Core Viewpoint - The announcement details the lifting of restrictions on a portion of shares issued prior to the initial public offering (IPO) of Shenzhen Dazhu CNC Technology Co., Ltd, allowing these shares to be listed and traded [1][3]. Summary by Sections 1. Overview of Shares Before IPO - The company received approval from the China Securities Regulatory Commission for an IPO, issuing 42 million shares, with total shares increasing from 378 million to 420 million after the IPO [1]. - Post-IPO, 39,435,351 shares are unrestricted, making up 9.389% of the total shares, while 380,564,649 shares are restricted, accounting for 90.611% [1]. 2. Details of Restricted Shares - As of the announcement date, the total shares amount to 425,509,152, with 62,286,128 unrestricted shares (14.64%) and 363,223,024 restricted shares (85.36%) [3]. - The application for lifting restrictions involves 359,100,000 shares, representing 84.39% of the current total shares, with a lock-up period extended to August 28, 2025, due to stock price conditions [3][4]. 3. Commitments from Shareholders - The shareholders involved in the lifting of restrictions are Dazhu Laser Technology Industry Group Co., Ltd and Dazhu Holdings Group Co., Ltd, who have made commitments regarding the management and transfer of shares [3][7]. - The commitments include not transferring or managing the shares for 36 months post-IPO and adhering to specific conditions regarding share reduction and compliance with regulations [4][6]. 4. Changes in Share Structure - Following the lifting of restrictions, the share structure will reflect the removal of 359,100,000 restricted shares, resulting in no restricted shares remaining in that category [8]. - The updated share structure will maintain a total of 425,509,152 shares, with the proportions of restricted and unrestricted shares adjusted accordingly [8][9]. 5. Verification by Underwriters - The underwriter, CITIC Securities Co., Ltd, confirmed that the lifting of restrictions complies with relevant regulations and that the shareholders have adhered to their commitments [9][10].

金融界消息 截至2025年8月25日收盘，大族数控（301200）报收于89.17元，上涨1.18%，换手率 20.53%，成交量12.79万手，成交金额11.27亿元。 天眼查商业履历信息显示，深圳市大族数控科技股份有限公司，成立于2002年，位于深圳市，是一家以 从事专用设备制造业为主的企业。企业注册资本42000万人民币，实缴资本10000万人民币。公司法定代 表人为杨朝辉。 通过天眼查大数据分析，深圳市大族数控科技股份有限公司共对外投资了8家企业，参与招投标项目123 次，知识产权方面有商标信息50条，专利信息1347条，此外企业还拥有行政许可26个。 来源：金融界 资金流向方面，今日主力资金净流出3026.94万元，占比成交额2.69%。其中，超大单净流出3611.09万 元、占成交额3.2%，大单净流入584.15万元、占成交额0.52%，中单净流出流入4450.32万元、占成交额 3.95%，小单净流出1423.38万元、占成交额1.26%。 大族数控最新一期业绩显示，截至2025中报，公司营业总收入23.82亿元、同比增长52.26%，归属净利 润2.63亿元，同比增长83.82%，扣非净利润 ...

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首次公开发行前 已发行股份部分解除限售并上市流通的核查意见 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，对大族数控首次公开发行前 已发行股份部分解除限售并上市流通的事项进行了审慎核查，核查意见如下： 一、 首次公开发行前已发行股份概况 经中国证券监督管理委员会《关于同意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）同意注册，公司首次公 开发行人民币普通股（A 股）4,200 万股，并于 2022 年 2 月 28 日在深圳证券交易 所创业板上市交易 ...

深圳市大族数控科技股份有限公司 关于首次公开发行前已发行股份部分解除限售 并上市流通的提示性公告 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、误导性陈述或者重大遗漏。 特别提示： 证券代码：301200 证券简称：大族数控 公告编号：2025-061 1、本次解除限售的股份为深圳市大族数控科技股份有限公司（以下简称"公 司"或"大族数控"）首次公开发行前已发行的部分股份。 2、本次解除限售的股东人数共 2 名，解除限售的股份数量为 359,100,000 股，占公司总股本的 84.39%。 3、本次解除限售股份上市流通日期为 2025 年 8 月 28 日（星期四）。 一、 首次公开发行前已发行股份概况 经中国证券监督管理委员会《关于同意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）同意注册，公司首次公 开发行人民币普通股（A 股）4,200 万股，并于 2022 年 2 月 28 日在深圳证券交易 所创业板上市交易。 公司首次公开发行前总股本 378,000,000 股，首次公开发行股票完成后，公 司总股本为 420,000,0 ...

