Group 1: Market Reaction - The A-share controllable nuclear fusion sector experienced a significant surge, with stocks such as Antai Technology, Xiamen Tungsten, and Dongfang Tantalum hitting the daily limit, reflecting positive market sentiment towards nuclear fusion energy development [1][4] - The market's response indicates strong investor interest and optimism regarding the future potential of nuclear fusion as a key area for economic growth [4] Group 2: Policy and Industry Development - The 24th Central Committee of the Communist Party of China approved a proposal for the 15th Five-Year Plan, emphasizing the strategic importance of industries like quantum technology, biomanufacturing, hydrogen energy, and nuclear fusion [1][3] - The clean energy transition is crucial for achieving China's dual carbon strategy, with hydrogen and nuclear fusion energy identified as complementary solutions for deep decarbonization [3][4] Group 3: Company Highlights - Western Superconducting Technologies, a leader in low-temperature superconductors, is a core supplier for major nuclear fusion projects, with significant contracts and a 65.75% year-on-year revenue growth in its superconducting business [5] - Yongding Co., a pioneer in high-temperature superconductors, reported a staggering 917.66% increase in net profit, driven by substantial orders from nuclear projects [5] - Lianchuang Optoelectronics, a global leader in high-temperature superconducting magnets, secured a 5 billion yuan order for a hybrid reactor system, showcasing its innovative technology [5][6] Group 4: Technological Advancements - Since 2025, China's nuclear fusion sector has entered a rapid development phase, marked by significant technological breakthroughs and the establishment of key companies like China Fusion Energy Co. [4] - Shanghai Electric has emerged as a comprehensive supplier for fusion equipment, successfully delivering critical components for international projects, demonstrating its manufacturing capabilities [6]

Group 1 - The core viewpoint of the news highlights the strong performance of the non-ferrous metal sector, particularly the Non-Ferrous Metal Leader ETF (159876), which saw an intraday increase of 2.96% and a current rise of 2.16%, with a trading volume exceeding 520 million yuan, indicating active trading [1] - Technical analysis indicates that the recovery of the 10-day moving average suggests that short-term bullish forces are strong enough to push the stock price above the "short-term cost line," indicating an advantage for bulls in short-term trading [1] - Key constituent stocks such as Xiamen Tungsten Industry and Jiangxi Copper experienced significant gains, with Xiamen Tungsten hitting the daily limit, and others like Huayu Mining and Western Superconducting rising over 6% [1] Group 2 - The U.S. September CPI data, which came in lower than expected at a year-on-year growth of 3.0% and a core CPI month-on-month increase of 0.2%, provides solid support for the Federal Reserve to consider further interest rate cuts [3] - The impact of potential Fed rate cuts on non-ferrous metal prices is explained through three key points: 1) Rate cuts equate to monetary easing, leading investors to prefer tangible assets; 2) Most non-ferrous metals are priced in USD, and a weaker dollar makes these metals cheaper, boosting global demand; 3) Lower interest rates reduce borrowing costs for companies, increasing demand for industrial metals like copper and aluminum [3] - The outlook for the non-ferrous metal sector is optimistic, driven by long-term capital expenditure cycles and increasing global manufacturing investment, alongside a recovery in domestic macroeconomic conditions, positioning non-ferrous metals as a core component of the current commodity bull market [3] Group 3 - The Non-Ferrous Metal Leader ETF (159876) and its linked funds provide a diversified investment approach by passively tracking the CSI Non-Ferrous Metal Index, which includes significant weights in copper (27.6%), gold (14.5%), aluminum (13.1%), rare earths (10.4%), and lithium (8.4%), thus helping to mitigate risks associated with investing in single metal sectors [5]

Core Insights - The A-share market has seen a collective surge in quantum technology stocks, with notable increases in companies such as GuoDun Quantum and DaHua Intelligent [1][2] - The Central Committee of the Communist Party of China has proposed the development of emerging pillar industries, including quantum technology, as part of the 15th Five-Year Plan, which is expected to create several trillion-yuan markets [1] Company Performance - GuoDun Quantum (688027) rose by 10.54%, with a market capitalization of 47.6 billion and a year-to-date increase of 55.18% [2] - DaHua Intelligent (002512) increased by 10.09%, with a market cap of 5.462 billion and a year-to-date rise of 3.59% [2] - HengBao Co. (002104) reached a 9.99% increase, with a market cap of 15.8 billion and a year-to-date surge of 232.75% [2] - Other notable performers include GuangKu Technology (300620) up 5.85%, GuangXun Technology (002281) up 5.19%, and KeDa GuoChuang (300520) up 4.95% [2] Industry Trends - The proposed 15th Five-Year Plan emphasizes the acceleration of strategic emerging industries such as quantum technology, bio-manufacturing, hydrogen energy, and nuclear fusion, which are expected to become new economic growth points [1] - The plan aims to lay a forward-looking foundation for future industries, potentially reshaping China's high-tech sector over the next decade [1]

