Investment Rating - The report maintains a "Positive" outlook on the 3D printing industry, indicating a low current penetration rate and potential for rapid growth driven by the expansion of demand for customized products and the popularization of the 3D farm model [7]. Core Insights - The 3D printing industry is entering a "singularity moment," where growth is driven not just by technological breakthroughs but also by a paradigm shift in industrial manufacturing and a surge in consumer demand for personalized products. Key drivers include agile manufacturing advantages in industrial-grade 3D printing, the ability to produce complex shapes, and the democratization of technology in consumer-grade 3D printing [9][13]. - The global 3D printing market is projected to reach $21.9 billion in 2024, with a year-on-year growth of 9.31%. In China, the market is expected to reach 42.3 billion yuan, with a significant portion of revenue coming from equipment and services [9][69]. Summary by Sections Investment Suggestions and Targets - The report suggests that the 3D printing industry is poised for rapid growth due to low current penetration rates and expanding demand. Key investment targets include: - Consumer-grade 3D printing service operator Huina Technology (300609, not rated) - Industrial-grade metal printing equipment manufacturers Plater (688333, not rated) and Huashu High-Tech (688433, not rated) - 3D printing material suppliers Jialian Technology (301193, not rated) and Youyan Powder Materials (688456, not rated) [4][21]. Industry Overview - 3D printing technology is characterized by its flexibility and high production capacity, allowing for the creation of complex structures with minimal waste. The technology has evolved from traditional subtractive manufacturing to additive manufacturing, enabling significant design freedom and reduced production cycles [22][24]. - The main materials used in 3D printing include plastics and metal powders, with various technological routes such as FDM, SLS, and SLA being commercially viable [31][36]. Market Outlook - The global 3D printing market is experiencing a golden development period, with both consumer and industrial segments expected to expand. The U.S. leads the market, while the Asia-Pacific region is catching up rapidly. The market for 3D printing materials is projected to grow by 35.21% in 2024, with significant growth also seen in 3D bioprinting and metal additive manufacturing [58][62]. - In China, the 3D printing market is expected to reach 42.3 billion yuan in 2024, with a strong focus on equipment and services, which together account for 76% of the market [69][70]. Key Players - The report highlights the differentiation among leading companies in the industrial-grade 3D printing sector, with notable players like Plater and Huashu High-Tech excelling in metal 3D printing. In the consumer-grade sector, Huina Technology is building a supply-demand ecosystem through a combination of scale farms and offline stores [9][20][21].

证券日报网12月12日讯有研粉材在12月4日回答调研者提问时表示，3D打印行业整体较为火爆，大量企 业迅速涌入新市场。经过一段时间的市场竞争，部分实力及资金弱势的企业会被市场淘汰出局，3D打 印的市场格局整体会趋向稳定。 （文章来源：证券日报） ...

Core Viewpoint - The company has significant expertise in the preparation technology of spherical metal powders for additive manufacturing, which is crucial for meeting the high requirements of 3D printing materials [1] Group 1: Company Expertise - The company has been engaged in the development of spherical metal powders for additive manufacturing for a considerable time, indicating early involvement in this technology [1] - As a team under China Yuyuan Technology Group, the company possesses extensive experience and technical accumulation in the development of new materials and the low-cost, high-quality preparation of metal powders for additive manufacturing [1] - The company has successfully applied for patents in China, the United States, and the European Union for its aluminum alloy products, showcasing its strong intellectual property position [1] Group 2: Production Capabilities - The company has designed its own equipment for producing aluminum alloy products, which reflects its capability in creating tailored production solutions [1] - The production line is self-built, and the entire production process has been patented, indicating a robust competitive edge in manufacturing [1] - The performance of the aluminum alloy products produced by the company is reported to be excellent, with superior indicators and parameters [1]

Group 1 - Snapmaker, a 3D printing brand, announced the completion of a multi-hundred million RMB Series B financing round on December 10 [1][2] - The financing round was led by Hillhouse Capital and Meituan, with participation from existing investors [2] - Snapmaker's U1 3D printer set a record by raising 150 million RMB on a crowdfunding platform, marking the highest amount ever raised in 3D printing history [2] Group 2 - The consumer-level 3D printing market is expanding, with household users now accounting for 45% of the market, up from less than 20% three years ago [5][6] - Schools and small business owners are also significant buyers, with around 80% of schools planning to introduce 3D printing for STEAM education [5][6] - The global shipment of entry-level 3D printers surpassed 1 million units in Q1 2025, with 95% coming from Chinese suppliers [5][6] Group 3 - The industrial 3D printing market is seeing growth in sectors such as aerospace, medical implants, and automotive parts, with 13.24% of industrial attendees at the 2025 TCT Asia exhibition having procurement budgets over 5 million RMB [20][21] - Companies like Xunyi High-Tech are breaking foreign monopolies in continuous fiber and ceramic 3D printing, directly engaging with clients in aerospace and military sectors [23] - SIRUI Additive is addressing the issue of metal waste in aerospace and medical fields by recycling metal waste into usable powder, significantly reducing costs for companies [24][25] Group 4 - The rapid growth of the 3D printing industry is facing a talent shortage, with companies struggling to fill key technical positions [26][30] - The demand for interdisciplinary talent is high, as expertise in both 3D printing technology and specific industry requirements is necessary [31] - Companies like Snapmaker are investing heavily in talent acquisition to support their technological advancements and global expansion [31]

