进入问询阶段逾4个月后，上海超导科技股份有限公司（以下简称"上海超导"）科创板IPO迎来新进展， 公司近日披露了首轮审核问询函回复，并更新披露招股书。本次冲击上市背后，上海超导年度净利以及 报告期内毛利率均稳步增长。不过，从最新披露的2025年上半年财务数据来看，公司存在客户集中度较 高的情况，当期对第一大客户中国科学院的销售占比超六成。另外，值得一提的是，报告期内，A股上 市公司精达股份系上海超导第一大股东，同时精达股份董事长李晓还在公司任董事职务。针对相关问 题，上海超导于11月18日接受了北京商报记者的采访。 全年净利预增 值得一提的是，在接受北京商报记者采访时，上海超导方面进一步表示："行业正处于快速发展阶段， 预计今年净利润会相较去年实现合理幅度的同比增长。" 对于所处行业的发展前景，上海超导方面则告诉北京商报记者，随着材料生产规模和应用设备规模的上 升，高温超导材料为基础的应用场景，很快能进入具有性价比的推动阶段。 "从公司过往三年在初步规模扩产后成本的变化，及下游应用设备规模化后可以获得的更大幅度的成本 下降，均清晰指向了高温超导带材应用领域的拓展很快就会进入加速的空间。目前行业发展已经进入到 ...

进入问询阶段逾四个月后，上海超导科技股份有限公司（以下简称"上海超导"）科创板IPO迎来新进展，公司近日披露了首轮审核问询函回复，并更新披露 招股书。本次冲击上市背后，上海超导年度净利以及报告期内毛利率均稳步增长。不过，从最新披露的2025年上半年财务数据来看，公司存在客户集中度较 高的情况，当期对第一大客户中国科学院的销售占比超六成。另外值得一提的是，报告期内，A股上市公司精达股份（600577）系公司第一大股东，同时， 精达股份董事长李晓还在公司任董事职务。针对相关问题，上海超导于11月18日接受了北京商报记者的采访。 | 公司全称 | 上海超导科技股份有限公司 | | --- | --- | | 公司简称 | 上海超导 | | 审核状态 | 已问询 | 公司回应：今年净利预喜 对此，上海超导表示，报告期内，公司主营业务毛利率相对较高，主要受到产品性能、技术优势、行业特点、市场竞争、客户性质、品牌效应等多方面因素 影响。根据公司预测，2025年、2026年，公司主营业务毛利率为67.25%、64.87%（本次测算不构成盈利预测承诺），仍保持较高水平。 第二代高温超导带材生产商上海超导的冲A事项迎来新进展。 ...

进入问询阶段逾四个月后，上海超导科技股份有限公司（以下简称"上海超导"）科创板IPO迎来新进展，公司近日披露了首轮审核问询函回复，并更新披露 招股书。本次冲击上市背后，上海超导年度净利以及报告期内毛利率均稳步增长。不过，从最新披露的2025年上半年财务数据来看，公司存在客户集中度较 高的情况，当期对第一大客户中国科学院的销售占比超六成。另外值得一提的是，报告期内，A股上市公司精达股份（600577）系公司第一大股东，同时， 精达股份董事长李晓还在公司任董事职务。针对相关问题，上海超导于11月18日接受了北京商报记者的采访。 | 公司全称 | 上海超导科技股份有限公司 | | --- | --- | | 公司简称 | 上海超导 | | 审核状态 | 已问询 | 公司回应：今年净利预喜 第二代高温超导带材生产商上海超导的冲A事项迎来新进展。 上交所官网显示，上海超导科创板IPO于2025年6月18日获得受理，同年7月11日进入问询阶段。近日，公司披露了首轮审核问询函回复。 据了解，上海超导是一家专注于第二代高温超导带材研发、生产和销售的高新技术企业，公司自研和制造了生产线，是国际上唯二已经实现批量年产千公里 级以 ...

