Investment Rating - The report maintains an "Accumulate" rating for the 3D printing industry, indicating a positive outlook for investment opportunities in this sector [5]. Core Insights - 3D printing is a new manufacturing process based on layer-by-layer material accumulation, offering significant advantages over traditional subtractive manufacturing in terms of cost control, customization, and material utilization [1][16]. - The global 3D printing market is projected to reach $21.9 billion by 2024, with China's market exceeding 50 billion yuan, highlighting rapid growth in this sector [2][36]. - The aerospace sector accounts for a significant portion of 3D printing applications, with nearly 58% of China's industrial-grade 3D printing applications in this field [2][41]. Summary by Sections 1. 3D Printing: A Strategic Emerging Industry - 3D printing is recognized as a strategic emerging industry supported by national policies, enhancing its development and application in various sectors [24][27]. - The technology is particularly advantageous for small-batch production, allowing for cost savings and efficiency improvements compared to traditional manufacturing methods [17][19]. 2. Market Growth and Applications - The 3D printing market is expected to grow rapidly, with a compound annual growth rate of 18% projected over the next decade [31]. - Key application areas include aerospace, medical, and automotive sectors, which together account for nearly 50% of global 3D printing applications [38][39]. 3. Cost Reduction and Adoption in Civilian Sectors - Continuous cost reductions in 3D printing materials and equipment are facilitating its adoption in civilian sectors, such as consumer electronics and footwear [2][52]. - The price of 3D printing powders has significantly decreased, with titanium alloy powder prices dropping by 50% recently, making the technology more accessible [56][57]. 4. Investment Recommendations - The report suggests focusing on companies such as Platinum Technology, Huazhu High-Tech, and Aisikai, which are well-positioned to benefit from the growth in the 3D printing industry [4].

Group 1: Gold Market Analysis - The report highlights that central bank gold purchases are a significant driver of gold price increases, with an estimated 1,044 tons purchased in 2024 [2] - Investment demand for gold is expected to dominate in the short term, with a projected investment demand of 1,179 tons in 2024, while gold jewelry consumption is anticipated to decline by 11% year-on-year to approximately 1,877 tons [2][3] - The report notes a significant increase in gold ETF sizes, with domestic gold ETFs rising by over 50 billion in April, indicating heightened investor interest in gold [3] Group 2: Coal Industry Insights - The coal sector is expected to see an upward turning point by the end of May, coinciding with the summer peak demand, suggesting that the current price drop is the last before the peak season [2] - The report recommends key coal companies such as China Shenhua, Shaanxi Coal, and China Coal Energy, indicating a strong dividend logic for these leading firms [4][30] - The report anticipates that the coal industry has fully released risks, with a potential upward trend expected as demand recovers, particularly with the summer peak approaching [33] Group 3: Beauty and Biotech Sector Developments - The report discusses Jinbo Biological's new collagen technology, which eliminates reliance on chemical cross-linking agents, marking a significant innovation in the field of biocompatible materials [12] - Jinbo Biological's new product, a recombinant type III humanized collagen gel, is expected to enhance safety and efficacy in clinical applications, with a target price set at 565.54 yuan [12][13] - The company is projected to achieve significant earnings growth, with EPS estimates of 12.57, 17.20, and 22.14 yuan for 2025-2027 [12] Group 4: AI and Technology Sector Updates - The report emphasizes that ByteDance has emerged as a leading force in AI development, with new models and applications being introduced [25] - The launch of the MCP Servers by ByteDance is expected to facilitate AI application development, streamlining the process for developers [26] - The introduction of new AI technologies, such as the DiskANN and RaBitQ algorithms, is anticipated to significantly enhance performance in vector retrieval applications [27]

Investment Rating - The report suggests a long-term positive outlook for the military industry, with specific companies recommended for investment, including 中航沈飞, 航天南湖, and 中航西飞, among others [12][9]. Core Viewpoints - The intensification of great power competition is seen as a long-term trend, leading to increased defense spending and a favorable outlook for the military industry. The report emphasizes the need for enhanced national defense capabilities to ensure peace and security [9][3]. - Recent successful satellite launches by China, including the communication technology test satellite and the space computing satellite constellation, highlight advancements in aerospace capabilities [28][11]. - The report notes that the defense industry index has underperformed the broader market, indicating potential investment opportunities in specific sectors [15][10]. Summary by Sections Investment Highlights - Key investment areas include: 1. Assembly: 中航沈飞, 航天南湖, 中航西飞 2. Components: 中航光电, 航天电器, 国博电子 3. Subsystems: 中航机载, 北方导航 4. Materials and Processing: 抚顺特钢, 中航重机, 菲利华, 光威复材, 图南股份, 华秦科技, 铂力特, 西部材料 [12][4]. Market Review - The defense industry index fell by 1.61%, underperforming the Shanghai Composite Index, which rose by 0.76%, and the ChiNext Index, which increased by 1.38%. The defense sector ranked last among 29 sectors [15][16]. - Ground weaponry and aviation sectors performed relatively well during the same period [20][22]. Major News in the Military Industry - Domestic news includes the successful launch of the communication technology test satellite and the space computing satellite constellation, showcasing China's advancements in satellite technology [28][11]. - International developments include the U.S. State Department's approval of a $1.4 billion arms sale to the UAE and President Trump's announcement of the development of the F-55 fighter jet, indicating ongoing military advancements and collaborations [38][34].

