证券代码：600577 证券简称：精达股份 | 单位：万元 | | --- | | 序号 | | 项目名称 | 项目投资总额 | 拟投入募集资金金额 | | --- | --- | --- | --- | --- | | 1 | 4 | 万吨新能源产业铜基电磁线项目 | 37,822.20 | 11,592.41 | | 2 | | 高效环保耐冷媒铝基电磁线项目 | 62,000.00 | 35,264.91 | | 3 | 年产 | 万吨新能源铜基材料项目 8 | 28,000.00 | 6,864.79 | | 4 | | 新能源汽车用电磁扁线产业化建设项 | 18,364.96 | 13,313.73 | | | 目 | | | | | 5 | | 补充流动资金项目 | 33,786.17 | 28,564.16 | | | | 合计 | 179,973.33 | 95,600.00 | 铜陵精达特种电磁线股份有限公司 TONGLING JINGDA SPECIAL MAGNET WIRE CO., LTD. （安徽省铜陵市经济技术开发区黄山大道北段 988 号） 关于公司向不特定对象发行可转换公司债券 ...

| 证券代码：600577 | 证券简称：精达股份 | 公告编号：2025-040 | | --- | --- | --- | | 债券代码：110074 | 债券简称：精达转债 | | 铜陵精达特种电磁线股份有限公司 第九届监事会第三次会议决议公告 本公司监事会及全体监事保证本公司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、准确性和完整性承担法律责任。 一、监事会会议召开情况 1.铜陵精达特种电磁线股份有限公司（以下简称"公司"）第九届监事会 第三次会议于 2025 年 7 月 31 日以现场表决的方式召开。 2.本次应参加会议监事 3 人，实际参会监事 3 人。 3.本次会议的召开符合《公司法》和《公司章程》的有关规定。 二、监事会会议审议情况 1、审议通过了《关于公司向不特定对象发行可转换公司债券方案（修订 稿）的议案》 同意 3 票，反对 0 票，弃权 0 票，审议通过。 具体内容详见公司于 2025 年 8 月 1 日刊登于上海证券交易所网站的《精达 股份关于调整向不特定对象发行可转换公司债券方案及相关文件修订情况说明 的公告》。 2、审议通过了《关于公司向不特定对象发 ...

债券代码：110074 债券简称：精达转债 证券代码：600577 证券简称：精达股份 公告编号：2025-039 铜陵精达特种电磁线股份有限公司 第九届董事会第四次会议决议公告 一、董事会会议召开情况 1、铜陵精达特种电磁线股份有限公司第九届董事会第四次会议于 2025 年 7 月 31 日以现场结合通讯表决方式召开。 2、本次会议通知于 2025 年 7 月 24 日以电子邮件发出，并以电话方式确认。 3、本次会议应参加会议董事 9 人，实际参会董事 9 人。 4、本次会议的召开符合《中华人民共和国公司法》和《公司章程》的有关规 定。 二、董事会会议审议情况 本公司董事会及全体董事保证本公司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、准确性和完整性承担法律责任。 1、审议通过了《关于公司向不特定对象发行可转换公司债券方案（修订稿） 的议案》。 同意 9 票，反对 0 票，弃权 0 票，审议通过。 公司召开第九届董事会独立董事第一次专门会议对本议案发表了同意的独立 意见。 具体内容详见公司于 2025 年 8 月 1 日刊登于上海证券交易所网站的《精达股 份关于调整向不特定对象 ...

