证 券 研 究 报 告 "制造强国"实干系列周报(26/03/01期) www.swsresearch.com 证券研究报告 2 ◼ 燃气轮机：海外供应链深度切入+国产航改燃双重逻辑共振 ◼ 商业航天：1）制造及发射端关注份额或价值量在降本趋势下有望维持相对稳定或具备提升潜力的核心标的；2）应用端 关注通信终端基带、射频芯片及相控阵天线配套标的；3）航天科技集团拥有较多体外资产，有较强并购重组预期 ◼ 3D打印：1）工业级：材料降本与设备提效，共启3D打印放量奇点；2）消费级：AI赋能+生态强化+供应链降本 ，加速 全民创作时代到来 ◼ 刀具：原料供给偏紧+刚需基础稳定，钨矿价格大幅上涨；原材料大幅涨价，刀具企业向下游推动涨价，刀具行业格局有 望改善 ◼ 群核科技：杭州六小龙之一，从室内设计软件迈向空间智能 ◼ 风险提示：市场竞争加剧的风险；原材料价格波动风险；经济周期波动的风险 主要内容 3 核心观点 证券分析师： 韩强 A0230518060003 屠亦婷 A0230512080003 王珂 A0230521120002 刘正 A0230518100001 马天一 A0230525040004 戴文杰 A ...

Investment Rating - The report provides a positive outlook on various sectors, indicating a potential upward trend in investment opportunities across multiple industries. Core Insights - The report highlights the acceleration of "global localization" for collectible toys, with companies like Pop Mart expanding their presence in international markets and diversifying their product offerings to drive revenue growth [1][7] - The new tobacco sector is expected to benefit from clearer FDA product review standards, favoring companies with strong manufacturing capabilities [12] - The housing market shows signs of seasonal decline, but there is potential for recovery driven by supportive policies and demand stabilization [13] - The paper packaging industry is experiencing fluctuations in prices and inventory levels, with expectations of recovery as production resumes post-holiday [15] - The pet food market is witnessing significant growth, particularly in e-commerce, with major platforms reporting increased sales [19][20] Summary by Sections 1. Collectible Toys - Pop Mart has established a creative headquarters in Culver City, Los Angeles, enhancing its global localization efforts [7] - The company is diversifying its product lines with new IPs and collaborations, which are expected to drive revenue growth [8][9] 2. New Tobacco - The FDA has clarified product review standards, which may benefit leading companies with strong manufacturing capabilities [12] - The glo hilo product has been launched in Romania, with plans for further global expansion by 2026 [12] 3. Housing Sector - Recent data shows a significant year-on-year decline in property transactions, but there are signs of stabilization in the market [13] - The furniture export market is showing mixed results, with a decline in exports from China but growth in Vietnam [13] 4. Paper and Packaging - Recent price increases in paper products have been noted, with expectations of inventory adjustments as production resumes [15] - The packaging sector is recovering as downstream demand stabilizes [15] 5. Pet Food and Supplies - The pet food market has seen a year-on-year growth of 18% in January, with significant contributions from platforms like Douyin and JD [19][20] - Notable brands are achieving double-digit growth in sales, indicating a robust market environment [21] 6. AI and 3D Printing - The 3D printing market is projected to grow significantly, with a focus on service-oriented business models [30][31] - Innovations in AI are expected to lower barriers for entry into the 3D printing market, enhancing growth potential [31] 7. Xiaomi Group - Xiaomi is expanding its high-end product offerings and enhancing its ecosystem with new releases in the smartphone and accessory markets [17][18] - The company is leveraging AI technology to strengthen its competitive position in the consumer electronics space [18] 8. Silver Economy - The report emphasizes the potential of the silver economy, predicting significant market growth driven by changing consumer behaviors among the elderly [28][29]

格隆汇2月27日｜有投资者在互动平台向海正生材提问：公司PLA产品在3D打印耗材方面与拓竹科技、 创想三维这些设备品牌商有合作吗？海正生材回复称，公司专注于聚乳酸树脂的研发、生产和销售，聚 乳酸是目前3D打印耗材的重要原料之一，公司与下游主要3D打印耗材生产厂家有着良好的上下游合作 关系。 ...

