Core Viewpoint - On October 17, Lianrui New Materials experienced a decline of 5.06%, trading at 53.88 CNY per share, with a transaction volume of 214 million CNY and a turnover rate of 1.62%, resulting in a total market capitalization of 13.01 billion CNY [1] Company Overview - Jiangsu Lianrui New Materials Co., Ltd. is located in Lianyungang City, Jiangsu Province, established on April 28, 2002, and listed on November 15, 2019. The company specializes in the research, manufacturing, and sales of inorganic fillers and granular carrier products [1] - The revenue composition of the main business includes spherical inorganic powder (57.16%), angular inorganic powder (26.39%), and other products (16.32%) [1] Shareholder Analysis - Noan Fund's Noan Pioneer Mixed A (320003) is among the top ten circulating shareholders of Lianrui New Materials, having entered the list in the second quarter with 1.4602 million shares, representing 0.6% of circulating shares. The estimated floating loss today is approximately 4.1908 million CNY [2] - Noan Pioneer Mixed A (320003) was established on December 19, 2005, with a latest scale of 3.84 billion CNY. Year-to-date returns are 35.18%, ranking 2130 out of 8160 in its category, while the one-year return is 45.87%, ranking 1490 out of 8021. Since inception, the return is 1143.04% [2] Fund Performance - The fund manager of Noan Pioneer Mixed A (320003) is Yang Gu, who has a cumulative tenure of 19 years and 243 days, managing assets totaling 5.133 billion CNY. The best fund return during his tenure is 1094.81%, while the worst is 8.34% [3] - Noan Research Preferred Mixed A (008185) holds Lianrui New Materials as a significant position, with 77,800 shares, accounting for 4.89% of the fund's net value. The estimated floating loss today is about 223,200 CNY [4] - Noan Research Preferred Mixed A (008185) was established on May 9, 2020, with a latest scale of 71.2857 million CNY. Year-to-date returns are 78.82%, ranking 137 out of 8160, while the one-year return is 65.03%, ranking 527 out of 8021. Since inception, the return is 32.72% [4] Fund Manager Profile - The fund manager of Noan Research Preferred Mixed A (008185) is Deng Xinyi, with a cumulative tenure of 3 years and 105 days, managing assets totaling 2.009 billion CNY. The best fund return during her tenure is 53.61%, while the worst is -16% [5]

Group 1 - The core point of the news is that Lianrui New Materials experienced a decline of 5.06% in stock price, reaching 53.88 CNY per share, with a trading volume of 214 million CNY and a turnover rate of 1.62%, resulting in a total market capitalization of 13.01 billion CNY [1] - Lianrui New Materials, established on April 28, 2002, and listed on November 15, 2019, is located in Lianyungang City, Jiangsu Province. The company specializes in the research, manufacturing, and sales of inorganic fillers and granular carrier products [1] - The revenue composition of Lianrui New Materials includes spherical inorganic powder at 57.16%, angular inorganic powder at 26.39%, and other products at 16.32%, with a minor contribution of 0.12% from supplementary products [1] Group 2 - From the perspective of major fund holdings, Lianrui New Materials is a significant investment for Changsheng Fund, with its Changsheng Transformation Upgrade Mixed Fund (001197) holding 97,000 shares, accounting for 2.36% of the fund's net value, ranking as the tenth largest holding [2] - The Changsheng Transformation Upgrade Mixed Fund (001197) was established on April 21, 2015, with a current scale of 192 million CNY. Year-to-date returns are at 20.88%, ranking 4231 out of 8160 in its category, while the one-year return is 15.32%, ranking 5165 out of 8021. Since inception, the fund has experienced a loss of 17.2% [2]

