Investment Rating - The report recommends a positive investment outlook for the machinery equipment industry, particularly focusing on companies with high export potential and strong growth prospects in overseas markets [3][10]. Core Insights - The report identifies three major opportunities for machinery equipment exports: the Belt and Road Initiative driving demand in resource-rich countries, strong demand recovery in Europe and the US, and the shift from capacity export to technology export in high-end manufacturing [3][4][5]. - Key companies recommended for investment include SANY Heavy Industry, Zoomlion, LiuGong, and Hengli Hydraulic in the engineering machinery sector, and Jerry Holdings and Neway in the oil service sector [3][4][5][67]. Summary by Sections Belt and Road Initiative - Investment in oil, gas, and mineral resources in resource-rich countries is accelerating, driving demand for domestic equipment and expanding global market share [3]. - The engineering machinery sector is expected to benefit from rising prices of non-ferrous metals and increased capital expenditure by mining companies, leading to higher demand for high-margin excavators [3][10]. European and American Demand - The report highlights a recovery in overseas production capacity and macroeconomic recovery, focusing on high-quality targets with significant exposure to European and American markets [4]. - Key recommendations include leading Chinese hand tool exporter Juxing Technology and companies in the industrial forklift sector such as Hangcha Group and Anhui Heli [4]. High-End Manufacturing Export - The shift from capacity export to technology export is emphasized, with Chinese equipment manufacturers leveraging their advantages to enhance export ceilings [5]. - Companies involved in the production of optical module equipment, lithium battery equipment, and photovoltaic equipment are highlighted as key players, with specific recommendations for firms like Meiwai and Aotewi [5]. Engineering Machinery Export - The report anticipates a new upward cycle for overseas engineering machinery demand starting in 2025, driven by recovery in global demand and increased capital expenditure in mining and infrastructure [10][11]. - Key companies with established overseas operations and competitive advantages in mining and large infrastructure projects are expected to benefit significantly [10][11]. Oil Service Market - The Middle East is identified as a core market for oil service companies, with high certainty for growth due to stable capital expenditure and strong demand [67][69]. - Recommended companies include Jerry Holdings, which has a comprehensive international certification system and strong project execution capabilities, and Neway, which has a significant presence in the aftermarket service sector [67][69].

证券日报网讯 1月15日，天准科技在互动平台回答投资者提问时表示，矽行的业务还处于开拓中，未来 将会根据业务进展情况、资本市场环境，综合选择有利的资本运作方案。 （文章来源：证券日报） ...

证券之星消息，1月9日自动化设备板块较上一交易日上涨1.87%，天准科技领涨。当日上证指数报收于 4120.43，上涨0.92%。深证成指报收于14120.15，上涨1.15%。自动化设备板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 688003 | 天准科技 | 68.80 | 13.36% | 12.94万 | | 8.50亿 | | 603015 | 弘讯科技 | 17.11 | 10.03% | 56.09万 | | 9.53亿 | | 600215 | 派斯林 | 8.46 | 10.01% | 73.46万 | | 6.12亿 | | 605288 | 凯迪股份 | 107.94 | 10.00% | 2.28万 | | 2.35亿 | | 300486 | 东杰智能 | 20.98 | 8.09% | 28.32万 | | 5.90 亿 | | 300757 | 罗博特科 | 289.81 | 7.61% | 11.64万 | | 33.25 ...

中证鹏元资信评估股份有限公司 中证鹏元公告【2026】10 号 中证鹏元关于关注苏州天准科技股份有限公司总经理变动 事项的公告 1 人员；并 2015 年 2 月至今担任公司董事。截至 2025 年末蔡雄飞间接 持有公司 424.2 万股股份。中证鹏元认为，公司新任总经理具有较丰 富的产品研发及企业管理经验，预计本次总经理变更暂不会对公司的 生产经营、财务状况及偿债能力造成重大不利影响。 综合考虑公司现状，中证鹏元决定维持公司主体信用等级为AA-， 评级展望维持为稳定，"天准转债"信用等级维持为 AA-，评级结果 有效期为 2026 年 1 月 9 日至"天准转债"存续期。同时中证鹏元将 密切关注前述事件对公司主营业务经营及治理效率等方面的影响，并 持续跟踪以上事项对公司主体信用等级、评级展望以及"天准转债" 信用等级可能产生的影响。 特此公告。 中证鹏元资信评估股份有限公司 二〇二六年一月九日 2 中证鹏元资信评估股份有限公司（以下简称"中证鹏元"）对苏 州天准科技股份有限公司（以下简称"天准科技"或"公司"，股票 代码：688003.SH）及其发行的下述债券开展评级。除评级委托关系 外，中证鹏元及评级从业 ...

