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 [66]. Core Insights - The report highlights a continued decline in the prices of coking coal and coke, with coking coal averaging 1141 yuan/ton and coke at 1240 yuan/ton, reflecting a decrease of 18 yuan and 34 yuan respectively [10][40]. - The polyurethane sector shows mixed performance, with pure MDI prices increasing by 260 yuan/ton to 17880 yuan/ton, while polymer MDI prices decreased by 70 yuan/ton to 16230 yuan/ton [2][17]. - The oil, coal, and gas olefin sector reported an increase in ethylene prices to 5617 yuan/ton, while propylene prices decreased slightly to 5768 yuan/ton [10][26]. - The coal chemical sector experienced a drop in average prices for synthetic ammonia, urea, DMF, and acetic acid, with synthetic ammonia averaging 2334 yuan/ton, down by 59 yuan [10][45]. Summary by Sections 2.1 Basic Chemical Index Trends - The basic chemical index has shown fluctuations, with a recent decline of 1.2% over the past week [8]. 2.2 Polyurethane Sector - The average prices for pure MDI, polymer MDI, and TDI are 17880, 16230, and 12118 yuan/ton respectively, with corresponding gross profits of 4438, 3859, and 1103 yuan/ton [2][19]. 2.3 Oil, Coal, and Gas Olefin Sector - Ethane and propane prices are reported at 1382 and 4302 yuan/ton, with ethylene averaging 5617 yuan/ton [10][34]. 2.4 Coal Chemical Sector - The average prices for synthetic ammonia, urea, DMF, and acetic acid are 2334, 1875, 4025, and 2431 yuan/ton respectively, with synthetic ammonia showing a decrease of 59 yuan [10][45].

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - The report analyzes Shandong provincial state - owned capital investment and operation companies from four dimensions: establishment background and process, positioning and consolidated business directions, assets and profitability, and outstanding bonds and bond valuations [2]. - Shandong provincial state - owned capital investment and operation companies' construction process can be divided into three stages: transferring state - owned capital to the provincial social security fund (2014 - 2017), introducing Shandong Guohui and transferring 20% of social security funds to it (2018 - 2020), and restructuring the social security fund council into Caixin Company and reorganizing the provincial investment and operation platforms (2020 - present) [2][8][9]. - These companies can be classified into five types according to their functions and business directions: state - owned capital operation companies, diversified industrial investment companies, focused industrial investment companies, financial investment companies, and policy - oriented investment companies [3][15]. - The asset scale of 12 provincial state - owned capital investment and operation companies in Shandong is significantly differentiated, and the asset structure varies greatly due to different functional positioning and business segments. Their profitability is good but has been under pressure in recent years [4][31][43]. - The outstanding bonds are mainly public bonds, and the scale is also significantly differentiated. Shandong Development, Shandong Guotou, Shandong Land, Shandong Steel Group, and Shandong High - speed have relatively low weighted ChinaBond valuation yields [5][52]. 3. Summary According to the Directory 3.1 Emergence: Establishment of Shandong Provincial Investment and Operation Companies - In 2013, the Third Plenary Session of the 18th Central Committee proposed to reform the state - owned capital authorization and operation system. Shandong Province launched a new round of state - owned enterprise reform [6]. - In 2014, Shandong issued the "26 Articles on Shandong State - owned Enterprise Reform", and in 2015, it passed the "1 + 5" documents, which jointly formed the top - level design for the construction of Shandong's state - owned investment and operation platforms [7]. - The construction process of Shandong provincial state - owned capital investment and operation companies has three stages: transferring state - owned capital to the social security fund, introducing Shandong Guohui, and restructuring and integrating platforms [2][8][9]. 3.2 Anchoring Direction: Company Positioning and Consolidated Business Directions - Companies are divided into five types: state - owned capital operation companies (e.g., Shandong Guotou), diversified industrial investment companies (e.g., Hualu Group, Lushang Group, Shandong Guohui), focused industrial investment companies (e.g., Shandong Energy, Shandong Gold, Shandong High - speed, Shandong Steel Group), financial investment companies (e.g., Luxin Group), and policy - oriented investment companies (e.g., Shandong Land, Shandong Development, Shandong Finance) [3][15]. - Each type of company has its own core business and development strategy. For example, Shandong Guotou focuses on IT business, Hualu Group on high - end chemical industry, and Luxin Group on financial services [19][20][23]. 3.3 Financial Perspective: Company Assets and Profitability 3.3.1 Asset Dimension - Asset scale is significantly differentiated, divided into four echelons. Shandong High - speed and Shandong Energy have over - trillion - yuan asset scales, while Shandong Development has the smallest scale [31]. - Asset composition varies. There are four types based on the consolidated statements: assets mainly formed by industrial subsidiaries' businesses, financial assets and long - term equity investments in financial subsidiaries, assets mainly formed by equity investments, and assets mainly formed by government - function infrastructure and its investment and financing services [32][34][35]. 3.3.2 Profitability Dimension - The overall profitability of 12 companies is good but has been under pressure in recent years. Since 2022, the overall revenue growth has slowed down, and the net profit has declined [43]. - In terms of revenue structure, 7 companies have more retained operating profits, 4 companies' profits mainly come from investment income, and Shandong Steel's investment income is an important source of profit due to industry downturn [44]. 3.4 Bond Market: Outstanding Bonds and Bond Valuation Overview - Outstanding bonds are mainly public bonds, and the scale is significantly differentiated. Shandong High - speed has the highest outstanding bond scale, while Shandong Development and Hualu Group have the smallest [52]. - Shandong Development, Shandong Guotou, Shandong Land, Shandong Steel Group, and Shandong High - speed have relatively low weighted ChinaBond valuation yields, less than 2% [52].

