证券日报网讯12月22日，圣泉集团（605589）在互动平台回答投资者提问时表示，2025年第三季度，大 庆100万吨/年生物质精炼一体化(一期工程)项目暂未实现盈亏平衡。公司将通过逐步提高产能利用率、 开发高附加值产品应用等多种措施持续降本增效，逐步实现减亏扭亏。 ...

Core Insights - The domestic PCB market is projected to grow from $41.213 billion to $49.704 billion from 2024 to 2029, with a CAGR of 3.8% [1] - The fastest-growing downstream sector for PCBs is servers/data storage, expected to have a CAGR of 11.6% during the same period [1] Group 1: PCB Market Growth - The demand for PCBs is driven by explosive growth in computing power, particularly in AI servers and switches, which require higher performance [1] - The requirements for PCB materials are evolving, with a focus on low Dk/Df properties for core materials like resin, fiberglass, and copper foil [1] Group 2: Resin Demand and Supply - PPO and hydrocarbon resins are ideal for high-frequency and high-speed applications, with expected global demand reaching 4,558 tons and 1,216 tons by 2025, reflecting year-on-year growth of 41.89% and 41.62% respectively [2] - Major global suppliers of PPO and hydrocarbon resins include Sabic, Asahi Kasei, and Mitsubishi Gas, while domestic companies like Dongcai Technology and Shengquan Group are rapidly improving their product performance and production capabilities [2] Group 3: Low-DK Electronic Fabrics - Low-DK electronic fabrics are essential for M7 and above CCL, with the market expected to reach $2.3 billion by 2033, growing at a CAGR of 7.50% from 2024 to 2033 [3] - The supply of low-DK electronic fabrics is concentrated among Japanese, Taiwanese, and domestic companies, with domestic firms accelerating their production capabilities [3] Group 4: HVLP Copper Foil - HVLP copper foil is a core material for high-frequency PCBs, with a projected market growth from $2 billion to $5.95 billion between 2024 and 2032, achieving a CAGR of 14.6% [4] - The high-end copper foil market is currently dominated by Japanese and Korean companies, but domestic firms like Defu Technology and Tongguan Copper Foil are making significant advancements [4] Group 5: Key Companies - Notable companies to watch include Shengquan Group (605589.SH), Dongcai Technology (601208.SH), Zhongcai Technology (002080.SZ), Honghe Technology (603256.SH), International Composite Materials (301526.SZ), Defu Technology (301511.SZ), Tongguan Copper Foil (301217.SZ), and Longyang Electronics (301389.SZ) [5]

新材料 PCB 材料行业报告 领先大市-B(维持) 乘 AI 之风，PCB 材料向高频高速升级 2025 年 12 月 18 日 行业研究/行业深度分析 化学原料板块近一年市场表现 投资要点： 资料来源：常闻 相关报告： 稳定奔跑，产品量产在即推动产业发展 加 速 - 新 材 料 周 报 （ 251201-1205 ） 2025.12.10 【山证新材料】宇树科技 IPO 辅导收 官，有望推动人形机器人产业发展加速- 新材料周报（251124-1128） 2025.12.2 冀泳洁 博士 执业登记编码：S0760523120002 邮箱：jiyongjie@sxzq.com 王锐 执业登记编码：S0760524090001 邮箱：wangrui1@sxzq.com 申向阳 邮箱：shenxiangyang@sxzq.com AI 服务器快速发展，拉动高频高速 PCB 需求。根据 Prismark 预测，2024- 2029 年国内 PCB 产值将从 412.13 亿美元提升至 497.04 亿美元，CAGR 为 3.8%。服务器/数据储存是 PCB 增速最快的下游领域，2024-2029 年 CAGR 达到 ...

