以下文章来源于峰瑞资本 ，作者李罡 峰瑞资本 . 峰瑞资本致力于调动所有可能的资金、技术和资源，投资优秀创业公司，并帮助它们成长为具有长期社 会价值和商业价值的伟大企业。峰瑞坚持投早、投小、投科技，重点投资方向包括消费/TMT、硬科 技、生物医药，超过1/2的已投项目属于交叉学科创新。 本文来自微信公众号： 峰瑞资本 （ID：freesvc） ，作者：李罡（峰瑞资本副总裁），原文标题： 《"人造太阳"有多难？揭秘可控核聚变的核心技术和创业机会 | 峰瑞报告》，头图来自：AI生成 "AI与核能利用，是两件可以改变21世纪人类生活面貌的伟大事物。"OpenAI首席执行官山姆·阿尔特 曼曾断言。 人工智能与核能，就像是通向未来文明的两条轨道——一条正在重塑智能的本质，另一条则试图驯服 来自宇宙本源的能量。 更重要的是，这两条轨道正在交汇协同。一方面，AI发展迅猛，算力需求暴增，进而引发能源消耗 的问题。而核能，尤其是可控核聚变，被视为解决这一挑战的关键。另一方面，AI或许将助力核能 发展，不仅可以把控核反应系统，或许还能参与到反应本身的实时控制。2025年6月，核电公司泰拉 能源 （TerraPower） 宣布完成 ...

Core Insights - The article highlights differentiated growth in specific segments, with semiconductor materials growing at 50%, new energy materials at 52%, and biomedical materials at 87%, while traditional structural materials maintain a stable growth rate of 8-10% [2][10]. - Emerging fields are rapidly rising, such as AI servers with high-frequency materials growing at 60%, new energy vehicles with MLCC demand increasing by 100%, and hydrogen energy with a 60% localization rate for proton exchange membranes [2][10]. - The industry chain is evolving, with semiconductor materials seeing a "wafer factory + material factory" bundling development model, and new energy materials adopting a three-in-one model involving automakers, battery manufacturers, and material suppliers [2][12]. Market Dynamics - Channel transformation is evident, with traditional distribution dropping to 40%, while customized services account for 35%, technology licensing for 15%, and joint research for 10% [3][13]. - Reverse innovation is on the rise, with downstream applications leading material customization, breaking the traditional linear research-production-sales model, and it is expected that by 2030, 30% of new material innovations will be driven by application scenarios [3][20]. - Companies are making strategic choices, with leading firms focusing on "materials + equipment + algorithms" full-stack capabilities, SMEs concentrating on niche technologies, and startups exploring disruptive innovations [3][23]. Technological Advancements - Material genome engineering is revolutionizing the R&D model, while breakthroughs in production processes are reshaping cost curves [4][16]. - Future technological directions include extreme performance breakthroughs, intelligent upgrades, green manufacturing, and cross-industry integration [4][20]. Market Outlook - The market is projected to reach 1 trillion yuan by 2025 and exceed 3 trillion yuan by 2030, maintaining a CAGR of 18%, driven by domestic substitution, technological iteration dividends, and the expansion of emerging applications [4][19]. - Key materials to watch include high-end photoresists, aerospace engine materials, solid-state batteries, high-temperature superconductors, perovskite photovoltaic materials, high-frequency materials, MLCCs, UTG glass, and biodegradable materials [4][10]. Industry Background - The innovative materials sector is a cornerstone for China's manufacturing transformation, with the industry size surpassing 6 trillion yuan in 2024, maintaining a 20% annual growth rate [7][8]. - The industry is characterized by intensive policy support, accelerated technological breakthroughs, and expanded application scenarios, particularly in fields like solid-state battery materials and high-temperature superconductors [8][10]. Competitive Landscape - The industry is witnessing an increase in concentration, characterized by a dual-track model of "national teams leading + specialized private firms" [12]. - The collaborative model in the supply chain is innovating significantly, with semiconductor materials adopting a bundling development model and new energy materials forming a three-in-one R&D approach [12][13]. Policy and Institutional Innovation - National strategic layouts provide strong support, with the Ministry of Industry and Information Technology outlining key development directions for advanced materials [15]. - The establishment of a standard system that aligns with international standards is accelerating, although challenges remain due to new EU regulations [15][16]. Investment Strategy Recommendations - Focus on three major tracks: high certainty in domestic substitution (semiconductor precursors, medical-grade polylactic acid), beneficiaries of technological iteration (solid-state electrolytes, superconducting materials), and platform technology companies (materials AI design software) [24]. - Companies should build long-term agreements for certification and procurement, while material firms need to integrate into automotive battery technology roadmaps [23][24].

