Core Viewpoint - The high-end equipment sector is experiencing mixed performance, with notable developments in the defense and aerospace industries, supported by increasing military expenditure and significant contracts. Group 1: Market Performance - As of July 21, 2025, the CSI High-End Equipment Sub-Index decreased by 0.17%, with stocks showing varied performance, including a 5.81% increase in Feiliwa and a 2.33% rise in Hongdu Aviation [1] - The High-End Equipment ETF (159638) saw a turnover of 2.56% and a transaction volume of 32.22 million yuan, with an average daily transaction volume of 55.38 million yuan over the past month [3] - The latest scale of the High-End Equipment ETF reached 1.255 billion yuan, with a total inflow of 22.62 million yuan over the last five trading days [3] Group 2: Financial Metrics - The High-End Equipment ETF has achieved a net value increase of 32.27% over the past year, with the highest single-month return recorded at 19.30% since its inception [3] - The ETF's longest consecutive monthly gains reached two months, with a maximum increase of 29.39% and an average monthly return of 6.55% [3] Group 3: Industry Developments - On July 16, 2025, UAE company Autocraft signed a $1 billion order with Chinese company "Shide Technology" for 350 units of the E20 eVTOL, marking a record single order for China's eVTOL sector [3] - National defense spending in China is expected to grow steadily, providing a solid foundation for the stable development of the defense and military industry, with industry scale and profits likely to continue rising [3] - China's global competitiveness in shipbuilding, aerospace, and satellite navigation has been improving, positioning the defense and military industry as a crucial area for new productivity breakthroughs [3]

Investment Rating - The report maintains a "Positive" outlook on the defense and military industry [5] Core Insights - The military trade market is expected to accelerate and improve efficiency, with a continued positive outlook on the military trade sector [10][12] - Geopolitical instability is likely to lead to sustained global demand for military trade, presenting significant development opportunities for China's military trade [14][15] - The current market position suggests a continued positive outlook on the military industry, with military trade expected to become a second growth driver [16] Summary by Sections Military Trade Sector - A high-level meeting between AVIC and Shaanxi Aircraft Industry Group highlighted the importance of military trade, focusing on high-quality development and addressing international market needs [9][12][13] - The European defense sector is undergoing upgrades, with countries increasing defense budgets, which may create supply gaps and opportunities for China's military exports [14][15] Performance and Market Trends - The defense and military industry index increased by 2.26%, outperforming the Shanghai Composite Index [18][19] - The report notes that most military companies have shown rapid growth in their half-year performance for 2025, with significant increases in net profits for several companies [30][32] Investment Recommendations - Suggested investment targets include: - Military Electronics: Zhenhua Technology (000733, Buy), Aerospace Electronics (002025, Buy) [17] - Key Materials and Parts: Western Superconductor (688122, Buy), Chujian New Materials (002171, Buy) [17] - Engine Supply Chain: Aero Engine Corporation of China (600893, Not Rated), Western Superconductor (688122, Buy) [17] - Military Trade: AVIC Shenyang Aircraft Corporation (600760, Not Rated), Guorui Technology (600562, Not Rated) [17]

Group 1 - The successful plasma ignition of the HHMAX-901 fusion device marks a significant breakthrough in China's exploration of commercial nuclear fusion [1] - The "controlled nuclear fusion" industry is gaining traction in the capital market, with over 20 companies participating in discussions about the supply chain and technological collaboration [1][4] - Controlled nuclear fusion is considered the ultimate energy source due to its abundant fuel, safety, environmental cleanliness, high energy density, and economic advantages [2] Group 2 - China is leading in nuclear fusion research, with significant achievements in various national scientific devices and projects like CFETR [3] - The controlled nuclear fusion industry in China includes multiple segments such as materials, main engines, systems, and applications, benefiting from technological advancements and collaborative innovation [4] - Companies like China Nuclear Power and Xibu Superconductor are playing crucial roles in the development and supply of materials and components for nuclear fusion projects [4][5] Group 3 - The focus on commercializing nuclear fusion technology requires overcoming challenges related to material costs and technological breakthroughs [5] - There is a strong emphasis on the need for financial support from the capital market and local governments to facilitate the expansion of production capacity and technological validation [5]

