Market Overview - The Shanghai Composite Index rose by 0.32% on July 4, with 13 out of the 28 sectors experiencing gains, led by the banking and media sectors, which increased by 1.84% and 0.91% respectively [1] - The sectors that saw the largest declines were beauty care and non-ferrous metals, with decreases of 1.87% and 1.60% respectively [1] - The basic chemical industry ranked third in terms of decline today [1] Capital Flow Analysis - The net outflow of capital from the two markets was 21.74 billion yuan, with 8 sectors experiencing net inflows [1] - The computer industry had the largest net inflow of capital, totaling 2.81 billion yuan, despite a slight decline of 0.05% in its stock price [1] - The banking sector also saw a net inflow of 758 million yuan, with a daily increase of 1.84% [1] Basic Chemical Industry Performance - The basic chemical industry fell by 1.22%, with a total net outflow of 2.174 billion yuan [2] - Out of 401 stocks in this sector, 41 stocks rose, and 354 stocks fell, with 4 stocks hitting the daily limit down [2] - The top three stocks with the highest net inflow in the basic chemical sector were Huafeng Super Fiber (1.62 billion yuan), Dongcai Technology (1.39 billion yuan), and Limin Co., Ltd. (1.24 billion yuan) [2] Basic Chemical Industry Capital Inflow and Outflow - The top stocks with capital inflow included: - Huafeng Super Fiber: +1.83%, 16.59% turnover, 161.85 million yuan inflow - Dongcai Technology: +10.01%, 11.12% turnover, 138.64 million yuan inflow - Limin Co., Ltd.: +5.83%, 22.57% turnover, 124.30 million yuan inflow [2][3] - The top stocks with capital outflow included: - Dazhongnan: +2.55%, 38.91% turnover, -195.83 million yuan outflow - Wanhua Chemical: -0.86%, 0.72% turnover, -137.99 million yuan outflow - Yanhai Co., Ltd.: -2.43%, 0.88% turnover, -98.39 million yuan outflow [3]

证券代码：600426 证券简称：华鲁恒升 编号：临 2025-039 关于 2024 年度权益分派实施后调整回购股份价格上限的 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： 山东华鲁恒升化工股份有限公司(以下简称"公司")实施 2024 年年度利润分配 方案后，公司以集中竞价方式回购股份的价格上限由不超过人民币 32.38 元/股调整 为不超过人民币 32.08 元/股。 一、回购股份的基本情况 公司于 2025 年 4 月 17 日、2025 年 4 月 29 日分别召开了第九届董事会 2025 年 第 2 次临时会议、2024 年年度股东大会，审议通过了《关于以集中竞价交易方式回 购公司部分股份方案的议案》。同意公司自股东大会审议通过之日起 12 个月内使用 不低于人民币 20,000.00 万元（含），不高于人民币 30,000.00 万元（含）的自有资 金或自筹资金，通过集中竞价交易方式以不超过人民币 32.38 元/股（含）的价格回 购公司股份，最终回购数量及占公司总股本比例以公司的实 ...

证券代码：600426 证券简称：华鲁恒升 编号：临 2025-039 山东华鲁恒升化工股份有限公司 关于2024年度权益分派实施后调整回购股份价格上限的 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： 山东华鲁恒升化工股份有限公司(以下简称"公司")实施 2024 年年度利润分配 方案后，公司以集中竞价方式回购股份的价格上限由不超过人民币 32.38 元/股调整 为不超过人民币 32.08 元/股。 一、回购股份的基本情况 公司于 2025 年 4 月 17 日、2025 年 4 月 29 日分别召开了第九届董事会 2025 年 第 2 次临时会议、2024 年年度股东大会，审议通过了《关于以集中竞价交易方式回 购公司部分股份方案的议案》。同意公司自股东大会审议通过之日起 12 个月内使用 不低于人民币 20,000.00 万元（含），不高于人民币 30,000.00 万元（含）的自有资 金或自筹资金，通过集中竞价交易方式以不超过人民币 32.38 元/股（含）的价格回 购公司股份，最终回购数量及 ...

