Group 1 - The core viewpoint of the news is that A-share stocks related to the Western Development concept have collectively strengthened, driven by a policy announcement from multiple government departments to support the construction of the Western Land-Sea New Corridor [1] - The People's Bank of China and the Chongqing Municipal Government will work with relevant departments to implement the 21 key measures proposed in the policy, which aim to enhance financial support for high-quality development of the corridor [1] Group 2 - Tianli Composite saw a significant increase of 13.08%, with a total market value of 9.807 billion [2] - Chengdu Huamei and Xitai Power both rose over 11%, with market values of 30.5 billion and 6.11 billion respectively [2] - Other notable stocks include Tianjun Co., Chongqing Port, and Tianao Electronics, all achieving around 10% gains, with market values ranging from 2.488 billion to 12.1 billion [2]

Core Viewpoint - The general aviation sector is experiencing significant growth, driven by the launch of a commercial aerospace industry alliance fund and the anticipated advancements in rocket recovery technology in China [1][2]. Group 1: Market Performance - As of December 25, 2025, the China General Aviation Theme Index (931855) rose by 1.94%, with key stocks such as Guanglian Aviation (300900) increasing by 19.99% and Plittech (688333) by 6.93% [1]. - The General Aviation ETF (561660) also saw a rise of 1.90%, with the latest price reported at 1.13 yuan [1]. - Over the past week, the General Aviation ETF fund experienced a significant growth of 193.17 million yuan [2]. Group 2: Fund and Investment Details - The newly launched commercial aerospace industry alliance fund has an initial issuance scale of 1 to 2 billion yuan, with a long-term goal of expanding to 10 billion yuan over a 10-year period [1]. - The fund will focus on four main areas: low-orbit satellite constellations and satellite internet, reusable launch vehicles and rocket launch services, new materials and devices for commercial aerospace, and the development and utilization of space resources [1]. - The top ten weighted stocks in the China General Aviation Theme Index account for 40.68% of the index, including companies like Aerospace Electronics (600879) and Haige Communication (002465) [2].

Core Insights - The metal-based 3D printing materials industry is experiencing significant growth, with the domestic market expected to reach approximately 5 billion yuan in 2024, entering a phase of large-scale production [1][10] - The industry ecosystem is characterized by clear upstream, midstream, and downstream divisions, with upstream relying on mineral resources and equipment supply, midstream focusing on the production of various metal powders, and downstream catering to diverse fields such as aerospace, medical, and automotive [1][7] Industry Overview - Metal-based 3D printing materials are essential for additive manufacturing, primarily in the form of metal powders, which must meet specific requirements for particle size and flowability to ensure high-performance final products [2][3] - The industry can be categorized into three main types of materials: common alloys (e.g., titanium alloys, stainless steel), special metals (e.g., refractory metals, high-entropy alloys), and remanufacturing materials (e.g., nickel-based alloys) [3][5] Market Growth - The global 3D printing market is projected to reach $21.9 billion by 2024, with a year-on-year growth of 9.31%, and a compound annual growth rate (CAGR) of 14.34% from 2018 to 2024 [7][8] - The Chinese 3D printing market is expected to grow to 42.3 billion yuan in 2024, with a year-on-year increase of 15.26%, significantly outpacing global growth [8][10] Competitive Landscape - The industry features a competitive landscape with leading companies like PLT (铂力特) and AVIC (中航迈特) at the forefront, alongside specialized firms focusing on niche materials [11][12] - The competition has evolved from equipment-based to an integrated ecosystem where "materials-processes-applications" are deeply intertwined, emphasizing the need for comprehensive solutions tailored to specific applications [11][12] Development Trends - The future of the metal-based 3D printing materials industry will focus on the integration of design, materials, and processes, leveraging AI for intelligent optimization and targeted development of high-performance materials [12][13] - Application scenarios are expanding from small-batch custom manufacturing in aerospace and medical fields to large-scale production in consumer electronics and new energy vehicles, driven by significant improvements in printing efficiency [14][15] - The industry chain will evolve towards "self-controllable" and "efficient collaboration," emphasizing domestic production of key materials and the establishment of intelligent recycling systems [15]

