Core Viewpoint - The company announced an internal adjustment of guarantee limits among its subsidiaries, reallocating unused guarantee amounts to support the business operations of its controlling subsidiary, Eastern Superconducting Technology (Suzhou) Co., Ltd. [1][2][12] Summary by Sections Guarantee Adjustment Overview - The company’s board approved a total guarantee limit of up to RMB 438,500 million for its subsidiaries for the year 2025, effective for 12 months from the approval date [2][3]. - The adjustment involves transferring RMB 20,000 million in guarantee limits from two wholly-owned subsidiaries to the controlling subsidiary [1][3]. Details of Guarantee Adjustment - Wuhan Yongding Huigu Technology Co., Ltd. will transfer RMB 6,000 million of unused guarantee limits, leaving it with RMB 18,000 million [1][3]. - Jiangsu Yongding Precision Optical Materials Co., Ltd. will transfer RMB 14,000 million of unused guarantee limits, leaving it with RMB 1,000 million [1][3]. Basic Information of Guaranteed Companies - **Wuhan Yongding Huigu Technology Co., Ltd.** - Registered Capital: RMB 5,000 million - Total Assets (as of September 30, 2025): RMB 20,599.11 million - Total Liabilities: RMB 16,675.06 million - Net Profit (1-9 months 2025): RMB 17.12 million [4][5][6] - **Jiangsu Yongding Precision Optical Materials Co., Ltd.** - Registered Capital: RMB 3,000 million - Total Assets (as of September 30, 2025): RMB 17,103.72 million - Total Liabilities: RMB 12,998.34 million - Net Profit (1-9 months 2025): RMB 710.78 million [5][6] - **Eastern Superconducting Technology (Suzhou) Co., Ltd.** - Registered Capital: RMB 6,420 million - Total Assets (as of September 30, 2025): RMB 38,816.38 million - Total Liabilities: RMB 42,680.66 million - Net Profit (1-9 months 2025): -RMB 2,816.12 million [9][10] Necessity and Reasonableness of Guarantee Adjustment - The internal guarantee adjustment is deemed necessary to support the normal business development of the controlling subsidiary, which has a good credit status and no major default history [12]. - The adjustment is not expected to affect the company's ongoing operational capability or harm the interests of minority shareholders [12]. Cumulative External Guarantee Status - As of the announcement date, the total external guarantees provided by the company and its subsidiaries amount to RMB 306,375.09 million, representing 98.90% of the company's latest audited net assets [13]. - There are no overdue guarantees reported [13].

Core Viewpoint - Ningbo Jianxin Superconducting Technology Co., Ltd. has successfully registered its IPO on the Sci-Tech Innovation Board, indicating a significant step in its growth and market presence in the MRI equipment sector [1] Company Summary - Jianxin Superconducting primarily focuses on the research, development, production, and sales of core components for medical magnetic resonance imaging (MRI) equipment [1] - The main products include superconducting magnets, permanent magnets, and gradient coils, which account for approximately 50% of the cost of core components in MRI equipment [1] IPO Process Summary - The IPO application for Jianxin Superconducting was accepted on May 9 and received approval on October 21, with the registration submitted on the same day [1]

Group 1 - The core point of the article is the approval by the China Securities Regulatory Commission for Ningbo Jianxin Superconducting Technology Co., Ltd. to conduct its initial public offering (IPO) on the Shanghai Stock Exchange, with a fundraising target of 865 million yuan [1] - Jianxin Superconducting primarily engages in the research, production, and sales of core components for medical magnetic resonance imaging (MRI) equipment, including superconducting magnets, permanent magnets, and gradient coils [1] - The company has developed a diverse product matrix in the superconducting field, including 1.5T zero-evaporation superconducting magnets, 1.5T liquid helium-free superconducting magnets, 3.0T zero-evaporation superconducting magnets, and open zero-evaporation superconducting magnets, making it the leading independent supplier of superconducting magnets in the global MRI industry [1]

