格隆汇12月30日丨天准科技(688003.SH)在投资者互动平台表示，在2025年，天准星智面向人形机器人 的具身智能控制器已经形成大批量销售，且新推出的基于英伟达Jetson Thor的大算力具身智能控制器也 已经开始小批量销售。天准星智已经成为多家头部人形机器人公司的主要供应商，万境千寻（北京）科 技有限公司是天准星智在此领域的客户。 ...

Supply News - Anshi China has shipped over 11 billion chips since resuming shipments in mid-October, serving over 800 global customers [1][7] - In response to semiconductor-related disputes, Wentai Technology has initiated multiple legal proceedings in the Netherlands and submitted a dispute notice, potentially seeking international arbitration with claims up to $8 billion if unresolved within six months [1][7] Project Progress - The third phase of the Muling North Semiconductor Technology Co., Ltd. project has officially commenced production, with a total investment of 2 billion yuan and an annual capacity of 1 million 6-inch wafers, primarily for applications in new energy vehicles, industrial control, and photovoltaics [2][8] - The core equipment for the New Beauty Materials New Station Optical Functional Film project was moved in on December 25, marking significant progress, with a total investment of approximately 5 billion yuan and plans for five internationally leading intelligent display material production lines, expected to achieve mass production by the third quarter of 2026 [2][8] Corporate Dynamics - Zhongwei Company won a provincial patent award for its invention patent "Chemical Vapor Deposition Reactor or Epitaxial Layer Growth Reactor and Its Supporting Device" and also secured the gold award in the second "Changgao Competition" for high-value patent transformation [3][9] - Noreco announced on December 26 the launch of a new product series, Optical Critical Dimension (OCD) equipment NKShape, successfully delivered to a leading domestic customer, designed for advanced semiconductor processes [3][9] - Tianzhun Technology announced on December 28 the successful completion of its public offering of convertible bonds, totaling 872 million yuan, with the bonds set to be listed on the Shanghai Stock Exchange on December 31, 2025 [4][10] - Chipone announced on December 26 that its shareholder, the National Integrated Circuit Industry Investment Fund, plans to reduce its holdings by up to 8.9396 million shares, accounting for no more than 1.70% of the total share capital [4][10] - SK Hynix is accelerating the construction of its 2.5D packaging production line to enhance its overall packaging capabilities for AI semiconductors, including high bandwidth memory (HBM) [4][10] - Media reports indicate that MediaTek announced a strategic partnership with global automotive component supplier DENSO to jointly develop customized automotive system-on-chip (SoC) solutions for advanced driver assistance systems (ADAS) and smart cockpit applications [4][10]

Core Viewpoint - Tianzhun Technology (688003) has announced the issuance of convertible bonds totaling 872 million yuan, which will be listed on the Shenzhen Stock Exchange on December 31, 2025 [1][2]. Group 1: Bond Issuance Details - The total amount of the convertible bonds issued by Tianzhun Technology is 872 million yuan (872,000 bonds) [1][2]. - Existing shareholders have priority in the subscription, with 755,820 bonds (755.82 million yuan), accounting for approximately 86.68% of the total issuance [2]. - Public investors subscribed to 113,505 bonds (113.505 million yuan), representing about 13.02% of the total issuance, while the lead underwriter subscribed to 2,675 bonds (2.675 million yuan), making up 0.31% of the total [2]. Group 2: Company Overview - Tianzhun Technology is a well-known visual equipment platform enterprise in China, focusing on the application of artificial intelligence technology to promote industrial digitalization [2]. - The company serves various industrial sectors, including electronics, semiconductors, and new energy vehicles, providing leading high-end visual equipment products [2]. - In the electronics sector, Tianzhun Technology is a core supplier of visual equipment, offering high-end visual measurement, inspection, and process equipment [2]. Group 3: Fund Utilization - The funds raised from the bond issuance will be allocated to several projects, including the R&D and industrialization of industrial visual equipment and precision measurement instruments [3]. - The semiconductor measurement equipment project aims to tackle key technologies and promote the localization of core components, enhancing the company's competitiveness in the semiconductor measurement field [3]. - The smart driving and embodied intelligent controller project focuses on developing foundational software and hardware platforms, facilitating the implementation of domestic chip platforms in smart driving applications [3].

Group 1 - The company Tianzhun Technology announced the issuance of Tianzhun Convertible Bonds [1] - The total issuance amount is 872 million yuan, with an issuance volume of 872,000 lots [1] - The bonds will be listed on the Shanghai Stock Exchange, with a listing date set for December 31, 2025 [1]

股票简称：天准科技 股票代码：688003 苏州天准科技股份有限公司 （Suzhou TZTEK Technology Co., Ltd.） （江苏省苏州市高新区五台山路 188 号） 向不特定对象发行可转换公司债券 上市公告书 保荐人（主承销商） （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 二〇二五年十二月 第一节 重要声明与提示 苏州天准科技股份有限公司（以下简称"天准科技""发行人""公司"或"本 公司"）及全体董事、监事、高级管理人员保证上市公告书所披露信息的真实、 准确、完整，承诺上市公告书不存在虚假记载、误导性陈述或重大遗漏，并依法 承担法律责任。 根据《中华人民共和国公司法》《中华人民共和国证券法》等有关法律、法 规的规定，本公司董事、高级管理人员已依法履行诚信和勤勉尽责的义务和责任。 中国证券监督管理委员会（以下简称"中国证监会"）、上海证券交易所（以下简 称"上交所"）、其他政府机关对本公司可转换公司债券上市及有关事项的意见， 均不表明对本公司的任何保证。 本 公 司 提 醒 广 大 投 资 者 认 真 阅 读 刊 载 于 上 海 证 券 交 易 所 网 站 ...

