--- title: "Wall Street chases HALO, smart money bets on TIANGONG INT'L" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/277477690.md" description: "Wall Street's obsession with the \"asset-light\" model is being shattered by reality, as funds flow into the \"HALO trading\" sector, such as heavy asset companies like power grids and railways. With the development of AI technology, the competitive advantage of asset-light companies is diminishing, while TIANGONG INT'L, with its over forty years of heavy asset and hard technology accumulation, is experiencing a market reevaluation. TIANGONG INT'L's production equipment and technological accumulation require substantial investment and years of construction, demonstrating its unique value in the current market environment" datetime: "2026-03-02T13:57:17.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/277477690.md) - [en](https://longbridge.com/en/news/277477690.md) - [zh-HK](https://longbridge.com/zh-HK/news/277477690.md) --- > 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/277477690.md) | [English](https://longbridge.com/en/news/277477690.md) # Wall Street chases HALO, smart money bets on TIANGONG INT'L For a long time, the global capital market's obsession with the "light asset" model has almost become a belief. Whether on Wall Street or in Central, as long as a company can tell a good SaaS (Software as a Service) story, with high gross margins and infinitely replicable code, the market is willing to give it a sky-high valuation of 10 to 20 times PS. The logic is simple: the marginal cost of code approaches zero, and once it runs smoothly, it becomes a perpetual money-printing machine. However, entering 2026, this belief is being shattered by reality. Once revered software stocks are facing a wave of sell-offs, and funds are frantically flowing into what is called "HALO trading" (heavy assets, low elimination) sectors—power grids, railways, and key materials companies. Morgan Stanley and Goldman Sachs are both recommending HALO assets in their research reports. Behind this is a simple yet powerful logic reversal: when AI can instantly generate code and easily disrupt software interfaces, the moat of light asset companies is being filled; but AI can never replicate a steel plant that takes years to build and billions in investment, nor can it create the essential materials of the physical world out of thin air. This shift in logic has pulled the market's spotlight from the virtual digital world back to the hard physical reality. In this wave of value reassessment, a company rooted in Danyang, Jiangsu, China—TIANGONG INT'L—stands right at the center of the stage with its more than 40 years of accumulated "heavy assets" and "hard technology." As the market's direction shifts from chasing the lightness of code to embracing the weight of industry, the unique value of TIANGONG INT'L deserves to be re-examined. **1.** **The HALO moat forged from the furnace** To understand TIANGONG INT'L, one must first step into its 1.3 million square meter factory area, where there is not a line of infinitely replicable code, only massive electric furnaces, precision forging machines, and numerous "heavy guys" such as powder metallurgy production equipment. The construction cycle of these "guys" is measured in years, with investments in the billions, and the debugging and process accumulation takes decades—this is the "physical reset cost" that the capital market is re-pricing. If someone wants to start from scratch and recreate a company of the same scale as TIANGONG, how much money and how many years would it take? Even if someone is willing to invest these, what kind of competitors would they face? TIANGONG INT'L has demonstrated the difficulty of the challenge with data. Currently, TIANGONG INT'L's global market share of mold steel products exceeds 30%, with high-speed steel tools ranking first in the world for 21 consecutive years. This champion path was not built in a day. Starting from producing paper ropes in 1981, to beginning high-speed steel production in 1992, and then in 2004, the company's high-speed tool steel output jumped to first in the world, and in 2018 it was selected as a national champion product. Today, TIANGONG INT'L can produce 200,000 tons of mold steel, 50,000 tons of high-speed steel, and 400 million high-speed steel cutting tools annually, with products reaching nearly 100 countries and regions worldwide. Behind these numbers is tangible physical capacity, a "scarce resource" that no AI can instantly generate Beyond heavy assets, a deeper moat lies in "low elimination." The core logic of HALO trading is to seek assets immune to technological disruption. No matter how AI evolves, the fundamental logic of modern industry will not change: manufacturing cars still requires high-performance mold steel, processing aerospace components still relies on durable high-speed steel, and the demand for lightweight, high-strength titanium alloys in consumer electronics and deep-sea exploration will only continue to grow. The products of TIANGONG are precisely the "reinforced concrete" embedded in the fabric of modern industry. They adhere to the underlying laws of physics and chemistry, rather than easily rewritten software logic. Powder metallurgy materials are listed in the forefront of new materials and the key materials catalog for the "14th Five-Year Plan," high-speed tool steel and mold steel are included in the key development of advanced basic materials in "Made in China 2025," and titanium alloys are classified as critical strategic materials. Looking to the future, these materials themselves are "ballast"—they will not become obsolete due to technological iterations; instead, they will become even more indispensable with the emergence of new technologies. **II. When AI reaches physical boundaries, who is "selling water"?