Core Viewpoint - The company, Ningbo Jialian Technology Co., Ltd., is a leading manufacturer in the global plastic dining utensils industry, with a significant focus on overseas sales and a growing presence in cross-border e-commerce [2][3]. Group 1: Company Overview - Ningbo Jialian Technology specializes in the research, production, and sales of plastic products, biodegradable products, and plant fiber products, with plastic products accounting for 84.41% of its revenue [7]. - The company was established on August 7, 2009, and went public on December 9, 2021 [7]. - As of September 30, 2025, the company reported a revenue of 1.865 billion yuan, representing a year-on-year growth of 8.25%, while the net profit attributable to shareholders was -73.8145 million yuan, a decrease of 209.95% [8]. Group 2: Market Position and Financials - The company’s overseas revenue accounted for 55.43% of total revenue, benefiting from the depreciation of the RMB [3]. - In 2021, the company’s export sales accounted for 70.47% of its total sales, primarily targeting developed regions such as North America, Europe, and Oceania [2]. - The company has diversified its production capabilities with a factory in Thailand, which includes production lines for 3D printing materials, plastic dining utensils, and plant fiber products [3]. Group 3: Product and Technology Focus - The company is focusing on the research and application of PLA materials and has made early investments in the consumer-grade FDM materials and products sector [2]. - The 3D printing materials produced by the company have broad application prospects across various fields, including industrial design, education, toys, and medical sectors [2].

Core Insights - The global semiconductor market is projected to reach $208 billion by Q3 2025, marking the first time it surpasses the $200 billion threshold, with a quarter-on-quarter growth of 15.8%, the highest since Q2 2009 [1] - The surge in demand for computing power driven by AI is expected to significantly enhance the value in segments such as servers, AI chips, optical chips, storage, and PCBs [1] - Advanced process expansion will be a key focus for the next three years, with CoWoS and HBM positioning themselves to capitalize on AI industry trends, highlighting the importance of advanced packaging [1] Industry Trends - Storage prices are expected to rebound after hitting a bottom, with the packaging and testing segment's utilization rates gradually increasing, benefiting from the surge in advanced packaging demand driven by AI chips [1] - 3D printing is accelerating its penetration in the consumer electronics sector, with applications in foldable device hinges and smartphone/watch frames anticipated to mark a new era of application [1] - The potential for edge AI is significant, with headphones and glasses likely to become important carriers, indicating a new phase of deep integration between AI and smartphone hardware [1] ETF Overview - The semiconductor equipment ETF (159516) tracks the semiconductor materials and equipment index (931743), which selects listed companies involved in the research and production of key materials and equipment such as silicon wafers, photoresists, and etching machines [1] - This index focuses on the semiconductor materials and equipment sector, encompassing aspects of technological innovation and market performance, serving as an important indicator of the upstream development level of the semiconductor industry [1]

Market Overview - The A-share market is experiencing a situation where institutional funds are cashing out, indicating a cautious sentiment among investors as they prepare for the upcoming year [2] - The global financial market is characterized by a "Matthew effect," where strong markets attract more funds while weaker markets suffer [2] - The A-share market has entered a quiet phase in December, with uncertainty about whether it is a strategic pause or a valuation correction [2] Industry Insights - The power equipment industry is evolving towards smart, efficient, and green technologies, driven by global energy transition [3][12] - The new power system in China is accelerating its transformation, aiming to support carbon peak goals and promote clean energy [3][12] - The demand for power equipment is expected to grow significantly, with global electricity demand projected to increase at a rate of 3.3% and 3.7% in 2025 and 2026, respectively [12][13] Sector Performance - Various sectors are showing mixed performance, with strong gains in controllable nuclear fusion, marine economy, and precious metals, while general retail and energy metals lag behind [3] - The commercial aerospace concept is gaining traction, with several companies experiencing significant stock price increases [3] - The power grid equipment sector is seeing notable stock performance, with companies like China Western Power and New Special Electric experiencing substantial gains [3] Future Projections - The global nuclear fusion market is expected to approach $500 billion by 2030, indicating strong growth potential in this sector [4] - The demand for high-efficiency transformers and motors is increasing, contributing to the overall energy efficiency of power equipment [11] - The upcoming years are expected to see a reliance on domestic demand for economic growth in China, supported by proactive fiscal policies and structural reforms [11]

