Group 1 - The mechanical equipment sector is expected to outperform the market, driven by a combination of cyclical recovery and growth potential, with engineering machinery and rail transit equipment showing significant profit recovery and low valuations [3][10] - The commercial aerospace sector is anticipated to reach a critical turning point in 2026, with advancements in reusable rocket technology and an increase in launch frequency, leading to a projected 197% year-on-year growth in payload quality [3][4] - The humanoid robotics industry is transitioning towards large-scale production, with significant cost reductions and improved capabilities expected, particularly with the launch of the Optimus V3 model [3][4] Group 2 - The semiconductor equipment sector is poised for growth due to increased demand from storage expansion and advanced packaging upgrades, with key players expected to benefit from ongoing capital expenditure recovery [3][4] - The PCB equipment market is experiencing a shift towards high-end products, driven by the penetration of AI servers and HPC architectures, leading to increased demand for new capacity and upgrades of existing production lines [3][4] - The controllable nuclear fusion sector is advancing with the construction of experimental devices and the bidding for key equipment, with high-temperature superconducting materials expected to become a core beneficiary of technological evolution [3][4] Group 3 - The mechanical equipment sector has shown a significant recovery in profitability, with 17 out of 19 sub-industries reporting improved net profit margins, indicating a broad-based recovery [12][33] - The sector's valuation has rebounded to a historically high level, with the current PE ratio at 35.42, reflecting a strong market preference for growth-oriented manufacturing assets [13][26] - The demand side remains weak but is stabilizing, with high-tech manufacturing and equipment manufacturing showing better performance compared to traditional sectors, indicating a gradual recovery in the overall manufacturing landscape [34][38]

Investment Rating - The investment rating for the specialized equipment sub-industry is positive, indicating a favorable outlook for PCB equipment due to rising downstream demand and capital expenditure trends [2]. Core Insights - The global PCB industry market size is expected to reach USD 84.89 billion by 2025, growing at a rate of 15.4% year-on-year, driven by strong demand in sectors such as AI servers and data storage [15][16]. - The PCB equipment market is entering a high prosperity cycle, with significant growth anticipated in drilling, exposure, plating, and testing equipment segments [3][22]. - Capital expenditures among A-share PCB manufacturers are on the rise, with a total of CNY 30.70 billion in the first three quarters of 2025, surpassing the total for 2024 [15][19]. Summary by Sections PCB Market Overview - PCB, known as the "mother of electronic products," is widely used across various industries including communication, consumer electronics, automotive, medical devices, industrial control, and aerospace [14]. - The market is projected to benefit significantly from AI-driven demand, particularly in the server and data storage sectors, which are expected to grow at a compound annual growth rate (CAGR) of 18.7% from 2024 to 2029 [16][19]. Equipment Market Dynamics - The global PCB specialized equipment market is projected to grow from USD 7.085 billion in 2024 to USD 10.765 billion by 2029, with a CAGR of 8.73% [3][23]. - China remains the largest market for PCB specialized equipment, accounting for over 50% of the global market share [23]. Drilling Equipment - The global PCB drilling equipment market is expected to reach USD 1.470 billion in 2024, representing over 20% of the specialized equipment market, with a projected CAGR of 10.29% [31]. - Domestic manufacturers are rapidly catching up in the drilling equipment sector, particularly in laser drilling technology, which is gaining traction due to its precision and efficiency [35][36]. Exposure Equipment - The global PCB exposure equipment market is anticipated to grow to USD 1.204 billion in 2024, with a CAGR of 9.99% expected through 2029 [39]. - The market is currently dominated by foreign companies, but domestic firms are making significant progress in the mid-to-low-end segments [43]. Plating Equipment - The global PCB plating equipment market is projected to reach USD 564 million in 2025, with a CAGR of 9.51% expected until 2029 [50]. - China continues to be the largest market for PCB plating equipment, maintaining over 80% of the global market share [50]. Testing Equipment - The global PCB testing equipment market is expected to grow to USD 1.063 billion in 2024, with a CAGR of 9.48% projected through 2029 [53]. - The increasing complexity of PCB designs necessitates advanced automated testing solutions to ensure product quality [53]. Company Profiles Dazhu CNC - Dazhu CNC is a leading player in the PCB specialized equipment market, with a comprehensive product line covering various PCB manufacturing processes [58]. - The company has shown a significant rebound in performance, with a projected revenue of CNY 39.03 billion in the first three quarters of 2025, reflecting a year-on-year growth of 66.53% [59]. Ding Tai High-Tech - Ding Tai High-Tech has experienced steady revenue growth, with expectations of a net profit increase of 80.72% to 102.76% in 2025, driven by rising demand in the high-end PCB market [66]. - The company maintains a stable profit margin, with a projected gross margin of 40.62% in 2025 [68].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 SHENZHEN HAN'S CNC TECHNOLOGY CO., LTD. 深圳市大族數控科技股份有限公司 深圳市大族數控科技股份有限公司（「本公司」）董事會（「董事會」）兹通告謹定 於2026年3月30日（星期一）舉行董事會會議，藉以（其中包括）(i)考慮及通過本 公司及其附屬公司截至2025年12月31日止年度的全年業績及其發佈，(ii)考慮建 議派發末期股息（如有），以及(iii)處理其他事項。 承董事會命 深圳市大族數控科技股份有限公司 董事長兼執行董事 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3200） 董事會會議召開日期 楊朝輝 中國，深圳 2026年3月18日 於本公告日期，董事會包括執行董事楊朝輝先生，非執行董事張建群先生、周輝強先生、杜 永剛先生及黃麟婷女士，及獨立非執行董事丘運良先生、李薇薇女士、辛國勝博士及夏麗雅 女士。 ...