12月18日，卫星产业板块表现强势。截至下午14时33分，全市场首只卫星产业ETF(159218)上涨 3.60%，盘中一度涨超5%。其成分股航天环宇、铂力特等多股涨幅领先。市场交投活跃，该ETF单日成 交额突破2亿元，环比显著放量。 资讯所属栏目还有更多独家策划、专家专栏，免费查阅>> | 序号 | 代码 | | 名称 | 成交金额 ▼ | 涨跌幅 | 预估规模 年初至今份额变动率 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 159218 | 卫星产业ETF | | 2.00亿 | 3.53% | 8.60亿 | 474.03% | | 2 | 512 | 而 | 4 815 | 1.14亿 | 3.60% | 5.00亿 | -62.68% | | 3 | 563 | 卫星 | | 7368.72万 | 3.78% | 3.09亿 | -4.91% | | 4 | 563 | 卫星 | | 5901.73万 | 3.89% | 2.29/7 | -54.94% | 中泰证券强调，AI算力基础设施和卫星互联网是明年通信行业最重要的两 ...

Core Viewpoint - The company is focused on exploring the application of metal 3D printing in thermal management, providing innovative and cost-effective solutions for various industries including new energy vehicles, 3C, electromechanical equipment, and aerospace [1] Group 1 - The company showcased two types of liquid cooling plates at TCTAsia 2025, highlighting the innovative achievements of metal 3D printing in the field of heat exchange [1] - The new formable material, high thermal conductivity aluminum alloy BLT-AlAM300C, was presented as a key advantage in their offerings [1]

Group 1 - The company, Plater (688333.SH), is involved in the production of parts for the Long March 12A liquid engine [1]

Group 1 - The company Plutotech is involved in 3D printing components for the Long March 12 rocket's liquid engine [1]

Core Viewpoint - The stock of Plater Technology has shown significant growth in 2023, with a year-to-date increase of 141.36%, indicating strong market performance and investor interest [1][2]. Group 1: Stock Performance - As of December 23, Plater Technology's stock price reached 94.90 CNY per share, with a trading volume of 4.33 billion CNY and a market capitalization of 26.033 billion CNY [1]. - The stock has experienced a net inflow of 39.336 million CNY from major funds, with large orders accounting for 27.80% of purchases and 23.09% of sales [1]. - Over the past five trading days, the stock has increased by 12.84%, and over the last 20 and 60 days, it has risen by 25.53% and 22.93%, respectively [1]. Group 2: Company Overview - Plater Technology, established on July 6, 2011, and listed on July 22, 2019, specializes in providing comprehensive solutions for metal additive manufacturing (3D printing) and remanufacturing technology [2]. - The company's revenue composition includes 63.33% from customized 3D printing products and technical services, 27.89% from 3D printing equipment and accessories, and 8.78% from 3D printing materials [2]. - The company operates within the machinery and equipment sector, specifically in general equipment and other general equipment categories, and is involved in various concept sectors such as satellite navigation and commercial aerospace [2]. Group 3: Financial Performance - For the period from January to September 2025, Plater Technology reported a revenue of 1.161 billion CNY, reflecting a year-on-year growth of 46.47%, and a net profit attributable to shareholders of 156 million CNY, which is a 234.83% increase [2]. - Since its A-share listing, the company has distributed a total of 82.677 million CNY in dividends, with 66.517 million CNY distributed over the past three years [3]. - As of September 30, 2025, the number of shareholders stood at 15,700, with an average of 17,462 circulating shares per person [2][3].

行 业 及 产 业 机械设备/ 通用设备 行 业 研 究 / 行 业 点 评 证券分析师 王珂 A0230521120002 wangke@swsresearch.com 李蕾 A0230519080008 lilei@swsresearch.com 研究支持 刘建伟 A0230521100003 liujw@swsresearch.com 联系人 何佳霖 A0230523080002 hejl@swsresearch.com 2025 年 12 月 22 日 3D 打印机出口持续高增长，11 月 出口金额 yoy136% 看好 ——消费级设备系列报告之六 核心要点： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 告 - ⚫ 行业持续高增，出口表现积极。1）数量： 2025 年 1-11 月我国出口 3D 打印机出口数 量为 448 万台，yoy29.60%，其中 11 月出口数量为 52 万台，yoy89.10%。南极熊预 估，2025 年全年我国出口 3D 打印机的总量将达到 500 万台左右。2）金额：2025 年 1-11 月我国出口 ...

格隆汇12月19日｜有投资者在互动平台向铂力特提问：请问公司在商业航天国内有那些客户，公司3D 产品应用到火箭和卫星上了吗，公司和nasa以及SpaceX有合作吗？ 铂力特回复称，公司3D产品已应用到火箭和卫星上，我们合伙的客户有九州云箭、星际荣耀、星众空 间、智星空间等，与nasa以及SpaceX未合作。 ...