点击 最 下方 关注《材料汇》 ， 点击"在看"和" "并分享 添加 小编微信 ，遇见 志同道合 的你 （请添加小编微信，后续会组建 相关微信群 ） 正文 本篇报告解决了以下核心问题： 1 、当前核聚变技术进展和未来关键时间节点展望； 2 、全球核聚变装置运行状况及融资情况分析； 3 、磁体系统、偏滤器、包层系统价值量分析及关键材料拆解。 核聚变技术加速突破，大科学装置实现里程碑节点 ITER（国际热核聚变实验堆）： 2020年进行了重大工程安装启动仪式，预计2034年开始对氘-氚等离子体进行实验，2036年开始以全磁能和等离子体电流长脉冲运 行，2039年开始氘-氚运行。中国承担了18个关键部件采购包制造。 HL-3（环流三号）： 2025年5月，综合参数聚变三乘积达到10的20次方量级，中国聚变快速挺进燃烧实验。 EAST（东方超环）： 2025年1月，首次完成1亿摄氏度1066秒长脉冲高约束模等离子体运行，再次刷新世界纪录。 BEST（紧凑型聚变能实验装置）： 2025年5月，工程总装提前两个月正式启动，计划2027年建成，2030年演示发电。 CRAFT（聚变堆主机关键系统综合研究设施）： 目标建成国 ...

Investment Rating - The report maintains an "Overweight" rating for the aerospace and defense sector [8] Core Insights - The aerospace and defense industry is expected to experience significant recovery and growth in 2025, with 30 out of 75 listed companies forecasting positive earnings growth compared to the previous year [11][12] - The report highlights structural opportunities in military equipment demand during the "14th Five-Year Plan" period, focusing on new domains, unmanned systems, advanced weaponry, and low-cost equipment [14][16] Summary by Sections Industry Performance - As of January 31, 2025, 75 out of 120 listed companies in the defense sector have disclosed earnings forecasts, with 30 companies expecting positive growth, 7 expecting positive but declining growth, 17 expecting losses but reduced compared to the previous year, and 21 expecting increased losses [11][12] Key Companies to Watch - Recommended companies include: - AVIC Shenyang Aircraft Corporation (600760 CH) - Guorui Technology (600562 CH) - Steel Research (300797 CH) - Guotai Group (603977 CH) - West Superconductor (688122 CH) - Ruichuang Micro-Nano (688002 CH) - Beifang Navigation (600435 CH) - Gaode Infrared (002414 CH) - Aerospace Intelligence (300446 CH) - Aerospace Rainbow (002389 CH) [3][8][9] Earnings Forecasts - Notable companies with significant earnings growth forecasts include: - Beimo High-Tech: 1169% growth due to product delivery and cost reduction [12] - Hailanxin: 509% growth from increased self-produced products [12] - *ST Chengchang: 452% growth driven by industry recovery [12] - Zhimin Da: 414% growth from increased demand in previously established product lines [12] - Aileda: 351% growth from increased military and civilian product demand [12] Long-term Outlook - The report emphasizes the importance of new equipment construction cycles and suggests focusing on new products and markets during the "14th Five-Year Plan" [14][16] - The military trade market is expected to grow, with China aiming to increase its market share in global military trade [17] Market Trends - The report notes a decline in the defense sector index by 7.69% over the past week, underperforming the broader market [28] - The current PE (TTM) for the defense sector is 95.23, indicating a high valuation compared to historical levels [36] Investment Opportunities - The report suggests that companies involved in unmanned systems, low-cost munitions, and military AI are likely to see significant growth opportunities [16][18] - The commercial aerospace sector is also highlighted as a growing area, with advancements in satellite internet and low-altitude economy [18][25]

Investment Rating - The report does not explicitly state an investment rating for the superconducting materials industry Core Insights - The superconducting materials industry is transitioning from low-temperature superconductors (LTS) to high-temperature superconductors (HTS), with significant implications for commercial applications and nuclear fusion technology [11][21] - Room-temperature superconductors remain a theoretical goal, but breakthroughs could revolutionize energy, transportation, and information sectors [11][43] - The market for low-temperature superconductors currently dominates, accounting for over 90% of the superconducting materials market, primarily used in MRI machines and fusion devices [20][31] - High-temperature superconductors are in the early stages of commercialization, with potential applications in nuclear fusion and high-efficiency power transmission [21][30] Summary by Sections Superconducting Materials Overview - Superconducting materials are recognized as strategic, disruptive materials with unique properties such as zero electrical resistance and complete diamagnetism [12][11] - The industry is experiencing a shift towards high-temperature superconductors, which can operate at higher temperatures and lower costs, facilitating their commercial viability [11][21] Low-Temperature Superconductors - Low-temperature superconductors, such as NbTi and Nb₃Sn, have established commercial production and dominate the market due to their mature technology and cost advantages [15][20] - The main applications include MRI machines, superconducting magnets for fusion devices, and particle accelerators [20][31] - Limitations include reliance on liquid helium for cooling and performance degradation in high magnetic fields [20] High-Temperature Superconductors - High-temperature superconductors, including BSCCO and REBCO, are seen as the future of superconducting materials, with applications in nuclear fusion and power transmission [21][30] - The production costs are currently high, but ongoing advancements in manufacturing processes are expected to reduce prices and enhance market penetration [29][30] - The market price for high-temperature superconductors is significantly higher than that of low-temperature superconductors, which poses a barrier to widespread adoption [28][29] Applications of Superconducting Materials - Superconducting materials are critical in various sectors, including energy, healthcare, and advanced manufacturing [31][32] - In energy, superconducting cables can achieve high capacity and low loss, while in healthcare, they are essential for high-field MRI machines [31][32] - The report highlights ongoing projects and applications in superconducting power transmission, magnetic confinement fusion, and advanced manufacturing processes [31][36]

