当可转债的"转换期权"遇见新质生产力的成长潜力，一场关于技术创新与资本赋能的双向奔赴已然开启。 ▲图片由AI生成 近日，一波可转换公司债券（以下简称"可转债"）发行公告密集亮相，募集资金精准投向数据中心电源、电力装备智能制造、新能源 电池材料等代表新质生产力的核心领域。从募资投向的具体项目可见，企业正利用这种特殊融资工具进行前瞻性产能布局，作为兼具 债性与股性的混合融资工具，可转债显然成为企业加码新质生产力布局的"金融杠杆"。当可转债的"转换期权"遇见新质生产力的成长 潜力，一场关于技术创新与资本赋能的双向奔赴已然开启。 为制造项目扩产 注入"金融活水" 2025年12月以来，海南金盘智能科技股份有限公司（以下简称"金盘科技"）、长高电新科技股份公司（以下简称"长高电新"）、深 圳市汇创达科技股份有限公司（以下简称"汇创达"）、济南圣泉集团均宣布最新的可转债发行计划。 其中，金盘科技通过发行6年期可转债拟募集资金总额16.715亿元，用于数据中心电源模块及高效节能电力装备智能制造项目、高效 节能液浸式变压器及非晶合金铁芯智能制造项目、研发办公楼建设项目等。 长高电新向不特定对象公开发行可转债，通过深交所审核， ...

证券日报网讯1月7日，圣泉集团（605589）在互动平台回答投资者提问时表示，为保证所有投资者平等 获悉公司信息，公司在定期报告中对报告期末股东人数及相关情况进行披露。 ...

（文章来源：证券日报） 证券日报网讯 1月7日，圣泉集团在互动平台回答投资者提问时表示，目前大庆"年产100万吨生物质精 炼一体化"项目主要产品包括秸秆浆生活用纸、糠醛和木质素产品，木质素产品主要有生物炭、硬碳负 极材料、染料分散剂、零碳燃料等，积极布局木质素高附加值产品赛道，助力大庆项目稳步实现减亏增 效目标。 ...

证券日报网讯 1月7日，圣泉集团在互动平台回答投资者提问时表示，公司硬碳负极材料项目是依托自 身生物质精炼一体化产业链优势布局的新能源项目，目前已完成储能电池、3C消费类电池等多场景适 配并进入头部电芯企业供应链。当前钠离子电池在储能、低速电动车等领域的产业化进程持续提速，硬 碳作为钠电负极核心材料的市场需求正快速扩容。未来公司将依托技术、产业链协同及客户先发优势， 稳步推进项目产能释放，把握新能源材料产业发展机遇，为股东创造更大价值。 （编辑 丛可心） ...

Summary of Conference Call Records Industry Overview - The basic chemical sector is likely at the bottom of its cycle, with no need to wait for significant improvements in fundamentals before investing. Stock prices often lead the market, indicating potential investment opportunities when future fundamental changes are anticipated [2][4]. Key Investment Opportunities - Investment opportunities in 2026 are concentrated in traditional cyclical industries and technology materials, particularly in AI-related sectors such as energy storage materials (e.g., lithium carbonate) and storage materials (e.g., Yake Technology) [1][6]. - Recommended leading companies in the chemical industry include Wanhua Chemical, Hualu Hengsheng, and Juhua Co., due to their low valuations and high profit elasticity [1][8]. Company-Specific Insights Wanhua Chemical - Strongly recommended as a top investment choice due to its outlier effect and continuous growth catalysts. Expected revenue for 2026 is projected to reach 400 billion yuan, with a net profit forecast of 16 billion yuan [1][12][14]. - The company has a significant profit increase potential with every 1,000 yuan increase in MDI and TDI prices, translating to a net profit increase of 3.4 billion yuan [12][14]. Hualu Hengsheng - The company is expected to achieve annualized quarterly performance exceeding 5 billion yuan in 2026, supported by multi-category layout and technological upgrades [1][17][18]. Dongcai Technology - Notable for its advantages in new energy materials, with expectations to turn losses into profits as the overall profitability in the new energy sector improves [1][13][15]. Baofeng Energy - Expected to maintain stable annual profits between 12 billion to 13 billion yuan following the release of new capacity at its Ningxia base. The company benefits from the cyclical changes in the coal chemical industry and has diversified its product offerings [3][19][20]. Industry Trends and Signals - The potassium fertilizer industry is expected to experience tight supply and demand in 2026, maintaining high prices, while the phosphate market outlook remains stable with manageable supply increases [3][22][23]. - The tire industry is impacted by EU anti-dumping policies, prompting leading companies to expand overseas to increase market share [3][27][28]. - The spandex industry is at a cyclical bottom, with potential supply-side clearing effects anticipated due to the bankruptcy of a major player, which could improve market conditions [3][34][35]. Additional Insights - Investment in underperforming sectors is justified as they have likely reflected most negative factors in their stock prices, presenting potential for positive marginal changes [11]. - The refrigerant industry, while considered an "old story," shows strong certainty and potential for long-term investment due to ongoing price support [24]. - The organic silicon industry is expected to see price increases driven by domestic demand and external supply constraints, with companies like Dongyue showing significant elasticity [25][26]. Conclusion - The conference call highlighted a range of investment opportunities across various sectors within the chemical industry, emphasizing the importance of leading companies and emerging trends. Investors are encouraged to consider both cyclical recovery and technological advancements when making investment decisions.

