Group 1 - The company plans to globally offer 50.4518 million H-shares, with 5.0452 million shares available for sale in Hong Kong and 45.4066 million shares for international sale, subject to reallocation and the exercise of the over-allotment option [1] - The subscription period for the shares is from January 29 to February 3, 2026, with the expected pricing date on February 4, 2026, and trading on the Hong Kong Stock Exchange expected to commence on February 6, 2026 [1] - The maximum offer price is set at HKD 95.80 per share, with a trading unit of 100 shares for H-shares [1] Group 2 - The company is a leading provider of PCB (Printed Circuit Board) specialized production equipment solutions in China, engaged in the R&D, production, and sales of such equipment [2] - The company's extensive range of production equipment spans multiple sectors within the PCB industry, covering various manufacturing processes such as drilling, exposure, lamination, molding, and inspection [2] - The company is the largest manufacturer of PCB specialized production equipment in China, holding a market share of 10.1% as of 2024, with most of its revenue derived from mainland China [2] Group 3 - The company has entered into cornerstone investment agreements, with cornerstone investors agreeing to subscribe for a total of USD 309.8 million (approximately HKD 2.416 billion) under certain conditions [3] - Assuming the maximum offer price of HKD 95.80 per share, cornerstone investors will subscribe for a total of 25.2184 million shares [3] - Key cornerstone investors include Hongxing International Technology Co., GIC Private Limited, Schroders, and others [3] Group 4 - If the over-allotment option is not exercised, the company estimates to net approximately HKD 4.6307 billion from the global offering at the maximum offer price [4] - The company plans to allocate approximately 50% of the net proceeds to enhance R&D and operational capabilities, 40% to increase PCB specialized equipment production capacity, and 10% for working capital and general corporate purposes [4]

格隆汇1月29日丨大族数控(03200.HK)发布公告，公司拟全球发售5045.18万H股，中国香港发售股份 504.52万股，国际发售股份4540.66万股(以上可予重新分配及视乎超额配股权行使与否而定)；2026年1 月29日至2月3日招股，预期定价日为2月4日；发售价将不超过每股发售股份95.80港元，H股的每手买卖 单位将为100股，中金公司为独家保荐人；预期H股将于2026年2月6日开始于联交所买卖。 ...

全球發售 深圳市大族數控科技股份有限公司 SHENZHEN HAN'S CNC TECHNOLOGY CO., LTD. （於中華人民共和國註冊成立的股份有限公司） 股份代號 : 3200 獨 家 保 薦 人、保 薦 人 兼 整 體 協 調 人、聯 席 全 球 協 調 人、聯 席 賬 簿 管 理 人 及 聯 席 牽 頭 經 辦 人 整 體 協 調 人、聯 席 全 球 協 調 人、聯 席 賬 簿 管 理 人 及 聯 席 牽 頭 經 辦 人 聯 席 全 球 協 調 人、聯 席 賬 簿 管 理 人 及 聯 席 牽 頭 經 辦 人 SHENZHEN HAN 深圳市大族數控科技股份有限公司 重要提示 重要提示： 閣下對本招股章程任何內容如有任何疑問，應徵詢專業獨立意見。 SHENZHEN HAN'S CNC TECHNOLOGY CO., LTD. 深圳市大族數控科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 全球發售 | 全球發售項下的發售股份數目 | ： | 50,451,800股H股（視乎超額配股權行使與否而定） | | --- | --- | --- | | 香港發售股份數目 | ： | 5,04 ...

