证券代码：688122 证券简称：西部超导 公告编号：2026-007 西部超导材料科技股份有限公司 关于控股子公司在全国中小企业股份转让系统 正式挂牌的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 西部超导材料科技股份有限公司于近日收到控股子公司西安聚能超导磁体科技股份有限公司（以下简 称"聚能磁体"）通知，聚能磁体股票将于2026年3月2日起在全国中小企业股份转让系统挂牌公开转让， 相关信息如下： 证券简称：聚能磁体 证券代码：875078 交易方式：集合竞价 所属层级：基础层 2025年度业绩快报公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 本公告所载2025年度主要财务数据为初步核算数据，未经会计师事务所审计，具体数据以西部超导材料 科技股份有限公司（以下简称"公司"）2025年年度报告中披露的数据为准，提请投资者注意投资风险。 聚能磁体公开转让说明书已于2026年1月5日在全国中小企业股份转让系统（www.ne ...

Core Viewpoint - Yongding Co., Ltd. is focusing on the development of second-generation high-temperature superconducting tapes (REBCO) and application products through its subsidiary, Eastern Superconductor, utilizing a unique domestic "IBAD+MOCVD" technology route [1] Group 1 - The superconducting thin films produced exhibit excellent magnetic flux pinning performance [1] - The products have been successfully applied in fields such as controllable nuclear fusion magnets, superconducting induction heating, magnetic single crystal pulling, and medical applications [1] - The company has established deep cooperation with multiple clients [1]

经济观察网根据公开信息，Roth MKM分析师于2026年2月6日发布报告，维持对美国超导(AMSC.OQ) 的"买入"评级，但将其目标价从55美元下调至40美元。该分析师近一年的总胜率为56.4%，平均回报率 为18.3%。 以上内容基于公开资料整理，不构成投资建议。 机构观点 报告指出，此次下调目标价主要基于对短期估值的审慎考量，但维持"买入"评级表明分析师对公司长期 前景，特别是在超导材料领域的潜力保持乐观。同期，公司股价波动显著，截至2026年2月13日的数据 显示，其近5日累计涨幅达21.62%。 ...

经济观察网近7天内，美国超导(AMSC.OQ)的主要热点包括机构评级调整和股价显著波动。2026年2月6 日，Roth MKM分析师维持对该公司的"买入"评级，但将目标价从55美元下调至40美元，反映出对短期 估值的审慎看法，同时肯定长期积极前景。 机构观点 美国超导股价近期呈现活跃走势。根据最新数据，截至2026年2月12日，股价报34.05美元，当日跌幅 0.63%，近5日累计上涨31.19%，年初至今涨幅达18.29%。公司当前市盈率(TTM)为11.20，市净率为 3.02，总市值约16.21亿美元。此前的2月10日，股价单日上涨10.73%，收于31.88美元，成交金额约1.03 亿美元，显示市场情绪波动较大。 以上内容基于公开资料整理，不构成投资建议。 Roth MKM分析师于2026年2月6日发布报告，维持美国超导的"买入"评级，目标价调整为40美元。该分 析师近一年总胜率为56.4%，平均回报率为18.3%，此次调整主要基于估值考量，但买入评级表明对公 司在超导材料领域的长期潜力保持乐观。 股票近期走势 ...

Summary of Key Points from the Conference Call Industry Overview - The fusion industry is entering an accelerated phase driven by policy support and capital expenditure, with major countries expected to introduce fusion policies by 2025, marking a shift from laboratory research to industrial layout and regulatory framework development [1] Technological Developments - Low-temperature superconductors (NbTi, Nb₃Sn) are relatively mature, while high-temperature superconductors (REBCO) are anticipated to become the mainstream in the future. The current landscape features a parallel development of low-temperature and high-temperature superconducting materials, with low-temperature superconductors supporting existing fusion device operations due to their industrial application advantages. High-temperature superconductors are seen as key to breakthroughs in next-generation high-field fusion technology due to their superior adaptability to extreme environments [1] Market Dynamics - The magnetic system is identified as a core cost component of fusion projects. Future Tokamak devices are expected to trend towards compact designs and high-temperature superconductors, leading to a significant increase in industry demand. The market size for second-generation high-temperature superconducting tapes for controllable fusion devices is projected to be 300 million yuan in 2024, with an expected growth to 4.9 billion yuan by 2030, representing a compound annual growth rate (CAGR) of 59.3% from 2024 to 2030 [2] Investment Recommendations - It is advised to focus on core supply chain manufacturers in the magnetic component segment: 1. Low-temperature superconductors: Western Superconductors 2. High-temperature superconductors: Shanghai Superconductor (not publicly listed, with Jingda Holdings as the largest shareholder), Lianchuang Optoelectronics, Eastern Superconductor (not publicly listed, a subsidiary of Yongding Co., Ltd.) 3. Core suppliers of tantalum and niobium: Dongfang Tantalum [2]

