声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 2月10日，截止午间收盘，通用航空ETF鹏华（563870）跌1.25%，报0.951元，成交额370.77万元。通用 航空ETF鹏华（563870）重仓股方面，航天电子截止午盘跌3.98%，海格通信跌2.01%，中国卫通跌 2.36%，北斗星通跌1.91%，中科星图跌1.51%，雷科防务跌5.06%，华测导航跌1.00%，航天彩虹跌 1.26%，西部超导跌0.62%，中航机载涨0.26%。 通用航空ETF鹏华（563870）业绩比较基准为中证通用航空主题指数收益率，管理人为鹏华基金管理有 限公司，基金经理为钟成亮，成立（2025-12-31）以来回报为-3.67%，近一个月回报为-9.36%。 来源：新浪基金∞工作室 ...

【华金电新】核聚变系列深度三：磁体材料迭代推动产业升级 # 低温超导已相对成熟，高温超导或将成为未来主流。当前超导磁体材料形成低温超导（NbTi、Nb₃Sn）与高 温超导（REBCO）并行发展的格局，低温超导材料凭借工业化应用优势支撑现有聚变装置运行，高温超导材料则 以更优异的极端环境适配性，成为下一代高场聚变技术突破的关键。 # 磁体系统是聚变项目核心成本项。未来托卡马克装置将以紧凑型、高温超导为趋势，行业需求有望显著提 升。2024年全球可控核聚变装置用第二代高温超导带材市场规模为3亿元，预计2030年将达到49亿元， 2024-2030 年复合增速为59.3%。 # 投资建议： 建议关注磁体环节核心供应链厂商：1）低温超导：西部超导；2）高温超导：上海超导（未上 市，精达股份持股第一）、联创光电、东部超导（未上市，永鼎股份子公司）；3）钽铌核心供应商：东方钽业。 # 低温超导已相对成熟，高温超导或将成为未来主流。当前超导磁体材料形成低温超导（NbTi、Nb₃Sn）与高 温超导（REBCO）并行发展的格局，低温超导材料凭借工业化应用优势支撑现有聚变装置运行，高温超导材料则 以更优异的极端环境适配性 【华金 ...

#政策支持+资本开支驱动，聚变产业进入加速期。2025年全球主要国家密集出台核聚变政策，标志着技术竞争 从实验室研发转向产业化布局与监管框架构建。 #低温超导已相对成熟，高温超导或将成为未来主流。当前超导磁体材料形成低温超导（NbTi、Nb₃Sn）与高温 超导（REBCO）并行发展的格局，低温超导材料凭借工业化应用优势支撑现有聚变装置运行，高温超导材料则以 更优异的极端环境适配性，成为下一代高场聚变技术突破的关键。 #磁体系统是聚变项目核心成本项。未来托卡马克装置将以紧凑型、高温超导为趋势，行业需求有望显著提 升。2024年全球可控核聚变装置用第二代高温超导带材市场规模为3亿元，预计2030年将达到49亿元， 2024-2030 年复合增速为59.3%。 建议关注磁体环节核心供应链厂商：1）低温超导：西部超导；2）高温超导：上海超导（未上市，精达股份 持股第一）、联创光电、东部超导（未上市，永鼎股份子公司）；3）钽铌核心供应商：东方钽业。 #低温超导已相对成熟，高温超导或将成为未来主流。当前超导磁体材料形成低温超导（NbTi、Nb₃Sn）与高温 超导（REBCO）并行发展的格局，低温超导材料凭借工业化应用优势 ...

证券研究报告 2026 年 2 月 09 日│中国内地 行业周报（第六周） 本周观点：国际安全形势不确定性增强，重视军贸发展机遇 近期国际安全形势不确定性增强，美伊于 2 月初于阿曼举行了间接谈判，但围绕伊 朗核计划、弹道导弹及地区影响力的核心分歧依然严重，冲突风险并未消除。此外 高市早苗在日本大选获胜，继续担任日本首相，后续的国防政策或将对周边地区造 成影响。近期多国加大国防建设力度，例如美国国防部下属机构防务安全合作局 30 日发表的声明，美国务院已批准一项总额达 66.7亿美元的对以色列大规模军售方案， 其中包括 30 架"阿帕奇"攻击直升机和 3250 辆联合轻型战术车；此外美国务院已 批准一项对沙特阿拉伯的军售方案，其中包括 730 枚"爱国者"导弹及其相关设备， 总价值达到 90 亿美元，军贸市场活跃度明显提升。 国际军贸市场活跃度有望持续提升，而供给端集中度较高，我国是少数能够提供整 套优质解决方案的装备供应商，因此武器装备的海外需求有望提升，建议重视军贸 市场投资机会。 中长期观点：关注新装备建设周期下的新结构 展望"十五五"，国防和军队现代化将实现高质量推进，实现由"量"的增值转向"质" 的 ...

