Core Viewpoint - The A-share market is experiencing significant investment interest in the controllable nuclear fusion sector, with the Wind nuclear fusion index rising by 20.5% at its peak in January and currently up by 15.92%, with monthly trading volume exceeding 780 billion yuan [1][2]. Industry Developments - Several companies, including Zhongji HuanKe, Antai Technology, Tiangong International, and Xuguang Electronics, have disclosed their involvement in controllable nuclear fusion, while others have clarified their limited business scale to manage market expectations [2][13]. - The compact fusion energy experimental device (BEST) in Hefei has made significant progress, with key components successfully delivered, and it is expected to be completed by 2027, potentially becoming the first device to achieve fusion power generation [4][15]. - The controllable nuclear fusion industry is advancing rapidly in China, with a notable increase in commercialization efforts since 2022, and a significant number of startups emerging in the past five years, attracting around $6.5 billion in investments [6][16]. Market Performance - As of January 23, 2026, many nuclear fusion concept stocks have seen substantial gains, with companies like Zinc Industry Co., Yuguang Gold Lead, and Western Materials hitting their daily price limits [2][14]. - The stock prices of companies involved in nuclear fusion have shown significant increases, with Zhongji HuanKe's stock rising by 18.31% since the beginning of January [18]. Regulatory Environment - The implementation of the Atomic Energy Law on January 15, 2023, encourages and supports controllable nuclear fusion, providing a foundational framework for the industry's development [5][16]. Company Initiatives - Companies like Antai Technology and Tiangong International are actively participating in nuclear fusion projects, with Antai signing agreements for advanced filter projects and Tiangong achieving breakthroughs in neutron shielding materials [19][20]. - Star Ring Fusion announced a record-breaking 1 billion yuan A-round financing, with plans to complete engineering validation by 2028 and start construction of a commercial demonstration reactor by around 2032 [17][18].

Group 1 - The core viewpoint of the articles highlights the strong performance and upward trends in the rare metals market, driven by increasing demand and supply constraints [1][2][3] Group 2 - As of January 23, 2026, the CSI Rare Metals Theme Index (930632) rose by 1.28%, with key stocks like Western Materials hitting the daily limit up and others like Chuaneng Power and Zhuhai Group also showing significant gains [1] - The top ten weighted stocks in the CSI Rare Metals Theme Index accounted for 59.54% of the index, with companies such as Luoyang Molybdenum, Northern Rare Earth, and Ganfeng Lithium leading the list [1] - The rare metals ETF fund (561800) saw a 1.41% increase, with a maximum intraday rise exceeding 2%, and recorded a turnover rate of 6.48% with total transactions of 14.6183 million yuan [1] - The price of battery-grade lithium carbonate increased by 4,000 yuan to 152,500 yuan per ton on January 20, 2026, reflecting a more than 28% rebound from the year's low, driven by surging storage demand and supply constraints [2] - New energy storage technologies are expanding rapidly, with lithium battery shipments in China reaching 430 GWh in the first three quarters of 2025, a year-on-year increase of 99.07% [2] - The supply-demand dynamics for rare metals are undergoing significant changes, with tungsten concentrate prices rising by 4.3% week-on-week to 507,000 yuan per ton, and prices for praseodymium-neodymium oxide and dysprosium oxide also increasing [3] - The CS Rare Metals Index, tracked by the rare metals ETF fund, is one of the highest in energy metal content, particularly lithium and cobalt, and is expected to benefit from ongoing market trends [3]

Core Viewpoint - The medical titanium alloy industry is experiencing significant growth driven by an aging population and increasing chronic disease rates, leading to higher demand for medical devices and implants. The market size for medical titanium alloys in China is projected to reach 4.32 billion yuan in 2024, reflecting a 9% year-on-year increase [1][6]. Group 1: Industry Overview - Medical titanium alloys are specialized biocompatible materials used for manufacturing human implants, characterized by excellent biocompatibility, high specific strength (over 300 MPa·cm³/g), and moderate elastic modulus (approximately 110 GPa) [3]. - The development of medical titanium alloys has progressed through three generations, with the latest generation focusing on reducing toxicity and improving compatibility with human bone [3][4]. Group 2: Market Size and Growth - The market for medical titanium alloys is expected to continue growing, with the orthopedic implant sector (including artificial joints and spinal correction devices) holding the largest market share at 50%, projected to reach 2.16 billion yuan in 2024 [6]. - Factors driving demand in the orthopedic implant sector include an aging population (over 300 million people aged 60 and above in China), advancements in medical technology, and supportive policies [6]. Group 3: Competitive Landscape - The medical titanium alloy industry features a concentrated head with leading companies like Baotai Co., West Superconductor, and Xiangtou Jintian dominating the mid-to-high-end market, while smaller firms focus on niche segments to avoid direct competition [7]. - Key players in the industry include Jiangsu Tiangong Technology Co., Baotai Co., and others, with a focus on R&D and production of titanium and titanium alloy materials [7][8]. Group 4: Industry Trends - The industry is moving towards functional upgrades of materials to meet diverse clinical needs, emphasizing the development of new alloys that are aluminum and vanadium-free for enhanced biocompatibility [9]. - Integration of smart technologies into titanium alloy products is becoming a significant innovation direction, with the incorporation of micro-sensors for real-time monitoring of implant conditions [10]. - The industry is accelerating its green and low-carbon transformation, focusing on energy-efficient production processes and recycling systems for titanium alloy materials to reduce waste and production costs [11].

