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。 ...

证券研究报告 | 可转债投资策略 | 债券研究 联瑞转债新券投资价值分析报告 ——可转债研究报告 核心观点 ❑ 转债基本要素 联瑞新材本次发行的联瑞转债（118064.SH），在条款设计上整体中规中矩，契合 当前市场主流可转债设计风格。包括下修（85%，15/30）、赎回（130%， 15/30）、回售等常规条款。转债规模仅 6.95 亿元，规模较小，正股市值 157.20 亿元，转债对正股稀释率较小，正股市净率高达 9.71，综合来看，下修空间充 足。主体与债项评级同为 AA，到期赎回价 110 元。是兼具较强债底、合理期权 定价的优质新券。 ❑ 项目定位及投入 联瑞转债对应的两大募投项目——高性能高速基板用超纯球形粉体材料项目与高 导热高纯球形粉体材料项目，直接瞄准 AI 高频高速基板与 HBM/新能源汽车散 热两条最景气的材料主线。项目建成后预计新增年产 3,600 吨高性能高速基板用 超纯球形二氧化硅及 16,000 吨高导热球形氧化铝，将显著提升公司在高端硅 基、铝基功能填料领域的规模与议价能力，并缓解当前球形氧化铝"供不应求"的 瓶颈。预计高性能高速基板用超纯球形粉体材料项目完全达产后每年将实现销 ...

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。 ...

2026 年 02 月 01 日 行业周报 看好/维持 基础化工 基础化工 化工新材料行业可转债双周报（01/19-02/01）： 联瑞转债上市，兴发转债提前赎回 ◼ 走势比较 (10%) 4% 18% 32% 46% 60% 25/1/13 25/3/26 25/6/6 25/8/17 25/10/28 26/1/8 基础化工 沪深300 相关研究报告 <<2026 年化工&新材料投资策略："反 内卷"催化周期复苏，"新经济"拉 动新材料成长>>--2025-12-15 证券分析师：王亮 E-MAIL：wangl@tpyzq.com 分析师登记编号：S1190522120001 证券分析师：王海涛 E-MAIL：wanght@tpyzq.com 分析师登记编号：S1190523010001 报告摘要 权益市场回顾 近两周（2026.1.19-2026.2.1），沪深 300 指数涨跌幅为-0.54%， 中信基础化工指数涨跌幅为 3.19%，相对沪深 300 指数取得超额收益 3.73 个百分点；中信石油石化指数涨跌幅为 15.22%，相对沪深 300 指 数取得超额收益 15.76 个百分点。 从细分板块来 ...

转债市场周报 证券研究报告 | 2026年02月01日 极化估值的持续性取决于权益市场走向 核心观点 固定收益周报 上周市场焦点（1 月 26 日-1 月 30 日） 上周转债个券多数收跌，中证转债指数全周-2.61%，价格中位数-2.22%， 我们计算的算术平均平价全周-3.70%，全市场转股溢价率与上周相比 +1.12%。个券层面，天准（机器视觉）、百川转 2（精细化工）、欧通 （数据中心电源）、豪美（铝型材）、运机（运输机械）涨幅靠前；新 致（AI 应用）、航宇（商业航天）、东时（驾培）、冠中（生态修复）、 惠城（废催化剂处理）转债跌幅靠前。 观点及策略（2 月 2 日-2 月 6 日） 3.（概率较小）权益市场转跌，资金回补前期跌幅较大的防御板块，参 考以往经验，权益转跌初期转债全市场平价估值齐跌，之后高评级相对 低价的底仓品种率先企稳，推荐以降仓作为应对，之后可关注前期调整 较多的银行、电力、生猪养殖等防御板块。 风险提示：海外市场动荡，存在不确定性。 S0980522100006 S0980525080001 证券分析师：赵婧 上周转债随权益市场出现调整，且周五呈现明显平价及估值同时回落的 情形， ...

| 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].