Core Viewpoint - The report from Kaiyuan Securities indicates that the sustained high capital expenditure from overseas AI giants is driving strong demand for high-end AI server PCBs, leading to supply tightness in the market [1] Group 1: Industry Expansion - The PCB industry is entering a period of intensive expansion, with several PCB manufacturers announcing new expansion projects, including notable projects from Huadian Co., Shenzhen South Circuit, and Guanghe Technology [2] - The capital expenditure for PCB manufacturers is expected to increase significantly, with Pengding Holdings guiding a capital expenditure of 5 billion yuan for 2025, a year-on-year increase of 51.5% [2] - The acceleration of expansion and increased capital expenditure reflect the current high prosperity of the industry and indicate sustainable future growth [2] Group 2: Supply Chain Dynamics - Some upstream PCB equipment suppliers are experiencing supply tightness due to the active expansion plans of downstream manufacturers [2] - The rapid growth in global AI computing power demand is accelerating the technological upgrades and capacity expansions of high-layer PCBs and high-end HDI boards [2] - Chip Quik's order delivery schedule has extended to the third quarter of 2025, with its capacity running at full load and optimistic business development prospects [2] Group 3: Technological Upgrades - AI's requirements for PCB performance are driving upgrades in layers, materials, and processes, with AI server PCBs typically having over 20 layers, compared to traditional servers which have 6-16 layers [3] - Advanced manufacturing processes such as back drilling and resin-filled holes are necessary to enhance the reliability and stability of AI server PCBs [3] - The complexity of high-layer HDI board structures is increasing, necessitating upgrades in related equipment, such as the introduction of advanced testing machines and drilling technologies by companies like Dazhu CNC [3] Group 4: Beneficiary Companies - Recommended beneficiaries in the PCB exposure equipment sector include Chip Quik [4] - Dazhu CNC is highlighted as a beneficiary in PCB drilling, exposure, forming, and testing equipment [4] - Dongwei Technology is identified as a beneficiary in PCB electroplating equipment, while Ding Tai Gao Ke is noted for PCB drilling needles [4]

Investment Rating - The industry investment rating is "Overweight" indicating an expectation for the industry to outperform the overall market [13]. Core Insights - The demand for AI PCBs is driving a tight supply situation, leading to an acceleration in capacity expansion among downstream PCB manufacturers, which is positively impacting the upstream PCB equipment sector [3][4]. - Significant capital expenditure from overseas AI giants is sustaining high demand for high-end AI server PCBs, prompting downstream manufacturers to actively expand production [3][4]. - The current expansion cycle is expected to result in a notable increase in equipment order volumes and an upgrade in high-end PCB production lines, which will enhance the average selling price (ASP) of equipment [3][4]. Summary by Sections Industry Expansion - The PCB industry is entering a period of intensive capacity expansion, with several PCB manufacturers announcing new projects, including notable expansions by companies such as Huadian and Shenghong [4][10]. - Capital expenditures are increasing, with Pengding Holdings indicating a capital expenditure of 5 billion yuan in 2025, a year-on-year increase of 51.5% [4]. Supply Chain Dynamics - Some upstream PCB equipment suppliers are experiencing supply tightness due to the rapid growth in global AI computing demand, which is accelerating the technological upgrades and capacity expansions of high-layer PCBs and high-end HDI boards [5]. - Chip equipment manufacturers like Xinqi Microelectronics are reporting full capacity operations and optimistic business prospects, with order delivery schedules extending into the third quarter of 2025 [5]. Technological Upgrades - AI's requirements for PCB performance are driving upgrades in related equipment, necessitating advancements in layers, materials, and manufacturing processes [6]. - The complexity of structures in high-layer HDI boards is increasing, which is pushing equipment manufacturers to enhance their technology and precision [7]. Beneficiary Companies - Recommended beneficiaries in the PCB equipment market include Xinqi Microelectronics for exposure equipment, Dazhu CNC for drilling and testing equipment, Dongwei Technology for plating equipment, and Dingtai Gaoke for drilling needles [8][10].

| 688120 | 华海清 | 5 | 1.08 | 4.02 | 5.15 | | --- | --- | --- | --- | --- | --- | | | 科 | | | | | | 300203 | 聚光科 | 6 | 0.99 | 4.90 | 6.41 | | | 技 | | | | | | 688503 | 聚和材 | 5 | 0.98 | 5.57 | 9.57 | | | 料 | | | | | | 600730 | 中国高 | 5 | 0.95 | 7.96 | 16.52 | | | 科 | | | | | | 300870 | 欧陆通 | 5 | 0.90 | 3.85 | 3.84 | | 600038 | 中直股 | 5 | 0.85 | 4.87 | 1.76 | | | 份 | | | | | | 002637 | 赞宇科 | 5 | 0.84 | 5.61 | 7.78 | | | 技 | | | | | | | 申菱环 | | | | | | 301018 | 境 | 5 | 0.80 | 4.91 | 9.67 | | 000708 | 中信特 | 5 | 0.75 ...