Group 1 - The core index of the petrochemical industry, the China Securities Petrochemical Industry Index, rose by 0.37% to 1009.79 points with a trading volume of 11.339 billion yuan on July 1 [1] - Over the past month, the index has increased by 2.08%, but it has decreased by 2.96% over the last three months and by 4.36% year-to-date [1] - The index is designed to reflect the overall performance of listed companies in key industries such as steel, shipping, petrochemicals, textiles, light industry, equipment, and logistics, with a base date of December 31, 2008, set at 1000.0 points [1] Group 2 - The top ten holdings in the China Securities Petrochemical Industry Index include Wanhua Chemical (9.98%), China Petroleum (9.61%), China Petrochemical (8.1%), and others [1] - The index's market composition shows that 70.15% of holdings are from the Shanghai Stock Exchange, while 29.85% are from the Shenzhen Stock Exchange [1] - In terms of industry composition, raw materials account for 75.54% and energy for 24.46% of the index holdings [1] Group 3 - The index sample is adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2] - Public funds tracking the petrochemical industry include various funds from Huaxia and E Fund, such as Huaxia China Securities Petrochemical Industry Link A and E Fund China Securities Petrochemical Industry ETF [2]

证券代码：600426 证券简称：华鲁恒升 公告编号：临 2025-038 山东华鲁恒升化工股份有限公司 关于股份回购进展公告 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： | 回购方案首次披露日 | 2025/4/18，由董事长提议 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 月 2025 4 4 | 30 | 日~2026 | 年 | 月 | 日 29 | | 预计回购金额 | 20,000万元~30,000万元 | | | | | | | 回购用途 | √减少注册资本 □用于员工持股计划或股权激励 | | | | | | | | □用于转换公司可转债 | | | | | | | | □为维护公司价值及股东权益 | | | | | | | 累计已回购股数 | 230.00万股 | | | | | | | 累计已回购股数占总股本比例 | 0.11% | | | | | | | 累计已回购金额 | 4,809.9 ...

金融界2025年7月1日消息，国家知识产权局信息显示，山东华鲁恒升化工股份有限公司取得一项名 为"一种工厂废气环保净化设备"的专利，授权公告号CN223042375U，申请日期为2024年08月。 专利摘要显示，本实用新型涉及的一种工厂废气环保净化设备，包括净化箱、进气管和排气管，还包括 过滤板、U形固定板和过滤板拉出机构，通过本方案，当对净化箱内部装配的过滤板进行拆卸时，挡板 带动圆杆移动使移动板带动推板将过滤板在U形固定板内移动，直至完全脱离U形固定板，快速方便维 护清理过滤权，从而有效解决了传统的工厂废气环保净化设备中过滤网使用螺母和螺栓进行装配，不便 于对过滤网拆卸清洗和及时更换的问题，同时，当需要对净化设备进行搬运时，拉动连接杆带动L形板 转动和净化箱接触，使L形板角度固定，此时，便可对净化设备进行搬运，达到了解决传统的工厂废气 环保净化设备，由于净化箱外部没有着力点，不便于对净化设备进行搬运的问题。 天眼查资料显示，山东华鲁恒升化工股份有限公司，成立于2000年，位于德州市，是一家以从事化学原 料和化学制品制造业为主的企业。企业注册资本212321.9998万人民币。通过天眼查大数据分析，山东 华 ...

