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 ...

Core Viewpoint - The company Jialichuang is progressing with its IPO on the Shenzhen Stock Exchange, aiming to raise 4.2 billion yuan, with its review status moving from "suspended" to "inquiry" [1]. Financial Performance - For the first half of 2025, Jialichuang reported a revenue of 467.91 million yuan and a net profit of 59.01 million yuan, showing growth compared to previous years [3]. - The company's revenue figures for the past four periods are as follows: 2022: 638.72 million yuan, 2023: 674.80 million yuan, 2024: 799.96 million yuan, and 2025 (first half): 467.91 million yuan [3]. - The net profit figures for the same periods are: 2022: 57.26 million yuan, 2023: 73.85 million yuan, 2024: 99.83 million yuan, and 2025 (first half): 59.01 million yuan [3]. Business Structure - Jialichuang's three core business segments are PCB manufacturing, electronic components, and PCBA, generating revenues of 1.82 billion yuan, 1.70 billion yuan, and 790 million yuan respectively in the first half of 2025, with year-on-year growth rates of 13.33%, 28.38%, and 49.9% [3]. - The revenue from the electronic assembly business has increased its share by 2.73 percentage points year-on-year [3]. Growth in Other Segments - The 3D printing business, while not a core segment, has shown rapid growth, generating 226 million yuan in revenue, a 73.18% increase year-on-year, with 3D printing specifically contributing 67.49 million yuan, up 39.1% [4]. Fund Utilization - The planned 4.2 billion yuan fundraising will be allocated to various projects: 1.2 billion yuan for high-layer PCB production line construction, 1.15 billion yuan for PCBA smart production line construction, 480 million yuan for R&D and IT upgrades, 740 million yuan for smart electronic components center and product line expansion, and 630 million yuan for mechanical industry chain production line construction [4]. Company Overview - Founded in 2006, Jialichuang is a leading one-stop infrastructure service provider in the electronic and mechanical industries, serving millions of electronic engineers globally [4]. - The company operates five modern digital production bases and has served over 7.1 million users across more than 180 countries and regions, covering strategic emerging industries such as AI, semiconductor chips, new energy vehicles, aerospace, and robotics [4].

兴业证券指出，3D打印在消费电子领域加速渗透，折叠机铰链、手表/手机中框等场景有望开启应 用元年。AI训练、推理成本降低推动应用繁荣，端侧AI潜力巨大，耳机和眼镜或成重要载体。内存芯 片价格大幅上涨，DDR4 16Gb模块价格飙升1800%，存储设备需求旺盛。国产DRAM产业进入新阶段， 长鑫科技科创板IPO拟募资295亿元用于技术升级。硅晶圆市场复苏，2025年出货量预计增5%，300毫米 需求驱动增长。AI浪潮带动算力需求爆发，服务器、AI芯片、光芯片等环节价值量提升。先进工艺扩 产成为自主可控主线，CoWoS及HBM卡位AI趋势，先进封装重要性凸显。被动元件、数字SoC、射 频、存储、封测等领域呈现复苏趋势。 科创综指ETF国泰（589630）跟踪的是科创综指（000680），单日涨跌幅限制达20%，该指数由科 创板近97%的上市公司组成，覆盖大、中、小盘股，行业分布均衡，重点包括电子、医药、机械和计算 机等领域。科创综指旨在全面反映科创板整体表现，纳入分红收益，突出科技领域的成长潜力，为投资 者提供科创板市场表现的综合性参考。 风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等 ...

12月30日晚，罗永浩在上海西岸国际会展中心登台亮相，举办"十字路口2025年度科技创新分享大会"。这是他时隔7年重新回到演讲的"主场"。 在2018年的"锤子科技和Ta的朋友们"秋季新品发布会后，罗永浩接连卷入公司出售、被限高、直播还债的种种漩涡。 过去几年里他大多活跃于直播与综艺舞台。即便如此，仍有锤粉记得他，以及他曾用以感染人的理想主义、产品观、使命感。 "我是脑残粉。"向'电厂'谈及花800元购票的原因时，一位观众直接这样说道。现场也不乏从北京、广州等城市远道而来的观众。本次大会设置300元、 400元、500元、600元、800元和1000元 6个档位门票，开售两小时即售罄，据官方披露门票收入合计达到了166.8万元。 情怀犹在，但这次大会的主旨，是由罗永浩介绍经过其选品审核的优秀科技产品。换句话说，暌违自研硬件产品多年的罗永浩，为"友商"们的产品举办了 一场发布会。 这是锤粉们在兴奋之余，难免感到不对味的地方。 迟到47分钟后，连推7大"年度最"硬件 这次的罗永浩"科技春晚"，在上海西岸国际会展中心举办，后者能容纳4000人次。大会原定于19点开始，但从17点30检票开始，各个入场通道就已排起长 ...

