Summary of Key Points from the Conference Call Industry Overview - The fusion industry is entering an accelerated phase driven by policy support and capital expenditure, with major countries expected to introduce fusion policies by 2025, marking a shift from laboratory research to industrial layout and regulatory framework construction [1] Core Insights - Low-temperature superconductors (NbTi, Nb₃Sn) are relatively mature, while high-temperature superconductors (REBCO) are anticipated to become the mainstream in the future. The current landscape features a parallel development of low-temperature and high-temperature superconducting materials, with low-temperature superconductors supporting existing fusion device operations due to their industrial application advantages. High-temperature superconductors are expected to be key for breakthroughs in next-generation high-field fusion technology due to their superior adaptability to extreme environments [1][2] Market Projections - The magnet system is identified as a core cost component of fusion projects. Future tokamak devices are expected to trend towards compact designs and high-temperature superconductors, leading to a significant increase in industry demand. The market size for second-generation high-temperature superconducting tapes for controllable fusion devices is projected to be 300 million yuan in 2024, with an expected growth to 4.9 billion yuan by 2030, representing a compound annual growth rate (CAGR) of 59.3% from 2024 to 2030 [2] Investment Recommendations - It is suggested to focus on core supply chain manufacturers in the magnet segment: 1. Low-temperature superconductors: Western Superconductor 2. High-temperature superconductors: Shanghai Superconductor (not publicly listed, with Jingda Co. as the largest shareholder), Lianchuang Optoelectronics, Eastern Superconductor (not publicly listed, a subsidiary of Yongding Co.) 3. Core suppliers of tantalum and niobium: Dongfang Tantalum [2]

2026 年 2 月 9 日 有色金属 铼粉价格连续 2 个月上涨 ——金属新材料高频数据周报（20260202-20260208） 要点 军工新材料：电解钴价格下跌。（1）本周电解钴价格 42.00 万元/吨，环比 -5.2%。本周电解钴和钴粉价格比值 0.73 ，环比-5.2%；电解钴和硫酸钴价格 比值为 4.28 ，环比-5.2%。（2）碳纤维本周价格 83.8 元/千克，环比+0%。 毛利-9.19 元/千克。 新能源车新材料：氢氧化锂价格下跌。（1）本周碳酸锂和氢氧化锂价格分别 为 13.44 、13.25 万元/吨，环比-16.2%、-16.1%。（2）本周硫酸钴价格 9.53 万元/吨，环比+0%。（3）本周磷酸铁锂、523 型正极材料价格分别为 5.24 、18.00 万元/吨，环比+0%、-3.5%。（4）本周氧化镨钕价格 757.72 元/公斤，环比+1.2%。 光伏新材料：多晶硅价格下跌。（1）本周光伏级多晶硅价格 6.19 美元/千 克，环比 -6.5%。（2）本周 EVA 价格 9,650 元/吨，环比+0%，处于 2013 年 来较低位置。（3）本周 3.2mm 光伏玻璃镀膜价格 ...

Investment Rating - The report maintains a "Buy" rating for the aerospace and military industry, with specific recommendations for several companies [8][42]. Core Viewpoints - The report emphasizes the increasing uncertainty in international security, highlighting opportunities in military trade as countries ramp up defense spending. For instance, the U.S. has approved military sales worth $6.67 billion to Israel and $9 billion to Saudi Arabia, indicating a vibrant military trade market [11][12]. - The report suggests that China's military equipment demand is expected to grow, particularly in new domains and advanced weaponry, aligning with the "14th Five-Year Plan" [13][17]. - The military trade market is anticipated to remain active, with China positioned as a key supplier capable of providing comprehensive solutions [11][12]. Summary by Sections Industry Investment Rating - The aerospace and military industry is rated as "Buy" with a focus on specific companies such as AVIC Shenyang Aircraft Corporation, Guorui Technology, and others [8][42]. Key Companies - Recommended companies include: - AVIC Shenyang Aircraft Corporation (600760 CH) - Guorui Technology (600562 CH) - Western Superconducting Technologies (688122 CH) - Guotai Group (603977 CH) - Ruichuang Micro-Nano (688002 CH) - Steel Research and Testing (300797 CH) - Northern Navigation (600435 CH) - Gaode Infrared (002414 CH) - Aerospace Rainbow (002389 CH) - Aerospace Intelligent Manufacturing (300446 CH) [3][42]. Market Trends - The report notes a structural shift in military equipment demand, with a focus on new technologies such as unmanned systems and advanced weaponry. The "14th Five-Year Plan" is expected to drive significant growth in these areas [13][15][16]. - The military trade market is projected to grow, with China's market share expected to increase from 5.87% to a more competitive position as global military spending rises [17][18]. Performance Metrics - As of February 6, 2026, the Shenyuan Defense and Military Index has a PE (TTM) of 95.29, indicating a high valuation relative to historical levels [39][40].

