各位朋友，我是帮主郑重。上回咱们留下个悬念：当有色、油气的狂欢达到高潮，资金总要寻找下一个 去处。这个新方向，不能是空中楼阁，它必须有比肩资源股的"硬逻辑"，又要具备面向未来的"高弹 性"。二十年市场经验告诉我，答案不在别处，恰恰就在我们身边，藏在那些正在发生"化学反应"的 "老行业" 里。今天，咱们就揭开谜底：下一个领军方向，将是 "新质生产力"驱动下的高端制造与硬科 技突围。 第三，看"业绩能见度"是否足够高。 抛弃那些只有蓝图的公司，去寻找订单已经排到明年、扩产计划 实实在在、毛利率稳步提升的企业。在制造业，饱满的产能利用率和持续的技术迭代，是最好的护城 河。 所以，面对即将到来的风格再平衡，你的行动指令应该非常清晰： 第一步，立即转换思维滤镜。 不要再简单地把股票分为"资源"和"科技"。要用"新质生产力"的尺子去 量，问自己：这家公司是在做简单的加工组装，还是在攻克关键工艺？它的产品，是让整个工业体系变 得更"强韧"了，还是仅仅多了一个可有可无的功能？ 你可能会问：帮主，这听起来不就是科技股吗？跟以前有什么不同？区别大了。过去的科技行情，往往 围绕"模式创新"和"流量故事"。而当下和未来，市场只认一种 ...

纳微科技 的公司展厅展示着一瓶瓶颜色各异、不同规格的微球产品，远看像是极细的粉末，放大了细 看却是一颗颗质地均匀的圆形小球。正是这些粒径从几纳米到上千微米不等的小球，决定着生物制药、 分析检测等领域的关键生产环节。 纳微科技董事长江必旺带领团队历经十余年攻坚，实现了纳米微球技术的原始创新与产业化突破，正悄 然改写全球高端材料产业的竞争格局，并开启中国 新材料 从实验室走向全球市场的突围之路。 以原始创新突破产业化瓶颈 "没有纳米微球，生物药生产不出来，手机电脑也造不出来。"采访伊始，江必旺谈及纳米微球材料在现 代产业中的战略意义。作为北大化学系毕业生，他赴美深造后深耕纳米技术领域，成为行业资深专家， 后于2005年坚定回国创业。2007年，纳微科技落户苏州工业园区，专注于高性能纳米微球材料的研发与 应用。 谈及创业初心，江必旺坦言："创业之初，中国在纳米技术领域的论文数量已占世界三分之一，但纳米 微球的产业化尚属空白。生物制药用微球长期被GE医疗掌控，手机电脑用微球被日本两家公司垄断， 正是这样的局面，让我决心创业。"他以"微球世界"作为微信昵称，并将推动纳米微球产业化作为其创 业方向。 纳米微球应用广泛，在 ...

超纯铁是高科技领域的稀缺宝贝，曾让美日企业赚得盆满钵满，中国却只能高价求购还处处受限制，这种纯度高达百分之九十九点九九九的材料，是芯 片、航空发动机、核聚变装置的核心，堪称工业领域的心脏，普通铁根本无法与之相比， 上世纪六十年代起，美日率先突破超纯铁提纯技术，靠着专利、设备、标准三道壁垒垄断市场，把一吨超纯铁炒到二十万元，价格堪比黄金，他们还在出 口中设下各种苛刻限制，禁止用于军事和逆向研究，就是为了掐住中国高端产业的咽喉， 2022 年，美日以供应链安全为由收紧出口，直接让中国航空发动机和芯片生产线险些停摆，华为的芯片项目也因断供走到停工边缘，被卡脖子的滋味， 中国企业体会得淋漓尽致， 面对困境，中国没有退路只能自研，2020 年，董瀚教授团队联合河北龙凤山集团组成产学研联合体，没有走美日反复提纯普通铁矿的老路，而是从源头 创新，利用河北本地高纯度生铁资源，从起点就降低杂质含量， 团队先用火法冶金把铁的纯度提升到百分之九十九点九九，建成全球首条火法高纯铁生产线，再向更高纯度发起冲击，最难的是美日禁运的超高真空垂直 浮区熔炉买不到，团队就从零开始，花了两年时间自主设计制造，造出的设备性能甚至超过美日同类产品， ...

