Group 1: Space Photovoltaics and Computing - The TERAFAB project aims to establish a chip manufacturing facility with a target annual capacity of 1 terawatt (1TW), with 80% of production dedicated to space missions[9] - The demand for solar power is expected to surge due to the deployment of AI satellites and the need for high-efficiency solar systems in space[10] - The transition of space photovoltaics from auxiliary power units to essential energy infrastructure for space computing is anticipated to drive significant growth in this sector[10] Group 2: 3D Printing Advancements - The 3D printing industry is experiencing growth due to improved equipment efficiency and reduced material costs, particularly in aerospace and consumer electronics[11] - Metal 3D printing is becoming a key technology for intelligent manufacturing, with applications expanding in various fields including AI computing and aerospace[11] - The price of titanium alloy powder for 3D printing has halved from 600 yuan/kg to below 300 yuan/kg, opening new application scenarios[33] Group 3: Home Products and AI Integration - Companies like Gujia Home and Mousse are focusing on smart and functional home products, with Gujia's new product line achieving over 15,000 orders within 24 hours of launch[44] - Mousse is collaborating with Huawei to create a comprehensive sleep solution, integrating AI technology into their product offerings[49] - The home furnishings sector is witnessing a shift towards smart, functional products that address consumer pain points, enhancing market competitiveness[44]

行 业 及 产 业 机械设备 相关研究 证 券 研 究 报 告 证券分析师 王珂 A0230521120002 wangke@swsresearch.com 李蕾 A0230519080008 lilei@swsresearch.com 刘建伟 A0230521100003 liujw@swsresearch.com 研究支持 何佳霖 A0230523080002 hejl@swsresearch.com 胡书捷 A0230524070007 husj@swsresearch.com 苏萌 A0230524080011 sumeng@swsresearch.com 联系人 何佳霖 A0230523080002 hejl@swsresearch.com 行 业 研 究 / 行 业 点 评 ⚫ 风险提示：3D 打印技术渗透节奏放缓、行业竞争加剧的风险等。 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 2026 年 03 月 20 日 设备提效+材料降本，3D 打印应用 场景不断拓展 看好 ——工业级 3D 打印行业点评 事件：3 月 17 日-19 日，2026 TC ...

证券代码：688433 证券简称：华曙高科 公告编号：2026-004 湖南华曙高科技股份有限公司 持股 5%以上股东权益变动触及 1%刻度、提前终止 减持计划暨减持股份结果公告 本公司董事会、全体董事及相关股东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： 本次减持计划实施前，湖南兴旺建设有限公司（以下简称"兴旺建设"）持 有湖南华曙高科技股份有限公司（以下简称"公司"）股份 85,201,817 股，占公 司总股本的 20.57%，为其在公司 IPO 之前取得的股份，且已于 2024 年 4 月 17 日起解除限售并上市流通。 减持计划的实施结果情况 2026 年 1 月 15 日，兴旺建设通过公司在上海证券交易所网站披露了《湖南 华曙高科技股份有限公司持股 5%以上股东减持股份计划公告》（公告编号： 2026-001），兴旺建设拟自 2026 年 2 月 5 日至 2026 年 5 月 4 日期间，通过集中 竞价交易方式减持不超过 4,141,688 股，占公司总股本比例不超过 1%；通过大宗 交易方式减持不超过 4,1 ...

Investment Rating - The report suggests focusing on investment targets with large market space, high barriers, and high performance elasticity, particularly in sectors expected to experience high growth such as new aviation equipment, missiles, unmanned equipment, military trade, domestic large aircraft, gas turbines, and commercial aerospace [5][30]. Core Insights - The report highlights that the military industry is driven by three macro factors: national defense policy, geopolitical environment, and domestic military expenditure, indicating an upward trend for the industry [2][31]. - It emphasizes the structural characteristics of traditional equipment showing steady growth while new combat power equipment is expected to see high growth, with military trade and civil-military integration opening up growth ceilings for military enterprises [2][30]. - The analysis of the military industry from 2020 to 2025 indicates that significant price inflation in certain segments, driven by equipment upgrades and increased usage, has led to substantial profit elasticity [1][23]. Summary by Sections Review of Military Industry Trends - The report reviews the military industry from 2020 to 2025, noting that the growth was primarily driven by national defense policies and the release of new equipment, leading to a "Davis double-click" market dynamic [14][16]. - It also discusses the impact of geopolitical events, such as the Russia-Ukraine war, on military stock performance, particularly in the U.S. market, where military stocks have seen significant valuation increases despite not achieving rapid growth in fundamentals [25][26]. Key Sectors to Watch - The report identifies key sectors to focus on, including: - **Aviation New Equipment**: Emphasizing the importance of new models and increased usage [8]. - **Missiles**: Highlighting the potential for high elastic growth due to low baselines and strong consumption attributes [8]. - **Unmanned Equipment**: Noting the maturation of China's unmanned equipment industry and its expected high growth during the 14th Five-Year Plan [8]. - **Military Trade**: Recognizing military trade as a significant growth driver for established military enterprises [8]. - **Domestic Large Aircraft**: Indicating that the large aircraft industry is entering a period of accelerated development [8]. - **Gas Turbines**: Focusing on the high demand driven by data center electricity needs [9]. - **Commercial Aerospace**: Identifying it as a super track with significant growth potential [9]. Investment Recommendations - The report recommends identifying investment targets that are positioned in high-growth sectors with large market potential and high barriers to entry, ensuring that these companies can benefit from the overall industry growth [5][30]. - It suggests focusing on companies with strong market positions and high performance elasticity, particularly those involved in high-demand segments such as military AI, unmanned systems, and commercial aerospace [5][30].

