以下文章来源于全天候科技 ，作者全天候科技 全天候科技 . 为优质内容而生，帮助投资者理解科技。 作者 郑敏芳 编辑松壑 近日，有玩家在社交平台吐槽自己的3D打印机被迫停工，底板上只剩下一颗刚成型的LABUBU（拉布布）头。 随着模型链接集体失效，这场"0元拥有限量潮玩"的计划只能被迫烂尾。 导致这场全网模型"断供"的，是一纸诉状。 日前，泡泡玛特将3D打印独角兽拓竹科技告上法庭，案由直指著作权权属及侵权纠纷。 风暴眼正是拓竹科技旗下全球月活第一的3D模型社区MakerWorld。 此前，该平台长期充斥着大量用户上传的、未经授权的"LABUBU"3D打印模型，或侵犯了泡泡玛特的IP著作权。 目前MakerWorld已火速将相关IP模型全面下架。 事实上，这是全行业都要面临的合规问题。 据全天候科技调研，除了拓竹科技，3D打印厂商创想三维旗下的创想云社区、激光雕刻机品牌xTool的社区Atomm，均不乏用户在大肆分享 知名IP的模型资源。 泡 泡 玛 特 的 一 纸 诉 状 或 许 只 是 开 始 ， 未 来 是 否 会 有 更 多 版 权 方 与 涉 及 侵 权 的 硬 件 厂 商 旗 下 UGC （ 用 户 ...

以下文章来源于雷达Finance ，作者X编辑 雷达Finance . 遨游广袤的财富世界。 拓竹科技面临多重挑战。 文 ｜ 彭程 编辑 ｜ 孟帅 来源｜ 雷达 Finance （ID：leidaplus） 封面来源 ｜ IC photo 潮玩巨头泡泡玛特的一纸诉状，将估值高达400亿元的3D打印独角兽拓竹科技推上了被告席。 天眼查显示，近日，北京泡泡玛特文化创意有限公司已起诉深圳拓竹科技有限公司等多家拓竹系公司，案由直指著作权权属、侵权纠纷。 此次纠纷的导火索，源于拓竹科技引以为傲的核心资产——全球月活第一的3D模型社区MakerWorld。据公开报道，该平台此前有大量"拉布布同款"3D模 型可供用户下载。 值得注意的是，这并非拓竹科技首次陷入侵权风波，2025年底，拓竹科技就曾遭《罗小黑战记》版权方起诉。 此外，拓竹科技此前还曾以"维权者"的身份，对创想三维、纵维立方等同行的平台采取法律行动。 然而，在估值达到400亿元的高光背后，拓竹科技悉心构建的"硬件+内容生态"模式，正面临严峻的合规拷问。 此外，这家明星独角兽还正面临愈发激烈的行业竞争。不仅"前东家"大疆亲自下场"围剿"，老牌厂商与新锐势力也疯狂追 ...

证 券 研 究 报 告 "制造强国"实干系列周报(26/03/01期) www.swsresearch.com 证券研究报告 2 ◼ 燃气轮机：海外供应链深度切入+国产航改燃双重逻辑共振 ◼ 商业航天：1）制造及发射端关注份额或价值量在降本趋势下有望维持相对稳定或具备提升潜力的核心标的；2）应用端 关注通信终端基带、射频芯片及相控阵天线配套标的；3）航天科技集团拥有较多体外资产，有较强并购重组预期 ◼ 3D打印：1）工业级：材料降本与设备提效，共启3D打印放量奇点；2）消费级：AI赋能+生态强化+供应链降本 ，加速 全民创作时代到来 ◼ 刀具：原料供给偏紧+刚需基础稳定，钨矿价格大幅上涨；原材料大幅涨价，刀具企业向下游推动涨价，刀具行业格局有 望改善 ◼ 群核科技：杭州六小龙之一，从室内设计软件迈向空间智能 ◼ 风险提示：市场竞争加剧的风险；原材料价格波动风险；经济周期波动的风险 主要内容 3 核心观点 证券分析师： 韩强 A0230518060003 屠亦婷 A0230512080003 王珂 A0230521120002 刘正 A0230518100001 马天一 A0230525040004 戴文杰 A ...