Market Performance - The Shaanxi state-owned enterprise reform sector rose by 1.5% compared to the previous trading day, with Guangdian Network leading the gains [1] - The Shanghai Composite Index closed at 4123.09, up 1.41%, while the Shenzhen Component Index closed at 14208.44, up 2.17% [1] Individual Stock Performance - Guangdian Network (600831) closed at 4.56, with a gain of 3.87% and a trading volume of 193,200 shares, amounting to a transaction value of 87.05 million yuan [1] - Xi'an Tourism (000610) closed at 10.66, up 3.19%, with a trading volume of 180,100 shares and a transaction value of 190 million yuan [1] - Global Printing (002799) closed at 9.83, gaining 2.82%, with a trading volume of 116,600 shares and a transaction value of 113 million yuan [1] - Western Superconducting (688122) closed at 83.83, up 2.67%, with a trading volume of 125,500 shares and a transaction value of 1.047 billion yuan [1] - Shaanxi Coal and Chemical Industry (601225) closed at 22.66, gaining 2.63%, with a trading volume of 396,800 shares and a transaction value of 894 million yuan [1] Capital Flow Analysis - The Shaanxi state-owned enterprise reform sector experienced a net outflow of 165 million yuan from institutional investors, while retail investors saw a net inflow of 99.38 million yuan [2] - The main capital inflow was observed in Western Superconducting, with a net inflow of 1.23 billion yuan from institutional investors, despite a net outflow from retail investors [3] - North Yuan Group (601568) had a net inflow of 28.15 million yuan from institutional investors, while retail investors experienced a net outflow of 25.58 million yuan [3]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 28.05 CNY [5][12][16]. Core Insights - The company is a leader in the high-temperature alloy sector in China, benefiting from strong demand in the aerospace industry and a focus on technological self-sufficiency, which is expected to drive steady growth in performance [2][12]. - The company has a comprehensive product range that includes casting high-temperature alloys, deformed high-temperature alloys, and new high-temperature alloys, with applications in key national sectors such as aerospace, nuclear power, and gas turbines [12][27]. - The growth in military and civilian markets, along with the increasing defense budget and the upgrade of aerospace equipment, provides a resilient demand backdrop for high-temperature alloys [12][27]. Financial Summary - The company is projected to achieve total revenue of 3.648 billion CNY in 2025, with a year-on-year growth of 3.5%, and net profit attributable to the parent company is expected to be 132 million CNY [11][12]. - The earnings per share (EPS) for 2025 is estimated at 0.17 CNY, with a projected net profit margin of 3.4% [11][12]. - The company’s financial metrics indicate a net asset return (ROE) of 3.4% for 2025, with a price-to-earnings (P/E) ratio of 165 times based on the 2025 estimates [11][12][24]. Market Position - The company is positioned as a core supplier of high-temperature alloys for aerospace applications, with a strong market presence and a stable customer base [12][27]. - The company has a robust R&D investment strategy, focusing on new high-temperature alloys and additive manufacturing, which helps maintain its technological edge [12][27]. Growth Catalysts - Key growth drivers include the ramp-up of aerospace equipment orders, the implementation of domestic high-temperature alloy policies, and unexpected growth in demand from the civil aviation and gas turbine sectors [12][27].

