Core Insights - The petrochemical industry is expected to recover in 2026, with a focus on resource products, anti-involution policies, and emerging industries as investment opportunities [3][27] - The industry has shown signs of stabilization and recovery since 2025, with a year-on-year increase of 10.56% in net profit attributable to shareholders in the first three quarters of 2025 [3] - Key sectors identified for investment include oil and gas, potassium fertilizer, phosphorus chemicals, fluorochemicals, sustainable aviation fuel (SAF), electronic resins, and certain anti-involution sectors [3] Industry Overview - The petrochemical industry is cyclical, with net profits in the SW basic chemical sector reaching a historical high in 2021, followed by a downturn, with 2024 profits expected to be only 52% of 2021 levels [3] - The supply side has seen a decline in fixed asset investment since June 2025, indicating the end of the current expansion cycle [3] - The "anti-involution" policy aims to address low-price competition and promote the orderly exit of outdated capacities, which is expected to alleviate the oversupply issue in the petrochemical sector [3] Demand Dynamics - Traditional demand is anticipated to recover moderately due to global central banks entering a rate-cutting cycle and fiscal stimulus [3] - Emerging demands from sectors such as new energy and AI are expected to drive growth in key chemical materials [3] - The domestic chemical industry is projected to increase its global market share as overseas capacities are cleared out [3] Investment Recommendations - Recommended companies for investment in 2026 include China Petroleum, China National Offshore Oil Corporation, Yara International, Yuntianhua, Juhua Co., Sanmei Co., Jiaao Environmental Protection, Zhuoyue New Energy, Shengquan Group, Wanhua Chemical, Baofeng Energy, and Xinhecheng [3] Sector Performance - The petrochemical sector's revenue decreased by 7.1% year-on-year in the first three quarters of 2025, while net profit fell by 11.1% [24] - The basic chemical sector showed a recovery with a 1.9% increase in revenue and an 8.9% increase in net profit [24] - The oilfield services sector was the only sub-sector to achieve growth in both revenue and net profit during this period [24] Price Trends - The China Chemical Product Price Index (CCPI) has shown a downward trend, with a reported decline of 11.5% from the beginning of the year [13] - The PPI for the chemical industry is expected to show marginal improvement in the second half of 2025, although it remains in a downward trend overall [16] Policy Impact - The "anti-involution" initiative is expected to promote a rebalancing of supply and demand in traditional chemical products, with various sectors responding positively to this policy [27] - Key meetings and documents from government bodies indicate a focus on maintaining growth and regulating new capacity in the petrochemical sector [27]

Core Viewpoint - Shengquan Group's stock price has shown fluctuations, with a year-to-date increase of 19.90% and a recent decline of 13.57% over the past 60 days, indicating potential volatility in the market [1]. Financial Performance - For the period from January to September 2025, Shengquan Group achieved a revenue of 8.072 billion yuan, representing a year-on-year growth of 12.87%, while the net profit attributable to shareholders was 760 million yuan, reflecting a significant increase of 30.81% [2]. Shareholder Information - As of September 30, 2025, the number of shareholders for Shengquan Group reached 31,100, an increase of 15.57% from the previous period, with an average of 25,135 circulating shares per shareholder, which is a decrease of 13.47% [2]. Dividend Distribution - Since its A-share listing, Shengquan Group has distributed a total of 1.29 billion yuan in dividends, with 942 million yuan distributed over the past three years [3]. Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited is the second-largest circulating shareholder with 34.131 million shares, an increase of 27.157 million shares from the previous period. New institutional investors include Penghua CSI Subdivision Chemical Industry Theme ETF, holding 10.166 million shares [3].

