Core Points - The company, Suzhou Tianzhun Technology Co., Ltd., has received approval from the Shanghai Stock Exchange Listing Review Committee for its application to issue convertible bonds to unspecified objects [1] - The issuance of these convertible bonds is subject to approval from the China Securities Regulatory Commission (CSRC), and the timeline for this approval remains uncertain [1] Group 1 - The Shanghai Stock Exchange Listing Review Committee held its 34th meeting on September 10, 2025, to review the company's application [1] - The application for issuing convertible bonds meets the conditions for issuance, listing, and information disclosure requirements [1] - The company will fulfill its information disclosure obligations in accordance with relevant regulations as the situation progresses [1]

上海证券交易所上市审核委员会于 2025 年 9 月 10 日召开 2025 年第 34 次审 议会议（以下简称"会议"），对苏州天准科技股份有限公司（以下简称"公司"） 向不特定对象发行可转换公司债券的申请进行了审议。根据会议审议结果，公司 本次向不特定对象发行可转换公司债券的申请符合发行条件、上市条件和信息披 露要求。 证券代码：688003 证券简称：天准科技 公告编号：2025-049 苏州天准科技股份有限公司 关于向不特定对象发行可转换公司债券申请获得上海证券 交易所上市审核委员会审核通过的公告 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、准确性和完整性依法承担法律责任。 公司本次向不特定对象发行可转换公司债券事项尚需获得中国证券监督管 理委员会（以下简称"证监会"）作出同意注册的决定后方可实施。本次发行最 终能否获得证监会同意注册的决定及其时间尚存在不确定性。公司将根据该事项 的进展情况，按照相关规定和要求及时履行信息披露义务，敬请广大投资者注意 投资风险。 特此公告。 苏州天准科技股份有限公司董事会 2025 年 9 月 11 日 ...

Core Viewpoint - Tianzhun Technology (688003.SH) has received approval from the Shanghai Stock Exchange's Listing Review Committee for its application to issue convertible bonds to unspecified investors, meeting all necessary conditions for issuance and listing [1] Group 1 - The Shanghai Stock Exchange's Listing Review Committee held its 34th review meeting of 2025 on September 10, 2025 [1] - The review concluded that the company's application for issuing convertible bonds complies with issuance conditions, listing conditions, and information disclosure requirements [1]

Core Viewpoint - The announcement of the stock split for the Sci-Tech Innovation Artificial Intelligence ETF (589520) aims to lower the trading threshold for investors, facilitating broader participation in the domestic AI industry investment opportunities [1] Fund Split Details - The ETF completed a 1:2 stock split, reducing the trading threshold from approximately 120 yuan to about 60 yuan per unit [1] - Before the split, the total fund shares were 465 million, with a net value of 1.1681 yuan; after the split, the total shares increased to 930 million, and the net value decreased to 0.5841 yuan [4] Performance Analysis - Since the low point on April 8, the ETF has increased by 51.7%, outperforming the Sci-Tech 50 index (37.26%) and the Sci-Tech Composite Index (48.29%) [4][9] - The semiconductor sector is highlighted as a key area for growth, with expectations for significant market capacity expansion by 2025 due to domestic demand [5] Market Outlook - Analysts suggest that the AI sector may lead the current bull market, with its pervasive impact across various industries [5] - The ETF is positioned to benefit from the ongoing domestic semiconductor market growth, especially in light of U.S. restrictions on chip exports [5] Investment Highlights - The ETF is seen as a low-threshold investment option with a high degree of elasticity, allowing for efficient capital deployment during market upswings [7] - The top ten holdings account for over 60% of the ETF's weight, with the semiconductor sector representing nearly half of this concentration [8]

消息面来看，据21世纪经济报道，日前，《关于深入实施"人工智能+"行动的意见》（以下简称《意 见》）发布。文件对人工智能供需对接不畅、应用落地存在"最后一公里"障碍等突出问题，加强战略引 导和统筹指导。中国社会科学院法学研究所网络与信息法研究室副主任、中国法学会网络与信息法学研 究会常务副秘书长周辉参与了文件起草论证，在接受记者专访时，他透露了几个重点：人工智能立法仍 要加速推进，相关部门也在推动相关起草工作；AI监管有必要调研评估与备案痛点，未来将会整合制 度避免重复；智能终端与智能体成发展重点，2027 年应用普及率超 70% 的量化指标导向明确；数据供 给需完善产权与版权制度，待版权方、AI 产业方协同探索破局。 华创证券认为，AI领域进入基本面兑现阶段，资本开支进一步上行相比2024年多数领域归母净利润负 增的情况，整体来看今年AI各细分领域已进入基本面兑现阶段。从中报业绩来看，AI算力、无人机、 人形机器人等领域归母净利润增速相对靠前。与此同时，AI浪潮正驱动企业大幅增加资本开支。随着 大模型加速迭代与AI应用逐步落地，催生了对算力基础设施的持续投入，同时政策支持与生态繁荣进 一步强化了投资信心，推 ...

