证券研究报告 [Table_ | 行业跟踪First] [Table_Main] 战略性矿产系列报告——铋：供需收 敛，半导体等需求打造第二增长曲线 报告要点 短期看，铋供需呈弱平衡态势，原料供给偏紧是铋价高位运行的重要支撑因 素，但出口走弱以及高库存水平限制回暖空间，短期铋价或将维持震荡态 势。中长期看，随着国内环保形势趋紧，冶炼原料供应紧张局面难以改变， 叠加库存水平仍较高，铋供给增速或仅保持在 2-4%左右；而随着电子及光 伏焊料、半导体热电材料等应用需求的高增长，全球铋消费量增速或达 8- 10%左右，供给过剩逐渐收敛，未来 2-3 年供需或达平衡状态。铋在超导、 核工业等高科技领域的应用突破，有望优化其需求结构，驱动长期价格中枢 上移。 铋为重要战略金属，广泛应用于医药、冶金、半导体等领域。铋位于元素周期 表第六周期 VA 族，具有一系列优良的物理化学特性，被美国、欧盟、日本等 列为战略性矿产，也是我国的关键矿产之一。2025 年 2 月，我国商务部、海 关总署公布对铋相关物项实施出口管制。铋行业的上游为采选冶炼，中游为 金属铋、铋基合金等铋产品加工，下游为冶金、医药化工、电子及半导体等应 用领域。 ...

Market Overview - On August 6, the A-share market experienced a slight upward trend with the Shanghai Composite Index rising by 0.45% to 3633.99 points, the Shenzhen Component Index increasing by 0.64% to 11177.78 points, and the ChiNext Index gaining 0.66% to 2358.95 points. The total trading volume reached 1.73 trillion yuan, an increase of 138 billion yuan compared to the previous trading day [2] - The U.S. stock market also saw gains on August 6, with the Dow Jones Industrial Average up by 0.18% to 44193.12 points, the S&P 500 rising by 0.73% to 6345.06 points, and the Nasdaq Composite increasing by 1.21% to 21169.42 points [2][5] - European stock indices all closed higher on August 6, with the FTSE 100 up by 0.24%, the CAC 40 up by 0.18%, and the DAX up by 0.33% [3][4] Sector Performance - In the A-share market, sectors such as PEEK materials, humanoid robots, and photolithography machines showed significant gains, while traditional Chinese medicine, tourism, and innovative pharmaceuticals faced declines [2] - The main sectors with net inflows included general equipment, automotive parts, and specialized equipment, while the chemical pharmaceuticals sector experienced the largest net outflow [12] Company News - Li Auto, China Automotive Technology and Research Center, and Dongfeng Liuzhou Motor reached a consensus regarding the Li Auto i8 collision test incident, emphasizing the importance of maintaining integrity and avoiding unfair competition in the automotive industry [6] - Biogen announced an expected revenue range of 35.8 billion to 38.1 billion yuan for 2025 [11] - SINO Medical's subsidiary received breakthrough medical device designation from the FDA for a product treating intracranial atherosclerosis, marking a significant milestone [11] Policy and Development Initiatives - The State Grid reported a record high electricity load of 1.233 billion kilowatts from August 4 to 6, reflecting a significant increase from last year's peak [7] - The Shanghai government released a plan to develop the embodied intelligence industry, aiming for a core industry scale of over 50 billion yuan by 2027 [8]

Group 1 - The core viewpoint of the news is that the AI Fund Tongtai New Energy 1-Year Holding Stock A has reported a profit of 186,900 yuan for the second quarter of 2025, with a net asset value growth rate of 0.93% [3] - As of July 18, the fund's unit net value is 0.892 yuan, and the fund manager, Chen Zongchao, has managed four funds with positive returns over the past year [3] - The fund has increased its investment weight in controllable nuclear fusion, which is seen as a potential future energy solution due to its advantages in fuel supply, low emissions, safety, and economic viability [3] Group 2 - As of July 18, the fund's one-year return rate is 18.88%, ranking 23 out of 44 comparable funds [4] - The fund's maximum drawdown since inception is 38.24%, with the largest quarterly drawdown occurring in Q1 2024 at 24.41% [12] - The top ten holdings of the fund as of the end of the second quarter of 2025 include Zhongke Technology, Xuguang Electronics, and others [19]