有投资者在互动平台向 海正生材提问：公司PLA产品在3D打印耗材方面与拓竹科技、创想三维这些设 备品牌商有合作吗？海正生材回复称，公司专注于聚乳酸树脂的研发、生产和销售，聚乳酸是目前3D 打印耗材的重要原料之一，公司与下游主要3D打印耗材生产厂家有着良好的上下游合作关系。 ...

（文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：公司PLA产品在3D打印耗材方面与拓竹科技、创想三 维这些设备品牌商有合作吗？ 海正生材（688203.SH）2月27日在投资者互动平台表示，公司专注于聚乳酸树脂的研发、生产和销 售，聚乳酸是目前3D打印耗材的重要原料之一，公司与下游主要3D打印耗材生产厂家有着良好的上下 游合作关系。 ...

智通财经APP获悉，国盛证券发布研报称，3D打印核心增量价值为即时性&经济性及对情感需求的满 足，行业步入"硬件+软件+生态"全栈竞争时代"。从生命周期看，3D打印赛道刚刚迈过0到1的孵化期， 正处于1到100的生长阶段，增长斜率陡峭，不断受益于供需共振;从属性看，赛道之美体现在"品"为核 心驱动力的模式提升了行业竞争壁垒，龙头受益大。 国盛证券主要观点如下： 供需拆解：强可选性，产品力仍有迭代空间 需求侧：核心增量价值为即时性&经济性及对情感需求的满足。需求端，3D打印用户主要有极客玩 家、学校&科研机构、小B端客户及泛潮流玩家等。前两者是行业早期核心用户，而后二者是打印机出 圈的关键。对于小B用户而言，3D打印提供的增量价值在于即时性&经济性，而对于泛潮流玩家，3D打 印的吸引力在于其创造性、社交性、与IP的交互性为用户提供了独一无二的情绪价值，而构建有活力的 内容生态是持续的关键。 马太效应显著，高端品仍有降本空间 成本端：低端机BOM简单，高端化机型仍有降本空间。一台3D打印机主要由五个部分构成：框架结构 提供整体支持性;运动系统控制打印头和平台的运动;挤出机负责将材料融化并且挤出;控制板负责接收指 ...

Investment Rating - The report maintains an "Accumulate" rating for the industry [6] Core Insights - The consumer-grade 3D printing industry is transitioning from the incubation phase (0 to 1) to a growth phase (1 to 100), characterized by steep growth and benefiting from supply-demand resonance [1][12] - The industry is entering a full-stack competition era involving hardware, software, and ecosystem integration, raising the bar for players' comprehensive capabilities [3][47] - The demand side shows strong optionality, with core value derived from immediacy, economic benefits, and emotional satisfaction [2][26] Supply and Demand Analysis - **Demand Side**: The core incremental value for users includes immediacy and economic efficiency, with key user segments being DIY enthusiasts, educational institutions, small businesses, and trend-driven consumers [2][26] - **Supply Side**: The industry has evolved from hardware competition to a combination of hardware, software, and ecosystem competition, necessitating improvements in product capabilities such as printing precision, speed, and material compatibility [3][47] Industry Dynamics - The industry exhibits a significant Matthew effect, where leading brands benefit disproportionately, and high-end products still have cost reduction potential [4][62] - The cost structure of low-end machines is simpler, while high-end models have room for cost reduction through advanced components [4][73] - The competitive landscape is driven by product quality, with leading companies like Chuangxiang Sanwei achieving high gross margins and net margins [19][62] Recommended Stocks - Key companies identified for investment include Chuangxiang Sanwei, Tuozhu Technology, and others, which are positioned well within the industry [9][62] Market Overview - The global consumer-grade 3D printer market is projected to have a shipment volume of 4.1 million units and a market size of $2.1 billion by 2024, with a CAGR of 20.4% for GMV from 2020 to 2024 [15][19] - The market is highly concentrated, with the top four companies holding nearly 80% market share as of Q1 2025 [19][64] Future Outlook - The report emphasizes the importance of creating a vibrant content ecosystem to sustain user engagement and drive growth, with initiatives like Maker World providing a platform for creators [44][45] - The integration of AI and improved creator incentive systems are expected to enhance the ecosystem's vitality and user experience [45][60]

