Group 1 - International Composite Materials (301526) is a core supplier of electronic-grade glass fiber and products in China, focusing on high-performance glass fiber material research and production, with a full industry chain layout advantage in electronic cloth [1][21] - The company’s main business includes electronic-grade glass fiber yarn, electronic cloth, and composite material products, widely used in copper-clad laminates (CCL) and printed circuit board (PCB) manufacturing, featuring electrical insulation and fire resistance [1][21] - The company is focusing on high-end products such as low-dielectric electronic cloth, suitable for high-speed PCB scenarios like AI servers and data centers, with production capacity and technical strength among the industry leaders [1][21] Group 2 - Honghe Technology (603256) is a leading enterprise in the global mid-to-high-end electronic-grade glass cloth segment, breaking international monopolies in ultra-thin and extremely thin electronic cloth [2][22] - The company’s main business focuses on the research, production, and sales of electronic-grade glass fiber yarns and fabrics, with applications covering various electronic devices including mobile phones, computers, and AI servers [2][22] - As a core supplier to global top copper-clad board manufacturers, the company has a significant competitive advantage in high-end PCB manufacturing, especially in AI computing-related high-speed PCB fields [2][22] Group 3 - China National Materials (002080) is a comprehensive leader in the new materials sector, leveraging state-owned enterprise resources to maintain industry leadership in glass fiber and wind power blades [3][23] - The company’s main business includes glass fiber and products, wind power blades, and lithium battery separators, with glass fiber being a core segment [3][23] - The company’s subsidiary, Taishan Glass Fiber, developed the first generation of low-dielectric fine yarn and electronic cloth, which won a global leading ICT manufacturer’s "Technology Breakthrough Award" [3][23] Group 4 - China Jushi (600176) is the absolute leader in the global glass fiber industry, with production capacity and technical strength at the forefront globally [4][24] - The company has built a full industry chain advantage from glass fiber yarn to electronic cloth, with products widely used in construction, electronics, and automotive sectors [4][24] - The company’s electronic cloth production capacity ranks among the top globally, with significant cost advantages in self-developed low-dielectric glass fiber (TLD-glass) [4][24] Group 5 - Jinan Guojin (002636) is a key player in the copper-clad board industry, with a complete electronic materials industry chain layout [5][25] - The company focuses on the research and production of copper-clad boards and related materials, maintaining a stable market share in East China [5][25] - The company’s electronic-grade glass fiber cloth is a core raw material for copper-clad boards, enabling effective cost reduction through in-house production [5][25] Group 6 - Hongchang Electronics (603002) is an important enterprise in the domestic electronic-grade epoxy resin and copper-clad board sector, covering core upstream and downstream segments of electronic cloth [6][26] - The company has established long-term partnerships with major domestic PCB manufacturers, focusing on the production and sales of electronic-grade epoxy resin, copper-clad boards, and semi-cured sheets [6][26] - The company benefits indirectly from the development of the electronic cloth industry through its copper-clad board business [6][26] Group 7 - Filihua (300395) is a leading enterprise in the global quartz glass materials sector, being the only company in China to achieve mass production of high-end quartz electronic cloth (Q cloth) [7][27] - The company’s main business focuses on the research, production, and sales of quartz glass and products, with applications in high-end fields such as semiconductors and optical communications [7][27] - The company’s third-generation quartz cloth has a dielectric constant as low as 2.3, making it a core enhancement material for M9 copper-clad boards [7][27] Group 8 - Changhai Co., Ltd. (300196) is an important enterprise in the domestic glass fiber and composite materials industry, focusing on high-end electronic cloth business through its subsidiaries [8][28] - The company’s main business includes glass fiber yarn, glass fiber products, and composite materials, with a stable production capacity layout in East China [8][28] - The company’s subsidiary, Guangyuan New Materials, focuses on producing low-dielectric electronic cloth and electronic yarn, entering the high-end PCB materials market [8][28] Group 9 - Jiuding New Materials (002201) is one of the leading enterprises in the domestic electronic cloth industry, with deep accumulation in glass fiber and composite materials [9][30] - The company’s main business includes glass fiber products, composite materials, and wind power blades, with electronic cloth being a core segment [9][30] - The company is continuously advancing the research and development of special glass fibers and electronic cloth, with significant revenue growth expected in the second quarter of 2025 [9][30] Group 10 - Shandong Glass Fiber (605006) is an important enterprise in the domestic glass fiber industry, with electronic cloth being a key focus area [10][31] - The company leverages the glass fiber industry cluster advantage in Shandong, steadily expanding its production capacity [10][31] - The company is focusing on mid-to-high-end electronic cloth products, adapting to the upgrading needs of the PCB industry [10][31]