中信建投证券股份有限公司 关于西安铂力特增材技术股份有限公司 2024 年度持续督导跟踪报告 | 保荐人名称：中信建投证券股份有限 | 上市公司名称：西安铂力特增材技术股 | | | --- | --- | --- | | 公司 | 份有限公司 | | | 保荐代表人姓名：闫明 | 联系方式：010-56052594 联系地址：北京市朝阳区景辉街 16 号院 | | | | 号楼泰康大厦 层 1 | 11 | | 保荐代表人姓名：关天强 | 联系方式：010-56052386 | | | | 联系地址：北京市朝阳区景辉街 号院 16 | | | | 号楼泰康大厦 层 1 | 11 | 经中国证券监督管理委员会（简称"中国证监会"）"证监许可[2023]1444 号"批准，西安铂力特增材技术股份有限公司（简称"公司"或"铂力特"）向 特定对象发行股票并在科创板上市。本次公司发行新股的发行价为 94.50 元/股， 募集资金总额为 302,854.61 万元，扣除发行费用 2,115.02 万元后，实际募集资金 净额为 300,739.59 万元。本次公开发行股票于 2023 年 12 月 26 日在上海证券交 ...

Investment Rating - The report suggests a long-term positive outlook for the military industry, with specific companies recommended for investment, including 中航沈飞, 航天南湖, and 中航西飞, among others [12][9]. Core Viewpoints - The intensification of great power competition is seen as a long-term trend, leading to increased defense spending and a favorable outlook for the military industry. The report emphasizes the need for enhanced national defense capabilities to ensure peace and security [9][3]. - Recent successful satellite launches by China, including the communication technology test satellite and the space computing satellite constellation, highlight advancements in aerospace capabilities [28][11]. - The report notes the U.S. plans to develop the F-55 fighter jet, indicating ongoing military advancements and competition in the aerospace sector [11][38]. Summary by Sections Investment Highlights - Key investment themes include assembly (中航沈飞, 航天南湖, 中航西飞), components (中航光电, 航天电器, 国博电子), subsystems (中航机载, 北方导航), and materials & processing (抚顺特钢, 中航重机, 菲利华, 光威复材, 图南股份, 华秦科技, 铂力特, 西部材料) [12][4]. Market Review - The military industry index declined by 1.61%, underperforming the broader market by 2.37 percentage points during the week of May 11-16, with the Shanghai Composite Index rising by 0.76% and the ChiNext Index by 1.38% [15][16]. - Ground weaponry and aviation sectors performed relatively well despite the overall decline in the military sector [20][22]. Major News in the Military Industry - Domestic news includes the successful launch of the communication technology test satellite and the space computing satellite constellation, showcasing China's advancements in satellite technology [28][29]. - Internationally, the U.S. has authorized a $1.4 billion arms sale to the UAE, including military helicopters and equipment, reflecting ongoing military collaborations [38][39].

证券代码：688333 证券简称：铂力特 公告编号：2025-026 西安铂力特增材技术股份有限公司 关于召开2024年年度股东大会的通知 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 一、 召开会议的基本情况 召开日期时间：2025 年 6 月 9 日 15 点 00 分 召开地点：陕西省西安市高新区上林苑七路 1000 号西安铂力特增材技术股 份有限公司综合楼会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 6 月 9 日 至2025 年 6 月 9 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 股东大会召开日期：2025年6月9日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 （四） 现场会议召开的日期、时间和地点 东大会召开当日的交易时间段，即 9:1 ...