Investment Rating - The report indicates a positive outlook for the controlled nuclear fusion industry, suggesting that companies with leading technologies and core component supply capabilities are likely to benefit first as fusion devices are deployed [3]. Core Insights - Controlled nuclear fusion is viewed as a clean, safe, and sustainable ultimate energy source, with significant potential for large-scale commercialization in the future [4][8]. - The report highlights the importance of the Lawson criterion and the Q factor in achieving sustainable fusion reactions, emphasizing that meeting these conditions is crucial for commercialization [17][18]. - The global landscape for fusion energy is rapidly evolving, with multiple countries, including the US, UK, Germany, and Russia, actively pursuing fusion power projects expected to come online in the 2030s [34][36]. Summary by Sections 1. Development Window for Controlled Nuclear Fusion - The report notes that the domestic and international fusion energy sector is entering a critical development phase, with significant projects underway [5][34]. - Key projects include the Hefei BEST project in China, which aims to be the world's first to conduct steady-state deuterium-tritium combustion by 2027 [52]. 2. What is Controlled Nuclear Fusion? - Controlled nuclear fusion is characterized by high energy release efficiency, safety, abundant fuel sources, and minimal environmental pollution [4][8]. - The primary fuels for fusion are deuterium and tritium, with deuterium being readily available from water and tritium produced through lithium reactions [8][11]. 3. Technical Pathways for Controlled Nuclear Fusion - Magnetic confinement is identified as the most effective method for achieving fusion energy, with the Tokamak design being the most widely researched and developed [18][19]. - The report discusses advancements in high-temperature superconductors and AI technology that enhance plasma control and reduce the size and cost of fusion devices [26][27]. 4. Progress in Controlled Nuclear Fusion - The report outlines significant international efforts, including the ITER project, which aims to demonstrate the feasibility of fusion energy by achieving a Q factor greater than 10 [38][43]. - Various countries are ramping up investments in fusion energy, with the US planning to build the world's first fusion power plant by 2028 [34][35]. 5. Beneficiary Companies - The report identifies several companies poised to benefit from the growth of the fusion energy sector, including those involved in magnet systems, high-temperature superconductors, vacuum chambers, and other supporting technologies [3].

Investment Rating - The report assigns an "Outperform" rating to the nuclear fusion industry [1] Core Insights - China's nuclear fusion technology has developed over 60 years, establishing a theoretical and engineering foundation for next-generation energy [1] - The report highlights significant advancements in nuclear fusion technology, with many countries accelerating their development strategies, particularly in the U.S. with Tokamak and linear devices [3] - The investment in China's nuclear fusion sector is expected to be sustainable, benefiting the related industrial chain [1][3] Summary by Sections Industry Overview - The nuclear fusion industry is transitioning from a "0 to 1" phase, with key components such as magnets, power supplies, and vacuum switches presenting investment opportunities [3][29] - The report emphasizes the importance of the ITER project in enhancing China's theoretical knowledge and equipment manufacturing capabilities [3][21] Technological Advancements - Breakthroughs in key technologies, including superconducting magnets and tritium processing, have resolved engineering obstacles in nuclear fusion devices [3][21] - The report notes that the U.S. aims to demonstrate nuclear fusion by 2030 and commercialize it by 2040, while China is expected to see significant project launches in the next 2-3 years [3][29] Policy and Government Support - The Chinese government has identified nuclear fusion as a key focus for future energy development, with various local governments actively supporting foundational research and equipment manufacturing [3][31] - The report outlines that the 14th Five-Year Plan emphasizes the importance of nuclear fusion, hydrogen energy, and biomass as future energy sources [3][29] Investment Recommendations - The report recommends focusing on companies involved in core components of the nuclear fusion industry, such as Western Superconducting, Lianchuang Optoelectronics, and Antai Technology [3][29] - It suggests that the nuclear fusion sector is poised for accelerated investment during the 14th Five-Year Plan period [3][29]

| 证券代码：600577 | 证券简称：精达股份 | 公告编号：2025-038 | | --- | --- | --- | | 债券代码：110074 | 债券简称：精达转债 | | 铜陵精达特种电磁线股份有限公司 关于为全资子公司、孙公司提供担保的进展公告 本公司董事会及全体董事保证本公司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、准确性和完整性承担法律责任。 重要内容提示： ●被担保人名称：天津精达漆包线有限公司（以下简称"天津精达"）、铜陵 顶科线材有限公司（以下简称"铜陵顶科"）、广东精达漆包线有限公司（以下简 称"广东精达"）、铜陵精迅特种漆包线有限责任公司（以下简称"铜陵精迅"）、 铜陵精达漆包线有限公司(以下简称"铜陵精达")、铜陵精达新技术开发有限公司 （以下简称"精达新技术"）、江苏顶科线材有限公司（以下简称"江苏顶科"）。 ●担保金额：截至 2025 年 7 月 24 日，公司累计对外担保额度为人民币 333,644 万元，占公司最近一期净资产（经审计）588,974 万元的 56.65%，公司没有逾期的 对外担保。 ●本次担保是否有反担保：无 ●无逾期对 ...

