Core Viewpoint - The company Nepe Mining Machinery highlights the advantages of its latest product, high-alloy forged composite liners, over traditional metal liners, emphasizing improvements in durability, efficiency, energy consumption, reliability, and ease of maintenance [1]. Group 1: Product Advantages - Long service life: The wear resistance of the new liners significantly exceeds that of traditional cast alloy materials, extending the lifespan of the liners by 1-2 times, which reduces replacement frequency [1]. - Improved mill efficiency: Custom-designed liners for each mill provide comprehensive wear protection, leading to a 10% increase in equipment performance and effectively extending the stable operation time of the mills [1]. - Reduced energy consumption: The overall weight of the liners is reduced by 20%-30%, which effectively lowers the operational load of the mills and decreases energy consumption by 3%-7% [1]. Group 2: Operational Stability and Maintenance - Enhanced operational stability: The forged material has fewer defects, good toughness, and strong reliability, preventing breakage during use, which reduces equipment maintenance frequency and time, as well as operational risks in the selection plant [1]. - Improved ease of installation and removal: The material is less prone to deformation, making the installation and disassembly process simpler, which shortens maintenance downtime [1].

证券日报网1月20日讯 ，耐普矿机在接受调研者提问时表示，锻造复合衬板2025年已在多家矿山选矿厂 成功试用，公司将结合使用效果进行改良，进一步提升寿命和性能，2026年将在全球进行大面积推广。 （编辑 丛可心） ...

证券日报网1月20日讯，耐普矿机（300818）在接受调研者提问时表示，海外生产基地逐步投产，将带 来产能与订单持续释放。新产品锻造复合衬板为行业颠覆性创新，目前处于从试用到放量的初期，2026 年将向全球推广。矿业合作具备高确定性，叠加铜、金等资源的战略投入，长期成长空间明确。 ...

投资者活动基本情况 江西耐普矿机股份有限公司（以下简称"耐普矿机"）近期通过现场参观结合线上交流的形式接待了机构 调研。本次调研吸引了包括民生加银基金、嘉实基金、兴证全球基金、交银施罗德基金、海通证券资 管、石锋资产等在内的超百家机构参与，涵盖公募基金、私募基金、券商资管、海外投资机构等多个领 域。 投资者关系活动类别为现场参观及线上交流，活动时间集中在2026年1月19日（10:00-11:00、14:00- 16:00）及1月20日（10:00-11:00），地点包括公司会议室及线上交流平台。上市公司接待人员为副董事 长、总经理程胜，董事、副总经理、董事会秘书王磊，证券事务代表邢银龙。 核心调研要点解析 新型锻造复合衬板：五大优势驱动行业升级，应用案例成效显著 在产能布局方面，公司海外工厂建设进展顺利。其中，智利工厂已基本建设完成，待取得政府竣工许可 后即可投产；秘鲁工厂有序推进，预计2027年具备生产能力。公司表示，两工厂完全投产后，将形成覆 盖全球的生产及服务能力，预计全球产能可达25~30亿元。 针对市场关注的竞争格局，公司表示，新型锻造复合衬板为全球首创，目前尚无竞争对手推出同类产 品。其竞争壁垒 ...

证券代码:300818 证券简称:耐普矿机 编号:2026-002 江西耐普矿机股份有限公司 投资者关系活动记录 | | 特定对象调研 | | 分析师会议 | | | --- | --- | --- | --- | --- | | 投资者关系活 | 媒体采访 | | 业绩说明会 | | | 动类别 | 新闻发布会 | 路演活动 | | | | | 现场参观 | | 一对一沟通 | | | | 其他：线上交流 | | | | | | 公司 | 姓名 | 公司 | 姓名 | | | 民生加银基金 | 付裕 | 嘉实基金 | 高群山 | | | | 祝婳婷 | | | | | 国海富兰克林基金 | 覃晶晶 | 兴证全球基金 | 黄煜杰 | | | 中天汇富基金 | 古道和 | 紫金信托 | 魏宁伟 | | | 京管泰富基金 | 郎朗 | 交银施罗德基金 | 庄旨歆 | | | 国寿安保基金 | 初梓健 | 东海证券 | 王敏君 | | | 玄卜投资 | 夏一 | 粤佛私募基金 | 曹志平 | | | 共青城鼎睿资产 | 王可丹 | 瑞民私募基金 | 黄鹏 | | | 华夏久盈资产 | 桑永亮 | ...

