本文核心数据：可控核聚变全产业链;区域热力图;代表性企业产业链布局 转自：前瞻产业研究院 行业主要上市公司：安泰科技(000969.SZ)，中国广核(003816.SZ)，永鼎股份(600105.SH)，西部超导 (688122.SH)，上海电气(601727.SH)等 1、可控核聚变产业链全景梳理：技术含量高，下游尚未商业化 可控核聚变产业链上游主要为各类原材料，包括超导磁体材料、金属钨、钽等稀有金属、特种钢材、氘和氚 等燃料等。中游主要为各类设备以及反应堆工程建设，以最常见的托卡马克核聚变实验装置为例，相关设备 包括磁体系统、真空系统(包括偏滤器、第一壁)、加热与电流驱动系统等核聚变主机设备以及压力容器、蒸 汽发生器、汽轮机、各类泵阀等其他设备。下游主要为核电站运营，用于科研及发电。 可控核聚变产业链上游企业，提供超导磁体材料的企业有久立新材、上海超导、联创超导等企业;包层材料 的企业有章源钨业、楚江新材;可制备氘的企业有上海众巍化学科技有限公司等，东方钽业生产的高纯铌材 是核聚变的重要靶材;白银有色的金属加工材料可用于核聚变超导电缆。 中游设备制造领域，西部超导制备的Nb3Sn超导线被行业广泛采纳;安泰 ...

数据显示，截至2025年3月31日，中证高端装备细分50指数前十大权重股分别为中航光电、航发动力、中航沈飞、中航西飞、中国长城、中航机载、航天电 子、菲利华、海格通信、西部超导，前十大权重股合计占比45.22%。 国信证券认为，低空经济产业链格局初显，国内市场规模潜力巨大。我国低空经济供应链已形成"上游自主突破、中游协同攻关、下游标准引领"的全链条发 展格局，以eVTOL、无人机整机制造为核心，产业链呈现技术快速迭代与订单落地的产能扩张态势。动力系统是低空经济产业链的核心环节。从eVTOL零 部件价值量来看，以电机和电控为主要组成部分的动力系统在eVTOL核心结构中的集成成本占比最大。以2500亿整机存量销售市场规模以及eVTOL成本结 构测算，中期存量eVTOL动力系统市场空间可达1000亿元的水平。 截至2025年4月29日 10:58，中证高端装备细分50指数下跌0.22%。成分股方面涨跌互现，光电股份领涨6.62%，高德红外上涨4.90%，中无人机上涨3.46%； 中航成飞领跌，洪都航空、航天电器跟跌。高端装备ETF(159638)盘中换手1.64%，成交1813.59万元。 规模方面，高端装备ETF ...

业绩方面，社保基金持有个股中，一季报净利润同比增长的有35只，净利润增幅最高的是恒玄科技，公 司一季报共实现净利润1.91亿元，同比增幅为590.22%，净利润同比增幅居前的还有炬芯科技、鼎通科 技等，净利润分别增长385.67%、190.12%。 财报季，社保基金持股动向曝光！一季度末社保基金共现身55只个股前十大流通股东榜，新进17只，增 持11只。 证券时报·数据宝统计显示，社保基金最新出现在55只科创板股前十大流通股东名单中，合计持股量2.60 亿股，期末持股市值合计122.91亿元。持股变动显示，新进17只，增持11只，减持16只，11只股持股量 保持不变。新进股中，铁建重工、盟科药业、新相微等持股量居前。 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，社保基金家数最多的是英科再 生，共有4家社保基金出现在前十大流通股东名单中，即易方达基金管理有限公司-社保基金17042组 合、国泰基金管理有限公司-社保基金2103组合、全国社保基金一一二组合、全国社保基金一一一组 合，分别位列公司第四大、第七大、第八大、第十大流通股东，持股量合计为1282.69万股，占流通股 比例为6.89%。 ...

