精达股份（600577）公告，公司参股的上海超导科技股份有限公司首次公开发行股票并在科创板上市的 申请已于2025年6月18日获上海证券交易所受理。上海超导专注于高温超导材料研发、生产和销售，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。精达股份持 有上海超导9458.75万股，持股比例为18.15%。 ...

Summary of Superconducting Materials and Nuclear Fusion Industry Conference Call Industry Overview - The superconducting materials industry is divided into low-temperature and high-temperature superconductors, with low-temperature superconductors already commercialized for applications like MRI, but reliant on expensive liquid helium. High-temperature superconductors are used in magnetic levitation, quantum computing, and nuclear fusion, but face challenges in large-scale production, requiring cost reduction and performance enhancement [1][4][5]. Key Points and Arguments - **Production Techniques**: High-temperature superconducting tapes are multi-layered structures, with common production methods including IBAD, PVD, and CVD. PVD is noted for producing smooth films, while other methods like PLD, MOCVD, and MOD each have their advantages and disadvantages affecting conductor performance [1][7][10]. - **Market Demand**: Domestic high-temperature superconducting material production capacity is approximately 7,000 kilometers, but actual output is limited by yield. The demand for the Xinghuo No. 1 project is estimated to be between 15,000 to 20,000 kilometers, indicating a tight supply-demand situation. Shanghai Superconductor plans significant capacity expansion in the coming years [3][15][16]. - **Nuclear Fusion Applications**: Superconducting materials are widely used in Tokamak devices, with the ITER project’s magnet investment accounting for about 28% of total investment. Domestic projects like EAST have substantial magnet investments, indicating a growing application of superconductors in nuclear fusion [11][12]. - **Industry Growth**: The nuclear fusion industry is accelerating, supported by policy and technological advancements. The planning and initiation of experimental and engineering demonstration reactors are expected to lead to increased capital expenditures. The superconducting materials segment is under pressure due to tight processing steps and rising demand [12][14]. Additional Important Insights - **Technological Routes**: Different companies adopt various high-temperature superconducting technologies, leading to differences in tape yield, length, and width. For instance, Shanghai Superconductor and Shengchi Technology use PLD, while Yongding Holdings' Dongbu Superconductor and Superpower use MOCVD [10][17]. - **Future Trends**: High-temperature superconductors are expected to significantly impact nuclear fusion devices by enabling higher current and stronger magnetic fields, thus enhancing power output and reducing construction costs. Projects like Spark in the U.S. and domestic initiatives are moving towards full high-temperature superconducting technology [13][19]. - **Key Players**: Major domestic companies include Shanghai Superconductor, which holds a significant market share and plans to quadruple its production capacity by 2027-2028. Other notable companies include Dongbu Superconductor and West Superconductor, which are also expanding their capabilities in the superconducting materials market [16][18]. - **Investment Opportunities**: Investors should focus on companies with strong order potential and development space, such as Jinda Co., Yonglin Co., and West Superconductor, as well as related firms like Guoguang Electric and Antai Technology, which play crucial roles in equipment and components [19].

核创纪元系列——超导材料：供需 紧张，核聚变加速的重要驱动 长江证券研究所机械研究小组 2025-06-16 %% %% %% %% research.95579.com 1 证券研究报告 • 证券研究报告 • 评级 看好 维持 分析师及联系人 01 超导材料：类型多样、应用广泛 02 超导成为核聚变产业加速的重要技术 03 产业链核心价值环节，供需格局紧张 目 录 %% research.95579.com 3 | 分析师 赵智勇 | 分析师 臧雄 | 联系人 王硕 | | --- | --- | --- | | SAC执业证书编号：S0490517110001 | SAC执业证书编号：S0490518070005 | | | SFC执业证书编号：BRP550 | SFC执业证书编号：BVO790 | | %% %% %% %% research.95579.com 2 01 超导材料：类型多样、应用广泛 %% %% %% %% research.95579.com 4 超导：具备零电阻、完全抗磁性等特征的先进材料 资料来源：可控核聚变，长江证券研究所 %% %% %% %% research.95579. ...

