Group 1 - The chemical industry is at the bottom of its profitability cycle, with the chemical PPI showing signs of stabilization, indicating limited further downside risk [1][6][41] - The trend of "East rising, West falling" is evident, with Chinese companies expanding their product and capacity overseas to mitigate risks and enhance market presence [1][23][35] - There is a clear trend of polarization within the industry, where only companies above the industry median can realize profits, while marginal firms face significant challenges [1][36][39] Group 2 - Supply-side constraints are expected to improve industry sentiment, leading to price and profit recovery, particularly in sectors with limited new capacity [2][43][44] - The demand side remains weak, but structural opportunities may arise from new market segments and changes in demand patterns [3][47][48] - Emerging sectors such as AI, robotics, and solid-state batteries are anticipated to drive long-term investment opportunities due to their growth potential [2][48][49] Group 3 - The chemical industry is experiencing a significant shift in its competitive landscape, with European chemical competitiveness declining, allowing Chinese firms to capture more market share [23][25][29] - The export of chemical products from China has been increasing, with a net export value of $24.1 billion, indicating a positive trend in mitigating domestic supply pressures [15][31][33] - Companies are increasingly focusing on overseas resource acquisition, such as phosphate and potassium mines, to secure raw materials and enhance their competitive edge [1][35][36]

据招商证券最新报告，增材制造（3D打印）行业已经跨越了单纯的技术炒作周期，正式迎来了技术成熟与成本下降的"奇点时刻"。这不再是极客的玩 具或昂贵的实验室原型，而是一场正在发生的制造业革命。 招商证券在1月9日发布的最新研报中指出，对于投资者而言，这意味着行业正从小众走向主流，工业级与消费级市场正在发生罕见的共振爆发。全球市 场规模已达219亿美元，而中国市场更是以30%的增速狂飙，预计2025年达到700亿元。 上游关注国产替代的材料与核心部件，中游紧盯工业级金属打印龙头和消费级"出海"巨头。 尤其是商业航天的高频迭代需求和消费电子（如钛合金表 链、折叠屏铰链）的规模化量产，正在为金属3D打印提供巨大的增量市场；而以"拓竹"为代表的中国企业正在重新定义消费级市场，创造出类 比"iPhone时刻"的生态壁垒。 增材制造的本质优势与技术路径 与传统减材（切削）和等材（铸造）制造相比，3D打印的核心优势在于"无模化"和"高利用率"。它能将材料利用率提升至90%以上，且能够一次性成型 极度复杂的结构（如镂空、异形流道），这对于昂贵的钛合金等材料而言是巨大的成本节约。 目前技术路线主要分为金属与非金属两大阵营。非金属领 ...

数据来源：中国海关，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 相关报告：智研咨询发布的《2026-2032年中国消费级3D打印机行业市场专项调研及投资前景规划报 告》 根据中国海关数据显示：2025年11月中国3D打印机出口数量为52万台，同比增长89.1%，出口金额为 1.82亿美元，同比增长136.2%。 近一年中国3D打印机出口情况统计图 ...

Group 1: Industry Overview - The home appliance and light industry in 2026 should focus on four investment themes: domestic demand supported by old-for-new policies, supply-side improvements in the power bank industry, and the rise of niche consumer products in service consumption [1] - The white goods sector is expected to benefit from the old-for-new policy, with a significant increase in consumer spending projected [44] - The overall performance of the light industry outperformed the CSI 300 index, with a cumulative increase of 24.68% from January to December 2025 [12][15] Group 2: Key Companies - Midea Group is developing a second growth curve through its B-end business, particularly in data center liquid cooling, which shows significant potential [2] - Haier Smart Home is enhancing its operational system through a data-driven approach, improving competitiveness across product, cost, and supply chain [2] - TCL Electronics and other companies in the black goods sector have shown strong performance, benefiting from the old-for-new subsidy policy [21] Group 3: Market Trends - The power bank industry is expected to see improved market conditions due to new regulations, which will raise industry standards and potentially eliminate many low-quality brands [2] - The "Guzi economy" is tapping into emotional consumption needs, with domestic IP supply increasing and consumer spending on IP expected to grow significantly [3] - The folding bicycle market is transitioning from niche to mainstream, with significant growth potential driven by urban mobility needs [3] Group 4: Export and New Markets - The export chain is gradually recovering from tariff disruptions, with a focus on companies that have strong overseas production capabilities to mitigate tariff risks [3] - New product categories, such as pool cleaning robots, have substantial growth potential, with Chinese companies expected to increase their market share [3] - Emerging markets in Africa and Latin America present new opportunities for multinational hygiene product companies [3]

