Investment Rating - The report provides a positive outlook on various sectors, indicating a potential upward trend in investment opportunities across multiple industries. Core Insights - The report highlights the acceleration of "global localization" for collectible toys, with companies like Pop Mart expanding their presence in international markets and diversifying their product offerings to drive revenue growth [1][7] - The new tobacco sector is expected to benefit from clearer FDA product review standards, favoring companies with strong manufacturing capabilities [12] - The housing market shows signs of seasonal decline, but there is potential for recovery driven by supportive policies and demand stabilization [13] - The paper packaging industry is experiencing fluctuations in prices and inventory levels, with expectations of recovery as production resumes post-holiday [15] - The pet food market is witnessing significant growth, particularly in e-commerce, with major platforms reporting increased sales [19][20] Summary by Sections 1. Collectible Toys - Pop Mart has established a creative headquarters in Culver City, Los Angeles, enhancing its global localization efforts [7] - The company is diversifying its product lines with new IPs and collaborations, which are expected to drive revenue growth [8][9] 2. New Tobacco - The FDA has clarified product review standards, which may benefit leading companies with strong manufacturing capabilities [12] - The glo hilo product has been launched in Romania, with plans for further global expansion by 2026 [12] 3. Housing Sector - Recent data shows a significant year-on-year decline in property transactions, but there are signs of stabilization in the market [13] - The furniture export market is showing mixed results, with a decline in exports from China but growth in Vietnam [13] 4. Paper and Packaging - Recent price increases in paper products have been noted, with expectations of inventory adjustments as production resumes [15] - The packaging sector is recovering as downstream demand stabilizes [15] 5. Pet Food and Supplies - The pet food market has seen a year-on-year growth of 18% in January, with significant contributions from platforms like Douyin and JD [19][20] - Notable brands are achieving double-digit growth in sales, indicating a robust market environment [21] 6. AI and 3D Printing - The 3D printing market is projected to grow significantly, with a focus on service-oriented business models [30][31] - Innovations in AI are expected to lower barriers for entry into the 3D printing market, enhancing growth potential [31] 7. Xiaomi Group - Xiaomi is expanding its high-end product offerings and enhancing its ecosystem with new releases in the smartphone and accessory markets [17][18] - The company is leveraging AI technology to strengthen its competitive position in the consumer electronics space [18] 8. Silver Economy - The report emphasizes the potential of the silver economy, predicting significant market growth driven by changing consumer behaviors among the elderly [28][29]

【ZX航空航天】持续强Call全3D打印产业链：轻舟已过万重山！ #3D打印的核心逻辑是持续的降本增效推动工艺的应用边际开拓。 伴随着来自粉末原材料、核心零部件、设备等环节的全方位降本增效，工业级增材制造的成本经济性已得到显著 改善，应用领域从航空航天向着鞋模/3C/汽零等场景快速渗透。 2核心零部件，激光+振镜的组合已逐步摆脱对海外IPG+Scanlab的依赖，500-1000W的光纤激光器和配套振镜国内 技术早已成熟，国产化替代之后，单台套的成本从过去的10+万元/套能降低到5万元/套以内，带动设备制造成本降 幅20%。 3设备上，单500W激光平均打印效率25cm³/h，多激光大尺寸的设备发展方向，导致打印效率倍数级别的增长，针 对3C领域的定制化设备，宽幅面低高度的成型仓设计减小光斑提高精细度，使毛坯件的质量更接近最终成品，在 全流程的工序和效率上进一步改善。 因此，全产业链的降本增效下，#3D打印的应用将不再是少数领域的专属而是转变为整个制造产业的通用工艺，我 们积极看多整个产业链投资机遇！ 1首推主机厂华曙高科。 工业级金属/非金属3D打印龙头厂商，受益于果链及H链3D打印渗透加速，26年设备出货 ...

