Core Viewpoint - The article highlights the strong performance of the non-ferrous metal sector, particularly focusing on the significant gains in the CSI Non-Ferrous Metal Industry Theme Index and the related ETF, driven by supply constraints and stable demand in the copper and aluminum markets [1][3][4]. Group 1: Market Performance - As of November 6, 2025, the CSI Non-Ferrous Metal Industry Theme Index (000811) rose by 2.30%, with notable increases in constituent stocks such as Nanshan Aluminum (600219) up 9.96% and China Aluminum (601600) up 5.47% [1]. - The Non-Ferrous 50 ETF (159652) increased by 2.40%, with a latest price of 1.49 yuan, and has seen a cumulative increase of 1.32% over the past two weeks [1]. - The trading volume for the Non-Ferrous 50 ETF reached 67.52 million yuan, with a turnover rate of 2.41% [1]. Group 2: Fund Growth and Inflows - The Non-Ferrous 50 ETF experienced a significant growth of 2.264 billion yuan in size over the past three months, ranking it in the top half among comparable funds [3]. - The ETF's share count increased by 1.431 billion shares in the same period, also placing it in the top half of comparable funds [3]. - Recent net inflows into the ETF totaled 2.88 million yuan, with a total of 546 million yuan attracted over the last 20 trading days [3]. Group 3: Supply and Demand Dynamics - Global copper production from major mining companies fell by nearly 5% year-on-year in Q3, with expectations of continued contraction in Q4 due to raw material shortages and potential "anti-involution" effects [3]. - The domestic refined copper supply is expected to contract, with stable demand leading to a gradual reduction in domestic inventory [3]. - A projected 50% increase in the global refined copper supply gap is anticipated next year, with LME copper prices expected to exceed 10,000 USD/ton [3]. Group 4: Aluminum Market Insights - The market anticipates a 2.5% growth in domestic electrolytic aluminum consumption in 2025, driven by strong performance in the new energy vehicle and photovoltaic sectors [4]. - The profitability of the electrolytic aluminum industry is expected to continue expanding, enhancing the dividend capacity of aluminum companies [4]. Group 5: ETF Advantages - The Non-Ferrous 50 ETF (159652) has a leading "gold-copper content" among peers, with copper accounting for 33% and gold for 14% of its index [4]. - The ETF focuses on core strategic commodities such as copper, gold, aluminum, lithium, and rare earths, with a high concentration of leading companies, achieving a top five concentration of 35% [6]. - The ETF has demonstrated superior performance since 2022, with a cumulative return of 31% and a lower maximum drawdown compared to peers [8][9]. Group 6: Growth Potential - The projected compound annual growth rate for the net profit attributable to the parent company of the Non-Ferrous 50 ETF index is 16.28% over the next two years, outperforming comparable indices [13].

Core Viewpoint - Western Superconducting Technologies Co., Ltd. has shown a significant increase in stock price, indicating positive market sentiment and potential investment interest [1] Company Overview - Western Superconducting Technologies Co., Ltd. is located in Xi'an Economic and Technological Development Zone, established on February 28, 2003, and listed on July 22, 2019 [1] - The company specializes in the research, production, and sales of high-end titanium alloy materials, superconducting products, and high-performance high-temperature alloy materials [1] - Revenue composition: high-end titanium alloy materials account for 57.59%, superconducting products 29.34%, high-performance high-temperature alloy materials 9.01%, and others 4.07% [1] Fund Holdings - 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) [2] - In the third quarter, this fund reduced its holdings by 5,459 shares, maintaining a total of 24,400 shares, which represents 3.4% of the fund's net value [2] - The fund has generated an estimated floating profit of approximately 91,700 yuan today [2] Fund Manager Performance - The fund manager, Long Chuan, has a tenure of 10 years and 180 days, with the fund's total asset size at 183 million yuan, achieving a best return of 44.49% and a worst return of -92.81% during his tenure [3] - Co-manager Han Hao has a tenure of 7 years and 330 days, managing assets of 15.589 billion yuan, with a best return of 201.09% and a worst return of -18.32% [3]