Investment Rating - The report maintains a "Buy" recommendation for the superconducting materials industry, particularly focusing on high-temperature superconductors [2]. Core Insights - The breakthrough in high-temperature superconducting wire technology is expected to advance the commercialization of Tokamak nuclear fusion devices, which are the mainstream technology for nuclear fusion globally [1][9]. - The market for high-temperature superconducting materials is projected to grow at a CAGR of over 20% from 2023 to 2028, with the market size expected to reach $2.15 billion by 2028, up from $850 million in 2023 [5][28]. - The competitive landscape for second-generation high-temperature superconducting wires is favorable, with key suppliers including Shanghai Superconductor and Eastern Superconductor, which hold significant market shares [5][29]. Summary by Sections 1. What are Superconductors and Superconducting Materials? - Superconducting materials exhibit zero electrical resistance and the ability to expel magnetic fields under certain conditions, significantly enhancing the magnetic field strength in Tokamak devices, thus reducing construction costs [9][10]. 2. Composition, Barriers, and Applications of Superconducting Magnets - Superconducting magnets constitute about 30% of the cost of Tokamak devices, with superconducting wires being the primary cost component [34]. - The main technical barriers in superconducting magnet manufacturing include material performance, conductor technology, winding techniques, and protection against quenching [38]. 3. Company Analysis in the Superconducting Sector - Key players in the superconducting wire segment include: - **Western Superconductor**: Leading in low-temperature superconducting materials and the only supplier of NbTi wire for ITER in China [46]. - **Shanghai Superconductor**: A leader in high-temperature superconducting wire with an IPO in progress, holding over 80% market share domestically [50]. - **Eastern Superconductor**: A subsidiary of Yongding Co., focusing on high-temperature superconducting wire production [64]. - **Lianchuang Optoelectronics**: Engaged in high-temperature superconducting magnet production and has secured contracts for significant projects [69]. - **Xue Ren Co. and Ice Wheel Environment**: Suppliers of helium gas compression systems essential for low-temperature superconducting applications [71][74].

Group 1: Engineering Machinery - The engineering machinery industry is experiencing a cyclical recovery, with domestic demand showing signs of improvement and export growth driven by emerging markets such as Southeast Asia, Africa, and the Middle East [4][6] - Domestic engineering machinery demand is expected to continue its upward trend, supported by a peak in equipment replacement and increased investment in infrastructure projects, with local government bond issuance rising by 84% year-on-year in the first four months of 2025 [6] - The export value of engineering machinery reached USD 5.152 billion in April 2025, marking a year-on-year increase of 12.7%, with total exports from January to April amounting to USD 18.07 billion, up 9.01% year-on-year [6][8] Group 2: Semiconductor Equipment - The domestic semiconductor equipment industry is poised for expansion, with significant capital expenditure expected for 300mm wafer fabs in China, projected to exceed USD 100 billion from 2025 to 2027 [10][13] - The trend towards self-sufficiency in semiconductor equipment is accelerating, with low domestic localization rates in critical equipment categories, indicating substantial room for import substitution [11][13] - Investment opportunities are highlighted in companies such as Zhongwei Company, Northern Huachuang, and Quick Intelligent [13][25] Group 3: Industrial Mother Machines - The machine tool industry is on an upward cycle due to ongoing domestic substitution and increasing demand for high-end machine tools, with government policies supporting tax incentives and talent development [14][16] - Short-term performance improvements are anticipated as the industry enters a renewal phase [16] Group 4: Traditional Energy Equipment - The traditional energy equipment sector is benefiting from low oil inventories in the U.S. and the upcoming peak consumption season, which is expected to support rising oil prices [17][19] - Geopolitical factors, including U.S.-Iran negotiations and the Russia-Ukraine conflict, are influencing market dynamics [19] - Companies such as Nuwei Co., Xizhuang Co., and Jerry Co. are recommended for investment [19][25] Group 5: New Energy Equipment - The controlled nuclear fusion sector is witnessing increased capital expenditure and technological advancements, with a growing number of startups and active financing in the past five years [20][24] - Significant progress in nuclear fusion technology has been made, with multiple records achieved in plasma operation [24] - Investment opportunities include companies like Hezhuan Intelligent, Xizhuang Co., and Jingda Co. [24][25]

