Core Viewpoint - Tian Gong International (00826) has seen a stock price increase of over 9%, currently trading at 4.19 HKD, with a transaction volume of 51.57 million HKD, following a strategic partnership with Bodycote, a leader in heat treatment and hot isostatic pressing technology [1] Group 1: Strategic Partnership - Tian Gong International has reached a deep strategic cooperation consensus with Bodycote to integrate core advantages in high-end manufacturing sectors such as aerospace, automotive, and energy [1] - The collaboration aims to create a new model of global collaborative development combining technology, capacity, and market [1] Group 2: Capacity Expansion - The company’s subsidiary, Jiangsu Tian Gong Xin Zhi Materials Co., Ltd., is planning a second phase project for powder metallurgy, which includes the addition of five hot isostatic pressing machines [1] - This expansion is intended to strengthen the company's capacity and technological advantages in high-end alloy material powder metallurgy, providing solid support for the strategic partnership [1] Group 3: Analyst Insights - CICC recently published a report indicating that starting from 2026, Tian Gong International's high-end materials are expected to see sustained growth, facilitating the company's transition from a leader in tool steel to a high-end new materials supplier [1] - The firm has adjusted the company's valuation to 2026, maintaining an outperform rating and raising the target price by 76% to 5.29 HKD, implying a 50% upside potential [1] - The current stock price corresponds to a 12.3x P/E for 2026 and 9.5x P/E for 2027 [1]

Core Viewpoint - Tian Gong International (00826) has seen a stock price increase of over 9%, currently trading at HKD 4.19, with a transaction volume of HKD 51.57 million, following a strategic partnership with Bodycote, a leader in heat treatment and hot isostatic pressing technology [1] Group 1: Strategic Partnership - Tian Gong International has reached a deep strategic cooperation consensus with Bodycote to integrate core advantages in high-end manufacturing sectors such as aerospace, automotive, and energy [1] - The collaboration aims to create a new model of global collaborative development combining technology, capacity, and market [1] Group 2: Capacity Expansion - The company’s subsidiary, Jiangsu Tian Gong Xin Zhi Materials Co., is planning a second phase project in powder metallurgy, which includes the addition of five hot isostatic pressing machines [1] - This expansion is intended to strengthen the company's capacity and technological advantages in high-end alloy material powder metallurgy, providing solid support for the strategic partnership [1] Group 3: Market Outlook and Valuation - CICC recently published a report indicating that starting from 2026, Tian Gong International's high-end materials are expected to see sustained growth, facilitating the company's transition from a leader in tool steel to a high-end new materials supplier [1] - The firm has adjusted the company's valuation to 2026, maintaining an "outperform" rating and raising the target price by 76% to HKD 5.29, which corresponds to an 18.4x P/E for 2026, implying a 50% upside potential [1] - The current stock price reflects a 12.3x P/E for 2026 and a 9.5x P/E for 2027 [1]

证券日报网讯1月21日，钢研高纳（300034）在互动平台回答投资者提问时表示，公司目前是国内高端 和新型高温合金制品生产规模领先且产品体系最完整的企业之一，公司深耕镍基高温合金领域，拓展 铝、镁、钛铸锻件领域，布局精密铸造、离心铸造、模锻环轧、粉末冶金、精细制造、增材制造产业布 局。 ...

Core Viewpoint - Tian Gong International (stock code: 0826.HK) announced a stock option grant plan to issue 30 million stock options, representing 1.10% of the current issued shares, aimed at binding the core team with the company's long-term development interests and driving high-quality growth through continuous innovation in the high-end materials sector [1][5] Group 1: Stock Option Grant Details - The 30 million stock options will vest in three phases, with each phase unlocking one-third of the options, contingent on achieving a minimum of 25% year-over-year revenue growth for the years 2026, 2027, and 2028 [2] - The exercise price of the stock options is set at HKD 3.50, which is above the closing price of HKD 3.43 on the grant date and the average closing price of HKD 3.366 over the previous five trading days, reflecting the company's confidence in its future stock value [2] - The incentive plan covers a wide range of participants, with 6.8% of the options allocated to core management and 93.2% to employees, fostering a shared interest community to maximize team motivation and creativity [2] Group 2: Innovation and Growth Strategies - Tian Gong International has made a milestone breakthrough in fusion materials, joining a research laboratory focused on high-end metal materials for magnetic confinement nuclear fusion, which is expected to provide reliable materials and solutions for future clean energy development [3] - The company has successfully broken the long-standing monopoly in the production of powder metallurgy tool steel, addressing industry pain points and meeting the increasing demand for large-scale die materials in the automotive sector [4] - The titanium alloy business is advancing towards high-end applications, with the company expanding into high-value sectors such as consumer electronics and aerospace, and establishing a new company to produce titanium alloy powders to meet urgent market needs [4] Group 3: Long-term Vision and Confidence - The stock option grant is seen as a recognition of past innovation achievements and a strategic move for future development, positioning the company to lead in the high-end materials sector and deliver stable long-term returns to investors [5]

