Investment Rating - The report maintains a "Positive" outlook on the 3D printing industry, indicating a low current penetration rate and potential for rapid growth driven by the expansion of demand for customized products and the popularization of the 3D farm model [7]. Core Insights - The 3D printing industry is entering a "singularity moment," where growth is driven not just by technological breakthroughs but also by a paradigm shift in industrial manufacturing and a surge in consumer demand for personalized products. Key drivers include agile manufacturing advantages in industrial-grade 3D printing, the ability to produce complex shapes, and the democratization of technology in consumer-grade 3D printing [9][13]. - The global 3D printing market is projected to reach $21.9 billion in 2024, with a year-on-year growth of 9.31%. In China, the market is expected to reach 42.3 billion yuan, with a significant portion of revenue coming from equipment and services [9][69]. Summary by Sections Investment Suggestions and Targets - The report suggests that the 3D printing industry is poised for rapid growth due to low current penetration rates and expanding demand. Key investment targets include: - Consumer-grade 3D printing service operator Huina Technology (300609, not rated) - Industrial-grade metal printing equipment manufacturers Plater (688333, not rated) and Huashu High-Tech (688433, not rated) - 3D printing material suppliers Jialian Technology (301193, not rated) and Youyan Powder Materials (688456, not rated) [4][21]. Industry Overview - 3D printing technology is characterized by its flexibility and high production capacity, allowing for the creation of complex structures with minimal waste. The technology has evolved from traditional subtractive manufacturing to additive manufacturing, enabling significant design freedom and reduced production cycles [22][24]. - The main materials used in 3D printing include plastics and metal powders, with various technological routes such as FDM, SLS, and SLA being commercially viable [31][36]. Market Outlook - The global 3D printing market is experiencing a golden development period, with both consumer and industrial segments expected to expand. The U.S. leads the market, while the Asia-Pacific region is catching up rapidly. The market for 3D printing materials is projected to grow by 35.21% in 2024, with significant growth also seen in 3D bioprinting and metal additive manufacturing [58][62]. - In China, the 3D printing market is expected to reach 42.3 billion yuan in 2024, with a strong focus on equipment and services, which together account for 76% of the market [69][70]. Key Players - The report highlights the differentiation among leading companies in the industrial-grade 3D printing sector, with notable players like Plater and Huashu High-Tech excelling in metal 3D printing. In the consumer-grade sector, Huina Technology is building a supply-demand ecosystem through a combination of scale farms and offline stores [9][20][21].

Core Insights - The satellite internet and commercial aerospace sectors are experiencing a rebound, with the China Satellite Industry Index rising by 1.3% as of 11:00 AM, driven by significant gains in stocks such as Platinum (up over 10%), Guangku Technology (up over 7%), and Aopu Optoelectronics (up over 5%) [1] Group 1: Market Performance - The China Satellite Industry Index has shown a positive trend, indicating strong market interest and investment potential in the satellite sector [1] - Key stocks within the index have demonstrated substantial price increases, reflecting investor confidence and market momentum [1] Group 2: Industry Developments - The "Thousand Sails Constellation" communication project has successfully met its expected performance metrics, with international application testing underway, including successful demonstrations in Kazakhstan [1] - The commercial rocket launch market in China has significant growth potential compared to global standards, with increasing demand driven by the expansion of large satellite constellations [1] Group 3: Investment Opportunities - The China Satellite Industry Index includes 50 companies across satellite manufacturing, launching, and application sectors, providing comprehensive coverage of the industry chain [1] - The E Fund Satellite ETF (563530) tracks this index, offering investors a streamlined way to capitalize on opportunities within the satellite industry [1]

Core Insights - The trading volume of Plutotech reached 1.276 billion RMB, marking the highest level since March 10, 2025 [2] - The latest stock price increased by 10.61%, with a turnover rate of 5.86% [2] - The previous trading day recorded a total trading volume of 543 million RMB [2] Company Overview - Xi'an Plutotech Additive Technology Co., Ltd. was established on July 6, 2011, with a registered capital of 274.322174 million RMB [2]

