2、 《 煤价跌倒，火电吃饱 》摘要 ■ 今年4月21日，国务院新闻办公室举行的发布会再度提到"游戏"行业，这标志着游戏行业再次被纳 ■ 经济增速不如预期，但用电增速已在3月得到改善，表明用电量进入底部区域，市场对用电量的负 面预期已大幅钝化。 ■ 发改委和能源局发布了煤电升级专项行动方案，推动煤电机组改造升级，增强灵活调节能力，预计 煤电在现货市场中的表现将大幅提升。 ■ 煤价下跌对火电企业构成明显利好，尽管电价有所下调，但电价下跌幅度远小于煤价带来的成本降 低，火电企业的盈利能力因此得到提升。 ■ 预计到2027年，AI产业链的用电量将达到三峡水电站全年的发电量，这为电力需求提供了强劲的增 长动力。 ■ 随着煤价下跌，火电企业的成本降低，股息率有望提升，特别是对于一些高股息的火电企业（如华 电国际、华能国际等），将吸引更多的长线资金。 ■ 尽管绿电板块普遍回调，但部分优质绿电PE仍具备较好的底部价值，A股和港股的部分绿电公司如 龙源电力H、中闽能源具有不错的投资潜力。 ■ 由于煤价下跌，火电企业股息率有望提升，投资者可以关注股息率较高的火电公司，如华电国际 （H股25E股息率6.5%）、华能国际（H股股息 ...

Core Viewpoint - The company has experienced significant growth in performance since the entry of state-owned capital, which has provided support through business optimization, market expansion, and management improvements [2] Group 1: Company Performance and Support - The entry of state-owned capital has led to a focus on core business areas and management structure optimization, enhancing market development efforts [2] - The company aims to achieve high-quality development through measures such as digital transformation, internal management improvements, and potential refinancing or mergers [2] - In Q1 2025, the company reported a main revenue of 136 million, a year-on-year increase of 21.85%, and a net profit attributable to shareholders of 16.24 million, up 44.38% year-on-year [8] Group 2: Production Capacity and Expansion Plans - The company currently has good production capacity and can expand based on customer orders, with sufficient space available for production increases [3] Group 3: Research and Development - The company supplies ventilation and air treatment systems to various sectors, including nuclear power and civil engineering, and is monitoring developments in controlled nuclear fusion and spent fuel processing [4] Group 4: 3D Printing Business - The company has invested 50 million in Southern Additive to support its 3D printing services and nuclear material procurement, with operations progressing steadily [5] Group 5: International Market Development - The company primarily focuses on the domestic market but has begun exploring international opportunities, with some initial success in 2024 [7] Group 6: Financial Metrics - The company reported a debt ratio of 15.86%, investment income of 2.98 million, financial expenses of -0.1254 million, and a gross profit margin of 30.37% [8]

Group 1: Company Overview and Performance - The company has experienced good performance growth since the state-owned capital took over, focusing on optimizing business segments and management structure [1] - Key strategies include enhancing market expansion efforts and improving internal management through digital transformation [1] - Support from shareholders includes potential refinancing and mergers to expand the company's scale and improve profitability [1] Group 2: Production Capacity and Expansion Plans - The company currently has good production capacity and sufficient space to expand based on customer orders [2] - Production is aligned with customer demand, allowing for flexible expansion as needed [2] Group 3: Research and Development in Emerging Fields - The company supplies ventilation and air treatment systems primarily to nuclear power, subways, tunnels, and large industrial and civil construction sectors [3] - There is currently no forecast for equipment demand in controlled nuclear fusion and spent fuel processing due to the experimental stage of these projects [3] Group 4: 3D Printing Business Development - The company has acquired minority shareholder rights in Southern Additive and invested 50 million yuan to support its 3D printing services and nuclear material procurement [4] - The 3D printing services and nuclear material procurement business are progressing steadily [4] Group 5: Equity Incentive Plans - The company is considering equity incentive plans based on market conditions, development strategies, and shareholder interests [5] - Further decisions will be disclosed in accordance with regulations [5] Group 6: International Market Expansion - Currently, the company's business is primarily focused on the domestic market, with some products following customers abroad [6] - In 2024, the company achieved limited independent overseas expansion in nuclear power and industrial sectors, with plans to explore international market opportunities in 2025 [7]