Investment Strategy Overview - The report emphasizes two main investment themes for the chemical industry: anti-involution policies and domestic substitution, which are expected to drive recovery and growth in the sector [4][5][6] Anti-Involution and Cycle Recovery - The report suggests that the chemical industry is at a turning point, with anti-involution measures leading to a recovery in the cycle. Key areas include the peak of new capacity in organic silicon, the end of PTA capacity expansion, and a rebound in prices for certain chemicals due to supply chain disruptions [4][5] - The China Chemical Product Price Index (CCPI) has decreased significantly, dropping to 3865 points by November 30, 2025, down 16.37% from early 2024 and 10.71% from the beginning of 2025 [4][20] Domestic Substitution as a Growth Driver - Domestic substitution is highlighted as a key growth driver, with significant support from national policies for bio-based materials and advancements in technology leading to a more robust domestic supply chain [4][6] - The report identifies several companies positioned to benefit from these trends, including KaiSai Bio and RuiFeng New Materials, which are making strides in bio-based materials and lubricant additives, respectively [5][6] Market Dynamics and Price Recovery - The report notes that while the chemical market is experiencing a downturn, certain segments are expected to see price recovery due to improved supply-demand dynamics and reduced capacity expansion [4][22] - Specific chemical products have shown varied price movements, with some experiencing significant declines while others are stabilizing or recovering [22] Manufacturing Sector Recovery - The manufacturing sector is showing signs of recovery, which is anticipated to support the chemical industry. The report mentions that the real estate market is stabilizing, and automotive production has increased, indicating a potential uptick in demand for chemical products [25][33] Capital Expenditure Trends - Capital expenditure growth in the chemical industry is slowing, with a notable decline in new projects. The report indicates that the total construction in progress for the chemical sector was 327.57 billion yuan in Q3 2025, down 17.64% year-on-year [34][39] Inventory and Consumption Trends - High inventory levels in the chemical sector are being addressed as consumer demand begins to recover. The report suggests that the inventory-to-revenue ratio for the basic chemical industry was 0.62 in Q3 2025, indicating a slight increase from the previous year [41][42] Profitability and Financial Performance - The report highlights a recovery in profitability for the chemical industry, with gross margins and return on equity (ROE) showing improvement in Q3 2025 compared to previous periods [56][60] - Specific sub-sectors, such as agrochemicals and fluorochemicals, have demonstrated significant profit growth, with some exceeding 100% year-on-year increases [55][56]

Core Insights - The chemical industry report indicates a mixed performance in chemical product prices, with 42 products increasing in price, 37 decreasing, and 21 remaining stable during the week of December 8-14 [1][2] - The report suggests focusing on undervalued leading companies, the impact of "anti-involution" on supply in related sub-industries, and the importance of self-sufficiency in electronic materials and certain new energy materials amid price increases [1][6] Industry Dynamics - In the week of December 8-14, 47% of tracked chemical products saw a month-on-month price increase, while 44% experienced a decrease, and 9% remained unchanged [2] - The top price increases were noted in nitric acid, sulfuric acid, raw salt, bisphenol A, and TDI, while the largest declines were in PVA, LLDPE, trichloroethylene, and NYMEX natural gas [2] Oil Market Overview - International oil prices fell, with WTI crude oil futures closing at $57.44 per barrel (down 2.45%) and Brent crude at $61.12 per barrel (down 2.19%) [3] - The U.S. oil production averaged 13.853 million barrels per day, an increase of 38,000 barrels from the previous week and 222,000 barrels from the same period last year [3] - U.S. oil demand rose to an average of 21.082 million barrels per day, with gasoline demand increasing to 8.456 million barrels per day [3] TDI Market Analysis - TDI prices increased to an average of 14,713 yuan/ton, up 2.49% week-on-week and 5.51% month-on-month [4] - TDI production decreased, with an overall operating rate of approximately 58.55%, and various factories experiencing operational issues [4] - Average costs for TDI were 11,819 yuan/ton, down 0.92% week-on-week, while average gross profit rose by 31.79% week-on-week [4] Methionine Market Analysis - Methionine prices decreased to an average of 17,900 yuan/ton, down 2.45% week-on-week and 9.14% month-on-month [5] - The production remained stable at 18,350 tons, with an operating rate of 89.42% [5] - The cost of methionine was 13,853.73 yuan/ton, with a gross profit margin of 23.67% [5] Valuation Metrics - As of December 12, the TTM price-to-earnings ratio for the SW basic chemical sector was 24.14, and the price-to-book ratio was 2.19 [6] - The SW oil and petrochemical sector had a TTM price-to-earnings ratio of 12.85 and a price-to-book ratio of 1.24 [6] Investment Recommendations - The report recommends focusing on undervalued leading companies, sectors benefiting from policy support, and emerging fields such as semiconductor materials and new energy materials [6] - Specific companies highlighted for investment include Wanhua Chemical, Hualu Hengsheng, and others [6][7]

