请务必阅读正文后的声明及说明 [Table_Info1] 机械设备 [Table_Date] 发布时间：2026-02-02 [Table_Invest] 优于大势 3D 打印材料具备成长性，关注国内企业突破 [Table_Summary] 3D 材料是 3D 打印的重要基础，主要包括金属和非金属两类。原材料主 要包括金属增材制造材料、无机非金属增材制造材料、有机高分子增材 制造材料以及生物增材制造材料等几类。我国 3D 打印材料中，金属类 材料占 39%，非金属材料占 61%左右。钛合金、PLA、尼龙、ABS、铝 合金、不锈钢等材料应用较多。 3D 打印材料市场有望超过 500 亿，金属打印粉末值得重视。2019 年， 中国 3D 打印材料产业规模达 40.94 亿元，比 2018 年增长 26.2%。根据 Mordor Intelligence 数据，2025 年 3D 打印材料市场规模约 30 亿美元， 2030 年有望超过 80 亿美元，叠加 3D 打印技术持续突破，商业航天等产 业推动，未来行业有望进入加速发展阶段。根据法国 3D 打印公司 Sculpteo 调研数据，金属 3D 打印产业发展较快， ...

Group 1 - Multiple LOFs experienced a collective trading halt for one hour, indicating a surge in arbitrage interest among investors [1] - Fenglong Co. announced the resumption of its stock trading after a halt due to abnormal fluctuations, with a remarkable 456.34% increase in stock price over a period of 18 consecutive trading days [2][19] - Several actively managed equity funds saw their scale increase from less than 100 million to over 1.5 billion within a quarter, capitalizing on investment opportunities in hot sectors like energy storage and resources [3][20] Group 2 - In January, equity ETFs faced a net outflow of nearly 800 billion, with 12 broad-based ETFs experiencing outflows exceeding 11 billion each, totaling 939.74 billion [6][23] - Nearly 80% of investors are optimistic about the market in 2026, with significant profits reported in 2025, particularly from sectors like artificial intelligence [7][24] - The domestic market for duty-free shopping in Hainan has shown strong growth, with cumulative shopping amounts reaching 10.05 billion, a year-on-year increase of 25.32% since the new policy implementation [14][30][31] Group 3 - The 3D printing industry is witnessing a resurgence, with a 52.5% year-on-year increase in equipment production in 2025, driven by advancements in technology and market demand [16][33] - The penetration rate of new energy heavy trucks in China surpassed 50% for the first time, with sales reaching 231,100 units in 2025, marking a 182% increase year-on-year [17][34]

Core Insights - The production of 3D printing equipment in China is expected to grow by 52.5% year-on-year by 2025, driven by strong downstream demand and advancements in technology [1][2][4] Application Trends - The demand for personalized and customized products is becoming mainstream, with consumers able to easily order 3D printed items through e-commerce platforms [1] - 3D printing technology is increasingly being integrated into various fields such as cultural creativity and educational technology, creating new consumer experiences and driving industry growth [3] Cost Reduction Factors - Significant reductions in manufacturing costs for 3D printers have been achieved due to advancements in domestic manufacturing capabilities, with consumer-grade 3D printers now priced similarly to mid-range smartphones [2] - The development of new alternative alloys and AI technologies has further reduced costs and simplified the operation of 3D printing, making it more accessible to the general public [3] Policy and Capital Support - Government policies are playing a crucial role in promoting the market development of 3D printing, with initiatives aimed at fostering innovation and expanding applications [4] - The 3D printing industry has seen multiple financing rounds since 2025, with investments from both tech companies and venture capital firms, indicating strong market interest [5][6] Challenges and Opportunities - Despite the growth, the 3D printing industry is still in its early stages, facing challenges in technical services and business models [7] - There is a mismatch between diverse market demands and supply efficiency, with the need for improved service models such as shared manufacturing and leasing to support small and medium enterprises [8][9]

