chemical Team - The tire industry is stabilizing with a slight increase in operating rates, while raw material prices are on the rise [23] - The dye market remains stable, with prices for disperse dyes holding steady and active dyes experiencing an increase due to strong cost support [25][27] - The carbon dioxide market is seeing limited price increases due to insufficient demand support [28] Key Events - Iran's response to the US ceasefire proposal has created uncertainty in the market, impacting supply chains [2] - The shutdown of major ammonia plants in Australia and India has exacerbated the fertilizer supply crisis [2] - A significant reduction in helium supply due to attacks on Qatari facilities poses a threat to the semiconductor industry [2] Price Movements - The price of titanium dioxide has increased by 5.1% due to rising costs and supply constraints [29] - The market for vitamin A and E has seen price fluctuations, with both experiencing upward trends followed by stabilization [30] Production and Supply Chain Insights - The report highlights the ongoing challenges in the supply chain, with many companies facing production delays and increased costs due to geopolitical tensions [1][2][23] - The report notes that companies are adjusting their pricing strategies in response to rising raw material costs and supply chain disruptions [29][30]

Investment Rating - The report maintains a "Buy" rating for the chemical industry, highlighting its resilience and potential for recovery in demand and pricing [4][8]. Core Insights - BASF's Zhanjiang integrated base has commenced full production, marking a significant milestone as China's first wholly foreign-owned project in the heavy chemical sector, with a focus on high-end materials and special chemicals [3]. - Titanium dioxide prices have seen three consecutive increases within a month, indicating strong market dynamics and potential profitability for producers [3]. - The domestic tire industry is showing strong competitive advantages, with recommended stocks including Sailun Tire, Senqcia, General Motors, and Linglong Tire [4]. - The consumer electronics sector is expected to gradually recover, benefiting upstream material companies, with key players identified in the display materials supply chain [4]. - The phosphate chemical sector is tightening due to environmental regulations and increasing demand from the new energy sector, with recommended stocks including Yuntianhua, Chuanheng, Xingfa Group, and Batian [5]. - The fluorochemical sector is poised for recovery, with high-end fluoropolymers and fine chemicals experiencing rapid growth, suggesting investment opportunities in leading companies [5]. Summary by Sections Chemical Sector Market Review - The overall performance of the chemical sector saw the CSI 300 index decline by 1.41%, while the CITIC Basic Chemical Index rose by 3.31% [14]. - The top-performing sub-industries included potassium fertilizer (up 11.58%) and other chemical raw materials (up 6.4%) [17]. Key Industry Dynamics - BASF's Zhanjiang base is designed to meet the growing market demand in China and the Asia-Pacific region, utilizing a fully renewable energy supply and advanced digital control systems [3]. - The price adjustments in titanium dioxide reflect a collective price increase trend among major producers, indicating strong market demand [3]. Investment Themes - The tire sector is highlighted for its growth potential, with domestic companies showing strong competitive positions [4]. - The consumer electronics recovery is expected to benefit upstream material suppliers, with specific companies recommended for investment [4]. - The phosphate and fluorochemical sectors are identified as having strong fundamentals, with specific companies recommended for investment based on their market positions and growth potential [5].

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 [71]. Core Insights - The report highlights that high oil prices are supporting the rise in chemical product prices, with solid methionine prices exceeding 40 yuan per kilogram [1]. - The polyurethane sector shows varied price movements, with pure MDI and polymer MDI prices increasing, while TDI prices decreased [2]. - The oil, coal, and gas olefin sector experienced mixed price changes, with ethane and propane prices fluctuating significantly [2]. - The coal chemical sector reported increases in average prices for synthetic ammonia, urea, DMF, and acetic acid, with corresponding changes in profit margins [2]. - The animal nutrition sector saw price increases for VA, VE, solid egg amino acids, and liquid egg amino acids [2]. Summary by Sections Polyurethane Sector - Average prices for pure MDI, polymer MDI, and TDI are 22,000, 16,943, and 17,771 yuan per ton, with respective changes of +1,543, +443, and -225 yuan per ton [2]. - Gross margins for pure MDI, polymer MDI, and TDI are 6,780, 2,723, and 4,264 yuan per ton, with changes of +1,605, +505, and -49 yuan per ton [2]. Oil, Coal, and Gas Olefin Sector - Average prices for ethane, propane, thermal coal, and naphtha are 1,228, 7,335, 520, and 7,177 yuan per ton, with changes of -21, +959, +0, and +628 yuan per ton [2]. - Average price for polyethylene is 8,810 yuan per ton, with a decrease of -55 yuan per ton [2]. - Average price for polypropylene is 8,794 yuan per ton, with a decrease of -116 yuan per ton [2]. Coal Chemical Sector - Average prices for synthetic ammonia, urea, DMF, and acetic acid are 2,311, 1,854, 5,386, and 2,928 yuan per ton, with changes of +224, +15, +271, and +161 yuan per ton [2]. - Gross margins for synthetic ammonia, urea, DMF, and acetic acid are 320, 181, 1,388, and 427 yuan per ton, with changes of +232, -1, -55, and +19 yuan per ton [2]. Animal Nutrition Sector - Average prices for VA, VE, solid egg amino acids, and liquid egg amino acids are 87.2, 82.8, 34.9, and 21.9 yuan per kilogram, with changes of +18.7, +8.3, +3.0, and +2.4 yuan per kilogram [2].