Core Insights - The chemical industry is entering a favorable phase driven by demand, value, and supply dynamics [5][6][7] - Global supply constraints and the exit of European capacities are expected to enhance the market environment for the chemical sector [7] Demand Drivers - Key opportunities identified in various sectors include: - Gas turbine upstream: companies like Zhenhua Co., Yingliu Co., Longda Co., and Wanze Co. [5] - Refrigerants and fluorinated liquids: companies such as Juhua Co., New Zhoubang, and Runhe Materials [5] - Energy storage supply chain: including Chuanheng Co., Xingfa Group, Yuntianhua, Batian Co., and others [5] - Semiconductor materials: companies like Yanggu Huatai, Wanrun Co., Dinglong Co., and others [5] Value Drivers - Potential for increased dividend yields in sectors such as: - Coal chemical: Hualu Hengsheng, Luxi Chemical, and Baofeng Energy [6] - Oil refining: Hengli Petrochemical, Satellite Chemical, and Sinopec [6] - Phosphate fertilizers: Yuntianhua, Yuntu Holdings, and others [6] Supply Drivers - Domestic anti-involution policies and the exit of European production capacities are expected to support the chemical industry: - PTA and polyester filament: companies like Xin Fengming and Tongkun Co. [7] - Tire manufacturing: including Sailun Tire, Zhongce Rubber, and others [7] Key Companies and Profit Forecasts - Selected companies with profit forecasts include: - Zhenhua Co. (Net profit forecast for 2025: 6.04 billion, PE: 21.8) [8] - Yingliu Co. (Net profit forecast for 2025: 4.08 billion, PE: 42.7) [8] - Longda Co. (Net profit forecast for 2025: 1.06 billion, PE: 34.9) [8] - Wanze Co. (Net profit forecast for 2025: 2.37 billion, PE: 32.9) [8] - Juhua Co. (Net profit forecast for 2025: 48.14 billion, PE: 24.4) [8] Industry Cycle Insights - The chemical industry is expected to enter a new cycle, with demand recovery and supply-side reforms driving growth [14][21] - The chemical price index has shown signs of recovery, indicating a potential upturn in the market [20][21]

Company Overview - Shengquan Group, established on January 24, 1994, is located in the Industrial Economic Development Zone of Diao Town, Zhangqiao District, Jinan City, Shandong Province. The company was listed on August 10, 2021. Its main business involves the research, production, and sales of synthetic resins and composite materials, as well as biomass chemical materials and related products [1]. Financial Performance - For the period from January to September 2025, Shengquan Group achieved operating revenue of 8.072 billion yuan, representing a year-on-year growth of 12.87%. The net profit attributable to shareholders was 760 million yuan, reflecting a year-on-year increase of 30.81% [2]. - 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]. Stock Performance - As of December 4, Shengquan Group's stock price was 26.06 yuan per share, with a market capitalization of 22.057 billion yuan. The stock has increased by 13.05% year-to-date but has seen a decline of 1.25% over the last five trading days, 4.05% over the last 20 days, and 16.63% over the last 60 days [1]. - The stock experienced a net outflow of 15.3843 million yuan in principal funds, with significant selling pressure observed in large orders [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders for Shengquan Group reached 31,100, an increase of 15.57% from the previous period. The average number of circulating shares per shareholder decreased by 13.47% to 25,135 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the second-largest shareholder, holding 34.131 million shares, an increase of 27.1574 million shares from the previous period. New shareholder Penghua Zhongzheng Fine Chemical Industry Theme ETF has entered the list as the seventh-largest shareholder with 10.1658 million shares [3].

