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 | | | | | | | | | | ...

其实只要留心观察不难发现，如今"绿色低碳发展"的力量已经悄然融入到我们的日常生活中。从顶层设 计到基层实践，从工业转型到市民生活，一场关于绿色发展的深刻变革，正在悄然发生。 能源"绿色含量"稳步提升 清晨6点，济南西站南广场，一辆纯电动公交车缓缓驶入站台。司机按下按钮，车顶的充电弓自动升 起，与站台顶棚的充电装置精准对接。"现在充电10分钟能跑一圈，比燃油车安静多了，也干净。" 这是济南公交系统电动化改造的一个日常场景。截至2025年底，济南已投运新能源公交车超过4000辆， 建成充电站200余座，公交电动化率超过90%。 变化始于2020年。那一年，济南在全国率先提出建设"无废城市"试点，随后又成为国家首批碳达峰试点 城市，再到今年济南两会上，低碳发展被写入"十五五"规划纲要和政府工作报告，成为城市发展的核心 战略之一。 在章丘区，华电章丘发电有限公司的厂区内，一座崭新的燃气—蒸汽联合循环机组正在稳定运行。与传 统燃煤机组不同，这座机组几乎看不到烟囱冒烟，厂区绿化率超过40%，更像一座公园。 "我们去年完成了两台66万千瓦超超临界燃煤机组的超低排放改造，现在正在推进燃气机组建设。"公司 环保负责人指着远处的 ...

Core Viewpoint - The PCB market is experiencing growth and technological upgrades driven by AI servers and automotive electronics, with a shift towards high-density, lightweight, and high-frequency substrates [1][2]. Group 1: Market Growth and Trends - The PCB industry is expected to expand significantly, with a projected global market size of $96.8 billion by 2025, driven by increased demand from AI technology and electric vehicles [2]. - The trend in PCB development is moving towards high-density, small aperture, large capacity, and lightweight designs, necessitating higher performance materials for core substrates [2][3]. Group 2: Key Materials and Upgrades - The demand for high-end copper foil is increasing, with HVLP-type copper foil expected to become mainstream; foreign companies currently dominate this high-end market, while domestic firms are gradually entering the supply chain [3]. - Electronic fabrics are becoming thinner and lighter, with a positive outlook on the upgrade trend for Q fabrics, where Japanese companies currently lead, but domestic enterprises are increasing their investments [3]. - The performance characteristics of copper-clad laminates are primarily determined by the resin formulation, which is evolving from epoxy resins to more advanced systems such as bismaleimide, cyanate esters, polyphenylene ether, hydrocarbon resins, and polytetrafluoroethylene [3]. Group 3: Specialized Chemicals and Market Dynamics - The upgrade in PCB technology is driving the iteration of silicon micro-powder products, with the market for high-performance spherical silicon micro-powder expected to reach $0.852 billion by 2024, accounting for 49.22% of the total market [4]. - The market for PCB-specific chemicals is anticipated to expand alongside PCB development, with foreign companies currently leading, while domestic firms are accelerating their efforts to catch up [4]. Group 4: Investment Recommendations - Companies to watch in the copper foil sector include Copper Crown Copper Foil, Defu Technology, Nord Shares, Zhongyi Technology, and Longyang Electronics; in the electronic fabric sector, notable companies are Feilihua, Ping An Electric, Lite Optoelectronics, Quartz Shares, Honghe Technology, China National Materials, International Composites, China Jushi, Changhai Shares, Shandong Fiberglass, and Bofei Electric; in the resin sector, key players are Dongcai Technology, Shengquan Group, Tongyu New Materials, Shiming Technology, and Hongchang Electronics; in the silicon micro-powder sector, focus on Lianrui New Materials, Yake Technology, Guoci Materials, and Lingwei Technology; and in PCB chemicals, consider Guangxin Materials, Guanghua Technology, Sanfu New Science, Jiuri New Materials, and Yangfan New Materials [4].