二、时频测量行业发展现状 关键词：时频测量行业产业链、时频测量行业政策、时频测量市场规模、时频测量市场区域分布、时频 测量市场竞争格局、时频测量行业发展趋势 内容概要：时频测量是指利用量子态的高度稳定性和精确性，在多个重要领域实现高精度的时间同步。 随着现代信息化进程推进，时间码高精度测量需求升级及商业化加速，量子时频测量需求持续释放，市 场规模逐年增长。从区域分布来看，北美地区量子时钟发展发展较早，已经成为全球主要时频测量市 场。据统计，2024年全球量子时频测量领域市场规模达到6.4亿美元，其中，北美地区时频测量市场超 过全球40%的份额，欧洲占22%，中国占22%，亚太(除中国以外)约占9%。2025年全球量子时频测量领 域市场规模约6.77亿美元，预计2026年全球量子时频测量市场规模有望达到7.13亿美元。随着下游高端 领域需求扩张，时频测量设备的使用在关键国民经济领域不断得到推广，时频测量行业发展空间广阔。 一、时频测量行业定义及应用 上市企业：国盾量子(688027.SH)、天奥电子(002935.SZ)、西部超导(688122.SH)、光韵达(300227.SZ)、 国睿科技(600562.S ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 28.05 CNY [5][12][16]. Core Insights - The company is a leader in the high-temperature alloy sector in China, benefiting from strong demand in the aerospace industry and a focus on technological self-sufficiency, which is expected to drive steady growth in performance [2][12]. - The company has a comprehensive product range that includes casting high-temperature alloys, deformed high-temperature alloys, and new high-temperature alloys, with applications in key national sectors such as aerospace, nuclear power, and gas turbines [12][27]. - The military-civilian market synergy and resilient industry demand provide long-term support for growth, especially with increasing defense budgets and the upgrade of aerospace equipment [12][27]. Financial Summary - The company is projected to achieve total revenue of 3.648 billion CNY in 2025, with a year-on-year growth of 3.5%, and net profit attributable to the parent company is expected to be 132 million CNY [11][12]. - The earnings per share (EPS) for 2025 is estimated at 0.17 CNY, with a projected net profit margin of 3.4% [11][12]. - The company maintains a low net debt ratio of 6.39%, indicating a strong financial position [7]. Market Position - The company is positioned as a core supplier of high-temperature alloys for aerospace applications, with a stable customer base and strong capabilities across the entire industry chain [12][27]. - The company has a significant production capacity, including the ability to produce over 1,000 tons of aerospace-grade high-temperature alloy mother alloys annually [30][33]. Growth Drivers - Key growth catalysts include the ramp-up of aerospace equipment orders, the implementation of domestic high-temperature alloy policies, and unexpected growth in demand for civil aviation and gas turbines [12][27]. - The company is increasing its R&D investment to build technological barriers and ensure long-term stable growth [12][27]. Valuation Analysis - The target price of 28.05 CNY is based on a cautious assessment using a lower PE ratio of 165 times for 2025, reflecting the company's leading position and growth certainty in the high-temperature alloy sector [12][24]. - The report also considers comparable companies' average PE and PB ratios to establish a robust valuation framework [19][24].

Core Insights - The fusion industry is entering an accelerated phase driven by policy support and capital expenditure, with major countries expected to introduce fusion policies by 2025, marking a shift from laboratory research to industrial layout and regulatory framework construction [2] - Low-temperature superconductors are relatively mature, while high-temperature superconductors are expected to become the mainstream in the future, with magnetic materials being the core foundation for stable magnetic field confinement in fusion devices [2] Industry Overview - The magnet system is a core cost component of fusion projects, with the ITER project using low-temperature superconductors having 86% of its component costs attributed to parts, of which magnets account for 28% [3] - In high-temperature superconductor projects, the cost of the magnet system increases further, with the ARC project showing that magnets account for 46% of the total cost [3] Market Potential - The market size for second-generation high-temperature superconducting tapes for global controllable fusion devices is projected to reach 300 million yuan in 2024, with an expected growth to 4.9 billion yuan by 2030, representing a compound annual growth rate of 59.3% from 2024 to 2030 [3] Investment Recommendations - The magnet segment, being the highest value component in the fusion system, is currently transitioning from low-temperature to high-temperature technology validation and evolution, indicating a positive outlook for demand driven by the capital expenditure cycle in fusion [3] - Key suppliers in the magnet segment include: 1) Low-temperature superconductors: Western Superconductor 2) High-temperature superconductors: Shanghai Superconductor (not listed, controlled by Jingda Co., Ltd. (600577)), Lianchuang Optoelectronics (600363), Eastern Superconductor (not listed, a subsidiary of Yongding Co., Ltd. (600105)) 3) Core suppliers of tantalum and niobium: Dongfang Tantalum Industry (000962) [3]