（来源：天津日报） 转自：天津日报 主导推进国内首个文印办公设备领域信息安全检测认证和绿色低碳检测认证项目，显著提升我国在该领 域的技术话语权与安全保障能力；建设全国唯一的国家级办公设备及耗材质量检验检测中心和工业和信 息化部文化办公设备工业产品质量控制和技术评价实验室，涵盖绿色低碳、节能环保、安全CCC、电磁 兼容、信息安全、质量可靠性等六大专业13个领域，拥有近300项国家行业标准、3600余项国家级 CNAS/CMA检测资质授权；作为全国复印机械标准化技术委员会秘书处承担单位，组织研制并发布归 口国家和行业标准100余项，有效规范并推动了文印办公产业的高质量发展…… 这是位于我市红桥区昌图道7号、拥有60年历史的国家级科研院所单位天津复印技术研究所有限公司 （以下简称天复所）近年来活跃在中国文印办公设备产业前沿取得的成就。 这份竞争力，体现在复印打印整机耗材产品研发上。依托天津市复印技术工程中心，天复所在有机光导 鼓等关键耗材部件上持续攻关，其中A0幅面工程机有机光导鼓中试合格率最高达98%，关键指标为国 内先进水平，为打破国外技术垄断、保障产业链安全作出了实质性贡献。 这份竞争力，体现在3D打印设备研 ...

Core Insights - The 3D printing industry is experiencing significant growth, with a projected 52.5% increase in equipment production by 2025, driven by strong downstream demand and advancements in technology [1][2][4]. Group 1: Market Demand and Applications - The rise in 3D printing equipment production reflects a booming demand for personalized and customized products, particularly in sectors like cosplay and the anime industry [1]. - Consumers can now easily access 3D printing services through e-commerce platforms, allowing them to obtain high-precision products without needing to own a printer [1]. - 3D printing is becoming an essential tool for companies in research and development, enabling rapid prototyping and reducing costs associated with trial and error [3]. Group 2: Technological Advancements - The decline in costs for 3D printing technology is attributed to breakthroughs in domestic manufacturing components, with consumer-grade printers now priced similarly to mid-range smartphones [2]. - New alternative alloys and AI technologies are enhancing the efficiency and accessibility of 3D printing, making it suitable for a wider range of applications [3]. - Features like automatic leveling and cloud-based algorithms are simplifying the user experience, transforming 3D printers into household appliances rather than specialized tools [3]. Group 3: Policy and Investment Support - Government policies are playing a crucial role in promoting the market development of 3D printing, with initiatives aimed at fostering innovation and expanding applications [4]. - Recent policies have identified desktop 3D printers as key digital consumer products, and educational institutions are increasingly incorporating 3D printing into their curricula [4]. - Capital investment in the 3D printing sector has surged, with numerous financing rounds completed since 2025, involving both tech companies and venture capital [5]. Group 4: Challenges and Solutions - Despite the growth, the 3D printing industry faces challenges in service and business model development, with many users struggling with common issues like nozzle clogs and material compatibility [6]. - The uneven distribution of professional 3D printing service providers makes it difficult to meet diverse market demands, particularly in lower-tier markets [6]. - Shared manufacturing and leasing models are being explored to reduce costs for small and medium enterprises, although these models face operational challenges [7].

