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]

Summary of Key Points Core Viewpoint - The company, 凯格精机 (301338.SZ), has reported a reduction in shareholding by its major shareholders, indicating a shift in ownership dynamics and potential implications for control and governance [1]. Shareholding Changes - The shareholders, 南京凯灵格, 东莞凯创, and 东莞凯林, have collectively reduced their holdings by 865,700 shares, which represents 0.81% of the company's total share capital [1]. - Following this reduction, the combined shareholding of the company's controlling shareholder and actual controller has decreased from 67.76% to 66.95% [1]. - 南京凯灵格 specifically reduced its stake by 620,000 shares, changing its ownership from 6.58% to 6.00%, which also touches the 1% threshold for reporting [1].

Core Viewpoint - The company, 凯格精机 (301338.SZ), has reported a reduction in shareholding by its major shareholders, indicating a shift in ownership dynamics and potential implications for control [1] Shareholding Changes - The shareholders 南京凯灵格, 东莞凯创, and 东莞凯林 have collectively reduced their holdings by 865,700 shares, which represents 0.81% of the company's total share capital [1] - Following this reduction, the combined shareholding of the company's controlling shareholder and actual controller has decreased from 67.76% to 66.95% [1] - 南京凯灵格 specifically reduced its stake by 620,000 shares, changing its holding from 6.58% to 6.00%, which also touches the 1% threshold for equity changes [1]

证券代码：301338 证券简称：凯格精机 公告编号：2025-040 东莞市凯格精机股份有限公司 关于控股股东、实际控制人的一致行动人减持股份 触及 1%整数倍的提示性公告 公司控股股东、实际控制人的一致行动人南京凯灵格创业投资合伙企业（有 限合伙）、东莞市凯创投资顾问中心（有限合伙）、东莞市凯林投资顾问中心（有 限合伙）保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 东莞市凯格精机股份有限公司（以下简称"公司"）于 2025 年 8 月 28 日披 露了《关于控股股东、实际控制人之一致行动人减持股份预披露的公告》（公告 编号：2025-031），公司控股股东、实际控制人的一致行动人南京凯灵格创业投 资合伙企业（有限合伙）（以下简称"南京凯灵格"）（曾用名：余江县凯格投 资管理中心（有限合伙））、东莞市凯创投资顾问中心（有限合伙）（以下简称 "东莞凯创"）以及东莞市凯林投资顾问中心（有限合伙）（以下简称"东莞凯 林"）计划自公告披露之日起 15 个交易日后的 3 个月内，以集中竞价和大宗交 易方式合计减持 ...

Group 1 - The company has delivered 800G and 1.6T optical module automation assembly products to leading overseas customers, receiving full recognition from them [1] - Domestic customers are currently in the process of connecting with specific solutions [1]

Group 1 - The core point of the news is that Keg Precision Machinery experienced a decline of 5.16% in its stock price, reaching 69.05 CNY per share, with a trading volume of 269 million CNY and a turnover rate of 6.44%, resulting in a total market capitalization of 7.347 billion CNY [1] - Keg Precision Machinery, established on May 8, 2005, and listed on August 16, 2022, specializes in the research, production, sales, and technical support services of automated precision equipment [1] - The company's main business revenue composition includes: solder paste printing equipment (64.37%), dispensing equipment (13.34%), packaging equipment (13.05%), flexible automation equipment (5.40%), and others (3.85%) [1] Group 2 - From the perspective of major fund holdings, one fund under China Europe Fund has a significant position in Keg Precision Machinery, with the China Europe Prosperity Selected Mixed A Fund (020876) holding 164,800 shares, accounting for 2.27% of the fund's net value, ranking as the eighth largest holding [2] - The China Europe Prosperity Selected Mixed A Fund has a current scale of 115 million CNY and has achieved a return of 55.67% this year, ranking 895 out of 8171 in its category; over the past year, it has returned 85.12%, ranking 962 out of 8004 [2] - The fund manager, Zhang Xueming, has been in position for 1 year and 157 days, with the fund's total asset scale at 1.711 billion CNY, achieving a best return of 73.75% and a worst return of 5.47% during his tenure [3]

Core Viewpoint - The company Keg Precision Machinery announced the convening of its 18th meeting of the second board of directors on September 23, 2025, to discuss the election of the third board of directors and the nomination of candidates for both independent and non-independent directors [1] Group 1 - The board approved the proposal for the election of the third board of directors and nominated Mr. Qiu Guoliang and Mr. Qiu Yunan as candidates for non-independent directors [1] - The board also nominated Mr. Xie Yuanbao and Mr. Yan Yi as candidates for independent directors, both of whom have obtained independent director qualification certificates [1] - Mr. Xie Yuanbao is noted to be a professional in accounting [1]

Company Summary - Keg Precision Machinery (SZ 301338) announced on September 24 that its 18th meeting of the second board of directors was held on September 23, 2025, to review the proposal for amending the "Board Meeting Rules" [1] - For the year 2024, Keg Precision Machinery's revenue composition is 100.0% from the specialized equipment manufacturing industry [1] - As of the report date, Keg Precision Machinery has a market capitalization of 7.8 billion yuan [1] Industry Summary - On the anniversary of "9·24", the total market capitalization of A-shares has surpassed 116 trillion yuan, indicating significant transformations reshaping the new ecology of China's capital market [1]

证券代码：301338 证券简称：凯格精机 公告编号：2025-037 东莞市凯格精机股份有限公司 关于董事会换届选举的公告 上述董事候选人尚需提交股东大会进行审议，并采用累积投票制选举产生； 独立董事候选人的任职资格和独立性尚需经深圳证券交易所审核无异议后，方可 提交公司股东大会审议。经公司股东大会审议通过后，上述董事候选人将与公司 职工代表大会选举产生的职工代表董事共同组成公司第三届董事会。公司第三届 董事会任期自公司股东大会审议通过之日起三年。 为保证董事会的正常运作，在新一届董事会董事就任前，公司第二届董事会 董事将继续按照法律法规、规范性文件及《公司章程》等有关规定履行义务和职 责。 公司对第二届董事会各位董事任职期间的勤勉尽责以及为公司发展所做的 贡献表示衷心的感谢！ 特此公告。 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。 东莞市凯格精机股份有限公司（以下简称"公司"）第二届董事会任期即将届 满，根据《中华人民共和国公司法》（以下简称"《公司法》"）《深圳证券交易 所创业板股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创 业板 ...

证券代码：301338 证券简称：凯格精机 公告编号：2025-038 东莞市凯格精机股份有限公司 关于修订《公司章程》及修订、制定公司 部分治理制度的公告 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。 东莞市凯格精机股份有限公司（以下简称"公司"）于 2025 年 9 月 23 日召 开第二届董事会第十八次会议，审议通过《关于修订<公司章程>的议案》及《关 于修订、制定公司部分治理制度的议案》，并提请公司股东大会授权公司经营管 理层办理后续变更登记、章程备案等相关事宜。该议案尚需提交公司 2025 年第 二次临时股东大会审议通过。现将具体情况公告如下： 一、《公司章程》修订情况 根据《中华人民共和国公司法》（以下简称"《公司法》"）《关于新〈公 司法〉配套制度规则实施相关过渡期安排》《上市公司章程指引》《深圳证券交 易所创业板股票上市规则》《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》等最新的法律、法规、规范性文件的规定，结合公司 具体情况，公司拟对《东莞市凯格精机股份有限公司章程》（以下简称"《公司 章程》"）进行修订和完善 ...