技术突破与资本赋能助力核聚变产业化提速，聚焦中上游 投资机会 - 可控核聚变深度报告 20260108 摘要 商业聚变堆技术快速发展，中美均取得突破性进展，能量奇点公司洪荒 170 实现 120 秒稳态长脉冲等离子体运行，超出市场预期，标志着可控 核聚变技术商业化加速。 自 2025 年以来，可控核聚变行业在需求、供给、技术、政策和资金端 均发生显著变化。能源需求和中美技术竞争驱动需求，高温超导材料和 人工智能技术进步催化供给，国家级和民间投资形成竞争格局，推动 A 股市场板块上涨。 当前可控核聚变领域的投资机会主要集中在中上游环节，包括高温超导 材料、面向等离子体的材料、超导磁体、真空室、偏滤器等核心设备以 及冷却、加热、电源等辅机系统。下游应用场景尚未成熟，投资机会相 对较少。 2025 年可控核聚变板块经历了三个上涨阶段：技术突破推动、下游工 程总装机和一级市场融资项目推动、以及 BEPCII 装置杜瓦建成后的大额 招标和媒体报道推动。 Q&A 可控核聚变行业在全球范围内的最新进展是什么？ 最近，可控核聚变行业在全球范围内取得了显著进展。特朗普传媒集团宣布可 能与 TAE 合并，并计划在 2026 年启 ...

（文章来源：证券日报） 证券日报网讯 1月6日，健信超导在互动平台回答投资者提问时表示，公司的产品包括超导磁体、永磁 体和梯度线圈，相关产品的磁场强度不同，不同的磁场强度适用于不同的临床应用，具体场景的实际选 择，建议依据终端医疗专业人士的指导为准。 ...

今日A股可控核聚变板块呈现盘初走高的活跃态势，板块内个股表现分化但整体强势。其中，王子新材 率先发力涨停，成为板块领涨标杆，带动板块情绪升温；精达股份、斯瑞新材、西部超导、永鼎股份、 中洲特材、安泰科技等一众板块核心标的同步跟涨，形成多点开花的格局。从交易层面来看，板块早盘 成交量快速放大，量能的有效释放为股价拉升提供了支撑，反映出当前市场对可控核聚变领域政策利好 与技术突破的高度关注，板块短期关注度显著提升。 进入2026年1月，可控核聚变板块迎来技术突破与政策完善双重权威利好，为行业发展注入强劲动力： 2. 耐极端环境材料行业：可控核聚变装置中的偏滤器与第一壁是直接面对上亿度等离子体的"防护盾"， 需承受相当于航天器再入热流100倍的高温，核心依赖钨基复合材料等耐极端环境材料。该类材料技术 壁垒极高，国内企业已实现技术突破，性能达到国际先进水平。 3. 核心设备制造行业：可控核聚变装置的建设需要真空室、加热系统、冷却系统等一系列高精度核心设 备，其中真空室作为反应"容器"，需构建超高真空环境，制造精度达毫米级；低温冷却系统需保障超导 磁体在-269℃环境下运行，技术要求严苛。相关数据显示，真空室、冷却系统 ...

现在的新股市场，到处隐藏着陷阱，成为收割股民的镰刀，不少新股上市后，股价便开启了跳水模式，有一只新股开盘就是最高价，然后每天阴跌不断， 上市5个交易日连续跌了4天，股价从72.59元直接跌到了43元，再跌下去，马上都快腰斩了，实在令人心惊！ 那么这是哪只股票？公司主要是做什么的？公司业绩怎么样？保荐机构是哪家？我们一起来看看！ 这只股票就是688805健信超导！ 看看健信超导上市之后的表现，上市第一天直接高开，然后尾盘回落，收盘涨212.81%，收于58.12元，几乎收在了全天最低点，当天冲进去的散户全部被 埋！ 从第二天开始，健信超导直接开启了连续下跌模式，第二天跳空低开，低开低走，收盘跌8.28%，第三天跌4.61%，第四天跌7.26%，第五天跌8.61%，上 市6天时间直接跌了5天，股价也从最高的72.59元跌到了43，真的都快跌到了怀疑人生，有散户表示：这哪是上市，这是来卖公司的吧！ 健信超导专注医用MRI设备核心部件研发、生产与销售，核心产品包括超导磁体、永磁体、梯度线圈，是全球MRI核心部件独立供应商龙头，客户覆盖 GE医疗、联影医疗等头部企业，入选国家专精特新重点"小巨人"！ 从业绩表现来看，健 ...

