天工国际(00826)发布公告，于2026年1月16日，合肥综合性国家科学中心能源研究院(能源研究院)批准 公司的间接附属公司江苏天工爱和科技有限公司(天工爱和)成为聚变高端金属材料研发联合实验室(联合 实验室)的新成员。本协议自签字盖章之日起生效，有效期五年。联合实验室成立期满后，各联合实验 室成员根据合作情况，另行商议。 天工爱和将专注于的联合实验室工作如下：实现粉末冶金 304B7 高硼钢大尺寸研制的吨级制造;及完成 硼当量>3.2wt%新型中子屏蔽钢的研制。能源研究院将提出聚变堆材料的设计和使用需求，为材料推广 应用，提供必要的应用场景;开展高硼钢性能屏蔽，包括力学性能、微观组织、成分测试以及服役性能 评估。天工爱和将针对聚变堆材料需求，联合需求方组建研发团队，制定研发方案，开展技术攻关，包 括钢材原料的选择、冶炼、雾化制粉、热等静压烧结、热加工，以及力学等性能测试。 董事会认为联合实验室协议将协助集团开拓可控核聚变的下游应用领域，预期将丰富集团的粉末冶金的 业务，提高粉末冶金的产能使用率，进一步提高公司核心竞争力。同时亦可能为集团开拓其他高科技领 域的应用。 能源研究院成立于2019年底，是中国科学 ...

Core Viewpoint - Tian Gong International (00826) has been approved to join the Fusion High-End Metal Materials Research Joint Laboratory, which is expected to enhance its capabilities in powder metallurgy and expand its applications in controlled nuclear fusion [1][2]. Group 1: Joint Laboratory Agreement - The agreement with the Hefei Comprehensive National Science Center Energy Research Institute is effective for five years starting from January 16, 2026 [1]. - The Energy Research Institute focuses on clean and efficient coal utilization, renewable energy, smart electricity, and magnetic confinement fusion [1]. Group 2: Research Focus and Objectives - Tian Gong Ai He will work on the large-scale manufacturing of powder metallurgy 304B7 high-boron steel and the development of new neutron shielding steel with boron equivalent >3.2wt% [2]. - The Energy Research Institute will provide design and usage requirements for fusion reactor materials, facilitating the application of these materials [2]. Group 3: Strategic Implications - The joint laboratory agreement is expected to help the company explore downstream applications in controlled nuclear fusion, enhance its powder metallurgy business, and improve production capacity utilization [2]. - This collaboration may also open up opportunities for the company in other high-tech fields [2].

Group 1 - Chao Magnetic Energy has completed several hundred million yuan in angel round financing, led by Dingfeng Kechuang, with participation from multiple well-known institutions [1] - The company aims to lead the controllable nuclear fusion strong magnetic field magnet sector by developing a world-first large-size high-temperature superconducting strong magnetic field magnet system [1][3] - The core team has long focused on the development of high-temperature superconducting strong magnetic fields, which are crucial components for controllable nuclear fusion, offering advantages in magnetic field strength, compactness, and system efficiency [3] Group 2 - Chao Magnetic Energy is supported by a team led by Academician Ding Hong and has rapidly developed by attracting top technical and management talent from global enterprises and universities [3] - The company has established a collaborative system with a "Beijing leading - Shanghai main body" structure, under the strategic leadership of founder Wang Chao [4] - The goal is to become a global leader in complete solutions for high-temperature superconducting strong magnetic fields for controllable nuclear fusion, with the recent financing accelerating key technology research and industrialization efforts [4]

