陕西斯瑞新材料股份有限公司 关于使用募集资金置换预先投入募投项目及已支付发行费 用的自筹资金的公告 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 证券代码：688102 证券简称：斯瑞新材 公告编号：2025-053 根据《陕西斯瑞新材料股份有限公司 2024 年度向特定对象发行 A 股股票募 集说明书》及实际募集资金净额情况，本次发行募集资金扣除发行费用后，将用 于投入以下项目： 单位：万元 | 序 号 | 项目整体名称 | 子项目/具体阶段 | 拟投资总额 | 拟投入募集资 金金额 | | --- | --- | --- | --- | --- | | 1 | 液体火箭发动机推力 室材料、零件、组件 | 一阶段 | 23,000.00 | 20,000.00 | | | 产业化项目 | | | | | 2 | 斯瑞新材科技产业园 建设项目（一） | 年产 3 万套医疗影像装备 等电真空用材料、零组件 | 40,000.00 | 34,000.00 | | | | 研发及产业化项目 | | | | 3 | 补充流动资金 ...

证券代码：688102 证券简称：斯瑞新材 公告编号：2025-052 陕西斯瑞新材料股份有限公司 关于调整向特定对象发行股票募集资金投资项目 拟使用募集资金金额的公告 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 陕西斯瑞新材料股份有限公司（以下简称"公司"）于 2025 年 10 月 16 日召 开第四届董事会战略委员会第一次会议、第四届董事会第五次会议，审议通过了 《关于调整向特定对象发行股票募集资金投资项目拟使用募集资金金额的议案》， 同意公司根据向特定对象发行股票募集资金实际情况，对本次募集资金投资项目 拟投入募集资金金额进行调整，具体情况如下： 一、募集资金基本情况 根据中国证券监督管理委员会于 2025 年 8 月 18 日出具的《关于同意陕西斯 瑞新材料股份有限公司向特定对象发行股票注册的批复》（证监许可[2025]1782 号），同意公司2024年度向特定对象发行A股股票（以下简称"本次发行"或"本 次向特定对象发行"）。公司本次向特定对象发行人民币普通股 41,724,617 股， 发行价格为每股人民币 ...

证券代码：688102 证券简称：斯瑞新材 公告编号：2025-056 陕西斯瑞新材料股份有限公司 关于使用募集资金及自有资金向全资子公司增资的公告 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 重要内容提示： 增资标的名称：西安斯瑞先进铜合金科技有限公司（以下简称"斯瑞科 技"） 资金金额及来源：陕西斯瑞新材料股份有限公司（以下简称"公司"）拟 向全资子公司斯瑞科技增资人民币 40,000 万元，其中使用募集资金人民币 34,000 万元向其增资以实施募投项目，同时使用自有资金人民币 6,000 万元向 其增资。增资后斯瑞科技注册资本由 16,000 万元增加至 56,000 万元，公司持股 比例为 100%。 公司于 2025 年 10 月 16 日召开了第四届董事会第五次会议，会议审议通过 了《关于使用募集资金及自有资金向全资子公司增资的议案》，现将有关情况公 告如下： 一、募集资金基本情况 根据中国证券监督管理委员会于 2025 年 8 月 18 日出具的《关于同意陕西斯 瑞新材料股份有限公司向特定对象发行股票注册 ...

证券代码：688102 证券简称：斯瑞新材 公告编号：2025-055 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。 重要内容提示： 基本情况 | 投资金额 | 不超过 40,000.00 万元（含）（或等值外币） | | --- | --- | | 投资种类 | 安全性高、流动性好、期限不超过 12 个月（含）的投资产 | | | 品（包括但不限于协定性存款、结构性存款、定期存款、通 | | | 知存款、大额存单等） | | 资金来源 | 募集资金 | 已履行及拟履行的审议程序：公司于 2025 年 10 月 16 日召开第四届 董事会第五次会议，审议通过了《关于使用部分暂时闲置募集资金进行现金 管理的议案》，保荐机构国泰海通股份有限公司（以下简称"保荐机构"）出 具了无异议的核查意见。该事项在董事会审批权限范围内，无需提交股东会 审议。 特别风险提示：公司根据经济形势以及金融市场的变化适时、适量地 介入，尽管选择的投资品种均为低风险现金管理产品，但金融市场受宏观经 济的影响较大，不排除投资受到市场波动的影响。 一、投资情 ...

