内容概要：金属基3D打印材料是适配增材制造技术的核心材料，以金属粉末为主流形态，需满足粒 度、流动性等工艺要求，最终制品具备高强度、耐高温等优异性能，其行业呈现完整且协同发展的生 态。产业链上中下游分工明确，上游依托矿产原料与设备供应筑牢基础，中游主导多品类金属粉末生产 加工，下游面向航空航天、医疗、汽车等多领域释放需求；全球及中国3D打印市场均保持增长，国内 增速领先全球，金属粉体行业稳步扩容，其中3D打印专用粉体成为高增长引擎，2024年国内金属基3D 打印材料市场规模约50亿元，正迈向规模化量产阶段。行业竞争呈现龙头引领与专精特新企业并存的格 局，核心竞争力聚焦"材料-工艺-应用"一体化解决方案，未来将朝着技术一体化融合、应用场景规模化 拓展、产业链自主协同重构的方向发展，成为制造业高质量升级的重要支撑。 上市企业：铂力特（688333.SH）、华曙高科（688433.SH）、有研粉材（688456.SH） 相关企业：中国宝武钢铁集团有限公司、中航迈特增材科技（北京）有限公司、苏州倍丰智能科技有限 公司、西安赛隆增材技术股份有限公司、南通金源智能技术有限公司、安徽中体新材料科技有限公司、 思锐增材（深圳 ...

证券日报网讯 12月22日晚间，华曙高科发布公告称，公司2025年第二次临时股东会审议通过《关于与 关联方共同投资设立合资公司暨关联交易的议案》等。 （文章来源：证券日报） ...

行 业 及 产 业 机械设备/ 通用设备 行 业 研 究 / 行 业 点 评 证券分析师 王珂 A0230521120002 wangke@swsresearch.com 李蕾 A0230519080008 lilei@swsresearch.com 研究支持 刘建伟 A0230521100003 liujw@swsresearch.com 联系人 何佳霖 A0230523080002 hejl@swsresearch.com 2025 年 12 月 22 日 3D 打印机出口持续高增长，11 月 出口金额 yoy136% 看好 ——消费级设备系列报告之六 核心要点： 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 证 券 研 究 报 告 - ⚫ 行业持续高增，出口表现积极。1）数量： 2025 年 1-11 月我国出口 3D 打印机出口数 量为 448 万台，yoy29.60%，其中 11 月出口数量为 52 万台，yoy89.10%。南极熊预 估，2025 年全年我国出口 3D 打印机的总量将达到 500 万台左右。2）金额：2025 年 1-11 月我国出口 ...

2025年12月 致：湖南华曙高科技股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民 共和国证券法》（以下简称"《证券法》"）等我国现行法律法规、规范性文件 以及《湖南华曙高科技股份有限公司章程》（以下简称"《公司章程》"）的规定， 湖南启元律师事务所（以下简称"本所"）接受湖南华曙高科技股份有限公司（以 下简称"公司"）的委托，指派律师出席了公司 2025 年第二次临时股东会（以下 简称"本次股东会"），对本次股东会的召集和召开程序、召集人及出席会议人员 的资格、表决程序和表决结果的合法有效性进行现场律师见证，并出具本法律意 见。 湖南启元律师事务所 关于湖南华曙高科技股份有限公司 2025年第二次临时股东会的 法律意见书 为出具本法律意见，本所律师依法查验了公司提供的下列资料： （一）刊登在上海证券交易所网站（www.sse.com.cn）的关于召开 2025 年 第二次临时股东会的通知公告； （二）出席现场会议的股东或其代理人的资格、身份证明文件等； （三）上海证券信息有限公司在本次股东会网络投票结束后提供给公司的网 络投票统计结果； （四）公司本次股东会股权登记日的股东 ...

证券代码：688433 证券简称：华曙高科 公告编号：2025-051 湖南华曙高科技股份有限公司 2025年第二次临时股东会决议公告 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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东会召开的时间：2025 年 12 月 22 日 （二） 股东会召开的地点：湖南省长沙市岳麓西大道 2710 号会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 83 | | --- | --- | | 普通股股东人数 | 83 | | 2、出席会议的股东所持有的表决权数量 | 327,046,134 | | 普通股股东所持有表决权数量 | 327,046,134 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比例 | 79.1405 | | （%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 79.1405 | 注：截至本次股 ...