Core Insights - Tongling, a city in Anhui province, is a significant hub for the copper industry in China, with its copper-based new materials industry generating over 70 billion yuan in output value last year [2] - The "Vibrant China Research Tour" highlighted the advancements in the copper industry, focusing on the full industrial chain from copper wire production to innovative applications [2][21] Company Highlights - Jingda Special Electromagnetic Wire Co., Ltd. is the leading company in China's special electromagnetic wire sector, holding a 35% share of the global market [4] - The company has transitioned from serving household appliances to becoming a champion in the special electromagnetic wire industry, with new products being developed for future industries like smart robotics [13] - Jin Guan Copper Industry, part of Tongling Nonferrous Metals Group, is the largest single copper smelting plant in China, actively implementing smart technology to enhance efficiency and promote green development [9][21] Industry Developments - The copper industry in Tongling is undergoing a transformation through innovation, focusing on sustainable practices and energy efficiency [20] - The production facilities are equipped with advanced technology, allowing for real-time monitoring and improvements in production processes [7][9] - The industry is increasingly connected to market demands and research, facilitating the integration of new production capabilities [7]

Investment Rating - The industry investment rating is optimistic (maintained) [1] Core Insights - The report highlights that copper interconnect technology has become a key factor in enhancing data center performance, with a growing market share due to its low cost and low power consumption advantages in short-distance connections [4][13] - The demand for high-speed copper cables is significantly driven by the AI boom, particularly with the increasing computational needs of data centers and the adoption of NVIDIA's GB200 solutions [22][41] - The report emphasizes the rapid growth of the AEC (Active Electrical Cable) sector, which is expected to achieve a compound annual growth rate (CAGR) of 45% from 2023 to 2028, indicating a robust market opportunity [26][84] Summary by Sections Section 1: Copper Interconnect Technology - Copper interconnect technology is crucial for improving data center performance, with various connection solutions available [13] - The report discusses the advantages of copper cables over fiber optics in specific applications, particularly in short-distance connections within data centers [17][18] Section 2: AI and Copper Cable Demand - The rise of generative AI models like ChatGPT has led to an exponential increase in computational power requirements, driving demand for copper interconnect solutions [22][29] - NVIDIA's GB200 architecture utilizes copper interconnects extensively, enhancing performance and reducing power consumption compared to previous solutions [41][50] Section 3: Data Center Growth and Copper Demand - Global data center energy consumption is projected to rise significantly, with copper interconnects offering low power consumption advantages [60][67] - The report notes that the increasing operational costs of data centers necessitate efficient transmission solutions, where copper interconnects provide a cost-effective alternative [63][67] Section 4: High-Speed Copper Cable Market - The high-speed copper cable market is characterized by strong internal and external demand, with diverse application scenarios [75][76] - The AEC supply chain is detailed, highlighting the importance of upstream components like chips and cables, and the involvement of major players in the industry [88][89] Section 5: Investment Recommendations - The report suggests focusing on leading companies in the copper cable connector industry, including Huafeng Technology, Ruikeda, and Lixun Precision, among others, which are well-positioned to benefit from the growing demand [6][75]