Core Insights - The global aerospace industry is undergoing a structural transformation akin to the Age of Exploration, driven by the rise of commercial space enterprises like SpaceX. China's commercial space sector is transitioning from a policy incubation phase to an industrial explosion phase, with 2026 expected to be a pivotal year for the industry [1][2]. Group 1: Industry Dynamics - The urgency for high-frequency networking is highlighted by the upcoming launches of the G60 and GW satellite constellations, which are set to complete initial technical validation and first launches by 2024-2025. This will lead to a critical deployment phase in 2026-2027, necessitating increased manufacturing capacity in upstream sectors [1]. - A breakthrough in capacity bottlenecks is anticipated, as reusable rockets like the Zhuque-3 from Landspace are expected to significantly reduce launch costs during the 2026-2027 period, alleviating long-standing deployment issues for satellite constellations in China [1][2]. Group 2: Market Valuation and Investment Strategy - The valuation framework for commercial aerospace is shifting from a broad narrative of Total Addressable Market (TAM) to a more concrete analysis based on Price-to-Sales (PS) ratios and order visibility. As satellite manufacturing capacity increases and launch frequencies rise, cash flows for core supporting companies in the commercial aerospace sector are expected to improve significantly [2]. - The rapid iteration of SpaceX's Falcon 9, Starship, and Starlink not only validates the business model but also creates competitive pressure that accelerates domestic policy and capital towards core companies in the sector [2]. Group 3: Investment Recommendations - A "barbell" investment strategy is recommended leading up to 2026, focusing on state-owned system integrators that secure core frequency resources for stable returns, while also investing in private sector leaders in commercial rocket and satellite components for higher potential returns. Companies closely tied to the supply chain of commercial rockets and constellations are expected to benefit first from the shift towards mass production [3].

Investment Rating - The industry investment rating is maintained at "Overweight" [3] Core Views - The report highlights the opportunity in the paper sector due to the recent appreciation of the RMB against the USD, which enhances domestic purchasing power and reduces costs for imported raw materials like wood pulp [5][6] - The report suggests focusing on companies with high wood pulp procurement costs, such as Zhongshun Jierou, and recommends Sun Paper for its integrated advantages in cultural paper production [5][6] - The report also emphasizes the potential for improved profitability in Q4 due to stabilized and rising pulp prices, alongside the release of new production capacity [5][6] Summary by Relevant Sections Industry Overview - The light industry sector includes 167 listed companies with a total market value of 1,204.38 billion CNY and a circulating market value of 954.25 billion CNY [1] Market Performance - For the week of December 22-26, 2025, the Shanghai Composite Index rose by 1.88%, while the Shenzhen Component Index increased by 3.53%. The light industry index gained 1.69%, ranking 16th among 28 Shenwan industries [10] - The paper sector saw a weekly increase of 4.47%, while the textile and apparel index rose by 2.86% [10] Key Company Recommendations - Sun Paper: Buy rating with projected EPS growth from 1.10 CNY in 2023 to 1.48 CNY in 2027, with a PE ratio decreasing from 14.25 to 10.60 [3] - Baiya Co.: Buy rating with projected EPS growth from 0.54 CNY in 2023 to 1.28 CNY in 2027, with a PE ratio decreasing from 38.94 to 16.49 [3] - Huali Group: Buy rating with projected EPS growth from 2.74 CNY in 2023 to 3.97 CNY in 2027, with a PE ratio decreasing from 19.24 to 13.27 [3] Raw Material Price Trends - The report notes fluctuations in raw material prices, with MDI and TDI prices decreasing, while cotton prices have shown an upward trend [18][22] - The average price of wood pulp and various paper products is tracked, indicating a mixed performance with some prices stabilizing and others showing slight increases [42] Housing Market Data - The report highlights a significant decline in property sales, with a 39.1% year-on-year decrease in transactions among major cities [31] - Cumulative property sales area from January to November 2025 shows a 7.8% decline year-on-year [59] Consumer Goods and AI Applications - The report discusses the potential of AI applications in consumer goods, particularly in the context of new product launches and market expansion opportunities [6] Conclusion - The report emphasizes the importance of monitoring the paper sector due to favorable currency movements and suggests specific companies for investment based on their cost structures and market positions [5][6]

