春节假期后首个工作日，各地企业锚定年度目标，抢时间、拼效率、提产能，全国各地企业迎来开工热 潮。专家表示，此次春节后复工复产热潮，不仅彰显了我国企业的强劲韧性与发展活力，也为 2026 年经 济高质量发展奠定了坚实基础。 本报记者 王琰 2月24日，春节假期后首个工作日，全国各地企业迎来开工热潮。各地企业锚定年度目标，抢时间、拼 效率、提产能，以开局即冲刺、起步即决战的奋进姿态，全力冲刺一季度"开门红"。 重大项目集中开工 项目建设是经济增长的"压舱石"。马年新春，江苏各地重大项目全线发力，从南到北皆是热火朝天的建 设场景。 24日早8点，苏州市相城区苏州北站综合枢纽项目已是一片繁忙景象：地面上塔吊林立，钢索紧绷运送 建材；地下20多米深的基坑内，工人俯身加固螺栓，敲击声此起彼伏，施工节奏分秒不停。苏州高铁枢 纽投资开发有限公司副总经理魏荣亮表示，该项目计划2027年底完工，建成后将推动苏州跻身长三 角"十"字发展轴枢纽中心，全面提升城市能级与核心竞争力。 无独有偶，24日清晨，常州高新区罗森伯格常州智慧工厂建设现场，施工人员与企业监理人员已悉数到 岗。这个总投资超1亿美元的重点项目，春节前已完成主体结构封顶 ...

2月14日，中国证监会官网一则备案通知，让全球消费级3D打印领域的"隐形冠军"创想三维走到聚光灯 下。这家总部位于深圳的3D打印独角兽企业，正式获得境外发行上市备案，拟发行不超过1.51亿股境外 上市普通股并在香港联合交易所上市。随着备案落地，创想三维有望成为"港股消费级3D打印第一 股"。 备案落地：从"小房间"到港股通路的八年长跑 2026年2月12日，中国证监会国际合作司出具了《关于深圳市创想三维科技股份有限公司境外发行上市 及境内未上市股份"全流通"备案通知书》。文件显示，创想三维拟发行不超过150,808,200股境外上市普 通股，并在香港联合交易所主板上市。同时，公司21名股东拟将所持合计393,412,551股境内未上市股份 转为境外上市股份，并在香港联交所上市流通。这其中包括陈春、敖丹军、刘辉林、唐京科四位联合创 始人各5160万股，以及前海股权投资基金、深创投、腾讯创投等知名投资机构。 此次备案由中金公司担任独家保荐人。根据港交所上市规则，企业需在聆讯审批日期至少4个营业日之 前提交"备案通知书"，这意味着创想三维已取得进行香港上市聆讯的前置要求，或很快在港交所进行上 市聆讯。公司需要在备案 ...

Investment Rating - The report indicates a strong investment outlook for the consumer-grade 3D printing industry, with a projected CAGR of 28.6% from 2020 to 2024, reaching a market size of $4.1 billion by 2024 [1]. Core Insights - The integration of AI into consumer-grade 3D printing is seen as a key driver for market expansion, bridging the gap between virtual design and physical manufacturing [1][13]. - The industry is expected to experience a significant acceleration in growth, akin to the smartphone evolution, particularly with the introduction of products like the拓竹 X1, which has set new standards for performance and affordability [2][23]. - The report emphasizes the importance of creating an ecosystem around 3D printing, where hardware, software, and community engagement work together to enhance user experience and drive adoption [5][34]. Summary by Sections 1. Industry Overview - Consumer-grade 3D printing is becoming a crucial infrastructure for creative monetization, with a focus on ease of use, low cost, and high personalization [1][13]. - The market is currently led by the device segment, which accounts for 51% of the total market, followed by consumables at 24% [13]. 2. Device Segment - The report predicts that the industry will enter a second acceleration phase by 2026, driven by advancements in multi-color printing technologies and improved user experience [2][29]. - Key challenges include adapting industrial-grade products for consumer use, with a focus on brands that possess strong technical capabilities and ecosystem-building abilities [2][5]. 3. Consumables Segment - The demand for consumables is expected to grow significantly as the device segment accelerates, with PLA remaining the dominant material due to its ease of use and environmental properties [3][21]. - The report highlights the importance of companies that can innovate in material modification technologies to enhance product performance and user experience [3][22]. 4. Technological Advancements - The report outlines that technological breakthroughs are essential for transitioning from industrial to consumer-grade applications, with AI modeling and smart slicing software significantly improving user experience [5][40]. - The competitive landscape is shifting from hardware specifications to ecosystem experiences, with a focus on creating a seamless user journey from purchase to long-term engagement [34][35]. 5. Market Dynamics - The report notes that the consumer-grade 3D printing market is poised for a golden development period, driven by significant capital inflows and a shift in consumer behavior towards personalized products [39]. - The industry is expected to replicate the growth trajectory of household appliances, with a potential shift from niche markets to mainstream adoption [29][30].

