从最初贷款2000元维持濒临破产的"作坊式小厂"，到发展成为全球工模具钢头部企业；从生产纸绳子、 塑料瓶盖、铜拉手、电视天线，到切削工具麻花钻、高速工具钢、模具钢、钛合金；从攻克粉末冶金技 术，到实现粉末冶金工模具钢规模化生产……如今，天工国际董事局主席朱小坤正带领着企业，将其金 属材料研发的触角，进一步延伸至代表终极能源的核聚变领域。 面对高端制造浪潮与"十五五"机遇，天工国际将如何保持创新动能？天工国际董事局主席朱小坤日前在 接受中国证券报记者专访时表示："未来的高端制造业与高端材料是绝对分不开的，天工国际秉承将高 端材料做到最佳的理念，正加快研发高氮钢、核聚变钢等前沿新材料，进一步拓展粉末冶金技术的应用 边界。" 研制出世界上"最小"的钢 在高端制造持续升级的浪潮中，材料性能的突破成为产业跃迁的关键，尤其是在新能源汽车、具身智 能、可控核聚变等领域，核心部件对材料的寿命、强度、轻量化等提出更为严苛的要求。 在天工国际的展厅，一个透明试剂瓶里装着的金属粉末被称为世界上"最小"的钢，其颗粒度比头发丝直 径还细。 "天工国际用高合金粉末研制高端钢材，全球也仅极少国家具备这项技术。"谈及备受关注的粉末冶金技 术 ...

Core Viewpoint - The A-share market is experiencing significant investment interest in the controllable nuclear fusion sector, with the Wind nuclear fusion index rising by 20.5% at its peak in January and currently up by 15.92%, with monthly trading volume exceeding 780 billion yuan [1][2]. Industry Developments - Several companies, including Zhongji HuanKe, Antai Technology, Tiangong International, and Xuguang Electronics, have disclosed their involvement in controllable nuclear fusion, while others have clarified their limited business scale to manage market expectations [2][13]. - The compact fusion energy experimental device (BEST) in Hefei has made significant progress, with key components successfully delivered, and it is expected to be completed by 2027, potentially becoming the first device to achieve fusion power generation [4][15]. - The controllable nuclear fusion industry is advancing rapidly in China, with a notable increase in commercialization efforts since 2022, and a significant number of startups emerging in the past five years, attracting around $6.5 billion in investments [6][16]. Market Performance - As of January 23, 2026, many nuclear fusion concept stocks have seen substantial gains, with companies like Zinc Industry Co., Yuguang Gold Lead, and Western Materials hitting their daily price limits [2][14]. - The stock prices of companies involved in nuclear fusion have shown significant increases, with Zhongji HuanKe's stock rising by 18.31% since the beginning of January [18]. Regulatory Environment - The implementation of the Atomic Energy Law on January 15, 2023, encourages and supports controllable nuclear fusion, providing a foundational framework for the industry's development [5][16]. Company Initiatives - Companies like Antai Technology and Tiangong International are actively participating in nuclear fusion projects, with Antai signing agreements for advanced filter projects and Tiangong achieving breakthroughs in neutron shielding materials [19][20]. - Star Ring Fusion announced a record-breaking 1 billion yuan A-round financing, with plans to complete engineering validation by 2028 and start construction of a commercial demonstration reactor by around 2032 [17][18].

智通财经APP获悉，中金发布研报称，据国家统计局数据显示，1-12月全国粗钢产量9.61亿吨，同 比-4.4%；水泥产量16.93亿吨，同比-6.9%；平板玻璃产量9.76亿重量箱，同比-3%。细分行业来看，12 月水泥价格表现较为坚挺，同时受益于煤炭价格下行，行业盈利有所回升；玻璃价格持续回落，企业盈 利持续承压带动冷修进程加速，采暖季燃料价格上行或带动行业进一步冷修；12月钢铁行业供需持续走 弱，26年建议聚焦结构性行情。 中金主要观点如下： 钢铁：淡季供需双弱，钢价震荡运行 玻璃：玻璃价格延续下降态势，冷修进程有望加速 2025年1-12月房屋竣工面积同比-18.1%至6.03亿平方米，12月玻璃深加工天数同比-17%至9天。玻璃价 格持续回落，截至2026年1月15日，全国浮法玻璃含税均价1124元，测算煤制气/石油焦/天然气系统单 箱毛利为2.6/-23.9/-10.2元。企业盈利持续承压带动冷修进程加速，1月中浮法玻璃日熔量降至15.0万 吨。采暖季燃料价格上行或带动行业进一步冷修，建议关注旗滨集团(601636.SH)、信义玻璃(00868)。 12月粗钢产量6818万吨，同比-10.3%，国内 ...

