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]

Group 1 - Alibaba's AI triangle, consisting of Tongyi Lab, Alibaba Cloud, and Pingtouge, has officially emerged with the launch of the self-developed AI chip "Zhenwu 810E" [2] - The "Zhenwu" PPU features a 96G HBM2e memory and an inter-chip bandwidth of 700 GB/s, suitable for AI training, inference, and autonomous driving [2] - The launch of the "Zhenwu" chip enhances Pingtouge's influence in the chip sector, indicating a potential for independent development and market validation [2] Group 2 - Amazon has initiated a new round of layoffs affecting 16,000 positions, providing transition support for employees unable to find new roles [3] - The trend indicates that AI is replacing certain jobs, with Amazon's CEO noting that the company will require fewer employees for some tasks while needing more for others due to AI advancements [3] Group 3 - Tencent has launched a cash red envelope campaign worth 1 billion yuan during the Spring Festival, reminiscent of its previous successful marketing strategy [6][7] - The campaign aims to enhance user engagement and expand the user base for WeChat payment services [7] Group 4 - Four robotics companies have partnered with the Central Broadcasting Television to participate in the 2026 Spring Festival Gala, marking a shift towards commercial applications of robotics [8] - This collaboration reflects the industry's transition from experimental technology to commercial viability [8] Group 5 - The National Press and Publication Administration has approved 182 game licenses in January 2026, including 177 domestic and 5 imported games, indicating a steady approval pace [9] - In 2025, a total of 1,771 game licenses were issued, marking a 20% increase from 2024, with a significant portion being domestic games [9] Group 6 - Huawei has announced a collaboration with Ruijin Hospital to launch the RuiPath smart pathology integrated machine, aimed at enhancing diagnostic capabilities in grassroots hospitals [10] - The initiative highlights the accelerating adoption of AI-assisted diagnostics in the healthcare sector [10] Group 7 - Qingcheng Jizhi and Huqing Puzhi have released an industry analysis report on large model API services, indicating that DeepSeek and Qwen series models dominate the market [11] - The report emphasizes the shift in AI infrastructure focus from model training to efficient and stable usage in real business applications [11] Group 8 - Tuo Zhu Technology has reported annual revenue exceeding 10 billion yuan within five years of its establishment, reflecting rapid growth in the consumer-grade 3D printing market [12] - The global consumer-grade 3D printing market is projected to grow significantly, with increasing competition among manufacturers as the technology becomes more accessible [12]

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 - Xi'an's GDP reached 1.39 trillion yuan in 2025, reflecting a stable growth rate of 4.7% year-on-year, achieved through structural optimization and energy transformation rather than explosive growth [1] Economic Performance - The primary industry added value was 33.28 billion yuan, growing by 3.6% - The secondary industry added value was 397.04 billion yuan, growing by 4.8% - The tertiary industry added value was 959.95 billion yuan, growing by 4.6% [1] Industrial Growth - Xi'an's industrial output value for large-scale industries increased by 5.7% in 2025, with manufacturing growing by 5.5% - New driving forces emerged, with total output value of nine major industrial chains, including passenger vehicles and smart connected vehicles, growing by 14.0% - Notable increases in production included mobile communication base station equipment (up 279.1%), civilian drones (up 78.5%), and 3D printing equipment (up 71.3%) [3][4] Trade and Export - Xi'an's total import and export value reached 498.79 billion yuan, a significant increase of 21.1%, with exports growing by 25.8% - Electric passenger vehicle exports surged by 66.1%, and the share of electromechanical and high-tech product exports continued to rise [4] Investment Trends - Fixed asset investment in Xi'an decreased by 15.3%, with manufacturing investment growing by 4.9%, high-tech manufacturing investment by 15.4%, and investment in scientific research and technical services by 20.3% - A significant decline in infrastructure investment by 56.3% indicates a shift from infrastructure-driven development to industry-driven growth [5][6] Consumer Market - The total retail sales of consumer goods reached 572.12 billion yuan, growing by 5.3%, driven by policies promoting the replacement of old products - Online retail continued to thrive, indicating a successful digital transformation in commerce - Financial markets remained stable, with a year-on-year growth of over 7% in both deposits and loans, particularly a 23.2% increase in medium to long-term loans for the manufacturing sector [7]