Core Viewpoint - The straw industry in China is deeply integrated with agriculture, energy, chemicals, and building materials, forming various industrial chains that enhance rural employment and farmers' income while creating indirect economic value through the substitution of petrochemical and wood resources [2][10]. Market Policy - The Chinese government has implemented a series of policies to promote comprehensive utilization of straw, including subsidies, market construction, and incentive measures, providing a favorable policy environment for the development of the straw recycling and processing industry [2][10][12]. - Key policies include the "Air Quality Continuous Improvement Action Plan," which emphasizes the comprehensive utilization of straw and the prohibition of burning, aiming to stabilize the comprehensive utilization rate of straw above 86% [12][10]. Utilization Volume and Rate - The comprehensive utilization of straw in China is projected to increase from 555 million tons in 2024 to 647 million tons, with feed usage accounting for approximately 18.4%, raw material and substrate fields about 1.8%, edible fungus substrate around 2.3%, and fuel fields about 8.2% [2][10]. - The comprehensive utilization rate of straw is expected to rise from 77.7% in 2024 to 88.3%, with the market size growing from 147.63 billion yuan to 205.10 billion yuan [2][10]. Industry Chain - The straw industry chain in China consists of three levels: upstream resource supply and equipment manufacturing, midstream processing and technology conversion, and downstream diversified applications, moving towards scale, high value, and intelligence [13][14]. - The upstream includes straw resource sources, collection, storage, and machinery, while the midstream focuses on processing and technology conversion, leading to applications in agriculture, energy, building materials, and environmental protection [13][14]. Related Companies - Listed companies involved in the straw industry include Sierte (002538), Yili Group (600887), Huarui Agriculture (833462.NQ), Xuerong Biological (300511), Shouxiangu (603896), Disen Co. (300335), Changqing Group (002616), Sun Paper (002078), and Shengquan Group (605589) [2].

证券日报网讯 1月6日，圣泉集团在互动平台回答投资者提问时表示，公司前三季度合成树脂产品销量 57.87万吨；先进电子材料及电池材料产品销量6.11万吨；生物质产品销量22.35万吨，2025年度公司产 品产销量等详细信息请查看公司在上海证券交易所指定网站披露的定期报告及相关公告。 （文章来源：证券日报） ...

每经AI快讯，"A股绿色报告"项目监控到的数据显示，圣泉集团（605589）控股子公司山东圣泉新材料 股份有限公司26万吨/年甲醛扩建项目环评审批获原则同意。该项目总投资额达1.49亿元。该审批信息 于2025年12月24日被相关监管机构披露。 "A股绿色报告"项目由每日经济新闻联合环保领域知名NGO公众环境研究中心（IPE）共同推出，旨在 让上市公司环境信息更加阳光透明。本项目基于31个省（区、市）、337个地级市政府发布的权威环境 监管数据，筛选监控上市公司及其旗下公司（包括分公司、参股公司和控股公司）的环境表现，加以专 业数据分析及深入解读，每日智能写作及时发布上市公司AI绿报，每周推出A股绿色周报，定期动态更 新上市公司环境风险榜。 上期（总第227期）A股绿色周报显示，共有4家上市公司在近期暴露了环境风险。 (记者 刘志远 魏官红) 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前核实。据此操作，风险自 担。 ...