来源：格隆汇APP 天工爱和将专注于的联合实验室工作如下：(1) 实现粉末冶金 304B7 高硼钢大尺寸研制的吨级制造；及 (2) 完成硼当量＞3.2wt%新型中子屏蔽钢的研制。 能源研究院将提出聚变堆材料的设计和使用需求，为材料推广应用，提供必要的应用场景；开展高硼钢 性能屏蔽，包括力学性能、微观组织、成分测试以及服役性能评估。 天工爱和将针对聚变堆材料需求，联合需求方组建研发团队，制定研发方案，开展技术攻关，包括钢材 原料的选择、冶炼、雾化制粉、热等静压烧结、热加工，以及力学等性能测试。 董事会认为联合实验室协议将协助集团开拓可控核聚变的下游应用领域，预期将丰富集团的粉末冶金的 业务，提高粉末冶金的产能使用率，进一步提高公司核心竞争力。同时亦可能为集团开拓其他高科技领 域的应用。经考虑上述情况，公司认为联合实验室协议的条款属公平合理，并符合公司及其股东的整体 利益。 格隆汇1月16日丨天工国际(00826.HK)宣布，于2026年1月16日，合肥综合性国家科学中心能源研究院 ("能源研究院")批准公司的间接附属公司江苏天工爱和科技有限公司("天工爱和")成为聚变高端金属材料 研发联合实验室("联合实验室" ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 Tiangong International Company Limited 天工國際有限公司* (於開曼群島註冊成立的有限公司) (股份代號: 826) 此自願公告乃由天工國際有限公司（「本公司」，連同其附屬公司統稱「本集團」）作出。 聯合實驗室協議 本公司董事（「董事」）會（「董事會」）欣然宣佈，於二零二六年一月十六日，合肥綜合性國 家科學中心能源研究院（「能源研究院」）批准本公司的間接附屬公司江蘇天工愛和科技有限 公司（「天工愛和」）成為聚變高端金屬材料研發聯合實驗室（「聯合實驗室」）的新成員。 有關合作方的資料 能源研究院成立於二零一九年底，是中國科學院和安徽省政府共同發起，依託中科院合肥物 質科學研究院等離子體所、中國科學技術大學、合肥工業大學、安徽理工大學四家單位合作 共建的研發機構，重點圍繞煤炭清潔高效利用、可再生能源、智慧電力及磁約束聚變四個方 向，開展前沿基礎和應用技術研究及關鍵核心技 ...

Core Viewpoint - The Z-FFR (Z-pinch Fusion-Fission Reactor) represents a promising hybrid nuclear energy system that combines the advantages of fusion and fission, addressing the limitations of traditional nuclear power and pure fusion energy [1][4][5]. Summary by Sections Nuclear Energy Challenges - Traditional nuclear fission faces issues such as low uranium resource utilization, spent fuel management difficulties, and safety concerns [1][4]. - Pure fusion energy is still far from commercial viability due to stringent conditions required for its realization [1][4]. Z-FFR System Overview - The Z-FFR system utilizes a Z-pinch device to create extreme physical conditions for inertial confinement fusion, releasing high-energy neutrons that trigger fission reactions in surrounding materials [5][6]. - This hybrid approach aims to leverage the strengths of both fusion and fission, enhancing energy output and addressing safety and waste management issues [5][6]. Safety and Economic Advantages - The Z-FFR system is designed with absolute safety in mind, featuring underground placement and a deep subcritical state that prevents chain reactions without external neutron sources [6][7]. - Estimated costs for a million-kilowatt Z-FFR demonstration plant are around 20 billion RMB, with operational costs of approximately 1 billion RMB annually, leading to a projected electricity price of about 0.1 RMB per kilowatt-hour [6][7]. Resource Utilization and Environmental Impact - The system can utilize existing spent fuel and abundant thorium resources, potentially alleviating uranium resource shortages and addressing long-term nuclear waste disposal challenges [6][7]. - The Z-FFR's design allows for efficient energy output control, making it compatible with renewable energy sources and reducing reliance on large-scale energy storage [7][8]. Industrialization Path and Challenges - Transitioning from theoretical principles to practical applications involves overcoming various technological and supply chain challenges [8][10]. - The establishment of the Tianfu Innovation Energy Research Institute aims to accelerate the commercialization of the Z-FFR technology [8][10]. Global Context and Competitive Landscape - China is building a comprehensive supply chain for the Z-FFR, leveraging its strengths in nuclear physics and engineering, while facing challenges in developing mature components [10][12]. - The U.S. has historical advantages in magnetic confinement fusion, but China's integrated approach in hybrid systems positions it favorably in the global nuclear energy landscape [12][13].

