国盛证券：消费级3D打印受益于供需共振行业龙头受益大

智通财经02-27

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：...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2614007351?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-02-27 11:30","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2614007351","market":"hk","top_or_hot":-1,"title":"国盛证券：消费级3D打印受益于供需共振 行业龙头受益大","media":"智通财经","content":"<div>\n<p>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：...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1408023.html\">网页链接</a>\n\n</div>\n","source":"stock_zhitongcaijing","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>国盛证券：消费级3D打印受益于供需共振 行业龙头受益大</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n国盛证券：消费级3D打印受益于供需共振 行业龙头受益大\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-02-27 11:30 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1408023.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>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：...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1408023.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK0276","symbol_name":"资本市场","start_time":0,"source_url":"http://www.zhitongcaijing.com/content/detail/1408023.html","article_id":"2614007351","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2614007351","pubTimestamp":1772163018,"columns":[],"sourceInfo":{"source_id":"stock_zhitongcaijing","name":"智通财经网"},"weMediaInfo":null,"summary":"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：","collect":0,"end_time":0,"defaultTopTitle":"zhitongcaijing.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"BK0276":"资本市场","002670":"国盛证券","BK0052":"金控平台"},"translate_title":"Guosheng Securities: Consumer-grade 3D printing benefits from the resonance of supply and demand, industry leaders benefit greatly","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"002670":1.5},"content_text":"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。供给侧：行业步入“硬件+软件+生态”全栈竞争时代。供给侧行业经历了硬件竞争(性价比为王)-软硬件竞争(技术为核心)-硬件&软件&生态竞争的变迁，对赛道玩家综合实力要求提升。产品力的具体体现为打印精度、打印速度、材料&色彩兼容性、易用性与材料节省性。当前技术迭代重点在打印精度、材料&色彩兼容性：通过配置传感器、AI相机等方案可增加打印精准度，通过多喷头方案、电机升级可以兼容更多材质及颜色。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;控制板负责接收指令;电源。低端机BOM简单、消费者可以DIY，而高端机加配AI相机、传感器等部件，仍有降本空间竞争端：品为核心驱动要素，马太效应显著。产品力为核心竞争要素，创想三维2025年新品GMV占总体比例高达57%，与石头科技接近，说明品仍为第一要素。品的竞争核心回归“硬件+软件+生态”，赛道马太效应显著。渠道力&营销能力助力产品全球化，国牌龙头在二者均有不错的表现，创想三维建立线上&线下全面覆盖的销售网络、拓竹则以独立站为支点，营销端，二者通过KOL、博主带货+Youtube、Ins等渠道宣传。风险提示：竞争风险加剧、全球贸易摩擦加剧风险、关税风险。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.42.0","shortVersion":"4.42.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2614007351","isCrawlerRequest":true}

国盛证券：消费级3D打印受益于供需共振 行业龙头受益大

精彩评论

国盛证券：消费级3D打印受益于供需共振行业龙头受益大