36氪获悉，中信建投研报称，钛金属凭借其高强度、低密度、耐腐蚀、生物相容性好等独特优势，在航 空航天、医疗、消费电子、日常生活多个领域展现出不可替代的用途。未来随着飞机、火箭、人形机器 人、3C消费等领域的应用增长，钛合金需求步入爆发期，测算未来三年钛合金的需求增速均在10%以 上。另外，3D打印技术的成熟，大大拓展了钛合金的应用边界。在精密难加工零件领域，3D打印技术 和钛合金粉末原料具有独特的优势，钛合金粉末的应用将从0—1阶段步入1—10阶段。钛产业链中，增 速最快的为下游钛材和钛合金粉末。 ...

Core Viewpoint - Titanium metal is gaining traction across various sectors such as aerospace, medical, consumer electronics, and daily life due to its unique advantages like high strength, low density, corrosion resistance, and good biocompatibility. The demand for titanium alloys is expected to enter a period of explosive growth, with a projected demand growth rate of over 10% annually for the next three years. The maturity of 3D printing technology is significantly expanding the application boundaries of titanium alloys, particularly in precision and difficult-to-process parts [1]. Titanium Industry Chain - The global titanium industry can be divided into two main chains: the chemical industry chain (titanium ore → titanium dioxide) and the non-ferrous metal industry chain (titanium ore → sponge titanium → titanium alloys). Titanium dioxide accounts for 82% of global titanium concentrate consumption, primarily used in coatings and plastics, while sponge titanium represents about 11%, mainly used for producing titanium materials and various titanium alloys [1]. Titanium Ore Industry - Titanium ore is categorized into high-grade rutile and low-grade ilmenite, with domestic production primarily from ilmenite found in the Panzhihua region. The domestic titanium ore industry is highly concentrated, with four companies (Pangang Group, Longbai Group, Anning Co., and Chongqing Steel) accounting for over 60% of national output. In 2024, global titanium concentrate production is expected to reach 9.4 million tons, with China producing 3.04 million tons and importing 5.05 million tons, indicating a high dependency on foreign high-grade ores [2]. Sponge Titanium Industry - In 2024, global sponge titanium production is projected to be 320,000 tons, with China contributing 220,000 tons, representing 69% of the global supply. China is a net exporter of sponge titanium, with imports of 101 tons and exports of 5,993 tons. The capacity utilization rate for sponge titanium in China is expected to be 85% in 2024, compared to 78% globally. However, there is an oversupply of low-end sponge titanium capacity, leading to poor profitability, while high-end sponge titanium maintains reasonable profits due to technical and certification barriers [3]. Titanium Processing Materials and Powder Industry - The demand for titanium in aerospace has accelerated, increasing from 4,000 tons in 2011 to 32,200 tons in 2024, with its share of total consumption rising from 8% to 21.3%. In North America and the EU, particularly the U.S., over 50% of titanium product demand comes from aerospace and defense sectors. The consumption of titanium alloys in aerospace and 3C electronics is expected to continue growing rapidly, driving overall titanium material consumption. Additionally, advancements in 3D printing technology have made titanium alloy powder the most used material in 3D printing, accounting for about 20% of the materials used, which will further boost titanium alloy demand [4].

掘金 3D 打印：商业航天"降本利器"，关注钛合金等核心材料环节 北交所策略专题报告 2025 年 12 月 28 日 北交所研究团队 ——北交所策略专题报告 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 3D 打印行业加速崛起，商业航天有望成为需求主线 3D 打印即增材制造，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。3D 打印经过 30 余年的发展，已经形成了一条完整的产业链，下游行业应用已覆盖航天航空、 汽车工业、船舶制造、能源动力、轨道交通、电子工业、模具制造、医疗健康、 文化创意、建筑等各领域。根据中商产业研究院相关数据，2025 年我国 3D 打印 市场规模预计达 457 亿元，较 2020 年的 208 亿元实现翻倍以上增长。航空航天 是 3D 打印核心的下游应用领域，主要针对火箭发动机的制造（发动机成本占比 50%），可实现大幅度的降本，目前已经在 SpaceX 实现大面积应用。北交所中天 工股份是国内钛及钛合金行业龙头企业，公司不断强化钛及钛合金研发与生产工 艺革新，持续加 ...

丹阳市丹北镇地处丹阳东北部，长江的浩荡与陆路的纵横在此交汇。346国道与常泰高速构成的黄金十字轴上，车流物流昼夜奔涌，将一座连续六年跻 身"全国百强镇"的产业重镇——丹北，推向高质量发展的潮头。 作为城镇化与区域发展双战略叠加区，丹北以产业集群筑基、创新驱动赋能、协同发展强链、民生治理维稳"四维战略"为纲，推动产业升级集群化、城乡 融合焕新颜，镇域经济活力与居民幸福感同步攀升，铸就了东部城镇建设新标杆。 丹北镇便民服务中心 产业集群篇：强基固本筑集群，创新赋能促转型 作为产业发展的先行者，丹北以三大主导产业为基，构建"链式集群"新标杆。培育273家工业规上企业，形成全球最大高速工具钢、麻花钻生产基地，市 场占有率超60%；汽车零部件产业跻身全国第一方阵，车用智能照明集群入选省级示范。 在丹北镇的沃得农机生产车间，智能化生产线高速运转，推动外贸出口逆势增长65.5%。而在天工国际的研发中心，科研人员成功攻克钛合金粉末冶金技 术，一举打破国外长期垄断。此外，丹金航空与浙江大学联合成功研发碳纤维尾翼技术。 这些企业的技术突围，离不开全镇范围内日益浓厚的创新氛围与扎实的工业基础。全镇已培育高新技术企业94家、科技型中 ...

