Core Viewpoint - Xi'an Bolet Technology Co., Ltd. (referred to as "Bolet") is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, following previous regulatory warnings regarding financial reporting inaccuracies [2][8]. Group 1: Regulatory Warnings - Bolet has faced regulatory scrutiny twice in the past year, first in January 2025 for prematurely recognizing revenue on certain products before control was transferred, leading to inaccurate financial statements [3][4]. - The company received a warning from the Shaanxi Securities Regulatory Bureau, which identified that Bolet's chairman and CFO bore primary responsibility for the violations [3][4]. Group 2: Financial Adjustments - Following regulatory warnings, Bolet announced a comprehensive review and adjustment of its financial reports, including the 2023 annual report and the first three quarterly reports of 2024 [6][7]. - The adjustments revealed that Bolet had overstated its 2023 revenue by 79.94 million yuan, which accounted for 6.48% of total revenue, and overstated profits by 33.54 million yuan, representing 24.80% of total profits [6][7]. Group 3: Investigation and Consequences - On January 1, 2026, Bolet announced it had received a formal notice of investigation from the CSRC, which may relate to the previous regulatory warnings and could involve undisclosed violations [8][9]. - The company has committed to cooperating with the investigation and fulfilling its disclosure obligations, although specific details regarding the investigation have not been disclosed [8][9].

Group 1 - Company received financing buy-in of 369 million yuan and repayment of 336 million yuan on January 13, resulting in a net financing buy-in of 32.77 million yuan [2] - Company announced on December 31, 2025, that it received a notice of investigation from the China Securities Regulatory Commission, allowing affected investors to claim compensation if they held shares as of that date [3] - Company held a half-year performance briefing on September 2, 2025, addressing investor questions and showcasing its management team [3] Group 2 - Company is focused on exploring the application of metal 3D printing in thermal management, providing innovative solutions for industries such as new energy vehicles, consumer electronics, and aerospace [4] - The company has optimized the internal structure of its liquid cooling plates to enhance overall performance, addressing the high-efficiency cooling needs of the radiator industry [4] - The company has seen a significant increase in production and R&D personnel in its 2025 semi-annual report compared to the previous year [4] Group 3 - Company, established in 2011, is located in Xi'an, Shaanxi Province [5]

Investment Rating - The report maintains a "Positive" investment rating for the 3D printing industry, particularly in its application within the commercial aerospace sector [3]. Core Insights - The report emphasizes that 3D printing technology is a cost-reduction tool that accelerates the industrialization of commercial aerospace, driven by high demand for advanced applications [5][48]. - The growth of the 3D printing market is significantly influenced by the increasing demand for high-end applications, which is expected to lead to continuous market expansion [22][39]. Summary by Sections Section 1: Disruption of Traditional Industrial Systems - Additive manufacturing, also known as 3D printing, revolutionizes traditional manufacturing by allowing for the "free manufacturing" of parts without the need for traditional tools and multiple processing steps, thus reducing processing time and increasing material utilization [9][19]. - Various types of additive manufacturing processes, such as Powder Bed Fusion and Directed Energy Deposition, are highlighted for their efficiency and precision [14][18]. Section 2: High-End Application Demand - The global market for metal additive manufacturing equipment has seen significant growth, with sales increasing from 202 units in 2012 to 3,793 units in 2023, reflecting a CAGR of 25.15% [27]. - The average price of industrial-grade additive manufacturing equipment has risen from $98,100 in 2019 to $316,900 in 2024, indicating a trend towards larger and more expensive systems [28][29]. - The aerospace and defense sectors are identified as key growth areas for 3D printing, with the market expected to reach approximately $3.379 billion in 2024 and grow to $10.48 billion by 2031, at a CAGR of 17.8% [45]. Section 3: 3D Printing as a Cost-Reduction Tool - The report notes that the high costs associated with rocket launches drive the urgent need for cost reduction through 3D printing, which can significantly lower manufacturing costs and weight of components [51][55]. - 3D printing allows for the integration of complex structures, reducing the need for traditional assembly methods, thus enhancing design flexibility and reducing manufacturing time [55][63]. - The application of 3D printing in rocket engines is highlighted, with examples from SpaceX demonstrating substantial cost and weight reductions in engine components [59][72].

