Investment Rating - The report maintains an "Overweight" rating for the PCB industry chain, anticipating high growth in 2025 and sustained prosperity in 2026 [1]. Core Insights - The PCB industry is expected to experience significant growth in 2025, driven by increasing demand for AI computing power and the upgrade of PCBs towards high-performance and high-density products. This includes a rise in demand for high-layer boards and advanced HDI products, which will also boost related sectors such as high-end copper-clad laminates, drilling consumables, and equipment [4][61]. - Despite some disruptions in Q4 2025 performance, the growth logic for 2026 remains intact, with new computing platforms and technologies like orthogonal backplanes and CoWoP expected to enhance product value significantly [4][61]. Summary by Sections PCB - Q4 2025 performance may face disruptions, but the growth logic for 2026 remains unchanged. The demand for high-layer and advanced HDI PCBs is increasing, leading to high growth rates for companies like Shenghong Technology, Huadian Co., and Shennan Circuit, with projected net profits of 43.60 billion, 38.22 billion, and 32.48 billion respectively, reflecting year-on-year growth rates of 277.68%, 47.74%, and 73.00% [13][14]. Copper Clad Laminate (CCL) - The CCL sector is expected to see high growth in 2025, benefiting from increased demand for high-end products driven by AI computing power and price adjustments. Major CCL manufacturers are projected to achieve significant profit increases, with companies like Shengyi Technology expected to report a net profit of 33.50 billion, a year-on-year increase of 92.50% [36][41]. Drilling Tools and Equipment - The drilling tool sector is anticipated to exceed market expectations in 2025, with companies like DingTai High-Tech projected to achieve a net profit of 4.35 billion, reflecting a year-on-year growth of 91.74%. This growth is driven by increased demand for high-end PCBs and the optimization of product structures [48][49]. - Equipment demand is expected to rise due to the expansion of PCB production capacity, with companies like Dazhu CNC and Chip Quik projected to see significant profit increases, driven by the growing market for PCB-specific processing equipment [55][57].

证券代码：301377 证券简称：鼎泰高科 公告编号：2026-003 广东鼎泰高科技术股份有限公司 关于为子公司向银行申请授信提供担保的进展公告 单位：万元 | | 被担保方 | | | | | | 本次担保后担 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 被担 | 最近一期 | 本次担 | 本次新 | 本次担 | 剩余可 | 已审议 | 保余额占上市 | 是否关 | | | | 保前担 | 增担保 | 保后担 | 用担保 | 的担保 | 公司最近一期 | | | 保方 | 资产负债 | | | | | | | 联担保 | | | | 保余额 | 金额 | 保余额 | 额度 | 额度 | 经审计净资产 | | | | 率 | | | | | | | | | | | | | | | | 比例 | | | | | 上述担保属于已审议通过的担保事项范围，且担保金额在公司为上述子公司 提供担保额度范围内，无需再次提交公司董事会及股东会审议。 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 ...

Group 1: Industry Insights - Nvidia (NVDA.US) is expected to use M9 materials in its next-generation Rubin series products, leading to increased demand for PCB drilling needles due to higher processing difficulty and requirements [1] - The global PCB drilling needle market is dominated by the top five companies, with a combined market share of 75.2% as of the first half of 2025, where DingTai High-Tech ranks first with a market share of 28.9% [2] - The demand for high-performance drilling needles is expected to rise significantly due to the increased complexity of manufacturing processes, resulting in higher prices and volumes for drilling needle manufacturers [1][2] Group 2: Company Developments - Minexplosion Optoelectronics (301362.SZ) plans to acquire 100% of Xiamen Maida's stake in Xiamen Precision, which specializes in the production of PCB, FPC, and AI PCB tungsten micro-drills [1] - DingTai High-Tech (301377.SZ) is set to benefit from the current shortage of drilling needles, leveraging its scale and self-manufacturing capabilities to meet the surging demand [2] - Wald (688028.SH) has made progress in internal verification of PCD drilling needles, focusing on applications in PCB and semiconductor materials, with significant advancements in diamond heat dissipation technology [3] Group 3: Production Capacity and Expansion - Xiamen Precision has a monthly production capacity of approximately 15 million units and plans to expand its capacity to over 50 million units in the next 2-3 years [3] - Zhongtung High-Tech (000657.SZ) is focusing on high-end products, with over 50% of its sales coming from premium offerings, and is set to increase its annual production capacity to 140 million units by early 2026 [2] - DingTai High-Tech is also expanding its production capabilities with significant technical upgrades planned for AI PCB-related tools, enhancing its supply capacity for the global AI industry [2]

