（来源：齐鲁资本通） 01 美双反仲裁结果"引爆"股价 2024年"924"行情以来，山东赫达的股价都是一个宽幅震荡状态，当年10月8日的股价高点，已经多次压 制了股价。 股价大涨14倍后跌去8成，近年来，山东淄博上市公司山东赫达（002810）股价持续"筑底"，一副蓄势 待发的样子。 不久前，其股价走强收获2连板，原因是"压制"股价的美国双反制裁落地，税率大幅低于预期。这家公 司的业务外销占比较高，"出海"是否顺利决定了业绩表现。 其他值得关注的内容：山东赫达2025年第三季度前十大股东名单中，出现了同一家私募公司的2只基 金；产品已获国内知名电池厂商订单。 这段时间的牛市行情，山东赫达表现不佳，不少人觉得是双反制裁的压制。 从时间节点来看，2024年11月，美国商务部对原产于中国、巴西、印度、越南的硬壳空心胶囊产品发 起"双反调研"；2025年5月，美国商务部初步裁定山东赫达全资子公司山东赫尔希胶囊有限公司获得的 反倾销税率为172.24%；2025年12月，美国商务部做出反倾销终裁，山东赫达为强制应诉企业，税率为 18.71%，较初裁大幅降低153.53%。 税率大幅低于预期，正因如此，去年12月22日 ...

机构持仓方面，截止2025年9月30日，山东赫达十大流通股东中，香港中央结算有限公司位居第六大流 通股东，持股365.68万股，相比上期增加77.03万股。华商甄选回报混合A（010761）位居第八大流通股 东，持股209.26万股，相比上期减少4.27万股。 资料显示，山东赫达集团股份有限公司位于山东省淄博市周村区赫达路999号，成立日期1992年12月7 日，上市日期2016年8月26日，公司主营业务涉及水溶性高分子化合物及下游化工产品的研发、生产和 销售。主营业务收入构成为：自产纤维素醚产品72.98%，植物空心胶囊产品21.10%，其他化工产品 3.86%，石墨产品1.90%，其他(补充)0.16%。 截至9月30日，山东赫达股东户数2.60万，较上期减少1.52%；人均流通股12284股，较上期增加1.55%。 2025年1月-9月，山东赫达实现营业收入14.37亿元，同比增长0.11%；归母净利润1.39亿元，同比减少 29.65%。 分红方面，山东赫达A股上市后累计派现4.11亿元。近三年，累计派现2.58亿元。 1月6日，山东赫达涨0.07%，成交额1.38亿元。两融数据显示，当日山东赫达获融 ...

Core Points - Shandong Heda's stock increased by 5.04% to 13.55 CNY per share, with a trading volume of 115 million CNY and a turnover rate of 2.69%, resulting in a total market capitalization of 4.717 billion CNY [1] Company Overview - Shandong Heda Group Co., Ltd. is located in Zibo City, Shandong Province, established on December 7, 1992, and listed on August 26, 2016 [1] - The company's main business involves the research, production, and sales of water-soluble polymer compounds and downstream chemical products [1] - Revenue composition includes: 72.98% from self-produced cellulose ether products, 21.10% from plant hollow capsules, 3.86% from other chemical products, 1.90% from graphite products, and 0.16% from other supplementary products [1] Shareholder Information - Huashang Fund has a fund that ranks among the top ten circulating shareholders of Shandong Heda, specifically the Huashang Selected Return Mixed A (010761), which entered the top ten in Q2 with 2.1353 million shares, accounting for 0.67% of circulating shares [2] - The estimated floating profit for today is approximately 1.3879 million CNY [2] - The fund was established on January 19, 2021, with a latest scale of 2.261 billion CNY, achieving a year-to-date return of 42.1% and a one-year return of 38.23% [2] Fund Manager Performance - The fund managers of Huashang Selected Return Mixed A are Yu Yi, Sun Wei, and Cui Zhipeng [3] - Yu Yi has a tenure of 3 years and 41 days, with a total fund asset size of 5.867 billion CNY, achieving a best return of 69.77% and a worst return of -4.46% during the tenure [3] - Sun Wei has a tenure of 2 years and 293 days, managing 7.139 billion CNY, with a best return of 60.37% and a worst return of -9.31% [3] - Cui Zhipeng has a tenure of 1 year and 294 days, managing 3.64 billion CNY, with a best return of 61.74% and a worst return of 0.03% [3]

Group 1 - The core point of the news is that Shandong Heda's stock price increased by 5.04% to 13.55 CNY per share, with a trading volume of 115 million CNY and a turnover rate of 2.69%, resulting in a total market capitalization of 4.717 billion CNY [1] - Shandong Heda Group Co., Ltd. is located in Zibo City, Shandong Province, and was established on December 7, 1992. The company was listed on August 26, 2016, and its main business involves the research, production, and sales of water-soluble polymer compounds and downstream chemical products [1] - The revenue composition of Shandong Heda includes 72.98% from self-produced cellulose ether products, 21.10% from plant hollow capsules, 3.86% from other chemical products, 1.90% from graphite products, and 0.16% from other supplementary products [1] Group 2 - From the perspective of the top ten holdings of funds, data shows that Xinyuan Fund has one fund heavily invested in Shandong Heda. The Xinyuan Specialized and New Mixed A Fund (015071) increased its holdings by 89,000 shares in the second quarter, holding a total of 742,400 shares, which accounts for 8.17% of the fund's net value, making it the largest holding [2] - The Xinyuan Specialized and New Mixed A Fund (015071) was established on June 17, 2022, with a latest scale of 95.3868 million CNY. Year-to-date returns are 25.61%, ranking 3468 out of 8160 in its category; the one-year return is 29.22%, ranking 2595 out of 8026; and since inception, it has a loss of 34.81% [2]

Core Viewpoint - Shandong Heda's stock price has shown fluctuations with a year-to-date increase of 4.83%, while recent trends indicate a slight decline over the past five and twenty trading days [1][2]. Financial Performance - For the first half of 2025, Shandong Heda reported revenue of 972 million yuan, representing a year-on-year growth of 3.91%. However, the net profit attributable to shareholders decreased by 8.71% to 113 million yuan [2]. - Cumulative cash dividends since the company's A-share listing amount to 411 million yuan, with 258 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders for Shandong Heda was 26,500, reflecting a decrease of 3.50% from the previous period. The average number of circulating shares per shareholder increased by 3.63% to 12,097 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 2.8865 million shares, down by 454,000 shares from the previous period, while Huashang Selected Return Mixed A (010761) is a new shareholder with 2.1353 million shares [3]. Business Overview - Shandong Heda, established on December 7, 1992, and listed on August 26, 2016, is located in Zibo, Shandong Province. The company specializes in the research, production, and sales of water-soluble polymer compounds and downstream chemical products [1]. - The main revenue sources for Shandong Heda include cellulose ether products (72.98%), plant hollow capsules (21.10%), other chemical products (3.86%), graphite products (1.90%), and other supplementary products (0.16%) [1].