Core Viewpoint - On January 13, 14 stocks from the STAR Market experienced block trading, with a total transaction amount of 315 million yuan and a cumulative trading volume of 9.96 million shares [1]. Group 1: Trading Overview - A total of 38 block trades were recorded for the 14 STAR Market stocks, with the highest transaction amount attributed to Hu Silicon Industry, which had a trading volume of 6.61 million shares and a transaction amount of 149 million yuan [1]. - Other notable transactions included Huaxi Biological and Mingwei Electronics, with transaction amounts of 58.29 million yuan and 26.62 million yuan, respectively [1]. - The average price of block trades for the stocks showed significant variations, with some stocks trading at discounts to their closing prices, such as Zhongkong Technology at a discount rate of 27.20% [1][4]. Group 2: Price Performance - The STAR 50 Index fell by 2.80% on the same day, with 167 stocks, or 27.83%, experiencing price increases [1]. - Among the stocks involved in block trading, the average price change was a decrease of 0.10%, with notable gainers including Zhuoyi Information, Zhongkong Technology, and Huaxi Biological, which saw increases of 13.13%, 9.90%, and 2.25%, respectively [1]. - Conversely, stocks like Bolite, Mingwei Electronics, and Hu Silicon Industry faced declines of 11.41%, 4.87%, and 3.27% [1]. Group 3: Institutional Participation - Out of the block trades, 13 transactions involved institutional buyers or sellers, focusing on three stocks, with Huaxi Biological leading in institutional buy amounts at 22.17 million yuan [2]. - Other significant institutional purchases included Tiannai Technology and Yunlu Co., with buy amounts of 7.09 million yuan and 2.01 million yuan, respectively [2]. - In terms of capital flow, four stocks saw net inflows, with Huaxi Biological, Yunlu Co., and Lante Optical leading in net inflow amounts of 67.52 million yuan, 14.59 million yuan, and 10.73 million yuan, respectively [2].

Market Overview - The commercial aerospace sector experienced a collective decline on January 13, with indices such as aerospace (BK0480) and commercial aerospace (BK0963) dropping by 6.87% and 5.72% respectively, while the aerospace ETF Tianhong saw a decline of 9.37% [1][10] - This follows a strong performance on January 12, where the A-share commercial aerospace index rose over 6%, with more than 90 related stocks hitting the daily limit or increasing by over 10% [3][12] Company Responses and Risk Disclosures - Multiple companies, including Aerospace HuanYu and XinKe Mobile, issued risk warnings on January 12, clarifying their business boundaries and the limited impact of commercial aerospace on their overall revenue [3][12] - XinKe Mobile stated that its satellite internet revenue constitutes only 2%-3% of its total income, emphasizing that its main business remains mobile communication network equipment and services [4][13] - Aerospace HuanYu reported that its commercial aerospace business contributes approximately 3% to total revenue as of September 30, 2025, and highlighted the need for time to validate new technologies in the market [4][15] Industry Insights - Experts suggest that the commercial aerospace sector is still in its early stages, with significant growth potential but requiring a cultivation period of about five years [8][18] - The sector is recognized as a strategic emerging industry in China's 14th Five-Year Plan, with the establishment of a dedicated commercial aerospace department by the National Space Administration [7][18] - Recommendations for regulatory measures include enhancing information disclosure, monitoring abnormal trading, and improving investor education to promote rational market development [7][18] Future Outlook - The market for commercial aerospace in China is projected to reach a trillion-level scale, but the industry is still primarily driven by state-owned enterprises, with private capital facing challenges [8][19] - Companies are advised to focus on the commercialization of technology and the development of civil products to enhance their market position [8][19]

| of and one one of the very | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( *) 买入营业部 | | | 卖出营业部 | 是否为专场 | | 026-01-13 | 帕力特 | 688333 | 124.27 203.8 | 1.64 | 親愛護護 | 公司 2017年 | 190 | 1月13日，铂力特大宗交易成交1.64万股，成交额203.8万元，占当日总成交额的0.06%，成交价124.27 元，较市场收盘价124.27元持平。 ...

