Market Overview - The metal new materials sector experienced a decline of 0.86% on August 12, with Srei New Materials leading the drop [1] - The Shanghai Composite Index closed at 3665.92, up 0.5%, while the Shenzhen Component Index closed at 11351.63, up 0.53% [1] Stock Performance - Notable gainers in the metal new materials sector included: - Bowei Taijin (601137) with a closing price of 22.18, up 10.02% and a trading volume of 1.0539 million shares, totaling 2.307 billion yuan [1] - Xinlaifu (301323) closed at 56.98, up 8.47% with a trading volume of 101,500 shares, totaling 578 million yuan [1] - Zhengke Materials (600255) closed at 4.19, up 4.23% with a trading volume of 2.9024 million shares, totaling 1.213 billion yuan [1] - Conversely, Srei New Materials (688102) saw a significant decline, closing at 16.19, down 5.32% with a trading volume of 308,100 shares, totaling 505 million yuan [2] - Other notable decliners included: - Ningbo Yunsheng (600366) down 4.60% to 14.31 with a trading volume of 2.0279 million shares, totaling 2.917 billion yuan [2] - Zhongke Sheng (301141) down 3.62% to 66.27 with a trading volume of 82,200 shares, totaling 545 million yuan [2] Capital Flow - The metal new materials sector saw a net outflow of 1.043 billion yuan from institutional investors, while retail investors contributed a net inflow of 934 million yuan [2] - The capital flow for specific stocks indicated: - Bowei Taijin had a net inflow of 107 million yuan from institutional investors, while retail investors had a net outflow of 15.72 million yuan [3] - Xinlaifu experienced a net inflow of 3.12 million yuan from retail investors, with a negligible net outflow from institutional investors [3]

Market Overview - On August 8, the metal new materials sector declined by 0.33% compared to the previous trading day, with Zhongke Magnetic leading the decline [1] - The Shanghai Composite Index closed at 3635.13, down 0.12%, while the Shenzhen Component Index closed at 11128.67, down 0.26% [1] Stock Performance - Notable gainers in the metal new materials sector included: - Ningbo Yunsheng (600366) with a closing price of 14.49, up 10.02% [1] - Sry New Materials (688102) at 16.55, up 8.31% [1] - Alloy Investment (000633) at 6.60, up 3.61% [1] - Major decliners included: - Zhongke Magnetic (301141) at 68.82, down 5.44% [2] - Chitong New Materials (300930) at 33.86, down 4.02% [2] - Platinum New Materials (300811) at 54.79, down 3.83% [2] Capital Flow - The metal new materials sector experienced a net outflow of 616 million yuan from institutional investors, while retail investors saw a net inflow of 732 million yuan [2][3] - Key stocks with significant capital flow included: - Ningbo Yunsheng (600366) with a net inflow of 229 million yuan from institutional investors [3] - Alloy Investment (000633) with a net inflow of 19.79 million yuan [3] - Sry New Materials (688102) with a net inflow of 11.07 million yuan [3]

Company Performance - Srei New Materials' stock price reached a historical high, increasing by 7.59% to 16.44 yuan, with a trading volume of 16.98 million shares and a transaction amount of 266 million yuan [2] - The company's latest A-share total market capitalization is 12.025 billion yuan, with the same amount for its circulating market capitalization [2] - The company reported a first-quarter revenue of 344 million yuan, representing a year-on-year growth of 19.79%, and a net profit of 32.33 million yuan, up 31.62% year-on-year, with basic earnings per share of 0.0446 yuan and a weighted average return on equity of 2.91% [2] Industry Overview - The non-ferrous metals industry, to which Srei New Materials belongs, has an overall increase of 1.32%, with 97 stocks rising, including notable performers like Ningbo Yunsheng and Hesheng Co., with increases of 10.02% and 7.24% respectively [2] - Among the 39 stocks that declined, Longda Co., Yitong New Materials, and Zhenghai Magnetic Materials saw the largest drops of 4.23%, 3.85%, and 2.74% respectively [2] Margin Trading Data - As of August 7, the margin trading balance for Srei New Materials was 290 million yuan, with a financing balance of the same amount, reflecting an increase of 16.74 million yuan over the past 10 days, a growth of 6.13% [2]

格隆汇7月31日丨斯瑞新材(688102.SH)在投资者互动平台表示，2023年，公司直接参与了投资蓝箭航 天，金额2000万元，股权比例较小。 ...