Core Viewpoint - The report from Minsheng Securities highlights "speed" and "power" as the two core contradictions in current AI development, with PCB (Printed Circuit Board) being a crucial component in the AI industry chain, benefiting significantly from the ongoing advancements in PCB technology and processes [1] Group 1: PCB Industry Trends - The PCB industry is experiencing rapid development in advanced packaging and high-density interconnect technologies, transitioning from traditional HDI and substrate technologies to mSAP processes capable of sub-10μm line widths to meet the demands of high-speed signal transmission and large-scale integration [1] - New technologies such as CoWoP (Chip-on-Wafer-on-Panel) are changing the form of packaging substrates by using large-size PCBs to carry multiple chips, thereby reducing costs and enhancing interconnect density [1] Group 2: Upstream Material Demand - Driven by AI demand, leading PCB manufacturers like Shenghong Technology, Huitian Technology, and Pengding Holdings are actively expanding production, creating a resonance between material upgrades and capacity expansion [2] - Key upstream materials for PCBs include copper foil, electronic cloth, and resin, with upgrades in these materials to meet the requirements of high-speed signal transmission and lightweight designs [2] Group 3: Equipment Supply and Domestic Substitution - The core processes of PCB manufacturing, including drilling, electroplating, and etching, are critical for determining interconnect density, signal integrity, and production yield, with increasing demands for precision and reliability in these processes [3] - Domestic equipment manufacturers such as Dazhu CNC, Dingtai High-Tech, and Dongwei Technology are accelerating their layouts in advanced process equipment for high-layer boards, HDI, and mSAP, reflecting the industry's shift towards domestic substitution [3] Group 4: Investment Recommendations - Recommended PCB leading manufacturers include Shenghong Technology (300476.SZ), Pengding Holdings (002938.SZ), Huitian Technology (002463.SZ), Shenzhen South Circuit (002916.SZ), Guanghe Technology (001389.SZ), and Jingwang Electronics (603228.SH) [4] - In the materials sector, companies with core technologies and customer resources such as Honghe Technology (603256.SH), Zhongcai Technology (002080.SZ), Feilihua (300395.SZ), Defu Technology (301511.SZ), Longyang Electronics (301389.SZ), and Meilian New Materials (300586.SZ) are recommended [4] - For equipment, focus on domestic substitution in core segments with companies like Dazhu CNC (301200.SZ), Xinqi Microelectronics (688630.SH), Dingtai High-Tech (301377.SZ), and Dongwei Technology (688700.SH) [4]

Group 1 - The global server market is entering a new growth cycle starting in 2024, driven by the increasing demand for AI computing power, with an expected CAGR of 18.8% from 2024 to 2029 [2] - The PCB industry is recovering from a phase of adjustment due to weak consumer electronics and inventory cycles, with emerging demands from AI servers and high-performance infrastructure expected to drive growth from 2024 [2][3] - Domestic PCB manufacturers are actively expanding production and increasing capital expenditures, focusing on high-end products such as HDI and multi-layer boards [2][3] Group 2 - The global PCB equipment market is projected to reach 51 billion yuan in 2024, with a year-on-year growth of 9.0%, and a CAGR of 4.9% from 2020 to 2024 [3] - The demand for PCB equipment is significantly boosted by AI computing infrastructure, with the market expected to grow to 77.5 billion yuan by 2029, reflecting a CAGR of 8.7% from 2024 to 2029 [3] - Drilling, exposure, and testing equipment represent the highest value segments in the PCB equipment market, accounting for 20.75%, 16.99%, and 15.00% respectively in 2024 [3] Group 3 - The drilling equipment segment is expected to benefit from increased demand for high-end HDI, with both mechanical and laser drilling seeing growth due to the rising complexity of HDI designs [3] - The exposure equipment market is currently dominated by foreign brands, with low domestic penetration, particularly in LDI technology which is more suited for HDI [4] - The demand for plating equipment is increasing due to the higher number of plating cycles required for advanced HDI, alongside quality control pressures [5] Group 4 - Major equipment manufacturers are showing a clear upward trend, with expectations for accelerated performance in the future [6] - Key players in the drilling segment include Dazhu CNC (301200), while the exposure segment is led by Xinqi Micro (688630) and Tianzhun Technology (688003) [7] - The plating segment is highlighted by Dongwei Technology (688700), with Keg Precision (301338) noted for its role in the solder paste printing segment [7]