从所属行业来看，社保基金持股主要集中在电子、医药生物、计算机行业，分别有9只、6只、5只个股 上榜。 市场表现方面，获社保基金持有的科创板股4月以来平均下跌4.00%。从具体个股看，鼎阳科技累计涨 幅25.31%，表现最好，达梦数据、智明达等分别上涨9.08%、7.72%位居其后。跌幅最大的是聚和材 料，累计下跌17.71%。（数据宝） 社保基金持有的科创板股 财报季，社保基金持股动向曝光！一季度末社保基金共现身33只个股前十大流通股东榜，新进11只，增 持5只。 证券时报·数据宝统计显示，社保基金最新出现在33只科创板股前十大流通股东名单中，合计持股量1.33 亿股，期末持股市值合计59.74亿元。持股变动显示，新进11只，增持5只，减持8只，9只股持股量保持 不变。新进股中，盟科药业、新相微、泽璟制药等持股量居前。 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，社保基金家数最多的是英科再 生，共有4家社保基金出现在前十大流通股东名单中，即易方达基金管理有限公司-社保基金17042组 合、国泰基金管理有限公司-社保基金2103组合、全国社保基金一一二组合、全国社保基金一一一组 合，分别位列 ...

| 代码 | 简称 | 社保基金家 | | 社保基金持股量（万 | 环比 | | 占流通股比例 | 持股市值（万 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 数 | | 股） | （%） | | （%） | 元） | | 688009 | 中国通 | 1 | 3314.32 | | 不变 | 0.38 | | 20747.62 | | | 号 | | | | | | | | | 688036 | 传音控 | 2 | 3282.89 | | 132.59 | 2.88 | | 311874.18 | | | 股 | | | | | | | | | 688122 | 西部超 | 2 | 2766.75 | | 37.75 | 4.26 | | 118472.12 | | | 导 | | | | | | | | | 688772 | 珠海冠 | 1 | 1594.76 | | 20.49 | 1.41 | | 25643.78 | | | 宇 | | | | | | | | | 688087 | 英科再 | 4 | 1324.44 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected increase of over 15% relative to the CSI 300 index within the next six months [33]. Core Insights - The company, Western Superconducting Technologies Co., Ltd. (688122), reported a revenue of 4.612 billion yuan for 2024, reflecting a year-on-year growth of 10.91%. The net profit attributable to shareholders was 801 million yuan, up 6.44% year-on-year [7][8]. - The company has shown significant growth in its superconducting products and titanium alloy business, with a notable recovery in demand in the fourth quarter of 2024 [8][13]. - The company plans to distribute a cash dividend of 6.5 yuan per 10 shares to all shareholders [7]. Financial Performance - For 2024, the company achieved a gross margin of 33.55%, an increase of 1.68 percentage points year-on-year, and a net profit margin of 18.99%, up 0.61 percentage points [9][12]. - The first quarter of 2025 saw a revenue of 1.074 billion yuan, a year-on-year increase of 35.31%, and a net profit of 170 million yuan, up 53.85% [8]. - The high-end titanium alloy segment generated 2.752 billion yuan in revenue, accounting for 59.66% of total revenue, with a year-on-year growth of 9.87% [11]. Business Segments - The high-end titanium alloy business reported a gross margin of 38.67%, up 4.26 percentage points year-on-year, while the superconducting products segment had a gross margin of 30.22%, down 4.17 percentage points [12]. - The superconducting products segment achieved a revenue of 1.304 billion yuan, a growth of 32.41% year-on-year, contributing 28.26% to total revenue [11]. - The high-performance high-temperature alloy segment experienced a revenue decline of 31.02%, accounting for 7.09% of total revenue [11]. Future Outlook - The company is positioned to benefit from the recovery in defense demand, with expectations for significant growth in its core business lines, including titanium alloys and superconducting products [13][15]. - Revenue projections for 2025 to 2027 are estimated at 5.890 billion yuan, 7.164 billion yuan, and 8.457 billion yuan, respectively, with corresponding net profits of 1.023 billion yuan, 1.278 billion yuan, and 1.551 billion yuan [16][18].