Core Viewpoint - The recognition system plays a crucial role in building trust in global trade, facilitating international mutual recognition of testing, inspection, and certification results, which helps small and medium-sized enterprises (SMEs) confidently enter global markets [1] Group 1: Recognition System and Market Impact - The number of recognized qualified assessment institutions in China has surpassed 20,000, with over 20 government and industry authorities accepting recognition results, and 16 international mutual recognition agreements signed, covering 133 economies that account for over 96% of the global economy [1] - The recognition system supports industry development and enhances supply chain efficiency, particularly in the automotive sector, where recognized institutions help improve the credibility of testing data and boost the competitiveness of products in international markets [2] Group 2: Empowering SMEs and Industry Growth - The recognition system empowers manufacturing enterprises to expand their global market share, as evidenced by a valve company that increased its foreign trade order proportion from 40% to 50% over three years due to CNAS recognition [3] - The recognition of testing laboratories has facilitated the export of domestic zirconium alloy products to over 10 countries, enhancing the credibility of domestic materials in international nuclear power projects [3] - A recognized assessment institution in the superconducting materials sector has achieved a 50% global market share for MRI superconducting wire, supplying major international companies like General Electric and Siemens [3] Group 3: Quality Management and International Competitiveness - The recognition system helps SMEs establish efficient quality management systems and continuous improvement mechanisms, which are essential for integrating into global supply chains [4] - Initiatives such as the collaboration between the Hong Kong Quality Assurance Agency and the Fujian Provincial Market Supervision Administration have successfully promoted high-quality geographical indication products to international markets, demonstrating the strong role of recognition in supporting enterprises' international expansion [4]

Summary of Yongding Co., Ltd. Conference Call Company Overview - **Company**: Yongding Co., Ltd. - **Date**: June 10, 2025 Industry Focus - **Key Industries**: Superconducting wire materials, optical chips, traditional optical products, and overseas power engineering projects Core Insights and Arguments 1. **Expansion in Superconducting Wire Materials**: Yongding is actively expanding its superconducting wire materials business, establishing partnerships with various enterprises and research institutions. The market demand is rapidly increasing, particularly in the controlled nuclear fusion sector, with plans to expand production capacity to 20,000 kilometers to meet this demand [2][7][13] 2. **Optical Chip Factory Completion**: The optical chip factory was completed in June 2023, and the company has established connections with leading domestic manufacturers. Sales are expected to see breakthroughs in the second half of this year and next year [4][2] 3. **Stable Traditional Business**: The traditional business segments, including optical rods, fibers, and cables, are maintaining stability. Overseas projects, such as the Bangladesh power grid renovation project valued at $1.14 billion, are expected to contribute to sales [6][2] 4. **Broad Market Prospects for Superconducting Materials**: The superconducting wire market has vast potential, with applications in controlled nuclear fusion, maglev transportation, MRI medical technology, and military sectors. However, domestic production capacity is currently insufficient [7][2] 5. **High Technical Barriers**: The technical barriers in superconducting materials are significant, primarily due to R&D investment and intellectual property accumulation. Yongding has invested heavily and developed core processes, making it one of the few manufacturers capable of large-scale production globally [10][2] 6. **Future Development Strategy**: The company plans to accelerate capacity expansion to meet growing market demand while continuing to push for technological advancements. The focus will be on developing optical chips and superconducting wire materials [8][9][2] Additional Important Points 1. **Market Demand Growth**: The demand for superconducting wire materials in the controlled nuclear fusion field has significantly increased, with requirements growing from several kilometers to potentially hundreds of kilometers in the coming years [3][2] 2. **Challenges in Material Development**: The compact design of devices poses challenges for internal materials, and while the issue of quenching has not been fully resolved, existing superconducting materials meet current design requirements [12][2] 3. **Production Capacity and Profitability**: Yongding aims to achieve a production capacity of 5,000 kilometers by the end of 2025, with current capacity exceeding 2,000 kilometers. The company plans to rapidly expand to 18,000 to 20,000 kilometers by 2026 [13][2] 4. **Diverse Applications Beyond Fusion**: The company is also making significant progress in various superconducting applications, including magnetic levitation technology and military applications, while also planning to promote superconducting cables and power applications [14][2] 5. **Strategic Layout in Optical and Electrical Fields**: Yongding's strategic layout focuses on enhancing its supply chain in both optical and electrical fields, with an integrated solution in the optical sector and increased investment in electric vehicle wiring and superconducting power [15][2]

