据辅导备案报告，西部超导持有该公司34.82%股权，为聚能磁体控股股东，这标志着超导磁体国产化 的主力军开始新一轮冲刺。 值得一提的是，聚能磁体在IPO前夕便完成了关键的融资跨越与股权安排。通过多轮增资，注册资本扩 充至8500万元，并成功引入包括背靠国家大基金的中芯聚源、科创板上市企业晶升股份等多方资本。 伴随着IPO进程提速，聚能磁体正处于从实验室走向大规模商业化的临界点。凭借西部超导的产业链加 持与多元股东的资源导入，其在半导体与核聚变领域的想象空间正加速兑现。 资本腾挪：业绩规模扩张与"双路径"并行 西北有色金属研究院（下称：西北院）的资本版图正迎来新一轮扩容。 随着旗下第6家上市后备力量浮出水面，这个已坐拥5家A股平台的科研系"巨头"，正试图通过资产证券 化的深度进阶，完成从科研高峰到产业群峰的闭环跨越。 近日，证监会官网披露，西安聚能超导磁体科技股份有限公司（简称"聚能磁体"）已向陕西证监局报送 辅导备案登记材料，拟向不特定合格投资者公开发行股票并上市，辅导机构为中信建投（601066）证 券。 进入2025年，公司1月至4月研发支出已达383.12万元，占比维持在9.03%。这种稳定的投入规模， ...

Fundraising Performance - In December 2025, 18 new stocks were listed on the A-share market, raising a total of 31.41 billion yuan, marking the highest monthly fundraising since September 2023[4] - For the entire year of 2025, a total of 116 new stocks were listed, raising 131.77 billion yuan, which represents increases of 16% and 96% compared to the same period in 2024, respectively[5] - The monthly fundraising amount in December 2025 exceeded 30 billion yuan, driven by several large projects including Moer Thread and Muxi Co., which raised over 4 billion yuan each[3] Initial Performance of New Stocks - In December 2025, 14 out of 15 new stocks listed on the Shanghai and Shenzhen markets adopted offline issuance, with an average first-day increase of 249%, continuing the upward trend from November[11] - The average first-day increase for new stocks on the Sci-Tech Innovation Board exceeded 300%, with Moer Thread and Muxi Co. seeing increases of over 600% and 400%, respectively[14] - The main board saw an average first-day increase of 200% for its four new stocks, with China Uranium Industry leading at 269%[14] Subscription Returns - In December 2025, the estimated returns for A/B class accounts from new stock subscriptions were 5.48 million yuan and 2.87 million yuan, respectively, marking the highest monthly returns of the year[21] - The returns from the Sci-Tech Innovation Board's new stocks contributed significantly, with the average return for A/B class accounts being 4.71 million yuan and 2.13 million yuan, respectively[21] Investment Strategy and Risks - The current optimal strategy is to participate in low-priced, small-cap new stocks with expected first-day increases exceeding expectations, as well as large-cap stocks with significant offline allocation[22] - Risks include an increased rate of new stock price declines and a potential decrease in subscription success rates, which could impact overall returns[3]

Group 1: IPO Guidelines and Market Trends - The Shanghai Stock Exchange released IPO guidelines for commercial rocket companies on December 26, 2025, enhancing the adaptability and inclusiveness of the listing standards[6] - Eight commercial aerospace companies have filed for IPO guidance, with Blue Arrow Aerospace expected to be the first to list after passing recent evaluations[9] - The overall market showed strong upward movement in the fourth week of December, with the ChiNext Index and the Sci-Tech 50 Index rising by 3.90% and 2.85%, respectively[11] Group 2: New Stock Performance - Four new stocks listed during the week, with an average first-day increase of approximately 200%, including gains of 255.09% for Jianxin Superconductor and 231.48% for Nabai Chuan[4] - A/B class investors earned returns of 30.35 and 28.27 thousand yuan per account from these new stocks, translating to a yield increase of 0.61‰ and 0.57‰ for a 500 million yuan account size[4] - The new stock index experienced a slight decline of 0.02%, while the near-term new stock index rose by 0.22%[11] Group 3: Market Dynamics and Risks - The new stock market showed signs of a slight pullback, with an average decline of 0.79% across 37 new stocks, indicating mixed performance[4] - There is a risk of reduced subscription rates for new stock purchases and compliance risks related to internal systems for offline investors[4] - The net active selling in the new stock sector amounted to 59.21 billion yuan, a decrease of 7.63 billion yuan from the previous week, with institutional investors contributing to this reduction[28]