主要内容 1、军工板块发布 2024 年年报，从我们跟踪的 162 家军工板块重点公司 情况来看，板块共实现营业收入 7649.03 亿元，同比上升 1.16%。分板 块来看，船舶、航发、及航空是三个营收维持正增长的板块；利润方面， 受下游需求、部分型号产品价格下调等多重因素影响，国防军工板块归 母净利润有所下滑。2025 年一季度部分板块见底回暖，地面兵装、航天 （弹）业绩同比企稳回升。板块业绩接近底部，2025 年行业业绩有望迎 来触底回升。 2、配置方面建议围绕三条投资主线，一是传统军工方向，我们建议重 点关注有订单修复预期、有业绩支撑的航发产业、船舶产业以及航空 航天产业；二是新域新质方向，新式战争方面我们建议关注围绕低成 本、智能化、体系化三大特点的行业，包括低成本精确制导弹药、无 人系统以及新一代智能化作战底座；新质生产力方面，我们建议关注 应用市场空间广阔、行业处于快速成长期、国产化率较低的行业，主 要为商业航天、低空经济、大飞机；新技术方面，我们建议关注 MEMS 器件、增材制造以及陶瓷基复合材料。三是改革出海方向，我 们建议关注有资产整合预期、军贸市场具有竞争力的相关公司。 3、推荐标的：传 ...

证券研究报告 | 公司点评 | 通用设备 铂力特(688333) 报告日期：2025 年 05 月 16 日 2024 年营收保持稳健增长，3C+人形机器人打开空间 ——铂力特点评报告 投资要点 ❑ 公司发布 2024 年报及 2025 年一季报，营收同比增长，归母净利润短期承压 1）2024 业绩：公司 2024 年度实现营业收入 13.3 亿元，同比上升 15.0%，主要 系公司在继续深耕航空航天领域的同时，在消费电子市场和应用领域取得新的突 破，并加大海外市场开拓力度。2024 年度实现归母净利润 1.0 亿元，同比下降 5.3%，主要系公司规模的扩张带来的相应的人力成本的增加及固定支出、研发 费用的增加。 2）2025Q1 业绩：公司 2025Q1 实现营业收入 2.3 亿元，同比提升 7.3%；实现归 母净利润-1495 万元，同比由盈转亏，主要系公司加大技术研发创新力度，研发 直接投入较大及职工薪酬增长所致。 ❑ 由于公司规模扩张导致成本增加，盈利能力有所下滑 1）利润率方面：公司 2024 年度毛利率为 37.4%，同比下降 9.8pcts；净利率为 7.9%，同比下降 1.7pcts。2025 ...

扫码申请加入群聊 请备注"进群+姓名、单位、研究/行业方向" 【DT新材料】 获悉， 2024年，我国3D打印进出口总值达98.24亿元，创历史新高，同比增长 30.31%，出口增长35.40%至93.71亿元，进口下降26.70%至4.53亿元。 国内3D打印相关企业2024年 业绩表现各异 ： 铂力特：2024年营收13.26亿元，净利润1.04亿元 公司全年实现营业收入13.26亿元，同比增长15.02%；归母净利润1.04亿元，同比下降5.26%。 公司 围绕金属增材制造产业链 ，开展金属3D打印设备、定制化产品及原材料的研发、生产、销售， 并提供工艺设计开发和技术服务。其金属3D打印设备和定制化产品广泛应用于航空航天、汽车、医 疗等领域，以高精度和可靠性助力高端制造业的发展。 华曙高科：2024年营收4.92亿元，净利润6720.69万元 公司全年实现营业收入4.92亿元，同比下降18.82%；归母净利润6720.69万元，同比下降48.76%。 公司核心产品为 金属和高分子3D打印设备及材料 ，已开发20余款设备和40余款专用材料及工艺，应 用于多个领域。其设备和材料在航空航天、汽车、医疗等领域发 ...

中美经贸谈判取得积极进展 消息面上，商务部今日下午发布《商务部新闻发言人就中美日内瓦经贸会谈联合声明发表谈话》（下称《谈话》）。 （原标题：突发利好，A50指数直线飙升！） 随着智能制造技术的发展，3D打印逐渐成为推动我国新质生产力培育发展的重要力量。 港股尾盘大幅拉升 5月12日下午，富时中国A50期货出现快速拉升，15分钟内，指数涨幅一度拉升至2%附近。港股恒生科技指数也有明显异动，涨幅由2.5%左右瞬 间拉升至5%以上。 多只港股科技龙头出现大幅拉升，比亚迪电子、舜宇光学科技、联想集团一度涨超13%。拉升幅度较大的还有小鹏汽车-W、哔哩哔哩-W、金蝶国 际、阿里巴巴-W、快手-W等。 今日A股市场也迎来大范围上涨。截至收盘，超4100股飘红。军工类题材延续上周的火热表现，其中军贸概念、军工信息化、军民融合、卫星导 航、大飞机等指数涨幅领先。军工龙头成飞集成今日再次涨停，截至目前，已连续录得4个涨停板。 《谈话》称，双方一致同意建立中美经贸磋商机制，就经贸领域各自关切保持密切沟通，开展进一步磋商。中方代表是国务院副总理何立峰，美 方代表是财政部长贝森特和贸易代表格里尔。双方将定期或不定期轮流在中国、美国开 ...