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].

Group 1 - The controllable nuclear fusion sector is experiencing a significant upward trend, with companies like Wangzi New Materials (002735) hitting the daily limit increase [1] - Baobian Electric (600550) has seen an increase of over 4% in its stock price [1] - Other companies such as Hezhong Intelligent (603011), Xue Ren Group (002639), and Zhongtai Co., Ltd. (300435) are also witnessing gains [1]

Group 1 - The company held its sixth (temporary) board meeting on July 2, 2025, with all seven directors present, complying with relevant regulations [1][2] - The board approved a proposal to change the company's stock abbreviation to "Snowman Group," which aligns with the strategic development of the company and enhances its brand image [2]

Group 1 - The company has changed its securities abbreviation from "Snowman Co., Ltd." to "Snowman Group" to align with its group development strategy [1][2] - The change in abbreviation reflects the company's transformation into a holding group and aims to enhance its brand image [1] - The new abbreviation will take effect on July 3, 2025, and the company's securities code and full name will remain unchanged [2] Group 2 - The company completed the necessary business registration changes in July 2024 and received a new business license from the Fujian Provincial Market Supervision Administration [1] - The board of directors approved the change in abbreviation during a meeting held on July 2, 2025 [1]

证券代码：002639 证券简称：雪人股份 公告编号：2025-047 福建雪人集团股份有限公司 关于变更公司证券简称的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、公司证券简称变更的说明 福建雪人集团股份有限公司（以下简称"公司"）于 2025 年 7 月 2 日召开第 六届董事会第六次（临时）会议，审议通过《关于变更公司证券简称的议案》， 同意公司证券简称由"雪人股份"变更为"雪人集团"，公司英文简称由"Snowman" 变更为"Snowman Group"，证券代码及公司全称保持不变。具体情况如下： | | 变更前 | 变更后 | | --- | --- | --- | | 证券简称 | 雪人股份 | 雪人集团 | | 公司中文全称 | 福建雪人集团股份有限公司 | 保持不变 | | 英文简称 | Snowman | Snowman Group | 二、公司证券简称变更的原因说明 公司于 2024 年 7 月完成了相关工商变更登记手续，并取得了由福建省市场 监督管理局换发的《营业执照》，正式更名为福建雪人集团股份有限公司。为匹 配集团化发展战 ...

证券代码：002639 证券简称：雪人股份 公告编号：2025-046 福建雪人集团股份有限公司 第六届董事会第六次（临时）会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 审议并通过《关于变更公司证券简称的议案》 表决结果：赞成 7 票；无反对票；无弃权票。 经审议，董事会认为：本次变更公司证券简称，是基于公司集团化发展的战 略思维，变更后的公司简称更精准体现公司控股集团的转型定位，有利于强化品 牌形象，本次变更后的证券简称符合公司业务实质。因此，董事会同意本次变更 公司证券简称为"雪人集团"，变更公司英文简称为"Snowman Group"。 具体内容详见 2025 年 7 月 3 日刊登在《证券时报》《中国证券报》和巨潮 资讯网（www.cninfo.com.cn）上的《关于变更公司证券简称的公告》（公告编号： 2025-047）。 三、备查文件 二、董事会会议审议情况 经与会董事审议，本次会议以投票表决方式表决如下议案： 一、董事会召开情况 福建雪人集团股份有限公司（以下简称"公司"）于 2025 年 7 月 2 日上午 11:00 以现场 ...

Core Viewpoint - The company has changed its securities name from "Snowman Co., Ltd." to "Snowman Group" to align with its group development strategy, enhancing its brand image [1]. Summary by Categories - **Company Name Change** - The securities name change reflects the company's transformation into a holding group, aiming for a more precise representation of its strategic direction [1]. - The English abbreviation has also been updated from "Snowman" to "Snowman Group," while the securities code and full company name remain unchanged [1].

Industry Overview - Ice machines are refrigeration devices that generate ice by cooling water through refrigerants in the evaporator [1][2] - The market for ice machines in China has shown steady expansion, with the market size growing from 1.96 billion yuan in 2019 to 2.98 billion yuan in 2024, representing a compound annual growth rate (CAGR) of 8.8% [1][9] - The global ice machine market is also experiencing rapid growth, with the market size increasing from 2.099 billion USD in 2019 to 2.989 billion USD in 2024, with a CAGR of 8% [5][9] Market Segmentation - Ice machines can be categorized into four main types: industrial, commercial, residential, and medical [2][3] - The commercial ice machine segment is currently the largest in China, with a market size of 1.14 billion yuan in 2024, accounting for 38% of the total ice machine market [11] Competitive Landscape - The domestic ice machine market is highly competitive, with local brands dominating the home ice machine segment, while foreign brands lead in commercial and industrial ice machines [13][17] - Key players in the industry include Yindu Co., Aucma, Dongbei Group, and Huikang Technology, among others [2][15][17] Future Trends - The ice machine market in China is expected to continue growing due to the increasing popularity of ice usage culture and economic recovery [19] - There is a trend towards market segmentation, with more specialized and personalized products emerging for different applications [20] - Environmental protection and energy efficiency are becoming mainstream demands, with manufacturers needing to adopt new refrigerants and optimize cooling systems [21][22]