香港交易及結算所有限公司、香港聯合交易所有限公司（「聯交所」或「香港聯交所」）及香港中 央結算有限公司（「香港結算」）對本公告的內容概不負責，對其準確性或完整性亦不發表任何 聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任 何損失承擔任何責任。 除非本公告另有界定，否則本公告所用詞彙與深圳市大族數控科技股份有限公司（「本公司」） 日期為2026年1月29日的招股章程（「招股章程」）所界定者具有相同涵義。本公告乃承本公司 董事（「董事」）會（「董事會」）之命而作出。董事會就本公告之準確性共同及個別承擔責任。 本公告僅供參考，並不構成收購、購買或認購任何證券的邀請或要約。本公告並非招股章程。 潛在投資者在決定是否投資於發售股份前，應細閱招股章程以了解下文所述有關全球發售的 詳細資料。投資者應僅依賴招股章程所載資料作出有關發售股份的任何投資決定。 本公告不會直接或間接於或向美國（包括其領土及屬地、美國任何州及哥倫比亞特區或法律 禁止此類發佈的任何其他司法管轄區）發佈、刊發或派發。本公告並不構成或組成在美國境 內或於任何其他司法管轄區購買或認購證券的任何要約或招攬的一部分。本公告所述證 ...

Core Viewpoint - The article discusses the growth and dynamics of the PCB (Printed Circuit Board) industry, particularly focusing on the demand for copper-clad laminates (CCL) driven by advancements in AI applications and the increasing need for high-speed, high-frequency materials [3][13]. Industry Overview - PCB is referred to as the "mother of electronic products," serving as a carrier for electrical connections and functional integration of electronic components. The demand for PCBs is influenced by the terminal market, showing a stable growth trend [3]. - The cost structure of PCBs reveals that copper-clad laminates account for approximately 27.30% of the total cost, making them a crucial substrate in PCB manufacturing [3]. Market Segmentation - CCL can be classified based on material and structure, with different categories suitable for various applications, including communication devices, consumer electronics, and automotive electronics [10]. - High-frequency and high-speed CCLs are emerging to meet the demands of AI applications, characterized by high signal transmission speeds (10-50 Gbps) and low loss [11]. Market Size and Growth - The global AI application CCL market is projected to reach approximately $2.4 billion by 2025, $5.8 billion by 2026, and $18.7 billion by 2027, with a compound annual growth rate (CAGR) of about 18% from 2024 to 2027. The high-speed CCL market is expected to grow at a CAGR of 40%, significantly outpacing the average growth rate of the CCL market [13]. Competitive Landscape - The global CCL production capacity is primarily concentrated in Asia, with Taiwanese and Japanese companies holding significant market shares. The high-end CCL market is dominated by Taiwanese and Japanese manufacturers, while mainland Chinese companies are expected to ramp up production starting in 2026 [13]. - Key players in the CCL industry include companies like Shengyi Technology, Nan Ya Plastics, and Panasonic, each with unique strengths and market positions [17]. Recent Developments - Shengyi Technology plans to invest 4.5 billion yuan in a high-performance CCL project by 2026 [18]. - Jinan Guojiji has approved a fundraising plan to raise 1.557 billion yuan for a high-grade CCL project and R&D center [18]. - Nan Ya Plastics intends to raise up to 900 million yuan for the development of high-frequency CCLs based on AI computing power [19]. - Huazheng New Materials has recently added a high-end production line, increasing its capacity to 14 million sheets per year [19].

（来源：经济参考报） 在信丰高新区，压铸机研发制造领域的全球头部企业——香港力劲集团，正紧锣密鼓地安装生产设备。 信丰县商务局驻点干部刘翔为了服务好这个项目，过去一年成了"高铁常客"，几乎每周往返深圳。 企业为何青睐这片红土地？"看中的不仅是土地，更是这里的产业生态。"刘翔一语道破，铭利达、大族 数控等上下游企业的集聚，形成了显著的"葡萄串效应"。干部的拼劲换来了"信丰速度"：2025年，信丰 县高端装备制造业总产值预计达47.7亿元，同比增长36.5%。 江西盛昆智能装备有限公司总经理余显友见到记者时，连用三个数字形容落户信丰的变化："3个月投 产、半年厂房面积扩大至10万平方米、半年新接超10亿元订单。"这家国内锂电池后端化成分容设备制 造行业的头部企业，将深圳生产基地整体搬迁至信丰，看中的正是这里完备的供应链和高效交付能力。 产业的链式蝶变，源于政策体系的精准发力。从国家发改委印发对口合作方案，到江西出台支持赣深、 吉莞合作措施，"共建产业园区"与"构建稀土钨及电子信息产业集群"被置于核心位置。随着深赣港产城 一体化合作区、吉安（东莞）产业合作园区加速落地，政策"组合拳"正转化为产业链上的"化学反应"， ...