Investment Rating - The report maintains a rating of "Outperform" for the new materials sector, indicating a positive outlook for investment opportunities in this industry [2]. Core Insights - The new materials sector has experienced a decline, with the new materials index dropping by 1.53%, outperforming the ChiNext index by 1.76%. Over the past five trading days, various sub-sectors showed mixed performance, with battery chemicals slightly increasing by 0.09% while semiconductor materials fell by 3.70% [3][17]. - Strong capital expenditure growth is observed in North America, particularly among major cloud service providers like Amazon AWS, Microsoft, Google, and Meta, with a combined capital expenditure exceeding $670 billion in 2026, representing a year-on-year growth of over 60%. This investment is expected to drive demand for AI servers and related materials [6]. Summary by Sections 1. Secondary Market Performance - The new materials sector has seen a decline, with the Shanghai Composite Index and ChiNext Index also experiencing negative movements. The new materials index's performance is highlighted as it has outperformed the ChiNext index [3][13]. 2. Industry Chain Data Tracking - Price tracking for various materials shows fluctuations, with amino acids like valine at 13,850 RMB/ton (-1.42%) and vitamins such as vitamin A at 60,500 RMB/ton (-1.63%). Prices for biodegradable plastics remain stable, indicating a steady market for these materials [4][12]. 3. Industry News - The report emphasizes the importance of AI infrastructure development, which is expected to enhance the demand for high-frequency and high-speed copper-clad laminates and related materials. Companies such as Shengquan Group and Dongcai Technology are highlighted for their potential in the resin sector, while Zhongcai Technology and Honghe Technology are noted for electronic fabrics [6]. 4. Investment Recommendations - The report suggests focusing on upstream material development opportunities, particularly in AI-related sectors, as the demand for advanced materials is anticipated to grow significantly due to the increasing need for AI server infrastructure [5][6].

Group 1 - The core viewpoint emphasizes the alignment of Shengquan Group's development strategy with government reports and national planning, focusing on technological innovation and new productive forces [2][4] - Shengquan Group has transformed from a struggling local enterprise to an industry benchmark with over 10 billion in output value, driven by a steadfast commitment to technological innovation in bioenergy and new materials [2] - In the field of bio-manufacturing, Shengquan Group is advancing the high-value utilization of hemicellulose, cellulose, and lignin, with breakthroughs in key technologies for deep processing of furfural and the development of proprietary cellulose enzyme production [2][3] Group 2 - In advanced chemical materials, Shengquan Group is upgrading existing products like phenolic resins towards functionality, high performance, precision, and sustainability, establishing a complete industrial chain from phenolic resins to silicon-carbon anode materials [3] - The company has successfully applied its lightweight, flame-retardant, and high-strength new materials in local metro projects, contributing to urban development and enhancing citizens' quality of life [3] - Future development plans include optimizing supply chains, extending industrial chains, and enhancing innovation chains, with a focus on key sectors such as new materials, electronic information, aerospace, and new energy [4]