11月12日，圣泉集团涨1.10%，成交额4.09亿元。两融数据显示，当日圣泉集团获融资买入额4431.26万 元，融资偿还5221.37万元，融资净买入-790.11万元。截至11月12日，圣泉集团融资融券余额合计11.02 亿元。 截至9月30日，圣泉集团股东户数3.11万，较上期增加15.57%；人均流通股25135股，较上期减少 13.47%。2025年1月-9月，圣泉集团实现营业收入80.72亿元，同比增长12.87%；归母净利润7.60亿元， 同比增长30.81%。 分红方面，圣泉集团A股上市后累计派现12.90亿元。近三年，累计派现9.42亿元。 机构持仓方面，截止2025年9月30日，圣泉集团十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股3413.10万股，相比上期增加2715.74万股。鹏华中证细分化工产业主题ETF联接A （014942）位居第七大流通股东，持股1016.58万股，为新进股东。南方中证500ETF（510500）位居第 八大流通股东，持股985.69万股，相比上期减少20.00万股。广发稳健回报混合A（009951）、国投瑞银 新能源混合A（007689）退 ...

Market Overview - The plastic sector experienced a decline of 0.36% on November 10, with Qide New Materials leading the drop [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] Stock Performance - Notable gainers in the plastic sector included: - Jiangsu Boyun (301003) with a closing price of 42.10, up 4.39% and a trading volume of 40,700 shares, totaling 170 million yuan [1] - Foshan Plastics (000973) closed at 10.79, up 3.85% with a trading volume of 2,109,500 shares, totaling 2.325 billion yuan [1] - Shangwei New Materials (688585) closed at 108.50, up 3.71% with a trading volume of 88,000 shares, totaling 930 million yuan [1] - Key decliners included: - Qide New Materials (36600E) closed at 39.58, down 5.31% with a trading volume of 37,400 shares, totaling 151 million yuan [2] - Dongcai Technology (601208) closed at 19.23, down 4.04% with a trading volume of 536,600 shares, totaling 1.036 billion yuan [2] - Wankai New Materials (301216) closed at 18.62, down 3.82% with a trading volume of 143,700 shares, totaling 270 million yuan [2] Capital Flow - The plastic sector saw a net outflow of 554 million yuan from institutional investors, while retail investors contributed a net inflow of 412 million yuan [2] - Notable capital flows included: - Shengquan Group (605589) with a net inflow of 53.7853 million yuan from institutional investors [3] - Shenkai Co., Ltd. (002361) with a net inflow of 23.9277 million yuan from institutional investors [3] - Daoming Optical (002632) with a net inflow of 20.8714 million yuan from institutional investors [3]

Industry Rating - The industry investment rating is maintained at "Outperform the Market" [1] Core Viewpoints - The domestic substitution of semiconductor resins is accelerating, with significant developments in both packaging and photoresist fields. The demand for specialty resin materials is continuously increasing due to the rapid advancement of advanced packaging and high-end lithography technologies [2][3] - The epoxy molding compound (EMC) has shown significant results in domestic production, with Jiangsu Huahai Chengke New Materials Co., Ltd. leading the market. The advanced packaging market in China is expected to reach 85.2 billion yuan by 2025, providing ample opportunities for EMC companies [2][12] - The domestic production of photoresist resin is still in its early stages, with a vast potential for substitution. The photoresist resin accounts for over 50% of the cost of photoresists, and the domestic market for semiconductor photoresists is projected to reach 15.03 billion yuan by 2028, with a compound annual growth rate of 18.5% [2][33] Summary by Sections Semiconductor Resin - Epoxy molding compound (EMC) is the mainstream material in semiconductor chip packaging, with Jiangsu Huahai Chengke emerging as a leader in the domestic market. The company has achieved significant breakthroughs in high-end markets, with products meeting international standards [2][16] - The upstream supply chain for EMC includes epoxy resin, high-performance phenolic resin, and silica powder, with silica powder accounting for over 60% of the cost [14] - The global advanced packaging market is expected to grow from $51.9 billion in 2024 to $78.6 billion by 2028, with China's advanced packaging market projected to grow at a compound annual growth rate of 18.7% [14] Photoresist Resin - The photoresist resin is a critical component in photoresists, with its quality directly affecting lithography precision. The domestic market for semiconductor photoresists is expected to grow significantly, driven by increasing demand from the electronics industry [25][30] - The market for KrF and ArF photoresists is projected to grow substantially, with domestic companies like Saint Quan Group and Tongcheng New Materials making significant progress in developing these technologies [37][38] - The global high-end semiconductor photoresist market is dominated by Japanese and American companies, with domestic firms gradually entering the market and achieving notable advancements in KrF and ArF technologies [34][35]

