Summary of Key Points Core Viewpoint - The announcement highlights the share pledge situation of Jinan Shengquan Group Co., Ltd., indicating that the controlling shareholder and actual controller, Mr. Tang Yilin, along with his associates, have pledged a significant portion of their shares, which may impact investor sentiment and company stability [1][2]. Group 1: Shareholding and Pledge Details - As of the announcement date, Mr. Tang Yilin and his associates hold a total of 215,947,045 shares, representing 25.51% of the company's total share capital [1]. - After the recent share pledge, the total number of pledged shares by Mr. Tang Yilin and his associates amounts to 74,250,000 shares, which is 34.38% of their total holdings and 8.77% of the company's total share capital [1]. Group 2: Pledge Context - The pledged shares are not being used as collateral for major asset restructuring performance compensation or other guarantee purposes [1]. - The company will continue to monitor the share pledge situation of its controlling shareholders and will comply with relevant regulations for timely information disclosure [1].

Core Points - The announcement details the pledge of shares by the controlling shareholder and actual controller of Jinan Shengquan Group Co., Ltd, specifically Mr. Tang Yilin and his concerted actors [1][4] - As of the announcement date, the total shares held by Mr. Tang Yilin and his concerted actors amount to 215,947,045 shares, which represents 34.38% of their total holdings and 8.77% of the company's total share capital [1][2] Summary of Pledged Shares - Mr. Tang Diyuan, a concerted actor, has pledged 700,000 shares, which is 0.94% of his holdings and 0.08% of the company's total share capital, with the pledge starting on July 31, 2025, and ending on July 31, 2028 [1][2] - The cumulative pledged shares by the shareholders and their concerted actors are detailed, showing the total pledged shares before and after the current pledge [2][3] - The company will continue to monitor the pledge situation of its controlling shareholders and their concerted actors, ensuring compliance with relevant regulations and timely information disclosure [3]

证券代码：605589 证券简称：圣泉集团 公告编号：2025-060 | 是否 | 本次质 | 是否 | 是否 | 占其所持 | 占公司总 | 股东 | 为控 | 质押起 | 质押到 | 质押融资 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 押股数 | 为限 | 补充 | 质权人 | 股份比例 | 股本比例 | 名称 | 股股 | 始日 | 期日 | 资金用途 | （股） | 售股 | 质押 | （%） | （%） | | 东 | | | | | | | | | | | | | | | | 济南圣泉集团股份有限公司 关于控股股东、实际控制人之一致行动人 部分股份质押的公告 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法律责任。 重要内容提示： 截至本公告披露日，济南圣泉集团股份有限公司（以下简称"公 司"）控股股东、实际控制人唐一林先生及其一致行动人唐地源 ...

Group 1 - The petrochemical industry is currently facing significant "involution" competition, leading to a decline in profit margins from 8.03% in 2021 to 4.85% in 2024, with the first half of 2025 still at low levels [1][16][17] - Central authorities have proposed comprehensive rectification measures to combat this issue, focusing on self-discipline, innovation, and the elimination of non-compliant capacity [1][16] - The industry is expected to transition towards high-quality sustainable development through capacity optimization and price ecology restructuring [1][16] Group 2 - The chemical industry's anti-involution policies have deepened from institutional construction to special rectification, with measures introduced to curb redundant construction and market segmentation [2][17] - Key sectors such as refining, olefins, and certain pesticide varieties are anticipated to benefit from supply-side reforms, leading to improved profitability as inefficient capacity is phased out [2][17] - The overall supply-demand structure is expected to gradually optimize, with the potential for profit recovery in the industry [2][17] Group 3 - As of July 2025, the China Chemical Product Price Index (CCPI) reported a decline of 5.6% from the beginning of the year, indicating a slight decrease in the prices of major chemical products [3][18] - The international crude oil prices showed a fluctuating upward trend, with Brent crude rising from $67.11 to $73.24 per barrel in July, influenced by geopolitical tensions and seasonal demand [4][19] - The forecast for Brent crude oil prices is set between $65 and $70 per barrel, with WTI prices expected between $60 and $65 per barrel, highlighting the importance of geopolitical dynamics and OPEC+ policies [4][19] Group 4 - The investment portfolio for the month includes companies such as Shengquan Group, Hubei Yihua, Satellite Chemical, China Petroleum, Lier Chemical, and Yara International, focusing on sectors with growth potential [9][22] - Shengquan Group is highlighted as a leader in synthetic resins, particularly in the rapidly growing electronic specialty resin market [9][22] - Hubei Yihua is positioned to benefit from its resource advantages in the fertilizer sector, while China Petroleum is recognized for its comprehensive energy capabilities [9][22] Group 5 - The electronic resin sector is experiencing rapid growth driven by demand from AI servers, with the global high-frequency and high-speed PCB market expected to grow at a compound annual growth rate of 26% from 2024 to 2026 [7][20][33] - The phosphoric fertilizer market is seeing resilience due to overseas agricultural recovery and regional stockpiling, with global prices on the rise [8][20] - The pesticide sector is anticipated to recover as the downward cycle reaches its bottom, supported by increased demand from South America and limited export growth from India and the U.S. [8][21]