Group 1 - The company received an inquiry letter from the Shanghai Stock Exchange regarding its application for issuing convertible bonds to unspecified objects, indicating that the review process has begun [1] - The company, along with relevant intermediaries, has conducted thorough research and made necessary revisions to the application documents in response to the inquiry letter [1] - The company plans to publicly disclose the responses to the inquiry letter and the revised fundraising prospectus on the Shanghai Stock Exchange website [1] Group 2 - The company has updated the fundraising prospectus and related documents based on the latest project developments and the responses to the inquiry letter [2] - The issuance of convertible bonds is subject to approval from the Shanghai Stock Exchange and the China Securities Regulatory Commission, with uncertainties regarding the approval timeline [2] - The company will fulfill its information disclosure obligations in accordance with relevant regulations as the matter progresses [2]

关于济南圣泉集团股份有限公司 向不特定对象发行可转换公司债券申请文件 的审核问询函之回复 （豁免版） 保荐人（主承销商） （注册地址：成都市青羊区东城根上街 95 号） 二零二六年二月 关于济南圣泉集团股份有限公司 向不特定对象发行可转换公司债券申请文件 的审核问询函之回复 上海证券交易所： 贵所下发的《关于济南圣泉集团股份有限公司向不特定对象发行可转换公司 债券申请文件的审核问询函》（上证上审（再融资）〔2025〕349 号）（以下简称 "问询函"）已收悉。 根据贵所要求，济南圣泉集团股份有限公司（以下简称"圣泉集团"、"公司"、 "发行人"或"申请人"）已会同国金证券股份有限公司（以下简称"国金证券"、 "保荐机构"或"保荐人"）、信永中和会计师事务所（特殊普通合伙）（以下简 称"会计师"）等对问询函中所提问题逐项核查，作如下回复，请予审核。 除特别说明外，本核查报告中相关用语具有与《济南圣泉集团股份有限公司 向不特定对象发行可转换公司债券募集说明书》中相同的含义。本回复中所有数 值保留两位小数，如出现总数与各分项数值之和不符的情形，均为四舍五入原因 造成。本回复的字体具体如下： | 项目 | 字体 | ...

股票简称：圣泉集团 股票代码：605589 （山东省济南市章丘区刁镇工业经济开发区） 向不特定对象发行可转换公司债券 募集说明书 （修订稿） 保荐人（主承销商） （注册地址：成都市青羊区东城根上街 95 号） 二零二六年二月 济南圣泉集团股份有限公司 Jinan Shengquan Group Share Holding Co.,Ltd. 济南圣泉集团股份有限公司 向不特定对象发行可转换公司债券募集说明书 声 明 本公司全体董事、高级管理人员承诺本募集说明书不存在任何虚假、误导性 陈述或重大遗漏，并保证所披露信息的真实、准确、完整。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证 本募集说明书中财务会计报告真实、完整。 中国证监会、上海证券交易所对本次发行所作的任何决定或意见，均不表明 其对申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对 发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何 与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发 行人自行负责。投资者自主判断发行人的投资价值，自主作出投资决策 ...

国金证券股份有限公司 关于济南圣泉集团股份有限公司 向不特定对象发行可转换公司债券 之 发行保荐书 保荐人（主承销商） （成都市青羊区东城根上街 95 号） 2026 年 2 月 济南圣泉集团股份有限公司向不特定对象发行可转换公司债券之发行保荐书 声 明 本保荐机构及保荐代表人根据《中华人民共和国公司法》《中华 人民共和国证券法》《上市公司证券发行注册管理办法》《证券发行上 市保荐业务管理办法》等有关法律、行政法规和中国证券监督管理委 员会的规定，诚实守信，勤勉尽责，严格按照依法制订的业务规则、 行业执业规范和道德准则出具本发行保荐书，并保证所出具文件的真 实性、准确性和完整性。 3-1-1 | 声 | 明 1 | | --- | --- | | 目 | 录 2 | | 释 | 义 3 | | 第一节 | 本次证券发行基本情况 4 | | | 一、保荐机构项目人员情况 4 | | | 二、发行人基本情况 4 | | | 三、保荐机构及其关联方与发行人及其关联方之间的利害关系及主要业务往 | | | 来情况 6 | | | 四、保荐机构内部审核程序和内核意见 7 | | | 五、关于有偿聘请第三方机构和个人等相 ...

