东莞证券表示，PCB产业链高景气有望持续。结合前期业绩预告披露情况，PCB产业链2025年业绩实现 高速增长，一方面受益于下游AI算力需求持续增长，另一方面AI驱动PCB往高性能、高密度方向升级， 高多层板、高阶HDI等高价值量产品需求加大，同时也带动了高端覆铜板材料、钻针耗材及设备等环节 增长。 大族数控（301200）(03200)涨超6%，截至发稿，涨6.55%，报128.6港元，成交额1.63亿港元。 消息面上，第一上海指出，AI算力基建加码，全球PCB设备龙头迎发展机遇。公司紧抓行业成长机遇， 针对Rubin及后续AI PCB产品中，双侧HDI板所用M9、Q布材料对超快激光加工的技术需求，公司旗下 超快激光钻机具备显著卡位优势；目前公司已与下游主流厂商开展合作验证，与多数厂商完成送样，部 分厂商验证进程推进较快，其中M9方案配套的激光钻机已通过英伟达认证，该产品预计2026年实现批 量发货。 ...

Group 1 - The core viewpoint of the article highlights that Dazhu CNC (03200) has seen a significant increase in stock price, rising over 6% to 128.6 HKD, with a trading volume of 163 million HKD, indicating strong market interest [1] - First Shanghai points out that the AI computing power infrastructure is being strengthened, presenting development opportunities for global PCB equipment leaders. The company is seizing industry growth opportunities, particularly in the AI PCB product segment [1] - The company has a notable competitive advantage with its ultra-fast laser drilling machines, which are essential for the M9 and Q fabric materials used in double-sided HDI boards. Collaborations with mainstream downstream manufacturers are underway, with some validation processes progressing rapidly [1] Group 2 - Dongguan Securities indicates that the PCB industry chain is expected to maintain high prosperity. The industry is projected to achieve rapid growth in 2025, driven by sustained demand for AI computing power and the upgrade of PCBs towards high-performance and high-density products [1] - The demand for high-value products such as high-layer boards and advanced HDI is increasing, which in turn is boosting growth in high-end copper-clad materials, drilling consumables, and equipment segments [1]

在境外上市备案管理制度深化落地、港股回暖及境内企业境外融资需求释放的大背景下，制造业A股上市公司赴H股发 行上市（A to H模式）成为拓宽融资渠道、实现全球化布局的重要路径。2025年中国证监会针对A to H境外上市备案， 重点聚焦跨境合规管理、行业特殊监管要求等核心领域，备案审核呈现鲜明特征。本文基于2025年全年制造业A股上 市公司H股备案审核实践，结合近期证监会备案反馈，从实务操作角度论证分析境外上市备案审核中普遍性及高端先 进制造业特殊性法律问题，提出相关核查建议，供办理制造业A to H上市相关业务时参考。 作者｜杨海 陈鑫睿 顾海涛 张霞 来源｜锦之翼公众号 一、2025年制造业A股上市公司H股发行上市证监会备案情况概况 2025年，受益于境外上市备案制优化、港股回暖及境内企业境外融资需求释放，A to H上市迎来爆发式增长，全年备 案呈现"提交数量激增、审核效率提升、行业集中度高"的特点。制造业A股上市公司作为A to H模式上市的主要参与群 体，其备案提交、审核时长及备案通过情况亦呈现鲜明行业特征。 注1：上述企业均为2025年提交H股备案并取得证监会备案通知书的制造业A股公司，信息来源于 ...

香港联交所最新资料显示，2月13日，GIC Private Limited增持大族数控（301200）(03200)9.34万股，每 股作价115.8746港元，总金额约为1082.27万港元。增持后最新持股数目约为858.19万股，最新持股比例 为17.01%。 ...

智通财经APP获悉，香港联交所最新资料显示，2月13日，GIC Private Limited增持大族数控(03200)9.34 万股，每股作价115.8746港元，总金额约为1082.27万港元。增持后最新持股数目约为858.19万股，最新 持股比例为17.01%。 ...

Group 1 - The core point of the article is that Dazhu Laser's subsidiary, Dazhu CNC, has successfully listed on the Hong Kong Stock Exchange, achieving a dual capital platform layout with A+H shares [1] - The listing took place on February 6, 2026, under the stock code 03200.HK [1] - The IPO attracted notable cornerstone investors, including GIC, Shenghong Technology's Hongxing International, Schroders, Hillhouse Capital, and MSIP, with a total subscription amount of approximately $310 million [1]

