Core Insights - Tian Gong International (00826) hosted a visit from Baris Telseren, President of Bodycote Corporate Growth, to discuss future strategic cooperation [1] - Bodycote is a leading global company in heat treatment and hot isostatic pressing (HIP) technology, serving high-end manufacturing sectors such as aerospace, military, automotive, energy, and medical [3] - Tian Gong International has over 40 years of experience in the materials field and has established a complete powder metallurgy industry chain, with forward-looking layouts in emerging fields like new energy vehicles and nuclear fusion energy [3] Group 1 - Bodycote operates 150 factories across 21 countries and is one of the earliest global suppliers of heat treatment services for the aerospace industry [3] - Bodycote's advanced equipment features precise temperature and pressure control systems, significantly enhancing the strength, wear resistance, corrosion resistance, and lifespan of metal components [3] - Tian Gong International is planning a second phase project for its Jiangsu Tian Gong Xin Zhi Materials Co., Ltd., which will add five new hot isostatic pressing devices [3] Group 2 - The collaboration between Tian Gong International and Bodycote aims to leverage both companies' core strengths, potentially achieving a win-win situation in the powder metallurgy and heat treatment sectors [4] - The open discussions have deepened the strategic cooperation consensus and clarified new directions and paths for business expansion [4] - Both companies plan to fully collaborate in domestic and international powder metallurgy and heat treatment businesses, enhancing service capabilities for end customers and promoting the international transformation of China's high-end manufacturing industry [4]

天工国际与鲍迪克将结合双方核心优势，强强联合，有望在粉末冶金及热处理领域实现共赢，携手打造"技术+产能+市场"的协同发展新模式。此次的开 放洽谈，深化了双方的战略合作共识，也明确了业务拓展的新方向、新路径。双方计划在国内外粉末冶金与热处理业务上展开全面协同，进一步提升对终 端客户的服务能力，携手推动中国高端制造产业国际化转型，为全球高端制造产业发展注入新动能。 作为全球热处理及热等静压(HIP)技术领域的领军企业，鲍迪克业务覆盖航空航天、军工、汽车、能源、医疗等高端制造行业，在21个国家布局150座工 厂，是最早为航空工业提供热处理服务的全球供应商之一。在热等静压技术与服务能力方面，鲍迪克处于国际顶尖水平，依托其设备均配备先进的精准控 温、压力调节系统，可大幅提升金属零部件的强度、耐磨性、耐腐蚀性与使用寿命。 天工国际深耕材料领域四十余载，已构建起从冶炼、雾化制粉到终端应用的完整粉末冶金全产业链体系，在新能源汽车、核聚变能源等新兴领域已实现前 瞻性布局。当前，公司旗下江苏天工鑫智材料有限公司正规划粉末冶金二期项目，拟新增五台热等静压设备。鲍迪克此次到访恰逢其时，双方以高度开放 的姿态，深入探讨了未来在航空航天 ...

2025 年营业收入同比+11.1%至53.66 亿元，归母净利润同比增长15.5%至4.14 亿元。 关注要点 3C钛材业务前景广阔，有望成为公司重要盈利增长引擎。自苹果公司在IPhone系列首次采用航空级钛合 金边框以来，钛合金在消费电子领域渗透率持续上升，需求前景广阔。公司目前已具备使用绿色"返回 料"生产 TA1/TA10 等多种钛合金牌号的能力，为国内外多家知名消费电子生产商供应边框、中框材 料，是国内3C钛材龙头供应商。公司前瞻布局钛合金粉末产线，为其在3C钛材长期竞争优势夯实基 础。伴随消费电子对钛合金需求回升，我们预期26/27 年3C高端钛材销量同比增速分别为183%/24%。 粉末冶金平台化技术进入收获期，我们预测三大应用场景打造第二成长曲线：1）布局核聚变核心部件 专用材料高硼不锈钢和RAFM低活性钢，前者已实现小批量试产，公司或将长期受益于全球核聚变实验 装置建设浪潮。2）粉末冶金一体化压铸模具可显著延长模具使用寿命，公司有望借此切入新能源汽车 供应链；产品具备差异化优势，未来或持续放量。3）公司采用国内独有冶炼技术攻克高氮合金材料的 氮含量控制等难题；高氮钢已经实现高端轴承、行星滚柱 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | | | 致：香港交易及結算所有限公司 公司名稱: 天工國際有限公司 呈交日期: 2026年2月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00826 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 4,000,000,000 | USD | | 0.0025 | USD | | 10,000,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 4,000,000,000 | USD | | 0.0025 | USD | | 10,000,000 | 本月底法定/註冊股本總額： USD 10,000,00 ...

