At the end of August 2025, a mysterious model codenamed “Nano Banana” appeared anonymously on the LMArena review platform, sparking widespread speculation due to its astonishing image generation and editing capabilities. Google later confirmed that this was its latest multimodal image model, Gemini 2.5 Flash Image. Within 48 hours, the anonymous test model transformed into an official flagship product.
The emergence of Nano Banana provides a seamless experience from design to printing in 3D printing. Users can generate high-precision figurine design drawings and directly convert them into 3D models using tools like Hitem3D, finding printing services on platforms like Taobao, reducing costs from thousands of yuan in traditional modeling to just a few hundred. To create a figurine of a pet, users only need to provide a photo, and the AI automatically completes the conversion from 2D to 3D, avoiding reliance on professional software like ZBrush in traditional processes. Nano Banana can also generate complex structures such as bicycle wheels with spokes and streamlined hulls, achieving a geometric resolution of 1024 levels and maintaining precision control within 0.1 millimeters. The directly exported STL files can skip the manual repair stage, significantly reducing the failure rate of prints.
Next, let’s briefly discuss the domestic 3D industry chain.
The 3D printing industry is experiencing a penetration from industrial-grade to consumer-grade. In 2024, the global 3D printing market size is approximately $19.33 billion, while the Chinese market size is about 41.5 billion yuan.
Complete Equipment: Anker Innovations’ eufyMake E1 has set a Kickstarter crowdfunding record with $46.76 million. Tuozhu Technology (unlisted) holds over 50% of the global consumer-grade 3D printer market share, with new products like H2S expected to drive a 120% revenue growth in 2025.
Core Components: Jepter’s 3D printing laser has a market share of about 25%, and its AOB ring spot laser has tripled the efficiency of metal printing. Jin Chengzi holds over 30% of the market share for 3D printing control systems.
3D Scanners: Si Kan Technology’s KSCAN series scanners achieve an accuracy of 0.02mm, used for wax mold inspection in Longyuan forming. Obi Zhongguang and Chuangxiang Sanwei jointly launched the CR-Scan Otter scanner, with related revenue expected to grow by 80% in 2024.
Printing Materials: Changjiang Materials’ sand-type 3D printing materials. Haizheng Shengcai‘s PLA consumables hold about 15% of the global market share. Bolite has reduced the cost of titanium alloy powder from 600 yuan/kg to 300 yuan/kg, promoting applications in fields such as foldable phone hinges and humanoid robot joints.
Next, let’s look at some related news.
There are reports that Google has increased its orders. Google plans to launch a 4 million card TPU-v6 cluster in Q4 2025, using Innolight 1.6T DR8 and new Yisheng 800G SR8 hybrid architecture. Zhijia Xuchuang & Yisheng: jointly entering Google’s next-generation TPU supply chain. Once the 4 million card TPU-v6 cluster is operational, Zhijia Xuchuang will secure the largest share of 1.6T optical modules and raise ASP, while Yisheng will enter Google’s 800G supply chain for the first time—both companies are expected to see a significant increase in revenue, net profit, and valuation from 2025 to 2027. The 4 million card TPU-v6 cluster is equivalent to giving Zhijia Xuchuang an “increased order” for 1.6T optical modules and opening the floodgates for 800G orders for Yisheng, benefiting both companies simultaneously. Therefore, the stock prices surged again yesterday, and the sky is the limit.
At the Shanghai Cooperation Organization meeting: China is willing to work with all parties to build a good artificial intelligence application cooperation center and share the dividends of AI development.
AI applications are receiving further good news. On August 26, the “Opinions on Deepening the Implementation of the ‘Artificial Intelligence+’ Action” were released. The next day, AI applications opened high and then fell, remaining at a low level. We will see if this time there will be any performance, especially for AI companies with overseas layouts.
According to the Securities Times: On September 1, during Asian market trading, COMEX gold futures rose over 1%, reaching a record high of $3,552 per ounce; spot silver rose over 2%, breaking $40 per ounce for the first time since October 2011. Since the beginning of this year, spot gold has increased by over 32%, and spot silver has nearly increased by 40%. The expectation of interest rate cuts in the US may accelerate the non-ferrous sector.
According to China News: In 2024, the trade volume between China and other member countries of the Shanghai Cooperation Organization reached $512.4 billion, with the total GDP of member countries being more than 13 times that at the time of its establishment. A trillion-dollar economic zone spanning the Eurasian continent is operating at high speed.
Goldman Sachs: Cambricon’s second-quarter performance was strong, raising the 12-month target price by 14.7% to 2,104 yuan. Considering higher shipments of AI chips and lower operating expense ratios, the net income forecast for Cambricon from 2025 to 2030 has been raised, with this year’s forecast up by 34%, the highest.
Sanwei Xinan: The company is the vice-chairman unit of the Hong Kong Web3.0 Standardization Association and is actively laying out Web3.0 application scenarios such as stablecoins and RWA.
Chengdu Huawi: The 4-channel 12-bit 40G high-speed high-precision RF direct sampling ADC chip has received intention orders. This chip has completely independent intellectual property rights.
Hengrui Medicine: The class 1 innovative drug Zemituzumab tablets have received conditional approval for marketing, intended for adult patients with relapsed or refractory peripheral T-cell lymphoma (R/RPTCL) who have previously received at least one line of systemic therapy.
Yuandong Biology: The hydrochloride of Nefopam orally disintegrating tablets has obtained a drug registration certificate, making the company the first domestic generic drug approved for marketing.
Suda Weige: Plans to acquire no more than 51% of Changzhou Weipu, a photomask inspection equipment company, for no more than 510 million yuan. After the acquisition is completed, it is expected to achieve control over the target company.
According to the Securities Daily: In the first half of the year, the net income of listed brokerage firms’ brokerage business exceeded 63 billion yuan, a year-on-year increase of over 43%. Listed brokerage firms’ brokerage business has not only achieved breakthroughs in scale and growth rate but has also demonstrated transformation results in multiple dimensions such as agency sales capabilities and customer service, laying a solid foundation for the upward breakthrough of brokerage wealth management business. The sector saw significant declines yesterday; we will see when it will be their turn.
Sullivan: China’s enterprise-level large model calls saw explosive growth in the first half of the year, with the daily average call volume increasing by 363% compared to the end of 2024, exceeding 10 trillion tokens, with Alibaba Tongyi leading with a 17.7% share; it is expected that over 80% of enterprises will adopt open-source large models, indicating that open-source models will drive a new round of growth in the enterprise-level market.
Domestic Commodity Futures: As of the close on September 1, the market showed mixed results. Polycrystalline silicon rose over 6%, Shanghai silver rose over 4%, caustic soda and Shanghai gold rose over 2%, Shanghai nickel and SS rose over 1%, while peanuts and methanol saw slight increases; coking coal and coke fell over 3%, iron ore and lithium carbonate fell over 2%, and cotton and styrene fell over 1%, with plastics and urea seeing slight declines.