证券代码：301200 证券简称：大族数控 公告编号：2026-019 深圳市大族数控科技股份有限公司（以下简称"公司"）于 2025 年 4 月 17 日召开了第二届董事会第十二次会议和第二届监事会第九次会议，审议通过了 《关于公司使用部分闲置募集资金暂时补充流动资金的议案》，同意公司在保 证募投项目建设资金需求的前提下，使用不超过 8 亿元的闲置募集资金用于暂 时补充流动资金，使用期限自董事会审议通过之日起不超过 12 个月，到期前将 归 还 至 募 集 资 金 专 户 。 具 体 情 况 详 见 公 司 披 露 在 巨 潮 资 讯 网 （http://www.cninfo.com.cn）上的《关于公司使用部分闲置募集资金暂时补充流 动资金的公告》（公告编号：2025-021 ）。 在使用 A 股闲置募集资金暂时补充流动资金期间，公司严格遵守《上市公 司募集资金监管规则》《深圳证券交易所上市公司自律监管指引第 2 号——创 业板上市公司规范运作（2025 年修订）》以及公司《募集资金管理办法》等相 关规定，对资金进行了合理的安排与使用，用于暂时补充流动资金的 A 股闲置 募集资金仅用于与主营业务相关的生产 ...

Investment Rating - The report suggests a focus on investment opportunities in the mechanical equipment industry, particularly in areas of domestic substitution and AI integration [4]. Core Insights - The "14th Five-Year Plan" emphasizes technological self-reliance and the autonomy of industrial chains, with a focus on key sectors such as integrated circuits, industrial mother machines, high-end instruments, and advanced materials [6]. - The report identifies significant growth potential in the domestic production of industrial mother machines and scientific instruments, driven by increased policy support and funding [6][19]. - AI integration into mechanical equipment is highlighted as a major trend, with the industry expected to benefit from AI-driven infrastructure investments [32]. - The report notes the ongoing trend of Chinese engineering machinery companies expanding overseas, transitioning from product exports to capacity exports [4][37]. Summary by Sections 1. Breakthrough in "Choke Point" Areas: Industrial Mother Machines and Scientific Instruments - The report indicates that the domestic substitution process for industrial mother machines and scientific instruments will accelerate, supported by government policies [6]. - The high-end machine tool market remains heavily reliant on imports, with opportunities for domestic manufacturers to increase their market share [7][18]. - The scientific instruments sector is characterized by a high import dependency, with over 70% of instruments imported, indicating a strong potential for domestic manufacturers to fill this gap [22][26]. 2. Deep Integration of AI and Mechanical Equipment - The report highlights that the mechanical equipment industry will benefit from AI-driven infrastructure investments, with significant capital expenditure expected from major cloud service providers [32]. - AI applications, particularly in embodied intelligence, are identified as having substantial growth potential, with various industrial and consumer applications anticipated [38]. 3. Engineering Machinery's Global Expansion - The report notes that the engineering machinery sector is transitioning from product exports to capacity exports, with a focus on high-quality international cooperation [4]. - The export value of China's engineering machinery is projected to reach $60.17 billion by 2025, reflecting a compound annual growth rate (CAGR) of 23% during the "14th Five-Year Plan" period [4]. 4. Investment Recommendations - The report recommends focusing on sectors where domestic substitution is expected to continue, such as industrial mother machines and scientific instruments [4]. - It also suggests monitoring the integration of AI with mechanical equipment and the engineering machinery sector's international expansion [4].