Group 1 - The company, Srey New Materials (688102.SH), has directly participated in an investment in Blue Arrow Aerospace in 2023, with an investment amount of 20 million yuan [1] - The equity stake acquired by the company in Blue Arrow Aerospace is relatively small [1]

Group 1 - The core viewpoint of the news is that Zhiyuan Investment has conducted research on a listed company, Srei New Materials, which is involved in multiple sectors including high and medium voltage electrical contact materials, shield machine supporting products, liquid rocket engine thrust chambers, medical CT fields, and optical module chip bases [1] - Srei New Materials holds over 60% market share in the domestic market for high voltage vacuum switch contact materials, primarily used in the power industry [1] - The company is developing high-strength copper retainers for ultra-large diameter shield machines, although this business segment contributes a relatively low revenue [1] - The liquid rocket engine thrust chamber project is expected to produce 200 tons of forgings annually and is currently progressing with registration submitted to the CSRC [1] - In the medical CT field, Srei New Materials collaborates with Siemens Healthineers, Wanruisi, and United Imaging Healthcare [1] - The company has initiated a project to produce 20 million sets of optical module chip bases/casings annually, focusing on low-cost mass production of diamond copper technology [1] Group 2 - Zhiyuan Investment, established in 2015 in Shenzhen Qianhai Free Trade Zone, has a professional investment research team and a comprehensive risk management system [2] - The firm aims to serve the development of China's real economy by connecting social capital with high-quality industries, focusing on asset allocation in companies aligned with development trends to achieve asset preservation and appreciation for clients [2]

Group 1: New Issuance Dynamics - As of July 21, 2025, there are 598 ongoing private placement projects, with 26 new projects added in the last two weeks, a 30% increase from the previous period[5] - The average time from proposal to approval for private placements has decreased by 90 days to 341 days, maintaining a 100% approval rate[16] - The China Securities Regulatory Commission (CSRC) approved 11 projects, a decrease of 5 from the previous period[5] Group 2: Market Performance and Trends - The total fundraising amount for newly listed projects in the last two weeks is 14.01 billion CNY, a decrease of 38.6% from the previous period[28] - The average benchmark discount rate for competitive projects is 5.51%, down 8.49 percentage points, while the market price discount rate is 7.21%, down 7.40 percentage points[28] - The average absolute return for competitive projects that were unlocked in the last two weeks is 26.74%, with a positive return rate increasing by 20%[28] Group 3: Project Analysis - Sui Rui New Materials plans to raise up to 600 million CNY for projects related to liquid rocket engine components, with expected revenue growth exceeding 10% in 2023 and 2024[20] - Zhao Long Interconnect aims to raise up to 1.195 billion CNY for a production base in Thailand, with expected capacity increases including 170,000 kilometers of data cables[24] - The average price-to-earnings (PE) ratio for Sui Rui New Materials is 4.06, significantly higher than the industry average of 9.34%[23]

