山东赫达公告称，美国商务部对原产自巴西、中国、印度、越南的硬壳空心胶囊反倾销、反补贴调查作 出终裁。公司反补贴税率为6.90%，中国其他生产商/出口商为3.14%-8.81%；公司反倾销税率为 18.71%，较初裁大幅降低153.53%，中国其他生产商/出口商为0%-18.71%。美国国际贸易委员会将于 2026年公布产业损害最终裁定。此次终裁降低公司缴纳税费保证金金额，前期保证金差额将退还，对业 绩有积极影响。 ...

Core Insights - The chemical industry is entering a favorable phase driven by demand, value, and supply dynamics [5][6][7] - Global supply constraints and the exit of European capacities are expected to enhance the market environment for the chemical sector [7] Demand Drivers - Key opportunities identified in various sectors include: - Gas turbine upstream: companies like Zhenhua Co., Yingliu Co., Longda Co., and Wanze Co. [5] - Refrigerants and fluorinated liquids: companies such as Juhua Co., New Zhoubang, and Runhe Materials [5] - Energy storage supply chain: including Chuanheng Co., Xingfa Group, Yuntianhua, Batian Co., and others [5] - Semiconductor materials: companies like Yanggu Huatai, Wanrun Co., Dinglong Co., and others [5] Value Drivers - Potential for increased dividend yields in sectors such as: - Coal chemical: Hualu Hengsheng, Luxi Chemical, and Baofeng Energy [6] - Oil refining: Hengli Petrochemical, Satellite Chemical, and Sinopec [6] - Phosphate fertilizers: Yuntianhua, Yuntu Holdings, and others [6] Supply Drivers - Domestic anti-involution policies and the exit of European production capacities are expected to support the chemical industry: - PTA and polyester filament: companies like Xin Fengming and Tongkun Co. [7] - Tire manufacturing: including Sailun Tire, Zhongce Rubber, and others [7] Key Companies and Profit Forecasts - Selected companies with profit forecasts include: - Zhenhua Co. (Net profit forecast for 2025: 6.04 billion, PE: 21.8) [8] - Yingliu Co. (Net profit forecast for 2025: 4.08 billion, PE: 42.7) [8] - Longda Co. (Net profit forecast for 2025: 1.06 billion, PE: 34.9) [8] - Wanze Co. (Net profit forecast for 2025: 2.37 billion, PE: 32.9) [8] - Juhua Co. (Net profit forecast for 2025: 48.14 billion, PE: 24.4) [8] Industry Cycle Insights - The chemical industry is expected to enter a new cycle, with demand recovery and supply-side reforms driving growth [14][21] - The chemical price index has shown signs of recovery, indicating a potential upturn in the market [20][21]

证券日报网讯12月11日，山东赫达（002810）在互动平台回答投资者提问时表示，股东人数敬请关注公 司定期报告。 ...

证券日报网讯12月11日，山东赫达（002810）在互动平台回答投资者提问时表示，公司于今年7月份， 开始给国内某知名电池企业供HEC产品，主要用于其电镀铜箔中以改善镀层均匀性，提高镀层光亮度以 及细化晶粒结构、减少镀层内应力等功能，目前已发货7.2吨，其他公司目前还在测试中。 ...

Core Viewpoint - The final ruling on the anti-dumping case regarding capsules by the U.S. Department of Commerce has been postponed to December 22, due to a prolonged government shutdown, which is a rare occurrence in U.S. history [1] Group 1 - The original announcement date for the final ruling was October 13, but it has been delayed twice [1] - The company maintains an optimistic outlook regarding the final ruling based on the Department of Commerce's site inspection conducted in July [1] - The company is implementing various effective measures to mitigate the negative impact of the anti-dumping ruling on its performance [1]

证券代码：002810 证券简称：山东赫达 公告编号：2025-100 债券代码：127088 债券简称：赫达转债 山东赫达集团股份有限公司 关于回购注销完成可转债转股价格调整的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 特别提示： 1、证券代码：002810 证券简称：山东赫达 2、债券代码：127088 债券简称：赫达转债 3、调整前"赫达转债"转股价格：16.75 元/股 4、调整后"赫达转债"转股价格：16.76 元/股 5、转股价格调整生效日期：2025 年 12 月 9 日 一、关于"赫达转债"转股价格调整的相关规定 经中国证券监督管理委员会"证监许可【2023】1099 号"批复，山 东赫达集团股份有限公司（以下简称"公司"）于 2023 年 7 月 3 日公 开发行了 600.00 万张可转换公司债券（债券简称：赫达转债，债券 代码：127088），每张面值 100 元，发行总额 60,000.00 万元。 根据《深圳证券交易所上市公司自律监管指引第 15 号——可转 换公司债券》（以下简称"《自律监管指引》"）、《山东赫达集团股份 ...