Group 1 - The "14th Five-Year Plan" includes quantum technology as a core future industry, with a focus on quantum computing, communication, and measurement [7][8][10] - By 2025, China's quantum technology market is expected to exceed 20 billion yuan, with a compound annual growth rate of 35%-40% [2][33][35] - The global quantum computing market was valued at 1.1 billion USD in 2022 and is projected to grow to approximately 7.6 billion USD by 2027 [14][16] Group 2 - The median price-to-earnings (P/E) ratio for the information technology sector on the Beijing Stock Exchange increased by 5.26% to 62.4X [43][54] - The median market capitalization for electronic device companies on the Beijing Stock Exchange rose from 2.28 billion yuan to 2.43 billion yuan [45][48] - The median P/E ratio for mechanical equipment companies on the Beijing Stock Exchange increased from 52.5X to 54.4X, with total market capitalization rising from 117.67 billion yuan to 123.18 billion yuan [50][52]

New Listings - During the period from October 21 to October 27, one company was listed on the Shanghai Stock Exchange main board and one on the Shenzhen Stock Exchange main board [2] - ChaoYing Electronics specializes in the research, production, and sales of printed circuit boards (PCBs), primarily for automotive electronics. The stock price surged by 397.60% on the first day of trading, closing at 83.01 CNY per share, a 386.01% increase from the issue price of 17.08 CNY, with a total market capitalization of approximately 36.3 billion CNY [3] - Marco Polo focuses on the research, production, and sales of building ceramics. The stock price increased by 128.80% on the first day, closing at 27.52 CNY per share, a 100.15% increase from the issue price of 13.75 CNY, with a total market capitalization of approximately 32.9 billion CNY [4] Companies Passing Review - From October 21 to October 27, two companies passed the review on the Shanghai Stock Exchange's Sci-Tech Innovation Board, and one on the Shenzhen Stock Exchange main board [5] - Jianxin Superconducting is engaged in the research, production, and sales of core components for medical MRI equipment, with its products accounting for about 50% of the cost of MRI equipment [6] - Muxi Co., Ltd. focuses on the independent research and development of high-performance GPU chips and computing platforms, primarily for AI training and inference, as well as general computing and graphics rendering [6] New Stock Applications - During the period from October 21 to October 27, one company submitted a listing application on the Shanghai Stock Exchange's Sci-Tech Innovation Board, while no companies submitted applications on the Shenzhen Stock Exchange [9] - HaoYing Technology is a comprehensive service provider for commercial big data, specializing in the research, production, and sales of drone power systems, with products also used in competitive vehicles [10][11] New Listings in Hong Kong - From October 21 to October 27, two companies were listed on the Hong Kong Stock Exchange main board [13] - JuShuiTan is the largest e-commerce SaaS ERP provider in China, with a market share of 24.4%. The stock price rose by 23.86% on the first day, closing at 34.96 HKD per share, a 14.25% increase from the issue price of 30.60 HKD, with a total market capitalization of approximately 14.9 billion HKD [14] - GuangHeTong is a wireless communication module provider, with its stock price dropping by 11.72% on the first day, closing at 19.96 HKD per share, a 7.16% decrease from the issue price of 21.50 HKD, with a total market capitalization of approximately 26.0 billion HKD [14] Companies Submitting Applications in Hong Kong - From October 20 to October 27, eight companies submitted listing applications on the Hong Kong Stock Exchange main board [20] - YuWang Bio is the largest supplier and exporter of human tetanus antitoxin in China, with a market share of 66.8% in terms of revenue for 2024 [39] - BiHua Co., Ltd. is a comprehensive chemical group focusing on technological innovation and green low-carbon development, with a leading position in several chemical products [26] - XieChuang Data is a data intelligence application software company, recognized as the second-largest domestic smart storage device manufacturer by revenue in 2024 [29] - ZhongWei Co., Ltd. specializes in new energy materials, focusing on the research and development of battery materials [33] - HeHui Optoelectronics is an AMOLED semiconductor display panel manufacturer, ranked third globally in large-size AMOLED panel shipments [36] - HaiChen Energy is a global new energy technology company, ranked third in the global energy storage market by lithium-ion battery shipments in 2024 [42]

