Core Insights - The popularity of LABUBU has decreased after a significant restock, with prices in the secondary market dropping sharply from a peak [1][6] - The 3D printing industry is experiencing a pivotal moment, driven by the demand for DIY toys and the rapid growth of the cultural and trendy toy sector [5][6] Market Trends - LABUBU's average selling price fell from 2507.04 yuan to 1881.05 yuan in just one day, marking a nearly 25% drop, and has since decreased over 65% to 867.02 yuan [1][6] - The stock prices of companies related to 3D printing, such as Hai Zheng Sheng Cai and Jin Cheng Zi, have also seen declines, with Hai Zheng Sheng Cai dropping nearly 16% and Jin Cheng Zi falling about 10% [1][6] 3D Printing Industry Dynamics - The number of LABUBU models available on the MakerWorld platform increased from 663 to 932 in just nine days, indicating a growing interest in 3D printing among consumers [5][6] - East Wu Securities predicts that the consumer-grade 3D printer market will become a new consumer product hit, with a projected 40% year-on-year growth in 3D printing equipment production by May 2025 [5][6] Intellectual Property Concerns - The rise of 3D printed LABUBU has sparked discussions about copyright infringement, as unauthorized reproduction of LABUBU models could violate copyright laws [8][11] - Users uploading LABUBU models for others to download may face legal consequences, as this could infringe on the copyright holder's rights [11][12]

Summary of the Conference Call for Huagong Technology Industry Overview - **Technology Sector Valuation Recovery**: The technology sector has undergone a significant valuation correction over the past decade, with current price-to-earnings ratios being much lower compared to the overvalued conditions seen around 2015, making it an attractive investment opportunity [2][3] - **AI Industry Opportunity**: The AI industry is experiencing a once-in-20-years opportunity, with overseas computing power demand expected to grow by over 50% this year. North American tech giants are seeing substantial increases in demand for 800G and 1.6G products, while domestic AI applications such as foldable smartphones and autonomous driving are also driving market growth [2][4] Company Performance and Strategy - **Huagong Technology's Position**: The company is performing well within the AI industry cluster, with a diverse business portfolio that includes laser equipment, optical modules, and consumer electronics optics. It is leading in computing power and actively expanding both domestic and international markets, benefiting from institutional advantages post-reform [2][5] - **Optical Module Business Growth**: Monthly orders for optical modules above 400G have reached 900,000 units, generating approximately 600 million yuan in sales. The company has successfully broken into overseas markets with major clients and expects to receive initial orders for 800G and 1.6T models in Q3 [2][14] - **Sensor Business Expansion**: The company has seen a significant increase in market share, particularly with BYD and the adoption of its thermal management systems by clients like Seres. The thermal management system is expected to maintain a growth rate of around 40% [2][9] Financial Projections - **Revenue and Profit Targets**: For 2025, the company anticipates achieving 18 billion yuan in revenue and approximately 2 billion yuan in profit, with a target of 30 billion yuan in revenue and 3 billion yuan in profit for 2026. Profitability is expected to improve further with the establishment of overseas operations [3][17] Market Trends and Developments - **AI Industry Trends**: The AI industry is poised for significant growth, particularly in the computing power sector, with expectations of sustained demand through 2026. Domestic developments are expected to lag behind international trends by about 1.5 to 2 years [4] - **3D Printing Initiatives**: The company is heavily investing in 3D printing, with plans to generate 1 billion yuan in revenue from this segment in 2025, aiming to expand to 10 billion yuan in 2026. The focus will be on producing components for consumer electronics [19][34] Competitive Landscape - **Market Share and Client Base**: The company holds significant market shares among major clients, including approximately 50% with Huawei and 35-40% with Alibaba. The average gross margin for domestic optical modules is around 20%, with potential increases through cost reduction measures [25][33] Future Outlook - **Expansion Plans**: The company plans to enhance production capacity, particularly in its Thailand factory, aiming to increase monthly output to 800,000 to 1 million units. It is also focusing on recruiting top talent and advancing technology development in silicon photonics [28][30] - **Long-term Vision**: The company is preparing for future product iterations, including 1.6T to 3.2T products, with expectations for commercial viability of 3.2T CPUs by 2029. It is also working on optical-electrical co-packaging to support future growth [31]