Market Performance - The ChiNext Index rose by 0.96%, closing at 2362.60 points, with a total trading volume of 454.39 billion yuan, an increase of 18.516 billion yuan compared to the previous trading day [1] - Among the tradable ChiNext stocks, 888 stocks closed higher, with 18 stocks experiencing a rise of over 10%, including ShuoBeide, Tongguan Copper Foil, and Xingfu Blue Sea, which hit the daily limit [1] Turnover Rate - The average turnover rate for the ChiNext today was 4.26%, with 48 stocks having a turnover rate exceeding 20% [1] - The highest turnover rate was recorded by Ashi Chuang at 42.80%, followed by Xin Heng Hui at 42.14% [1] Institutional Activity - Six high turnover ChiNext stocks appeared on the Dragon and Tiger List, with institutional participation noted in six stocks [3] - Ashi Chuang saw a net institutional buy of 84.84 million yuan, while ShuoBeide had a net buy of 68.14 million yuan from the Shenzhen Stock Connect [3] Capital Flow - Among high turnover stocks, 30 experienced net inflows from main funds, with ShuoBeide leading at 833 million yuan [4] - The highest projected net profit growth was for ShuoBeide, with an expected increase of 947.88% year-on-year [4]

证券代码：301200 证券简称：大族数控 公告编号：2025-048 深圳市大族数控科技股份有限公司 关于公司股价异动的公告 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、股票交易异常波动的具体情况 深圳市大族数控科技股份有限公司（以下简称"公司"）股票交易价格连续三 个交易日（2025 年 7 月 24 日、2025 年 7 月 25 日、2025 年 7 月 28 日）收盘价 格涨幅偏离值累计达到 34.29%（超过 30%），根据深圳证券交易所相关规定， 属于股票交易异常波动的情形。 2、董事会也未获悉本公司根据《深圳证券交易所创业板股票上市规则》等 有关规定应予以披露而未披露的、对本公司股票及其衍生品种交易价格产生较大 影响的信息； 二、公司关注及核实情况的说明 针对公司股票异常波动的情况，公司董事会进行了全面自查，并对控股股东、 实际控制人及公司全体董事、高级管理人员就有关事项进行了核实，现将具体情 况说明如下： 1、公司前期披露的信息不存在需要更正、补充之处； 2、公司未发现近期公共传媒报道可能或已经对本公司股票交易价格产生较 大影响的未公 ...

Market Overview - A-shares continued to rise, with the Shanghai Composite Index up 0.12%, the Shenzhen Component Index up 0.44%, and the ChiNext Index up 0.96% on July 28 [6][7] - A total of 2,781 stocks rose, while 2,438 stocks fell, with 62 stocks hitting the daily limit up [8][9] Commodity Market - Domestic commodity futures saw a collective decline, with coking coal, glass, coke, soda ash, industrial silicon, and lithium carbonate futures hitting the limit down [4] - Coking coal prices fell by 11% to 1,100.5 yuan/ton, while glass and soda ash dropped by 9% and 8.04% respectively [4] - The market sentiment weakened following new trading limits introduced by exchanges, leading to a significant withdrawal of long positions in coking coal [5] Policy Impact - The Shanghai Municipal Economic and Information Commission issued measures to expand AI applications, including a 600 million yuan subsidy for computing power and a maximum 30% rent subsidy for AI computing resources [10] - This policy is expected to support companies in the AI sector, leading to a surge in related stocks such as Dazhu CNC and Chip Microelectronics, which hit the daily limit up [10] Pharmaceutical Sector - Innovative drug concept stocks were active, with companies like Heng Rui Medicine and Lian Huan Pharmaceutical hitting the daily limit up [13] - Heng Rui Medicine announced a potential $12.5 billion licensing deal with GlaxoSmithKline, covering a clinical-stage respiratory drug and multiple candidates [13][14] Resource Sector - Resource stocks, particularly in coal and steel, experienced adjustments, with companies like Liu Steel and Shanxi Coking Coal seeing declines of over 5% [15][16]

