科创板风险提示 本次发行股票拟在科创板上市，科创板公司具有研发投入大、经营风 险高、业绩不稳定、退市风险高等特点，投资者面临较大的市场风险。投 资者应充分了解科创板的投资风险及本公司所披露的风险因素，审慎作出 投资决定。 宁波健信超导科技股份有限公司 Ningbo Jansen Superconducting Technologies Co., Ltd. （浙江省慈溪高新技术产业开发区高科大道427号） 首次公开发行股票并在科创板上市 保荐人（主承销商） 招 股 意 向 书 广东省广州市黄埔区中新广州知识城腾飞一街 2 号 618 室 宁波健信超导科技股份有限公司 招股意向书 重要声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表 明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保 证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行 承担股票依法发行后因发行人经营与收益变化或者股 ...

Core Insights - The successful launch of the Zhuque-3 rocket marks a significant milestone for China's commercial space industry, addressing the core issue of insufficient launch capacity [1] - The launch validates the rocket's basic launch capabilities, enabling it to undertake commercial orders [1] - The establishment of the National Commercial Space Administration is expected to optimize management and catalyze growth in the commercial space sector during the 14th Five-Year Plan period [1] Industry Developments - The successful launch is anticipated to accelerate the construction of satellite internet constellations and open new business models such as space tourism and space manufacturing [1] - Several reusable rockets, including Long March 12A and Tianlong 3, are lined up for their maiden flights, indicating a period of intensive validation and potential explosive growth in the industry [1] Market Performance - As of December 4, 2025, the CSI Defense Index (399973) rose by 1.07%, with notable increases in stocks such as Aerospace Electronics (600879) up 8.82% and Yingli Technology (300395) up 4.35% [1] - The National Defense ETF (512670) also saw a rise of 0.91%, reflecting positive market sentiment towards defense-related stocks [1] Index Composition - The CSI Defense Index includes stocks from the top ten military industrial groups and companies that provide weaponry or have contracts with the military, reflecting the overall performance of defense industry stocks [2] - As of November 28, 2025, the top ten weighted stocks in the index accounted for 44.06% of the total index, with significant players including AVIC Shenyang Aircraft (600760) and Aero Engine Corporation of China (600893) [2]

Core Viewpoint - Chaoyang Jinda Titanium Industry Co., Ltd. is preparing for an IPO on the Beijing Stock Exchange, focusing on the research, production, and sales of sponge titanium products, and has established itself as a leading player in the domestic market and a competitive entity internationally [1]. Financial Performance - In 2024, the company's revenue decreased by 7.43% year-on-year to 1.559 billion yuan, while the net profit attributable to the parent company increased by 4.35% to 121.39 million yuan [1]. - The company reported fluctuating cash flow from operating activities, with net cash flow of -31.5 million yuan in 2023 and 12.8 million yuan in 2024 [2]. Revenue and Profit Forecast - For the fiscal year 2025, the company expects revenue to be between 1.65 billion and 1.7 billion yuan, representing a growth of 5.82% to 9.03% compared to the previous year [3][4]. - The net profit attributable to the parent company is projected to be between 179 million and 184 million yuan, indicating a growth of 47.46% to 51.58% [3][4]. Customer Concentration and Risks - The largest customer is the Northwest Nonferrous Metal Research Institute, which has a significant stake in the company, contributing 33.91% of revenue in 2025 [7][9]. - The company faces scrutiny regarding the sufficiency of revenue verification and risks associated with declining performance, particularly as sales prices for sponge titanium have been decreasing [5][6]. Product Pricing Trends - The average selling price of aerospace-grade sponge titanium has decreased from 77,400 yuan/ton in 2022 to 54,200 yuan/ton in 2024, while high-quality sponge titanium prices have also seen a decline [11][14]. - Despite the drop in selling prices, the cost of raw materials has also decreased, which has helped mitigate some of the financial impact [14][16]. Regulatory Compliance - The company was fined 310,000 yuan in July 2022 for safety production violations, highlighting potential regulatory risks [18].

消息面上，朱雀三号即将首飞，中国商业航天迎来里程碑时刻，这款可重复使用火箭若成功回收，将助 力我国成为全球第二个掌握该技术的国家。随着商业航天司设立，政策、技术、资本三重共振，产业链 正加速腾飞。 东方证券指出，今年来我国卫星组网进度不断加快，卫星发射频次显著增加；同时民营火箭公司快速崛 起，多家公司进入上市辅导阶段，首款可回收大运力火箭朱雀三号近期也将首飞，新火箭研发和可回收 技术不断推进。在政策与资金的双重驱动下，我国商业航天正迎来发展拐点，火箭与卫星端有望协同共 振。 国防ETF紧密跟踪中证国防指数，中证国防指数选取隶属于十大军工集团公司旗下的上市公司证券，以 及为国家武装力量提供武器装备，或与军方有实际装备承制销售金额或签订合同的相关上市公司证券作 为指数样本，以反映国防产业上市公司证券的整体表现。 数据显示，截至2025年11月28日，中证国防指数(399973)前十大权重股分别为中航沈飞(600760)、航发 动力(600893)、中航光电(002179)、中航西飞(000768)、菲利华(300395)、西部超导(688122)、中航机载 (600372)、航天电子(600879)、睿创微纳(6 ...

