医药生物行业 增持（首次） 全国 MRI 超导磁体独立供应龙头 2026 年 2 月 24 日 分析师：谢雄雄 SAC 执业证书编号： S0340523110002 电话：0769-22110925 邮箱： xiexiongxiong@dgzq.com.cn 主要数据 2026 年 2 月 13 日 | 收盘价（元） | 44.00 | | --- | --- | | 总市值（亿元） | 73.78 | | 总股本（亿股） | 1.68 | | 流通股本（亿股）0.32 | | | ROE(TTM) | 10.43% | | 12 月最高价（元）58.12 | | | 12 月最低价（元）41.40 | | 股价走势 资料来源：东莞证券研究所，iFind 相关报告 公 司 研 究 证 券 研 究 报 告 健信超导（688805）深度报告 投资要点： ◼ 投资建议：预计公司2025年和2026年每股收益分别为0.42元和0.49元， 对应估值分别为105倍和89倍。公司作为全国MRI超导磁体独立供应龙 头，在超导磁体和永磁领域优势突出。首次覆盖，给予公司"增持"评 级。 ◼ 风险提示。研发进度不及预期风险、技术 ...

坐在楼下茶馆晒着太阳，跟老陈唠嗑时他提起刚刷到的消息：有家做超导磁体的公司要冲刺上市了。我一开始没当回事，毕竟这类硬核科技公司听起来离咱 们日常投资挺远，结果老陈一说细节，我还真来了兴趣。这家公司是国内少数能把超导磁体商业化的企业，产品不仅给医院核磁共振、高铁磁悬浮供货，还 打破过国外技术垄断，甚至把高端超导磁体卖到了欧美，最近两年营收利润都稳步上涨，难怪要往上市走。不过聊着聊着老陈就叹气，说之前碰到过不少看 起来前景好的公司，结果买了就套，根本摸不清门道。我就跟他说，现在不比以前靠感觉猜，得靠量化大数据挖真实的交易意图，这才是帮咱们理清思路的 关键。 | 辅导对象 | 西安聚能超导磁体科技股份有限公司 | | --- | --- | | 有限公司 | 2011年6月15日 | | 成立日期 | | | 股份公司 成立日期 | 2024 年 11月 25 日 | | 注册资本 | 8.500.00 万元人民币 法定代表人 李超 | | 注册地址 | 陕西省西咸新区泾河新城正阳大道北段 2000 号 | | 控股股东 及持股比 | 西部超导材料科技股份有限公司持有公司 2,960.00 万股股份,持 | | | ...

记者丨凌晨 编辑丨巫燕玲 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证券。 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。 西部超导为国内 超导材料龙头，截至2月13日收盘， 西部超导股价报82.7元/股，市值537亿元。 依托业绩支撑，公司在资本市场采取了"新三板挂牌+上市辅导"同步推进的策略。2025年12月底，聚能磁体取得新三板基础层挂牌资格，随后 于2026年初迅速报送上市辅导备案。 对于一家具备专精特新"小巨人"身份的硬科技企业而言，这种双轨并行的模式能够极大缩短融资周期，确保在技术迭代的关键期获得充足的现 金流支撑。 值得注意的是，在启动IPO辅导前，聚能磁体完成了一系列股权规范动作。2023 ...

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， ...