Core Insights - The non-metal materials sector experienced a slight increase of 0.17% on October 16, with Strength Diamond leading the gains [1] - The Shanghai Composite Index closed at 3916.23, up 0.1%, while the Shenzhen Component Index closed at 13086.41, down 0.25% [1] Sector Performance - Strength Diamond (301071) saw a closing price of 43.95, with a significant increase of 7.27% and a trading volume of 368,600 shares, amounting to a transaction value of 1.558 billion [1] - Other notable performers included Tianma New Materials (920971) with a 2.07% increase, and Suotong Development (603612) with a 1.79% increase [1] - Conversely, Longgao Co. (605086) and Jiangsu Changjiang Materials (001296) experienced declines of 2.42% and 2.15%, respectively [1] Capital Flow - The non-metal materials sector saw a net inflow of 95.9941 million in main funds, while retail funds experienced a net outflow of 76.1369 million [2][3] - Strength Diamond led the main fund inflow with 65.4779 million, while retail investors withdrew 63.7005 million [3] - Suotong Development also attracted significant main fund inflow of 40.6739 million, despite a retail outflow of 25.8334 million [3]

Market Overview - The non-metal materials sector experienced a decline of 1.76% on October 14, with Lianrui New Materials leading the drop [1] - The Shanghai Composite Index closed at 3865.23, down 0.62%, while the Shenzhen Component Index closed at 12895.11, down 2.54% [1] Stock Performance - Notable stock movements included: - Liliang Diamond (301071) rose by 14.97% to a closing price of 41.10, with a trading volume of 461,500 shares and a transaction value of 1.837 billion [1] - Lianrui New Materials (688300) fell by 6.89% to a closing price of 56.34, with a trading volume of 84,000 shares and a transaction value of 492 million [2] - Other stocks such as KunCai Technology (603826) and Longgao Co. (605086) saw minor declines of 0.69% and 0.91%, respectively [1][2] Capital Flow - The non-metal materials sector saw a net outflow of 14.67 million from institutional investors and 4.07 million from retail investors, while retail investors had a net inflow of 18.73 million [2] - Specific stock capital flows included: - Liliang Diamond had a net inflow of 192 million from institutional investors, while it faced a net outflow of 92.59 million from speculative funds [3] - Lianrui New Materials experienced a significant net outflow of 81.19 million from institutional investors [3]

Investment Rating - The report maintains an "Outperform" rating for the oil and petrochemical sector [1]. Core Views - The Israeli government's approval of the Gaza ceasefire agreement has led to a continued decline in oil prices, with WTI crude futures dropping by 4.15% and Brent crude by 3.53% during the specified period [6]. - Geopolitical tensions remain, particularly with the U.S. halting diplomatic engagement with Venezuela and potential military escalations, which could disrupt Venezuelan oil supplies [6]. - OPEC+ plans a cautious production increase of 137,000 barrels per day in November 2025, but Russia advocates for maintaining current production levels to avoid downward pressure on oil prices [6]. - The EIA has raised its short-term price forecasts for WTI to $65 per barrel and Brent to $68.64 per barrel, while also slightly increasing U.S. oil production expectations to 13.53 million barrels per day [6]. - The report highlights a tightening supply in the fluorochemical sector, with prices for popular refrigerants like R32 and R134a remaining stable at high levels due to production constraints and increasing demand from the air conditioning and automotive sectors [6]. Summary by Sections Oil and Petrochemicals - The report discusses the impact of geopolitical events on oil prices, noting a significant drop in both WTI and Brent crude prices following the ceasefire agreement [6]. - It tracks OPEC+ production strategies and U.S. oil production forecasts, indicating a cautious approach to increasing supply amidst fluctuating demand [6][7]. Fluorochemicals - The fluorochemical market is experiencing a tight supply for popular refrigerants, with stable high prices due to production limitations and recovering demand in the domestic market [6]. - The report notes a projected increase in production for household air conditioners and automotive refrigerants, driven by government incentives [6]. Investment Recommendations - The report suggests focusing on the oil and petrochemical sector, particularly on companies with resilient earnings such as China National Petroleum, Sinopec, and CNOOC [7]. - In the fluorochemical sector, it recommends companies leading in third-generation refrigerant production and upstream fluorite resources [7]. - The semiconductor materials sector is also highlighted, with a positive outlook due to inventory reduction trends and domestic substitution [7].

