Group 1: Core Conclusions - The report presents three key thoughts on the current real estate dilemma, emphasizing that the existing supply exceeds demand, making "net supply" reduction crucial for stabilizing the market [2] - The report highlights that second-hand housing prices provide stronger guidance and leading signals compared to new housing prices, which can be understood from the perspectives of supply, demand, price, and policy [2] - It stresses the importance of recognizing the tail risks associated with the current real estate adjustment, particularly concerning developers, homebuyers, and banks, indicating potential risks may concentrate on banks, especially smaller banks [2] Group 2: Policy Recommendations - Four feasible policy measures are suggested to reduce net supply: optimizing land acquisition, revitalizing distressed and idle properties for public service needs, accelerating the replacement of aging housing, and allowing market forces to phase out "ghost town" housing in lower-tier cities [2] Group 3: Industry Performance Insights - The report provides insights into industry performance, noting that the defense and military industry showed a 59.9% increase over the past year, while the non-ferrous metals sector increased by 103.4% [1] - It also indicates that the banking sector experienced a decline of 2.3% in January, with a modest annual growth of 6.3%, reflecting ongoing challenges in the financial landscape [1]

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]

从速度和性能来看，国内几家头部制造商已经整体超过海外企业 "美国没有具备竞争力的（消费级3D打印）企业，全球市场几乎已经被中国品牌给围剿了。"智能派科技有限公司的联合创始人陈波近日对第一财经记者 表示。 尽管中国只有全球一成左右市场，但制造了全球绝大多数3D打印机。 消费级3D打印行业与其他硬件行业类似，底层架构往往来自于海外，但做成消费级产品推向全球的则是中国企业。而且，这些中国企业集中在以深圳为 代表的珠三角。 陈波认为，国内头部企业能做到一年迭代两次新品，而海外企业要两年才能发一款新机器。从速度和性能来看，国内几家头部制造商已经整体超过海外企 业。 一成市场，九成产能 "3D打印的消费级市场，主力还是在海外，至少80%市场是由海外贡献。"陈波表示。 智能派是一家深圳的3D打印机企业。2024年，智能派营收约16亿元，其中九成来自中国之外。 美国是全球最大单一市场。陈波认为，美国应该也是所有3D打印机企业的最大市场，智能派三成以上收入来自美国。 欧洲大陆再加英国市场，消费级3D打印机的体量跟美国不相上下。这意味着美国和欧洲占据了总体七成以上市场，而中国市场规模在全球占比10%左 右。 这凸显了消费级3D打 ...

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。 近一年中国打印机、复印机及一体机出口情况统计图 数据来源：中国海关，智研咨询整理 根据中国海关数据显示：2025年10月中国打印机、复印机及一体机进口数量为74万台，同比下降 8.7%，进口金额为1.84亿美元，同比增长1.8%，2025年10月中国打印机、复印机及一体机出口数量为 342万台，同比下降20.1%，出口金额为5.31亿美元，同比下降23%。 近一年中国打印机、复印机及一体机进口情况统计图 数据来源：中国海关，智研咨询整理 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》 ...

