中原证券股份有限公司 关于铜陵精达特种电磁线股份有限公司 向不特定对象发行可转换公司债券之上市保荐书 保荐机构（主承销商） （郑州市郑东新区商务外环路10号中原广发金融大厦） 二〇二五年六月 3-2-1 铜陵精达特种电磁线股份有限公司 上市保荐书 上海证券交易所： 作为铜陵精达特种电磁线股份有限公司（以下简称"发行人"、"精达股份"或 "公司"）向不特定对象发行可转换公司债券的保荐机构，中原证券股份有限公司 （以下简称"保荐机构"、"本保荐机构"）及其保荐代表人已根据《中华人民共和国 公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券 法》"）、《上市公司证券发行注册管理办法》（以下简称"《注册管理办法》"）、《证券 期货法律适用意见第 18 号》、《上海证券交易所股票上市规则》（以下简称"《上市规 则》"）等法律法规和中国证券监督管理委员会（以下简称"中国证监会"）及上海 证券交易所的有关规定，诚实守信，勤勉尽责，严格按照依法制定的业务规则和行 业自律规范出具上市保荐书，并保证所出具文件真实、准确、完整。 本上市保荐书如无特别说明，相关用语具有与《铜陵精达特种电磁线股份有限 公司 ...

Group 1 - The company, Tongling Jingda Special Electromagnetic Wire Co., Ltd., has received acceptance from the Shanghai Stock Exchange for its application to issue convertible bonds to unspecified objects [1] - The application documents submitted by the company were found to be complete and in compliance with legal requirements by the Shanghai Stock Exchange [1] - The issuance of convertible bonds is subject to further review by the Shanghai Stock Exchange and approval from the China Securities Regulatory Commission, indicating uncertainty regarding the final approval [1][2] Group 2 - The company will fulfill its information disclosure obligations based on the progress of this matter, urging investors to pay attention to investment risks and to invest rationally [2]

| 证券代码：600577 | 证券简称：精达股份 | 公告编号：2025-035 | | --- | --- | --- | | 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 关于向不特定对象发行可转换公司债券申请 获得上海证券交易所受理的公告 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。 公司本次向不特定对象发行可转换公司债券事项尚需通过上交所审核，并获 得中国证券监督管理委员会(以下简称"中国证监会")做出同意注册的决定方 可实施。最终能否通过上交所审核，并获得中国证监会同意注册的决定及其时间 存在不确定性。 公司将根据该事项的进展情况及时履行信息披露义务，敬请广大投资者注意 投资风险，理性投资。 特此公告。 铜陵精达特种电磁线股份有限公司董事会 1/1 铜陵精达特种电磁线股份有限公司（以下简称"公司"）于 2025 年 6 月 19 日收到上海证券交易所(以下简称"上交所")出具的《关于受理铜陵精达特种电 磁线股份有限公司沪市主板上市公司发行证券申请的通知》【上证上审(再 ...

Summary of Key Points from Conference Call Records Industry or Company Involved - **AI Glasses**: Multiple significant products are set to be released, including those from Meta and Xiaomi [2][15] - **Liquid Cooling**: National standards for liquid cooling are about to be published, indicating growth in this sector [3] - **Superconductors**: Shanghai Superconductor's IPO application has been accepted, aiming to raise 1.2 billion yuan for high-temperature superconducting materials [4][17] - **POE Particles**: Domestic production of POE particles is being initiated to replace imports [5][16] - **High-end PCB**: Companies like Zhongjing Electronics and Yihua New Materials are involved in high-end PCB production for various applications [6][10] - **Air Conditioning Components**: Shunwei Co. is a leading supplier of air conditioning fan blades, indirectly supplying Xiaomi [7][16] - **Laser Defense Systems**: New developments in lightweight laser defense systems are being tested [12][17] Core Points and Arguments - **AI Glasses Market**: - Meta plans to release new AI glasses with expected sales of 4-5 million units in 2025 [15] - Xiaomi's AI glasses are in small-scale production with projected sales of 300,000-500,000 units [15] - Companies like Biyi Co. and Lianchuang Optoelectronics are heavily involved in AR/VR technologies [15] - **Liquid Cooling Industry**: - The market for liquid cooling servers in China is projected to reach $16.2 billion by 2029, with a CAGR of 46.8% from 2024 to 2029 [3] - Current penetration in data centers is below 10%, indicating significant growth potential [3] - **Superconductors**: - Shanghai Superconductor holds over 80% market share in domestic high-temperature superconducting materials [17] - The company reported a revenue increase of 189% year-on-year, reaching 240 million yuan in 2024 [17] - **POE Particles**: - The domestic market for POE is expected to reach 50-60 billion yuan in 2025, with significant import substitution potential [16] - The company anticipates net profits of 0.5 billion yuan in 2025, increasing to 5.2 billion yuan by 2027 [16] - **High-end PCB**: - Companies are focusing on high-end applications in AI, VR, and gaming, with significant demand for flexible circuit boards [16] - The domestic high-end PCB market is experiencing rapid growth due to increased demand from tech companies [16] - **Air Conditioning Components**: - Shunwei Co. has a global market share of over 35% in plastic air conditioning fan blades [7] - The company is also involved in the low-altitude economy through partnerships in agricultural drone technology [16] Other Important but Possibly Overlooked Content - **Market Dynamics**: The AI glasses market is highly competitive, with major players like Meta and Xiaomi launching new products [15] - **Regulatory Environment**: The upcoming national standards for liquid cooling may streamline the industry and enhance growth prospects [3] - **Investment Opportunities**: Companies involved in superconductors and liquid cooling are positioned for significant growth due to technological advancements and market demand [4][3] - **Financial Performance**: Many companies are reporting substantial year-on-year growth, indicating a robust recovery and expansion in their respective sectors [17][16] This summary encapsulates the critical insights from the conference call records, highlighting the evolving landscape of various industries and the companies poised to benefit from these trends.

