Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Insights - The chemical industry is expected to benefit from a shift in supply chain dynamics due to geopolitical tensions, particularly in semiconductor materials, leading to accelerated domestic replacements [5][6] - The chromium salt industry is experiencing a value reassessment driven by increased demand from AI data centers and commercial aircraft engines, with significant price increases noted [8][9] - The report highlights a potential upturn in the chemical industry as supply-side constraints and rising demand could enhance profitability and dividend yields for leading companies [6][10] Summary by Sections Industry Performance - The basic chemical sector has shown a 24.0% increase over the past 12 months, outperforming the CSI 300 index, which increased by 16.9% [3] Key Opportunities - Focus on low-cost expansion opportunities in companies such as Wanhua Chemical and Hualu Hengsheng, as well as sectors like tire manufacturing and pesticide formulations [6][9] - Emphasis on sectors with improving market conditions, including chromium salts, phosphate rock, and polyester filament [9][10] Price Trends - Recent price increases for key products include chromium oxide green at 35,500 CNY/ton and metallic chromium at 84,000 CNY/ton, both up by 1,000 CNY/ton from the previous week [8][16] - The report notes a tightening supply for isooctanol, with prices rising due to increased demand and production disruptions [13] Company Focus - The report identifies several key companies for investment, including Dongfang Shenghong, Hubei Yihua, and Wanhua Chemical, with positive earnings forecasts and attractive price-to-earnings ratios [28]

证券代码：600426 证券简称：华鲁恒升 公告编号：临 2025-072 山东华鲁恒升化工股份有限公司 关于董事辞职暨选举职工董事的公告 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。 重要内容提示： ●山东华鲁恒升化工股份有限公司（以下简称"公司"）董事会于近日收到董 事庄光山先生的书面辞职报告。庄光山先生因公司治理结构调整申请辞去公司董事 及提名委员会委员职务，辞职报告自送达董事会之日起生效。 姓名 离任职务 离任时间 原定任期到 期日 离任原 因 是否继续在 上市公司及 其控股子公 司任职 具体职务 （如适 用） 是否存在 未履行完 毕的公开 承诺 庄光山 董事、提 名委员会 委员 2025 年 11 月 26 日 2027 年 4 月 25 日 公司治 理结构 调整 是 公司副总 经理，控 股子公司 董事长 否 （一）提前离任的基本情况 为公司发展所做出的贡献表示衷心感谢！ 二、职工代表董事选举情况 公司于 2025 年 11 月 27 日召开职工代表大会，选举孙一倩女士为第九届董事 会职工董事，任期自公司职工代表大 ...

Core Insights - The report highlights a positive growth trend in industrial enterprise profits for the first ten months of 2025, with a total profit of CNY 59,502.9 billion, reflecting a year-on-year increase of 1.9% [5][6] - The report emphasizes the impact of raw material prices on the profitability of industrial enterprises, indicating that these prices remain a significant drag on earnings [5][6] - A new consumption promotion plan issued by six ministries aims to optimize the supply structure of consumer goods by 2027, creating three trillion-level consumption sectors and ten hundred-billion-level consumption hotspots [8][9] Macroeconomic Overview - Industrial enterprises maintained a year-on-year profit growth, although the growth rate slowed by 1.3 percentage points compared to the previous three quarters [5] - In October, industrial profits saw a year-on-year decline of 5.5%, with a month-on-month drop of 27.1 percentage points [5] - The report notes that the mining sector's contribution to profits has been consistently low this year [5] Revenue and Cost Analysis - For the first ten months, industrial enterprises reported a revenue growth of 1.8%, with a slight decrease in revenue per hundred yuan of assets to CNY 74.5 [6] - Operating costs increased by 2.0%, with the profit margin remaining stable at 5.3% [6] - The report indicates that industrial production activities remain active, but pricing pressures persist, with PPI and production material PPI showing negative year-on-year growth [6][7] Consumption Promotion Plan - The plan aims for a significant optimization of the consumer goods supply structure by 2027, with a focus on new technologies and innovative business models [8][9] - It emphasizes the importance of matching supply with diverse consumer needs, including specific demographics such as children, students, and the elderly [10] - The report outlines the creation of new consumption scenarios and business formats, supported by a favorable development environment [11] Investment Recommendations - The report suggests focusing on companies related to employment, tourism, and cultural consumption, as well as those involved in sports events and creative industries [12]

