格隆汇9月1日丨华鲁恒升(600426.SH)公布，截至2025年8月31日，公司已累计回购股份433.40万股，占 公司总股本的比例为0.20%，回购成交的最高价为24.25元/股、最低价为20.75元/股，支付的资金总额为 人民币9,681.15万元（不含交易费用）。 ...

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 30 4 | 4 | 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 | 433.40万股 | | | | | | | 累计已回购股数占总股本比例 | 0.20% | | | | | | | 累计已回购金额 | 9,681.15万元 | | | | | | | 实际回购价格区间 | 20.75元/股~24.25元/股 | | | | | | 一、 回购股份的基本情况 证券代码：600 ...

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。 证券代码：600426 证券简称：华鲁恒升 编号：临 2025-051 山东华鲁恒升化工股份有限公司 关于停车检修生产装置复产的公告 山东华鲁恒升化工股份有限公司董事会 山东华鲁恒升化工股份有限公司（以下简称 "公司"）于 2025 年 7 月 31 日披露了《关于部分生产装置停车检修的公告》 (临 2025- 040 号)，根据年度计划，公司于 2025 年 8 月 2 日开始对部分生产装置 进行停车检修。 2025 年 9 月 2 日 至 2025 年 8 月 31 日，公司检修工作已经完成，恢复正常生产。 特此公告。 ...

格隆汇9月1日丨华鲁恒升(600426.SH)公布，截至2025年8月31日，公司已累计回购股份433.40万股，占 公司总股本的比例为0.20%，回购成交的最高价为24.25元/股、最低价为20.75元/股，支付的资金总额为 人民币9,681.15万元（不含交易费用）。 ...

华鲁恒升（600426）(600426.SH)发布公告，根据年度计划，公司于2025年8月2日开始对部分生产装置 进行停车检修。至2025年8月31日，公司检修工作已经完成，恢复正常生产。 ...

智通财经APP讯，华鲁恒升(600426.SH)发布公告，根据年度计划，公司于2025年8月2日开始对部分生 产装置进行停车检修。至2025年8月31日，公司检修工作已经完成，恢复正常生产。 ...

华鲁恒升公告，根据年度计划，公司于2025年8月2日开始对部分生产装置进行停车检修。至2025年8月 31日，公司检修工作已经完成，恢复正常生产。 ...

Core Insights - The social security fund has invested in 525 stocks by the end of Q2, with 46 stocks held for over 20 consecutive quarters, indicating a long-term investment strategy [1][2] Group 1: Investment Holdings - The longest-held stock by the social security fund is Hualu Hengsheng, held for 51 quarters since Q4 2012, with a total holding of 133 million shares, accounting for 6.26% of the circulating shares [1][3] - Among the 46 stocks held for over 5 years, the top holdings by quantity are Changshu Bank (206 million shares), Nanshan Aluminum (160 million shares), and Sun Paper (151 million shares) [2][3] - The stocks with the highest holding ratios include Keri International (6.30%), Hualu Hengsheng (6.26%), and Changshu Bank (6.23%) [2] Group 2: Changes in Holdings - In Q2, 15 of the 46 stocks saw an increase in holdings, with significant increases for Three Squirrels (283.29%), Hongfa Co. (76.77%), and Hangyang Co. (42.03%) [2][3] - Conversely, 17 stocks experienced a decrease in holdings, with the largest reductions for Zhongqi Co. (-50.14%), Lingxiao Pump Industry (-46.47%), and Zhongyuan Media (-44.50%) [2][3] Group 3: Industry Performance - Among the 46 stocks, 29 reported a year-on-year increase in net profit, with notable growth from Zhongsheng Pharmaceutical (114.96%), China Jushi (75.51%), and Jieput (73.84%) [3][4] - 16 stocks reported a decline in net profit, with the largest decreases from Zhongqi Co. (-240.99%), Sanyou Chemical (-77.64%), and Three Squirrels (-52.22%) [3][4] Group 4: Sector Distribution - The 46 stocks are concentrated in the basic chemical, electronics, and automotive sectors, with 8, 4, and 4 stocks respectively [2][3] - The majority of these stocks are listed on the main board (30 stocks), followed by the ChiNext board (14 stocks) and the Sci-Tech Innovation board (2 stocks) [2]

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [1][16]. Core Insights - The company's Q2 performance shows a recovery compared to previous quarters, driven by technological upgrades and new material projects that support long-term growth [1]. - The report highlights a significant investment of 3.039 billion yuan in upgrading the gasification platform, which is expected to generate annual revenue of 3.665 billion yuan upon completion [6]. - The company has successfully managed to stabilize its operations despite market challenges, with Q2 revenue from various segments showing positive trends [6]. Financial Performance Summary - Total revenue for 2024 is projected at 34.226 billion yuan, with a year-on-year growth rate of 25.6%. For 2025, revenue is expected to reach 35.765 billion yuan, reflecting a slower growth rate of 4.5% [2]. - The net profit attributable to the parent company is forecasted to be 3.903 billion yuan in 2024, decreasing to 3.510 billion yuan in 2025, which represents a decline of 10.1% [2]. - Earnings per share (EPS) are estimated to be 1.84 yuan in 2024, dropping to 1.65 yuan in 2025, with a projected recovery to 1.96 yuan in 2026 [2]. Operational Highlights - In H1 2025, the company reported total revenue of 15.764 billion yuan, a decrease of 7.14% year-on-year, with a net profit of 1.569 billion yuan, down 29.47% [6]. - The company plans to distribute a cash dividend of 2.50 yuan per share, totaling 530 million yuan, which accounts for 33.76% of the net profit for the period [6]. - The report emphasizes the company's focus on cost optimization and the acceleration of transformation into new material products, which is expected to enhance its competitive edge [6].

Core Insights - The report emphasizes that the chemical industry is entering a new phase of capital expenditure, with a focus on the rebalancing of supply and demand following the release of production capacity during the 14th Five-Year Plan period [2][6] - The report indicates that the bottom of the cycle is becoming clearer, with potential price increases for chemical products driven by demand recovery and supply stability in the second half of the year [2][6] Industry Overview - The current cycle has reached its tail end, with a total of 12 quarters of decline since Q3 2022, following a 7-quarter expansion from Q4 2020 to Q2 2022 [10][12] - The report outlines that the chemical industry has experienced three significant price fluctuation cycles since 2010, with the latest cycle characterized by a demand-driven recovery followed by a supply-side pressure [8][10] Investment Recommendations - The report suggests focusing on sectors with relatively low valuations, such as sucralose (recommended: Jinhe Industrial), pesticides (recommended: Yangnong Chemical, Runfeng Shares), and MDI (recommended: Wanhua Chemical) [3][4] - It highlights the importance of domestic demand in countering tariff impacts, recommending companies in refrigerants and fertilizers [3][4] - The report identifies investment opportunities in sectors with upcoming capacity releases, such as organic silicon (recommended: Xin'an Chemical) and spandex [3][4] Price and Profitability Trends - The report notes that many sub-industry product prices remain at historical lows, with specific prices for spandex, PA6, and other fibers at 0%, 4%, and 5% of historical levels respectively [28] - It mentions that the chemical industry has seen a slight recovery in profitability in Q1 2025, although the overall performance remains under pressure [27][25] Supply and Demand Dynamics - The report indicates that the global chemical capital expenditure is on a downward trend, with domestic companies experiencing a slowdown in investment while still facing significant pressure to convert projects into fixed assets [22][32] - It also states that both domestic and international markets are entering a replenishment phase in 2025, which may influence inventory levels and pricing strategies [35][36]