Core Viewpoint - The commercialization of nuclear fusion, often referred to as the "50-year paradox," is showing signs of potential acceleration due to recent breakthroughs in China's controlled nuclear fusion projects, particularly the BSET project in Hefei, which is expected to be completed by 2027 [2][3]. Group 1: Nuclear Fusion Commercialization - The "50-year paradox" suggests that nuclear fusion is always 50 years away from commercialization, but recent developments indicate a shift in this timeline [1][2]. - The BSET project in Hefei has achieved a key breakthrough with the successful delivery of the internal Dewar base, which may expedite the commercialization process [2]. Group 2: Energy Demand and AI - The increasing energy demands of the AI industry highlight the importance of nuclear fusion as a potential solution, with global data center energy consumption projected to reach 810 TWh by 2026, equivalent to the annual output of eight Three Gorges dams [3][4]. - Controlled nuclear fusion, also known as "artificial sun," is viewed as an ideal energy source capable of providing nearly limitless energy [4]. Group 3: Industry Chain and Key Players - The nuclear fusion industry chain consists of upstream materials like metal and high-temperature superconducting tapes, midstream equipment such as filters and superconducting magnets, and downstream applications in power and healthcare [4]. - Xibu Superconductor is a key player in the upstream segment, being the sole domestic supplier of low-temperature superconductors for the ITER project, which is the largest global collaboration in nuclear fusion research [7][9]. Group 4: Financial Performance of Xibu Superconductor - Xibu Superconductor has seen significant growth in its superconducting product revenue, increasing from 195 million to 1.304 billion from 2020 to 2024, with a 65.75% year-on-year growth in the first half of 2025 [11][12]. - The company’s high-end titanium alloy segment, which accounts for nearly 60% of its revenue in the first half of 2025, is crucial for its profitability, especially in the aerospace sector [14][19]. Group 5: Operational Challenges - Despite strong market positioning, Xibu Superconductor faces challenges with increasing inventory and accounts receivable, which reached 4.311 billion by the third quarter of 2025, representing 54.3% of total assets [20][24]. - The company’s accounts receivable and inventory levels pose risks for cash flow and operational efficiency, necessitating careful management [22][26]. Group 6: Future Outlook - Xibu Superconductor is well-positioned in the nuclear fusion and aerospace sectors, leveraging its dual strengths in superconducting products and high-end titanium alloys to drive future growth [25].

Investment Rating - The report suggests increasing attention to the military industry, focusing on elastic and thematic varieties, with a positive outlook for the sector as it enters a growth cycle driven by the 14th Five-Year Plan [4][5][6]. Core Viewpoints - The military industry is experiencing important marginal changes, with overall revenue and performance yet to recover. The industry saw a year-on-year revenue decline of 1.68% and a net profit decline of 10.95% for Q1-Q3 2025 [4][5][21]. - Profitability across various equipment sectors and industry chain segments has slightly decreased, but there is potential for improvement as scale effects become evident [4][5][23]. - Operational indicators show stable growth, indicating sustained industry prosperity, with significant increases in inventory and contract liabilities [4][5][26]. Summary by Sections 1. Revenue and Profit - The military industry reported a revenue of 483.6 billion yuan for Q1-Q3 2025, reflecting a year-on-year decrease of 1.68%. The decline is attributed to the need for recovery in industry demand [18][21]. - The aviation sector contributed the most to the industry's revenue and net profit, accounting for 46% and 58% respectively in Q1-Q3 2025 [38][42]. 2. Profitability Indicators - The overall gross margin and net margin for the military industry were 18.04% and 5.07% respectively, both showing a decline compared to previous years due to product price fluctuations and rising fixed costs [23][25]. - The military electronics sector maintained the highest profitability levels, while other sectors experienced slight fluctuations in margins [4][5][23]. 3. Operational Indicators - Key operational metrics such as inventory, accounts payable, and contract liabilities have shown significant year-on-year increases, indicating robust demand and production readiness [4][5][26]. - As of Q3 2025, the military industry had an inventory of 366.9 billion yuan, with a year-on-year increase of 13.19%, and contract liabilities of 220.4 billion yuan, reflecting a 30.96% increase [26][27]. 4. Key Companies to Watch - High-end combat capabilities: Companies such as AVIC Shenyang Aircraft Corporation, AVIC Chengdu Aircraft Industry Group, and others are highlighted as key players [6]. - New quality combat capabilities: Companies like Unisoc, Raycus Laser, and others are noted for their potential in the evolving military landscape [6].

