Investment Rating - The report maintains a "Recommended" investment rating for the mechanical equipment industry [3] Core Viewpoints - The mechanical equipment industry is entering the "AI Era," which will create significant investment opportunities centered around AI infrastructure and AI empowerment [4][15] - The report highlights the historical performance of the mechanical equipment sector during previous five-year plans, indicating that each era has distinct characteristics that influence investment opportunities [6][10] Summary by Sections 1. Review of Five-Year Plans - The mechanical equipment industry has shown varying performance across the past four five-year plans, with significant growth during the Eleventh Five-Year Plan (642% increase) and a decline during the Thirteenth Five-Year Plan (-21% decrease) [6][7] - The industry ranked second among 28 sectors during the Eleventh Five-Year Plan and seventh during the Fourteenth Five-Year Plan, reflecting its evolving significance [7][8] 2. AI Infrastructure: Driving Demand for PCB Equipment, AIDC, Liquid Cooling, and Semiconductor Equipment - The AI computing revolution is expected to drive structural growth in PCB demand, with a projected annual growth rate of 16.3% for AI server-related HDI from 2023 to 2028 [19] - The report anticipates that the global PCB market will reach $73.565 billion in 2024, with a 5.8% year-on-year increase, and $94.661 billion by 2029 [19] - AI servers significantly increase the unit value of PCBs, with a single AI server PCB valued at $500-$800, compared to $200-$300 for traditional servers [20] - The report identifies challenges in capacity expansion, including long delivery times for high-end equipment and complex process validations [21] 3. AI Empowerment: The Rise of Embodied Intelligent Robots - The report discusses the practical applications of embodied intelligent robots in industrial logistics, elderly care, and specialized environments, emphasizing their potential to improve efficiency and safety [4][15] - It highlights the importance of technical feasibility and cost-effectiveness in the deployment of these robots [4] 4. Investment Recommendations - The report suggests focusing on AI infrastructure and AI empowerment as key investment directions for the mechanical equipment industry during the Fifteenth Five-Year Plan [4][15] - Specific recommendations include AI PCB equipment, AIDC power generation equipment, liquid cooling solutions, and semiconductor equipment [4][15] 5. Related Listed Companies - The report provides insights into key companies in the PCB equipment sector, such as Dazhu CNC, Chipbond Technology, and Dongwei Technology, highlighting their market performance and technological advancements [40][41]

Group 1 - The core point of the article is that Matrix Technology (300802.SZ) has stated on its investor interaction platform that its current clients do not include Yangtze Memory Technologies [1] Group 2 - The company is clarifying its client base to investors, which may impact perceptions of its market position and competitive landscape [1]

Core Viewpoint - The announcement from Matrix Technology indicates that the controlling shareholder, Mr. Yang Yong, has released a portion of his pledged shares, which may reflect a strategic move regarding liquidity or confidence in the company's future performance [1] Group 1: Shareholder Actions - Mr. Yang Yong, the controlling shareholder, has completed the release of 5,000,000 shares from pledge, which represents 5.43% of his total holdings [1] - The released shares account for 1.73% of the company's total share capital [1]

Core Viewpoint - Shanghai Matrix Technology Co., Ltd. announced that its controlling shareholder and actual controller, Yang Yong, will release the pledge of 5 million shares, accounting for 5.43% of his holdings and 1.73% of the company's total share capital [1] Summary by Relevant Sections - **Share Pledge Details** - The pledge started on February 8, 2024, and will be released on September 25, 2025, with Yunnan International Trust Co., Ltd. as the pledgee [1] - **Current Pledge Status** - As of the announcement date, Yang Yong and his concerted actors have pledged a total of 48.986 million shares, which represents 41.98% of their holdings and 16.93% of the company's total share capital [1] - **Risk Management** - Currently, there are no other restrictions on the shares held by Yang Yong and his concerted actors apart from the pledges, indicating that the pledge risk is manageable. The company will continue to monitor and disclose relevant information [1]

Core Viewpoint - The announcement indicates that the controlling shareholder, Mr. Yang Yong, has released a pledge on 5 million shares, which represents 5.43% of his holdings and 1.73% of the company's total share capital [1] Summary by Relevant Sections - **Share Pledge Release** - Mr. Yang Yong has released a pledge on 5 million shares, accounting for 5.43% of his total holdings and 1.73% of the company's total share capital [1] - **Current Pledged Shares** - As of the announcement date, Mr. Yang Yong and his concerted parties have a total of 48.986 million pledged shares, which is 53.20% of their holdings and 16.93% of the company's total share capital [1]

证券代码：300802 证券简称：矩子科技 公告编号：2025-054 上海矩子科技股份有限公司 关于控股股东部分股份解除质押的公告 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 上海矩子科技股份有限公司（以下简称"公司"）近日接到公司控股股东、实际控制 人杨勇先生的通知，获悉其将持有公司的部分股份办理了解除质押，相关解除质押的 手续已办理完毕。具体事项如下： 二、股东股份累计质押的情况 截至公告披露日，上述股东及其一致行动人所持质押股份情况如下： | | | | | | | | 已质押股份情况 | | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名称 | 持股数量 （股） | 持股 比例 | 本次解除质 押前质押股 | 本次解除质 押后质押股 | 占其所 持股份 | 占公司 总股本 | 已质押股份 | 占已质 | 未质押股份 | 占未质 押股份 | | | | （%） | 份数量 | 份数量 | 比例 | 比例 | 中的限售和 | 押股份 | 中的限售和 | | ...