Investment Rating - The industry investment rating is "Overweight" [2] Core Insights - The chemical industry is experiencing a dual drive of cyclical recovery and growth, with a focus on organic silicon, PTA, polyester filament, caprolactam, spandex, vitamins, sweeteners, refrigerants, and phosphorus chemicals [5][6] - The organic silicon industry is entering a recovery phase, driven by new applications in sectors like new energy vehicles and photovoltaics, with significant improvements in supply-demand dynamics expected [5][6] - The PTA/polyester filament industry is seeing a reduction in capacity expansion, leading to a new cycle of prosperity due to improved domestic and external demand [6] - The refrigerant market is entering a high prosperity cycle due to quota policies and stable demand growth from sectors like heat pumps and cold chain logistics [7] - The synthetic biology sector is poised for explosive growth as fossil-based materials face disruptive challenges, with a focus on energy efficiency and carbon tax costs [8] - OLED technology is rapidly penetrating various markets, supported by government policies aimed at fostering the new display industry [9] - The demand for high-frequency and low-loss electronic resins is increasing due to the rise of AI infrastructure and low-orbit satellite communications [10] - The electronic chemicals sector is benefiting from the expansion of wafer production capacity, with increasing demand for key materials in the semiconductor industry [11] Summary by Sections Industry Performance - The chemical sector ranked 4th in overall performance with a weekly increase of 7.29%, outperforming the Shanghai Composite Index by 6.45 percentage points [20][21] Key Industry Dynamics - The Ministry of Industry and Information Technology has issued guidelines for zero-carbon factory construction, aiming to establish a benchmark by 2027 across various industries [35] - The U.S. government plans to finalize the annual biofuel blending quota, maintaining high growth targets for the biofuel industry [35]

Core Viewpoint - The PCB industry is experiencing significant growth and transformation, driven by advancements in technology and increasing demand across various sectors, including telecommunications, consumer electronics, and automotive applications [9][10][18]. Group 1: PCB Classification - PCBs are classified based on material type, layer count, and structure, including ordinary boards, high-frequency boards, high-speed boards, single-sided boards, double-sided boards, multi-layer boards, rigid boards, flexible boards, rigid-flex boards, HDI boards, and packaging substrates [5][6][8][9]. - Ordinary boards are primarily made from FR4 copper-clad laminates and are widely used in various fields with lower signal integrity requirements [5]. - High-frequency boards require materials with stable dielectric properties and low loss factors, mainly used in wireless communication and automotive applications [5]. Group 2: PCB Industry Chain - The PCB industry chain consists of upstream raw materials, midstream manufacturing, and downstream applications, with raw materials including copper foil, wood pulp, electronic cloth, resins, and inks [10][11]. - The downstream applications of PCBs are extensive, covering communication devices, consumer electronics, computers, automotive electronics, industrial control, and medical devices [10][11]. Group 3: Market Trends and Forecasts - The global PCB market is projected to grow significantly, with a compound annual growth rate (CAGR) of 5.2% from 2024 to 2029, driven by increasing demand for high-density and high-performance PCBs [13][14]. - The Chinese PCB market is expected to recover, with a forecasted market size of approximately 4,333.21 billion yuan by 2025, following a decline in 2023 [18]. Group 4: Downstream Demand Growth - The demand for PCBs is increasing across various sectors, including telecommunications, where the shift to higher-speed products is evident, and in the server industry, where AI server demand is driving growth [18]. - In the automotive sector, the integration of electronics in vehicles is expected to increase, with automotive electronics projected to account for 49.6% of the total vehicle value by 2030 [18]. Group 5: Copper Foil as a Key Material - Copper foil is a critical raw material in PCB manufacturing, accounting for a significant portion of the cost structure, with its demand driven by the growth of high-end PCBs [32][34]. - The production process of copper foil involves several steps, including copper dissolution, foil manufacturing, surface treatment, and packaging [43]. Group 6: High-End Copper Foil Demand - The demand for high-end copper foil is increasing due to advancements in 5G communication and AI technologies, with a focus on low-profile copper foils for high-density applications [48][49]. - The global high-end copper foil market is largely dominated by foreign companies, but domestic firms are gradually entering the supply chain [49][50].