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 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 在对未来科技产业的判断中，刘高畅延续了其一贯的技术与产业并重的研究框架。他明确指出，2026年 将是"极为精彩的一年"，模型能力将继续在算法与基础设施的共同推动下发生跃迁。 他特别提到，AI手机将为"一切数据与工作流提供载体与支撑"，并开始重构个人与企业的工作和生活方 式。在这一过程中，"将没有大厂再坐得住"，围绕未来入口和技术制高点的竞争将全面加速。 在投资主线上，刘高畅强调，"一切仍然指向算力"。他认为，算力相关的新方向正呈现出"斜率极高"的 特征，市场空间、数量级变化以及供给端催化正在同步发生。其中，空天方向被其形容为"算力体系中 最令人激动的0-10方向之一"。同时，他判断，存力与液冷等细分领域已进入"业绩加速区间"，不再仅 停留在预期阶段。 在应用层面，刘高畅指出，随着模型持续迭代，机器人开始"变得有用"；而3D打印则在空天、3C、机 器人及汽车等多个领域，由于传统工艺逐步逼近极限，正在出现明显的加速信号。 文/新浪财经上海站 十里 近日，券商投研圈再度出现人事变动。一张网传聊天截图显示，原国盛证券研究所计算机首席分析师刘 高 ...

Core Insights - The next three years will see "advanced process expansion" as a key focus for self-controlled development, with CoWoS and HBM positioning to benefit from the AI industry trend, highlighting the importance of advanced packaging [1] - Storage prices have bottomed out and are beginning to recover, with the testing and packaging sector's utilization rates gradually increasing, expected to benefit from the explosive demand for advanced packaging driven by AI [1] - In the consumer electronics sector, the successful application of foldable hinge technology by Honor and OPPO, along with increased investment from Apple, is set to accelerate the penetration of 3D printing, marking a potential new era for consumer electronics applications [1] - The potential for edge AI is significant, with headphones and glasses expected to become key carriers for edge AI agents, while the reduction in AI training and inference costs is likely to promote the flourishing of AI applications [1] - The Guotai Innovation Artificial Intelligence ETF (589110) tracks the Innovation AI Index (950180), which saw a daily fluctuation of 20%, reflecting the overall performance of listed companies in the AI infrastructure, core technology, and industry application sectors within the Sci-Tech Innovation Board [1]

Core Insights - The article emphasizes the importance of land as a critical resource for industrial development in Bao'an, Shenzhen, which is seen as a manufacturing hub and a key area for industrial upgrades [1][3] - The "2025 Qianhai-Bao'an 'Treasure Land for Business' Space Guarantee Service Matching Conference" showcased Bao'an's innovative approach to redefining the relationship between land, industry, and urban development [1][3] Group 1: Industrial Space and Services - Bao'an is characterized by its extensive industrial space, with an area of approximately 397 square kilometers and over 100 million square meters of industrial space, making it a natural testing ground for spatial reforms [3][4] - The district has implemented a detailed zoning strategy to cater to various industries, including a 155.6 square kilometer air transport economic zone for headquarters economy and dedicated areas for modern services and advanced manufacturing [4][5] - Bao'an has introduced a digital platform called "AI Smart Space" to facilitate the matching of enterprises with suitable industrial spaces, which has already helped 63 companies find a total of 459,000 square meters of space [5][8] Group 2: Efficiency and Customization - The Bao'an government has streamlined the land service process, ensuring that enterprises can quickly secure land and begin operations, thereby enhancing efficiency in the manufacturing sector [5][10] - Companies like Shenzhen Xinyi Chang Technology have found tailored solutions for their specific spatial needs, demonstrating Bao'an's commitment to understanding and meeting the requirements of high-tech manufacturing firms [8][13] - The article highlights the importance of a supportive ecosystem, where land is not just a physical space but is integrated with policies, talent, and innovation resources, creating a self-sustaining industrial environment [15] Group 3: Economic Impact and Future Outlook - The conference is part of a broader strategy to create a service ecosystem that addresses the three critical elements for business growth: funding, application scenarios, and spatial resources [15] - Bao'an's approach to industrial space and services is expected to attract high-end talent and drive significant economic output, with companies projecting substantial revenue growth from their operations in the area [9][10] - The article concludes that Bao'an's innovative spatial services and policies are reshaping the traditional investment attraction model, making it a competitive location for businesses [10][15]