Core Viewpoint - The demand for optical modules is expected to reach tens of millions by 2026, driven by the continuous increase in computing power requirements, leading to a shift towards automation in production processes [1][2][3] Group 1: Market Demand and Trends - The demand for AI computing servers is continuously being revised upwards, which in turn boosts the demand for optical modules [2] - Google’s Gemini3 and Nvidia’s Rubin architecture are key drivers for increased server shipments and higher bandwidth requirements for optical modules [2] - The optical module is a core component for building efficient computing clusters, essential for the advancement of AI technologies [2] Group 2: Industry Transformation - Historically, the optical module industry has been labor-intensive, but technological upgrades and overseas expansion are driving the need for automation [3] - The transition from 800G to 1.6T optical modules necessitates higher precision in assembly and testing, making automation equipment essential [3] - Companies are increasingly establishing overseas production capacities, particularly in Southeast Asia, to meet North American client demands, further emphasizing the need for automation due to labor quality concerns [3] Group 3: Recommended Companies - Companies with relevant product layouts in the optical module sector are highlighted for investment opportunities, including: - Coupling equipment: Robotech (300757.SZ) - AOI testing equipment: Aotaiwei (688516.SH), Tianzhun Technology (688003.SH), Quick Intelligent (603203.SH) - Attachment equipment: Bozhong Precision (688097.SH) - Automation assembly equipment: Kaige Precision Machinery (301338.SZ) - Fiber Array Unit (FAU): Jieput (688025.SH) [1]

Core Insights - The article highlights the active performance of the AI-focused ETF (589520) amid market fluctuations, indicating strong investor confidence in the domestic AI industry chain [1] - The ByteDance Volcano Engine FORCE conference is set to unveil new AI models and tools, emphasizing advancements in video generation and the expansion of the AI application ecosystem [3] - The current strategic "golden window period" for AI innovation is driven by policy support, strong earnings validation, external pressures for self-sufficiency, and significant potential for domestic AI applications to catch up with international counterparts [6] Group 1: ETF Performance and Market Sentiment - The AI-focused ETF (589520) has seen a net inflow of 13.46 million yuan over the past three days, reflecting positive market sentiment towards the domestic AI industry [1] - Key stocks within the ETF, such as Zhongke Xingtu and Xinghuan Technology, have shown significant gains, with increases of over 11% and 7% respectively [1] Group 2: Industry Developments and Innovations - The FORCE conference will introduce new members to the Doubao model, aiming for performance enhancements and cost reductions, particularly in video generation [3] - The focus on upgrading Agent development tools and expanding the Agent ecosystem is expected to facilitate the practical application of AI in business settings [3] Group 3: Strategic Importance of AI - The new five-year plan emphasizes "technological self-reliance," providing robust support for AI and domestic alternatives [6] - As of Q3 2025, 20 out of 30 companies in the ETF's portfolio reported profitability, with 22 showing year-on-year net profit growth, indicating strong industry performance [6] - The need for self-sufficiency in AI technology is underscored by geopolitical tensions, making domestic AI development crucial [6] Group 4: Investment Opportunities - The AI application sector is seen as having significant room for growth compared to its international counterparts, suggesting a potential for price corrections and increased investment attractiveness [6] - The ETF's index includes a substantial proportion of AI application stocks, with a weight of 30.94% in AI applications and 33.66% in the ByteDance industry chain as of the end of November [5]

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。 重要内容提示： 证券代码：688003 证券简称：天准科技 公告编号：2025-071 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发行结果公告 保荐人（主承销商）：华泰联合证券有限责任公司 苏州天准科技股份有限公司（以下简称"发行人"或"公司"）向不特定对象发 行可转换公司债券（以下简称"可转债"）已获得中国证券监督管理委员会证监许可 〔2025〕2266号文同意注册。华泰联合证券有限责任公司（以下简称"华泰联合证 券"、"主承销商"或"保荐人（主承销商）"）为本次发行的保荐人（主承销商）。本 次发行的可转债简称为"天准转债"，债券代码为"118062"。 | 类别 | 认购数量（手） | 放弃认购数量（手） | | --- | --- | --- | | 原股东 | 755,820 | 0 | | 网上社会公众投资者 | 113,505 | 2,675 | | 网下机构投资者 | - | - | | 主承销商包销数量（放弃 认购总数量） | 2,675 | | ...

