证券日报网讯2月5日，联瑞新材在互动平台回答投资者提问时表示，公司应用于M9级高性能电子电路 基板的球硅产品，已与行业主流厂商形成深度合作，并已形成小批量销售。同时，公司的Lowα球铝作 为先进封装的关键填料，销售呈较快增长趋势，已成为少数能量产供应该材料的厂商之一。 ...

Group 1 - The core viewpoint of the report emphasizes that the newly issued Lianrui Convertible Bond (118064.SH) is a high-quality bond with strong debt protection and reasonable option pricing, suitable for institutional investors focusing on new bond subscriptions and short to medium-term allocations [1][12]. - The bond has a small issuance size of 6.95 billion yuan and a market capitalization of the underlying stock at 157.20 billion yuan, indicating a low dilution rate for the underlying stock and ample room for adjustment [1][12]. - The bond's terms include a down adjustment clause at 85% and a redemption clause at 130%, aligning with current market trends for convertible bonds [1][12]. Group 2 - The two major fundraising projects associated with the Lianrui Convertible Bond target high-performance ultra-pure spherical powder materials for high-speed substrates and high thermal conductivity pure spherical powder materials, which are in high demand in AI high-frequency substrates and HBM/electric vehicle thermal management [2][12]. - Upon full production, the high-performance ultra-pure spherical powder project is expected to generate annual sales revenue of 658.973 million yuan and an average annual profit of 179.6157 million yuan, while the high thermal conductivity project is projected to achieve annual sales of 310.4957 million yuan and an average annual profit of 63.5255 million yuan [2][12]. Group 3 - The company operates in the basic chemical industry, with comparable convertible bonds such as Anji Convertible Bond and Dinglong Convertible Bond showing premium rates ranging from 30% to 70% [3][16]. - The underlying stock of Lianrui New Materials is currently in a growth phase characterized by high-end electronic materials and accelerated growth driven by AI computing power, with revenue and net profit expected to show a "V-shaped" fluctuation from 2020 to 2024 [4][17]. - By 2024, the company anticipates revenue of 960 million yuan, a year-on-year increase of 34.94%, and a net profit of 251 million yuan, a year-on-year increase of 44.47%, indicating strong growth potential in the high-end industrial powder materials sector [4][17]. Group 4 - The investment strategy for the Lianrui Convertible Bond suggests a focus on new bond subscriptions and short to medium-term trading opportunities, with a cautious approach to high premiums and strong redemption expectations in the short term [5][18]. - The report recommends that institutional investors actively participate in the new bond subscription, while in the secondary market, they should prioritize locking in profits and controlling positions when pricing exceeds benchmarks [5][18]. - The overall investment theme for 2026 is expected to revolve around changes in capital expenditure in the downstream semiconductor industry and the company's capacity expansion pace [5][18].

格隆汇2月5日丨联瑞新材(688300.SH)在互动平台表示，公司应用于M9级高性能电子电路基板的球硅产 品，已与行业主流厂商形成深度合作，并已形成小批量销售。同时，公司的Low α球铝作为先进封装的 关键填料，销售呈较快增长趋势，已成为少数能量产供应该材料的厂商之一。 ...