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].

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 - Titanium alloys are expected to continue penetrating various applications, driven by advancements in powder metallurgy and 3D printing technologies, which will further expand their usage [1][2][3]. Group 1: Titanium Alloy Applications - The first foldable screen product from Apple is anticipated to be released in 2026, which is expected to significantly increase the demand for titanium alloys due to their high strength, corrosion resistance, and favorable surface texture [3]. - Key applications of titanium alloys in foldable screens include: 1. Middle frame: Titanium alloy frames exhibit superior bending resistance compared to aluminum alloys while achieving lightweight, thus better protecting the screen and internal components [3]. 2. Screen backing: It supports the screen to ensure display quality and touch experience, guiding the screen to bend at specific angles during folding and unfolding, reducing creases. Using pure titanium backing can significantly lower the device's weight, balancing weight, performance, and processing costs [3]. 3. Other applications: Due to better toughness and corrosion resistance, titanium alloys are expected to be used in components like foldable screen axis covers [3]. - The development of 3D printed titanium alloys offers high design freedom, enabling the production of complex hollow or integrated structures that CNC cannot achieve, with gradual applications in aerospace, medical fields, and high-end consumer electronics [3]. Group 2: Domestic Enterprises and Market Demand - Domestic companies are deeply engaged in titanium alloy production and are expected to benefit from a surge in downstream demand [4]. - Powder metallurgy can also be utilized to prepare advanced fusion materials, with domestic enterprises actively overcoming critical bottlenecks. As global demand for sustainable energy grows, the commercialization of nuclear fusion continues to advance [4]. - The materials used in nuclear fusion reactors must withstand extreme conditions, including high-energy neutron irradiation, high temperatures, high heat flux, and strong magnetic fields, necessitating high-performance materials [4]. - Companies like Tiangong International are making significant progress in developing fusion materials through powder metallurgy, including advanced reduced activation ferritic-martensitic (RAFM) steel and high-boron steel for nuclear power, with core applications in shielding layers and vacuum chamber interlayers, which are expected to benefit from the upcoming demand for nuclear fusion [4].

国内企业深耕钛合金，有望受益于下游需求爆发 从钛合金中游环节看，国内天工国际深耕高端钛合金线材，目前已供应多家国际头部消费电子公司并持 续扩充产能，未来有望受益于大客户折叠机等需求放量。 钛合金持续渗透，同时制粉技术及3D打印工艺发展有望持续推动钛合金应用拓展 风险提示 苹果首款折叠屏产品有望26年发布，将进一步带动钛合金需求提升。钛及钛合金由于其高强度、高耐腐 蚀性能和良好的表面纹理，在折叠屏中用量有望显著提升。主要应用在(1)中框：钛合金中框抗弯曲能 力显著优于铝合金同时实现轻量化，可以更好保护屏幕和内部元器件。(2)屏幕衬板：它的作用是支撑 屏幕保证显示效果和触控体验，同时在折叠和展开过程中，引导屏幕以特定的弧度弯曲，减小折痕。使 用纯钛衬板可以显著降低机身重量，以平衡重量、性能和加工成本。(3)其他：由于钛合金具有更好的 韧性和抗腐蚀性能，其未来有望应用在折叠屏轴盖等料号中。同时3D打印钛合金提供了极高的设计自 由度，能制造CNC无法实现的复杂中空或一体化结构，目前逐步应用在航空航天、医疗领域中，并向 高端消费电子产品渗透。未来随着3D打印工艺、制粉技术等的成熟，该行认为，钛合金在折叠机、 AR/VR ...