| 证券代码：300872 | 证券简称：天阳科技 | 公告编号：2025-079 | | --- | --- | --- | | 债券代码：123184 | 债券简称：天阳转债 | | 天阳宏业科技股份有限公司 关于"天阳转债"赎回结果的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 一、"天阳转债"基本情况 （一）发行上市情况 经中国证券监督管理委员会（以下简称"中国证监会"）《关于同意天阳宏业科 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〔2023〕 47 号文）同意注册，天阳宏业科技股份有限公司（以下简称"公司"）于 2023 年 3 月 23 日向不特定对象发行了 975.00 万张可转换公司债券，每张面值 100 元，发行总额 97,500.00 万元。本次发行可转换公司债券募集资金扣除尚未支付的保荐承销费（不含 税）后的余额已由保荐机构（主承销商）于 2023 年 3 月 29 日汇入公司指定的募集资 金专项存储账户。大华会计师事务所（特殊普通合伙）已对本次发行的募集资金到位 情况进行审验，并出具了《验证报告》（大华 ...

| 证券代码:300872 | | --- | | 债券代码:123184 | 证券代码：300872 证券简称：天阳科技 公告编号：2025-080 债券代码：123184 债券简称：天阳转债 天阳宏业科技股份有限公司 关于"天阳转债"摘牌的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 1、"天阳转债"赎回日：2025 年 7 月 11 日 一、"天阳转债"基本情况 （一）发行上市情况 经中国证券监督管理委员会（以下简称"中国证监会"）《关于同意天阳宏业科 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〔2023〕 47 号文）同意注册，天阳宏业科技股份有限公司（以下简称"公司"）于 2023 年 3 月 23 日向不特定对象发行了 975.00 万张可转换公司债券，每张面值 100 元，发行总额 97,500.00 万元。本次发行可转换公司债券募集资金扣除尚未支付的保荐承销费（不含 税）后的余额已由保荐机构（主承销商）于 2023 年 3 月 29 日汇入公司指定的募集资 金专项存储账户。大华会计师事务所（特殊普通合 ...

Market Overview - The Shanghai Composite Index rose by 0.37% on July 17, with 25 out of 28 sectors experiencing gains, led by defense and military industry (up 2.74%) and communication (up 2.41%) [1] - The computer industry also saw an increase of 1.33% [1] Capital Flow - The net inflow of capital in the two markets was 11.662 billion yuan, with 15 sectors receiving net inflows [1] - The computer industry had the highest net inflow of 5.202 billion yuan, followed by the electronics sector with a net inflow of 4.455 billion yuan and a daily increase of 2.18% [1] Computer Industry Performance - In the computer sector, 335 stocks were tracked, with 250 stocks rising and 7 hitting the daily limit [2] - The top three stocks with the highest net inflow were Changshan Beiming (21.91 billion yuan), Runhe Software (9.27 billion yuan), and Tuowei Information (7.16 billion yuan) [2] - The sector also had 7 stocks with net outflows exceeding 100 million yuan, led by Changliang Technology, Dawi Technology, and Tianyang Technology [2][4] Top Gainers in Computer Industry - The top gainers in the computer sector included: - Changshan Beiming: +10.02%, turnover rate 15.74%, net inflow 2.1907 billion yuan - Runhe Software: +9.68%, turnover rate 16.88%, net inflow 926.5 million yuan - Tuowei Information: +5.32%, turnover rate 19.82%, net inflow 715.9 million yuan [2] Top Losers in Computer Industry - The top losers in the computer sector included: - Changliang Technology: -2.62%, turnover rate 15.43%, net outflow -275.9 million yuan - Dawi Technology: -0.22%, turnover rate 22.99%, net outflow -249.7 million yuan - Tianyang Technology: -2.41%, turnover rate 15.38%, net outflow -198.5 million yuan [4]