Group 1: Industry Developments - The successful testing and acceptance of China's first compact P-band high-power metamaterial traveling wave tube marks a significant breakthrough in the field of neutron sources, showcasing China's core capabilities in high-end RF device development [1] - The market share of high-temperature superconducting materials is expected to gradually expand due to ongoing developments in applications such as superconducting cables and controlled nuclear fusion [1] - REBCO tape, compared to first-generation high-temperature superconductors, is anticipated to significantly reduce production costs and has vast commercial prospects, especially in the development of 16T@4.2K superconducting magnet systems [1] Group 2: Company Highlights - Dongfang Tantalum Industry focuses on the localization of superconducting niobium materials, leveraging its full industry chain advantages and technological innovations to become a leading enterprise in the superconducting materials sector [2] - Western Superconducting Technologies utilizes its comprehensive superconducting material technology and major engineering experience to break international monopolies in fields such as nuclear fusion, medical imaging, and quantum computing [2] - Guoli Co., Ltd. is a platform enterprise for high-end electronic vacuum devices, entering the large scientific engineering and nuclear fusion fields with superconducting supporting devices (traveling wave tubes, cooling systems), characterized by high technical barriers and clear self-control determinacy [2]

点击 最 下方 " 推荐"、"赞 "及" 分享 "，"关注"材料汇 添加 小编微信 ，遇见 志同道合 的你 正文 更多可控核聚变报告参考文末 超导材料具有零电阻、完全抗磁性等宏观量子现象，在电力能源、医疗装备、交通运输、量子信息计算、国防工业以及科学研究等方面有着重要的应用价值和未来 前景。 由于核聚变需要超高的磁场对等离子体进行约束，因此需要大电流的产生，这就需要用到超导材料。目前，全球低温超导材料占比超导材料超9成，高温超 导当前受限于技术，整体市场应用占比较小，但随着超导线缆、可控核聚变等持续发展应用，预计高温超导材料的市场份额将会逐步扩大。在试验堆ITER中，磁体 部分所占成本高达28%，超导磁体为托卡马克装置的关键组成部分。 超导材料具有独特的 绝对零电阻、完全抗磁性、磁通量子化 等物理特性，这使得它们几乎在所有可以用到电和磁的方面都有用武之地。 超导材料的应用可分为强 电应用、弱电应用以及量子应用；也可分为高温超导和低温超导应用。其中，相比一代高温超导，ReBCO带材有望大幅降低生产成本，有着广阔的商业前景，在 16T@4.2K以上超导磁体系统研制中发展潜力巨大。 超导材料应用广泛，前景广阔。 按 ...

