Group 1 - The 18th China-EU Investment Trade and Technology Cooperation Fair will be held in Chengdu from November 19 to 21, focusing on bilateral economic and trade relations, industrial chain, and supply chain cooperation [1] Group 2 - A total of 7 companies will have their restricted shares unlocked today, with a total unlock volume of 5.5992 million shares, amounting to a market value of 225 million yuan [3] - The companies with the highest unlock volumes are Haishike, Taili Technology, and Weigao Blood Products, with unlock shares of 1.74 million, 1.2639 million, and 1.2547 million respectively [3] - In terms of market value, Haishike, Weigao Blood Products, and Taili Technology lead with unlock values of 95.1606 million yuan, 51.6328 million yuan, and 48.7358 million yuan respectively [3] Group 3 - 15 companies have disclosed their stock repurchase progress, with 2 companies announcing new repurchase plans, 2 companies having their plans approved by shareholders, and 8 companies completing their repurchase plans [4] - Midea Group and Hualu Hengsheng have announced new repurchase plans of up to 5.3696 million yuan and 542,400 yuan respectively [4] - Meizhi Gao and Yaoji Technology have plans approved for repurchase of up to 24.763 million yuan and 290,500 yuan respectively [4]

Core Insights - The report highlights that the fiscal data for October shows a slight narrowing in the year-on-year growth rate of tax revenue, with consumption-related tax categories maintaining a positive contribution [2][6][7] - It is anticipated that incremental policies will be expected towards the end of this year and the beginning of next year to support economic growth [6][9] Macroeconomic Overview - In October, total public fiscal revenue reached 22,614 billion yuan, representing a year-on-year increase of 3.2%, with tax revenue at 20,700 billion yuan, up 8.6% year-on-year [6][7] - Non-tax revenue fell to 1,914 billion yuan, down 33.0% year-on-year, indicating a significant decline [6][7] - The domestic value-added tax contributed positively to the tax revenue growth, increasing by 7.2% year-on-year, which boosted the overall tax revenue growth by 3.0 percentage points [7] - Public fiscal expenditure in October was 17,761 billion yuan, down 9.8% year-on-year, indicating a slowdown in spending [7][8] Government Fund Revenue and Expenditure - Central government fund revenue was 342 billion yuan, up 10.0% year-on-year, while local government fund revenue was 3,414 billion yuan, down 20.4% year-on-year [8] - The income from state-owned land use rights fell by 27.3% year-on-year, significantly impacting local government fund revenue [8] - Government fund expenditure totaled 5,968 billion yuan, down 38.2% year-on-year, with local government fund expenditure declining by 40.4% [8] Economic Growth Support - The report notes that the fiscal expenditure and financing pace have been front-loaded this year, supporting economic performance, with GDP growth of 5.2% year-on-year in the first three quarters of 2025 [9] - The upcoming central economic work conference and the "Two Sessions" in the new year are expected to provide important guidance on fiscal and policy financial tools [9]

Group 1: Oil and Gas - The oil supply-demand situation is under short-term pressure due to OPEC+ production increases, but medium to long-term oil prices are expected to have bottom support, with Brent crude oil price forecasts for 2025 and 2026 at $68 and $62 per barrel respectively [2][46] - The demand for natural gas in China is expected to continue growing, supported by low import costs, which will enhance profitability in the domestic industry chain [49] Group 2: Bulk Chemicals - A turning point in capital expenditure growth in the chemical raw materials and products industry has been observed since the second half of 2025, with expectations for a new round of recovery in 2026 driven by domestic demand improvements and export support [3][54] - The supply-demand situation for bulk chemical products is expected to improve, with policies supporting supply optimization and demand recovery anticipated to lead to a new round of prosperity [9][54] Group 3: Chemical Products and Fine Chemicals - The recovery in demand for chemical products and fine chemicals is expected to continue, driven by growth in sectors such as automotive, home appliances, military, and electronics, alongside cost improvements in raw materials [4][54] - The chemical industry is likely to see ongoing development in new materials and technologies, with a focus on high-end supply enhancement as emphasized in national policies [4][24] Group 4: Recommended Companies - The report recommends several companies for investment, including China Petroleum (A/H), China National Offshore Oil Corporation (A/H), and various chemical companies such as LUXI Chemical, Hualu Hengsheng, and Wanhua Chemical, indicating their potential for value reassessment and growth [7][23][24]

