Investment Rating - Investment rating: Positive (maintained) [1] Core Views - Focus on the BOPET industry's anti-involution trend, with companies reducing their willingness to offer discounts and increasing prices. As of December 4, the mainstream price for BOPET in East China was 7100-7300 RMB/ton, with an average weekly price increase of 58.75 RMB/ton, a rise of 0.82% [5][21] - Global MDI prices are rising due to multiple domestic and international facilities undergoing maintenance or planned repairs. Notable price increases include 300 Euros/ton by Hungary's BorsodChem and 350 Euros/ton by Huntsman in Europe, Africa, and the Middle East [6][27][31] Summary by Sections Industry Trends - The chemical industry index underperformed the CSI 300 index by 1.15% this week, with 206 out of 545 stocks in the sector rising [17] - The CCPI (China Chemical Product Price Index) rose to 3882 points, an increase of 0.44% from the previous week [19] BOPET Industry Insights - BOPET companies are less willing to lower prices, leading to a tentative upward price trend. The average gross profit for BOPET films is estimated at -476.73 RMB/ton, indicating significant pressure on profit margins [22][21] - BOPET's operating rate was reported at 65.18%, with inventory levels at historical highs [23][28] MDI Market Developments - Multiple facilities are undergoing maintenance, contributing to a global price increase for MDI products. Companies like Wanhua Chemical have announced price hikes for their MDI products in Southeast Asia and South Asia [31][33] Recommended and Beneficiary Stocks - Recommended stocks include Wanhua Chemical, Hengli Petrochemical, and others in the chemical sector. Beneficiary stocks include companies like Dongyue Group and Xinjiang Tianye [8][47]

证券代码：600426 证券简称：华鲁恒升公告编号：临2025-075 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： ● 本次会议是否有否决议案：无 一、会议召开和出席情况 山东华鲁恒升化工股份有限公司 2025年第四次临时股东会决议公告 (一)股东会召开的时间：2025年12月5日 (二)股东会召开的地点：德州·公司会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： ■ 二、议案审议情况 (一)非累积投票议案 1、议案名称：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 审议结果：通过 表决情况： ■ (四)表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 本次会议采取现场投票与网络投票相结合的方式召开及表决。会议由公司董事会召集，董事长常怀春先 生主持。会议的召集、召开符合有关法律、法规、规章和公司章程的规定。 (五)公司董事和董事会秘书的列席情况 1、公司在任董事11人，列席10人，非独立董事祁少卿先生 ...

Group 1 - The chemical sector experienced a significant rally on December 5, with the Chemical ETF (516020) showing a nearly unilateral upward trend, peaking at a 1.65% increase during the day and closing with a 1.39% gain [1][8] - Key stocks in the sector included agricultural chemicals, nitrogen fertilizers, and polyurethanes, with notable gains from Yangnong Chemical (up 6.11%), Luxi Chemical (up 4.69%), and several others exceeding 4% [1][8] - The Chemical ETF tracks a diversified index that includes leading companies in the lithium battery sector, such as Tianqi Lithium and Enjie, which are expected to benefit from the ongoing recovery in lithium battery demand [3][10] Group 2 - The current valuation of the chemical sector appears attractive, with the Chemical ETF's index price-to-book ratio at 2.32, placing it at the 39.61 percentile relative to the past decade, indicating a favorable long-term investment opportunity [3][10] - Looking ahead, the chemical industry is expected to see a gradual recovery in demand starting in 2024, driven by improvements in both domestic and international markets, particularly in sectors like automotive and textiles [4][11] - The "14th Five-Year Plan" emphasizes enhancing quality and efficiency in economic growth, which is anticipated to lead to increased domestic demand and a significant rise in new energy vehicle penetration [10][11] Group 3 - The Chemical ETF (516020) offers a high-efficiency investment vehicle for gaining exposure to the chemical sector, with nearly 50% of its holdings in large-cap stocks like Wanhua Chemical and Salt Lake Industry, while also diversifying into other segments such as phosphate and nitrogen fertilizers [5][12] - The industry is projected to face a reduction in capital expenditures starting in 2024, which, combined with the clearing of outdated overseas capacities, may lead to a contraction in supply and a potential turning point for the sector by 2026 [4][11]

债权人可采用邮寄、传真或电子邮件的方式申报，具体方式如下： 1、申报时间： 2025 年 12 月 6 日至 2026 年 1 月 19 日。以邮寄方式申报的， 申报日以寄出日为准。 证券代码：600426 证券简称：华鲁恒升 编号：临 2025-076 山东华鲁恒升化工股份有限公司 关于回购注销部分激励对象限制性股票通知债权人的 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。 一、通知债权人的原由 山东华鲁恒升化工股份有限公司(下称"公司")于 2025 年 11 月 17 日召开第九 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》。因 2021 年限制性股票激励计划（以下简称"激励计划"）首次授予的激励对象 中有两人退休（以下简称"上述人员"），根据激励计划第十三章"公司及激励对象 发生异动的处理" 第二条 "激励对象个人情况发生变化"中第二款之相关规定， 需回购注销上述人员尚未解除限售的限 ...

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。 证券代码：600426 证券简称：华鲁恒升 公告编号：临 2025-075 山东华鲁恒升化工股份有限公司 2025年第四次临时股东会决议公告 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (四) 表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 本次会议采取现场投票与网络投票相结合的方式召开及表决。会议由公司董 事会召集，董事长常怀春先生主持。会议的召集、召开符合有关法律、法规、规 章和公司章程的规定。 (五) 公司董事和董事会秘书的列席情况 1、公司在任董事11人，列席10人，非独立董事祁少卿先生因工作原因未列 席本次会议。 2、董事会秘书出席了本次股东大会；部分高管列席了会议。 二、 议案审议情况 (一) 非累积投票议案 (一) 股东会召开的时间：2025 年 12 月 5 日 (二) 股东会召开的地点：德州·公司会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 48 ...