Core Viewpoint - The article discusses the growth and dynamics of the PCB (Printed Circuit Board) industry, particularly focusing on the demand for high-frequency and high-speed PCBs driven by advancements in AI servers and other electronic applications [6][21]. PCB Industry Overview - PCB serves as a crucial electronic interconnect component, connecting various electronic parts to form predetermined circuits [7]. - The upstream of PCB includes raw materials such as copper foil, fiberglass cloth, and resin, while the downstream encompasses various electronic products including communication devices, consumer electronics, and automotive applications [8]. Copper Clad Laminate (CCL) Insights - CCL is identified as the core intermediate product for PCB manufacturing, providing essential functions of conductivity, insulation, and support [10]. - The cost structure of PCB indicates that direct costs account for nearly 60%, with CCL representing the highest cost share at 27.31% [15]. Performance Metrics of CCL - Electrical performance is highlighted as a core indicator for CCL quality, impacting PCB performance, manufacturing costs, and long-term reliability [16]. - High-frequency and high-speed PCBs are increasingly utilized in applications such as 5G base stations and AI server GPU clusters, with signal transmission rates exceeding 112 Gbps [16]. Market Demand for High-End PCBs - The global AI infrastructure market is projected to grow significantly, with the market size expected to reach $124.03 billion by 2033, driven by rapid AI application deployment [25]. - AI server shipments are anticipated to rise sharply, with a forecasted shipment of 213.1 million units in 2025, reflecting a year-on-year growth of 27.6% [24]. Upgrading Server Requirements - The demand for PCBs is increasing as ordinary servers upgrade their specifications, necessitating higher performance CCLs [31]. - The global server shipment is expected to grow from 13.6 million units in 2020 to 16.3 million units by 2025, with a compound annual growth rate of 4.15% [31]. Market Growth Projections - The PCB market is projected to experience substantial growth, particularly in the server segment, with a compound annual growth rate of 11.6% from 2023 to 2028 [37]. - The high-end CCL market is expected to expand rapidly, with projections indicating a market size increase from under $4 billion to over $6 billion between 2024 and 2026, reflecting a compound annual growth rate of 28% [37]. Competitive Landscape - Japanese and Taiwanese companies hold significant advantages in the high-end CCL market, with major players like Panasonic and Rogers leading in high-frequency and high-speed CCL technology [38]. - The market for rigid special CCL is dominated by a few key players, with 13 companies accounting for approximately 93% of global sales [38].

Group 1: Stock Recommendations - The report recommends 10 stocks and 3 ETFs based on a top-down approach for August allocation [1] - Lu'an Huanneng is highlighted for its high spot coal ratio, significant earnings elasticity, and low PB valuation [1][8] - Huayou Cobalt benefits from integrated layout advantages, stable incremental profit from wet nickel production, and a significant decrease in cobalt imports in June [1][8] - Geely Automobile's privatization of Zeekr will enhance resource integration and decision-making efficiency, with an adjusted annual sales target of 3 million vehicles [2][8] - Cambrian is positioned to benefit from the increasing demand for AI chips and has plans for hardware and software platform development [2][8] - SMIC is advancing in domestic computing capabilities with improved yield rates and is expected to benefit from the semiconductor cycle [2][8] - North Navigation is a leader in the long-range fire industry, experiencing rapid demand recovery and implementing stock incentives [3][8] - Shengquan Group is a leading supplier in high-frequency resin, expected to see rapid growth due to PCB industry demand [3][8] - CITIC Securities is well-positioned in the financial sector with a solid market position and ample IPO reserves [3][8] - Jiao You International focuses on cross-border mineral logistics, particularly in Africa, ensuring efficient and secure transportation [3][8] - China Jinmao has made significant impairment provisions and is on track to meet its sales target [4][8] Group 2: ETF Recommendations - Recommended ETFs include Military Industry ETF, TMT ETF, and Chemical ETF, reflecting sectoral strengths [4][10] - The Military Industry ETF has a total net value of 171.45 billion yuan with a year-to-date growth rate of 14.33% [10] - The TMT ETF shows a year-to-date growth rate of 12.27% and a total net value of 5.02 billion yuan [10] - The Chemical ETF has a total net value of 33.81 billion yuan with a growth rate of 9.22% [10] Group 3: Financial Data Highlights - Lu'an Huanneng's EPS is projected to be 0.65 yuan in 2025, with a PE ratio of 23 [9] - Huayou Cobalt's EPS is expected to rise to 3.11 yuan in 2025, with a PE ratio of 15 [9] - Geely Automobile's EPS is forecasted at 1.61 yuan in 2025, maintaining a PE ratio of 11 [9] - Cambrian is projected to have an EPS of 3.04 yuan in 2025, with a high PE ratio of 234 [9] - SMIC's EPS is expected to reach 0.64 yuan in 2025, with a PE ratio of 144 [9] - North Navigation's EPS is projected at 0.17 yuan in 2025, with a PE ratio of 104 [9] - Shengquan Group's EPS is expected to be 1.53 yuan in 2025, with a PE ratio of 21 [9] - CITIC Securities is projected to have an EPS of 1.56 yuan in 2025, with a PE ratio of 19 [9] - Jiao You International's EPS is expected to be 1.49 yuan in 2025, with a PE ratio of 8 [9] - China Jinmao's EPS is projected at 0.12 yuan in 2025, with a PE ratio of 11 [9]