锦州市实验学校科技节上，学生们用吸管和胶带纸精心搭建出一座座"塔台"，在激烈的比赛中探索 工程技术原理；沈阳市皇姑区宁山路小学未来校区，每周两节的人工智能通识课总能带给学生们新奇体 验；营口市健康小学的科学课上，学生们见证了3D打印机里"长"出苹果，通过无人机表演感受科技的 魅力…… 近年来，我省坚持在教育"双减"中做好科学教育加法，各地各校强化课堂主阵地，用好社会大课 堂，激发青少年好奇心、想象力、探求欲，培育具备科学家潜质、愿意献身科学研究事业的青少年群 体。 今年，我省还计划推出中小学科学教育实践基地活动展示平台，及时发布面向全省中小学校开放的 各类科技场馆、高校实验室、科研院所、科普基地及各类科普活动信息，为中小学生提供研学导航图。 做好科学教育加法，加什么、怎么加？我省先后制发《关于加强新时代中小学科学教育工作的实施 方案》《辽宁省中小学科学教育示范区建设方案》《辽宁省中小学生"科技助苗行动"实施方案》3个制 度性文件，在完善课程体系、深化教学改革、拓展社会渠道、丰富实践活动、创新人才培养等方面明确 目标，细化举措，绘制中小学科学教育走深走实的"施工图"。 加强引领示范，我省推动获评首批全国中小学科 ...

Core Viewpoint - The company is a high-tech enterprise specializing in the research, production, and sales of precision connectors, with a focus on innovation and quality to meet market demands [3][4]. Company Overview - The company has established long-term partnerships with well-known domestic and international enterprises such as Wistron, Transsion Holdings, Xiaomi, and TCL, leveraging its strong quality and service [3]. - The company is expanding its product offerings into industrial connectors, automotive connectors, and new energy connectors, in addition to its core connector products [3]. Business and Product Introduction - The main products include consumer electronic connectors, precision components, and semiconductor packaging thermal management solutions [6][9][10]. - The consumer electronic connectors encompass card connectors, I/O connectors, headphone connectors, and board-to-board (BTB) connectors, widely used in mobile phones and other electronic devices [6][7][8]. - The precision components are produced using Metal Injection Molding (MIM) and 3D printing technologies, providing a one-stop service from product printing to post-processing [9][5]. - The semiconductor packaging thermal management solutions are increasingly important due to the rising heat density in modern electronic products, especially in AI applications [10][11]. Research and Development - The company emphasizes R&D investment and has developed its own 3D printing equipment, entering the mass production phase [4][5]. - The R&D model combines proactive innovation with customer-driven development, ensuring a balance between technological advancement and meeting diverse customer needs [13]. Financial Performance - The company has experienced stable growth in its overall business, but net profit has been under pressure due to increased management and R&D expenses, as well as rising raw material costs [5]. - The company has adjusted its IPO fundraising project to focus on the semiconductor thermal management project, indicating a strategic shift towards high-growth areas [5]. Procurement and Production Model - The procurement process is managed by the materials department, which evaluates suppliers based on price, quality, and delivery time, ensuring a reliable supply chain [14][15]. - The production model is based on a "sales-driven production" approach, allowing for customization according to customer orders, which enhances responsiveness to market demands [16][17].