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The report highlights various sectors including trendy toys, new tobacco products, home furnishings, paper packaging, personal care, AI glasses, pet food, and 3D printing, indicating a mixed outlook across these industries with some showing signs of recovery while others face challenges Trendy Toys - MINISO has entered the AI companionship market with the development of a humanoid robot named "YOYO" aimed at emotional companionship, with a future price set in the tens of thousands range; the company also announced a partnership with CCTV for the 2026 Spring Festival Gala [2][10] - Bubble Mart's collaboration with SKULLPANDA and My Little Pony has received positive responses on social media, indicating strong consumer interest [11] - LABUBU's 10th anniversary series has shown strong sales, demonstrating the brand's operational capabilities [12] New Tobacco - Japan Tobacco plans to raise the retail price of heated tobacco products by 20-30 yen (approximately $0.13-$0.19) starting April 1, 2026, in response to tax adjustments [2][15] - Philip Morris International has submitted evidence to the FDA to support its ZYN nicotine pouch for modified risk tobacco product designation, indicating a growing regulatory framework for new tobacco products [15] Home Furnishings - The domestic real estate market remains weak, with a year-on-year decline of 35.8% in new home sales in major cities as of January 30 [3][16] - The furniture export from China decreased by 8.7% year-on-year in December, while Vietnam's furniture exports increased by 20.5% [3][18] - The report suggests that the home furnishings sector is in a bottoming phase but may recover with supportive consumption policies [16][18] Paper Packaging - As of January 29, prices for various paper products have shown mixed trends, with some experiencing declines due to seasonal demand fluctuations [3][19] - The report notes that the packaging sector is expected to recover as downstream demand stabilizes [19][20] Personal Care and AI Glasses - The export volume of disposable hygiene products in China is projected to grow by 10.43% year-on-year in 2025, with baby diapers being a key category [4][21] - The global AI glasses market is expected to reach 16 million units by 2026, indicating significant growth potential in this sector [4][24] Pet Food - The pet food industry is facing increased competition, leading to higher sales expense ratios; however, leading companies are expected to maintain their market positions [5][28] - Zhongchong Co. plans to repurchase shares, indicating management's confidence in the company's undervalued stock [5][29] AI and 3D Printing - Tuozhu Technology has partnered with a listed company to develop consumer-grade 3D scanners, enhancing its product matrix in the personal manufacturing space [5][40] - The report emphasizes the importance of tracking the technological advancements and market acceptance of new products in the 3D printing sector [40][41]

河北"雄安之翼"主楼一层的"胶囊工厂"内，3D打印机在打印外墙板材。赵伟彤摄 位于重庆两江新区的摩方精密3D打印中心。受访者供图 微瓷科技（江西）有限公司工作人员向参观者介绍3D打印产品。受访者供图 习近平总书记在中共中央政治局第二十四次集体学习时强调："培育发展未来产业，对于抢占科技和产 业制高点、把握发展主动权，对于发展新质生产力、建设现代化产业体系，对于提高人民生活品质、促 进人的全面发展和社会全面进步，都具有重要意义。" 3D打印，也称增材制造，是以数字模型为基础，将材料逐层堆积制造出实物的新兴制造技术，是推动 我国新质生产力培育发展的重要力量，也是未来产业发展的新增长点。从医疗器械、建筑材料到陶瓷工 艺品，3D打印技术正在各行各业深化应用，加速融入生产生活，为经济社会发展和民生福祉增色添 彩。 ——编 者 医疗器械更精密 "医生，做牙贴面会不会伤牙？"在北京大学口腔医院的诊室里，一名患者询问。医生孙玉春拿着牙贴面 样品介绍："这款氧化锆贴面的厚度只有80微米，用它修复牙齿，几乎不用磨牙，能大幅减轻对牙釉质 的损伤。" 这款超薄牙贴面，是如何诞生的？"以前利用传统机械加工的牙贴面，最薄也有300微米。 ...