Group 1 - The defense and military industry sector continues to adjust, with the popular defense military ETF (512810) showing active buying despite fluctuations, indicating a potential turning point in fund flows [1] - From the end of October, the net subscription of the ETF has exceeded 22 million yuan over three consecutive trading days, reflecting positive market sentiment towards the sector's future [1] - Key stocks in the sector include Fushun Special Steel, which rose nearly 6%, along with Huali Chuantong, Shanda Shares, and Guorui Technology, while Guobo Electronics, Great Wall Military Industry, and Aerospace Science and Technology saw significant declines [3] Group 2 - The successful launch of the Shenzhou 21 manned spacecraft on October 31, 2025, marks a significant step in China's aerospace ambitions [3] - Major manufacturers like AVIC Shenyang Aircraft Corporation and Aero Engine Corporation of China reported significant growth in contract liabilities in Q3, indicating a sustained improvement in aerospace equipment orders and steady recovery in industry demand [3] - Analysts predict substantial growth in defense and aerospace equipment sectors driven by multiple catalysts, including the 14th Five-Year Plan, the centenary of the military, and rapid development in military trade [3] - The ETF tracks the CSI Military Industry Index, with top ten weighted stocks including China Shipbuilding, Guangqi Technology, AVIC Shenyang, and others [3]

Core Viewpoint - The company held a successful half-year performance briefing on October 29, 2025, with full interaction with investors, addressing 81 questions and achieving a 100% response rate. Group 1: Quantum Technology and Fusion Energy - The company's NbTi superconducting cables for quantum computers have met customer requirements and are being delivered [2][4] - The company has advanced research and production capabilities in superconducting materials, particularly for controlled nuclear fusion applications [3][4] - The company is actively involved in major fusion projects like CRAFT and BEST, ensuring product supply according to project progress [5][13] Group 2: Product Applications and Market Position - The company's superconducting products are utilized in high-energy accelerators, magnetic confinement fusion, medical MRI, and other advanced applications [4][43] - The company maintains a strong market position in the superconducting materials sector, with a significant share in the medical imaging market, approximately 40% globally and over 90% domestically [8][40] - The company is focused on enhancing its competitive edge through continuous innovation and quality management [4][50] Group 3: Future Development and Strategic Planning - The company plans to deepen its core business, enhance R&D innovation, and expand market applications to achieve sustainable growth [5][26] - The company is exploring new fields and products while aligning with national strategic needs in energy, healthcare, and aerospace [5][28] - The company is committed to maintaining a high level of interaction with investors and optimizing its response processes [2][19]

Investment Rating - The report maintains an investment rating of "Recommended" for the controllable nuclear fusion industry [2][3]. Core Insights - The controllable nuclear fusion industry is accelerating its industrialization process, transitioning from experimental validation to engineering demonstration, with a focus on key suppliers and core component manufacturers that have achieved domestic substitution [2]. - The overall domestic production rate of key nuclear fusion equipment exceeds 96%, with significant advancements in materials performance being a core bottleneck for the feasibility of the technology route [2]. - The industry is entering a new phase characterized by "multiple routes racing + capital resonance," with significant milestones expected, such as the BEST device demonstrating power generation by 2027 [2]. Industry Scale - The industry comprises 118 listed companies, with a total market capitalization of 2114.6 billion and a circulating market capitalization of 1755.9 billion [3]. Performance Metrics - The absolute performance over 1 month, 6 months, and 12 months is 3.2%, 27.0%, and 26.1% respectively, while the relative performance is -0.5%, 2.4%, and 6.9% [5]. Key Companies and Financial Indicators - Notable companies include: - Xibu Superconductor (688122.SH) with a market cap of 50.1 billion and a strong recommendation [7]. - Antai Technology (000969.SZ) also strongly recommended with a market cap of 22.3 billion [7]. - Jiu Li Special Materials (002318.SZ) with a market cap of 25.0 billion and a strong recommendation [7]. - Other companies such as Guoguang Electric (688776.SH), Hezhu Intelligent (603011.SH), and Lianchuang Optoelectronics (600363.SH) are also highlighted, though they do not have specific investment ratings [7]. Material Innovation - Material innovation is identified as the current core bottleneck and breakthrough point for industrialization, with extreme operational environments requiring materials with high melting points, radiation resistance, and thermal fatigue performance [6]. - Domestic companies like Antai Technology and West Superconductor have made breakthroughs in tungsten-copper filters and superconducting materials, overcoming foreign monopolies [6]. Market Opportunities - The industry chain is witnessing incremental market growth across multiple segments, with energy equipment leaders establishing significant layouts and core component manufacturers benefiting from clear development paths [6]. - Companies such as Guoguang Electric, Hezhu Intelligent, and Lianchuang Optoelectronics are positioned to benefit significantly from local support [6].

