强降雨仍在持续中，截至今晨，中央气象台已连续11天发布暴雨预警。不过今天，强降雨雨带将略有南 压，降雨强度也会有所减弱；明天，南方此轮强降雨过程将进入收尾阶段。 中央气象台预计，今天，江南东北部和西部、贵州南部、云南中西部、广西北部以及甘肃东部、陕西西 部等地部分地区有大到暴雨，其中，浙江东北部、云南西南部、广西东北部等地局地有大暴雨。 明天，西藏南部和东部、青海东部、甘肃中南部、四川西部、贵州中南部、云南西部、江南北部和西南 部、广西北部等地部分地区有中到大雨，其中，西藏东南部、四川盆地西部、贵州东南部、湖南东部、 江西北部、广西东北部等地部分地区有暴雨。 央视网消息：据中国天气网，南方旷日持久的强降雨仍在持续！不过今天（6月22日），强降雨雨带将 略有南压，降雨强度也会有所减弱；明天，此轮强降雨过程将进入收尾阶段。气温方面，进入夏至节气 后，南北方都将有高温天气发展，未来几天将形成北方干热、华南闷热的局面。 今明天强降雨带南压减弱 25日起新一轮降雨过程发展 6月17日夜间以来，贵州、广西至江汉、江淮一带出现持续强降雨天气。昨天，南方地区雨势依然不 减，监测显示，昨日8时至今日6时，江苏西南部、安徽南部、 ...

Group 1 - The Central Meteorological Administration has issued yellow alerts for heavy rain and high temperatures [1] - Certain regions in southern Hebei, northern Shandong, and eastern Xinjiang are experiencing high temperatures, with local temperatures exceeding 40°C [1]

总体来看，未来几天，广西北部、贵州南部到湖南北部、湖北东部等地降雨持续时间长，强降雨落区重 叠度高，暴雨致灾风险很高。公众需警惕持续降雨或局地强降雨可能引发的城市暴雨积涝、中小河流洪 水等次生灾害。 夏至节气开启 华北将现持续性高温天气 具体来看，中央气象台预计，今天，江淮大部、江汉东部、江南北部和西部、西南地区东部和南部、广 西中西部等地部分地区有大到暴雨，其中，安徽中南部、湖北东部、湖南西部等地部分地区有大暴雨， 局地特大暴雨。 明天，江苏南部、上海、浙江北部、安徽南部、江西北部、湖南中部、贵州东南部、广西北部、云南中 南部等地的部分地区有大到暴雨，局地有大暴雨。 央视网消息：据中国天气网，预计周末两天（6月21日至22日），贵州到长江中下游一带的强降雨仍将 持续，强降雨落区东段将逐渐南压，部分地区将有暴雨或大暴雨，局地特大暴雨。此外，今天迎来夏至 节气，南北方多地气温居高不下。特别是华北一带，今天起将迎来持续5至6天的高温天气，公众需做好 防暑降温措施。 南方强降雨带缓慢南压 安徽湖北等地暴雨如注 昨天，西南地区到长江中下游等地的强降雨进一步增强，多地暴雨如注。监测显示，20日8时至21日6 时，云南东 ...

他们的研究结合了死亡风险和天气预报，估计本周持续的高温可能已经导致周四114人死亡，周五152人 死亡，周末可能会造成303人死亡。 科学家警告称，英国老年人和其他弱势群体本周末面临高温死亡风险。一项新研究表明，近期高温可能 在短短四天多时间内造成570人死亡。伦敦卫生与热带医学院和伦敦帝国理工学院的研究人员于周六发 布了一份实时分析报告，计算了预计周四至周日因高温死亡的人数。 ...