Report Summary 1. Investment Rating of the Industry The provided content does not mention the industry investment rating. 2. Core Viewpoints - In the polyurethane sector, this week, the average prices of pure MDI, polymer MDI, and TDI were 17,040 yuan/ton, 15,650 yuan/ton, and 11,225 yuan/ton respectively, with week - on - week decreases of 170 yuan/ton, 120 yuan/ton, and 155 yuan/ton. Their respective gross profits were 3,556 yuan/ton, 3,177 yuan/ton, and - 280 yuan/ton, with week - on - week decreases of 158 yuan/ton, 36 yuan/ton, and 69 yuan/ton [2]. - In the oil - gas - olefin sector, the average prices of ethane, propane, steam coal, and naphtha this week were 1,172 yuan/ton, 4,189 yuan/ton, 470 yuan/ton, and 4,221 yuan/ton respectively, with week - on - week decreases of 72 yuan/ton, 183 yuan/ton, 25 yuan/ton, and 330 yuan/ton. The average price of polyethylene was 7,975 yuan/ton, a week - on - week increase of 30 yuan/ton. The theoretical profits of ethylene cracking, CTO, and naphtha cracking to produce polyethylene were 1,418 yuan/ton, 2,113 yuan/ton, and 100 yuan/ton respectively, with week - on - week increases of 93 yuan/ton, 89 yuan/ton, and 348 yuan/ton. The average price of polypropylene was 7,136 yuan/ton, a week - on - week decrease of 24 yuan/ton. The theoretical profits of PDH, CTO, and naphtha cracking to produce polypropylene were - 38 yuan/ton, 1,752 yuan/ton, and - 80 yuan/ton respectively, with week - on - week increases of 147 yuan/ton, 50 yuan/ton, and 308 yuan/ton [2]. - In the coal - chemical sector, the average prices of synthetic ammonia, urea, DMF, and acetic acid this week were 2,214 yuan/ton, 1,802 yuan/ton, 3,960 yuan/ton, and 2,381 yuan/ton respectively, with week - on - week changes of - 58 yuan/ton, - 11 yuan/ton, + 20 yuan/ton, and + 17 yuan/ton. Their respective gross profits were 336 yuan/ton, 156 yuan/ton, - 214 yuan/ton, and 4 yuan/ton, with week - on - week changes of - 63 yuan/ton, - 10 yuan/ton, + 22 yuan/ton, and + 61 yuan/ton [2]. - The relevant listed companies in the chemical industry include Wanhua Chemical, Baofeng Energy, Satellite Chemical, and Hualu Hengsheng [2]. 3. Summary by Directory 3.1 Basic Chemical Weekly Data Briefing - **Related Company Performance Tracking** - The basic chemical index had a weekly increase of 3.1%, a monthly increase of 2.2%, a three - month decrease of 0.7%, an annual increase of 12.1%, and a year - to - date increase of 6.4% as of June 27, 2025 [8]. - Wanhua Chemical had a weekly increase of 0.4%, a monthly decrease of 2.4%, a three - month decrease of 20.5%, an annual decrease of 36.2%, and a year - to - date decrease of 24.2% [8]. - Baofeng Energy had a weekly decrease of 1.5%, a monthly increase of 0.2%, a three - month decrease of 5.3%, an annual increase of 0.2%, and a year - to - date decrease of 0.9% [8]. - Satellite Chemical had a weekly increase of 7.2%, a monthly increase of 0.6%, a three - month decrease of 18.4%, an annual decrease of 3.0%, and a year - to - date decrease of 6.1% [8]. - Hualu Hengsheng had a weekly decrease of 0.6%, a monthly increase of 5.2%, a three - month decrease of 1.9%, an annual decrease of 18.3%, and a year - to - date increase of 0.5% [8]. - **Related Company Profit Tracking** - As of June 27, 2025, Wanhua Chemical's stock price was 53 yuan, with a total market value of 167.6 billion yuan. Its net profit attributable to the parent company in 2024A was 13.033 billion yuan, and the expected values for 2025E, 2026E, and 2027E were 13.966 billion yuan, 16.864 billion yuan, and 19.233 billion yuan respectively. The PE values for 2024A, 2025E, 2026E, and 2027E were 12.9, 12.0, 9.9, and 8.7 respectively, and the PB value for 2025E was 1.7 [8]. - Baofeng Energy's stock price was 16 yuan, with a total market value of 119.2 billion yuan. Its net profit attributable to the parent company in 2024A was 6.338 billion yuan, and the expected values for 2025E, 2026E, and 2027E were 12.360 billion yuan, 14.076 billion yuan, and 14.880 billion yuan respectively. The PE values for 2024A, 2025E, 2026E, and 2027E were 18.8, 9.6, 8.5, and 8.0 respectively, and