Market Overview - The non-metal materials sector experienced a decline of 1.58% on October 10, with Quartz Co. leading the drop [1] - The Shanghai Composite Index closed at 3897.03, down 0.94%, while the Shenzhen Component Index closed at 13355.42, down 2.7% [1] Stock Performance - Notable gainers in the non-metal materials sector included: - Dongfang Huishang: closed at 12.50, up 2.12% with a trading volume of 105,100 shares [1] - Qilu Huaxin: closed at 8.24, up 1.85% with a trading volume of 22,700 shares [1] - Lianrui New Materials: closed at 63.40, up 1.28% with a trading volume of 66,900 shares [1] - Significant decliners included: - Quartz Co.: closed at 41.00, down 5.36% with a trading volume of 215,700 shares [2] - Power Diamond: closed at 34.92, down 1.74% with a trading volume of 291,400 shares [2] Capital Flow - The non-metal materials sector saw a net outflow of 215 million yuan from institutional investors, while retail investors contributed a net inflow of 133 million yuan [2][3] - The capital flow for key stocks showed: - Lianrui New Materials: net inflow of 1.7753 million yuan from institutional investors [3] - Quartz Co.: net outflow of 13.17 million yuan from institutional investors [3] - Longgao Co.: net outflow of 4.3353 million yuan from institutional investors [3]

Core Insights - The non-metal materials sector experienced a significant increase of 3.15% on October 9, with LiLiang Diamond leading the gains [1] - The Shanghai Composite Index closed at 3933.97, up 1.32%, while the Shenzhen Component Index closed at 13725.56, up 1.47% [1] Sector Performance - LiLiang Diamond (301071) saw a closing price of 35.54, with a remarkable increase of 12.29% and a trading volume of 210,400 shares, resulting in a transaction value of 725 million [1] - Other notable performers included: - Quartz Co. (603688) with a closing price of 43.32, up 7.02%, and a transaction value of 1.358 billion [1] - Ningxin New Materials (920719) closed at 15.75, up 3.35%, with a transaction value of 100 million [1] - Tianma New Materials (920971) closed at 40.13, up 3.24%, with a transaction value of 154 million [1] Capital Flow - The non-metal materials sector saw a net inflow of 55.19 million from institutional investors, while retail investors contributed a net inflow of 45.80 million [2] - Notably, the sector experienced a net outflow of 101 million from speculative funds [2] Individual Stock Capital Flow - LiLiang Diamond had a net inflow of 71.17 million from institutional investors, while it faced a net outflow of 65.17 million from retail investors [3] - Quartz Co. experienced a net inflow of 45.90 million from institutional investors, but a net outflow of 80.30 million from speculative funds [3] - Longgao Co. (605086) had a net outflow of 2.06 million from institutional investors, while retail investors contributed a net inflow of 1.90 million [3]

Market Overview - The non-metal materials sector increased by 0.65% on September 30, with Lianrui New Materials leading the gains [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] Stock Performance - Lianrui New Materials (688300) closed at 62.10, up 3.48% with a trading volume of 77,900 shares and a turnover of 488 million yuan [1] - Other notable stocks include: - Quartz Co. (603688) at 40.48, up 0.97% with a turnover of 603 million yuan [1] - Bingyang Technology (836675) at 11.06, up 0.91% with a turnover of 14.02 million yuan [1] - Qilu Huaxin (830832) at 8.25, up 0.49% with a turnover of 11.89 million yuan [1] - Longgao Co. (605086) at 25.40, down 1.09% with a turnover of 34.86 million yuan [1] Capital Flow - The non-metal materials sector experienced a net outflow of 34.15 million yuan from institutional investors and 30.56 million yuan from retail investors, while individual investors saw a net inflow of 64.71 million yuan [2] - Detailed capital flow for selected stocks shows: - Lianrui New Materials had a net outflow of 7.45 million yuan from institutional investors [3] - Longgao Co. saw a net outflow of 1.56 million yuan from institutional investors [3] - The overall trend indicates a mixed sentiment among different investor categories [2][3]

