Investment Rating - The report maintains a "Positive" outlook on the defense and aerospace industry, indicating a favorable investment environment [7]. Core Insights - The Long March 12甲 rocket, despite not achieving its primary recovery goal, has provided valuable experience and is a crucial step in China's development of reusable rocket technology [10][11]. - The Wenchang International Aerospace Forum has opened, signaling rapid advancement in the commercialization and industrialization of the aerospace sector in China [12]. - The report emphasizes continued optimism for commercial aerospace, unmanned systems, new combat capabilities, and military trade as key growth areas [13]. Summary by Sections 1.1 Long March 12甲 Rocket - The Long March 12甲 rocket's recent launch did not meet the recovery target for the first stage, but it successfully gathered critical data for future missions [10][11]. - The failure is seen as part of the iterative process necessary for achieving reusable technology, similar to the development path of SpaceX's Falcon 9 [11]. 1.2 Wenchang International Aerospace Forum - The forum aims to enhance the aerospace industry in Hainan, focusing on building a comprehensive ecosystem that includes rocket, satellite, and data services [12]. - The government is shifting its focus from merely launching rockets to developing downstream services and applications, indicating a move towards a more integrated aerospace industry [12]. 1.3 Future Outlook - As the 14th Five-Year Plan approaches, the report highlights the importance of new technologies in defense, including unmanned systems and deep-sea technology [13]. - The report suggests that military and civilian sectors will become significant growth drivers, with a focus on expanding military trade and high-end equipment exports [13]. Investment Targets - The report lists several investment targets in the commercial aerospace sector, including: - Aerospace Electronics (600879, Buy) - National Science and Technology Military Industry (688543, Not Rated) - Aerospace Power (600343, Not Rated) [13][14].

Industry Overview - The 2026 Nuclear Fusion Technology and Industry Conference will be held in Hefei, Anhui from January 16 to 17, 2026, focusing on promoting collaborative innovation and results transformation in the nuclear fusion industry chain [1] - Controlled nuclear fusion has been included in top-level planning as a future industry, with significant capital expenditure entering an upward cycle [1] - Hefei has established a leading global cluster of fusion devices, covering multiple key technology links of magnetic confinement fusion, with 37% of the country's related patents [1] - The demand for electricity driven by AI computing power is increasing the importance of controlled nuclear fusion as a "ultimate energy," with the industry entering the "engineering feasibility verification" stage [1] Company Insights - Hezhong Intelligent is leading in the manufacturing process of fusion reactor vacuum chambers, benefiting from the construction of the Hefei fusion industry cluster [2] - Western Superconducting is a core supplier for nuclear fusion, deeply involved in domestic and international fusion projects, and is the only supplier of low-temperature superconducting wire for the ITER project in China, with the CRAFT project delivery expected in 2024 [2]

Core Viewpoint - The commercial aerospace sector is experiencing significant growth driven by supportive government policies and the recent establishment of clearer IPO guidelines for commercial rocket companies, which is expected to accelerate their market entry and boost related industries. Group 1: Market Performance - The Zhongzheng General Aviation Theme Index (931855) rose by 1.62% as of December 29, 2025, with notable increases in constituent stocks such as Guangwei Composites (300699) up 14.57%, Haige Communication (002465) up 10.04%, and Leike Defense (002413) up 9.97% [1] - The General Aviation ETF (561660) increased by 1.70%, marking its fourth consecutive rise, with the latest price reported at 1.2 yuan [1] Group 2: Policy Developments - In November 2025, the National Space Administration issued the "Action Plan for Promoting High-Quality and Safe Development of Commercial Aerospace (2025-2027)", which supports commercial entities in developing new technologies and products, and establishes a national commercial aerospace development fund [1] - The Shanghai Stock Exchange released specific guidelines for commercial rocket companies to access the Sci-Tech Innovation Board, which is expected to expedite the IPO process for leading private commercial rocket firms [2] Group 3: Industry Insights - The commercial rocket sector is identified as the "launch base" of commercial aerospace, with its industrialization expected to drive demand across satellite manufacturing, ground equipment, and space applications [2] - The Zhongzheng General Aviation Theme Index includes 50 listed companies involved in aviation materials, components, aircraft manufacturing, infrastructure, operations, and applications, reflecting the overall performance of the general aviation sector [2] - As of November 28, 2025, the top ten weighted stocks in the Zhongzheng General Aviation Theme Index accounted for 40.68% of the index, including companies like Aerospace Electronics (600879) and China Satellite Communications (601698) [2]