Core Viewpoint - The article emphasizes that "rocket body stainless steel + engine high-temperature alloy" is evolving into a new generation of rocket material systems, driven by the commercialization and reusability of space launches [1][7]. Group 1: Investment Opportunities in New Materials - The rapid development of commercial space is driving the demand for aerospace stainless steel and high-temperature alloy materials [2]. - Stainless steel is becoming the primary choice for rocket bodies in reusable rockets due to its low cost, high-temperature resistance, and ease of processing [4][12]. - High-temperature alloys are essential for the hot-end components of liquid rocket engines, with an average usage of 28% in liquid rocket engines [5][19]. Group 2: Historical Context and Current Trends - Historically, aluminum alloys dominated rocket materials, with limited applications for stainless steel and high-temperature alloys [3]. - Currently, the rocket material system is transitioning from aluminum-dominated to a combination of stainless steel and high-temperature alloys, particularly in reusable rocket designs [4][11]. Group 3: Future Outlook - In the future, aerospace stainless steel and high-temperature alloys are expected to be key materials for rocket technology evolution, providing advantages in extreme temperature environments and manufacturing speed [6][8]. - The demand for large low-orbit satellite constellations is anticipated to drive the scale of rocket launches, enhancing the growth prospects for stainless steel and high-temperature alloys [47]. Group 4: Supply Chain and Market Dynamics - The supply of aerospace stainless steel is highly segmented and customized, with early movers and validated companies likely to experience structural growth opportunities [8]. - High-temperature alloy suppliers face high barriers to entry, resulting in a favorable competitive landscape [8][21].

Investment Rating - The report maintains an "Overweight" rating for the aerospace and military industry, as well as for the steel sector [5]. Core Insights - The rapid development of commercial aerospace is driving demand for aerospace stainless steel and high-temperature alloys, which are becoming the new material system for rockets [1][4]. - Stainless steel is increasingly being adopted for rocket structures due to its cost-effectiveness, high-temperature resistance, and ease of processing, while high-temperature alloys are essential for engine components [1][3][4]. - The transition from aluminum alloys to a combination of stainless steel and high-temperature alloys is a significant trend in rocket material evolution, driven by the need for cost reduction and performance enhancement [9][10]. Summary by Sections Historical Context - Historically, aluminum alloys dominated rocket materials, with limited use of stainless steel and high-temperature alloys [1][2]. Current Status - The current rocket material landscape is transitioning from aluminum dominance to the integration of stainless steel and high-temperature alloys, particularly in reusable rocket designs [2][3]. Future Outlook - The future of rocket technology is expected to favor stainless steel and high-temperature alloys due to their superior properties, which are essential for the evolving demands of rocket design and operation [3][4]. Investment Conclusion - The report suggests focusing on companies involved in the supply of stainless steel for rocket tanks and components, as well as leading enterprises in high-temperature alloy production [4][19]. - Key companies identified include Fushun Special Steel, Aerospace Materials, and others that have established a strong foothold in the aerospace materials supply chain [4][19]. Demand Analysis - The demand for rockets is anticipated to surge due to the rapid growth of low Earth orbit satellite constellations, which will drive the need for increased launch frequency and scale [4][45]. Supply Analysis - The supply side of aerospace stainless steel is characterized by high customization and segmentation, with early movers likely to benefit from structural growth opportunities [4][19]. - High-temperature alloy suppliers face significant barriers to entry, indicating a favorable competitive landscape for established players [4][19].