Investment Rating - The report does not explicitly provide an investment rating for the chemical industry. Core Insights - The report highlights that during the period from January 19 to February 1, 2026, the CSI 300 index experienced a decline of 0.54%, while the CITIC Basic Chemical Index increased by 3.19%, outperforming the CSI 300 by 3.73 percentage points. The CITIC Petroleum and Petrochemical Index rose by 15.22%, outperforming the CSI 300 by 15.76 percentage points [3][18]. - Among the 39 sub-sectors in the CITIC Basic Chemical and Petroleum and Petrochemical sectors, 26 sectors saw an increase, while 11 sectors declined. Notable gainers included Dyeing Chemicals (25.13%), Oil Extraction III (17.37%), Other Petrochemicals (15.09%), Chlor-alkali (14.35%), and Compound Fertilizers (13.40%). Conversely, Carbon Fiber (-6.34%), Lithium Battery Chemicals (-6.17%), Electronic Chemicals (-5.68%), Chemical Preparations (-4.24%), and Modified Plastics (-2.99%) were among the largest decliners [4][20]. Summary by Sections 1. Key Chemical Product Price Tracking - The report indicates significant price increases for products such as Nitro-chlorobenzene (27.91%), Acetonitrile (13.58%), TMP (12.15%), and Brent crude oil (10.38%) during the week of January 26 to February 1, 2026. In contrast, prices for Hydrogen Peroxide (-7.66%), Formaldehyde (-5.60%), Acetic Anhydride (-3.88%), and Hydrochloric Acid (-3.70%) saw notable declines [14]. 2. Convertible Bond Market Review - As of February 1, 2026, among 60 publicly traded convertible bonds in the chemical industry, 6 bonds increased in value while 54 bonds decreased. The top five gainers were Baichuan Convertible Bond 2 (12.75%), Jinj Chicken Convertible Bond (4.72%), Saiter Convertible Bond (4.16%), Blue Sky Convertible Bond 02 (0.96%), and Shenghong Convertible Bond (0.27%). The top five losers included Huicheng Convertible Bond (-15.82%), Julong Convertible Bond (-12.54%), Anji Convertible Bond (-10.28%), Dinglong Convertible Bond (-8.10%), and Youcai Convertible Bond (-7.03%) [5][22]. 3. Recent Key Bond Tracking and Issuance Progress - The report notes that the "Lianrui Convertible Bond" was listed on January 28, 2026, and the "Xingfa Convertible Bond" was redeemed early. Additionally, several companies are in the process of issuing convertible bonds, with details on their issuance scale and progress provided [6][29]. 4. Company Announcements and Industry News Tracking - Key announcements include Fulei New Materials adjusting its fundraising project to increase production lines for environmentally friendly high-precision display materials and the completion of a project by Youcai Resources for recycling old textiles. Additionally, the report discusses significant industry news, such as the closure of chemical plants in Europe and the strategic decisions of major companies like ExxonMobil and Tronox [33][34].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The sustainability of polarized valuations depends on the direction of the equity market. The report presents three scenarios for the equity market and corresponding convertible bond strategies: 1) If the spring rally continues, the Shanghai Composite Index breaks through 4,200, and the market style shifts from small - cap to large - cap, it is recommended to select convertible bonds related to the battery, automotive/robot/intelligent driving, edge - side AI, and innovative drug/CDMO sectors in the growth technology sector; 2) If the broad - based index continues the January oscillation and the small - cap style remains dominant, focus on core targets in popular tracks such as commercial space, AIDC - related gas turbines/liquid cooling, semiconductor equipment and materials, power semiconductors, and chemical industries; 3) If the equity market turns down, it is recommended to reduce positions first and then focus on defensive sectors like banks, power, and pig farming [2][20]. Summary According to Relevant Catalogs Market Focus from January 26 - January 30, 2026 - **Stock Market**: Daily trading volume remained high with rapid sector rotation. The precious metals sector led the gains but had a significant decline on Friday. The A - share oil and gas sector performed well due to the potential conflict risk between the US and Iran. Some previously popular sectors such as commercial space and space photovoltaics had significant pullbacks. Different sectors rose and fell on different days. In terms of industries, most Shenwan primary industries declined, with petroleum and petrochemicals, communications, coal, non - ferrous metals, and agriculture, forestry, animal husbandry, and fishery leading the gains, while national defense and military industry, power equipment, automotive, and computer sectors performing poorly [8][9]. - **Bond Market**: The central bank's open - market operations were mainly net injections, and the money market shifted from tight to loose. Bond market sentiment was generally strong. The 10 - year Treasury bond yield closed at 1.81% on Friday, down 1.86bp from the previous week [9]. - **Convertible Bond Market**: Most convertible bond issues declined. The CSI Convertible Bond Index fell 2.61% for the week, the median price dropped 2.22%, the arithmetic average parity fell 3.70%, and the overall market conversion premium rate increased 1.12% compared to the previous week. The arithmetic average conversion premium rates of convertible bonds in different parity ranges changed, and they were at high percentile values since 2023 [9]. Viewpoints and Strategies from February 2 - February 6, 2026 - After the convertible bond market adjusted with the equity market last week, the sustainability of polarized valuations depends on the equity market's direction. Three scenarios and corresponding strategies are proposed as mentioned in the core viewpoints [2][20]. Valuation Overview - As of January 30, 2026, the average conversion premium rates of equity - biased convertible bonds in different parity ranges were at high percentile values since 2010 and 2021. The average YTM of debt - biased convertible bonds with a parity below 70 yuan was at a low percentile value. The average implied volatility of all convertible bonds and the difference between the convertible bond implied volatility and the long - term actual volatility of the underlying stocks were at high percentile values [21]. Primary Market Tracking - **Last Week (January 26 - January 30, 2026)**: No convertible bonds were announced for issuance. Lianrui Convertible Bond and Naipu Convertible Bond 02 were listed. Lianrui Convertible Bond has a scale of 695 million yuan, and Naipu Convertible Bond 02 has a scale of 450 million yuan [28][29]. - **Future Outlook**: No convertible bonds are announced for issuance or listing in the next week (February 2 - February 6, 2026). As of now, there are 100 convertible bonds waiting to be issued, with a total scale of 155.9 billion yuan, of which 8 have been approved for registration, with a total scale of 6.16 billion yuan [30][31].