证券代码：301200 证券简称：大族数控 公告编号：2025-047 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， 募集资金总额为人民币 321,552.00 万元，根据有关规定扣除发行费用 13,374.17 万元后，实际募集资金金额为 308,177.83 万元。该募集资金已于 2022 年 2 月 22 日到账。上述资金到账情况已经容诚会计师事务所（特殊普通合伙）容诚验字 [2022]518Z0010 号《验资报告》验证。公司对募集资金采取了专户存储管理。 二、募集资金存放和管理情况 为规范公司募集资金管理和使用，保护投资者权益，公司依照《公司法》、 《证券法》、《上市公司募集资金监管规则》（2025 年修订）》、《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）》等有关法律 法规的规定，结合公司实际情况，制定了《深圳市大族数控科技股份有限公司募 集资金管理办法》（以下简 ...

Market Overview - The Shanghai Composite Index rose by 0.65% on July 24, with 28 out of 31 sectors experiencing gains, led by the beauty care and non-ferrous metals sectors, which increased by 3.10% and 2.78% respectively [1] - The mechanical equipment sector saw an increase of 1.13% [1] - The banking, communication, and public utilities sectors were the worst performers, declining by 1.42%, 0.15%, and 0.09% respectively [1] Capital Flow Analysis - The net inflow of capital in the two markets was 8.913 billion yuan, with 16 sectors experiencing net inflows [1] - The non-ferrous metals sector had the highest net inflow of 7.736 billion yuan, followed by the non-bank financial sector with a net inflow of 5.644 billion yuan and a daily increase of 2.06% [1] - Conversely, 15 sectors experienced net outflows, with the construction decoration sector leading with a net outflow of 3.417 billion yuan, followed by the mechanical equipment sector with a net outflow of 2.737 billion yuan [1] Mechanical Equipment Sector Performance - In the mechanical equipment sector, 404 out of 530 stocks rose, with 6 hitting the daily limit [2] - The top three stocks with the highest net inflow were Dongmu Co., Ltd. (1.87 billion yuan), Dazhu CNC (1.70 billion yuan), and China Railway Industry (1.65 billion yuan) [2] - The sector had a total net outflow of 2.737 billion yuan, with 15 stocks experiencing outflows exceeding 50 million yuan, led by China Railway Construction (8.74 billion yuan), Snowman Group (4.95 billion yuan), and Guoji Heavy Industry (4.81 billion yuan) [2][3] Top Gainers in Mechanical Equipment Sector - The top gainers in the mechanical equipment sector included: - Dongmu Co., Ltd. with a 10.00% increase and a turnover rate of 4.76% [2] - Dazhu CNC with a 17.84% increase and a turnover rate of 31.68% [2] - China Railway Industry with a 9.99% increase and a turnover rate of 8.13% [2] Top Losers in Mechanical Equipment Sector - The top losers in the mechanical equipment sector included: - China Railway Construction with an 8.43% decrease and a turnover rate of 12.66% [3] - Snowman Group with a 6.21% decrease and a turnover rate of 45.84% [3] - Guoji Heavy Industry with a 7.82% decrease and a turnover rate of 8.27% [3]

Group 1 - PCB concept stocks experienced a significant afternoon surge, with Zhongcai Technology (002080) hitting the daily limit up [1] - Defu Technology (301511) rose over 10%, while Jingwang Electronics (603228), Dazhu CNC (301200), and Shennan Circuit (002916) also saw gains [1]

Group 1: Company Performance - In Q1 2025, the company achieved a revenue of 95,984.87 million yuan, representing a year-on-year growth of 27.89% [3] - The net profit attributable to shareholders was 11,677.35 million yuan, with a significant increase of 83.60% compared to the previous year [3] Group 2: Product Development - The company has developed a comprehensive product matrix covering various PCB markets, including multilayer boards, HDI boards, and IC packaging substrates [3] - New innovative products, such as the CCD six-axis independent drilling machine and CO2 laser drilling machine, have gained market recognition and are now in mass production [3][5] Group 3: Industry Trends - The global PCB industry is expected to grow by 7.6% in 2025, driven by the AI industry chain and the recovery of consumer electronics [4] - The compound annual growth rate (CAGR) for the PCB industry from 2024 to 2029 is projected at 5.2%, with a production CAGR of 6.8% [4] Group 4: Market Dynamics - The Southeast Asian PCB market, particularly in Thailand, is expected to see a CAGR of 7.1% from 2024 to 2029, surpassing China's growth rate of 4.3% [4] - The demand for high-value-added products, such as six-axis independent CCD laser drilling machines, is increasing in overseas markets, enhancing the company's sales and profit potential [7]