Core Viewpoint - Tianzhun Technology announced the resignation of its actual controller and chairman, Xu Yihua, as general manager, while he will continue to serve as chairman. The board has nominated Cai Xiongfei as the new general manager, effective January 1, 2026. Cai holds 4.242 million shares indirectly and was previously a core technical staff member of the company. Zhongjin Pengyuan believes this change will not have a significant adverse impact, maintaining the company's credit rating at AA- with a stable outlook, valid until the maturity of the "Tianzhun Convertible Bonds" [1]. Group 1 - Xu Yihua resigns as general manager but remains chairman [1] - Cai Xiongfei is nominated as the new general manager, effective January 1, 2026 [1] - Cai Xiongfei holds 4.242 million shares indirectly and has a background as a core technical staff member [1] Group 2 - Zhongjin Pengyuan assesses that the management change will not cause significant adverse effects [1] - The company's credit rating is maintained at AA- with a stable outlook [1] - The rating is valid until the maturity of the "Tianzhun Convertible Bonds" [1]

Group 1 - The Robot ETF (562500) has risen by 1.05%, showing strong upward momentum and resilience despite some fluctuations during the day [1] - Key holdings such as Hongxun Technology and Paislin have hit the daily limit, while Tianzhun Technology surged over 7%, indicating significant profitability within the sector [1] - The trading volume reached 1.047 billion yuan, reflecting high investor sensitivity to structural opportunities in the robotics industry [1] Group 2 - Citic Securities highlights the challenge of a lack of large-scale training data for embodied intelligence, contrasting it with the success of large language models and autonomous driving [2] - The Robot ETF (562500) is the only robot-themed ETF in the market with a scale exceeding 20 billion yuan, covering various segments including humanoid robots and industrial robots [2] - The recent adjustment of component stocks in the Robot ETF has increased the humanoid robot content in the index to nearly 70%, successfully removing underperforming stocks and retaining strong performers [2]

Core Viewpoint - The domestic AI sector continues to show strong upward momentum, with the Huabao Science and Technology Artificial Intelligence ETF (589520) experiencing significant trading activity and price increases, indicating a potential bullish trend in the market [1][8]. Group 1: Market Performance - The Huabao ETF saw a price increase of nearly 3% during intraday trading, currently up 2.36%, with a trading volume exceeding 500 million yuan [1][8]. - AI application concept stocks led the gains, with notable increases: Xinghuan Technology up over 11%, Yaxin Security up over 10%, and Tianzhun Technology up over 9% [3][10]. - Key weight stocks also performed well, with Cambrian Technology rising over 2% and Kingsoft up over 3% [3][10]. Group 2: Future Outlook - Huaxin Securities predicts that 2026 will be the "golden year" for AI applications, driven by three main factors: technological maturity, supportive policies, and resonating market demand [4][12]. - According to Founder Securities, the investment cycle in the tech industry suggests that 2026 will mark a significant year for AI application investments, following a period of model advancements from 2022 to 2025 [5][12]. - Zhongyou Securities notes that China's large model industry is transitioning from technology catch-up to systematic layout and ecological construction, with the potential to lead in certain areas by 2026 [5][12]. Group 3: ETF Characteristics - The Huabao ETF focuses on the domestic AI industry chain, with over 70% of its top ten holdings concentrated in semiconductor and software sectors, indicating a strong offensive strategy [6][13]. - The ETF is designed to be an efficient tool for investing in domestic computing power, reflecting a shift from reliance on foreign technology to self-sufficiency [6][13].

