Core Viewpoint - Dongfang Tantalum Industry has shown significant stock price growth and strong financial performance, indicating potential investment opportunities in the company [1][2]. Group 1: Stock Performance - On January 6, Dongfang Tantalum's stock rose by 2.07%, reaching 33.98 CNY per share, with a trading volume of 384 million CNY and a turnover rate of 2.30%, resulting in a total market capitalization of 17.155 billion CNY [1]. - The stock has increased by 2.78% year-to-date, with a 10.61% rise over the past five trading days, 23.34% over the past 20 days, and 35.59% over the past 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Dongfang Tantalum achieved a revenue of 1.199 billion CNY, representing a year-on-year growth of 33.90%, and a net profit attributable to shareholders of 208 million CNY, also reflecting a growth of 33.43% [2]. - The company has distributed a total of 383 million CNY in dividends since its A-share listing, with 91.899 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of December 19, the number of shareholders for Dongfang Tantalum was 57,100, a decrease of 2.66% from the previous period, with an average of 8,791 circulating shares per shareholder, an increase of 2.73% [2]. - As of September 30, 2025, Hong Kong Central Clearing Limited was the seventh-largest circulating shareholder, holding 3.6678 million shares, an increase of 410,600 shares from the previous period [3].

波长光电所属申万行业为：电子-光学光电子-光学元件。所属概念板块包括：光刻机、光刻胶、光学、 激光雷达、3D打印等。 截至9月30日，波长光电股东户数4.43万，较上期增加63.76%；人均流通股1045股，较上期减少 38.94%。2025年1月-9月，波长光电实现营业收入3.45亿元，同比增长24.66%；归母净利润2576.43万 元，同比减少16.39%。 分红方面，波长光电A股上市后累计派现6017.34万元。 机构持仓方面，截止2025年9月30日，波长光电十大流通股东中，永赢半导体产业智选混合发起A （015967）位居第一大流通股东，持股200.00万股，持股数量较上期不变。香港中央结算有限公司位居 第二大流通股东，持股110.27万股，相比上期增加44.20万股。金信稳健策略混合A（007872）位居第三 大流通股东，持股100.00万股，相比上期减少68.20万股。德邦半导体产业混合发起式A（014319）位居 第三大流通股东，持股100.00万股，相比上期减少20.00万股。富国创新科技混合A（002692）位居第五 大流通股东，持股30.00万股，为新进股东。金信精选成长混合A（018 ...

Core Viewpoint - Ningbo Jialian Technology Co., Ltd. is experiencing growth in its stock performance and is positioned to benefit from trends in biodegradable plastics, 3D printing, and cross-border e-commerce [1][2]. Company Overview - Ningbo Jialian Technology specializes in the research, production, and sales of plastic products, biodegradable products, and plant fiber products, with a revenue composition of 84.41% from plastic products, 14.25% from biodegradable products, and 1.34% from other sources [7]. - The company was established on August 7, 2009, and went public on December 9, 2021 [7]. Financial Performance - For the period from January to September 2025, the company achieved a revenue of 1.865 billion yuan, representing a year-on-year growth of 8.25%. However, the net profit attributable to the parent company was a loss of 73.8145 million yuan, a decrease of 209.95% year-on-year [8]. - As of September 30, 2025, the company had a total of 6,828 shareholders, an increase of 15.61% from the previous period, with an average of 20,195 circulating shares per person, a decrease of 11.47% [8]. Market Position and Strategy - The company is a leading player in the global plastic dining utensils manufacturing industry, with 70.47% of its sales coming from exports as of 2021, primarily to developed regions such as North America, Europe, and Oceania [2][3]. - The company has also expanded its online market presence through cross-border e-commerce platforms [2]. Production Capacity and Expansion - The company has established a significant overseas production capacity in Thailand, which includes production lines for 3D printing materials, plastic dining utensils, and plant fiber products, with these lines gradually entering production [3]. Stock Market Activity - On January 5, the company's stock rose by 1.30%, with a trading volume of 70.5698 million yuan and a turnover rate of 2.33%, bringing the total market capitalization to 4.265 billion yuan [1].

