Core Viewpoints - The issuance of new convertible bonds has been relatively low this year, with less than 50 bonds issued and a total scale of less than 500 billion, leading to a scarcity that has attracted market attention [12][14] - New bonds listed since July have closed above 140, indicating strong market demand, and the pricing strategy for new bonds is crucial for obtaining returns [2][12] - Two main strategies for institutions to gain returns from new bonds include buying on the second day after listing and participating in rights offerings [2][27] Market Review - The stock market has been experiencing fluctuations, with the Shanghai Composite Index and ChiNext Index showing declines of 0.18% and 3.01% respectively, indicating a technical pressure around the 4000-point mark [34] - The consumer sector has shown strength, while technology stocks have faced significant pullbacks, influenced by CPI/PPI data and external market conditions [34][55] - The convertible bond market has seen a rise in the index, with the average transaction volume increasing, reflecting a high valuation environment [44][47] Convertible Bond Investment Strategy - The current valuation of convertible bonds is at a high level, with the average premium rate for bonds priced between 90-110 at approximately 30.06%, indicating limited upward momentum [47][55] - A neutral overall view is suggested, with a focus on trading opportunities as the premium rate approaches around 26% [55] - Specific sectors to watch include high-growth areas such as non-ferrous metals, electronics, battery storage, and military industries, as well as themes like AI computing and solid-state batteries [55] Primary Market Tracking - Recently, one new bond was issued, and several companies have received approvals for bond issuance, indicating ongoing activity in the convertible bond market [56][58]

Core Viewpoint - The company is actively involved in the development of welding materials for controlled nuclear fusion devices, focusing on conventional materials like carbon steel and stainless steel [1] Group 1 - The company has already applied some welding materials in the manufacturing of controlled nuclear fusion devices [1] - The focus of the current welding materials is on relatively conventional options such as carbon steel and stainless steel [1] - The company is making efforts to develop mid-to-high-end welding materials to achieve self-sufficiency in key welding materials [1] Group 2 - The goal is to align the development of welding materials with future engineering and commercialization needs of fusion reactors [1]

Company Overview - The company was established in 1955 and joined the Xizi Elevator Group in 2002, listed on the Shenzhen Stock Exchange in 2011, and renamed Xizi Clean Energy Equipment Manufacturing Co., Ltd. in 2022 [4] - The main business includes the consulting, R&D, production, sales, installation, and engineering contracting of waste heat boilers and clean energy power generation equipment [4] Business Segments - The company operates in four main segments: waste heat boilers, clean energy equipment, solutions, and spare parts & services [4] - Waste heat boilers include products for power generation, steel, cement, and other high-energy-consuming industries [4] - Clean energy equipment encompasses waste incineration boilers, biomass boilers, and nuclear power equipment, primarily serving waste treatment plants and nuclear power stations [4] Nuclear Power Sector - The company has over 20 years of experience in the nuclear power sector, holding licenses for civil nuclear manufacturing [4][5] - It has supplied 186 conventional island pressure vessels and heat exchangers to multiple nuclear power stations [4] - A joint venture, Hangzhou Xizi Nuclear Technology Co., Ltd., was established in August 2025 to expand into the nuclear power market [5] International Expansion - The company focuses on Southeast Asia, South America, and countries along the Belt and Road Initiative for overseas markets [6] - Since 2024, the proportion of new orders from overseas markets has been increasing, contributing significantly to the company's performance [6] Order Status - In the first three quarters of 2025, the company achieved new orders totaling CNY 4.054 billion, with specific segments as follows: - Waste heat boilers: CNY 1.196 billion - Clean energy equipment: CNY 426 million - Solutions: CNY 1.94 billion - Spare parts & services: CNY 492 million [7] - As of September 30, 2025, the total orders on hand amounted to CNY 5.884 billion [7] Product Delivery and Market Position - The delivery cycle for boiler products typically ranges from 6 to 12 months for domestic projects, with longer timelines for overseas projects [8] - The company holds over 50% market share in the domestic gas turbine waste heat boiler sector, recognized as a leader in the industry [9] Collaboration with Kexin Technology - Kexin Technology is a leading provider of tower solar thermal power and molten salt energy storage solutions, with significant market shares in recent projects [10] - The company collaborates closely with Kexin Technology, supplying critical components for solar thermal projects and holding a 3.25% equity stake in Kexin Technology [10]