Summary of Dazhu CNC Conference Call Company Overview - **Company**: Dazhu CNC - **Industry**: AI and PCB (Printed Circuit Board) manufacturing Key Points and Arguments Industry and Market Dynamics - The global AI business is experiencing rapid growth, with major companies like Nvidia, Google, and Amazon significantly increasing their computing power [2][7] - Dazhu CNC has positioned itself as a key player in the AI sector, particularly in the PCB market, collaborating closely with Shenghong, a major PCB supplier for Nvidia [2][4] Financial Performance - In the first half of 2025, Dazhu CNC achieved approximately 50% revenue growth, with profits growing slightly faster than revenue [3] - The primary driver of this growth is the rapid development of the AI industry, especially in the PCB sector [3] Strategic Adjustments - Dazhu CNC has adjusted its strategy to focus on AI, reallocating resources from non-AI sectors to enhance its capabilities in AI applications [4][9] - The company aims for AI business to constitute over 30% of total revenue in 2025, with a target of exceeding 50% in the future [4][29] Production and Capacity - The company operates an integrated assembly production model, which has allowed for an 80% increase in capacity in the first half of 2025, aligning with order growth [11] - Current production capacity is under moderate tension but can be flexibly adjusted based on operational needs [11] Product Development and Technology - Dazhu CNC has developed ultra-fast laser technology to serve high-end markets, collaborating with companies like Pengding and Xinxin to enhance multilayer and HDI capabilities [2][12] - The company is focusing on high-value, AI-specific equipment rather than general-purpose devices, reflecting a shift in product strategy [17][18] Competitive Landscape - Dazhu CNC faces competition from foreign brands in high-end markets, particularly in multilayer boards, but maintains a strong position in lower-tier markets [15][16] - The company is working to break the monopoly of Mitsubishi in the CO2 drilling machine market by enhancing its technological capabilities [21] Future Outlook - The company anticipates that the AI market will continue to grow, with significant investments expected in the second half of 2025 and into 2026 [8][13] - Dazhu CNC is preparing for potential capacity expansions based on customer plans, particularly in regions like Vietnam and Taiwan [14] Supply Chain and Component Strategy - Dazhu CNC primarily sources core components externally but aims to integrate the best parts to enhance overall system performance [30] - The company prioritizes domestic suppliers when possible, especially for critical components, while still relying on international sources for certain technologies [31] Profitability and Margin Expectations - The company aims to maintain a gross margin of over 40%, with expectations for improvement as AI technology and equipment value increase [32][35] - High-value machines, particularly in the AI sector, are expected to yield significantly higher margins compared to standard machines [28] Challenges and Risks - The company is aware of the risks associated with market saturation and competition in lower-tier markets, prompting a strategic focus on high-value opportunities [34] - Dazhu CNC is adapting to material changes in AI applications, which may affect laser technology compatibility and processing efficiency [27] Additional Important Insights - The shift towards AI applications is not just a trend but a fundamental change in the market landscape, requiring companies to innovate and adapt quickly [33] - Dazhu CNC's collaboration with leading clients like Shenghong is crucial for accessing significant application scenarios and enhancing technological development [19]

Summary of Key Points Core Viewpoint - A total of 37 stocks in the A-share market will face a lock-up expiration next week, with a combined unlock quantity of 5.068 billion shares, amounting to a market value of 92.468 billion yuan, reflecting a week-on-week increase of 1.74% [1]. Unlocking Stock Details - The stocks with the highest unlock market value are Xugong Machinery and Dazhu CNC, each exceeding 31 billion yuan. The unlocking market values for these stocks are 31.908 billion yuan and 31.647 billion yuan, respectively [2][3]. - Xugong Machinery will unlock 3.569 billion shares on August 29, all from a private placement to institutional investors. Dazhu CNC will unlock 359 million shares on August 28, all from original shareholders' lock-up [2][3]. - The market performance of these stocks shows that Xugong Machinery, Dazhu CNC, and Rongbai Technology have increased by 6.68%, 13.72%, and 2.51% respectively since August [2]. Detailed Unlocking Information - The detailed unlocking information for Xugong Machinery indicates that the largest shareholders include Xuzhou Engineering Machinery Group Co., Ltd. and others, with shares coming from a private placement completed in August 2022 at an issue price of 5.55 yuan per share [3][4]. - As of August 22, Xugong Machinery's stock price is 8.94 yuan per share, with a market capitalization of 105.1 billion yuan. The unlocking shareholders have an unrealized gain of over 80%, totaling more than 14 billion yuan [4]. Significant Changes in Circulation - Among the 37 stocks facing unlocking, five stocks will see their circulation increase by over 100%, including Dazhu CNC, Xuantai Pharmaceutical, Hongying Intelligent, Chengdian Guangxin, and Zhenhua Wind Power, with unlocking ratios of 84.39%, 68.61%, 65.47%, 47.30%, and 43.04% respectively [10]. - The circulation of these stocks will increase significantly, with Dazhu CNC's circulation increasing by 576.53% [10].

