Investment Rating - The report maintains an "Outperform" rating for the defense and military industry [5] Core Insights - The establishment of the Commercial Space Administration by the National Space Administration signifies a dedicated regulatory body for the commercial space industry, which is expected to drive high-quality development and benefit the entire industry chain [2][37] - The low-altitude economy is entering a phase of accelerated commercialization, with significant policy support and new product development, indicating a promising growth trajectory [3][36] - The defense and military sector is projected to experience sustained growth due to the execution of backlog orders from the 14th Five-Year Plan and the introduction of new orders under the 15th Five-Year Plan [3][38] Summary by Sections Market Review - The defense and military index rose by 2.85% last week, ranking 14th among 31 primary industries [1][13] - The current PE (TTM) for the defense and military sector is 77.60 times, with aerospace equipment at 305.61 times and military electronics at 106.55 times [1][22] Key Recommendations - Recommended companies include: 1. Downstream manufacturers: AVIC Chengfei, Hongdu Aviation, AVIC Shenyang, AVIC Xifei 2. New military technologies: Lianchuang Optoelectronics, Guangqi Technology, Zhongjian Technology 3. Underwater equipment: Yaxing Anchor Chain, Zhongke Haixun, Changying Tong 4. Missile industry chain: Feili Hua, Guoke Military Industry, Zhongbing Hongjian 5. Military titanium materials: Western Superconducting 6. Electronic components: Hongyuan Electronics, Aerospace Electric [4][40][41][42][43][44][45][46] Industry Dynamics - The National Space Administration's action plan for commercial space development aims for a significant expansion of the industry by 2027, enhancing innovation and resource utilization [2][37] - The low-altitude economy is being bolstered by new regulations and infrastructure developments, with a focus on safety and efficiency in low-altitude flight activities [3][34][36]

Group 1 - The automation equipment sector increased by 1.21% on November 28, with Gokong Technology leading the gains [1] - The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1] - Gokong Technology's stock price rose by 14.24% to 34.50, with a trading volume of 288,400 shares and a transaction value of 962 million yuan [1] Group 2 - Other notable performers in the automation equipment sector included Anli Co., which rose by 12.35% to 98.81, and Bozhong Precision, which increased by 7.33% to 34.99 [1] - The sector saw a net inflow of 190 million yuan from main funds, while retail investors contributed a net inflow of 183 million yuan [1] - The overall trading activity in the sector included a significant net outflow of 372 million yuan from speculative funds [1]

Investment Rating - The industry investment rating is "Overweight," indicating that the industry is expected to outperform the overall market [7]. Core Insights - AI empowerment significantly lowers creative barriers, accelerating the arrival of a universal creation era. The Nano Banana Pro version has improved image quality and resolution, enhancing text rendering capabilities and supporting the fusion of 14 images to generate new visuals, providing flexible and efficient tools for 3D printing players [2]. - Technological breakthroughs in multi-color printing are becoming a core competitive advantage for enterprises, driving demand for consumables. Companies like Snapmaker and拓竹科技 are innovating in smart multi-color printing technology, significantly reducing waiting times and material costs [2]. - Increased funding from various enterprises is enhancing the industry ecosystem. DJI and Meituan are investing in 3D printing companies, which will help accelerate product iteration and market promotion [2]. - The industry is expected to maintain high growth rates, with positive export performance. In the first three quarters of 2025, China exported 3.491 million 3D printers, nearing the total of 3.778 million units for 2024, with projections of reaching around 5 million units in 2025 [2]. Summary by Sections Industry Overview - The report highlights the rapid advancements in AI and 3D printing technologies, which are expected to drive consumer demand and enhance the usability of consumer-grade 3D printers [2]. Market Demand - The demand for 3D printers is projected to grow significantly, with exports expected to reach 10.7 billion yuan in 2025, reflecting a strong market outlook [2]. Key Industry Players - Key players in the industry include: - Components:杰普特, 锐科激光, 金橙子 - 3D Scanners: 思看科技, 奥比中光-UW - Materials: 海正生材, 家联科技 - Complete Machines: 拓竹科技, 创想三维, 安克创新, 汇纳科技 [2][3].

每经头条（nbdtoutiao）——大鹏工业战略配售"肥"了自家人！认购价9元，上市首日涨到118元，实控 人和亲哥哥凭配售一天浮盈2492万元 （记者 曾健辉） 截至发稿，锐科激光市值为140亿元。 每经AI快讯，锐科激光（SZ 300747，收盘价：24.71元）11月24日晚间发布公告称，公司第四届第十七 次董事会会议于2025年11月21日以通讯会议形式召开。会议审议了《关于制订锐科激光董事长年度及任 期考核表的议案》等文件。 2024年1至12月份，锐科激光的营业收入构成为：光电子器件制造占比99.98%，房屋租赁占比0.02%。 ...

证券代码：300747 证券简称：锐科激光 公告编号：2025-053 武汉锐科光纤激光技术股份有限公司 第四届董事会第十七次会议决议的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 武汉锐科光纤激光技术股份有限公司（以下简称"锐科激光"或"公司"） 于 2025 年 11 月 21 日 10:00 以通讯会议形式召开了第四届董事会第十七次会议， 会议由公司董事长陈正兵先生召集并主持。通知已于 2025 年 11 月 16 日以电子 邮件方式送达全体董事。公司现有董事 9 人，参加表决董事 9 人。会议的召集、 召开与表决程序符合《中华人民共和国公司法》（以下简称《公司法》）和《公 司章程》及相关法律法规的规定，所作决议合法有效。 二、董事会会议审议情况 董事陈正兵先生为本议案关联董事，在审议本议案时回避表决。 会议审议通过了如下议案： 1．以 8 票赞成，0 票反对，0 票弃权，1 票回避，审议通过了《关于制订锐 科激光董事长年度及任期考核表的议案》。 为明确公司董事长的绩效考核目标，建立有效的激励和约束机制，促进公司 经营目标 ...

证券日报网讯锐科激光（300747）11月24日在互动平台回答投资者提问时表示，公司11月20日股东人数 为42718户。 ...

Group 1 - The company, Ruike Laser, responded to investor inquiries on November 18, indicating that product information and application scope have been disclosed in regular reports [2] - The company stated that any significant changes in products or technologies will be disclosed in accordance with regulations [2]

Core Viewpoint - Ruike Laser (300747) is recognized as a leading company in the Chinese laser industry, according to the "2025 China Laser Industry Key Enterprises Comprehensive Competitiveness Ranking" [1] Group 1: Company Overview - Ruike Laser is listed among key enterprises in the Chinese laser industry, which includes other notable companies such as Han's Laser (002008), Huagong Technology (000988), JPT, Lianying Laser, and Haimeixing [1] - The company holds a leading market share within the laser industry in China [1]

Core Viewpoint - Ruike Laser (300747) reported that as of September 30, the number of shareholders was 40,945 [1] Company Summary - The company has a total of 40,945 shareholders as of the end of September [1]

Core Viewpoint - The company has developed a new LD direct pumping near-base mode 10,000-watt fiber laser, which is positioned to support the laser fusion field and has applications in various industries such as automotive, new energy, 3D printing, and long-distance laser applications [1] Summary by Relevant Categories - **Product Development** - The newly developed LD direct pumping near-base mode 10,000-watt fiber laser is a significant advancement for the company [1] - **Industry Applications** - The product is applicable in multiple sectors including automotive, new energy, 3D printing, and long-distance laser applications, indicating its versatility and potential market reach [1]