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a potential increase of 5% to 15% relative to the CSI 300 index over the next six months [33] Core Insights - The company, Western Superconducting Technologies Co., Ltd. (688122), reported a revenue of 4.612 billion yuan for 2024, representing a year-on-year growth of 10.91%. The net profit attributable to shareholders was 801 million yuan, up 6.44% year-on-year [6][7] - The company has seen a significant recovery in performance due to the rebound in demand for superconducting products and titanium alloy business, with a notable increase in revenue and profit in the fourth quarter of 2024 [7][12] - The company is positioned as a key player in the superconducting products and high-end titanium alloy markets, with a strong focus on R&D and production capabilities [12][14] Financial Performance Summary - For 2024, the company achieved a gross margin of 33.55%, an increase of 1.68 percentage points year-on-year, and a net profit margin of 18.99%, up 0.61 percentage points [8][11] - The high-end titanium alloy segment generated 2.752 billion yuan in revenue, accounting for 59.66% of total revenue, with a year-on-year growth of 9.87% [10] - The superconducting products segment reported revenue of 1.304 billion yuan, a growth of 32.41% year-on-year, while the high-performance high-temperature alloy segment saw a decline in revenue [10][11] Business Segment Analysis - The high-end titanium alloy business has shown robust growth, with sales volume reaching 7,909.63 tons, an increase of 8.95% year-on-year [10] - The superconducting products segment's sales volume increased by 32.46% year-on-year, indicating strong demand in this area [10] - The high-performance high-temperature alloy segment experienced a decline in both revenue and sales volume, highlighting challenges in this specific market [10][11] Future Outlook - The company is expected to benefit from the recovery in defense demand, which is anticipated to drive growth in its core business segments [12][14] - Revenue projections for 2025 to 2027 are estimated at 5.890 billion yuan, 7.164 billion yuan, and 8.457 billion yuan, respectively, with corresponding net profits of 1.023 billion yuan, 1.278 billion yuan, and 1.551 billion yuan [15][17] - The company is well-positioned to capitalize on the growing demand for advanced materials in various industries, including defense and aerospace [14]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [8][9]. Core Insights - The company achieved a revenue of 4.612 billion yuan in 2024, representing a year-on-year increase of 10.91%, with a net profit attributable to shareholders of 801 million yuan, up 6.44% year-on-year [3][9]. - The superconducting product segment continues to grow rapidly, with revenue reaching 1.304 billion yuan in 2024, a year-on-year increase of 32.41% [4][7]. - The titanium alloy business shows signs of recovery, with revenue of 2.752 billion yuan in 2024, up 9.87% year-on-year [4][7]. - The high-temperature alloy segment faced challenges, with revenue declining by 31.02% year-on-year to 327 million yuan in 2024 [4][7]. - The company plans to distribute a cash dividend of 422 million yuan for 2024, reflecting confidence in its operations [6][7]. Financial Performance Summary - In Q4 2024, the company reported revenue of 1.377 billion yuan, a quarter-on-quarter increase of 13.39% and a year-on-year increase of 28.64% [3]. - For Q1 2025, revenue was 1.074 billion yuan, a quarter-on-quarter decrease of 22.04% but a year-on-year increase of 35.31% [3]. - The gross margin for 2024 was 33.55%, an increase of 1.68 percentage points year-on-year [5][9]. - The company expects net profits for 2025-2027 to be 1.010 billion, 1.204 billion, and 1.454 billion yuan, respectively, with corresponding PE ratios of 31, 26, and 21 [8][9]. Market Position and Growth Potential - The company holds a leading position in the high-end titanium alloy and superconducting product markets, with significant growth expected from new capacity expansions [8][9]. - The successful delivery of superconducting materials for domestic nuclear fusion projects and the establishment of a strong foothold in the aerospace sector for titanium alloys are notable achievements [7][8]. - The company is set to increase its production capacity for titanium alloys to 10,000 tons and high-temperature alloys to 6,000 tons, indicating strong growth potential [7][8].