超导材料：供需紧张，核聚变加速的重要驱动

Summary of Superconducting Materials and Nuclear Fusion Industry Conference Call Industry Overview - The superconducting materials industry is divided into low-temperature and high-temperature superconductors, with low-temperature superconductors already commercialized for applications like MRI, but reliant on expensive liquid helium. High-temperature superconductors are used in magnetic levitation, quantum computing, and nuclear fusion, but face challenges in large-scale production, requiring cost reduction and performance enhancement [1][4][5]. Key Points and Arguments - Production Techniques: High-temperature superconducting tapes are multi-layered structures, with common production methods including IBAD, PVD, and CVD. PVD is noted for producing smooth films, while other methods like PLD, MOCVD, and MOD each have their advantages and disadvantages affecting conductor performance [1][7][10]. - Market Demand: Domestic high-temperature superconducting material production capacity is approximately 7,000 kilometers, but actual output is limited by yield. The demand for the Xinghuo No. 1 project is estimated to be between 15,000 to 20,000 kilometers, indicating a tight supply-demand situation. Shanghai Superconductor plans significant capacity expansion in the coming years [3][15][16]. - Nuclear Fusion Applications: Superconducting materials are widely used in Tokamak devices, with the ITER project’s magnet investment accounting for about 28% of total investment. Domestic projects like EAST have substantial magnet investments, indicating a growing application of superconductors in nuclear fusion [11][12]. - Industry Growth: The nuclear fusion industry is accelerating, supported by policy and technological advancements. The planning and initiation of experimental and engineering demonstration reactors are expected to lead to increased capital expenditures. The superconducting materials segment is under pressure due to tight processing steps and rising demand [12][14]. Additional Important Insights - Technological Routes: Different companies adopt various high-temperature superconducting technologies, leading to differences in tape yield, length, and width. For instance, Shanghai Superconductor and Shengchi Technology use PLD, while Yongding Holdings' Dongbu Superconductor and Superpower use MOCVD [10][17]. - Future Trends: High-temperature superconductors are expected to significantly impact nuclear fusion devices by enabling higher current and stronger magnetic fields, thus enhancing power output and reducing construction costs. Projects like Spark in the U.S. and domestic initiatives are moving towards full high-temperature superconducting technology [13][19]. - Key Players: Major domestic companies include Shanghai Superconductor, which holds a significant market share and plans to quadruple its production capacity by 2027-2028. Other notable companies include Dongbu Superconductor and West Superconductor, which are also expanding their capabilities in the superconducting materials market [16][18]. - Investment Opportunities: Investors should focus on companies with strong order potential and development space, such as Jinda Co., Yonglin Co., and West Superconductor, as well as related firms like Guoguang Electric and Antai Technology, which play crucial roles in equipment and components [19].