Group 1: Industry Insights - Nvidia (NVDA.US) is expected to release its next-generation Rubin series products in the second half of next year, utilizing M9 materials and orthogonal backplanes, which significantly increases processing difficulty and leads to a rise in both quantity and price of PCB drill bits [1] - The global PCB drill bit industry is currently facing a shortage, with the top five companies (CR5) holding a combined market share of 75.2% as of the first half of 2025, with DingTai High-Tech leading with a sales volume of 500 million units and a market share of 28.9% [2] - The demand for high-performance drill bits is expected to increase significantly due to the higher requirements for drill bit length, breakage rates, and processing performance associated with advanced materials [1][2] Group 2: Company Developments - Minexplosion Optoelectronics (301362.SZ) announced plans to acquire 100% of Xiamen Maida's stake in Xiamen Precision, focusing on the production of PCB, FPC, IC substrates, and AI PCB tungsten micro-drills, with a product size range of 0.09mm to 0.35mm [1] - DingTai High-Tech (301377.SZ) is set to benefit from the technological iteration in the PCB drill bit market, leveraging its scale and self-manufacturing capabilities to maximize profits amid the current shortage [2] - Wald (688028.SH) has made progress in internal verification of PCD drill bits, focusing on high-hardness and brittle materials for PCB and semiconductor applications, with the ability to process over 8,000 holes in M9 boards without breakage [3] - Xiamen Precision, established in 1995, has a strong technical foundation and plans to expand its production capacity from the current 15 million units per month to over 50 million units in the next 2-3 years [3]

Investment Rating - The industry investment rating is "Overweight," indicating that the industry is expected to outperform the overall market [7]. Core Insights - The demand for AI PCB drill bits is expected to surge due to accelerated capital expenditures in AI computing, alongside technological innovations driven by upgrades in PCB materials [2]. - The global PCB drill bit market is dominated by leading companies, with DingTai High-Tech holding a 28.9% market share, producing 500 million units, and benefiting from scale effects amid a supply shortage [2][3]. - The report highlights the strategic acquisitions and expansions of companies like Minbao Optoelectronics and Xiamen Maida, which are enhancing their production capabilities and technological advancements in the PCB drill bit sector [2]. Summary by Sections Industry Overview - The report discusses the recent acquisition by Minbao Optoelectronics of a 100% stake in Xiamen Maida, which specializes in the production of tungsten steel micro-drills for PCB applications, indicating a consolidation trend in the industry [1]. - The report emphasizes the increasing complexity of PCB manufacturing processes, which necessitates higher performance drill bits, leading to a significant increase in demand [2]. Key Companies - **DingTai High-Tech**: The company leads the global PCB drill bit market with a production volume of 500 million units and a market share of 28.9%. It is well-positioned to benefit from the demand surge due to its scale and in-house manufacturing capabilities [2][3]. - **Zhongtung High-Tech**: Focuses on high-end PCB drill bits, with plans to expand production capacity significantly in the coming years, aiming for a monthly output of 50 million units [2]. - **World**: The company is advancing its diamond micro-drill technology for PCB and semiconductor applications, with promising internal validation results for high-precision drilling [2]. Financial Projections - Financial forecasts for key companies indicate robust growth, with DingTai High-Tech projected to achieve a net profit of 686 million yuan in 2026, while Zhongtung High-Tech is expected to reach 1.895 billion yuan [3].