Group 1 - The small metal sector saw a rise on January 28, 2026, with the China Rare Metals Theme Index increasing by 0.23%, and notable stock performances included Dongfang Tantalum Industry up by 8.41%, Zhuhai Group up by 5.25%, and others [1] - Tungsten concentrate prices approached 550,000 RMB per ton, ammonium paratungstate prices exceeded 800,000 RMB, and tungsten powder prices surpassed 1,300,000 RMB [1] - Industrial-grade lithium carbonate prices reached 168,000 RMB per ton with a weekly increase of 9.80%, while lithium iron phosphate prices rose by 4.43% compared to January 4 [1] Group 2 - Longcheng Securities estimated that the static cost share of lithium carbonate, rare earths, and antimony in downstream applications is nearing historical highs, with a demand growth rate of over 10% expected in sensitive sectors like wind power in 2026 [1] - The auction price for lithium spodumene concentrate from Wodgina reached 16,852 RMB per dry ton, indicating a significant premium for overseas lithium resources [1] - The Congolese government submitted a shortlist of state-owned mineral assets to the U.S., highlighting ongoing geopolitical supply disruptions that reinforce the scarcity of strategic metals [1] Group 3 - As of December 31, 2025, the top ten weighted stocks in the China Rare Metals Theme Index included Luoyang Molybdenum, Northern Rare Earth, and others, accounting for 59.54% of the total index [2] - The Rare Metals ETF (562800) tracks the China Rare Metals Theme Index, providing a convenient tool for investing in the rare metals sector [3] - Investors can also explore investment opportunities in the rare metals sector through the Rare Metals ETF linked fund (014111) [4]

内容概要：量子精密测量借助量子态高敏感性突破经典测量极限，涵盖时频基准、电磁场测量、重力测 量等多个方向，已逐步从实验室走向通信、导航、能源、医疗等实际应用领域，展现出"超精密、高稳 定、抗干扰"的核心优势。中国科学院自主研发的高精度原子钟已达国际先进水准，量子测量产品精度 惊人。中国量子精密测量行业在技术创新和政策支持下蓬勃发展，市场应用呈现迅速扩张的趋势。我国 量子精密测量主要应用于军事国、民用领域（能源、医疗、通信）、科学等领域。2024年我国量子精密 测量市场规模增长至2.95亿美元，在军事国防领域量子精密测量技术市场占据58.98%的市场份额，其次 为民用与科学领域合计约占10.51%。2025年我国量子精密测量市场规模约为4.35亿美元，预计2026年有 望达到5.2亿美元，2035年有望达到10.53亿美元。 上市企业：国盾量子(688027.SH)、天奥电子(002935.SZ)、中国船舶(600150.SH)、西部超导 (688122.SH)、光韵达(300227.SZ)、国睿科技(600562.SH)、天奥电子[002935] 关键词：量子精密测量行业政策、量子精密测量产业链、量子精密测量 ...

Meeting Overview - The first extraordinary general meeting of shareholders was held on January 26, 2026, at the company's conference room [2] - The meeting was convened by the board of directors and chaired by Mr. Feng Yong, with both on-site and online voting methods employed [2][3] - The meeting was witnessed by lawyers from Guohao Law Firm (Xi'an) [8] Voting Results - All proposed resolutions were approved without any objections [2] - Key resolutions included amendments to the company's articles of association, rules for shareholder meetings, rules for board meetings, and the 2026 annual related party transaction plan [4][5] - The proposal for the registration and issuance of technology innovation corporate bonds was also approved [5] Legal Compliance - The meeting's procedures were confirmed to comply with relevant laws and regulations, including the Company Law and Securities Law [8] - The qualifications of attendees and the convenor were deemed valid, and the voting procedures and results were confirmed as legal and effective [8]

一、 会议召开和出席情况 （一） 股东会召开的时间：2026 年 1 月 26 日 （二） 股东会召开的地点：西部超导材料科技股份有限公司 103 会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及其 持有表决权数量的情况： 证券代码：688122 证券简称：西部超导 公告编号：2026-006 西部超导材料科技股份有限公司 2026年第一次临时股东会决议公告 本公司董事会及全体董事保证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。 重要内容提示： 本次会议是否有被否决议案：无 | 1、出席会议的股东和代理人人数 | 620 | | --- | --- | | 普通股股东人数 | 620 | | 2、出席会议的股东所持有的表决权数量 | 269,398,030 | | 普通股股东所持有表决权数量 | 269,398,030 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比例（%） | 41.4672 | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 41.4672 | （四） 表决方式是否符 ...

