Core Insights - The rise of additive manufacturing (3D printing) in advanced thermal management is driven by the increasing thermal flow density in core chips and system modules due to advancements in AI, HPC, electric vehicles, aerospace, and high-power lasers [2] - Traditional cooling solutions are becoming inadequate, necessitating the development of high-performance liquid cooling plates and microchannel heat exchangers [2][5] Group 1: Technological Advantages and Value Chain - Additive manufacturing enables the creation of complex internal geometries that significantly enhance heat transfer efficiency, overcoming limitations of traditional manufacturing methods [5][6] - The shift from "linear cooling" to "contour cooling" allows for more efficient heat dissipation, reducing cooling time and improving product quality [6][7] - The design freedom offered by 3D printing optimizes the entire production process, leading to reduced internal stress and warping risks, thus improving yield rates [7] Group 2: Quantified Value - Performance improvements include a tenfold reduction in pressure drop for cooling systems, leading to lower energy consumption and reduced need for large pumps [8] - Studies indicate that heat sinks produced via direct metal laser sintering (DMLS) can achieve performance enhancements of 20% to 50% compared to traditional machining [8] - Despite high initial investment costs for metal 3D printing equipment, long-term lifecycle cost advantages become evident in mass production due to higher material utilization rates and reduced cooling medium requirements [8] Group 3: Core Technology Overview - Various mainstream technologies in additive manufacturing for thermal management components cater to different application scenarios and precision requirements [9] Group 4: Company Profiles - Xihe Additive (China) specializes in green laser metal additive manufacturing, providing high-performance 3D printing services for various metals [10] - Platinum is a global leader in metal additive manufacturing, with innovative liquid cooling plates that significantly enhance heat exchange efficiency [13] - Eos Group's subsidiary in Asia focuses on industrial-grade 3D printing, offering solutions that improve heat transfer efficiency through complex internal flow structures [15] - Alloy Enterprises utilizes a unique stack forging process to manufacture direct liquid cooling components, achieving significant thermal performance breakthroughs [24] - 3D Systems provides high-precision 3D printing solutions widely used in liquid cooling designs, demonstrating substantial reductions in thermal resistance [26] Group 5: Future Outlook - The application of additive manufacturing in liquid cooling is expanding from prototype manufacturing to broader industrial applications, showcasing diverse development trends among companies [35] - The upcoming Sixth Thermal Management Industry Conference will feature key players in liquid cooling and related components, highlighting the industry's commitment to advancing 3D printing technology in thermal management [36]

Group 1 - The company approved the use of idle raised funds for cash management, with a maximum amount of RMB 150 million, ensuring it does not affect project construction and normal business operations [1] - The company plans to use the idle funds for safe and liquid investment products, including structured deposits and time deposits, with a rolling usage period of 12 months [3][4] - As of the announcement date, the total planned usage of idle raised funds for cash management by the company and its subsidiaries is not exceeding RMB 1.08 billion [4][10] Group 2 - The company aims to improve the efficiency of idle raised funds and create more value for shareholders through cash management [7] - The cash management products will be strictly controlled for risk and will not be used for pledging or securities investment purposes [8] - The cash management income will be prioritized for supplementing project investment shortfalls and daily operational liquidity needs [12] Group 3 - The decision to use idle funds for cash management was made in compliance with relevant regulations and does not affect the normal operation of the company's fundraising projects [14][18] - The board of directors authorized the chairman to make decisions and sign contracts related to cash management within the approved limits [10][16] - The independent directors and audit committee have reviewed and approved the cash management plan, confirming it aligns with the company's interests and does not harm shareholder rights [18][31]

登录新浪财经APP 搜索【信披】查看更多考评等级 对公司经营影响及风险把控 本次现金管理在确保募投项目资金和安全前提下进行，不影响项目运转及主营业务发展，不存在损害公 司和股东利益情形，还能获取一定投资收益。尽管选择低风险产品，但仍可能受市场波动影响。对此， 公司将严格按规定办理业务，董事长决策，财务人员跟踪，一旦发现不利因素及时保全，同时董事会审 计委员会、独立董事有权监督检查，必要时可聘请专业机构审计。本次事项已经董事会、审计委员会审 议通过，保荐人中信建投证券无异议。 点击查看公告原文>> 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 责任编辑：小浪快报 铂力特于2025年9月26日召开第三届董事会第二十三次会议，审议通过《关于全资子公司 ...

