Core Viewpoint - Shengquan Group experienced a stock decline of 3.64% on January 29, with a trading volume of 582 million yuan, indicating market volatility and investor sentiment towards the company [1]. Financing Summary - On January 29, Shengquan Group had a financing buy-in amount of 89.998 million yuan and a financing repayment of 73.4999 million yuan, resulting in a net financing buy of 16.4981 million yuan [1]. - The total financing and securities balance for Shengquan Group reached 1.005 billion yuan, with the financing balance accounting for 4.00% of the circulating market value, which is above the 70th percentile of the past year [1]. - The company had a low short-selling balance of 3.3895 million yuan, with a short-selling volume of 11.42 thousand shares, indicating a lower level of short interest compared to the past year [1]. Business Performance - As of September 30, the number of shareholders for Shengquan Group increased by 15.57% to 31,100, while the average circulating shares per person decreased by 13.47% to 25,135 shares [2]. - For the period from January to September 2025, Shengquan Group reported 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, which is a 30.81% increase year-on-year [2]. Dividend and Shareholder Information - 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 27.1574 million shares from the previous period [3]. - New institutional shareholders include Penghua CSI Subdivision Chemical Industry Theme ETF Link A, holding 10.1658 million shares, while Southern CSI 500 ETF reduced its holdings by 200,000 shares [3].

证券代码：605589 证券简称：圣泉集团 公告编号：2026-002 济南圣泉集团股份有限公司 第十届董事会第十次会议决议公告 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。 一、董事会会议召开情况 济南圣泉集团股份有限公司（以下简称"公司"）第十届董事会第十次会议（以下简称"本次会议"）于 2026年1月27日以现场结合通讯方式在公司会议室召开。本次会议的通知于2026年1月23日以电话、电子 邮件等方式向各位董事发出。本次董事会应参加表决的董事7名，实际参加表决的董事7名。会议由董事 长唐一林先生主持，公司高级管理人员列席了本次会议。本次会议的召集、召开符合《中华人民共和国 公司法》（以下简称"《公司法》"）及《济南圣泉集团股份有限公司章程》的有关规定，会议决议合法 有效。 二、董事会会议审议情况 1、审议通过《关于变更注册资本并修订〈公司章程〉的议案》 同意变更注册资本并对《济南圣泉集团股份有限公司章程》修订如下： ■ 表决结果：7票同意，0票反对，0票弃权。 2、审议通过《关于聘任袁永先生为公司副总裁的议案》 表决结 ...

（文章来源：证券日报） 证券日报网讯 1月27日，圣泉集团发布公告称，公司第十届董事会第十次会议审议通过，聘任袁永先 生、赵欢欢先生为公司副总裁，任期自本次会议审议通过之日起至第十届董事会届满。 ...

济南圣泉集团股份有限公司 1 Jinan Shengquan Group Share-holding Co.,Ltd. | | | 章 程 中国·济南 （2026 年 1 月） 第一章 总则 第一条 为维护公司、股东和债权人的合法权益，规范公司的组织和行为， 根据《中华人民共和国公司法（2023 年修订）》（以下简称《公司法》）、《中 华人民共和国证券法》（以下简称《"证券法"》）、《上市公司章程指引》（2025 年修订）《交易所交易所股票上市规则》（2025 年 4 月修订）（以下简称"上 市规则"）、《上海证券交易所上市公司自律监管指引第 1 号——规范运作》和 其他有关规定，制订本章程。 第二条 公司系依照《股份公司规范意见》和其他有关规定成立的股份有限 公司。 公司是经章丘市经济体制改革委员会章体改股字[1993]6 号文和济南市体 制改革委员会济体改股字[1993]56 号文件批准，在济南市圣泉化工实业总公司 整体改制基础上以募集方式设立的股份有限公司,济南市圣泉化工实业总公司以 经评估的全部净资产折为法人股投入股份公司，向内部职工发行内部职工股。公 司于 1994 年 1 月 24 日在章丘市工商 ...

证券代码：605589 证券简称：圣泉集团 公告编号：2026-003 济南圣泉集团股份有限公司 关于变更注册资本并修订《公司章程》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。 济南圣泉集团股份有限公司（以下简称"公司"）于 2026 年 1 月 27 日召开第十届董事会第十次会议，审议通过了《关于变更注册资 本并修订<公司章程>的议案》，具体情况如下: 根据《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"本次激励计划"）的规定，由于本次激励计划的 6 名激 励对象已离职，不再具备激励对象资格，公司对其持有的已获授但尚 未解除限售的 1.35 万股限制性股票进行回购注销，本次回购注销已 于 2025 年 12 月 4 日办理完成，公司股本由 846,401,998 股变更为 846,388,498股，注册资本相应由846,401,998元变更为846,388,498 元。 鉴于以上事实，公司现对《济南圣泉集团股份有限公司章程》（以 下简称"《公司章程》"）进行修订，具体修订情况如下： 除上述 ...

