华泰紫金中证1000指数增强发起A（018062）成立日期2023年6月8日，最新规模1555.21万。今年以来收 益12.04%，同类排名1195/5549；近一年收益52.25%，同类排名1369/4285；成立以来收益53.88%。 华泰紫金中证1000指数增强发起A（018062）基金经理为毛甜。 截至发稿，毛甜累计任职时间8年50天，现任基金资产总规模5.34亿元，任职期间最佳基金回报 137.86%， 任职期间最差基金回报-34.21%。 1月28日，铂力特跌5.01%，截至发稿，报112.56元/股，成交8.68亿元，换手率2.73%，总市值308.78亿 元。 资料显示，西安铂力特增材技术股份有限公司位于陕西省西安市高新区上林苑七路1000号，成立日期 2011年7月6日，上市日期2019年7月22日，公司主营业务涉及提供金属增材制造(3D打印)与再制造技术 全套解决方案。主营业务收入构成为：3D打印定制化产品及技术服务63.33%，3D打印设备、配件及技 术服务27.89%，3D打印原材料8.78%。 从基金十大重仓股角度 数据显示，华泰资管旗下1只基金重仓铂力特。华泰紫金中证1000指数增 ...

Q&A 3D 打印深度汇报&商业航天应用 20260125 摘要 3D 打印技术通过直接固化金属或非金属材料成型，材料利用率高，尤其 在小批量复杂场景中成本优势明显，但加工精度和大规模生产能力仍有 局限，目前处于早期发展阶段。 主流 3D 打印技术包括粉末床熔融（SOM）和定向能量沉积（DED）， 前者适用于高精度小体积结构件，后者适用于大尺寸产品，在商业航天 领域应用广泛，代表公司有 EOS、GE 及铂力特。 3D 打印材料以非金属为主（60%），金属占 40%，钛合金是主要金属 材料（20%），尼龙和 ABS 是常见非金属材料。金属材料应用于航空 航天、船舶和工业领域，非金属材料用于模具制作和科研。 航空航天是 3D 打印最大下游应用领域（17%），其次是医药牙科 （16%）和汽车行业（15%）。工业级应用仍是主导，但消费级领域增 长迅速。SpaceX 的猎鹰系列火箭发动机中，3D 打印渗透率达到 70% 以上。 国内 3D 打印市场规模 2024 年约 367 亿人民币，设备与服务并存，设 备占比相对较高（约 50%）。全球装机量美国最大（33%），中国仅 占 10%左右。华数高科和铂力特在国内设备市场 ...

Core Insights - The report emphasizes the ongoing prosperity in the commercial aerospace and military sectors, highlighting opportunities in overseas markets and the importance of technological advancements in the industry [2][3] Group 1: Industry Overview - The commercial aerospace sector is experiencing upward momentum, driven by SpaceX's advancements in reusable rocket technology, which could reduce space access costs by 100 times [13] - The military aviation sector is expected to benefit from increased demand for large aircraft and military trade, with significant growth anticipated in 2026 [14] - The report identifies a focus on supply chain reforms and the integration of AI technologies as key trends shaping the future of the defense and aerospace industries [15] Group 2: Investment Recommendations - The report recommends companies that align with the "S-curve" evolution, focusing on supply chain reforms and automation, including firms like航发动力 (Aero Engine Corporation) and 中航沈飞 (AVIC Shenyang Aircraft Corporation) [15] - Companies positioned for expansion in military trade and civil aviation, such as 国睿科技 (Guorui Technology) and 中国动力 (China Power), are highlighted for their growth potential [15] - Emerging industries like commercial aerospace, AI, and quantum computing are also recommended, with firms like 睿创微纳 (Ruichuang Micro-Nano) and 菲利华 (Feilihua) noted for their innovative capabilities [15] Group 3: Company Valuations and Financial Analysis - 航发动力 (Aero Engine Corporation) is projected to have a 2025E EPS of 0.22 CNY, with a PE ratio of 216.82 for 2025 [6] - 中航高科 (AVIC High-tech) is expected to achieve a 2025E EPS of 0.90 CNY, with a PE ratio of 29.16 for 2025 [6] - The report provides detailed financial metrics for various companies, indicating growth in EPS and improvements in PE ratios across the sector, reflecting a positive outlook for the defense and aerospace industries [6]

