证券研究报告·策略报告·策略点评 策略点评 20250714 把握景气投资，重视消费级 3D 打印（250714） 2025 年 07 月 14 日 [Table_Summary] ◼ 消费级 3D 打印需求景气，国内厂商主导产品供应 3D 打印又称增材制造，是一种以数字模型文件为基础，通过逐层堆积材 料（如塑料、金属等）构建三维实体的技术。按应用场景划分可分为消费 级、工业级及大型构件打印三大类型，其中消费级 3D 打印又通常称作"桌 面级"3D 打印，其特点在于快速原型验证和小批量定制，对于个人创作 者、教育机构和小微型团队而言具有"低成本"和"易用性"双重优势。 2020 年以来国内 3D 打印市场规模高增，2020-2024 年 CAGR 近 20%， 2024 市场总规模已达到超 400 亿元。根据国家统计局最新数据，2025 年 5 月 3D 打印设备产品产量同比增长 40.0%。从出口需求来看，根据海关总 署公开数据，2017 年以来 3D 打印出口规模得到快速增长，2025 年 1-5 月 我国 3D 打印机累计出口量达 181 万台，同比增长 23.4%，总金额达 37.99 亿元，同比增长 ...

由69家深圳科技企业研发生产的174件创新产品齐聚深圳市工业展览馆，将在7月15日正式开幕的"美好 生活深圳创造"创新产品（场景）展上集体亮相，其中不少产品身上具有"全球首款"的标签。 在凸显"好玩"的户外运动展区，深圳乐行天下科技有限公司自主研发的"探险者一号V14"电动滑板，具 备70公里/小时极速性能、120公里续航和IPX6防水等级，带来前所未有的骑行体验；苇渡智能科技有限 公司的电动水翼冲浪板，将航空级水翼技术应用于水上运动，实现"水上飞行"，续航超2小时，充分满 足极限玩家的探索欲望；由深圳市十方运动科技有限公司打造的载物电助力自行车结合力矩传感与高性 能避震系统，搭配800升大容积货箱，既适用于日常通勤，也能胜任小型搬运任务；深圳云基智能科技 有限公司推出的三防手机，集成投影仪、模块化配件与超大电池，兼顾实用性与超强的极端环境适应 力；深圳市乐骑智能科技有限公司打造的智能电动雪地滑板车，可一键切换雪地、越野与履带模式，在 复杂地形下依旧稳定行驶，为户外极限运动爱好者提供了全新选择。 全球首款机器人全固态数字化激光雷达、全球首款智能全向抗流水下机器人、在今年CES展上爆火的全 球首款三折叠便携式投 ...

证券研究报告·行业点评报告·计算机 计算机行业点评报告 消费级 3D 打印迎来奇点时刻，关注产业投 资机会 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 风险提示：生态建设不及预期；技术研发不及预期；行业竞争加剧。 2025 年 06 月 18 日 证券分析师 王紫敬 证券分析师 王世杰 执业证书：S0600523080004 wangshijie@dwzq.com.cn 行业走势 -17% -9% -1% 7% 15% 23% 31% 39% 47% 55% 2024/6/18 2024/10/17 2025/2/15 2025/6/16 计算机 沪深300 相关研究 《具身智能数据:AI 时代的石油》 2025-06-05 《无人物流车：迎来商业化落地》 2025-06-02 东吴证券研究所 1 / 8 请务必阅读正文之后的免责声明部分 ◼ 消费级 3D 打印机主要指的是适合家庭或小型工作室使用的 3D 打印设 备。 ◼ 消费级打印机需求快速增加。2025 年 5 月份，国家统计局数据显示 3D 打印设备产量同比增长 40.0%。2025 年 4 月，根据 CONTE ...

Core Viewpoint - The production of 3D printing equipment in China has seen significant growth, with a year-on-year increase of 40% in May, surpassing industrial robots and new energy vehicles, driven primarily by the rising sales of consumer-grade 3D printers domestically and internationally [1][4]. Group 1: Production Growth - In April, the production of 3D printing equipment grew by 60.7% year-on-year, while the first quarter saw a 44.9% increase [1]. - The surge in production is attributed to three main factors: the maturation of the 3D printing content ecosystem, the establishment of a scalable production model in the consumer-grade sector, and the decrease in equipment prices [1][3]. Group 2: Market Demand - The new consumption trend is driving demand for consumer-grade 3D printing devices, which are becoming essential tools for various consumer groups, including hobbyists and individual merchants [1][2]. - The popularity of the LABUBU IP figures has further fueled interest in 3D printing, with many consumers creating derivative designs using consumer-grade printers [2]. Group 3: Technological Advancements - The rapid iteration of 3D printing technology is solidifying the foundation for industry growth, with improvements in product performance and printing speed [3]. - Companies like Tuozhu Technology have consistently released new products since 2020, focusing on enhancing speed, color variety, and precision [3]. Group 4: Export Growth - The international market has become a strategic growth point for Chinese 3D printing companies, with consumer-grade devices leading the export growth [4]. - From January to April 2025, China exported 1.4 million units of 3D printing equipment, amounting to over 2.9 billion yuan, with consumer-grade devices accounting for 94% of the total export volume [4]. - The significant drop in prices for consumer-grade 3D printing devices has catalyzed their overseas sales, with average prices for exports to the U.S. around 2,100 yuan (approximately 293 USD) [4].