基金费用说明：通用航空ETF不收取销售服务费，申购赎回代理机构可按照不超过0.5%的标准收取佣金。场内交易费用以证券公司实际收取为准。通用航空 ETF华宝联接A的申购费为：200万元以上1000元/笔；100~200万元 0.6%；100万元以下1%；赎回费为：7日以下1.5%；7日以上0%；不收取销售服务费。通 用航空ETF华宝联接C的赎回费为7日以下1.5%；7日以上0%；销售服务费为管理费为0.25%/年。 风险提示：通用航空ETF华宝被动跟踪国证通用航空产业指数，该指数基日为2012.6.29，发布日期为2012.12.28，指数成份股构成根据该指数编制规则适时 调整，其回测历史业绩不预示指数未来表现。本文中指数成份股仅作展示，个股描述不作为任何形式的投资建议，也不代表管理人旗下任何基金的持仓信息 和交易动向。基金管理人评估的该基金风险等级为R3-中风险，适宜平衡型（C3）及以上的投资者，适当性匹配意见请以销售机构为准。任何在本文出现的 信息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，投资人须对任何自主决定的投资行为负责。另，本文中的 任何观点、分析及预测不构成对 ...

西部超导材料科技股份有限公司 2026 年第一次临时股东会会议资料 | 2026 | 年第一次临时股东会会议须知 | 1 | | --- | --- | --- | | 2026 | 年第一次临时股东会会议议程 | 3 | | 议案一 | 关于修订公司章程的议案 5 | | | 议案二 | 关于修订公司部分管理制度的议案 8 | | | 议案三 | 关于公司 2026 年度日常关联交易计划的议案 9 | | | 议案四 | 关于拟申请注册发行科技创新公司债券的议案 12 | | 西部超导材料科技股份有限公司 2026 年第一次临时股东会会议资料 西部超导材料科技股份有限公司 2026年第一次临时股东会会议须知 证券代码：688122 证券简称：西部超导 西部超导材料科技股份有限公司 2026 年第一次临时股东会会议资料 2026 年 1 月 为了维护全体股东的合法权益，确保股东会的正常秩序和议事效率，保证股东会 的顺利进行，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》"）、《上市公司股东会规则》以及《西 部超导材料科技股份有限公司章程》（以下简称"《 ...

1月20日，西部超导跌5.12%，截至发稿，报85.38元/股，成交15.70亿元，换手率2.76%，总市值554.68 亿元。 资料显示，西部超导材料科技股份有限公司位于陕西省西安经济技术开发区明光路12号，成立日期2003 年2月28日，上市日期2019年7月22日，公司主营业务涉及高端钛合金材料、超导产品和高性能高温合金 材料的研发、生产和销售。主营业务收入构成为：高端钛合金材料57.59%，超导产品29.34%，高性能 高温合金材料9.01%，其他4.07%。 截至发稿，蔡丹累计任职时间8年171天，现任基金资产总规模23.45亿元，任职期间最佳基金回报 108.47%， 任职期间最差基金回报0%。 葛曦累计任职时间298天，现任基金资产总规模30.5亿元，任职期间最佳基金回报3.48%， 任职期间最 差基金回报-1.68%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 从基金十大重仓股角度 数据显示，宝盈基金旗下1只基金重仓西部超导。宝盈 ...

稀有金属概念股早盘大幅走低，西部超导跌超5%，北方稀土、洛阳钼业、盛和资源跌超4%。 受盘面影响，稀有金属ETF跌超3%。 | 代码 | 名称 | 现价 | | 涨跌 涨跌幅 ▲ | | --- | --- | --- | --- | --- | | 562800 | 稀有金属ETF | 1.013 | -0.036 | -3.43% | | 561800 | 稀有金属ETF基金 | 1.081 | -0.038 | -3.40% | | 159671 | 稀有金属ETF基金 | 1.420 | -0.048 | -3.27% | | 159608 | 稀有金属ETF | 1.165 | -0.039 | -3.24% | 在券商看来，战略小金属储量有限、开采难度大且供给弹性不足，同时新能源、半导体、军工等下游需求快速增长，供需 矛盾加剧。在资源稀缺性持续凸显、需求结构升级及政策调控下，未来稀有金属价格有望延续上行趋势，具备资源储量优 势、技术壁垒及合规出口渠道的企业将持续受益。 （文章来源：每日经济新闻） ...

Core Insights - The controlled nuclear fusion industry is experiencing positive developments with significant breakthroughs reported by Energy Singularity, which achieved a stable long-pulse plasma operation for 335 seconds during its 5609th experiment [1] - Energy Singularity, established in 2021, is recognized as the first commercial fusion energy company in China [1] - A series of cooperation agreements were signed at the 2026 Nuclear Fusion Energy Technology and Industry Conference, involving Hefei Comprehensive National Science Center and several leading enterprises and research institutions to establish joint laboratories focused on key nuclear fusion technologies [1] Investment Opportunities - Since the beginning of 2026, there have been 12 nuclear fusion concept stocks that have seen net inflows exceeding 100 million yuan, with Western Superconducting, Western Materials, and Dongfang Electric leading the rankings, each exceeding 300 million yuan in investment [1]