Investment Rating - The industry rating is Neutral (maintained rating) [5] Core Viewpoints - In Q2 2025, the proportion of public funds holding basic chemical stocks slightly decreased, with a market value allocation of 3.26%, down 0.46 percentage points year-on-year and 0.09 percentage points quarter-on-quarter [2][12] - The market value of basic chemical stocks in A-shares accounted for 3.49%, a decrease of 0.07 percentage points year-on-year and 0.04 percentage points quarter-on-quarter, indicating a low allocation of 0.23% in the basic chemical industry [2][12] - The number of stocks held by public funds in the basic chemical sector has increased, with 154 stocks held as of Q2 2025, an increase of 21 stocks year-on-year and 7 stocks quarter-on-quarter [3][18] Summary by Sections 1. Event - Public funds are required to disclose their top ten heavy stocks within 15 days after the end of each quarter, with complete holdings disclosed within 60 days after the end of the half-year [11] 2. Sector Holding Changes - The holding proportion of basic chemical stocks by public funds decreased slightly in Q2 2025, with a market value allocation of 3.26% [2][12] - The holding proportion of petrochemical stocks has shown a clear upward trend since Q3 2020, reaching a peak of 1.17% in Q1 2024, but fell to 0.38% in Q2 2025 [2][16] 3. Individual Stock Changes - The top five heavy stocks in Q2 2025 are Juhua Co., Sailun Tire, Hualu Hengsheng, Guangdong Hongda, and Wanhua Chemical, with Guangdong Hongda replacing Satellite Chemical in the top five [4][25] - The number of public funds holding leading stocks in the chemical sector has decreased, with a shift towards small and mid-cap stocks [5][27] 4. Market Preference Analysis - The market value of stocks with a market capitalization of over 500 billion accounted for 25.22% of the total market value of the top 50 chemical stocks, down 8.51 percentage points [5] - The number of funds holding leading stocks like Huafeng Chemical and Xinzhou Bang has increased, while those holding Wanhua Chemical and Hualu Hengsheng has decreased [5][27]

Core Viewpoint - The Jinan city government is committed to implementing the "Industrial Strong City Development Strategy" with a focus on strengthening and optimizing the "3+2+2" industrial chain clusters in the Zhangqiao District [1][3] Group 1: Industrial Chain Development - Zhangqiao District aims to continuously strengthen the automotive industry chain through five major projects, including expanding vehicle production capacity and enhancing the foundation of auto parts [3] - The district is focusing on the advanced materials industry chain, with key projects like the annual production of 1,000 tons of porous carbon by Shengquan Group and the development of specialized nylon materials [3] - Efforts are being made to expand the specialized equipment industry chain, particularly in engineering machinery, environmental protection, and new energy equipment [3] Group 2: Technological and Information Industry - Zhangqiao District is accelerating the cultivation of the aerospace information industry chain, leveraging resources like the Aerospace Information University to gather key projects [3] - The district is prioritizing the development of the new generation information technology industry chain, promoting the "industrial brain + future factory" model and implementing digital integration projects [3] Group 3: Health and Green Industries - The district is focusing on the pharmaceutical, food, and packaging industry chain, with plans to establish the Jinan (Mingshui) Life Health Industrial Park [3] - There is an emphasis on optimizing the green building materials and prefabricated construction industry chain, supporting key enterprises to strengthen their market position [3] - The goal is to achieve a "double improvement" in the quality and efficiency of the "3+2+2" industrial chain clusters within three years, serving as a core engine for regional economic optimization [3]