| 证券代码：688300 | 证券简称：联瑞新材 | 公告编号：2026-012 | | --- | --- | --- | | 转债代码：118064 | 转债简称：联瑞转债 | | 江苏联瑞新材料股份有限公司 关于"联瑞转债"交易异常波动的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 江苏联瑞新材料股份有限公司（以下简称"公司"）可转换公司债券（以 下简称"联瑞转债"）连续三个交易日（2026 年 1 月 28 日、2026 年 1 月 29 日、 2026 年 1 月 30 日）内日收盘价格涨幅偏离值累计超过 30%。根据《上海证券交 易所可转换公司债券交易实施细则》的有关规定，属于可转换公司债券交易异常 波动情形。 二、可转换公司债券交易异常波动的具体情况 公司可转换公司债券连续三个交易日（2026 年 1 月 28 日、2026 年 1 月 29 日、2026 年 1 月 30 日）内日收盘价格涨幅偏离值累计超过 30%。根据《上海证 券交易所可转换公司债券交易实施细则》的有关规定，属于 ...

联瑞新材公告称，"联瑞转债"连续三个交易日（2026年1月28 - 30日）内日收盘价格涨幅偏离值累计超 30%，属交易异常波动。此次发行的6.95亿元可转换公司债券于1月28日起挂牌交易，将于7月14日起可 转股，初始转股价格63.55元/股。经自查，公司日常经营正常，无应披露未披露重大事项，相关人员在 此期间无买卖情况。1月30日，"联瑞转债"收盘价226.512元/张，溢价126.512%，转股溢价率115.52%， 公司提醒投资者注意交易风险。 ...

证券之星消息，1月29日非金属材料板块较上一交易日下跌2.95%，联瑞新材领跌。当日上证指数报收于 4157.98，上涨0.16%。深证成指报收于14300.08，下跌0.3%。非金属材料板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 603688 石英股份 | | 1209.79万 | 1.61% | -3041.06万 | -4.06% | 1831.27万 | 2.44% | | 920832 齐鲁华信 | | -82.89万 | -4.62% | -6.35万 | -0.35% | -55.53万 | -3.09% | | 920175 东方碳素 | | -103.40万 | -5.51% | -392.63万 | -20.92% | -252.06万 | -13.43% | | 920719 宁新新材 | | -285.59万 | -7.98% | -402.87万 | -11.26% ...