Group 1 - The core point of the article is that Tian Gong International Limited plans to grant 30 million stock options to its directors and key employees, representing 1.10% of the current issued shares, as part of an incentive plan aimed at driving high-quality growth over the next three years [2] - The stock options will vest in three phases, with each phase unlocking one-third of the options, contingent on achieving a minimum annual revenue growth of 25% for the years 2026, 2027, and 2028 [2] - The exercise price for the stock options is set at HKD 3.50 per share, 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 value [2] Group 2 - Tian Gong International has over 40 years of experience in the manufacturing industry, focusing on technological innovation and has transitioned from cutting tools to high-end materials [3] - The company has joined the "Fusion High-end Metal Materials Research Joint Laboratory," which aims to develop high-reliability materials for nuclear fusion applications, contributing to national energy security and clean energy development [3] - As the only domestic company producing powder metallurgy tool steel at scale, Tian Gong International has broken the long-standing monopoly of international giants and is positioned to meet the increasing demand for large die-casting materials in the automotive sector [3] Group 3 - Tian Gong's subsidiary, Tian Gong Co., is advancing its titanium alloy business into high-value sectors such as consumer electronics and aerospace fasteners [4] - The company is establishing Jiangsu Tian Gong Titanium Crystal New Materials Co., Ltd. to accelerate the development of titanium alloy powders and high-temperature alloy powders, targeting the medical device and aerospace markets [4] - The stock option grant is seen as a recognition of past innovations and a strategic move for future growth, positioning the company to lead in the high-end materials sector and provide stable long-term returns for investors [4]

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]

Group 1: Investment and Funding - The Shaanxi Provincial Government Investment Guidance Fund has invested a total of 20 million yuan in Shaanxi Dingyi Technology Co., Ltd. to support its potential in high-end materials, which has been crucial for the company's technological research and development [1] - The fund has injected 100 million yuan into the Photonic Strong Chain Fund to support the production of photonic chips at the Shaanxi Photonic Pilot Institute [2] - Over 90% of the funds from the provincial government investment guidance fund have been directed towards innovative enterprises, with 144 specialized and innovative enterprises receiving support [3] Group 2: Industry Development and Ecosystem - The investment strategy of the provincial government investment guidance fund focuses on "extending, supplementing, and strengthening" the industrial chain in the fields of equipment manufacturing and new materials [2] - The fund has created a complete ecological chain from research and development to market sales, attracting nearly 100 photonic enterprises [2] - The fund's exploration of the "fund + production area + technology" model has led to a multi-point layout in agriculture, with a total scale exceeding 3 billion yuan, injecting financial resources into rural revitalization [4] Group 3: Agricultural Innovation - The seed fund established by the provincial government investment guidance fund aims to support the revitalization of the seed industry, focusing on cutting-edge areas such as biological breeding [4] - The investment in the supply platform "Cai Shi Xian" under Yonghui is intended to enhance the processing, sorting, and circulation efficiency of high-quality agricultural products from Shaanxi [4]

Core Viewpoint - Dinglong Technology has not yet entered the photoresist field but is actively developing photosensitive polyimide (PSPI) monomers, which are essential for high-end manufacturing applications [2] Company Overview - Dinglong Technology primarily produces raw materials for hair dye, specialty engineering materials monomers, and agricultural protection materials [2] - The company is currently focusing on cultivating PSPI monomers, which have not yet been industrialized [2] Industry Application - PSPI monomers are crucial raw materials for synthesizing photosensitive polyimide materials, with applications in semiconductors, flexible displays, and micro-electromechanical systems (MEMS) [2] - The specific application of the produced PSPI monomers in the photoresist field is not confirmed, and details will depend on disclosures from downstream and end manufacturers [2]

Core Insights - A Chinese research team has successfully developed a high-purity iron known as "5N high-purity iron" with a purity level exceeding 99.999%, breaking the long-standing monopoly held by American and Japanese companies [1][3][10] - The production cost of this new material is only one-fifth of the import price, significantly impacting the international market and forcing foreign suppliers to lower their prices [1][8][9] Industry Impact - The semiconductor industry benefits from the use of domestic 5N2 high-purity iron, leading to a significant reduction in chip defect density and accelerating the advancement of 7nm technology, with Japanese suppliers forced to reduce prices by 37% [8][10] - The lifespan of aerospace engine blades has improved by 20% when using the new high-purity iron, enhancing performance under extreme conditions [8] - International suppliers, previously indifferent to Chinese demands, are now actively seeking long-term agreements, with Japanese suppliers reducing their prices from 200,000 yuan/ton to 120,000 yuan/ton, and major German and Korean companies placing large orders [8][10] Technological Breakthrough - The breakthrough in producing 5N high-purity iron was achieved through advanced vacuum zone melting technology, which required extreme precision and self-reliance in equipment development due to long-standing export restrictions from foreign countries [7][8] - The successful production of 5N2 high-purity iron marks a significant leap from the previous 4N8 level, demonstrating China's capability in high-end material manufacturing [5][7]