Core Viewpoint - The stock price of Jianxin Superconductor (688805.SH) has declined significantly since its debut on the Shanghai Stock Exchange, closing at 47.16 yuan with a drop of 7.26% on December 29, marking a new low since its listing [1] Group 1: Company Overview - Jianxin Superconductor was listed on the STAR Market on December 24, with an issuance of 41.92 million shares at a price of 18.58 yuan per share [1] - The total amount raised by Jianxin Superconductor was 778.8736 million yuan, with a net amount of 688.6427 million yuan after deducting issuance costs, which is 86.3573 million yuan less than originally planned [1] Group 2: Financial Details - The total issuance costs amounted to 90.2309 million yuan, including a sponsorship fee of 5 million yuan and an underwriting fee of 54.5212 million yuan [1] - The funds raised are intended for projects including the annual production of 600 sets of liquid helium-free superconducting magnets, 600 sets of high-field medical superconducting magnets, and new superconducting magnet research and development [1]

Group 1 - The core point of the article is that Jianxin Superconductor (688805.SH) experienced a significant stock price drop of 8.28% on its first trading day, closing at 53.31 yuan [1] - Jianxin Superconductor was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 24, 2023, with an issuance of 41.92 million shares at a price of 18.58 yuan per share [1] - The total amount of funds raised by Jianxin Superconductor was 778.87 million yuan, with a net amount of 688.64 million yuan after deducting issuance costs, which is 86.36 million yuan less than the original plan [1] Group 2 - The company plans to use the raised funds for projects including the annual production of 600 sets of liquid helium-free superconducting magnets, 600 sets of high-field medical superconducting magnets, and new superconducting magnet research and development [1] - The total issuance costs amounted to 90.23 million yuan, which includes a sponsorship fee of 5 million yuan and an underwriting fee of 54.52 million yuan [1]

Industry Overview - Superconducting magnets utilize superconducting materials to achieve zero resistance at extremely low temperatures, generating strong magnetic fields through superconducting coils [1][2] - The global superconducting materials market is projected to reach €7.13 billion by 2025, with low-temperature superconductors dominating at 78% market share [1][9] - China has established a complete industrial chain for superconducting materials, with production expected to increase 5.5 times from 2018 to 2024, and the market size anticipated to exceed 9.2 billion yuan by 2025 [1][9] Types of Superconducting Magnets - Superconducting magnets are categorized into low-temperature superconductors (e.g., NbTi, Nb₃Sn) and high-temperature superconductors (e.g., YBCO) [3][4] - Low-temperature superconductors require liquid helium cooling and are widely used in MRI and particle accelerators, while high-temperature superconductors operate at liquid nitrogen temperatures, offering lower cooling costs and higher stability [3][4] Production Process - The production of superconducting magnets involves several key steps, including the preparation of superconducting wires, coil winding, integration of low-temperature systems, and rigorous testing [5][6] Market Dynamics - The superconducting materials market is experiencing significant growth, with low-temperature superconductors holding a dominant position due to their mature technology [9][12] - The Chinese superconducting materials industry has seen a compound annual growth rate of 32% since 2011, with a total production of 1,303.2 tons expected in 2024 [9][12] Competitive Landscape - The low-temperature superconducting market is primarily dominated by Western Superconducting Technologies, which holds a 95% market share in China [11][12] - In the high-temperature superconducting sector, companies like Shanghai Superconductor and Fujikura are emerging as key players, with Shanghai Superconductor achieving significant production capacity [16][17] Future Trends - The Chinese superconducting magnet industry is expected to focus on technological breakthroughs, application expansion, and collaborative development across the supply chain [17][18] - Key developments include improvements in high-temperature superconducting material production efficiency and cost reduction, as well as the commercialization of superconducting applications in medical, energy, and transportation sectors [18][19][20]

Core Insights - The report emphasizes the accelerating commercialization of controlled nuclear fusion, particularly benefiting from breakthroughs in high-temperature superconducting materials, positioning the superconducting magnet as a crucial component in magnetic confinement fusion devices [2][5][6] Industry Overview - Nuclear fusion is regarded as the ultimate energy source for humanity, with the Tokamak device being the most commercially viable option. It involves the fusion of lighter atomic nuclei into a heavier nucleus, converting mass into energy. The advantages of nuclear fusion include abundant fuel resources, high energy density, cleanliness, and safety [5][6] - As of mid-2024, there are 159 global nuclear fusion projects, with 79 being Tokamak devices, accounting for nearly 50% of the total [5] Superconducting Magnet Insights - Superconducting magnets play a pivotal role in magnetic confinement fusion devices, where the strength and uniformity of the magnetic field significantly impact the performance and efficiency of the entire system. For instance, in the ITER project, the magnet system constitutes the largest cost component, accounting for 28.0% of total costs [6] - The introduction of superconductors, particularly high-temperature superconductors, addresses the heating issues associated with copper conductors, enabling longer steady-state operations and improving energy conversion efficiency while reducing costs [6][7] Market Potential - The potential market for controlled nuclear fusion could reach at least $1 trillion by 2050, with superconducting magnets expected to capture a market space exceeding $100 billion. This indicates a vast potential market size [7] - Beyond nuclear fusion, superconducting magnets have applications in MRI, NMR, induction heating devices, and silicon growth furnaces, suggesting a broadening application landscape [7]