报道/投资界PEdaily 一份意料之外又情理之中的捐赠。 近日，拓竹宣布设立母校基金，向1 0所员工母校总计捐赠1亿元。 10所高校入选。 作者/王露 名单里大多是传统工科强校和"双一流"，但其中一个名字格外醒目：深圳职业技术大学 ——唯一的职业院校。 它为什么会出现在这里？答案藏在拓竹的用人逻辑里，也藏在中国硬科技的变迁里。人 才争夺战，正从工厂和实验室蔓延至大学课堂。 向10所员工母校 捐赠1亿 先从这笔捐赠说起。 1 月 2 7 日 ， 拓 竹 宣 布 成 立 拓 竹 母 校 基 金 ， 给 员 工 母 校 捐 款 1 亿 元 ， 向 长 期 培 养 人 才 的 母 校表达一份感谢。 这份高校名单包括电子科技大学、哈尔滨工业大学、华南理工大学、华中科技大学、上 海交通大学、西安交通大学、中国科学技术大学、香港科技大学、中国美术学院，以及 一个略显意外的名字：深圳职业技术大学。 名单看似杂糅，实则有据可依。拓竹称，每个人的专业背景各不相同——或是来自文理 工科，或是艺术、设计出身，又或是以职业技术见长，但一起构成了今天的拓竹。其筛 选标准并非学校排名或创始人偏好，而是综合各校在司员工数量及薪酬水平等维度 ...

格隆汇1月30日丨银禧科技(300221.SZ)在互动平台表示，公司3D打印产品运用在长征五号火箭上解决了 相关装置轻量化问题，是公司 3D 打印项目已完结的科研课题。公司其他轻量化材料有PC、PA、PPO 等，主要应用于无人机，新能源汽车、家庭用机器人等领域。 ...

中金主要观点如下： 消费级3D打印是什么？ 中金发布研报称，生成式AI的普及、个性化消费的兴起以及供应链的成熟，推动消费级3D打印行业迈 入"技术筑基+场景破圈"的黄金增长期。据灼识咨询数据，2020~2024年全球消费级3D打印机GMV由10 亿美元增长至21亿美元，CAGR为20.4%；预计2029年将达88亿美元，2024~2029年CAGR为33.2%。中 国产能主导全球，场景拓展与产品降本带动中国需求增长，未来潜力充足。 全球市场初具规模，增长前景乐观。据灼识咨询数据，2020~2024年全球消费级3D打印机GMV由10亿 美元增长至21亿美元，CAGR为20.4%；预计2029年将达88亿美元，2024~2029年CAGR为33.2%。中国 产能主导全球，场景拓展与产品降本带动中国需求增长，未来潜力充足。欧美需求主导全球，根源在于 小型工业品供应链不发达、人工成本高、DIY文化盛行及物流体系效率不高。美国为全球第一大消费 国，2025年占中国增材制造设备出口额的4成。 消费级3D打印的竞争格局如何？ 全球市场集中度高，2024年全球出货量CR5达到78.6%。中国品牌主导全球市场，拓竹科技份额领先 ...

中国制造业既需要仰望星空的科学家，也需要脚踏实地的工程 师，让两者在同一家企业获得体面的回报，发挥各自所长，相 互成就，是下一代科技制造业发展的必然要求。 作者：郑晨烨 封图：图片资料室 2026年1月，深圳一家高科技企业宣布了一项计划，向10所高校捐赠1亿元人民币。 在受赠名单中，可以看到哈尔滨工业大学、西安交通大学、中国科学技术大学等传统"C9"工科名 校，也看到了中国美术学院这类顶尖艺术院校，但在这些名字之间，深圳职业技术大学（深职大） 的出现，显得有些不同寻常。 将一所职业技术大学与国内顶尖的研究型高校并列，这在以往的企业大额捐赠中并不多见。 本次捐赠的发起方是拓竹科技，一家处于高速成长期的硬科技公司。据了解，这份名单基于公司内 部人才数据的统计，这10所高校，正是其核心技术人才的重要来源地，而这笔资金，也将重点流 向那些最能培养"实战能力"的领域。 将这一动作置于当下的就业环境中，很多逻辑便不难理解。 近年来，"就业"成为最具公共情绪张力的议题。首都经济贸易大学劳动经济学院副教授张成刚近 日在《经济观察报》发表的文章中指出："岗位并非消失了，但'好找、好干、敢干的工作'的可获 得性正在下降。" 一方 ...