证券研究报告 行业研究 / 行业专题 2026 年 03 月 09 日 机械设备 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《全球人形机器人产业周报（一）：人形机器 人供应链海外产能布局加速推进》2026-03-02 《智能制造行业周报：存储扩产确定性提升， 持续推荐"两长"设备产业链》2026-02-09 《智能制造行业周报：SpaceX 申请百万颗卫 星，卫星互联网产业化提速》2026-02-02 《智能制造行业周报：SpaceX 推进星链升级与 IPO 进程》2026-01-26 《以第一性原理推演中国商业航天降本革命— —商业航天行业深度系列（一)》2026-01-21 王凯 S0820524120002 021-32229888-25522 wangkai526@ajzq.com 行业及产业 蓝箭航天动力系统实现突破 ——全球商业航天产业周报（一） 强于大市 投资要点： 商业航天指数：本周（2026/03/02–2026/03/06）商业航天指数（886078.TI）下跌 4.01%， 板块整体维持震荡格局。估值层面，指数 PE 环比降低 4.58% ...

Market Strategy - The three major indices opened lower but rose throughout the day, with the oil and gas sector experiencing significant gains [5][6] - The A-share market showed resilience despite global market adjustments, with a total trading volume reaching 30 trillion yuan [9] Company Tracking - Changchun High-tech (000661.SZ) received acceptance for the clinical trial application of GenSci161 injection, which targets key pro-inflammatory cytokines and aims to provide new treatment options for moderate to severe patients [35] - Dongwu Securities (601555.SH) plans to acquire control of Donghai Securities through the issuance of A-shares, with an agreement signed to purchase 26.68% of the company's shares [37] Industry Dynamics - International oil prices surged, with Brent crude oil rising 13% to over 82 USD per barrel due to geopolitical tensions in the Middle East [25] - The panel industry is experiencing a trend towards larger sizes, with significant growth expected in 65-inch and larger panels, driven by market demand and pricing strategies [33] - The Congolese copper export route has been disrupted due to a bridge collapse, affecting transportation and logistics in the region [31]

Group 1: Gas Turbine Sector - The gas turbine sector is emphasized due to deep penetration into overseas supply chains and the dual logic of domestic aviation reform, which is expected to resonate positively[3] - The North American AIDC demand expansion, coupled with aging power grids, is leading to a structural power supply gap that is continuously increasing[6] - The global gas turbine market is highly concentrated, with GE Vernova, Siemens Energy, and Mitsubishi Heavy Industries collectively holding about 85% market share[32] Group 2: Commercial Aerospace - The commercial aerospace sector is expected to see a new round of catalysts with the successful testing of reusable rocket technology, enhancing the prospects for commercial space ventures[38] - China's G60 satellite constellation plans to launch 1,296 satellites by the end of 2027 and 15,000 by 2030, indicating a significant demand for satellite launches[51] - The application end of the aerospace sector is focusing on core components such as communication terminal basebands, RF chips, and phased array antennas, which are expected to see stable or increasing value under cost reduction trends[55] Group 3: 3D Printing - The industrial-grade 3D printing sector is poised for a breakthrough due to material cost reductions and equipment efficiency improvements, marking a significant turning point for mass adoption[58] - The consumer-grade 3D printing market is accelerating towards a creative era, driven by AI empowerment, ecosystem strengthening, and supply chain cost reductions[68] - In 2025, the export value of 3D printers from China is projected to reach 11.355 billion yuan, reflecting a year-on-year growth of 39.1%[73] Group 4: Tungsten Market - The price of tungsten has surged significantly, with 65% black tungsten concentrate reaching 800,000 yuan per ton, up 73.91% since the beginning of 2026[80] - The increase in tungsten prices is driven by tightened supply and strategic pricing, with China's export controls on tungsten and other strategic metals contributing to this trend[79] - Companies with mining assets or expectations of asset injections, such as Zhongtung High-tech and Xiamen Tungsten, are expected to benefit directly from rising tungsten prices[81]