证券代码：605589 证券简称：圣泉集团 公告编号：2026-004 附件简历： 袁永简历 袁永先生，中国国籍，无境外永久居留权，1982 年出生，本科 学历，助理工程师。2006 年 7 月至 2021 年 2 月历任济南圣泉集团股 份有限公司铸造材料销售部无锡业务部业务经理、大连业务部业务经 理、大连业务部经理、东北销售部总经理、营销副总监、营销总监， 2021 年 2 月至今任济南圣泉集团股份有限公司铸造材料事业部总经 理。 济南圣泉集团股份有限公司 关于聘任公司副总裁的公告 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。 济南圣泉集团股份有限公司（以下简称"公司"）于 2026 年 1 月 27 日召开第十届董事会第十次会议，审议通过了《关于聘任袁永 先生为公司副总裁的议案》、《关于聘任赵欢欢先生为公司副总裁的 议案》。经公司总裁唐地源先生提名，公司董事会提名委员会审核， 董事会同意聘任袁永先生、赵欢欢先生为公司副总裁，任期为自本次 会议审议通过之日起至公司第十届董事会任期届满之日止，其简历见 附件。 特此公告。 济 ...

证券代码：605589 证券简称：圣泉集团 公告编号：2026-002 济南圣泉集团股份有限公司 第十届董事会第十次会议决议公告 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。 一、董事会会议召开情况 济南圣泉集团股份有限公司（以下简称"公司"）第十届董事会 第十次会议（以下简称"本次会议"）于 2026 年 1 月 27 日以现场结 合通讯方式在公司会议室召开。本次会议的通知于 2026 年 1 月 23 日 以电话、电子邮件等方式向各位董事发出。本次董事会应参加表决的 董事 7 名，实际参加表决的董事 7 名。会议由董事长唐一林先生主持， 公司高级管理人员列席了本次会议。本次会议的召集、召开符合《中 华人民共和国公司法》（以下简称"《公司法》"）及《济南圣泉集 团股份有限公司章程》的有关规定，会议决议合法有效。 二、董事会会议审议情况 1、审议通过《关于变更注册资本并修订<公司章程>的议案》 同意变更注册资本并对《济南圣泉集团股份有限公司章程》修订 如下： | | | | | 原条款 | | | | | | | | | | ...

Investment Rating - Industry Rating: Overweight [2] Core Insights - The chemical industry is experiencing a dual drive of cyclical recovery and growth, with a recommendation to focus on sectors such as organic silicon, PTA, polyester filament, caprolactam, spandex, vitamins, sweeteners, refrigerants, and phosphorus chemicals [5][6] - The organic silicon industry is entering a recovery phase, with new applications becoming key growth drivers. From 2019 to 2024, domestic DMC capacity is expected to expand rapidly, leading to a temporary oversupply and price decline. However, by 2025, no new capacity is anticipated, and demand from emerging sectors like new energy vehicles and photovoltaics is expected to maintain high growth [5][6] - The PTA/polyester filament industry is approaching a turning point, with capacity expansion cycles nearing their end. The demand side is expected to continue growing, supported by improved external demand due to easing trade tensions [6] - Refrigerants are entering a high prosperity cycle due to quota policies that will reduce supply while demand remains stable, driven by market expansion in Southeast Asia and the development of heat pumps and cold chain markets [7] - The synthetic biology sector is poised for significant growth as fossil-based materials face disruptive challenges, with a focus on energy-efficient products and the potential for bio-based materials to see explosive demand [8] - OLED technology is rapidly penetrating various markets, with government policies supporting the development of new display industries and accelerating the localization of key materials and equipment [9] - The demand for electronic chemicals is increasing due to the rapid growth of the semiconductor industry, particularly in China, where the market is heavily reliant on imports [11] Summary by Sections Industry Performance - The chemical sector ranked 4th in overall performance for the week of January 19-23, 2026, with a gain of 7.29%, outperforming the Shanghai Composite Index by 6.45 percentage points [5][20] - The top-performing sub-sectors included textile chemical products (13.10%), nitrogen fertilizers (10.58%), and other chemical raw materials (10.09%) [21] Key Company Dynamics - The top three gaining companies for the week were Jianghua Micro (46.41%), Jiuding New Materials (28.47%), and Hongbaoli (26.73%) [26] - The companies in focus for potential investment include KaiSai Biological, Huaheng Biological, and other leading firms in synthetic biology and electronic chemicals [8][11][32] Industry Developments - The Ministry of Industry and Information Technology has issued guidelines for the construction of zero-carbon factories, aiming to establish a benchmark by 2027 across various sectors [35] - The U.S. government plans to finalize the 2026 biofuel blending quotas, maintaining high growth targets while addressing industry concerns [35]