Core Insights - The high-temperature superconducting (HTS) materials industry is experiencing significant growth opportunities due to breakthroughs in superconducting technology across various sectors such as energy, healthcare, and transportation [3][4] - The industry faces challenges including high material costs, technological shortcomings, and an incomplete supply chain, which need to be addressed for sustainable development [8][9] Group 1: Development Opportunities - Breakthroughs in scalable production technologies for HTS materials have been achieved, with companies in China's Yangtze River Delta region capable of producing kilometer-long YBCO superconducting wires, reaching international advanced levels [4] - The application of HTS materials is becoming increasingly mature, with developments in superconducting power equipment and the establishment of the world's first superconducting substation [5] - The market demand for HTS materials is experiencing explosive growth, with a tenfold increase since 2020, driven by the potential commercialization of fusion reactors and advancements in high-energy accelerators [6] Group 2: Challenges to High-Quality Development - The cost of HTS materials remains high, limiting their large-scale application, with YBCO wire prices around $150 per kA·m, far from the target of $50 per kA·m for widespread use [8] - Key technologies for high-end superconducting magnets are still reliant on imports, hindering the industry's ability to compete globally [9] - The supply chain for HTS materials is not fully developed, with dependencies on foreign imports for critical raw materials and equipment, posing risks to self-sufficiency [9] Group 3: Strategies for Advancement - The industry should focus on core technology breakthroughs, collaborative development, and the establishment of an innovative ecosystem to enhance the rapid development of the HTS materials sector [10][11] - Strengthening the supply chain by ensuring the availability of high-purity raw materials and advanced manufacturing technologies is essential for the industry's growth [10] - Encouraging participation from local governments, leading enterprises, and research institutions in R&D efforts will foster a collaborative innovation platform, promoting resource sharing and technological standards [11]

（原标题：上市公司动态 | 小商品城拟香港设立子公司提供公司秘书服务，上海超导科创板IPO获受 理，兆威机电、卧龙电驱披露H股上市进展） 重点要闻 小商品城拟设立香港全资子公司并申请香港TCSP牌照 兆威机电(003021.SZ)公告称，公司已于2025年6月18日向香港联交所递交了发行境外上市外资股（H 股）并在香港联交所主板挂牌上市的申请，并于同日在香港联交所网站刊登了本次发行并上市的申请材 料。 卧龙电驱拟发行H股并在香港联交所上市 卧龙电驱(600580.SH)公告称，公司拟在境外发行股份（H股）并在香港联合交易所有限公司挂牌上市， 以深化全球化战略布局，提高公司国际形象及综合竞争力。关于本次H股发行并上市的具体细节尚未确 定。 再融资动态 国泰海通发行150亿元科技创新公司债券获得证监会同意注册批复 小商品城(600415.SH)公告称，为借助香港金融生态优势，公司全资子公司浙江迅弛数字科技有限公司 （"义支付"母公司）拟在香港设立两家全资子公司。其中，迅弛香港有限公司注册资本5000万港元，由 其再投资设立迅弛香港东方有限公司（注册资本1000万港元），后者将作为香港TCSP牌照（信托或公 司服务 ...

