Investment Rating - The report maintains an "Outperform" rating for the machinery equipment industry [5]. Core Views - The humanoid robot sector is rapidly advancing, with Tesla's humanoid robot aiming for mass production of 5,000 units by 2025. Domestic companies like Yushutech and ZhiYuan Robotics are also innovating quickly, focusing on key components such as reducers and sensors [3][4]. - AI infrastructure is experiencing growth driven by demand for data centers, benefiting companies involved in cooling systems [4]. - The low-altitude economy is progressing with infrastructure initiatives, aiming to create a unified air traffic management network [4]. Industry Dynamics - Humanoid Robots: Recent demonstrations include the release of a dexterous hand technology by Xingdong Era and a boxing video by Yushutech [1][18]. - Smart Welding: The application of pipeline welding robots by China National Petroleum has achieved scale [20]. - Low-altitude Economy: New companies and initiatives are being established to support the development of low-altitude economic infrastructure [21][26]. Company Dynamics - Yushutech and Chang'an Automobile signed a strategic cooperation agreement to collaborate on robotics technology [31]. - ZhiYuan Robotics participated in a roundtable discussion on economic trends [22]. - A joint venture was established between Junpu Intelligent and ZhiYuan Robotics to focus on humanoid robots [29]. Event Outlook - A humanoid robot half-marathon is scheduled to take place in Beijing on April 19, 2025, featuring humanoid robots competing alongside human participants [37]. Key Company Profit Forecasts and Investment Ratings - Companies such as Lide Harmony, Mingzhi Electric, and Huichuan Technology are rated as "Outperform" with various earnings per share (EPS) forecasts for 2023 and 2024 [9].

Core Viewpoint - The Shandong Securities Regulatory Bureau is enhancing its regular visit mechanism to listed companies, aiming to support high-quality development and address challenges faced by these companies [1][2]. Group 1: Actions Taken - The Shandong Securities Regulatory Bureau has visited 157 listed companies, achieving a coverage rate of 60% [1]. - The bureau emphasizes collaboration with local governments and relevant departments to provide on-site support and problem-solving for companies [1][2]. - A total of 145 suggestions from listed companies have been collected, with immediate responses provided for on-the-spot inquiries [2]. Group 2: Policy Implementation - The bureau has effectively communicated policies related to mergers and acquisitions, share buybacks, and dividend distribution to enhance corporate value [2]. - In 2024, 195 listed companies in Shandong distributed cash dividends totaling approximately 600 billion yuan, while 93 companies executed share buybacks [3]. - The bureau is focused on ensuring that regulatory requirements are clearly communicated to companies, particularly those at risk of delisting [2][3]. Group 3: Future Plans - The Shandong Securities Regulatory Bureau plans to continue its efforts in risk prevention, regulatory enforcement, and promoting high-quality development in the capital market [3][4]. - The bureau aims to strengthen multi-party collaboration and maintain regular visits to listed companies to enhance their operational capabilities [3].

Core Insights - The 3D printing industry is rapidly developing, with applications expanding from traditional aerospace to automotive and consumer electronics sectors, driven by continuous improvements in efficiency [1][2] - The global 3D printing market size exceeded $20 billion in 2023 and is projected to reach $27.7 billion by 2025, with a CAGR of 16.1% from 2021 to 2025 [1] - The domestic 3D printing market in China reached 36.7 billion yuan in 2023, with an expected growth to over 40 billion yuan in 2024, reflecting a CAGR of approximately 23.45% from 2019 to 2023 [1] Industry Overview - In terms of product segmentation, 3D printing materials account for 17.04%, printing equipment for 22.42%, printing services for 40.09%, and others for 20.45% [2] - The leading application areas in 2023 include automotive (14.4%), consumer electronics (14.0%), medical (13.7%), and aerospace (13.3%), indicating a significant rise in consumer demand [2] Human-Robot Interaction - Humanoid robots are evolving towards higher intelligence and performance, facing challenges in technology, cost, and safety, which 3D printing can help address [3] - 3D printing can be utilized for manufacturing structural components of humanoid robots, enabling complex designs and lightweight materials while enhancing reliability [3][4] - The technology supports the creation of biomimetic structures, such as flexible skin and muscle-like components, improving the robot's lifelike qualities [3][4] Technological Advancements - 3D printing facilitates the upgrade of critical components in humanoid robots, streamlining production processes and reducing material waste, thus controlling costs [4] - Rapid prototyping through 3D printing shortens development cycles, aiding in the iterative design of humanoid robots [4] - The technology also allows for personalized customization of core components and aesthetic parts, as well as the design of cooling channels to meet thermal management needs [4] Investment Opportunities - Recommended investment targets include leading domestic companies in 3D printing metal powders, such as Youyan Powder Materials (688456.SH), and notable 3D printing equipment manufacturers like Plater (688333.SH) and Huazhu High-Tech (688433.SH) [5]