Summary of the Conference Call on Nuclear Fusion and Magnetic Materials Industry Overview - The focus of the conference call was on the nuclear fusion industry, specifically the magnetic materials segment, which is expected to undergo significant upgrades and present investment opportunities as the industry matures and technology evolves [1][2]. Core Insights and Arguments - The nuclear fusion industry is experiencing accelerated growth driven by strong policy support and capital expenditure, with projects in cities like Hefei, Shanghai, and Chengdu progressing rapidly [2]. - The cost structure of magnetic materials is critical, with superconducting magnets representing a significant portion of the costs in fusion projects. For instance, in the ITER project, component costs account for 86%, with magnets alone making up 28% of that [3][25]. - The market for second-generation high-temperature superconducting materials is projected to grow from approximately 300 million yuan in 2024 to 4.9 billion yuan by 2030, reflecting a compound annual growth rate (CAGR) of 59% [4][27]. - The transition from low-temperature superconductors (primarily niobium-titanium and niobium-tin) to high-temperature superconductors (such as rare-earth barium copper oxide) is anticipated, which will enhance performance and reduce costs [3][15]. Key Developments and Trends - The global nuclear fusion sector is shifting from research to practical energy applications, with countries like the US, Japan, and Germany implementing strategic plans to support fusion development [6]. - The magnetic confinement approach remains the dominant commercial method, with significant projects like BEST and ITER expected to achieve breakthroughs in the next three years [7][25]. - The demand for superconducting materials is expected to rise significantly, with the market for niobium-titanium projected to reach 600 million USD, niobium-tin at 450 million USD, and rare-earth barium copper oxide at 790 million USD by 2024 [17]. Potential Risks and Considerations - The industry faces challenges related to the high costs of liquid helium for cooling low-temperature superconductors, which may hinder their commercial viability [14][18]. - The supply chain for critical metals used in superconductors, such as tantalum and niobium, is under scrutiny due to geopolitical factors and market dynamics, which could impact availability and pricing [20][22]. Additional Important Insights - The integration of superconducting materials in various applications beyond fusion, including high-end manufacturing and medical equipment, is expected to enhance the overall market value of these materials [28]. - The development of high-temperature superconductors is crucial for future advancements in fusion technology, as they can operate at higher temperatures and reduce cooling costs [30]. - The conference highlighted the importance of monitoring the supply chain for rare metals and the potential for price increases due to rising demand from sectors like commercial aerospace and semiconductor manufacturing [21][24]. Conclusion - The nuclear fusion industry, particularly the magnetic materials segment, is poised for significant growth driven by technological advancements and increasing investment. Key players in the superconducting materials market are expected to benefit from this trend, making them worthy of investor attention [34].

Core Insights - The article discusses China's advancements in controlled nuclear fusion, highlighting significant breakthroughs in technology and energy production [3][11]. Group 1: Technological Breakthroughs - China has achieved a world record with the EAST device, reaching a temperature of 100 million degrees Celsius and maintaining a stable energy gain of over 1.2 times the input energy for 1066 seconds [3]. - The country has developed a fully autonomous supply chain for controlled nuclear fusion, producing superconducting magnets with a magnetic field strength of 21.7 Tesla, surpassing similar products from the U.S. [5]. - The domestic production rate of core components has exceeded 96%, addressing previous reliance on imports due to international restrictions [5]. Group 2: Resource Availability - Deuterium, a key fuel for controlled nuclear fusion, is abundant in seawater, with each liter containing 0.03 grams, providing enough resources for China to sustain energy production for 20,000 years [7]. - The low extraction cost of deuterium positions China to achieve energy self-sufficiency once controlled nuclear fusion is commercialized [7]. Group 3: Global Positioning - China is leading global research in controlled nuclear fusion, with projects like the "Chinese Fusion Engineering Test Reactor" (CFETR) aiming for grid-connected power generation by 2035 [9]. - The U.S. is facing challenges in its fusion efforts due to fragmented technology and reliance on private capital, making it difficult to catch up with China's advancements [9]. Group 4: Implications for Energy Landscape - The breakthroughs in controlled nuclear fusion technology could transform China's energy landscape, potentially eliminating dependence on fossil fuels and enabling zero-carbon energy solutions [11]. - The commitment and resilience of Chinese researchers have been pivotal in overcoming significant challenges in nuclear fusion research, positioning the country as a key player in the future energy market [11].