从资金流向上来看，当日陕西国企改革板块主力资金净流出1.65亿元，游资资金净流入6539.44万元，散 户资金净流入9938.06万元。陕西国企改革板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600984 | 建设机械 | 4.38 | -1.35% | 40.89万 | 1.80亿 | | 002149 | 西部材料 | 54.68 | -1.00% | 84.19万 | 45.81 Z | | 600302 | 标准股份 | 13.48 | -0.81% | 12.03万 | 1.64亿 | | 002267 | 陕天然气 | 7.76 | -0.64% | 11.78万 | 9166.36万 | | 001286 | 陕西能源 | 9.80 | -0.41% | 15.34万 | 1.51亿 | | 688269 | 凯立新材 | 42.81 | 0.00% | 2.35万 | 1.01亿 | | 000563 | 陕国投A | 3.62 | 0.00% | ...

点击 最 下方 关注《材料汇》 ， 点击"在看"和" "并分享 添加 小编微信 ，遇见 志同道合 的你 （请添加小编微信，后续会组建 相关微信群 ） 正文 主要内容： 政策支持+资本开支驱动，聚变产业进入加速期。 2025年全球主要国家密集出台核聚变政策，标志着技术竞争从实验室研发转向产业化布局与监管框架构 建。国内对可控核聚变的政策支持从国家层面搭建框架，一边通过优化监管流程、完善法律法规筑牢基础，一边聚焦技术研发方向提供明确指引。 低温超导已相对成熟，高温超导或将成为未来主流。 磁体材料是核聚变装置实现稳定磁场约束的核心基础，当前超导磁体材料形成低温超导（NbTi、Nb₃ Sn）与高温超导（REBCO）并行发展的格局，低温超导材料凭借工业化应用优势支撑现有聚变装置运行，高温超导材料则以更优异的极端环境适配性， 成为下一代高场聚变技术突破的关键。 磁体系统是聚变项目核心成本项。 在采用低温超导的ITER项目中零部件成本占比86%，其中磁体占28%，是成本最高的核心部件，主因ITER所用的铌基 超导线材(NbTi和Nb₃ Sn) 依赖于高成本低温液氦持续冷却。高温超导项目中磁体成本进一步提升，以高温超导托卡马 ...

点击 最 下方 关注《材料汇》 ， 点击"在看"和" "并分享 添加 小编微信 ，遇见 志同道合 的你 （请添加小编微信，后续会组建 相关微信群 ） 正文 本篇报告解决了以下核心问题： 1 、当前核聚变技术进展和未来关键时间节点展望； 2 、全球核聚变装置运行状况及融资情况分析； 3 、磁体系统、偏滤器、包层系统价值量分析及关键材料拆解。 核聚变技术加速突破，大科学装置实现里程碑节点 ITER（国际热核聚变实验堆）： 2020年进行了重大工程安装启动仪式，预计2034年开始对氘-氚等离子体进行实验，2036年开始以全磁能和等离子体电流长脉冲运 行，2039年开始氘-氚运行。中国承担了18个关键部件采购包制造。 HL-3（环流三号）： 2025年5月，综合参数聚变三乘积达到10的20次方量级，中国聚变快速挺进燃烧实验。 EAST（东方超环）： 2025年1月，首次完成1亿摄氏度1066秒长脉冲高约束模等离子体运行，再次刷新世界纪录。 BEST（紧凑型聚变能实验装置）： 2025年5月，工程总装提前两个月正式启动，计划2027年建成，2030年演示发电。 CRAFT（聚变堆主机关键系统综合研究设施）： 目标建成国 ...

Investment Rating - The report maintains an "Overweight" rating for the aerospace and defense sector [8] Core Insights - The aerospace and defense industry is expected to experience significant recovery and growth in 2025, with 30 out of 75 listed companies forecasting positive earnings growth compared to the previous year [11][12] - The report highlights structural opportunities in military equipment demand during the "14th Five-Year Plan" period, focusing on new domains, unmanned systems, advanced weaponry, and low-cost equipment [14][16] Summary by Sections Industry Performance - As of January 31, 2025, 75 out of 120 listed companies in the defense sector have disclosed earnings forecasts, with 30 companies expecting positive growth, 7 expecting positive but declining growth, 17 expecting losses but reduced compared to the previous year, and 21 expecting increased losses [11][12] Key Companies to Watch - Recommended companies include: - AVIC Shenyang Aircraft Corporation (600760 CH) - Guorui Technology (600562 CH) - Steel Research (300797 CH) - Guotai Group (603977 CH) - West Superconductor (688122 CH) - Ruichuang Micro-Nano (688002 CH) - Beifang Navigation (600435 CH) - Gaode Infrared (002414 CH) - Aerospace Intelligence (300446 CH) - Aerospace Rainbow (002389 CH) [3][8][9] Earnings Forecasts - Notable companies with significant earnings growth forecasts include: - Beimo High-Tech: 1169% growth due to product delivery and cost reduction [12] - Hailanxin: 509% growth from increased self-produced products [12] - *ST Chengchang: 452% growth driven by industry recovery [12] - Zhimin Da: 414% growth from increased demand in previously established product lines [12] - Aileda: 351% growth from increased military and civilian product demand [12] Long-term Outlook - The report emphasizes the importance of new equipment construction cycles and suggests focusing on new products and markets during the "14th Five-Year Plan" [14][16] - The military trade market is expected to grow, with China aiming to increase its market share in global military trade [17] Market Trends - The report notes a decline in the defense sector index by 7.69% over the past week, underperforming the broader market [28] - The current PE (TTM) for the defense sector is 95.23, indicating a high valuation compared to historical levels [36] Investment Opportunities - The report suggests that companies involved in unmanned systems, low-cost munitions, and military AI are likely to see significant growth opportunities [16][18] - The commercial aerospace sector is also highlighted as a growing area, with advancements in satellite internet and low-altitude economy [18][25]