Investment Rating - The report provides a positive outlook on various sectors, indicating a potential upward trend in investment opportunities across multiple industries. Core Insights - The report highlights the acceleration of "global localization" for collectible toys, with companies like Pop Mart expanding their presence in international markets and diversifying their product offerings to drive revenue growth [1][7] - The new tobacco sector is expected to benefit from clearer FDA product review standards, favoring companies with strong manufacturing capabilities [12] - The housing market shows signs of seasonal decline, but there is potential for recovery driven by supportive policies and demand stabilization [13] - The paper packaging industry is experiencing fluctuations in prices and inventory levels, with expectations of recovery as production resumes post-holiday [15] - The pet food market is witnessing significant growth, particularly in e-commerce, with major platforms reporting increased sales [19][20] Summary by Sections 1. Collectible Toys - Pop Mart has established a creative headquarters in Culver City, Los Angeles, enhancing its global localization efforts [7] - The company is diversifying its product lines with new IPs and collaborations, which are expected to drive revenue growth [8][9] 2. New Tobacco - The FDA has clarified product review standards, which may benefit leading companies with strong manufacturing capabilities [12] - The glo hilo product has been launched in Romania, with plans for further global expansion by 2026 [12] 3. Housing Sector - Recent data shows a significant year-on-year decline in property transactions, but there are signs of stabilization in the market [13] - The furniture export market is showing mixed results, with a decline in exports from China but growth in Vietnam [13] 4. Paper and Packaging - Recent price increases in paper products have been noted, with expectations of inventory adjustments as production resumes [15] - The packaging sector is recovering as downstream demand stabilizes [15] 5. Pet Food and Supplies - The pet food market has seen a year-on-year growth of 18% in January, with significant contributions from platforms like Douyin and JD [19][20] - Notable brands are achieving double-digit growth in sales, indicating a robust market environment [21] 6. AI and 3D Printing - The 3D printing market is projected to grow significantly, with a focus on service-oriented business models [30][31] - Innovations in AI are expected to lower barriers for entry into the 3D printing market, enhancing growth potential [31] 7. Xiaomi Group - Xiaomi is expanding its high-end product offerings and enhancing its ecosystem with new releases in the smartphone and accessory markets [17][18] - The company is leveraging AI technology to strengthen its competitive position in the consumer electronics space [18] 8. Silver Economy - The report emphasizes the potential of the silver economy, predicting significant market growth driven by changing consumer behaviors among the elderly [28][29]

格隆汇2月27日｜有投资者在互动平台向海正生材提问：公司PLA产品在3D打印耗材方面与拓竹科技、 创想三维这些设备品牌商有合作吗？海正生材回复称，公司专注于聚乳酸树脂的研发、生产和销售，聚 乳酸是目前3D打印耗材的重要原料之一，公司与下游主要3D打印耗材生产厂家有着良好的上下游合作 关系。 ...

有投资者在互动平台向 海正生材提问：公司PLA产品在3D打印耗材方面与拓竹科技、创想三维这些设 备品牌商有合作吗？海正生材回复称，公司专注于聚乳酸树脂的研发、生产和销售，聚乳酸是目前3D 打印耗材的重要原料之一，公司与下游主要3D打印耗材生产厂家有着良好的上下游合作关系。 ...

（文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：公司PLA产品在3D打印耗材方面与拓竹科技、创想三 维这些设备品牌商有合作吗？ 海正生材（688203.SH）2月27日在投资者互动平台表示，公司专注于聚乳酸树脂的研发、生产和销 售，聚乳酸是目前3D打印耗材的重要原料之一，公司与下游主要3D打印耗材生产厂家有着良好的上下 游合作关系。 ...