北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 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 2025 年第四次临时股东会的 法律意见书 国枫律股字[2025]A0585 号 致：山东华鲁恒升化工股份有限公司（贵公司） 北京国枫律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出席并见证 贵公司 2025 年第四次临时股东会（以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》（以下简称 "《股东会规则》"）、《律师事务所从事证券法律业务管理办法》（以下简称"《证券法律 业务管理办法》"）、《律师事务所证券法律业务执业规则（试行）》（以下简称"《证券法 律业务执业规则》"）等相关法律、行政法规、规章、规范性文件及《山东华鲁恒升化工 股份有限公司章程》（以下简称"《公司章程》"）的规定，就本次会议的召集与召开 程序、召集人资格、出席会议人员资格、会议表决程序及表决结果等事宜 ...

证券代码：600426 证券简称：华鲁恒升 编号：临2025-074 山东华鲁恒升化工股份有限公司 根据全国高新技术企业认定管理工作领导小组办公室于2025年12月2日发布的《对湖北省认定机构2025 年认定报备的第一批高新技术企业进行备案的公告》，公司控股子公司华鲁恒升（荆州）有限公司（以 下简称"荆州子公司"）已通过了高新技术企业的认定，证书编号为GR202542000637。 根据《中华人民共和国企业所得税法》以及国家对高新技术企业的相关税收规定，荆州子公司通过高新 技术企业认定后，将连续三年享受国家关于高新技术企业的相关税收优惠政策，即按15%的税率缴纳企 业所得税。 特此公告。 山东华鲁恒升化工股份有限公司董事会 2025年12月4日 关于控股子公司通过高新技术企业认定的公告 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。 ...

Investment Rating - The report maintains a positive outlook on the lithium battery materials sector, indicating a potential turning point for the upstream materials market after several years of rapid growth in downstream demand [3][11]. Core Insights - The lithium battery industry is expected to experience strong growth, with projected demand for power and energy storage batteries increasing by 30% by 2026, and energy storage batteries seeing growth rates of 40%-50% [6][30]. - The demand for lithium iron phosphate and lithium hexafluorophosphate is anticipated to grow rapidly, driven by the needs of power and energy storage sectors, which will also boost the demand for phosphate rock [7][30]. - The report highlights specific companies that are well-positioned to benefit from these trends, including Yuntianhua, Xingfa Group, Chuanheng Co., Yuntu Holdings, Wanhua Chemical, Longbai Group, and others in various segments of the lithium battery materials market [3][11]. Summary by Sections Lithium Battery Market - The demand for power and energy storage batteries is projected to grow significantly, with the domestic commercial vehicle market reaching a price parity point, and the penetration rate for passenger vehicles still having room for growth [6][30]. - The report notes that the domestic monthly penetration rate for electric vehicles has stabilized around 55%, with an upward trend in EV market share driven by new models with larger battery capacities [6][30]. Positive Materials - Phosphate rock is expected to see a revaluation of its value, with demand driven by the agricultural sector and the growing needs of the lithium battery industry [7][32]. - The report indicates that the supply of phosphate rock is likely to remain balanced, with limited expansion in overseas production and domestic projects falling short of expectations [7][38]. Industrial Grade Monoammonium Phosphate - The industrial-grade monoammonium phosphate sector is experiencing a tight supply situation, with leading companies performing well despite a low nominal operating rate due to many firms lacking suitable phosphate resources [7][40]. - The report anticipates that the profitability of industrial-grade monoammonium phosphate will improve as demand continues to grow and supply constraints remain [7][40]. Lithium Hexafluorophosphate - The price of lithium hexafluorophosphate has seen significant increases due to unexpected demand from energy storage and commercial vehicles, with a tight supply expected to continue until 2027 [10][30]. - The report suggests that the expansion cycle for lithium hexafluorophosphate production will take approximately 1.5 years, indicating ongoing supply constraints [10][30]. Investment Recommendations - The report recommends investment in companies involved in phosphate rock, industrial-grade monoammonium phosphate, lithium iron phosphate, and lithium hexafluorophosphate, highlighting specific firms that are well-positioned to capitalize on these trends [3][11].

（编辑 袁冠琳） 证券日报网讯 12月3日晚间，华鲁恒升发布公告称，公司控股子公司华鲁恒升（荆州）有限公司已通过 了高新技术企业的认定，根据相关税收规定，荆州子公司通过高新技术企业认定后，将连续三年享受国 家关于高新技术企业的相关税收优惠政策，即按15%的税率缴纳企业所得税。 ...

根据《中华人民共和国企业所得税法》以及国家对高新技术企业的相关税收规 定，荆州子公司通过高新技术企业认定后，将连续三年享受国家关于高新技术企业 的相关税收优惠政策，即按15%的税率缴纳企业所得税。 证券代码：600426 证券简称：华鲁恒升 编号：临 2025-074 山东华鲁恒升化工股份有限公司 关于控股子公司通过高新技术企业认定的公告 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。 根据全国高新技术企业认定管理工作领导小组办公室于2025年12月2日发布的 《对湖北省认定机构2025年认定报备的第一批高新技术企业进行备案的公告》，公 司控股子公司华鲁恒升（荆州）有限公司（以下简称"荆州子公司"）已通过了高 新技术企业的认定，证书编号为GR202542000637。 山东华鲁恒升化工股份有限公司董事会 2025 年 12 月 4 日 特此公告。 ...