Investment Rating - The report does not explicitly state an investment rating for the superconducting materials industry Core Insights - The superconducting materials industry is transitioning from low-temperature superconductors (LTS) to high-temperature superconductors (HTS), with significant implications for commercial applications and nuclear fusion technology [11][21] - Room-temperature superconductors remain a theoretical goal, but breakthroughs could revolutionize energy, transportation, and information sectors [11][43] - The market for low-temperature superconductors currently dominates, accounting for over 90% of the superconducting materials market, primarily used in MRI machines and fusion devices [20][31] - High-temperature superconductors are in the early stages of commercialization, with potential applications in nuclear fusion and high-efficiency power transmission [21][30] Summary by Sections Superconducting Materials Overview - Superconducting materials are recognized as strategic, disruptive materials with unique properties such as zero electrical resistance and complete diamagnetism [12][11] - The industry is experiencing a shift towards high-temperature superconductors, which can operate at higher temperatures and lower costs, facilitating their commercial viability [11][21] Low-Temperature Superconductors - Low-temperature superconductors, such as NbTi and Nb₃Sn, have established commercial production and dominate the market due to their mature technology and cost advantages [15][20] - The main applications include MRI machines, superconducting magnets for fusion devices, and particle accelerators [20][31] - Limitations include reliance on liquid helium for cooling and performance degradation in high magnetic fields [20] High-Temperature Superconductors - High-temperature superconductors, including BSCCO and REBCO, are seen as the future of superconducting materials, with applications in nuclear fusion and power transmission [21][30] - The production costs are currently high, but ongoing advancements in manufacturing processes are expected to reduce prices and enhance market penetration [29][30] - The market price for high-temperature superconductors is significantly higher than that of low-temperature superconductors, which poses a barrier to widespread adoption [28][29] Applications of Superconducting Materials - Superconducting materials are critical in various sectors, including energy, healthcare, and advanced manufacturing [31][32] - In energy, superconducting cables can achieve high capacity and low loss, while in healthcare, they are essential for high-field MRI machines [31][32] - The report highlights ongoing projects and applications in superconducting power transmission, magnetic confinement fusion, and advanced manufacturing processes [31][36]

Group 1 - The small metal sector saw a rise on January 28, 2026, with the China Rare Metals Theme Index increasing by 0.23%, and notable stock performances included Dongfang Tantalum Industry up by 8.41%, Zhuhai Group up by 5.25%, and others [1] - Tungsten concentrate prices approached 550,000 RMB per ton, ammonium paratungstate prices exceeded 800,000 RMB, and tungsten powder prices surpassed 1,300,000 RMB [1] - Industrial-grade lithium carbonate prices reached 168,000 RMB per ton with a weekly increase of 9.80%, while lithium iron phosphate prices rose by 4.43% compared to January 4 [1] Group 2 - Longcheng Securities estimated that the static cost share of lithium carbonate, rare earths, and antimony in downstream applications is nearing historical highs, with a demand growth rate of over 10% expected in sensitive sectors like wind power in 2026 [1] - The auction price for lithium spodumene concentrate from Wodgina reached 16,852 RMB per dry ton, indicating a significant premium for overseas lithium resources [1] - The Congolese government submitted a shortlist of state-owned mineral assets to the U.S., highlighting ongoing geopolitical supply disruptions that reinforce the scarcity of strategic metals [1] Group 3 - As of December 31, 2025, the top ten weighted stocks in the China Rare Metals Theme Index included Luoyang Molybdenum, Northern Rare Earth, and others, accounting for 59.54% of the total index [2] - The Rare Metals ETF (562800) tracks the China Rare Metals Theme Index, providing a convenient tool for investing in the rare metals sector [3] - Investors can also explore investment opportunities in the rare metals sector through the Rare Metals ETF linked fund (014111) [4]