证券代码：688102 证券简称：斯瑞新材 公告编号：2025-054 陕西斯瑞新材料股份有限公司 关于使用自有资金支付募投项目所需资金并以 募集资金等额置换的公告 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 二、募集资金投资项目情况 根据《陕西斯瑞新材料股份有限公司 2024 年度向特定对象发行 A 股股票募 集说明书》及实际募集资金净额情况，本次发行募集资金扣除发行费用后，将用 于投入以下项目： 单位：万元 | 序 号 | 项目整体名称 | 子项目/具体阶段 | 拟投资总额 | 拟投入募集资 金金额 | | --- | --- | --- | --- | --- | | 1 | 液体火箭发动机推力 室材料、零件、组件 产业化项目 | 一阶段 | 23,000.00 | 20,000.00 | | 2 | 斯瑞新材科技产业园 建设项目（一） | 年产 3 万套医疗影像装备 等电真空用材料、零组件 | 40,000.00 | 34,000.00 | | 3 | 补充流动资金 | 研发及产业化项目 - | 6,000.00 ...

Core Viewpoint - Srei New Materials (688102.SH) plans to increase capital by RMB 400 million to its wholly-owned subsidiary Srei Technology, utilizing RMB 340 million from raised funds for investment projects and RMB 60 million from its own funds [1] Group 1 - The registered capital of Srei Technology will increase from RMB 160 million to RMB 560 million after the capital increase [1] - The company will maintain a 100% ownership stake in Srei Technology following the capital increase [1]

Core Viewpoint - The company has approved a plan to use up to 400 million yuan of idle raised funds for cash management, focusing on high-security and liquid investment products [1] Group 1 - The board of directors approved the cash management proposal during the fifth meeting of the fourth session [1] - The funds will be allocated to various investment products, including but not limited to agreement deposits, structured deposits, time deposits, notice deposits, and large certificates of deposit [1] - The investment period for these funds is valid for up to 12 months, and the funds can be rolled over within the approved limit [1] Group 2 - The cash management initiative will not affect the progress of the raised funds investment projects or the company's normal production and operations [1]

Core Insights - The report highlights the resilience of the A-share market amidst external shocks, indicating a sustained upward trend in the medium term despite recent volatility [4][5] - The banking sector is experiencing a recovery with positive relative returns, driven by improved dividend yields and stable fundamentals [7][8] - The commercial aerospace industry, particularly in rocket technology, presents investment opportunities in engine component suppliers and testing service providers [12][15] Economic News - China's scientists have made significant advancements in solid-state lithium batteries, potentially doubling the range of electric vehicles from 500 km to over 1000 km [2] - The National Development and Reform Commission has launched a three-year plan to double the service capacity of electric vehicle charging facilities by 2027, aiming for 28 million charging stations [2] - TSMC reported a record net profit growth of 39% in Q3 2025, with optimistic projections for the AI market and a capital expenditure increase [2] Company Insights - XPeng Motors achieved a remarkable 79.4% year-on-year increase in exports in September 2025, with total exports exceeding 29,723 units in the first nine months [3] - Tianhao Energy signed an investment agreement for a natural gas development project, enhancing energy security in the Southwest region [3] - Xiaomi launched a new ad-free short drama app, indicating a strategic move into content distribution [3] Banking Sector Analysis - The banking sector's PB valuation stands at 0.67x, indicating a favorable position compared to historical averages, with several banks showing positive stock performance [7][8] - The report anticipates stable net interest income growth due to a stabilization in interest margins and a resilient banking sector despite external pressures [9] - Mid-term dividend announcements from banks are expected to attract long-term capital, enhancing the sector's appeal [10] Commercial Aerospace Industry - The report emphasizes the importance of engine components and testing services in the commercial rocket industry, particularly referencing SpaceX's development of the Falcon 1 rocket [12][15] - Key suppliers in the domestic market, such as Sui Rui New Materials and Guoji Precision, are highlighted for their roles in providing critical components for rocket engines [16]