证券研究报告 | 2026年01月05日 制造成长周报（第 41 期） 优于大市 软银完成对 Open AI 的 400 亿美元投资，蓝箭航天 IPO 获受理 重点事件点评&重点关注：AI 基建、商业航天 事件 1-软银完成对 Open AI 的 400 亿美元投资：2025 年 12 月 30 日，软银 集团已于上周完成对 OpenAI 的最后一笔注资，金额约在 220 亿至 225 亿美 元之间，已完成对 OpenAI 的 400 亿美元投资承诺。 事件 2-蓝箭航天 IPO 获受理：2025 年 12 月 31 日，蓝箭航天 IPO 获受理： 拟募资 75 亿，需实现可复用火箭发射载荷成功入轨。 AI 基建点评：软银完成对 Open AI 的投资，xAI 收购第三座建筑，训练算力 将接近 GW，随着 AI 相关投资持续加码，AI 基建需求旺盛，相关产业链将继 续同步扩张受益。我们持续看好 AI 基建相关产业链，重点关注燃气轮机及 液冷方向。燃气轮机作为海外数据中心主用电源与备用电源将深度受益 AI 数据中心供电需求，GEV 超预期上修燃机订单与扩产也表明行业是超 长景气大周期。建议重点关注 AI 数据中 ...

1月5日，东方钽业盘中上涨2.51%，截至09:59，报33.89元/股，成交3.05亿元，换手率1.84%，总市值 171.10亿元。 资金流向方面，主力资金净流出604.71万元，特大单买入2822.78万元，占比9.24%，卖出3005.13万元， 占比9.84%；大单买入8281.92万元，占比27.12%，卖出8704.29万元，占比28.50%。 东方钽业今年以来股价涨2.51%，近5个交易日涨13.16%，近20日涨26.69%，近60日涨30.65%。 资料显示，宁夏东方钽业股份有限公司位于宁夏回族自治区石嘴山市大武口区冶金路，成立日期1999年 4月30日，上市日期2000年1月20日，公司主营业务涉及钽铌铍金属及合金制品的研发、生产和销售。主 营业务收入构成为：钽铌及其合金制品98.36%，钛及钛合金制品1.30%，其他(补充)0.34%，其他 0.01%。 截至12月19日，东方钽业股东户数5.71万，较上期减少2.66%；人均流通股8791股，较上期增加2.73%。 2025年1月-9月，东方钽业实现营业收入11.99亿元，同比增长33.90%；归母净利润2.08亿元，同比增长 33. ...

Investment Rating - The industry investment rating is "Leading the Market - A" and the rating is maintained [7] Core Views - The approval of Blue Arrow's IPO indicates increased support from the capital market for the commercial aerospace industry, which is expected to accelerate industry implementation [1] - The commercial aerospace sector shows promising prospects, with China completing 19 satellite constellation tasks in 2025, while the US completed 129 tasks, highlighting the growing market space for rocket launches and satellite industries [2] - 3D printing technology is revolutionizing rocket propulsion, with companies like SpaceX and Blue Arrow utilizing this technology to reduce manufacturing costs and improve efficiency [2] - The solar wing technology, featuring high-efficiency solar cells, is set to empower space computing, with flexible solar wings becoming a core infrastructure for high-power satellites [3] Summary by Sections Commercial Aerospace - Blue Arrow's IPO application was accepted, aiming to raise 7.5 billion yuan, marking a significant step for the domestic commercial aerospace sector [1] - The successful launch of Blue Arrow's Zhuque-3 rocket, which is the first domestic attempt at first-stage recovery, signifies advancements in reusable rocket technology [1] Satellite Launches - In 2025, China completed 19 satellite constellation tasks, with a total of 136 satellites in orbit for the GW constellation and 108 for the Qianfan constellation [2] - The US completed 129 satellite launches, with the Starlink program accounting for 122 of these, indicating a competitive landscape in satellite deployment [2] 3D Printing in Rocket Manufacturing - SpaceX's use of 3D laser printing technology has significantly lowered rocket launch costs by enabling continuous manufacturing of engine combustion chambers [2] - Blue Arrow's Tianque series rocket engines also employ 3D printing, achieving a thrust adjustment range of 40% to 110% and shortening component manufacturing time [2] Solar Power in Space - Flexible solar wings equipped with high-efficiency solar cells are becoming essential for satellites, with materials like flexible thin-film gallium arsenide and perovskite showing great potential for future applications [3] Investment Recommendations - Recommended companies include Jiangshun Technology, Bolite, and Huashu Gaoke for 3D printing; Maiwei Co., Jiejia Weichuang, and Jingshan Light Machine for perovskite and crystalline silicon photovoltaic equipment; and Junda Co. and Dongfang Risen for photovoltaic cell components and power manufacturing [4]

