上海超导：高温超导带材龙头企业 ——科创板新股纵览 2025年7月7日 光大电新公用环保团队 证券研究报告 核心观点 上海超导是高温超导带材的全球龙头。公司成立于2011年，通过不断研发创新建立了覆盖"装备研制—原料配方—镀膜工艺—分切封 装—质控监测"等第二代高温超导带材生产全流程的核心技术，目前是全球唯一一家实际年出货量超1000公里的超导企业。2024年公司 实现营业收入2.40亿元，同比增长187.40%，实现归母净利润7294.74万元，成功扭亏。 请务必参阅正文之后的重要声明 1 中庚基金 目 录 一、上海超导：高温超导带材全球龙头 请务必参阅正文之后的重要声明 2 技术进步加速推动下游应用产业化进程，2030年市场规模有望突破百亿元。和第一代高温超导带材相比，第二代高温超导带材较高的临 界温度（液氮温区）、较高的载流能力、较高的临界场强、较高的力学强度，以及相对廉价的生产原料等优势，正加速推动下游应用领 域的持续发展。根据赛迪数据，预计2030年全球高温超导材料市场规模将超百亿至105亿元，2024~2030CAGR为53.91%， 其中可控核 聚变领域的市场规模有望从2024年的3亿提升至20 ...

上海超导：高温超导带材龙头企业 ——科创板新股纵览 2025年7月7日 光大电新公用环保团队 证券研究报告 核心观点 上海超导是高温超导带材的全球龙头。公司成立于2011年，通过不断研发创新建立了覆盖"装备研制—原料配方—镀膜工艺—分切封 装—质控监测"等第二代高温超导带材生产全流程的核心技术，目前是全球唯一一家实际年出货量超1000公里的超导企业。2024年公司 实现营业收入2.40亿元，同比增长187.40%，实现归母净利润7294.74万元，成功扭亏。 技术进步加速推动下游应用产业化进程，2030年市场规模有望突破百亿元。和第一代高温超导带材相比，第二代高温超导带材较高的临 界温度（液氮温区）、较高的载流能力、较高的临界场强、较高的力学强度，以及相对廉价的生产原料等优势，正加速推动下游应用领 域的持续发展。根据赛迪数据，预计2030年全球高温超导材料市场规模将超百亿至105亿元，2024~2030CAGR为53.91%， 其中可控核 聚变领域的市场规模有望从2024年的3亿提升至2030年的49亿元，CAGR为59.29%。 技术、设备、交付能力是公司的三大核心竞争力，市占率保持行业领先。技术方面，公司 ...

Industry Insights - The State-owned Assets Supervision and Administration Commission (SASAC) emphasizes the need to enhance the resource security of important metal minerals and accelerate the comprehensive development of the non-ferrous metal industry chain, including exploration, investment, development, construction, smelting, and processing [1] - A new round of mineral exploration strategy is being implemented to increase reserves and production of important metal minerals, while also promoting a positive image of central enterprises in the "going out" strategy [1] - There is a focus on achieving high-quality stable growth by closely monitoring macroeconomic conditions and industry trends, adjusting business strategies, and planning major projects to support domestic demand expansion [1] Technology and Market Trends - High-temperature superconductors are expected to see increased market share due to ongoing developments in superconducting cables and controlled nuclear fusion applications [2] - The ReBCO tape is anticipated to significantly reduce production costs compared to first-generation high-temperature superconductors, presenting vast commercial prospects [2] - Controlled nuclear fusion is viewed as a potential ultimate solution for human energy needs, with commercial development prospects expected to accelerate as domestic and international projects progress [2] Company Developments - Western Superconductor is the only company in China that has achieved commercial production of superconducting wires, with products used in major scientific projects such as the International Thermonuclear Experimental Reactor (ITER) and China's fusion reactor [3] - Baile Electric has developed superconducting current limiter technology and is involved in the construction of smart grids for the State Grid, with products certified by IEC to enhance grid stability [3] - Dongfang Tantalum is recognized as the world's largest research and manufacturing base for superconducting niobium materials, achieving a stable RRR value of over 500 for high-purity superconducting niobium materials [4]