Core Viewpoint - The non-metal materials sector experienced a slight increase of 0.21% on September 29, with Ningxin New Materials leading the gains. The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index rose by 2.05% to 13479.43 [1]. Group 1: Stock Performance - Ningxin New Materials (839719) closed at 15.67, with a rise of 4.61% and a trading volume of 57,600 shares, totaling a transaction value of 89.37 million yuan [1]. - Tianma New Materials (838971) saw a closing price of 39.80, up 3.84%, with a trading volume of 53,400 shares and a transaction value of 212 million yuan [1]. - Suotong Development (603612) closed at 26.85, increasing by 3.55% with a trading volume of 274,600 shares, amounting to 732 million yuan [1]. - Longjiang Materials (001296) closed at 23.04, up 1.90%, with a trading volume of 30,700 shares and a transaction value of 70.04 million yuan [1]. - Dongfang Huayuan (832175) closed at 12.04, increasing by 1.52% with a trading volume of 15,900 shares and a transaction value of 19.05 million yuan [1]. - Lianrui New Materials (688300) closed at 60.01, up 0.47%, with a trading volume of 53,300 shares and a transaction value of 321 million yuan [1]. - Qilu Huaxin (830832) closed at 8.21, with a slight increase of 0.24% and a trading volume of 17,500 shares, totaling 14.23 million yuan [1]. - Kuncai Technology (603826) closed at 18.86, down 0.11%, with a trading volume of 24,700 shares and a transaction value of 46.36 million yuan [1]. - Bingyang Technology (836675) closed at 10.96, decreasing by 0.36% with a trading volume of 9,878 shares and a transaction value of 10.86 million yuan [1]. - Longgao Co., Ltd. (605086) closed at 25.68, down 0.77%, with a trading volume of 16,900 shares and a transaction value of 43.26 million yuan [1]. Group 2: Capital Flow - The non-metal materials sector saw a net outflow of 47.13 million yuan from institutional investors, while retail investors contributed a net inflow of 73.16 million yuan [2]. - The capital flow for individual stocks indicates that Suotong Development had a net inflow of 99.06 million yuan from institutional investors, while retail investors had a net outflow of 58.08 million yuan [3]. - Longgao Co., Ltd. experienced a net outflow of 4.57 million yuan from institutional investors, but a net inflow of 2.91 million yuan from retail investors [3]. - Lianrui New Materials faced a significant net outflow of 50.86 million yuan from institutional investors, while retail investors contributed a net inflow of 49.86 million yuan [3]. - Quartz Co. (603688) had a net outflow of 65.36 million yuan from institutional investors, with retail investors showing a net inflow of 55.96 million yuan [3].

Core Points - Jiangsu Lianrui New Materials Co., Ltd. has received a notice from the Shanghai Stock Exchange regarding the acceptance of its application for issuing convertible bonds to unspecified objects [1] - The company has responded to the inquiry letter from the Shanghai Stock Exchange and disclosed the response report on September 20, 2025 [2] - The company has updated the prospectus and related documents based on the latest project developments and the inquiry letter response, with disclosures made on September 29, 2025 [2] Group 1 - The company received a notification from the Shanghai Stock Exchange on August 18, 2025, regarding the acceptance of its securities issuance application [1] - An inquiry letter was issued by the Shanghai Stock Exchange on August 27, 2025, regarding the application for issuing convertible bonds [1] - The company has committed to ensuring the accuracy and completeness of the announcement content and assumes legal responsibility for it [1] Group 2 - The company, along with relevant intermediaries, has carefully studied and addressed the questions raised in the inquiry letter [2] - The updated prospectus and related documents were disclosed on the Shanghai Stock Exchange website on September 29, 2025 [2] - The issuance of convertible bonds is subject to approval from the Shanghai Stock Exchange and registration consent from the China Securities Regulatory Commission [2]