Core Viewpoint - Tianzhun Technology is actively developing and promoting its TB series detection equipment, with ongoing validation and sales efforts for its products [1] Group 1: Product Development - The TB2000 inline detection equipment is currently undergoing validation with key clients [1] - The more advanced TB2500 is still in the research and development phase, with plans to launch it to the market soon [1] Group 2: Sales Progress - Sales efforts for the TB1500 and TB1100 models are ongoing, with the company engaging with multiple customer demands [1]

Company and Industry Summary Company: Tianzhun Technology (天准科技) Semiconductor Industry - The company is accelerating customer adoption of its bright field nano-defect detection equipment, with a typical requirement of 1.5-2 units for every 10,000 wafers processed [1] - The TB1500 bright field detection equipment, targeting the 40nm process node, has completed wafer sample validation with multiple clients and is expected to secure orders from several logic and memory manufacturers this year [1] Robotics - Tianzhun Technology is a partner of NVIDIA for the Jetson Thor platform, engaging in a binding collaboration that integrates chips, complete machines, and application scenarios [1] - The company is focusing on the sales of its third-generation controller product, Star Intelligence 007, which boasts an AI computing power increase of nearly 7.5 times, positioning it as a critical component in the inflationary segment [1] Unmanned Logistics - The company entered a rapid growth phase in the unmanned logistics vehicle controller business, having started preparations in 2018 [2] - Early clients included major players like Cainiao Logistics, JD.com, and Meituan, with new clients such as Jiushi and New Stone added in 2025 [2] - A conservative estimate predicts over 10,000 orders this year, with a market share exceeding 50% [2] Consumer Electronics - Tianzhun Technology is a leader in machine vision dimension measurement, coinciding with Apple's entry into an innovation cycle [3] - The introduction of foldable screens has created new demand modules for displays, hinges, and VC cooling systems, with a projected order growth rate exceeding 40% in 2025, indicating an impending performance inflection point [3]

Market Overview - US stock market continues to rise, with Dow Jones up 0.63%, Nasdaq up 0.91%, and S&P 500 up 0.55% [1] - Meta shares increased by 5.66%, marking the largest single-day gain since July 31 [1] - Tesla shares rose by 4.15%, while Microsoft and Amazon saw increases of at least 1.31% [1] Company Developments - Intel's Q1 guidance is disappointing, leading to a post-market drop of over 10% [2] - Nvidia completed a $5 billion investment in Intel in Q4 [2] - Tesla plans to sell humanoid robots to the public by the end of this year or next year [3] - OpenAI is quietly developing humanoid robots with a team of 100 in San Francisco [4] - Meta's Threads platform has surpassed 400 million monthly active users and is launching ads globally [5] Commodity Insights - Goldman Sachs raised its gold price target to $5,400, indicating that wealthy individuals are competing with central banks for limited physical reserves [6] - COMEX gold futures rose by 1.97%, while silver futures increased by 4.05%, both reaching historical highs [7] - US natural gas futures prices surged by 81% within three days, reaching the highest level since December 2022 [7] Regulatory and Policy Updates - The People's Bank of China (PBOC) Governor Pan Gongsheng stated there is still room for further interest rate cuts and reserve requirement ratio reductions this year [8] - The Ministry of Commerce and other departments encourage horizontal mergers and acquisitions in the pharmaceutical retail sector [12] - The State Council's Food Safety Office is drafting national standards for prepared dishes and will seek public opinions soon [12] Industry Trends - The semiconductor industry is seeing significant developments, with Alibaba's T-HEAD planning for an independent IPO [10] - The prepared food sector is undergoing a transformation, with a focus on quality and safety in the supply chain [11] - The retail pharmacy industry is expected to accelerate consolidation, with a projected decrease in the number of pharmacies by nearly 20,000 since Q4 2024 [13] Financial Projections - Zhaoyi Innovation expects a net profit of approximately 1.61 billion yuan for 2025, a 46% increase year-on-year [17] - Shengmei Shanghai anticipates revenues between 6.68 billion and 6.88 billion yuan for 2025, reflecting a growth of 18.91% to 22.47% [18] - Runtu Co. forecasts a net profit of 600 million to 700 million yuan for 2025, representing a growth of 181.05% to 227.89% [18]

