Changjiang Securities·2025-06-16 14:26Investment Rating - The report maintains a "Positive" investment rating for the superconducting materials industry [3]. Core Insights - The superconducting materials industry is experiencing a tight supply-demand situation, driven by the acceleration of nuclear fusion projects, which significantly increases the demand for superconducting materials [7][85]. - Superconductors are critical for generating strong magnetic fields necessary for maintaining and controlling high-temperature plasma in nuclear fusion devices, thus enhancing energy efficiency and reducing energy consumption [44][59]. Summary by Sections Section 1: Superconducting Materials - Diverse Types and Wide Applications - Superconducting materials are categorized into low-temperature superconductors (LTS) and high-temperature superconductors (HTS) based on their critical temperature [16]. - LTS materials include NbTi and Nb3Sn, while HTS materials include YBCO and BSCCO, which have practical applications in various fields [22][24]. - The report highlights the unique properties of superconductors, such as zero electrical resistance and complete diamagnetism, which are essential for their applications in advanced technologies [11][12]. Section 2: Superconductors as Key Technologies in Accelerating Nuclear Fusion - Superconducting magnets are essential components of Tokamak devices, used to create the strong magnetic fields required for plasma confinement [38][44]. - The ITER project exemplifies the application of LTS materials in its magnet systems, which account for approximately 28% of the total cost of the device [44]. - The report discusses the potential of HTS materials to improve efficiency and reduce operational costs in next-generation fusion devices like SPARC [59][62]. Section 3: Tight Supply-Demand Dynamics in the Industry Chain - The supply of superconducting materials, particularly in the form of wires and tapes, is currently tight due to the increasing demand from nuclear fusion projects [85]. - Key companies in the superconducting materials sector include Shanghai Superconductor Technology Co., Ltd., which specializes in the production of high-temperature superconducting tapes, and other firms like YD and Lianchuang Optoelectronics, which are involved in various aspects of superconducting technology [85].