Core Insights - The IPO market is experiencing significant activity, particularly in the Hong Kong stock market with notable companies going public [2] Recent IPO Approvals - Muxi Integrated Circuit (Shanghai) Co., Ltd. plans to issue up to 40.1 million A-shares, aiming to raise 3.904 billion yuan for GPU development projects [3] - The company has not yet turned a profit, with projected net losses of 1.409 billion yuan for 2024 [3] - The number of companies scheduled for IPOs this year has reached 67, surpassing the total from the previous year [2] Financial Performance of Recent IPOs - Muxi's revenue from 2022 to 2025 is projected to grow from 426,400 yuan to 743 million yuan, with cumulative losses exceeding 3.2 billion yuan [3] - Inner Mongolia Shuangxin Environmental Materials Co., Ltd. reported revenues of 5.061 billion yuan in 2022, with a net profit of 803 million yuan [4] - Jiangsu Aisheren Medical Technology Group Co., Ltd. achieved revenues of 574 million yuan in 2022, with a net profit of 58.18 million yuan [5] New Listings - Marco Polo Holdings Co., Ltd. listed on the Shenzhen Stock Exchange with a first-day stock price increase of 128.8%, reaching a market capitalization of 37.6 billion yuan [7] - Ju Shui Tan, an e-commerce SaaS ERP provider, debuted on the Hong Kong Stock Exchange with a 24% stock price increase, achieving a market cap of over 16 billion HKD [8] - Hai Xi New Drug successfully listed on the Hong Kong Stock Exchange, raising approximately 994 million HKD [9] Recent Filings for IPO - Shenzhen Jincun Technology Co., Ltd. has filed for an IPO on the Hong Kong Stock Exchange, reporting revenues of 2.096 billion yuan in 2022 [10] - Sichuan Xin He Hua Traditional Chinese Medicine Co., Ltd. has reinitiated its IPO process, with revenues growing from 780 million yuan in 2022 to 1.249 billion yuan in 2024 [11] - Bin Hua Co., Ltd. has submitted an application for an IPO, reporting revenues of 8.892 billion yuan in 2022 [12]

Group 1: Fusion Industry Insights - The fusion industry is accelerating with multiple technological routes developing in parallel, supported by policies and capital investment [2][6][9] - Fusion is seen as a potential ultimate energy source, with high energy density and safety advantages, despite existing technical challenges [6][7] - Major global projects like China's CFETR, EU-DEMO, and K-DEMO are expected to begin construction between 2035 and 2040, with operational timelines set for around 2050 [6][9] Group 2: Key Components and Cost Structure - The Tokamak system, the most mature fusion technology, includes key components such as superconducting magnets, vacuum chambers, and power systems, which constitute significant cost factors [8][9] - Superconducting magnets are crucial for enhancing plasma confinement time, with advancements in high-temperature superconductors expected to improve fusion reaction rates and reduce cooling costs [8][9] Group 3: Investment Recommendations - Investment opportunities are identified in companies related to low-temperature superconducting magnets, vacuum chambers, and power systems, including Western Superconducting, Lianchuang Optoelectronics, and others [2][9] - The report suggests a focus on companies involved in the construction and operation of fusion reactors, as the industry is poised for growth due to increasing global interest and funding [9] Group 4: Company Performance Highlights - Cloud Sai Zhilian (600602.SH) is actively participating in Shanghai's computing power construction, with projected revenues of 6.434 billion, 7.516 billion, and 8.818 billion from 2025 to 2027, reflecting growth rates of 14.4%, 16.8%, and 17.3% respectively [3][10] - Shenhuo Co., Ltd. (000933.SZ) reported a strong Q3 performance with revenues of 31.005 billion, a 9.5% increase year-on-year, and a net profit of 3.49 billion, despite a slight decline in net profit compared to the previous year [12][13][14] - Jinli Permanent Magnet (300748.SZ) achieved a revenue of 5.373 billion in the first three quarters of 2025, marking a 7.16% increase, with a significant net profit growth of 161.81% [16][17]