Core Viewpoint - The market share of high-temperature superconducting materials is expected to gradually expand due to the ongoing development and application of superconducting cables and controllable nuclear fusion, with ReBCO tape promising significant cost reductions and broad commercial prospects [1][2]. Group 1: Superconducting Materials - Superconducting materials exhibit zero resistance and complete diamagnetism, making them valuable in various applications including power energy, medical equipment, transportation, quantum information computing, defense industry, and scientific research [2]. - Currently, low-temperature superconducting materials account for over 90% of the global superconducting materials market, while high-temperature superconducting materials have limited market application due to technological constraints [2][3]. - The ITER project indicates that superconducting magnets constitute 28% of the total cost, highlighting their critical role in Tokamak devices [2]. Group 2: High-Temperature Superconductors - ReBCO tape is expected to significantly reduce production costs compared to first-generation high-temperature superconductors, showing great potential in the development of superconducting magnet systems operating above 16T@4.2K [1][2]. - High-temperature superconductors can operate at higher temperatures and possess greater thermal inertia, making them more robust and suitable for complex and harsh environments, thus expanding their application range [3]. Group 3: Related Companies and Opportunities - Key companies involved in the nuclear fusion supply chain include Guoguang Electric, Hezhong Intelligent, and Lianchuang Optoelectronics, focusing on various components and systems [4]. - Companies specializing in superconducting magnets include Yongding Co., Dongfang Tantalum, and Xibu Superconductor, which produce high-temperature and low-temperature superconducting materials [4]. - The power supply sector includes companies like Yingjie Electric and Xu Guang Electronics, which provide essential components for nuclear fusion projects [4].

Group 1 - The Chinese government is focusing on expanding inbound consumption, as highlighted in the 2025 government work report, with ongoing policy benefits being released [2] - The number of foreign visitors entering and exiting China during the May Day holiday reached 1.115 million, a 43.1% increase compared to the previous year, with 380,000 entering under visa exemption policies, marking a 72.7% increase [4] - GE Healthcare plans to invest 500 million RMB in its MRI headquarters in Tianjin over the next five years, emphasizing the market vitality and innovation prospects in China [4][5] Group 2 - Airbus is building a second assembly line for the A320 series in Tianjin, expected to be operational by early 2026, indicating the company's recognition of China's market potential [7] - Tesla achieved a record sales figure of over 650,000 electric vehicles in mainland China in 2024, showcasing the demand for American brands in the Chinese market [7] - Saudi Aramco's cumulative investment in China is expected to exceed 200 billion RMB by 2024, reflecting the stable investment environment and considerable returns provided by China's large-scale market and resilient supply chain [7]

Core Viewpoint - The article discusses the advancements in superconductivity research, particularly focusing on the recent breakthrough achieved by a team from Southern University of Science and Technology, which has successfully demonstrated superconductivity in nickel-based materials at ambient pressure, surpassing the "McMillan limit" of 40 Kelvin [9][10]. Group 1: Importance of Superconductivity - Superconductivity allows for "zero resistance" electrical flow, which can significantly reduce energy loss during transmission, with global transmission losses estimated at 5%-10% of total electricity generation annually [7]. - Traditional conductive materials like copper and aluminum incur energy losses due to resistance, leading to inefficiencies in power systems, especially as demand for computing power increases [7]. - The application of superconducting materials can lead to substantial energy savings and efficiency improvements in various technologies, such as MRI machines and urban power grids [7][8]. Group 2: Recent Breakthroughs in Superconductivity - The discovery of high-temperature superconductors, such as copper-based and iron-based materials, has expanded the potential applications of superconductivity by allowing operation at higher temperatures [9]. - The recent achievement of nickel-based superconductivity at ambient pressure marks a significant milestone, potentially paving the way for further advancements in superconducting materials and their applications [9][10]. - This breakthrough is seen as a critical step towards achieving "room temperature superconductivity," which would revolutionize energy transmission and storage [10]. Group 3: Applications and Future Prospects - Superconductivity has diverse applications, including magnetic levitation for trains and quantum computing, which could lead to unprecedented computational speeds [10][11]. - The development of superconducting cables, such as those used in Shenzhen, demonstrates the practical benefits of superconductivity, including reduced transmission losses and increased capacity [8]. - The ongoing research in superconductivity is expected to bridge the gap between fundamental science and industrial transformation, enhancing various sectors [11].