Investment Rating - Investment rating: Positive (maintained) [5] Core Views - The rare earth sector is experiencing price increases driven by overseas catalysts, with neodymium oxide rising 7.29% to 478,500 CNY/ton, dysprosium oxide up 2.44% to 1,680,000 CNY/ton, and terbium oxide increasing 0.84% to 7,180,000 CNY/ton [5][12] - Molybdenum prices are fluctuating at high levels due to increased steel demand, with molybdenum concentrate prices rising 4.46% to 3,985 CNY/ton [5][24] - Tungsten prices are at new highs due to supply contraction expectations, with black tungsten concentrate prices increasing 4.07% to 179,000 CNY/ton [5][29] - Tin prices are under pressure with SHFE tin down 1.01% to 264,500 CNY/ton, influenced by raw material shortages from Myanmar [5][37] - Antimony prices are adjusting downwards, with antimony ingot prices falling 1.30% to 190,000 CNY/ton due to reduced smelting output [5][48] - The controllable nuclear fusion materials sector is in a high-growth phase, with significant opportunities for upstream materials [6] Summary by Category Rare Earths - Recent price increases: neodymium oxide up 7.29% to 478,500 CNY/ton, dysprosium oxide up 2.44% to 1,680,000 CNY/ton, terbium oxide up 0.84% to 7,180,000 CNY/ton [5][12] Molybdenum - Molybdenum concentrate price increased 4.46% to 3,985 CNY/ton, while molybdenum iron (Mo60) rose 3.49% to 252,000 CNY/ton [5][24] Tungsten - Black tungsten concentrate price increased 4.07% to 179,000 CNY/ton, and ammonium paratungstate rose 4.35% to 264,000 CNY/ton [5][29] Tin - SHFE tin price decreased 1.01% to 264,500 CNY/ton, and LME tin fell 1.82% to 33,160 USD/ton [5][37] Antimony - Antimony ingot price decreased 1.30% to 190,000 CNY/ton, and antimony concentrate price fell 1.49% to 16,500 CNY/ton [5][48] Nuclear Fusion Materials - The controllable nuclear fusion industry is accelerating commercialization, with significant benefits expected for upstream materials [6]

陕西斯瑞新材料股份有限公司 关于 2023 年股票期权激励计划限制行权期间的 提示性公告 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。 根据《上市公司股权激励管理办法》《陕西斯瑞新材料股份有限公司 2023 年股票 期权激励计划（草案）》及中国证券登记结算有限责任公司上海分公司关于股票期权 自主行权的相关规定，结合陕西斯瑞新材料股份有限公司（以下简称"公司"）2025 年半年度报告的发布计划，现对 2023 年股票期权激励计划限制行权时间公告如下： 一、公司处于行权期的股票期权激励计划情况如下： 证券代码：688102 证券简称：斯瑞新材 公告编号：2025-043 | | 计划名称 | 行权期 | 行权代码 | 行权起止日期 | | --- | --- | --- | --- | --- | | 2023 | 年股票期权激 | 首次授予股票期权 | 1000000584 | 2025 年 5 月 21 日至 | | | 励计划 | 第一个行权期 | | 2026 年 4 月 23 日 | 二、本次限制行权期为 2025 ...

Core Viewpoint - Srey New Materials (688102.SH) announced that it received approval from the Shanghai Stock Exchange for its application to issue shares to specific investors, pending final approval from the China Securities Regulatory Commission (CSRC) [1] Fundraising Details - The total amount to be raised from the issuance of A-shares is not to exceed 60 million yuan, which will be allocated to projects including liquid rocket engine thrust chamber materials, the construction of Srey New Materials Technology Industrial Park, and to supplement working capital [1][5] - The breakdown of the investment includes 23 million yuan for the first phase of the liquid rocket engine thrust chamber materials project, 40 million yuan for the construction of the technology industrial park, and 6 million yuan for working capital [2] Issuance Structure - The issuance will target no more than 35 specific investors, including various financial institutions and qualified investors [2] - The shares will be ordinary A-shares with a par value of 1 yuan each, and the issuance will be conducted through a pricing inquiry method [3] - The number of shares issued will not exceed 30% of the total share capital prior to the issuance, amounting to a maximum of 218,201,367 shares [3][5] Shareholder Structure - Following the issuance, the company's total share capital will increase, leading to changes in the shareholder structure, but the actual control of the company will remain unchanged with Wang Wenbin as the controlling shareholder [4][5] - As of the date of the fundraising prospectus, Wang Wenbin holds 40.38% of the company's total shares [4]