债券代码：127088 债券简称：赫达转债 证券代码：002810 证券简称：山东赫达 公告编号：2025-099 山东赫达集团股份有限公司 关于部分限制性股票回购注销完成的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 特别提示： 1、山东赫达集团股份有限公司（以下简称"公司"）本次回购注 销第三期股票期权与限制性股票激励计划激励对象中 6 名已获授但 尚未解除限售的限制性股票共计 230,000 股，占公司回购注销前总股 本的 0.0661%。 2、截至本公告日，公司已在中国证券登记结算有限责任公司深 圳分公司办理完成上述限制性股票的回购注销手续。本次回购注销完 成后，公司总股本由 348,136,913 股调整为 347,906,913 股。 3、公司于 2025 年 9 月 25 日召开第九届董事会第二十六次会议 及第九届监事会第十七次会议，并于 2025 年 10 月 13 日召开 2025 年 第三次临时股东会，审议通过了《关于调整第三期股票期权与限制性 股票激励计划限制性股票回购价格及回购注销部分限制性股票的议 案》。本次回购注销部分限制性 ...

衍生品研究 上声转债投资价值分析 深耕汽车声学领域 30 年，成就龙头地位 2025 年 12 月 8 日 衍生品研究/转债分析报告 个券近一年走势 投资要点： 上声转债（127088.SZ）： 正股业绩与估值均处低位，转债各项指标也具有吸引力：合肥工厂尚处 运行初期，低产能利用率拖累公司业绩，我们预期随着产能释放，公司盈利 将逐季回升。2025E PE 20.6x，处于历史较低位，低于汽车零部件行业平均。 上声转债市价低于市场中位数且转股溢价率也处于合理范围。 上声转债合理估值推导 基于山证可转债估值模型，若正股股价不变，不考虑强赎和下修，上声转债 合理估值在 129-135 元。 风险提示：汽车市场需求不佳；合肥工厂产能释放和盈利修复低于预期等 A+级，债券余额 4.68 亿元，占发行总额 89.99%，剩余期限 3.59 年。12 月 3 日收盘价 128.86 元，转股溢价率 36.11%，YTM -3.04%。 正股：上声电子（002810.SZ）： 资料来源：常闻 我国最大的汽车声学产品供应商，主要产品车载扬声器 2024 年全球市场份 额 15.24%，且国内和全球市占连续三年提升。2025.1 ...

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Insights - The chemical industry is expected to benefit from a shift in supply chain dynamics due to geopolitical tensions, particularly in semiconductor materials, leading to accelerated domestic replacements [5][6] - The chromium salt industry is experiencing a value reassessment driven by increased demand from AI data centers and commercial aircraft engines, with significant price increases noted [8][9] - The report highlights a potential upturn in the chemical industry as supply-side constraints and rising demand could enhance profitability and dividend yields for leading companies [6][10] Summary by Sections Industry Performance - The basic chemical sector has shown a 24.0% increase over the past 12 months, outperforming the CSI 300 index, which increased by 16.9% [3] Key Opportunities - Focus on low-cost expansion opportunities in companies such as Wanhua Chemical and Hualu Hengsheng, as well as sectors like tire manufacturing and pesticide formulations [6][9] - Emphasis on sectors with improving market conditions, including chromium salts, phosphate rock, and polyester filament [9][10] Price Trends - Recent price increases for key products include chromium oxide green at 35,500 CNY/ton and metallic chromium at 84,000 CNY/ton, both up by 1,000 CNY/ton from the previous week [8][16] - The report notes a tightening supply for isooctanol, with prices rising due to increased demand and production disruptions [13] Company Focus - The report identifies several key companies for investment, including Dongfang Shenghong, Hubei Yihua, and Wanhua Chemical, with positive earnings forecasts and attractive price-to-earnings ratios [28]

Core Viewpoint - The company, Shandong Heda Group Co., Ltd., has announced the first unlock period of its third stock option and restricted stock incentive plan, allowing 110 eligible participants to unlock 2,480,000 shares, which represents 0.7124% of the total share capital of 348,136,913 shares. The shares will be tradable starting November 28, 2025 [2][15]. Group 1 - The first unlock period of the incentive plan has been achieved, with 110 eligible participants able to unlock 2,480,000 restricted shares [11][29]. - The company held a board meeting on October 20, 2025, where it approved the achievement of the first unlock and exercise conditions of the incentive plan [8][29]. - The shares will be listed for trading on November 28, 2025 [14]. Group 2 - The incentive plan's first unlock period is defined as the period from 12 months after the grant date to the last trading day within 24 months [10]. - The company has completed the necessary procedures for the listing of the unlocked shares [3][11]. - The total number of restricted shares granted under the incentive plan is 6,430,000, with 2,480,000 shares eligible for unlocking in this phase [6][27]. Group 3 - The company has adjusted the repurchase price of the restricted shares from 6.66 yuan to 6.41 yuan due to the implementation of equity distribution plans [12]. - The company has also approved the repurchase and cancellation of 230,000 restricted shares from six participants who no longer meet the eligibility criteria [11][32]. - The exercise price for the stock options has been adjusted from 13.28 yuan to 13.03 yuan [33]. Group 4 - The stock options are set to be exercised from November 28, 2025, to October 16, 2026 [22][40]. - The total number of stock options available for exercise is 2,480,000, which is also 0.7124% of the total share capital [20][39]. - The company will manage the funds raised from the exercise of stock options in a dedicated account to supplement its liquidity [46].