Investment Rating - The report indicates a positive outlook for the controlled nuclear fusion industry, highlighting its potential as a strategic choice for achieving carbon neutrality goals [4]. Core Insights - Controlled nuclear fusion is seen as a revolutionary energy solution due to its abundant energy, zero emissions, and high safety [4]. - The industry is entering a critical phase with multiple technological pathways, primarily magnetic confinement and inertial confinement, both of which are advancing towards engineering validation [4]. - The development of the industry chain is emphasized, with a focus on materials and equipment as core challenges [4]. - Support from policies and capital is accelerating the commercialization process, with significant investments from both domestic and international entities [4]. Summary by Sections 1. Multiple Technological Pathways: Magnetic Confinement and Inertial Confinement as Mainstream - The report discusses the two main approaches to fusion research: magnetic confinement (e.g., Tokamak, stellarator) and inertial confinement (e.g., NIF in the US) [4][11]. - Both technologies are progressing towards engineering applications, with magnetic confinement focusing on steady-state operation and inertial confinement aiming for ignition efficiency [4]. 2. Collaborative Development of the Industry Chain: Focus on Materials and Equipment - The industry chain includes upstream superconducting materials and radiation-resistant tungsten alloys, midstream equipment for ITER and domestic experimental reactors, and downstream applications led by companies like China National Nuclear Corporation [4][5]. - Key companies in the upstream include Jingda Co., Yongding Co., and West Superconducting [5]. 3. Policy and Capital Support: Future Extension Space is Promising - China's 14th Five-Year Plan explicitly supports nuclear fusion research, with significant investments from state-owned enterprises and research institutions [4][29]. - International investments have exceeded $6.2 billion, indicating strong global interest in fusion technology [4]. 4. Beneficiary Companies in the Industry Chain: Focus on Long-Term Growth Potential - The report identifies several companies with long-term growth potential, including West Superconducting, Lianchuang Optoelectronics, and Yongding Co., which are involved in key materials and equipment for fusion projects [5][49][54]. - The report highlights the importance of these companies in advancing fusion technology and their roles in major projects like the "Spark One" hybrid reactor [4][5].

| 证券代码：600577 | 证券简称：精达股份 | 公告编号：2025-034 | | --- | --- | --- | | 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 关于参股公司首次公开发行股票并在科创板 上市申请获上交所受理的公告 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。 铜陵精达特种电磁线股份有限公司董事会 2025 年 6 月 19 日 1/1 铜陵精达特种电磁线股份有限公司（以下简称"公司"）参股公司上海超导 科技股份有限公司（以下简称"上海超导"）首次公开发行股票并在科创板上市 申请于 2025 年 6 月 18 日获得上海证券交易所（以下简称"上交所"）受理。 一、 上海超导向上交所申报上市已获受理基本情况 上海超导是一家专注于高温超导材料研发、生产和销售的高新技术企业，是 国际上唯二已经实现批量年产千公里级以上（12mm 宽）第二代高温超导带材的 生产商之一。截至本公告披露日，公司持有上海超导 9,458.75 万股，持股比例 为 18.15%。 近 ...