1、 特斯拉发布擎天柱机器人干活视频 近日，特斯拉在社交平台上发布人形机器人"擎天柱"新视频。画面中，人形机器人正在流畅地进行扔垃 圾、炒菜、使用吸尘器、熨衣服等一系列动作，视频中文字显示，"所有任务均由单一神经网络完成，并 直接从人类视频中学习"。值得注意的是，该账号此前曾发布多个人形机器人走路、跳舞等视频，本次发 布的视频机器人动作较此前更加流畅，行动也更加多样化。机器人还以"擎天柱"的口吻说："我不是整天 都在跳舞，好吗？"据悉"擎天柱"是通过人类语言来学习这些新任务的，而不是通过代码或按钮。埃隆・ 马斯克在日前得克萨斯超级工厂接受 CNBC 采访时，重申了 Optimus 人形机器人将成为"特斯拉最重要的 产品之一"这一观点。 2、 苹果新技术旨让人形机器人训练低成本高效率 近日，哈尔滨工业大学航天学院赫晓东院士、彭庆宇教授团队与东方电气集团陈仲博士团队合作，在特种 环境软体机器人领域实现重要突破，创新开发出基于MXene材料的卷绕结构智能软体机器人。研究成果以 《从卷绕到爬行，用于多模态运动和螺旋抓取的蛇形软体机器人》为题发表在《纳微快报》（Nano-Micro Letters）上。该研究通过材料创 ...

Core Insights - The low-altitude economy is emerging as a new economic development track, deeply integrating into public safety and becoming a core driver for police modernization [1][3] - Technological breakthroughs and equipment upgrades are central to low-altitude policing, with new handheld devices being introduced for security applications [2][3] - The low-altitude economy has been included in national strategy, with a projected market size exceeding 1.5 trillion yuan by 2025, highlighting the importance of innovative applications in policing [3] Group 1: Low-Altitude Policing Applications - Various police departments are utilizing technology innovations to create multi-dimensional applications in low-altitude policing, such as emergency response and traffic management [1] - For instance, Lianyungang's police have implemented an "Aerial 110" command system that enables rapid response to incidents, covering complex terrains [1] - The use of drones in traffic law enforcement has led to a reduction in congestion times, with one area reporting a decrease of 4 minutes [1] Group 2: Technological Innovations - Shanghai Tejin has launched new handheld devices for drone detection and response, addressing challenges in urban environments [2] - The H3L device can detect and locate over 15 drones simultaneously within a radius of 2-5 kilometers, showcasing advanced capabilities [2] - The TDOA grid technology developed by Shanghai Tejin is recognized as a leading solution for urban drone management, filling a domestic technological gap [2] Group 3: Market Outlook - The low-altitude economy is projected to reach a market size of over 1.5 trillion yuan by 2025, indicating significant growth potential [3] - The integration of smart and precise control in the industry is becoming a core demand, with companies like Lijizheng Technology aiming to provide comprehensive solutions for public safety [3] - The innovative applications in the policing sector are expected to inject intelligence into urban governance and support the growth of the low-altitude economy [3]

Group 1 - The 10th China (Beijing) Military Intelligent Technology Equipment Expo showcased over 500 domestic enterprises and presented more than 3,000 cutting-edge technology products and solutions across various sectors, including command information systems, new-generation information technology, unmanned combat equipment, simulation training, artificial intelligence, and low-altitude technology [1][3]. - The expo highlighted the construction of a low-altitude safety protection system as a key topic, reflecting the growing importance of low-altitude safety in both military defense and the development of the low-altitude economy [3][5]. - Shanghai Tejin Company introduced its latest unmanned aerial vehicle (UAV) detection and countermeasure products, including a TDOA (Time Difference of Arrival) grid management system, aimed at addressing the challenges of "position-based" UAV defense [3][5]. Group 2 - The H3L UAV detection and positioning device and the H2D UAV reconnaissance and strike integrated device are portable, meeting the regulatory needs for UAV and pilot positioning, flight trajectory tracking, and UAV disposal [5]. - The TDOA UAV detection and positioning device can detect invading UAV targets within a range of 2-5 kilometers, and when multiple devices are networked (≥4), they can track common models like DJI and less common models, providing an all-weather, intelligent low-altitude UAV defense solution [5]. - The chairman of Shanghai Tejin emphasized the expo's role as a significant platform for showcasing new technologies and products, aiming to enhance industry and societal awareness and investment in low-altitude safety [5].