Core Viewpoint - A significant surge in IPO approvals occurred in the A-share market, with 41 companies accepted for IPO in one night, indicating a renewed interest and activity in the capital market [1][5][9]. Group 1: IPO Surge - The A-share market has accepted a total of 177 companies for IPOs in 2025, surpassing the total number for the entire year of 2024 [3]. - The surge includes notable companies such as Moer Technology and Muxi Integrated Circuit, both of which are considered "super unicorns" [2][4]. - The IPO wave is seen as a potential opportunity for investors and unicorn companies to capitalize on the favorable market conditions [4][10]. Group 2: Notable Companies - Moer Technology aims to raise up to 8 billion yuan in its IPO, making it the largest IPO application in the Sci-Tech Innovation Board this year [6]. - The company reported revenues of 460.88 million yuan in 2022, with projected revenues of 1.24 billion yuan in 2023 and 4.38 billion yuan in 2024, alongside significant net losses [7]. - Muxi Integrated Circuit, also founded in 2020, has reported GPU product sales exceeding 25,000 units, with revenues projected to grow from 426,000 yuan in 2022 to 743 million yuan in 2024 [8]. Group 3: Market Dynamics - The recent IPO approvals are part of a broader strategy by the China Securities Regulatory Commission to support technology-driven companies and facilitate the listing of unprofitable firms [11][12]. - The market is witnessing a shift towards encouraging companies to apply for IPOs, with expectations of 150 to 200 companies going public annually [11]. - The recent IPO wave has revitalized investor sentiment, with many venture capital and private equity firms preparing their portfolio companies for public offerings [15][17]. Group 4: Future Outlook - The current IPO environment is seen as a critical window for companies to enter the market, with expectations of a more predictable and stable exit strategy for investors [16]. - The industry is urged to establish a healthy and predictable exit pathway to ensure the sustainability of venture capital and private equity investments [16].

Core Viewpoint - The 2025 (Fourth) Polymer 3D Printing Materials Summit aims to explore the integration of advanced materials and technologies in various high-end applications, emphasizing the role of additive manufacturing in driving innovation across industries such as aerospace, automotive, and biomedical [2][4]. Group 1: Event Overview - The summit will take place from July 18-20, 2025, in Hangzhou, Zhejiang, focusing on the latest trends and innovations in additive manufacturing [1][2]. - The forum will serve as a comprehensive platform for experts and industry leaders to discuss the core demands of integration, lightweight design, high performance, and customization in 3D printing [2][4]. Group 2: Key Themes and Discussions - The event will address challenges in multi-variety, large-scale, low-cost, high-precision, and ultra-fast 3D printing technologies, particularly in the context of AI-driven advancements [1][2]. - Specific sessions will cover topics such as opportunities and challenges in additive manufacturing, AI applications in 3D printing, and innovations in biomedical 3D printing [7][10][12]. Group 3: Agenda Highlights - The agenda includes a main forum on July 19, featuring discussions on smart materials, bioprinting, and industrial applications of 3D printing [9][10][12]. - Specialized sessions will focus on AI and 3D printing, ceramic 3D printing, and biomedical applications, with presentations from leading researchers and industry experts [10][11][12]. Group 4: Registration and Participation - Registration fees are set at ¥2800 for corporate and research representatives and ¥1800 for students, with early bird discounts available [16]. - Participants are encouraged to submit posters for technical exchange, contributing to the development of the polymer 3D printing industry in China [14].

Core Viewpoint - The article discusses advancements in 4D printing technology, particularly focusing on a new method for ceramic 4D printing driven by hydrogel dehydration, which allows for the creation of complex structures without the need for molds or external forces [2][3][4]. Group 1: 4D Printing Technology - 4D printing is a novel additive manufacturing technology that enables the creation of three-dimensional structures from smart materials, which can change shape over time when stimulated by external factors such as light, heat, or electricity [12]. - Current 4D printing materials are primarily limited to soft materials like hydrogels and shape memory polymers, with significant challenges remaining for hard materials like ceramics [2][3]. Group 2: Research and Development - A collaborative research team from Southern University of Science and Technology has developed a hydrogel-driven ceramic 4D printing method, utilizing light-sensitive ceramic elastomer slurries and acrylic hydrogel precursors suitable for DLP printing [3]. - The developed materials can undergo significant deformation, with the ceramic elastomer capable of withstanding up to 700% tensile strain and the hydrogel achieving a volume shrinkage of up to 65% during dehydration, along with a modulus increase of over 40 times [3]. Group 3: Upcoming Forum - Professor Ge Qi will present on "Multi-material 3D/4D Printing: From Hydrogels to Ceramics" at the 2025 (4th) Polymer 3D Printing Materials Summit Forum, scheduled for July 18-20, 2025, in Hangzhou, Zhejiang [5][8]. - The forum aims to facilitate discussions on high-precision 4D printing equipment, advancements in high-performance light-curing smart materials, and design methodologies for multi-material 4D printing [12].