Group 1 - The chemical sector showed strong performance on May 23, with the chemical ETF (159870.SZ) rising by 0.53% and the related index, the segmented chemical index (000813.CSI), increasing by 0.57% [1] - Key constituent stocks such as Wanhua Chemical, Yalake Co., and Guangwei Composites saw gains of 0.75%, 1.00%, and 1.62% respectively, indicating positive market sentiment [1] - The price of polyester FDY increased by 8.92% from the beginning of the month to 7424 yuan/ton, driven by rising raw material costs, which improved profit expectations for related companies [1] Group 2 - Securities research from Industrial Securities highlighted that the valuation of core chemical assets is currently at historically low levels, with significant safety margins [1] - For example, the historical PB percentiles for Wanhua Chemical and Huafeng Chemical are both below 1%, while Baofeng Energy and Hualu Hengsheng are below 20%, indicating strong investment value [1] - Huibo Intelligent Investment Research emphasized that AI technology is transforming R&D paradigms and production models in the chemical industry, with leading companies enhancing efficiency and reducing costs through technologies like intelligent coal blending systems [1]

Core Viewpoint - The AMAC Chemical Products Index experienced a decline of 1.58% on May 22, closing at 2513.22 points, with a trading volume of 59.798 billion yuan. Despite this, the index has shown an increase of 5.71% over the past month, 1.72% over the past three months, and 4.66% year-to-date [1]. Group 1: Index Performance - The AMAC Chemical Products Index has increased by 5.71% in the last month [1] - The index has risen by 1.72% over the past three months [1] - Year-to-date, the index has shown a growth of 4.66% [1] Group 2: Index Composition - The top ten holdings of the AMAC Chemical Products Index include Wanhua Chemical (6.37%), Salt Lake Industry (3.67%), and Baofeng Energy (2.17%) [1] - The index is composed of 43 industry classification indices, with 16 categories excluding manufacturing and 27 major categories within manufacturing [1] Group 3: Market Distribution - The Shenzhen Stock Exchange accounts for 52.29% of the index holdings, while the Shanghai Stock Exchange represents 47.71% [1] Group 4: Industry Breakdown - The AMAC Chemical Products Index is heavily weighted towards raw materials, which make up 84.55% of the holdings [2] - Major consumer goods account for 5.37%, while information technology comprises 4.43% [2] - Other sectors include industrial (3.95%), healthcare (0.74%), discretionary consumer (0.71%), energy (0.17%), and communication services (0.07%) [2]

