根据调研日期截止日统计，近10日（7月18日至7月31日），海外机构对43家上市公司进行调研，其中， 鼎泰高科最受关注，被23家海外机构密集调研。 证券时报·数据宝统计显示，近10日共有307家公司获机构调研，调研机构类型显示，证券公司调研达 266家，占比最多；基金公司调研220家，位列其后；海外机构共对43家上市公司进行走访。 海外机构调研榜单中，鼎泰高科参与调研的海外机构达到23家，最受关注；其次是麦格米特，参与调研 的海外机构共有12家。 从股价表现看，获海外机构调研股近10日平均上涨7.42%。其中，股价上涨的有横河精密、德福科技 等，表现最好的是横河精密，累计涨幅为94.43%。股价下跌的有15只，跌幅最大的是惠城环保，累计 跌幅为17.47%。 从业绩来看，近日获海外机构关注个股中，有4只公布了中期业绩（含快报），净利润增幅居前的有海 大集团、苏泊尔。 公布中期业绩预告的个股有9只，业绩预告类型来看，预增4只，预盈2只，预亏3只。以业绩预告净利润 增幅中值统计，净利润增幅最高的是骏亚科技，中期净利润同比增长幅度为338.64%。 （数据宝） | 002668 | TCL智家 | 1 | 10.1 ...

机床ETF（159663），紧密跟踪的中证机床指数，涵盖了我国制造业产业链中的关键一环——高端装备 制造领域，涉及激光设备、机床工具、机器人、工控设备等行业，是新质生产力理念强调创新驱动与产 业升级落地实践的核心阵地。 7月31日上午，A股三大指数走势分化，上证指数盘中下跌0.42%，通信、电子、计算机等板块涨幅靠 前，钢铁、煤炭跌幅居前。机床板块走强，截至9:38，机床ETF（159663.SZ）上涨0.42%，其成分股鼎 泰高科上涨3.35%，英威腾上涨1.96%，华工科技上涨1.73%，伟创电气上涨1.64%，绿的谐波上涨 1.46%。 消息方面，得益于中国航空航天等领域的发展，五轴机床市场规模连续多年保持增长。根据MIR数据， 2024年中国五轴机床市场规模达103.5亿元，同比增长13.4%，5年复合增长率超10%。 山西证券研报指出，五轴数控系统市场前景广阔，特别是在航空航天、新能源汽车等领域需求旺盛，这 将给国产五轴数控系统行业带来巨大的发展空间。同时，在国家的支持下，国内高端五轴数控系统取得 了长足的进步，在相关领域取得了应用突破，中长期将受益国产替代逻辑。 （文章来源：每日经济新闻） ...

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]

Core Viewpoint - The PCB market is experiencing a structural transformation driven by the demand for high-end products, particularly in AI-related applications, leading to a significant increase in both demand and prices for high-end PCBs [1][3][4]. Group 1: Market Conditions - The current PCB market is characterized by a shortage of high-end products and pressure on low-end products, with overall market conditions improving compared to last year [1][2]. - Many PCB companies have reported positive earnings forecasts for the first half of the year, with some companies experiencing significant growth, such as a 3.7 times increase in net profit for certain firms [2][3]. - The demand for high-end PCBs is being driven by the rapid growth of AI server hardware, which requires advanced PCB technologies [3][9]. Group 2: Company Performance - Major companies like Pengding Holdings and Huadian Electronics are seeing substantial increases in net profits, with expected growth rates exceeding 40% year-on-year [3][6]. - Companies involved in the production of electronic-grade fiberglass and copper-clad laminates are also reporting significant increases in sales and profitability due to rising demand [2][6]. - The overall order saturation for PCB manufacturers is reported to be over 90%, indicating strong market demand [6][7]. Group 3: Future Projections - The global PCB market is projected to grow significantly, with estimates suggesting a market value of $78.6 billion by 2025, driven by advancements in AI and high-performance computing [4][8]. - The demand for high-layer and high-density interconnect (HDI) boards is expected to grow at rates of 14.2% and 18.5%, respectively, indicating a shift towards more complex PCB designs [8][10]. - The industry is likely to face challenges related to potential overcapacity as more companies announce expansion plans to meet the surging demand for high-end PCBs [10][12]. Group 4: Technological Advancements - The shift towards high-end PCBs is accompanied by increased technical barriers, with only a few manufacturers capable of producing advanced PCBs that meet the requirements of AI servers and high-speed data transmission [9][11]. - Companies are investing heavily in new technologies and production capabilities to meet the evolving demands of the market, including investments in low-loss materials and advanced manufacturing processes [5][10]. - The regulatory environment is also pushing companies to focus on high-quality production and green manufacturing practices, further raising the competitive bar in the industry [11][12].