Core Viewpoint - The 2025 (Fourth) Polymer 3D Printing Materials Summit will focus on the integration of advanced materials and technologies in various high-end applications, emphasizing the importance of 3D printing in driving innovation across industries such as aerospace, automotive, and biomedical sectors [2][4]. Group 1: Event Overview - The summit will take place from July 18-20, 2025, in Hangzhou, Zhejiang, and aims to create a comprehensive platform for discussing the latest trends, innovations, and application demands in the additive manufacturing industry [2][4]. - Key topics will include integrated, lightweight, high-performance, and customized solutions, addressing challenges in multi-material, high-precision, and cost-effective 3D printing technologies [1][2]. Group 2: Key Participants - Notable speakers include: - Xie Tao from Zhejiang University, focusing on multifunctional smart polymers and 3D/4D printing [6]. - Yan Chunze from Huazhong University of Science and Technology, specializing in powder bed fusion laser additive manufacturing technology [7]. - He Yong from Zhejiang University, discussing bio-3D printing related to organ modeling and reconstruction [8]. - Tian Xiaoyong from Xi'an Jiaotong University, presenting on machine learning for continuous composite material 3D printing [9]. - Zhang Lijuan from Shandong University, sharing insights on silicon nitride ceramic additive manufacturing [10]. Group 3: Supporting Organizations - The event is organized by the Polymer Materials and Engineering Branch of the Chinese Materials Research Society, with support from various research institutes and companies, including Jiangsu Jicui Advanced Polymer Materials Research Institute and Nanjing Mofeng 3D Technology Co., Ltd [4][5]. Group 4: Industry Trends - The integration of AI with 3D printing technology is expected to drive significant advancements in the industry, enhancing the capabilities of additive manufacturing in various applications [1][2]. - The summit will address the urgent challenges faced by the industry, including the need for high-speed, high-precision, and cost-effective 3D printing solutions [1].

Core Viewpoint - The recent departure of two key executives from DJI, Qiu Hualiang and Gong Ming, has raised questions about their future plans, with speculation about entrepreneurship and potential roles in other companies [2][3]. Group 1: Executive Departures - Qiu Hualiang, a significant figure in DJI's development, is rumored to be considering starting his own venture after leaving the company [2]. - Gong Ming, who led the Shanghai transmission team, may join a leading 3D printing company, indicating a shift towards new technology sectors [2]. Group 2: Background of Executives - Qiu Hualiang was responsible for the Phantom series and has a background in camera research at ZTE, contributing to his expertise in product development [2]. - Gong Ming joined DJI in 2014 after working in the chip division of Philips, and he played a crucial role in the development of the Mavic series [2]. Group 3: Market Reactions - The market is closely monitoring the next steps of Qiu and Gong, reflecting the significance of personnel changes in major hardware companies and their potential impact on product development and capital movements [3].

Core Viewpoint - The article highlights the rapid transformation of traditional ceramic manufacturing through 3D printing technology, emphasizing its unique advantages in producing complex ceramic components and the impending industrialization of precision ceramic 3D printing [1][3]. Market Overview - The global ceramic 3D printing market is projected to exceed $900 million (approximately 7.2 billion RMB) by 2032, driven by growth in sectors such as semiconductor precision devices, aerospace thermal components, and personalized medical implants [1]. Company Profile - Bosch Advanced Ceramics, established in 2016, is a leading player in the ceramic 3D printing technology sector, leveraging Bosch Group's extensive ceramic manufacturing experience to provide specialized consulting and printing services across various industries [1][3]. Production Capabilities - Bosch Advanced Ceramics has successfully transitioned ceramic additive manufacturing to large-scale production, setting new industry benchmarks and demonstrating the advantages of 3D printing technology in complex ceramic component manufacturing [3]. - The company utilizes LCM additive manufacturing equipment to produce high-precision ceramic components, achieving a wall thickness of 90 microns and a production target of 50,000 components annually after initially meeting a target of 20,000 components within six months [2]. Upcoming Events - 聂品旭, the project leader at Bosch Advanced Ceramics, will present on "Trends in 3D Ceramic Printing and Applications in Precision Manufacturing" at the 2025 (4th) Polymer 3D Printing Materials Summit, scheduled for July 18-20, 2025, in Hangzhou, Zhejiang [1][5].

