格隆汇12月16日丨金杯电工(002533.SZ)在互动平台表示，作为全球扁电磁线龙头和电线电缆优势企 业，公司部分产品已有应用在华龙一号、秦山、大亚湾等核裂变反应核电项目中，其中公司开发的第四 代核电用超高温电磁线，结束了我国在该领域长期依赖进口的历史。核聚变方面，目前有个别产品间接 供应给相关核聚变研究机构进行预研。 ...

Core Viewpoint - The company, Jinbei Electric, is a leading player in the flat electromagnetic wire sector, focusing on transformers, inverters, and reactors, and is recognized for its product quality and customer relationships [2] Group 1: Company Strengths - The company has established strong competitive advantages in the flat electromagnetic wire market through product quality, customer accumulation, and economies of scale [2] - Jinbei Electric has gained widespread recognition from notable domestic and international clients, including China Electric Equipment Group, TBEA, Siemens Energy, Hitachi Energy, and Igor [2] Group 2: Market Opportunities - The company is capitalizing on strategic opportunities arising from global energy transformation and increasing electricity demand [2] - Jinbei Electric is actively expanding its overseas market presence, having directly exported to regions such as Europe, Japan, Southeast Asia, Central Asia, India, the Middle East, and South America [2] - Europe has been selected as the first destination for the company's capacity expansion, with plans to establish an intelligent production base with an annual capacity of 20,000 tons of electromagnetic wire [2]

Core Viewpoint - The company Jinbei Electric (金杯电工) is recognized as a leader in flat electromagnetic wire, focusing on transformers, inverters, and reactors, and has established a strong competitive edge in the market due to product quality, customer accumulation, and scale effects [2]. Group 1: Company Overview - Jinbei Electric has received widespread recognition from domestic and international clients, including China Electric Equipment Group, TBEA, Siemens Energy, Hitachi Energy, and Igor [2]. - The company emphasizes the importance of expanding its overseas market presence, having already exported directly to regions such as Europe, Japan, Southeast Asia, Central Asia, India, the Middle East, and South America [2]. Group 2: Strategic Initiatives - Jinbei Electric has selected Europe as the primary location for its capacity expansion, planning to establish an intelligent production base with an annual capacity of 20,000 tons of electromagnetic wire [2].

Group 1: Overall Performance - The company achieved a revenue of 14.769 billion CNY in the first three quarters, representing a year-on-year growth of 15.92% [2] - The net profit attributable to shareholders reached 464 million CNY, with a year-on-year increase of 8.73% [2] - The net profit after deducting non-recurring gains and losses was 423 million CNY, up 11.72% year-on-year, with a weighted average return on equity (ROE) of 11.23% [2] Group 2: Segment Performance - The electromagnetic wire segment generated a revenue of 5.815 billion CNY, growing by 21% year-on-year [3] - The cable segment reported a revenue of 8.870 billion CNY, with a year-on-year increase of 13%, and saw over 25% growth in net profit in the third quarter [3] Group 3: Strategic Initiatives - The company plans to institutionalize a cash dividend policy, committing to a minimum of 50% of distributable profits for dividends, reflecting a total of 1.929 billion CNY in cumulative dividends since its listing, which is 56.74% of cumulative net profit [4] - The offshore wind power business is a key focus, with significant growth in product shipments, including an 87% increase in specialized electromagnetic wire for offshore wind power [4] Group 4: Market Expansion - The company is expanding its production capacity in Europe, specifically in the Czech Republic, with a planned annual capacity of 20,000 tons of electromagnetic wire [5] - The company has received necessary approvals for its overseas investment project and is progressing with construction and equipment procurement [5]

