证券代码：688300 证券简称：联瑞新材 公告编号：2025-037 江苏联瑞新材料股份有限公司 第四届董事会第十五次会议决议公告 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。 一、董事会会议召开情况 江苏联瑞新材料股份有限公司（以下简称"公司"）第四届董事会第十五次 会议于 2025 年 9 月 26 日以通讯表决方式召开。本次会议的通知于 2025 年 9 月 24 日以电子通讯和书面方式送达各位董事，会议通知中包括会议的相关资料， 同时列明了会议的召开时间、召开方式和内容。本次会议应出席董事 7 人，实际 出席董事 7 人，会议由董事长李晓冬先生主持。本次会议的召集和召开程序符合 《公司法》等法律法规及《公司章程》的规定，会议决议合法、有效。 表决结果：同意 7 票；反对 0 票；弃权 0 票。 二、董事会会议审议情况 本次会议以记名投票表决方式审议通过如下议案： （一）逐项审议并通过《关于调整公司向不特定对象发行可转换公司债券方 案的议案》 根据《＜上市公司证券发行注册管理办法＞第九条、第十条、第十一条、第 十 ...

Core Points - The non-metal materials sector experienced a decline of 1.8% on September 26, with Ningxin New Materials leading the drop [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Stock Performance - Ningxin New Materials (code: 839719) closed at 14.98, down 5.85% with a trading volume of 69,300 shares [2] - Tianma New Materials (code: 838971) closed at 38.33, down 4.22% with a trading volume of 54,100 shares [2] - Quartz Co. (code: 603688) closed at 40.50, down 3.75% with a trading volume of 147,000 shares [2] - Lianrui New Materials (code: 688300) closed at 59.73, down 1.70% with a trading volume of 65,000 shares [2] - Longgao Co. (code: 605086) closed at 25.88, up 0.04% with a trading volume of 30,000 shares [2] Capital Flow - The non-metal materials sector saw a net outflow of 77.14 million yuan from main funds, while retail investors had a net inflow of 82.77 million yuan [2][3] - The main funds showed a net outflow in several stocks, including Lianrui New Materials with a net outflow of 21.85 million yuan and Quartz Co. with a net outflow of 44.29 million yuan [3] - Retail investors contributed positively to stocks like Longgao Co. and Lianrui New Materials, with net inflows of 34.99 million yuan and 19.14 million yuan respectively [3]

Market Overview - On September 25, the non-metal materials sector declined by 0.64%, with Bingyang Technology leading the drop [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] Stock Performance - Notable stock performances in the non-metal materials sector included: - Longgao Co., Ltd. (605086) closed at 25.87, up 1.05% with a trading volume of 23,300 shares and a turnover of 60.07 million yuan [1] - Suotong Development (603612) remained unchanged at 26.17 with a trading volume of 154,200 shares and a turnover of 404 million yuan [1] - Bingyang Technology (836675) closed at 10.92, down 4.29% with a trading volume of 22,000 shares and a turnover of 24.47 million yuan [2] Capital Flow - The non-metal materials sector experienced a net outflow of 105 million yuan from institutional investors, while retail investors saw a net inflow of 38.22 million yuan [2] - The capital flow for individual stocks showed: - Longgao Co., Ltd. had a net outflow of 220,300 yuan from institutional investors [3] - Strength Diamond (301071) faced a net outflow of 30.22 million yuan from institutional investors [3] - Suotong Development had a net inflow of 10.50 million yuan from retail investors [3]

