苹果入局折叠屏，关注产业链布局机会 20250618 摘要 2024 年前三季度中国折叠屏手机出货量显著增长，预计全年达 926.6 万部，同比增长 32.2%。全球市场亦呈现增长态势，一季度同比增长 49%，预示着未来几年折叠屏面板采购量将保持两位数增长。 苹果公司加速布局折叠屏领域，频繁申请相关专利，并计划于 2026 年 推出首款折叠屏 iPhone，此举将推动产业链发展和技术创新，并可能加 速折叠屏手机的普及。 智能手机整体市场增长放缓，折叠屏作为新增长点备受关注。中国市场 在折叠屏领域占据重要地位，2023 年出货量占全球 46%，华为等厂商 表现突出，对三星构成竞争威胁。 折叠屏技术关键在于 UTG（超薄玻璃）和铰链设计。UTG 方面，三星 显示、京东方等厂商不断提升技术；铰链设计方面，各厂商积极创新， 探索多种折叠形态。 折叠屏手机用户定位中高端，消费预算较高，但随着技术成熟和成本下 降，部分小型折叠机型价格已降至人民币 6,000 元左右，有望进一步扩 大用户群体。 Q&A 折叠屏手机市场近年来的发展情况如何？ 折叠屏手机市场近年来呈现出快速增长的趋势。自 2019 年首款折叠屏产品上 市以来 ...

Macro Strategy - The report indicates that exports are expected to show a trend of high in the first half and low in the second half of the year, with a warning about the risk of negative export growth in the fourth quarter due to high base effects [1][9][10] Fixed Income - Anker Convertible Bond is projected to have a listing price between 127.29 and 141.30 RMB, with a subscription rate of 0.0036%. The bond has a solid debt protection and is rated AA+/AA+ [2][12] - Electric Chemical Convertible Bond is expected to list between 131.46 and 145.94 RMB, with a subscription rate of 0.0022%. The bond also has good debt protection and is rated AA/AA [2][14] Industry Analysis - The non-bank financial sector is currently undervalued, providing a safety margin. The insurance industry is expected to benefit from economic recovery and rising interest rates, with a focus on health and pension insurance [3][15][16] - The defense and military industry is highlighted for the CJ-1000A engine, which is crucial for the C919 aircraft, showcasing significant technological advancements and potential market growth in the commercial aviation sector [4][17][19] - The computer industry is experiencing a surge in demand for consumer-grade 3D printers, with a reported 40% year-on-year increase in production. This sector is expected to grow rapidly due to the rise of creative industries and lower user barriers [6][20][21] Recommended Stocks - The report recommends Kuaijishan (601579) for its growth potential, projecting net profits of 2.3 billion, 2.8 billion, and 3.3 billion RMB for 2025-2027, with corresponding PE ratios of 44, 36, and 31 [7][22]

Core Insights - The article highlights the rapid transformation of traditional ceramic manufacturing through 3D printing technology, particularly in the production of complex ceramic components [1][3] - The global ceramic 3D printing market is projected to exceed $900 million (approximately 7.2 billion RMB) by 2032, driven by sectors such as semiconductor precision devices, aerospace thermal components, and personalized medical implants [1] Group 1: Company Overview - Bosch Advanced Ceramics, established in 2016, leverages Bosch Group's extensive ceramic manufacturing experience to provide specialized consulting and printing services across various industries [1] - The company has successfully delivered hundreds of thousands of precision ceramic components, showcasing its expertise in mass production [1] Group 2: Technological Advancements - The company utilizes 3D light-curing technology to create ceramic green bodies, followed by high-temperature sintering, eliminating the need for post-processing machining [2] - By optimizing production parameters, Bosch Advanced Ceramics has achieved stable product precision and increased yield during mass production [2] Group 3: Case Study - In early 2023, Bosch Advanced Ceramics produced a ceramic insulating sleeve for a renowned medical technology company, meeting stringent dimensional accuracy requirements [2] - Using LCM additive manufacturing equipment, the company efficiently produced 1,400 medical device components on a single printing platform, achieving a ceramic wall thickness of 90 microns and reaching mass production within six months [2] Group 4: Industry Trends and Future Opportunities - The article emphasizes the establishment of Bosch Advanced Ceramics as a benchmark in the industry for ceramic additive manufacturing, highlighting the advantages and future directions of 3D printing technology in complex ceramic component manufacturing [3] - The upcoming 2025 Polymer 3D Printing Materials Summit will feature insights from industry leaders, including Bosch Advanced Ceramics, discussing market conditions and commercial cases in sectors like semiconductors, medical, consumer electronics, and industrial products [5]