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The chemical sector has experienced significant volatility, with the CITIC Basic Chemical Index dropping by 9.49% and the Shenwan Chemical Index falling by 10.53% this week [2][13] - The report highlights the impact of geopolitical tensions, particularly the Iranian attack on Qatar, which has affected 17% of Qatar's liquefied natural gas export capacity, leading to an estimated annual revenue loss of approximately $20 billion [3] - The commencement of the first phase of Hengyi's coal-to-chemical fiber project, with an investment of 25.7 billion yuan, is noted as a significant development in the industry [3] Summary by Sections Market Performance - The Shanghai Composite Index decreased by 3.38%, while the ChiNext Index increased by 1.26% [2][13] - The top five sub-industries in terms of performance were polyester (-4.83%), paint and ink (-5.56%), rubber products (-5.88%), tires (-6.29%), and other plastic products (-6.52%) [2][16] - The bottom five sub-industries included phosphate and phosphorus chemicals (-16.22%), chlor-alkali (-12.89%), pesticides (-12.08%), soda ash (-11.43%), and potassium fertilizer (-11.39%) [2][16] Major Industry Developments - The Iranian attack on Qatar has led to a significant disruption in LNG production, with two out of 14 production lines damaged, resulting in a production interruption of 12.8 million tons annually for 3 to 5 years [3] - Hengyi Group's coal-to-chemical fiber project in Turpan, Xinjiang, is set to invest 150 billion yuan over 5 to 8 years, aiming to create a vertically integrated industrial cluster [3] Investment Themes - The tire sector is highlighted as having strong domestic competitiveness, with recommended companies including Sailun Tire, Senqcia, General Tire, and Linglong Tire [3] - The consumer electronics sector is expected to gradually recover, with a focus on upstream material companies benefiting from the recovery in the panel industry [4] - The report suggests attention to resilient cyclical industries and those that have completed inventory destocking, which may outperform the broader market in the coming year [4] Sub-Industry Insights - In the polyurethane sector, pure MDI prices remained stable at 22,300 yuan/ton, with operating rates at 73.5% [27] - The tire industry shows a slight increase in operating rates for both all-steel and semi-steel tires, indicating a stable demand environment [51] - The agricultural chemicals sector is experiencing price increases for glyphosate and other pesticides, driven by supply constraints and rising raw material costs [53][56]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][35]. Core Views - The company is expected to show resilience in profitability in 2025, with a projected revenue growth of 11.6% year-on-year, reaching 203.23 billion yuan, while net profit is expected to decrease by 3.9% to 12.53 billion yuan [10]. - The polyurethane segment is experiencing differentiated demand, with planned capacity expansions in MDI and TDI expected to enhance profitability in 2026 [2][15]. - The completion of ethane-to-ethylene technology upgrades is anticipated to lower costs and support the development of high-value products, contributing to long-term growth [3][34]. Summary by Sections Financial Performance - In 2025, the company achieved a revenue of 203.23 billion yuan, a year-on-year increase of 11.6%, while the net profit was 12.53 billion yuan, down 3.9% [10]. - The net profit margin for 2025 is projected at 6.3%, a decrease of 2.0 percentage points year-on-year [10]. - The fourth quarter of 2025 saw a significant revenue increase of 71.2% year-on-year, amounting to 59.01 billion yuan, with a net profit of 3.37 billion yuan, up 73.7% year-on-year [10]. Market Dynamics - The average prices for pure MDI, polymer MDI, and TDI in 2025 are projected to be 18,100 yuan/ton, 15,900 yuan/ton, and 13,400 yuan/ton, respectively, reflecting year-on-year decreases of 5.2%, 7.5%, and 7.7% [2][15]. - The price spread for pure MDI and polymer MDI is expected to increase, indicating a stable demand despite rising imports [2][15]. Capacity Expansion and Technological Upgrades - The company plans to add 700,000 tons of MDI capacity and 330,000 tons of TDI capacity by mid-2026, enhancing its production capabilities [2][15]. - The ethane-to-ethylene project is fully operational, optimizing raw material structure and reducing costs, with a stable operation of the 1.2 million tons/year ethylene plant [3][34]. Profit Forecast - The forecast for net profit from 2025 to 2027 is 12.56 billion yuan, 15.87 billion yuan, and 17.62 billion yuan, respectively, with corresponding EPS of 4.00 yuan, 5.05 yuan, and 5.61 yuan [35].