Core Viewpoint - Hunan Huashu High-Tech Co., Ltd. has seen a stock price increase of 5.18%, reaching 76.81 yuan per share, with a total market capitalization of 31.812 billion yuan as of January 8 [1] Group 1: Company Overview - Hunan Huashu High-Tech Co., Ltd. was established on October 21, 2009, and went public on April 17, 2023 [1] - The company specializes in the research, production, and sales of industrial-grade additive manufacturing equipment, focusing on providing metal (SLM) and polymer (SLS) additive manufacturing equipment, as well as 3D printing materials, processes, and services [1] - The revenue composition of the company includes 74.47% from 3D printing equipment and auxiliary parts, 13.57% from after-sales services and others, 11.02% from 3D printing powder materials, and 0.94% from other sources [1] Group 2: Shareholder Information - Huaxia Fund's Huaxia Industry Prosperity Mixed A Fund (003567) is among the top ten circulating shareholders of Huashu High-Tech, holding 1.8945 million shares, unchanged from the previous period, representing 0.94% of circulating shares [2] - The fund has generated an estimated floating profit of approximately 7.1612 million yuan today [2] - The fund was established on February 4, 2017, with a current scale of 8.972 billion yuan, yielding 3.39% year-to-date and 69.07% over the past year [2] Group 3: Fund Manager Performance - The fund manager of Huaxia Industry Prosperity Mixed A is Zhong Shuai, who has been in the position for 5 years and 166 days, managing assets totaling 13.26 billion yuan [3] - During his tenure, the best fund return was 185.99%, while the worst was 0.5% [3] Group 4: Fund Holdings - Huaxia Fund's Huaxia Low-Carbon Economy One-Year Holding Mixed A Fund (015229) has reduced its holdings in Huashu High-Tech by 60,300 shares, now holding 229,100 shares, which constitutes 5.68% of the fund's net value [4] - The fund has an estimated floating profit of about 866,100 yuan today [4] - Established on June 28, 2022, the fund currently has a scale of 156 million yuan, with a year-to-date return of 5.5% and a one-year return of 53.23% [4]

美的集团B端业务打造第二增长曲线，其中数据中心液冷业务开拓潜力较大。目前其市盈率相对较低， 该行认为估值尚未充分反映B端业务价值。海尔智家当前以"数据驱动智能决策-闭环优化"为核心打造全 新运营体系，在产品、成本和供应链端都实现竞争力的有效提升。海信系C端协同效率仍有较大提升空 间，B端需要高效资源整合，或有望以资本运作为抓手，探索"中间路径"。充电宝行业有望迎来新规带 动格局改善。《移动电源安全技术规范》计划于2026年一季度正式发布。该行认为认证过程趋严提升行 业门槛，大量白牌有望出清，目前行业集中度&高端化仍有很大空间。绿联科技&安克创新有望受益。 智通财经APP获悉，国盛证券发布研报称，2026年年家电轻工行业应重点把握四条投资主线：内需端1) 需求侧有以旧换新政策托底的白电行业有望依托股息率具有较好的配置价值，供给侧充电宝行业有望迎 来新规带动格局改善、国产五金市占率提升正当时;2)服务消费正当其时，人、货、场重构对应消费降 级中的利基消费品——潮玩、折叠自行车、3D打印。外需端1)传统品类走出关税干扰恢复趋势明确， 关注具有海外生产能力+强渠道产品力标的;2)新的品类和新的市场开拓带来的机遇。 国 ...

在这个瞬息万变且充满无限可能的时代，新生代潮商群体勇立潮头，既深植于父辈传承的深厚商业根基，又以无畏的开拓精神与前瞻性的创新理念，锐意 进取，不断突破传统边界，成为推动商业世界变革的新兴力量。今日，天下潮商传媒隆重发布"2025全球十大风云新潮商"榜单，入选的杰出新生代潮商于 各自深耕的领域内铸就了令人瞩目的辉煌成就。他们既承续了潮商文化的精髓，又勇于探索未知，以卓越的智慧与不懈的奋斗，在商业舞台上绽放出耀眼 光芒。他们的崛起，不仅是个人荣耀的彰显，更是潮商群体蓬勃生命力与创新精神的生动诠释。 145 7769 元 777 745 7402 2 1 1 2 2 2 1 2 2 2 1 2 2 2 2 1 将成为继智谱Al、MiniMax后，又一家冲刺上市的"Al 六小龙"成员。 月之暗面创始人杨植麟，1998年半世青青广东刘头。 2011 年被猜华大学热能工程系家取。大二转入计算机系。后 在美国卡内基掏降大学计算机学院获博士学位，还曾在 Facebook人工智能研究院和恰讀支脑研究院目現。2023 年3月，汤植麟在凉倒协月之暗面。同年10月控出大 漢型 深碳器 。 成立 劉一年5 间 。 成总额超过30亿元的 ...