Group 1: Core Insights - The International Atomic Energy Agency (IAEA) will release the "2025 World Fusion Outlook" report during the 30th Fusion Energy Conference in Chengdu, China, in October 2025, highlighting significant advancements in nuclear fusion and its transition from concept to reality through scientific breakthroughs, industrial capital, and international collaboration [1] - The domestic nuclear fusion project "BEST" has made breakthrough progress this year, with the establishment of local fusion industry entities and ongoing engineering tenders, indicating a rapid transition from laboratory to practical applications [1] - The A-share nuclear fusion sector has shown strong performance, with the Wind nuclear fusion index rising by 6.87% since October 1, 2023, and a peak increase of over 14% during this period [1] Group 2: Investment Pathways - The BEST project in Hefei, Anhui, has achieved a key breakthrough with the successful development and installation of the Dewar base, marking a new phase in the project's construction, expected to be completed by 2027 and demonstrate power generation by 2030 [2][3] - Nuclear fusion differs from traditional nuclear fission in terms of technology principles, maturity, and industry chain composition, with fission relying on uranium resources and fusion primarily utilizing deuterium, which can be extracted from seawater [5][6] - Companies involved in deuterium production include China Shipbuilding Special Gas (688146.SH), which has an annual production capacity of 10 tons of deuterium with high purity [7][8] Group 3: Key Materials and Technologies - Tritium, a critical fuel for nuclear fusion, is radioactive and scarce in nature, presenting a significant challenge for commercialization. Current methods involve breeding tritium through neutron bombardment of lithium-6 within reactors [8][9] - Companies providing tritium factory technology or key materials for tritium breeding, such as Dongfang Tantalum (000962.SZ) with beryllium materials, are essential for the industry [9] - The BEST project requires advanced vacuum environments for plasma containment, leading to high demand for vacuum chambers and core components, with companies like Hunan Zhiye (603011.SH) gaining popularity in this sector [9][10] Group 4: Industry Players - Major players in the nuclear fusion sector include Shanghai Electric (601727.SH) and Dongfang Electric (600875.SH), which have been involved in various fusion projects and are key contributors to the development of critical components for fusion reactors [10] - The ongoing collaboration among industry partners in large-scale nuclear fusion experiments is focused on addressing the early-stage challenges of commercializing laboratory fusion devices, indicating that the A-share nuclear fusion concept may not generate stable cash flow in the short term [10]

Core Insights - The superconducting concept sector saw a rise of 2.03%, ranking fourth among concept sectors, with 16 stocks increasing in value [1] - Notable gainers included GuoLan Testing, which hit a 20% limit up, and Dongfang Tantalum, which also reached the limit up, while Chenguang Medical, Zhongfu Industrial, and Bofei Electric had increases of 16.01%, 5.98%, and 3.39% respectively [1] - The sector experienced a net inflow of 0.50 billion yuan from main funds, with Dongfang Tantalum leading the inflow at 1.79 billion yuan [2][3] Sector Performance - The superconducting concept sector was among the top performers, with a daily increase of 2.03% [2] - Other sectors with notable performance included Shenzhen State-Owned Enterprise Reform at 6.62% and MLOps at 2.41%, while the Cultivated Diamond sector saw a decline of 2.94% [2] Fund Flow Analysis - The leading stocks in terms of net fund inflow ratios were Dongfang Tantalum at 16.31%, GuoLan Testing at 15.60%, and Zhongfu Industrial at 9.89% [3] - The top stocks by net fund inflow included: - Dongfang Tantalum: 178.55 million yuan, with a daily increase of 10.00% and a turnover rate of 7.80% [3] - GuoLan Testing: 72.51 million yuan, with a daily increase of 20.00% and a turnover rate of 9.70% [3] - Zhongfu Industrial: 92.34 million yuan, with a daily increase of 5.98% and a turnover rate of 3.63% [3]

Group 1 - The core signal from Goldman Sachs' latest report is that the investment logic in the Chinese stock market is undergoing a fundamental shift, entering a more sustainable and lower volatility "slow bull" phase [3] - Analysts predict a potential 30% increase in key Chinese stock indices, including A-shares and H-shares, by the end of 2027, driven by approximately 12% annual compound growth in earnings and a 5-10% valuation re-evaluation [3] - The Sci-Tech Innovation 50 ETF (588000) tracks the Sci-Tech Innovation 50 Index, with 70.55% of its holdings in the electronics sector and 4.54% in the computer sector, aligning well with the development of cutting-edge industries like artificial intelligence and robotics [3] Group 2 - The ETF also includes investments in various sub-sectors such as medical devices, software development, and photovoltaic equipment, indicating a high content of hard technology and promising future growth potential [3] - Increased capital market activity is noted, with significant support at the upper trend line from a weekly structure perspective [1]