"A股绿色报告"项目由每日经济新闻联合环保领域知名NGO公众环境研究中心（IPE）共同推出，旨在 让上市公司环境信息更加阳光透明。本项目基于31个省（区、市）、337个地级市政府发布的权威环境 监管数据，筛选监控上市公司及其旗下公司（包括分公司、参股公司和控股公司）的环境表现，加以专 业数据分析及深入解读，每日智能写作及时发布上市公司AI绿报，每周推出A股绿色周报，定期动态更 新上市公司环境风险榜。 上期（总第227期）A股绿色周报显示，共有4家上市公司在近期暴露了环境风险。 每经AI快讯，"A股绿色报告"项目监控到的数据显示，圣泉集团（605589）控股子公司山东圣泉新材料 股份有限公司千吨级高性能树脂中试项目环评审批获原则同意。该项目总投资额达1.24亿元。该审批信 息于2025年12月24日被相关监管机构披露。 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前核实。据此操作，风险自 担。 (记者 刘志远 魏官红) ...

Core Insights - The report emphasizes the growth opportunities in the electronic materials sector driven by rapid downstream development, technological advancements, and domestic substitution [3][5] - The semiconductor materials market is projected to grow significantly, with a forecasted sales revenue of USD 67.5 billion in 2024, reflecting a year-on-year increase of 3.8% [7][34] - The report maintains a "stronger than market" rating for the industry, indicating a positive outlook for investments in electronic materials [3][5] Semiconductor Materials - The global semiconductor materials market is expected to exceed USD 87 billion by 2029, with a compound annual growth rate (CAGR) of 4.5% from 2024 to 2029 [7][34] - China's semiconductor materials domestic substitution rate is currently around 15%, with significant reliance on imports for high-end materials [38][42] - Key materials such as CMP polishing materials, photoresists, and electronic specialty gases are seeing increased domestic production efforts, which are expected to enhance the domestic substitution rate [38][42] PCB Materials - The PCB industry is evolving towards high-frequency and high-speed applications, with increasing demand for electronic resins and fabrics [7][34] - The global market for electronic resins and fabrics used in PCB production is estimated at approximately USD 33.02 billion and USD 24.13 billion, respectively, in 2023 [7][34] - The transition to high-frequency and high-speed PCBs is driven by advancements in 5G technology and the rapid growth of data centers and cloud computing [7][34] OLED Materials - The demand for OLED materials is expected to grow rapidly due to increasing terminal application needs and the acceleration of high-generation line capacity release [7][34] - The global OLED display materials market is projected to reach USD 2.44 billion in 2024, with a CAGR of 19.8% expected from 2025 to 2031 [7][34] - Domestic OLED organic materials currently have a low substitution rate of around 12%, indicating significant growth potential as local manufacturers expand their capabilities [7][34] Investment Recommendations - The report recommends investing in companies benefiting from the semiconductor market recovery, such as Anji Technology, Yake Technology, and Jiangfeng Electronics, among others [5][34] - For AI server demand, companies like Shengquan Group and Dongcai Technology are highlighted as key players in the electronic resin market [5][34] - In the OLED sector, companies like Lite-On Optoelectronics and Wanrun Co., Ltd. are recommended due to their strong market positions [5][34] Industry Performance - The semiconductor materials index has shown a cumulative increase of 37.87% in 2025, outperforming the CSI 300 index by 18.72 percentage points [26] - The electronic chemicals index has increased by 54.98% in the same period, surpassing the CSI 300 index by 35.83 percentage points [26] - Overall, the electronic materials industry is experiencing stable growth, with significant improvements in revenue and profitability metrics [16][26]