德恩精工 火箭3D打印宝藏公司，市值小，弹性巨大 3D打印布局商业航天火箭，公司控股的德恩航天 具备 3D 打印核心能力，当前通过砂型3D打印模具生产火箭ⅅ 铸件，2025年实现2000万以上收入，当前布局多家商业航天客户，公司正积极对接头部客户； 产品核心价值量大：1）火箭尾舱及结构件：约占箭体成本的10%，对应单发价值量约 600～700万；2）适配器： 单套适配器价值量约40万元，后续一箭多星方向产品具备通胀逻辑；3）地面发射塔架：约占发射平台价值量20% 以上，按照一个发射平台总投资10亿元计算，对应价值量2亿+； 德恩精工 火箭3D打印宝藏公司，市值小，弹性巨大 3D打印布局商业航天火箭，公司控股的德恩航天 具备 3D 打印核心能力，当前通过砂型3D打印模具生产火箭ⅅ 铸件，2025年实现2000万以上收入，当前布局多家商业航天客户，公司正积极对接头部客户； 产品核心价值量大：1）火箭尾舱及结构件：约占箭体成本的10%，对应单发价值量约 600～700万；2）适配器： 单套适配器价值量约40万元，后续一箭多星方向产品具 ...

【国金计算机&科技】3D 打印：钛粉降价，设备放量，3C订单爆发推动行业迎奇点 钛粉工艺从传统气雾化法向氢化脱氢+球化方式改良驱动得粉率及成本大幅改善，钛粉均价过去8-10年降幅达 95%，中期预计100-150元/kg，临近替换不锈钢、铝合金粉末价格边缘。 #产业信号端-26年头部钛粉玩家明确扩产接近10X。 #产业信号端-26年头部钛粉玩家明确扩产接近10X。 #中游-打印机效率三重通胀驱动制造环节进一步降本 激光器打印效率提升+打印机激光头数量提升+打印机零部件尺寸提升 三重通胀之下驱动打印效率指数级释放，同 时进一步压降制造成本。 #产业信号端-26年头部3D打印玩家设备出货量有望5X以上提升。 #下游-全球3C大客户技术导入节奏及订单体量均有望超预期 全球3C大客户正加速将3D打印钛合金应用在折叠屏手机铰链、钛合金边框、智能穿戴等精密部件中。 #产业信号端-近期北美客户下一代产品3D钛合金打印需求日渐清晰_3D打印设备有望承接超预期大单。 #投资建议：重点关注华曙高科、大族激光、飞沃科技、哈森股份、银邦股份、铂力特等。 #中游-打印机效率三重通胀驱动制造环节进一步降本 【国金计算机&科技】3D 打印 ...

华曙高科发布业绩快报，2025年度实现营业总收入7.16亿元，同比增长45.55%；净利润6798.12万元， 同比增长1.15%。报告期内，公司持续通过技术创新不断对设备进行升级改造，并优化软件系统、控制 模块及生产工艺，成功适用于多元化应用场景，显著提升产品打印效率。同时，公司积极拓展下游应用 市场，完善产业链布局，有效提升生产效能并加速订单交付进程，并根据下游客户需求开展3D打印服 务，2025年度公司营业收入实现较大增长。 ...

有投资者在互动平台向 海正生材提问：公司PLA产品在3D打印耗材方面与拓竹科技、创想三维这些设 备品牌商有合作吗？海正生材回复称，公司专注于聚乳酸树脂的研发、生产和销售，聚乳酸是目前3D 打印耗材的重要原料之一，公司与下游主要3D打印耗材生产厂家有着良好的上下游合作关系。 ...

（文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：公司PLA产品在3D打印耗材方面与拓竹科技、创想三 维这些设备品牌商有合作吗？ 海正生材（688203.SH）2月27日在投资者互动平台表示，公司专注于聚乳酸树脂的研发、生产和销 售，聚乳酸是目前3D打印耗材的重要原料之一，公司与下游主要3D打印耗材生产厂家有着良好的上下 游合作关系。 ...