西部超导12月2日大宗交易平台出现一笔成交，成交量3.89万股，成交金额213.81万元，大宗交易成交价 为55.00元，相对今日收盘价折价16.17%。该笔交易的买方营业部为华鑫证券有限责任公司上海红宝石 路证券营业部，卖方营业部为银泰证券有限责任公司苏州华山路证券营业部。 进一步统计，近3个月内该股累计发生3笔大宗交易，合计成交金额为1770.31万元。 证券时报·数据宝统计显示，西部超导今日收盘价为65.61元，下跌1.94%，日换手率为1.61%，成交额为 6.88亿元，全天主力资金净流出2251.64万元，近5日该股累计下跌1.04%，近5日资金合计净流出8099.14 万元。 两融数据显示，该股最新融资余额为16.19亿元，近5日增加1905.02万元，增幅为1.19%。 据天眼查APP显示，西部超导材料科技股份有限公司成立于2003年02月28日，注册资本64966.4497万人 民币。（数据宝） 12月2日西部超导大宗交易一览 | 成交量 | 成交金额 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万元） ...

Summary of Key Points Core Viewpoint - On December 2, a block trade of Western Superconducting Technologies Co., Ltd. involved 38,900 shares, with a transaction value of 2.1381 million yuan, representing 0.31% of the total trading volume for the day. The transaction price was 55 yuan, which is a discount of 16.17% compared to the market closing price of 65.61 yuan [1]. Group 1 - The block trade consisted of 38,900 shares [1] - The total transaction amount was 2.1381 million yuan [1] - The transaction price was 55 yuan, reflecting a discount of 16.17% from the closing price [1]

Group 1 - The core issue revolves around discrepancies in reported sales figures between JinTi Co. and its related parties, particularly with Western Superconductor and Western Materials, indicating potential inconsistencies in financial reporting [1][2][3] - JinTi Co. reported sales of sponge titanium to Western Superconductor amounting to 238.54 million, 349.96 million, 349.30 million, and 98.90 million for the respective periods, while Western Superconductor's annual report indicated a total of 240.03 million, showing a minor difference of over 1 million [1][3] - For sales to Western Materials, JinTi Co. reported 4.69 million, 96.20 million, 53.94 million, and 0 for the respective periods, while Western Materials' annual report indicated purchases of 133.10 million from JinTi Co., resulting in a discrepancy of over 30 million [1][3] Group 2 - The sales figures for sponge titanium from various suppliers, including JinTi Co. and Western Superconductor, show significant variations across different years, with Western Superconductor's sales peaking at 349.95 million in 2023 [3][6] - The total procurement amount from various suppliers, including those with related party transactions, reached 987.12 million, with a notable percentage of 55.08% attributed to related parties [4][5] - The procurement from Chaoyang Jinda Iron Industry Co., Ltd. amounted to 133.10 million, indicating a substantial transaction volume within the industry [7]

Investment Rating - The report maintains a "Positive" outlook on the defense and military industry [5] Core Insights - The establishment of the Commercial Space Administration and the release of the action plan for high-quality development in commercial aerospace signal a rapid development phase for the industry, with expected synergies between rocket and satellite sectors [8][12] - Increased defense budgets in India and significant defense contracts in Turkey indicate a global trend of rising military expenditures, which may accelerate equipment development in China [16] - The report emphasizes the importance of new combat capabilities and military trade, particularly in the context of the upcoming "14th Five-Year Plan" [17] Summary by Sections 1.1 Commercial Aerospace Development - The establishment of the Commercial Space Administration marks a significant step in the institutionalization and strategic development of China's commercial aerospace sector. The action plan outlines goals for 2027, including enhanced collaboration, safety in research and production, and substantial growth in industry scale [12][13] - Key measures include improving satellite operation support mechanisms, promoting efficient use of satellite data, and encouraging the development of low-cost, reusable launch vehicles [13][15] 1.2 Global Defense Budget Trends - India's defense budget is projected to increase by up to 20% in the next fiscal year, while Turkey has signed a $6.5 billion contract to upgrade its air defense systems. This reflects a broader trend of rising military spending globally, driven by geopolitical tensions [16] - The report notes that China's military spending as a percentage of GDP remains relatively low compared to other countries, suggesting potential for accelerated equipment development [16] 1.3 Focus on New Combat Capabilities - The upcoming "14th Five-Year Plan" is expected to clarify new stages of equipment development, with a focus on unmanned systems, deep-sea technology, and informationized warfare. The report highlights the potential for domestic and military trade to become significant growth drivers [17] - Specific investment targets include companies involved in aerospace engines, new combat domains, military electronics, and military trade [17]