Core Insights - The "Salt Cavern Hydrogen Storage Demonstration Project" and "Million Cubic Meter Hydrogen Storage Demonstration Project" were inaugurated, marking a significant step in utilizing salt cavern resources in China [1] - Salt caverns are recognized for their excellent sealing performance, large storage capacity, low cost, and high safety, making them a promising technology for hydrogen storage [1] - The demonstration projects are located in Pingmei Shenma Group, leveraging its abundant salt field resources and prior experience in salt cavern energy storage [1] Company Overview - Pingmei Shenma Group possesses 6.62 square kilometers of salt field resources, having extracted over 20 million tons of salt from 13 brine wells, with an annual physical volume capacity exceeding 1 million cubic meters [1] - The company has collaborated with China National Petroleum Corporation and Henan Investment Group, gaining experience in salt cavern gas storage, which supports the construction of the national salt cavern hydrogen storage demonstration project [1] Project Details - The demonstration project is set to commence construction in November 2024 and will be the first large-scale deep salt cavern hydrogen storage project in Asia, aiming to store 1.5 million cubic meters of hydrogen [1] - The project is a collaboration between the Wuhan Institute of Rock and Soil Mechanics of the Chinese Academy of Sciences and Pingmei Shenma Group, with the Joint Salt Chemical Company responsible for its implementation [1] - The project has completed geological evaluation, process design, and drilling construction, and is currently progressing with cavity operation [2] - It has been incorporated into the "Deep Earth National Science and Technology Major Project" and the national key research and development plan for "Key Technologies for Geological Hydrogen Storage Applicability and Safety" [2] - The company will also participate in the formulation of national and industry standards related to the safety technology of salt cavern hydrogen storage [2]

Core Viewpoint - The chemical industry is currently at the bottom of its cycle, with prices and spreads still stabilizing, while demand is expected to improve with government policies aimed at economic recovery [1] Group 1: Industry Overview - The chemical industry is experiencing a bottoming phase, with most chemical prices and spreads still in a stabilization process [1] - Domestic capacity is gradually being released, leading to a significant slowdown in supply growth [1] - The report suggests focusing on sectors with relatively certain demand, such as agricultural chemicals and the civil explosives industry benefiting from western development [1] Group 2: Key Recommendations - Emphasis on long-term value of leading companies in the chemical sector, as core assets are expected to see profit and valuation recovery [1] - Recommended leading companies include Wanhua Chemical, Hualu Hengsheng, Huafeng Chemical, Longbai Group, Yangnong Chemical, New Hecheng, Satellite Chemical, Baofeng Energy, Hengli Petrochemical, and Rongsheng Petrochemical [1] Group 3: Subsector Insights - Agricultural chemicals show rigid demand, with steady growth in grain planting area and recovery in compound fertilizer volume and profit [2] - The civil explosives industry is driven by domestic demand, particularly in regions like Xinjiang and Tibet, with increasing concentration benefiting leading companies [2] Group 4: New Material Opportunities - The domestic replacement of chemical new materials is accelerating due to trade tariffs and anti-monopoly pressures [3] - Key areas include adsorption separation materials, lubricating oil components, OLED materials, and high-end photoresists, with specific companies recommended for investment [3] Group 5: Price Recovery Potential - Certain sectors may see profit improvements as supply growth slows and policy constraints are anticipated, particularly in organic silicon and spandex industries [4] - The petrochemical sector may present strategic opportunities following a potential bottoming of oil prices, with recommendations for strategic layouts in refining and downstream polyester filament industries [4]

Core Viewpoint - The company, Shandong Hualu Hengsheng Chemical Co., Ltd., is set to hold an investor briefing on May 29, 2025, to discuss its 2024 annual and 2025 first-quarter financial results and operational performance [1][2]. Group 1: Meeting Details - The investor briefing will take place on May 29, 2025, from 15:00 to 16:00 [2][3]. - The location for the meeting is the Shanghai Stock Exchange Roadshow Center, which will be conducted via video live streaming and online interaction [1][2]. - Investors can submit questions from May 22 to May 28, 2025, through the Roadshow Center website or via the company's email [3]. Group 2: Participants - Key participants in the meeting will include Chairman Mr. Chang Huaichun, Vice General Manager and Financial Officer Mr. Gao Jinghong, Independent Director Mr. Wu Fei, and Board Secretary Mr. Gao Wenjun [2]. Group 3: Contact Information - For inquiries, investors can contact Ms. Fan Qi at phone number 0534-2465426 or via email at hlhszq@hl-hengsheng.com [3]. Group 4: Post-Meeting Access - After the investor briefing, participants can access the meeting details and main content through the Shanghai Stock Exchange Roadshow Center [3].