Core Insights - The event "2025 Shanghai Listed Companies Collective Reception Day and Mid-Year Performance Briefing" was held on September 19, focusing on the performance of listed companies in the Shanghai area [1] - The chairman and general manager of Matrix Technology, Yang Yong, announced the full implementation of self-developed AI algorithm models, significantly enhancing the competitiveness of the company's machine vision products [1] - Market feedback has been positive, with continuous sales growth of related products [1] - Currently, the company combines traditional algorithms with AI algorithms, with plans to fully transition to AI algorithms in the future [1] - Matrix Technology is dedicated to the research and innovation of machine vision equipment and has developed into a global leader in specialized intelligent equipment manufacturing, including AOI and laser engraving [1]

Group 1 - The core point of the news is that Matrix Technology Co., Ltd. experienced a stock price increase of 5.36%, reaching 21.61 CNY per share, with a trading volume of 118 million CNY and a turnover rate of 2.82%, resulting in a total market capitalization of 6.252 billion CNY [1] - Matrix Technology, established on November 7, 2007, and listed on November 14, 2019, is based in Shanghai and specializes in the research, production, and sales of intelligent devices and components [1] - The main revenue composition of Matrix Technology includes machine vision equipment (46.79%), control cable components (42.21%), control units and devices (9.93%), and others (1.08%) [1] Group 2 - Among the top circulating shareholders of Matrix Technology, Huaxia Fund's Huaxia CSI Robot ETF (562500) entered the top ten in the second quarter, holding 3.2425 million shares, which accounts for 1.62% of the circulating shares [2] - The Huaxia CSI Robot ETF, established on December 17, 2021, has a latest scale of 14.471 billion CNY, with a year-to-date return of 37.46% and a one-year return of 90.44% [2] - The fund manager of Huaxia CSI Robot ETF is Hualong, who has been in the position for 3 years and 33 days, with a total asset scale of 42.926 billion CNY [3]

Core Viewpoint - The company held an earnings briefing on September 19, focusing on advancements in AI visual algorithms, semiconductor packaging and testing, technology iteration, humanoid robot layout, and export business growth [1][2]. Group 1: AI Visual Algorithms - The company has fully integrated AI algorithms into its machine vision products, such as AOI, SPI, AXI, and dispensing equipment, leading to significant improvements in product performance and market competitiveness [1]. - In semiconductor packaging, the accuracy of defect detection and false alarm control has notably improved, enhancing the precision of motion control for different PCB substrate states [2]. Group 2: Semiconductor Packaging Business - The company’s semiconductor packaging products focus on appearance defect detection for bonding and post-dicing processes, with small batch shipments already achieved [2]. - The 3D online X-ray inspection equipment (AXI) is currently undergoing validation testing with clients for internal defect detection in power devices, and the company has relevant technological reserves for advanced packaging [2]. Group 3: Technology Iteration - The company has fully adopted its self-developed AI algorithm models, which, combined with traditional algorithms, have enhanced the competitiveness of its machine vision products, leading to a continuous increase in product sales [2]. Group 4: Humanoid Robot Layout - The company possesses 3D structured light technology but has not yet industrialized its humanoid robot layout [2]. Group 5: Export Business Growth - In the first half of the year, the company’s export revenue reached 129 million, a significant increase from 77 million in the same period last year, driven by demand in consumer electronics and semiconductors [2]. - The growth in exports is attributed to market demand changes, global client expansion, and new overseas clients, as well as some domestic clients venturing abroad [2]. Group 6: Other Business Developments - The company’s cable assembly products are utilized in photolithography equipment, and its investment in the Suzhou Chip Dynamics Fund focuses on the semiconductor supply chain, yielding good project returns [2]. - The company’s detection equipment is applicable in the PCB industry, with major clients including well-known companies like Apple and Huawei, and the expansion of downstream client capacity is expected to boost demand for machine vision equipment [2].

Group 1: AI Algorithm Development - The company has fully integrated AI algorithms into its machine vision products, enhancing performance and market competitiveness [1][4] - New AI-based detection models have significantly improved accuracy and false positive control in defect detection [2] - The company is transitioning from traditional algorithms to a complete reliance on AI algorithms in the future [4] Group 2: Semiconductor Packaging Technology - The company’s semiconductor packaging products focus on appearance defect detection in bonding and post-dicing processes, with small batch shipments already realized [3][5] - The 3D online X-ray inspection equipment (AXI) is being tested with clients for internal defect detection in power devices [3] - The company has made technical preparations for advanced packaging solutions [3][5] Group 3: Export Growth and Market Expansion - The company reported an export revenue of 129 million in the first half of 2025, a significant increase from 77 million in the same period last year, driven by international expansion and new overseas clients [5] - Various products have been certified by leading semiconductor clients, indicating strong market acceptance [5][6] Group 4: Customer Demand and Industry Trends - The demand for machine vision equipment is expected to rise due to downstream customer capacity expansion [6] - The company’s products are recognized by major clients in the electronics manufacturing sector, including Apple, Huawei, and Xiaomi [6]