Group 1 - The core point of the article is that Dongfang Tantalum Industry (东方钽业) reported a total of 58,619 shareholders as of December 10, 2025 [1]

Group 1 - The superconducting concept sector rose by 3.37%, ranking second among concept sectors, with 25 stocks increasing in value, including West Material and Antai Technology hitting the daily limit [1] - Notable gainers in the superconducting sector included West Superconductor, Lianchuang Optoelectronics, and Dongfang Tantalum, which rose by 7.18%, 7.06%, and 6.64% respectively [1] - The sector saw a net inflow of 1.982 billion yuan from main funds, with 19 stocks receiving net inflows, and 7 stocks exceeding 100 million yuan in net inflows [2] Group 2 - The top net inflow stock was Antai Technology, with a net inflow of 859 million yuan, followed by Zhongtian Technology, Wolong Nuclear Materials, and West Superconductor with net inflows of 480 million yuan, 449 million yuan, and 226 million yuan respectively [2] - In terms of net inflow ratios, Antai Technology, Jiugang Hongxing, and Wolong Nuclear Materials led with ratios of 26.20%, 18.80%, and 14.28% respectively [3] - The trading volume for Antai Technology was 85.87 million yuan, with a turnover rate of 15.69%, while West Superconductor had a trading volume of 22.56 million yuan and a turnover rate of 6.89% [3][4]

Core Viewpoint - The company emphasizes the increasing domestic demand for high-value products such as high-temperature alloys, semiconductor tantalum targets, and high-purity niobium materials due to the ongoing development of high-tech and new infrastructure industries in China [2] Group 1: Industry Development - The domestic demand for high-value products is gradually rising as high-tech and new infrastructure sectors continue to develop [2] - The domestic production capacity for high-temperature alloys, semiconductor tantalum targets, and high-purity niobium materials is being enhanced through technological upgrades and production line improvements [2] Group 2: Company Strategy - The company is focusing on technological breakthroughs in high-temperature alloys, semiconductor tantalum targets, and high-purity niobium materials to meet the growing domestic demand [2] - The company is implementing a strategy for self-sufficiency in the supply chain, transitioning from single product breakthroughs to systematic solutions, which provides a solid foundation for the growth of tantalum, niobium, and their alloy products [2]

证券日报网12月11日讯东方钽业在12月10日至11日回答调研者提问时表示，目前公司已于2025年11月17 日完成首轮深圳证券交易所问询函的回复，根据相关法律法规的规定，本次向特定对象发行A股股票项 目在完成深圳证券交易所审核程序后，尚需报中国证监会注册，在中国证监会同意注册后方可实施。公 司将在中国证监会同意注册后加快推进股份认购和发行等事宜。 （文章来源：证券日报） ...

Core Viewpoint - The company, Dongfang Tantalum Industry, has completed a binding equity acquisition of Brazil's Taboca Mining Company, enhancing its resource supply chain and production capabilities [1] Group 1: Acquisition Details - The actual controller of the company, China Nonferrous Metal Mining Group Co., Ltd., through its subsidiary, has finalized the acquisition of Taboca Mining Company, which owns a multi-metal mine and several processing facilities in Brazil [1] - Taboca Mining Company possesses an operational multi-metal mine for tin, tantalum, and niobium, a tin smelting plant, a tantalum-niobium alloy smelting plant, and a hydroelectric power station [1] Group 2: Supply Chain and Contracts - The company has signed a procurement contract with Taboca Mining Company for approximately 3,000 tons of tantalum-niobium alloy raw materials, with an estimated purchase amount of 540 million RMB, ensuring a stable and controllable supply chain for tantalum and niobium ore [1] - The company has established a complete production line from ore wet processing to the production and processing of tantalum and niobium products, ensuring full supply chain security [1]