Group 1 - Tianzhun Technology's stock increased by 5.02% to 68.99 CNY per share, with a trading volume of 382 million CNY and a turnover rate of 3.02%, resulting in a total market capitalization of 13.406 billion CNY [1] - The company, founded on August 20, 2009, and listed on July 22, 2019, specializes in the research, production, and sales of industrial vision equipment [1] - The revenue composition of Tianzhun Technology includes: 40.34% from visual process equipment, 37.87% from visual measurement equipment, 10.93% from intelligent driving solutions, and 10.85% from visual inspection equipment [1] Group 2 - Dachen Fund has one fund heavily invested in Tianzhun Technology, specifically the Dachen Value Pioneer Flexible Allocation A (011030), which held 20,200 shares in the third quarter, unchanged from the previous period, representing 3.45% of the fund's net value [2] - The Dachen Value Pioneer Flexible Allocation A fund was established on May 19, 2021, with a latest scale of 17.3476 million CNY, achieving a year-to-date return of 6.22% and a one-year return of 51.02% [2] - The fund's manager, Chen Ran, has been in the position for 1 year and 31 days, with the fund's total assets amounting to 334 million CNY, achieving a best return of 59.25% and a worst return of 3.79% during the tenure [3]

Group 1 - Yongda Automotive shows strong recovery potential in luxury car dealership performance, supported by cash flow and dividend yield attractiveness [1] - The company benefits from BMW's support in new car gross profit, alongside the clearing of inefficient dealerships in the luxury car sector [1] - The new energy business is expected to contribute significantly, with a projected net cash flow exceeding 1.1 billion yuan in the first half of 2025 [1] Group 2 - Tianzhun Technology's core business is experiencing strong growth, but the industry faces cost pressures due to memory shortages [2] - The company focuses on intelligent driving and embodied intelligence, with significant growth momentum [2] - The shortage of high-end DDR5 memory and rising DRAM prices are impacting the cost structure for automotive manufacturers [2] Group 3 - Longsheng Technology has significant untapped potential in the commercial aerospace sector, with its subsidiary positioned in precision welding components [3] - The traditional business remains a core pillar of performance, while the robotics segment has clear long-term growth logic [3] - Yinxun shares are expected to see substantial market value elasticity due to the data center liquid cooling module as a core growth driver [3] Group 4 - Fuda shares have issued convertible bonds, signaling positive developments, with strong performance expected in 2026 due to scarce production capacity [3] - The company is involved in the drafting of national standards for robotic components, with overseas client validation progressing [3] - Tiancheng Self-Control is positioned as a key player in the low-altitude economy, with significant market share potential as the industry matures [3]

Investment Rating - The report maintains a positive outlook on the automotive industry, indicating an "Overweight" rating, suggesting that the industry is expected to outperform the overall market [2][12]. Core Insights - Yongda Automotive shows strong recovery signals with cash flow and dividend yield attractiveness, benefiting from support from manufacturers like BMW, and is expected to see significant performance improvements in 2025 [3]. - Tianzhun Technology's core business is experiencing robust growth, but the industry faces cost pressures due to memory shortages, particularly in high-end DDR5 memory [4]. - Longsheng Technology has significant untapped potential in the commercial aerospace sector, with a solid market position in satellite components and a clear growth trajectory in its robotics business [5]. - Yinlun Technology is positioned to benefit from the growth of data center liquid cooling solutions, with expected significant market elasticity by 2027 [5]. - Fuda Co., Ltd. has issued convertible bonds, indicating positive signals for business certainty and valuation support, with a focus on expanding production capacity [6]. - Tiancai Control is strategically positioned in the low-altitude economy, with ongoing efforts to secure key clients and certifications, which could lead to substantial market share gains [6]. Summary by Relevant Sections Yongda Automotive - The company is a key dealer for BMW, showing strong recovery signals with a projected net cash flow exceeding 1.1 billion yuan in the first half of 2025, supported by manufacturer subsidies and a reduction in inefficient dealerships [3]. Tianzhun Technology - The company focuses on intelligent driving and embodied intelligence, with strong growth momentum, but faces challenges from memory supply shortages impacting vehicle production costs [4]. Longsheng Technology - The company has significant growth potential in the commercial aerospace sector, with a strong foothold in satellite components and a clear growth strategy in its robotics business [5]. Yinlun Technology - The company is focusing on data center liquid cooling modules, with expectations for significant market growth by 2027, while also being a key supplier in the robotics sector [5]. Fuda Co., Ltd. - The issuance of convertible bonds at a conversion price of 17.5 yuan signals positive business prospects, with a focus on expanding production capacity and addressing market concerns regarding client structure [6]. Tiancai Control - The company is well-positioned in the low-altitude economy, actively working on client acquisition and technical certifications, which could lead to significant market share in the future [6].