Group 1: Macroeconomic Insights - The report highlights a decline in both fiscal revenue and expenditure in November, with general fiscal revenue growth turning negative and both tax and non-tax revenue growth slowing down [3] - Cumulative fiscal expenditure from January to November was 83.7%, significantly below the seasonal average of 86.7% over the past three years, indicating a slower spending pace [3] - If December's expenditure growth can rise to 10%, the total fiscal revenue for the year could exceed expenditure by approximately 630 billion, potentially creating a surplus to support 2026 spending [3] Group 2: Employment and Monetary Policy - The U.S. non-farm employment data for October and November showed significant volatility, primarily due to government sector disruptions, while the private sector remained stable [4] - The unemployment rate slightly increased, indicating a moderate slowdown in overall employment, yet the resilience of the job market remains strong [4] - Market expectations for interest rate cuts by the Federal Reserve remain unchanged, with a 24% probability of a rate cut in January 2026, suggesting a critical period for monetary policy decisions [4] Group 3: 3D Printing Industry Overview - The global 3D printing market is projected to reach $21.9 billion in 2024, with printers and services accounting for 74% and materials for 20% of the market [7] - The consumer-grade 3D printing market is expected to grow from $4.1 billion in 2024 to $16.9 billion by 2029, with Chinese manufacturers dominating 94% of the global market [8] - Industrial-grade 3D printing is heavily utilized in the aerospace sector, with significant revenue contributions from companies like Plutotech and Huazhu High-Tech, indicating a robust growth trajectory in commercial space endeavors [9] Group 4: Investment Opportunities in 3D Printing - The report identifies key players in the consumer-grade 3D printing market, including TuoZhu Technology and Chuangxiang Sanwei, which are expected to benefit from the industry's accelerated growth [10] - The industrial-grade 3D printing market is also highlighted, with companies like Plutotech and Huazhu High-Tech positioned to capitalize on the increasing demand for advanced manufacturing solutions [10] - The report emphasizes the potential of 3D printing technology in various sectors, including electronics and aerospace, suggesting a broad range of investment opportunities [10]

消费级3D打印机：中国"四小龙"腾飞，行业加速崛起 相比于工业级3D打印，消费级3D打印强调易用性、低成本、个性化，为个人消费者及创客社区而设 计。过去消费打印机普遍存在"速度慢、易故障、难上手"的问题，目前技术升级带来打印效率、精度提 升;同时主流品牌入门级型号降价至1000元内，大大降低了购买门槛，而例如Gemini Nano Banana等多模 态AI大模型的出现可通过2D图片生成3D模型，进而降低消费者使用门槛。2024年全球消费级3D打印机 市场规模41亿美元，预计2029年提升至169亿美元。2024年全球消费类3D打印机出货量约410万台，中 国厂商占据全球94%市场，"四小龙"中拓竹科技、创想三维、纵维立方、智能派分别出货120、72、 55、55万台，行业景气持续加速。 商业航天：工业级3D打印的主线β 航空航天是工业级3D打印机最核心下游，2024年铂力特、华曙高科营收中航空航天占比分别为61%、 50%。目前全球商业航天步入奇点时刻，2024年SpaceX实现138次火箭发射，迎来指数级增长。国内方 面，2025年火箭发射持续迎来突破，朱雀三号运载火箭成功首飞标志着我国可回收商业航天进入 ...

当"中国制造"向"中国智造"全速迈进，一场生产方式的深刻变革正伴随着资本热捧之势加速破局。股票 市场上相关概念公司股价的大幅上涨已说明了一切。截至12月15日，同花顺（300033）3D打印概念指 数年内涨幅近50%。 事实上，从火箭发动机涡轮叶片的精密锻造，到定制化医疗假体的精准适配；从工厂车间的模具快速成 型，到创客空间的创意立体呈现——曾被视作"未来技术"的3D打印，如今早已跨越实验室门槛，在航 空航天、医疗健康、工业生产等多领域落地生根，成为搅动制造业格局的核心变量。 政策赋能加码，市场需求狂飙。我国已构建起覆盖国家与地方的3D打印产业"政策矩阵"，从技术规 范、市场培育、产业集聚三维度破除发展壁垒。12月15日，国家统计局发布的最新数据更印证产业热 度，11月份3D打印设备产量同比激增100.5%，远超工业机器人、新能源汽车等同类高端制造品类。 一个清晰的趋势已然显现：3D打印正从"小众探索"迈向"产业主力"，以技术突破为支点，撬动中国制造 业实现质的飞跃。 告别"小众"标签 个性化消费"零门槛" 3D打印的产业化版图中，消费级赛道正以惊人增速打破"玩具级"偏见。京东数据显示，在今年"双11"购 物 ...