（文章来源：证券日报） 证券日报网讯 2月25日，奥比中光在互动平台回答投资者提问时表示，截至目前，公司尚未与铂力特达 成合作。公司拥有针对消费场景和工业场景的各类3D视觉产品和解决方案，包括与创想三维合作推出 的多款高精度手持三维扫描仪，能全方位契合终端客户在3D打印、工业逆向工程、文物修复、游戏场 景制作等领域的需求。公司将持续关注各领域技术方案的发展与应用，进一步提升公司产品竞争力和内 在价值。 ...

（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：贵公司与铂利特有合作吗？公司在工业场景里，有金 属打印的应用场景吗？有相关技术储备吗？ 奥比中光（688322.SH）2月25日在投资者互动平台表示，您好！截至目前，公司尚未与铂力特达成合 作。公司拥有针对消费场景和工业场景的各类3D视觉产品和解决方案，包括与创想三维合作推出的多 款高精度手持三维扫描仪，能全方位契合终端客户在3D打印、工业逆向工程、文物修复、游戏场景制 作等领域的需求。公司将持续关注各领域技术方案的发展与应用，进一步提升公司产品竞争力和内在价 值。 ...

格隆汇2月25日丨奥比中光(688322.SH)在投资者互动平台表示，截至目前，公司尚未与铂力特达成合 作。公司拥有针对消费场景和工业场景的各类3D视觉产品和解决方案，包括与创想三维合作推出的多 款高精度手持三维扫描仪，能全方位契合终端客户在3D打印、工业逆向工程、文物修复、游戏场景制 作等领域的需求。公司将持续关注各领域技术方案的发展与应用，进一步提升公司产品竞争力和内在价 值。 ...

Group 1: Macro Insights - The report discusses how AI deflation and balance sheet reduction could reshape asset pricing logic, emphasizing the uncertainty surrounding the Federal Reserve's future policy direction [1][6][7] - It highlights the potential impact of reducing the Fed's balance sheet on dollar asset prices and the importance of maintaining central bank independence [1][6][7] Group 2: Company Analysis - Huahong Semiconductor (688347.SH) - Huahong is projected to achieve revenues of 183.83 billion, 246.57 billion, and 284.07 billion CNY for 2025-2027, with net profits of 6.74 billion, 7.78 billion, and 11.29 billion CNY respectively [2][12] - The company is positioned as a leader in mature process semiconductor manufacturing, benefiting from the global semiconductor industry's recovery [12][13] - Huahong's expansion plans include the ramp-up of FAB9 and the integration of FAB5, which is expected to enhance future growth potential [12][14] Group 3: Company Analysis - Valiant Bio (9887.HK) - Valiant Bio focuses on three core technology platforms targeting oncology and autoimmune diseases, with significant clinical trials underway [3][16] - Revenue forecasts for 2025-2027 are 175.0 million, 196.0 million, and 200.8 million HKD, with a projected increase in profitability as clinical data catalysts emerge [3][16][17] Group 4: Company Analysis - Ningbo Huaxiang (002048.SZ) - Ningbo Huaxiang is expected to see net profits of 5.19 billion, 16.10 billion, and 17.56 billion CNY from 2025 to 2027, with a target market value of 402.39 billion CNY by 2026 [4][18] - The company is expanding into the humanoid robot sector and is anticipated to improve profitability following the divestment of European assets [18][19] Group 5: Industry Insights - Hotel and Catering - The report indicates a significant increase in travel and service consumption during the 2026 Spring Festival, with domestic tourism expected to reach 520 million trips, a 3.8% increase year-on-year [25][26] - The catering sector is benefiting from increased customer flow, particularly in first-tier cities, with notable growth in restaurant bookings and sales during the holiday period [26][27] Group 6: Industry Insights - Gas Turbine - The gas turbine industry is experiencing robust demand, with Siemens Energy reporting record order volumes and plans to increase production capacity significantly by 2027 [29][30][31] - Major companies like GE and Mitsubishi Heavy Industries are also reporting substantial order growth, indicating a strong market outlook for gas turbines [30][31][32] Group 7: Industry Insights - Tooling Industry - The report highlights a rapid increase in tungsten carbide prices, benefiting leading domestic tooling companies amid supply constraints and rising demand in high-value sectors [35][36][37] - The Chinese government's export controls on tungsten resources are expected to further enhance the competitive position of domestic tooling manufacturers [35][37]