Core Viewpoint - The chemical sector has shown significant strength in the market, outperforming major indices like the Shanghai Composite and CSI 300, driven by a "de-involution" trend and favorable supply-demand dynamics [1][2][7]. Group 1: Market Performance - The Shanghai Composite Index weakened towards the end of the trading day, while the ChiNext Index turned negative, with the chemical sector leading the gains [1]. - The Chemical ETF (516020) experienced a daily increase of 1.30%, with a trading volume of 1.13 billion yuan [1]. - The cumulative increase of the Chemical ETF's underlying index reached 26.07% year-to-date, significantly outperforming the Shanghai Composite Index (15.62%) and the CSI 300 Index (14.75%) [2][3]. Group 2: Stock Performance - Notable stocks in the chemical sector included Xin Fengming, which rose by 5.75%, and several others like Lu Xi Chemical and Wan Hua Chemical, which saw increases of over 3% [2][4]. - The trading volume and transaction amounts for leading stocks indicate strong investor interest, with Wan Hua Chemical achieving a transaction amount of 2.464 billion yuan [2]. Group 3: Industry Trends - The solid-state battery concept remains active, with a significant increase in lithium battery material demand, as evidenced by the rise in electrolyte prices from approximately 19,400 yuan/ton at the beginning of the year to 54,250 yuan/ton recently [5]. - The current price-to-book ratio of the chemical sector stands at 2.27, indicating a relatively low valuation compared to historical levels, suggesting potential for long-term investment [5]. Group 4: Future Outlook - The chemical industry is expected to experience a dual uplift in performance and valuation due to the "de-involution" trend, with leading companies likely to gain market share through improved management and energy efficiency [7]. - Analysts predict that the chemical sector may see a cyclical upturn starting in 2026, driven by supply-side reforms and increased demand, particularly as the U.S. enters a rate-cutting cycle [7]. Group 5: Investment Strategy - Investors are encouraged to consider the Chemical ETF (516020) for efficient exposure to the sector, as it tracks the CSI Sub-Industry Chemical Index and includes a diversified portfolio of leading stocks [8].

Core Viewpoint - The A-share market is at a critical point of style rebalancing by the end of 2025, with the ongoing "anti-involution" policy reshaping the investment logic in cyclical industries [2] Group 1: Market Dynamics - Since Q3 2025, the A-share market has shown a significant "technology + cyclical" dual-driven pattern, indicating a transition from a single growth line to a balanced allocation of "growth + value" [4] - The performance improvement in cyclical sectors is sustainable, with a 23% year-on-year increase in the exit scale of backward production capacity in industries like chemicals and non-ferrous metals as of Q3 2025 [4] Group 2: Drivers of Market Style Shift - Three main supports for the current market style switch include: 1. The technology sector's significant cumulative increase, with the electronics industry up 45% and communication equipment over 38% year-to-date as of November 2025, far exceeding the 14.7% rise of the CSI 300 index [6] 2. Institutional holdings in the technology sector nearing historical peaks, with TMT sector holdings surpassing 40.16% [6] 3. Clear policy signals from the Ministry of Industry and Information Technology regarding the chemical industry, enhancing the certainty of supply-side contraction in cyclical industries [6] Group 3: Chemical Industry Insights - The core logic for supply-side improvement in the chemical industry is driven by "downward capacity cycles + policy-guided exit," with fixed asset investment in the chemical raw materials sector decreasing by 5.6% year-on-year from January to September 2025 [8][11] - The chemical industry has significant advantages over traditional cyclical industries in capacity optimization efficiency, industry collaboration, and high-end transformation paths [12] Group 4: Demand Recovery - The recovery in demand for the chemical industry is supported by both domestic and overseas factors, with domestic engines including improved real estate conditions and a resurgence in textile exports [13][14] - China's chemical product sales have maintained the top global position, with sales amounting to approximately €2.24 trillion in 2023, accounting for 43.1% of global sales [16][17] Group 5: Investment Opportunities in the Chemical Sector - Investment opportunities in the chemical industry under the anti-involution wave include: 1. Selecting leading companies with strong management and cost control [20] 2. Focusing on three reversal areas: petrochemicals, coal chemicals, and polyester filament + PTA, with specific companies highlighted for their potential [21][22][23]

Core Insights - The report indicates that market volatility is driven by fluctuations in win rates rather than a complete reversal, suggesting that the index is expected to remain in a state of oscillation [5][6] - The overall market liquidity remains ample, with margin financing balances at 2.46 trillion yuan, placing it in the 97.5th percentile over the past three years [3] - The report highlights that the recent market decline reflects a phase of win rate logic fluctuations, primarily influenced by external factors such as the Federal Reserve's interest rate decisions and concerns over AI-related debt [3][4] Market Analysis - The technology sector continues to face adjustments primarily due to expectation volatility, with the AI industry chain experiencing high valuations and limited upside potential [4] - Defensive demand and a slight recovery in domestic inflation are benefiting dividend and cyclical styles, as indicated by a 0.2% year-on-year increase in October CPI, marking the first positive change in four months [4] - The report notes that the win rate logic has not shifted, with the Federal Reserve's interest rate trajectory remaining below expectations, while the U.S. economy may require further rate cuts [5] Investment Strategy - The report suggests a focus on sectors with lower crowding within technology, such as gaming and media, while also recommending global pricing resources like gold and copper due to the backdrop of overseas rate cuts and fiscal expansion [6] - The December stock selection includes a mix of ETFs and individual stocks across various sectors, emphasizing a defensive strategy amid market oscillation [9][10]