铂力特公告称，2025年度营业总收入18.63亿元，同比增长40.54%；归属于母公司所有者的净利润2.10 亿元，同比增长100.99%。营业利润、利润总额、扣非净利润、基本每股收益等均大幅增长。主要因深 耕航空航天、拓展新领域、加大民用市场开发，民品3D打印定制化产品收入突破，且股份支付费用同 比大幅下降。不过，公司于2025年12月31日因涉嫌信息披露违法违规被证监会立案，尚未有结论。 ...

智通财经APP获悉，国盛证券发布研报称，3D打印核心增量价值为即时性&经济性及对情感需求的满 足，行业步入"硬件+软件+生态"全栈竞争时代"。从生命周期看，3D打印赛道刚刚迈过0到1的孵化期， 正处于1到100的生长阶段，增长斜率陡峭，不断受益于供需共振;从属性看，赛道之美体现在"品"为核 心驱动力的模式提升了行业竞争壁垒，龙头受益大。 国盛证券主要观点如下： 供需拆解：强可选性，产品力仍有迭代空间 需求侧：核心增量价值为即时性&经济性及对情感需求的满足。需求端，3D打印用户主要有极客玩 家、学校&科研机构、小B端客户及泛潮流玩家等。前两者是行业早期核心用户，而后二者是打印机出 圈的关键。对于小B用户而言，3D打印提供的增量价值在于即时性&经济性，而对于泛潮流玩家，3D打 印的吸引力在于其创造性、社交性、与IP的交互性为用户提供了独一无二的情绪价值，而构建有活力的 内容生态是持续的关键。 马太效应显著，高端品仍有降本空间 成本端：低端机BOM简单，高端化机型仍有降本空间。一台3D打印机主要由五个部分构成：框架结构 提供整体支持性;运动系统控制打印头和平台的运动;挤出机负责将材料融化并且挤出;控制板负责接收指 ...

Summary of Conference Call Notes Company and Industry Overview - The focus is on **Dazhu Laser**, a leading platform for laser equipment, which is expected to benefit from the upgrade of consumer electronics and the expansion of AI computing PCB production [1][2]. Core Insights and Arguments 1. **Dual Resonance Driving Growth**: The company's growth is driven by a "dual resonance" effect, where innovations in AI hardware (represented by Apple) lead to upgrades in materials and processes, as well as investments in new equipment. Concurrently, the AI computing infrastructure pushes for upgrades in PCB towards higher layers, higher density, and new materials, resulting in longer process chains and increased precision processing requirements [1][2]. 2. **AI Hardware Innovations**: The innovation cycle at Apple is expected to restart, leading to increased equipment investment due to changes in manufacturing processes. This includes advancements in metal components, 3D glass, heat dissipation, battery structures, and optical components, which will increase the demand for laser cutting, welding, marking, and precision micro-processing equipment [2]. 3. **3D Printing Trends**: The trend towards lightweight and integrated structures in manufacturing is expected to make additive manufacturing (3D printing) an important process route. The complexity of structures produced through metal 3D printing necessitates higher demands for laser and precision processing equipment, creating a new demand chain for "additive equipment + post-processing equipment" [2]. 4. **AI Computing Expansion**: The expansion of AI servers and switches, along with bandwidth improvements, will require PCBs to achieve higher layers, higher density, and stricter processing precision. This will increase the demand for high-end drilling, back drilling, slotting, and fine processing equipment [2][3]. 5. **Profit Elasticity from Product Structure Upgrades**: As trends in SLP (Substrate-like PCB), advanced packaging, and high-end material upgrades progress, the increased processing difficulty will drive demand for high-end equipment like ultra-fast lasers, leading to potential profit elasticity from product structure upgrades [3]. Other Important Insights - Dazhu Laser's accumulated experience in supporting top-tier clients and its engineering delivery capabilities position it advantageously in the market [2]. - The continuous advancement of 3D printing-related business is expected to open up new growth opportunities for the company [2].