Core Viewpoint - The company, Creality 3D, has received approval for overseas listing, positioning itself as a leading player in the global consumer-grade 3D printing market, with plans to issue up to 151 million shares on the Hong Kong Stock Exchange [4][5]. Group 1: Company Overview - Creality 3D, founded in 2014 in Shenzhen, has grown from a small startup in a 20-square-meter office to a global leader in consumer-grade 3D printing, achieving a valuation of $1 billion by July 2025 [6][18]. - The company has a market share of 27.9% in the global consumer-grade 3D printing sector, making it the largest provider of consumer-grade 3D printing products and services [7]. Group 2: Business Ecosystem - Creality 3D has expanded its offerings from a single 3D printer to a comprehensive ecosystem that includes 3D printing materials, 3D scanners, laser engraving machines, and an online community platform called Creality Cloud [8][9]. - The company is the only major player in the 3D creative industry that provides consumer-grade 3D printing, scanning, and laser engraving products and services simultaneously [9]. Group 3: Financial Performance - The company reported revenues of 1.346 billion yuan, 1.883 billion yuan, and 2.288 billion yuan for the years 2022, 2023, and 2024, respectively, with a compound annual growth rate of 30.4% from 2022 to 2024 [11]. - Despite revenue growth, the net profit for 2024 decreased by 31.23% to 88.76 million yuan due to increased market competition and rising costs [12]. Group 4: Investment and Shareholder Structure - Creality 3D has attracted significant investment from notable firms such as Qianhai FOF, Shenzhen Capital Group, and Tencent, with these investors holding approximately 14.75% of the company's shares prior to the IPO [13][14]. - The founding team, consisting of four individuals, holds over 80% of the company's shares, with an average age of under 36 [15]. Group 5: Industry Context - The IPO process of Creality 3D reflects the rise of Shenzhen as a hub for the 3D printing industry, with local companies capturing 90% of the entry-level 3D printer market [16][18]. - The company plans to use the funds raised from the IPO for research and development, overseas user operations, brand promotion, and strategic partnerships [17].

Core Viewpoint - 3D printing significantly lowers the barriers to manufacturing and experimentation, enabling ordinary people to easily participate in creation and realize small yet genuine needs [1][22]. Group 1: Consumer Adoption and Market Trends - As the Spring Festival approaches, many users share their experiences of using home 3D printers to create traditional decorations, indicating a shift from industrial use to consumer applications [2]. - The opening of the first consumer-oriented 3D printing experience store in Changsha, Hunan, attracted unexpected foot traffic, demonstrating growing public interest in 3D printing [4][5]. - The store's design and layout were influenced by existing 3D printing stores, focusing on unique products to differentiate from mass-produced items [6][7]. Group 2: Business Model and Revenue Streams - The store's revenue is derived from two main sources: 3D printing services including modeling design and training for students, with a revenue split of 60% and 40% respectively [9]. - The initial investment for the store included 11 3D printers costing under 40,000 yuan, with additional expenses for materials and renovations, leading to a revenue of over 6,000 yuan within two weeks of operation [8]. Group 3: Technological Advancements and Industry Development - The domestic consumer-grade 3D printing industry has developed a complete supply chain, with leading manufacturers focusing on ease of use and intelligence to make 3D printing accessible to the general public [13]. - Companies like拓竹科技 have introduced smart features in their printers, significantly improving user experience and reducing the complexity of 3D printing [14]. Group 4: New Business Models and Opportunities - The emergence of "3D printing farms" in China represents a new business model, allowing for mass production through a network of printers, enhancing efficiency and flexibility in manufacturing [16]. - 3D printing is also being integrated into various industries, enabling personalized solutions to meet specific consumer needs, as demonstrated by entrepreneurs like 杨峰 who leverage 3D printing to create customized storage solutions [20][21].

"今年我将不买任何年货，因为我可以用3D打印机自己打"。春节临近，不少用户在社交媒体上分享使 用家用3D打印机打印春联、窗花、灯笼等年货。 用3D打印机打收纳用品、打鞋子、打玩具……原本多用于工业场景的3D打印机开始飞入寻常百姓家， 被越来越多人玩出了新花样。 开一家3D打印体验店 2月7日，周雅仪所负责的打哒打3D造物社开业了。这是湖南长沙首家面向消费者的3D打印线下体验 店。开业之前，她先发布了一条小红书预热，评论区里不少用户询问地址、收费情况。 开业当天的客流量远超周雅仪的预期，整个下午她忙得连轴转。这家门店不在热门的商业区，而 是"藏"在一个公园内，附近也没有知名的品牌连锁门店。周雅仪知道，是视频流量带来了这么多定向顾 客。 这其中还包括专门赶来的外地人。开业当天下午，几位提着行李箱的年轻人走进门店，他们特意把该店 当作了旅游目的地之一，这是他们第一次逛3D打印店。顾客选中了几款小摆件、小玩具，"这个还挺特 别的，我们要买回去送给小朋友"。小尺寸的3D打印物件价格并不高，10—15元就能买到一款小型钥匙 扣。 走进打哒打3D造物社，首先映入眼帘的是中岛台上摆放的造型、色彩各异的3D打印摆件、玩具等，这 ...