Group 1: Core Insights - The report emphasizes that the AI wave is initiating a new cycle in intelligent manufacturing, shifting the investment focus from cyclical fluctuations to "new hard-core" assets that can define the future and support the AI trend [8][9]. - Human-shaped robots are highlighted as the ultimate embodiment of AI intelligence, expected to revolutionize labor liberation and serve as a universal platform for AI interaction with the physical world [9][10]. - The report identifies solid-state batteries as a key technology that will unlock performance ceilings for human-shaped robots and electric vehicles due to their high energy density and safety [9][10]. Group 2: Human-Shaped Robots - The human-shaped robot industry is transitioning from concept validation to commercialization, with companies that have developed product capabilities in key components likely to experience significant valuation increases [13][17]. - The investment strategy focuses on essential hardware components rather than single manufacturers due to the uncertainty in design solutions, creating unique investment opportunities [25][28]. - Key companies to watch in this sector include Xinjie Electric, Huichuan Technology, and Weichuang Electric, which are positioned to benefit from the growth in human-shaped robots [17][30]. Group 3: AI Equipment and Materials - The demand for AI-related infrastructure is surging, leading to significant growth in high-performance servers, GPUs, and advanced PCB requirements [32][36]. - The PCB specialized equipment market is expected to grow from $3.306 billion in 2020 to $4.111 billion in 2024, with a CAGR of 5.60% in China [32][34]. - Key players in the equipment sector include Dazhu CNC and Chip Quik, which are well-positioned to capitalize on the increasing demand for advanced PCB manufacturing [36][40]. Group 4: Solid-State Batteries - The solid-state battery industry is accelerating towards commercialization, with major manufacturers like CATL and Zhongxin Innovation targeting 2027 for small-scale production [9][10]. - The global solid-state battery equipment market is projected to reach ¥107.94 billion by 2030, indicating a significant capital expenditure cycle ahead [9][10]. - Companies such as Lead Intelligent and Hai Moxing are recommended for their potential to benefit from this new capital expenditure cycle [9][10]. Group 5: Controlled Nuclear Fusion - Controlled nuclear fusion is transitioning from experimental phases to industrialization, with significant advancements in research and increased capital investment driving the industry forward [9][10]. - The report suggests focusing on companies involved in nuclear fusion projects, such as Hangyang Co. and Shanghai Electric, which are positioned to gain from this emerging sector [9][10]. - The demand for energy solutions is expected to grow, making nuclear fusion a critical area for investment as it promises to provide sustainable energy sources [9][10]. Group 6: Engineering Machinery - The domestic engineering machinery market is recovering, with excavator sales showing a positive trend, while overseas demand is also increasing due to factors like housing construction and manufacturing sector recovery [6][9]. - Major projects in China, such as the Yaxi Water Conservancy Project and the Xinjiang-Tibet Railway, are expected to boost domestic machinery demand [6][9]. - Key companies in this sector include Sany Heavy Industry, XCMG, and Zoomlion, which are anticipated to benefit from both domestic recovery and international expansion [6][9].

Core Insights - The establishment of a dedicated Commercial Space Administration by the National Space Administration marks a significant step for China's commercial space industry, indicating a move towards specialized regulatory oversight and high-quality development in the sector [1] - China's commercial space industry has seen substantial growth, with over 600 companies currently operating, driven by policy support, technological advancements, and market demand [1] Industry Performance - As of December 1, 2025, the Zhongzheng General Aviation Theme Index (931855) has risen by 2.11%, with notable increases in constituent stocks such as Leike Defense (10.05%), Guangqi Technology (10.01%), and Huali Chuangtong (5.66%) [1] - The General Aviation ETF (561660) has also seen a 2.11% increase, reflecting a strong performance in the general aviation sector [1] Index Composition - The top ten weighted stocks in the Zhongzheng General Aviation Theme Index account for 40.68% of the index, including companies like Aerospace Electronics (3.37%), Haige Communication (2.33%), and China Satellite Communications (2.99%) [2][3] - The index comprises 50 listed companies involved in various aspects of general aviation, including manufacturing, infrastructure, and operations, providing a comprehensive view of the sector's performance [1]