Group 1 - The core viewpoint is that the fusion industry is entering an accelerated phase driven by policy support and capital expenditure, with significant developments expected by 2025 as major countries implement fusion policies [2] - The domestic policy support for controllable nuclear fusion is being established at the national level, focusing on optimizing regulatory processes and providing clear guidance for technological research directions [2] Group 2 - Low-temperature superconductors are relatively mature, while high-temperature superconductors are expected to become the mainstream in the future, with both types currently co-developing [3] - Superconducting materials are essential for achieving stable magnetic field confinement in fusion devices, with low-temperature superconductors supporting current operations and high-temperature superconductors being key for next-generation high-field fusion technology breakthroughs [3] Group 3 - The magnet system is a core cost component of fusion projects, with 86% of the component costs in the ITER project attributed to parts, and 28% specifically to magnets, primarily due to the high costs associated with low-temperature liquid helium cooling [4] - In high-temperature superconducting projects, the cost of the magnet system increases further, with the ARC project showing that magnets account for 46% of the costs, indicating a trend towards compact, high-temperature superconducting devices [4] - The market size for second-generation high-temperature superconducting tapes for controllable nuclear fusion devices is projected to reach 300 million yuan in 2024, with an expected growth to 4.9 billion yuan by 2030, reflecting a compound annual growth rate of 59.3% from 2024 to 2030 [4]

Group 1 - The fusion industry is entering an accelerated phase driven by policy support and capital expenditure, with major countries expected to introduce fusion policies by 2025, marking a shift from laboratory research to industrial layout and regulatory framework construction [2][9] - Domestic policy support for controllable nuclear fusion is forming a clear advancement logic, with a national framework being established to optimize regulatory processes and provide clear guidance for technological research and development [6][8] - The superconducting materials landscape is characterized by a parallel development of low-temperature superconductors (NbTi, Nb₃Sn) and high-temperature superconductors (REBCO), with low-temperature superconductors currently supporting existing fusion operations and high-temperature superconductors poised to become key for next-generation high-field fusion technology breakthroughs [2][3][27] Group 2 - The magnet system is a core cost component of fusion projects, with the ITER project showing that component costs account for 86%, of which magnets represent 28%, primarily due to the reliance on high-cost low-temperature liquid helium for cooling [3][55] - In high-temperature superconducting projects, the cost of the magnet system is expected to increase further, as seen in the ARC project where the magnet system accounts for 46% of the total cost [57] - The global market for second-generation high-temperature superconducting tapes used in controllable nuclear fusion devices is projected to grow from 300 million yuan in 2024 to 4.9 billion yuan by 2030, with a compound annual growth rate (CAGR) of 59.3% from 2024 to 2030 [3][65] Group 3 - Investment recommendations focus on the magnet segment of the fusion system, which is currently transitioning from low-temperature to high-temperature technology, indicating a significant demand increase driven by the capital expenditure cycle in nuclear fusion [3][8] - The BEST project, aimed at bridging the gap between experimental and demonstration reactors, is expected to accelerate capital expenditure, with significant procurement activities already underway [59][63] - The global market for superconducting materials is expected to see substantial growth, driven by the increasing demand for high-temperature superconductors in fusion applications, with REBCO materials showing significant potential for enhancing magnetic field strength and reducing magnet size [27][31]