Group 1 - The superconducting electric high-speed maglev train project has successfully completed the first phase of prototype development, achieving a speed of 600 km/h [2] - The core technology of the train relies on high-temperature superconducting magnets, which can generate a magnetic field exceeding 5T, providing reliable traction [2] - The global high-temperature superconducting materials market is expected to exceed 10.5 billion by 2030, with a CAGR of 53.91% from 2024 to 2030 [2] Group 2 - Alibaba's Damo Academy has developed an AI for early cancer screening, serving 20 million people across 9 countries and regions [3] - The AI medical sector is anticipated to accelerate with major tech companies like Huawei and iFlytek entering the market, focusing on smart medical applications [3] Group 3 - Samsung is preparing to produce OLED displays for Apple's foldable iPhone, with a dedicated production line that has a monthly capacity of 125,000 units [4] - The global shipment of foldable smartphones is projected to grow from 17.8 million units in 2024 to 70 million units by 2027, with a CAGR of 57.8% [4][5] Group 4 - The offline air conditioning market in Northeast China has seen sales growth of over 800% due to extreme heat this summer [5] - Historical data indicates a strong correlation between temperature changes and air conditioning sales, suggesting a significant increase in demand due to global warming trends [5]

Investment Rating - The report does not explicitly state an investment rating for the company Core Insights - Shanghai Superconductor is the global leader in high-temperature superconducting tape, with a unique annual shipment exceeding 1,000 kilometers [3][11] - The company achieved a revenue of 240 million yuan in 2024, representing a year-on-year growth of 187.4%, and successfully turned a profit with a net profit of approximately 72.95 million yuan [3][19] - The market for high-temperature superconducting materials is expected to exceed 10.5 billion yuan by 2030, with a compound annual growth rate (CAGR) of 53.91% from 2024 to 2030 [3][72] Summary by Sections 1. Shanghai Superconductor: Global Leader in High-Temperature Superconducting Tape - The company was established in 2011 and has developed a comprehensive production process for second-generation high-temperature superconducting tape [3][11] - It is the only company globally with an actual annual shipment exceeding 1,000 kilometers of superconducting tape [3][11] 2. Technological Advancements Accelerating Downstream Application Industrialization - The second-generation high-temperature superconducting tape has advantages over the first generation, including higher critical temperature, higher current-carrying capacity, and lower production costs [3][45] - The market for controllable nuclear fusion is projected to grow from 300 million yuan in 2024 to 4.9 billion yuan by 2030, with a CAGR of 59.29% [3][72] 3. Core Technology and Equipment Independent Research and Development, Maintaining Industry Leadership - The company has three core competitive advantages: technology, equipment, and delivery capability [4][75] - It has achieved a domestic market share of over 80% in second-generation high-temperature superconducting tape, ranking first for three consecutive years from 2022 to 2024 [4][86] - The company aims to expand its production capacity to 15,000 kilometers within two to three years [4][11]