Summary of Conference Call on PCB Equipment Industry Industry Overview - The PCB industry is experiencing significant growth driven by AI, with leading manufacturers like Shenghong, Pengding, and Jingwang expanding capacity to meet the rising demand for multilayer and HDI boards, particularly those with over 20 layers and advanced multilayer boards reaching up to hundreds of layers [1][3][8]. Key Points and Arguments 1. **Increased Capital Expenditure**: Downstream PCB manufacturers are expected to exceed capital expenditure forecasts, with significant investments in equipment from leading firms [3]. 2. **Growth in Multilayer and HDI Board Demand**: AI is increasing the share of multilayer and HDI boards in the industry, with many AI-related PCBs having at least 20 layers [3][8]. 3. **High Precision Requirements**: The trend towards multilayer PCBs is leading to smaller hole diameters and narrower line widths, necessitating higher precision in exposure equipment, especially for HDI products [3][7]. 4. **New Technology Iteration**: Future packaging technologies may evolve towards more advanced solutions, increasing the demand for high-end exposure equipment, which accounts for over 15% of total equipment investment [4]. 5. **Direct Imaging Technology**: Laser Direct Imaging (LDIA) technology is the mainstream method, offering 3-4 times higher production efficiency and precision down to 5 microns, compared to traditional photolithography [5]. 6. **Market Concentration**: The PCB exposure equipment market is concentrated, with the top five suppliers holding over 55% market share, and New Micro Equipment leading with a 15% share [9][10]. 7. **New Micro Equipment's Market Position**: New Micro Equipment has a strong presence in both PCB and semiconductor fields, providing high-precision equipment from tens of microns to nanometer levels, with a focus on high-end HDI equipment [10][11]. Additional Important Insights - **Future Development Directions**: New Micro Equipment plans to leverage its technological advantages in both semiconductor and PCB sectors, expand international business, and enhance production capacity [11][12]. - **2024 Equipment Shipment and Capacity**: In 2024, the company shipped 378 units, with actual production exceeding 400 units, and is expected to maintain high delivery rates into 2025 [12][13]. - **Order Growth in Laser Drilling**: The company has received orders for its laser drilling business, with significant growth anticipated in the semiconductor sector [13][15]. - **Overall Development Logic**: The company's growth is driven by accelerated downstream expansion, new technology iterations, increased delivery capabilities, and breakthroughs in the semiconductor field [16]. This summary encapsulates the key insights from the conference call regarding the PCB equipment industry, highlighting the growth drivers, market dynamics, and the strategic positioning of leading companies within the sector.

IPO Summary - Two companies are scheduled for IPO review next week (September 8-12), with a total fundraising target of 600 million yuan [1] - The companies include Weite Environment and Yatu High-tech, both based in Guangdong [2] Weite Environment - Weite Environment is attempting its IPO for the second time after being rejected in 2022, reducing its fundraising target from 304 million yuan to 169 million yuan [3] - The company plans to use the funds for projects including a regional operation center and a technology research center, with total project investments amounting to 303.54 million yuan [4][11] - Recent financial performance shows a net profit of 53.05 million yuan for the last year, with a net asset return rate of 15.52% [9] Yatu High-tech - Yatu High-tech specializes in high-performance industrial coatings, with a fundraising target of 431 million yuan for its IPO [12] - The company reported a net profit of 148.61 million yuan last year, with a net asset return rate of 23.89% [13] Refinance Summary - Three companies are set for refinancing review next week, with a total fundraising target of 2.574 billion yuan [6] - The companies include Tianzhun Technology, Gu Zhong Technology, and Dingjie Smart [15] Tianzhun Technology - Tianzhun Technology focuses on high-end visual equipment for industries such as electronics and new energy vehicles, with a fundraising target of 886 million yuan [16] - The company reported a net profit of 12.45 million yuan for the last year [17] Gu Zhong Technology - Gu Zhong Technology provides integrated circuit packaging services, with a fundraising target of 850 million yuan [18] - The company reported a net profit of 31.33 million yuan for the last year [20] Dingjie Smart - Dingjie Smart offers software and technology services, with a fundraising target of 837.66 million yuan [22] - The company reported a net profit of 15.84 million yuan for the last year [23]

