Investment Rating - The industry investment rating is "Positive" due to the expected growth driven by advancements in the AI industry and its impact on PCB equipment demand [4]. Core Viewpoints - The development of the AI industry is driving demand for PCB equipment, with key products such as AI servers, 800G switches, and AI smartphones expected to see significant growth. This transformation is a crucial factor for the PCB industry's new development cycle [5]. - The penetration rate of laser applications in PCB processing is increasing, particularly in drilling, exposure, and forming processes, which enhances the efficiency and precision of PCB manufacturing [5]. - Core companies in the laser equipment sector are expected to benefit from the rising complexity of PCB technology, with a focus on high-layer HDI boards and high-value-added processing equipment [5]. Summary by Sections AI Industry Impact - The AI industry's rapid expansion is a key growth engine for the PCB sector, with "All in AI" becoming a primary strategy for leading tech companies [5]. - The demand for high-layer boards and advanced packaging substrates is expected to drive continuous investment in specialized processing equipment [5]. Laser Application in PCB Processing - Drilling: Laser technology allows for the creation of micro-holes under 100 microns, offering a clean, efficient, and precise manufacturing process compared to traditional methods [5]. - Exposure: Laser direct imaging technology eliminates multiple steps in the traditional exposure process, improving production efficiency and quality [5]. - Forming: Laser technology is preferred for high-precision processing of ultra-thin and flexible boards, enhancing the manufacturing capabilities for complex PCB designs [5]. Key Companies - The report highlights several key companies that are expected to benefit from these trends, including: - 大族激光 (Daheng Laser) - 大族数控 (Daheng CNC) - 杰普特 (Jepter) - 帝尔激光 (Dier Laser) - 德龙激光 (Delong Laser) - 英诺激光 (Inno Laser) - 锐科激光 (Raycus Laser) [5][6].