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].

Core Viewpoint - The article emphasizes the increased cardiovascular risks during summer due to high temperatures and suggests various protective measures for heart health. Group 1: Summer Heart Risks - Cardiovascular disease-related mortality increases by 2.1% for every 1°C rise in temperature [1] - Heart attack cases surge during summer, particularly after the hottest days, due to three main pressures: temperature extremes, cold food consumption, and emotional stress [1][2][3] Group 2: Recommendations to Avoid Heart Risks - Avoid drinking ice water immediately after exercise to prevent sudden blood vessel constriction and increased blood pressure [4] - Do not blow air conditioning directly on oneself after sweating; allow the body to adjust gradually [5] - Wait 10-15 minutes after sweating before taking a cold shower to prevent blood vessel spasms [6] - Limit sugary drinks; consuming more than two servings daily increases cardiovascular disease risk by approximately 21% [7] Group 3: Heart Health Practices - Drink warm water before bed and upon waking to dilute blood and reduce clotting risk [9] - Drink small amounts of water frequently rather than large quantities at once to avoid overloading the heart [10] - Incorporate fresh fruits and vegetables into the diet to ensure adequate potassium intake and support heart health [11] - Take short naps during the day to alleviate fatigue and support heart health [12] - Engage in brisk walking for at least 30 minutes daily to lower the risk of heart disease and stroke [13]

Summary of Key Points Core Viewpoint - The weather in Hangzhou is experiencing high temperatures, with a peak of 35.1℃, and is expected to shift to rainy conditions over the weekend as the rainy season returns [1] Group 1: Weather Conditions - Hangzhou is currently experiencing high temperatures, with the highest reaching 35.1℃, and multiple weather stations across the province reporting similar high temperatures [1] - The high temperatures are expected to persist until Saturday (June 21), with daytime highs remaining between 34-36℃ [1] - After June 22, the subtropical high pressure will weaken, leading to systematic rain and thunderstorms returning to Hangzhou [1] Group 2: Rainy Season and Weather Alerts - The rainy season is returning, with potential for afternoon thunderstorms and localized heavy rain, necessitating caution for severe weather conditions such as lightning and strong winds [1] - Residents are advised to carry umbrellas and stay updated on weather forecasts and warnings during this transitional period [1] Group 3: Temperature Fluctuations and Health Precautions - As the rainy season returns, the range of high temperatures across the province will significantly decrease [2] - From June 25, high temperatures above 35℃ are expected to return as the subtropical high pressure strengthens again [2] - Recommendations include maintaining a comfortable air conditioning temperature around 26℃, ensuring proper hydration, and avoiding sudden temperature changes to prevent health issues [2]

2025 年 06 月 19 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2025 年第 102 期 观点精粹: 最新报告摘要 全球燃气轮机和航空发动机需求大增，关注铬盐和高温合金行业--行业动态研究 5 月规上工业火电同比增速由负转正、煤炭进口缩量显著，关注动力煤基本面持续改善--行业动态研究 影响土地市场的五大因素--宏观深度研究 小商品城(600415.SH)公司深度报告：产业集群实现"买卖全球"，多轮驱动价值重估--小商品城/一般零售 (600415/214503) 公司 PPT 报告 五大业务多元发展，拟收购三爱富股权打开成长空间--华谊集团/化学原料(600623/212202) 公司动态研究 九华旅游(603199) 深度报告：一体化文旅平台夯实基本盘，稀缺资产驱动长期成长 --九华旅游/旅游及景区 (603199/214610) 公司（产业）PPT 报告 证券研究报告 1、最新报告摘要 1.1、全球燃气轮机和航空发动机需求大增，关注铬盐和高温合金行业--行业 动态研究 分析师：李永磊 S ...