Core Viewpoint - Shanghai Superconductor Technology Co., Ltd. has initiated its IPO process on the Sci-Tech Innovation Board, aiming to raise 1.2 billion yuan, with China International Capital Corporation (CICC) as the sponsor [1][3]. Group 1: IPO Journey - The company was established on October 18, 2011, with a registered capital of 520 million yuan, focusing on high-temperature superconducting materials [3]. - Key milestones include the start of IPO counseling on November 28, 2024, and the acceptance of the IPO application on June 18, 2025 [3]. Group 2: Business and Governance Risks - The company faces high customer concentration, with the top five clients contributing over 70% of revenue. A 30% decline in the State Grid's procurement volume in 2024 has led to an increase in inventory turnover days to 287 days, compared to 180 days in 2022 [5][6]. - The commercial viability of its technology is questioned, as claims of entering fields like controlled nuclear fusion and medical devices remain unproven, with large-scale applications expected to take 5-10 years to develop [7]. - The chairman, Ma Tao, has limited public information available, and his past associations raise concerns about governance and transparency [8][10]. Group 3: Financial Data Analysis - The company reported revenues of 0.35 billion yuan in 2022, increasing to 0.83 billion yuan in 2023, and projected to reach 2.39 billion yuan in 2024. However, it also faced net losses of 0.28 billion yuan in 2022 and 0.04 billion yuan in 2023, with a projected profit of 0.72 billion yuan in 2024 [12]. - The high accounts receivable, which accounted for 52% of revenue, raises concerns about the quality of earnings, especially given that some major clients are relatively new companies [12]. - The company plans to expand its production capacity significantly, aiming for an annual output of 6,000 kilometers, while the global market for high-temperature superconducting materials is only about 50 kilometers in 2024, indicating a severe supply-demand mismatch [12]. Group 4: Regulatory Inquiry Anticipation - The company may face inquiries regarding its technology commercialization capabilities, governance structure without a controlling shareholder, and high accounts receivable potentially indicating bad debt risks [13]. - Investors are advised to monitor three critical signals: the ability to diversify the customer base, the potential for positive cash flow, and the feasibility of capacity utilization [13].

Market Overview - The Shanghai and Shenzhen stock markets opened mixed on June 20, with the Shanghai Composite Index and Shenzhen Component Index slightly lower, while the ChiNext Index opened slightly higher [1] - The market saw initial gains followed by a pullback, with the Shanghai Composite Index experiencing narrow consolidation during the day [1] - By midday, the Shanghai Composite Index was at 3364.83 points, up 0.08%, with a trading volume of approximately 248.3 billion yuan; the Shenzhen Component Index was at 10032.64 points, down 0.19%, with a trading volume of approximately 422.7 billion yuan; the ChiNext Index was at 2015.47 points, down 0.56%, with a trading volume of approximately 213.9 billion yuan [1] Sector Performance - The railway equipment, photovoltaic, and gaming sectors showed strong performance at the market open, while digital currency, oil and gas, and precious metals sectors faced declines [1] - The BC battery, photolithography machine, and solid-state battery sectors initially strengthened but retreated after reaching highs; meanwhile, the liquor, port shipping, and logistics sectors continued to perform well throughout the day [1] - Financial stocks, including banks and insurance, experienced slight gains, with institutions like Pudong Development Bank and Hangzhou Bank reaching historical highs [1] AI and Technology Investment Insights - CITIC Securities highlighted a resurgence in AI network construction driven by the demand for AI reasoning and training, as well as the maturity of ASIC chips, suggesting a positive outlook for the optical module and copper cable sectors [2] - Huatai Securities noted significant growth in Shanghai Superconductor, a leader in high-temperature superconducting materials, indicating an acceleration in the industry driven by controllable nuclear fusion demand [2] - China International Capital Corporation (CICC) emphasized that the current AI market is still in its early stages, recommending attention to opportunities in AI hardware and applications, particularly in areas like embodied intelligence and autonomous driving [2] E-commerce and International Cooperation - The Ministry of Commerce reported that the number of Silk Road e-commerce partner countries has increased to 35, reflecting China's expanding international e-commerce cooperation [3] - In the first five months of 2025, China's e-commerce sector demonstrated strong growth, with significant increases in sales across various digital products and services [3] Energy Consumption Data - The National Energy Administration reported that China's total electricity consumption in May reached 809.6 billion kilowatt-hours, marking a year-on-year increase of 4.4% [4] - Breakdown of electricity consumption by sector showed the first industry at 11.9 billion kilowatt-hours (up 8.4%), the second industry at 541.4 billion kilowatt-hours (up 2.1%), and the third industry at 155 billion kilowatt-hours (up 9.4%) [4]

今日早参 2025 年 6 月 20 日 张继强 研究所所长、固收首席研究员 座机：13910012450 邮箱：zhangjiqiang@htsc.com 刘俊 能源转型首席研究员 座机：85293275834 邮箱：karlliu@htsc.com 今日热点 固定收益：不确定性下保持耐心 —6 月 FOMC 点评 美联储召开 6 月 FOMC 会议，联邦基金利率目标区间维持在 4.25~4.5%， 连续四次维持利率不变，符合市场预期。会议声明中，"经济前景的不确定 性进一步增加"修改为"不确定性有所下降，但仍处于较高水平"；删除了 "认为高失业和高通胀的风险都有所上升"；总体表述与 5 月声明基本一 致。 风险提示：美国通胀超预期，地缘政治风险超预期。 研报发布日期：2025-06-19 研究员 张继强 SAC:S0570518110002 SFC:AMB145 陶冶 SAC:S0570522040001 战略：能源转型新技术观察（4）：从龙头公司招股书看高温超 导产业趋势 6 月 18 日，中国高温超导带材龙头上海超导披露了科创板上市招股说明书 （申报稿）。公司 2023、24 年实现营业收入 0.83 ...