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 全资子公司使用部分闲置募集资金进行现金管理 的核查意见 中信建投证券股份有限公司（以下简称"中信建投"或"保荐人"）作为西 安铂力特增材技术股份有限公司（以下简称"铂力特"或"公司"）2022年度向 特定对象发行A股股票的保荐人，根据《证券发行上市保荐业务管理办法》《上 海证券交易所科创板股票上市规则》《上海证券交易所科创板上市公司自律监管 指引第1号——规范运作》和《科创板上市公司持续监管办法（试行）》等有关规 定，对铂力特全资子公司使用部分暂时闲置募集资金进行现金管理进行了审慎核 查，核查情况及核查意见如下： 一、全资子公司实施募投项目及使用募集资金的基本情况 2024 年 9 月 23 日，公司召开了第三届董事会第十三次会议和第三届监事会 第十次会议，审议通过了《关于公司部分募投项目新增实施主体及实施地点的议 案》、《关于投资金属增材制造专用粉末材料产线建设项目的议案》。为了满足 募投项目的实际开展需要，提高募集资金的使用效率，保障募投项目的实施进度， 公司拟新增全资子公司，西安铂点材料技术有限公司，作为募投项目"金属增材 制造大规模智能生产 ...

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 增加2025年度日常关联交易预计额度的核查意见 中信建投证券股份有限公司（以下简称"中信建投"或"保荐人"）作为西 安铂力特增材技术股份有限公司（以下简称"铂力特"或"公司"）2022年度向 特定对象发行A股股票的保荐人，根据《证券发行上市保荐业务管理办法》《上 海证券交易所科创板股票上市规则》《上海证券交易所科创板上市公司自律监管 指引第1号——规范运作》和《科创板上市公司持续监管办法（试行）》等有关规 定，对铂力特增加2025年度日常关联交易预计额度事项进行了审慎核查，核查情 况及核查意见如下： 一、日常关联交易基本情况 （一）预计日常关联交易履行的审议程序 在前述董事会召开前，公司已召开独立董事专门会议及审计委员会，均审议 通过了《关于增加2025年度日常关联交易预计额度的议案》，同意将该议案提交 1 董事会审议。公司独立董事认为：本次增加的2025年度日常关联交易预计额度， 遵循市场定价原则，不存在损害本公司及股东利益，特别是中小股东利益的情况。 相关关联交易能够保证公司的持续经营，稳定发展。符合公司及全体股东利益， 是正常的关联交易行为， ...

证券代码：688333 证券简称：铂力特 公告编号：2025-045 西安铂力特增材技术股份有限公司 关于增加 2025 年度日常关联交易预计额度的公告 本公司董事会及全体董事保证本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： 是否需要提交股东大会审议：否 日常关联交易对公司的影响：西安铂力特增材技术股份有限公司（以下简 称"公司"）本次增加的关联交易预计额度属于与日常生产经营相关的关联交易，以 公允价格为定价依据，不影响公司的独立性，不存在损害公司及公司股东利益的情 形，公司不会因该关联交易对关联人产生依赖。 一、日常关联交易基本情况 （一）预计日常关联交易履行的审议程序 公司于 2025 年 4 月 28 日召开第三届董事会第十九次会议，第三届监事会第十 五次会议，审议通过了《关于预计 2025 年度日常关联交易的议案》，出席会议的 非关联董事、监事一致通过了此议案。公司于 2025 年 6 月 9 日召开的 2024 年年度 股东大会审议通过了上述议案，具体内容详见公司于 2025 年 6 月 10 日在上海证券 交易所网站（ ...

证券代码：688333 证券简称：铂力特 公告编号：2025-046 西安铂力特增材技术股份有限公司 关于全资子公司使用部分闲置募集资金进行现金 管理的公告 本公司董事会及全体董事保证本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。 西安铂力特增材技术股份有限公司（以下简称"公司"）于 2023 年 12 月 27 日召开第三届董事会第六次会议及第三届监事会第五次会议，审议通过了《关于 使用部分暂时闲置募集资金进行现金管理的议案》，同意公司在确保不影响募集 资金投资项目建设和募集资金使用以及公司正常业务开展的情况下，使用最高额 不超过人民币 150,000.00 万元（包含本数）的部分闲置 2022 年度向特定对象发 行 A 股股票募集资金进行现金管理。在上述额度内，资金可以滚动使用，使用 期限为自该次董事会审议通过之日起 12 个月内。上述现金管理额度的使用期限 已于 2024 年 12 月 26 日到期。 公司于 2024 年 3 月 27 日召开第三届董事会第九次会议及第三届监事会第七 次会议，审议通过了《关于增加使用部分暂时闲置募集资金进行现 ...

