内容概要：钛锭具有比强度高、耐蚀耐热、无磁无毒、生物相容性好等特性，是继钢铁、铝之后的重要 金属材料，广泛应用于航空、航天、航海、军工、核电、电子、医疗、化工等领域，被誉为"第三金 属"、"太空金属"、"海洋金属"等。钛锭材料在国民经济中的应用在一定程度上反映了一个国家的综合 国力、经济实力和国防实力，是高新技术不可或缺的关键材料。随着下游领域对钛材需求的拉动，钛锭 需求量提升，进一步推动了钛锭和钛加工材的产量增加。同时，随着我国钛材加工工艺不断提升，国产 钛材产品质量在国际市场中的认可度有所提升，我国钛锭出口贸易有所增加。据统计，2024年，中国钛 锭产量为19万吨，需求量约达18.19万吨，进口量0.4万吨，出口量1.21万吨；预计2025年，中国钛锭产 量约为23.5万吨，需求量约22.69万吨，进口量0.65万吨，出口量1.5万吨。我国是钛锭主要生产国，钛锭 产量超过全球钛锭产量的60%。未来，随着国产替代加速与出口结构优化，预计2026年我国钛锭出口量 保持增长。 钛锭铸锭的熔炼方法及生产步骤 二、钛锭行业发展现状 钛锭具有比强度高、耐蚀耐热、无磁无毒、生物相容性好等特性，是继钢铁、铝之后的重要金属 ...

内容概要：MRI超导磁体是指用于MRI设备的超导磁体，由于磁共振需要在高均匀、高稳定的强磁场中 才能实现，磁体用于提供MRI成像所必需的磁场，是MRI设备最重要的组成部分之一。近年来，随着国 内MRI超导磁体领域国产替代进程的持续深化与加速落地，国内企业在无液氦技术量产、高场强磁体性 能优化等核心环节实现关键突破，头部厂商纷纷推进智能化生产线建设与产能扩建，同时上游超导材 料、精密制冷部件等配套产业链的国产化率大幅提升，为行业供给端的扩容提供了坚实支撑。在此背景 下，行业整体供给能力与供给质量同步升级，供给规模稳步扩大，国内MRI超导磁体行业需求趋于稳 定。2025年，我国MRI超导磁体行业产能增长至1400台，产量增长至900台,行业需求量增长至1549台， 市场规模增长至30.32亿元；预计2026年，我国MRI超导磁体行业产能将增长至1500台，产量将增长至 985台，行业需求量增长至1638台，市场规模增长至32.35亿元。 上市企业：健信超导[688805]、联影医疗[688271]、西部超导[688122]、辰光医疗[920300] 相关企业：潍坊新力超导磁电科技有限公司、西门子医疗、GE医疗、飞 ...

据辅导备案报告，西部超导持有该公司34.82%股权，为聚能磁体控股股东，这标志着超导磁体国产化 的主力军开始新一轮冲刺。 值得一提的是，聚能磁体在IPO前夕便完成了关键的融资跨越与股权安排。通过多轮增资，注册资本扩 充至8500万元，并成功引入包括背靠国家大基金的中芯聚源、科创板上市企业晶升股份等多方资本。 伴随着IPO进程提速，聚能磁体正处于从实验室走向大规模商业化的临界点。凭借西部超导的产业链加 持与多元股东的资源导入，其在半导体与核聚变领域的想象空间正加速兑现。 资本腾挪：业绩规模扩张与"双路径"并行 西北有色金属研究院（下称：西北院）的资本版图正迎来新一轮扩容。 随着旗下第6家上市后备力量浮出水面，这个已坐拥5家A股平台的科研系"巨头"，正试图通过资产证券 化的深度进阶，完成从科研高峰到产业群峰的闭环跨越。 近日，证监会官网披露，西安聚能超导磁体科技股份有限公司（简称"聚能磁体"）已向陕西证监局报送 辅导备案登记材料，拟向不特定合格投资者公开发行股票并上市，辅导机构为中信建投（601066）证 券。 进入2025年，公司1月至4月研发支出已达383.12万元，占比维持在9.03%。这种稳定的投入规模， ...