the PB value for 2025E was 2.7 [8]. - Satellite Chemical's stock price was 17 yuan, with a total market value of 57.7 billion yuan. Its net profit attributable to the parent company in 2024A was 6.072 billion yuan, and the expected values for 2025E, 2026E, and 2027E were 7.004 billion yuan, 9.103 billion yuan, and 11.075 billion yuan respectively. The PE values for 2024A, 2025E, 2026E, and 2027E were 9.5, 8.2, 6.3, and 5.2 respectively, and the PB value for 2025E was 1.9 [8]. - Hualu Hengsheng's stock price was 22 yuan, with a total market value of 46.1 billion yuan. Its net profit attributable to the parent company in 2024A was 3.903 billion yuan, and the expected values for 2025E, 2026E, and 2027E were 4.265 billion yuan, 4.690 billion yuan, and 5.066 billion yuan respectively. The PE values for 2024A, 2025E, 2026E, and 2027E were 11.8, 10.8, 9.8, and 9.1 respectively, and the PB value for 2025E was 1.5 [8]. - **Polyurethane Industry Chain** - The average price of pure MDI was 17,040 yuan/ton, with a week - on - week decrease of 170 yuan/ton, and a seven - year quantile of 11%. Its gross profit was 3,556 yuan/ton, with a week - on - week decrease of 158 yuan/ton, and a seven - year quantile of 34% [8]. - The average price of polymer MDI was 15,650 yuan/ton, with a week - on - week decrease of 120 yuan/ton, and a seven - year quantile of 32%. Its gross profit was 3,177 yuan/ton, with a week - on - week decrease of 36 yuan/ton, and a seven - year quantile of 66% [8]. - The average price of TDI was 11,225 yuan/ton, with a week - on - week decrease of 155 yuan/ton, and a seven - year quantile of 9%. Its gross profit was - 280 yuan/ton, with a week - on - week decrease of 69 yuan/ton, and a seven - year quantile of 23% [8]. - **Oil - Gas - Olefin Industry Chain** - **Raw Material Prices**: Ethane had an average price of 1172 yuan/ton, a week - on - week decrease of 72 yuan/ton, and a ten - year quantile of 50%. Propane had an average price of 4189 yuan/ton, a week - on - week decrease of 183 yuan/ton, and a ten - year quantile of 63%. NYMEX natural gas had an average price of 1317 yuan/ton, a week - on - week decrease of 135 yuan/ton, and a ten - year quantile of 82%. Brent crude oil had an average price of 3576 yuan/ton, a week - on - week decrease of 428 yuan/ton, and a ten - year quantile of 62%. Naphtha had an average price of 4221 yuan/ton, a week - on - week decrease of 330 yuan/ton, and a ten - year quantile of 62%. Steam coal had an average price of 470 yuan/ton, a week - on - week decrease of 25 yuan/ton, and a ten - year quantile of 40%. Methanol had an average price of 2711 yuan/ton, a week - on - week decrease of 5 yuan/ton, and a ten - year quantile of 71% [8]. - **Profit Comparison of Oil - Gas Routes**: For polyethylene production, the profit of ethane cracking was 1418 yuan/ton, with a week - on - week increase of 93 yuan/ton, a change of + 51 yuan/ton compared to the beginning of the year, and a year - on - year decrease of 467 yuan/ton. The profit of naphtha cracking was 100 yuan/ton, with a week - on - week increase of 348 yuan/ton, a change of + 25 yuan/ton compared to the beginning of the year, and a year - on - year increase of 25 yuan/ton. The profit of MTO was - 548 yuan/ton, with a week - on - week increase of 32 yuan/ton, a change of - 151 yuan/ton compared to the beginning of the year, and a year - on - year decrease of 151 yuan/ton. The profit of CTO was 2113 yuan/ton, with a week - on - week increase of 89 yuan/ton, a change of + 912 yuan/ton compared to the beginning of the year, and a year - on - year increase of 298 yuan/ton. For polypropylene production, the profit of PDH was - 38 yuan/ton, with a week - on - week increase of 147 yuan/ton, a change of - 386 yuan/ton compared to the beginning of the year, and a year - on - year increase of 52 yuan/ton. The profit of naphtha cracking was - 80 yuan/ton, with a week - on - week increase of 308 yuan/ton, a change of - 221 yuan/ton compared to the beginning of the year, and a year - on - year increase of 481 yuan/ton. The profit of MTO was - 909 yuan/ton, with a week - on - week decrease of 7 yuan/ton, a change of - 423 yuan/ton compared to the beginning of the year, and a year - on - year decrease of 737 yuan/ton. The profit of CTO was 1752 yuan/ton, with a week - on - week increase of 50 yuan/ton, a change of + 641 yuan/ton compared to the beginning of the year, and a year - on - year increase of 170 yuan/ton [8]. - **C2 and C3 Sectors and Coal - Chemical Industry Chain** - **C2 Sector**: The average price of ethylene was 6099 yuan/ton, with a week - on - week increase of 180 yuan/ton. The average price of HDPE was 7975 yuan/ton, with a week - on - week increase of 30 yuan/ton. The average price of ethylene glycol was 4492 yuan/ton, with a week - on - week decrease of 82 yuan/ton. The average price of ethylene oxide was 6400 yuan/ton, with a week - on - week increase of 80 yuan/ton. The average price of polyether macromonomer was 8200 yuan/ton, with no change. The average price of ethanolamine was 5800 yuan/ton, with a week - on - week decrease of 150 yuan/ton. The average price of dimethyl carbonate was 3860 yuan/ton, with a week - on - week increase of 60 yuan/ton. The average price of styrene was 7830 yuan/ton, with a week - on - week decrease of 120 yuan/ton. The average price of polystyrene was 8600 yuan/ton, with a week - on - week increase of 30 yuan/ton [10]. - **C3 Sector**: The average price of propylene was 5690 yuan/ton, with a week - on - week increase of 230 yuan/ton. The average price of polypropylene was 7136 yuan/ton, with a week - on - week decrease of 24 yuan/ton. The average price of acrylic acid was 6830 yuan/ton, with a week - on - week increase of 170 yuan/ton. The average price of butyl acrylate was 8190 yuan/ton, with a week - on - week increase of 190 yuan/ton. The average price of propylene oxide was 7744 yuan/ton, with a week - on - week increase of 168 yuan/ton [10]. - **Coal - Chemical Industry Chain** - **Coal - Coke Products**: The average price of coking coal was 1038 yuan/ton, with a week - on - week decrease of 31 yuan/ton. The average price of coke was 1081 yuan/ton, with a week - on - week decrease of 26 yuan/ton, and its gross profit was - 47 yuan/ton, with a week - on - week decrease of 22 yuan/ton [10]. - **Traditional Coal - Chemical Products**: The average price of synthetic ammonia was 2214 yuan/ton, with a week - on - week decrease of 58 yuan/ton, and its gross profit was 336 yuan/ton, with a week - on - week decrease of 63 yuan/ton. The average price of methanol was 2100 yuan/ton, with a week - on - week decrease of 8 yuan/ton, and its gross profit was 207 yuan/ton, with a week - on - week decrease of 9 yuan/ton. The average price of urea was 1802 yuan/ton, with a week - on - week decrease of 11 yuan/ton, and its gross profit was 156 yuan/ton, with a week - on - week decrease of 10 yuan/ton. The average price of DMF was 3960 yuan/ton, with a week - on - week increase of 20 yuan/ton, and its gross profit was - 214 yuan/ton, with a week - on - week increase of 22 yuan/ton. The average price of acetic acid was 2381 yuan/ton, with a week - on - week increase of 17 yuan/ton, and its gross profit was 4 yuan/ton, with a week - on - week increase of 61 yuan/ton [10]. - **New Materials**: The average price of DMC was 10800 yuan/ton, with a week - on - week decrease of 120 yuan/ton, and its gross profit was - 2141 yuan/ton, with a week - on - week decrease of 114 yuan/ton. The average price of oxalic acid was 2700 yuan/ton, with no change. The average price of octanol was 7

Core Viewpoint - Shandong Hualu Hengsheng Chemical Co., Ltd. is a leading manufacturer in the basic chemical raw materials and modern coal chemical industry, demonstrating a strong cost advantage and a commitment to precise investment and lean management [1][2]. Group 1: Business Strategy - The company emphasizes a balanced approach to managing various relationships, focusing on steady progress while mitigating risks and optimizing resources [2]. - Hualu Hengsheng maintains a clear direction by enhancing its brand attributes: specialization, precision, distinctiveness, and innovation [2]. - The company aims to