Report Industry Investment Rating No relevant content provided. Core View of the Report - The target price of Tianzhun Convertible Bond on the first day is estimated to be between 129 and 134 yuan, and investors are advised to actively subscribe. The expected conversion premium rate on the first - day of listing is in the range of 38% - 43%, corresponding to a target price of around 129 - 134 yuan. The estimated first - day new - bond subscription winning rate is around 0.0035% - 0.0057% [3][19][20] Summary According to the Directory 1. Tianzhun Convertible Bond New - Bond Analysis and Investment Advice 1.1 Convertible Bond Basic Terms Analysis - Tianzhun Convertible Bond is issued through priority allotment and online issuance, with a bond and issuer rating of AA-. The issuance scale is 872 million yuan, the initial conversion price is 55.73 yuan, the convertible bond parity on December 12, 2025, is 93.74 yuan, the pure bond value is 93.02 yuan. The game terms (lower - revision, redemption, and put - back clauses) are normal. Overall, the bond issuance scale is average, liquidity is average, the rating is acceptable, and the bond floor provides good protection. It is not difficult for institutions to include it in their portfolios, and there is no objection to primary participation [2][14] 1.2 New - Bond Initial Price Analysis after Listing - The company's main products are industrial vision equipment, including visual measurement equipment, visual inspection equipment, visual process equipment, and intelligent driving solutions. The funds raised will be used to upgrade and expand existing products, enhance market competitiveness, and maintain technological leadership. The target price of the convertible bond on the first day of listing is estimated to be between 129 and 134 yuan, and the conversion premium rate is expected to be in the range of 38% - 43% [3][18][19] 1.3 Convertible Bond New - Bond Subscription Winning Rate Analysis - The estimated first - day new - bond subscription winning rate is around 0.0035% - 0.0057%. Assuming the old shareholders' allotment ratio is 43% - 65%, the scale available for the market is 308 million - 499 million yuan. Based on the assumption of 8.77 million online valid subscriptions, the winning rate is calculated [4][20] 2. Underlying Stock Fundamental Analysis 2.1 Company's Main Business and Up - and Downstream Industry Situation - Tianzhun Technology is a well - known domestic vision equipment platform company, focusing on serving the electronics, semiconductor, and new - energy vehicle industries. It provides high - end vision equipment products. The upstream of the machine - vision industry includes core hardware and software, the mid - stream consists of application systems and visual equipment, and the downstream is mainly end - user industries such as 3C electronics, automotive, and semiconductors [21][22] 2.2 Company's Operating Conditions - From 2022 to the first three quarters of 2025, the company's operating income remained generally stable, with minor fluctuations. The main business is prominent, but the comprehensive gross profit margin and net profit margin have shown a downward trend in recent years. The period expenses have gradually increased, and the R & D expenses have fluctuated slightly. The accounts receivable turnover rate has gradually decreased, and the proportion of accounts receivable in operating income has fluctuated significantly [24][28][32] 2.3 Company's Equity Structure and Major Subsidiaries - As of September 30, 2025, the equity structure is relatively concentrated. Qingyi Investment is the largest shareholder, and Ningbo Zhunzhi is the second - largest shareholder. The top two shareholders hold a combined 42.82% of the shares, and the top ten shareholders hold 64.67% of the shares. Qingyi Investment is the controlling shareholder, and Xu Yihua is the actual controller [4][20][44] 2.4 Company's Business Characteristics and Advantages - Tianzhun Technology is a well - known domestic vision equipment platform company. Its competitive advantages include technological innovation, an intellectual property protection mechanism, and talent cultivation. It has established multiple R & D innovation platforms, has a strict intellectual property protection system, and a large R & D team [49][50] 2.5 Allocation of the Raised Funds - After deducting issuance fees, 400 million yuan of the raised funds is planned for the R & D and industrialization project of industrial vision equipment and precision measurement instruments; 278 million yuan is for the R & D and industrialization project of semiconductor metrology equipment; 194 million yuan is for the R & D and industrialization project of intelligent driving and embodied intelligent controllers. Each project has its own investment return indicators and construction periods [12][51][53]

特此公告。 登录新浪财经APP 搜索【信披】查看更多考评等级 根据《公开募集证券投资基金运作管理办法》、《公开募集证券投资基金信息披露管理办法》及相关法 律法规、各基金基金合同及招募说明书等规定，在履行规定审批程序并经基金托管人同意后，南方基金 管理股份有限公司（以下简称"本公司"）旗下部分公募基金参加了苏州天准科技股份有限公司（以下简 称"天准科技"或"发行人"）公开发行A股可转换公司债券的优先配售。天准科技本次可转换公司债券发 行的主承销商华泰联合证券有限责任公司为本公司股东控制的子公司，因此本次优先配售涉及关联交 易。 根据天准科技发布的《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网上中签率及优先 配售结果公告》以及其他相关公告,现将本公司旗下公募基金参与天准科技本次发行优先配售相关信息 公告如下： 投资者可登陆本公司网站（www.nffund.com），或拨打客户服务电话400-889-8899咨询相关信息。 南方基金管理股份有限公司 2025年12月16日 ...