Core Insights - The 3D printing technology has transitioned from experimental stages to becoming a core productivity driver in high-end manufacturing, evidenced by successful applications in aerospace and robotics [1] - The global 3D printing market is projected to reach $21.9 billion in 2024 and is expected to grow to $114.5 billion by 2034, indicating a significant expansion phase [2] - Chinese manufacturers dominate the entry-level equipment market with over 90% market share, supported by rapid technological advancements and cost advantages [4] Market Growth - The 3D printing industry has entered a phase of large-scale expansion, with a notable increase in domestic exports, reaching 3.77 million units valued at 8.9 billion yuan in 2024 [4] - The export volume is expected to exceed 5 million units in 2025, with a potential for export value to surpass 10 billion yuan for the first time [4] Technological Advancements - Significant improvements in SLM metal printing precision and carbon fiber 3D printing have enhanced capabilities for aerospace and automotive applications [5] - AI modeling technology and advancements in consumer-grade 3D printing have made the technology more accessible, reducing operational complexity and costs [5] Application Expansion - The demand for 3D printing in humanoid robotics and commercial aerospace is rapidly increasing, with 3D printing reducing the number of parts in rocket engines by 80% and costs by 90% [6] - The consumer market is also experiencing a surge, with sales of 3D printed toys and custom home goods tripling during major shopping events [8] Investment Opportunities - The industry is poised for growth in 2025, driven by increased orders and capital investment, with three main investment lines identified: core equipment, core materials, and emerging applications [9] - Key players in industrial-grade 3D printing, such as Platinum and Huazhu, are well-positioned to benefit from the growing demand [9] - The domestic production of core materials, such as titanium alloy powders, is becoming increasingly competitive, with significant cost advantages over imports [10] Conclusion - The evolution of 3D printing technology from concept to reality has established it as a core production force, with Chinese companies leading in both consumer and industrial markets [12] - The structural opportunities in the industry, driven by exports and domestic production, warrant close attention from investors [12]

Core Insights - The article emphasizes the rapid growth and transformation of the 3D printing industry, highlighting its transition from experimental technology to a core productivity driver in high-end manufacturing [5][6][23]. - The global 3D printing market is projected to reach $21.9 billion in 2024, with expectations to grow to $114.5 billion by 2034 [6]. Market Expansion and Domestic Manufacturers - Chinese manufacturers dominate the entry-level 3D printing equipment market, capturing over 90% of the share due to high cost-performance and rapid technological iteration [10]. - In 2024, China exported 3.7777 million 3D printing devices worth 8.9 billion yuan, with projections for 2025 to exceed 5 million units and 10 billion yuan in export value [10][11]. - The domestic production rate for metal 3D printing equipment has increased from under 30% five years ago to 60%, while non-metal material supply chain coverage exceeds 85% [11]. Technological Advancements and Application Scenarios - Key technological breakthroughs in industrial-grade 3D printing have achieved precision levels of 0.01 mm, meeting aerospace manufacturing requirements [13]. - The cost of titanium alloy powder, a core material for metal printing, has halved from 600 yuan/kg in 2023 to below 300 yuan/kg [14]. - 3D printing is significantly reducing costs and production times in commercial aerospace, with SpaceX's Raptor engine comprising 85% 3D printed components, leading to a 90% cost reduction and a production cycle cut from 6 months to 1 month [14]. Investment Opportunities - The article identifies three main investment lines for 3D printing: 1. **Core Equipment Line**: Benefiting from industrial and consumer demand growth, with companies like Platinum and Huashu High-Tech leading the market [19]. 2. **Core Materials Line**: Focusing on domestic production advantages, with companies like Zhonghang Mite and Youyan Powder Materials providing competitive pricing [20]. 3. **Emerging Applications Line**: Companies in humanoid robotics and commercial aerospace are positioned to benefit directly from increased demand [22]. Conclusion - The 3D printing industry is at a pivotal moment, transitioning from concept to reality, with significant opportunities for investment as domestic companies lead in both consumer and industrial markets [23].

