Group 1: Optical Modules - The optical module industry is experiencing the highest growth and performance realization among AI hardware this year, driven by high verification barriers for North American CSP tech giants and increasing demand due to the acceleration of supernode technology [2][4] - The average ratio of optical modules to GPUs is continuously increasing, with demand for 800G and 1.6T optical modules being revised upwards, indicating a strong upward resonance in demand [2][4] - By 2026, the demand for 1.6T optical modules is expected to exceed 30 million units, with an average price of $900-1000 per unit, while high-end EML optical chips are projected to face a 25-30% supply shortage [4][5] Group 2: Liquid Cooling - The liquid cooling industry has seen fluctuating trends this year, with initial enthusiasm dampened by low penetration rates, followed by a resurgence in August and significant breakthroughs in November [5][9] - The demand for liquid cooling in North America is expected to expand rapidly by 2026, with penetration rates in the NVIDIA ecosystem projected to rise from 20-30% to over 80-90% [7][9] - A leading domestic manufacturer is anticipated to capture a market share of 13-17% in North America by 2026, with Google expected to implement liquid cooling solutions for over 200,000 TPU V7 chips, creating a market space exceeding $24-28 billion [9][10] Group 3: AI PCB - The AI PCB industry is thriving, with companies like Shenghong, Huidian, and Shengyi achieving performance realization in North America, despite some quarterly fluctuations [10][12] - The supply side is seeing an increase in product value and manufacturing difficulty due to upgrades in customer chips and cabinet solutions, leading to a marginal differentiation in the supply landscape [10][12] - By 2026, the introduction of orthogonal backplanes is expected to significantly increase unit value, with M9 material processing anticipated to break through, although mass production is expected to ramp up in 2027 [12][13] Group 4: Server Power Supply - The server power supply market has shown similar trends to liquid cooling, with initial excitement followed by a divergence in performance among manufacturers [13][14] - The supply side is dominated by Taiwanese manufacturers, with a high concentration of market share, while domestic manufacturers are expected to make significant breakthroughs in North America by 2026 [14][15] - The adoption of HVDC technology is projected to replace traditional UPS solutions, with an expected market scale exceeding $20-30 billion by 2026 [15]

证券日报网讯12月5日，大族数控（301200）在互动平台回答投资者提问时表示，公司目前在手订单充 足，在手订单正有序生产和交付中，具体经营情况请关注公司定期报告。 ...

格隆汇12月5日丨大族数控(301200.SZ)在投资者互动平台表示，公司目前在手订单充足，在手订单正有 序生产和交付中，具体经营情况请关注公司定期报告。 ...

格隆汇12月3日丨大族数控(301200.SZ)公布，根据本次发行上市的时间安排及香港联交所的相关规定， 公司已于2025年12月2日向香港联交所更新递交了本次发行上市的申请，并于同日在香港联交所网站刊 登了本次发行上市的更新申请资料。该相关申请资料为公司按照香港证券及期货事务监察委员会（简 称"香港证监会"）和香港联交所的要求编制和刊发，为草拟版本，其所载资料可能会适时作出更新及修 订。 ...

格隆汇12月3日丨大族数控(301200.SZ)公布，根据本次发行上市的时间安排及香港联交所的相关规定， 公司已于2025年12月2日向香港联交所更新递交了本次发行上市的申请，并于同日在香港联交所网站刊 登了本次发行上市的更新申请资料。该相关申请资料为公司按照香港证券及期货事务监察委员会（简 称"香港证监会"）和香港联交所的要求编制和刊发，为草拟版本，其所载资料可能会适时作出更新及修 订。 ...

证券代码：301200 证券简称：大族数控 公告编号：2025-077 深圳市大族数控科技股份有限公司 关于申请发行境外上市股份（H 股）并上市的进展公告 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"）正在进行申请境外 发行股份（H 股）并在香港联合交易所有限公司（以下简称"香港联交所"）主 板挂牌上市（以下简称"本次发行上市"）的相关工作。公司已于 2025 年 5 月 30 日向香港联交所递交了本次发行上市的申请，并于同日在香港联交所网站刊 登了相关申请资料。 根据本次发行上市的时间安排及香港联交所的相关规定，公司已于 2025 年 12 月 2 日向香港联交所更新递交了本次发行上市的申请，并于同日在香港联交 所网站刊登了本次发行上市的更新申请资料。该相关申请资料为公司按照香港证 券及期货事务监察委员会（以下简称"香港证监会"）和香港联交所的要求编制 和刊发，为草拟版本，其所载资料可能会适时作出更新及修订。 英文： https://www1.hkexnews.hk/app/sehk/2025/107924 ...