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]

Investment Rating - The report maintains an "Outperform" rating for the industry [1]. Core Insights - The development of AI is driving upgrades in PCB technology, leading to increased demand for upstream materials. The global PCB market is expected to reach USD 96.8 billion by 2025 [3]. - The three main materials—copper foil, electronic cloth, and resin—are undergoing expansion and upgrades. High-end copper foil is becoming mainstream, with foreign companies dominating the high-end market while domestic firms gradually enter the supply chain [3]. - The market for silicon micro-powder is expected to grow, with high-performance spherical silicon micro-powder projected to reach a market size of RMB 850 million by 2024, accounting for 49.22% of the total market [3]. - Investment opportunities are highlighted in various segments, including copper foil (e.g., Tongguan Copper Foil, Defu Technology), electronic cloth (e.g., Feilihua, Ping An Electric), resin (e.g., Dongcai Technology), silicon micro-powder (e.g., Lianrui New Materials), and PCB chemicals (e.g., Guangxin Materials) [3]. Summary by Sections AI-Driven PCB Upgrades - The PCB industry is experiencing significant growth due to AI technology and the rise of electric vehicles, with a notable increase in demand for AI servers and automotive electronics [3]. - The trend towards high-density, small aperture, large capacity, and lightweight PCBs is evident, necessitating higher performance from upstream materials [3]. Expansion of Three Main Materials - High-end copper foil demand is on the rise, with HVLP-type copper foil expected to become the mainstream product. Foreign companies currently dominate this segment [3]. - Electronic cloth is becoming thinner and lighter, with domestic companies increasing their investments in high-end electronic cloth [3]. - The performance of copper-clad laminates is largely determined by the resin formulation, with a shift from epoxy resin to more advanced materials [3]. High-End Silicon Micro-Powder and Specialty Chemicals - The upgrade of PCBs is driving the iteration of silicon micro-powder products, with a focus on spherical silicon micro-powder to meet high-end demands [3]. - The market for PCB specialty chemicals is expanding, with foreign companies currently leading while domestic firms accelerate their development [3]. Investment Recommendations - The report suggests focusing on companies involved in copper foil, electronic cloth, resin, silicon micro-powder, and PCB chemicals, highlighting specific firms in each category [3].

Investment Rating - The report maintains an "Outperform" rating for the industry [1]. Core Insights - The development of AI is driving upgrades in PCB technology, leading to increased demand for upstream materials. The global PCB market is expected to reach USD 96.8 billion by 2025 [3]. - The three main materials—copper foil, electronic cloth, and resin—are undergoing expansion and upgrades, with high-end copper foil becoming mainstream [3]. - The market for silicon micro-powder is expected to grow, with high-performance spherical silicon micro-powder projected to reach a market size of RMB 850 million by 2024, accounting for 49.22% of the total demand [3]. - Investment opportunities are highlighted in various sectors, including copper foil, electronic cloth, resin, silicon micro-powder, and PCB chemicals [3]. Summary by Sections AI-Driven PCB Upgrades - PCB is essential in modern electronic products, with significant demand growth driven by AI technology and electric vehicles. The industry is expected to expand further [3][30]. - The trend towards high-density, small aperture, large capacity, and lightweight PCBs is evident, necessitating higher quality upstream materials [3]. Main Materials Expansion - High-end copper foil demand is increasing, with foreign companies dominating the high-end market while domestic firms are gradually entering the supply chain [3]. - Electronic cloth is becoming thinner and lighter, with domestic companies increasing their investments [3]. - The resin market is evolving from epoxy resin to more advanced materials, enhancing the performance of copper-clad laminates [3]. Silicon Micro-Powder and Specialty Chemicals - The upgrade of PCBs is driving the iteration of silicon micro-powder products, with a notable market for high-performance spherical silicon micro-powder [3]. - The market for PCB specialty chemicals is expanding, with foreign companies currently leading but domestic firms accelerating their development [3]. Investment Recommendations - The report suggests focusing on companies in various segments: - Copper Foil: Copper Crown, Defu Technology, Nord Shares, Zhongyi Technology, Longyang Electronics - Electronic Cloth: Feili Hua, Ping An Electric, Lite Optoelectronics, Quartz Shares, Honghe Technology, China National Materials, International Composites, China Jushi, Changhai Shares, Shandong Fiberglass, Bofei Electric - Resin: Dongcai Technology, Shengquan Group, Tongyu New Materials, Shiming Technology, Hongchang Electronics - Silicon Micro-Powder: Lianrui New Materials, Yake Technology, Guoci Materials, Lingwei Technology - PCB Chemicals: Guangxin Materials, Guanghua Technology, Sanfu New Materials, Jiuri New Materials, Yangfan New Materials [3].