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]

Investment Rating - The report maintains a "Buy" rating for the PCB equipment and materials sector, particularly focusing on leading domestic suppliers [5]. Core Insights - The development of AI is driving high-end PCB demand, significantly increasing the need for PCB equipment. As AI computing power requirements expand, the demand for AI servers has surged, leading to a tight supply of high-end PCB products and prompting major domestic PCB manufacturers to increase capital expenditures, which directly boosts PCB equipment demand [1][6]. - The global PCB specialized equipment market is projected to reach USD 10.8 billion by 2029, with a CAGR of 8.7% from 2024 to 2029. Key equipment segments include drilling (21%), exposure (17%), inspection (15%), and plating (7%) [2][3]. Summary by Sections 1. Industry Overview - The rapid growth of markets such as servers, data centers, communication devices, consumer electronics, and automotive electronics has provided sustained growth momentum for the PCB industry, driving continuous progress and innovation in PCB specialized equipment [17]. - The demand for high-value, high-density PCBs has surged, particularly for multilayer boards with more than 18 layers and HDI boards [18]. 2. Equipment Market Analysis - The report emphasizes the importance of high-value equipment in PCB manufacturing, including drilling, exposure, plating, and inspection. The demand for drilling equipment is expected to grow significantly, with both mechanical and laser drilling technologies coexisting [2][3]. - The competition in the exposure equipment sector is concentrated among leading players, while domestic manufacturers are expected to gain an advantage in vertical continuous plating equipment [2][3]. 3. Investment Recommendations - The report recommends focusing on leading domestic PCB equipment and material suppliers, highlighting specific companies such as: 1. DingTai High-Tech: A global leader in PCB drilling needles, expected to benefit from increased AI PCB demand, rated "Buy" [3]. 2. Dazhu CNC: A leading global PCB equipment supplier with a strong market share in drilling equipment, rated "Buy" [3]. 3. Kaige Precision: A leader in solder paste printing equipment, benefiting from high-precision assembly demands from AI servers, rated "Buy" [3]. 4. Dongwei Technology: A domestic leader in plating equipment with a leading market share in vertical continuous plating, rated "Buy" [3]. 5. Tianzhun Technology: A leading industrial vision equipment company with imminent growth in PCB equipment business, rated "Buy" [3]. 4. Market Growth Projections - The global PCB output value is expected to reach USD 94.66 billion by 2029, with a CAGR of 5.2% from 2024 to 2029, driven by the rapid growth of AI servers and data storage infrastructure [38][39]. - The demand for high-value, high-multilayer boards and HDI boards is projected to significantly increase, with the output value of 18-layer and above multilayer boards expected to grow by 41.7% in 2025 [42].

Core Viewpoint - The AI-focused ETF, Yongying (159141), has seen a strong increase of 3.00%, with significant gains in constituent stocks, indicating a bullish trend in the AI sector [1]. Group 1: ETF Performance - The Yongying AI ETF has reached a new high in scale at 9.52 billion, ranking in the top quarter among comparable funds [2]. - Key stocks within the ETF include: - Xiechuang Data (300857) up 12.26% with a trading volume of 3.146 billion - Youkede (688158) up 7.58% with a trading volume of 1.366 billion - Lankai Technology (688008) up 7.11% with a trading volume of 3.828 billion - Beijing Junzheng (300223) up 6.48% with a trading volume of 2.259 billion - Tianzhun Technology (688003) up 5.65% with a trading volume of 0.361 billion [2]. Group 2: Industry Developments - Changxin Technology's IPO on the Sci-Tech Innovation Board has been accepted, aiming to raise 29.5 billion for memory chip manufacturing upgrades, which will boost orders in the semiconductor equipment and materials sectors [3]. - The IPO is expected to lower procurement costs in AI servers, cloud computing, and robotics, optimizing the cost structure of the industry chain [3]. - The listing will help break the monopoly of foreign giants in high-end storage, providing local high-bandwidth memory support for domestic AI chips and large models [3]. Group 3: Market Trends - The entry of Chinese large model companies into the Hong Kong stock market signifies a completed "technology-product-capital" loop, providing public financing channels for foundational models [4]. - This transparency in market capitalization will pressure startups to focus on actual profitability rather than just parameter comparisons, accelerating the convergence of business models [4]. - The listing and information disclosure will lower procurement thresholds for government and financial institutions, leading to faster release of demand in the G/B sector [4]. - The first AI ETF, Yongying (159141), covers the entire AI industry chain, with over 78% allocation in AI chips, optical modules, and cloud computing [4].