Core Viewpoint - Shanghai Electric is actively involved in multiple significant projects related to controllable nuclear fusion, showcasing its capabilities in advanced engineering and technology [1] Group 1: Project Involvement - The company has participated in several major engineering projects, including the domestic first burning plasma fusion energy experimental device BEST and the international ITER project, which is the world's largest magnetic confinement tokamak fusion reactor [1] - Other notable projects include the EAST "Chinese Super Ring," the CRAFT project, the HH70 device, and the EXL-50, which is the world's first compact spherical ring hydrogen-boron fusion physics experimental device [1] Group 2: Recent Developments - Recently, a magnet cold test dewar device, jointly constructed by Shanghai Electric and the Chinese Academy of Sciences, successfully arrived at the ITER site in Cadarache, France [1] - This dewar device measures 22.16 meters in length, 10.5 meters in width, and 6.01 meters in height, with a total weight of 330 tons, designed specifically for performance testing of superconducting magnets in extremely low-temperature environments [1]

Core Viewpoint - The article highlights the rapid advancement of controllable nuclear fusion technology, particularly focusing on the key material, high-temperature superconducting tape, which is attracting significant capital interest. Shanghai Superconductor Technology Co., Ltd. is positioned as a leader in this field, with its IPO on the Sci-Tech Innovation Board aiming to raise 1.2 billion yuan for production and headquarters projects [1][2]. Company Overview - Shanghai Superconductor, established in 2011, is one of only two companies globally capable of producing over 1,000 kilometers of second-generation high-temperature superconducting tape annually, the other being a Japanese firm, FFJ [1][14]. - The company holds a dominant position in the domestic market with a market share exceeding 80% [2][14]. Product and Technology - High-temperature superconducting materials exhibit zero electrical resistance and complete magnetic resistance at extremely low temperatures, making them crucial for applications in energy transmission, medical imaging, and quantum computing [4]. - The second-generation high-temperature superconducting tape, produced by Shanghai Superconductor, is characterized by superior mechanical strength, lower raw material costs, and high current-carrying capacity, gradually replacing the first generation in emerging applications like controllable nuclear fusion [4][5]. Market Dynamics - The global commercialization of nuclear fusion has seen significant investment, with cumulative financing in the field reaching approximately $9.766 billion, an increase of $2.643 billion from the previous year [12]. - The demand for high-temperature superconducting tape is expected to grow rapidly, with the market size in the controllable nuclear fusion sector projected to increase from approximately 722 million yuan in 2025 to about 2.144 billion yuan by 2027 [12]. Financial Performance - Shanghai Superconductor's revenue has shown significant growth from 36 million yuan in 2022 to an estimated 240 million yuan in 2024, with a net profit of 72.01 million yuan expected in 2024 [15]. - The company experiences seasonal revenue fluctuations, with a substantial portion of its income concentrated in the fourth quarter due to the budget management practices of its major clients, which include large state-owned enterprises and research institutions [16]. Client Base - The client base of Shanghai Superconductor is highly concentrated, with the top five clients accounting for 75% to 85% of total revenue during the reporting period [16]. - A significant portion of revenue in the first half of 2025 is expected to come from the Chinese Academy of Sciences, which has been a stable partner since 2015 [16].

Core Viewpoint - The defense and military industry is experiencing significant activity due to escalating geopolitical tensions, with the defense military ETF (512810) showing strong performance and attracting substantial investment [1][5]. Market Performance - The defense military ETF (512810) opened over 2% higher and closed with a gain of 1.33%, outperforming the broader market [1]. - The ETF traded at a premium throughout the day, indicating strong buying interest, with nearly 90 million yuan invested in the previous 10 days [1]. - The ETF recorded a trading volume of 99.74 million yuan, a more than 113% increase compared to the previous period, reflecting a significant bullish sentiment [3]. Geopolitical Influence - Recent provocative statements from Japan and ongoing conflicts, such as the Russia-Ukraine war, have heightened geopolitical uncertainties, potentially increasing international military trade demand [5]. - Analysts suggest that the defense and military sector may see sustained growth due to these geopolitical factors, alongside the gradual realization of related orders in the fourth quarter [5]. Industry Outlook - The defense and military industry is expected to benefit from geopolitical risks, technological advancements, and policy support, with potential for high-end weapon exports and a revaluation of core assets [5]. - A report from CITIC Securities indicates a transformation in China's defense industry from "cyclical growth" to "comprehensive growth," driven by domestic demand, foreign trade expansion, and civilian contributions [5]. Investment Strategy - The defense military ETF (512810) is highlighted as an efficient investment tool for accessing core assets in the defense sector, covering various themes such as commercial aerospace, low-altitude economy, controlled nuclear fusion, large aircraft, deep-sea technology, and military AI [5].

