证券代码：600426 证券简称：华鲁恒升 编号：临 2026-001 山东华鲁恒升化工股份有限公司 关于部分股权激励限制性股票回购注销实施公告 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个别及连带责任。 重要内容提示： 回购注销原因：因激励对象中有两人退休（以下简称"上述人员"），根据 2021 年限制性股票激励计划（以下简称"激励计划"）第十三章"公司/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"中第二款之规定，需回购注销上述 激励对象尚未解除限售的限制性股票，并对回购价格进行调整。 本次注销股份的有关情况 | 回购股份数量 | 注销股份数量 | 注销日期 | | --- | --- | --- | | 33,336 | 33,336 | 2026/02/02 | 一、本次限制性股票回购注销的决策与信息披露 1、2025年11月17日，公司召开第九届董事会2025年第5次临时会议，审议通过了 《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》，公司薪 ...

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 部分限制性股票回购注销实施情况的 法律意见书 国枫律证字[2021]AN257-16号 GRANDWAY 北京国枫律师事务所 Grandway Law Offices 法律意见书 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 部分限制性股票回购注销实施情况的 国枫律证字[2021]AN257-16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《公司章程》的 有关规定,出具了 ...

Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [2]. Core Insights - In Q4 2025, the overall allocation of public funds in the chemical sector has significantly increased, indicating a bottoming out and potential investment opportunities [2]. - The top ten chemical stocks held by public funds saw a recovery in their market value share, with a notable increase in the proportion of leading blue-chip stocks, suggesting a preference for stable investments in cyclical products with price elasticity [2][12]. - The total market value of the top 30 chemical stocks held by public funds reached approximately 79.89 billion, reflecting a significant increase of about 45.23% compared to the previous quarter [24]. Summary by Sections 1. Q4 2025 Public Fund Chemical Holdings Changes - The proportion of heavy chemical stocks in overall public fund holdings increased by 0.70 percentage points to 2.37%, marking a new high for 2025 [7]. - Regional allocations also saw increases, with East China rising by 0.63 percentage points to 2.33%, South China by 0.96 percentage points to 3.02%, and North China by 0.44 percentage points to 1.44% [7]. 2. Changes in the Number of Funds Holding Chemical Stocks - The number of funds holding chemical stocks increased significantly, driven mainly by blue-chip stocks. The top three stocks with the highest increase in the number of funds were Wanhua Chemical, China National Offshore Oil Corporation (CNOOC), and Hualu Hengsheng, with increases of 119, 85, and 75 funds respectively [15][19]. 3. Total Market Value and Concentration of Chemical Holdings - The total market value of the top 30 chemical stocks held by public funds increased significantly, with these stocks accounting for 84.68% of the total market value of all heavy chemical stocks, an increase of 3.34 percentage points [24]. - The leading stocks by market value included Wanhua Chemical at approximately 89.41 billion, CNOOC at 67.53 billion, and Juhua Co., Ltd. at 59.78 billion [24].

Core Viewpoint - The petrochemical sector is experiencing a positive trend, with the China Petrochemical Industry Index showing an increase, and significant inflows into the Petrochemical ETF, indicating strong investor interest and potential for growth [1][2]. Group 1: Market Performance - As of January 28, 2026, the China Petrochemical Industry Index rose by 0.54%, with key stocks like Zhejiang Longsheng hitting the daily limit up, and others such as China National Offshore Oil Corporation and Hubei Biopharma also seeing gains [1]. - The Petrochemical ETF (159731) increased by 0.39%, with a turnover rate of 4.34% during the trading session [1]. - Over the past 15 days, the Petrochemical ETF has attracted a total net inflow of 745 million yuan, reaching a record high of 1.018 billion shares and a total size of 1.045 billion yuan [1]. Group 2: Performance Metrics - The Petrochemical ETF has seen a net value increase of 62.39% over the past two years [1]. - The highest monthly return since inception was 15.86%, with the longest streak of consecutive monthly gains being 8 months and a maximum cumulative increase of 41.60% [1]. - The average monthly return during the rising months was 5.25%, and the ETF outperformed its benchmark with an annualized excess return of 2.35% over the past year [1]. Group 3: Industry Outlook - Tianfeng Securities indicates that a turning point in policy and capital expenditure is evident, with the concept of "anti-involution" suggesting improved profitability and healthier long-term development for the industry [1]. - The chemical industry is entering a strategic window, characterized by the exit of high-cost marginal capacity overseas and a restructuring of the global chemical order [1]. Group 4: Top Holdings - As of December 31, 2025, the top ten weighted stocks in the China Petrochemical Industry Index accounted for 56.73% of the index, including Wanhua Chemical, China Petroleum, and China Petrochemical among others [2].

化工板块今日（1月27日）深度回调，反映化工板块整体走势的化工ETF（516020）开盘后迅速走弱， 而后持续低位震荡，盘中场内价格一度跌超2%，截至收盘，跌1.62%。 成份股方面，氟化工、锂电、氮肥等板块部分个股跌幅居前。截至收盘，多氟多、藏格矿业双双大跌超 5%，天赐材料跌4.17%，恩捷股份、星源材质、华鲁恒升等多股跌超3%，拖累板块走势。 值得注意的是，化工板块近期持续受资金青睐。交易所数据显示，截至昨日，化工ETF（516020）近5 日获资金净申购额超过13亿元；近10日获资金净申购额更是接近20亿元。 消息面上，1月27日，碳酸锂期货盘初延续颓势，主力合约跌幅一度超过7%。有分析指出，短期由于前 期锂价预期交易过于充分，价格上涨过快，监管不断加强后，或有回调的风险。由于供应端国内供应面 临合规风险，海外供应仍旧面临资源民族主义与地缘政治的风险，为在锂电需求高增长带动碳酸锂供需 反转的叙事证伪前，碳酸锂价格中枢或仍旧维持上升趋势。 就化工板块整体而言，有分析认为，最近一阵化工板块表现亮丽，反映了市场对后续景气的期待。基本 面没有大的变化。个别公司受到国外负面情绪影响，实际并不会有直接影响，未来也 ...