Investment Rating - The report rates the PCB drill needle industry as "Overweight" indicating a positive outlook for the sector [3]. Core Insights - The demand for AI PCB drill needles is expected to surge due to accelerated capital expenditure in AI computing and advancements in PCB materials, leading to increased prices and volumes [3]. - Major players like DingTai High-Tech and ZhongTung High-Tech are positioned to benefit significantly from the demand explosion driven by technological upgrades and market dynamics [3]. - The report highlights the strategic acquisitions and expansions by companies such as MinBiao Optoelectronics and XiaZhi Precision, which are enhancing their production capabilities and market presence [3]. Summary by Relevant Sections Industry Overview - The report discusses the acquisition of 49% and 51% stakes in XiaZhi Precision by MinBiao Optoelectronics, aiming for full control to enhance its capabilities in PCB, FPC, and AI PCB drill needle production [1]. - The report emphasizes the increasing complexity in PCB manufacturing, particularly with the introduction of new materials like M9, which raises the demand for high-performance drill needles [3]. Key Companies - **DingTai High-Tech**: Leads global PCB drill needle sales with a market share of 28.9%, benefiting from scale effects and self-manufactured equipment [3]. - **ZhongTung High-Tech**: Focuses on high-end products, with plans to increase production capacity significantly in the coming years [3]. - **Wald**: Making advancements in diamond micro-drill technology for PCB and semiconductor applications, with a strong focus on thermal management solutions [3]. - **XiaZhi Precision**: Established in 1995, the company has a strong technical foundation and is planning to expand its production capacity to meet growing demand [3]. Financial Projections - The report includes a valuation table for key companies, projecting significant growth in net profits and market capitalization from 2024 to 2027 for DingTai High-Tech and ZhongTung High-Tech [4].

Investment Rating - The report maintains a positive outlook on the machinery industry, indicating an "Overweight" rating, suggesting that the industry is expected to outperform the overall market [12]. Core Insights - The machinery industry is projected to experience steady performance with technological advancements driving value recovery. Key sectors such as space photovoltaics, machine tools, robotics, and laser technology are highlighted as areas of growth [3][6]. - The report forecasts significant revenue growth for 21 tracked machinery companies in Q4 2025, with notable performers including Zoomlion (183%), DingTai High-Tech (179%), and Wolong Electric Drive (82%) [3][4]. Summary by Sections Space Photovoltaics - The commercial space sector is entering a new phase characterized by large-scale deployment and capability upgrades, leading to increased demand for space photovoltaics. The upcoming decade is expected to see a super cycle in satellite manufacturing and launching, directly impacting the demand for satellite energy systems [3]. - Key equipment suppliers in this sector include Maiwei Co., Aotwei, and others, focusing on the transition from traditional energy solutions to advanced photovoltaic technologies [3]. Machine Tools & Cutting Tools - The machine tool sector is anticipated to shift towards high-end transformation and domestic substitution of core components. The production of metal cutting machine tools is expected to reach 868,300 units in 2025, a 9.7% increase year-on-year [3]. - The cutting tool market is also expected to benefit from rising prices of tungsten and increased domestic demand, with companies like DingTai High-Tech and Huari Precision being recommended for investment [3]. Robotics & Components - The human-shaped robot industry is progressing towards commercialization, with significant developments expected in 2025. Major players like Tesla and Huawei are entering the market, and various forms of robots are being tested in real-world applications [3]. - Companies such as Lide Harmony and Yujian Technology are highlighted as key players in this evolving market [3]. Laser Technology - General laser technology is experiencing rapid growth due to high power and new technology iterations, while specialized lasers are seeing increased demand from sectors like AI PCB drilling and photovoltaic battery production [6]. - Recommended companies in this field include Baichu Electronics and Dier Laser [6]. Engineering Machinery - The engineering machinery sector is expected to benefit from both domestic and international demand, with significant infrastructure projects and capital expenditures anticipated [6]. - Key companies to watch include Sany Heavy Industry and XCMG [6]. Forklifts - The forklift market is projected to grow, with total sales expected to reach 1.4518 million units in 2025, a 12.9% increase year-on-year. The trend towards automation and smart logistics is reshaping the industry [6]. - Recommended companies include Anhui Heli and Hangcha Group [6]. Rail Transit Equipment - The railway investment is expected to maintain high growth, with fixed asset investments projected to reach 901.5 billion yuan in 2025, a 6.0% increase year-on-year [6]. - Key players in this sector include CRRC Corporation and Siwei Control [6].