Core Viewpoint - The article highlights the rapid advancement of controllable nuclear fusion technology, particularly focusing on the key material, high-temperature superconducting tape, which is attracting significant capital interest. Shanghai Superconductor Technology Co., Ltd. is positioned as a leader in this field, aiming to become the first publicly listed company specializing in high-temperature superconducting materials through its upcoming IPO [1][2]. Company Overview - Shanghai Superconductor, established in 2011, is one of only two companies globally capable of producing over 1,000 kilometers of second-generation high-temperature superconducting tape annually, with a market share exceeding 80% in China [1][9]. - The company plans to raise 1.2 billion yuan through its IPO, which will be used for the production of second-generation high-temperature superconducting tape and the development of its headquarters [1][9]. Technology and Market Potential - High-temperature superconductors are revolutionary materials with zero electrical resistance at extremely low temperatures, offering significant applications in energy transmission, medical imaging, and quantum computing, with a potential market size in the trillions [2][8]. - The second-generation high-temperature superconducting tape, produced by Shanghai Superconductor, is superior in mechanical strength, cost-effectiveness, and high-field current-carrying capacity compared to the first generation, which is fragile and expensive [2][4]. Development History - Shanghai Superconductor's journey began with a shift to independent research and development after facing barriers from foreign companies. The first 100-meter long second-generation high-temperature superconducting tape was produced in 2011 [4][5]. - The company faced significant challenges, including a critical low yield of 30% in 2014, but received investment support that enabled it to increase production capacity significantly, achieving 100 kilometers of delivery in 2019 and 200 kilometers in 2020 [4][5]. Industry Trends - The global commercialization of nuclear fusion is gaining momentum, with significant investments from high-profile individuals and companies, indicating a strong market demand for high-temperature superconducting materials [7][8]. - The market for high-temperature superconducting tape in the nuclear fusion sector is projected to grow from approximately 722 million yuan in 2025 to about 2.144 billion yuan by 2027 [9]. Financial Performance - Shanghai Superconductor's revenue has shown rapid growth from 36 million yuan in 2022 to an expected 240 million yuan in 2024, with a notable shift from losses to profitability [12]. - The company experiences seasonal revenue fluctuations, with a significant portion of its income concentrated in the second half of the year due to the nature of its client base, which includes major research institutions and state-owned enterprises [12][13].

（原标题："人造太阳"热潮助推 全球高温超导龙头上海超导闯关科创板） 21世纪经济报道记者 彭新 人类终极能源——"人造太阳"，也就是可控核聚变技术，正加快进入现实世界，而其背后的关键技术材 料"高温超导带材"，正引发资本关注。 11月15日，上交所官网显示，上海超导科技股份有限公司（简称：上海超导）科创板IPO问询回复已披 露。 成立于2011年的上海超导是该领域龙头，其生产的第二代高温超导带材打入了全球可控核聚变商业公司 CFS和Tokamak Energy的供应链。招股书显示，上海超导是国际上唯二实现年产千公里级以上第二代高 温超导带材的生产商之一，另外一家企业为日本企业FFJ。 凭借先发优势，公司在国内市场占据绝对主导地位，市场占有率超过80%。 上海超导冲刺科创板，有望成为"高温超导材料第一股"。此次IPO，上海超导计划募资12亿元，全部用 于上海超导二代高温超导带材生产及总部基地项目（一期）。 图：AI生成 高温超导"引领者" 所谓超导材料，是指在极低温下电阻变零且具完全抗磁性的颠覆性材料，超导材料的零电阻特性在能源 传输、医疗成像和量子计算等领域具有重要应用价值。其也是各国竞相支持的核心新材料， ...

Core Viewpoint - Shanghai Superconductor Technology Co., Ltd. is advancing its IPO process on the Sci-Tech Innovation Board, aiming to raise approximately 1.2 billion yuan [1] Company Overview - Shanghai Superconductor specializes in the research, production, and sales of second-generation high-temperature superconducting tapes [1] - The company’s IPO application was accepted on June 18, 2025, and it entered the inquiry phase on July 11, 2025 [1] IPO Details - The company plans to raise around 1.2 billion yuan through its IPO [1] - The first round of inquiry letters raised questions regarding the company's main products, core technologies, and the advancement of its core technologies [1]

Summary of Key Points from the Conference Call on High-Temperature Superconductors and Their Applications in Controlled Nuclear Fusion Industry Overview - The discussion centers around the superconducting materials industry, particularly focusing on high-temperature superconductors (HTS) and their applications in controlled nuclear fusion [1][2][10]. Core Insights and Arguments - **Key Characteristics of Superconductors**: Superconductors are defined by three critical characteristics: zero electrical resistance, complete diamagnetism, and a distinct change in specific heat curve. These characteristics are essential for determining the superconducting nature of materials [1][4]. - **Performance Metrics**: The performance of superconducting materials is primarily measured by critical temperature, critical magnetic field, and critical current density. These metrics are crucial for assessing the application potential of superconductors [5][10]. - **Types of Superconductors**: Superconductors are categorized into two main types based on critical fields: Type I (single critical field) and Type II (two critical fields). Most practical superconductors fall under Type II, which is more applicable for industrial use [6][8]. - **Applications in Nuclear Fusion**: High-temperature superconductors are vital in controlled nuclear fusion due to their zero resistance and complete diamagnetism, which help in maintaining stable fusion reactions and reducing energy losses [2][10][11]. Practical Applications and Challenges - **Current Utilization**: Low-temperature superconductors like niobium-titanium and niobium-tin are widely used in strong electric fields, such as MRI machines and particle accelerators, despite requiring liquid helium for cooling [9][12]. - **Challenges for High-Temperature Superconductors**: HTS face significant challenges, including brittleness, low strength, and high anisotropy, which hinder their scalability and application compared to low-temperature superconductors [3][13]. - **Advancements in Second-Generation HTS**: Second-generation HTS materials have shown significant improvements in critical current density and are gradually entering industrial applications, particularly in nuclear fusion [15]. Emerging Trends and Research Directions - **Research Focus**: Recent research has focused on increasing the transition temperature of superconductors under high-pressure conditions, although not all high-temperature superconductors are unconventional [7][8]. - **Material Development**: The development of nickel-based superconductors has shown promise, but practical applications remain distant. Current efforts are concentrated on enhancing existing materials like magnesium diboride and copper oxides [21]. Manufacturing Techniques - **Production Methods**: Various production methods for HTS include Pulsed Laser Deposition (PLD), Metal-Organic Chemical Vapor Deposition (MOCVD), and Solution Deposition (MOD). Each method has its advantages and disadvantages, impacting the quality and performance of the superconducting materials produced [22][23][24]. - **Selection Criteria**: The choice of production method depends on the specific application requirements, such as performance metrics and cost considerations [27]. Conclusion - The superconducting materials industry, particularly high-temperature superconductors, is poised for growth driven by advancements in nuclear fusion technology. However, challenges related to material properties and manufacturing processes must be addressed to fully realize their potential in practical applications [11][20].