【 生物基能源与材料 】 将分享关于代表性企业与高校团队在 3D打印用生物基材料开发及 应用 60+份 最 新专利 （资料将持续更新）。 需要本份资料的朋友：① 扫码领取，并转发本文；②工作人员将于24小时内与您取得联系分 享，并邀请加入专业交流群； 全球市场竞争呈现多元化态势。 在塑料基耗材领域，大型化工企业凭借原材料供应优势和规模化生产能力，占据一定的市场份额，同时专业的 3D打印耗材企业通过技术创新在细分领域竞争；在树脂基耗材领域，专注于光固化材料的企业凭借技术优势占据高端市场； 在生物基耗材领 域，具有生物材料研发背景的企业具有较强的竞争力 。 国内市场中，银禧科技等企业在塑料基耗材领域具有一定的规模和市场份额；一些专注于树脂基耗材的企业在高精度、高性能树脂产品研发上取 得进展；同时，随着环保意识的提升， 国内也涌现出一批从事生物基3D打印耗材研发的初创企业，不断推动行业创新 。 生物基材料作为环保材料先锋，无疑将在3D打印市场将掀起一阵飓风。 3D打印正加速迈入批量化制造时代，生物基材料有什么机会？ 从全球视角来看，3D打印非金属耗材市场呈现出蓬勃发展的态势。根据MarketsandMarkets数 ...

2026年度策略： 迎接破晓时刻 证券研究报告 | 年度策略 2026 01 01 年 月 日 分析师 杨义韬 分析师 尹乐川 执业证书编号：S0680522080002 执业证书编号：S0680523110002 邮箱：yangyitao@gszq.com 邮箱：yinlechuan@gszq.com 打造极致专业与效率 化工几乎每年都有优异的投资机会 | 年份 | 驱动因素 | 代表公司及区间最高涨幅 | | --- | --- | --- | | 2010 | 景气周期：化纤、制冷剂 | 华西股份（125%、涤纶短纤）、华峰化学（99%、氨纶）、东岳集团（456%、制冷剂）、 | | | | 巨化股份（245%，制冷剂） | | 2011 | 景气周期：制冷剂、钛白粉 | 巨化股份（182%，制冷剂）、东岳集团（128%，制冷剂）、安纳达（181%，钛白粉） | | 2012 | 景气周期：草甘膦、TDI | 江山股份（178%，草甘膦）、沧州大化（192%，TDI） | | 2013 | 景气周期：染料 | 闰土股份（218%，染料）、安诺其（136%，染料）、浙江龙盛（139%，染料） | | 20 ...

2026年首日，不少游客、采购商来到义乌的市场选购，现场询价声此起彼伏。 义乌是"建在市场上的城市"，现有市场经营面积约800万平方米，商位8万余个，汇集超210万种商品， 服务中小微企业210万家，带动就业3200万人，与全球233个国家和地区有贸易往来。2025年前11个月， 义乌市进出口总额7703.9亿元人民币，同比增长25.5%。 1月1日，在位于浙江的义乌国际商贸城，消费者满载而归。董易鑫摄 "今天的入店客流量至少是往日的1.5倍，AI(人工智能)类产品最受欢迎，采购商也喜欢、游客也喜欢， 还有一些海外客户专门来定制产品，我们还在确认细节。"在义乌主营智能科技产品的商户李军说。 谈及新年计划，李军抛出两个关键词：中东地区、西班牙。"近几年，我们发现这两个地方的采购商对 AI类产品的需求量明显增加。今年我们会在这方面投入更多精力，满足采购商的个性化要求。" 中新社义乌1月1日电 (董易鑫)"今年，我们计划与海外客户共同探索3D打印的更多可能，一起把生意做 好。这段时间，公司上新了一批设备，还开发了工艺品类目。"1月1日，在浙江义乌，主营3D打印产品 的商户曾豪说，初步测算，订单的生产计划排到2026 ...

36氪获悉，中信建投研报称，钛金属凭借其高强度、低密度、耐腐蚀、生物相容性好等独特优势，在航 空航天、医疗、消费电子、日常生活多个领域展现出不可替代的用途。未来随着飞机、火箭、人形机器 人、3C消费等领域的应用增长，钛合金需求步入爆发期，测算未来三年钛合金的需求增速均在10%以 上。另外，3D打印技术的成熟，大大拓展了钛合金的应用边界。在精密难加工零件领域，3D打印技术 和钛合金粉末原料具有独特的优势，钛合金粉末的应用将从0—1阶段步入1—10阶段。钛产业链中，增 速最快的为下游钛材和钛合金粉末。 ...