12月2日，深圳市大族数控科技股份有限公司（简称"大族数控"）正式向港交所递交上市申请，本次上市独家保荐人为中金公 司。据披露，此次募集资金将主要用于四大方向：提升研发及营运能力；扩大海外产品销售及营销能力，完善全球分销渠道与 销售网络以提高品牌全球知名度；提升PCB专用设备产能；以及补充运营资金与满足一般公司用途。 从行业背景来看，中国是全球最大的PCB生产基地。根据Prismark数据，2024年中国PCB产值达412亿美元，占全球PCB产值的 约56%，预计2029年这一数值将进一步攀升至497亿美元。当前，中国PCB产业正处于结构性转型阶段，逐步从传统通孔板向高 端HDI、封装基板、高频高速板等领域升级，市场对高精度、高性能PCB专用设备的需求持续旺盛。尤其在AI算力革命与新能源 汽车智能化浪潮的双重驱动下，高多层板（特别是18层及以上）、类载板（SLP）、封装基板等高端PCB产品需求呈爆发式增 长，直接带动了高端PCB专用制造设备的投资增加，为行业发展注入强劲动力。 作为中国领先的PCB专用生产设备解决方案服务商，大族数控在PCB专用设备行业已深耕二十余年，业务覆盖PCB专用生产设备 的研发、生产及 ...

大族数控（301200）递表港交所主板，中金公司（601995）为其独家保荐人。大族数控是一家从事PCB 专用生产设备研发、生产及销售的解决方案服务商，为PCB制造商提供端到端工序解决方案，并服务于 服务器、汽车电子、手机等下游行业。根据灼识咨询的资料，按2024年收入计算，大族数控是中国最大 的PCB专用生产设备制造商，中国市占率为10.1%。 ...

Core Viewpoint - Dazhu Laser (301200.SZ) is a leading provider of PCB specialized production equipment solutions, primarily serving various downstream industries such as servers, automotive electronics, and consumer electronics, with a significant market share in China [2][10]. Company Overview - Dazhu Laser operates in the PCB specialized equipment industry, focusing on the research, production, and sales of equipment that provides end-to-end solutions for PCB manufacturers [2]. - The company is the largest PCB specialized production equipment manufacturer in China, holding a market share of 10.1% as of 2024 [2]. Product Categories Drilling Equipment - Drilling is a critical process in PCB production, with the company selling 2,514, 1,129, 3,119, 1,601, and 2,637 units of drilling equipment in 2022, 2023, 2024, and the first half of 2025, respectively [3]. - The sales-to-production ratios for these years were 121.1%, 81.6%, 108.9%, 113.6%, and 94.5% [3]. Exposure Equipment - The company provides exposure equipment essential for transferring circuit designs onto PCB substrates, with sales figures of 132, 79, 141, 73, and 59 units for the same periods [4]. - The sales-to-production ratios were 109.1%, 97.5%, 110.2%, 130.4%, and 103.5% [4]. Testing Equipment - Testing is vital for ensuring the reliability and integrity of the final PCB products, with the company selling 519, 400, 446, 215, and 295 units of testing equipment during the specified periods [5]. - The sales-to-production ratios were 101.8%, 93.2%, 80.9%, 93.5%, and 89.7% [5]. Financial Performance - The company recorded revenues of 2.786 billion, 1.634 billion, 3.343 billion, and 2.382 billion RMB for the fiscal years ending in 2022, 2023, 2024, and the first half of 2025, respectively [6]. - Profit figures for the same periods were 432 million, 136 million, 300 million, and 261 million RMB [6]. Industry Overview - The global PCB specialized equipment market is projected to grow from approximately 5.84 billion USD in 2020 to about 7.085 billion USD by 2024, with a compound annual growth rate (CAGR) of 4.9% [12]. - The PCB industry is expected to see a market value increase from 65.2 billion USD in 2020 to 73.6 billion USD in 2024, with a CAGR of 3.1% [10]. - The demand for PCB specialized equipment is driven by the rapid growth in end-user applications and the expansion of production capacities by leading PCB manufacturers [10]. Market Dynamics - The drilling and exposure equipment segments are critical in the PCB production process, accounting for over 30% of the total capital expenditure on PCB specialized production equipment [17]. - The global drilling equipment market is expected to grow from approximately 1.174 billion USD in 2020 to about 1.470 billion USD by 2024, with a CAGR of 5.8% [18]. - The exposure equipment market is projected to increase from around 964 million USD in 2020 to approximately 1.204 billion USD by 2024, with a CAGR of 5.7% [20].

公司主要从事PCB专用生产设备的研发、生产及销售，为PCB制造商提供端到端工序解决方案。根据灼 识咨询的资料，全球PCB专用设备行业竞争激烈且相对分散，2024年行业前五大制造商按收入计算占据 约20.9%的总市场份额。按2024年收入计，公司是中国最大的PCB专用生产设备制造商，中国市占率为 10.1%。 本文源自：智通财经网 智通财经获悉，据港交所12月2日披露，深圳市大族数控科技股份有限公司(简称：大族数控)递表港交 所主板，中金公司为其独家保荐人。招股书显示，大族数控(301200.SZ)是一家PCB专用生产设备解决方 案服务商。公司于PCB专用设备行业经营，为各种下游行业(如服务器及数据存储、汽车电子、手机、 计算机及消费电子)的核心基础设施供应商。 ...