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 ...

Group 1: Bond Information - The A+ - rated ShangSheng Convertible Bond (127088.SZ) has a bond balance of 468 million yuan, accounting for 89.99% of the total issuance, and a remaining term of 3.59 years. As of December 3rd, its closing price was 128.86 yuan, with a conversion premium rate of 36.11% and a YTM of -3.04% [1] Group 2: Underlying Stock Information - The underlying stock, ShangSheng Electronics (002810.SZ), is the largest automotive acoustic product supplier in China. Its in - vehicle speakers had a 15.24% global market share in 2024, and both domestic and global market shares have increased for three consecutive years. From 1Q to 3Q in 2025, its revenue was 2.135 billion yuan (yoy +7.06%), and the net profit attributable to the parent was 135 million yuan (yoy -28.83%). Its latest total market value is 4.488 billion yuan [3] Group 3: Key Highlights of ShangSheng Convertible Bond - The company has achieved full - stack self - research in the in - vehicle acoustic system and built a three - dimensional technology system of "self - developed chips + intelligent algorithms + vehicle - grade verification". In 2025, it launched the industry's first intelligent seat pure digital link panoramic sound field solution, and earlier achieved mass production of AVAS products [4] - The proportion of high - margin products is continuously increasing, and the profit structure is optimized. The product structure has shifted from single speakers to "speakers + amplifiers + AVAS", and the supporting value per vehicle is expected to continue to rise. In H1 2025, the gross profit margins of in - vehicle amplifiers and AVAS were 21.50% and 27.85% respectively, higher than the 19.39% of in - vehicle speakers [4] - The company has a well - developed global production capacity layout and its customers cover mainstream domestic and foreign automakers. It has production bases in China, Europe, and the Americas, and its overseas revenue in 2024 was 959 million yuan, accounting for 34.56% of the total revenue [5] - The performance and valuation of the underlying stock are at a low level, and the convertible bond's indicators are also attractive. The Hefei factory is in the early stage of operation, and the low capacity utilization rate has dragged down the company's performance. It is expected that the company's profit will recover quarter by quarter as capacity is released. The expected PE in 2025 is 20.6x, which is at a historically low level and lower than the average of the auto parts industry. The market price of ShangSheng Convertible Bond is lower than the market median, and the conversion premium rate is within a reasonable range [5] Group 4: Reasonable Valuation of ShangSheng Convertible Bond - Based on the Shanxi Securities convertible bond valuation model, if the stock price remains unchanged and without considering forced redemptions and downward revisions, the reasonable valuation of ShangSheng Convertible Bond is between 129 and 135 yuan [6]

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].

Core Points - Shandong Heda announced the release of the first unlock period for its third stock option and restricted stock incentive plan, with 110 eligible participants [2] - A total of 2,480,000 restricted shares will be unlocked, representing 0.7124% of the company's total share capital of 348,136,913 shares [2] - The listing date for the unlocked restricted shares is set for November 28, 2025 [2]

债券代码：127088 债券简称：赫达转债 证券代码：002810 股票简称：山东赫达 公告编号：2025-098 山东赫达集团股份有限公司 关于第三期股票期权与限制性股票激励计划 第一个行权期采用自主行权模式的提示性公告 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。 重要内容提示： 1、公司第三期股票期权与限制性股票激励计划（以下简称"本次 激励计划"、"本激励计划"或"《激励计划》"）股票期权简称：赫达 JLC1，期权代码：037475。 2、本次符合行权条件的激励对象共 110 人，可行权的股票期权 数量为 248 万份，行权价格为 13.03 元/份。 3、本次股票期权行权采用自主行权模式。 4、本次股票期权行权期限自 2025 年 11 月 28 日起至 2026 年 10 月 16 日止。 5、本次第一个行权期可行权的股票期权若全部行权，公司股份 仍具备上市条件。 山东赫达集团股份有限公司（以下简称"公司"）于 2025 年 10 月 20 日召开第九届董事会第二十七次会议，审议通过《关于第三期股 票期权与限制性股票激励计划第一个行权期行权条件成 ...

债券代码：127088 债券简称：赫达转债 证券代码：002810 股票简称：山东赫达 公告编号：2025-097 山东赫达集团股份有限公司 关于第三期股票期权与限制性股票激励计划 第一个解除限售期解除限售股份上市流通 | 证券代码：002810 | 股票简称：山东赫达 | 公告编号：2025-097 | 债券代码：127088 | 债券简称：赫达转债 | | --- | --- | --- | --- | --- | | 条件成就的公告》（公告编号：2025-092）。公司办理了第三期股票 | | | | | 期权与限制性股票激励计划第一个解除限售期股份上市流通手续，本 次符合解除限售条件的激励对象共计 110 人，本次解除限售的限制性 股票数量为 2,480,000 股，占目前公司总股本的 0.7124%。现将相关 事项公告如下： 一、第三期股票期权与限制性股票激励计划已履行的相关审批 程序 （一）2024 年 9 月 27 日，公司召开第九届董事会第十四次会议 及第九届监事会第十一次会议，审议通过了《关于公司〈第三期股票 期权与限制性股票激励计划（草案）〉及其摘要的议案》等相关议案。 公司董事会薪酬与考 ...

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Views - The chemical industry is expected to benefit from the ongoing "anti-involution" measures, which may lead to a significant slowdown in global chemical capacity expansion. This shift is anticipated to enhance cash flow and dividend yields for companies in the sector, transforming them from cash-consuming entities to cash-generating ones [7][27] - The report highlights the potential for domestic substitutes for Japanese semiconductor materials due to rising tensions in Sino-Japanese relations, which could accelerate the domestic market's growth in this area [6] Summary by Sections Recent Trends - The chemical industry has shown a relative performance increase of 16.1% over the past 12 months, outperforming the CSI 300 index, which increased by 11.6% [4] Key Price Movements - DMC (Dimethyl Carbonate) prices rose to 4400 CNY/ton, up 14.29% week-on-week, driven by strong demand from the electrolyte sector [14] - Lithium battery electrolyte prices increased to 27000 CNY/ton, up 8.00% week-on-week, although profit margins for manufacturers are under pressure due to rising raw material costs [14] - Diammonium phosphate prices in East China reached 3850 CNY/ton, up 5.48% week-on-week, amid rising production costs [14] Investment Opportunities - The report identifies four key opportunities in the chemical sector: 1. Low-cost expansion, focusing on companies like Wanhua Chemical and Hualu Hengsheng [9] 2. Improved industry conditions, particularly in chromium salts and phosphate rock [10] 3. New materials with high growth potential, such as electronic chemicals and aerospace materials [11] 4. High dividend yields from state-owned enterprises in the chemical sector, including China Petroleum and China National Chemical [11] Company Tracking and Earnings Forecast - The report provides a detailed earnings forecast for key companies, indicating a positive outlook for several firms in the chemical sector, with many rated as "Buy" [28]