智通财经APP获悉，中金发布研报称，消费级3D打印市场增长前景乐观，行业集中度较高。头部企业 凭借多维度领先优势，已建立起坚实的综合竞争壁垒。3D打印市场快速成长，整机环节头部公司融资 情绪高涨，零部件环节高端激光器、振镜、扫描仪等渗透率持续提升、给相关公司带来业务弹性，建议 持续关注。维持覆盖标的盈利预测、目标价、评级不变。 该行认为消费级3D打印设备兼具消费和生产属性，一方面，中国在新消费领域发展迅速，具备运营基 因，3D打印厂商通过打造社区生态、社媒引流、独立站经营等方式强势出海；另一方面，中国厂商拥 有完备的上中下游供应链体系与产业集群效应、生产的产品具备较高的性价比，同时可以适配消费品的 快速迭代与进行规模化生产。 中金主要观点如下： 风险因素：新技术渗透不及预期；行业竞争加剧。 AI技术加速，3D打印"全民创作"时代即将来临 根据创想三维招股书，2024 年，按GMV计的全球消费级3D打印行业市场规模达41 亿美元，预计到 2029 年将增长至169 亿美元，年复合增长率达33.0%。2024 年，全球消费级3D打印机市场前五大厂商 市占率合计超过70%。头部企业凭借在打印性能、用户体验、材料兼容 ...

Group 1: Market Overview - The A-share market experienced a recovery on November 24, with significant rebounds in military and AI sectors, while lithium mining stocks faced severe declines [2] - Dapeng Industrial, which debuted on the Beijing Stock Exchange, saw its stock price drop by 48.05% from its peak on the first trading day [2] - Over 40 companies in the A-share market are involved in the 3D printing industry, indicating a growing interest and investment in this sector [5][6] Group 2: 3D Printing Material Innovations - A new type of 3D printing material developed by a research team at the University of Virginia is compatible with the human immune system, potentially advancing medical technologies such as organ transplantation and drug delivery [3] - The new material, which modifies the properties of polyethylene glycol (PEG), exhibits enhanced elasticity and strength, making it suitable for use in biomedical applications [3][4] - This innovative material shows promise as a high-performance solid electrolyte in advanced battery technologies, with ongoing exploration of its applications in solid-state batteries [4] Group 3: Financial Performance of 3D Printing Stocks - In the first three quarters of the year, 24 3D printing concept stocks reported net profit growth, with notable performers including Inno Laser and Chuangjiang New Materials [7] - Among these stocks, six have a rolling P/E ratio below 30, indicating potential value opportunities for investors [7][8] - The average pullback from the year-to-date highs for these 24 stocks is 21.22%, suggesting a correction phase in the market [7]

Core Insights - Yangpu District is transforming from an industrial area to an innovation hub, focusing on integrating various innovation resources and fostering a vibrant ecosystem for technological advancements [1][11]. Group 1: Innovation and Research - The "Yang's Digital Innovation Zone" plan outlines 23 key tasks aimed at enhancing innovation across the district, promoting a free flow of innovative elements [1]. - Yangpu District leverages its proximity to universities like Fudan University to foster collaboration between research teams and industry, resulting in 26 papers published in major international journals in the first half of the year [2]. - The district supports high-level innovation platforms, including the Shanghai Mathematics and Interdisciplinary Research Institute, to enhance research capabilities and entrepreneurial support [3]. Group 2: Economic Development - Yangpu District is home to over 8,300 digital economy enterprises, contributing more than 40% of the district's tax revenue and over 60% of its revenue, establishing itself as a key growth area for Shanghai's digital economy [4]. - The online new economy sector, particularly software and information services, reported revenues of 289.07 billion yuan in the first nine months of the year, marking a 27.4% year-on-year growth [7]. Group 3: Innovation Ecosystem - The district has established a comprehensive innovation and entrepreneurship system, exemplified by the growth of companies like Shangmi Technology, which has expanded from a small office to a global enterprise [4]. - Yangpu District promotes collaboration between universities and industries through initiatives like the "City's Immersive Scene Innovation Center" with Huawei, enhancing the integration of education and industry [5]. Group 4: Future Industry Development - Yangpu is actively developing new industries such as brain-like intelligence and embodied intelligence, with the establishment of the first future industry cluster in Shanghai focused on brain-like intelligence [8]. - The district aims to attract 100 AI companies to the AI Agent Industrial Park over the next three years, fostering a new ecosystem that integrates AI with various industries [8]. Group 5: Innovation Index and Support - The Yangpu Innovation Index has shown a stable growth rate of 12.9% annually over the past nine years, reflecting the district's increasing capacity for technological innovation [10]. - In 2024, the district's R&D investment intensity is projected to reach 4.83%, with a notable increase in the number of patents per capita, indicating a robust innovation environment [10].

