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]

Core Insights - The HDI board market is experiencing significant growth driven by global digital transformation and the trend towards electric and intelligent vehicles. China, as a major manufacturing and consumption market, is seeing rapid development in the HDI board industry, with a projected market size of 45.568 billion yuan in 2024, reflecting a year-on-year increase of 16.5% [1][6]. - The market is expected to continue expanding, reaching 50.908 billion yuan by 2025, with an 11.7% year-on-year growth [1][6]. Industry Overview - HDI boards, or High-Density Interconnect boards, utilize micro-blind buried hole technology and lamination processes to enhance circuit density, catering to the miniaturization and high-speed signal transmission needs of electronic products. They are primarily used in mobile phone motherboards, digital devices, and automotive electronics [3][4]. - The HDI board industry can be categorized into three types based on lamination complexity: low-end HDI (single lamination), high-end HDI (two or more laminations), and any-layer HDI (most complex) [3]. Market Size and Growth - The global HDI board market is projected to reach 12.8 billion USD in 2024, with a year-on-year increase of 15.3%, and is expected to grow to approximately 14.3 billion USD by 2025 [5][6]. Competitive Landscape - The HDI board industry is dominated by overseas and Taiwanese manufacturers, while mainland Chinese companies are rapidly catching up. Key players in mainland China include companies like Fangzheng Technology, Bomin Electronics, and Shenghong Technology, which are increasing their R&D investments and expanding high-end production capacities [7][8]. Development Trends - The HDI board market is shifting towards higher-end products, driven by the demand for advanced mobile devices and the adoption of AnyLayer HDI motherboards in Android smartphones. The trend indicates a growing need for high-layer HDI boards as high-end smartphone sales increase [9]. - The application fields for HDI boards are expanding, particularly in the rising electric vehicle sector, which requires stable and reliable circuit connections for various systems [10]. Additionally, the medical device sector is also a growing market for HDI boards due to the demand for miniaturized and intelligent devices [11]. - Environmental considerations are leading to a trend towards green manufacturing practices in the HDI board industry, with a focus on reducing harmful substances and optimizing production processes [12].

Core Viewpoint - The report highlights that the evolution of AI computing hardware is driving structural growth opportunities in the PCB (Printed Circuit Board) industry, with significant demand for high-layer and HDI boards due to the increasing requirements of AI applications and high-performance computing [1][27]. Industry Overview - The global PCB market size is projected to grow from $62 billion in 2020 to $75 billion in 2024, with a compound annual growth rate (CAGR) of 4.9%. By 2029, the market is expected to reach $93.7 billion, with a CAGR of 4.6% from 2024 to 2029 [1][27]. - The AI and high-performance computing sectors are anticipated to see substantial growth, with the market size expected to reach $15 billion by 2029, reflecting a CAGR of 20.1% from 2024 to 2029 [1][27]. Demand Drivers - The demand for high-layer PCBs and HDI boards is rapidly increasing, driven by the need for high-frequency, low-signal loss, and high-heat dissipation performance in AI servers. The value of a single AI server PCB is significantly higher than that of traditional servers [1][27]. - The market for high-layer PCBs is projected to reach $171 billion by 2029, while the share of high-end HDI boards in the global HDI market is expected to rise from 47% in 2024 to 57% in 2029, with a market size of $9.6 billion [1][27]. Technological Advancements - AI server requirements are pushing PCB technology upgrades, necessitating the use of high-layer (14-30 layers) and low-loss materials. This includes the adoption of low roughness reverse (RTF) copper foil and very low loss materials to minimize signal distortion [1][27]. - The report emphasizes the importance of material upgrades, such as the transition from traditional fiberglass cloth to low dielectric constant Q cloth, to meet the evolving demands of high-frequency applications [1][27]. Company Strategies - Companies in the PCB sector are actively expanding their capabilities. For instance, companies like Huadian Co. are advancing high-end PCB production, while Shenghong Technology has the capacity for mass production of high-layer boards and HDI boards [1][27]. - Equipment manufacturers like Chip Microelectronics and Dazhu CNC are introducing laser equipment tailored for high-end PCB processing, while material suppliers like Honghe Technology and Feilihua are developing low-dielectric electronic fabrics and high-end copper foils [1][27].