Core Insights - The conflict between DJI and TuoZhu Technology has escalated due to DJI's investment in a 3D printing company, which TuoZhu's founder views as a direct attack on his business [1] - TuoZhu has rapidly grown in the 3D printing market, attracting significant investment from top firms, indicating a shift in market dynamics [1] Company Background - TuoZhu Technology was founded by former DJI employees, including founder Tao Ye, who left DJI after eight years to pursue opportunities in 3D printing [2][5] - The founding team possesses extensive experience from DJI, allowing TuoZhu to replicate DJI's successful business strategies [4][5] Growth Strategy - TuoZhu's growth strategy mirrors DJI's approach: starting with high-quality products in niche markets, then aggressively pricing to capture broader consumer markets [6][8] - TuoZhu's first product, Bambu Lab X1, launched at approximately $1,000, achieving a printing speed of 500mm/s, significantly faster than the industry average [7] - By 2024, TuoZhu's annual shipments are projected to exceed 1.2 million units, capturing nearly 30% of the global market with revenues around 6 billion yuan [8] Ecosystem Development - TuoZhu has implemented a "3M strategy" focusing on Machine, Model, and Material to create a sustainable ecosystem for 3D printing [9][10] - The company launched MakerWorld, an open-source model platform, allowing users to easily print models and enhancing user engagement [10][12] - MakerWorld has grown to become the largest 3D printing model community globally, with around 50 million registered users and over a million models available [12] Market Dynamics - The global 3D printing market is projected to reach $24.6 billion by 2024, with a compound annual growth rate (CAGR) of 28%, indicating significant growth potential [13] - Investment activity in the 3D printing sector has surged, with over 70 investment events reported in 2023 alone, highlighting increased interest from capital markets [14] Competitive Tensions - DJI's recent investment in TuoZhu's competitor, SmartPrint, is perceived as a defensive move to mitigate the threat posed by TuoZhu's rapid growth and potential encroachment into DJI's core markets [15][17] - Talent retention has become a critical issue for DJI, as many former employees have successfully transitioned to startups, creating a competitive landscape that challenges DJI's market position [16][17]

Core Insights - Snapmaker, a 3D printing company, has completed a multi-hundred million yuan Series B financing round led by Hillhouse Capital and Meituan, with participation from other investors including Shunwei Capital and Nanshan Zhanxin [1][12] - The company’s Snapmaker U1 3D printer achieved over $20 million (approximately 150 million yuan) in crowdfunding on Kickstarter, setting a record for the highest crowdfunding amount in the 3D printer category [1][4] - The U1 printer features innovative technology that allows for a five-second color change without interrupting the printing process, significantly improving printing efficiency by up to five times and reducing material waste by approximately 80% [5][6] Company Overview - Snapmaker is recognized as a leading player in the 3D printing industry, particularly after the successful launch of the U1 printer, which represents a shift from their previous "three-in-one" devices to a more focused product line [6][12] - The company plans to launch the U1 globally in the first quarter of 2026, with expectations of substantial revenue growth in the coming year [6][7] Market Context - The 3D printing industry has seen increased investment interest, with notable companies like DJI and other startups also securing funding, indicating a growing trend in the sector [12] - Competitors are beginning to introduce similar multi-color printing solutions, highlighting the competitive landscape in the 3D printing market [6][12] Future Plans - The recent funding will be allocated towards core technology development, talent acquisition in hardware and AI software, and building an open ecosystem to lower the barriers to 3D printing [12] - Snapmaker aims to address key challenges in multi-color printing and high-speed manufacturing as part of its strategic focus for the upcoming year [12]

Core Insights - The collaboration between拓竹 and Tencent has led to the launch of a new 3D model generator named "印你," aimed at simplifying the 3D modeling process for ordinary users through AI technology [1][2] - The underlying technology from Tencent's mixed Yuan 3D 3.0 model has improved modeling precision by three times compared to its predecessor, achieving a geometric resolution of 1536 and supporting ultra-high-definition modeling with up to 36 billion voxels [1] Group 1 - The new 3D-DiT hierarchical carving technology addresses common issues in AI-generated models, such as facial abstraction and detail blurriness, allowing for precise reconstruction of facial contours and clear presentation of sharp details like joints and mechanical edges [1] - The "印你" tool on the MakerWorld platform significantly simplifies the traditional figurine production process, enabling users to convert a 2D image into a 3D model by simply uploading a portrait [1] - The process includes generating a 2D stereoscopic image, automatic background removal, and stylization, ultimately producing a 3D model file that accurately reflects the face, clothing, and posture, ready for direct printing [1] Group 2 - The拓竹 MakerLab platform has launched 20 modeling tools, including "印你," serving over 2 million users globally [2] - This partnership signifies the acceleration of top-tier generative AI technology from laboratory settings to consumer applications, indicating a reduction in design cycles and a substantial release of personalized creative capabilities for 3D printing enthusiasts [2]