Market Overview - The automation equipment sector experienced a decline of 2.05% on January 20, with Hongxun Technology leading the drop [1] - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] Stock Performance - Notable gainers in the automation equipment sector included: - Zhili Fang (301312) with a closing price of 55.99, up 3.46% [1] - Shuangyuan Technology (688623) at 112.98, up 2.48% [1] - Tianzhun Technology (688003) at 67.22, up 1.60% [1] - Major decliners included: - Hongxun Technology (603015) at 14.71, down 9.20% [2] - Buke Co. (688160) at 148.99, down 6.87% [2] - Jieput (688025) at 135.89, down 6.77% [2] Capital Flow - The automation equipment sector saw a net outflow of 2.591 billion yuan from institutional investors, while retail investors had a net inflow of 1.757 billion yuan [2][3] - The top stocks by net inflow from institutional investors included: - Tianzhun Technology (688003) with a net inflow of 35.53 million yuan [3] - Tiaohui Co. (688529) with a net inflow of 35.04 million yuan [3] - Lvdihuanbo (688017) with a net inflow of 34.19 million yuan [3]

（编辑 王雪儿） 证券日报网讯 1月16日，天准科技发布公告称，公司第四届董事会第二十七次会议审议通过《关于调整 募集资金投资项目拟投入募集资金金额的议案》《关于使用募集资金置换预先投入募投项目及已支付发 行费用的自筹资金的议案》《关于使用部分募集资金向子公司提供借款以实施募投项目的议案》等多项 议案。 ...

证券日报网讯 1月16日，天准科技发布公告称，公司2026年1月16日召开第四届董事会第二十七次会 议，审议通过了《关于调整募集资金投资项目拟投入募集资金金额的议案》，同意公司根据向不特定对 象发行可转换公司债券募集资金的实际情况，对募集资金投资项目拟投入募集资金金额进行调整。 （文章来源：证券日报） ...

| 证券代码：688003 | 证券简称：天准科技 | 公告编号：2026-008 | | --- | --- | --- | | 转债代码：118062 | 转债简称：天准转债 | | 关于使用部分暂时闲置募集资金进行现金管理的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 已履行及拟履行的审议程序：苏州天准科技股份有限公司（以下简称 "公司"）于 2025 年 1 月 16 日召开第四届董事会第二十七次会议，审议通过 了《关于使用部分暂时闲置募集资金进行现金管理的议案》，保荐人华泰联合 证券有限责任公司（以下简称"保荐人"）发表了核查意见。该事项在董事 会审批权限范围内，无需提交股东会审议。 特别风险提示：本次现金管理方式是购买安全性高、流动性好的投资 产品（包括但不限于结构性存款、协定存款、定期存款、通知存款、大额存 单等），该类投资产品受货币政策等宏观经济的影响，公司将根据经济形势以 及金融市场的变化适时、适量地介入，但不排除收益将受到市场波动的影响。 一、现金管理情况概述 （一）目的 为提高募集 ...