Investment Rating - The report maintains an "Outperform" rating for the chemical industry, indicating a positive outlook based on expected economic recovery and demand improvement [1]. Core Insights - The basic chemical industry is expected to see a recovery in profitability, with 2024 revenues projected to reach CNY 2,219.98 billion, a year-on-year increase of 2.66%, while net profit is expected to decline by 8.18% to CNY 108.87 billion [6][26]. - The oil and petrochemical sector is anticipated to maintain stable revenues and profits, with 2024 revenues estimated at CNY 7,941.40 billion, a decrease of 2.81%, and net profit expected to grow by 0.58% to CNY 372.14 billion [1][26]. - The report highlights that 23 out of 33 sub-industries in the basic chemical sector experienced revenue growth in 2024, with significant increases in chlor-alkali and textile chemicals [6][15]. Summary by Sections Industry Overview - The basic chemical industry is experiencing a decline in profitability, with gross and net profit margins at 16.27% and 5.13%, respectively, both down from 2023 [26]. - The report notes that the industry has been in a continuous decline in profitability from 2022 to 2024, but signs of stabilization are emerging [26]. Sub-Industry Performance - In 2024, chlor-alkali and textile chemicals showed the highest profit growth rates at 262.84% and 125.27%, respectively [15][26]. - Conversely, non-metallic materials and other plastic products faced significant profit declines of 79.24% and 67.49% [15][26]. Quarterly Analysis - For Q4 2024, the basic chemical industry reported revenues of CNY 565.72 billion, a year-on-year increase of 5.15%, but a quarter-on-quarter decline of 0.90% [6][7]. - Net profit for Q4 2024 was CNY 14.16 billion, down 10.73% year-on-year and 51.03% quarter-on-quarter [6][7]. Investment Recommendations - The report suggests focusing on companies in rapidly developing downstream sectors, particularly in new materials, energy security, and policy-driven demand recovery [1][26]. - Recommended companies include China National Petroleum, China National Offshore Oil, and various technology firms in the semiconductor and new energy materials sectors [1][26].

证券代码：600426 证券简称：华鲁恒升 公告编号：临 2025-032 山东华鲁恒升化工股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会的公告 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。 重要内容提示： 投资者可于 2025 年 5 月 22 日(星期四) 至 5 月 28 日(星期三)16:00 前登录上证路演中心 网站首页点击"提问预征集"栏目或通过公司邮箱（hlhszq@hl-hengsheng.com）进行提问。 公司将在说明会上对投资者普遍关注的问题进行回答。 山东华鲁恒升化工股份有限公司（以下简称"公司"）已于 2025 年 3 月 29 日、2025 年 4 月 26 日分别发布公司 2024 年度报告和 2025 年一季度报告，为便于广大投资者更全面 深入地了解公司 2024 年度及 2025 年一季度经营成果、财务状况，公司计划于 2025 年 5 月 29 日下午 15:00-16:00 举行 2024 年度暨 2025 年第一季度业绩说明会，就投资者关心的问 题进行交 ...

Investment Rating - The industry investment rating is "Positive (Maintain)" [6] Core Views - The report highlights that the recent US-China tariff policy has been implemented, leading to a further increase in oil prices. The focus remains on leading companies with strong alpha that are less correlated with oil prices, suggesting a bottom-up investment approach. There is significant uncertainty regarding the US tariff policy, and short-term attention should be on domestic demand and opportunities for domestic substitutes in new materials. The agricultural chemical sector, characterized by rigid demand and dividend attributes, is recommended for investment [13][14]. Summary by Sections 1. Core Views - The report emphasizes the importance of focusing on leading companies with strong fundamentals that are less affected by oil price fluctuations. It suggests a bottom-up investment strategy and highlights the agricultural chemical sector as a promising area due to its rigid demand [13]. 2. Oil and Chemical Price Information 2.1 Oil - As of May 16, Brent oil prices increased by 2.3% to $65.41 per barrel. The report notes that while oil prices are rising, the increase in US oil inventories has somewhat restrained the price growth. As of May 9, US commercial oil inventories stood at 441.8 million barrels, with a weekly increase of 3.5 million barrels [14]. 2.2 Chemicals - Among the 188 monitored chemical products, the top three price increases this week were for butadiene (up 21.1%), SBS (up 13.6%), and benzene (up 11.4%). Conversely, the largest declines were seen in liquid chlorine (down 464.3%), natural gas (down 8.1%), and formic acid (down 7.4%). The report attributes the significant rise in butadiene prices to increased downstream demand and supply constraints [15][16]. 3. Investment Recommendations - Recommended companies include: - Wanhua Chemical: Core product MDI shows recent profit improvement, with upcoming petrochemical and new material projects [13]. - Huangma Technology: A leader in specialty polyether, responding positively to previous macro demand pressures [13]. - Runfeng Co., Ltd.: A rare company with global formulation registration and sales channels [13]. - Guoguang Co., Ltd.: A leading domestic differentiated formulation company in the plant growth regulator sector [13]. - Hualu Hengsheng: Core product prices are recovering alongside falling coal prices, leading to improved price differentials [13].