Group 1: Investor Relations Activities - The company engaged in various investor relations activities, including specific object research and analyst meetings, from January 6, 2026, to February 11, 2026 [2] - Notable participants included Morgan Stanley, Southern Fund, and Huatai Securities, among others, with multiple meetings scheduled throughout January and early February [2] Group 2: Subsidiary Listing and Market Opportunities - The subsidiary, Dazhu CNC, was successfully listed on the Hong Kong Stock Exchange on February 6, 2026, with a total subscription amount of approximately $1 billion from notable cornerstone investors [3] - The PCB industry is projected to grow, with revenue and output expected to increase by 15.4% and 9.1% respectively by 2025, driven by demand for AI servers and switches [3] Group 3: 3D Printing and Welding Equipment - The company is focusing on 3D printing technology for consumer electronics, particularly titanium alloy structural components, which is expected to become a new growth point due to increasing industry demand [3] - A comprehensive intelligent welding product system has been developed to meet diverse industry requirements, providing specialized welding technology support to various sectors including aerospace and energy [3] Group 4: General Industrial Laser Processing Equipment - The company emphasizes research and innovation to optimize products in response to market demands, leading to an increase in market share for high-power laser cutting equipment [4] - The company is expanding its overseas research, production, and sales teams to capitalize on the growing equipment demand in Southeast Asia, reflecting a trend towards diversified manufacturing supply chains [4]

经济观察网 近期券商机构发布研报看好大族数控（301200）前景。东吴证券2026年2月11日指出，M9 Q布方案催生超快激光钻需求，相比CO2激光钻具有材料兼容性强和微孔加工更精细优势，正交背板与 中板引入Q布材料将推动需求，推荐钻孔设备龙头大族数控。花旗同日首予大族数控H股"买入"评级， 目标价142港元，看好公司作为中国领先PCB钻孔设备制造商，受惠于胜宏科技（300476）等AI PCB制 造商需求强劲增长，且H股较A股折让约36%。内部数据库显示，机构综合目标价为184.90元（A股）， 较最新价上涨空间24.09%市场观点。 近期事件 公司H股于2026年2月6日在港交所挂牌上市（股票代码03200），发行价95.80港元。2026年2月13日， Schroders PLC增持大族数控H股17.94万股，每股作价121.9643港元，总金额约2188.04万港元，增持后 持股比例升至14.07%。这表明机构投资者对公司的长期价值认可。 股票近期走势 近7日股价波动显著，A股最高达154.12元（2月11日），最低148.70元（2月13日）。2月13日收盘报 149.00元，当日跌1.78%，换手 ...

Core Viewpoints - The mechanical industry is expected to embrace "technology + going global" as its dual main lines in 2026, focusing on high elasticity growth opportunities and performance certainty from overseas expansion [13][9][7] 2025 Review Market Performance - In 2025, the mechanical sector achieved a 41% increase, significantly outperforming the CSI 300 index, which rose by 18%, ranking fifth among A-share sub-industries [6][16] - The sub-sectors that performed well included PCB equipment (+252%), 3C equipment (+129%), controllable nuclear fusion (+119%), data centers (+112%), and humanoid robots (+85%) [20][6] Demand Side - Domestic demand showed signs of bottoming out, with a marginal improvement towards the end of 2025, while external demand began to recover positively [31][35] - The manufacturing PMI in December 2025 rebounded to 50.1, indicating a return to expansion territory, driven by large enterprises and high-tech manufacturing [32][35] Cost Side - The cost structure showed a continuous improvement trend, with PPI declining by 2.6% year-on-year in 2025, reflecting insufficient industrial demand [31][33] 2026 Outlook Macro Perspective - The macro narrative for the next five years is centered around "AI commercialization + global re-industrialization," with expectations of a cyclical recovery driven by proactive fiscal policies [6][7] Mid-level Perspective - Technology - The technology sector is expected to see explosive growth, with key areas including data centers, PCB equipment, semiconductor equipment, humanoid robots, and commercial aerospace [7][9] Mid-level Perspective - Going Global - The overseas production capacity is anticipated to enter a release phase in 2026, with significant revenue and profit growth expected for companies in the machinery and equipment sectors [7][8] Investment Recommendations - Investment strategies should focus on high-certainty directions with strong industry trends and competitive advantages, prioritizing stock selection based on industry trends, competitive positioning, and valuation [7][8] - Long-term investments should consider companies with platform capabilities that offer sustainable value [7][8]

Group 1 - The core viewpoint of the article highlights the performance of the CSI 500 Growth ETF managed by Huaxia Fund Management, which has seen a return of 29.67% since its inception on July 19, 2022, and a return of 0.82% over the past month [1][1][1] - As of the midday close on February 13, the CSI 500 Growth ETF (159620) fell by 0.77%, trading at 1.289 yuan with a transaction volume of 893,900 yuan [1][1][1] - The top holdings of the CSI 500 Growth ETF include stocks such as Ruichuang Micro-Nano, which rose by 0.94%, and Changchuan Technology, which increased by 2.50%, while stocks like Hehe Information and Dazhu CNC experienced declines of 1.37% and 0.15%, respectively [1][1][1] Group 2 - The performance benchmark for the CSI 500 Growth ETF is the return rate of the CSI Smart Selection 500 Growth Innovation Strategy Index [1][1][1] - The fund is managed by Huaxia Fund Management Company, with Rong Ying serving as the fund manager [1][1][1]