Core Viewpoint - The company is planning to build a new hydrometallurgical production line to address outdated equipment and insufficient capacity, as the existing facility has been in operation for 27 years and is constrained by urban development and early safety and environmental technologies [1] Group 1: Project Overview - The new hydrometallurgical project aims to resolve issues related to wastewater, waste gas, and waste residue treatment, which the current production line cannot meet [1] - The project will enhance the company's production capabilities and allow for expansion without relocating [1] Group 2: Strategic Layout - The company will establish a "three-tier product hierarchy" strategy, focusing on securing supply chain safety with primary raw materials such as potassium fluotantalate, tantalum oxide, and niobium oxide [1] - The core competitive advantage will be built around products like melted tantalum/niobium, semiconductor targets, and superconducting niobium materials [1] - Future growth points will include the development of new tantalum and niobium compounds, superconducting wires, and large-diameter pipes, while maintaining a strong position in traditional markets such as chemical corrosion and capacitors [1]

Core Viewpoint - The company plans to raise funds for three construction projects and to supplement working capital, focusing on the development of tantalum and niobium production capabilities [1] Group 1: Investment Projects - The first project is the construction of a digital factory for tantalum and niobium hydrometallurgy, with a total investment of 678.69 million yuan, aiming to produce various products including potassium fluotantalate (1,100 tons/year) and niobium pentoxide (1,700 tons/year) [1] - The second project involves the renovation of the tantalum and niobium pyrometallurgy smelting product production line, with an expected annual output of 860 tons of smelted niobium and 80 tons of smelted tantalum, requiring an investment of 287.99 million yuan [1] - The third project focuses on the construction of a high-end tantalum and niobium product production line, which will add 145 tons/year of tantalum and niobium plate and strip products, with a total investment of 281.20 million yuan [1]

Core Viewpoint - The company emphasizes that its production and operations must consider multiple factors, including market demand, inventory structure, customer orders, resource endowment, and long-term development [1] Pricing Mechanism - The sales price of the company's products is primarily determined using a cost-plus pricing model [1] - Prices, order quantities, and technical specifications are negotiated on a one-on-one basis with major customers, typically on an annual, semi-annual, or quarterly basis [1] - Customers reference the average price of raw materials over a period prior to contract signing to determine pricing levels [1] Price Transmission - There is a certain lag in the transmission of raw material price changes to the sales prices of finished products due to factors such as pricing models, market competition, and customer relationship management [1]