规模方面，科创100指数ETF近1年规模增长3.71亿元，实现显著增长，新增规模位居可比基金2/10。 份额方面，科创100指数ETF近2周份额增长1.14亿份，实现显著增长，新增份额位居可比基金2/10。 资金流入方面，科创100指数ETF近4个交易日内有3日资金净流入，合计"吸金"6572.26万元，日均净流入达1643.06万元。 数据显示，杠杆资金持续布局中。科创100指数ETF前一交易日融资净买额达403.64万元，最新融资余额达3.32亿元。 截至2025年4月10日 10:10，上证科创板100指数(000698)强势上涨4.56%，成分股生益电子(688183)上涨13.18%，华曙高科(688433)上涨12.94%，道通科技 (688208)上涨12.70%，铂力特(688333)，奥普特(688686)等个股跟涨。科创100指数ETF(588030)上涨4.37%， 冲击3连涨。最新价报0.93元。拉长时间看，截 至2025年4月9日，科创100指数ETF近3月累计上涨4.44%。 流动性方面，科创100指数ETF盘中换手3.81%，成交2.29亿元。拉长时间看，截至4月9日，科创100 ...

证券代码：688433 证券简称：华曙高科 公告编号：2025-019 湖南华曙高科技股份有限公司 2024 年年度股东大会决议公告 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 （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 | 61 | | --- | --- | | 普通股股东人数 | 61 | | 2、出席会议的股东所持有的表决权数量 | 360,663,852 | | 普通股股东所持有表决权数量 | 360,663,852 | | 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 | 87.2755 | | （%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 87.2755 | 注：截至本次股东大会股权登记日公司总股本为 414,168,800 股；其中，公司回购专用账中 股份数为 921,322 股，不享有股东大会表决权 ...

湖南启元律师事务所 关于湖南华曙高科技股份有限公司 2024年年度股东大会的 (三)上海证券信息有限公司在本次股东大会网络投票结束后提供给公司的 网络投票统计结果; (四)公司本次股东大会股权登记目的股东名册、出席现场会议的股东的到 会登记记录及凭证资料; 法律意见书 2025年4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 2024年年度股东大会(以下简称"本次股东 大会"),对本次股东大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。 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 2024 年 年度股东大会的通知公告; (二) 出席现场 ...

证券代码：688433 证券简称：华曙高科 公告编号：2025-018 湖南华曙高科技股份有限公司 首次公开发行战略配售限售股上市流通公告 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： 本次股票上市类型为首发战略配售股份（限售期 24 月）；股票认购方式为 网下，上市股数为 1,657,290 股。本公司确认，上市流通数量等于该限售期的全部 战略配售股份数量。 本次股票上市流通总数为 1,657,290 股。 本次股票上市流通日期为 2025 年 4 月 17 日。 本次上市流通的限售股属于公司首次公开发行战略配售限售股，自公司首次 公开发行股票限售股形成至今，公司未发生因利润分配、公积金转增等导致股本数 量变化的情况。 三、本次上市流通的限售股的有关承诺 本次上市流通的限售股属于公司首次公开发行战略配售限售股，配售对象承 诺其所获配的股票限售期为自公司股票上市之日起24个月，并承诺不利用获配股 份取得的股东地位影响发行人正常生产经营，不在获配股份限售期内谋求发行人 控制权。 除上述承诺外，本次申请上市流 ...