内容概要：新材料是指新近发展或正在发展的具有优异性能的结构材料和有特殊性质的功能材料。作为 科技和产业发展的关键支撑，新材料行业产业在我国政策支持、市场需求和技术创新的多重驱动下，产 业规模持续快速增长，已成为稳定经济增长的重要支撑。2024年我国新材料产业总产值8.48万亿元，连 续14年保持两位数快速增长。预计2025年我国新材料产业产值有望达到9.34万亿元。随着新一代信息技 术、新能源、高端装备制造等下游行业的快速发展，对新材料的需求不断增长。这些市场需求为中国新 材料产业提供了广阔的发展空间。 上市企业：蓝思科技（300433）、安泰科技（000969）、中材科技（002080）、中科三环（000970）、 金发科技（600143）、凯赛生物（688065.SH）、湖南裕能（301358）、长远锂科（688779）、金博股 份（688598）、天齐锂业（09696）、华友钴业（603799） 相关企业：上海聚创力新材料有限公司、保定维赛新材料科技股份有限公司、万华化学集团、卫星化学 股份有限公司 关键词：新材料市场规模及结构、新材料行业产值、新材料净进口规模、新材料市场竞争格局、新材料 行业发展趋势 ...

智通财经APP获悉，方正证券发布研报称，随着超导线缆、可控核聚变等持续发展应用，预计高温超导 材料的市场份额将会逐步扩大。相比一代高温超导，ReBCO带材有望大幅降低生产成本，有着广阔的 商业前景，在16T@4.2K以上超导磁体系统研制中发展潜力巨大。可控核聚变或为人类能源终极解决方 案，未来商业化发展前景广阔，近年来国内外可控核聚变项目持续推进，商业化进程有望加速，建议关 注可控核聚变-托卡马克装置相关配套供应商。 1)链主企业：国光电气(混合堆总承/分系统、涉氚各类设备零部件);合锻智能(聚变堆分系统;真空室扇 区、窗口延长段、重力支撑);联创光电(混合堆总承/分系统、超导磁体、核聚变设备)。 2)超导磁体：永鼎股份(高温超导带材)，东方钽业(超导铌材、铍材料)，西部超导(低温超导线材)，精达 股份(高温超导带材)。 3)电源类：英杰电气(电源总成)，旭光电子(真空开关、氮化铝核心材料)，王子新材(薄膜电容)，许继电 气(电源电气总承)，上海电气(杜瓦、真空室、TF线圈等)，弘讯科技(聚变电源器)，久盛电气(特种电 缆)，爱科赛博(电源总成)，国力股份(真空开关)。 4)结构件/功能件：安泰科技(钨铜偏滤 ...

可控核聚变近期进度更新及市场展望 20250520 摘要 • 激光聚变已突破科学可行性阈值，而托卡马克磁约束尚未完全达到。中国 环流器十三号接近阈值，但距 Q 值上限仍有差距。美国国家点火装置净能 量增益已达 Q>5，验证了实验装置优化的可行性，但成本降低和商业应用 仍需努力。 • ITER 项目进度推迟，各国同步研发小型化和新技术应用。美国 CFS 公司 和中国聚变新能公司带动紧凑型核聚变装置研发。未来一两年，这些项目 将推进高温超导材料应用成熟化和进一步降本等关键节点。 • 核聚变商业化由私人资本主导，集中于小型化单项技术研发。磁约束（托 卡马克）寻求资金支持，磁惯性约束（FRC）侧重中子源研究。纯惯性约 束（NIF）因高精度和激光器数量难以民用。 • 国内核聚变项目由国家队主导，西南物理研究院计划广泛融资，包括地方 国资和产业投资，并计划在 2028 年后建设新一代工程堆。合肥等离子体 研究所的 EAST 和 WEST 装置力争成为首个 Q>1 的托卡马克。 • 核聚变优势在于全超导托卡马克装置可实现更长时间、更高强度的等离子 体约束，高温超导材料应用逐渐成熟。挑战包括极高精度控制、巨额资金 投入和复杂 ...