Group 1 - The specialized equipment sector increased by 0.16% on January 27, with Senhe Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4139.9, up 0.18%, while the Shenzhen Component Index closed at 14329.91, up 0.09% [1] - Notable gainers in the specialized equipment sector included Maher Co., Ltd. with a 15.17% increase, Tianqi Co., Ltd. with a 10.00% increase, and Zhanpeng Technology with a 9.97% increase [1] Group 2 - The specialized equipment sector experienced a net outflow of 1.684 billion yuan from institutional investors, while retail investors saw a net inflow of 1.676 billion yuan [2] - Major stocks with significant net inflows from retail investors included Zhanpeng Technology and ST Yuanzhi, with net inflows of 586.67 million yuan and 407.08 million yuan respectively [3] - Conversely, institutional investors showed a net outflow in stocks like Dazhu CNC and Weiling Co., Ltd., with outflows of 1.22 billion yuan and 60.22 million yuan respectively [3]

Core Viewpoint - The PCB (Printed Circuit Board) industry is expected to experience significant growth in performance due to the AI wave, driven by increased demand for AI computing infrastructure and consumer electronics upgrades [1][3]. Group 1: Company Performance - Guangzhou Haozhi Electromechanical Co., Ltd. forecasts a net profit of 128 million to 165 million yuan for 2025, representing a year-on-year increase of 54.40% to 99.03% [1]. - Shenghong Technology (Huizhou) Co., Ltd. anticipates a net profit of 4.16 billion to 4.56 billion yuan for 2025, reflecting a year-on-year growth of 260.35% to 295% [2]. - Shenzhen Dazhu CNC Technology Co., Ltd. expects a net profit of 785 million to 885 million yuan for 2025, indicating a year-on-year increase of 160.64% to 193.84% [2]. Group 2: Market Dynamics - The demand for AI computing power is driving a structural boom in the PCB industry, with expectations that the AI-related PCB market will reach 10 billion USD by 2026 [3]. - The expansion of AI infrastructure is leading to a significant increase in both volume and price in the PCB sector, particularly for high-end PCBs, which will support sustained profitability for companies [3][4]. - Companies are ramping up production to seize market opportunities, with examples such as Hushi Electronics starting a high-end PCB expansion project in June 2025, expected to begin trial production in the second half of 2026 [3]. Group 3: Strategic Recommendations - PCB-related companies should focus on technological research and development to tackle challenges in high-frequency, high-layer boards and upgrade high-end production capacity to meet customized AI computing demands [4]. - Companies are encouraged to deeply integrate with leading chip and server manufacturers during the early stages of product development to create dual barriers of technology and supply chain, thereby avoiding low-end price competition and solidifying their high-end market advantage [4].