Core Insights - The commercial aerospace market in China is poised for significant growth, driven by technological breakthroughs and policy support, with a potential market size reaching trillions [1] - The 2025 Commercial Aerospace Forum showcased advancements in various segments of the industry, including rocket launches and satellite management, indicating a robust development trajectory [1] Industry Overview - The commercial aerospace sector is experiencing a dual inflection point characterized by technological advancements and market expansion [1] - The opening of national major aerospace projects to commercial entities and the acceleration of in-orbit service capabilities are key factors contributing to this growth [1] Market Performance - As of December 4, 2025, the Zhongzheng General Aviation Theme Index (931855) rose by 1.08%, with notable increases in constituent stocks such as Plittech (up 12.17%) and Guanglian Aviation (up 9.04%) [1] - The General Aviation ETF Fund (561660) also saw a 1.10% increase, reflecting positive market sentiment towards the sector [1] Key Stocks - The top ten weighted stocks in the Zhongzheng General Aviation Theme Index account for 40.68% of the index, highlighting the concentration of market influence among these companies [2] - Notable stocks include Aerospace Electronics (600879) and Haige Communication (002465), which are among the top performers in the index [2][3]

Core Insights - The satellite industry is experiencing a resurgence, with the satellite industry ETF (159218) rising by 0.72% and reaching a peak increase of 0.96%, indicating strong market interest and trading activity [1] - Key players such as Plutotech, Aerospace Micro, and Zhongke Xingtou are leading the charge in this growth [1] - The trading volume has increased significantly, with a turnover rate of 6.53% and a transaction value exceeding 44 million [1] Domestic Developments - The successful maiden flight of the reusable "Zhuque-3" rocket marks a significant milestone for the domestic satellite industry, enhancing the ecosystem of industry chain cooperation [1] - This achievement is expected to catalyze further advancements and investments within the sector [1] International Context - SpaceX's "Starlink" service launching in South Korea highlights the intensifying global competition in the satellite internet market [1] - The competitive pressure from international players is driving the acceleration of satellite internet infrastructure development in China [1] Growth Opportunities - The combination of policy support and competition from "Starlink" is creating clear growth opportunities for the entire satellite industry chain in China [1]

Core Viewpoint - The stock of Plater Technology has shown significant growth this year, with a year-to-date increase of 97.36%, indicating strong market performance and investor interest [1][2]. Company Overview - Plater Technology, established on July 6, 2011, and listed on July 22, 2019, is based in Xi'an, Shaanxi Province. The company specializes in providing comprehensive solutions for metal additive manufacturing (3D printing) and remanufacturing technology [1]. - The revenue composition of Plater Technology includes 63.33% from customized 3D printing products and technical services, 27.89% from 3D printing equipment, accessories, and technical services, and 8.78% from 3D printing raw materials [1]. Financial Performance - For the period from January to September 2025, Plater Technology achieved a revenue of 1.161 billion yuan, representing a year-on-year growth of 46.47%. The net profit attributable to the parent company was 156 million yuan, showing a remarkable increase of 234.83% [2]. - Since its A-share listing, Plater Technology has distributed a total of 82.677 million yuan in dividends, with 66.517 million yuan distributed over the past three years [3]. Shareholder Information - As of November 6, 2025, the number of shareholders of Plater Technology stood at 15,700, with an average of 17,462 circulating shares per person, indicating stable shareholder engagement [2]. - Notably, Hong Kong Central Clearing Limited has entered the top ten circulating shareholders with a holding of 4.1088 million shares, while Invesco Great Wall Research Selected Stock A has exited the list [3].

Market Overview - The general equipment sector increased by 0.69% on December 1, with Youji Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3914.01, up 0.65%, while the Shenzhen Component Index closed at 13146.72, up 1.25% [1] Top Gainers in General Equipment Sector - Youji Co., Ltd. (Code: 920943) closed at 24.11, up 11.98% with a trading volume of 44,100 shares and a turnover of 106 million yuan [1] - Iceberg Cold Chain (Code: 000530) closed at 6.77, up 10.08% with a trading volume of 673,600 shares and a turnover of 437 million yuan [1] - Zhongshu Co., Ltd. (Code: 300553) closed at 38.36, up 7.00% with a trading volume of 69,900 shares and a turnover of 263 million yuan [1] Top Losers in General Equipment Sector - Hexin Instruments (Code: 688622) closed at 109.50, down 6.03% with a trading volume of 20,800 shares and a turnover of 232 million yuan [2] - Yonghe Intelligent Control (Code: 002795) closed at 6.65, down 4.18% with a trading volume of 673,400 shares and a turnover of 448 million yuan [2] - Silin Jie (Code: 688115) closed at 65.42, down 4.05% with a trading volume of 15,800 shares and a turnover of 10.5 million yuan [2] Capital Flow Analysis - The general equipment sector experienced a net outflow of 337 million yuan from institutional investors, while retail investors saw a net inflow of 219 million yuan [2][3] - Iceberg Cold Chain had a net inflow of 122 million yuan from institutional investors, but a net outflow of 23 million yuan from retail investors [3] - New Lai Materials (Code: 300260) had a net inflow of 117 million yuan from institutional investors, with retail investors also experiencing a net outflow of 72 million yuan [3]