Core Viewpoint - Tianzhun Technology's stock has shown a positive trend with a year-to-date increase of 5.11% and significant gains over various trading periods, indicating strong market interest and potential growth in the automation equipment sector [1]. Group 1: Stock Performance - As of January 9, Tianzhun Technology's stock price reached 61.91 CNY per share, with a market capitalization of 12.03 billion CNY [1]. - The stock has increased by 5.11% this year, with a 5-day increase of 5.11%, a 20-day increase of 13.28%, and a 60-day increase of 17.19% [1]. - The net inflow of main funds was 4.29 million CNY, with significant buying activity from large orders [1]. Group 2: Company Overview - Tianzhun Technology, established on August 20, 2009, and listed on July 22, 2019, is located in Suzhou, Jiangsu Province, focusing on the research, production, and sales of industrial vision equipment [1]. - The company's main business revenue composition includes visual process equipment (40.34%), visual measurement equipment (37.87%), intelligent driving solutions (10.93%), and visual inspection equipment (10.85%) [1]. - The company is categorized under the mechanical equipment industry, specifically in automation equipment [1]. Group 3: Financial Performance - For the period from January to September 2025, Tianzhun Technology reported a revenue of 977 million CNY, reflecting a year-on-year growth of 14.79%, while the net profit attributable to shareholders was a loss of 15.17 million CNY, a decrease of 10.98% year-on-year [2]. - Since its A-share listing, the company has distributed a total of 516 million CNY in dividends, with 268 million CNY distributed over the past three years [2]. Group 4: Shareholder Information - As of September 30, 2025, the number of shareholders increased to 13,100, up by 18.91%, while the average circulating shares per person decreased by 15.67% [2]. - Notable institutional shareholders include Huaxia CSI Robot ETF and Xingquan Trend Investment Mixed Fund, with significant increases in holdings [2].

Group 1 - The core viewpoint is that the demand for AI servers is significantly increasing, leading to a surge in high-end PCB product demand and driving up capital expenditures among leading domestic PCB manufacturers, which in turn boosts PCB equipment demand [1][2] - The global PCB specialized equipment market is projected to reach $10.8 billion by 2029, with a CAGR of 8.7% from 2024 to 2029, highlighting the growing importance of key equipment such as drilling (21%), exposure (17%), detection (15%), and plating (7%) [2] - The introduction of NVIDIA's Rubin architecture, which will utilize M9-grade copper-clad laminates, is expected to significantly increase the difficulty and cost of PCB processing, leading to a multi-fold increase in demand for AI PCB drilling needles [3] Group 2 - The demand for high-end PCB drilling equipment and needles is expected to rise sharply, with tungsten-cobalt alloy-coated drilling needles remaining the mainstream product for processing M9 materials in the short term [3] - Domestic manufacturers are likely to benefit from the increasing demand for high-end mechanical drilling equipment as they capture the domestic replacement demand for high-end products [2] - Investment recommendations include focusing on leading domestic PCB equipment and consumable suppliers, with specific companies highlighted for their growth potential in the PCB drilling, exposure, detection, and plating sectors [4]

Group 1 - The report maintains an optimistic outlook for the convertible bond market in January 2026, driven by policy expectations and seasonal capital inflows, which are expected to create a "good start" for the market [6][17] - The central economic work conference has identified "technological innovation" and "expanding domestic demand" as key policy focuses, with related industry policy benefits expected to continue, directly boosting market risk appetite [6][17] - The convertible bond market is experiencing a tight supply-demand balance, with the total size of publicly traded convertible bonds at approximately 527.1 billion yuan as of December 31, 2025, down 183.6 billion yuan from the beginning of 2025 [19] Group 2 - The report suggests focusing on growth styles in investment strategies, particularly in technology sectors such as aerospace, AI computing, semiconductor equipment, and innovative pharmaceuticals, which are expected to benefit from industry policy support [6][20] - The top ten convertible bond portfolio for January 2026 emphasizes aggressive and elastic sectors, with a focus on technology growth, cyclical recovery, and financial sectors [6][20] - Specific recommendations include increasing holdings in convertible bonds from companies like Yinbang, Zhenhua, and Yingliu in the technology sector, and focusing on cyclical sectors such as precious metals and chemicals [20][22]