Group 1 - The article discusses the current advancements in nuclear fusion technology and key future milestones [1] - It highlights the operational status and financing situation of global nuclear fusion devices [2][6] - The article analyzes the value of key components such as magnet systems, divertors, and blanket systems, along with a breakdown of essential materials [7][8] Group 2 - ITER (International Thermonuclear Experimental Reactor) is set to begin plasma experiments with deuterium-tritium in 2036, with China responsible for 18 key component procurement packages [2][51] - The HL-3 (Chinese Circulation No. 3) aims to achieve a fusion triple product of 10^20 by May 2025, marking a significant advancement in fusion research [3] - EAST (Experimental Advanced Superconducting Tokamak) achieved a world record of 1 billion degrees Celsius for 1066 seconds in January 2025 [4] Group 3 - The BEST (Compact Fusion Energy Experimental Device) project is scheduled to be completed by 2027, with plans to demonstrate power generation by 2030 [5][71] - The global nuclear fusion industry is projected to attract over $7.1 billion in investment in 2024, with a compound annual growth rate of 5.1% expected until 2037 [6] - Key components in ITER, such as the magnet system, in-vessel components, and vacuum chamber, account for 28%, 17%, and 8% of the total construction cost, respectively [7][50] Group 4 - The article emphasizes the advantages of nuclear fusion energy, including high energy density, environmental friendliness, and safety [15][19] - It outlines the necessary conditions for achieving controlled nuclear fusion, which include sufficient temperature, density, and energy confinement time [19][20] - The article details the operational status of various fusion devices globally, with a focus on the number of devices in operation, under construction, and planned [36][44]

Core Insights - The report released by the Chinese Academy of Sciences focuses on the strategic development of REBCO high-temperature superconducting tapes, marking the first international strategic research report on this topic, which aims to provide a clear roadmap for large-scale applications of high-temperature superconducting materials [1][2] Group 1: REBCO High-Temperature Superconducting Materials - Superconducting materials are recognized for their unique properties of zero electrical resistance and complete magnetic field expulsion, making them highly valuable in various fields such as energy, transportation, medical, and scientific research [1] - Traditional superconductors require extremely low temperatures (-269°C) for operation, leading to high cooling costs and reliance on scarce helium resources, which limits their widespread application [1] - The introduction of REBCO high-temperature superconductors, which operate above the liquid nitrogen temperature (-196°C), significantly reduces cooling costs and maintains excellent current-carrying capacity in high magnetic fields, laying the foundation for broader practical applications [1] Group 2: Challenges and Future Directions - Despite entering the early commercialization phase, the overall performance of REBCO materials has significant room for improvement, necessitating a systematic advancement in materials, processes, and applications [2] - The report identifies ten key scientific and technical issues that hinder the large-scale application of REBCO tapes, derived from comprehensive research on the entire development and application chain [2] - The report emphasizes the need for collaborative innovation to address performance bottlenecks and improve the balance of strength and toughness, structural conduction efficiency, and interlayer bonding in the composite structure of REBCO tapes [2][3]

Investment Rating - The report does not explicitly state an investment rating for the superconducting materials industry Core Insights - The superconducting materials industry is transitioning from low-temperature superconductors (LTS) to high-temperature superconductors (HTS), with significant implications for commercial applications and nuclear fusion technology [11][21] - Room-temperature superconductors remain a theoretical goal, but breakthroughs could revolutionize energy, transportation, and information sectors [11][43] - The market for low-temperature superconductors currently dominates, accounting for over 90% of the superconducting materials market, primarily used in MRI machines and fusion devices [20][31] - High-temperature superconductors are in the early stages of commercialization, with potential applications in nuclear fusion and high-efficiency power transmission [21][30] Summary by Sections Superconducting Materials Overview - Superconducting materials are recognized as strategic, disruptive materials with unique properties such as zero electrical resistance and complete diamagnetism [12][11] - The industry is experiencing a shift towards high-temperature superconductors, which can operate at higher temperatures and lower costs, facilitating their commercial viability [11][21] Low-Temperature Superconductors - Low-temperature superconductors, such as NbTi and Nb₃Sn, have established commercial production and dominate the market due to their mature technology and cost advantages [15][20] - The main applications include MRI machines, superconducting magnets for fusion devices, and particle accelerators [20][31] - Limitations include reliance on liquid helium for cooling and performance degradation in high magnetic fields [20] High-Temperature Superconductors - High-temperature superconductors, including BSCCO and REBCO, are seen as the future of superconducting materials, with applications in nuclear fusion and power transmission [21][30] - The production costs are currently high, but ongoing advancements in manufacturing processes are expected to reduce prices and enhance market penetration [29][30] - The market price for high-temperature superconductors is significantly higher than that of low-temperature superconductors, which poses a barrier to widespread adoption [28][29] Applications of Superconducting Materials - Superconducting materials are critical in various sectors, including energy, healthcare, and advanced manufacturing [31][32] - In energy, superconducting cables can achieve high capacity and low loss, while in healthcare, they are essential for high-field MRI machines [31][32] - The report highlights ongoing projects and applications in superconducting power transmission, magnetic confinement fusion, and advanced manufacturing processes [31][36]