Investment Rating - The report rates the mechanical industry as "Overweight," indicating a positive outlook for the sector compared to the overall market performance [2][13]. Core Insights - The mechanical industry is expected to see stable performance with technological advancements leading to a value reversal. Key areas of growth include space photovoltaics, machine tools, robotics, and laser technology [4][7]. Summary by Sections Performance Forecast - The report predicts significant growth for 21 key tracked mechanical companies in Q4 2025, with notable forecasts such as Zoomlion (183%), DingTai High-Tech (179%), and Wolong Electric (82%) [4][5]. Space Photovoltaics - The commercial space sector is entering a new phase characterized by large-scale deployment and capability upgrades, leading to increased demand for space photovoltaics. The report highlights a projected super cycle in satellite manufacturing and launching over the next decade, driven by the need for satellite energy systems [4]. Machine Tools & Cutting Tools - The machine tool sector is expected to transition towards high-end, CNC, and intelligent manufacturing. The report anticipates a 9.7% increase in metal cutting machine production in 2025, with a strong focus on domestic production of core components [4][7]. - Cutting tool manufacturers are expected to benefit from rising raw material prices and increased domestic demand, with a focus on high-end product breakthroughs [4]. Robotics & Components - The humanoid robot industry is progressing towards commercialization, with significant developments expected in 2025. The report identifies three main trends: Tesla's humanoid robot iterations, global giants entering the robotics space, and various robot forms being deployed in practical applications [4]. Laser Technology - General laser technology is experiencing rapid growth due to advancements in high-power and specialized applications. The report recommends companies like Baichu Electronics and Dier Laser for investment [7]. Engineering Machinery - The report anticipates a resonance of domestic and foreign demand in 2026, driven by infrastructure projects and equipment upgrades. Key companies recommended include SANY Heavy Industry and XCMG [7]. Forklifts - The forklift market is projected to grow, with a 12.9% increase in total sales expected in 2025. The report emphasizes the trend towards automation and smart logistics in the industry [7]. Rail Transit Equipment - The report notes a strong demand for rail transit equipment, with a projected 6.0% increase in fixed asset investment in railways for 2025. Recommended companies include CRRC and Siwei Control [7].

鼎泰高科在广东东莞、河南南阳建立了成熟生产基地，构建了覆盖工具、材料、装备全链条生产体系， 持续巩固全球第一的产能领导者地位。同时，鼎泰高科的海外生产基地泰国子公司已实现量产，首期钻 针产能规划1,500万支╱月并正逐步实现。 此外，鼎泰高科于2025年收购MPK Kemmer的资产，以加速拓展德国及更广泛的欧洲市场，此举使公司 成为欧洲市场中PCB刀具销量领先的企业之一。鼎泰高科未来计划在亚洲和欧洲等区域进一步加大投 资，进一步构建"研发–生产–销售–服务"的全球化运营网络，加速公司全球化进程。 据招股书，鼎泰高科是集工具、材料、装备于一体的精密制造综合解决方案供应商，已成长为PCB制造 领域专用刀具全球龙头。根据弗若斯特沙利文的资料，于往绩记录期间，以销量计，鼎泰高科为全球最 大的钻针供应商。该公司致力于以高端精密智造为客户创造最大价值。 2月6日，中国证监会发布《境外发行上市备案补充材料要求(2026年2月2日—2026年2月6日)》。中国证 监会国际司共对4家企业出具补充材料要求，其中，要求鼎泰高科（301377）补充说明设立境外子公司 涉及的境外投资、外汇登记等监管程序具体履行情况，并就合规性出具结 ...

2月6日，中国证监会发布《境外发行上市备案补充材料要求(2026年2月2日—2026年2月6日)》。中国证 监会国际司共对4家企业出具补充材料要求，其中，要求鼎泰高科补充说明设立境外子公司涉及的境外 投资、外汇登记等监管程序具体履行情况，并就合规性出具结论性意见。据悉，鼎泰高科(301377.SZ) 已于2025年12月1日递表港交所主板，中信证券、汇丰为其联席保荐人。 据招股书，鼎泰高科是集工具、材料、装备于一体的精密制造综合解决方案供应商，已成长为PCB制造 领域专用刀具全球龙头。根据弗若斯特沙利文的资料，于往绩记录期间，以销量计，鼎泰高科为全球最 大的钻针供应商。该公司致力于以高端精密智造为客户创造最大价值。 此外，鼎泰高科于2025年收购MPK Kemmer的资产，以加速拓展德国及更广泛的欧洲市场，此举使公司 成为欧洲市场中PCB刀具销量领先的企业之一。鼎泰高科未来计划在亚洲和欧洲等区域进一步加大投 资，进一步构建"研发–生产–销售–服务"的全球化运营网络，加速公司全球化进程。 鼎泰高科在广东东莞、河南南阳建立了成熟生产基地，构建了覆盖工具、材料、装备全链条生产体系， 持续巩固全球第一的产能领导者地位 ...