Core Viewpoint - Shandong Hualu Hengsheng Chemical Co., Ltd. has revised its articles of association to optimize its governance structure, including the establishment of an audit committee in place of a supervisory board, which aims to enhance decision-making efficiency and governance effectiveness [1][2]. Governance Structure Adjustments - The most significant change in the revised articles is the optimization of the governance structure, where the supervisory board is replaced by an audit committee composed of 3 to 5 non-executive directors, with a majority being independent directors led by a professional accountant [2]. - The board will consist of 11 directors, including 4 independent directors (36.4%) and 1 employee representative, with the party committee's leadership integrated into the governance structure [2]. Capital and Share Management Rules - The current registered capital of Hualu Hengsheng is 2.123 billion yuan, with a total of 2.123186662 million shares, all of which are ordinary shares [3]. - The articles strengthen restrictions on share transfers, limiting annual transfers by directors and senior management to 25% of their total holdings, and imposing a six-month restriction on transfers after leaving the company [3]. Decision-Making Authority Allocation - The new articles clarify the decision-making authority between the board and the shareholders' meeting, establishing a layered decision-making mechanism [4]. - Specific transaction matters requiring board approval include transactions exceeding 10% of total assets or 10% of net assets with an absolute amount exceeding 10 million yuan [4]. Profit Distribution Policy Clarification - The articles detail the profit distribution policy, prioritizing cash dividends, with specific ratios based on the company's maturity and investment plans [5][6]. - The company must distribute at least 30% of the average distributable profit in cash over the last three years, with mid-term dividends also permitted [6]. Investor Protection Mechanisms Enhancement - To protect minority shareholders' rights, the articles stipulate that shareholders holding more than 3% for 180 consecutive days can access accounting records [7]. - The company will establish an investor relations management system to ensure shareholder communication and information rights [7].

Core Viewpoint - Hualu Hengsheng announced a temporary board meeting to discuss changes in registered capital and amendments to the company's articles of association, reflecting ongoing corporate governance activities [1] Company Summary - Hualu Hengsheng's revenue for the first half of 2025 was entirely derived from the chemical manufacturing sector, indicating a focused business model [1] - As of the report date, Hualu Hengsheng's market capitalization stood at 58.6 billion yuan [1]

证券代码：600426 证券简称：华鲁恒升 编号：临 2025-067 山东华鲁恒升化工股份有限公司 关于对 2021 年限制性股票激励计划回购价格第三次调整 并注销已获授但尚未解除限售的部分限制性股票公告 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个别及连带责任。 山东华鲁恒升化工股份有限公司（以下简称"公司"）2022年实施了2021年限制性 股票激励计划（以下简称"激励计划"），首次授予的激励对象中有两人分别于2024年11 月、2025年5月退休（以下简称"上述人员"），根据激励计划第十三章"公司及激励对 象发生异动的处理" 第二条 "激励对象个人情况发生变化"中第二款"以下任一情形 发生之日起六个月内，激励对象当年已达到解除限售条件的限制性股票可以解除限售； 尚未达到解除限售条件的限制性股票由公司以授予价格加上回购时中国人民银行公布 的同期存款基准利率计算的利息进行回购注销：（1）激励对象达到法定退休年龄时；（2） 激励对象因组织安排调离公司且不在公司任职时；（3）激励对象死亡时（由其法定继承 人按规定解除限售）；（4）激 ...