Investment Rating - The industry rating is "Overweight" (maintained) [5] Core Insights - The sodium-ion battery industry is transitioning from "industrialization year" to "scale application year" in 2025, with significant growth expected in various applications such as energy storage, start-stop systems, two-wheeled vehicles, and mid-low range electric vehicles [5][37] - The average price of sodium battery cells in 2025 is projected to be 0.52 yuan/Wh, expected to drop to 0.25 yuan/Wh by 2030 [5][37] - The global sodium battery market is anticipated to reach a scale of 1,051 GWh by 2030, with substantial contributions from energy storage and automotive sectors [5][39][40] Summary by Sections 1. Sodium-Ion Battery Material Segments - Key materials for sodium-ion batteries include layered oxides, polyanions, and Prussian blue, with polyanions expected to dominate the market by 2030 [5][16][51] - The production process for sodium-ion batteries is similar to that of lithium-ion batteries, with specific adjustments in material handling and processing [5][33][34] 2. Market Application Potential - The energy storage sector shows immense potential for sodium batteries, particularly in large-scale storage systems due to their long cycle life and safety features [5][37] - In the automotive sector, sodium batteries are expected to dominate the A00/A0 class microcars and economical family cars, with a projected market size of 410 GWh by 2030 [5][40][41] 3. Material Shipment Forecasts - For 2025, the total shipment of sodium battery positive materials is expected to reach 15,000 tons, with polyanion materials surpassing layered oxides in shipment volume [5][51] - The shipment of sodium battery negative materials is projected to be 141.9 million tons by 2030, with hard carbon remaining the mainstream choice [5][54] - The sodium battery electrolyte market is expected to see a shipment of 157.7 million tons by 2030, with prices decreasing from 28,000 yuan/ton in 2025 to 15,000 yuan/ton by 2030 [5][58] 4. Key Company Developments - CATL launched its sodium battery products in 2025, achieving energy densities of 175 Wh/kg and over 10,000 cycles, marking a significant advancement in battery technology [5][61] - BYD reported a sodium battery cell capacity of 200 Ah and a cycle life exceeding 10,000 cycles, showcasing superior performance compared to existing lithium batteries [5][64] - Transart Technology is expanding its sodium battery production capacity, targeting applications in electric two-wheelers and other sectors [5][66] - Weike Technology is focusing on the development and production of sodium battery products, emphasizing their application in energy storage and start-stop systems [5][67]

Core Viewpoint - The company is repurchasing and canceling 13,500 restricted stocks due to the departure of six employees who no longer qualify as incentive targets under the 2022 Restricted Stock Incentive Plan [2][4]. Summary by Sections Repurchase and Cancellation Reasons - The repurchase is based on the provisions of the "Management Measures for Incentive Plans of Listed Companies" and the company's 2022 Restricted Stock Incentive Plan, as the six incentive targets have left the company [2][4]. Details of the Repurchase - The decision to repurchase was approved during the board meeting on September 18, 2025, and involves the cancellation of 13,500 restricted stocks that were granted but not yet released from restrictions [2][3][4]. - The company has opened a special securities account for the repurchase and submitted the application to the China Securities Depository and Clearing Corporation [6]. Impact on Share Structure - After the repurchase and cancellation, the remaining restricted stocks under the incentive plan will total 2,788,500 shares [5]. Compliance and Legal Assurance - The board assures that the decision-making process and information disclosure comply with relevant laws and regulations, and no objections have been raised by the affected incentive targets [8][9].

证券代码：605589 证券简称：圣泉集团 公告编号：2025-090 济南圣泉集团股份有限公司 关于部分限制性股票回购注销实施公告 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： 回购注销原因：根据《上市公司股权激励管理办法》（以下简称"《管 理办法》"）及《济南圣泉集团股份有限公司 2022 年限制性股票激励 计划》（以下简称"《激励计划》"、"本次激励计划"）的规定，鉴于本 次激励计划的 6 名激励对象已离职，不再具备激励对象资格，济南圣 泉集团股份有限公司（以下简称"公司"、"圣泉集团"）对上述对象 持有的已获授但尚未解除限售的 13,500 股限制性股票进行回购注销 处理。 本次回购注销的有关情况 | 回购股份数量（股） | 注销股份数量（股） | | 注销日期 | | | | --- | --- | --- | --- | --- | --- | | 13,500 | 13,500 | 2025 | 年 12 | 月 | 4 日 | 一、本次限制性股票回购注销的决策与信息披露 （一）2025 年 9 ...