根据中国证券监督管理委员会于 2023 年 2 月 27 日出具的《关于同意湖南华 曙高科技股份有限公司首次公开发行股票注册的批复》（证监许可〔2023〕421 号），湖南华曙高科技股份有限公司公开发行面值为 1 元的人民币普通股 41,432,253 股，并于 2023 年 4 月 17 日在上海证券交易所科创板挂牌上市。公司 首次公开发行后总股本为 414,168,800 股，其中有限售条件流通股 379,613,331 股，占公司总股本的 91.6567%，无限售条件流通股 34,555,469 股，占公司总股 本的 8.3433%。 本次上市流通的限售股为公司首次公开发行战略配售限售股，锁定期为自公 司首次公开发行股票上市之日起 24 个月。本次上市流通的战略配售限售股数量 为 1,657,290 股，占公司股本总数的 0.4001%，对应限售股股东数量为 1 名。具 体详见公司于 2023 年 4 月 14 日在上海证券交易所网站（www.sse.com.cn）披露 的《湖南华曙高科技股份有限公司首次公开发行股票科创板上市公告书》。 本次解除限售并申请上市流通股份数量为 1,657,290 股，对应 ...

Investment Rating - The investment rating for the industry is "Outperform the Market" (maintained) [2] Core Insights - The additive manufacturing, also known as 3D printing, is revolutionizing precision manufacturing in consumer electronics, driven by companies like Apple [5][8] - The global 3D printing market is projected to grow from approximately $20 billion in 2023 to $36.2 billion by 2026, with a CAGR of 21.8% [5][31] - China is identified as the most promising market for 3D printing, with an expected market size of approximately 41.5 billion yuan by 2024 [5][31] Summary by Sections 1. Comparison of Additive Manufacturing and Traditional Manufacturing - Additive manufacturing offers significant advantages such as reduced R&D costs, efficient formation of complex structures, high material utilization, and rapid solidification processes [5][11] - The technology is categorized into metal and non-metal types, with metal 3D printing being more mature and widely applied in aerospace, medical, and automotive sectors [5][19] 2. Cost Reduction and Efficiency Improvement - The industry is transitioning to "Additive Manufacturing 2.0," focusing on cost reduction and efficiency improvements to enable mass production [5][49] - The price of titanium alloy powder has decreased significantly, from 600 yuan/kg to below 300 yuan/kg, contributing to lower production costs [5][49] 3. Main Downstream Applications: Consumer Electronics, Aerospace, and Automotive - The consumer electronics sector is a key application area for 3D printing, with components like hinges for foldable phones being produced using this technology [5][68] - Apple has been actively exploring 3D printing for products like the Apple Watch and foldable devices, indicating a strategic shift towards additive manufacturing [5][71] - In aerospace, the market for 3D printing is expected to reach $4.1 billion by 2024, growing to $8.2 billion by 2029 [5][72] 4. Industry Chain Related Companies - Recommended companies to watch include 3D printing equipment manufacturers like Platinum and Huazhu High-Tech, as well as core component suppliers like Jingyan Technology and Luxshare Precision [5]

证券代码：688433 证券简称：华曙高科 湖南华曙高科技股份有限公司 会议资料 湖南华曙高科技股份有限公司 2024 年年度股东大会会议资料 湖南华曙高科技股份有限公司 湖南华曙高科技股份有限公司 2024 年年度股东大会会议资料 湖南华曙高科技股份有限公司 为了维护湖南华曙高科技股份有限公司（以下简称"公司"、"华曙高科"、 "本公司"）全体股东的合法权益，确保股东大会的正常秩序和议事效率，保证 股东大会的顺利进行，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》"）、《上市公司股东大会规则》 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》"）、《湖南 华曙高科技股份有限公司股东大会议事规则》等有关规定，特制定 2024 年年度 股东大会会议须知： 七、主持人可安排公司董事、监事、高级管理人员回答股东所提问题。对 可能将泄露公司商业秘密及内幕信息，损害公司、股东共同利益的提问，主持 人或其指定的有关人员有权拒绝回答。 八、出席股东大会的股东，应当对提交表决的议案发表如下意见之一：同 意、反对或弃权。出席现场会议的股东及股东代理人务必在 ...