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 深圳市大族數控科技股份有限公司 (於中華人民共和國註冊成立的股份有限公司) 呈交日期： 2026年3月10日 FF305 確認 根據《主板上市規則》第13.25C條 / 《GEM上市規則》第17.27C條，我們在此確認，據我們所知所信，第一章節所述的每項股份發行或庫存股份出售或轉讓已獲發行人董事會正式授權批准，並遵 照所有適用上市規則、法律及其他監管規定進行，並在適用的情況下： (註7) (i) 上市發行人已收取其在是次股份發行或庫存股份出售或轉讓應得的全部款項； 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | ...

及跨越 5%整数倍的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 证券代码：301200 证券简称：大族数控 公告编号：2026-018 深圳市大族数控科技股份有限公司 关于控股股东持股比例被动稀释触及 1%整数倍 | 1．基本情况 | | | --- | --- | | 信息披露义务人 1 | 大族激光科技产业集团股份有限公司 | | 住所 | 深圳市南山区深南大道 9988 号 | | 信息披露义务人 2 | 大族控股集团有限公司 | | 住所 | 深圳市南山区粤海街道麻岭社区深南大道 9988 号大族科技中心 2401 | | 权益变动时间 | 2026 年 3 月 10 日 | | 权益变动过程 | 公司于 年 月 日发行 股并在香港联合交易所有限公司主板挂 2026 2 6 H 牌上市后，悉数行使超额配售权，公司总股本增加至 483,528,652 股， 大族激光及大族控股持股数量不变，持有股份比例被动稀释，合计持股 比例由 75.45%降至 74.27%。 | | 股票简称 大族数控 | 股票代码 301200 | | 上升□ 变动方 ...

证券代码：301200 证券简称：大族数控 公告编号：2026-017 关于悉数行使超额配售权、稳定价格行动及稳定价格期结束 的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、悉数行使超额配售权情况 经香港联合交易所有限公司（以下简称"香港联交所"）批准，深圳市大 族数控科技股份有限公司（以下简称"公司"）发行的 50,451,800 股 H 股股票 （行使超额配售权之前）已于 2026 年 2 月 6 日在香港联交所主板挂牌并上市交 易（以下简称"本次发行上市"）。公司 H 股股票中文简称"大族數控"，英 文简称"HANS CNC"，股票代码"03200"。具体内容详见公司于 2026 年 2 月 6 日在巨潮资讯网（www.cninfo.com.cn）上披露的《深圳市大族数控科技股 份有限公司关于境外上市股份（H 股）挂牌并上市交易的公告》（公告编号： 2026-014）。 深圳市大族数控科技股份有限公司 根据本次发行上市方案，公司同意由保荐人兼整体协调人（为其本身及代 表国际承销商）于 2026 年 3 月 5 日悉数行使超额配售权，按发售价每 ...

证券代码：301200 证券简称：大族数控 公告编号：2026-016 深圳市大族数控科技股份有限公司 关于提前归还部分用于暂时补充流动资金的 A股闲置募集资金的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 深圳市大族数控科技股份有限公司（以下简称"公司"）于 2025 年 4 月 17 日召开了第二届董事会第十二次会议和第二届监事会第九次会议，审议通过了 《关于公司使用部分闲置募集资金暂时补充流动资金的议案》，同意公司在保 证募投项目建设资金需求的前提下，使用不超过 8 亿元的闲置募集资金用于暂 时补充流动资金，使用期限自董事会审议通过之日起不超过 12 个月，到期前将 归 还 至 募 集 资 金 专 户 。 具 体 情 况 详 见 公 司 披 露 在 巨 潮 资 讯 网 （http://www.cninfo.com.cn）上的《关于公司使用部分闲置募集资金暂时补充流 动资金的公告》（公告编号：2025-021 ）。 2026 年 3 月 5 日，根据 A 股募集资金投资项目进度及资金安排，公司将上 述用于暂时补充流动资金中的 0.4 亿元 A 股闲 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 深圳市大族數控科技股份有限公司 (於中華人民共和國註冊成立的股份有限公司) 呈交日期: 2026年3月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 301200 | 說明 | | A股 (於深圳證券交易所上市) | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 425,509,152 | RMB | | 1 RMB | | 425,509,152 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 425,509,152 | RMB | | 1 RMB | | 425,509, ...