Core Viewpoint - Ningbo Jianxin Superconducting Technology Co., Ltd. has rapidly submitted its registration for an IPO on the Sci-Tech Innovation Board after receiving approval [1] Company Summary - Jianxin Superconducting primarily engages in the research, production, and sales of core components for medical magnetic resonance imaging (MRI) equipment [1] - The main products include superconducting magnets, permanent magnets, and gradient coils, which account for approximately 50% of the cost of core components in MRI equipment [1] Industry Summary - The approval of Jianxin Superconducting's IPO on October 21 indicates a growing interest and investment in the medical imaging technology sector, particularly in advanced components that enhance MRI capabilities [1]

Investment Rating - The report maintains an "Overweight" rating for the nuclear fusion industry, indicating a positive outlook for investment opportunities in this sector [6]. Core Insights - Nuclear fusion is expected to become the ultimate energy source, with accelerated industrial progress driven by policy, capital support, and advancements in AI technology [1][6]. - The industry is optimistic about the feasibility of nuclear fusion power generation, with approximately 84% of surveyed companies believing it can be achieved by 2040 [1]. - Various technical routes for nuclear fusion are being explored, with the Tokamak being the most mature and widely applied technology [2][6]. Summary by Sections 1. Nuclear Fusion as the Ultimate Energy Source - Nuclear fusion combines light atomic nuclei under high temperature and pressure to release significant energy, offering high energy density and safety advantages [1][18]. - The industry is optimistic about the engineering feasibility of nuclear fusion, with AI developments accelerating the commercialization process [30][36]. - Current challenges include energy balance, material performance, and tritium self-sustainability, which are being addressed through increased industrial efforts [41][42]. 2. Diverse Technical Routes for Nuclear Fusion - Nuclear fusion can be categorized into gravitational, magnetic, and inertial confinement, with magnetic confinement being the most viable option [46]. - The Tokamak technology is highlighted as the most mature and widely used, with significant advancements in plasma stability and engineering feasibility [55]. 3. Cost Structure of Tokamak Components - Major cost components of Tokamak include magnets, vacuum chambers, and other supporting systems, with superconducting magnets being a key focus for enhancing plasma confinement [3][4]. - The report emphasizes the importance of high-temperature superconducting materials in improving fusion reaction rates and reducing cooling costs [3]. 4. Global Support for Nuclear Fusion Industry - Governments and capital markets worldwide are increasingly investing in nuclear fusion, with several demonstration projects planned for construction between 2035 and 2040 [36]. - Key companies to watch include those involved in superconducting magnets, vacuum chambers, and other critical components, such as Western Superconducting Technologies and Shanghai Electric [4]. 5. Related Companies - The report suggests monitoring companies like Western Superconducting Technologies, Lianchuang Optoelectronics, and others involved in various aspects of the nuclear fusion supply chain [4].

Core Viewpoint - Ningbo Jianxin Superconducting Technology Co., Ltd. has been approved for listing on the Shanghai Stock Exchange's Sci-Tech Innovation Board, marking a significant milestone for the company in the medical imaging sector [1] Company Overview - Jianxin Superconducting focuses on the research and production of core components for medical magnetic resonance imaging (MRI), establishing a product matrix that covers both "superconducting + permanent magnet" technologies and mainstream field strengths of "1.5T-3.0T" [1] - The company has become a leading independent supplier of superconducting magnets globally and the largest supplier of permanent magnets for MRI equipment, supporting the upgrade of domestic MRI devices from "usable" to "high-quality" [1] Technological Advancements - In the high-field superconducting magnet sector (1.5T and above), Jianxin Superconducting is one of the earliest manufacturers in China to achieve large-scale production [1] - The company has developed core technologies such as electromagnetic field design, ultra-low temperature technology, and magnet stability control through independent research and development [1] - Jianxin Superconducting has achieved mass supply of zero-evaporation superconducting magnets, significantly enhancing the localization rate of MRI equipment and making a critical breakthrough in entering the supply chain of leading complete machine enterprises [1] Product Offerings - The company can provide over 30 types of permanent magnets and matching gradient coils with magnetic field strengths ranging from 0.08T to 0.5T [1]