Core Viewpoint - The commercial aerospace sector is experiencing a resurgence, with the satellite ETF (159206) seeing significant gains, driven by key stocks in the industry [1][4]. Group 1: Market Performance - On December 19, the satellite ETF (159206) rose nearly 3% during trading, closing up 1.14% at 10:26 AM, with leading stocks including Xinke Mobile (688387), Aerospace Zhizhuang (300455), China Satellite (600118), and Longsheng Technology (300680) [1]. - The latest scale of the satellite ETF reached 3.186 billion yuan, marking a new high since its inception [3]. - The satellite ETF's share count reached 2.274 billion shares, also a record high since its establishment [4]. Group 2: Fund Inflows - Over the past 10 days, the satellite ETF has attracted over 1 billion yuan in net inflows [4]. Group 3: Industry Trends - The rapid development of the artificial intelligence industry is leading major U.S. tech companies to consider relocating data centers to space, as traditional data centers consume approximately 4.4% of U.S. electricity, projected to rise to 12% by 2028 [6]. - Companies like Starcloud, supported by Nvidia, have successfully trained AI models in orbit, while Blue Origin, founded by Jeff Bezos, is secretly developing orbital data centers, validating the feasibility of "space AI" [7]. - The low Earth orbit satellite constellation has become a new battleground for major powers, with the satellite industry market space targeting trillions, and the entire satellite industry chain is expected to transition from the "investment incubation period" to the "profit realization period" [7]. - The satellite ETF (159206) focuses on commercial aerospace and satellite communications, poised for significant growth under the "aerospace power" backdrop, being the first satellite ETF in the market [7].

12月18日，华曙高科涨5.25%，截至发稿，报56.75元/股，成交6357.18万元，换手率0.57%，总市值 235.04亿元。 截至发稿，钟帅累计任职时间5年145天，现任基金资产总规模132.6亿元，任职期间最佳基金回报 173.17%， 任职期间最差基金回报-3.99%。 从基金十大重仓股角度 数据显示，华夏基金旗下1只基金重仓华曙高科。华夏低碳经济一年持有混合A（015229）三季度减持 6.03万股，持有股数22.91万股，占基金净值比例为5.68%，位居第六大重仓股。根据测算，今日浮盈赚 取约64.84万元。 华夏低碳经济一年持有混合A（015229）成立日期2022年6月28日，最新规模1.56亿。今年以来收益 35.27%，同类排名2120/8100；近一年收益27.16%，同类排名3000/8065；成立以来亏损15.82%。 资料显示，湖南华曙高科技股份有限公司位于湖南省长沙市岳麓区岳麓西大道2710号，成立日期2009年 10月21日，上市日期2023年4月17日，公司主营业务涉及工业级增材制造设备的研发、生产与销售,致力 于为全球客户提供金属(SLM)增材制造设备和高分子(SLS ...

当朱雀三号火箭带着3D打印的核心部件直冲太空，当小鹏IRON人形机器人的仿生关节通过3D打印实现量产交付，这个曾经只停留在实验室里的技术，如 今已经实打实成为支撑高端制造的"核心生产力"。 产业端的好消息也一个接一个——快造科技拿到了高瓴数亿元的B轮融资，创想三维正朝着"港股消费级3D打印第一股"冲刺。技术上有了突破，应用场景 全面爆发，再加上资本的助力，这个千亿规模的赛道，显然已经走到了爆发的关键节点。 01 市场越做越大，国产厂商势头正劲 全球3D打印行业早就告别了"小打小闹"的增长阶段，进入了规模化扩张的新时期。根据WOHLERS的统计数据，2024年全球市场规模已经达到219亿美 元，按照中性预期，到2034年有望增长到1145亿美元。 作为制造大国，中国厂商靠着高性价比和快速的技术迭代能力，在全球入门级设备市场里拿下了超过90%的份额，妥妥的绝对主导者。 海关总署的数据显示，2024年国内3D打印设备出口了377.77万台，出口额有89亿元；2025年前三季度的出口量就已经达到349.1万台，差不多接近去年全 年的水平。 按照行业惯例，第四季度是出口高峰，所以2025年全年出口量大概率能突破500万 ...