点击 最 下方 " 推荐"、"赞 "及" 分享 "，"关注"材料汇 添加 小编微信 ，遇见 志同道合 的你 正文 灯 束 新材料概述 ■ 新材料是指新丘发展或正在发展的具有优异性能和特殊功能的材料，或者是传统材料改进后性能明显提高和产生新功能的材料 新材料能够显著开发出传统材料所不具备的优异性能和特殊功能,使其成为高新技术发展的基础和先导,是现代工业发展的共性 关键技术,催生出新兴产业的核心发展产业。 ■ 新材料可以从结构组成、功能和应用领域等多种不同角度分类,不同的 分类之间相互交叉和融合。基于上述分类标准,可以将新材料的"新" 定义为三个方向: 技术新:该类材料在成分、结构或性能上具备独特的属性,如超导、高 导热材料等: 工艺新：该类材料通过改进制备方法达到特定的性能,如采用 CVD 法 可制备出大面积石墨烯薄膜; 应用新:主要指新兴产业的材料应用,如已有金属或高分子材料用作 3D 打印耗材。 6 | 新材料巨大作用- 高端新材料是重大工程成功的保障 | | --- | | 材料是国民经济建设、社会进步和国防安全的物质基础,是实现产业结构优化升级和提升装备制 | | 造业的保证,也是发展新兴产业的先导。 ...

Group 1: Superconductivity and Its Impact - Superconductivity is poised to revolutionize technology and daily life, enabling advancements such as wireless charging for electric vehicles, superconducting propulsion systems for electric aircraft, and magnetic levitation trains capable of speeds up to 1000 km/h [1] - The potential of superconductivity extends to agriculture, with the possibility of transforming arid regions into fertile land through the use of fusion energy [1] Group 2: Controlled Nuclear Fusion - Controlled nuclear fusion is recognized as a critical strategic direction for future energy solutions, with superconducting magnets playing a key role in magnetic confinement fusion technology [2] - The extreme conditions within fusion devices, including temperatures exceeding 100 million degrees Celsius for plasma and the need for superconducting magnets to operate below -200 degrees Celsius, present significant engineering challenges [2] - Recent advancements in high-temperature superconducting materials are crucial for achieving breakthroughs in fusion technology and commercial power generation [2] Group 3: Superconducting Maglev Trains - China's high-speed superconducting maglev trains, currently testing at speeds of 600 km/h, are approaching the limits of atmospheric conditions [3] - The elimination of mechanical friction through superconducting technology, combined with low vacuum environments, allows for theoretical speeds exceeding 1000 km/h, creating a potential one-hour economic zone between major cities [3] Group 4: Electric Aircraft - The electrification of transportation is advancing, with high-temperature superconducting materials significantly enhancing the power density of electric propulsion systems for aircraft [4] - Countries like France, the USA, and Russia are progressively integrating high-temperature superconducting technology into their aircraft, while China is also developing superconducting systems for electric planes [4] - The lack of efficient superconducting motors and generators remains a common challenge in electric aircraft development, presenting strategic opportunities for breakthroughs in this sector [4]

【中信电新】聚变建设加速进行，关注重点项目推进 中国聚变能源研究正呈现多元化快速发展态势，多个重点项目有望在技术路线和商业化探索上持续进步。 根据各公司官网及公告： 江西 "聚变星火一号"作为裂变 – 聚变混合堆标杆项目，一期投资 160 亿元（总投资 300 亿元），该装置设计 Q 值 突破 15； 中科院合肥 BEST采用混合磁体技术，计划在 2027 年建设完成 江西 "聚变星火一号"作为裂变 – 聚变混合堆标杆项目，一期投资 160 亿元（总投资 300 亿元），该装置设计 Q 值 突破 15； 中科院合肥 BEST采用混合磁体技术，计划在 2027 年建设完成，并将在全球首次演示聚变能发电； 环流 3 号坚持纯氘 – 氚路线，实现 100% 高温超导运行，预计将在 2045 年左右进入示范阶段； 星环聚能专注高温磁体研发，成都先觉探索激光约束路径，能量奇点（洪荒）的 170 规划高温超导方案值得重点 关注； 国家重大科技基础设施 CFETR 与 "中国聚变"项目正推进后续注资，CFETR 项目计划于 2035 年前完成建设。 上述项目的推进标志着我国聚变研究已形成 "国家队 + 民营机构"、"聚变 ...