格隆汇9月26日丨铂力特(688333.SH)公布，全资子公司本次计划使用不超过人民币18,000.00万元（包含 本数）的部分暂时闲置募集资金进行现金管理。截至本公告日，公司及全资子公司合计计划使用不超过 108,000.00万元（含本数）的闲置募集资金进行现金管理（其中，9亿元的现金管理额度的使用期限将于 2025年12月26日到期）。在上述额度、使用主体和期限内，资金可循环滚动使用，使用闲置募集资金进 行现金管理到期后将及时归还至募集资金专户。 ...

Investment Rating - The industry is rated as "Overweight" with expectations of a price increase exceeding 10% compared to the market benchmark index in the next 6-12 months [6][10]. Core Insights - The commercial space launch capacity is critical, and a turning point in the high-frequency launch industry may be approaching, with significant developments expected in the fourth quarter of 2025 and the first half of 2026 [1]. - The successful launch of the reusable rocket Zhuque-3 by Blue Arrow Aerospace in 2025, with a capacity of approximately 60 tons, is anticipated to boost China's commercial space sector [2]. - Tianbing Technology's Tianlong-3 rocket, expected to launch by the end of 2025, aims to exceed a payload capacity of 20 tons, marking a significant advancement in China's commercial space capabilities [3]. - The Aerospace Science and Technology Corporation is accelerating the development of reusable rockets, with plans for launches in 2025 and 2026, indicating a strong future for the industry [4]. Summary by Sections Industry Overview - The report highlights the completion of multiple satellite launches by GW Constellation, indicating a growing trend in commercial space operations [1]. - The challenges faced by Qianfan Constellation, including failed rocket tenders, underline the importance of reliable launch capacity in the commercial space sector [1]. Key Developments - Blue Arrow Aerospace's Zhuque-3 rocket is set to perform three launches in 2025 and twelve in 2026, significantly enhancing launch capabilities [2]. - Tianlong-3 rocket's successful testing positions it for a pivotal role in future commercial launches, with a payload capacity of 17 to 22 tons for low Earth orbit [3]. - The development of the Liarrow-2 rocket by China Aerospace Science and Technology Corporation is also noted, with plans for its first flight in 2025 [3]. Investment Recommendations - The report suggests focusing on the rocket support segment, with specific companies highlighted for potential investment: Plittech (688333.SH), Huashu Gaoke (688433.SH), Srey New Materials (688102.SH), and Guanglian Aviation (300900.SZ) [4].

Core Viewpoint - The stock of Plater Technology (铂力特) increased by 5.27% on September 25, reaching a price of 78.69 CNY per share, with a trading volume of 351 million CNY and a turnover rate of 1.67%, resulting in a total market capitalization of 21.586 billion CNY [1] Company Overview - Plater Technology, established on July 6, 2011, and listed on July 22, 2019, is located 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] Fund Holdings - According to data, one fund under Wan Jia Fund holds a significant position in Plater Technology. The Wan Jia Interconnect China Advantage Quantitative Strategy Mixed A Fund (010296) held 128,900 shares in the second quarter, accounting for 2.69% of the fund's net value, ranking as the ninth largest holding [2] - The Wan Jia Interconnect China Advantage Quantitative Strategy Mixed A Fund was established on November 4, 2020, with a current scale of 260 million CNY. Year-to-date returns are 40.62%, ranking 1933 out of 8173 in its category, while the one-year return is 65.67%, ranking 1802 out of 8003. Since inception, the fund has experienced a loss of 5.9% [2] Fund Manager Information - The fund manager of Wan Jia Interconnect China Advantage Quantitative Strategy Mixed A Fund is Yin Hang, who has been in the position for 5 years and 68 days. The total asset size of the fund is 468 million CNY, with the best return during his tenure being 61.55% and the worst return being -9.82% [3]