[CSI Headlines].

The 3D printing market is growing rapidly, and the industry continues to improve

On January 13, Wang Lingjun, deputy director of the General Administration of Customs, said that in 2024, China's new products and new business brands will continue to emerge, the amount of "new" in foreign trade will continue to rise, and more new products with high-tech attributes will accelerate their going to sea, among which 3D printers will increase by 32.8% year-on-year. It is worth noting that according to Cainiao's global supply chain data, since December 2024, Cainiao's 3D printer shipments in overseas warehouses have increased by more than 2 times year-on-year, especially in the US market.

Comments: The application prospect of 3D printing technology is very broad, not only in the civilian market and high-tech fields, but also in the combination of new materials and new technologies show great potential. With the acceleration of the localization of the industrial chain and the popularization of consumer-grade 3D printers, 3D printing technology will bring innovation and change to more industries.

【Selected News】

○ In order to implement the deployment requirements of the Party Central Committee and the State Council on expanding service consumption and promoting the development of cultural tourism, the General Office of the State Council recently issued the "Several Measures on Further Cultivating New Growth Points to Prosper Cultural and Tourism Consumption", proposing 18 specific measures in 6 aspects.

○ The China Securities Regulatory Commission held a 2025 system work conference to summarize the work in 2024, further promote inspection and rectification, and study and deploy key tasks in 2025. The meeting said that it would adhere to the principle of stability and make every effort to form and consolidate the momentum of market stability. Resolutely implement the important requirements of the Central Economic Work Conference on stabilizing the stock market, strengthen the linkage monitoring and supervision at home and abroad, inside and outside the market, and futures and spots, and enhance the forward-looking, proactive and effective work. Together with the People's Bank of China, we will give better play to the effectiveness of the two structural monetary policy tools, strengthen strategic force reserves and market stabilization mechanisms. Strengthen policy interpretation and publicity and guidance, respond to market concerns in a timely manner, and further stabilize market expectations.

○According to data released by the General Administration of Customs, China's exports (in US dollar terms) in December 2024 increased by 10.7% year-on-year, and the previous value increased by 6.7%; imports increased by 1.0%, and the previous value decreased by 3.9%; The trade surplus was 104.84 billion US dollars, compared with 97.44 billion US dollars in the previous year.

○ In order to further improve the macro-prudential management of cross-border financing, continue to increase the sources of cross-border funds for enterprises and financial institutions, and guide them to optimize their asset-liability structure, the People's Bank of China and the State Administration of Foreign Exchange have decided to raise the macro-prudential adjustment parameters for cross-border financing of enterprises and financial institutions from 1.5 to 1.75, which will be implemented on January 13, 2025.

○ British Prime Minister Starmer has pledged that the British government will purchase up to 100,000 GPUs by 2030, which means that the UK's sovereign AI computing power will increase by 20 times, mainly for AI applications in academia and public services.

[Sankei perspective].

The Hongmeng ecological construction is expected to benefit from the acceleration of the industrial chain

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Yu Chengdong, Chairman of Huawei Device BG, recently said in a 2025 New Year's letter to all employees of Huawei terminals that in 2024, the HarmonyOS NEXT (5.0) ecosystem will usher in a historic breakthrough, with the official release of HarmonyOS NEXT (5.0), more than 20,000 HarmonyOS native applications and meta services, more than 7.2 million HarmonyOS developers, and more than 1 billion ecological devices. In 2025, the HarmonyOS ecosystem will be strongly invested, and 100,000 applications are a sign of ecological maturity, which is a key goal in the next six months to one year. To break through the critical point in one go, native HarmonyOS users challenge 100 million.

Comments: At present, the HarmonyOS ecosystem has been widely used in finance, education, medical care, transportation and other industries, and has broad prospects for future development. With the launch of HarmonyOS PC, the HarmonyOS ecosystem will be further improved to meet the needs of users in in-depth office and entertainment. At the same time, the continuous development of the HarmonyOS ecosystem will drive a large number of application software vendors to adapt, migrate and develop, bringing new market opportunities to related enterprises. Related concept stocks include Daily Interactive (300766), Foxit Software (688095), etc.

[Company News].