Core Viewpoint - The "15th Five-Year Plan" emphasizes the transformation of the economy towards high-quality development, focusing on new productive forces as the main engine for growth, with a shift in investment paradigms towards technology innovation and industrial upgrading [1][2]. Group 1: Economic Development and Investment Opportunities - The "15th Five-Year Plan" highlights the importance of expanding domestic demand and improving income distribution to drive consumption as a key growth engine [2]. - The plan aims to significantly enhance the level of technological self-reliance, focusing on critical areas such as semiconductor equipment and high-end materials, while also exploring future industries like quantum technology and brain-machine interfaces [2][4]. - Investment logic is shifting from short-term speculation to long-term value, with a focus on companies with technological barriers and continuous innovation capabilities, particularly in advanced manufacturing and hard technology sectors [3][4]. Group 2: Structural Upgrades and Industry Focus - The economic development during the "15th Five-Year Plan" will rely more on structural upgrades rather than scale expansion, with advanced manufacturing and strategic emerging industries as key targets [4][5]. - Investment opportunities are identified in artificial intelligence, quantum technology, biomanufacturing, and commercial aerospace, as well as in the transformation of traditional manufacturing towards smart and green practices [4][8]. - The importance of industry chain collaboration and full-chain layout is emphasized, with a focus on integrating technology, industry, and finance to enhance overall competitiveness [6][7]. Group 3: Capital Market Dynamics - The capital market is expected to evolve with a new valuation system that prioritizes R&D intensity, core patent numbers, and technology conversion efficiency over traditional financial metrics [6][7]. - Long-term capital mechanisms are being improved to support stable funding for technology enterprises, with an anticipated increase in direct financing and a more favorable environment for private enterprises with core technologies [3][6]. - The focus on new energy, new materials, and strategic emerging industries is expected to create significant investment potential as traditional industries undergo transformation [8][19]. Group 4: Policy and Strategic Directions - The "15th Five-Year Plan" sets a clear policy direction for supporting emerging industries while also upgrading traditional sectors, ensuring a balanced approach to economic development [16][19]. - The emphasis on technological innovation as a core strategic priority reflects a commitment to transitioning from a manufacturing powerhouse to a technology-driven economy [19][20]. - Education reforms are aligned with strategic needs to ensure a robust talent pipeline for future industries, particularly in high-demand fields like AI and engineering [20].

Core Insights - The conference focused on how AI can reshape the value growth curve of Hong Kong-listed companies, emphasizing collaboration and innovation in the industry [1] Group 1: AI Empowering R&D Innovation - AI technology is driving significant momentum for traditional industry upgrades and breakthroughs in emerging technologies [2] - Companies like MiRui are leveraging AI in cancer screening, with AI models gradually replacing traditional statistical models, leading to improved accuracy in early cancer diagnosis [2] - TianGong International has invested nearly 30 million yuan in AI technology over the past three years, transitioning from imitation to innovation in high-end materials [2] - AI has enhanced the efficiency of research and development processes, allowing for faster molecular sequence design and analysis [3] Group 2: Optimizing Business Operations - China National Pharmaceutical Group has established a comprehensive pharmaceutical distribution network, utilizing AI to enhance operational efficiency and customer experience [4] - AI applications include intelligent warehousing, compliance with medical insurance regulations, and patient management services, significantly improving internal operations [4] - MiRui's AI platform facilitates professional training and enhances the interpretation of genetic data reports for clients [5] - AI is also used in vaccine production to ensure compliance with regulatory standards and improve quality management [5] Group 3: Building Sustainable AI Drivers - The integration of AI across industries presents both opportunities for efficiency and challenges for deep integration [6] - Companies must convert AI's potential into sustainable core drivers to maintain competitive advantages [6] - The strategic planning for the 14th Five-Year Plan emphasizes the importance of AI technology in business development [7] - Collaboration with leading AI firms is seen as essential for widespread application of AI in the industry [7]