Summary of Key Points from the Conference Call Company Involved - Xi'an Juneng Superconducting Magnet Technology Co., Ltd. is preparing for an IPO and has registered for guidance with the Shaanxi Securities Regulatory Bureau on February 11, 2026 [1] Core Insights and Arguments - The company plans to publicly issue shares to unspecified qualified investors [1] - The guiding institution for the IPO process is CITIC Securities [1] - Western Superconducting Technologies Co., Ltd. holds 29.6 million shares in Juneng, representing a 34.82% ownership stake, making it the controlling shareholder [1] Other Important but Possibly Overlooked Content - The IPO guidance registration indicates a strategic move for Juneng to access capital markets, which may enhance its growth potential in the superconducting materials industry [1]

Group 1 - The core point of the article is that Xi'an Juneng Superconducting Magnet Technology Co., Ltd. has completed the filing for guidance with the Shaanxi Securities Regulatory Bureau to publicly issue stocks and list them, with CITIC Construction Investment Securities as the advisory institution [1] - The guidance filing report indicates that Western Superconducting Technologies Co., Ltd. holds 29.6 million shares of Xi'an Juneng, accounting for 34.82% of the company's total shares, making it the controlling shareholder [1]

Group 1 - The General Aviation ETF Penghua (563870) experienced a decline of 1.25%, closing at 0.951 yuan with a trading volume of 3.7077 million yuan [1] - Major holdings in the General Aviation ETF Penghua saw significant drops, including Aerospace Electronics down 3.98%, Haige Communication down 2.01%, and China Satellite Communications down 2.36% [1] - The fund's performance benchmark is the CSI General Aviation Theme Index return, with a return of -3.67% since its establishment on December 31, 2025, and a one-month return of -9.36% [1]

Summary of Key Points from the Conference Call Industry Overview - The fusion industry is entering an accelerated phase driven by policy support and capital expenditure, with major countries expected to introduce fusion policies by 2025, marking a shift from laboratory research to industrial layout and regulatory framework development [1] Technological Developments - Low-temperature superconductors (NbTi, Nb₃Sn) are relatively mature, while high-temperature superconductors (REBCO) are anticipated to become the mainstream in the future. The current landscape features a parallel development of low-temperature and high-temperature superconducting materials, with low-temperature superconductors supporting existing fusion device operations due to their industrial application advantages. High-temperature superconductors are seen as key to breakthroughs in next-generation high-field fusion technology due to their superior adaptability to extreme environments [1] Market Dynamics - The magnetic system is identified as a core cost component of fusion projects. Future Tokamak devices are expected to trend towards compact designs and high-temperature superconductors, leading to a significant increase in industry demand. The market size for second-generation high-temperature superconducting tapes for controllable fusion devices is projected to be 300 million yuan in 2024, with an expected growth to 4.9 billion yuan by 2030, representing a compound annual growth rate (CAGR) of 59.3% from 2024 to 2030 [2] Investment Recommendations - It is advised to focus on core supply chain manufacturers in the magnetic component segment: 1. Low-temperature superconductors: Western Superconductors 2. High-temperature superconductors: Shanghai Superconductor (not publicly listed, with Jingda Holdings as the largest shareholder), Lianchuang Optoelectronics, Eastern Superconductor (not publicly listed, a subsidiary of Yongding Co., Ltd.) 3. Core suppliers of tantalum and niobium: Dongfang Tantalum [2]

Summary of Key Points from the Conference Call Industry Overview - The fusion industry is entering an accelerated phase driven by policy support and capital expenditure, with major countries expected to introduce fusion policies by 2025, marking a shift from laboratory research to industrial layout and regulatory framework construction [1] Core Insights - Low-temperature superconductors (NbTi, Nb₃Sn) are relatively mature, while high-temperature superconductors (REBCO) are anticipated to become the mainstream in the future. The current landscape features a parallel development of low-temperature and high-temperature superconducting materials, with low-temperature superconductors supporting existing fusion device operations due to their industrial application advantages. High-temperature superconductors are expected to be key for breakthroughs in next-generation high-field fusion technology due to their superior adaptability to extreme environments [1][2] Market Projections - The magnet system is identified as a core cost component of fusion projects. Future tokamak devices are expected to trend towards compact designs and high-temperature superconductors, leading to a significant increase in industry demand. The market size for second-generation high-temperature superconducting tapes for controllable fusion devices is projected to be 300 million yuan in 2024, with an expected growth to 4.9 billion yuan by 2030, representing a compound annual growth rate (CAGR) of 59.3% from 2024 to 2030 [2] Investment Recommendations - It is suggested to focus on core supply chain manufacturers in the magnet segment: 1. Low-temperature superconductors: Western Superconductor 2. High-temperature superconductors: Shanghai Superconductor (not publicly listed, with Jingda Co. as the largest shareholder), Lianchuang Optoelectronics, Eastern Superconductor (not publicly listed, a subsidiary of Yongding Co.) 3. Core suppliers of tantalum and niobium: Dongfang Tantalum [2]