Core Viewpoint - The China Securities Military Industry Leading Index has shown significant growth, reflecting the strong performance of leading companies in the military sector [1][2]. Group 1: Index Performance - The China Securities Military Industry Leading Index opened lower but closed higher, increasing by 3.56% to 3044.24 points, with a trading volume of 26.227 billion yuan [1]. - Over the past month, the index has risen by 4.29%, by 11.43% over the last three months, and by 6.85% year-to-date [2]. Group 2: Index Composition - The index comprises 30 listed companies involved in military products and services, reflecting the overall performance of leading companies in the military sector [2]. - The top ten weighted companies in the index are: AVIC Shenyang Aircraft (11.42%), Aero Engine Corporation of China (8.21%), AVIC Optical-Electrical Technology (8.05%), AVIC Xi'an Aircraft (6.48%), AVIC Aircraft (4.77%), Aerospace Electronics (4.33%), Haige Communications (4.16%), AVIC Chengfei (4.11%), Western Superconducting Technologies (3.8%), and AVIC High-Tech (3.63%) [2]. Group 3: Industry Breakdown - The industry composition of the index shows that 86.78% is in the industrial sector, 6.68% in materials, 4.16% in communication services, and 2.38% in information technology [2]. Group 4: Index Adjustment - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December [3]. - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [3]. Group 5: Investment Products - Public funds tracking the military industry leading index include the Fortune China Securities Military Industry Leading ETF [4].

Group 1 - The A-share market's three major indices closed mixed, with the Shanghai National New Science and Technology Board State-owned Enterprise Index down 0.22% at 1007.04 points, with a trading volume of 14.651 billion [1] - The Shanghai National New Science and Technology Board State-owned Enterprise Index has increased by 4.62% in the past month, 3.45% in the past three months, and 3.75% year-to-date [1] - This index reflects the overall performance of state-owned enterprises listed on the Science and Technology Innovation Board, selected from state-owned enterprises or those with state capital participation without actual controllers [1] Group 2 - The top ten weighted stocks in the index include Huahai Qingke (5.86%), Huaron Micro (5.27%), SMIC (5.08%), Haiguang Information (4.9%), Western Superconducting (4.82%), Huahong Semiconductor (4.64%), Zhongwei Company (4.51%), Guodun Quantum (3.48%), Jinghe Integration (3.42%), and Zhongke Xingtu (3.08%) [1] - The index's holdings are entirely from the Shanghai Stock Exchange, with a 100% allocation [1] - The industry composition of the index shows that Information Technology accounts for 54.87%, Industry for 28.66%, Materials for 8.93%, Communication Services for 5.12%, and Healthcare for 2.42% [2] Group 3 - The index samples are adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made under special circumstances [2] - Companies that are delisted or undergo mergers, acquisitions, or splits will be processed according to calculation and maintenance guidelines [2]

Investment Rating - The report maintains a "Buy" recommendation for the superconducting materials industry, particularly focusing on high-temperature superconductors [2]. Core Insights - The breakthrough in high-temperature superconducting wire technology is expected to advance the commercialization of Tokamak nuclear fusion devices, which are the mainstream technology for nuclear fusion globally [1][9]. - The market for high-temperature superconducting materials is projected to grow at a CAGR of over 20% from 2023 to 2028, with the market size expected to reach $2.15 billion by 2028, up from $850 million in 2023 [5][28]. - The competitive landscape for second-generation high-temperature superconducting wires is favorable, with key suppliers including Shanghai Superconductor and Eastern Superconductor, which hold significant market shares [5][29]. Summary by Sections 1. What are Superconductors and Superconducting Materials? - Superconducting materials exhibit zero electrical resistance and the ability to expel magnetic fields under certain conditions, significantly enhancing the magnetic field strength in Tokamak devices, thus reducing construction costs [9][10]. 2. Composition, Barriers, and Applications of Superconducting Magnets - Superconducting magnets constitute about 30% of the cost of Tokamak devices, with superconducting wires being the primary cost component [34]. - The main technical barriers in superconducting magnet manufacturing include material performance, conductor technology, winding techniques, and protection against quenching [38]. 3. Company Analysis in the Superconducting Sector - Key players in the superconducting wire segment include: - **Western Superconductor**: Leading in low-temperature superconducting materials and the only supplier of NbTi wire for ITER in China [46]. - **Shanghai Superconductor**: A leader in high-temperature superconducting wire with an IPO in progress, holding over 80% market share domestically [50]. - **Eastern Superconductor**: A subsidiary of Yongding Co., focusing on high-temperature superconducting wire production [64]. - **Lianchuang Optoelectronics**: Engaged in high-temperature superconducting magnet production and has secured contracts for significant projects [69]. - **Xue Ren Co. and Ice Wheel Environment**: Suppliers of helium gas compression systems essential for low-temperature superconducting applications [71][74].