Group 1: Company Overview - The company, established in 2000, focuses on advanced equipment manufacturing in fields such as cold chain logistics, industrial refrigeration, and clean energy [1] - In 2024, the company achieved a revenue of CNY 2.285 billion, reflecting a year-on-year growth of 12.41% [1] Group 2: Controlled Nuclear Fusion Business - The company is involved in the controlled nuclear fusion sector, providing helium compressors essential for large-scale low-temperature systems [1] - The helium compressor equipment produced by the company is utilized in a national major scientific research project, achieving cooling capacity at -271°C [1] - The technology has received national scientific achievement evaluation, reaching an internationally leading level with significant social and economic benefits [1] Group 3: Data Center Business Expansion - The company has entered the data center business, focusing on compressor refrigeration equipment and key project construction [2] - A diverse product line includes piston compressors, open screw compressors, semi-hermetic screw compressors, and centrifugal compressors, with new centrifugal compressors now on the market [2] - The company employs low-charge ammonia refrigeration technology for overseas data centers, providing energy-efficient and environmentally friendly solutions, such as for Facebook's Denmark data center [2] - The company's subsidiary, Hangzhou Longhua, undertakes HVAC engineering integration projects for major clients like China Mobile and Alibaba [2]

Investment Rating - The report maintains an "Outperform" rating for the hydrogen energy sector [4] Core Viewpoints - The hydrogen energy industry is experiencing continuous development due to favorable policies in China, with an increase in electrolyzer bidding projects and breakthroughs in hydrogen production technology. It is recommended to pay attention to companies involved in electrolyzer bidding [3][41] - The midstream sector is accelerating the development of hydrogen transportation and the construction of hydrogen refueling stations, suggesting a focus on companies capable of hydrogen transportation [3][41] - The downstream sector is exploring various application scenarios for hydrogen energy, promoting the adoption of hydrogen vehicles, and recommending attention to companies in the hydrogen vehicle application field [3][41] Industry Performance - As of June 13, 2025, the hydrogen energy index closed at 2047.76 points, with a weekly increase of 0.34% and a year-to-date increase of 15.25%. The hydrogen energy index ranked 42nd among the Shenwan secondary industry rankings, improving by 9 places compared to the previous week [8][15] - The top five companies in the hydrogen energy sector by weekly increase were Meichen Technology (40.96%), Yong'an Pharmaceutical (26.38%), Hengguang Co., Ltd. (25.1%), ST Baili (22.89%), and Pan-Asia Micro透 (22.02%). The top five companies by weekly decrease were Chaojie Co., Ltd. (-23.23%), Xue Ren Co., Ltd. (-14.57%), Huapei Power (-9.09%), Zhongcai Technology (-8.54%), and Xin Xun Da (-8.3%) [15][16] Hydrogen Industry Data Review - As of June 13, 2025, there have been 20 cumulative electrolyzer bidding projects in China, primarily involving alkaline and PEM types. A significant breakthrough was achieved with the development of a 2 MW AEM electrolyzer by Beijing Green Wave Hydrogen Energy Technology Co., Ltd. [17] - In April 2025, the production of fuel cell vehicles (FCVs) saw a decrease, with 342 units produced and 328 units sold, marking a month-on-month decline of 6.3% and 13%, respectively. Cumulatively, 926 FCVs were produced and 957 sold from January to April 2025, representing year-on-year declines of 22.45% and 10.89% [21][24] Industry Dynamics and Company Developments - Significant breakthroughs in hydrogen transportation technology were reported, including the successful operation of a non-metal flexible hydrogen pipeline by State Power Investment Corporation [36] - The first domestic hydrogen internal combustion engine generator set has been commercially operated in Hubei, showcasing the ability to utilize industrial by-product hydrogen for power generation [36] - Plug Power has partnered with Allied Green to advance a green hydrogen project in Uzbekistan, highlighting international collaboration in the hydrogen sector [38]