Core Viewpoint - Apple is actively investing in 3D printing technology to drive innovation in precision manufacturing within the consumer electronics sector, aiming to enhance product design and production efficiency [5][54]. Group 1: 3D Printing Technology Overview - Additive manufacturing, also known as 3D printing, is a cutting-edge manufacturing technology that builds objects layer by layer from three-dimensional model data, contrasting with traditional subtractive manufacturing methods [3][9]. - Key advantages of additive manufacturing include reduced R&D cycles, lower costs without the need for molds, efficient formation of complex structures, high material utilization rates, and improved mechanical properties due to rapid solidification processes [15][19]. Group 2: Market Growth and Projections - The global 3D printing market was approximately $20 billion in 2023, with projections to reach $36.2 billion by 2026, reflecting a compound annual growth rate (CAGR) of 21.8% [9][36]. - China's 3D printing market is expected to grow from approximately 32 billion yuan in 2022 to 41.5 billion yuan by 2024, indicating significant growth potential [36][37]. Group 3: Applications and Industry Segments - Major downstream applications of 3D printing include aerospace (13.3%), medical (13.7%), automotive (14.0%), and consumer electronics (14.0%), highlighting the technology's versatility across various sectors [37][38]. - In the consumer electronics sector, 3D printing is being utilized for manufacturing precision components such as hinges for foldable devices, with Apple exploring its application in products like the Apple Watch and foldable phones [52][54]. Group 4: Cost Reduction and Efficiency Improvements - The cost of titanium alloy powder used in 3D printing has decreased significantly, from 600 yuan/kg in 2023 to below 300 yuan/kg in 2024, representing a 50% reduction, which is expected to enhance the economic viability of additive manufacturing [50][51]. - Innovations such as beam shaping technology and the introduction of multi-laser systems are improving production efficiency, with some systems achieving up to 2.7 times the output compared to traditional dual-laser setups [50][51]. Group 5: Industry Players and Competitive Landscape - Key players in the 3D printing equipment market include established companies like EOS and 3D Systems, alongside emerging Chinese firms such as Plater and Huazhu High-Tech, which are rapidly gaining market share [39][43]. - The competitive landscape is evolving, with domestic manufacturers increasingly focusing on the localization of core components to reduce reliance on imports and lower production costs [50][51].

在技术与政策的双重驱动下，3D打印行业正迎来快速发展。据中商产业研究院发布的报告，预计到 2025年，中国3D打印市场规模将超过630亿元。 面对快速增长的市场，上市公司正加速布局3D打印这一潜力赛道。 湖南华曙高科技股份有限公司（以下简称"华曙高科"）是全球极少数同时具备3D打印设备、材料及软 件自主研发与生产能力的增材制造企业，销售规模位居全球前列。 华曙高科董秘刘一展向《证券日报》记者介绍："公司建立了涵盖选区激光熔融（SLM）和选区激光烧 结（SLS）技术路线的'设备—软件—材料—工艺—应用'全链条一体化自主技术体系，形成了相关技术 自主知识产权。此外，新基地增材制造研发制造总部于去年12月份正式投入使用，公司供货能力以及研 发创新实力进一步提升。" 近日，我国首次在模拟微重力环境下，应用冷阴极电子枪实现"太空级"3D打印。这一重大进展打破了 此前国外在该领域的长期技术垄断，也引起了资本市场对3D打印行业的高度关注。 西安铂力特增材技术股份有限公司运用多年金属增材制造技术的专业经验，通过持续创新为航空航天、 能源动力、医疗齿科、工业模具、汽车制造等行业客户提供服务。公司近期公告显示，"金属增材制造 产 ...