Industry Dynamics - The humanoid robot sector is experiencing significant developments, with various companies announcing new projects and partnerships, including Midea's successful deployment of its self-developed humanoid robot in factories and the release of the Star Motion Q5 intelligent robot [1] - The 3D printing equipment production in May saw a year-on-year increase of 40% [1] Government News - The China Securities Regulatory Commission (CSRC) announced support for companies in cutting-edge technology sectors to apply the fifth set of listing standards on the Sci-Tech Innovation Board [2] - Several strategic partnerships were formed in the humanoid robot sector, including Demar Technology's agreement with Zhiyuan Robotics and Qinan Co.'s investment in Moxian Technology [2] Key Focus Stocks - The week highlights key stocks such as Longxi Co., Jindi Co., Yirui Technology, Yingliu Co., and Dingyang Technology [3] Investment Insights 1. Humanoid Robots: Focus on value and positioning, emphasizing suppliers with strong capabilities and identifying incremental opportunities in the market, particularly in components like joint modules, dexterous hands, reducers, and motors [4] 2. AI Infrastructure: Continued growth in capital expenditure for data centers driven by AI demand, with key beneficiaries including Hanzhong Precision, Ice Wheel Environment, and Yingliu Co. [4] 3. Low-altitude Economy: Rapid advancements in the low-altitude economy, with a focus on core components such as engines and motors, highlighting companies like Yingliu Co. and Zongshen Power [5] 4. 3D Printing: As an additive manufacturing technology, 3D printing is expected to open market opportunities across various sectors, with key players including Bolite and Huazhou High-Tech [5] 5. Nuclear Fusion: Progress in nuclear fusion energy is seen as a long-term direction for energy transformation, with companies like Yingliu Co. and Jiangsu Shentong being highlighted [5]

Investment Rating - The report maintains an "Outperform the Market" rating for the mechanical equipment industry [4][30]. Core Views - The humanoid robot sector is highlighted for its growth potential, with a focus on key suppliers and companies with strong market positions. Specific components such as joint modules, dexterous hands, and reducers are identified as critical areas for investment [2][3]. - AI infrastructure is expected to see continued capital expenditure growth driven by demand for data centers, benefiting companies involved in gas turbines and chillers [2]. - The low-altitude economy is progressing rapidly, with a national low-altitude traffic project initiated to standardize air traffic management [3]. - The smart welding robot market is projected to grow significantly, particularly in the steel structure industry, with a market potential nearing 100 billion [3]. - 3D printing technology is gaining traction in various sectors, including aerospace and consumer electronics, due to its advantages in creating complex structures and reducing development cycles [3]. - X-ray detection equipment is experiencing rapid growth driven by demand in healthcare and industrial sectors, with a focus on domestic production of core components [3]. Summary by Sections Industry Dynamics - Recent developments include the introduction of various humanoid robots and AI infrastructure projects, such as the opening of a new data center by Alibaba Cloud in South Korea [1][19]. - The report notes significant growth in 3D printing equipment production, with a year-on-year increase of 40% in May [20]. Government News - The China Securities Regulatory Commission supports the application of the fifth set of listing standards for companies in cutting-edge technology sectors, including AI and low-altitude economy [21]. Company Developments - Notable partnerships and investments include Demar Technology's strategic agreement with Zhiyuan Robotics and Qinan Co., Ltd.'s investment in Moxian Technology [23][24]. - Midea's humanoid robot has successfully begun operations in its factories, marking a significant step in automation [16]. - The launch of the Star Motion Q5 intelligent robot showcases advancements in flexible joint technology and AI control systems [18]. Key Company Earnings Forecast and Valuation - Several companies are rated as "Outperform the Market," including Green's Harmonics, Huichuan Technology, and Zhaowei Electric, with projected earnings per share (EPS) growth for 2024 and 2025 [7][28].

Group 1 - The core viewpoint is that 3D printing is rapidly gaining recognition and acceptance in the consumer market, with significant crowdfunding success for products like the eufyMake E1 printer [2][3][5] - Anker Innovation's eufyMake E1 has raised over $42 million on Kickstarter, marking it as the highest crowdfunding project across all categories on the platform [2] - The production of 3D printing equipment saw a year-on-year increase of 40% in May, following a 60.7% increase in April, indicating strong market growth [3] Group 2 - The eufyMake E1 is positioned as the world's first consumer-grade UV printer capable of full-color 3D texture printing, addressing previous limitations of traditional UV printers [5][6] - Anker Innovation aims to fulfill high expectations for product delivery following the crowdfunding success, as past experiences with 3D printers have not met customer satisfaction [6] - The competitive landscape includes companies like TuoZhu and ChuangXiang SanWei, which have established themselves in the consumer-grade 3D printing market [7] Group 3 - The 3D printing market is characterized by two main technologies: Fused Deposition Modeling (FDM) and Stereolithography (SLA), with FDM currently holding a market share approximately 4-5 times that of SLA [7] - Anker Innovation's revenue is significantly derived from North America, which constitutes 45% of its income, making it crucial for the company to navigate tariff impacts effectively [9] - The average price increase for Anker's top 100 products on Amazon in the U.S. was about 30% as of April 2025, indicating potential short-term sales impacts due to pricing strategies [9]