Group 1 - The core viewpoint of the news highlights the strong performance of the domestic AI industry, particularly the rise of the Science and Technology Innovation Artificial Intelligence ETF (589520), which saw an intraday increase of over 2.5% [1] - The AI industry is experiencing a series of catalytic events, including the development of an advanced AI model by DeepSeek, which aims to compete with global players like OpenAI, with expectations for a commercial explosion in AI agents by 2025 [3] - Huawei's recent launch of the Mate XTs foldable smartphone, featuring the Kirin 9020 chip, marks a significant return of the Kirin brand after four years, indicating a boost in the domestic supply chain [4] Group 2 - Apple's upcoming product launch on September 9 is anticipated to further stimulate the supply chain, with analysts suggesting that the combination of tariff resolutions and increased AI investments will lead to a valuation recovery for Apple suppliers [5] - The current market trend in the semiconductor sector is seen as a rebound in domestic capabilities, with expectations for significant growth in domestic computing power, particularly in AI applications [5] - The Science and Technology Innovation Artificial Intelligence ETF (589520) is positioned to benefit from policy support and the trend of domestic substitution, focusing on companies that are well-placed in the AI industry chain [6] Group 3 - The ETF's top holdings reflect a high concentration in the semiconductor sector, which accounts for nearly half of the fund's assets, indicating a strong offensive strategy [6][7] - As of July 31, 2025, the top ten holdings of the ETF represent over 67% of the fund's net asset value, showcasing a focused investment approach [9]

Group 1 - The market showed mixed performance on September 5, with the ChiNext Index rising over 1% and the Sci-Tech Innovation Board AI Index increasing by 0.22% [1] - Notable stocks in the AI sector included Aerospace Hongtu and Lanke Technology, both rising over 1%, along with other companies like Optoelectronics, Cambricon Technologies, and others [1] - The Sci-Tech Innovation Board AI ETF (588930) turned positive during trading, increasing by 0.27% with a trading volume exceeding 23 million yuan [2] Group 2 - The Sci-Tech Innovation Board AI ETF (588930) has seen net inflows in 4 out of the last 5 trading days, accumulating over 310 million yuan [2] - The index tracks 30 large-cap companies in the AI sector, reflecting the overall performance of representative AI industry stocks in the Sci-Tech Innovation Board [2] - The 2025 World Intelligent Industry Expo is set to open in Chongqing, focusing on "AI+" and "smart connected new energy vehicles," featuring over 100 new industry standards and technologies [3] Group 3 - The expo will showcase over 3,000 new products and technologies from more than 600 leading domestic and international companies [3] - The event includes five specialized sectors and will host six high-level professional competitions, providing a platform for global industry practitioners [3] - According to First Capital Securities, the AI industry is thriving due to supportive policies, continuous technological iteration, and diverse downstream demands, with a focus on advancements in domestic AI capabilities [3]

Company Overview - Tianzhun Technology Co., Ltd. is located in Suzhou, Jiangsu Province, and was established on August 20, 2009. The company went public on July 22, 2019. Its main business involves the research, development, production, and sales of industrial vision equipment [1] - The revenue composition of Tianzhun Technology includes: 40.34% from vision process equipment, 37.87% from vision measurement equipment, 10.93% from intelligent driving solutions, and 10.85% from vision inspection equipment [1] Stock Performance - On September 4, Tianzhun Technology's stock fell by 5.11%, closing at 53.89 CNY per share, with a trading volume of 251 million CNY and a turnover rate of 2.32%. The total market capitalization is 10.462 billion CNY [1] Shareholder Information - Among the top ten circulating shareholders of Tianzhun Technology, one fund from Bosera Fund ranks as a significant holder. The Bosera SSE STAR Market Artificial Intelligence ETF (023520) entered the top ten shareholders in the second quarter, holding 968,200 shares, which accounts for 0.5% of the circulating shares. The estimated floating loss today is approximately 2.8078 million CNY [2] - The Bosera SSE STAR Market Artificial Intelligence ETF (023520) was established on March 11, 2025, with a latest scale of 523.336 million CNY and a cumulative return of 22.24% since inception [2] Fund Management - The fund manager of Bosera SSE STAR Market Artificial Intelligence ETF (023520) is Li Qingyang, who has been in the position for 1 year and 216 days. The total asset scale of the fund is 5.997 billion CNY, with the best fund return during his tenure being 121.2% and the worst being 22.06% [3]