公司方面，据中证报表示，A股相关概念股主要有东睦股份、悦安新材等。 *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 据中证报报道，美国弗吉尼亚大学研究团队首创了一种新型3D打印材料。该材料与人体免疫系统兼 容，有望推动人工器官移植和药物递送等诸多医疗技术实现快速、安全发展。 展望未来，该材料可能 与其他材料结合，制造具有不同化学成分的3D打印产品，可拓展固态电池。例如，与现有固态聚合物 电解质相比，新材料在室温下展现出更高的电导率和拉伸性，凸显了其作为先进电池技术中高性能固态 电解质的潜力。团队表示将继续探索其在固态电池技术中的应用前景。 中证报指出，3D打印作为行业变革性技术，已处于产业化拐点的前夕。在技术降本、标准完善、需求 增加的助力下，3D打印技术在各个领域的应用越来越广泛，推动制造业迈入智能制造时代，在医疗、 教育、建筑等产业领域也展现出巨大的潜力和前景。 机构认为，3D打印的性能和成本优势进一步凸显，加快技术渗透率的提升。2024年中国3D打印市场规 模突破630亿元，较过去十年增长30倍，预计2029年将超1000亿元，带动上下游产业链规模超3000亿 元。 ...

Group 1: Huawei Mobile - Huawei will hold a launch event for the Mate 80 series and Mate X7 on November 25, showcasing significant upgrades in performance, imaging, and innovative technology [1] - The Mate X series has established Huawei as a leader in the foldable smartphone market, holding nearly 70% market share in China, with a year-on-year growth of 17.8% in shipments [1] - Global shipments of foldable smartphones are projected to reach 70 million units by 2027, with a compound annual growth rate exceeding 40% [1] Group 2: Low-altitude Economy - The 2025 Asia General Aviation Exhibition will take place from November 27 to 30, featuring over 300 companies from 21 countries, emphasizing the theme of exploring low-altitude possibilities [2] - The low-altitude economy is in its early development stage, with significant potential in infrastructure and aircraft manufacturing, particularly in drones and eVTOLs [2] - The maturity of technology is expected to shorten product development and certification cycles, leading to imminent commercial operations and expanded application scenarios [2] Group 3: Nuclear Fusion - The Chinese Academy of Sciences has launched an international scientific program focused on nuclear fusion, opening multiple leading experimental facilities for global collaboration [3] - Controlled nuclear fusion aims to replicate the energy release from hydrogen nuclei fusing into helium, providing a clean, safe, and virtually limitless energy source [3] Group 4: 3D Printing - A new 3D printing material developed by the University of Virginia shows compatibility with the human immune system, potentially advancing organ transplantation and drug delivery technologies [4] - The 3D printing industry is on the verge of significant transformation, with the market expected to exceed 63 billion yuan in 2024, growing 30 times over the past decade [4] - By 2029, the 3D printing market is projected to surpass 100 billion yuan, driving the growth of the entire supply chain beyond 300 billion yuan [4] Group 5: Aerospace - The Chinese Academy of Sciences is implementing a space exploration satellite program during the 14th Five-Year Plan, focusing on major issues like the origins of the universe and life [5] Group 6: Macro and Industry News - Fifteen cities in China will receive national policy support in the field of international consumption [5] - New regulations have been established for low-altitude flight management systems to enhance oversight [5] - Shanghai has introduced measures to accelerate the review and approval process for innovative drug clinical trials [5] - Heilongjiang Province aims to achieve a new energy storage capacity of over 6 million kilowatts by 2027 [5] - The investment fund for humanoid robots in Hubei Province has increased to 5.25 billion yuan [5]

深圳商报首席记者 袁静娴 此外，还有NAS赛道新秀 Zettlab 的出现，把大疆工程体系中的"端侧智能"方法论转写进AI私有化存 储。其创始人郭亚楠坦言，大疆时期的经历让他看到了未来数据洪流下真正的机会，因此能够跨越硬 件、软件、算法和存储四个体系，做出今天Kickstarter众筹即破140万美元的产品。 更长的名单还在不断延展，其中既有做割草机器人的松灵机器人，也有做工业无人机的科比特，做电动 牙刷的一晤未来，做AI触觉传感器的墨现科技，以及做户外清洁机器人的纵贯创新等。这些企业分布 在完全不同的硬件赛道，看似毫无关联，却都呈现出一种惊人的一致性——技术驱动、系统能力强、迭 代速度快、能迅速在全球市场形成话题。 换而言之，他们虽然离开了大疆，但又把"大疆方法论"带入了更多行业。 近日，一则来自拓竹科技创始人陶冶的朋友圈长文，让向来以低调著称的"大疆系"人才罕见地出现在公 众视野。 陶冶在长文中直指老东家大疆投资了一家与拓竹同赛道的3D打印公司。在这则长文讨论之外，引起了 公众对另一个核心问题的关注：为何从大疆走出的创业者如此亮眼？他们为何频繁在细分硬件领域打出 爆款？又是什么构成了"大疆系创业"这一独特 ...