Group 1 - The construction of Hegang Luobei Airport in Heilongjiang Province has received preliminary design approval, marking the completion of preliminary work and the transition to full construction phase [2][3] - The airport is designed to handle an annual passenger throughput of 450,000 and a cargo throughput of 1,600 tons, featuring a 2,500-meter runway and a terminal building of 5,008 square meters [2][4] - The airport project aims to support the transformation of Hegang, a resource-depleted city, by enhancing air transport connectivity and promoting tourism and diversified industries [4][3] Group 2 - The planning for Hegang Airport began in 2013, with various approvals received over the years, including a joint approval from the State Council and Central Military Commission in 2022 [3][4] - The local government aims to start construction by June 2024 and expects the airport to be operational by 2027 [4] - Heilongjiang Province currently has 14 civil transport airports, ranking fifth in the country, and the new airport will enhance the regional transportation network [4] Group 3 - The Civil Aviation Administration and China National Railway Group are promoting the development of air-rail intermodal transport, focusing on collaboration and integration [5] - A new superconductor base with an investment of 2.5 billion yuan has commenced construction in Pudong, which will be the largest project in the global superconducting field [6] - Hubei Province has established a 10 billion yuan humanoid robot investment fund, focusing on core areas of humanoid robots and artificial intelligence [8]

长三角正以创新场景为引擎，重塑消费市场格局。近日，2025年上海最佳旅游新场景大赛揭晓的66个获 奖项目，勾勒出长三角消费场景的升级路径。东方滨江大酒店"会议+文旅+消费"的复合模式，将商务 场景转化为消费生态；蟠龙天地通过"夜经济+古镇活化"，在青石板路上构建沉浸式消费动线；嘉定汽 车文化节以"IP+市集"联动，让工业遗产成为潮流消费地标。消费空间不再是单一场地，而变成兼容社 交、沉浸、互动与情绪价值的体验生态。与此同时，各地政策协同发力，在场景创新与制度赋能的双轮 驱动下，长三角正在从"各自发力"走向"协同进化"的消费新阶段。 再造消费场景，激活长三角消费潜力 当前，长三角地区正通过多元化的场景创新实践，以"文旅商体展"融合为核心打造沉浸式、社交化的消 费新场景。 浙江以"节庆赛事+消费"模式激活市场潜力。2025年电子体育大赛带动动漫嘉年华等配套活动衍生消费 超250万元，杭州国足世预赛更拉动旅游消费3.08亿元。"1851"全民健身赛事体系形成常态化消费机 制，2024年"体育+文旅商"融合产值已突破800亿元，而《优化消费环境三年行动》中"品字标"品牌矩阵 等政策，则为场景创新提供了供给端支撑。 江 ...

Core Insights - The high-temperature superconducting (HTS) materials industry is experiencing significant growth opportunities due to breakthroughs in superconducting technology across various sectors such as energy, healthcare, and transportation [3][4] - The industry faces challenges including high material costs, technological shortcomings, and an incomplete supply chain, which need to be addressed for sustainable development [8][9] Group 1: Development Opportunities - Breakthroughs in scalable production technologies for HTS materials have been achieved, with companies in China's Yangtze River Delta region capable of producing kilometer-long YBCO superconducting wires, reaching international advanced levels [4] - The application of HTS materials is becoming increasingly mature, with developments in superconducting power equipment and the establishment of the world's first superconducting substation [5] - The market demand for HTS materials is experiencing explosive growth, with a tenfold increase since 2020, driven by the potential commercialization of fusion reactors and advancements in high-energy accelerators [6] Group 2: Challenges to High-Quality Development - The cost of HTS materials remains high, limiting their large-scale application, with YBCO wire prices around $150 per kA·m, far from the target of $50 per kA·m for widespread use [8] - Key technologies for high-end superconducting magnets are still reliant on imports, hindering the industry's ability to compete globally [9] - The supply chain for HTS materials is not fully developed, with dependencies on foreign imports for critical raw materials and equipment, posing risks to self-sufficiency [9] Group 3: Strategies for Advancement - The industry should focus on core technology breakthroughs, collaborative development, and the establishment of an innovative ecosystem to enhance the rapid development of the HTS materials sector [10][11] - Strengthening the supply chain by ensuring the availability of high-purity raw materials and advanced manufacturing technologies is essential for the industry's growth [10] - Encouraging participation from local governments, leading enterprises, and research institutions in R&D efforts will foster a collaborative innovation platform, promoting resource sharing and technological standards [11]

