Core Insights - The rise of consumer hardware innovation in Shenzhen, driven by companies like DJI, has significantly boosted the export of electromechanical products, which reached 15.4 trillion yuan in the first three quarters of 2025, marking a 4.5% increase and accounting for 75.7% of Shenzhen's total exports [1] - The emergence of the smart hardware industry, including products like 3D printers and translation headsets, is reshaping global industrial competition and enhancing the "Shenzhen Creation" brand [1] Group 1: 3D Printing Industry - TuoZhu Technology has become a leading player in the desktop 3D printing market, holding over 80% market share in China, with its flagship product, Bambu Lab X1, simplifying operations for ordinary users [2][3] - The launch of MakerWorld, a 3D model community, has connected creators with users, achieving nearly 10 million monthly active users and over one million models [3] - China exported 3.491 million 3D printers (excluding parts) in the first three quarters of 2025, nearing the total export of 3.778 million units for 2024, with four of the top five global consumer 3D printing companies based in Shenzhen [3] Group 2: Translation Technology - TimeSpace Pot's translation headset utilizes real-time simultaneous translation technology, addressing the need for seamless cross-language communication [4] - The company achieved a breakthrough in dual-direction simultaneous translation, allowing for efficient communication without waiting for complete sentences [4][5] - The headset's design focuses on precise sound capture, utilizing multiple microphones to filter out background noise, enhancing translation accuracy [5] Group 3: Smart Kitchen Appliances - Tiger One Technology is innovating in the traditional kitchen appliance sector by integrating "cooking science" to simplify cooking processes [6][8] - The company has developed a new oven that automatically adjusts temperature based on food data, and its air fryer has become a top seller on Amazon [8] - Tiger One's proprietary technology has led to a gross margin increase from 58% to 64%, with projected revenues of $70-80 million in 2025, representing over 300% growth [8] Group 4: Shenzhen Hardware Innovation Ecosystem - The growth of companies like TuoZhu, TimeSpace Pot, and Tiger One exemplifies the rise of Shenzhen's hardware innovation sector, which focuses on user needs and technological advancements [9] - These companies are enhancing the autonomy and completeness of Shenzhen's manufacturing chain, contributing to a robust hardware innovation ecosystem [9]

Group 1: Macro and Strategy - The report highlights the importance of constructing negative duration funds using government bond futures to navigate market cycles [3][8] - Public funds have established a stable presence in the government bond futures market, with a significant number of funds holding short positions [8][9] - The report suggests that the current market for negative duration funds is limited, with most funds using futures primarily for hedging rather than seeking additional returns [10] Group 2: Industry and Company Insights - The medical and biological sector is experiencing strong performance, particularly in areas like brain-computer interfaces and AI healthcare, with significant investment opportunities identified [20][21] - The consumer-grade 3D printing industry is entering a period of widespread adoption, driven by technological advancements and increasing demand for personalized products, with a projected market size exceeding $4 billion by 2024 [22][23] - The food and beverage sector is preparing for the Spring Festival, with various companies expected to benefit from favorable market conditions, particularly in the dairy and beverage segments [27][28] Group 3: Investment Recommendations - The report recommends focusing on leading companies in the 3D printing sector that demonstrate technological advantages and strong market positions [24][25] - In the food and beverage industry, companies like Moutai and Yili are highlighted for their growth potential amid favorable market conditions [27][28] - The service sector is expected to benefit from ongoing government policies aimed at boosting consumer spending, with companies like Ctrip and Huazhu Group recommended for investment [30][33]

从速度和性能来看，国内几家头部制造商已经整体超过海外企业 "美国没有具备竞争力的（消费级3D打印）企业，全球市场几乎已经被中国品牌给围剿了。"智能派科技有限公司的联合创始人陈波近日对第一财经记者 表示。 尽管中国只有全球一成左右市场，但制造了全球绝大多数3D打印机。 消费级3D打印行业与其他硬件行业类似，底层架构往往来自于海外，但做成消费级产品推向全球的则是中国企业。而且，这些中国企业集中在以深圳为 代表的珠三角。 陈波认为，国内头部企业能做到一年迭代两次新品，而海外企业要两年才能发一款新机器。从速度和性能来看，国内几家头部制造商已经整体超过海外企 业。 一成市场，九成产能 "3D打印的消费级市场，主力还是在海外，至少80%市场是由海外贡献。"陈波表示。 智能派是一家深圳的3D打印机企业。2024年，智能派营收约16亿元，其中九成来自中国之外。 美国是全球最大单一市场。陈波认为，美国应该也是所有3D打印机企业的最大市场，智能派三成以上收入来自美国。 欧洲大陆再加英国市场，消费级3D打印机的体量跟美国不相上下。这意味着美国和欧洲占据了总体七成以上市场，而中国市场规模在全球占比10%左 右。 这凸显了消费级3D打 ...