Investment Rating - The report maintains a "Buy" rating for several companies in the chemical industry, including Xinyangfeng, Senqilin, Ruifeng New Materials, Sinopec, Juhua, Yangnong Chemical, CNOOC, Tongkun, Daotong Technology, and others [9]. Core Insights - The report highlights significant price increases in products such as liquid chlorine (up 97.90%) and p-nitrochlorobenzene (up 80.33%), while products like coke and lithium battery electrolyte experienced notable declines [3][4][14]. - The report suggests focusing on sectors such as helium, biodiesel, and agricultural chemicals due to the geopolitical tensions affecting oil prices and supply chains [5][6][7][17]. - Brent crude oil prices reached $103.14 per barrel, reflecting an increase of 11.27% from the previous week, while WTI prices rose by 8.59% to $98.71 per barrel [5][14]. Summary by Sections Chemical Industry Investment Recommendations - The report emphasizes the importance of monitoring geopolitical developments and their impact on oil prices, which are expected to rise significantly [5][18]. - It identifies helium as a key investment opportunity due to its supply constraints and price elasticity during geopolitical conflicts [6][17]. - Biodiesel is highlighted as a growing sector, particularly in Europe, where demand is expected to increase due to rising oil prices and energy security concerns [7][17]. - Agricultural chemicals are projected to benefit from rising food prices, with a potential increase in demand for fertilizers and pesticides [7][17]. Price Trends - The report details the price movements of various chemical products, noting significant increases in liquid chlorine, p-nitrochlorobenzene, and other chemicals, while also reporting declines in coke and lithium battery electrolyte prices [3][4][14]. - It provides a comprehensive overview of the price dynamics in the petrochemical sector, indicating a volatile market influenced by geopolitical factors [18][24]. Company Focus and Earnings Forecast - The report includes a table of key companies with their earnings per share (EPS) forecasts and price-to-earnings (PE) ratios, reinforcing the "Buy" recommendation for these firms [9]. - Companies such as Sinopec and CNOOC are noted for their high dividend yields and strong correlation with oil prices, making them attractive investments in the current market environment [5][14].

1. Report Industry Investment Rating - No information provided in the given content 2. Core View of the Report - The tense situation in the Middle East has caused high - level fluctuations in oil prices, which in turn drives up the overall prices of chemical products [1] 3. Summary by Relevant Catalogs 3.1 Basic Chemical Weekly Data Briefing 3.1.1 Related Company Performance Tracking - The Basic Chemical Index had a 0.6% increase in the past week, 5.4% in the past month, 27.1% in the past three months, 49.5% in the past year, and 19.2% since the beginning of 2026 [8] - Among related companies, the stock prices of Baofeng Energy had significant increases, with a 21.2% increase in the past week, 44.6% in the past month, 95.6% in the past three months, 112.9% in the past year, and 76.8% since the beginning of 2026; while Wanhua Chemical's stock price decreased by 9.1% in the past week [8] 3.1.2 Related Company Profit Tracking - The total market value, net profit attributable to the parent company, PE, and PB of companies such as Wanhua Chemical, Baofeng Energy, Satellite Chemical, Hualu Hengsheng, New Hope Liuhe, and Adisseo were presented, with some data being the forecasts of Soochow Securities Research Institute [8] 3.1.3 Industry Chain Data - **Polyurethane Industry Chain**: The weekly average prices of pure MDI, polymer MDI, and TDI were 20457 yuan/ton, 16500 yuan/ton, and 17996 yuan/ton respectively, with month - on - month increases of 2114 yuan/ton, 1893 yuan/ton, and 2283 yuan/ton respectively; the corresponding gross profits were 5175 yuan/ton, 2218 yuan/ton, and 4510 yuan/ton, with month - on - month changes of +576 yuan/ton, +355 yuan/ton, and - 33 yuan/ton respectively [2][8] - **Oil - Gas - Olefin Industry Chain**: The average prices of ethane, propane, steam coal, and naphtha were 1250 yuan/ton, 6376 yuan/ton, 520 yuan/ton, and 6435 yuan/ton respectively, with month - on - month increases of 44 yuan/ton, 887 yuan/ton, 0 yuan/ton, and 1211 yuan/ton respectively. The average