Core Insights - The article highlights the remarkable industrial development of Zhenjiang, a small city in Jiangsu Province, which has achieved significant technological and manufacturing milestones despite its limited size and population [2][5][12]. Group 1: Economic Performance - Zhenjiang has a GDP of 554 billion yuan in 2024, ranking 57th nationally, surpassing larger cities like Taiyuan and Urumqi [7]. - The city ranks 22nd among Chinese cities in the Global Innovation Index, indicating a high level of technological innovation relative to its economic size [8][11]. Group 2: Manufacturing Strength - Zhenjiang's manufacturing sector is robust, with a reported sales revenue of over 368.4 billion yuan in 2024, growing at a rate of 13.2%, which is above the provincial average [14][21]. - The city is home to significant manufacturing clusters, including high-end equipment and new materials, with several companies recognized as "hidden champions" in their respective fields [19][21]. Group 3: Innovation and Technology - Zhenjiang has been recognized for its innovation capabilities, ranking 41st in the National Innovation City Capability Evaluation Report, which assesses cities based on various innovation metrics [9][11]. - The city has a high number of patents, with 29.71 high-value invention patents per ten thousand people, ranking 4th in Jiangsu Province [21]. Group 4: Strategic Development Approach - Zhenjiang has adopted a focused approach to industrial development, concentrating on emerging sectors such as artificial intelligence, low-altitude economy, and new energy storage [24][29]. - The city leverages its geographical position within the Yangtze River Delta to enhance resource sharing and collaboration with larger cities like Shanghai and Nanjing [28][30].

Core Viewpoint - Tian Gong International has made significant strides in the research and engineering validation of key metal materials for nuclear fusion by joining the "Fusion High-End Metal Materials Research Laboratory" [1] Group 1: Company Development - Tian Gong International evolved from a struggling small factory with a loan of 2000 yuan to a leading global enterprise in tool steel [1] - The company has transitioned from producing basic items to advanced materials such as high-speed tool steel and titanium alloys, showcasing its innovation in powder metallurgy technology [1] - The chairman emphasizes the inseparable relationship between high-end manufacturing and high-end materials, aiming to accelerate the development of cutting-edge materials like high-nitrogen steel and fusion steel [1][3] Group 2: Technological Advancements - The company has developed the "smallest" steel, with particle sizes finer than human hair, utilizing high-alloy powder metallurgy technology [2] - Traditional methods yield mold steel with a lifespan of approximately 6000 cycles, while powder metallurgy can extend this to 20,000 cycles, indicating a significant improvement in durability [2] - The company is actively developing new materials such as high-boron steel for extreme conditions in fusion reactors, focusing on engineering applications [3] Group 3: Future Directions - The company is committed to continuous innovation in high-performance materials to meet market demands, with a focus on high-nitrogen steel for robotics and other applications requiring exceptional wear resistance [4] - The chairman highlights the importance of self-sufficiency in core materials for the company's growth, aligning with the "14th Five-Year Plan" which emphasizes the development of emerging industries [5] - Future strategies include mergers and acquisitions to enhance capabilities in key material sectors, particularly titanium alloys, while also fostering potential business segments for capital market entry [5]

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].

Group 1: Cement Industry - National cement production in December 2025 decreased by 6.6% year-on-year to 144 million tons, with an average national cement shipment rate of 41% [1] - December cement prices showed resilience, with a nationwide average price of 354 RMB per ton, up by 5 RMB month-on-month, leading to a recovery in industry profitability with a gross profit of 63 RMB per ton, an increase of 11 RMB [1] - The industry is expected to continue capacity replacement policies in 2026, which may lead to ongoing supply clearance; recommended companies include Conch Cement (600585.SH), Shangfeng Cement (000672.SZ), and China Resources Cement Technology (01313) [1] Group 2: Glass Industry - The glass price continued to decline, with the average price of float glass at 1124 RMB per box as of January 15, 2026; companies are facing profitability pressure, leading to an accelerated cold repair process [2] - The housing completion area in 2025 decreased by 18.1% year-on-year to 603 million square meters, and the processing days for glass in December decreased by 17% to 9 days [2] - Recommended companies in the glass sector include Qibin Group (601636.SH) and Xinyi Glass (00868) [2] Group 3: Steel Industry - In December, crude steel production was 68.18 million tons, down by 10.3% year-on-year, with apparent domestic crude steel consumption at approximately 61.15 million tons, a decrease of 8.5% [3] - The steel industry is experiencing weak supply and demand, with daily molten iron production dropping below 2.3 million tons, leading to fluctuations in black series spot prices [3] - The industry is expected to focus on structural opportunities in 2026, with recommendations for Hualing Steel (000932.SZ) for its differentiated production management and Tiangong International (00826) for its high-growth potential in specialty steel [3]

Group 1 - The development of powder metallurgy and 3D printing technology is expected to continuously drive the expansion of titanium alloy applications, particularly in products requiring extreme lightweight and structural strength such as foldable devices, AR/VR headsets, and drones [1][3] - Domestic companies, particularly Tian Gong International, are focusing on powder metallurgy processes and have made breakthroughs in critical areas related to fusion materials, which positions them to benefit from a surge in downstream demand [1][2] - Tian Gong International has set ambitious performance targets, demonstrating confidence in growth, with a stock option plan for employees that requires a 25% or more increase in audited revenue for the years 2026-2028 [1] Group 2 - Powder metallurgy is being utilized to produce high-end fusion materials, with domestic companies actively overcoming critical challenges, indicating significant growth potential in the future [2] - Tian Gong International is leading efforts in developing advanced low-activation steel and high-boron steel for nuclear fusion applications, achieving higher boron content and larger sizes while maintaining cost advantages [2] - The demand for titanium and titanium alloys is expected to increase significantly in applications such as foldable screens and aerospace, with Tian Gong International expanding its production capacity to meet the needs of major international consumer electronics companies [3]

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]