Core Insights - The news highlights the significant advancements and competitive advantages of various companies in the nuclear fusion materials and technology sector, emphasizing their roles in the ITER project and domestic fusion initiatives. Company Summaries - **West Superconducting (688122)**: As a leading player in low-temperature superconducting materials, the company is the sole domestic supplier for ITER's low-temperature superconducting wire, with its products being critical for fusion device superconducting magnets. The company has achieved international standards in key performance metrics and has established a comprehensive production chain, positioning itself to benefit from the growing demand for superconducting materials as fusion projects accelerate [1][23]. - **Lianchuang Optoelectronics (600363)**: The company focuses on high-temperature superconducting technology, being the only domestic entity capable of designing and manufacturing large-diameter high-temperature superconducting magnets. It has successfully applied its technology in the "Spark One" project and aims to capture high-end market share as high-temperature superconducting technology expands in the fusion sector [2][24]. - **Antai Technology (000969)**: A leader in core materials for nuclear fusion components, the company supplies critical materials for ITER's first wall and blanket modules. Its advanced tungsten-copper composite components meet international standards, and it has a strong foothold in the supply chain for fusion experiments, poised to benefit from increased orders as fusion projects ramp up [3][25]. - **Guoguang Electric (688776)**: The company is a key supplier for plasma control and core components in fusion devices, holding a 60% market share for ITER's divertor. It has secured significant contracts, including an 18 billion yuan package for the CFETR project, indicating strong demand for its products as global fusion construction progresses [4][27]. - **Yongding Co., Ltd. (600105)**: The company specializes in high-temperature superconducting tape, with a projected 80% revenue growth in its superconducting business for 2024. It is involved in the development of superconducting magnets for fusion reactors, leveraging its parent company's resources to create a comprehensive industrial layout [5][28]. - **Xiamen Tungsten (600549)**: The company holds a monopoly in tungsten-based materials for nuclear fusion, being the only supplier with full-process certification for ITER's tungsten-copper divertor components. It is expanding its production capacity to meet growing demand as fusion engineering progresses [6][29]. - **Baosheng Co., Ltd. (600973)**: A leader in special cables for nuclear fusion, the company has secured all cable orders for the "Chinese Circulator No. 3" project, amounting to 5.2 billion yuan. Its products meet international standards, and it is positioned to benefit from the increasing demand for specialized cables in fusion projects [7][30]. - **Guangda Special Materials (688186)**: The company has developed materials for superconducting coil armor, achieving batch production and securing significant orders. Its products are critical for fusion devices, and it is well-positioned to benefit from the growing demand as fusion projects expand [8][31]. - **Hongxun Technology (603015)**: Through its subsidiary in Italy, the company supplies high-precision power systems for ITER, which are essential for plasma control. As domestic fusion projects accelerate, the demand for its power systems is expected to grow significantly [9][32]. - **Wangzi New Materials (002735)**: The company focuses on special capacitors for fusion pulse power systems, being the only domestic supplier certified by ITER. Its products are crucial for plasma heating and confinement, and it is expected to see increased demand as fusion projects move towards commercialization [10][33]. - **Jiusheng Electric (301082)**: A niche leader in special cables for nuclear fusion, the company has a market share exceeding 40% in nuclear power special cables. Its products are already in use in ITER, and it is well-positioned to benefit from the growing demand for specialized cables in fusion applications [11][34]. - **Hedong Intelligent (603011)**: The company is a key player in manufacturing core structural components for fusion, focusing on vacuum chambers. It has secured significant contracts and is expected to benefit from the increasing demand for large structural components as fusion projects advance [12][35]. - **Zhongzhou Special Materials (300963)**: The company specializes in high-temperature and corrosion-resistant materials for fusion applications, supplying critical components for major fusion projects. Its products are expected to see increased demand as fusion engineering progresses [13][37]. - **China Nuclear Construction (601611)**: As a core member of the "national team," the company plays a leading role in the construction of fusion projects, leveraging its extensive experience in nuclear engineering to meet complex project demands [14][38]. - **China Nuclear Power (601985)**: The company is positioned as a long-term beneficiary of the nuclear fusion industry, actively participating in major fusion projects and leveraging its expertise in nuclear power operations to support the commercialization of fusion energy [15][39]. - **Hancable Co., Ltd. (002498)**: The company is a significant player in special and superconducting cables for fusion, with a focus on meeting the extreme conditions of fusion environments. It is expected to capture a substantial market share as demand for specialized cables grows [16][40]. - **Wol Nuclear Materials (002130)**: The company focuses on insulation materials and special components for fusion, leveraging its expertise in nuclear-grade materials to meet the stringent requirements of fusion applications [17][41]. - **Dongfang Tantalum (000962)**: The company is a hidden champion in core materials for nuclear fusion, holding a dominant market position in beryllium materials and superconducting niobium. It is expected to benefit significantly from the upcoming surge in fusion project orders [18][43]. - **Nuiwei Co., Ltd. (603699)**: The company is a core player in the nuclear fusion valve market, holding over 80% market share. It has secured significant contracts for ITER and is expanding its international presence, positioning itself for substantial growth as global fusion projects accelerate [19][20]. - **Hailu Heavy Industry (002255)**: The company is a leading supplier of core structural components and vacuum systems for fusion, with significant contracts in place for ITER and domestic projects. It is well-positioned to benefit from the growing demand for these critical components as fusion engineering progresses [21][42].

Core Viewpoint - The company, Dongfang Tantalum Industry (000962.SZ), plans to raise funds primarily for three construction projects and to supplement working capital [1] Group 1: Fundraising Projects - The first project is the construction of a digital factory for tantalum and niobium hydrometallurgy, with a total investment of 677 million yuan, aiming to produce various products including 1,100 tons/year of potassium fluotantalate and 1,700 tons/year of niobium pentoxide [1] - The second project involves the renovation of the tantalum and niobium pyrometallurgy smelting product production line, with an expected annual output of 860 tons/year of smelted niobium and 80 tons/year of smelted tantalum, requiring a total investment of 288 million yuan [1] - The third project focuses on the construction of a high-end tantalum and niobium product production line, which is expected to add 145 tons/year of tantalum and niobium plate and strip products, with a total investment of 281 million yuan [1]