Core Insights - Tian Gong International has appointed Mr. Yin Hongqiang as Senior Vice President, responsible for investor relations, domestic and overseas mergers and acquisitions, and capital market activities [1][2] - The company is a leading producer of high-speed tool steel, mold steel, and titanium materials, having been listed on the Hong Kong Stock Exchange since 2007 [1] - Tian Gong International has established a strong global market position, particularly in high-end materials, and is actively expanding into advanced fields such as humanoid robotics and nuclear fusion [1] Company Developments - Mr. Yin brings over 20 years of investment banking experience, having worked with major firms like Citibank, JPMorgan, and Royal Bank of Scotland [1] - The company aims to enhance communication with global investors, improving transparency and attractiveness in the capital market [2] - Tian Gong International is involved in the supply chain for Apple, providing titanium alloy materials for foldable iPhones [1]

Group 1 - Tian Gong International has appointed Mr. Yin Hongqiang as Senior Vice President, responsible for investor relations, domestic and foreign mergers and acquisitions, and capital market-related businesses [1] - Mr. Yin has over 20 years of investment banking experience and has participated in numerous overseas listing financings and cross-border M&A projects [1] - The company, listed on the Hong Kong Stock Exchange since 2007, is a leading producer of high-speed tool steel, die steel, and titanium materials in China [1] Group 2 - Tian Gong International has been ranked first among global tool steel companies since 2020 and is actively expanding into high-end materials markets [1] - The company is focusing on core component material development for humanoid robots and has successfully developed new neutron shielding materials for nuclear fusion applications [1] - As part of its supply chain for Apple, the company provides titanium alloy materials for foldable iPhones and is establishing a joint venture to focus on titanium alloy powder for aerospace and medical applications [1][2]

Investment Rating - The report does not provide a specific investment rating for the company [5] Core Views - The company, Tiangong International, reported a steady performance in 1H25, with revenue decreasing by 7.1% year-on-year to RMB 2.34 billion, primarily due to overseas export business disruptions and the impact of tariffs [2] - Despite the revenue decline, the net profit attributable to shareholders increased by 10.4% year-on-year to RMB 200 million, with a net profit margin improvement of 1 percentage point [2] - The company is focusing on high-end manufacturing through powder metallurgy technology, which is expected to drive future growth [8] Financial Performance Summary - Revenue for 1H25 was RMB 2.34 billion, down from RMB 2.52 billion in 1H24 [9] - Gross profit margin decreased by 3.2 percentage points, attributed to a higher sales proportion of lower-margin titanium alloy products [2] - The company’s main revenue sources include tool steel, high-speed steel, cutting tools, and titanium alloy, with tool steel accounting for approximately 66.1% of total revenue [8] Business Segment Performance - Tool steel revenue was RMB 1.15 billion, high-speed steel revenue was RMB 390 million, cutting tools revenue was RMB 400 million, and titanium alloy revenue was RMB 350 million [8] - Domestic revenue for tool steel grew by 4.7% year-on-year and 21% quarter-on-quarter, while high-speed steel domestic revenue increased by 14.1% year-on-year and 33.7% quarter-on-quarter [8] Strategic Developments - The company has signed a strategic cooperation framework agreement with Heng Erda, expecting to supply at least 100 tons of powder high-speed steel annually starting in 2026 [8] - The company is innovating in high-nitrogen steel production, which has applications in humanoid robots and other fields, with successful deliveries to partners [8] - Plans are in place to develop key materials for nuclear fusion, with significant market potential identified [8]

Core Viewpoint - Tian工 International's subsidiary, Jiangsu Tian工 Technology Co., Ltd., has officially entered into a comprehensive strategic cooperation with Jiangsu Pinde New Materials Co., Ltd. to enhance its capabilities in metal powder materials [1][2]. Group 1: Strategic Partnership - The partnership marks the establishment of Jiangsu Tian工 Titanium Crystal New Materials Co., Ltd. with a registered capital of 100 million yuan, focusing on the research, production, and sales of titanium alloy powder, copper alloy powder, and high-temperature alloy powder [1]. - Key figures from both companies attended the signing ceremony, indicating strong leadership commitment to this collaboration [1]. Group 2: Product Focus and Applications - Tian工 Titanium Crystal will concentrate on core metal powder materials, targeting diverse application scenarios [2]. - Titanium alloy powder is noted for its high specific strength, biocompatibility, and corrosion resistance, making it suitable for consumer electronics, medical devices, aerospace, and lightweight applications [2]. - High-temperature alloy powder is recognized as a core material for aerospace components due to its excellent high-temperature resistance [2]. - Copper alloy powder is valued for its high conductivity and thermal management properties, widely used in liquid cooling and other thermal management products [2]. Group 3: Industry Positioning and Future Potential - The strategic cooperation aims to integrate industry resources, leveraging Tian工's full industry chain advantages to ensure stable and reliable supply of titanium alloy powder [2]. - The collaboration will utilize Dr. Long Haiming's plasma atomization powder-making technology to enhance product performance and create a leading demonstration of integrated production lines for titanium alloy powder in China [2]. - This partnership expands Tian工 International's footprint in additive manufacturing and strengthens its position in the high-end materials sector, with a comprehensive product range that includes tool steel powder, titanium alloy powder, high-temperature alloy powder, and copper alloy powder [2]. - The company is poised to exhibit strong growth potential in the evolving fields of laser cladding, 3D printing, and injection molding related to metal powders [2].