Summary of Key Points from the Conference Call Industry Overview - The fusion industry is entering an accelerated phase driven by policy support and capital expenditure, with major countries expected to introduce fusion policies by 2025, marking a shift from laboratory research to industrial layout and regulatory framework development [1] Technological Developments - Low-temperature superconductors (NbTi, Nb₃Sn) are relatively mature, while high-temperature superconductors (REBCO) are anticipated to become the mainstream in the future. The current landscape features a parallel development of low-temperature and high-temperature superconducting materials, with low-temperature superconductors supporting existing fusion device operations due to their industrial application advantages. High-temperature superconductors are seen as key to breakthroughs in next-generation high-field fusion technology due to their superior adaptability to extreme environments [1] Market Dynamics - The magnetic system is identified as a core cost component of fusion projects. Future Tokamak devices are expected to trend towards compact designs and high-temperature superconductors, leading to a significant increase in industry demand. The market size for second-generation high-temperature superconducting tapes for controllable fusion devices is projected to be 300 million yuan in 2024, with an expected growth to 4.9 billion yuan by 2030, representing a compound annual growth rate (CAGR) of 59.3% from 2024 to 2030 [2] Investment Recommendations - It is advised to focus on core supply chain manufacturers in the magnetic component segment: 1. Low-temperature superconductors: Western Superconductors 2. High-temperature superconductors: Shanghai Superconductor (not publicly listed, with Jingda Holdings as the largest shareholder), Lianchuang Optoelectronics, Eastern Superconductor (not publicly listed, a subsidiary of Yongding Co., Ltd.) 3. Core suppliers of tantalum and niobium: Dongfang Tantalum [2]

Summary of Key Points from the Conference Call Industry Overview - The fusion industry is entering an accelerated phase driven by policy support and capital expenditure, with major countries expected to introduce fusion policies by 2025, marking a shift from laboratory research to industrial layout and regulatory framework construction [1] Core Insights - Low-temperature superconductors (NbTi, Nb₃Sn) are relatively mature, while high-temperature superconductors (REBCO) are anticipated to become the mainstream in the future. The current landscape features a parallel development of low-temperature and high-temperature superconducting materials, with low-temperature superconductors supporting existing fusion device operations due to their industrial application advantages. High-temperature superconductors are expected to be key for breakthroughs in next-generation high-field fusion technology due to their superior adaptability to extreme environments [1][2] Market Projections - The magnet system is identified as a core cost component of fusion projects. Future tokamak devices are expected to trend towards compact designs and high-temperature superconductors, leading to a significant increase in industry demand. The market size for second-generation high-temperature superconducting tapes for controllable fusion devices is projected to be 300 million yuan in 2024, with an expected growth to 4.9 billion yuan by 2030, representing a compound annual growth rate (CAGR) of 59.3% from 2024 to 2030 [2] Investment Recommendations - It is suggested to focus on core supply chain manufacturers in the magnet segment: 1. Low-temperature superconductors: Western Superconductor 2. High-temperature superconductors: Shanghai Superconductor (not publicly listed, with Jingda Co. as the largest shareholder), Lianchuang Optoelectronics, Eastern Superconductor (not publicly listed, a subsidiary of Yongding Co.) 3. Core suppliers of tantalum and niobium: Dongfang Tantalum [2]