Core Insights - Material innovation is a key driver of modern technological development, with China's new materials industry showing diverse and specialized growth under policy guidance and support [1][2] - The industry is experiencing intensified competition, with companies focusing on differentiated strategies to break through the "involution" phenomenon, emphasizing R&D and high-end breakthroughs as critical approaches [11][12] Industry Development - The new materials sector is characterized by interdisciplinary collaboration, involving materials science, physics, chemistry, and biology, with companies like Nanya New Materials, Huaqin Technology, Lianrui New Materials, and Kaisa Bio focusing on national strategic needs and core technology breakthroughs [2][3] - Nanya New Materials has been a key player in the copper-clad laminate market for 25 years, with products essential for electronic manufacturing, particularly in communications, AI, and automotive sectors [2][3] - Huaqin Technology specializes in aerospace materials and has expanded its offerings to include high-performance composite materials and advanced ceramics, with over 90% of its revenue derived from materials [2][3] Company Strategies - Huaqin Technology has established partnerships with various research institutions to enhance its R&D capabilities and fill domestic technology gaps, achieving significant progress in self-sufficiency [3][6] - Lianrui New Materials focuses on silicon and aluminum-based materials, optimizing product performance through intelligent transformation and entering international supply chains [3][12] - Kaisa Bio has developed bio-based materials, including bio-based nylon, and aims to replace traditional materials in various industries, highlighting its long-standing expertise in the field [4][5] Policy Support - The past five years have seen significant policy support for the copper-clad laminate industry, leading to a reduction in reliance on overseas supply chains and advancements in domestic production capabilities [5][6] - Policies promoting innovation and technology transfer have facilitated the growth of companies like Huaqin Technology, enabling them to expand their product offerings and market reach [6][7] Market Trends - The rise of AI and advancements in bio-manufacturing are accelerating the domestic production of electronic materials and bio-based products, with expectations for the domestic electronic materials market to surpass North America and Europe [8][9] - By 2025, Nanya New Materials anticipates significant growth in output and revenue driven by domestic demand for AI computing power [9][10] - Kaisa Bio is positioned as a global leader in bio-manufacturing, with plans to increase production capacity for long-chain dicarboxylic acids significantly by 2025 [10][11] Competitive Landscape - The new materials industry is witnessing heightened competition, with companies adopting differentiated strategies focused on R&D and high-end product development to maintain market positions [11][12] - Huaqin Technology and Lianrui New Materials are both investing heavily in R&D to secure technological advantages and expand into high-end markets [11][12] - Kaisa Bio emphasizes the importance of balancing technological uniqueness with market demand to achieve stable profitability in the competitive landscape of synthetic biology [13]

Core Insights - The non-metal materials sector experienced a significant increase of 3.04% on September 24, with leading stock "Liangliang Diamond" rising by 7.46% [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Stock Performance - "Liangliang Diamond" (301071) closed at 33.44 with a rise of 7.46%, trading volume of 145,300 shares and a transaction value of 480 million [1] - "Quartz Co." (603688) closed at 42.59, up 6.32%, with a trading volume of 365,000 shares and a transaction value of 1.512 billion [1] - "Lianrui New Materials" (688300) closed at 61.05, increasing by 4.27%, with a trading volume of 101,600 shares and a transaction value of 610 million [1] - Other notable stocks include "Ningxin New Materials" (839719) up 3.74% and "Dongfang Huayuan" (832175) up 2.83% [1] Capital Flow - The non-metal materials sector saw a net inflow of 265 million from institutional investors, while retail investors experienced a net outflow of 124 million [2] - The main stocks with significant capital flow include "Quartz Co." with a net inflow of 173 million from institutional investors and a net outflow of 97 million from retail investors [3] - "Lianrui New Materials" had a net inflow of 79.88 million from institutional investors, with retail investors also showing a net outflow [3]

Core Insights - Lianrui New Materials has seen a stock price increase of 5.19% on September 24, reaching 61.59 CNY per share, with a trading volume of 446 million CNY and a turnover rate of 3.09%, resulting in a total market capitalization of 14.872 billion CNY [1] - The company's stock has risen for five consecutive days, accumulating a total increase of 8.03% during this period [1] Company Overview - Jiangsu Lianrui New Materials Co., Ltd. is located in Lianyungang City, Jiangsu Province, and was established on April 28, 2002, with its listing date on November 15, 2019 [1] - The company specializes in the research, manufacturing, and sales of inorganic fillers and particle carrier products, with its main business revenue composition being: spherical inorganic powder 57.16%, angular inorganic powder 26.39%, and others 16.32% [1] Fund Holdings - According to data from the top ten holdings of funds, one fund under China Merchants Fund has a significant position in Lianrui New Materials [2] - The fund "China Merchants Specialized and New Stocks A" (014185) increased its holdings by 43,600 shares in the second quarter, bringing the total to 224,800 shares, which accounts for 3.02% of the fund's net value, ranking as the ninth largest holding [2] - The estimated floating profit from the recent stock price increase is approximately 683,300 CNY, with a total floating profit of 977,700 CNY during the five-day increase [2] Fund Performance - The fund manager of "China Merchants Specialized and New Stocks A" is Han Bing, who has been in the position for 10 years and 146 days [3] - The fund currently has a total asset size of 838 million CNY, with the best return during Han Bing's tenure being 101.59% and the worst being -27.6% [3]