Core Insights - The 3D printing industry is rapidly developing, with applications expanding from traditional aerospace to automotive and consumer electronics sectors, driven by continuous improvements in efficiency [1][2] - The global 3D printing market size exceeded $20 billion in 2023 and is projected to reach $27.7 billion by 2025, with a CAGR of 16.1% from 2021 to 2025 [1] - The domestic 3D printing market in China reached 36.7 billion yuan in 2023, with an expected growth to over 40 billion yuan in 2024, reflecting a CAGR of approximately 23.45% from 2019 to 2023 [1] Industry Overview - In terms of product segmentation, 3D printing materials account for 17.04%, printing equipment for 22.42%, printing services for 40.09%, and others for 20.45% [2] - The leading application areas in 2023 include automotive (14.4%), consumer electronics (14.0%), medical (13.7%), and aerospace (13.3%), indicating a significant rise in consumer demand [2] Human-Robot Interaction - Humanoid robots are evolving towards higher intelligence and performance, facing challenges in technology, cost, and safety, which 3D printing can help address [3] - 3D printing can be utilized for manufacturing structural components of humanoid robots, enabling complex designs and lightweight materials while enhancing reliability [3][4] - The technology supports the creation of biomimetic structures, such as flexible skin and muscle-like components, improving the robot's lifelike qualities [3][4] Technological Advancements - 3D printing facilitates the upgrade of critical components in humanoid robots, streamlining production processes and reducing material waste, thus controlling costs [4] - Rapid prototyping through 3D printing shortens development cycles, aiding in the iterative design of humanoid robots [4] - The technology also allows for personalized customization of core components and aesthetic parts, as well as the design of cooling channels to meet thermal management needs [4] Investment Opportunities - Recommended investment targets include leading domestic companies in 3D printing metal powders, such as Youyan Powder Materials (688456.SH), and notable 3D printing equipment manufacturers like Plater (688333.SH) and Huazhu High-Tech (688433.SH) [5]

Core Insights - The funeral industry in Guangxi has transformed from a niche profession to a specialized field, with an increasing number of young professionals entering the sector [1][2]. Industry Transformation - The proportion of professionals holding national vocational qualifications in the funeral sector in Guangxi is expected to rise to 30% by 2024, with the number of young practitioners doubling [2]. - The industry previously faced challenges such as recruitment and retention difficulties, as well as varying skill levels among workers, which have now been effectively addressed [2]. Professional Development - Since 2021, Guangxi has actively promoted the establishment of model units for funeral services, creating standardized service templates in cities like Nanning and Liuzhou [2]. - Over 1,500 individuals have undergone training in funeral-related skills, including funeral etiquette and body handling, since 2020 [2]. Notable Practitioners - A young practitioner, Long Min, won first prize in the national civil affairs industry vocational skills competition in 2024, highlighting the potential for success in this field [2]. - Long Min emphasizes the importance of understanding the emotional aspects of the job, viewing himself as a storyteller for the deceased and their families [2]. Educational Collaborations - The Nanning Funeral Management Office has partnered with Changsha Civil Affairs Vocational Technical College to establish an internship base, enhancing the professional training of funeral service workers [3]. - Collaborative efforts have led to the development of courses such as "Cremation Technology," further improving the skill set of industry professionals [3].

Core Viewpoint - Wang Zhiyu's team is developing a new 3D printer that can expand to four heads, with a printing speed that is 2-4 times faster than the current leading product from Tuo Zhu [1][2]. Group 1: Company Overview - Wang Zhiyu, the former head of Anker's 3D printer division, has left to start his own venture in the 3D printing industry, aiming to raise 20 million yuan in funding [2]. - The new team consists of nearly 30 members, all former Anker employees, and possesses significant overseas distributor resources [2]. - The first-generation product is expected to achieve a printing speed of 0.1mm precision and utilize dual nozzles, with the capability to expand to four nozzles [2]. Group 2: Product Development and Market Performance - The new product is anticipated to outperform Tuo Zhu's latest dual-head color printer H2D by 2-4 times in printing speed [2]. - Wang Zhiyu previously led the development of Anker's first consumer-grade 3D printer, AnkerMake M5, which achieved a maximum printing speed of 250mm/s, five times faster than most desktop 3D printers available at that time [3]. - The AnkerMake M5 was highly successful on Kickstarter, raising 8.88 million USD, surpassing the crowdfunding results of Tuo Zhu's Bambu Lab X1 launched later that year [3]. Group 3: Company Transition - Following Wang Zhiyu's departure, Anker's 3D printing team, which originally had around 100 members, continues to operate within the company, focusing on printer-related business [3]. - The AnkerMake brand has been rebranded to eufyMake and integrated into the eufy smart home brand system [3].