Core Insights - Snapmaker, a 3D printing startup, recently completed a multi-billion RMB Series B financing led by Hillhouse Capital and Meituan, highlighting the booming hardware entrepreneurship in Shenzhen [1][6]. Company Overview - Snapmaker was founded by Chen Xuedong and his team, who aimed to create a versatile tool for creative needs, leading to the development of a multifunctional printer that integrates 3D printing, laser engraving, and CNC cutting [2][3]. - The company faced a revenue bottleneck in 2023, prompting a strategic shift from a "three-in-one" product to focusing solely on 3D printing, resulting in the launch of the U1 printer, which became the highest crowdfunded 3D printing project on Kickstarter, raising over 150 million RMB [5][6]. Financing and Growth - Snapmaker's B round financing, amounting to several hundred million RMB, was noted as a significant event in the 3D printing sector, with expectations of several-fold revenue growth in the coming year as the company transitions from product development to ecosystem building [6]. - The company has attracted a surge of investor interest, with dozens of investors approaching them in just the second half of the year [7]. Industry Landscape - The 3D printing industry has seen a dramatic rise, particularly after the emergence of companies like拓竹, which has become a unicorn valued over 10 billion USD, prompting investors to seek the next big opportunity in this space [7][9]. - The competitive landscape has evolved, with major players like拓竹, 创想三维, and others forming a new tier in the consumer-grade 3D printing market, while Snapmaker and other emerging companies are also gaining traction [9][10]. Shenzhen as a Hub - Shenzhen is recognized as a global center for consumer hardware and 3D printing, offering a rich talent pool and robust supply chain, making it an attractive location for hardware startups [12][13]. - The city has been actively promoting hardware entrepreneurship through initiatives like the "X-Day" event, which has facilitated significant funding and support for numerous startups [13].

2025.12. 31 本文字数：4152，阅读时长大约7分钟 作者 | 第一财经 郑栩彤 距离深圳北站500多米，是消费级3D打印厂商智能派位于深圳龙华的办公室。记者站在办公室玻璃 窗前往外望，往北大约2公里的地方，是另一家3D打印厂商创想三维。拓竹科技位于深圳南山区，纵 维立方在深圳龙岗区。 3D打印厂商在深圳的密度非常高。据市场研究机构CONTEXT的数据，这四家厂商，去年第二季度 占据了全球2500美元以下价位入门级3D打印机市场94%的份额。 大厂入局则让消费级3D打印赛道的"火"在2025年底彻底点燃。美团投资了快造科技，大疆投资了智 能派，获得了腾讯创投投资的创想三维则正筹备港股上市。随着3D打印向大众普及的速度加快，越 来越多人嗅到了战火临近的气息。 消费级3D打印是一个年轻的市场。2010年起，源自海外高校等实验室的3D打印核心专利陆续过 期，2015年前后在大洋彼岸的中国激起了一波创业潮。 创想三维成立于2014年，随后一年，纵维立方成立，潮汕人洪英盛创立智能派。2016年，原本主要 销售STEM教育套件的智能派切入3D打印市场。这一年，福建人陈学栋也成立了快造科技，随后以 3D打印、激光 ...

寻找下一个拓竹。 作者/杨文静 报道/投资界PEdaily 深 圳 南 山 大 学 城 附 近 ， 电 梯 直 达 4 楼 ， 映 入 眼 帘 的 是 一 个 约 1 0 0 平 米 的 展 厅 ， 摆 满 了 各 色3D打印和激光雕刻作品。从展厅往里走，角落工位上是一位黑色短袖的男子，与暗 色背景融为一体。 投 资 界 见 到 了 S n a pma k e r 创 始 人 、 CEO 陈 学 栋 —— 腼 腆 、 沉 浸 、 桌 子 上 摆 放 着 各 种 研 发样品和打印模型。 这也是S n a pma k e r（快造科技）创始团队留给我们的粗略印象，跟脑海里的极客形象相 差无几。而形成反差的是，这个3D打印创业团队风头正劲，不久前完成由高瓴和美团 联合领投的数亿元B轮融资。 这一幕也成了深圳硬件创业火爆的最新写照。 一个3D打印团队爆红 "他是INTJ——建筑师人格，不善言辞，但知道自己想要什么，一旦确定就不会轻易妥 协。" S n a pma k e r联合创始人柯淑强聊起陈学栋。 陈学栋是柯淑强的泉州同乡，也是高中学长，两人均毕业于泉州七中。早在学生时代， 陈学栋就开始参加机器人竞赛，开始萌发创 ...

3D打印并不新。新的是，终于有人把它做到了"和家电一样好用"。 拓竹的背后，是一支带有浓厚 "大疆基因"的团队。创始人陶冶博士曾是大疆Mavic Pro的产品经理，核心团队囊括了气动、运动控制、机器视觉等领域的 顶尖专家。 如果说，大疆定义了无人机，影石定义了全景相机，那么现在来看， 3D打印的定义者，毫无疑问便是拓竹。 2025年的倒数第二天，罗永浩在他的"科技春晚"上，把这家百亿美金估值的"隐形王者" 推向了聚光灯下。 这家由大疆前核心骨干陶冶、高修峰、刘怀宇等人创立、成立仅仅 5年的公司 ，正在以一种惊人的速度统治市场： 其第一代产品一经问世， 便重新定义了全球 消费级 3D行业标准， 在海外高端市场迅速奠定霸主地位 ； 在全球消费级 3D打印市场，其单年出货量约 120万台 ，线上销量市占率在多个季度保持在 50%以上。 他们带着极致的产品哲学、工程美学与供应链管理经验，降维打击般进入了这个行业，把一个原本属于实验室的小众爱好，变成了数百万中产家庭和工程 师桌面的 "个人工厂"。 过去十年， 3D打印反复站上风口，又反复沉寂。 但今天，站在 2026年的门槛上，看着行业高达50%以上的增速，我们必须重 ...