Group 1 - The fusion industry is entering an accelerated phase driven by policy support and capital expenditure, with major countries expected to introduce fusion policies by 2025, marking a shift from laboratory research to industrial layout and regulatory framework construction [2][9] - Domestic policy support for controllable nuclear fusion is forming a clear advancement logic, with a national framework being established to optimize regulatory processes and provide clear guidance for technological research and development [6][8] - The superconducting materials landscape is characterized by a parallel development of low-temperature superconductors (NbTi, Nb₃Sn) and high-temperature superconductors (REBCO), with low-temperature superconductors currently supporting existing fusion operations and high-temperature superconductors poised to become key for next-generation high-field fusion technology breakthroughs [2][3][27] Group 2 - The magnet system is a core cost component of fusion projects, with the ITER project showing that component costs account for 86%, of which magnets represent 28%, primarily due to the reliance on high-cost low-temperature liquid helium for cooling [3][55] - In high-temperature superconducting projects, the cost of the magnet system is expected to increase further, as seen in the ARC project where the magnet system accounts for 46% of the total cost [57] - The global market for second-generation high-temperature superconducting tapes used in controllable nuclear fusion devices is projected to grow from 300 million yuan in 2024 to 4.9 billion yuan by 2030, with a compound annual growth rate (CAGR) of 59.3% from 2024 to 2030 [3][65] Group 3 - Investment recommendations focus on the magnet segment of the fusion system, which is currently transitioning from low-temperature to high-temperature technology, indicating a significant demand increase driven by the capital expenditure cycle in nuclear fusion [3][8] - The BEST project, aimed at bridging the gap between experimental and demonstration reactors, is expected to accelerate capital expenditure, with significant procurement activities already underway [59][63] - The global market for superconducting materials is expected to see substantial growth, driven by the increasing demand for high-temperature superconductors in fusion applications, with REBCO materials showing significant potential for enhancing magnetic field strength and reducing magnet size [27][31]

Group 1 - The article discusses the current advancements in nuclear fusion technology and key future milestones [1] - It highlights the operational status and financing situation of global nuclear fusion devices [2][6] - The article analyzes the value of key components such as magnet systems, divertors, and blanket systems, along with a breakdown of essential materials [7][8] Group 2 - ITER (International Thermonuclear Experimental Reactor) is set to begin plasma experiments with deuterium-tritium in 2036, with China responsible for 18 key component procurement packages [2][51] - The HL-3 (Chinese Circulation No. 3) aims to achieve a fusion triple product of 10^20 by May 2025, marking a significant advancement in fusion research [3] - EAST (Experimental Advanced Superconducting Tokamak) achieved a world record of 1 billion degrees Celsius for 1066 seconds in January 2025 [4] Group 3 - The BEST (Compact Fusion Energy Experimental Device) project is scheduled to be completed by 2027, with plans to demonstrate power generation by 2030 [5][71] - The global nuclear fusion industry is projected to attract over $7.1 billion in investment in 2024, with a compound annual growth rate of 5.1% expected until 2037 [6] - Key components in ITER, such as the magnet system, in-vessel components, and vacuum chamber, account for 28%, 17%, and 8% of the total construction cost, respectively [7][50] Group 4 - The article emphasizes the advantages of nuclear fusion energy, including high energy density, environmental friendliness, and safety [15][19] - It outlines the necessary conditions for achieving controlled nuclear fusion, which include sufficient temperature, density, and energy confinement time [19][20] - The article details the operational status of various fusion devices globally, with a focus on the number of devices in operation, under construction, and planned [36][44]