Market Overview - The market experienced fluctuations with mixed performance across the three major indices, with the Shanghai Composite Index briefly surpassing 3600 points before retreating [1] - The overall market saw a high rate of stock volatility, with a 50% rate of stocks hitting their daily limit down [1] - The total trading volume for the day reached 1.9 trillion yuan [1] Hot Topics Yarlung Tsangpo River Hydropower Project - Stocks related to the Yarlung Tsangpo River hydropower project continued to surge, with companies like China Power Construction and Huaxin Cement hitting their daily limit up [4] - The project has garnered significant market attention, leading to a valuation recovery for infrastructure stocks due to low valuations and high dividend yields [5] Consumer Sector - The consumer sector showed strong activity, with companies such as Hanchang Group and Nanjing New百 hitting their daily limit up [6] - The World Health Organization raised alarms regarding the spread of the chikungunya virus, which could impact public health and consumer behavior [6] Nuclear Fusion Sector - The nuclear fusion sector saw notable movements, with companies like GuoJi Heavy Industry and XueRen Group experiencing significant gains [8] - The establishment of China Fusion Energy Co., a subsidiary of China National Nuclear Corporation, was announced, with an investment of approximately 11.49 billion yuan from various stakeholders [8] Stock Performance Yarlung Tsangpo River Project Stocks - Key stocks in this sector included: - ShanHe Intelligent: 10.67 yuan, +10.00%, market cap 11.445 billion yuan - Tibet Tianlu: 12.75 yuan, +10.01%, market cap 16.93 billion yuan - Deep Water Regulation Institute: 27.82 yuan, +20.02%, market cap 6.206 billion yuan [5][16] Consumer Sector Stocks - Notable performers included: - Hanchang Group: 10.92 yuan, +9.97%, market cap 3.22 billion yuan - Nanjing New百: 7.55 yuan, +10.06%, market cap 8.796 billion yuan - Rainbow Group: 22.65 yuan, +10.00%, market cap 2.38 billion yuan [7][16] Nuclear Fusion Stocks - Key stocks included: - GuoJi Heavy Industry: 4.09 yuan, +9.95%, market cap 29.503 billion yuan - XueRen Group: 11.44 yuan, +10.00%, market cap 7.443 billion yuan [9][10]

Market Overview - The A-share market experienced narrow fluctuations on July 23, with the Shanghai Composite Index rising by 0.33%, the Shenzhen Component Index by 0.02%, and the ChiNext Index by 0.07% [1] - Key sectors showing strength included hydropower, civil explosives, hyperbaric oxygen chambers, and engineering machinery, with leading companies like China Power Construction and China Energy Engineering achieving three consecutive trading gains [1] - The traditional financial sector rebounded, with securities, insurance, and banking stocks performing well, while sectors such as military, batteries, pharmaceuticals, and AI applications faced declines [1] Hot Sectors Hydropower Sector - The hydropower concept continued to show strong performance, with major players like China Power Construction and China Energy Engineering hitting the daily limit [1] - The commencement of the Yarlung Tsangpo River downstream hydropower project is highlighted as a significant event in China's infrastructure sector, expected to enhance clean energy supply and stimulate substantial investment demand across multiple industry chains [1] Controlled Nuclear Fusion - The controlled nuclear fusion concept saw active trading, with companies like Xue Ren Group hitting the daily limit and others like Ha Welding and Changfu Shares rising over 10% [3] - The establishment of the China Fusion Energy Company in Shanghai is noted as a pivotal development, focusing on the commercialization and engineering of fusion energy, which is anticipated to accelerate investment in this area [3] Institutional Insights Market Sentiment - According to China Merchants Securities, the A-share market is entering a bullish narrative, with the Shanghai Composite Index breaking through the resistance level of 3450 points, indicating a positive feedback loop of capital inflow and market growth [5] - The report outlines four major narratives for the current bull market: "Intrinsic Value Bull," "Technology Explosion Bull," "Anti-Internal Competition Bull," and "East Rising West Falling Bull" [5] Earnings Reports - Everbright Securities emphasizes the importance of August as a critical period for the disclosure of semi-annual earnings reports, suggesting that the market may reach new highs in the second half of the year [6] - The report indicates a shift from policy-driven to fundamental and liquidity-driven market dynamics, with a focus on sectors expected to outperform based on earnings reports [6] New Investment Opportunities - According to Dongfang Securities, the market is witnessing a shift in logic due to significant investments in hydropower and anti-internal competition, suggesting that the trend of declining industrial product prices may be nearing its end [7] - The report recommends focusing on sectors supported by policy, high-tech industrialization, and demand expansion, which are expected to maintain high growth [7]

Group 1: Market Trends - The sales of "cooling" appliances have surged due to high temperatures across the country, with sales of cooling fans with humidifying functions and air circulation fans increasing by over 62% and 89% year-on-year, respectively [1] - Air conditioner sales and installations have also seen significant growth, with a store manager reporting weekend sales reaching 300-350 units and weekday sales around 100-150 units, leading to a 2.3 times increase in average installation volume [1] - The demand for ice has rapidly increased, with ice production in Zhengzhou reaching nearly 300 tons daily, and sales doubling [1] Group 2: Product Performance - Ice-making refrigerators, home ice makers, and ice-making drinking machines have gained popularity, with Bosch reporting over 200% year-on-year growth in sales and revenue for its ice-making products in Q2 [2] - A store manager noted a 60% increase in customer inquiries for refrigerators with ice-making capabilities, with over 150 units sold in just one week [2] - Small Bear Electric reported a 20% year-on-year increase in ice maker sales from April to June, along with strong performance in other related products [2] Group 3: Industry Insights - The surge in ice-making appliances is attributed to the previous year's exposure of ice demand in cold drink scenarios and the entry of leading brands enhancing product experience and awareness [3] - Despite the rapid growth in the first half of the year, there is still room for continued expansion in the ice-making appliance market, with expectations of price reductions as leading brands increase their presence [3] - Other companies such as Midea and Supor are also entering the market for home ice makers and ice-making drinking machines [3]

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].