price of polyethylene was 8865 yuan/ton, with a month - on - month increase of 1215 yuan/ton; the theoretical profits of ethane cracking, CTO, and naphtha cracking to produce polyethylene were 1997 yuan/ton, 2556 yuan/ton, and - 1426 yuan/ton respectively, with month - on - month changes of +753 yuan/ton, +793 yuan/ton, and - 383 yuan/ton respectively. The average price of polypropylene was 8910 yuan/ton, with a month - on - month increase of 1640 yuan/ton; the theoretical profits of PDH, CTO, and naphtha cracking to produce polypropylene were - 781 yuan/ton, 2798 yuan/ton, and - 1028 yuan/ton respectively, with month - on - month changes of +306 yuan/ton, +1088 yuan/ton, and - 89 yuan/ton respectively [2][8] - **Coal - Chemical Industry Chain**: The average prices of synthetic ammonia, urea, DMF, and acetic acid were 2087 yuan/ton, 1839 yuan/ton, 5114 yuan/ton, and 2767 yuan/ton respectively, with month - on - month increases of 62 yuan/ton, 21 yuan/ton, 1005 yuan/ton, and 191 yuan/ton respectively; the corresponding gross profits were 88 yuan/ton, 154 yuan/ton, 428 yuan/ton, and 383 yuan/ton, with month - on - month increases of 63 yuan/ton, 5 yuan/ton, 169 yuan/ton, and 4 yuan/ton respectively [2][10] - **Animal Nutrition Industry Chain**: The average prices of VA, VE, solid methionine, and liquid methionine were 64.9 yuan/kg, 73.1 yuan/kg, 31.6 yuan/kg, and 19.0 yuan/kg respectively, with month - on - month increases of 4.4 yuan/kg, 9.7 yuan/kg, 10.7 yuan/kg, and 3.3 yuan/kg respectively [2][10] 3.2 Basic Chemical Weekly Report 3.2.1 Basic Chemical Index Trend - No detailed data provided in the given content 3.2.2 Polyurethane Plate - Analyzed the price trends and price - spread situations of pure MDI, polymer MDI, and TDI in China [15][18] 3.2.3 Oil - Gas - Olefin Plate - Studied the price trends of MB ethane, NYMEX natural gas, domestic steam coal, naphtha, crude oil, and propane, as well as the profitability of different processes such as ethane cracking to produce PE, PDH to produce PP, coal - to - PE, coal - to - PP, and naphtha - to - PE/PP [22][23][26][28][29][34][36][37] 3.2.4 Coal - Chemical Plate - Analyzed the price and gross - profit trends of coal - coking products (coking coal, coke), traditional coal - chemical products (synthetic ammonia, methanol, urea, DMF, acetic acid), and new materials (DMC, oxalic acid, octanol, adipic acid, caprolactam, PA6, PA66) [10][39][40][42][46][48][51][53] 3.2.5 Animal Nutrition Plate - Studied the price trends of VE, solid methionine, and liquid methionine [54][56]

Summary of MDI Industry Conference Call Industry Overview - The MDI (Methylene Diphenyl Diisocyanate) industry is currently experiencing a recovery phase, with global operating rates around 80% and orderly supply-side conditions [1][3] - The price of polymer MDI has been adjusted upwards from 16,000 CNY/ton to over 17,000 CNY/ton, reflecting an increase of approximately 3,000 CNY/ton compared to pre-holiday levels [1][2] Key Points Pricing and Cost Dynamics - Wanhua Chemical has a significant cost advantage with a tax-excluded cost of about 10,500 CNY/ton, which is approximately 2,000 CNY/ton lower than foreign competitors [1] - Foreign manufacturers like Dow and Huntsman are expected to face substantial losses by 2025, leading them to adopt contraction strategies, including extending maintenance and shutting down older facilities in Europe [1][4] - Domestic prices have risen from around 14,000 CNY/ton before the Spring Festival to approximately 15,200-15,300 CNY/ton, with plans to increase to 16,500 CNY/ton [2] Demand Forecast - China's MDI demand is projected to grow by about 5% in 2024, driven primarily by the appliance sector (+10%) and formaldehyde-free boards (+14%) [1][6] - Global demand growth is expected to be around 4%-5%, slightly above global GDP growth [1][6] Supply Chain and Inventory - Current finished product inventory levels are low, at about 15-20 days, with increased speculative stocking by agents [1][14] - The traditional peak season from March to May, combined with overseas supply disruptions, suggests a high likelihood of strong pricing in Q2 [1][2] Regional Cost Differences - MDI manufacturing costs in the U.S. are approximately 500 USD/ton higher than in China, which maintains the lowest manufacturing costs globally [3][4] - Foreign companies have been closing facilities in Europe and Southeast