Group 1 - The non-metal materials sector increased by 0.87% on January 27, with LiLi Diamond leading the gains [1] - The Shanghai Composite Index closed at 4139.9, up 0.18%, while the Shenzhen Component Index closed at 14329.91, up 0.09% [1] - Key stocks in the non-metal materials sector showed varied performance, with LiLi Diamond closing at 42.79, up 6.10%, and other notable stocks like Bingyang Technology and Lianrui New Materials also showing gains [1] Group 2 - The non-metal materials sector experienced a net outflow of 68.94 million yuan from main funds, while retail investors saw a net inflow of 49.87 million yuan [2] - The stock performance of individual companies showed mixed results, with Lianrui New Materials having a main fund net inflow of 18.46 million yuan, while other companies like Tianma New Materials and Longgao Co. faced net outflows [3] - The overall trading volume and transaction amounts varied significantly among the stocks, with Lianrui New Materials achieving a transaction amount of 4.30 billion yuan [1][2]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the week of January 19 - 23, the stock market had large - scale net outflows of funds from important index ETFs, but the main indices were still oscillating strongly. The bond market was affected by regulatory news and the central bank's actions, with the 10 - year Treasury bond rate falling. The convertible bond market generally rose, with the CSI Convertible Bond Index up 2.92% [1][7][8]. - In the context of strong equity market sentiment and tight supply - demand of convertible bonds, the convertible bond market continued to rise last week, with the CSI Convertible Bond Index hitting a new high in nearly 10 years. It is recommended to avoid the risks of individual bonds with high redemption pressure and limited upward driving force of the underlying stocks [2][17]. - Looking forward, although the valuation vulnerability of the convertible bond market has further increased, the upward trend of the equity market is clear, providing support for convertible bond valuation. In the coming week, it is advisable to focus on sectors with high performance certainty and low - valuation leading stocks in under - performing industries [3][18]. 3. Summary by Relevant Catalogs 3.1 Market Focus (January 19 - 23) - **Stock Market**: There were large - scale net outflows of funds from important index ETFs, but the main indices were oscillating strongly with daily trading volume above 2.5 trillion yuan. The "15th Five - Year Plan" for power grid investment boosted the power grid equipment sector, and precious metals rose significantly due to global geopolitical situations. Different sectors showed fragmented performance on different days, and most Shenwan primary industries rose, with building materials, petroleum and petrochemicals, etc. leading the gains, while banks, communication, etc. lagging behind [1][7][8]. - **Bond Market**: The economic data announced last week was in line with expectations. The mid - week capital situation was tight but improved after the central bank's intervention. News of regulatory intention to cool the equity market was favorable for the bond market sentiment. The 10 - year Treasury bond rate closed at 1.8298% on Friday, down 1.26bp from the previous week [1][7][8]. - **Convertible Bond Market**: Most convertible bond individual securities rose. The CSI Convertible Bond Index was up 2.92% for the week, the median price was up 3.01%, and the arithmetic average parity was up 3.66%. The overall conversion premium rate decreased by 0.96% compared with the previous week. The textile and clothing, steel, and petroleum and petrochemical sectors in the convertible bond market led the gains, while social services, media, etc. lagged behind. In terms of individual bonds, Jiamei, Fuxin, etc. had the top gains, while Dongshi, Yinbang, etc. had the top losses. The total trading volume of the convertible bond market last week was 4395.97 billion yuan, with an average daily trading volume of 879.19 billion yuan, a decrease from the previous week [1][8][12]. 3.2 Views and Strategies (January 26 - 30) - **Risk Avoidance**: Strengthen the expected management of individual bond redemptions. Due to the "unexpected redemptions" of some targets at the beginning of the week, the valuation of high - parity convertible bonds was compressed. It is recommended to avoid the risks of individual bonds with high redemption pressure and limited upward driving force of the underlying stocks by considering factors such as remaining term and short - term stock price demands [2][17]. - **Investment Suggestions**: Although the valuation vulnerability of the convertible bond market has increased, the upward trend of the equity market provides support for convertible bond valuation. In the week of January 26 - 30, it is advisable to focus on sectors with high performance certainty such as semiconductor equipment and materials, chemical industry, lithium battery, CXO, etc., and low - valuation leading stocks in under - performing industries for absolute return funds [3][18]. 3.3 Valuation Overview - As of January 23, the average conversion premium rates of equity - biased convertible bonds in different price ranges were at high percentile values since 2010 and 2021. The average YTM of debt - biased convertible bonds with a parity below 70 yuan was - 5.66%, at the 0%/1% percentile since 2010 and 2021. The average implied volatility of all convertible bonds and the difference between the implied volatility and the long - term actual volatility of the underlying stocks were also at high percentile values [19]. 3.4 Primary Market Tracking - **Last Week (January 19 - 23)**: Aiwei and Longjian convertible bonds announced their issuance, and no convertible bonds were listed. Aiwei Convertible Bond has a scale of 19.01 billion yuan, and Longjian Convertible Bond has a scale of 10 billion yuan [26][27]. - **Next Week (January 26 - 30)**: No convertible bonds are announced for issuance, and Lianrui Convertible Bond will be listed, with a scale of 6.95 billion yuan [28][29]. - **Overall Situation**: As of January 23, there were 97 convertible bonds to be issued, with a total scale of 1522.3 billion yuan, including 8 that have been approved for registration, with a total scale of 61.6 billion yuan [30].