Investment Rating - The report maintains an "Outperform" rating for the 3D printing industry [1] Core Insights - The consumer-grade 3D printing market is dominated by domestic manufacturers, with AI facilitating a prosperous ecosystem. The global consumer-grade 3D printer market is expected to reach $4.1 billion in 2024, growing to $16.9 billion by 2029, with a compound annual growth rate (CAGR) of 33% [2][21] - The industrial-grade 3D printing sector requires breakthroughs in core components, with applications gradually moving towards scale. Key components such as high-end lasers, galvanometers, and inkjet nozzles still need to be localized [2][49] - Domestic manufacturers are making continuous breakthroughs across various segments of 3D printing, with companies like Aisike achieving localization in piezoelectric inkjet nozzles and Jin Chengzi leading in laser processing control systems [2][49] Summary by Sections 1. 3D Printing in Consumer and Industrial Markets - 3D printing is flourishing in both consumer and industrial markets, with distinct applications and technologies [12][91] 2. Rapid Development of Consumer Market, AI Enhancing Ecosystem - The consumer-grade market is rapidly growing, driven by AI advancements that lower modeling barriers and enhance user engagement [25][30] 3. Core Component Localization in Industrial 3D Printing, Diverse Applications - The localization of core components in industrial 3D printing is anticipated, with applications expanding across various sectors [2][49] 4. Rapid Development of Domestic Manufacturers, Continuous Breakthroughs - Domestic manufacturers are achieving significant advancements in 3D printing technology, with a focus on various segments and applications [2][49]

Core Insights - In 2025, a total of 116 new companies are expected to be listed on the Shanghai Stock Exchange, Shenzhen Stock Exchange, and Beijing Stock Exchange, raising a total of 131.77 billion yuan [1] - The Sci-Tech Innovation Board (科创板) will see 19 companies listed, collectively raising 38.06 billion yuan [1] Listing Standards - 11 companies, including Qiangyi Co., Jianxin Superconducting, and Youxun Co., opted for the first set of listing standards, which require a market value of at least 1 billion yuan and positive net profits over the last two years totaling at least 50 million yuan, or a market value of at least 1 billion yuan with positive net profit and revenue of at least 100 million yuan in the last year [1] - Moer Thread chose a higher standard requiring a market value of at least 1.5 billion yuan, with revenue of at least 200 million yuan in the last year and R&D investment accounting for at least 15% of total revenue over the last three years [1] - Companies like Muxi Co., Bai'ao Saitu, and Xian Yicai selected a standard requiring a market value of at least 3 billion yuan and revenue of at least 300 million yuan in the last year [2] Specific Company Listings - Qiangyi Co. raised 2.756 billion yuan, with underwriting fees of 192.05 million yuan, and is categorized under the first standard [3] - Jianxin Superconducting raised 779 million yuan, with underwriting fees of 59.52 million yuan, also under the first standard [3] - Muxi Co. raised 4.197 billion yuan, with underwriting fees of 267.23 million yuan, categorized under the fourth standard [3] - Angrui Micro raised 2.067 billion yuan, with underwriting fees of 114.87 million yuan, meeting the sixth standard [3] - He Yuan Bio and Biobetter both selected the fifth standard, requiring a market value of at least 4 billion yuan and significant regulatory approval for their products [2][3]

Group 1 - The Shanghai Composite Index closed at 4011.45 points, above the six-month moving average, with an increase of 1.07% [1] - The total trading volume of A-shares reached 1,960.478 billion yuan [1] - A total of 265 A-shares have surpassed the six-month moving average, with notable stocks showing significant deviation rates [1] Group 2 - The stocks with the highest deviation rates include BeiYikang (19.09%), *ST HuiKe (18.48%), and WeiSi Medical (18.24%) [1] - Other stocks that have just crossed the six-month moving average include ChuanHua ZhiLian, YueDa Investment, and ChuangYao Technology, with smaller deviation rates [1] - The trading performance of stocks on January 5 shows significant increases, with several stocks achieving over 20% gains [1][2]

