Market Performance - The non-metal materials sector increased by 2.31% compared to the previous trading day, with Longgao Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1] Stock Performance - Longgao Co., Ltd. (code: 605086) closed at 33.99, with a rise of 10.00% and a trading volume of 100,300 shares, resulting in a transaction value of 336 million yuan [1] - Kuncai Technology (code: 603826) closed at 17.84, up 3.66%, with a trading volume of 58,700 shares and a transaction value of 10.4 million yuan [1] - Lichong Diamond (code: 301071) closed at 37.68, up 2.25%, with a trading volume of 77,600 shares and a transaction value of 291 million yuan [1] Capital Flow - The non-metal materials sector saw a net inflow of 91.07 million yuan from institutional investors, while retail investors experienced a net outflow of 33.12 million yuan [2][3] - Longgao Co., Ltd. had a net inflow of 75.38 million yuan from institutional investors, accounting for 22.45% of its total trading volume [3] - Kuncai Technology experienced a net inflow of 7.20 million yuan from institutional investors, representing 6.94% of its total trading volume [3]

Core Viewpoint - Lianrui New Materials (688300.SH) has received approval from the CSRC for its convertible bond issuance, aiming to raise 695 million yuan for high-performance materials projects and working capital, which will strengthen its market position in the industry [1][2][3] Fundraising and Investment Projects - The company plans to invest the raised 695 million yuan primarily in two high-end material projects: ultra-pure spherical powder materials for high-performance substrates and high-thermal-conductivity spherical powder materials [2] - The ultra-pure spherical powder project will have an adjusted total investment of 423 million yuan, with 255 million yuan from the raised funds, aiming for an annual production capacity of 3,600 tons [2] - The high-thermal-conductivity spherical powder project will utilize 240 million yuan of the raised funds, expected to add an annual production capacity of 16,000 tons of high-thermal-conductivity aluminum oxide [2] Financial Performance - For the first three quarters of 2025, the company reported revenue of 824 million yuan and a net profit of 220 million yuan, both showing a year-on-year increase of approximately 19% [1][5] - The company has maintained a stable and high gross margin, with figures of 39.20%, 39.26%, 40.38%, and 41.41% from 2022 to the first three quarters of 2025 [6] Research and Development - The company has invested a total of 249 million yuan in R&D over the past six years, emphasizing the importance of technology development for sustainable operations [4][6] - As of mid-2025, the company has obtained 141 intellectual property rights, including 68 invention patents [6] Historical Context and Market Position - Founded in 1984, the company transitioned from a local enterprise to a publicly listed entity in 2019, becoming the first listed company in the high-end silicon micro-powder industry in China [4] - The company has evolved from ordinary silicon micro-powder production to focusing on functional inorganic non-metallic powder materials, establishing itself as a key player in the global market [4]

Core Points - Jiangsu Lianrui New Materials Co., Ltd. has received approval from the China Securities Regulatory Commission (CSRC) for the issuance of convertible bonds to unspecified objects [1][2] - The approval is valid for 12 months from the date of registration [1] - The company is required to strictly follow the submitted documents and issuance plan during the bond issuance process [1] Summary by Sections Approval Details - The CSRC has granted approval for the company to issue convertible bonds [1] - The approval document specifies that the issuance must adhere to the submitted application and plan [1] Compliance and Reporting - The company must report any significant events to the Shanghai Stock Exchange from the date of approval until the bond issuance is completed [1] - The company will handle the issuance matters within the authorization of the shareholders' meeting and will fulfill information disclosure obligations as required [2]

Group 1 - The core point of the article is that Lianrui New Materials (688300) has received approval from the China Securities Regulatory Commission to issue convertible bonds to unspecified investors, which is valid for 12 months from the date of approval [1][2] - As of November 24, 2025, Lianrui New Materials closed at 54.27 yuan, up 2.67% from the previous trading day, with a total market capitalization of 13.105 billion yuan [1] - The stock opened at 53.15 yuan, reached a high of 54.75 yuan, and a low of 52.8 yuan, with a trading volume of 1.46 billion yuan and a turnover rate of 1.12% [1] Group 2 - The company is required to strictly follow the issuance plan and report any significant events during the bond issuance process [1] - The company will handle related matters based on the authorization from the shareholders' meeting and fulfill its information disclosure obligations in a timely manner [1]