Market Overview - The net inflow of large orders in the two markets reached 16.628 billion yuan, with 44 stocks seeing net inflows exceeding 200 million yuan, led by Changshan Beiming with a net inflow of 2.333 billion yuan [1] - The Shanghai Composite Index closed up 0.37%, with a total of 2,101 stocks experiencing net inflows and 2,633 stocks seeing net outflows [1] Industry Analysis - Among the 19 industries with net inflows, the computer sector had the highest net inflow of 5.790 billion yuan, with an index increase of 1.33%. The electronics sector followed with a net inflow of 4.318 billion yuan and a rise of 2.18% [1] - The public utilities sector experienced the largest net outflow of 809 million yuan, followed by the banking sector with a net outflow of 741 million yuan [1] Individual Stock Performance - 44 stocks had net inflows exceeding 200 million yuan, with Changshan Beiming leading at 2.333 billion yuan, followed by Jianghuai Automobile at 1.193 billion yuan [2] - Stocks with significant net inflows saw an average increase of 7.58%, outperforming the Shanghai Composite Index, with 43 stocks closing higher, including Man Kun Technology and Jin Modern, which hit the daily limit [2] - The top sectors for net inflows among individual stocks were computer, electronics, and communication, with 10, 9, and 4 stocks respectively [2] Top Net Inflow Stocks - The top stocks by net inflow include: - Changshan Beiming: 2.333 billion yuan, 10.02% increase [2] - Jianghuai Automobile: 1.193 billion yuan, 10.01% increase [2] - Runhe Software: 903 million yuan, 9.68% increase [2] - Construction Industry: 771 million yuan, 10.01% increase [2] - AVIC Shenyang Aircraft: 745 million yuan, 10.00% increase [2] Top Net Outflow Stocks - The stocks with the largest net outflows include: - ST Huatuo: 398 million yuan, -4.77% decrease [4] - Sunshine Power: 329 million yuan, -0.55% decrease [4] - Zhongdian Port: 307 million yuan, -1.21% decrease [4] - Zijin Mining: 267 million yuan, -0.37% decrease [4] - C Huaxin: 240 million yuan, -9.19% decrease [4]

Group 1 - The core viewpoint of the article highlights that Tianyang Technology is positioning its U-Card platform as a comprehensive end-to-end digital currency service platform, covering the entire process from virtual currency introduction to lifecycle management [1] - The U-Card business focuses on corporate procurement card categories, with a subscription-based fee model that includes a minimum transaction volume and additional fees for excess usage [1] - The U-Card has clear cooperation opportunities in the circulation phase, particularly with institutions like JD.com and Ant Group participating in the Hong Kong dollar stablecoin pilot [1] Group 2 - The RW business operates in a highly regulated environment, and the company has completed its technical preparations, awaiting market breakthrough opportunities [1] - The core customer regions for the U-Card business are Southeast Asia, Central Asia, and Africa, where there is a strong foundational customer base for stablecoin holders [1]

Group 1 - The core viewpoint of the article highlights that Tianyang Technology is positioning its U-Card platform as an end-to-end digital currency comprehensive service platform, covering the entire process from virtual currency import, exchange, fiat currency recharge, to card lifecycle management [1] - The U-Card business focuses on corporate procurement card categories, with a clear and compliant demand, and adopts a subscription-based charging model that includes a minimum transaction volume corresponding to a guaranteed monthly fee [1] - Institutions such as JD.com and Ant Group have participated in the Hong Kong dollar stablecoin pilot, indicating clear cooperation opportunities for the U-Card in the circulation link [1] Group 2 - The RW business operates in a highly regulated environment, and the company has completed its technical preparations, awaiting market breakthrough opportunities [1] - The core customer regions for the U-Card business are Southeast Asia, Central Asia, and Africa, where there is a strong foundational customer base for stablecoin holdings [1]

Group 1: Tianyang Technology - Tianyang Technology positions its U Card platform as an end-to-end digital currency comprehensive service platform, covering virtual currency import, exchange, fiat currency recharge, and card lifecycle management [1] - The U Card business focuses on corporate procurement card categories, with a subscription-based fee model that includes a minimum transaction volume corresponding to a base monthly fee [1] - The core customer regions for U Card business are Southeast Asia, Central Asia, and Africa, where there is a strong foundation of stablecoin holders [1] Group 2: Guoxin Technology - Guoxin Technology continues to adhere to an innovation-driven development philosophy, focusing on the research and development of automotive electronic chips and information security chips [2] - The company has successfully developed the CCL1800B automotive electronic safety airbag ignition chip, marking the industry's first successful development of a similar product [2] - Guoxin Technology has launched high-performance cloud security chips and has made significant progress in quantum security chip development, with products like the CCM3310SQ-T expected to be released in early 2025 [2] Group 3: Investment Management Company Overview - Shanghai Xitai Investment Management Co., Ltd. is an emerging private equity fund manager in the Chinese market, established in July 2014, with a registered capital of 10 million RMB [3] - The company specializes in secondary market stock investment management, providing customized product services for investors with different risk preferences [3] - The research team consists of highly qualified employees, with 80% holding graduate degrees, and core investment personnel have backgrounds in public funds, demonstrating the ability to manage large-scale assets [3]