Core Viewpoint - 3D printing technology is transitioning from a conceptual dream to practical applications, with significant advancements expected in the AI era, allowing for the creation of customized products and materials [2][5][12]. Group 1: Industry Development - 3D printing is no longer just a theoretical concept; it is becoming a part of daily applications, with the industry evolving significantly due to technological advancements and high expectations [4][9]. - The technology, known as additive manufacturing, has been around since 1984, but its practical applications have been limited until recent improvements in material science and manufacturing processes [9][10]. - The current landscape shows a shift from traditional manufacturing methods to 3D printing, which allows for rapid prototyping and customization without the need for extensive tooling [12][13]. Group 2: Future Prospects - The future of 3D printing is seen as a bridge between the virtual and physical worlds, potentially becoming the primary manufacturing method in the AI era [16]. - As AI enhances design capabilities, the demand for personalized products is expected to rise, which aligns well with the strengths of 3D printing technology [16][17]. - The industry is witnessing a growing acceptance of 3D printing in various sectors, including luxury goods, where brands like PRADA and LV are exploring collaborations [22][23]. Group 3: Company Insights - 博理新材料 (Boli New Materials) is positioned as a key player in the 3D printing industry, focusing on high-performance materials and innovative manufacturing processes [4][21]. - The company has experienced rapid growth and recognition in the luxury goods sector, with significant partnerships and collaborations established over the years [22][24]. - The founder, 王文斌 (Wang Wenbin), emphasizes the importance of passion and dedication in driving the company's success, highlighting that true innovation comes from a love for the craft rather than purely financial motivations [27][29].

Core Viewpoint - 3D printing technology is transitioning from a conceptual dream to practical applications, with significant advancements driven by AI and material science, positioning it as a vital manufacturing method in the future [1][2]. Group 1: Current State of 3D Printing - 3D printing has evolved from being a niche technology to a more integrated part of daily life, with companies like 博理新材料 focusing on material-centric approaches [3][4]. - The industry is experiencing notable changes due to AI, which enhances design capabilities and allows for more personalized manufacturing [12][17]. - The historical context of 3D printing reveals that it has been labeled as a "year of origin" for many years, indicating ongoing expectations for its growth and integration into various sectors [6][8]. Group 2: Future Prospects of 3D Printing - The future of 3D printing is seen as a bridge between virtual and physical worlds, potentially becoming the primary manufacturing method in the AI era [12][17]. - The technology allows for significant reductions in production steps, enabling rapid prototyping and customization that traditional manufacturing methods cannot achieve [14][15]. - As AI continues to evolve, it is expected that 3D printing will facilitate the realization of individual creativity and demand, transforming consumers into creators [16][17]. Group 3: Company Insights and Innovations - 博理新材料, founded in 2017, has focused on developing high-performance 3D printing materials, overcoming challenges that previously limited the technology's application [20][24]. - The company has gained recognition from luxury brands like PRADA and LV, indicating its successful integration into high-end markets [26][30]. - The journey from research to market for 博理 has involved extensive experimentation and problem-solving, leading to a significant increase in production efficiency and product acceptance [27][31].