智通财经APP获悉，国盛证券发布研报称，3D打印核心增量价值为即时性&经济性及对情感需求的满 足，行业步入"硬件+软件+生态"全栈竞争时代"。从生命周期看，3D打印赛道刚刚迈过0到1的孵化期， 正处于1到100的生长阶段，增长斜率陡峭，不断受益于供需共振;从属性看，赛道之美体现在"品"为核 心驱动力的模式提升了行业竞争壁垒，龙头受益大。 国盛证券主要观点如下： 供需拆解：强可选性，产品力仍有迭代空间 需求侧：核心增量价值为即时性&经济性及对情感需求的满足。需求端，3D打印用户主要有极客玩 家、学校&科研机构、小B端客户及泛潮流玩家等。前两者是行业早期核心用户，而后二者是打印机出 圈的关键。对于小B用户而言，3D打印提供的增量价值在于即时性&经济性，而对于泛潮流玩家，3D打 印的吸引力在于其创造性、社交性、与IP的交互性为用户提供了独一无二的情绪价值，而构建有活力的 内容生态是持续的关键。 马太效应显著，高端品仍有降本空间 成本端：低端机BOM简单，高端化机型仍有降本空间。一台3D打印机主要由五个部分构成：框架结构 提供整体支持性;运动系统控制打印头和平台的运动;挤出机负责将材料融化并且挤出;控制板负责接收指 ...

Investment Rating - The report maintains an "Accumulate" rating for the industry [6] Core Insights - The consumer-grade 3D printing industry is transitioning from the incubation phase (0 to 1) to a growth phase (1 to 100), characterized by steep growth and benefiting from supply-demand resonance [1][12] - The industry is entering a full-stack competition era involving hardware, software, and ecosystem integration, raising the bar for players' comprehensive capabilities [3][47] - The demand side shows strong optionality, with core value derived from immediacy, economic benefits, and emotional satisfaction [2][26] Supply and Demand Analysis - **Demand Side**: The core incremental value for users includes immediacy and economic efficiency, with key user segments being DIY enthusiasts, educational institutions, small businesses, and trend-driven consumers [2][26] - **Supply Side**: The industry has evolved from hardware competition to a combination of hardware, software, and ecosystem competition, necessitating improvements in product capabilities such as printing precision, speed, and material compatibility [3][47] Industry Dynamics - The industry exhibits a significant Matthew effect, where leading brands benefit disproportionately, and high-end products still have cost reduction potential [4][62] - The cost structure of low-end machines is simpler, while high-end models have room for cost reduction through advanced components [4][73] - The competitive landscape is driven by product quality, with leading companies like Chuangxiang Sanwei achieving high gross margins and net margins [19][62] Recommended Stocks - Key companies identified for investment include Chuangxiang Sanwei, Tuozhu Technology, and others, which are positioned well within the industry [9][62] Market Overview - The global consumer-grade 3D printer market is projected to have a shipment volume of 4.1 million units and a market size of $2.1 billion by 2024, with a CAGR of 20.4% for GMV from 2020 to 2024 [15][19] - The market is highly concentrated, with the top four companies holding nearly 80% market share as of Q1 2025 [19][64] Future Outlook - The report emphasizes the importance of creating a vibrant content ecosystem to sustain user engagement and drive growth, with initiatives like Maker World providing a platform for creators [44][45] - The integration of AI and improved creator incentive systems are expected to enhance the ecosystem's vitality and user experience [45][60]

对标深圳 "加力促进制造业与服务业双轮驱动、融合发展" 的最新战略部署，民治街道早谋快干、主动 对标。"十四五" 期间，民治街道早已扎实筑牢制造业与服务业协同发展的坚实根基，勇当表率：规上 工业总产值实现近两倍增长，服务业营收连续五年占全区比重近五成，产业发展质效稳步提升。并在 2026年发展中坚持"数智引领、集群突破"，高水平建设数字经济核心区，为高质量发展构筑坚实支撑， 构筑数智产业集群，做优做强现代服务业，为市区新一轮高质量发展贡献都市核心区域的强劲动能。 2025年，民治街道全年规上工业产值达634.52亿元，同比增长18.8%；工业增加值增速12.0%。社消零稳 步增长，限上批发业销售额同比增长7.7%、限上零售业销售额同比增长13.6%、限上住宿业营业额同比 增长7.0%、限上餐饮业营业额同比增长6.6%。全年税收收入超百亿元。创新动能加速聚集，深圳—南 航低空智联产业科技创新中心、山东财经大学深圳研究院等重点项目落地。市场主体活力增强，新增规 上企业166家、国家高新技术企业181家、专精特新中小企业73家、国家级专精特新"小巨人"企业11家， 科大讯飞（002230）湾区总部、海克斯康等项目落 ...