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].

PCB、CPO等算力硬件股午后持续走高，生益科技（600183）、胜宏科技（300476）、仕佳光子、景旺 电子（603228）、铜冠铜箔（301217）、芯碁微装、鼎泰高科（301377）、华工科技（000988）等多股 创历史新高。 ...

The provided content does not contain any specific quantitative models or factors, nor does it include detailed construction processes, formulas, or backtesting results for such models or factors. The report primarily focuses on market analysis, index performance, valuation levels, and fund flows. Therefore, there are no quantitative models or factors to summarize based on the given content.

证券代码：301377 证券简称：鼎泰高科 公告编号：2025-036 广东鼎泰高科技术股份有限公司 关于设立控股子公司并完成工商登记的公告 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。 一、对外投资概述 根据发展战略和经营规划需要，广东鼎泰高科技术股份有限公司（以下简称 "公司"）下属全资子公司广东鼎泰机器人科技有限公司（以下简称"鼎泰机器 人"）与中科硅纪（南京）机器人有限公司（以下简称"中科硅纪"）共同出资 设立广东鼎泰中科机器人有限公司（以下简称"鼎泰中科"）。鼎泰中科注册资 本为人民币 500 万元，其中鼎泰机器人以自有资金认缴出资额 350 万元，持股比 例为 70%。本次投资后，鼎泰中科成为公司控股子公司，纳入公司合并财务报表 范围。 根据《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》以及《公司章程》等相关规定， 本次设立控股子公司事项在公司总经理审批权限范围内，无需提交公司董事会和 股东大会审议。 本次对外投资事项不涉及关联交易，也不构成《上市公司重大资产重组管理 办法》规定的重 ...

Summary of Key Points Core Viewpoint - In the recent 10-day period from July 14 to July 25, overseas institutions conducted research on 47 listed companies, with Ding Tai Gao Ke being the most scrutinized, receiving attention from 23 overseas institutions [1]. Group 1: Overseas Institutional Research - A total of 329 companies were researched by institutions in the last 10 days, with securities companies conducting research on 289 companies, accounting for the majority [1]. - Ding Tai Gao Ke was the most researched company by overseas institutions, followed by Mai Ge Mi Te, which had 12 overseas institutions participating in its research [1]. Group 2: Stock Performance - The average stock price of companies researched by overseas institutions increased by 11.62% over the 10-day period [1]. - Ding Tai Gao Ke had the highest performance, with a cumulative increase of 41.69%, while the largest decline was seen in Wo Long Xin Neng, which dropped by 5.10% [1][2]. Group 3: Earnings Performance - Among the companies that received attention from overseas institutions, two reported mid-term earnings, with Hangzhou Bank and Ningbo Bank showing significant net profit growth [1]. - A total of 14 companies issued mid-term earnings forecasts, with 12 expecting profit increases, 1 expecting profit, and 1 expecting losses. The highest net profit growth forecast was for Xin Yi Sheng, with a projected increase of 356.58% year-on-year [1].

智通财经7月21日电，鼎泰高科(301377.SZ)发布投资者关系活动记录表，公司应用在PCB领域的产品主 要有PCB刀具（钻针、铣刀）、研磨抛光材料和智能设备。2024年度，应用在PCB领域相关的产品营业 收入合计占公司总营业收入比重约为85%。公司近期订单充足，钻针产品交付相对较为紧张，目前主要 通过降低备用库存的方式缓解部分交付压力，为应对需求变化，公司计划加快PCB微型钻针募投建设项 目的建设进度，有序扩充产能，以满足客户需求。公司PCB客户主要有胜宏科技、TTM集团、深南电 路、生益电子、方正科技、景旺电子、广合科技、崇达技术、健鼎科技等等。公司主要采用直销模式， 少量客户通过经销模式进行销售。 鼎泰高科：近期订单充足 钻针产品交付相对较为紧张 ...