智通财经APP获悉，国泰海通发布研报称，制粉技术及3D打印工艺发展有望持续推动钛合金应用拓 展，未来随着3D打印工艺、制粉技术等的成熟，该行认为，钛合金在折叠机、AR/VR头显、无人机等 对轻量化和结构强度有极致要求的产品中有望快速渗透。国内企业深耕粉末冶金工艺，并突破核聚变材 料卡脖子环节，有望受益于下游需求爆发。相关标的天工国际(00826)。 国泰海通主要观点如下： 粉末冶金龙头企业天工国际业绩考核目标彰显成长信心 天工国际专注粉末冶金技术，在核聚变材料以及钛合金中优势显著。根据1.20日公告，公司向董事及员 工授出购股权总计30,000,000股(占总股本约1.10%)，行使价格为每股3.50港元。购股权分三年归属，每 年归属的前提是对应年度(26-28年)经审计综合营业额较前一年度增长25%或以上。 制粉技术及3D打印工艺发展有望持续推动钛合金应用拓展，国内企业深耕钛合金，有望受益于下游需 求爆发 钛及钛合金由于其高强度、高耐腐蚀性能和良好的表面纹理，在折叠屏中框/屏幕衬板等用量有望显著 提升。同时3D打印钛合金提供了极高的设计自由度，目前逐步应用在航空航天、医疗领域中。未来随 着3D打印工艺、制粉 ...

Group 1 - The core point of the article is that Tian Gong International Limited plans to grant 30 million stock options to its directors and key employees, representing 1.10% of the current issued shares, as part of an incentive plan aimed at driving high-quality growth over the next three years [2] - The stock options will vest in three phases, with each phase unlocking one-third of the options, contingent on achieving a minimum annual revenue growth of 25% for the years 2026, 2027, and 2028 [2] - The exercise price for the stock options is set at HKD 3.50 per share, which is above the closing price of HKD 3.43 on the grant date and the average closing price of HKD 3.366 over the previous five trading days, reflecting the company's confidence in its future value [2] Group 2 - Tian Gong International has over 40 years of experience in the manufacturing industry, focusing on technological innovation and has transitioned from cutting tools to high-end materials [3] - The company has joined the "Fusion High-end Metal Materials Research Joint Laboratory," which aims to develop high-reliability materials for nuclear fusion applications, contributing to national energy security and clean energy development [3] - As the only domestic company producing powder metallurgy tool steel at scale, Tian Gong International has broken the long-standing monopoly of international giants and is positioned to meet the increasing demand for large die-casting materials in the automotive sector [3] Group 3 - Tian Gong's subsidiary, Tian Gong Co., is advancing its titanium alloy business into high-value sectors such as consumer electronics and aerospace fasteners [4] - The company is establishing Jiangsu Tian Gong Titanium Crystal New Materials Co., Ltd. to accelerate the development of titanium alloy powders and high-temperature alloy powders, targeting the medical device and aerospace markets [4] - The stock option grant is seen as a recognition of past innovations and a strategic move for future growth, positioning the company to lead in the high-end materials sector and provide stable long-term returns for investors [4]

Core Viewpoint - Tian Gong International (stock code: 0826.HK) announced a stock option grant plan to issue 30 million stock options, representing 1.10% of the current issued shares, aimed at binding the core team with the company's long-term development interests and driving high-quality growth through continuous innovation in the high-end materials sector [1][5] Group 1: Stock Option Grant Details - The 30 million stock options will vest in three phases, with each phase unlocking one-third of the options, contingent on achieving a minimum of 25% year-over-year revenue growth for the years 2026, 2027, and 2028 [2] - The exercise price of the stock options is set at HKD 3.50, which is above the closing price of HKD 3.43 on the grant date and the average closing price of HKD 3.366 over the previous five trading days, reflecting the company's confidence in its future stock value [2] - The incentive plan covers a wide range of participants, with 6.8% of the options allocated to core management and 93.2% to employees, fostering a shared interest community to maximize team motivation and creativity [2] Group 2: Innovation and Growth Strategies - Tian Gong International has made a milestone breakthrough in fusion materials, joining a research laboratory focused on high-end metal materials for magnetic confinement nuclear fusion, which is expected to provide reliable materials and solutions for future clean energy development [3] - The company has successfully broken the long-standing monopoly in the production of powder metallurgy tool steel, addressing industry pain points and meeting the increasing demand for large-scale die materials in the automotive sector [4] - The titanium alloy business is advancing towards high-end applications, with the company expanding into high-value sectors such as consumer electronics and aerospace, and establishing a new company to produce titanium alloy powders to meet urgent market needs [4] Group 3: Long-term Vision and Confidence - The stock option grant is seen as a recognition of past innovation achievements and a strategic move for future development, positioning the company to lead in the high-end materials sector and deliver stable long-term returns to investors [5]