Core Insights - China has achieved a significant milestone in the energy sector by industrially producing ton-level Hastelloy C276 metal-based superconducting tape, crucial for nuclear fusion technology, marking a shift from a follower to a leader in the ultimate energy race [1][5][9] Group 1: Technological Breakthrough - The successful industrialization of ton-level Hastelloy C276, a nickel-based alloy, is essential for the stability of Tokamak nuclear fusion devices, capable of withstanding extreme temperatures and radiation [3][5] - The production of this superconducting tape is expected to significantly reduce manufacturing costs, addressing long-standing challenges in the large-scale development of fusion devices [5][9] Group 2: Strategic Importance - This breakthrough reflects China's long-term commitment to nuclear fusion, with nearly 20 years of sustained investment and participation in international projects like the ITER [7][8] - The achievement highlights China's ability to integrate research and industrial processes, facilitating rapid application of scientific advancements [8] Group 3: Implications for Energy Independence - Mastery of nuclear fusion technology could position China as a leader in energy independence, reducing reliance on fossil fuels and reshaping the global energy landscape [9][10] - The successful production of Hastelloy C276 also enhances China's capabilities in high-end manufacturing and national defense, reducing dependency on foreign materials [9] Group 4: Future Challenges - Despite the breakthrough, significant challenges remain in achieving commercial viability for nuclear fusion, including key performance metrics that have yet to be met [9][10] - The historical context suggests that advancements in foundational materials often precede broader technological revolutions, indicating potential for future developments in energy technology [9][10]

Group 1 - The second domestically produced MS-21 aircraft successfully completed its test flight in Irkutsk, focusing on testing the new Russian flight control system and PD-14 engine [2] - A research team from the Chinese Academy of Sciences has achieved industrial-scale production of high-purity Hastelloy C276 metal substrate for second-generation high-temperature superconducting tapes, crucial for controlled nuclear fusion, also known as "artificial sun" [2] - Foxconn has approved an investment plan of up to $1.37 billion for the procurement of equipment for an artificial intelligence computing cluster and supercomputing center, to be funded from its own resources between December 2025 and December 2026 [2] - Xiaomi's smart home appliance factory has officially commenced production, with an investment of 2.5 billion yuan and an expected annual output value of 14 billion yuan, aiming for large-scale air conditioning production next year [2] - The world's highest pumped storage power station, located in Jiangsu, has commenced full operation with a total installed capacity of 1.35 million kilowatts and a designed annual power generation of 1.35 billion kilowatt-hours [2] Group 2 - SK Hynix has begun installing production equipment at its new M15X factory in Cheongju, South Korea, which is expected to start operations next year and will serve as a major production center for high bandwidth memory (HBM) products [9]

Core Insights - The research team at the Institute of Metal Research, Chinese Academy of Sciences, has successfully achieved industrial-scale production of high-purity ton-level Hastelloy alloy using self-developed purification technology, which is crucial for the production of second-generation high-temperature superconducting tapes [1][2] - The second-generation high-temperature superconducting tapes are essential for creating powerful magnetic fields necessary for controlled nuclear fusion, and the production of these tapes has previously relied on imported Hastelloy alloys, which are expensive and have uncertain supply timelines [1] - The newly developed Hastelloy alloy has purity levels that meet or exceed those of imported materials, and the team has also overcome key technical challenges in processing, resulting in ultra-thin metal strips with specific dimensions and excellent thermal stability and mechanical properties [1] Production and Collaboration - The metal strips produced by the Institute of Metal Research have undergone validation with relevant enterprises, successfully completing the large-scale production of nearly one kilometer of high-temperature superconducting tape [2] - A framework cooperation agreement has been established between the Institute of Metal Research and related enterprises for the supply of 20 tons of metal strips, with plans for further collaboration to optimize the production process [2]