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 - Hunan Huashu High-Tech Co., Ltd. has seen a stock price increase of 5.18%, reaching 76.81 yuan per share, with a total market capitalization of 31.812 billion yuan as of January 8 [1] Group 1: Company Overview - Hunan Huashu High-Tech Co., Ltd. was established on October 21, 2009, and went public on April 17, 2023 [1] - The company specializes in the research, production, and sales of industrial-grade additive manufacturing equipment, focusing on providing metal (SLM) and polymer (SLS) additive manufacturing equipment, as well as 3D printing materials, processes, and services [1] - The revenue composition of the company includes 74.47% from 3D printing equipment and auxiliary parts, 13.57% from after-sales services and others, 11.02% from 3D printing powder materials, and 0.94% from other sources [1] Group 2: Shareholder Information - Huaxia Fund's Huaxia Industry Prosperity Mixed A Fund (003567) is among the top ten circulating shareholders of Huashu High-Tech, holding 1.8945 million shares, unchanged from the previous period, representing 0.94% of circulating shares [2] - The fund has generated an estimated floating profit of approximately 7.1612 million yuan today [2] - The fund was established on February 4, 2017, with a current scale of 8.972 billion yuan, yielding 3.39% year-to-date and 69.07% over the past year [2] Group 3: Fund Manager Performance - The fund manager of Huaxia Industry Prosperity Mixed A is Zhong Shuai, who has been in the position for 5 years and 166 days, managing assets totaling 13.26 billion yuan [3] - During his tenure, the best fund return was 185.99%, while the worst was 0.5% [3] Group 4: Fund Holdings - Huaxia Fund's Huaxia Low-Carbon Economy One-Year Holding Mixed A Fund (015229) has reduced its holdings in Huashu High-Tech by 60,300 shares, now holding 229,100 shares, which constitutes 5.68% of the fund's net value [4] - The fund has an estimated floating profit of about 866,100 yuan today [4] - Established on June 28, 2022, the fund currently has a scale of 156 million yuan, with a year-to-date return of 5.5% and a one-year return of 53.23% [4]

近日，公司收到天健送达的《关于变更签字会计师的告知函》，现将相关变 更情况告知如下： 证券代码：688433 证券简称：华曙高科 公告编号：2025-052 湖南华曙高科技股份有限公司 关于变更签字会计师的公告 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。 湖南华曙高科技股份有限公司（以下简称"公司"）分别于2025年3月19日召 开第二届董事会第三次会议、第二届监事会第三次会议，2025年4月9日召开2024 年年度股东大会，审议通过了《关于续聘会计师事务所的议案》，同意续聘天健 会计师事务所（特殊普通合伙）（以下简称"天健"）为公司2025年度审计机构。 具体内容详见公司于2025年3月20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关于续聘会计师事务所的公告》（公告编号： 2025-012）。 一、本次签字会计师变更情况 本次变更过程中相关工作安排已有序交接，变更事项不会对公司2025年度财 务报表审计和2025年末财务报告内部控制审计工作产生不利影响。 特此公告。 湖 ...

Core Viewpoint - Huashe High-Tech has seen a stock price increase of 5.63% on December 29, reaching 66.65 yuan per share, with a total market capitalization of 27.604 billion yuan, and a cumulative increase of 9.4% over the past three days [1] Company Overview - Huashe High-Tech, established on October 21, 2009, is located in Changsha, Hunan Province, and was listed on April 17, 2023 [1] - The company specializes in the research, production, and sales of industrial-grade additive manufacturing equipment, focusing on providing metal (SLM) and polymer (SLS) additive manufacturing equipment, along with 3D printing materials, processes, and services [1] - The revenue composition of the company includes: 3D printing equipment and auxiliary parts (74.47%), after-sales services and others (13.57%), 3D printing powder materials (11.02%), and others (0.94%) [1] Shareholder Information - Huashe High-Tech's top circulating shareholder includes a fund from Huaxia Fund, specifically Huaxia Industry Prosperity Mixed A (003567), which held 1.8945 million shares, unchanged from the previous period, representing 0.94% of circulating shares [2] - The fund has realized a floating profit of approximately 6.7254 million yuan today and 10.2681 million yuan during the three-day price increase [2] - Huaxia Industry Prosperity Mixed A was established on February 4, 2017, with a current scale of 8.972 billion yuan, and has achieved a year-to-date return of 58.36% [2] Fund Performance - The fund manager of Huaxia Industry Prosperity Mixed A is Zhong Shuai, who has been in the position for 5 years and 156 days, managing assets totaling 13.26 billion yuan [3] - During Zhong's tenure, the best fund return was 184.12%, while the worst was -0.15% [3] Major Holdings - Another fund from Huaxia Fund, Huaxia Low Carbon Economy One-Year Holding Mixed A (015229), has reduced its holdings in Huashe High-Tech by 60,300 shares, now holding 229,100 shares, which accounts for 5.68% of the fund's net value [4] - This fund has realized a floating profit of approximately 813,400 yuan today and 1.2418 million yuan during the three-day price increase [4] - Huaxia Low Carbon Economy One-Year Holding Mixed A was established on June 28, 2022, with a current scale of 156 million yuan, and has a year-to-date return of 42.02% [4] Fund Manager Information - The fund manager of Huaxia Low Carbon Economy One-Year Holding Mixed A is Lü Jiawei, who has been in the position for 8 years and 143 days, managing assets totaling 1.423 billion yuan [5] - During Lü's tenure, the best fund return was 109.06%, while the worst was -20.13% [5]

Core Insights - The metal-based 3D printing materials industry is experiencing significant growth, with the domestic market expected to reach approximately 5 billion yuan in 2024, entering a phase of large-scale production [1][10] - The industry ecosystem is characterized by clear upstream, midstream, and downstream divisions, with upstream relying on mineral resources and equipment supply, midstream focusing on the production of various metal powders, and downstream catering to diverse fields such as aerospace, medical, and automotive [1][7] Industry Overview - Metal-based 3D printing materials are essential for additive manufacturing, primarily in the form of metal powders, which must meet specific requirements for particle size and flowability to ensure high-performance final products [2][3] - The industry can be categorized into three main types of materials: common alloys (e.g., titanium alloys, stainless steel), special metals (e.g., refractory metals, high-entropy alloys), and remanufacturing materials (e.g., nickel-based alloys) [3][5] Market Growth - The global 3D printing market is projected to reach $21.9 billion by 2024, with a year-on-year growth of 9.31%, and a compound annual growth rate (CAGR) of 14.34% from 2018 to 2024 [7][8] - The Chinese 3D printing market is expected to grow to 42.3 billion yuan in 2024, with a year-on-year increase of 15.26%, significantly outpacing global growth [8][10] Competitive Landscape - The industry features a competitive landscape with leading companies like PLT (铂力特) and AVIC (中航迈特) at the forefront, alongside specialized firms focusing on niche materials [11][12] - The competition has evolved from equipment-based to an integrated ecosystem where "materials-processes-applications" are deeply intertwined, emphasizing the need for comprehensive solutions tailored to specific applications [11][12] Development Trends - The future of the metal-based 3D printing materials industry will focus on the integration of design, materials, and processes, leveraging AI for intelligent optimization and targeted development of high-performance materials [12][13] - Application scenarios are expanding from small-batch custom manufacturing in aerospace and medical fields to large-scale production in consumer electronics and new energy vehicles, driven by significant improvements in printing efficiency [14][15] - The industry chain will evolve towards "self-controllable" and "efficient collaboration," emphasizing domestic production of key materials and the establishment of intelligent recycling systems [15]

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].