Investment Rating - The report maintains a positive outlook on the pesticide industry, suggesting a "Buy" rating for key companies such as Yangnong Chemical, Lier Chemical, and Runfeng Shares [3][20]. Core Insights - The pesticide industry is experiencing a recovery due to the "Zhengfeng Zhijuan" initiative aimed at regulating the market, which has led to price increases for key products like fluorocarbon herbicides [3][4]. - The report highlights the impact of maintenance shutdowns at major production facilities, such as Wanhua's Hungarian plant, which may lead to supply shortages and price increases in the TDI market [3][4]. - The report emphasizes the potential for improved industry dynamics through the elimination of outdated production capacity, as indicated by government initiatives targeting key sectors [3][4]. Summary by Sections Industry Dynamics - Current macroeconomic conditions indicate a stable global GDP growth of 2.8%, with oil demand expected to rise despite some slowdown due to tariffs [4]. - The report notes that coal prices are expected to decline in the medium to long term, alleviating pressure on downstream industries [4]. Chemical Prices - Recent price movements include a 15% increase in the price of Lier Chemical's fluorocarbon herbicide and a similar rise for Zhongqi Shares [3][11]. - The report mentions that the price of TDI is expected to rise due to low global inventory levels and potential supply disruptions from maintenance activities [3][4]. Investment Recommendations - The report suggests focusing on traditional cyclical stocks and specific sectors such as coal chemical, real estate chain, and agricultural chemicals, highlighting companies like Wanhua Chemical and Hualu Hengsheng [3][20]. - Growth stocks with recovery potential are identified, including semiconductor materials and OLED panel materials, with specific companies recommended for investment [3][20].

Summary of Conference Call on Resin Industry and CCL Market Industry Overview - The resin market, particularly low dielectric loss and low dielectric constant hydrocarbon resins, is rapidly growing due to increased demand from 5G, 6G communications, and AI computing. The market capacity is expected to reach 3 billion RMB by 2026, becoming a key material for CCL (Copper Clad Laminate) [1][25]. Key Players and Market Dynamics - High-end CCL market competition is changing, with Chinese companies like Shengquan, Dongcai, and Shiming breaking the Japanese monopoly and capturing market share in M8 and above grade materials [1][5]. - Shengquan is the largest domestic supplier of modified PPO resin, holding over 40% market share; Dongcai has 20%-30% share in the PPO field; Shiming leads in hydrocarbon resins with over 40% share [1][7]. Material Usage and Trends - The higher the CCL grade, the greater the proportion of hydrocarbon resins used. For instance, in M7 grade, the PPO to hydrocarbon ratio is approximately 7:3, while in M9 grade, it shifts to 3:7, indicating a growing demand for low-loss materials in high-end applications [1][10]. - The supply of hydrocarbon resins is expected to be tighter than PPO by 2026, with total demand projected to exceed 6,000 tons against a production capacity of only about 3,000 tons [1][16]. Expansion Plans - Domestic and international manufacturers are actively expanding production to meet future demand. Shengquan plans to increase PPO capacity to 5,000 tons, while Dongcai and Shiming are also expanding their production [1][12]. - The expected market capacity for epoxy resins in CCL is projected to be between 1.5 billion to 2 billion RMB by 2026, while hydrocarbon resin usage is expected to grow to 3 billion RMB [8]. Regional Demand Insights - Taiwan is a significant market for GPU manufacturers like NVIDIA, with hydrocarbon resin demand expected to reach over 1,000 tons by 2026 [2][17]. - The overall demand in Taiwan is projected to be around 2,000 tons, while mainland China is expected to have over 1,000 tons of demand [17]. Competitive Landscape - The high-end CCL market has traditionally been dominated by Japanese companies, but Chinese firms are rapidly gaining ground due to technological advancements [5][6]. - Shengquan, Dongcai, and Shiming are positioned to increase their market shares significantly in the coming years, particularly in the hydrocarbon resin segment [30]. Material Pricing and Supply Chain - The price of hydrocarbon resins has decreased from 1 million RMB per ton in 2024 to around 700,000 RMB in 2025, with domestic prices ranging from 500,000 to 600,000 RMB per ton [14][15]. - The resin, electronic cloth, and copper foil do not have a direct substitution relationship, as each serves a distinct purpose in the manufacturing process [19]. Future Outlook - The resin industry must continue to innovate and adapt to meet diverse customer needs and application scenarios, ensuring competitiveness through ongoing research and development [34]. - The hydrocarbon resin market is expected to grow significantly, with a projected market size of around 3 billion RMB in the next two to three years [25]. This summary encapsulates the key points discussed in the conference call regarding the resin industry and its implications for the CCL market, highlighting the competitive landscape, material usage trends, and future growth prospects.