Group 1 - The event featured a global delegation of "Generation Z" youth from nine countries, including the US, France, Germany, and Italy, who experienced China's advancements in intelligent manufacturing and traditional culture [1] - Youth representatives engaged with China's new energy vehicles at the Shanghai Hongqiao Center, expressing amazement at the technology and manufacturing capabilities, highlighting features like automatic seat adjustments and advanced control systems [2] - A Taiwanese entrepreneur shared her experience of using digital design and 3D printing technology to create personalized wedding dresses, emphasizing that 3D printing complements rather than replaces traditional culture [4] Group 2 - The delegation flew on the domestically developed C919 large passenger aircraft, with participants praising the spacious seating and low noise levels, indicating a positive perception of Chinese aviation manufacturing [6] - Upon arriving in Beijing, the youth explored the cultural heritage of the city, enjoying traditional tea culture and performances, which showcased the blend of historical and modern elements in Chinese society [8]

Core Viewpoint - 3D printing technology is emerging as a key solution to address complex medical challenges, particularly in the field of orthopedic surgery for tumor reconstruction [1][3]. Group 1: Application of 3D Printing in Medicine - Yantai Yuhuangding Hospital's trauma orthopedic department has pioneered the use of 3D printed custom prosthetics for post-operative fixation failure in chest bone tumors, showcasing the hospital's advanced capabilities [3][11]. - The use of 3D printing allows for personalized chest bone prosthetics that overcome traditional surgical limitations, providing precise reconstruction with millimeter-level accuracy [3][11]. Group 2: Case Study of Patient Treatment - A 47-year-old female patient suffering from chest pain due to a malignant tumor in the chest bone underwent a series of treatments, including tumor resection and chest reconstruction, but faced complications due to the failure of the implanted steel plate [4][6]. - After consulting with Dr. Sun Yujie, the team identified the cause of the pain and decided to utilize 3D printing technology to create a custom prosthetic that would address the significant bone defect [6][9]. Group 3: Surgical Process and Challenges - The surgical team faced multiple challenges, including safely removing the failed implant and accurately inserting the new 3D printed prosthetic without damaging surrounding organs [9][11]. - The surgery lasted nearly five hours, during which the team ensured the stability and safety of the new prosthetic by using pre-drilled holes for secure attachment to the surrounding bones [11]. Group 4: Benefits of Custom Prosthetics - The use of 3D printed prosthetics not only meets the individual needs of patients but also enhances biomechanical compatibility, significantly improving surgical safety and post-operative recovery [11]. - This innovative approach opens new pathways for complex bone tumor repairs, providing hope for many patients suffering from similar conditions [11].

Core Viewpoint - The application of 3D printing technology in the treatment of chest bone tumors at Yantai Yuhuangding Hospital represents a significant advancement in personalized medical solutions, providing new hope for patients suffering from complex bone conditions [4][11]. Group 1: 3D Printing Technology in Medicine - 3D printing technology is emerging as a key solution to medical challenges, particularly in creating customized prosthetics for complex surgeries [2][4]. - The use of 3D printing allows for the production of personalized chest bone prosthetics that meet both physiological and biomechanical requirements, enhancing surgical outcomes [7][11]. Group 2: Case Study of Patient Treatment - A patient, Ms. Chen, suffered from severe chest pain due to a malignant tumor and subsequent complications from a previous surgery, leading her to seek treatment at Yantai Yuhuangding Hospital [5][10]. - The surgical team, led by Dr. Sun Yujie, utilized 3D printing to design a tailored prosthetic that addressed the specific challenges of her condition, including the removal of a failed steel plate and the reconstruction of the chest bone [10][11]. Group 3: Surgical Process and Outcomes - The surgery involved careful removal of the failed implant, which was complicated by its proximity to vital organs, followed by the precise insertion of the custom 3D-printed prosthetic [10][11]. - The successful completion of the surgery resulted in significant pain relief for the patient, allowing her to regain mobility and improve her quality of life [11][13]. Group 4: Implications for Future Treatments - This innovative approach not only alleviated the patient's suffering but also paved the way for new methodologies in the repair of complex bone tumors, potentially benefiting many more patients in the future [4][13].