Group 1 - The core viewpoint of the news is that Lianrui New Materials has seen a significant stock price increase, with a 5.19% rise on September 24, reaching 61.59 yuan per share, and a total market capitalization of 14.872 billion yuan [1] - Lianrui New Materials has experienced a cumulative increase of 8.03% over the past five days, indicating strong market performance [1] - The company specializes in the research, manufacturing, and sales of inorganic fillers and particle carrier products, with its main revenue sources being spherical inorganic powder (57.16%), angular inorganic powder (26.39%), and others (16.32%) [1] Group 2 - Huafu Fund has a significant holding in Lianrui New Materials, with its Huafu Strategy Selected Mixed A fund holding 7,700 shares, accounting for 3.93% of the fund's net value, making it the seventh-largest holding [2] - The fund has generated a floating profit of approximately 23,400 yuan today and 33,500 yuan during the five-day increase [2] - The Huafu Strategy Selected Mixed A fund has a total scale of 7.9819 million, with a year-to-date return of 14.93% and a one-year return of 44.43% [2]

Core Insights - The non-metal materials sector experienced a slight increase of 0.21% on September 22, with Tianma New Materials leading the gains [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Sector Performance - Tianma New Materials (code: 838971) saw a significant rise of 7.88%, closing at 45.31 with a trading volume of 123,800 shares and a transaction value of 550 million yuan [1] - Other notable performers included Lianrui New Materials (code: 688300) with a 2.04% increase, and Quartz Co. (code: 603688) with a 1.09% increase [1] - Conversely, Jiangsu Changjiang Materials (code: 001296) and Dongfang Carbon (code: 832175) experienced declines of 0.62% and 2.68%, respectively [1] Capital Flow - The non-metal materials sector saw a net inflow of 15.17 million yuan from institutional investors, while retail investors experienced a net outflow of 24.70 million yuan [3] - The overall capital flow indicates a mixed sentiment among different investor categories within the sector [3]

Investment Rating - The report maintains an "Outperform" rating for the oil and petrochemical sector [1]. Core Viewpoints - Geopolitical risks in the Middle East and Ukraine are supporting oil prices, which are expected to remain volatile in the short term. The report notes that WTI crude futures saw a slight increase of 0.03%, while Brent crude futures decreased by 0.33% during the specified period [6]. - OPEC+ is pushing for increased production despite low international oil prices, aiming to regain market share, which may lead to further pressure on global oil supply [6]. - The demand side shows significant crude oil inventory reductions in the U.S., with gasoline also experiencing a drawdown, providing some support for oil prices. However, as the summer travel season ends, refined oil consumption is expected to shift from peak to off-peak [6]. - In the fluorochemical sector, popular refrigerants like R32 and R134a continue to see price increases due to tight supply and steady demand from downstream industries such as automotive and air conditioning [6]. - The report highlights the strong growth in China's automotive production and sales, which increased by 13.0% and 16.4% year-on-year, respectively, in August 2025, boosting demand for refrigerants [6]. Summary by Sections Oil and Petrochemical - Geopolitical tensions are providing short-term support for oil prices, with WTI and Brent prices showing mixed trends [6]. - OPEC+ discussions on production capacity are ongoing, with a focus on regaining market share despite low prices [6]. - U.S. crude oil inventory reductions and seasonal shifts in refined oil consumption are influencing market dynamics [6]. Fluorochemical - The market for refrigerants remains tight, with prices for R32 and R134a continuing to rise [6]. - Demand from the automotive and air conditioning sectors is supported by government policies promoting consumption [6]. - The reduction in production quotas for second-generation refrigerants is expected to tighten supply further [6]. Investment Recommendations - The report suggests focusing on the oil and petrochemical sector, fluorochemical sector, and semiconductor materials. It highlights the resilience of major domestic oil companies in the face of price volatility and recommends monitoring companies like China National Petroleum, Sinopec, and CNOOC [7]. - In the fluorochemical sector, companies leading in third-generation refrigerant production and upstream fluorite resources are recommended for investment [7]. - The semiconductor materials sector is also highlighted for its positive trends in inventory reduction and domestic substitution [7].

Group 1 - The company received an inquiry letter from the Shanghai Stock Exchange regarding its application for issuing convertible bonds to unspecified objects [1][2] - The company is required to respond to the inquiry letter and has conducted thorough research and implementation of the questions raised [1] - The issuance of convertible bonds is subject to approval from the Shanghai Stock Exchange and the China Securities Regulatory Commission, with uncertainties regarding the approval timeline [2] Group 2 - The company will fulfill its information disclosure obligations in accordance with relevant regulations and requirements as the matter progresses [2] - Investors are advised to pay attention to investment risks associated with the approval process [2]