TENCENT(HK:00700) Shenwan Hongyuan Securities·2025-09-16 15:14Investment Rating - The industry investment rating is "Positive" (看好) indicating that the industry is expected to outperform the overall market [2][10]. Core Insights - The release of Tencent's Hunyuan 3D 3.0 model significantly enhances modeling precision by three times, achieving a geometric resolution of 1536³ and supporting ultra-high-definition modeling with 3.6 billion voxels [2][4]. - The model introduces a novel 3D-DiT hierarchical sculpting approach, improving the understanding and restoration of invisible areas, thus addressing the challenges of generating complex structures and fine details [4]. - The model has been optimized for character generation, enhancing the realism and aesthetic appeal of 3D models, particularly for creating lifelike figurines [4]. - Tencent's Hunyuan model has accelerated iterations, releasing over 30 new models and embracing open-source, with the 3D model community achieving over 2.6 million downloads [4]. - Several companies have integrated Tencent's models, lowering the barriers for 3D modeling and accelerating the penetration of consumer-grade 3D printing [4]. Summary by Sections Industry Overview - The report highlights the rapid advancement in consumer-grade 3D printing technology, driven by Tencent's innovations [2][4]. Key Players in the Industry - Core industry players include: 1. Hardware: Anker Innovation, Tuo Zhu Technology, and others 2. Components: Jietu, Ruike Laser, and others 3. 3D Scanners: Sikan Technology, Obi Zhongguang 4. Materials: Haizheng Biomaterials, Huitong Technology, and others [4]. Valuation Table - The valuation table provides insights into the market capitalization and projected net profits for key companies in the industry, indicating a positive outlook for growth in the coming years [5].