Investment Rating - The report does not explicitly state an investment rating for the company Core Views - Shanghai Superconductor is the global leader in high-temperature superconducting (HTS) wire, with a unique annual shipment exceeding 1,000 kilometers. The company achieved a revenue of 240 million yuan in 2024, a year-on-year increase of 187.40%, and a net profit of 72.94 million yuan, successfully turning a profit after previous losses. The market for HTS materials is expected to exceed 10.5 billion yuan by 2030, with a CAGR of 53.91% from 2024 to 2030, particularly driven by the controllable nuclear fusion sector, which is projected to grow from 30 million yuan in 2024 to 4.9 billion yuan by 2030, with a CAGR of 59.29% [3][71]. Group 1: Company Overview - Shanghai Superconductor was established in 2011 and has developed a comprehensive production process for second-generation HTS wire, covering equipment development, raw material formulation, coating technology, cutting and packaging, and quality control monitoring [3][10]. - The company has maintained a domestic market share of over 80% for second-generation HTS wire, ranking first for three consecutive years from 2022 to 2024 [4][86]. Group 2: Financial Performance - The company's revenue increased from 36 million yuan in 2022 to 240 million yuan in 2024, with a growth rate exceeding 100% for two consecutive years [18][24]. - The net profit improved from a loss of 26 million yuan in 2022 to a profit of 72.94 million yuan in 2024, marking a successful turnaround [18][24]. - The gross margin rose from 24.28% in 2022 to 60.72% in 2024, primarily due to cost reductions driven by economies of scale [24][38]. Group 3: Market Potential - The global market for HTS materials is projected to exceed 10.5 billion yuan by 2030, with significant growth in applications such as controllable nuclear fusion and superconducting cables [71][67]. - The controllable nuclear fusion market is expected to grow significantly, with a projected increase from 30 million yuan in 2024 to 4.9 billion yuan by 2030 [71][67]. Group 4: Competitive Advantages - The company’s core competencies include technology, equipment, and delivery capabilities, with its production technology reaching international advanced levels [4][76]. - Shanghai Superconductor is one of only two companies globally capable of producing over 1,000 kilometers of HTS wire annually, highlighting its leading position in the industry [86][4].

Core Viewpoint - Shanghai Superconductor's IPO application has been accepted, aiming to raise funds for the production of second-generation high-temperature superconducting tapes and its headquarters project, with significant growth in revenue and profitability expected in the coming years [1][4]. Company Overview - Shanghai Superconductor is a high-tech enterprise focused on the research, production, and sales of high-temperature superconducting materials, recognized as one of the global leaders in this field [2]. - The company has established strong partnerships with numerous well-known domestic and international enterprises and research institutions, covering a wide range of applications including controlled nuclear fusion and advanced medical technologies [2]. Financial Performance - The company has shown rapid revenue growth, with total revenues of approximately 35.78 million yuan in 2022, 83.34 million yuan in 2023, and an expected 239.53 million yuan in 2024, reflecting a compound annual growth rate of 158.74% [4]. - The company is projected to achieve profitability in 2024, with a net profit of approximately 72.95 million yuan, after experiencing losses in the previous two years [4]. Product and Market Dynamics - The second-generation high-temperature superconducting tape is the primary revenue source, with its revenue share increasing from 69.84% in 2022 to 97.8% in 2024, driven by increased production and sales [1]. - The sales volume of the second-generation high-temperature superconducting tape is expected to rise significantly from 68.72 kilometers in 2022 to 955.47 kilometers in 2024, while the unit production cost is projected to decrease from 262 yuan per meter to 92.91 yuan per meter [9]. Customer Concentration and Competition - The company has a high customer concentration, with the top five customers accounting for over 70% of total revenue, raising concerns about dependency on a limited customer base [1][12]. - The high-temperature superconducting materials industry is characterized by high technical barriers and limited suppliers, but increasing competition is anticipated as several manufacturers, including Shanghai Superconductor, are planning to expand production capacity [10][12].