招股书显示，上海超导是一家专注于高温超导材料研发、生产和销售的高新技术企业，是全球领先的高温超导材料生产商之一。高温超导材料凭借其特殊的 物理特性，可广泛应用于可控核聚变、超导电力、大科学装置、高端制造、先进医疗及高速交通等领域，是当前新材料产业的前沿方向。 作为我国高温超导材料的技术引领者，上海超导自研和制造了生产线，是国际上唯二已经实现批量年产千公里级以上(12mm宽)第二代高温超导带材的生产 商之一。依托先进的技术水平、优异的产品性能和稳定的供应能力，上海超导与下游众多国内外知名企业或科研机构建立了良好的合作关系，客户覆盖了南 方电网、中国科学院、联创超导、能量奇点、星环聚能、中车长客、CFS公司、TE公司等。根据上海市新材料协会2025年2月出具的证明，上海超导第二代 高温超导带材国内市场占有率超过80%，2022至2024年连续3年排名第一。 专注高温超导材料研发生产的上海超导闯关IPO。 6月18日，上交所公告，上海超导科技股份有限公司(简称"上海超导")科创板IPO获受理，公司计划募资12亿元。 上海超导产品在下游应用领域支撑了一批示范性项目，包括全球三个电压等级最高的不同类型的超导限流器、全球 ...

2025年6月18日，上海证券交易所官网显示，上海国投公司旗下上海科创集团投资的上海超导科技股份有限公司(简称：上海超导)科创板IPO申请获受理，保 荐机构为中国国际金融股份有限公司，审计机构为致同会计师事务所(特殊普通合伙)，律师事务所为国浩律师(上海)事务所。 上海超导是一家专注于高温超导材料研发、生产和销售的高新技术企业，是全球领先的高温超导材料生产商之一。 作为我国高温超导材料的技术引领者，上海超导自研和制造了生产线，是国际上唯二已经实现批量年产千公里级以上(12mm宽)第二代高温超导带材的生产 商之一。 上海科创集团作为上海超导的重要股东，从2014年至今，始终陪伴其从科技创新策源到产业创新落地，助力其突破"卡脖子"技术，成为全球高温超导领域的 领军企业，实现了从实验室"最初一公里"到产业落地"最后一公里"的全程护航。 2014年，在上海超导技术路线处于团队内部怀疑、推翻、重建的"生死关头"，上海科创集团以前瞻性战略眼光，果断投资，助力这支年轻的团队很快将原来 实验室里的工艺及装备推倒重来，重新制定了生产流程和各类标准体系，为上海超导在艰难的研发阶段注入了"强心剂"，为后续发展奠定了坚实基础。 20 ...

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].

核心结论：中美核聚变投资加速，磁体和堆内构件是核心环节 中信证券主要观点如下： 该行认为，核聚变技术是能源领域重大技术革命，中美等核能强国均重点发力可控核聚变。根据 Sightline Climate统计，全球共13家聚变企业设定了2030年前反应堆Q>1的目标。根据F4E Fusion Observatory统计，2020年以来，全球聚变公司累计投资加速提升，可控核聚变迎来新一轮加速发展期。 从投资规模来看，聚变实验堆堆投资规模百亿量级，反应堆投资占比约40%。根据Neil Mitchell对ITER 成本测算，磁体、堆内构件占反应堆成本分别为28%/17%，是聚变堆资本开支的核心环节。 核聚变清洁高效，有望成为人类的终极能源 智通财经APP获悉，中信证券发布研报称，核聚变技术是能源领域重大技术革命，中美等核能强国均重 点发力可控核聚变。其中托卡马克运行稳定性较高，制造难度相对较低，成为目前最主流路线。核聚变 当前正处于投资加速的过程中，中美均大力发展聚变研发，核聚变将迎来新一轮加速发展期。从投资逻 辑看，磁体、堆内构件占反应堆成本分别为28%/17%，属于资本开支的核心环节。该行认为当前处于聚 变产业链密 ...

行业 棉花 日期 2025 年 6 月 17 日 研究员：余兰兰 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 研究员：林贞磊 021-60635740 linzhenlei@ccb.ccbfutures.com 期货从业资格号：F3055047 研究员：王海峰 021-60635727 wanghaifeng@ccb.ccbfutures.com 期货从业资格号：F0230741 研究员：洪辰亮 021-60635572 hongchenliang@ccb.ccbfutures.com 期货从业资格号：F3076808 研究员：刘悠然 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农产品研究团队 、 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 数据来源：Wind，建信期货研究发展部 郑棉震荡调整。现货方面，最新棉花价格指数 328 级在 14852 元/吨，较上一 交易日涨 68 元/吨。2024/25 北疆机采 4129/29B/杂 ...