Core Viewpoint - The collaboration between Shanquan Group and Qingdao University of Science and Technology aims to establish a joint laboratory for bio-based rubber chemicals, focusing on the development of high-value bio-based materials from agricultural waste, particularly lignin, to meet the growing demand for sustainable rubber additives in the industry [3][5][12]. Company Developments - Shanquan Group, a leading company in the bio-based materials sector with over 10 billion RMB in revenue, is investing over 2 billion RMB in a lignin refining project in Daqing, which will produce high-value products including lignin for rubber chemicals [5][12]. - Qingdao University of Science and Technology, known as the "Huangpu Military Academy of China's Rubber Industry," will contribute its expertise in polymer science to this collaboration, enhancing the research and development of bio-based rubber additives [7][8]. Industry Insights - The rubber additives market in China is projected to reach a production volume of 1.5879 million tons and a market value of 31.6 billion RMB in 2024, with China accounting for 78% of the global production [10]. - The bio-based rubber additives, particularly those derived from lignin, are expected to tap into a market worth over 30 billion RMB, with the potential to grow to over 37 billion RMB by 2029 [12][14]. Technological Focus - The collaboration will focus on four key areas: molecular design to optimize lignin's compatibility with rubber, green synthesis processes to reduce environmental impact, ensuring high performance of bio-based additives, and application technology tailored for specific rubber products [16][18]. - The project aims to create a complete technology chain from raw material processing to rubber chemical production, positioning Shanquan Group to leverage its raw material advantages and establish a significant presence in the bio-based rubber chemicals market [18].

Core Viewpoint - The article emphasizes the AIPCB wave and highlights the investment opportunities arising from the upgrade of M9 materials, focusing on four main lines of development [1]. Group 1: Low Dielectric Electronic Fabrics - The transition from LDK to second-generation fabrics is underway, with M9 paired with Q fabrics evolving towards third-generation products [17]. - The market for low dielectric electronic fabrics is expected to grow rapidly, driven by AI server demand, with a projected compound annual growth rate of 23.8% from 2024 to 2033 [20][23]. Group 2: Electronic Resins - The use of hydrocarbon resins in M9 is expected to increase significantly, with a ratio of hydrocarbon resins to PPO rising to 2:1, enhancing the value of materials [31][34]. - New types of resins are becoming mainstream, with hydrocarbon resins being the preferred choice for next-generation high-frequency CCLs [31][39]. Group 3: Fillers - The proportion of spherical silica micro-powder in M9 is expected to increase significantly, with high-performance spherical silica micro-powder filling ratios expanding to over 40% [36][40]. - Liquid-phase preparation methods for silica are becoming the industry standard, meeting the requirements for M7 and above [40]. Group 4: Other Upstream PCB Materials - Attention is drawn to electronic-grade fluorinated copper powder and PCB-specific electronic chemicals, which are essential for the upgrade trends in high-end PCBs [3][43]. - The supply of high-end materials, including Low Dk electronic fabrics and HVLP copper foil, is facing shortages, with major manufacturers accelerating production to meet demand [7][29]. Group 5: Market Performance - The demand for high-end CCL driven by AI is accelerating the upgrade of upstream materials, with significant performance improvements observed in various AIPCB sub-sectors since mid-2025 [5][8]. - The average increase in AIPCB sub-sector indices from May to August 2025 shows substantial growth, particularly in electronic fabrics and copper foil [6]. Group 6: Investment Recommendations - Companies to watch include: 1. Low dielectric electronic fabrics: Honghe Technology, Feilihua, Zhongcai Technology [4]. 2. HVLP networks: Gangguan Copper Foil, Rongfu Technology, Longyang Electronics [4]. 3. Electronic resins: Dongcai Technology, Shengnong Group, Hongchang Electronics, Tongzi New Materials [4]. 4. Other upstream materials: Jiangnan New Materials for electronic-grade oxidized copper powder, Tiancheng Technology for PCB-specific electronic chemicals [4].