Macro Strategy - The report indicates that exports are expected to show a trend of high in the first half and low in the second half of the year, with a warning about the risk of negative export growth in the fourth quarter due to high base effects [1][9][10] Fixed Income - Anker Convertible Bond is projected to have a listing price between 127.29 and 141.30 RMB, with a subscription rate of 0.0036%. The bond has a solid debt protection and is rated AA+/AA+ [2][12] - Electric Chemical Convertible Bond is expected to list between 131.46 and 145.94 RMB, with a subscription rate of 0.0022%. The bond also has good debt protection and is rated AA/AA [2][14] Industry Analysis - The non-bank financial sector is currently undervalued, providing a safety margin. The insurance industry is expected to benefit from economic recovery and rising interest rates, with a focus on health and pension insurance [3][15][16] - The defense and military industry is highlighted for the CJ-1000A engine, which is crucial for the C919 aircraft, showcasing significant technological advancements and potential market growth in the commercial aviation sector [4][17][19] - The computer industry is experiencing a surge in demand for consumer-grade 3D printers, with a reported 40% year-on-year increase in production. This sector is expected to grow rapidly due to the rise of creative industries and lower user barriers [6][20][21] Recommended Stocks - The report recommends Kuaijishan (601579) for its growth potential, projecting net profits of 2.3 billion, 2.8 billion, and 3.3 billion RMB for 2025-2027, with corresponding PE ratios of 44, 36, and 31 [7][22]

今日早参 2025 年 6 月 19 日 易峘 首席宏观经济学家 邮箱：evayi@htsc.com 易峘 首席宏观经济学家 邮箱：evayi@htsc.com 今日热点 宏观：陆家嘴论坛：货币政策对内搞活市场，对外加快开放 6 月 18 日（周三），2025 年陆家嘴论坛在上海开幕。开幕式上，央行行长潘 功胜宣布 8 项金融开放措施，聚焦金融基础设施、数字金融、跨境贸易和监 管创新，显示央行搞活国内金融市场、加大对外开放的政策取向。 风险提示：国内金融开放进度不及预期；全球金融市场超预期波动。 研报发布日期：2025-06-19 研究员 常慧丽 SAC:S0570520110002 SFC:BJC906 易峘 SAC:S0570520100005 SFC:AMH263 宏观：6 月 FOMC：联储等待关税影响显现 北京时间 6 月 19 日（周四）凌晨，联储如期按兵不动，基准利率维持在 4.25%-4.5%，增长预测下调、通胀和失业率预测上调，2025 年维持 2 次降 息指引，但 2026 年降至 1 次。决议声明删除了委员会"认为失业率和通胀 上升风险增加"的表述；将经济前景不确定性的判断由"进一步上行 ...

Core Insights - The article highlights the rapid transformation of traditional ceramic manufacturing through 3D printing technology, particularly in the production of complex ceramic components [1][3] - The global ceramic 3D printing market is projected to exceed $900 million (approximately 7.2 billion RMB) by 2032, driven by sectors such as semiconductor precision devices, aerospace thermal components, and personalized medical implants [1] Group 1: Company Overview - Bosch Advanced Ceramics, established in 2016, leverages Bosch Group's extensive ceramic manufacturing experience to provide specialized consulting and printing services across various industries [1] - The company has successfully delivered hundreds of thousands of precision ceramic components, showcasing its expertise in mass production [1] Group 2: Technological Advancements - The company utilizes 3D light-curing technology to create ceramic green bodies, followed by high-temperature sintering, eliminating the need for post-processing machining [2] - By optimizing production parameters, Bosch Advanced Ceramics has achieved stable product precision and increased yield during mass production [2] Group 3: Case Study - In early 2023, Bosch Advanced Ceramics produced a ceramic insulating sleeve for a renowned medical technology company, meeting stringent dimensional accuracy requirements [2] - Using LCM additive manufacturing equipment, the company efficiently produced 1,400 medical device components on a single printing platform, achieving a ceramic wall thickness of 90 microns and reaching mass production within six months [2] Group 4: Industry Trends and Future Opportunities - The article emphasizes the establishment of Bosch Advanced Ceramics as a benchmark in the industry for ceramic additive manufacturing, highlighting the advantages and future directions of 3D printing technology in complex ceramic component manufacturing [3] - The upcoming 2025 Polymer 3D Printing Materials Summit will feature insights from industry leaders, including Bosch Advanced Ceramics, discussing market conditions and commercial cases in sectors like semiconductors, medical, consumer electronics, and industrial products [5]