可控核聚变行业点评之一：产业及资金端催化不断聚变进程持续加速

申万宏源研究2025-06-26

本期投资提示：事件一：产业层面，高温超导材料领军企业上海超导IPO 获受理。我国高温超导带材技术实力接近或达到国际领先，产能持续扩张。根据公司公告，上海超导科创板IPO获受理，拟募资12 亿元在上海市浦东新区新购土地建设第二代高温超导带材制备工厂，项目产能完全达产后预计每年可新增6,000 公里第二代高温超导带材。随着产业化进程推进，下游可控核聚变、超导电力、大科学装置等应用领域需求持续扩张。根据...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2546270082?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2025-06-26 00:00","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2546270082","market":"sh","top_or_hot":-1,"title":"可控核聚变行业点评之一：产业及资金端催化不断 聚变进程持续加速","media":"申万宏源研究","content":"<div>\n<p>本期投资提示：事件一：产业层面，高温超导材料领军企业上海超导IPO 获受理。我国高温超导带材技术实力接近或达到国际领先，产能持续扩张。根据公司公告，上海超导科创板IPO获受理，拟募资12 亿元在上海市浦东新区新购土地建设第二代高温超导带材制备工厂，项目产能完全达产后预计每年可新增6,000 公里第二代高温超导带材。随着产业化进程推进，下游可控核聚变、超导电力、大科学装置等应用领域需求持续扩张。根据...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250626133120a4be8b89&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>可控核聚变行业点评之一：产业及资金端催化不断 聚变进程持续加速</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n可控核聚变行业点评之一：产业及资金端催化不断 聚变进程持续加速\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-06-26 00:00 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250626133120a4be8b89&s=b><strong>申万宏源研究</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>本期投资提示：事件一：产业层面，高温超导材料领军企业上海超导IPO 获受理。我国高温超导带材技术实力接近或达到国际领先，产能持续扩张。根据公司公告，上海超导科创板IPO获受理，拟募资12 亿元在上海市浦东新区新购土地建设第二代高温超导带材制备工厂，项目产能完全达产后预计每年可新增6,000 公里第二代高温超导带材。随着产业化进程推进，下游可控核聚变、超导电力、大科学装置等应用领域需求持续扩张。根据...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250626133120a4be8b89&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK0077","symbol_name":"质押式回购","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250626133120a4be8b89&s=b","article_id":"2546270082","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250626133120a4be8b89&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2546270082","pubTimestamp":1750867200,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"随着产业化进程推进，下游可控核聚变、超导电力、大科学装置等应用领域需求持续扩张。根据公司公告，公司营收持续高增。工艺成熟及规模化生产带动高温超导材料成本下降，利于下游商业化导入。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"600353":"旭光电子","600363":"联创光电","600577":"精达股份","603011":"合锻智能","BK0077":"质押式回购","BK0214":"IT设备","BK0037":"军民融合","BK0188":"融资融券","BK0141":"绿色节能照明","BK0070":"员工持股","BK0108":"虚拟现实"},"translate_title":"One of the comments on the controllable nuclear fusion industry: Industry and capital side catalysis continues, and the fusion process continues to accelerate","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"600353":0.9,"600363":0.9,"600577":0.9,"603011":0.9},"content_text":"本期投资提示：事件一：产业层面，高温超导材料领军企业上海超导IPO 获受理。我国高温超导带材技术实力接近或达到国际领先，产能持续扩张。根据公司公告，上海超导科创板IPO获受理，拟募资12 亿元在上海市浦东新区新购土地建设第二代高温超导带材制备工厂，项目产能完全达产后预计每年可新增6,000 公里第二代高温超导带材。随着产业化进程推进，下游可控核聚变、超导电力、大科学装置等应用领域需求持续扩张。根据公司公告，公司营收持续高增。2024 年公司实现营收2.4 亿元（yoy+187.40%）；实现归母净利润0.73 亿元（yoy+1965.76%），实现扭亏为盈。工艺成熟及规模化生产带动高温超导材料成本下降，利于下游商业化导入。根据公司公告，2022-2024 年公司第二代高温超导带材单位成本由262 元/米降至92.91 元/米，产能由256.67 千米提升至1333.67 千米。事件二：资金层面，中油资本拟向昆仑资本增资用于可控核聚变项目。根据公司公告，中油资本拟出资6.55 亿元，与中国石油集团和中石油股份以自有资金按原有持股比例共同向参股公司昆仑资本进行增资，用于投资可控核聚变项目。随着技术的持续突破、政策不断落地以及国内招投标加速，核聚变技术的工程化与商业化进程有望加快，坚定看好可控核聚变全产业链投资机会。1）长期来看，核聚变被誉为“终极能源”，具备能量密度高、清洁环保、原材料易得等优势，能有效解决传统能源的诸多问题，是未来能源的必然选择。2）中期来看，2025-2030 年全球进入实验堆建设高峰期，我国在超导材料等产业链关键环节技术突破显著，国产化进程不断加速；3）短期来看，行业政策信号明确，国内招投标不断落地。两条主线推荐相关标的：一是从核聚变总体项目挖掘相关核心配套标的；二是产业链环节关注高壁垒及高价值量环节。重点关注标的：超导磁体系统：西部超导、永鼎股份（东部超导）、精达股份（上海超导）、联创光电；包层系统：国光电气、合锻智能、安泰科技、应流股份；电源系统：旭光电子、四创电子、国力股份、爱科赛博等风险提示：技术成熟度不及预期、商业化进展存在不确定性","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.43.1","shortVersion":"4.43.1","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2546270082","isCrawlerRequest":true}

可控核聚变行业点评之一：产业及资金端催化不断 聚变进程持续加速

精彩评论

可控核聚变行业点评之一：产业及资金端催化不断聚变进程持续加速