2025年12月31日，公司召开第四届董事会第二十六次会议，审议通过了《关于聘任公司总经理的议 案》，经公司董事长提名、董事会提名委员会审核通过，同意聘任蔡雄飞先生为公司总经理，任期自公 司董事会审议通过之日起至第四届董事会任期届满之日止。 格隆汇12月31日丨天准科技(688003.SH)公布，公司董事会于近日收到总经理徐一华先生辞去总经理职 务的书面辞呈。徐一华先生为更专注履行公司董事长职责，集中精力统筹公司战略规划、公司治理结构 优化、重大决策部署等工作，故申请辞去公司总经理职务。辞任总经理后，徐一华先生仍将继续担任公 司第四届董事会董事长、董事、董事会战略委员会主任委员、董事会提名委员会委员、董事会薪酬与考 核委员会委员和公司核心技术人员，与新任总经理和管理团队一道，持续推动公司的长远发展和市场竞 争力的提升。 ...

苏州天准科技股份有限公司 关于调整第四届董事会审计委员会委员的公告 | 证券代码：688003 | 证券简称：天准科技 | 公告编号：2026-002 | | --- | --- | --- | | 转债代码：118062 | 转债简称：天准转债 | | 苏州天准科技股份有限公司董事会 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、准确性和完整性依法承担法律责任。 2026 年 1 月 1 日 苏州天准科技股份有限公司（以下简称"公司"）于 2025 年 12 月 31 日召开 第四届董事会第二十六次会议，审议通过了《关于调整第四届董事会审计委员会 委员的议案》。现将有关情况公告如下： 为进一步完善公司治理结构，保障董事会审计委员会的规范运作，根据《公 司章程》等相关规定，并结合公司实际情况，公司董事会调整了第四届董事会审 计委员会委员，选举公司职工代表董事陈建涛先生担任审计委员会委员，与罗来 千先生（主任委员）、楼佩煌先生共同组成公司第四届董事会审计委员会，调整 后的董事会审计委员会委员任期自本次董事会审议通过之日起至第四届董事会 任期届满之日。 特此 ...

苏州天准科技股份有限公司 | 证券代码：688003 | 证券简称：天准科技 | 公告编号：2026-001 | | --- | --- | --- | | 转债代码：118062 | 转债简称：天准转债 | | 关于变更公司总经理的公告 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。 一、公司总经理离任情况 (一) 提前离任的基本情况 苏州天准科技股份有限公司（以下简称"公司"）董事会于近日收到总经理 徐一华先生辞去总经理职务的书面辞呈。徐一华先生为更专注履行公司董事长职 责，集中精力统筹公司战略规划、公司治理结构优化、重大决策部署等工作，故 申请辞去公司总经理职务。 辞任总经理后，徐一华先生仍将继续担任公司第四届董事会董事长、董事、 董事会战略委员会主任委员、董事会提名委员会委员、董事会薪酬与考核委员会 委员和公司核心技术人员，与新任总经理和管理团队一道，持续推动公司的长远 发展和市场竞争力的提升。 | | | | | | 是否继续 在上市公 | | 是否存 在未履 | | --- | --- | --- | --- | ...

一、募集资金基本情况 苏州天准科技股份有限公司（以下简称"公司"）已取得中国证券监督管理 委员会出具的《关于同意苏州天准科技股份有限公司向不特定对象发行可转换公 司债券注册的批复》（证监许可〔2025〕2266 号），同意公司向不特定对象发 行可转换公司债券（以下简称"本次发行"）的注册申请。 公司向不特定对象发行 87,200.00 万元的可转换公司债券，期限为六年，每 张面值为人民币 100 元，发行数量为 87.20 万手（872 万张）。本次发行的募集 资金总额为人民币 872,000,000.00 元，扣除发行费用 9,722,406.43 元，实际募 集资金净额为 862,277,593.57 元。上述募集资金已于 2025 年 12 月 18 日到位， 中汇会计师事务所（特殊普通合伙）对公司募集资金到账情况进行了审验，并出 具了《苏州天准科技股份有限公司可转换公司债券募集资金到位情况验证报告》 （中汇会验[2025]11879 号）。 | 证券代码：688003 | 证券简称：天准科技 | 公告编号：2026-002 | | --- | --- | --- | | 转债代码：118062 | 转 ...

每经头条（nbdtoutiao）——最高返现60%！惠民保年末销售乱象调查：业务员"贴钱"冲考核，谁在"赔 本赚吆喝"？ 每经AI快讯，天准科技12月31日晚间发布公告称，苏州天准科技股份有限公司董事会于近日收到总经 理徐一华先生辞去总经理职务的书面辞呈。徐一华先生为更专注履行公司董事长职责，集中精力统筹公 司战略规划、公司治理结构优化、重大决策部署等工作，故申请辞去公司总经理职务。辞任总经理后， 徐一华先生仍将继续担任公司第四届董事会董事长、董事、董事会战略委员会主任委员、董事会提名委 员会委员、董事会薪酬与考核委员会委员和公司核心技术人员，与新任总经理和管理团队一道，持续推 动公司的长远发展和市场竞争力的提升。经公司董事长提名、董事会提名委员会审核通过，同意聘任蔡 雄飞先生为公司总经理。 （记者 曾健辉） ...