Group 1 - The global 3D printing industry is expected to exceed 150 billion RMB in 2024, with a potential market size of 100 billion USD in the next decade, driven by the maturity of 3D printing technology and its advantages over traditional manufacturing methods [1] - The consumer-grade 3D printing market is dominated by domestic manufacturers, with a projected market value of 4.1 billion USD in 2024, growing to 16.9 billion USD by 2029, reflecting a compound annual growth rate (CAGR) of 33% [1] - Major domestic players hold over 70% of the global market share in consumer-grade 3D printers, with TuoZhu Technology and Chuangxiang Sanwei being market leaders [1] Group 2 - The industrial 3D printing sector requires breakthroughs in core components such as high-end lasers, galvanometers, and inkjet nozzles, which are currently dominated by foreign manufacturers [2] - Industrial 3D printing is transitioning from "test-type" applications to "scale" applications, demonstrating significant value in sectors like shoe molds and commercial aerospace [2] Group 3 - Domestic manufacturers are making continuous breakthroughs in various aspects of 3D printing, with Aisike achieving domestic production of piezoelectric inkjet printheads and 100% localization in 3D metal printing equipment [3] - JinChengZi is a leader in laser processing control systems and is also expanding into consumer-grade products, while SiKan Technology leads in industrial 3D scanning and is entering the consumer market [3] - Chuangxiang Sanwei is a global leader in consumer-grade 3D printing and is actively developing an AI ecosystem, while other companies like Huasu High-Tech and Bolite are expanding into new markets such as consumer electronics and commercial aerospace [3]

Investment Rating - The report maintains an "Outperform" rating for the 3D printing industry [1] Core Insights - The consumer-grade 3D printing market is dominated by domestic manufacturers, with AI facilitating a prosperous ecosystem. The global consumer-grade 3D printer market is expected to reach $4.1 billion in 2024, growing to $16.9 billion by 2029, with a compound annual growth rate (CAGR) of 33% [2][21] - The industrial-grade 3D printing sector requires breakthroughs in core components, with applications gradually moving towards scale. Key components such as high-end lasers, galvanometers, and inkjet nozzles still need to be localized [2][49] - Domestic manufacturers are making continuous breakthroughs across various segments of 3D printing, with companies like Aisike achieving localization in piezoelectric inkjet nozzles and Jin Chengzi leading in laser processing control systems [2][49] Summary by Sections 1. 3D Printing in Consumer and Industrial Markets - 3D printing is flourishing in both consumer and industrial markets, with distinct applications and technologies [12][91] 2. Rapid Development of Consumer Market, AI Enhancing Ecosystem - The consumer-grade market is rapidly growing, driven by AI advancements that lower modeling barriers and enhance user engagement [25][30] 3. Core Component Localization in Industrial 3D Printing, Diverse Applications - The localization of core components in industrial 3D printing is anticipated, with applications expanding across various sectors [2][49] 4. Rapid Development of Domestic Manufacturers, Continuous Breakthroughs - Domestic manufacturers are achieving significant advancements in 3D printing technology, with a focus on various segments and applications [2][49]

转自：云南日报 王予波在曲靖市调研时强调 发展新质生产力需要科技创新与产业创新深度融合。陆良昆工恒达公司是铝基铅炭储能电池专精特 新"小巨人"，王予波关切询问企业诉求，希望他们巩固技术优势，拓展市场空间，在产学研用高效贯通 上作示范。国电投集团研制的全球首套兆瓦级空气热力循环储能中试系统进展顺利，王予波鼓励企业以 应用场景拓展带动装备制造业发展。恒利智造公司因看中绿电等优势和营商环境，从东部地区来到师宗 发展，王予波希望企业在3D打印技术推广、材料创新上取得新突破，以商招商带动更多合作伙伴来滇 投资兴业。 产业是乡村全面振兴的重点所在。在陆良赋美启林种业公司，王予波详细了解金线莲产业发展情况，要 求持续壮大设施农业，因地制宜发展庭院经济、林下经济。要发挥好科技特派员作用，主动对接龙头企 业，机制化常态化开展科技下乡、服务"三农"。在师宗县大同街道下宜卡村，他指出，发展乡村旅游旅 居要把农民受益摆在首位，完善联农带农机制，加强建设规划管控，留住乡村风貌，传承乡土文化。要 加强资源集成和宣传推广，打造特色旅游片区。 王予波强调，曲靖市产业基础好，要坚持不懈大抓产业、主攻工业，用足用好能源资源优势，通过"银 龄计划 ...