○ Zhengdan Co., Ltd. (300641) announced that it is expected to make a net profit of 1.1 billion yuan to 1.3 billion yuan in 2024, a year-on-year increase of 11,039.13% to 13,064.42%; During the reporting period, the production and sales of the company's main products TMA and TOTM increased significantly compared with the previous year, the sales unit price increased significantly, and the unit cost remained basically stable, and the operating income and profit of the anhydride and ester business increased significantly year-on-year, resulting in a significant increase in net profit attributable to shareholders of listed companies.

○ Haiguang Information (688041) announced that it is expected to achieve annual operating income of 8.72 billion yuan to 9.53 billion yuan in 2024, an increase of 2.708 billion yuan to 3.518 billion yuan compared with the same period last year, a year-on-year increase of 45.04% to 58.52%. It is estimated that the net profit attributable to the owners of the parent company in 2024 will be 1.81 billion yuan to 2.01 billion yuan, an increase of 547 million yuan to 747 million yuan compared with the same period last year, a year-on-year increase of 43.29% to 59.12%. It is estimated that the net profit attributable to the owners of the parent company after deducting non-recurring gains and losses will be 1.71 billion yuan to 1.88 billion yuan in 2024, an increase of 574 million yuan to 744 million yuan compared with the same period last year, a year-on-year increase of 50.48% to 65.44%. It is estimated that the annual R&D investment in 2024 will be 3.23 billion yuan to 3.66 billion yuan, an increase of 420 million yuan to 850 million yuan compared with the same period last year, a year-on-year increase of 14.96% to 30.26%.

○WuXi AppTec (603259) announced that the company has sold a total of 86 million shares of WuXi XDC through its indirect holding subsidiaries, accounting for about 7.17% of WuXi XDC's current total share capital, with a cumulative turnover of approximately HK $2.426 billion, accounting for 4.07% of the company's latest audited net assets attributable to shareholders of the parent company. According to preliminary accounting, the cumulative investment income realized by the Company from the sale of WuXi XDC shares in the past 12 months was RMB2.016 billion, accounting for more than 10% of the Company's latest audited net profit attributable to shareholders of the parent company, of which the Company's net profit for the current period in 2024 was approximately RMB720 million and the Company's net profit for the current period in 2025 was approximately RMB1.297 billion.

○ Wutong Holdings (300292) announced that the net profit attributable to shareholders of listed companies in 2024 is expected to be 92 million yuan - 112 million yuan, an increase of 264.28% - 343.47% over the same period last year. The net profit after deducting non-recurring gains and losses was 102 million yuan to 122 million yuan, an increase of 257.25% to 327.30% over the same period last year. The company thoroughly implements "optimization and quality improvement", focuses on the essence of operation, optimizes process control and resource allocation, comprehensively improves the overall operation quality of the group, and significantly improves the sustainable development ability.

○ Huasi shares (002494) announced that the company originally planned to issue shares and pay cash to purchase the control of Comba Technology Co., Ltd. and raise matching funds. As the parties involved in the transaction were unable to reach a final consensus on the matters involved in the transaction plan, the parties decided to terminate the planning of the transaction. The company's shares will resume trading from the market open on January 14, 2025. The company promises not to plan major asset restructuring matters for at least one month from the date of this announcement. The termination of the planning of this transaction will not affect the normal operation of the company.

[Capital Tide View].

○ On January 13, the net outflow of main funds in Shanghai and Shenzhen was 20.747 billion yuan. The top three sectors with net inflows of major funds were non-ferrous metals, energy metals and petroleum industries, with net outflows of 1.019 billion yuan, 244 million yuan and 198 million yuan respectively. The top three stocks with net inflows of major funds were Zijin Mining, Yonghui Supermarket and Yingshisheng, with net inflows of 443 million yuan, 320 million yuan and 296 million yuan respectively.

○ North Copper (000737) rose 9.97% on January 13, with a turnover of 992 million yuan. According to the data of the Dragon and Tiger List, on the same day, Guotai Junan Shanghai Songjiang Zhongshan East Road bought a net of 60.4721 million yuan, a net purchase of 36.3037 million yuan for the special seats of Shenzhen-Hong Kong Stock Connect, a net sale of 1.6674 million yuan on the South Ring Road of Lhasa Financial City of Oriental Wealth Securities, and a net sale of 8.7702 million yuan on the East Ring Road of Zhangjiagang of Oriental Securities.