Core Viewpoint - The stock of Plater Technology has shown significant growth this year, with a year-to-date increase of 93.80%, indicating strong market interest and performance in the 3D printing sector [1][2]. Financial Performance - For the period from January to September 2025, Plater Technology achieved a revenue of 1.161 billion yuan, representing a year-on-year growth of 46.47% [2]. - The net profit attributable to shareholders for the same period was 156 million yuan, reflecting a substantial increase of 234.83% year-on-year [2]. Stock Market Activity - As of November 25, the stock price of Plater Technology was 76.20 yuan per share, with a trading volume of 330 million yuan and a turnover rate of 1.60% [1]. - The company has appeared on the stock market's "Dragon and Tiger List" three times this year, with the most recent instance on July 3, where it recorded a net purchase of 53.126 million yuan [1]. Shareholder Information - As of November 6, the number of shareholders for Plater Technology was 15,700, with an average of 17,462 circulating shares per person [2]. - The company has distributed a total of 82.677 million yuan in dividends since its A-share listing, with 66.517 million yuan distributed over the past three years [3]. 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 [1]. - The revenue composition of the company includes 63.33% from customized 3D printing products and technical services, 27.89% from 3D printing equipment, parts, and technical services, and 8.78% from 3D printing raw materials [1].

Core Insights - In the first three quarters of this year, 24 3D printing concept stocks reported a year-on-year increase in net profit, including significant growth from companies like Inno Laser, Chuangjiang New Material, and Aobi Zhongguang-UW [1] Performance Summary - Inno Laser achieved a net profit of 0.22 billion yuan, marking a year-on-year growth of 24.65 times [1] - Among the 24 stocks with profit growth, 6 have a rolling P/E ratio below 30, including Lichong Group, Yizhi Mi, and Aidi Te [1] - The average drawdown for these 24 stocks, compared to their yearly highs as of November 24, is 21.22%, with Huagong Technology and Meirui New Material experiencing drawdowns exceeding 30% [1] - Companies like Nengzhiguang, Ruike Laser, and Jiuri New Material have drawdowns between 25% and 30% [1]

Group 1 - The A-share index turned positive in the afternoon, with sectors like Pinduoduo, China Shipbuilding, and commercial aerospace leading the gains. The Universal Aviation ETF (159230) rose by 3.4%, with stocks like Leike Defense hitting the daily limit and Chenxi Aviation increasing by 9.82% [1] - The 2025 Hunan (International) General Aviation and Low-altitude Economy Industry Expo was held in Hunan, focusing on the theme "Developing Low-altitude Economy, Leading a Better Life." The expo covered an area of 60,000 square meters and featured over 20 key activities, attracting more than 200 leading enterprises [1] - Hunan has made significant progress in low-altitude economic development, establishing a verification test area of 245 square kilometers and laying out 687 low-altitude application scenarios. Various companies are integrating their technologies and products with sectors like agriculture, culture and tourism, emergency response, and education to capitalize on the low-altitude economic opportunities [1] Group 2 - CITIC Construction Investment Securities highlighted the general aviation industry as an important area of new productive forces, emphasizing its foundational attributes in the low-altitude economy. The industry is expected to experience rapid growth driven by supportive policies, continuous technological breakthroughs, and expanding application scenarios [2] - The industry scale of the low-altitude economy is projected to reach 3.5 trillion yuan by 2035, indicating significant growth potential. Additionally, companies in the general aviation sector that have both military and civilian operations are expected to benefit from increased military trade demand amid a backdrop of de-globalization [2]