Core Insights - Smart派科技 has established itself as a leading player in the consumer-grade 3D printing market, with products sold in over 100 countries and regions, achieving the highest shipment volume in the consumer-grade light-curing 3D printer segment [2] Group 1: Company Overview - Smart派科技 focuses on a niche technology route, with a production capacity expected to reach 1 million units this year, supported by nearly 20 production lines [2] - The company transitioned from STEM kits to 3D printers after identifying a gap in the consumer-grade market, aiming to create a well-known Chinese brand in this space [3] Group 2: Market Strategy - The company emphasizes three key strategies for entering overseas markets: technological innovation, supply chain advantages, and customer-centric approaches [4] - Technological innovation includes annual product iterations and the integration of new technologies, significantly enhancing efficiency and precision [4] - The supply chain advantage allows the company to collaborate with quality suppliers in the Pearl River Delta, effectively controlling costs and improving production efficiency [4] - A direct-to-consumer (DTC) sales model enables the company to quickly respond to market changes and consumer needs, creating a competitive edge [4] Group 3: Operational Improvements - The transition from a cross-border e-commerce model to a technology-driven company involved significant investments in optimizing production processes, resulting in improved product quality and stability [5] - In 2024, the company anticipates sales of 1.6 billion yuan and a shipment volume of 550,000 units, maintaining its leading position in the industry [5] - The company aims to further enhance its technology and brand investments, focusing on product ecosystem development and user experience, with sales expected to exceed 2 billion yuan and shipments to surpass 800,000 units this year [5]

Group 1 - The company has not yet engaged in direct business cooperation with Shenzhen Tuozhu Technology Co., Ltd [1] - Currently, the company's products are only used in industrial-grade 3D printing equipment, with revenue from this segment accounting for less than 2% of the company's total revenue in 2024 [1] - Products aimed at the consumer-grade 3D printing market are still in the research and development stage [1]

Core Viewpoint - China's advancement in 3D printing titanium alloy technology has significantly outpaced the US and Japan, revolutionizing high-end manufacturing and military equipment production [1][10]. Group 1: Technology and Manufacturing Efficiency - Traditional manufacturing of titanium alloys is time-consuming and inefficient, with material utilization rates below 10% [3]. - The new 3D printing method developed by Wang Huaming's team has reduced production time from years to months and increased material utilization by tenfold [3][5]. - The production of military aircraft components, such as the Y-20's wings, has seen efficiency improvements, reducing production time from two years to just 55 days [5]. Group 2: Impact on Military and Civilian Applications - The 3D printing technology is being utilized in key military equipment, enhancing the speed of upgrades and reducing costs [5][11]. - Civilian applications include the use of titanium alloys in consumer electronics, such as foldable smartphones, and automotive structures, leading to lighter vehicles and reduced fuel consumption [6][8]. - Medical applications, including artificial joints and dental implants, benefit from increased precision and lower costs due to this technology [8]. Group 3: Environmental and Economic Implications - The new technology has improved waste recycling rates for titanium alloys, significantly reducing production pollution and surpassing Western environmental standards [8]. - Companies like Plutonic and AVIC are expanding production capabilities, indicating a robust supply chain for 3D printing and titanium alloy materials in China [10]. - The potential for exporting this technology and setting international standards positions China favorably in the global market [10][11]. Group 4: Competitive Landscape - The US military faces challenges with rigid certification processes, leading to delays in equipment readiness [10]. - Japan struggles with high costs and supply chain limitations, making it difficult to catch up with China's advancements [10]. - China's comprehensive industrial upgrade signifies a shift from low-end manufacturing to high-end production, altering the competitive dynamics in the global industry [11].

甬江实验室 特聘研究员 苏瑞涛 将出席 2025（第四届）高分子3D打印材料高峰论坛 （7月18-20 日 | 浙江 · 杭州），并分享 "功能材料与器件的 3D 打印" 。 高精度3D打印技术（如双光子聚合、电流体动力喷印和计算轴向光刻）可制造特征尺寸低至 100纳 米 的复杂结构。 近年来，关于 3D打印微流控器件 的研究和进展越来越来。许多研究人员采用了3D打印技术作为制 造微流控芯片的技术手段，3D打印技术为微流控芯片制备的标准化和批量生产提供了广阔的前景。 由于3D打印具有快速反馈和3D几何图形的自由成型的能力，这为微流控芯片的生产提供了很好的支 撑，并带来微流控芯片的类型和尺寸等方面的创新。除此之外，在3D打印机精密控制、新材料开发 和高分辨率打印等方面改进可以制作更小更复杂的3D打印微流控系统，从而带来微流控芯片制造方 法的变革。 微流控芯片制造技术从半导体微纳制造技术衍生而来。微流控芯片具有 功耗低、自动化程度高、分 析速度快、样本量小、批量制造、多通道分析一体化 等优点，该技术可以大大提高实验效率，减少 材料消耗，节省时间和金钱成本。 近年，甬江实验室的 苏瑞涛研究员 在其综述中详细地介绍了 ...