来 源 ：中央气象台、中国天气网 今起三天，6月19日至21日，正在影响我国的降雨过程将进入核心影响时段，贵州 至黄淮南部、江淮一带雨势较强， 局地有特大暴雨 ，此次降雨持续时间长，局地累 计雨量大，需加强防范强降雨可能引发的山体滑坡、泥石流等次生灾害。受降雨影 响，中东部高温范围缩减，但江南、华南多地闷热不下线，公众需持续做好防暑工 作。 今起三天，此轮降雨将进入核心影响时段，强降雨区域东扩，贵州至黄淮南部、江淮一 带雨势猛烈。其中，今天，黄淮中东部、江淮、江汉、重庆东部、湖南西部和北部、江 西北部、贵州东部和南部、云南东部、广西北部等地部分地区有大到暴雨，安徽中北 部、江苏中部、湖北东北部和西南部、湖南北部、贵州南部、广西北部等地部分地区有 大暴雨， 贵州西南部等地局地特大暴雨 。 明天，黑龙江东北部、吉林东部、江淮、江汉中南部、江南北部、贵州南部、云南东南 部、广西西北部等地部分地区有大到暴雨，其中，安徽中部、江苏中部、湖北东北部和 西南部、湖南西北部、贵州东南部、广西西北部等地部分地区有大暴雨，湖北西南部和 湖南西北部等地局地特大暴雨。 后天，江淮、江汉东南部、江南北部、贵州中南部、云南中西部、广西西 ...

可控核聚变系列 - 高温超导 20250618 摘要 超导材料依据理论可分为第一类和第二类，其中第二类超导体因可形成 混合态而更具实用价值。实用化的超导材料又分为低温超导和高温超导， 后者可在液氮条件下工作，更具应用前景。 高温超导带材主要分为铜基（如铋系和钇钡铜氧）和铁基两类。铋系已 商业化但性能在磁场下衰减较快，YBCO 性能更稳定成本更低。中国在 铁基超导领域取得显著突破，实现全铁基磁体等应用。 高温超导相比低温超导具有临界磁场更高、可使用液氮冷却等优势，液 氮相较于受限的液氦更具战略意义。高温超导在科研装置和医疗设备中 逐渐替代低温超导，以避免技术瓶颈。 临界电流密度（JC）是超导材料的重要参数，高温超导材料的 JC 可达兆 安每平方厘米量级，允许通过更大电流，从而实现更紧凑的磁体设计， 提高磁场强度。 高温超导材料通常为陶瓷类，加工成带材需真空镀膜等复杂工艺，成本 较高；低温超导为金属合金类，采用拉拔工艺，加工相对简单。高温超 导行业发展空间大，性能提升、产率提高和设备优化是关键。 Q&A 什么是超导材料，它与半导体材料有何区别？ 超导材料是一种完全无电阻的材料，与半导体材料有本质上的区别。半导体的 ...

Core Viewpoint - The article emphasizes the health risks posed by high temperatures to individuals with hypertension, hyperglycemia, and hyperlipidemia, and provides expert recommendations for managing these risks during summer months [1][2]. Group 1: Health Risks - High temperatures increase sweating, leading to higher blood viscosity and reduced blood flow to the brain, which raises health risks for vulnerable populations [1]. - Elderly individuals are particularly affected due to weakened vascular regulation, which can lead to unstable blood pressure and loss of essential nutrients [1]. - Summer heat can elevate triglyceride levels due to dehydration, increasing the risk of atherosclerosis, while metabolism may lower cholesterol levels seasonally [1]. Group 2: Recommendations for Management - Individuals with "three highs" (hypertension, hyperglycemia, hyperlipidemia) should ensure adequate water intake and adjust outdoor activities to cooler times of the day [2]. - Dietary adjustments are recommended, including reducing high-fat, high-sugar foods and increasing whole grains, along with incorporating cooling foods like lotus seeds and lily bulbs [2]. - It is advised to avoid emotional stress to prevent significant blood pressure fluctuations, and those on medication should adhere to their regimen and monitor their health regularly [2].