西安市高新区锦业路绿地中心 B 座 46 层 邮编：710065 联系电话：029-8819 9711 46th Floor, B Tower, Greenland Center, Jinye Road, High-tech District, Xi'an, Shaanxi, China 国浩律师（西安）事务所 关于西部超导材料科技股份有限公司 2026 年第一次临时股东会的 法律意见书 致：西部超导材料科技股份有限公司 根据《中华人民共和国证券法》（以下简称"证券法"）《中华人民共和国 公司法》（以下简称"《公司法》"）及中国证券监督管理委员会《上市公司股 东会规则》（以下简称"《股东会规则》"）等法律、行政法规和规范性文件的 规定，国浩律师（西安）事务所（以下简称"本所"或"国浩"）接受西部超导 材料科技股份有限公司（以下简称"公司"或"西部超导"）的委托，指派律师 出席公司 2026 年第一次临时股东会（以下简称"本次股东会"），并对本次股 东会的相关事项进行见证，依法出具本法律意见书。 国浩及经办律师依据《证券法》《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则（试行）》等规 ...

Group 1 - The stock of Western Superconducting Technologies Co., Ltd. fell by 5.11% on January 26, closing at 89.42 yuan per share, with a trading volume of 1.718 billion yuan and a turnover rate of 2.91%, resulting in a total market capitalization of 58.093 billion yuan [1] - The company, established on February 28, 2003, and listed on July 22, 2019, specializes in the research, production, and sales of high-end titanium alloy materials, superconducting products, and high-performance high-temperature alloy materials [1] - The revenue composition of the company's main business includes high-end titanium alloy materials at 57.59%, superconducting products at 29.34%, high-performance high-temperature alloy materials at 9.01%, and others at 4.07% [1] Group 2 - According to data from the top ten holdings of funds, one fund under Zhuque Fund has a significant position in Western Superconducting, specifically the Zhuque Carbon Neutral Three-Year Holding Fund (015729), which held 94,600 shares, accounting for 2.63% of the fund's net value, ranking as the tenth largest holding [2] - The Zhuque Carbon Neutral Three-Year Holding Fund was established on September 7, 2022, with a current scale of 268 million yuan, and has achieved a year-to-date return of 9.18%, ranking 2563 out of 9003 in its category; over the past year, it has returned 31.76%, ranking 4249 out of 8185 [2] Group 3 - The fund manager of Zhuque Carbon Neutral Three-Year Holding Fund is Liang Yuejun, who has a tenure of 5 years and 239 days, with the fund's total asset size at 5.181 billion yuan, achieving a best return of 30.27% and a worst return of -41.55% during his tenure [3] - Co-manager Yang Xinda has a tenure of 2 years and 143 days, with the fund's total asset size at 268 million yuan, achieving a best return of 19.05% during his tenure [3]

Group 1 - The stock of Western Superconducting Technologies Co., Ltd. fell by 5.11% on January 26, closing at 89.42 CNY per share, with a trading volume of 1.719 billion CNY and a turnover rate of 2.91%, resulting in a total market capitalization of 58.093 billion CNY [1] - The company, established on February 28, 2003, and listed on July 22, 2019, specializes in the research, production, and sales of high-end titanium alloy materials, superconducting products, and high-performance high-temperature alloy materials [1] - The revenue composition of the company's main business includes high-end titanium alloy materials at 57.59%, superconducting products at 29.34%, high-performance high-temperature alloy materials at 9.01%, and others at 4.07% [1] Group 2 - One fund under AVIC Fund has a significant holding in Western Superconducting, specifically the AVIC Huazheng Commercial Aircraft High-end Manufacturing Industry Index Fund A (017651), which increased its holdings by 310 shares in the fourth quarter, totaling 24,800 shares, representing 4.02% of the fund's net value [2] - The fund was established on March 7, 2023, with a latest scale of 22.7627 million CNY, achieving a year-to-date return of 14.76% and a one-year return of 36.71% [2] - The fund manager, Long Chuan, has a tenure of 10 years and 261 days, with a total fund asset size of 166 million CNY, achieving a best return of 45.07% and a worst return of -92.81% during his tenure [3]