证券代码：002469 证券简称：三维化学 公告编号：2026-001 山东三维化学集团股份有限公司 关于高级管理人员减持计划期限届满暨实施结果的公告 本公司高级管理人员王文旭先生保证向本公司提供的信息内容真实、准 确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一 致。 山东三维化学集团股份有限公司（以下简称"公司"）于 2025 年 9 月 16 日在 《中国证券报》、《证券时报》及巨潮资讯网（http://www.cninfo.com.cn）披露了 《关于高级管理人员减持股份的预披露公告》（公告编号：2025-031），公司高 级管理人员王文旭先生计划自上述公告披露之日起 15 个交易日后的 3 个月内 （2025 年 10 月 16 日至 2026 年 1 月 15 日，窗口期内不得减持）以集中竞价交 易方式减持其持有的本公司股份不超过 120,656 股（占本公司总股本的比例不 超过 0.0186%）。 近日，公司收到王文旭先生发来的《股份减持计划实施结果的告知函》，截 至本公告披露日，王文旭先生本次股份减持计划期限已届满，现将具体实施结果 ...

三维化学（002469.SZ）1月12日在投资者互动平台表示，公司充分发挥自身工程技术优势，整合高校、 科研院所、企业等多方研发资源，立足自身醛、醇、酸、酯产业链，以食品级、医药级、电子级等为方 向和目标，全面提升产品附加值，目前已有部分相关电子级产品的技术储备，如已完成电池级乙酸正丙 酯工艺包开发，但尚未形成相关产品产能。 每经AI快讯，有投资者在投资者互动平台提问：请问公司是否有电子级相关产品？未来是否有计划将 电子级高质量化学品作为公司的发展方向？ （文章来源：每日经济新闻） ...

Core Viewpoint - The company, Sanwei Chemical, has successfully completed the pilot test of a new hydrogen and sulfur production technology, which has been recognized as internationally leading by experts, indicating potential for industrial application and scale-up [1]. Group 1: Company Performance - As of January 8, 2026, Sanwei Chemical's stock closed at 8.66 yuan, with a slight increase of 0.46% and a turnover rate of 1.41%, amounting to a trading volume of 88,700 shares and a transaction value of 76.76 million yuan [1]. - The total number of shareholders for Sanwei Chemical as of December 31, 2025, is reported to be 33,524 [1]. Group 2: Technological Development - The technology for "off-site electrocatalytic full decomposition of hydrogen sulfide to produce hydrogen and sulfur" developed in collaboration with the Dalian Institute of Chemical Physics has passed evaluation by the China Petroleum and Chemical Industry Federation, with recommendations for scaling up and promoting its application [1]. - The company aims to deepen its collaboration with the Dalian Institute to advance the technology's industrial application, focusing on technological innovation and green low-carbon development [1]. Group 3: Market Activity - On January 8, 2026, the net inflow of main funds into Sanwei Chemical was 2.56 million yuan, indicating a short-term buying interest from major investors [1]. - Retail investors contributed a net inflow of 1.92 million yuan, while speculative funds experienced a net outflow of 4.48 million yuan on the same day [1].

证券日报网讯1月8日，三维化学（002469）在互动平台回答投资者提问时表示，根据中国登记结算深圳 分公司提供数据显示，截至2025年12月31日，公司股东总人数33524户。 ...

Core Viewpoint - The company, Sanwei Chemical, has successfully developed a hydrogen and sulfur production technology in collaboration with the Dalian Institute of Chemical Physics, which has been recognized as internationally leading by experts from the China Petroleum and Chemical Industry Federation [1] Group 1: Technology Development - On January 6, 2026, the joint research project with the Dalian Institute of Chemical Physics achieved a significant milestone by passing a technology achievement evaluation [1] - The evaluation committee unanimously agreed that the technology reached an international leading level and recommended scaling up the device and accelerating its application [1] Group 2: Future Plans - The company plans to deepen its collaboration with the Dalian Institute of Chemical Physics to promote the technology's scaling and industrial application [1] - The focus will remain on technological innovation as a core driving force, supported by engineering capabilities, while adhering to green and low-carbon development principles [1] - The company aims to contribute to the "dual carbon" goals through its advancements in technology [1]

证券日报网讯12月30日，三维化学（002469）在互动平台回答投资者提问时表示，截至2025年12月19 日，公司股东总人数33830户。 ...