Investment Rating - The report rates the industry as "Outperform" [1] Core Insights - The commercialization of controlled nuclear fusion is accelerating, with superconducting magnets expected to benefit significantly from this trend [1][3] - The industry is entering a rapid development phase due to breakthroughs in technology, particularly the large-scale application of high-temperature superconducting materials [1][3] - The potential market for controlled nuclear fusion could reach at least $1 trillion by 2050, with superconducting magnets representing a market space exceeding $100 billion [3] Summary by Sections Superconducting Magnets as Core Components - Superconducting magnets are critical components in magnetic confinement fusion devices, particularly in Tokamak systems, where they account for a significant portion of costs, reaching 28% in the ITER project [1][14][20] - The introduction of superconducting materials, especially high-temperature superconductors, addresses the heating issues associated with copper conductors, enabling longer and more efficient operation of fusion devices [1][29] Material Preparation and Manufacturing Processes - The preparation and winding processes for superconducting magnets are complex, with high barriers to entry for high-temperature superconductors, which are still in the early stages of industrialization [3][39] - Low-temperature superconductors have achieved commercial production, while high-temperature superconductors are still developing their performance and application capabilities [3][39] Future Applications and Market Potential - The application prospects for superconducting magnets are broad, extending beyond controlled nuclear fusion to include MRI, NMR, induction heating equipment, and silicon growth furnaces [1][3] - The report recommends focusing on publicly listed companies with superconducting magnet manufacturing capabilities, highlighting companies such as Lianchuang Optoelectronics and Western Superconducting Technologies [3]

Group 1 - The core viewpoint of the news is the acceptance of the IPO application of Ningbo Jianxin Superconducting Technology Co., Ltd. on the Sci-Tech Innovation Board, marking it as the third company to be accepted for IPO this year [1][2]. - Jianxin Superconducting focuses on the research, production, and sales of core components for medical magnetic resonance imaging (MRI) equipment, with its main products including superconducting magnets, permanent magnets, and gradient coils, which account for approximately 50% of the cost of MRI equipment [2][3]. - The company has established partnerships with well-known MRI equipment manufacturers such as Fujifilm, GE Healthcare, and others, positioning itself as a leading independent supplier of superconducting magnets globally [2][3]. Group 2 - Jianxin Superconducting's projected revenues for 2022 to 2024 are 359 million yuan, 451 million yuan, and 425 million yuan, respectively, with net profits of 34.63 million yuan, 48.73 million yuan, and 55.78 million yuan [3]. - The IPO aims to raise 865 million yuan for projects including the annual production of 600 sets of helium-free superconducting magnets and the technological transformation of high-field medical superconducting magnets [3]. - The acceptance of Jianxin Superconducting's IPO application highlights the ongoing effects of the "Eight Policies of the Sci-Tech Innovation Board," with a total of 13 IPOs accepted this year across various exchanges [3][8].

Group 1 - The core viewpoint of the articles highlights the ongoing effects of the policies introduced by the China Securities Regulatory Commission to deepen the reform of the Sci-Tech Innovation Board, which is aimed at supporting technological innovation and new productivity development [1] - The Sci-Tech Innovation Board has seen an increase in IPO applications, with companies like Ningbo Jianxin Superconducting Technology Co., Ltd. and others being accepted for listing, indicating a clear trend towards "hard technology" in the A-share market [1] - Jianxin Superconducting is recognized as the largest independent supplier of superconducting magnets globally, focusing on the core components of MRI equipment, and has achieved self-designed and large-scale production of mainstream zero-evaporation superconducting magnets [1] Group 2 - Jianxin Superconducting plans to raise 865 million yuan through its IPO, with the funds allocated for projects including the annual production of 600 sets of liquid helium-free superconducting magnets and technological upgrades for high-field medical superconducting magnets [2] - The company has developed the world's first "1.5T liquid helium-free superconducting magnet system," establishing a leading position for China in this next-generation technology [1]