社保基金持有科创板股中，从前十大流通股东名单中社保基金家数来看，英科再生、凯立新材、福昕软件等3 只股有3家社保基金集中现身，持股量分别为844.68万股、758.25万股、269.35万股。 从持股比例看，社保基金持有比例最多的是安达智能，持股量占流通股比例为10.57%，其次是三一重能，社保 基金持股比例为7.64%，持股比例居前的还有凯立新材、英科再生、杰普特等。持股数量方面，社保基金持股数量 在1000万股以上的共有8只，社保基金持股量最多的是传音控股，共持有3271.84万股，和辉光电-U、西部超导等紧 随其后，持股量分别为2671.38万股、2058.09万股。社保基金持股市值居前的有传音控股、西部超导、时代电气， 持股市值分别为30.82亿元、13.40亿元、7.96亿元。 业绩方面，社保基金持有个股中，前三季净利润同比增长的有47只，净利润增幅最高的是源杰科技，公司前三 季共实现净利润1.06亿元，同比增幅为19348.65%，净利润同比增幅居前的还有容知日新、三友医疗等，净利润分 别增长889.54%、623.19%。 从所属行业来看，社保基金持股主要集中在电子、机械设备、医药生物行业，分别 ...

Investment Rating - The industry investment rating is "Overweight" [44] Core Insights - The demand for titanium materials in aerospace and naval applications is expected to approach 49,000 tons by 2027, driven by military aircraft recovery, advanced fighter jets entering service, and the delivery of domestic large aircraft [3][24] - The production capacity of high-performance low-cost titanium alloys still needs improvement, as current domestic products lag behind international standards due to equipment and process limitations [4][33] - Beneficiary companies include Baotai Co., Western Superconducting Technologies, Western Materials, and Jintian Titanium Industry [5] Summary by Sections 1. Titanium Material Demand - In 2024, China's titanium material consumption is projected to be 151,000 tons, with aerospace accounting for 21.3% and the shipbuilding sector growing rapidly, with a 32% year-on-year increase [19][28] - The titanium material usage in the aerospace sector is expected to grow steadily, with a compound annual growth rate (CAGR) of 6.7% from 2025 to 2027 [24][26] - The shipbuilding sector's titanium material consumption is expected to reach nearly 9,500 tons by 2027, driven by the development of deep-sea economy and large-scale naval equipment [28][30] 2. High-Performance Titanium Alloys - High-temperature titanium alloys are anticipated to become a new growth area in aerospace, with increasing demand for materials that can withstand extreme conditions [11][12] - The domestic production of high-performance titanium alloys is still in the early stages, with significant potential for development in underwater vehicles and other applications [16][19] 3. Beneficiary Companies - Baotai Co. is the largest specialized rare metal production and research base in China, with a production of 16,633 tons in the first half of 2025 [40] - Western Superconducting Technologies is advancing the development of new titanium alloys and low-cost preparation technologies, with a production of 8,134 tons in 2024 [40] - Western Materials has achieved breakthroughs in key technologies for aerospace applications, with a sales volume of 6,767 tons in 2024 [40] - Jintian Titanium Industry is focused on high-end titanium and titanium alloy materials, with ongoing expansion projects to increase production capacity [40]

机构持仓方面，截止2025年9月30日，西部超导十大流通股东中，易方达上证科创板50ETF（588080） 位居第六大流通股东，持股1643.91万股，相比上期减少239.33万股。华夏上证科创板50成份ETF （588000）位居第七大流通股东，持股1607.77万股，相比上期减少912.46万股。华夏军工安全混合A （002251）位居第八大流通股东，持股1259.81万股，相比上期增加185.55万股。香港中央结算有限公司 位居第九大流通股东，持股1170.04万股，相比上期减少460.85万股。 西部超导所属申万行业为：国防军工-航空装备Ⅱ-航空装备Ⅲ。所属概念板块包括：高温合金、磁悬 浮、核聚变、超导概念、国资改革等。 截至9月30日，西部超导股东户数3.71万，较上期增加37.95%；人均流通股17508股，较上期减少 27.51%。2025年1月-9月，西部超导实现营业收入39.89亿元，同比增长23.30%；归母净利润6.50亿元， 同比增长7.62%。 11月3日，西部超导盘中下跌2.02%，截至10:29，报76.62元/股，成交12.79亿元，换手率2.51%，总市值 497.77亿元。 ...