核聚变等新兴产业东风已至，天工国际（0826.HK）以材料创新激活新动能

Core Viewpoint - The article emphasizes the strategic opportunities in the high-end materials industry driven by policy support and market demand, highlighting the transformation of Tian Gong International from a traditional materials manufacturer to a core supplier of high-end manufacturing materials [2][3]. Policy Foundation for Industry Ecosystem - The new materials industry is positioned as a core component of emerging pillar industries, with a focus on accelerating the development of strategic emerging industry clusters such as new energy and new materials [3]. - The policy aims to address the high dependence on imports for high-end materials and the overcapacity in low-end production, indicating an irreversible trend towards domestic substitution [3][4]. Strategic Opportunities in High-End Materials - The high-end materials sector is experiencing a strategic opportunity window, with industry resources likely to concentrate on leading companies with technological advantages [6]. - The global market for humanoid robots is projected to reach $154 billion by 2035, while the low-altitude economy in China is expected to grow to ¥1.5 trillion by 2025, creating strong demand for high-end materials [7]. Technological Breakthroughs and Growth Drivers - Tian Gong International's powder metallurgy technology is a key competitive advantage, addressing traditional steelmaking bottlenecks and achieving a production capacity of 8,000 to 10,000 tons of high-alloy powder annually [9]. - The company has reported a 66.4% increase in powder metallurgy material sales in the first half of 2025, with a unit price of ¥149,000 per ton, significantly higher than existing products [9][10]. Market Expansion and Strategic Partnerships - Tian Gong International has secured a five-year supply agreement with Heng Er Da for specialized powder high-speed steel, ensuring stable future performance and reinforcing its leading position in this niche market [10]. - The company has made significant advancements in the application of powder metallurgy technology in cutting-edge fields, including humanoid robots and nuclear fusion [11][12]. Long-Term Growth Potential - The company is focusing on titanium alloys as a key growth engine, with successful entry into the aerospace sector and ongoing development of medical-grade titanium alloys [13][16]. - Tian Gong International's R&D activities are robust, with 144 projects and 583 new products developed in the first half of 2025, showcasing strong innovation capabilities [18]. Financial Resilience and Market Recognition - Despite challenges from U.S. tariffs and fluctuations in consumer electronics demand, the company achieved a net profit of ¥203 million in the first half of 2025, reflecting a 10.4% year-on-year growth [20]. - Analysts have a positive outlook on Tian Gong International, with projections of over 30% compound annual growth rate in net profit from 2025 to 2027 [21]. Conclusion - Tian Gong International is positioned to leverage policy benefits and industry upgrades, with technological innovations and strategic layouts paving the way for growth in high-end materials [22].