对标深圳 "加力促进制造业与服务业双轮驱动、融合发展" 的最新战略部署，民治街道早谋快干、主动 对标。"十四五" 期间，民治街道早已扎实筑牢制造业与服务业协同发展的坚实根基，勇当表率：规上 工业总产值实现近两倍增长，服务业营收连续五年占全区比重近五成，产业发展质效稳步提升。并在 2026年发展中坚持"数智引领、集群突破"，高水平建设数字经济核心区，为高质量发展构筑坚实支撑， 构筑数智产业集群，做优做强现代服务业，为市区新一轮高质量发展贡献都市核心区域的强劲动能。 2025年，民治街道全年规上工业产值达634.52亿元，同比增长18.8%；工业增加值增速12.0%。社消零稳 步增长，限上批发业销售额同比增长7.7%、限上零售业销售额同比增长13.6%、限上住宿业营业额同比 增长7.0%、限上餐饮业营业额同比增长6.6%。全年税收收入超百亿元。创新动能加速聚集，深圳—南 航低空智联产业科技创新中心、山东财经大学深圳研究院等重点项目落地。市场主体活力增强，新增规 上企业166家、国家高新技术企业181家、专精特新中小企业73家、国家级专精特新"小巨人"企业11家， 科大讯飞（002230）湾区总部、海克斯康等项目落 ...

春节假期后首个工作日，各地企业锚定年度目标，抢时间、拼效率、提产能，全国各地企业迎来开工热 潮。专家表示，此次春节后复工复产热潮，不仅彰显了我国企业的强劲韧性与发展活力，也为 2026 年经 济高质量发展奠定了坚实基础。 本报记者 王琰 2月24日，春节假期后首个工作日，全国各地企业迎来开工热潮。各地企业锚定年度目标，抢时间、拼 效率、提产能，以开局即冲刺、起步即决战的奋进姿态，全力冲刺一季度"开门红"。 重大项目集中开工 项目建设是经济增长的"压舱石"。马年新春，江苏各地重大项目全线发力，从南到北皆是热火朝天的建 设场景。 24日早8点，苏州市相城区苏州北站综合枢纽项目已是一片繁忙景象：地面上塔吊林立，钢索紧绷运送 建材；地下20多米深的基坑内，工人俯身加固螺栓，敲击声此起彼伏，施工节奏分秒不停。苏州高铁枢 纽投资开发有限公司副总经理魏荣亮表示，该项目计划2027年底完工，建成后将推动苏州跻身长三 角"十"字发展轴枢纽中心，全面提升城市能级与核心竞争力。 无独有偶，24日清晨，常州高新区罗森伯格常州智慧工厂建设现场，施工人员与企业监理人员已悉数到 岗。这个总投资超1亿美元的重点项目，春节前已完成主体结构封顶 ...

2月14日，中国证监会官网一则备案通知，让全球消费级3D打印领域的"隐形冠军"创想三维走到聚光灯 下。这家总部位于深圳的3D打印独角兽企业，正式获得境外发行上市备案，拟发行不超过1.51亿股境外 上市普通股并在香港联合交易所上市。随着备案落地，创想三维有望成为"港股消费级3D打印第一 股"。 备案落地：从"小房间"到港股通路的八年长跑 2026年2月12日，中国证监会国际合作司出具了《关于深圳市创想三维科技股份有限公司境外发行上市 及境内未上市股份"全流通"备案通知书》。文件显示，创想三维拟发行不超过150,808,200股境外上市普 通股，并在香港联合交易所主板上市。同时，公司21名股东拟将所持合计393,412,551股境内未上市股份 转为境外上市股份，并在香港联交所上市流通。这其中包括陈春、敖丹军、刘辉林、唐京科四位联合创 始人各5160万股，以及前海股权投资基金、深创投、腾讯创投等知名投资机构。 此次备案由中金公司担任独家保荐人。根据港交所上市规则，企业需在聆讯审批日期至少4个营业日之 前提交"备案通知书"，这意味着创想三维已取得进行香港上市聆讯的前置要求，或很快在港交所进行上 市聆讯。公司需要在备案 ...