Core Viewpoint - Western Superconducting Technologies Co., Ltd. has shown a significant stock price increase of 5.27%, reaching 72.13 CNY per share, with a total market capitalization of 46.86 billion CNY as of October 22 [1] Company Overview - Western Superconducting Technologies Co., Ltd. was established on February 28, 2003, and went public on July 22, 2019. The company is located in Xi'an Economic and Technological Development Zone, Shaanxi Province [1] - The company's main business includes the research, production, and sales of high-end titanium alloy materials, superconducting products, and high-performance high-temperature alloy materials. The revenue composition is as follows: high-end titanium alloy materials 57.59%, superconducting products 29.34%, high-performance high-temperature alloy materials 9.01%, and others 4.07% [1] Fund Holdings - According to data, one fund under Shenwan Hongyuan Asset Management holds a significant position in Western Superconducting, specifically the Shenwan Hongyuan CSI 500 Index Enhanced A Fund (002510), which held 81,700 shares, accounting for 0.99% of the fund's net value, ranking as the fifth-largest holding [2] - The fund has a current scale of 276 million CNY and has achieved a year-to-date return of 14.74%, ranking 3243 out of 4218 in its category [2] Fund Manager Performance - The fund manager of Shenwan Hongyuan CSI 500 Index Enhanced A Fund is Yu Cheng, who has been in the position for 9 years and 327 days. The total asset size of the fund is 729 million CNY, with the best return during his tenure being 77.18% and the worst being -76.04% [3]

Core Insights - Western Superconducting Technologies Co., Ltd. has experienced a stock price increase of 59.57% year-to-date, but has seen a recent decline of 9.22% over the last five trading days [1] - The company reported a revenue of 27.23 billion yuan for the first half of 2025, reflecting a year-on-year growth of 34.76%, with a net profit of 5.46 billion yuan, up 56.72% [2] Financial Performance - As of October 22, the stock price was 67.13 yuan per share, with a market capitalization of 43.612 billion yuan [1] - The company has distributed a total of 21.79 billion yuan in dividends since its A-share listing, with 14.06 billion yuan distributed in the last three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders increased by 7.91% to 26,900, with an average of 24,152 circulating shares per shareholder, a decrease of 7.33% [2] - Major shareholders include various ETFs and investment funds, with notable changes in holdings among the top ten shareholders [3]

证券代码：688122 证券简称：西部超导 公告编号：2025-028 二、公司参会人员 公司总经理、董事会秘书、财务总监、证券事务代表（如有特殊情况，参会人员可能进行调整）。 一、会议基本情况 活动时间：2025年10月29日（星期三）15:00-16:00 活动地址：全景网"投资者关系互动平台" 活动网址：https://ir.p5w.net 投资者问题预征集通道：https://ir.p5w.net/zj，投资者可将需要了解和关注的问题提交至预征集通道，公 司将在说明会上对问题进行回答。 西部超导材料科技股份有限公司 关于召开2025年半年度业绩说明会的公告 本公司董事会及全体董事保证本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、准确性和完整性依法承担法律责任。 西部超导材料科技股份有限公司（以下简称"公司"）已于2025年8月28日发布2025年半年度报告，为便 于广大投资者更全面深入地了解公司2025年半年度经营成果及财务状况，公司计划于2025年10月29日 （星期三）15:00-16:00举行2025年半年度业绩说明会，就投资者关心的问题进行交流。 三、投资者参加方 ...

证券代码：688122 证券简称：西部超导 公告编号：2025-028 西部超导材料科技股份有限公司 关于召开 2025 年半年度业绩说明会的公告 投资者问题预征集通道：https://ir.p5w.net/zj，投资者可将需要了解和 关注的问题提交至预征集通道，公司将在说明会上对问题进行回答。 本公司董事会及全体董事保证本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、准确性和完整性依法承担法律责任。 西部超导材料科技股份有限公司（以下简称"公司"）已于 2025 年 8 月 28 日发布 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半 年度经营成果及财务状况，公司计划于 2025 年 10 月 29 日（星期三）15:00-16:00 举行 2025 年半年度业绩说明会，就投资者关心的问题进行交流。 一、会议基本情况 活动网址：https://ir.p5w.net 二、公司参会人员 公司总经理、董事会秘书、财务总监、证券事务代表（如有特殊情况，参会 人员可能进行调整）。 三、投资者参加方式 活动时间：2025 年 10 月 29 日（星期三）15:0 ...