三维化学公告称，公布2025年第四季度土木工程建筑业务经营情况。四季度新签约订单22个，金额 14,561.15万元；截至期末累计已签约未完工订单104个，金额131,411.48万元；已中标未签约订单1个， 金额2,110.00万元。重大项目中，北方华锦项目签约总价130,659.61万元，截至2025年末实现营收 99,227.75万元，累计收款83,462.93万元。数据为阶段性且未经审计，可能与最终有差异。 ...

2025年第四季度土木工程建筑业务经营情况简报 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 山东三维化学集团股份有限公司（以下简称"公司"）现将2025年第四季度土 木工程建筑业务经营情况公告如下： | | 第四季度 | | 截至报告期末累计已 | | 第四季度 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 项目 | 新签约订单 | | 签约未完工订单 | | 已中标未签约订单 | | 备注 | | 类型 | 数量 | 金额 | 数量 | 金额 | 数量 | 金额 | | | | （个） | （万元） | （个） | （万元） | （个） | （万元） | | | 咨询设 | | | | | | | 工 程 咨 | | 计技术 | 19 | 2,730.55 | 86 | 20,068.16 | | | 询、工程 | | 性服务 | | | | | | | 设计项目 | | 工程总 承包类 | 3 | 11,830.60 | 18 | 111,343.32 | 1 | 2,110.00 ...

Investment Rating - The report maintains a "Buy" rating for the companies mentioned, indicating a positive outlook for their stock performance in relation to the market index [4]. Core Insights - The chemical industry is expected to experience price increases due to improved supply-demand dynamics and a "de-involution" policy that encourages companies to avoid price wars and focus on profitability [10][22]. - The manufacturing sector shows signs of recovery, with the PMI reaching 50.1% in December 2025, indicating a return to expansion [16][22]. - The inventory cycle is shifting from active destocking to passive destocking, which may lead to rapid inventory depletion in the chemical sector once demand improves [22]. Summary by Sections Supply and Demand Dynamics - The investment growth rate in the chemical raw materials and products manufacturing industry has been declining since 2022, with a projected drop to negative growth by June 2025 [15]. - The supply side is improving due to reduced new capacity and the shutdown of older facilities in Europe and Japan, particularly affecting basic chemicals like ethylene and propylene [15][22]. Policy Impact - The "de-involution" policy initiated by the central government aims to prevent vicious competition, leading to a consensus among leading companies to maintain prices by reducing production rates [22][10]. Company-Specific Insights - **China Chemical**: The company has a production capacity of 200,000 tons for both adiponitrile and caprolactam. Price rebounds in these products are expected to significantly enhance its earnings [23]. - **Sanhua Chemical**: The company is positioned to benefit from price recovery in its core products, with a strong focus on expanding its high-end cellulose product lines [30]. - **Donghua Technology**: The company has multiple high-end chemical projects that are expected to improve profitability as supply constraints stabilize prices [37]. - **Southeast Network Frame**: The company produces 500,000 tons of polyester filament, with potential for revenue growth as raw material prices recover [41]. Investment Recommendations - The report highlights key companies to watch, including China Chemical, Sanhua Chemical, Donghua Technology, and Southeast Network Frame, all of which are expected to benefit from the anticipated price increases in chemical products [10][45].

Investment Rating - The report maintains a "Buy" rating for the companies mentioned, indicating a positive outlook for their stock performance in relation to the industry benchmark [4]. Core Insights - The chemical industry is expected to experience price increases due to improved supply-demand dynamics and a "de-involution" policy that encourages companies to avoid price wars and focus on profitability [10][22]. - The manufacturing sector shows signs of recovery, with the manufacturing PMI reaching 50.1% in December 2025, indicating a return to expansion [16][22]. - The inventory cycle in the chemical industry is transitioning from active destocking to passive destocking, which could lead to price support if demand improves [22]. Summary by Sections Supply Side Analysis - Investment growth in the chemical raw materials and products manufacturing sector has been declining since 2022, with a projected drop in investment growth turning negative by June 2025 [15]. - The construction of new capacity in the chemical industry has significantly decreased, influenced by energy consumption controls and environmental policies [15][22]. Demand Side Analysis - Although traditional demand remains weak, there is strong support for certain chemical products due to manufacturing restocking, pre-holiday inventory buildup, and increased exports [15][22]. - The manufacturing PMI data indicates a marginal improvement in demand, with production and new orders both showing positive trends [16]. Policy Impact - The "de-involution" policy initiated by the central government aims to prevent vicious competition, leading to a consensus among leading companies to stabilize prices by reducing production rates [22]. Company-Specific Insights - **China Chemical**: The company has a production capacity of 200,000 tons for both adiponitrile and caprolactam. Price rebounds in these products could significantly enhance its earnings [23]. - **Sandi Chemical**: The company is expected to benefit from price recovery in its core products, with a projected revenue of 730 million yuan in H1 2025 [30]. - **Donghua Technology**: The company has multiple high-end chemical projects that are expected to improve profitability and support stock valuation [37]. - **Southeast Net Rack**: The company produces 500,000 tons of polyester filament, with potential for revenue growth as prices stabilize [41]. Investment Recommendations - The report highlights key companies to watch, including China Chemical, Sandi Chemical, Donghua Technology, and Southeast Net Rack, all of which are positioned to benefit from the anticipated price increases in chemical products [10][45].