1月20日，天工国际有限公司（0826.HK）披露《授出购股权》公告，拟向公司董事及核心员工合计授 出3000万股购股权。此次激励计划绑定核心团队与公司长期利益，结合公司在高端材料领域的创新布 局，或将为未来三年高质量增长提供支撑。 公告显示，本次拟授出的3000万股购股权将分三期归属，每期解锁比例为三分之一，解锁条件为2026 年、2027年、2028年各年度综合经审计营业额较上一年度增长25%及以上。购股权行使价为每股3.50港 元，高于授出日期收盘价3.43港元及前五个交易日平均收盘价3.366港元。激励覆盖范围中，董事局主席 朱小坤、行政总裁朱泽峰等核心管理层占比6.8%，员工占比93.2%。 此前，天工国际披露自愿性公告，宣布公司正式加入"聚变高端金属材料研发联合实验室"，该联合实验 室由"合肥综合性国家科学中心能源研究院"牵头建设，共同开展聚变用高端金属材料的基础研究、关键 技术攻关与工程化验证等项目攻关。 国内唯一规模化生产粉末冶金工模具钢的企业，天工国际已完成核心技术攻克，打破国际垄断，其粉末 冶金模具钢还为新能源汽车"一体化压铸"用超大型压铸模具材料提供了解决方案。2025年公司与赛维达 达 ...

Group 1 - Tian Gong International Limited plans to grant a total of 30 million stock options to its directors and core employees as part of an incentive plan aimed at aligning the interests of the core team with the company's long-term goals [1] - The stock options will vest in three phases, with one-third unlocking each year, contingent on achieving a 25% or greater increase in audited revenue compared to the previous year for the years 2026, 2027, and 2028 [1] - The exercise price for the stock options is set at HKD 3.50, which is above the closing price of HKD 3.43 on the grant date and the average closing price of HKD 3.366 over the previous five trading days [1] Group 2 - Tian Gong International is the only company in China that produces powder metallurgy tool steel at scale, having overcome key technological challenges and broken international monopolies [2] - The company's powder metallurgy tool steel provides solutions for ultra-large die casting molds used in the automotive industry, particularly for electric vehicles [2] - Tian Gong's subsidiary, Tian Gong Co., is advancing its titanium alloy business into high-value sectors, with products extending into consumer electronics and aerospace fasteners [2] - In 2025, Tian Gong Co. will establish Jiangsu Tian Gong Titanium Crystal New Materials Co., Ltd. to develop and produce titanium alloy powders, which are critical materials for medical devices and aerospace that require import substitution [2]

如公司截至2026年12月31日止年度综合经审计的营业额较截至2025年12月31日止年度金额增加25%或者 以上。购股权百分比：所授出购股权总数之三分之一。 格隆汇1月20日丨天工国际(00826.HK)公告，公司根据其于2017年5月26日采纳购股权计划，已授出合共 3000万股购股权予公司董事及员工(统称"承授人")，惟须待承授人接纳，方可作实。承授人有权认购公 司股本中每股面值美金0.0025元普通股股份，占2026年1月20日2,725,000,000股已发行股份约1.10%。 每份购股权赋予购股权持有人权利于有关购股权获行使时按行使价每股股份3.50港元认购一股股份。行 使价高于以下三项的最高者：(1)股份面值；(2)香港联合交易所有限公司于授出日期发出的每日报价表 所列收市价每股股份3.43港元；及(3)联交所于紧接授出日期前五个营业日发出的每日报价表所列平均收 市价每股股份3.366港元。 如公司截至2027年12月31日止年度综合经审计的营业额较截至2026年12月31日止年度金额增加25%或者 以上。购股权百分比：所授出购股权总数之三分之一。 如公司截至2028年12月31日止年度综合经审 ...

每份购股权赋予购股权持有人权利于有关购股权获行使时按行使价每股股份3.50港元认购一股股份。行 使价高于以下三项的最高者：(1)股份面值;(2)香港联合交易所有限公司于授出日期发出的每日报价表所 列收市价每股股份3.43港元;及(3)联交所于紧接授出日期前五个营业日发出的每日报价表所列平均收市 价每股股份3.366港元。 智通财经APP讯，天工国际(00826)发布公告，本公司根据其于2017年5月26日采纳的购股权计划，已授 出合共3000万股购股权予本公司董事及员工(统称"承授人")，惟须待承授人接纳，方可作实。承授人有 权认购本公司股本中每股面值美金0.0025元的普通股股份，占2026年1月20日(授出日期)27.25亿股已发 行股份约1.10%。 ...