Group 1 - The core viewpoint of the news is that Zhongrui Heyin has conducted research on Tianyang Technology, focusing on its U Card platform, which is positioned as an end-to-end digital currency comprehensive service platform [1] - The U Card platform covers the entire process of virtual currency import, exchange, fiat currency recharge, and card lifecycle management, featuring integrated real-time transaction processing capabilities [1] - The U Card business targets enterprise procurement card categories, with a subscription-based fee model that includes a minimum transaction volume corresponding to a guaranteed monthly fee [1] Group 2 - The market demand for Hong Kong dollar stablecoins is expected to grow, with clear cooperation opportunities for the U Card in the circulation phase, as institutions like JD.com and Ant Group have participated in the pilot [1] - The RW business operates under a strong regulatory environment, and the company has completed its technical preparations, awaiting market breakthrough opportunities [1] - The core customer regions for the U Card business are Southeast Asia, Central Asia, and Africa, where there is a solid foundation of stablecoin holders [1]

Group 1: Market Overview - On July 14, the main funds in the Shanghai and Shenzhen markets experienced a net outflow of 26.576 billion yuan, with the ChiNext board seeing a net outflow of 12.112 billion yuan and the CSI 300 index stocks a net outflow of 6.366 billion yuan [1] - Among the 21 industries tracked, mechanical equipment, public utilities, and home appliances saw the largest gains, each rising over 1%, while real estate, media, and non-bank financial sectors fell more than 1% [1] - Four industries received net inflows from main funds, with mechanical equipment leading at 394 million yuan, followed by home appliances at 117 million yuan, and coal and petrochemical sectors each exceeding 37 million yuan [1] Group 2: Individual Stock Performance - Among individual stocks, 37 saw net inflows exceeding 100 million yuan, with six stocks surpassing 200 million yuan in inflows [2] - Zhongji Xuchuang, a leader in optical modules, topped the inflow list with 497 million yuan, benefiting from increased demand for ASIC servers driven by growth in ARR for AWS's Anthropic and Google's Gemini [2] - Notable stocks such as Xiangyang Bearing, Brother Technology, and Kelu Electronics also saw significant inflows, with Kelu Electronics reaching a net inflow of 314 million yuan, the highest since June 23, 2016 [2] Group 3: Notable Outflows - Over 90 stocks experienced net outflows exceeding 100 million yuan, with 21 stocks seeing outflows over 300 million yuan [3] - Leading the outflows were BYD and Northern Rare Earth, each with net outflows exceeding 1.1 billion yuan, with Northern Rare Earth's outflow reaching 1.105 billion yuan, marking a new high since November 4, 2024 [3][4] Group 4: Tail-End Market Activity - At the market close, there was a net outflow of 1.483 billion yuan, with the ChiNext board seeing an outflow of 806 million yuan [6] - Notably, the digital currency concept stock Chutianlong saw a significant reversal, with a net inflow of 204 million yuan, despite a projected loss of 35 to 40 million yuan for the upcoming half-year [7] - Other stocks with notable tail-end inflows included Tianyang Technology and Hanyu Pharmaceutical, each exceeding 40 million yuan [8]

证券研究报告：计算机 | 公司点评报告 发布时间：2025-07-14 股票投资评级 买入|首次覆盖 公司基本情况 | 最新收盘价（元） | 25.20 | | --- | --- | | 总股本/流通股本（亿股）4.74 / 4.08 | | | 总市值/流通市值（亿元）119 / 103 | | | 52 周内最高/最低价 | 27.05 / 10.36 | | 资产负债率(%) | 23.3% | | 市盈率 | 120.00 | | 第一大股东 | 欧阳建平 | 研究所 信用卡系统筑基，稳定币创新领航 市占率名列前茅，持续聚焦核心业务创新 公司服务于以银行为主的金融行业客户，为客户提供咨询、金融 科技、数字金融及金融 IT 等产品和服务。根据赛迪顾问发布的《2024 年中国银行业 IT 解决方案市场分析报告》数据显示，2024 年度中国 银行业 IT 解决方案市场中，公司综合排名第四，处于行业领导者象 限。从细分领域看，天阳科技在信用卡市场始终处于领导地位，信用 卡解决方案连续六年稳居第一。2024 年公司实现营业总收入 17.66 亿 元，同比下降 8.76%；归母净利润为 0.78 亿元，同比下降 ...