北京国枫律师事务所 关于山东华鲁恒升化工股份有限公司 2021 年限制性股票激励计划 调整回购价格及 回购注销部分限制性股票事项的 法律意见书 国枫律证字|2021]AN257-15号 GRANDWAY 北京国枫律师事务所 Grandway Law Offices 北京市东城区建国门内大街 26 号新闻大厦 7 层 邮编: 100005 电话（Tel）: 010-88004488/66090088 传真（Fax）: 010-66090016 北京国枫律师事务所 关于山东华鲁恒升化工股份有限公司 2021年限制性股票激励计划 调整回购价格及 回购注销部分限制性股票事项的 法律意见书 国枫律证字[2021]AN257-15号 致:山东华鲁恒升化工股份有限公司 根据北京国枫律师事务所(以下称"本所")与山东华鲁恒升化工股份有限 公司(以下称"华鲁恒升"或"公司")签署的《律师服务协议书》,本所接受 华鲁恒升委托,作为华鲁恒升2021年限制性股票激励计划(以下称"本次激励计 划"）的特聘专项法律顾问,根据《公司法》《证券法》《上市公司股权激励管 理办法》(以下称"《管理办法》")等法律、法规、规章和规范性文件及《公 ...

山东华鲁恒升化工股份有限公司 公司章程 （二〇二五年十一月十七日公司第九届董事会 2025 年第 5 次临时会议修订） 第一章 总则 第一条 为维护山东华鲁恒升化工股份有限公司(以下简称"公司")、股东、职工 和债权人的合法权益，规范公司的组织和行为，根据《中华人民共和国公司法》(以下 简称《公司法》)、《中华人民共和国证券法》（以下简称《证券法》）和其他有关规定， 制定本章程。 第二条 公司系依照《公司法》和其他有关规定成立的股份有限公司。 公司经山东省经济体制改革委员会"鲁体改函字[2000]第 29 号"文批准，并取得 了山东省人民政府"鲁政股字[2000]13 号"《山东省股份有限公司批准证书》，以发起方 式设立；在山东省工商行政管理局注册登记，取得营业执照。统一社会信用代码： 91370000723286858L。 第三条 公司经中国证券监督管理委员会（以下简称"中国证监会"）"证监发行字 [2002]27 号"文核准，于 2002 年 6 月 5 日首次向社会公众发行人民币普通股 6000 万股， 于 2002 年 6 月 20 日在上海证券交易所（以下简称"证券交易所"）上市。 第四条 公司注册 ...

鉴于公司拟回购注销 2021 限制性股票激励计划已获授但尚未解锁的第三解除限 售期的部分限制性股票，即公司拟回购注销限制性股票 33,336 股，在回购注销完成后， 公 司 总 股 本 将 由 2,123,219,998 股 变 更 为 2,123,186,662 股 ， 注 册 资 本 将 由 2,123,219,998 元变更为 2,123,186,662 元。根据相关法律、法规及公司章程规定， 公司需变更注册资本并修改公司章程。 根据上述注册资本的变动情况，公司拟对《公司章程》中部分条款作如下修订： 证券代码：600426 证券简称：华鲁恒升 编号：临 2025-068 山东华鲁恒升化工股份有限公司 关于变更公司注册资本暨修订《公司章程》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个别及连带责任。 山东华鲁恒升化工股份有限公司于 2025 年 11 月 17 日召开第九届董事会 2025 年第 5 次临时会议，审议通过了《关于变更公司注册资本暨修订<公司章程>的议案》，具体 情况如下： 特此公告。 山东华鲁恒升化工股份有 ...

证券代码：600426 证券简称：华鲁恒升 公告编号：临 2025-069 山东华鲁恒升化工股份有限公司 关于召开2025年第四次临时股东会的通知 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： 一、 召开会议的基本情况 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。 (六) 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 (一) 本公司股东通过上海证券交易所股东会网络投票系统行使表决权的，既可 以登陆交易系统投票平台（通过指定交易的证券公司交易终端）进行投票，也可 以登陆互联网投票平台（网址：vote.sseinfo.com）进行投票。首次登陆互联网 投票平台进行投票的，投资者需要完成股东身份认证。具体操作请见互联网投票 平台网站说明。 涉及融资融券、转融通业务、约定购回业务相 ...