Market Performance - On October 28, the nuclear fusion sector strengthened again, with companies such as Antai Technology and Dongfang Tanye achieving consecutive gains, while Western Superconducting and Yongding shares also rose [1] - Antai Technology's stock price reached 22.98, with a 10.00% increase, and it is a core supplier for global controllable nuclear fusion devices [2] - Western Superconducting, the only Chinese supplier of low-temperature superconducting wire for the ITER project, saw its stock rise by 8.28% to 83.16 [2] - Yongding shares increased by 7.86% to 16.20, with its subsidiary being the only mass producer of second-generation high-temperature superconducting tape in China [2] Domestic and International Developments - Helical Fusion, a Tokyo-based startup, announced progress in developing high-temperature superconducting magnets crucial for fusion reactors, marking a significant step towards commercial fusion energy [3] - Helion Energy received conditional use permits for its fusion generator facility in Washington, clearing obstacles for construction [4] - In China, a research team from the Institute of Metal Research successfully industrialized high-purity ton-level Hastelloy (C276) metal substrates for second-generation high-temperature superconducting tapes [5] - The compact fusion energy experimental device in Hefei is expected to be completed by 2027, potentially becoming the first facility to achieve fusion power generation [5] Industry Insights - The controllable nuclear fusion industry in China is entering a phase of significant capital expenditure, with over 150 billion yuan planned or under construction by September 2025 [6] - The industry is diversifying its technological routes, with the Tokamak being the most mature. Key components such as magnets and vacuum chambers constitute major costs [6] - The global nuclear fusion market is projected to reach approximately $843.46 billion by 2040, with a compound annual growth rate (CAGR) of about 6% from 2030 to 2040. China's market is expected to grow to around $53.68 billion by 2040, with a CAGR of 6.4%, slightly higher than the global average [6] Project Updates - The EAST project has reached a mature stage, with core component tenders nearly complete, while the BEST project is in mid-construction with key component tenders ongoing [7] - The CFEDR project is still in the research phase, with concentrated tendering expected between 2027 and 2029 [7] - The CRAFT project has completed some tenders and is advancing in the procurement of magnets, power supplies, and diagnostic systems [7]

Group 1 - The core viewpoint of the news is that Jinbei Electric has shown strong performance in its offshore wind power business, which is expected to benefit from favorable government policies [1][2]. - In the first three quarters of 2025, Jinbei Electric achieved operating revenue of 14.769 billion yuan, a year-on-year increase of 15.92%, and a net profit attributable to the parent company of 464 million yuan, up 8.73% year-on-year [1]. - The recent tax policy adjustment, effective from November 1, 2025, provides a 50% VAT refund for electricity products generated from offshore wind power, which is anticipated to positively impact the offshore wind industry [1][2]. Group 2 - Jinbei Electric's offshore wind power products include specialized transformers and generators, with a significant increase in shipment volume of 87% year-on-year for these products [2]. - The company has developed offshore wind power cables that meet specific environmental conditions, enhancing their resistance to corrosion, salt fog, and mold, ensuring long-term stability in deep-sea environments [2]. - The offshore wind power industry in China is experiencing stable growth, with a cumulative installed capacity of 43.31 million kilowatts as of 2024, maintaining its position as the global leader for four consecutive years [3].

Market Overview - A-shares experienced a strong opening on October 9, with the Shanghai Composite Index breaking through 3900 points, reaching a ten-year high at 3933.97 points, up 1.32% [1] - The Shenzhen Component Index rose 1.47% to 13725.56 points, while the ChiNext Index increased by 0.73% to 3261.82 points [1] - Total trading volume in the Shanghai and Shenzhen markets reached 26,532 billion yuan, a significant increase of 4,718 billion yuan compared to the previous trading day [1] Sector Performance - The majority of industry sectors saw gains, with precious metals, energy metals, and steel industries leading the rise, while tourism and real estate services faced declines [1] - The precious metals sector saw a notable increase, with 12 stocks in the sector, 4 of which hit the daily limit, and the smallest gain being 5.3% for Hunan Gold [2] Key Drivers - The market's upward momentum was attributed to two main factors: accelerated recovery of margin financing and positive performance in overseas markets, particularly in artificial intelligence and non-ferrous metals [1] - The price of gold surpassed 4000 USD/ounce, driven by increased risk aversion due to the U.S. government shutdown, ongoing global central bank gold purchases, and expectations of interest rate cuts by the Federal Reserve [2] Technical Analysis - The market showed strong bullish signals, with all three major indices in a bullish arrangement, particularly the Shanghai Composite Index, which is expected to continue rising and may reach 4000 points soon [3] - The MACD indicator showed a reduction in green bars, and the KDJ line indicated an upward trend, suggesting further upward movement in the coming days [3] Company Spotlight - Jinbei Electric, a company specializing in the research, production, and sales of wire and cable products, saw its stock hit the daily limit, primarily due to the favorable sentiment surrounding the controllable nuclear fusion concept [3] - The company reported a net profit of 296.28 million yuan for the first half of 2025, with a year-on-year growth rate of 7.46% [3] - Jinbei Electric's products are utilized in various nuclear power stations and are involved in projects related to the nuclear fusion industry, enhancing its market position [3]