7-2-1 载车出一 言永中和会计师事务所 | 北京市东城区朝阳门北大街 8 号富华大厦 A 座 9 /z certified public accountants S/F Block A Fu HII 100027 P R Chir 信永中和会计师事务所(特殊普通合伙) 关于济南圣泉集团股份有限公司向不特定对象 发行可转换公司债券申请文件的审核问询函的回复 XYZH/2026QDAA3F0003 济南圣泉集团股份有限公司 上海证券交易所: 济南圣泉集团股份有限公司(以下简称"圣泉集团"、"公司"、"发行人")申请向不 特定对象发行可转换公司债券,并于 2025年11月 05 日收悉贵所下发的《关于济南圣 泉集团股份有限公司向不特定对象发行可转换公司债券申请文件的审核问询函》(上证 上审(再融资)(2025)349 号,以下简称"问询函")。 根据问询函的要求,信永中和会计师事务所(特殊普通合伙)(以下简称"申报会计 师")对问询函所列问题进行了逐项核查,现回复如下: | 项目 | 字体 | | --- | --- | | 问询函所列问题 | 黑体 | | 对问询函所列问题的回复 | 宋体 | | 涉及对募集 ...

国金证券股份有限公司 关于济南圣泉集团股份有限公司 向不特定对象发行可转换公司债券 之 上市保荐书 保荐人（主承销商） （成都市青羊区东城根上街 95 号） 2026 年 2 月 济南圣泉集团股份有限公司 上市保荐书 声 明 本保荐机构及保荐代表人根据《中华人民共和国公司法》（以下简称"《公 司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《证券发行 上市保荐业务管理办法》（以下简称"《保荐管理办法》"）《上市公司证券发行 注册管理办法》（以下简称"《注册管理办法》"）、《上海证券交易所上市公司 证券发行上市审核规则》（以下简称"《上市规则》"）、《可转换公司债券管理 办法》等有关法律、行政法规和中国证券监督管理委员会的规定，诚实守信，勤 勉尽责，严格按照依法制订的业务规则、行业执业规范和道德准则出具本上市保 荐书，并保证所出具文件的真实性、准确性和完整性。 3-3-1 | 声 | 明 1 | | --- | --- | | 目 | 录 2 | | 第一节 | 发行人基本情况 4 | | | 一、发行人基本情况 4 | | | 二、发行人的主营业务 4 | | | 三、发行人核心技术 5 | ...

济南圣泉集团股份有限公司 证券代码：605589 证券简称：圣泉集团 公告编号：2026-005 近日，根据项目最新进展，公司会同相关中介机构对募集说明书 等文件相关内容以及《审核问询函》回复中的相关问题进行了相应的 修订和更新，具体内容详见公司于 2026 年 2 月 5 日在上交所网站 （www.sse.com.cn）披露的《关于济南圣泉集团股份有限公司向不特 定对象发行可转换公司债券申请文件的审核问询函之回复（豁免版）》 《济南圣泉集团股份有限公司向不特定对象发行可转换公司债券募 集说明书（修订稿）》等相关文件。 公司本次向不特定对象发行可转换公司债券事项尚需通过上交 所审核，并获得中国证券监督管理委员会（以下简称"中国证监会"） 作出同意注册的决定后方可实施，最终能否通过上交所审核，并获得 中国证监会同意注册的决定及其时间尚存在不确定性。公司将根据该 事项的进展情况，按照相关规定和要求及时履行信息披露义务，敬请 广大投资者注意投资风险。 特此公告。 济南圣泉集团股份有限公司 董事会 关于向不特定对象发行可转换公司债券申请文件 审核问询函回复及申请文件更新的提示性公告 本公司董事会及全体董事保证本公告内 ...