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]

Summary of Key Points from the Conference Call on Controlled Nuclear Fusion Industry Overview - The conference focuses on the **controlled nuclear fusion industry**, highlighting significant advancements in both the US and China, particularly with the **Energy Singularity Company** achieving a 120-second steady-state long-pulse plasma operation with its **Honghuang 170** device, exceeding market expectations [1][2]. Core Insights and Arguments - **Rapid Development**: The controlled nuclear fusion sector has seen substantial changes since 2025, driven by energy demand, US-China technological competition, advancements in high-temperature superconductors and AI, and a competitive investment landscape [1][4]. - **Investment Opportunities**: Current investment opportunities are primarily concentrated in the **midstream and upstream segments**, including high-temperature superconductors, plasma-facing materials, superconducting magnets, vacuum chambers, and auxiliary systems like cooling and heating systems [1][5][18]. - **Market Dynamics**: The controlled nuclear fusion sector experienced three phases of growth in 2025: driven by technological breakthroughs, downstream engineering installations, and significant tenders following the completion of the BEPCII device [6]. Important Developments and Catalysts - **2026 Catalysts**: Key factors expected to catalyze the controlled nuclear fusion sector in 2026 include national funding support, major device tenders, and project launches such as **Best Craft** and **Jiangxi Xinghuo No. 1** [3][7]. - **Global Progress**: The announcement of a potential merger between **Trump Media Group** and **TAE** to build the world's largest commercial fusion power plant by 2026 signifies rapid advancements in the US commercial fusion sector [2][19]. Challenges and Considerations - **Technical Challenges**: The industry faces significant challenges, including the need for extremely high temperatures and collision probabilities, as well as the efficient confinement and utilization of high-temperature plasma [12][16]. - **Investment Focus**: Investors are advised to focus on upstream raw material suppliers and midstream equipment manufacturers, particularly those producing superconducting materials and key components for fusion devices [20]. Additional Insights - **Government Support**: Governments worldwide are prioritizing controlled nuclear fusion as a strategic energy solution due to its potential to address energy shortages with clean, high-density energy sources [8][9]. - **Research Resurgence**: Renewed interest in controlled nuclear fusion research is attributed to breakthroughs in high-temperature superconductors and AI technologies, which enhance the feasibility and efficiency of fusion experiments [16][17]. Conclusion - The controlled nuclear fusion industry is poised for significant growth, driven by technological advancements, government support, and increasing investment opportunities, particularly in the midstream and upstream segments. Investors should remain vigilant for emerging trends and key players in this rapidly evolving sector [1][20].

Core Viewpoint - The company, Jianxin Superconductor, provides a range of products including superconducting magnets, permanent magnets, and gradient coils, each with varying magnetic field strengths suitable for different clinical applications [2] Product Offerings - The company's product lineup includes superconducting magnets, permanent magnets, and gradient coils [2] - Different magnetic field strengths are tailored for specific clinical applications, emphasizing the importance of professional guidance in selecting the appropriate product for each scenario [2]

Group 1 - The controllable nuclear fusion sector in A-shares shows a strong upward trend, with stocks like Wangzi New Materials leading the surge, indicating heightened market interest in the sector due to favorable policies and technological breakthroughs [1] - The trading volume in the sector increased significantly in the morning session, reflecting effective release of market energy and supporting stock price increases [1] - The sector is expected to receive dual benefits from technological breakthroughs and policy improvements by January 2026, with significant developments in China's "artificial sun" experiment confirming the existence of the density free zone [1] Group 2 - The Chinese government has included controllable nuclear fusion as a key growth point in the 14th Five-Year Plan, defining four core industrial chain segments: superconducting magnets, vacuum chambers, divertors, and supporting equipment [2] - Leading enterprises are already positioning themselves in these segments, accelerating the commercialization process of the "artificial sun" and driving significant benefits across the supply chain [2] - The superconducting materials industry is expected to see sustained demand growth, as superconducting magnets are critical for high-temperature plasma confinement, with low-temperature superconducting magnets accounting for 28% of the total cost of international ITER devices [2] Group 3 - The extreme environment materials industry is crucial for the protective components of controllable nuclear fusion devices, which must withstand temperatures significantly higher than those experienced by spacecraft during re-entry [3] - Domestic companies have achieved technological breakthroughs in tungsten-based composite materials, reaching international advanced levels [3] - The core equipment manufacturing sector is essential for constructing controllable nuclear fusion devices, with components like vacuum chambers and cooling systems requiring high precision and strict technical standards [3]