公 司 研 究 / 基 础 化 工 / 证 券 研 究 报 告 华鲁恒升（600426）财报点评 华鲁恒升：价差承压致业绩环比下滑， 新项目放量助力远期增长 2025 年 11 月 27 日 【投资要点】 25Q3 受价差环比持续收窄及气化炉装置停产检修影响，业绩环比下 滑。产销方面：醋酸及衍生物产量 39.71 万吨，销量 40.34 万吨（同 比+8.79%，环比+0.05%）；肥料产量 155.29 万吨，销量 139.44 万吨 （同比+34.85%，环比-6.11%）。价差方面：Q3 尿素/醋酸/DMF/碳酸 二甲酯/己二酸/己内酰胺价差环比变化-18.6%/-21.1%/-5.1%/+2.1%/- 2.3%/-9.6%。 增持（维持） "一体两翼""双航母"布局日益完善，气化炉技改及新产能陆续放量 有望推动公司业绩持续增长。2024 年，公司荆州基地 100 万吨/年尿 素、100 万吨/年醋酸、15 万吨/年 DMF 及 15 万吨混甲胺项目以及德 州本部高端溶剂项目持续放量，推动公司"一体两翼""双航母"布局日益 完善。2024 年，公司建成投产了 20 万吨/年己二酸项目，蜜胺树脂单 体材料 ...

11月27日，华鲁恒升盘中上涨2.07%，截至13:06，报27.67元/股，成交2.41亿元，换手率0.42%，总市值 587.49亿元。 资金流向方面，主力资金净流出2160.47万元，特大单买入1794.18万元，占比7.43%，卖出5583.55万 元，占比23.14%；大单买入6082.90万元，占比25.21%，卖出4453.99万元，占比18.46%。 华鲁恒升今年以来股价涨31.38%，近5个交易日跌0.25%，近20日涨8.51%，近60日涨5.81%。 截至9月30日，华鲁恒升股东户数4.40万，较上期减少16.59%；人均流通股48213股，较上期增加 19.90%。2025年1月-9月，华鲁恒升实现营业收入235.52亿元，同比减少6.46%；归母净利润23.74亿元， 同比减少22.14%。 分红方面，华鲁恒升A股上市后累计派现89.65亿元。近三年，累计派现47.75亿元。 机构持仓方面，截止2025年9月30日，华鲁恒升十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股3798.00万股，相比上期减少3837.47万股。华泰柏瑞沪深300ETF（510300）位居第五 ...

Core Viewpoint - The recent report from Zhongyin Securities highlights fluctuations in the chemical industry, particularly focusing on the price movements of various chemical products and the impact of international oil prices on the market dynamics [1][2][3][4][5]. Industry Dynamics - During the week of November 17-23, 37 out of 100 tracked chemical products saw price increases, while 30 experienced declines, and 33 remained stable [1]. - The average price of DMC (Dimethyl Carbonate) rose to 13,100 CNY/ton, marking a 0.77% increase from the previous week and an 18.02% increase from November 12 [1][4]. - Lithium hexafluorophosphate prices surged to 167,000 CNY/ton, reflecting a 23.70% increase from the previous week and a staggering 178.33% increase since October 9 [3]. - The average price of WTI crude oil fell to 58.06 USD/barrel, with a weekly decline of 3.38%, while Brent crude oil dropped to 62.56 USD/barrel, down 2.84% [2]. Investment Recommendations - The report suggests focusing on sectors mentioned in the "14th Five-Year Plan," undervalued leading companies, and the impact of "anti-involution" on supply in relevant sub-industries [1][5]. - The current price-to-earnings ratio for the SW basic chemical sector is 23.78, positioned at the 69.62% historical percentile, while the price-to-book ratio stands at 2.18, at the 50.38% historical percentile [5]. - Recommended stocks include Wanhua Chemical, Hualu Hengsheng, and others, with a focus on sectors like fluorine chemicals, agricultural chemicals, and refining [5][6].

山东华鲁恒升化工股份有限公司 2025 年第四次临时股东会会议资料 山东华鲁恒升化工股份有限公司董事会 二 O 二五年十二月编制 华鲁恒升 山东华鲁恒升化工股份有限公司 2025 年第四次临时股东会会议议程 现场会议时间:2025年12月5日9时30分 投票方式：现场投票和网络投票相结合 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025年12月5日至2025年12月5日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股东会 召开当日的交易时间段，即9:15-9:25,9:30-11:30，13:00-15:00；通过互联网投票 平台的投票时间为股东会召开当日的9:15-15:00。 现场会议地点：德州·公司会议室 主持人:董事长常怀春 一、介绍出席情况并宣布现场会议正式开始 二、宣读现场会议须知 三、选举监票人、计票人 四、对会议各项议案依次进行简要陈述 | 序号 | | 议案名称 | | --- | --- | --- | | 1 | 关于对 2021 | 年限制性股票激励计划回购价格第三次调整并回购注销已获授 | | | 但尚未解除限售的部分限制性股票的议案 ...