Investment Rating - The report maintains a "Buy" rating for the aerospace and military industry, with specific recommendations for several companies [8][42]. Core Viewpoints - The report emphasizes the increasing uncertainty in international security, highlighting opportunities in military trade as countries ramp up defense spending. For instance, the U.S. has approved military sales worth $6.67 billion to Israel and $9 billion to Saudi Arabia, indicating a vibrant military trade market [11][12]. - The report suggests that China's military equipment demand is expected to grow, particularly in new domains and advanced weaponry, aligning with the "14th Five-Year Plan" [13][17]. - The military trade market is anticipated to remain active, with China positioned as a key supplier capable of providing comprehensive solutions [11][12]. Summary by Sections Industry Investment Rating - The aerospace and military industry is rated as "Buy" with a focus on specific companies such as AVIC Shenyang Aircraft Corporation, Guorui Technology, and others [8][42]. Key Companies - Recommended companies include: - AVIC Shenyang Aircraft Corporation (600760 CH) - Guorui Technology (600562 CH) - Western Superconducting Technologies (688122 CH) - Guotai Group (603977 CH) - Ruichuang Micro-Nano (688002 CH) - Steel Research and Testing (300797 CH) - Northern Navigation (600435 CH) - Gaode Infrared (002414 CH) - Aerospace Rainbow (002389 CH) - Aerospace Intelligent Manufacturing (300446 CH) [3][42]. Market Trends - The report notes a structural shift in military equipment demand, with a focus on new technologies such as unmanned systems and advanced weaponry. The "14th Five-Year Plan" is expected to drive significant growth in these areas [13][15][16]. - The military trade market is projected to grow, with China's market share expected to increase from 5.87% to a more competitive position as global military spending rises [17][18]. Performance Metrics - As of February 6, 2026, the Shenyuan Defense and Military Index has a PE (TTM) of 95.29, indicating a high valuation relative to historical levels [39][40].

Market Performance - The Shaanxi state-owned enterprise reform sector rose by 1.5% compared to the previous trading day, with Guangdian Network leading the gains [1] - The Shanghai Composite Index closed at 4123.09, up 1.41%, while the Shenzhen Component Index closed at 14208.44, up 2.17% [1] Individual Stock Performance - Guangdian Network (600831) closed at 4.56, with a gain of 3.87% and a trading volume of 193,200 shares, amounting to a transaction value of 87.05 million yuan [1] - Xi'an Tourism (000610) closed at 10.66, up 3.19%, with a trading volume of 180,100 shares and a transaction value of 190 million yuan [1] - Global Printing (002799) closed at 9.83, gaining 2.82%, with a trading volume of 116,600 shares and a transaction value of 113 million yuan [1] - Western Superconducting (688122) closed at 83.83, up 2.67%, with a trading volume of 125,500 shares and a transaction value of 1.047 billion yuan [1] - Shaanxi Coal and Chemical Industry (601225) closed at 22.66, gaining 2.63%, with a trading volume of 396,800 shares and a transaction value of 894 million yuan [1] Capital Flow Analysis - The Shaanxi state-owned enterprise reform sector experienced a net outflow of 165 million yuan from institutional investors, while retail investors saw a net inflow of 99.38 million yuan [2] - The main capital inflow was observed in Western Superconducting, with a net inflow of 1.23 billion yuan from institutional investors, despite a net outflow from retail investors [3] - North Yuan Group (601568) had a net inflow of 28.15 million yuan from institutional investors, while retail investors experienced a net outflow of 25.58 million yuan [3]