Investment Rating - The report recommends a "Buy" rating for several construction companies, highlighting their potential for high returns based on expected dividend yields and low valuations [9][32]. Core Insights - The current policy environment is driving an increase in insurance capital allocation to the stock market, with a notable acceleration in Q3 this year. Insurance capital is favoring construction stocks with high ROE, high dividend yields, and low valuations, particularly focusing on companies like China Electric Power Construction, China State Construction, and Sichuan Road and Bridge [1][2][14]. - It is estimated that the construction sector will receive an additional allocation of 28.6 billion yuan by 2026, representing 3.5% of the free float market value. Key A-share stocks recommended include Sichuan Road and Bridge (6.3% yield), Jianghe Group (6.5%), and others, while H-share stocks include China State Construction International (7.2%) and China Communications Construction (6.0%) [1][8][32]. Summary by Sections Insurance Capital Trends - As of Q3 2025, the total balance of insurance capital in China reached 37.5 trillion yuan, a year-on-year increase of 16.5%. The allocation to stocks and funds was 3.6 trillion and 2.0 trillion yuan, respectively, accounting for 15.5% of total investments, with a significant increase noted in Q3 [2][22]. - The top three construction stocks held by insurance capital are China Electric Power Construction, China State Construction, and Sichuan Road and Bridge, which together account for 75% of the insurance capital's construction sector holdings [2][22]. Expected Capital Allocation - The projected allocation of insurance capital to the construction sector is estimated at 50.8 billion yuan in 2025 and 79.4 billion yuan in 2026, with an incremental increase of 28.6 billion yuan in 2026 [3][28]. - The overall allocation ratio for the construction sector is expected to rise from 1.31% in 2025 to 1.60% in 2026, driven by the sector's attractive dividend yield compared to other sectors [3][28]. Recommended Stocks - Key A-share stocks with expected dividend yields over 5% include Sichuan Road and Bridge (6.3%), Jianghe Group (6.5%), and others. H-share stocks include China State Construction International (7.2%) and China Communications Construction (6.0%) [1][29][32]. - The report also highlights semiconductor cleanroom leaders such as Yaxiang Integration and Shenghui Integration, which are expected to benefit from the ongoing AI investment wave [1][8][32].

Group 1 - The current policy is driving insurance capital to increase allocation in the stock market, with a significant acceleration observed in 2023, particularly in Q3 [1][2] - Insurance capital is favoring high ROE, high dividend yield, and undervalued stocks in the construction sector, with major holdings in China Power Construction, China State Construction, and Sichuan Road and Bridge [1][2] - Sichuan Road and Bridge has recently received a stake increase from Zhongyin Life, indicating a trend of insurance capital focusing on high-quality construction stocks [2] Group 2 - It is estimated that insurance capital will allocate 286 billion yuan to the construction sector by 2026, representing 3.5% of the free float market value [3] - The projected allocation for the construction sector from insurance capital is expected to be 508 billion yuan in 2025 and 794 billion yuan in 2026, with incremental increases of 271 billion yuan and 286 billion yuan respectively [3] - The construction sector is expected to attract long-term capital due to the presence of stable performance, high dividends, and low valuations among key A-share companies [4] Group 3 - The global demand for computing power is expected to grow significantly, driven by AI development, leading to a new growth cycle for cleanroom engineering [5] - Major semiconductor companies are increasing their capital expenditures, with TSMC projecting a doubling of its AI business by 2025 and a compound annual growth rate of approximately 40% over the next five years [5] - The cleanroom investment in the semiconductor industry is projected to reach approximately 168 billion yuan globally and 50.4 billion yuan in China by 2025, representing about 15% of the total industry capital expenditure [5]

证券日报网讯 12月19日，三维化学在互动平台回答投资者提问时表示，根据中国登记结算深圳分公司 提供数据显示，截至2025年12月10日，公司股东总人数34545户。公司"纤维素衍生物及其配套装置改造 提升项目"正在进行技术论证和设计优化，公司将根据项目后续进展，严格按照相关法律法规的规定， 履行信息披露义务。 （文章来源：证券日报） ...

Group 1: Industry Overview - The overall economic environment is expected to remain stable in 2026, supported by policies aimed at counter-cyclical and cross-cyclical adjustments, with a projected growth rate of fixed asset investment (FAI) at 3% for the year [1][12][17] - Infrastructure investment is anticipated to grow by approximately 5% in 2026, driven by key projects and policy support, while real estate investment is expected to decline by 10% after a significant drop in 2025 [1][17][25] - Manufacturing investment is projected to recover slightly, with a growth rate of 6% in 2026, benefiting from domestic demand and supportive policies [1][18] Group 2: Overseas Expansion - There is a strong demand for overseas investment, particularly in regions like Southeast Asia, Africa, and the Middle East, which are experiencing rapid economic growth and urbanization [2][4] - Chinese engineering firms have competitive advantages such as shorter construction periods, higher efficiency, and lower costs, positioning them well for overseas projects [2][4] - The share of overseas income for leading companies is expected to increase, driving improvements in profitability and business models [2][4] Group 3: Regional Opportunities - The "Five Five Five" strategy is expected to create abundant investment opportunities in the western regions of China, particularly in Sichuan and Xinjiang, which are set to benefit from national strategic support [2][4][3] - Sichuan is identified as a core area for national strategic development, with significant investments anticipated in transportation infrastructure, manufacturing, and technology [2][4][3] - Xinjiang's development is crucial for national energy security and unity, with expected increases in investment in infrastructure and coal chemical industries [2][4][3] Group 4: Cleanroom Investment - The demand for cleanroom facilities is projected to grow due to the increasing need for computing power driven by AI applications, with global semiconductor cleanroom investment expected to reach approximately 168 billion yuan in 2025 [3][4] - The semiconductor industry is forecasted to see a capital expenditure of around 160 billion USD in 2025, reflecting a 3% year-on-year increase [3][4] - Leading companies in the cleanroom sector are expected to maintain high levels of capital expenditure, driven by the demand for AI and data center infrastructure [3][4] Group 5: Investment Recommendations - The report recommends focusing on companies with strong overseas expansion capabilities, such as China Chemical, Precision Steel Structure, Jianghe Group, China National Materials, and China Steel International [4][8] - In the context of regional development, companies like Sichuan Road and Bridge, Xinjiang Communications Construction, and China Chemical are highlighted as key players [4][8] - For cleanroom investments, leading firms such as Yaxin Integration, Shenghui Integration, and Bocheng Co. are recommended for their growth potential [4][8]