Group 1: New Listings - Jiangsu Xihua New Energy Technology Co., Ltd. listed on the Shanghai Stock Exchange main board on December 23, raising 1.01 billion yuan, with a first-day stock price increase of 264.46% and a market cap of approximately 11.4 billion yuan as of December 29 [3][5] - Ningbo Jianxin Superconducting Technology Co., Ltd. listed on the Shanghai Stock Exchange Sci-Tech Innovation Board on December 24, raising 779 million yuan, with a first-day stock price increase of 212.81% and a market cap of approximately 7.9 billion yuan as of December 29 [3][5] - Shenzhen Tian Su Measurement and Testing Co., Ltd. listed on the Shenzhen Stock Exchange ChiNext on December 23, raising 600 million yuan, with a first-day stock price increase of 174.48% and a market cap of approximately 6.8 billion yuan as of December 29 [4][5] - Nabai Chuan New Energy Co., Ltd. also listed on the Shenzhen Stock Exchange ChiNext on December 23, raising 632 million yuan, with a first-day stock price increase of 408.17% and a market cap of approximately 10.1 billion yuan as of December 29 [4][5] Group 2: Companies Passing Review - Shijiazhuang Vision Technology Co., Ltd. passed the review for listing on the Shanghai Stock Exchange Sci-Tech Innovation Board on December 24, focusing on micro-display solutions [6][8] - Luoyang Shenglong Mining Group Co., Ltd. passed the review for listing on the Shenzhen Stock Exchange main board on December 23, engaged in non-ferrous metal mining [9][10] - Hangzhou Fuen Co., Ltd. passed the review for listing on the Shenzhen Stock Exchange main board on December 26, specializing in eco-friendly fabric [9][10] - Shenzhen Dapu Microelectronics Co., Ltd. passed the review for listing on the Shenzhen Stock Exchange ChiNext on December 25, focusing on enterprise-level SSD products [9][10] - Nanchang Sanrui Intelligent Technology Co., Ltd. passed the review for listing on the Shenzhen Stock Exchange ChiNext on December 26, specializing in drone and robot power systems [9][10] Group 3: Companies Submitting IPO Applications - Tianjin Fujida Bicycle Industrial Co., Ltd. submitted an IPO application to the Shanghai Stock Exchange main board on December 24, planning to raise 773 million yuan [12][14] - Shenyang Compressor Group Co., Ltd. submitted an IPO application to the Shanghai Stock Exchange main board on December 25, planning to raise 2.134 billion yuan [12][19] - Shenzhen Hanno Medical Technology Co., Ltd. submitted an IPO application to the Shanghai Stock Exchange Sci-Tech Innovation Board on December 23, planning to raise 1.062 billion yuan [12][23] - Dandong Oriental Measurement and Control Technology Co., Ltd. submitted an IPO application to the Shanghai Stock Exchange Sci-Tech Innovation Board on December 25, planning to raise 1.1 billion yuan [12][25] - Suzhou Tongxin Medical Technology Co., Ltd. submitted an IPO application to the Shanghai Stock Exchange Sci-Tech Innovation Board on December 26, planning to raise 1.064 billion yuan [12][27] - Shenzhen Deep Blue Ocean Technology Co., Ltd. submitted an IPO application to the Shanghai Stock Exchange Sci-Tech Innovation Board on December 26, planning to raise 1.5 billion yuan [12][29] Group 4: Financial Data Highlights - Fujida projected revenues of 4.371 billion yuan, 3.621 billion yuan, and 4.880 billion yuan from 2022 to 2024, with net profits of 348 million yuan, 285 million yuan, and 408 million yuan respectively [17][18] - Shenyang Compressor Group projected revenues of 7.396 billion yuan, 8.206 billion yuan, and 9.309 billion yuan from 2022 to 2024, with net profits of 181 million yuan, 355 million yuan, and 442 million yuan respectively [20][21] - Hanno Medical projected revenues of 0, 298 million yuan, and 493 million yuan from 2022 to 2024, with net losses of 647 million yuan, 3.41 billion yuan, and 1.83 billion yuan respectively [24] - Oriental Measurement and Control projected revenues of 603 million yuan, 521 million yuan, and 567 million yuan from 2022 to 2024, with net profits of 92.5 million yuan, 74.8 million yuan, and 73.1 million yuan respectively [26] - Tongxin Medical projected revenues of 8.611 million yuan, 50.453 million yuan, and 77.351 million yuan from 2022 to 2024, with net losses of 1.89 billion yuan, 3.06 billion yuan, and 3.72 billion yuan respectively [28]

Policy Developments - China and France will enhance cooperation in nuclear research, technology applications, and fusion technology, as evidenced by the signing of the 15th cooperation protocol on December 4, 2023[5] - The National Energy Administration of China aims to steadily increase the share of nuclear energy in energy consumption, with 67 out of 112 approved nuclear units (60%) utilizing third-generation or higher technology[5] Industry Dynamics - A breakthrough in superconducting magnet technology was achieved, with a central magnetic field strength of 16.5 Tesla and an inner diameter of 150mm, indicating significant potential for commercial applications in controlled nuclear fusion[6] - The "Xuanlong-50U" device successfully implemented an intelligent control system for plasma shape using reinforcement learning, enhancing precision in plasma control and aligning with national energy strategies[6] - The CRAFT facility passed its first performance test, marking progress in the development of key systems for fusion reactors[6] Investment and Financing - No specific investment or financing events were reported in this period[9] Risk Factors - Potential risks include underperformance of industrial policies and technological breakthroughs not meeting expectations[10]

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]