习近平总书记在中共中央政治局第二十四次集体学习时强调："培育发展未来产业，对于抢占科技和产 业制高点、把握发展主动权，对于发展新质生产力、建设现代化产业体系，对于提高人民生活品质、促 进人的全面发展和社会全面进步，都具有重要意义。" 3D打印，也称增材制造，是以数字模型为基础，将材料逐层堆积制造出实物的新兴制造技术，是推动 我国新质生产力培育发展的重要力量，也是未来产业发展的新增长点。从医疗器械、建筑材料到陶瓷工 艺品，3D打印技术正在各行各业深化应用，加速融入生产生活，为经济社会发展和民生福祉增色添 彩。 ——编者 医疗器械更精密 "医生，做牙贴面会不会伤牙？"在北京大学口腔医院的诊室里，一名患者询问。医生孙玉春拿着牙贴面 样品介绍："这款氧化锆贴面的厚度只有80微米，用它修复牙齿，几乎不用磨牙，能大幅减轻对牙釉质 的损伤。" 这款超薄牙贴面，是如何诞生的？"以前利用传统机械加工的牙贴面，最薄也有300微米。"重庆摩方精 密科技股份有限公司副总裁杨斐介绍，公司正是利用3D打印技术，实现了牙贴面厚度的大幅缩减。 位于重庆两江新区的摩方精密生产车间里，一台台面投影微立体光刻设备安静运作。紫外光束以2微米 精度精 ...

Investment Rating - The report indicates a positive outlook for the AI Agent and 3D printing sectors, highlighting significant growth potential and investment opportunities in these areas [2][22]. Core Insights - The AI Agent field is experiencing rapid breakthroughs in ecological positioning, engineering, and personalization, with notable advancements in task completion capabilities [2][3]. - The collaboration between SiKan Technology and TuoZhu is expected to drive demand for consumer-grade 3D scanners, facilitating the growth of the 3D printing market [2][22]. - The report emphasizes the importance of AI Agents as efficiency amplifiers, suggesting that they will enhance existing software ecosystems rather than disrupt them [17]. Summary by Sections AI Agent Developments - Recent updates in the AI Agent domain include the launch of MiniMax's desktop and "expert agent," which integrates AI into local work environments [18]. - The Clawdbot project has gained significant attention, demonstrating the feasibility of a system-level AI agent capable of executing complex workflows autonomously [4][11]. - The Kimi 2.5 release enhances agent cluster capabilities, allowing for high-level office automation and significantly reducing end-to-end processing time by up to 80% [19][23]. 3D Printing Market - The consumer-grade 3D printing market is entering a rapid expansion phase, driven by lower prices and simplified operations, with a projected growth rate of 52.5% in 2025 [22][39]. - The partnership between SiKan Technology and TuoZhu aims to develop consumer-grade 3D scanners, which will lower the entry barrier for 3D printing by enabling users to create high-precision models without extensive modeling skills [22][39]. - The report identifies key players in the 3D printing industry, including SiKan Technology and TuoZhu, as well as emerging opportunities in the consumer market [43]. Investment Opportunities - The report recommends focusing on sectors such as digital economy leadership, AIGC applications, and new industrialization, highlighting specific companies for potential investment [22][43]. - The AI application layer's investment logic is shifting towards evaluating how AI can enhance product efficiency and user engagement, indicating a potential valuation premium for companies that can deliver reliable AI solutions [16][17].

Core Viewpoint - The company, Tonglian Precision, has released its annual performance forecast, indicating a projected net loss for 2025, attributed to various operational challenges and increased expenses related to new technology investments [1] Financial Performance - The expected net profit attributable to shareholders for 2025 is projected to be between -3.6 million and -5.4 million [1] - The expected net profit after deducting non-recurring gains and losses is projected to be between -6.5 million and -9.75 million [1] Operational Challenges - The decline in operational efficiency is primarily due to: - New production capacity and investments not yet achieving economies of scale, leading to a decrease in overall gross margin compared to the previous year [1] - Increased management and R&D expenses totaling approximately 34 million, driven by the company's alignment with industry trends in lightweight and performance upgrades for precision structural components [1] - A foreign exchange loss increase of about 17 million compared to the previous year, influenced by fluctuations in the US dollar exchange rate [1] Future Outlook - The company anticipates that as new business demands materialize, revenue will steadily increase, allowing for effective dilution of related expenses [1] - Improvement in overall profitability is expected as the self-manufacturing level of certain product processes continues to rise [1]