Core Viewpoint - The company has made progress in developing welding materials for controlled nuclear fusion applications, focusing on conventional materials like carbon steel and stainless steel [1] Group 1 - The company has existing welding materials applied in the manufacturing of controlled nuclear fusion devices [1] - The company is actively investing in the research and development of mid-to-high-end welding materials [1] - The goal is to achieve self-sufficiency in key welding materials to meet future engineering and commercialization needs for fusion reactors [1]

Core Viewpoint - Zhongzhou Special Materials (300963.SZ) has stated that its products have not yet been applied in the field of controllable nuclear fusion [1] Company Summary - The company is currently not involved in the practical application of its products for controllable nuclear fusion [1]

Focus Review - The robotics sector is attracting significant investment, with companies like Wujie Power completing a 300 million RMB angel round led by Sequoia China and Linear Capital, and total financing exceeding 500 million RMB [4][8] - In the semiconductor sector, Yunmai Chip Link secured over 500 million RMB in Series A funding led by Shanghai Science and Technology Group, while Shanghai Bopu Semiconductor also completed a multi-hundred million RMB Series A round [4][14] - The healthcare sector is seeing a focus on AI medical innovations, with companies like Tairex completing nearly 100 million RMB in angel funding and Hangzhou Quanzhen Medical Technology announcing a 100 million RMB Series B round [5][29] Robotics Sector - Wujie Power completed a 300 million RMB angel round, with participation from top-tier VC firms [8] - Shanghai Roboparty Technology secured a seed round of 10 million USD, led by Matrix Partners and Xiaomi [17] - Paitena Robotics announced several million RMB in Series A funding, led by Huachuang Capital [7] Semiconductor Sector - Yunmai Chip Link raised over 500 million RMB in Series A funding, with significant participation from existing shareholders [14] - Bopu Semiconductor completed a multi-hundred million RMB Series A round, led by Shanghai International Group [18] - Giant Wind Semiconductor also completed a multi-hundred million RMB financing round [9] Healthcare Sector - Tairex completed nearly 100 million RMB in angel funding, led by Xinglian Capital [27] - Hangzhou Quanzhen Medical Technology announced a 100 million RMB Series B round, with strategic investments from listed companies [29] - Cornerstone Robotics raised approximately 200 million USD in a new funding round, supported by various global investors [25] Other Sectors - AI legal service company Dealism completed a 15 million USD angel round led by GL Ventures [38] - Infrawaves, an AI infrastructure provider, raised nearly 100 million RMB in Series B funding [37] - XDream Robotics announced multiple rounds of financing, with participation from GL Ventures and other institutions [11]

代码有"八一"的国防军工ETF（512810）同时是融资融券+互联互通标的，是一键投资国防军工核 心资产的高效工具，覆盖商业航天 + 低空经济 + 可控核聚变 + 大飞机 + 深海科技 + 军用AI 等诸多热门 主题。 每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 地缘局势骤然趋紧，11月17日，国防军工板块跳空高开，场内热门国防军工ETF（512810）急速冲 涨逾2%。成份股方面，天海防务飙升逾11%，长城军工、航天发展开盘一字涨停。值得关注的是，早 有资金提前部署。截至11月14日，国防军工ETF（512810）近10个交易日内有9日资金净流入，金额合 计近9000万元。 消息面上，日本首相日前公然发表挑衅言论，地缘局势不确定性加剧。中泰证券指出，在我国核心 利益受到外部威胁的情况下，国防建设投入有望持续加大，"百年建军目标"和推动"国防和军队现代 化"等规划 ...