Group 1 - The core viewpoint of the article is that Shenzhen Dazhu CNC Technology Co., Ltd. has submitted an application to list on the Hong Kong Stock Exchange, with CICC as the sole sponsor [1] - Dazhu CNC is a provider of production equipment solutions specifically for the PCB industry, serving as a core infrastructure supplier for various downstream sectors such as servers, data storage, automotive electronics, mobile phones, computers, and consumer electronics [1] - The company focuses on the research, production, and sales of PCB-specific production equipment, offering end-to-end process solutions for PCB manufacturers [1] Group 2 - According to Zhaoshang Consulting, the global PCB equipment industry is highly competitive and relatively fragmented, with the top five manufacturers accounting for approximately 20.9% of the total market share by revenue in 2024 [1] - By revenue in 2024, Dazhu CNC is the largest manufacturer of PCB-specific production equipment in China, holding a market share of 10.1% [1]

每经AI快讯，12月2日，港交所文件显示，深圳市大族数控（301200）科技股份有限公司向港交所提交 上市申请书，独家保荐人为中金公司（601995）。 ...

据港交所文件：深圳市大族数控科技股份有限公司向港交所提交上市申请书。 ...

Group 1: Core Insights - The report emphasizes that the AI wave is initiating a new cycle in intelligent manufacturing, shifting the investment focus from cyclical fluctuations to "new hard-core" assets that can define the future and support the AI trend [8][9]. - Human-shaped robots are highlighted as the ultimate embodiment of AI intelligence, expected to revolutionize labor liberation and serve as a universal platform for AI interaction with the physical world [9][10]. - The report identifies solid-state batteries as a key technology that will unlock performance ceilings for human-shaped robots and electric vehicles due to their high energy density and safety [9][10]. Group 2: Human-Shaped Robots - The human-shaped robot industry is transitioning from concept validation to commercialization, with companies that have developed product capabilities in key components likely to experience significant valuation increases [13][17]. - The investment strategy focuses on essential hardware components rather than single manufacturers due to the uncertainty in design solutions, creating unique investment opportunities [25][28]. - Key companies to watch in this sector include Xinjie Electric, Huichuan Technology, and Weichuang Electric, which are positioned to benefit from the growth in human-shaped robots [17][30]. Group 3: AI Equipment and Materials - The demand for AI-related infrastructure is surging, leading to significant growth in high-performance servers, GPUs, and advanced PCB requirements [32][36]. - The PCB specialized equipment market is expected to grow from $3.306 billion in 2020 to $4.111 billion in 2024, with a CAGR of 5.60% in China [32][34]. - Key players in the equipment sector include Dazhu CNC and Chip Quik, which are well-positioned to capitalize on the increasing demand for advanced PCB manufacturing [36][40]. Group 4: Solid-State Batteries - The solid-state battery industry is accelerating towards commercialization, with major manufacturers like CATL and Zhongxin Innovation targeting 2027 for small-scale production [9][10]. - The global solid-state battery equipment market is projected to reach ¥107.94 billion by 2030, indicating a significant capital expenditure cycle ahead [9][10]. - Companies such as Lead Intelligent and Hai Moxing are recommended for their potential to benefit from this new capital expenditure cycle [9][10]. Group 5: Controlled Nuclear Fusion - Controlled nuclear fusion is transitioning from experimental phases to industrialization, with significant advancements in research and increased capital investment driving the industry forward [9][10]. - The report suggests focusing on companies involved in nuclear fusion projects, such as Hangyang Co. and Shanghai Electric, which are positioned to gain from this emerging sector [9][10]. - The demand for energy solutions is expected to grow, making nuclear fusion a critical area for investment as it promises to provide sustainable energy sources [9][10]. Group 6: Engineering Machinery - The domestic engineering machinery market is recovering, with excavator sales showing a positive trend, while overseas demand is also increasing due to factors like housing construction and manufacturing sector recovery [6][9]. - Major projects in China, such as the Yaxi Water Conservancy Project and the Xinjiang-Tibet Railway, are expected to boost domestic machinery demand [6][9]. - Key companies in this sector include Sany Heavy Industry, XCMG, and Zoomlion, which are anticipated to benefit from both domestic recovery and international expansion [6][9].

每经头条（nbdtoutiao）——5年期大面积下线，3年期利率低至1.5%仍一单难求：要么"售罄"要么"额度 紧张"！中长期大额存单为何在消失？ （记者 曾健辉） 每经AI快讯，大族数控（SZ 301200，收盘价：111.46元）12月1日晚间发布公告称，公司第二届第十九 次董事会会议于2025年11月28日以通讯表决方式召开。会议审议了《关于会计估计变更的议案》等文 件。 2024年1至12月份，大族数控的营业收入构成为：专用设备制造业占比100.0%。 截至发稿，大族数控市值为474亿元。 ...