Core Viewpoint - The company, Boying Special Welding, focuses on products and technologies applicable in energy-saving and environmental protection, power, energy, chemical, metallurgy, and paper industries, particularly in anti-corrosion and anti-wear fields [2] Group 1: Company Applications - The company's products are utilized in various industrial sectors, including energy-saving and environmental protection, power, energy, chemical, metallurgy, and paper [2] - The technology involves special alloys and high-temperature alloys used in controlled nuclear fusion equipment, which are essential for temperature control and cooling heat exchange devices [2] Group 2: Manufacturing Techniques - The company employs welding or additive manufacturing as key processes in metal composite processing, which are crucial for its anti-corrosion and anti-wear welding technology [2] - This welding technology can be applied to special welding equipment or components in the nuclear power and nuclear energy sectors [2]

Market Analysis - The A-share market shows a "weak Shanghai, strong Shenzhen" pattern, with the Shanghai Composite Index closing at 4112.60, down 0.33%, marking three consecutive days of decline, while the Shenzhen Component Index rose 0.41% to 14306.73 [2] - The overall market turnover decreased significantly to 2.94 trillion yuan, down approximately 1 trillion yuan from the previous day, indicating a contraction in trading activity [2][7] - The market saw a divergence in performance, with 2226 stocks rising and 3121 falling, reflecting a notable reduction in profit-making opportunities compared to earlier periods [2] Sector Performance - Technology and cyclical sectors led the gains, with advanced packaging, photolithography machines, semiconductor materials, and HBM index rising by 3.79%, 3.76%, 3.66%, and 3.27% respectively, driven by U.S. tariffs on certain semiconductor imports [5] - Conversely, sectors that had previously surged, such as commercial aerospace and AI applications, faced significant declines, with commercial aerospace down 4.46% and AI application stocks experiencing a drop of 5.78% [5][7] Policy and Economic Signals - The People's Bank of China (PBOC) is signaling a loosening monetary policy, with structural interest rate cuts expected to support credit growth and stabilize the market [12] - The PBOC's recent actions include a net injection of liquidity through reverse repos and a reduction in the rates for relending and rediscounting, aimed at enhancing support for key sectors [12] - The M1 and M2 growth rates indicate a widening gap, suggesting that while liquidity is ample, short-term corporate vitality remains weak, necessitating further policy measures to boost economic activity [11][12] Commodity Market - The commodity index fell by 0.51%, with a mixed performance across sectors; however, non-ferrous metals showed strength, particularly tin, which surged by 8.30% [15] - Tin prices remain robust due to supply disruptions from geopolitical tensions in the Democratic Republic of Congo and production issues in Myanmar, alongside increased demand from the semiconductor industry [15] Investment Opportunities - Key sectors to watch include AI applications, commercial aerospace, nuclear fusion, quantum technology, brain-computer interfaces, and robotics, all of which are supported by government policies and technological advancements [17] - The report suggests a continued bullish trend in non-ferrous metals, indicating potential investment opportunities in this area [20]

Core Viewpoint - The company has been engaged in the manufacturing of nuclear power equipment since 1998 and has completed several significant projects in this field over the past 20 years [1] Group 1: Company Development - The company has a history of over 20 years in the nuclear power sector, focusing on innovation and manufacturing [1] - It has successfully completed multiple first-time manufacturing tasks for both international and domestic projects [1] Group 2: Current Involvement - The company is actively participating in controllable nuclear fusion projects both domestically and internationally [1]

Core Viewpoint - Dongfang Precision (002611.SZ) clarified that its subsidiary, Baisheng Power, does not engage in commercial aerospace activities, and it holds a 19.89% stake in Aerospace New Power [1] Group 1: Company Overview - Aerospace New Power focuses on the research and development of high-end metal materials, manufacturing of castings and forgings, and production of supporting products for nuclear energy [1] - The company is one of the earliest in China to obtain a nuclear manufacturing license, with its products utilized in all existing and under-construction nuclear power projects in the country [1] Group 2: Competitive Advantage - Aerospace New Power's core competitiveness lies in the manufacturing of nuclear power components, having undertaken a significant portion of the research and production tasks for nuclear I-level mechanical equipment components in China [1] - The company has completed the research and localization of dozens of alloy materials and key components for nuclear energy equipment [1] Group 3: Future Prospects - Since 2013, Aerospace New Power has successfully produced and developed core components for the ITER project, including magnet support and shielding modules, and has secured all orders for the BEST project magnet support [1] - The company is optimistic about the application prospects and significant growth potential of its products in the fields of controlled nuclear fusion and nuclear power equipment [1]