Economic News - The Minister of Industry and Information Technology of China met with Apple's CEO to discuss Apple's business development in China and cooperation in the electronic information sector, emphasizing China's commitment to high-level opening-up and creating a favorable business environment for foreign companies [2] - In September 2025, China's CPI decreased by 0.3% year-on-year, primarily due to a drop in food prices, which fell by 4.4%, impacting CPI significantly [2] - The Bay Area Semiconductor Industry Ecological Expo showcased new domestic EDA design software with a 30% performance improvement over industry benchmarks and a 40% reduction in hardware development cycle [2] - A new high-precision, scalable analog matrix computing chip was developed, achieving a computational throughput and energy efficiency improvement of 100 to 1000 times over current top digital processors [2] - China's oil drilling has reached depths exceeding 10,000 meters, marking a significant advancement in deep earth energy exploration [2] - JD.com announced a collaboration with CATL and GAC Group to develop a new vehicle, leveraging JD's data and channel advantages [2] - SenseTime and Cambricon signed a strategic cooperation agreement to enhance AI infrastructure and explore international markets [2] - Global smartphone shipments increased by 3% in Q3 2025, with Samsung leading the market with a 19% share, followed by Apple at 18% [3] Company Insights - The banking sector has seen a positive relative return after adjustments, with the Shenwan Banking Index rising by 0.28% [5] - The banking sector's PB valuation stands at 0.67x, indicating a favorable position compared to historical levels [5] - Key banks such as Qilu Bank and Agricultural Bank of China reported significant stock price increases, reflecting market confidence [5] - The banking sector is expected to benefit from upcoming mid-term dividends, enhancing the attractiveness of bank stocks for long-term investors [6] - The net interest income for banks is projected to improve, with a stabilization of net interest margins anticipated in Q3 [6] - The average dividend yield for listed banks has increased to 4.4%, making them more appealing to long-term investors [7] - The report suggests a focus on quality mid-sized banks with performance potential and state-owned banks with stable profitability for long-term investments [8] Industry Analysis - The report highlights the importance of the rocket engine components and testing services in the commercial space industry, particularly referencing SpaceX's Falcon 1 rocket development [10] - The Merlin 1A engine is identified as a critical component, with the combustion chamber being a key area of focus for material and manufacturing technology [10] - The report emphasizes the significance of extensive testing in achieving high success rates for rocket launches, with SpaceX achieving a 97.76% success rate [14] - Investment opportunities are identified in companies supplying rocket engine components and those providing testing services for commercial rockets [15]

Economic News - The Ministry of Commerce of China has taken countermeasures against five U.S. subsidiaries of Hanwha Ocean Corporation in response to the U.S. investigation into China's maritime, logistics, and shipbuilding sectors [2] - The Chinese automotive industry has seen significant growth in the first nine months of the year, with production and sales reaching 24.43 million and 24.36 million vehicles, respectively, marking year-on-year increases of 13.3% and 12.9% [2] - The China Nuclear Group has made significant progress in key technologies for magnetic confinement nuclear fusion energy extraction, establishing a research platform for liquid metal and helium gas working fluids [2] Company Insights - ZTE Corporation has completed testing for 5G-A cellular passive IoT technology, achieving a 100% success rate in inventory success for both single and multiple tags [4] - CATL has established a new five-year strategic cooperation with Dongfeng Commercial Vehicle, focusing on electric vehicle technology development and market expansion [4] - Tongyu Communication has entered the low-orbit satellite supply chain and received overseas orders, aiming to enhance its capabilities in satellite-ground collaboration [4] Daily Research - The report indicates that external shocks have limited impact on the market, with the A-share market maintaining a mid-term upward trend despite recent volatility [5] - The report suggests a dual mainline investment strategy, emphasizing the importance of the technology sector while also considering cyclical sectors like military, pharmaceuticals, and new energy [6] Satellite Internet Industry - The report reviews the development of SpaceX's Falcon 1 rocket, highlighting the importance of engine components and testing services in the commercial space industry [8] - The Merlin 1A engine is identified as a core component of the Falcon 1 rocket, with the combustion chamber being critical for its performance [9] - The report emphasizes the significance of extensive testing in achieving a high success rate for rocket launches, with SpaceX achieving a 97.76% success rate across its missions [12] Investment Strategy - The report recommends focusing on domestic suppliers of rocket engine components and testing services as promising investment opportunities in the commercial space sector [13] - Specific companies highlighted include Srey New Materials and Guoji Precision Engineering as key players in the rocket engine supply chain [14]