证券代码：688583 证券简称：思看科技 公告编号：2026-001 思看科技（杭州）股份有限公司 （一）审议通过《关于向激励对象首次授予限制性股票的议案》 根据《上市公司股权激励管理办法》、公司《2025 年限制性股票激励计划（草 案）》等相关规定和公司 2025 年第三次临时股东会的授权，公司 2025 年限制性 股票激励计划规定的授予条件已经成就。 公司董事会同意确定本次限制性股票的首次授予日为 2025 年 12 月 30 日， 向符合授予条件的 98 名激励对象首次授予 89.28 万股限制性股票，授予价格为 47.68 元/股。具体内容详见公司在上海证券交易所网站（www.sse.com.cn）披露 的《关于向激励对象首次授予限制性股票的公告》。 表决结果：同意 7 票、反对 0 票、弃权 0 票。 本议案已经薪酬与考核委员会审议通过。 第二届董事会第五次会议决议公告 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。 一、董事会会议召开情况 思看科技（杭州）股份有限公司（以下简称"公司"）第二届董事会第五次 会 ...

证券代码：688583 证券简称：思看科技 公告编号：2026-002 思看科技（杭州）股份有限公司 关于向激励对象首次授予限制性股票的公告 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。 重要内容提示： 思看科技（杭州）股份有限公司（以下简称"公司"或"思看科技"）《2025 年限制性股票激励计划（草案）》（以下简称"本激励计划"或"《激励计划》"） 规定的限制性股票首次授予条件已成就，根据 2025 年第三次临时股东会的授权， 公司董事会于 2025 年 12 月 30 日召开第二届董事会第五次会议，审议通过了《关 于向激励对象首次授予限制性股票的议案》，同意确定 2025 年 12 月 30 日为首次 授予日，向符合授予条件的 98 名激励对象首次授予 89.28 万股限制性股票，授 予价格为 47.68 元/股。现将有关事项说明如下： 一、限制性股票授予情况 （一）本次限制性股票授予已履行的决策程序和信息披露情况 1、2025年12月3日，公司召开第二届董事会第四次会议，审议通过了《关于 公司<2025年限制性股票 ...

思看科技（杭州）股份有限公司 2025 年限制性股票激励计划首次授予部分激励对象 名单（截至授予日） 一、激励对象名单及拟授出权益的分配情况 3、预留部分的激励对象由本激励计划经股东会审议通过后12个月内确定，经董事会提出、 薪酬与考核委员会发表明确意见、律师发表专业意见并出具法律意见书后，公司在指定网站按要 求及时披露激励对象相关信息。 4、以上合计数据与各明细数相加之和在尾数上如有差异是由于四舍五入所造成。 思看科技（杭州）股份有限公司董事会 2026 年 1 月 1 日 | 姓名 | 国籍 | 职务 | 获授的限 制性股票 数量（万 股） | 获授的限制 性股票占本 激励计划拟 授出限制性 股票总量的 比例 | 获授的限制 性股票占本 激励计划草 案公布日股 本总额的比例 | | --- | --- | --- | --- | --- | --- | | 1.高级管理人员 | | | | | | | 王鹏 | 中国 | 董事会秘书 | 8.84 | 8.00% | 0.10% | | 2.其他激励对象 | | | | | | | 中层管理人员及核心技术（业务） | 骨干 | | 80.44 | 72.8 ...

思看科技（杭州）股份有限公司 董事会薪酬与考核委员会关于公司2025年限制性股 票激励计划首次授予激励对象名单的核查意见 （截至授予日） 思看科技（杭州）股份有限公司（以下简称"公司"）董事会薪酬与考核 委员会依据《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》"）、《上市公司股权激励管理 办法》（以下简称"《管理办法》"）、《上海证券交易所科创板股票上市规 则》（以下简称"《上市规则》"）、《科创板上市公司自律监管指南第4号— —股权激励信息披露》等法律、法规及规范性文件和《思看科技（杭州）股份 有限公司章程》（以下简称"《公司章程》"）的规定，对公司2025年限制性 股票激励计划（以下简称"本激励计划"）首次授予激励对象名单（截至授予 日）进行审核，发表核查意见如下： 1、本激励计划首次授予的激励对象均不存在《管理办法》第八条规定的不 得成为激励对象的下列情形： （1）最近12个月内被证券交易所认定为不适当人选； （2）最近12个月内被中国证监会及其派出机构认定为不适当人选； （3）最近12个月内因重大违法违规行为被中国证监会及其派出机构行政处 罚或者采 ...