Investment Rating - The industry investment rating is "Overweight" [7] Core Insights - 3D printing in the commercial aerospace sector significantly aids in cost reduction and efficiency improvement, with traditional rocket engines requiring thousands of parts, while 3D printing can reduce parts by 80% and costs by 90%, compressing production cycles from 6 months to 1 month [2][4] - The domestic 3D printing equipment has achieved industrial-grade application capabilities, with SLM metal printing precision surpassing 0.01 mm, meeting the manufacturing requirements for precision components like rocket engines [3] - The performance improvements and product iterations have led to a breakthrough in domestic 3D printing equipment orders, with exports reaching 3.7777 million units valued at 8.9 billion yuan in 2024, and nearly matching this figure in the first three quarters of 2025 [3] - The application of 3D printing technology in micro-nano satellite components shows significant advantages in mass production, supporting satellite industry launch plans [3][4] Summary by Sections - **Industry Overview**: 3D printing technology is becoming increasingly integrated into the commercial aerospace sector, with notable advancements in reducing component count and weight [4] - **Market Performance**: The domestic 3D printing equipment market is experiencing robust growth, with key players like Huazhu Gaoke and Plitel entering aerospace and new energy vehicle supply chains at competitive prices [3][5] - **Future Outlook**: The report anticipates strong growth for leading domestic 3D printing equipment companies as the market for medium and large reusable rockets and low-orbit satellite constellations develops [4]

Core Insights - The article highlights significant developments in the AI industry, including new product launches, funding rounds, and strategic partnerships, reflecting the rapid evolution and investment in AI technologies globally. Group 1: AI Product Developments - Baidu's Wenxin App is introducing a social feature with "multi-agent group chat" capabilities, aiming to enhance user interaction without directly competing with WeChat [8] - Anker Innovation and Feishu launched the AI hardware product "Anker AI Recording Bean," which features advanced audio recording capabilities and integrates with Feishu's AI functionalities [9] - Baidu released the official version of Wenxin Model 5.0, which supports multi-modal understanding and has 2.4 trillion parameters [17] - Baichuan Intelligence launched the M3 Plus model, which significantly reduces factual hallucinations to 2.6% [19] - Alibaba Health introduced the AI product "Hydrogen Ion," aimed at clinical and research applications with a focus on low hallucination rates [27] Group 2: AI Company Funding and Valuation - OpenEvidence, a medical AI startup, completed a $250 million Series D funding round, valuing the company at $12 billion [22] - OpenAI's CFO announced that the company's annual revenue for 2025 is projected to exceed $20 billion, a significant increase from $6 billion in 2024 [38] - ElevenLabs is negotiating new funding that could raise its valuation to $11 billion [29] - The AI startup Anthropic is seeking to raise at least $25 billion, with Sequoia Capital expected to participate [28] Group 3: AI Industry Trends and Insights - Nvidia's CEO highlighted the increasing demand for skilled tradespeople, suggesting that roles like plumbers and electricians could see six-figure salaries due to the AI-driven infrastructure boom [11] - The global AI financing events decreased by 13 compared to the previous period, with a total disclosed financing amount of 9.57 billion RMB [42] - The distribution of AI funding in China is concentrated in Guangdong and Jiangsu provinces, indicating regional investment trends [47] Group 4: AI Market Competition and Strategic Moves - Google DeepMind's CEO praised ByteDance as a leading AI company in China, suggesting they are only six months behind the cutting edge [11] - Apple plans to significantly revamp Siri into an AI chatbot, aiming to enhance its competitive position in the AI market [36] - Tesla's CEO Elon Musk is pushing for a transformation into a robotics company, with the Optimus robot as a key focus, despite production challenges [8]

（文章来源：证券日报） 证券日报网讯 1月23日，铂力特在互动平台回答投资者提问时表示，公司将在定期报告中披露激光器数 量，届时请关注公司定期报告。 ...

证券日报网讯1月23日，铂力特在互动平台回答投资者提问时表示，公司通过自有金属增材设备为客户 提供金属3D打印定制化产品的设计、生产及相关技术服务，主要应用于航空航天、工业机械、能源动 力、科研院所、医疗研究、汽车制造及电子工业等领域。 ...