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [13]. Core Insights - The company is projected to achieve significant revenue growth, with estimated revenues of 716 million, 1.34 billion, and 2.26 billion RMB for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 45.6%, 86.9%, and 68.5% [4][9]. - The net profit attributable to the parent company is expected to be 68 million, 165 million, and 309 million RMB for the same years, with growth rates of 1.4%, 142.6%, and 86.8% respectively [4][9]. - The company is focusing on expanding its 3D printing services, particularly in the consumer electronics sector, which is expected to drive rapid revenue growth [10]. - The industrial-grade 3D printing market is experiencing a surge in demand, and the company is well-positioned with a comprehensive product and service offering, creating a strong competitive barrier [10]. Financial Projections - Revenue and net profit forecasts for the company are as follows: - 2025: Revenue of 716 million RMB (+45.6% YoY), Net Profit of 68 million RMB (+1.4% YoY) - 2026: Revenue of 1.34 billion RMB (+86.9% YoY), Net Profit of 165 million RMB (+142.6% YoY) - 2027: Revenue of 2.26 billion RMB (+68.5% YoY), Net Profit of 309 million RMB (+86.8% YoY) [4][9]. - The price-to-sales (P/S) ratios for 2025, 2026, and 2027 are projected to be 60X, 32X, and 19X respectively [4].

【ZX航空航天】持续强Call全3D打印产业链：轻舟已过万重山！ #3D打印的核心逻辑是持续的降本增效推动工艺的应用边际开拓。 伴随着来自粉末原材料、核心零部件、设备等环节的全方位降本增效，工业级增材制造的成本经济性已得到显著 改善，应用领域从航空航天向着鞋模/3C/汽零等场景快速渗透。 2核心零部件，激光+振镜的组合已逐步摆脱对海外IPG+Scanlab的依赖，500-1000W的光纤激光器和配套振镜国内 技术早已成熟，国产化替代之后，单台套的成本从过去的10+万元/套能降低到5万元/套以内，带动设备制造成本降 幅20%。 3设备上，单500W激光平均打印效率25cm³/h，多激光大尺寸的设备发展方向，导致打印效率倍数级别的增长，针 对3C领域的定制化设备，宽幅面低高度的成型仓设计减小光斑提高精细度，使毛坯件的质量更接近最终成品，在 全流程的工序和效率上进一步改善。 因此，全产业链的降本增效下，#3D打印的应用将不再是少数领域的专属而是转变为整个制造产业的通用工艺，我 们积极看多整个产业链投资机遇！ 1首推主机厂华曙高科。 工业级金属/非金属3D打印龙头厂商，受益于果链及H链3D打印渗透加速，26年设备出货 ...

Summary of Key Points from the Conference Call Industry Overview: 3D Printing - The 3D printing industry is experiencing a significant transformation driven by advancements in titanium powder production methods, transitioning from traditional gas atomization to hydrogenation-dehydrogenation and spheroidization, resulting in substantial improvements in powder yield and cost [1] - The average price of titanium powder has decreased by 95% over the past 8-10 years, with mid-term projections estimating prices to be between 100-150 RMB/kg, approaching the price levels of stainless steel and aluminum alloy powders [1] Key Insights - Major titanium powder manufacturers are planning to expand production capacity by nearly 10 times by 2026, indicating strong growth potential in the industry [1] - The efficiency of 3D printers is expected to improve significantly due to three factors: enhanced laser printing efficiency, increased number of laser heads in printers, and larger sizes of printer components, which will lead to a drastic reduction in manufacturing costs [1] Market Demand and Opportunities - The shipment volume of 3D printing equipment from leading players is anticipated to increase by over 5 times [2] - Global 3C (computer, communication, consumer electronics) clients are accelerating the integration of 3D printed titanium alloys in precision components such as foldable smartphone hinges, titanium alloy frames, and smart wearable devices [2] - There is a growing clarity in demand for 3D printed titanium alloys for next-generation products from North American clients, suggesting that 3D printing equipment may secure unexpectedly large orders [2] Investment Recommendations - Key companies to focus on include Huazhu High-Tech, Dazhong Laser, Feiwo Technology, Harsen Co., Yibang Co., and Bolite [2]