Group 1 - The article highlights the rapid development of the commercial space industry in Beijing, showcasing companies like Blue Arrow Aerospace and Star River Power, which are leading innovations in rocket technology and manufacturing [1][2]. - Blue Arrow Aerospace successfully launched the Zhuque-2 rocket using liquid oxygen and methane, marking a significant technological advancement in China's space capabilities [1]. - Star River Power has completed 19 commercial launches, successfully placing a total of 81 satellites into their designated orbits, demonstrating its operational efficiency [2]. Group 2 - The use of 3D printing technology in rocket manufacturing has significantly improved production efficiency, with over half of the components in rocket engines being produced using this method [1][2]. - Star River Power has reduced engine manufacturing costs to one-tenth of previous levels through innovative designs, ensuring quality consistency while making commercial space endeavors more feasible [2]. - The commercial space sector in Beijing is supported by over 300 high-tech enterprises, with a significant share of national commercial space listed companies and unicorns [2]. Group 3 - The article mentions the successful launch of the Lingxi-03 satellite, which is China's first satellite using flexible solar wings, indicating advancements in satellite technology [4]. - The commercial space industry is expected to experience significant growth in the next five to ten years, with new rocket companies and innovative applications emerging due to high market demand [4]. - Companies are looking to expand internationally, with plans to enter markets in Thailand and Malaysia, enhancing their global influence in the commercial space sector [4].

Core Insights - The popularity of LABUBU has decreased after a significant restock, with prices in the secondary market dropping sharply from a peak [1][6] - The 3D printing industry is experiencing a pivotal moment, driven by the demand for DIY toys and the rapid growth of the cultural and trendy toy sector [5][6] Market Trends - LABUBU's average selling price fell from 2507.04 yuan to 1881.05 yuan in just one day, marking a nearly 25% drop, and has since decreased over 65% to 867.02 yuan [1][6] - The stock prices of companies related to 3D printing, such as Hai Zheng Sheng Cai and Jin Cheng Zi, have also seen declines, with Hai Zheng Sheng Cai dropping nearly 16% and Jin Cheng Zi falling about 10% [1][6] 3D Printing Industry Dynamics - The number of LABUBU models available on the MakerWorld platform increased from 663 to 932 in just nine days, indicating a growing interest in 3D printing among consumers [5][6] - East Wu Securities predicts that the consumer-grade 3D printer market will become a new consumer product hit, with a projected 40% year-on-year growth in 3D printing equipment production by May 2025 [5][6] Intellectual Property Concerns - The rise of 3D printed LABUBU has sparked discussions about copyright infringement, as unauthorized reproduction of LABUBU models could violate copyright laws [8][11] - Users uploading LABUBU models for others to download may face legal consequences, as this could infringe on the copyright holder's rights [11][12]

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 ...

Summary of 3D Printing Industry Analysis and Outlook Industry Overview - The 3D printing industry peaked during the pandemic, with leading brands achieving revenues of around 1 billion. Post-pandemic, the market stabilized, but companies like Tuozhu are driving product innovation and user base expansion, leading to an upward trend in the industry. Future growth is expected to be fueled by popular IPs and small business models [1][3]. Key Players - Current major players in the market include Tuozhu, Chuangxiang 3D, Zhongwei Lifang, and others. Tuozhu leads with revenues between 5-6 billion, followed by Chuangxiang 3D at around 2 billion, and the others at approximately 1-1.5 billion. The traditional FDM printer market is highly competitive, with Tuozhu dominating [1][4]. Financial Metrics - In the 3D printing industry, equipment gross margins typically require around 50%, while consumables have lower margins, generally between 35% and 40%. For example, a company's equipment revenue is approximately 4 times that of its consumables revenue [5][6]. Market Share and Trends - The domestic market share is relatively small, around 15%-20%, but is gradually increasing. The overseas market remains a key focus, with the U.S. being the largest single market. Different brands have traditional advantages in various regions [7]. Product Development and Sales Strategy - Tuozhu's rapid growth is attributed to its talented core team, effective marketing strategies, and innovations in high-speed, multi-color, and user-friendly products. The company aims for sales of 6-8 billion or 9 billion by 2025, with a growth rate of 50%-60%, lower than the previous year's 100% [2][18][24]. Product Pricing - Tuozhu's DIY products are priced between 200 to 300 USD, while flagship machines range from 1,000 to 1,500 USD. The expected shipment volume for each product series is between 100,000 to 200,000 units, with an overall shipment target of 500,000 to 800,000 units [25][26]. Technological Insights - The main technology in the consumer-grade market is FDM, which has not seen significant updates in the past decade. New product forms are emerging, but FDM remains dominant. SLA technology is used in specialized fields but is less common in consumer applications [13][14]. Consumer Insights - Learning to use desktop 3D printers is relatively quick, taking about 1-2 weeks for beginners. Entry-level machines cost around 1,000 RMB, and material costs are approximately 0.01 RMB per gram [7][8]. Challenges and Risks - Tuozhu faced challenges with the launch of a high-end 3D scanner due to a broken partnership with a supplier, which has delayed the project. The company is currently seeking new suppliers [27]. Conclusion - The 3D printing industry is poised for growth, driven by innovation and market expansion. However, challenges such as competition and supply chain issues remain critical factors to monitor. The focus on overseas markets and product differentiation will be key strategies for companies like Tuozhu to maintain their competitive edge [20][24].