两部超导材料科技股份有限公司 独立董事候选人声明与承诺 本人李晓光,已充分了解并同意由提名人西部超导材料科技股份有限公司董 事会提名为西部超导材料科技股份有限公司第五届董事会独立董事候选人。本人 公开声明,本人具备独立董事任职资格,保证不存在任何影响本人担任西部超导 材料科技股份有限公司独立董事独立性的关系,具体声明并承诺如下: 一、本人具备上市公司运作的基本知识,熟悉相关法律、行政法规、部门规 章及其他规范性文件,具有五年以上法律、经济会计、财务、管理等履行独立董 事职责所必需的工作经验。本人尚未取得交易所认可的相关培训证明材料,承诺 将尽快完成上海证券交易所独立董事履职学习平台课程学习。 二、本人任职资格符合下列法律、行政法规和部门规章以及公司规章的要求: (一) 《中华人民共和国公司法》等关于董事任职资格的规定; (二)《中华人民共和国公务员法》关于公务员兼任职务的规定(如适用); (九)《银行业金融机构董事(理事)和高级管理人员任职资格管理办法》 《保险公司董事、监事和高级管理人员任职资格管理规定》《保险机构独立董事 管理办法》等的相关规定(如适用); -1- (十)其他法律法规、部门规章、规范性文件 ...

西部超导材料科技股份有限公司 二、被提名人任职资格符合下列法律、行政法规和部门规章的要求: (一)《中华人民共和国公司法》等关于董事任职资格的规定; (二)《中华人民共和国公务员法》关于公务员兼任职务的规定(如适用); 独立董事提名人声明与承诺 提名人西部超导材料科技股份有限公司董事会,现提名李晓光为西部超导材 料科技股份有限公司第五届董事会独立董事候选人,并已充分了解被提名人职业、 学历、职称、详细的工作经历、全部兼职、有无重大失信等不良记录等情况。被 提名人已书面同意出任西部超导材料科技股份有限公司第五届董事会独立董事 候选人(参见该独立董事候选人声明)。提名人认为,被提名人具备独立董事任 职资格,与西部超导材料科技股份有限公司之间不存在任何影响其独立性的关系, 具体声明并承诺如下: 一、被提名人具备上市公司运作的基本知识,熟悉相关法律、行政法规、规 章及其他规范性文件,具有五年以上法律、经济、会计、财务、管理等履行独立 董事职责所必需的工作经验。 被提名人尚未取得交易所认可的相关培训证明材料,承诺将尽快完成上海证 券交易所独立董事履职学习平台课程学习。 (一)在上市公司或者其附属企业任职的人员及其直系亲 ...

证券代码：688122 证券简称：西部超导 公告编号：2025-018 西部超导材料科技股份有限公司 关于选举独立董事及调整专门委员会委员的公告 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。 2025 年 7 月 14 日，西部超导材料科技股份有限公司（以下简称"公司"） 召开第五届董事会第八次会议，审议通过了《关于取消监事会并修订公司章程的 议案》《关于提名暨选举第五届董事会独立董事的议案》《关于选举公司第五届董 事会审计委员会委员的议案》。公司拟取消监事会，待监事会取消后，其职权将由 董事会审计委员会行使。基于此，为进一步提高公司董事会的决策能力和治理水 平，更大程度地发挥董事的经验和能力，董事会拟将独立董事人数由 3 名增加至 4 名，拟将审计委员会成员数由 3 名增加至 5 名。故公司拟选举独立董事及调整 审计委员会成员，上述议案尚需提交公司股东会审议。具体情况如下： 一、关于选举独立董事的情况 2025 年 7 月 15 日 附件 李晓光先生，中国国籍，无境外永久居留权, 1961 年生, 理学博士。1982 ...

西部超导材料科技股份有限公司（以下简称"公司"）于 2025 年 7 月 14 日召 开第五届董事会第八次会议，审议通过了《关于取消监事会并修订公司章程的议 案》《关于修订公司部分管理制度的议案》，召开第五届监事会第七次会议，审议 通过了《关于取消监事会并修订公司章程的议案》，上述议案尚需提交股东会审议， 现将具体情况公告如下： 一、取消监事会及增加董事席位情况 证券代码：688122 证券简称：西部超导 公告编号：2025-017 西部超导材料科技股份有限公司 关于取消监事会、变更公司经营范围 并修订《公司章程》及部分治理制度的公告 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。 为全面贯彻落实最新法律法规要求，确保公司治理与监管规定保持同步，进 一步规范公司运作机制，提升公司治理水平，公司根据《中华人民共和国公司法》 （以下简称"《公司法》"）、《上市公司章程指引》（以下简称"《章程指引》"）等法 律法规和规范性文件的相关规定，结合公司实际情况，拟取消监事会，监事会的 职权由董事会审计委员会行使，《监事会议事规则》等监 ...