法律意见书 浙江天册律师事务所 关于 思看科技（杭州）股份有限公司 2025 年限制性股票激励计划 首次授予限制性股票有关事项的 法律意见书 浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话：0571-87901110 传真：0571-87901500 法律意见书 浙江天册律师事务所 关于思看科技（杭州）股份有限公司 2025 年限制性股票激励计划 首次授予限制性股票有关事项的 法律意见书 编号：TCYJS2025H2183 号 一、本次授予的批准及授权 致：思看科技（杭州）股份有限公司 浙江天册律师事务所（以下简称"本所"）接受思看科技（杭州）股份有限 公司（以下简称"公司"或"思看科技"）的委托，作为公司实行 2025 年限制 性股票激励计划（以下简称"本激励计划"）的专项法律顾问，依据《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》"）、《上市公司股权激励管理办法》（以下简称"《管理 办法》"）等有关法律、法规和规范性文件及《思看科技（杭州）股份有限公司 章程》（以下简称"《公司章程》"）的相关规定，就本激励计划首次授予限 ...

Group 1 - The company, Sikan Technology, announced that its second session of the fifth board meeting was held on December 30, 2025, combining in-person and communication methods [1] - The meeting reviewed the proposal regarding the initial grant of restricted stock to incentive objects [1]

Core Viewpoint - Zhejiang's capital market has achieved significant growth during the "14th Five-Year Plan" period, focusing on high-quality development through the "Phoenix Action" plan, enhancing enterprise cultivation, industrial empowerment, and ecological optimization, leading to a dual increase in scale and quality [1] Group 1: Capital Market Development - Zhejiang's capital market has seen a substantial increase in the number of listed companies, with 192 new domestic IPOs, bringing the total to 607, ranking second in the country [2] - The total market capitalization of listed companies in Zhejiang grew from 5.51 trillion yuan at the end of 2020 to 7.54 trillion yuan by the end of 2025, marking a 36.8% increase [2] - The coverage rate of listed companies in county areas increased from 71% at the end of the "13th Five-Year Plan" to 85% [2] Group 2: Financing Growth - From early 2021 to October 2025, Zhejiang's capital market generated a total of 24,364.5 billion yuan in new equity and debt financing, accounting for 7% of the national total [3] - New IPO financing in Zhejiang reached 1,647.3 billion yuan, representing 10.1% of the national new IPO financing total [3] - The merger and acquisition market in Zhejiang has been active, with 308 listed companies completing 532 mergers and acquisitions, disclosing a total amount of 1,294.10 billion yuan [3] Group 3: Strategic Emerging Industries - By December 2025, Zhejiang had 194 listed companies in strategic emerging industries, ranking second nationally [5] - The proportion of new listed companies in strategic emerging industries increased from 55.71% in 2021 to 100% by 2025 [5] - Strategic emerging industry companies in Zhejiang achieved a total revenue of 2,960.88 billion yuan and a net profit of 202.71 billion yuan in the first three quarters of 2025, with a net profit growth rate of 12.15% [6] Group 4: Financial Ecosystem - The bond market in Zhejiang expanded steadily, with a cumulative issuance of corporate bonds and asset-backed securities (ABS) reaching 22,771.6 billion yuan during the "14th Five-Year Plan" [7] - By the end of November 2025, the outstanding scale of bonds and ABS in Zhejiang reached 15,743.23 billion yuan, ranking fourth nationally [7] - The development of public REITs in Zhejiang has made significant progress, with five REITs issued, raising 12.62 billion yuan, accounting for approximately 6.5% of the national total [9] Group 5: Future Outlook - The "15th Five-Year Plan" emphasizes the need to enhance the financial service system to support technological innovation and industrial transformation [9] - Zhejiang aims to leverage its capital market to cultivate high-quality listed companies in emerging industries and promote active mergers and acquisitions [9]