Group 1: Institutional Research Activity - In September, a total of 2027 listed companies in Shanghai, Shenzhen, and Beijing were surveyed by institutions, with Dazhu Laser receiving the highest number of visits at 14 times [1] - Huichuan Technology ranked second with 10 visits, followed by Zhongkong Technology, Weili Transmission, and Ice Wheel Environment, each receiving 9 visits [1] - The top three companies by institutional visit volume were Huichuan Technology (353 visits), Maiwei Bio-U (339 visits), and Jingsheng Electromechanical (295 visits) [1] Group 2: Company Performance and Developments - World has seen a maximum stock price increase of 122.45% since late September, with a projected order amount exceeding 4 million yuan, a year-on-year increase of approximately 240% [2] - Dazhu CNC has experienced a stock price increase of 289.68% since April, focusing on providing one-stop solutions for PCB production processes [4] - Jucheng Technology has achieved a maximum stock price increase of 132.26% since August, becoming a core supplier of SPD chips for DDR memory modules [6] Group 3: Sector Insights - Suning Universal has a substantial land reserve of over 1.55 million square meters, primarily located in economically developed areas of the Yangtze River Delta, showcasing strong risk resistance during industry cycles [8] - Focusing on technological innovation, Fuzhi Environmental aims to develop a new process for green methanol synthesis from biogas, reducing costs by over 30% compared to traditional methods [8]

Core Viewpoint - Shenzhen Dazhu CNC Technology Co., Ltd. has attracted over 50 institutional investors for research activities, focusing on the company's operational status, core competitiveness, and PCB industry trends during September 2025 [1][2]. Group 1: Company Performance - In the first half of 2025, the company achieved significant operational results, with revenue reaching 2.38183 billion yuan, a year-on-year increase of 52.26%, and a net profit of 263.27 million yuan, up 83.82% year-on-year [3]. - The company capitalized on the growth of AI server high-layer boards and the increasing technical complexity, enhancing its competitiveness in automotive electronics and consumer electronics multilayer boards [3]. Group 2: Core Competitiveness - The company's core competitiveness lies in providing one-stop optimal processing solutions, enhancing product technology and customer service capabilities through multi-dimensional collaboration in PCB production [4]. Group 3: PCB Industry Trends - The PCB industry is expected to benefit from the strong demand for AI computing-related terminals, with Prismark forecasting a revenue growth of 7.6% and a production increase of 7.8% in 2025 [5]. - The compound annual growth rate (CAGR) for high-layer boards and HDI boards related to AI servers and switches is projected to be 22.1% and 17.7%, respectively, from 2024 to 2029 [5]. - By 2029, the global and domestic PCB industry scale is expected to approach 100 billion USD and 50 billion USD, respectively, with a long-term CAGR of 5.2% from 2024 to 2029 [5]. Group 4: HDI Market - The HDI board market is experiencing rapid growth and technological upgrades, with the company providing differentiated solutions to meet increasing performance and efficiency demands [6]. - The company's newly developed equipment has received industry recognition and orders, which is expected to drive rapid revenue growth in HDI-related equipment [6].

（记者 王晓波） 每经头条（nbdtoutiao）——重磅解读！中国将不寻求WTO新的特殊和差别待遇，意味着什么？ 每经AI快讯，大族数控发布公告称，2025年9月2日至9月30日期间，大族数控接受宝盈基金等投资者调 研，公司副总经理、财务总监兼董事会秘书周小东等人参与接待，并回答了投资者提出的问题。 ...