Core Viewpoint - The company, Lianrui New Materials, has received approval from the China Securities Regulatory Commission to issue convertible bonds to unspecified investors, indicating a strategic move to raise capital for future growth [2] Group 1 - The approval allows the company to issue convertible bonds, which is a significant step in its financing strategy [2] - The issuance must be conducted in strict accordance with the documents submitted to the Shanghai Stock Exchange and the proposed issuance plan [2] - The approval is valid for 12 months from the date of registration, providing a timeframe for the company to execute the bond issuance [2] Group 2 - The company is required to report any major events to the Shanghai Stock Exchange from the date of approval until the completion of the bond issuance [2]

Core Viewpoint - The company, Lianrui New Materials (688300.SH), has received approval from the China Securities Regulatory Commission for the registration of its convertible bonds issuance to unspecified investors [1] Group 1 - The company has recently announced that it received a formal approval from the China Securities Regulatory Commission regarding its application for issuing convertible bonds [1] - The approval is documented under the reference number 2577, indicating the regulatory compliance and oversight in the issuance process [1] - This move is aimed at raising capital through the issuance of convertible bonds, which may attract a broader range of investors [1]

Group 1 - The core point of the article is that Lianrui New Materials (688300.SH) has received approval from the China Securities Regulatory Commission for the registration of its convertible bond issuance to unspecified investors [1] Group 2 - The approval is documented in the official notice numbered 2577, indicating the regulatory endorsement for the company's financing strategy [1]

江苏联瑞新材料股份有限公司（以下简称"公司"）于近日收到中国证券监 督管理委员会出具的《关于同意江苏联瑞新材料股份有限公司向不特定对象发行 可转换公司债券注册的批复》（证监许可〔2025〕2577 号），批复文件主要内 容如下： 一、同意公司向不特定对象发行可转换公司债券的注册申请。 证券代码：688300 证券简称：联瑞新材 公告编号：2025-041 江苏联瑞新材料股份有限公司 关于向不特定对象发行可转换公司债券申请 获得中国证券监督管理委员会同意注册批复的公告 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。 二、公司本次发行应严格按照报送上海证券交易所的申报文件和发行方案实 施。 2025 年 11 月 25 日 四、自同意注册之日起至本次发行结束前，公司如发生重大事项，应及时报 告上海证券交易所并按有关规定处理。 公司将按照上述批复文件和相关法律法规的要求，在公司股东会的授权范围 内办理本次向不特定对象发行可转换公司债券的相关事项，公司将根据事项的进 展情况，按照有关规定和要求及时履行信息披露义务，敬请广大投资者注 ...

Core Insights - The non-metal materials sector experienced a rise of 0.96% on November 24, with Changjiang Materials leading the gains [1] - The Shanghai Composite Index closed at 3836.77, up 0.05%, while the Shenzhen Component Index closed at 12585.08, up 0.37% [1] Sector Performance - Changjiang Materials (001296) saw a significant increase of 10.00%, closing at 28.06 with a trading volume of 229,500 shares and a transaction value of 609 million yuan [1] - Other notable performers included Longgao Co. (605086) with a 3.37% increase, and Lianrui New Materials (688300) with a 2.67% increase [1] Capital Flow - The non-metal materials sector had a net inflow of 23.06 million yuan from institutional investors, while retail investors saw a net outflow of 27.36 million yuan [2][3] - The main capital inflow was observed in stocks like Changjiang Materials and Lianrui New Materials, while stocks like Suotong Development (603612) experienced significant outflows [3]

Core Insights - As of November 20, a total of 103 stocks in the Shanghai and Shenzhen markets have experienced net buying from major funds for five consecutive days or more [1] - The stock with the longest consecutive net buying days is Galaxy Microelectronics, which has seen net buying for 17 trading days [1] - Other notable stocks with significant net buying days include Lianrui New Materials, Tongling Co., *ST Sitong, Shimao Energy, Datang Power, Shanghai Mechanical & Electrical, Xince Standards, and Hongchuang Holdings [1]