Core Viewpoint - The company emphasizes its compliance with laws and regulations, asserting that there are no undisclosed significant information and that its operations are proceeding normally [1] Group 1 - The company's stock price fluctuations are influenced by macroeconomic factors, market conditions, and industry cycles, urging investors to view market volatility rationally [1] - The company is committed to focusing on its core business development, enhancing operational quality and profitability [1] - The company aims to improve communication with investors and transparency in information disclosure, ensuring timely updates on its operational dynamics and value [1]

Group 1 - The company has clarified that the annual production capacity of 20,000 tons of battery carbon materials (Phase I) primarily consists of hard carbon materials for both anodes and cathodes [2]

Group 1 - The company has a project for an annual production of 1,000 tons of high-energy battery anode materials, primarily focusing on silicon-carbon anode materials [2] - The project is expected to be completed and put into production in the first quarter of 2026 [2]

Core Viewpoint - The A-share market shows a slight decline with the Shanghai Composite Index closing at 3997.56 points, down 0.25%, while the total trading volume reached 20202.05 billion yuan, indicating a mixed performance among stocks breaking through the annual line [1] Group 1: Stock Performance - A total of 52 A-shares have surpassed the annual line today, with notable stocks including Luzhou Laojiao, Qiaoyuan Co., and Jiachuan Vision, which have deviation rates of 6.56%, 5.10%, and 4.86% respectively [1] - Stocks with smaller deviation rates that have just crossed the annual line include Lubnorth Chemical, Phoenix Optical, and Wuzhou Special Paper [1] Group 2: Individual Stock Data - Luzhou Laojiao (000912) saw a price increase of 9.93% with a turnover rate of 2.87%, closing at 4.87 yuan, resulting in a deviation rate of 6.56% [1] - Qiaoyuan Co. (301286) increased by 14.19% with a turnover rate of 9.67%, closing at 30.66 yuan, with a deviation rate of 5.10% [1] - Jiachuan Vision (300264) rose by 5.38% with a turnover rate of 10.65%, closing at 6.27 yuan, leading to a deviation rate of 4.86% [1]

Core Insights - On November 6, Shengquan Group's stock rose by 1.38%, with a trading volume of 286 million yuan [1] - As of November 6, the total margin balance for Shengquan Group was 1.092 billion yuan, indicating a high level of margin activity [1] Financing Summary - On November 6, Shengquan Group had a financing buy-in amount of 30.24 million yuan and a financing repayment of 39.28 million yuan, resulting in a net financing outflow of 9.04 million yuan [1] - The current financing balance stands at 1.085 billion yuan, accounting for 4.74% of the circulating market value, which is above the 90th percentile of the past year [1] - The margin trading data shows that 900 shares were repaid while 1,300 shares were sold short, with a short sale amounting to 35,300 yuan [1] Company Performance - As of September 30, Shengquan Group reported a total of 31,100 shareholders, an increase of 15.57% from the previous period [2] - For the period from January to September 2025, the company achieved a revenue of 8.072 billion yuan, reflecting a year-on-year growth of 12.87%, and a net profit attributable to shareholders of 760 million yuan, up by 30.81% [2] Dividend and Shareholding Structure - Since its A-share listing, Shengquan Group has distributed a total of 1.29 billion yuan in dividends, with 942 million yuan distributed over the past three years [3] - As of September 30, 2025, the second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 34.131 million shares, an increase of 27.157 million shares from the previous period [3] - New institutional shareholders include Penghua CSI Segmented Chemical Industry Theme ETF, which holds 10.166 million shares, while Southern CSI 500 ETF reduced its holdings by 200,000 shares [3]