Core Viewpoint - The chemical industry is expected to experience price increases due to improved supply-demand dynamics and a shift towards "anti-involution" practices, benefiting certain construction companies that have extended their operations into the chemical sector [1][21]. Supply Side Summary - Investment growth in the chemical raw materials and products manufacturing sector has been declining since 2022, with a significant drop in investment growth turning negative by June 2025. The construction of new capacity in the chemical industry has notably decreased, with the share of ongoing projects in the basic chemical sector falling from 33.8% in 2022 to 24.4% in Q1-Q3 2025 [1]. - The reduction in new capacity is compounded by energy consumption controls and enhanced environmental policies set for 2025, alongside significant shutdowns of chemical facilities in Europe and Japan due to cost disadvantages, leading to an overall improvement in the global supply landscape [1]. Demand Side Summary - Despite weak traditional demand, certain factors such as manufacturing inventory replenishment, pre-Spring Festival stocking, increased exports, and growth in new manufacturing demands are providing strong support for some chemical products. The manufacturing PMI reached 50.1% in December 2025, indicating a return to expansion for the first time since April 2025 [3]. Inventory Cycle Summary - The chemical industry is transitioning from active destocking to passive destocking. Although there was a slight increase in inventory levels in the chemical raw materials and products sector in H2 2025, the inventory growth of finished products in downstream sectors has been declining since March 2025, indicating a significant inventory disparity within the supply chain [5]. - The current inventory structure shows moderate inventory levels upstream and low inventory levels downstream, suggesting that any improvement in demand could trigger rapid destocking of upstream chemical products, providing strong support for price elasticity [5]. Policy Environment Summary - The "anti-involution" policy introduced in July 2024 has shifted from a slogan to actionable industry measures, encouraging leading companies to avoid price wars and instead focus on maintaining price levels through reduced production rates [5]. Company-Specific Insights - **China Chemical (601117.SH)**: Positioned as a quality undervalued stock with strong cash flow, benefiting from the anti-involution trend. The company has a production capacity of 200,000 tons for both adiponitrile and caprolactam, with potential profit increases from price rebounds in these products [6]. - **Sandi Chemical (002469.SZ)**: Expected to see continued price improvements for existing chemical products under the anti-involution backdrop. The company has significant production capacities and is advancing new product lines that are anticipated to enhance profitability [11]. - **Donghua Technology (002140.SZ)**: The company is experiencing improved profitability in its industrial segment due to supply reductions stabilizing ethylene glycol prices. It has several high-end chemical projects in operation, contributing to revenue growth [15]. - **Southeast Net Framework (002135.SZ)**: The company produces polyester filament with a capacity of 500,000 tons. Price recovery in this segment is expected to contribute positively to performance [18]. Investment Recommendations - The chemical product price increase is supported by declining capital expenditures, environmental restrictions, and a shift in competitive dynamics. Companies such as China Chemical, Sandi Chemical, Donghua Technology, and Southeast Net Framework are highlighted as key beneficiaries of this trend [21].

登录新浪财经APP 搜索【信披】查看更多考评等级 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，现将具体实施结果公告如下： 一、股东减持情况 1、股东减持股份情况 ■ 注：本表中的"比例"系四舍五入后保留四位小数的结果。 王文旭先生本次减持的股份来源于公司股权激励计划 ...

证券日报网讯 1月15日，三维化学发布公告称，近日，公司收到公司高级管理人员王文旭先生发来的 《股份减持计划实施结果的告知函》，截至本公告披露日，王文旭先生于2025年12月31日通过集中竞价 交易减持120，000股，占总股本的0.0185%，王文旭先生本次股份减持计划期限已届满。 （文章来源：证券日报） ...

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].