Group 1 - The core product of the company is flat electromagnetic wire and wire and cable, which serves traditional markets while also developing new products to meet emerging market demands [2] - The company has successfully developed "liquid-cooled DC charging cable for electric vehicles," primarily used in fast and ultra-fast charging for new energy vehicles, addressing the market's need for high current fast charging [2] - The company plans to further focus on and expand into new application areas and demands in the future [2]

Core Viewpoint - The company is actively expanding into new growth areas driven by global energy transformation and increasing demand in emerging applications, while also achieving significant progress in exports and overseas capacity development [2][3]. Group 1: New Growth Points - The company identifies new growth opportunities in response to changes in downstream demand, driven by global energy revolution, aging power grid upgrades in developed countries, and explosive growth in computing power [2]. - The focus is on high-quality flat electromagnetic wire for ultra-high voltage and high voltage transformers, while also accelerating expansion into new applications such as electric vehicles, wind power, photovoltaics, energy storage, and industrial robots [2]. Group 2: Export and Overseas Capacity Development - In the first half of the year, the company achieved rapid growth in overseas markets, with direct export revenue reaching 262 million yuan, a year-on-year increase of 37.99% [3]. - The company has successfully entered new overseas markets, including Central Asia, and is planning to establish an intelligent production base in Europe with an annual capacity of 20,000 tons of electromagnetic wire [3]. Group 3: Technological Advancements in New Energy Vehicles - The company is one of the few manufacturers mastering three insulation methods: "enamel," "enamel + film," and "PEEK insulation" for flat electromagnetic wire [4]. - It has developed 800V and 1000V flat electromagnetic wires for electric vehicle drive motors, with ongoing research and development for core technologies required for high-voltage platform models [4]. Group 4: Special Cables for Shielding Machines - The company has successfully developed a full range of special cables for shield tunneling machines, including main power cables, variable frequency cables, and control cables, effectively replacing imported products in hard rock tunneling machines [5]. - It has become a major supplier for key manufacturers in the tunneling equipment sector, such as China Railway Engineering Equipment Group and China Railway Construction Heavy Industry Group [5]. Group 5: Nuclear Power and Superconducting Products - In the nuclear power sector, the company has developed products for major projects, ending reliance on imports for high-temperature electromagnetic wires [6]. - The company is also investing in superconducting technologies, producing a series of superconducting cables for clients in the medical equipment manufacturing sector, including Siemens and GE [6].

Group 1: Company Growth and Market Expansion - The company is focusing on long-cycle, high-demand electricity needs driven by global energy revolution, aging power grids in developed countries, and explosive growth in computing power [2] - In the first half of the year, direct export revenue reached 262 million CNY, a year-on-year increase of 37.99%, with significant growth in electromagnetic wire exports and a breakthrough in cable exports [4] - The company is establishing a smart production base in Europe with an annual capacity of 20,000 tons of electromagnetic wire, with all necessary investment registrations completed [4] Group 2: Product Development and Applications - The company has developed high-voltage flat electromagnetic wires for electric vehicles, with 800V wires already in supply and 1000V wires in technical reserve [6] - In the specialized cable sector, the company has successfully developed a full range of cables for shield tunneling machines, replacing imported products in hard rock tunneling machines [7] - The company has products used in nuclear fission projects, including the fourth-generation nuclear power ultra-high temperature electromagnetic wire, ending reliance on imports in this field [8] Group 3: Research and Development - The company is investing in R&D for superconducting cables and has developed a series of products for superconducting magnets, serving clients like Western Superconducting and Siemens [8]