** The above more showcases TIANGONG's "defensive capability"—no matter how AI disrupts the software world, its products will always be in demand. But this is only one side of the coin. What truly places this company at the center stage is its "offensive capability": when AI rushes from the digital world to the physical world, what gets stuck first is not the algorithms, but the special materials. TIANGONG happens to stand at a critical node in this chain. For example, its powder metallurgy technology is the bridge connecting "AI demand" and "physical supply." Traditional casting methods can only produce limited items, but powder metallurgy can create things that traditional processes cannot—such as high-nitrogen alloys needed for robotic (core stock) joints and special steels required for nuclear fusion reactors. These are precisely the "physical plugins" most in demand in the AI era. This is not a crossover but an extension. TIANGONG has not become a robotics (core stock) company, nor has it transformed into a nuclear fusion company; it remains a materials company. However, it has used its long-term technological accumulation to position itself as the "water seller" for these cutting-edge industries. **1) High-nitrogen alloy: One material platform, three application battlefields** High-nitrogen alloy is a representative achievement of TIANGONG's powder metallurgy technology. This material achieves comprehensive properties of high strength, high toughness, high corrosion resistance, high wear resistance, and fatigue resistance by stably incorporating nitrogen elements into the alloy. As TIANGONG's Chairman Zhu Xiaokun puts it, "The service life of one ton of high-nitrogen steel is equivalent to that of 10 tons of traditional steel, marking an important milestone innovation for the company in developing high-end materials." Traditional processes struggle to effectively incorporate nitrogen into alloys, but TIANGONG has successfully overcome this "bottleneck" problem by combining powder metallurgy with modern technology. The value of this material lies in the fact that it is not customized for a single scenario; rather, due to its comprehensive performance advantages, it can simultaneously enter multiple high-end manufacturing fields such as aerospace, humanoid robotics (core stock), and medical devices (core stock) Taking humanoid robots (core stock) as an example. One of the key constraints on the industrialization of humanoid robots is the material of the planetary roller screw. This component is equivalent to the joints of the robot and needs to withstand high-frequency repetitive movements throughout its lifecycle. In 2025, the high-nitrogen alloy material TPMDC02A independently developed by Tiangong successfully passed technical verification and was officially delivered to Runfu Power for the production of planetary roller screws. Subsequently, the company signed a strategic cooperation agreement with Heng'erda to jointly develop high-nitrogen steel products suitable for the production of planetary roller screws. **2)** **"Furnace Materials" for Nuclear Fusion** In January 2026, Tiangong's subsidiary Tiangong Aihe officially signed on as a core member of the "Fusion High-End Metal Materials R&D Joint Laboratory (core stock)." This platform, led by national strategic scientific and technological forces, marks Tiangong's critical role in tackling key materials for the national nuclear fusion major project. Nuclear fusion is hailed as the "ultimate energy," and one of its biggest bottlenecks for commercialization is materials—the internal temperature of the reactor can reach hundreds of millions of degrees, and the structural materials of the cladding must withstand intense neutron irradiation and extreme thermal loads. Zhu Xiaokun said, "How to create a device that can contain this energy is key, and this is also a major focus of Tiangong's future R&D." Leveraging powder metallurgy technology, Tiangong International is conducting targeted research on advanced low-activation steel and high-boron steel for nuclear power (core stock). It is reported that the demand for advanced low-activation steel and high-boron steel for each nuclear fusion reactor is 4,000-7,000 tons and 400-1,000 tons, respectively. Currently, the company has successfully overcome a series of technical challenges related to new neutron shielding materials for fusion devices and has achieved small-batch trial production. The experimental pieces have a dispersed and uniform distribution of the reinforcing phase, with a maximum size not exceeding 4μm, meeting international standards and aiding the construction of domestic compact fusion experimental devices (BEST). These tracks may seem disparate, but they share a common logic: they all require powder metallurgy technology to create things that traditional processes cannot produce. Tiangong International has transformed this capability from "laboratory (core stock)" to "production line," from "filling gaps" to "bulk supply." Currently, the company has an annual powder metallurgy production capacity of 8,000 tons, placing it in a leading position in the industry. If Tiangong International's tool steel is the "ballast stone" of industry, then powder metallurgy technology is its "water bucket"—helping it pour its forty years of accumulation, bucket by bucket, into future industries such as aerospace, humanoid robots (core stock), and nuclear fusion. As the market begins to reprice the scarcity of the physical world, Tiangong International has already secured its ticket to future industries. **Three,** **Conclusion** From "software dominating the world" to "HALO trading" sweeping Wall Street, the essence of this value reassessment is that the market has finally seen a simple truth: no matter how dazzling the digital world is, it must ultimately be built on a solid physical foundation. Tiangong International has built the most scarce certainty of this era with over forty years of hard work. This "invisible champion" that emerged from a small factory in Danyang Village may once again validate one thing: the true moat is not in the code, but in the furnace More exclusive planning and expert columns in the stock channel, free to access \>\> ### 相關股票 - [TIANGONG INT'L (00826.HK)](https://longbridge.com/zh-HK/quote/00826.HK.md) ## 相關資訊與研究 - [Tiangong International Grants 30 Million Share Options to Directors and Employees](https://longbridge.com/zh-HK/news/273056852.md) - [The Next Big AI Winner Might Not Be a Tech Company](https://longbridge.com/zh-HK/news/281689441.md) - [MedPal AI Wins Strong Shareholder Backing at AGM as It Expands AI Health Platform](https://longbridge.com/zh-HK/news/281501359.md) - [The investor who coined the 'HALO trade' says now's the time to buy the dip in software](https://longbridge.com/zh-HK/news/281395979.md) - [17:23 ETRafay Systems Transforms GPU Providers Into AI Factories By Empowering Them to Monetize Token-Metered Access to AI Models](https://longbridge.com/zh-HK/news/281577708.md)