手机软件一键操作，小至鞋子、潮玩手办，大至跑车、房屋装修器材，生活里能想到的统统"打印"出来 ——消费级3D打印正在以更低门槛、更强体验进入大众视野。 今年9月30日，拓竹科技在深圳湾万象城开出全球首家直营旗舰店：超大3D打印沙盘、由28台打印机协 作"组装"的巨型培养皿、"胶佬空间"和儿童书房、CyberBrick火车环店穿行，现场用可见可玩的方式 把"3D打印生活"具体化。 拓竹科技全球首家直营旗舰店。 两个月后，线下竞赛再被拉到新高度。12月，深圳宝安地标"湾区之眼"迎来创想三维3D打印全球超级 旗舰店，体量超过600㎡，主打沉浸式全链路体验与"从设备到成品"的完整生态展示。业内认为，消费 级3D打印的线下体验时代正在加速到来。 券商研报普遍认为消费级市场处于快速增长期：一方面主流机型价格下探至消费者可承受区间，另一方 面"模型社区繁荣+耗材成本下降"让用户更容易把创意转化为实物；申万宏源研报预计到2028年全球市 场规模将达到71亿美元，年复合增长率19.2%。 创想三维3D打印全球超级旗舰店。 就在门店扩张、用户教育加速的同时，赛道暗战同步升级：11月，大疆投资智能派（Elegoo）的消息在 市场发 ...

Group 1: Automotive Industry Regulations - The National Market Supervision Administration issued a draft guideline prohibiting car manufacturers from selling vehicles below production costs, except for legally mandated price reductions for unsold inventory [1] - Companies like Great Wall, Changan, Xiaopeng, BAIC, and BYD have expressed support for the guideline, committing to optimize price management and eliminate price fraud [1] - Leap Motor also announced its commitment to adhere to the guideline and maintain fair market practices [6] Group 2: AI and Technology Developments - OpenAI has adjusted its compensation policy to attract and retain top AI talent amid fierce competition in the industry [4] - Ant Group's AI health assistant AQ has launched a new version with a Chinese name "Ant Ai Fu" and introduced a "Health Goals" feature [19] - XREAL and Google unveiled the world's first Android XR smart glasses, set to launch in 2026 [15] Group 3: Market Trends and Performance - Fujian's automotive exports reached 19.48 billion yuan in the first 11 months of the year, marking a 52.3% year-on-year increase [24] - The AI core industry in China is projected to exceed 1 trillion yuan by 2025, with significant growth in smart wearable devices [24] - The average age of the labor force in China has risen to 39.66 years, indicating an aging workforce [21] Group 4: Company-Specific News - Li Auto showcased its material research achievements, claiming to have the most extensive self-developed materials in the industry [8] - NIO has established 500 charging and battery swap stations in Shanghai, significantly increasing service capacity [8] - Volkswagen will cease operations at its Dresden plant, marking the first closure of a domestic production line in its 88-year history [12]

Core Insights - Snapmaker has completed a multi-hundred million RMB Series B financing round, led by Hillhouse Capital and Meituan, with participation from several other investors. The funds will be used for core technology development, talent recruitment, and content ecosystem construction to accelerate the popularization of consumer-grade 3D printing [2] Group 1: Company Development - Since its establishment in 2016, Snapmaker has focused on consumer-grade 3D printing, breaking crowdfunding records globally. The Snapmaker 2.0 raised over 54 million RMB, setting a record in the technology category, and holds the largest market share globally [3] - The flagship product, U1 3D printer, achieved over 150 million RMB (approximately 20 million USD) in crowdfunding, becoming the highest-funded 3D printing project in history, supported by over 20,000 users, indicating strong market demand for efficient multi-color printing [3] Group 2: Product Innovation - Snapmaker's breakthroughs stem from precise insights into user needs and deep integration of technology. The U1 printer features the innovative SnapSwap™ independent four-head system, allowing for rapid material switching and significantly improving printing efficiency and stability, achieving five times the speed and material savings [4] - The U1 crowdfunding orders have been fully delivered, with plans for a global launch in Q1 2026, and the company anticipates several-fold revenue growth next year [4] Group 3: Strategic Focus Post-Financing - The recent financing is seen as a pivotal point for Snapmaker, transitioning from product leadership to ecosystem enhancement. The company aims to accelerate core technology development, expand global talent acquisition, and build an open ecosystem to lower the barriers for 3D printing [6] - Snapmaker is actively recruiting top talent in hardware development, AI software, and content ecosystem fields, emphasizing that innovation is driven by talent [6]