新华社天津6月28日电 题：五家外企诠释为何依然青睐中国 新华社记者梁姊、宋瑞、尹思源 天津市滨海新区林立的外资企业标志，从一个侧面展现着这个中国北方国家级新区作为对外开放前沿的成就。 落户的万余家外资企业的经营动向格外引人注目。记者走访多家代表性外资企业发现，它们虽然面对国际贸易摩 擦等因素的干扰，但依然青睐中国。 全球第二大消费市场，是中国对这些外资企业的天然吸引力。 对于奥的斯这样一家电梯制造企业来说，无疑如此。数据显示，中国电扶梯保有量全球第一，在用电梯超过1100 万部，接近全球其他国家和地区电梯数量总和。 可预期的增长呈现于眼前：去年，中国政府发布了《推动大规模设备更新和消费品以旧换新行动方案》，启动超 长期特别国债支持老旧小区电梯更新项目。 奥的斯中国区总裁罗小莉说，中国正在推进城市更新、设备更新行动，住宅老旧电梯更新已获超长期国债资金支 持，当前，中国服役超过15年的电扶梯接近百万台，且年均增长超过两位数。 "中国市场是奥的斯全球布局的关键，其巨大增量需求，将对电梯行业产生深远影响。我们将不断加码中国市场研 发投入，与中国同频同振。"罗小莉说。 这是奥的斯电梯泰达基地一景（资料照片）。新华社发 ...

公司也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。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，公司第二代高温超导带材国内市场占有率超过80%，2022-2024年连续3年排名第一。 目前，公司无实际控制人和控股股东，且公司股权较为分散。第一大股东精达股份持有发行人18.15%的股份，精达股份及其一致行动人徐晓芳、徐钦、李 景林合计持有发行人22.38%的股份，第二大股东共青城超达持有发行人10.92%的股份，其他股东不存在持股比例超过10%的情形。 新华财经北京6月27日电 6月18日，上海证券交易所官网显示，上海超导科创板IPO申请获受理，主承销商为中金公司。公司拟公开发行不超过9198.1561万 股，募集资金拟用于上海超导二代高温超导带材生产及总部基地项目（一期）。 近三年公司业绩实现快速增长，2024年实现营收约2.4亿元，归母净利润则扭亏为盈。从主营业务收入来看，第二代高温超导带材是公司主要收入来源， ...

Core Viewpoint - China's superconducting technology is advancing rapidly, with Shanghai Superconductor Technology Co., Ltd. being the only company globally to produce over 1,000 kilometers of superconducting materials annually, indicating a significant competitive edge in the industry [1] Company Summary - Shanghai Superconductor Technology Co., Ltd. plans to expand its production capacity significantly, aiming to reach 20,000 kilometers within three years [2] - The company has established itself as a global leader in high-temperature superconducting materials, holding over 80% market share domestically and serving more than 180 clients worldwide [1] - The company has moved its operations to a new industrial area to facilitate a production increase from 200 kilometers to 2,000 kilometers annually [1] Industry Summary - The superconducting materials industry is expected to experience explosive growth over the next decade, prompting the need for rapid capacity expansion [1] - The Zhangjiang area has become a preferred location for new factories due to recent land price reductions, making it more accessible for companies like Shanghai Superconductor [2] - The establishment of a dedicated approval service team in Zhangjiang has streamlined the process for new projects, allowing for faster construction and operational readiness [3][4]

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].