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11 March 2026 Equity Research Report China Chemicals Equities Iran escalation impacts (III) China This report must be read with the disclosures and the analyst certifications in the Disclosure appendix, and with the Disclaimer, which forms part of it. Chemicals Yi Ru* (Reg. No. S1700520120001) Head, A-share Petrochem & New Materials Research HSBC Qianhai Securities Limited yi.ru@hsbcqh.com.cn +86 21 5066 2008 Jill Huang* (Reg. No. S1700524120002) One-month disruption – Asian refineries (excl. China) benefit ...