Investment Rating - The report maintains a positive investment rating for the 3D printing industry, highlighting its growth potential and opportunities in various sectors [1]. Core Insights - The 3D printing industry, also known as additive manufacturing, is experiencing rapid growth, with a market size of 367 billion yuan in China for 2023 and an average growth rate of approximately 25% from 2019 to 2023 [2][61]. - Key applications of 3D printing include aerospace (16.8%), medical/dental (15.6%), automotive (14.6%), consumer electronics (11.8%), and academic research (11.1%) [2][34]. - The technology offers significant advantages over traditional manufacturing methods, particularly in cost control for small batch production, personalized production, and material utilization [1][12]. Summary by Sections 1. 3D Printing vs. Traditional Manufacturing - 3D printing has clear advantages in cost control for small batches, personalized production, and material efficiency compared to traditional methods, which excel in material variety and precision [1][12]. - The main technologies in China include SLS/SLM (32%) and FDM (15%) [25]. 2. Core Components of 3D Printing - Key components include lasers and scanning systems, with lasers being the primary heat source for metal 3D printing [41][42]. - The software aspect is crucial, with major CAD software providers including Dassault Systems, Siemens, and Autodesk [57]. 3. Market Growth and Trends - The 3D printing market is expected to continue its growth trajectory, with significant adoption in aerospace, consumer electronics, and other sectors [2][61]. - The U.S., China, Japan, and Germany are identified as the core markets for 3D printing applications, with the U.S. accounting for approximately 33% of global equipment applications [2][61]. 4. Commercial Aerospace Opportunities - The commercial aerospace sector is poised for significant growth, with 3D printing being well-suited for manufacturing complex and lightweight components [2][61]. - Notable products include rocket engine components and satellite parts, indicating a broad application range [2]. 5. Key Companies in the Industry - Notable companies in the 3D printing sector include Platinum Technology, Huazhu High-Tech, Dazhu Laser, and others, which are making strides in technology and market presence [2][5].

Core Viewpoint - The commercial aerospace sector experienced a significant downturn on January 13, following a period of rapid growth, with many stocks in the sector dropping over 10% after multiple companies issued risk warnings [1][2]. Group 1: Market Reaction - As of January 13, at 9:57 AM, stocks in the commercial aerospace sector saw widespread declines, with key companies like Aerospace Zhizhuang (航天智装) and Platinum Special (铂力特) falling over 10% [1]. - Major stocks such as Aerospace Electronics (航天电子) and China Satellite Communications (中国卫通) hit their daily limit down, indicating a sharp market correction [1]. - The WenDe Commercial Aerospace Theme Index recorded a drop of 8.14%, closing at 3628.42, reflecting the overall market sentiment [4]. Group 2: Risk Warnings - On January 12, multiple companies, including Aerospace Hanyu (航天环宇) and Leike Defense (雷科防务), issued risk warnings, suggesting potential stock suspensions if prices continued to rise abnormally [1][2]. - Companies like Ligong Navigation (理工导航) and North Navigation (北方导航) acknowledged the significant risks associated with their stock price surges, indicating that their commercial aerospace contributions were minimal [2]. - Experts have raised concerns about the speculative nature of the sector, emphasizing the need for companies to disclose critical information regarding their commercial aerospace business to mitigate information asymmetry risks [2][3]. Group 3: Sector Performance - Since 2026, the commercial aerospace sector has seen substantial growth, with the WenDe Commercial Aerospace Theme Index reporting a cumulative increase of 33.38% as of January 12 [2]. - Key stocks in the sector, including China Satellite Communications and Aerospace Hanyu, have experienced over 130% growth in the past month, highlighting the volatility and speculative interest in the sector [2]. - Analysts have pointed out that the current market enthusiasm is primarily driven by policy support, with many companies having small market capitalizations that make them susceptible to speculative trading [2][3].

