Industry Insights - The State-owned Assets Supervision and Administration Commission (SASAC) emphasizes the need to enhance the resource security of important metal minerals and accelerate the comprehensive development of the non-ferrous metal industry chain, including exploration, investment, development, construction, smelting, and processing [1] - A new round of mineral exploration strategy is being implemented to increase reserves and production of important metal minerals, while also promoting a positive image of central enterprises in the "going out" strategy [1] - There is a focus on achieving high-quality stable growth by closely monitoring macroeconomic conditions and industry trends, adjusting business strategies, and planning major projects to support domestic demand expansion [1] Technology and Market Trends - High-temperature superconductors are expected to see increased market share due to ongoing developments in superconducting cables and controlled nuclear fusion applications [2] - The ReBCO tape is anticipated to significantly reduce production costs compared to first-generation high-temperature superconductors, presenting vast commercial prospects [2] - Controlled nuclear fusion is viewed as a potential ultimate solution for human energy needs, with commercial development prospects expected to accelerate as domestic and international projects progress [2] Company Developments - Western Superconductor is the only company in China that has achieved commercial production of superconducting wires, with products used in major scientific projects such as the International Thermonuclear Experimental Reactor (ITER) and China's fusion reactor [3] - Baile Electric has developed superconducting current limiter technology and is involved in the construction of smart grids for the State Grid, with products certified by IEC to enhance grid stability [3] - Dongfang Tantalum is recognized as the world's largest research and manufacturing base for superconducting niobium materials, achieving a stable RRR value of over 500 for high-purity superconducting niobium materials [4]

（本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 策。） （文章来源：21世纪经济报道） 稀有金属ETF（562800）紧密跟踪中证稀有金属主题指数，该指数选取归属于稀有金属行业的上市公司 股票作为成分股，以反映稀有金属行业上市公司整体表现。该ETF还配备了场外联接基金（A类： 014110/C类：014111）。 消息面上，"可控核聚变"概念近期走高，相关稀有金属材料的关联性受关注。例如，近日东方钽业在互 动平台回答表示，公司生产的辐照监督管用高纯铌箔已成功应用于核电领域，实现国内首次零突破。公 司生产的超导铌材可用于生产铌钛（Nb-Ti）和铌锡（Nb3Sn）等合金材料，这些合金材料是制造超导 磁体的关键材料，用于产生强磁场来约束等离子体。 中信证券指出，短期投资驱动，建议围绕聚变产业链关键材料及装置环节布局。目前全球范围内的聚变 研究主要集中在磁约束聚变和惯性约束聚变两种主要的技术路径上，托卡马克装置被视为实现磁约束核 聚变反应的最佳解决方案。紧凑型托卡马克装置的主要构成部分包括超导磁体、第一壁、真空容器、阀 门、冷却系统、偏滤器等。据ITER建设成本拆分，磁体、 ...

| | □特定对象调研 | □分析师会议 | | --- | --- | --- | | 投资者关 | □媒体采访 √ | 业绩说明会 | | 系活动类 | □新闻发布会 | □路演活动 | | 别 | □现场参观 | □电话会议 | | | □其他： （请文字说明其他活动内容） | | | 参与单位 | 公司参加了中国有色矿业集团有限公司所属上市公司 2024年度暨2025年第一季度集 | | | 名称及人 | 体业绩说明会，业绩说明会采用视频和网络相结合的方式进行，面向全体投资者 | | | 员姓名 | | | | 时间 | 2025年5月8日下午15:00-17:30 | | | 地点 | 上海证券报的"中国证券网路演中心"（https://roadshow.cnstock.com/） | | | 公司接待 | 总经理：于明、副总经理兼董事会秘书：秦宏武、财务负责人：李瑞筠 | | | 人员姓名 | | | 1.请问您对钽铌行业未来的发展和市场前景有何看法？ 答：公司始终密切关注国家政策导向和市场发展趋势，并始终坚持以研发 创新为导向，通过持续的研发投入和技术升级，不断提升核心竞争力。近年来 随着半导体 ...

Investment Rating - The report does not explicitly state an investment rating for the small metals industry or the specific company, Dongfang Tantalum Industry [1]. Core Insights - The company is focusing on research and innovation to enhance its core competitiveness, particularly in response to the growing semiconductor and consumer electronics markets, which provide significant opportunities for tantalum and niobium targets [17][18]. - The company has made substantial progress in producing high-purity tantalum targets for semiconductor manufacturing, filling a gap in the domestic market and reducing reliance on imports [18]. - The company is actively managing its market value by emphasizing quality development and transparency to investors, which is seen as essential for long-term stability [19]. Summary by Sections 1. Basic Research Information - The research was conducted on Dongfang Tantalum Industry, which operates in the small metals sector, on March 11, 2025 [13]. 2. Detailed Research Institutions - The research involved institutions such as Minsheng Securities, China Merchants Fund, and People’s Insurance Pension [14]. 3. Research Institution Proportions - The report does not provide specific data on the proportions of research institutions involved [16]. 4. Main Content Information - The company is closely monitoring national policies and market trends, focusing on R&D and technological upgrades to enhance competitiveness [17]. - The company’s semiconductor products include large-size high-purity tantalum targets, which are crucial for semiconductor chip manufacturing [18]. - The company is advancing its capabilities in the semiconductor field, with significant growth in sales of ultra-high-purity tantalum powder, addressing a critical need in the industry [18]. - The company is investing in projects to modernize production lines and improve logistics, which will enhance product supply in the semiconductor sector [19]. - The company is aware of foreign exchange risks due to its international sales and procurement, implementing a monitoring mechanism to mitigate these risks [19]. - Niobium is highlighted for its applications in superconducting technologies, particularly in particle accelerators, contributing to national scientific projects [20].