证券研究报告 | 行业周报 gszqdatemark 2025 12 14 年 月 日 基础化工 左手商业航天右手消费，聚焦 3D 打印材料 3D 打印全球 219 亿美元市场，材料种类多样。3D 打印即增材制造（AM）， 被誉为引领第三次工业革命的核心技术。不同于传统制造将原料"削减" 加工成所需形状，3D 打印可一体化成型复杂结构产品，具有快捷、低成 本、高精度等优势。根据 WOHLERS，2024 年全球 3D 打印市场规模高 达 219 亿美元。材料方面，金属材料占比 22%，其中铁基材料由于成本 较低最为主流；高分子材料领域，PLA 线材以其优异的打印性能及低廉的 价格深度绑定 FDM 成为应用最广泛的材料；SLA 光固化主要采用光敏树 脂；SLS 主要搭配高分子粉材，PA12 为主流品种。 消费级 3D 打印机：中国"四小龙"腾飞，行业加速崛起。过去消费打印 机普遍存在"速度慢、易故障、难上手"的问题，目前技术升级带来打印 效率、精度提升；同时主流品牌入门级型号降价至 1000 元内，大大降低 了购买门槛，而例如 Gemini Nano Banana 等多模态 AI 大模型的出现可通 过 2D 图 ...

点击上图▲立即收听 " 中国消费级 3D 打印机家庭用户占比，从 2023 年的不足 20% 攀升到 2025 年的 45% 。 " 文 /巴九灵（微信公众号：吴晓波频道） 大部分人对3D打印机的印象，还停留在工业生产线上的"大块头"、前沿科技展会上的概念产品。如今，它却频繁出现在普通人的案头——为了更 直观地了解这个突然跑出的爆款，我们入手了一台千元左右的入门款以作尝试。 从收货到通电开机，再到完成初始化等一系列操作，不过十多分钟的时间。在APP里的上万个模型里挑选了一款，2个小时后，一只小手办来到了 我们手里。 想象一个画面：一台略小于台式电脑主机的桌面3D打印机，紧挨着办公的你独自作业。期间， 直径不足1毫米的喷嘴不断吐出加热融化的塑料， 在方形面板上画出一层一层的塑料薄层，不断堆叠、冷却，在你工作的几个小时里，打出了一只精致的"星星人"。 小巴用3D打印机尝试制作的玩具 这个被当代年轻人誉为"能打印万物"的大玩具，已经出现在了越来越多人的家里或者办公桌上。 双十一期间，在京东和天猫，消费级3D打印机卖出了上万台，几大品牌销售额同比增长超过80%。 社交媒体开始涌现一批又一批3D打印博主，他们晒出自己在 ...

高端装备半月谈-12 月份重要观点更新 20251207 摘要 杰瑞股份新增海外订单抵消俄罗斯业务影响，未来两年盈利预测保持稳 定。股价上涨主要由估值驱动，从 2026 年的 15 倍 PE 上升至 20 倍左 右。 杰瑞股份数据中心燃气轮机发电机组业务增长空间巨大，北美市场需求 量级在 10 至 20 吉瓦，市场规模达 1,000 至 2000 亿元人民币。产能扩 张至 2026 年底预计达 200 兆瓦，但增长受限于机头供应稳定性，正与 西门子、贝克休斯等洽谈合作。 美国可能重启国家级机器人战略，重点关注特斯拉及其 Figure AI 链、 电商仓储物流机器人，以及中国和日本作为硬件参与企业或系统集成端 的潜在受益。 特斯拉 Optimus 人形机器人采用视频提取数据策略，加速数据采集规 模化，降低成本，提高训练效率。硬件方面，灵巧手探索陶瓷球替代钢 丝球，电机散热优化考虑氮化镓材料。 AI PCB 推动电镀技术升级，用铜量显著提升，传统直流电镀逐步发展为 脉冲电镀，对铜粉的粒径分布和溶解效率提出更高要求，加工费用也随 之增加。 Q&A 如何看待杰瑞股份近期获得的北美数据中心燃气轮机发电机组订单及其对公司 ...