深圳市大族数控科技股份有限公司 第二届董事会第十九次会议决议公告 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。 深圳市大族数控科技股份有限公司（以下简称"公司"）第二届董事会第十 九次会议于 2025 年 11 月 28 日以通讯表决方式举行，本次会议通知已于 2025 年 11 月 21 日向全体董事发出。本次会议应出席董事 8 人，实际出席董事 8 人，公 司高级管理人员列席了会议。本次会议的召开符合《公司法》及公司章程的规定。 本次会议由董事长杨朝辉先生主持，全体董事审议并表决通过了如下决议： 一、审议通过《关于会计估计变更的议案》。 经审议，公司董事会认为公司本次会计估计变更是根据《企业会计准则第 28 号-会计政策、会计估计变更和差错更正》《企业会计准则第 22 号一金融工具确 认和计量》相关规定，以谨慎性原则为前提，参考其他上市公司预期信用损失率， 结合公司实际经营情况对相关会计估计进行变更。执行变更后的会计估计能更加 客观、公允地反映公司的财务状况和经营成果，为投资者提供更可靠、更准确的 会计信息。公司本次会计估计变更无需对已披露的财务报表进 ...

证券代码：301200 证券简称：大族数控 公告编号：2025-076 深圳市大族数控科技股份有限公司 关于会计估计变更的公告 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"）于 2025 年 11 月 28 日召开了第二届董事会第十九次会议，审议通过了《关于会计估计变更的议 案》，同意根据《企业会计准则第 28 号——会计政策、会计估计变更和差错更 正》《企业会计准则第 22 号——金融工具确认和计量》的有关规定，以谨慎性原 则为前提，参考其他上市公司预期信用损失率，结合公司实际经营情况对会计估 计进行变更。公司本次会计估计变更采用未来适用法，对公司 2025 年前三季度及 以往各年度财务状况和经营成果不会产生影响，无需追溯调整，本次会计估计变 更自 2025年 10月 1日起执行。 根据《深圳证券交易所创业板股票上市规则》及《公司章程》等有关规定，本 次会计估计变更无需提交公司股东会审议，现将具体情况公告如下： 一、本次会计估计变更概述 因原有应收款项（含应收票据、应收账款、应收款项融资、合同资产、长期应 ...

关于会计估计变更专项说明的 专项审核报告 深圳市大族数控科技股份有限公司 容诚专字[2025]518Z1035 号 容诚会计师事务所(特殊普通合伙) 中国·北京 我们接受委托，对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"）编制的《深圳市大族数控科技股份有限公司会计估计变更的专项说 明》进行了审核。 按照《企业会计准则》、 中国证券监督管理委员会和深圳证券交易所的相关 规定对会计估计变更进行确认、计量和相关信息的披露是大族数控管理层的责任。 我们的责任是按照《中国注册会计师其他鉴证业务准则第 3101 号一历史财 务信息审计或审阅以外的鉴证业务》的规定执行审核工作，并在此基础上对专项 说明发表审核意见。在审核过程中，我们实施了包括询问、检查记录和文件等我 们认为必要的审核程序。我们相信，我们的审核工作为发表审核意见提供了合理 的基础。 我们认为，大族数控管理层编制的专项说明已按照《企业会计准则第 28 号一 会计政策、会计估计变更和差错更正》及深圳证券交易所《深圳证券交易所创业 板上市公司自律监管指南第 2 号——公告格式》等相关规定编制，在所有重大方 面如实反映了大族数控的会计估计变更情 ...

董事会关于会计估计变更合理性的说明 深圳市大族数控科技股份有限公司 特此说明。 深圳市大族数控科技股份有限公司董事会 2025 年 12 月 1 日 深圳市大族数控科技股份有限公司（以下简称"公司"）于 2025 年 11 月 28 日召开第二届董事会第十九次会议，审议通过了《关于会计估计变更的议案》， 全体董事一致同意该事项，并就本次会计估计变更的合理性说明如下： 董事会认为：公司本次会计估计变更是根据《企业会计准则第 28 号-会计政 策、会计估计变更和差错更正》《企业会计准则第 22 号一金融工具确认和计量》 相关规定，以谨慎性原则为前提，参考其他上市公司预期信用损失率，结合公司 实际经营情况对相关会计估计进行变更。执行变更后的会计估计能更加客观、公 允地反映公司的财务状况和经营成果，为投资者提供更可靠、更准确的会计信息。 公司本次会计估计变更无需对已披露的财务报表进行追溯调整，也不会对公司以 往各年度财务状况和经营成果产生影响，不存在损害公司及全体股东特别是中小 股东利益的情形。 ...

Group 1 - The core point of the article is that Dazhu CNC Technology Co., Ltd. (Dazhu CNC) has seen its Hong Kong IPO application expire after six months, with CICC serving as the sole sponsor during the application process [1] - Dazhu CNC is recognized as a global leader in providing specialized production equipment solutions for the PCB industry, focusing on the research, production, and sales of PCB-specific production equipment [1] - The company has over 20 years of experience in the PCB equipment sector and continues to expand into technically challenging processes within PCB production [1] Group 2 - According to Zhi Shi Consulting, Dazhu CNC boasts the most extensive product portfolio in the global PCB specialized equipment industry, covering nearly all major processes in PCB production, including drilling, exposure, lamination, molding, and inspection [1]