证券研究报告 消费电子 伴随技术迭代与供应链降本，未来 3D 打印技术有望释放更大潜力 长期来看，我们认为 3D 打印技术具有良好的应用前景，有望 1）在 C 端个 性化制造、2）在 B 端加速产品研发流程，乃至 3）在工业端成为核心高端 生产工艺。长期看，3D 打印技术迭代以及从供应链到整机端的成本下降， 仍然是助力其破圈的关键。成本端，上游核心原材料/零组件国产化以及中 游 3D 打印厂商规模化，将共同促进 3D 打印机生产成本下行，进而带动销 售均价的下探。以金属 3D 打印设备为例，根据华曙高科招股书，激光器和 振镜是 3D 打印设备中最核心的零组件，成本占设备整体 30%且国产化程度 低，有望通过国产化突破实现该环节降本。 海外需求+潮玩经济加持，消费级 3D 打印应用有望加速 华泰研究 2025 年 6 月 18 日│中国内地 动态点评 在出海需求和潮玩经济双重加持下，消费级 3D 打印有望加速破圈 3D 打印作为一种增材制造技术，早期由于价格高昂、使用/调试难度过大等 原因，只在极少数创客群体中流行。近年来，受益于 1）3D 打印技术突破， 消费者使用体验提升；2）成本下探，入手门槛降到千元左右 ...

消费级 3D 打印产业链分析与行业展望 - 专家会议 20250616 摘要 疫情期间 3D 打印行业迎来顶峰，头部品牌营收达 10 亿级别，疫情后市 场趋于平稳，但拓竹入场带动产品形态和用户群提升，推动行业进入上 升趋势，未来热门 IP 和小商业模式将进一步促进行业发展。 当前市场主流玩家包括拓竹、创想 3D、中维立方等，拓竹营收领先，约 为 50-60 亿，创想 3D 约 20 亿，其余两家约 10-15 亿。传统 FDM 打 印机赛道竞争激烈，拓竹占据主导地位，未来机会或在新产品形态或小 众赛道。 3D 打印行业中，设备毛利率通常要求达到 50%左右，而耗材毛利率较 低，一般在 35%至 40%之间。某公司设备营收与耗材营收比例大致为 4:1，国内市场占比相对较小，约 15%-20%，但有逐步增长趋势。 海外市场仍是重点，美国是最大单一市场，各品牌在不同区域有传统优 势。学习桌面级 3D 打印上手快，入门级机器价格约 1,000 元，耗材成 本按克计算，PLA 材料每克约一分钱。 目前 3D 打印设备使用过程基本无异味或化学危险，设备生命周期因使 用强度而异，高强度使用可能一年内需更换，个人用户可能使用 ...

Group 1 - The article emphasizes the importance of protecting, inheriting, and promoting Chinese cultural heritage, highlighting the significant achievements made in this area under the leadership of President Xi Jinping [5][13]. - Xi Jinping has made multiple inspections of cultural and natural heritage sites, providing important directives that have led to notable advancements in the protection and transmission of cultural heritage [5][7]. - The article discusses various cultural heritage sites, including the Longmen Grottoes, Mogao Caves, and Yin Ruins, showcasing their historical significance and the ongoing efforts to preserve them [5][8][10]. Group 2 - The Mogao Caves, established in 366 AD, contain 735 caves and 45,000 square meters of murals, representing a rich cultural heritage that combines architecture, sculpture, and Buddhist culture [7]. - The Yin Ruins, recognized as the first historically documented capital of the Shang Dynasty, were inscribed as a UNESCO World Heritage site in 2006, reflecting the depth of Chinese civilization [8]. - The Sanxingdui site, representing ancient Shu civilization, has been highlighted for its archaeological significance and the ongoing efforts to showcase its findings through modern technology [10][12]. Group 3 - The article mentions the use of advanced technologies such as artificial intelligence and multimedia in museums to enhance the presentation of cultural artifacts and improve visitor engagement [12][13]. - Initiatives like the "Digital Dunhuang" project allow users to experience historical contexts interactively, showcasing the innovative approaches being taken in cultural heritage preservation [7][12]. - The article concludes by stressing the role of cultural heritage in fostering national pride and confidence, which is essential for the ongoing development of the nation [13].

Group 1 - The core viewpoint of the articles highlights that China's commercial aerospace industry is potentially at a turning point due to advancements in material lightweighting, accelerated R&D iterations, and decreasing satellite costs, with SpaceX frequently mentioned as a reference point for industry practitioners [1][6][8] - The use of aluminum alloy for rocket fuel tank components, which is lighter and cheaper than stainless steel, is emphasized as a significant development that can reduce overall rocket weight and fuel costs, showcasing a shift in material selection influenced by SpaceX's practices [6][7] - The application of 3D printing technology in the commercial aerospace sector has drastically reduced manufacturing lead times from 2-3 months to about one week, allowing for rapid iteration and customization, which is now being adopted by Chinese companies [7][8] Group 2 - The Chinese commercial satellite manufacturing sector is expected to experience a growth phase in 2024, with a projected revenue increase from 13.2 billion yuan in 2023 to over 16.6 billion yuan in 2025, and a 60% reduction in manufacturing costs for leading companies compared to 2020 [8][9] - Despite improvements, there remains a gap in capabilities between Chinese and American aerospace industries, particularly in rocket recovery technology and payload capacity, with Chinese companies still in the experimental phase [8][9] - The trend towards customized production in aerospace components is noted, with companies adapting to specific order requirements, indicating a shift towards a more responsive and integrated supply chain in the commercial aerospace sector [9]