Group 1 - The global chemical industry is transitioning from "overcapacity" to "high-quality supply" by 2026, driven by national growth policies, marginal recovery in overseas demand, and the initiation of a restocking cycle, leading to a stabilization and rebound in the prices of basic chemicals and a significant improvement in industry profit expectations [1][3]. - The E Fund Chemical Industry ETF (516570) has become a core tool for investors to capitalize on the petrochemical industry's recovery, with the index it tracks rising by 15.10% in the past month and 51.39% over the past year as of January 26, 2026 [1][5]. - The ETF has attracted significant capital inflow, with over 180 million yuan in net inflows in the past five days and over 270 million yuan in the past twenty days [1][5]. Group 2 - The "High-Quality Development" policy framework has been established, emphasizing the control of new refining capacities and the scientific regulation of ethylene and paraxylene production, marking a shift from quantity-driven growth to quality and efficiency improvements [3][4]. - A global restocking cycle has commenced, with widespread price increases for chemical products, including a 550 yuan/ton increase for butadiene and a 100 yuan/ton increase for bisphenol A, alongside sulfur prices reaching near ten-year highs [3][4]. - Major international companies like BASF and Dow have also raised prices for MDI/TDI, indicating a strong performance in the polyurethane market, supported by increased global oil demand projected at 950,000 barrels per day for 2026 [4][5]. Group 3 - Chemical companies are expected to report positive earnings, with Salt Lake Co. forecasting a net profit of 8.29 to 8.89 billion yuan for 2025, representing a year-on-year growth of 77.78% to 90.65%, and other companies like Juhua Co. and Cangge Mining also projecting significant profit increases [5][6]. - The E Fund Chemical Industry ETF (516570) tracks the CSI Petrochemical Industry Index, with top holdings including major companies like Wanhua Chemical and China Petroleum, covering over 56% of the index, thus providing a balanced exposure to both energy security and growth in new materials [5][6]. - The ETF has a low comprehensive fee rate of 0.20% per year, making it an ideal tool for participating in the current economic upturn in the chemical sector [5][6].

Price Trends - The latest price of adipic acid as of January 26 is 7633.33 yuan per ton, reflecting a recent increase of 3.15% over the last 5 days [2][4] - Over the past 30 days, the price has risen by 11.71% [2][4] - In the last 60 days, the price has increased by 13.37% [2][4] Related Producers - Key producers in the adipic acid market include Huafeng Chemical (002064), Hualu Hengsheng (600426), Yangmei Chemical (600691), Shennong Co. (600810), and Kailuan Co. (600997) [2][4]

数据显示，红塔红土基金旗下1只基金重仓华鲁恒升。红塔红土稳健精选混合型A（009817）四季度持 有股数1.17万股，占基金净值比例为2.5%，位居第八大重仓股。根据测算，今日浮亏损失约2.23万元。 红塔红土稳健精选混合型A（009817）成立日期2020年10月16日，最新规模738.58万。今年以来收益 1.7%，同类排名7016/8861；近一年收益12.24%，同类排名6168/8126；成立以来收益20.84%。 1月27日，华鲁恒升跌5.03%，截至发稿，报36.08元/股，成交9.35亿元，换手率1.19%，总市值766.06亿 元。 红塔红土稳健精选混合型A（009817）基金经理为杨兴风。 资料显示，山东华鲁恒升化工股份有限公司位于山东省德州市天衢西路24号，成立日期2000年4月26 日，上市日期2002年6月20日，公司主营业务涉及尿素、甲醇的生产和销售。主营业务收入构成为：新 能源新材料相关产品48.34%，化学肥料24.61%，醋酸及衍生品10.82%，其他产品7.75%，有机胺 7.33%，副产品及其他1.15%。 从基金十大重仓股角度 声明：市场有风险，投资需谨慎。 本文基于第 ...

1月27日，华鲁恒升盘中下跌2.03%，截至10:09，报37.22元/股，成交2.65亿元，换手率0.33%，总市值 790.26亿元。 华鲁恒升所属申万行业为：基础化工-农化制品-氮肥。所属概念板块包括：醋酸、化学原料概念、煤化 工、化肥等。 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）位居第五大流 通股东，持股2519.73万股，相比上期减少133.51万股。鹏华中证细分化工产业主题ETF联接A （014942）位居第六大流通股东，持股2228.05万股，为新进股东。中泰星元灵活配置混合A（006567） 位居第十大流 ...

Group 1 - The core viewpoint of the article highlights the target price increases for several listed companies, with significant growth potential identified by brokerage firms [1][3] - The companies with the highest target price increases include Baili Tianheng at 368.30%, Luoyang Molybdenum at 37.88%, and Sanqi Interactive Entertainment at 29.53%, representing the chemical pharmaceutical, industrial metals, and gaming industries respectively [1][3] - A total of 23 listed companies received brokerage recommendations on January 26, with companies like Jianda Co., Shouhua Gas, and Huayuan Bio receiving one recommendation each [3] Group 2 - On January 26, one company had its rating upgraded, specifically Hualu Hengsheng, which was raised from "Hold" to "Buy" by Tianfeng Securities [4][6] - The only company receiving a first-time coverage rating on January 26 was Boshi Jie, which was given a "Strong Buy" rating by China Merchants Securities [6][7]