Core Insights - In the first three quarters of this year, 24 3D printing concept stocks reported a year-on-year increase in net profit, including significant growth from companies like Inno Laser, Chuangjiang New Material, and Aobi Zhongguang-UW [1] Performance Summary - Inno Laser achieved a net profit of 0.22 billion yuan, marking a year-on-year growth of 24.65 times [1] - Among the 24 stocks with profit growth, 6 have a rolling P/E ratio below 30, including Lichong Group, Yizhi Mi, and Aidi Te [1] - The average drawdown for these 24 stocks, compared to their yearly highs as of November 24, is 21.22%, with Huagong Technology and Meirui New Material experiencing drawdowns exceeding 30% [1] - Companies like Nengzhiguang, Ruike Laser, and Jiuri New Material have drawdowns between 25% and 30% [1]

Group 1 - A research team from the University of Virginia has developed a new type of 3D printing material that is compatible with the human immune system, potentially advancing artificial organ transplantation and drug delivery technologies [1] - The breakthrough has been published in the latest issue of the journal Advanced Materials, indicating its significance in the field [1] - The new material may be combined with other materials to create 3D printed products with varying chemical compositions, expanding its applications [1] Group 2 - Compared to existing solid polymer electrolytes, the new material exhibits higher conductivity and tensile strength at room temperature, highlighting its potential as a high-performance solid electrolyte in advanced battery technologies [1] - The research team plans to continue exploring the material's applications in solid-state battery technology [1] Group 3 - In the A-share market, over 40 companies are involved in the 3D printing industry, with 24 companies reporting year-on-year profit growth in the first three quarters of the year [1] - Notable companies with significant profit growth include Inno Laser, Chuangjiang New Material, and others [1] - Among the 24 companies with profit growth, 6 have a rolling price-to-earnings ratio below 30, indicating potential investment opportunities [1]

Core Insights - A research team from the University of Virginia has developed a new type of 3D printing material that is compatible with the human immune system, potentially advancing medical technologies such as artificial organ transplantation and drug delivery [1] - The breakthrough has been published in the latest issue of the journal Advanced Materials, indicating significant progress in the field [1] - The new material may be combined with other materials to create 3D printed products with varying chemical compositions, expanding its applications [1] Industry Summary - The new material demonstrates higher conductivity and stretchability at room temperature compared to existing solid polymer electrolytes, highlighting its potential as a high-performance solid electrolyte in advanced battery technologies [1] - The research team plans to continue exploring the material's applications in solid-state battery technology [1] - In the A-share market, over 40 companies are involved in the 3D printing industry, with 24 companies showing year-on-year profit growth in the first three quarters of this year [1] - Notable companies with significant profit growth include Inno Laser, Chuangjiang New Material, Aobo Zhongguang-UW, Bolite, and Yinhui Technology [1] - Among the 24 companies with profit growth, 6 have a rolling price-to-earnings ratio below 30, including Lizhong Group, Yizhiming, Yaxia Shares, Yongli Shares, Aidi Te, and Changjiang Materials [1]

Core Insights - The competition between Tuozhu and DJI is intensifying, with both companies targeting the consumer-grade 3D printing market, which is projected to reach a scale of 41 billion USD in 2024 [5][10] - Tuozhu is expected to achieve a revenue of 55-60 billion RMB in 2024, with a net profit nearing 20 billion RMB, while DJI aims for its subsidiary, Smart派, to exceed 50 billion RMB in revenue over the next three years [2][9] - The talent drain from DJI is a significant concern, with at least eight key employees leaving in 2025, which could impact its competitive edge [18][19] Company Performance - Tuozhu's revenue for 2024 is projected to be between 55-60 billion RMB, with a net profit close to 20 billion RMB [2][7] - DJI's revenue for 2024 is estimated at around 800 billion RMB, with a net profit of approximately 120 billion RMB [3][9] - Smart派, backed by DJI, is expected to generate 16 billion RMB in revenue in 2024 and surpass 25 billion RMB in 2025 [9] Market Dynamics - The consumer-grade 3D printing market is experiencing rapid growth, with a compound annual growth rate of nearly 30%, and the shipment of 3D printers is expected to increase significantly over the next five years [5][6] - Tuozhu has captured a 29% market share globally, with an expected shipment of over 1.2 million units in 2024 [7][8] Talent Management Issues - There is a notable talent exodus from DJI, with former employees founding over 18 companies, including competitors and partners [3][12] - Concerns have been raised about DJI's management style under founder Wang Tao, which may contribute to employee dissatisfaction and turnover [12][20] Competitive Strategies - Tuozhu employs a business model and marketing strategy similar to DJI, leveraging technology from its founders' backgrounds in the drone industry [6][10] - The company has established a community ecosystem and incentivized creators to lower the barriers to 3D printing, enhancing user engagement [7][10] Investment Landscape - Tuozhu is nearing completion of a new financing round with Tencent's participation, which will elevate its valuation to 10 billion USD [8][10] - DJI's investment in Smart派 includes specific revenue targets, indicating a strategic focus on competing directly with Tuozhu [9][10]