Core Viewpoint - The article discusses the transformative role of PEEK (Polyether Ether Ketone) in the medical field, particularly in 3D printing applications, highlighting its potential to replace traditional titanium alloys in orthopedic implants [1][2]. Group 1: PEEK in Medical Applications - PEEK is a high-end engineering plastic that is experiencing significant changes driven by 3D printing technology, particularly in the field of medical implants [1]. - Traditional metal implants, such as titanium alloys, face issues like high elastic modulus, corrosion resistance, and the release of metal ions in the body, prompting the industry to seek alternatives like PEEK [1]. - PEEK is a synthetic semi-crystalline thermoplastic material with properties such as radiation resistance, insulation stability, hydrolysis resistance, compressive strength, and corrosion resistance, making it suitable for replacing most bone structures in the human body [1]. Group 2: 3D Printing Technology - 3D printing technology accelerates the replacement of traditional materials in the PEEK supply chain, especially for custom products in low-strength areas [2]. - The technology enhances the innovation and iteration speed of PEEK products, reducing the design optimization cycle from months to days, thus expediting clinical validation and improvement processes [2]. - The Freeformer series printers from Arburg utilize proprietary additive manufacturing technology (APF) to create PEEK implants without molds, supporting various engineering plastics and biodegradable materials [2]. Group 3: Upcoming Forum - Arburg's additive manufacturing manager will present at the 2025 Polymer 3D Printing Materials Summit, focusing on the development of PEEK in medical applications [5]. - The summit will address the importance of high-performance PEEK materials, challenges in mass production, and future directions for additive manufacturing [5].

Core Viewpoint - The increasing prevalence of ankle arthritis due to aging population in China has led to significant advancements in ankle joint replacement surgery, particularly through the use of 3D printing and AI technologies, enabling more precise and individualized treatment options for patients [1][2]. Group 1: Technological Advancements - The team at Jining First People's Hospital successfully performed the first total ankle joint replacement in Southwest Shandong, utilizing 3D printing technology to create customized surgical models [1]. - The application of AI in preoperative planning and 3D modeling has significantly improved the precision of osteotomy corrections during surgery, reducing the time required for adjustments by two-thirds compared to traditional methods [2]. Group 2: Patient Impact - A 77-year-old patient suffering from severe right ankle osteoarthritis underwent a successful 3D printed total ankle joint replacement, resulting in a 90-minute reduction in surgery time and a 30-degree increase in ankle mobility post-operation [1][2]. - The successful implementation of this surgery not only alleviated the patient's pain but also restored significant walking functionality, highlighting the potential for improved quality of life for patients with similar conditions [1]. Group 3: Regional Significance - This surgical achievement fills a significant gap in medical technology within the Southwest Shandong region, marking a major breakthrough in the treatment of ankle diseases [2]. - The advancements in digital orthopedics and personalized treatment options are expected to drive further innovation and development in the field of foot and ankle surgery [2].

术前，手足外科专家联合医学影像、数字医学等多学科团队，利用患者的CT扫描数据，通过三维重建技术精确模拟病变部位的骨骼形 态。随后，运用3D打印技术，使用特殊的生物相容性材料，定制出与患者骨骼解剖结构高度匹配的距骨假体。这一过程不仅确保了假体 与患者骨骼的完美契合，还大大缩短了手术时间，降低了手术风险。手术过程中，手足外科团队凭借丰富的经验和精湛的技术，顺利完 成了坏死距骨切除与假体植入。整个手术耗时不到两小时，出血少。术后，患者恢复情况良好，各项指标正常，目前正在接受进一步的 康复治疗。 本次首例3D打印距骨假体植入手术的成功实施，是济医附院骨科技术创新的又一重要成果。3D打印技术的应用，为复杂骨病患者提供了 更加精准、个性化的治疗方案，有效提高了手术成功率和患者的生活质量。未来，医院将继续加强多学科协作，不断探索和应用新技 术，为广大患者提供更加优质高效精准的医疗服务。 该患者因距骨骨折造成距骨部分破坏，踝关节炎传统的治疗方式难以满足其复杂的病情需求。手足外科专家韩清銮、张磊、栗威等教授 充分评估患者病情，并采用魏本磊副主任医师在上级医院进修学习到的足踝外科先进置换理念，决定利用先进的3D打印技术为患者定制 ...