Core Viewpoint - The company Jingda Co., Ltd. (600577) announced that its associate Shanghai Superconductor Technology Co., Ltd. has received acceptance for its initial public offering (IPO) application on the Sci-Tech Innovation Board as of June 18, 2025 [1] Company Summary - Shanghai Superconductor focuses on the research, production, and sales of high-temperature superconducting materials [1] - It is one of only two manufacturers globally that have achieved mass production of second-generation high-temperature superconducting tapes exceeding 1,000 kilometers annually (12mm wide) [1] - Jingda Co., Ltd. holds 94.5875 million shares of Shanghai Superconductor, representing an 18.15% ownership stake [1]

| 证券代码：600577 | 证券简称：精达股份 | 公告编号：2025-033 | | --- | --- | --- | | 债券代码：110074 | 债券简称：精达转债 | | 重要提示： ●公司股票自 2025 年 5 月 28 日至 2025 年 6 月 18 日已触发"精达转债"的 赎回条款。公司董事会决定本次不行使"精达转债"的提前赎回权利，不提前赎 回"精达转债"，且在未来六个月内（即 2025 年 6 月 19 日至 2025 年 12 月 18 日），若"精达转债"触发赎回条款，公司均不行使提前赎回权利。 以 2025 年 12 月 19 日为首个交易日重新计算，若"精达转债"再次触发赎 回条款，董事会将再次召开会议决定是否行使"精达转债"的提前赎回权利。 一、"精达转债"发行上市概况 经中国证券监督管理委员会出具证监许可[2020]1397 号《关于核准铜陵精 达特种电磁线股份有限公司公开发行可转换公司债券的批复》核准，铜陵精达特 种电磁线股份有限公司（以下简称"公司"）于 2020 年 8 月 19 日公开发行 787.00 万张（78.70 万手）可转换公司债券，每张面值为人民币 ...

Core Viewpoint - The company has decided not to exercise the early redemption rights for its convertible bonds, "精达转债," despite triggering the redemption clause due to stock price conditions [1][3]. Group 1: Convertible Bond Overview - The company issued 7.87 million convertible bonds on August 19, 2020, with a face value of RMB 100 each, raising a total of RMB 787 million [1]. - The bond's duration is from August 19, 2020, to August 18, 2026, with the conversion period from February 2, 2021, to August 18, 2026 [2]. - The initial conversion price was RMB 3.80 per share, which has been adjusted to RMB 3.35 per share due to profit distribution and stock issuance [2]. Group 2: Redemption Clause and Trigger Conditions - The redemption clause allows the company to redeem the bonds if the stock price exceeds 130% of the conversion price for at least 15 out of 30 consecutive trading days, or if the remaining unconverted bonds are less than RMB 30 million [3]. - As of May 28, 2025, the stock price conditions have been met, triggering the redemption clause [3]. Group 3: Board Decision and Future Considerations - The board has resolved not to redeem the bonds early, and this decision will hold for the next six months, from June 19, 2025, to December 18, 2025 [3][4]. - If the redemption clause is triggered again after December 19, 2025, the board will reconvene to decide on the redemption [4].

Investment Rating - The report maintains a "Positive" investment rating for the superconducting materials industry [3]. Core Insights - The superconducting materials industry is experiencing a tight supply-demand situation, driven by the acceleration of nuclear fusion projects, which significantly increases the demand for superconducting materials [7][85]. - Superconductors are critical for generating strong magnetic fields necessary for maintaining and controlling high-temperature plasma in nuclear fusion devices, thus enhancing energy efficiency and reducing energy consumption [44][59]. Summary by Sections Section 1: Superconducting Materials - Diverse Types and Wide Applications - Superconducting materials are categorized into low-temperature superconductors (LTS) and high-temperature superconductors (HTS) based on their critical temperature [16]. - LTS materials include NbTi and Nb3Sn, while HTS materials include YBCO and BSCCO, which have practical applications in various fields [22][24]. - The report highlights the unique properties of superconductors, such as zero electrical resistance and complete diamagnetism, which are essential for their applications in advanced technologies [11][12]. Section 2: Superconductors as Key Technologies in Accelerating Nuclear Fusion - Superconducting magnets are essential components of Tokamak devices, used to create the strong magnetic fields required for plasma confinement [38][44]. - The ITER project exemplifies the application of LTS materials in its magnet systems, which account for approximately 28% of the total cost of the device [44]. - The report discusses the potential of HTS materials to improve efficiency and reduce operational costs in next-generation fusion devices like SPARC [59][62]. Section 3: Tight Supply-Demand Dynamics in the Industry Chain - The supply of superconducting materials, particularly in the form of wires and tapes, is currently tight due to the increasing demand from nuclear fusion projects [85]. - Key companies in the superconducting materials sector include Shanghai Superconductor Technology Co., Ltd., which specializes in the production of high-temperature superconducting tapes, and other firms like YD and Lianchuang Optoelectronics, which are involved in various aspects of superconducting technology [85].