Investment Rating - The report maintains an "Outperform" rating for the 3D printing industry as of January 22, 2026 [1] Core Insights - The 3D printing industry is entering a rapid development phase driven by both industrial and consumer applications, with significant market potential projected to reach hundreds of billions [8] - The global additive manufacturing market is expected to grow to $21.9 billion by 2024, with a CAGR of 18% projected until 2034 [8] - Domestic policies in China are increasingly supportive, indicating a maturing industry with substantial growth potential [8] Summary by Sections 1. 3D Printing Technology and Development - Seven core processes facilitate the development of 3D printing across multiple fields, including powder bed fusion and directed energy deposition [16][22] - The technology has evolved from rapid prototyping in the 1980s to widespread commercial applications in various sectors, including aerospace and healthcare [18][20] 2. Industry Growth and Applications - The 3D printing industry is experiencing rapid growth, with applications expanding across various sectors such as aerospace (17.7%), medical (17.6%), and automotive (10.3%) [8][71] - The global market for aerospace 3D printing is projected to reach $2.88 billion by 2025, with a CAGR of 20% until 2035 [8] 3. Market Dynamics and Competitive Landscape - Domestic manufacturers are leading in desktop applications, while industrial-grade 3D printing is seeing increased competition from local firms [8] - Key players in the industrial-grade market include EOS, which holds over 40% market share, followed by other significant companies [8] 4. Investment Opportunities - The report suggests focusing on companies that are well-positioned to benefit from technological advancements and expanding applications, including equipment manufacturers like Huazhu High-Tech and service providers like Jingyan Technology [8]

3D 打印与商业航天 20260121 摘要 3D 打印技术已广泛应用于商业航天领域，尤其在火箭发动机和卫星制造 中，解决了传统加工周期长、精度低及复杂结构难以加工的问题，显著 缩短生产周期并提高良品率。 商业航天领域常用的 3D 打印材料包括钢、铝合金、钛合金等，其中钢 粉价格已降至每公斤五六十元，铝合金约为每公斤三四十元，钛合金降 至两三百元，成本降低促进了应用。 铂力特和华曙是国内金属 3D 打印机服务商的领军企业，华曙在西南地 区投入上百台设备，产能巨大，基本能满足航天需求，设备销售量在金 属打印机领域领先。 商业航天领域对金属 3D 打印机的需求量巨大，未来增量市场预计年需 求量可达 6,000 到 8,000 台，若考虑卫星制造需求，可能超过上万台。 目前商业航天领域应用最成熟的 3D 打印设备是 350 型号，均价为 260 万到 300 万元，未来增量市场主要集中在 350 和 450 这两个尺寸。 新能源汽车和消费电子是 2026 年增长最快的 3D 打印应用市场，手机 厂商和汽车行业广泛采用 3D 打印技术制造核心零部件，模具行业也大 量使用金属 3D 打印机。 国内 3D 打印企业如铂力 ...

Investment Rating - The report maintains an "Outperform" rating for the commercial aerospace industry [1] Core Insights - The aerospace sector is transitioning from being viewed as a "cost center" driven by national will to a "growth engine" driven by commercial demand, with significant investments and strategic planning from both the US and China [6][9] - The global aerospace economy is projected to reach $613 billion in 2024, with commercial aerospace contributing 78%, and is expected to exceed $1 trillion by 2032 [6][9] - The value chain of commercial aerospace is divided into five core levels: "space, ground, terminal, rocket, and application," each presenting unique market opportunities and technical challenges from 2026 to 2030 [10][29] Summary by Sections 1. Space: Satellite Manufacturing - The satellite manufacturing market in China is expected to grow from approximately 7.1 billion yuan in 2025 to about 39.4 billion yuan by 2030, reflecting a shift from sporadic research models to continuous, batch engineering deliveries [16][18] 2. Ground: Ground Systems - The ground systems market is projected to increase from around 1.2 billion yuan in 2025 to approximately 39.1 billion yuan by 2030, evolving from a supporting role to a core infrastructure essential for stable satellite constellation operations [21][22] 3. Terminal: Key Variable for Commercial Aerospace - The terminal market is anticipated to grow from 500 million yuan in 2025 to about 141.9 billion yuan by 2030, driven by multiple vertical industries and potential consumer scenarios [23][24] 4. Rocket: Core Constraint - The cost of rocket launches is a critical constraint, with reusable technology expected to reduce costs by 80%-90% compared to traditional expendable rockets. The market for rocket launch services is projected to grow from approximately 10.7 billion yuan in 2025 to about 34.3 billion yuan by 2030 [25][26] 5. Application: Final Value Realization - The application market is expected to expand from 200 million yuan in 2025 to 525 billion yuan by 2030, with the revenue share from applications projected to rise from single digits to over 67% by around 2030 [27][28] 6. Investment Opportunities - Investment opportunities in commercial aerospace can be categorized into three main tracks: 1. Launch and manufacturing segments, which are expected to benefit directly from increased orders and visibility 2. Core components and systems, characterized by high technical barriers and critical for long-term competitiveness 3. Downstream applications and operational services, which, while currently limited in scale, hold the greatest long-term potential for value realization [29][30]