耐普矿机 20260119 摘要 耐普矿机专注于金属矿山选矿耐磨备件，主打橡胶与金属复合技术，该 技术是全球矿业的新趋势，相较于传统金属铸造备件，具有更高的市场 渗透潜力。 2025 年前三季度，耐普矿机订单增长超 30%，海外订单增长超 50%， 国内订单扭转下降趋势，主要得益于全球首创的锻造复合衬板产品，其 性能领先美卓约 50%。 剔除 EPC 业务影响，耐普矿机主业收入从 2020 年的 3 亿多元增长到 2024 年的 9 亿多元，四年内实现两倍增长，年复合增速超过 30%。 耐普矿机未来五年战略规划包括出海 2.0（全球生产基地布局）、产品 2.0（推出突破性产品）和第二次创业，旨在不断开拓国内外市场。 双轮驱动战略包括资源与选矿耐磨备件耗材双轮驱动发展，例如参股哥 伦比亚铜金银矿项目，该项目铜储量 40 万吨、黄金储量 20 吨、白银储 量 200 吨，总价值约 600 亿至 700 亿元人民币。 高合金锻造复合衬板寿命是铸造金属衬板的两倍以上，每小时矿石处理 量可提升 3%-5%，电耗可节约 3%-7%，运行稳定性提高 10 倍以上， 拆装便利。 2025 年锻造复合衬板订单约 1 亿元，主要 ...

证券代码：300818 证券简称：耐普矿机 公告编号：2026-009 江西耐普矿机股份有限公司 向不特定对象发行可转换公司债券 中签号码公告 保荐人（主承销商）：国金证券股份有限公司 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 特别提示 江西耐普矿机股份有限公司（以下简称"耐普矿机"、"发行人"或"公 司"）和国金证券股份有限公司（以下简称"国金证券"或"保荐人（主承销 商）"）根据《中华人民共和国证券法》《证券发行与承销管理办法》（证监 会令〔第 228 号〕）、《上市公司证券发行注册管理办法》（证监会令〔第 227 号〕）、《深圳证券交易所上市公司证券发行与承销业务实施细则（2025 年修 订）》（深证上〔2025〕268 号）、《深圳证券交易所上市公司自律监管指引第 15 号——可转换公司债券（2025 年修订）》（深证上〔2025〕223 号）和《深 圳证券交易所创业板上市公司自律监管指南第 1号——业务办理（2025年修订）》 （深证上〔2025〕398 号）等相关规定组织实施本次向不特定对象发行可转换公 司债券（以下简称"可转换公司债券"、"可 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Last week, the A - share market first rose and then declined. The daily trading volume of the whole market reached a record high of 3.99 trillion yuan on Wednesday. After the exchange adjusted the margin ratio for margin trading, market sentiment cooled down. The commercial aerospace sector retreated from its high, and the market focus shifted to AI applications, semiconductors, etc. The bond market yield declined, and the 10 - year Treasury bond rate closed at 1.84% on Friday, down 3.58bp from the previous week [1][8][9]. - In the convertible bond market, most individual convertible bonds rose last week. The CSI Convertible Bond Index increased by 1.08% for the whole week, the median price increased by 0.63%, and the arithmetic average parity increased by 1.39%. The conversion premium rate of the whole market decreased by 0.64% compared with the previous week [2][9]. - Although the current market price and the valuation of convertible bonds in each parity range are close to the 100% quantile position in history, the equity market is in a clear upward trend. Institutions are more worried about missing out on the upward trend than about market declines, which strongly supports the valuation of convertible bonds. Currently, it is the stage with the strongest certainty of upward market momentum [3][19]. - For relative returns, it is recommended to focus on lithium - battery, semiconductor equipment and materials, chemical industry, and securities brokerage sectors. For absolute - return funds, attention should be paid to the undervalued leading companies in the still - stagnant industries [4][20]. 3. Summary According to Relevant Catalogs Market Focus (January 12 - January 16, 2026) Stock Market - The A - share market first rose and then declined. The daily trading volume reached a record high on Wednesday. After the adjustment of the margin ratio for margin trading, market sentiment cooled down. The commercial aerospace sector retreated from its high, and the market focus shifted to AI applications, semiconductors, etc. The dividend - paying sector still underperformed. Most Shenwan primary industries declined, with computer, electronics, non - ferrous metals, media, and machinery leading the gains, and national defense and military industry, real estate, agriculture, forestry, animal husbandry, and coal performing poorly [1][8][9]. Bond Market - Although the equity market continued to rise at the beginning of the week, the impact on the bond market weakened significantly. Due to the increasing expectation of an equity market adjustment after a rapid rise, the bond market yield declined. After the central bank cut the interest rate of structural monetary policy tools on Thursday, the yield fluctuated and remained stable overall. The 10 - year Treasury bond rate closed at 1.84% on Friday, down 3.58bp from the previous week [1][9]. Convertible Bond Market - Most individual convertible bonds rose. The CSI Convertible Bond Index increased by 1.08% for the whole week, the median price increased by 0.63%, and the arithmetic average parity increased by 1.39%. The conversion premium rate of the whole market decreased by 0.64% compared with the previous week. Most industries in the convertible bond market rose, with computer, electronics, media, and machinery leading the gains, and national defense and military industry, building materials, coal, and transportation performing poorly. The top - rising individual bonds were related to semiconductors and AI applications, while the top - falling ones were mainly from the commercial aerospace sector [2][9][13]. Views and Strategies (January 19 - January 23, 2026) - The consensus on the upward trend supports the valuation of convertible bonds. The equity market first rose and then declined last week, and the theme shifted from aerospace to AI applications and semiconductor equipment. The relevant convertible bonds performed well, the average parity increased further, and the median market price rose to 139 yuan. The premium rate of equity - biased convertible bonds in the high - parity range increased significantly, and the convertible bond ETF still showed a significant net inflow trend. Newly - listed bonds were still strong [3][19]. - For relative returns, focus on high - probability equity - biased sectors such as lithium - battery (price increases are gradually implemented, and domestic and overseas demand is booming), semiconductor equipment and materials (expansion of Changxin and Changcun, and increasing localization rate), chemical industry (anti - involution in the polyester industry chain), and securities brokerage (benefiting from the booming stock market trading volume and previous underperformance). For absolute - return funds, pay attention to the undervalued leading companies in the still - stagnant industries, including two - wheeled vehicles, beauty and personal care, architectural design, and pig farming [4][20]. Valuation Overview - As of January 16, 2026, for equity - biased convertible bonds, the average conversion premium rates in different parity ranges are at high quantile positions in history. For debt - biased convertible bonds, the average YTM of bonds with a parity below 70 yuan is in the lower quantile position. The average implied volatility of all convertible bonds and the difference between the implied volatility of convertible bonds and the long - term actual volatility of the underlying stocks are also at high quantile positions [21]. Primary Market Tracking - Last week (January 12 - January 16, 2026), Shangtai Convertible Bond and Naipu Convertible Bond 02 announced their issuance, and Aohong, Shuangle, and Jin 05 Convertible Bonds were listed. In the future week (January 19 - January 23, 2026), there are no announcements of convertible bond issuance and listing. Last week, 4 companies got the exchange's approval for registration, 1 company's application was accepted by the exchange, 2 companies' plans passed the shareholders' meeting, and 4 companies released board proposals. Currently, there are 99 convertible bonds to be issued, with a total scale of 155.14 billion yuan [28][34].