Group 1: Company Performance - The company achieved a revenue of 238,183.32 million yuan in the first half of 2025, a significant increase of 52.26% compared to the same period last year [3] - The net profit attributable to shareholders reached 26,327.17 million yuan, reflecting a growth of 83.82% year-on-year [3] Group 2: Core Competitiveness - The company employs an innovative self-research model focused on segmented markets and application scenarios, enhancing its competitiveness in automotive electronics and consumer electronics multilayer boards [4] - The business model integrates key PCB production processes and multi-category products, providing one-stop solutions that enhance technical capabilities and customer service [4] Group 3: PCB Industry Trends - The PCB industry is expected to grow, with Prismark forecasting a revenue growth of 7.6% and a production increase of 7.8% in 2025, driven by demand for AI servers and switches [5] - The compound annual growth rate (CAGR) for the PCB industry from 2024 to 2029 is projected to be 5.2%, with the global market reaching nearly $100 billion and the domestic market reaching $50 billion by 2029 [6] Group 4: High Multilayer Board Market - The demand for high multilayer boards is increasing due to the rapid growth of data volume and the adoption of high-speed designs in AI servers and switches [7] - The company has developed advanced drilling machines and laser drilling solutions to meet the high precision and quality requirements for AI PCB products [8] Group 5: HDI Market Situation - The demand for HDI boards is rising in applications such as AI smartphones and automotive electronics, necessitating higher performance and efficiency from specialized equipment [10] - The company is continuously upgrading its laser drilling and imaging systems to meet the evolving technical requirements of HDI products [10]

中信证券股份有限公司 关于深圳市大族数控科技股份有限公司部分募集资金投资项 目调整建设内容、增加实施主体和实施地点及项目延期的核 查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐机构"）作为深圳市大 族数控科技股份有限公司（以下简称"大族数控"或"公司"）首次公开发行股票并 在创业板上市的保荐机构，根据《证券发行上市保荐业务管理办法（2025 年修 正）》、《深圳证券交易所创业板股票上市规则（2025 年修订）》、《深圳证券 交易所上市公司自律监管指引第 13 号——保荐业务（2025 年修订）》以及《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）》等相关法律、法规和规范性文件的规定，对大族数控部分募集资金投 资项目调整建设内容、增加实施主体和实施地点及项目延期的事项进行了审慎核 查，核查意见如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于核准深圳市大族数控科技股份有限公司首 次公开发行股票注册的批复》（证监许可[2021]4134号）核准，公司于2022年2月 向社会公开发行人民币普通股（A股）4,200万股，每股发行价为76.56元，募集 ...

深圳市大族数控科技股份有限公司 关于公司部分募集资金投资项目调整建设内容、增加实施主 体和实施地点及项目延期的公告 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"、"本公司"或"大 族数控"）于 2025 年 9 月 30 日召开第二届董事会第十六次会议，审议通过了《关 于公司部分募集资金投资项目调整建设内容、增加实施主体和实施地点及延期事 项的议案》，同意公司对首次公开发行股票募集资金投资项目"PCB 专用设备 生产改扩建项目"的建设内容进行调整、增加实施主体和实施地点并延期，对 "PCB 专用设备技术研发中心建设项目"延期。保荐机构出具了核查意见，本 次关于募集资金投资项目调整及延期的事项尚需提交股东会审议，该事项不涉及 关联交易。现将有关情况公告如下： 一、募集资金基本情况 证券代码：301200 证券简称：大族数控 公告编号：2025-065 经中国证券监督管理委员会《关于核准深圳市大族数控科技股份有限公司首 次公开发行股票注册的批复》（证监许可[2021]4134 号）核准，公司于 2022 年 2 ...

证券代码：301200 证券简称：大族数控 公告编号：2025-066 深圳市大族数控科技股份有限公司 关于召开 2025 年第三次临时股东会的通知 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、误导性陈述或者重大遗漏。 根据《中华人民共和国公司法》（以下简称"《公司法》"）和《深圳市大族 数控科技股份有限公司章程》的规定，经深圳市大族数控科技股份有限公司（以 下简称"大族数控"或"公司"）第二届董事会第十六次会议审议通过，拟于 2025 年 10 月 17 日（星期五）召开公司 2025 年第三次临时股东会（以下简称"股东 会"）。现将本次股东会有关事项通知如下： 一、会议召开的基本情况 1、会议届次：公司 2025 年第三次临时股东会 2、会议召集人：公司董事会 3、会议召开的合法、合规性：本次股东会会议召开符合有关法律、行政法规、 部门规章、规范性文件和公司章程的要求。 4、会议时间： 现场会议时间：2025 年 10 月 17 日（星期五）下午 14:00 开始 网络投票时间：通过深交所交易系统进行网络投票的具体时间为 2025 年 10 月 17 日的交易时间，即上午 9 ...