Group 1 - The commercial aerospace sector is experiencing significant investor interest, driven by favorable news and a surge in stock prices, with nearly 50 stocks hitting the daily limit up [1] - China has applied for frequency resources for over 200,000 satellites, indicating that satellite frequency resource applications have reached a national strategic level [1] - Companies such as Goldwind Technology and Tongyu Communication have seen substantial stock price increases, with Goldwind achieving five consecutive limit-up days [1] Group 2 - Shaanxi Huada is deeply involved in major aerospace projects and is expanding its product offerings to meet customer demands in commercial aerospace [2] - AVIC Optoelectronics is the main supplier of cable connectors for Blue Arrow Aerospace, indicating a long-term partnership and commitment to innovation in the commercial aerospace sector [3] - Huayin Technology is focusing on special functional materials and is exploring opportunities in aerospace component processing, although its main revenue still comes from the aviation engine sector [4] Group 3 - Zhimin Da reported that its embedded computers for commercial aerospace have a small revenue contribution, with orders amounting to approximately 20 million yuan, representing only 4.8% of total orders [5] - Haoneng Co. stated that its aerospace-related revenue is minimal and does not significantly impact its main business [6][7] - *ST Chengchang noted that the commercial aerospace industry is still in its early stages, with no significant changes in its fundamentals [8] Group 4 - Plitel's revenue contribution from commercial aerospace is limited, accounting for about 3% as of September 30, 2025, while the company is under investigation [9] - Guoke Military Industry is collaborating with commercial aerospace companies on rocket projects that are still in the research phase, contributing minimally to revenue [10] - Zhongke Xingtou highlighted a mismatch between its stock price increase and actual performance in the commercial aerospace sector, indicating potential risks [10] Group 5 - Zhongheng Design has won contracts for commercial aerospace manufacturing base design projects, but the revenue from these projects is relatively small [11] - LIGONG Navigation's planning in the commercial aerospace sector is still in the early stages, with minimal revenue generated [12] - Aerospace Power clarified that its main business does not involve commercial aerospace, focusing instead on rocket engine component processing [13] Group 6 - Hengbo Co. has not yet entered the commercial aerospace sector, despite developing materials that could be applicable [14] - Beifang Navigation reported no relevant business or orders in the commercial aerospace field, despite stock price increases [15] - Aerospace Engineering confirmed that it does not engage in commercial aerospace activities, focusing on gasification technology instead [15] Group 7 - Xinghuan Technology stated that it does not conduct commercial aerospace business and is focused on AI database technology development [16] - Aerospace Changfeng reported significant stock price increases but confirmed it does not engage in commercial aerospace activities [17]

Core Viewpoint - The commercial aerospace sector remains active, with multiple stocks experiencing significant movements, but many companies clarify that they do not engage in commercial aerospace-related businesses [1] Group 1: Companies Not Involved in Commercial Aerospace - Aerospace Engineering explicitly states it does not engage in commercial aerospace or related businesses, and its shareholder reduction plan is not yet fully implemented [2] - Northern Navigation confirms it has no relevant business in commercial aerospace and has not received related orders [2] - Star Ring Technology indicates it does not actually conduct commercial aerospace business and has no connection with Shanghai Star Ring Energy Technology Co., Ltd [2] - Aerospace Longfeng currently does not engage in brain-computer interface or commercial aerospace-related businesses [2] - Aerospace Power's main business does not involve commercial aerospace, focusing instead on processing rocket engine components [2] Group 2: Companies with Minimal Involvement in Commercial Aerospace - *ST Chengchang notes that the commercial aerospace industry is in its early stages, with no significant changes to the company's fundamentals [2] - XinKe Mobile reports that revenue from the satellite internet sector accounts for approximately 2% to 3% of total revenue, having no major impact on performance [2] - Huayin Technology primarily engages in the production and sales of special functional materials and is exploring aerospace component processing [2] - Aerospace Hongtu's main business is still in the satellite application phase [2] - ZhiMingDa has approximately 20 million yuan in embedded computing orders related to commercial aerospace, representing 4.8% of its total [2] Group 3: Companies with Limited Commercial Aerospace Revenue - Platinum Specialties indicates that commercial aerospace contributes minimally to total revenue [2] - Haoneng Co., Ltd. states that its aerospace component business, including valves and sheet metal products, generates very small revenue [2] - Zhongke Xingtou mentions that the stock price increase is not supported by actual performance in commercial aerospace, indicating a significant disconnect from fundamentals [2] - Aerospace Morning Light's main business involves special equipment and specialized vehicle modifications, with no expected major changes in revenue structure in the short term [2] - Electric Science Digital has not previously engaged in commercial aerospace, with satellite communication products accounting for less than 0.1% of overall business [2] - Zhongheng Design has won bids for some high-end manufacturing base design projects in commercial aerospace, but individual project contract amounts are small [2]