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **controlled nuclear fusion industry**, specifically the **magnet segment** which holds a significant value share in the overall investment landscape. The ITER project allocates approximately **30%** of its total investment to magnets, with potential increases to **40%** for high-temperature superconducting (HTS) technologies [1][3]. Core Insights and Arguments - **Investment Potential**: 2025 is anticipated to be a pivotal year for investments in controlled nuclear fusion, with capital expenditures expected to expand rapidly from **2025 to 2028**. This will lead to active bidding across the entire industry chain, benefiting companies with secured orders [1][5]. - **Technological Advancements**: Low-temperature superconducting (LTS) technology is currently mature, while HTS is viewed as the future direction, with companies like **West Superconductor** and **Shanghai Superconductor** leading in their respective fields. HTS is expected to reduce device size and costs significantly [1][3][4]. - **Market Dynamics**: The recent bidding activity has been robust, with a notable **$4 billion** project in November, indicating that market expectations are being met and the industry is progressing steadily [6]. Company-Specific Insights - **West Superconductor**: This company has established a leading position in the LTS sector, maintaining a gross margin above **30%** and benefiting from substantial orders due to the BEST project. Their products have been certified internationally and are crucial for nuclear fusion applications [7][8]. - **Shanghai Superconductor**: Recognized as a global leader in HTS wire production, the company has a production capacity exceeding **1,000 meters** and has secured contracts for significant international fusion projects, achieving a gross margin over **60%**. Plans for further capacity expansion are underway [13][14][15]. Risks and Challenges - The controlled nuclear fusion industry faces uncertainties, including project advancement risks, policy changes, and insufficient funding. Investors are advised to closely monitor these variables as they could significantly impact industry development [2][17]. Additional Noteworthy Content - The transition from first-generation copper oxide to second-generation rare earth metal oxides in HTS materials is noted for its higher critical temperatures and stronger current-carrying capabilities, indicating a promising future for these materials in fusion applications [10][12]. - The competitive landscape includes other companies like **Yongding Co.** and **Lianchuang Optoelectronics**, which are also making strides in HTS and LTS technologies, respectively [16]. This comprehensive overview highlights the significant investment opportunities and technological advancements within the controlled nuclear fusion industry, while also addressing the inherent risks that investors should consider.

证 券 研 究 报 告 电力及公用事业行业深度研究报告 "超导-磁体"：可控核聚变价值量最高环节 推荐（维持） ——可控核聚变系列研究（五） 行业研究 电力及公用事业 2025 年 12 月 27 日 华创证券研究所 证券分析师：吴一凡 邮箱：wuyifan@hcyjs.com 执业编号：S0360516090002 证券分析师：霍鹏浩 邮箱：huopenghao@hcyjs.com 执业编号：S0360524030001 证券分析师：吴晨玥 邮箱：wuchenyue@hcyjs.com 执业编号：S0360523070001 证券分析师：梁婉怡 邮箱：liangwanyi@hcyjs.com 执业编号：S0360523080001 证券分析师：卢浩敏 邮箱：luhaomin@hcyjs.com 执业编号：S0360524090001 证券分析师：李清影 邮箱：liqingying@hcyjs.com 执业编号：S0360525080004 联系人：刘邢雨 邮箱：liuxingyu@hcyjs.com 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 228 ...

转自：智通财经 【西部超导：产品有少量应用于商业航天领域】智通财经12月26日电，西部超导在互动平台表示，公司 产品有少量应用于商业航天领域。 【西部超导：产品有少量应用于商业航天领域】智通财经12月26日电，西部超导在互动平台表示，公司 产品有少量应用于商业航天领域。 转自：智通财经 ...

Core Viewpoint - The company has developed a rapid electromagnetic field calculation technology for superconducting magnets, laying a technical foundation for breakthroughs in ultra-high-speed magnetic levitation and new material research [1] Group 1 - The company’s subsidiary has independently developed technology for rapid electromagnetic field calculations [1] - This technology supports the research fields of ultra-high-speed magnetic levitation and new material development [1] - The company continues to provide related product services to facilitate technological breakthroughs in ultra-high-speed magnetic levitation [1]

西部超导（688122.SH）12月26日在投资者互动平台表示，公司子公司为超高速磁悬浮提供相关产品服 务。 每经AI快讯，有投资者在投资者互动平台提问：有没有磁悬浮项目的供货意向？ （记者 张明双） ...

Core Viewpoint - The general aviation sector is experiencing significant growth, driven by government support and strategic initiatives aimed at enhancing technological independence and promoting the low-altitude economy and commercial aerospace development [1][2]. Group 1: Market Performance - As of December 26, 2025, the China General Aviation Theme Index (931855) rose by 1.83%, with notable increases in constituent stocks such as Guanglian Aviation (300900) up 13.94% and Zhongfu Shenying (688295) up 13.03% [1]. - The General Aviation ETF (561660) also saw a rise of 1.91%, marking its third consecutive increase, with the latest price reported at 1.17 yuan [1]. Group 2: Government Initiatives - A successful satellite launch using the Long March 8A rocket from Hainan's commercial space launch site occurred, deploying 17 low-orbit satellite internet satellites into their designated orbits [1]. - The strategic emerging industry development fund, with a scale of 51 billion yuan, has officially launched, focusing on providing substantial financial support to the aerospace sector and related industries [1]. Group 3: Index Composition - The China General Aviation Theme Index tracks 50 listed companies involved in various aspects of general aviation, including manufacturing, infrastructure, and operations [2]. - The top ten weighted stocks in the index account for 40.68% of the total index, with key companies including Aerospace Electronics (600879) and Haige Communication (002465) [2].

进一步统计，近3个月内该股累计发生4笔大宗交易，合计成交金额为2576.71万元。 证券时报·数据宝统计显示，西部超导今日收盘价为74.90元，上涨2.02%，日换手率为3.80%，成交额为 18.34亿元，全天主力资金净流入2399.86万元，近5日该股累计上涨8.47%，近5日资金合计净流出 1670.57万元。 两融数据显示，该股最新融资余额为18.42亿元，近5日减少1788.08万元，降幅为0.96%。 据天眼查APP显示，西部超导材料科技股份有限公司成立于2003年02月28日，注册资本64966.4497万人 民币。（数据宝） 西部超导12月25日大宗交易平台出现一笔成交，成交量12.60万股，成交金额806.40万元，大宗交易成交 价为64.00元，相对今日收盘价折价14.55%。该笔交易的买方营业部为银泰证券有限责任公司苏州华山 路证券营业部，卖方营业部为东兴证券股份有限公司上海陆家嘴证券营业部。 12月25日西部超导大宗交易一览 | 成交量 | 成交金额 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万 ...