Summary of Key Points Core Viewpoint - The upcoming week will see 37 stocks in the A-share market facing a total of 5.068 billion shares being unlocked, with a total market value of 92.468 billion yuan, representing a week-on-week increase of 1.74% [1][2]. Stock Unlocking Details - The stocks with the highest unlocking market value are Xugong Machinery (319.08 billion yuan), Dazhu CNC (316.47 billion yuan), and Rongbai Technology (57.07 billion yuan) [2][3]. - Xugong Machinery will unlock 3.569 billion shares on August 29, all from targeted placement to institutional investors. Dazhu CNC will unlock 359 million shares on August 28, all from original shareholders' limited shares. Rongbai Technology will unlock 250 million shares on August 25, also from original shareholders' limited shares [2][3]. Market Performance - As of August 22, Xugong Machinery, Dazhu CNC, and Rongbai Technology have seen respective price increases of 6.68%, 13.72%, and 2.51% since August [2][4]. Detailed Unlocking Information - The top ten stocks facing unlocking next week include: - Xugong Machinery: 3.569 billion shares, 319.08 billion yuan, 30.37% of total shares, from targeted placement [3][10]. - Dazhu CNC: 359 million shares, 316.47 billion yuan, 84.39% of total shares, from original shareholders [3][10]. - Rongbai Technology: 250 million shares, 57.07 billion yuan, 34.91% of total shares, from original shareholders [3][10]. Significant Changes in Circulation - Four stocks will see their circulation increase by over 100% post-unlocking, including Dazhu CNC (84.39%), Xuanta Pharmaceutical (68.61%), Hongying Intelligent (65.47%), and Chengdian Guangxin (47.30%) [8][10]. - Dazhu CNC's unlocking will increase its circulation by 576.53%, Xuanta Pharmaceutical by 218.53%, Hongying Intelligent by 191.50%, and Chengdian Guangxin by 90.89% [8]. Shareholder Information - Major shareholders of Xugong Machinery include Xuzhou Engineering Machinery Group Co., Ltd., and others, with the shares coming from a 2022 private placement at an issue price of 5.55 yuan per share [3][5]. - Dazhu CNC's major shareholders include Dazhu Laser Technology Industry Group Co., Ltd., with the stock price having increased over 20% since its listing [6][7].

Investment Rating - The report maintains a rating of "Overweight" for the machinery equipment industry [1] Core Insights - The report highlights the sustained performance of the engineering machinery and oil service equipment sectors, driven by domestic and international demand cycles [2][3] - The PCB equipment sector is expected to benefit from high demand in downstream applications, particularly in AI computing servers, leading to significant growth opportunities [4][19] Summary by Sections Engineering Machinery - Domestic excavator sales reached 72,943 units from January to July 2025, a year-on-year increase of 22.3%, while loader sales were 40,171 units, up 20.4% [2] - The report anticipates a 2-3 year upward cycle in domestic demand, supported by replacement logic and improved funding [2] - Key companies in this sector include Sany Heavy Industry, XCMG, and LiuGong, with Sany reporting a revenue of 44.78 billion yuan in H1 2025, a 14.6% increase year-on-year [2] Oil Service Equipment - The oil service equipment sector is benefiting from high demand in the Middle East, with projected investments in energy projects reaching $50.28 billion from 2020 to 2024 [3] - Key players like Jereh and Neway are expected to see significant revenue growth, with Jereh's revenue growth projected at 49% in Q2 2025 [3] - The Middle East market for oil service equipment is estimated to be worth at least $10 billion, indicating substantial growth potential for Chinese companies [3] PCB Equipment - The PCB market is projected to grow significantly due to the surge in AI computing server demand, with the PCB downstream market expected to reach 10.916 billion yuan in 2024, a 33% increase year-on-year [4] - The report emphasizes the importance of high-end HDI boards, with a projected growth rate of 40.2% for boards with 18 layers or more in 2024 [4][20] - Major players in the PCB equipment sector include Dazhu CNC and Xinqiao Technology, with Dazhu reporting a net profit of 263 million yuan in H1 2025, an increase of 83.82% year-on-year [5][21] Investment Recommendations - The report recommends focusing on key players in the PCB production process, particularly in drilling, exposure, and electroplating segments, highlighting companies like Dazhu CNC and Eastway Technology [6][21] - For engineering machinery, companies such as Sany Heavy Industry and XCMG are highlighted as key beneficiaries of upcoming large-scale infrastructure projects [25][26]