Asia due to cost pressures, while maintaining stability in China [4][5] Market Strategies - In Europe, the strategy is to maintain low operating rates rather than large-scale exits, with companies focusing on reducing capacity to cope with weak demand [5] - In contrast, the U.S. market is seen as more stable, with companies like BASF planning to expand capacity [5][6] Future Capacity and Production - Global MDI capacity is projected to be around 10.69 million tons in 2024, with significant expansions in the Asia-Pacific region [3][7] - Wanhua has plans for capacity expansions in Ningbo and Fujian, aiming to capture the annual demand increase of 200,000-300,000 tons [3][7] Trade and Procurement Behavior - There has been a slight increase in procurement urgency among end customers, but overall demand remains rational without panic buying [8][9] - Inventory structures show low levels for manufacturers and end-users, while agents have higher speculative inventories [8][14] Pricing Mechanisms - Monthly settlement pricing mechanisms are in place, with agents typically negotiating based on weighted averages and rebates [9] - The pricing strategy is influenced by market expectations and the timing of price increases, with agents balancing risks between price increases and potential downturns [9][10] Conclusion - The MDI market is poised for a strong Q2 due to seasonal demand and supply constraints, with prices expected to rise further if no significant disruptions occur [10][11] - The overall outlook for the MDI industry remains positive, with growth opportunities driven by domestic demand and strategic capacity expansions [1][6][7]

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1][28]. Core Insights - The global chemical industry is entering a significant upward cycle driven by anti-involution and AI demand, with China's leading companies benefiting from solid cost and efficiency advantages. The industry is expected to see a substantial increase in free cash flow as capacity expansion slows, transforming companies from cash-consuming entities to cash-generating ones. The upcoming peak season for chemicals is anticipated to enhance profitability, making it crucial to focus on demand, value, and supply dynamics for investment opportunities [3][28]. Summary by Sections Recent Trends - As of March 5, 2026, the Guohai Chemical Prosperity Index stands at 99.35, reflecting a 5.16 increase from February 26, 2026 [1]. Performance Metrics - The basic chemical sector has shown a performance increase of 7.4% over the past month, 23.6% over the past three months, and 50.8% over the past year [4]. Investment Opportunities 1. **Value-Driven Opportunities**: Potential for increased dividend yields in sectors such as coal chemicals (e.g., Hualu Hengsheng, Luxi Chemical), oil refining (e.g., Hengli Petrochemical, Sinopec), pesticides (e.g., Yangnong Chemical), and potassium fertilizers (e.g., Salt Lake Industry) [3]. 2. **Supply-Driven Opportunities**: Focus on domestic anti-involution policies and European capacity exits, with key players including PTA/Polyester (e.g., Xinfengming, Tongkun), glyphosate and organosilicon (e.g., Xingfa Group), and industrial silicon (e.g., Hoshine Silicon) [6]. 3. **Demand-Driven Opportunities**: Highlighting sectors benefiting from large-scale opportunities, including gas turbines (e.g., Zhenhua Group), refrigerants (e.g., Juhua), and energy storage (e.g., Chuanheng) [6]. Key Companies and Earnings Forecasts - The report tracks several key companies with their respective earnings per share (EPS) forecasts for 2024 to 2026, indicating a positive outlook for many, including Dongfang Shenghong, Hubei Yihua, and Wanhua Chemical [29]. Market Observations - The report notes that geopolitical tensions, particularly in the Middle East, are likely to drive oil prices higher, benefiting companies like China National Petroleum and CNOOC, while also increasing costs for petrochemical products [9][13]. Price Trends - Recent price increases have been observed in various chemical products, including MDI and TDI, with significant upward movements in raw material costs due to geopolitical events [14][18]. Conclusion - The chemical industry is positioned for a favorable outlook, driven by structural changes in supply and demand dynamics, with a focus on companies that can leverage these trends for growth and profitability [28].

