机械设备行业跟踪周报：推荐AI设备（PCBS设备、耗材+碳化硅材料），持续强推油服设备-20250928

Investment Rating - The report maintains an "Overweight" rating for the mechanical equipment industry, with a focus on AI equipment and oil service equipment [1]. Core Insights - The rapid development of AI chips is expected to drive demand for advanced testing and packaging equipment, particularly in the semiconductor sector [2][20]. - The PCB equipment market is set to benefit from significant investments in AI infrastructure, with major players expanding their production capacities [3][44]. - The oil service equipment sector is poised for growth due to Saudi Aramco's plans to initiate 85 major projects over the next three years, which will create substantial demand for related products and services [9]. Summary by Sections Semiconductor Equipment - The demand for high-performance testing machines is increasing due to the complexity of AI chips and advanced storage chips, which require enhanced testing capabilities [2][21]. - The advanced packaging technology CoWoS is crucial for GPU and HBM interconnects, leading to a surge in demand for advanced packaging equipment [2][22]. - The semiconductor testing equipment market is projected to exceed $13.8 billion by 2025, with significant contributions from SoC and storage testing machines [21]. PCB Equipment - The AI infrastructure investment by Alibaba is expected to significantly boost the PCB market, with leading companies expanding their high-end HDI production capacities [3][4]. - The report highlights the increasing complexity and investment inflation in PCB production processes, particularly in drilling and exposure stages [4][44]. - Major PCB manufacturers are actively expanding their capacities to meet the rising demand for high-performance PCBs driven by AI servers [44][46]. Oil Service Equipment - Saudi Aramco's upcoming projects will require extensive procurement of materials and equipment, benefiting companies with technological advantages in the oil service sector [9]. - Companies like Neway and Jereh are well-positioned to capitalize on the growing demand for oil service equipment due to their established relationships and capabilities [9]. Carbon Silicon - The report emphasizes the potential of single crystal silicon carbide (SiC) in enhancing the performance of CoWoS structures, which is critical for high-power GPU applications [5]. - The successful launch of a 12-inch SiC substrate processing line by Jing Sheng marks a significant advancement in domestic SiC technology [5]. Investment Recommendations - The report suggests focusing on companies such as Huafeng Measurement and Changchuan Technology for testing equipment, and Jing Sheng for packaging equipment, as they are expected to benefit from the growth in AI chip production [2][22]. - In the PCB sector, companies like Dazhu CNC and East China Electric are recommended for their strong market positions and growth potential [43][46].