Investment Rating - The mechanical equipment industry is rated as "stronger than the market" [5][29]. Core Views - SpaceX is advancing its Starlink system upgrade and capacity enhancement, with plans to launch a second-generation Starlink system in 2027, aiming to reduce the cost per pound to below $100 [2]. - The capital preparation for SpaceX's IPO is underway, with an estimated valuation of approximately $800 billion [2]. - The PCB equipment sector is highlighted, with recommendations for companies such as Chipbond Technology (688630), Dongwei Technology (688700), and Dazhu CNC (301200) [2]. - The chip manufacturing and packaging technology is evolving towards thinner substrates and finer lines, with high-end PCBs transitioning to "packaging substrate" roles [3]. - The humanoid robot sector is recommended, focusing on core companies in the T-chain, with significant exposure expected from partnerships with major events [3]. - The controlled nuclear fusion sector is also recommended, with expectations of increased procurement and investment in related projects [4]. Summary by Sections Mechanical Equipment Industry - The mechanical equipment sector saw a weekly increase of 2.57%, outperforming the Shanghai and Shenzhen 300 index, which decreased by 0.62% [5][6]. - The best-performing sub-sector was abrasives, with an increase of 8.58% [8]. Commercial Aerospace - Companies to watch include Yingliu Co., Ltd. (603308), Srey New Materials (688102), West Materials (002149), and Shanghai Hanxun (300762) [5]. PCB Equipment - Strong demand for high-end LDI equipment from Chipbond Technology, with high capacity utilization and ongoing deliveries to major clients [3]. - Dongwei Technology is making progress in the HDI and mSAP fields, with advanced plating needs expected to become a significant growth source [3]. Humanoid Robots - The upcoming mass production of Optimus V3 is anticipated to drive focus on core enterprises within the T-chain [3]. - Partnerships with major events are expected to catalyze growth in the robotics sector [3]. Controlled Nuclear Fusion - The BEST project is accelerating procurement, with a budget of 45 million yuan for superconducting wire materials [4]. - The annual procurement plan for fusion projects is expected to exceed 10 billion yuan, indicating strong order potential [4].

Investment Rating - The mechanical equipment industry is rated as "stronger than the market" based on its performance relative to the CSI 300 index, which decreased by 0.62% during the week while the mechanical equipment sector increased by 2.57% [5][6]. Core Insights - SpaceX is advancing its Starlink system upgrades and capitalizing on its operations, planning to launch a second-generation Starlink system by 2027, which will enhance satellite performance and network capacity. The company aims to reduce the cost of launching to below $100 per pound through full reusability of its Starship [2]. - The capital market is preparing for SpaceX's IPO, expected in Q3 2026, with a valuation around $800 billion based on recent internal equity transactions. The report suggests that the valuation uplift in China's private rocket companies will follow a similar trajectory as SpaceX, transitioning from project-based products to infrastructure and technology services [2]. - In the PCB equipment sector, companies such as Chipbond (688630), Dongwei Technology (688700), and Dazhu CNC (301200) are recommended, with a focus on the increasing demand for advanced packaging and fine line technology [3]. - The humanoid robot sector is highlighted with recommendations for companies like Inovance Technology (300124) and Sanhua Intelligent Control (002050), as the production of Tesla's Optimus V3 approaches, which is expected to catalyze the market [3]. - In the controlled nuclear fusion sector, Guoji Heavy Industry (601399) is recommended, with expectations of increased procurement activity related to fusion projects, potentially exceeding previous investment forecasts [4]. Summary by Sections Mechanical Equipment Sector - The mechanical equipment sector's PE-TTM valuation increased by 2.56%, with the best-performing sub-sector being abrasives, which rose by 8.58% [5][6]. - The report indicates that the mechanical equipment industry ranks 13th out of 31 in the Shenwan industry classification [5]. Commercial Aerospace - Companies such as Yingliu Co. (603308), Srey New Materials (688102), and West Materials (002149) are recommended for investment in the commercial aerospace sector [5]. PCB Equipment - The report emphasizes the transition towards thinner substrates and finer line requirements in PCB manufacturing, with specific recommendations for companies involved in advanced packaging technologies [3]. Humanoid Robots - The report suggests focusing on core enterprises in the humanoid robot sector, particularly as Tesla ramps up production of its Optimus V3 robot, which is expected to begin sales in 2027 [3]. Controlled Nuclear Fusion - The procurement pace for fusion projects is accelerating, with significant budget allocations expected for various projects, indicating a robust growth outlook for companies in this sector [4].