improve its comprehensive competitive ability, ensuring low costs and high efficiency, while maintaining industry-leading asset quality and profitability metrics [2]. Group 2: Investment and Growth - Hualu Hengsheng strategically selects products and projects that align with its existing industrial advantages, ensuring that new projects become growth points upon completion [3]. - The company conducts thorough risk assessments for its projects, ensuring that they are viable and can generate returns immediately upon production [3]. - Continuous upgrading of production capabilities is prioritized, with a focus on eliminating outdated technologies and enhancing operational efficiency [3]. Group 3: Operational Efficiency - The company has developed a unique flexible multi-production process, enhancing raw material utilization and overall efficiency, which has been recognized and emulated within the industry [4]. - Hualu Hengsheng has implemented cost-reduction initiatives, achieving over 140 million yuan in savings for 2024, with production costs 15% lower than the industry average [4]. - The company adheres to a "co-opetition" marketing strategy, achieving a product gross margin of 18.87% and a sales profit margin of 14.62% despite market challenges [4]. Group 4: Management Practices - Hualu Hengsheng employs a flat organizational structure to enhance decision-making efficiency and collaboration, with minimal management layers [6]. - The company has established over 140 management systems and has received certifications for quality, environmental, and safety management, ensuring meticulous operational standards [6]. - A comprehensive human resources reform is in place to boost employee effectiveness and align individual performance with corporate goals [6].

证券代码：600426 证券简称：华鲁恒升 公告编号：临2025-037 A股每股现金红利0.30元。 本次利润分配方案经公司2025年4月29日的2024年年度股东大会审议通过。 山东华鲁恒升化工股份有限公司 2024年年度权益分派实施公告 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： ● 每股分配比例 二、分配方案 1.发放年度：2024年年度 2.分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分公司（以下简 称"中国结算上海分公司"）登记在册的本公司全体股东。公司股票回购专用账户所持有的公司股份不参 与本次利润分配。 3.差异化分红送转方案： （1）差异化分红方案 本次利润分配以公司总股本2,123,219,998股扣减公司回购账户2,300,000股，即2,120,919,998股为基数， 向全体股东每10股派发现金红利3.00元（含税），总计向全体股东派发现金红利636,275,999.40元（含 税）。 （2）差异化分红除权除息的处理依据及计算公式 依据《上 ...

Investment Rating - The industry investment rating is "Positive (Maintain)" [5] Core Viewpoints - The ongoing conflict between Israel and Iran has significantly increased the risk premium for oil and gas, impacting prices and market dynamics [8][17] - There is a heightened focus on Iranian chemical products due to their substantial global production and export share, particularly methanol and ethylene glycol [8][17] - The report highlights that even if Iranian oil exports cease, other suppliers like OPEC+ can quickly fill the gap, but damage to Iranian chemical production facilities could have long-term effects [8][17] Price Changes - The report monitors 188 chemical products, with the top three price increases being crude oil (up 13.7%), paraxylene (up 10.5%), and WTI (up 10.4%); the largest declines were in liquid chlorine (down 60.0%), vitamin E (down 14.2%), and acrylic short fiber (down 7.9%) [14][18] - The report also notes significant changes in price spreads, with the largest increases in BDO spread (up 6955.9%), hydrogen peroxide spread (up 500.0%), and butyl acrylate spread (up 97.7%); the largest declines were in R410a spread (down 25100.0%), PTA (down 38.5%), and PTMEG spread (down 22.8%) [18][19] Investment Recommendations - The report recommends buying shares in companies that are expected to benefit from the price increases due to the Israel-Iran conflict, including Huayi Group (600623), Baofeng Energy (600989), Satellite Chemical (002648), and Wankai New Materials (301216) [8] - It also suggests focusing on agricultural chemical companies with differentiated growth logic, such as Yangnong Chemical (600486) and Runfeng Shares (301035), as well as companies less affected by overseas fluctuations, including Guoguang Shares (002749), Hualu Hengsheng (600426), and Huamao Technology (603181) [8]