网上发行中签率及优先配售结果公告 保荐人（主承销商）：国金证券股份有限公司 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 证券代码：300818 证券简称：耐普矿机 公告编号：2026-008 江西耐普矿机股份有限公司 向不特定对象发行可转换公司债券 1、网上投资者申购可转债中签后，应根据《江西耐普矿机股份有限公司向 不特定对象发行可转换公司债券中签号码公告》履行资金交收义务，确保其资 金账户在 2026 年 1 月 20 日（T+2 日）日终有足额的认购资金，投资者款项划付 需遵守投资者所在证券公司的相关规定。投资者认购资金不足的，不足部分视 为放弃认购，由此产生的后果及相关法律责任，由投资者自行承担。根据中国 结算深圳分公司的相关规定，放弃认购的最小单位为 1 张。网上投资者放弃认 购的部分由保荐人（主承销商）包销。 2、当原股东优先认购的可转债数量和网上投资者申购的可转债数量合计不 足本次发行数量的 70%时；或当原股东优先认购的可转债数量和网上投资者缴 款认购的可转债数量合计不足本次发行数量的 70%时，发行人和保荐人（主承 销商）将协商是否采取中止发 ...

Core Viewpoint - The company Nepco Mining announced the issuance of 450 million yuan in convertible bonds, named "Nepco Convertible Bond 02," with preferential allocation for existing shareholders and public subscription ending on January 16, 2026 [1] Group 1: Bond Issuance Details - The total amount of the convertible bonds issued is 450 million yuan [1] - Existing shareholders were allocated 392,297,500 yuan, accounting for 87.18% of the total issuance [1] - The controlling shareholder, Zheng Hao, received approximately 46.48% of the preferential allocation [1] Group 2: Public Subscription - The public subscription for social investors amounted to 57,702,000 yuan, representing 12.82% of the total issuance [1] - The online subscription success rate was 0.0006092601% [1] Group 3: Upcoming Events - The issuer and the lead underwriter will organize a lottery draw on January 19, with results to be announced on January 20 [1] - The listing date for the bonds will be announced separately [1]