Core Insights - The 3D printing technology has transitioned from experimental stages to becoming a core productivity driver in high-end manufacturing, evidenced by successful applications in aerospace and robotics [2] - The global 3D printing market is projected to reach $21.9 billion in 2024 and is expected to grow to $114.5 billion by 2034, indicating a significant expansion phase [2] Market Growth and Domestic Manufacturers - The global 3D printing industry has moved beyond small-scale growth and is now in a phase of large-scale expansion, with Chinese manufacturers capturing over 90% of the entry-level equipment market due to high cost-performance ratios [4] - In 2024, China exported 3.7777 million 3D printing devices worth 8.9 billion yuan, with projections indicating that exports could exceed 5 million units and 10 billion yuan in 2025 [4] Domestic Production and Technological Advancements - The domestic production rate for metal 3D printing equipment has increased from less than 30% five years ago to 60%, while the local supply chain coverage for non-metal materials exceeds 85% [5] - Companies like Plater and Huazhu High-Tech are producing competitive metal 3D printers at prices 30% lower than their Western counterparts, successfully entering supply chains in aerospace and new energy vehicles [6] Technological Improvements and Application Expansion - Significant technological advancements have been made in industrial-grade 3D printing, with SLM metal printing achieving precision of 0.01 mm, suitable for aerospace engine components [7] - The efficiency of 3D printing has improved fivefold over the past three years, with entry-level device prices dropping by 60%, making the technology accessible to consumers and small businesses [7] Application Scenarios and Market Drivers - The demand for 3D printing in humanoid robotics and commercial aerospace is rapidly increasing, with 3D printing reducing the number of parts in rocket engines by 80% and cutting costs by 90% [8] - During the 618 shopping festival, sales of 3D printed toys and customized home goods surged over threefold, indicating a strong awakening of consumer demand [10] Investment Opportunities - The year 2025 is anticipated to be pivotal for 3D printing, with three main investment lines identified: core equipment, core materials, and emerging applications [10] - In the core equipment sector, companies like Plater and Huazhu High-Tech are positioned to benefit from industrial and consumer demand growth [11] - The core materials sector is expected to see further domestic production increases, with companies like Zhonghang Mite and Yuyuan Powder Materials offering competitive products [12] - Emerging applications in humanoid robotics and commercial aerospace are likely to experience significant growth, with companies like LZ Group and Yinbang Co. poised to capitalize on these trends [13]

Core Insights - The article emphasizes the rapid growth and transformation of the 3D printing industry, highlighting its transition from experimental technology to a core productivity driver in high-end manufacturing [5][6][23]. - The global 3D printing market is projected to reach $21.9 billion in 2024, with expectations to grow to $114.5 billion by 2034 [6]. Market Expansion and Domestic Manufacturers - Chinese manufacturers dominate the entry-level 3D printing equipment market, capturing over 90% of the share due to high cost-performance and rapid technological iteration [10]. - In 2024, China exported 3.7777 million 3D printing devices worth 8.9 billion yuan, with projections for 2025 to exceed 5 million units and 10 billion yuan in export value [10][11]. - The domestic production rate for metal 3D printing equipment has increased from under 30% five years ago to 60%, while non-metal material supply chain coverage exceeds 85% [11]. Technological Advancements and Application Scenarios - Key technological breakthroughs in industrial-grade 3D printing have achieved precision levels of 0.01 mm, meeting aerospace manufacturing requirements [13]. - The cost of titanium alloy powder, a core material for metal printing, has halved from 600 yuan/kg in 2023 to below 300 yuan/kg [14]. - 3D printing is significantly reducing costs and production times in commercial aerospace, with SpaceX's Raptor engine comprising 85% 3D printed components, leading to a 90% cost reduction and a production cycle cut from 6 months to 1 month [14]. Investment Opportunities - The article identifies three main investment lines for 3D printing: 1. **Core Equipment Line**: Benefiting from industrial and consumer demand growth, with companies like Platinum and Huashu High-Tech leading the market [19]. 2. **Core Materials Line**: Focusing on domestic production advantages, with companies like Zhonghang Mite and Youyan Powder Materials providing competitive pricing [20]. 3. **Emerging Applications Line**: Companies in humanoid robotics and commercial aerospace are positioned to benefit directly from increased demand [22]. Conclusion - The 3D printing industry is at a pivotal moment, transitioning from concept to reality, with significant opportunities for investment as domestic companies lead in both consumer and industrial markets [23].