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1][11][46]. Core Views - The superconducting business has shown remarkable performance, with a significant increase in net profit year-on-year for the first quarter of 2025 [1][5]. - The company achieved a revenue of 4.612 billion yuan in 2024, representing a year-on-year growth of 10.91%, and a net profit of 801 million yuan, up 6.44% year-on-year [4][11]. - The high-end titanium alloy materials segment saw a revenue increase of 9.87%, while superconducting products grew by 32.41% [6][11]. Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 1.074 billion yuan, a year-on-year increase of 35.31%, and a net profit of 170 million yuan, up 53.85% year-on-year [5][8]. - The gross profit margin for Q1 2025 was 35.29%, an increase of 6.83 percentage points year-on-year [5][8]. - For the full year 2024, the company had a gross profit margin of 33.55%, which is an increase of 1.68 percentage points compared to the previous year [4][6]. Product Segments - The high-end titanium alloy materials segment generated a revenue of 2.752 billion yuan in 2024, with a gross margin of 38.67%, up 4.26 percentage points year-on-year [6][15]. - The superconducting wire segment achieved a revenue of 1.304 billion yuan, with a gross margin of 30.22%, although it decreased by 4.16 percentage points year-on-year [6][15]. - The high-performance high-temperature alloy materials segment saw a revenue decline of 31.02%, totaling 327 million yuan, but its gross margin improved by 6.39 percentage points [7][15]. Future Projections - The company is projected to achieve revenues of 5.632 billion yuan, 6.822 billion yuan, and 8.258 billion yuan for the years 2025, 2026, and 2027, respectively [11][44]. - Corresponding net profits are expected to be 1.010 billion yuan, 1.255 billion yuan, and 1.498 billion yuan for the same years [11][44]. - The report anticipates a positive demand trend for titanium alloys and a significant increase in superconducting wire production capacity [11][44].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company achieved a year-on-year growth of 54% in Q1 2025, indicating a clear trend of continuous growth in performance [5] - The superconducting products segment is expected to benefit from increasing demand driven by nuclear fusion, semiconductors, and medical applications [9] - The high-end titanium alloy and high-temperature alloy markets are anticipated to experience a second growth phase due to increased demand from military aircraft [10] Summary by Sections Financial Performance - In 2024, the company reported revenue of 4.612 billion yuan, a year-on-year increase of 10.91%, and a net profit of 801 million yuan, up 6.44% year-on-year [6] - The gross margin was 33.55%, an increase of 1.68 percentage points year-on-year, while the net margin was 18.99%, up 0.61 percentage points [6] - For Q1 2025, the company achieved revenue of 1.074 billion yuan, a year-on-year increase of 35.31%, and a net profit of 170 million yuan, up 53.85% [8] Product Segments - Superconducting products generated revenue of 1.304 billion yuan in 2024, a year-on-year increase of 32.41%, with a production volume of 2,899 tons, up 67.54% [6] - High-end titanium alloys achieved revenue of 2.752 billion yuan, a year-on-year increase of 9.87%, while high-temperature alloys saw a revenue decline of 31.02% to 327 million yuan [7] Market Outlook - The nuclear fusion sector is projected to see significant growth in demand for superconducting materials, with expectations of nuclear power's contribution to China's energy mix increasing by 10% by 2035 [9] - The military sector's demand for high-end titanium and high-temperature alloys is expected to rise due to new military aircraft orders and upgrades [10] Profit Forecast - The company is expected to achieve net profits of 1.024 billion yuan, 1.232 billion yuan, and 1.479 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 27.92%, 20.23%, and 20.11% [10]