1. Report Industry Investment Rating No information provided in the given text. 2. Report's Core View The report focuses on the weekly data of the basic chemical industry, showing the price and profit changes of various chemical products due to the intensification of the Middle - East conflict, which has led to significant price increases in chemicals such as olefins [1][2]. 3. Summary by Relevant Catalogs 3.1 Basic Chemical Weekly Data Briefing - **Related Company Performance** - **Stock Price Fluctuations**: The basic chemical index had a -0.6% change in the past week, 9.6% in the past month, 23.6% in the past three months, 52.0% in the past year, and 18.5% since the beginning of 2026. Companies like Wanhua Chemical, Baofeng Energy, Satellite Chemical, Hualu Hengsheng, New Hope Liuhe, and Andisul also showed different degrees of price changes [8]. - **Profit Tracking**: The report provides the total market value,归母净利润, PE, and PB of relevant companies from 2024A to 2027E [8]. - **Product Data** - **Polyurethane Industry**: This week, the average prices of pure MDI, polymer MDI, and TDI were 18343, 14607, and 15713 yuan/ton respectively, with week - on - week increases of 829, 679, and 957 yuan/ton. Their respective gross profits were 4599, 1863, and 3838 yuan/ton, with week - on - week increases of 370, 220, and 117 yuan/ton [2][8]. - **Oil, Gas, and Olefin Industry** - **Raw Material Prices**: The average prices of ethane, propane,动力煤, and naphtha were 1206, 5490, 520, and 5085 yuan/ton respectively, with week - on - week changes of +95, +1006, +0, and +770 yuan/ton [2]. - **Product Prices and Profits**: The average price of polyethylene was 7554 yuan/ton, with a week - on - week increase of 424 yuan/ton. The theoretical profits of ethane cracking, CTO, and naphtha cracking to produce polyethylene were 1160, 1657, and -1006 yuan/ton respectively, with week - on - week changes of +153, +240, and -537 yuan/ton. The average price of polypropylene was 7092 yuan/ton, with a week - on - week increase of 502 yuan/ton. The theoretical profits of PDH, CTO, and naphtha cracking to produce polypropylene were -1056, 1591, and -917 yuan/ton respectively, with week - on - week changes of -434, +333, and -442 yuan/ton [2]. - **Coal Chemical Industry**: The average prices of synthetic ammonia, urea, DMF, and acetic acid were 2025, 1817, 4109, and 2577 yuan/ton respectively, with week - on - week changes of -23, +31, +91, and +65 yuan/ton. Their respective gross profits were 25, 125, 24, and 375 yuan/ton, with week - on - week changes of -37, +4, +39, and +1 yuan/ton [2]. - **Animal Nutrition Industry**: The average prices of VA, VE, solid methionine, and liquid methionine were 60.5, 60.9, 19.9, and 15.2 yuan/kg respectively, with week - on - week changes of +0.0, +3.4, +1.4, and +0.8 yuan/kg [2]. 3.2 Basic Chemical Weekly Report - **2.1 Basic Chemical Index Trend**: No detailed content provided in the given text. - **2.2 Polyurethane Plate**: The report shows the price trends and price - spread situations of pure MDI, polymer MDI, and TDI in China [14][16]. - **2.3 Oil, Gas, and Olefin Plate** - **Raw Material Price Trends**: It includes the price trends of MB ethane, NYMEX natural gas, East China propane, Brent crude oil, domestic动力煤, and naphtha [21][22][27]. - **Profit Situations**: It presents the profit situations of ethane cracking to produce PE, PDH to produce PP, coal - made PE and PP, and naphtha - made PE and PP, as well as the profit comparisons of different routes for producing polyethylene and polypropylene [30][31][35][37][38]. - **2.4 Coal Chemical Plate** - **Coal - Coking Products**: It shows the price trends and gross profits of domestic coking coal and coke [40][41]. - **Traditional Coal Chemical Products**: It presents the price and gross profit situations of synthetic ammonia, methanol, urea, DMF, and acetic acid [43][47][49]. - **New Materials**: It shows the price and gross profit situations of DMC, oxalic acid, octanol, adipic acid, caprolactam, PA6, and PA66 [9]. - **2.5 Animal Nutrition Plate**: It shows the price trends of VA, VE, solid methionine, and liquid methionine [55][57][61].