Core Viewpoint - Shanghai Superconductor Technology Co., Ltd. is focusing on the research, production, and sales of high-temperature superconducting materials and has initiated its IPO on the Shanghai Stock Exchange, aiming to raise 1.2 billion yuan [1][6]. Company Overview - Shanghai Superconductor is a high-tech enterprise and one of the global leaders in high-temperature superconducting materials production, with a significant market share in China [3]. - The company has developed its own production line and is one of only two manufacturers worldwide capable of mass-producing over 1,000 kilometers of second-generation high-temperature superconducting tape annually [3]. Market Position - Shanghai Superconductor holds over 80% of the domestic market share for second-generation high-temperature superconducting tape, ranking first for three consecutive years from 2022 to 2024 [3]. - The company has established strong partnerships with numerous well-known domestic and international enterprises and research institutions, including Southern Power Grid and the Chinese Academy of Sciences [3]. Product Applications - The company's products support several demonstration projects, including the world's highest voltage superconducting current limiters and the first full high-temperature superconducting tokamak [4]. - The main product, second-generation high-temperature superconducting tape, is used in various applications such as controllable nuclear fusion, superconducting electricity, and advanced medical equipment [4]. Financial Performance - From 2022 to 2024, the company is projected to achieve revenues of 35.78 million yuan, 83.34 million yuan, and 240 million yuan, with net profits of -26.11 million yuan, -3.91 million yuan, and 72.95 million yuan respectively [5]. - The company has a dispersed shareholding structure with no controlling shareholder, and the largest shareholder holds only 18.15% of the shares [5]. IPO and Future Plans - The IPO proceeds will be used to enhance the production capacity of second-generation high-temperature superconducting tape and to establish a headquarters base, with the project included in Shanghai's major construction plans for 2025 [6]. - Once fully operational, the new production line is expected to add 6,000 kilometers of second-generation high-temperature superconducting tape annually [6].

Core Viewpoint - Shanghai Superconductor Technology Co., Ltd. (Shanghai Superconductor) has successfully submitted its IPO application on the STAR Market, backed by Shanghai Kechuang Group, which has played a crucial role in its development and growth since 2014 [1][3]. Company Development - Shanghai Kechuang Group has been a significant shareholder of Shanghai Superconductor, providing strategic investment and support during critical phases of its development, particularly during its technological challenges in 2014 [3]. - The company has achieved a leading position in the global high-temperature superconducting materials market, with its products being utilized in various advanced applications, including controlled nuclear fusion and high-end manufacturing [4]. Market Position - Shanghai Superconductor is recognized as one of the world's leading manufacturers of high-temperature superconducting materials, with a domestic market share exceeding 80% for its second-generation high-temperature superconducting tapes, ranking first for three consecutive years from 2022 to 2024 [4]. - The company has established strong partnerships with numerous well-known domestic and international enterprises and research institutions, enhancing its market presence and technological capabilities [4].

Core Viewpoint - Shanghai Superconductor Technology Co., Ltd. has initiated its IPO on the Shanghai Stock Exchange's Sci-Tech Innovation Board, aiming to raise 1.2 billion RMB for the development of high-temperature superconducting materials, which are crucial for various advanced applications in energy and transportation sectors [1][2]. Company Overview - Shanghai Superconductor is a high-tech enterprise focused on the research, production, and sales of high-temperature superconducting materials, particularly the second-generation high-temperature superconducting tapes [1]. - The company is one of only two global manufacturers capable of producing over 1,000 kilometers of second-generation high-temperature superconducting tapes annually [1][2]. Market Position - The company holds over 80% market share in the domestic market for second-generation high-temperature superconducting tapes and has ranked first for three consecutive years from 2022 to 2024 [2]. Financial Overview - Projected revenues for the years 2022, 2023, and 2024 are approximately 35.78 million RMB, 83.34 million RMB, and 240 million RMB, respectively, with net profits expected to shift from losses in 2022 and 2023 to a profit of 72.01 million RMB in 2024 [4][5]. - Total assets are projected to grow from 588.16 million RMB in 2022 to 841.98 million RMB in 2024, with equity attributable to shareholders increasing from 464.06 million RMB to 623.06 million RMB over the same period [5]. Investment Plans - The funds raised from the IPO will be fully allocated to the construction of the second-generation high-temperature superconducting tape production and headquarters base project [3].