Investment Rating - The report maintains an investment rating of "Outperform" for the power equipment industry, indicating a positive outlook compared to the broader market [2]. Core Insights - The report emphasizes the acceleration of the commercialization process of controllable nuclear fusion, highlighting the diverse technological routes and the increasing industrial catalysis [5]. - It identifies Tokamak and Field-Reversed Configuration (FRC) as reliable paths for achieving nuclear fusion, with Tokamak being the mainstream route and FRC gaining attention for its potential faster commercialization [13][40]. Summary by Sections 1. Controllable Nuclear Fusion - Nuclear fusion is defined as the process where lighter atomic nuclei combine under extreme temperature and pressure to form heavier nuclei, releasing significant energy, similar to the energy generation mechanism of the sun [13][14]. - Compared to nuclear fission, nuclear fusion offers advantages such as high energy density, safety, cleanliness, and abundant raw materials [18][19]. 2. Tokamak: A Mainstream Route - The Tokamak, developed in the 1950s, utilizes a toroidal vacuum chamber and magnetic fields to confine high-temperature plasma necessary for fusion reactions [49]. - The report outlines the complexity of Tokamak components, emphasizing that the magnet system is crucial for maintaining plasma stability and achieving fusion conditions [52][59]. 3. FRC: A Simpler and Cost-Effective Approach - FRC is noted for its simpler structure and lower investment costs compared to Tokamak, with a potentially faster commercialization timeline [5][18]. 4. Global Fusion Projects - As of December 2025, there are 179 controllable nuclear fusion devices globally, with 82 being Tokamak devices, indicating a robust international effort towards fusion energy [40]. - The report highlights various national projects, including China's BEST and CFEDR, which aim to achieve significant milestones in fusion energy by 2027 and 2030, respectively [43][50]. 5. Key Companies in the Industry - The report suggests focusing on companies with capabilities in critical components for nuclear fusion, such as 合锻智能 (Hefei Intelligent), 联创光电 (Lianchuang Optoelectronics), and 国光电气 (Guoguang Electric), among others [5][44].

Core Viewpoint - Five new stocks will be available for subscription next week, with Shuangxin Environmental Protection ranking sixth in total shares issued among new A-shares in 2025 and first among new stocks on the Shenzhen Stock Exchange [1] Group 1: New Stock Offerings - The new stocks available for subscription include Jianxin Superconductor, Jiangtian Technology, Qiangyi Co., Yufan Technology, and Shuangxin Environmental Protection [1] - Jianxin Superconductor has an issue price of 18.58 yuan per share and a total issuance of 41.92 million shares, with 10.06 million shares available for online subscription [2] - Jiangtian Technology's issue price is 21.21 yuan per share, with a total issuance of 13.21 million shares, and 11.89 million shares available for online subscription [9][10] Group 2: Company Profiles - Jianxin Superconductor specializes in the R&D, production, and sales of core components for MRI equipment, with a global market share of approximately 4.2% [2] - Jiangtian Technology focuses on the R&D and production of label printing products, with major clients including Yangshengtang and Nongfu Spring [10] - Qiangyi Co. is a leading enterprise in the semiconductor probe card industry, with significant growth in revenue expected [14][17] Group 3: Financial Performance - Jianxin Superconductor's revenue for 2022 to 2024 is projected at 3.59 billion yuan, 4.51 billion yuan, and 4.25 billion yuan, with a net profit of 346.35 million yuan, 487.35 million yuan, and 557.84 million yuan respectively [5] - Jiangtian Technology's revenue for the same period is expected to be 3.84 billion yuan, 5.07 billion yuan, and 5.38 billion yuan, with net profits of 744.54 million yuan, 964.61 million yuan, and 1.02 billion yuan [10] - Shuangxin Environmental Protection anticipates a revenue of 37.18 billion yuan for 2025, reflecting a growth of 6.66% [25]

健信超导上市首日股价表现亮眼，市场交投氛围活跃。该股发行价18.58元/股，开盘价65.03元/股，盘 中最高触及72.59元/股。截至收盘报58.12元/股，涨幅212.81%，总市值97.46亿元。当日成交额16.06亿 元，换手率77.25%，整体交投活跃。 12月24日，宁波健信超导科技股份有限公司(以下简称"健信超导")正式登陆上海证券交易所科创板，开 启资本市场新征程。 工业和信息化部信息通信经济专家委员会委员盘和林在接受《证券日报》记者采访时表示，我国医用磁 共振成像(MRI)设备密度仍低于欧美国家，市场需求客观存在，同时需考量各地医疗支付能力。健信超 导兼具核心参数与成本优势，且与海外龙头企业合作，产能规划匹配市场需求，契合MRI无氦化、高场 化、开放化趋势。 根据招股书，健信超导此次公开发行股票4192万股，募集资金净额6.89亿元，将重点投向年产600套无 液氦超导磁体、年产600套高场强医用超导磁体技改及新型超导磁体研发等项目。本次发行采用战略配 售、网下询价配售与网上定价发行相结合的发行方式，其中战略配售对象包括保荐人相关子公司广发乾 和、公司高管与核心员工专项资产管理计划，以及部分大 ...