证券代码：301200 证券简称：大族数控 深圳市大族数控科技股份有限公司 投资者关系活动记录表 编号：2025-005 投资者关系活动 类别 特定对象调研 分析师会议 媒体采访 业绩说明会 新闻发布会 路演活动 现场参观 其他 券商策略会、电话会议 参与单位名称 宝盈基金（9月2日） 平安基金（9月2日） 兴业机械（9月3日） 华西证券（9月3日） 爱建证券资管（9月3日） 深圳市路演时代科技有限公司（9月3日） 南土资产（9月3日） 拾贝投资（9月3日） Pleiad Inverstment Advisors Limited（9月3日） 睿郡资产（9月3日） 洲和资本（9月3日） 江苏瑞华（9月3日） 中信证券（9月3日） 嘉实基金（9月5日） 民生证券（9月5日） 信达澳亚基金（9月5日） 诺安基金（9月5日） 金科投资控股（9月5日） 同时，公司业务模式创新发展，通过布局 PCB 生产关键工序 及多品类产品为客户提供一站式解决方案，实现了应用场景、技 术、供应链、设备与材料、产品、工序、客户的多维协同，并创造 性地发挥协同优势，放大客户、供应链及产业链伙伴、公司整体价 值，不断提升公司产品的技术能力和 ...

Group 1 - A-shares experienced a slight adjustment after a significant rise, with the Shanghai Composite Index opening down 0.03% and the ChiNext Index down 0.56% [1] - The 5G Communication ETF (515050) saw a minor decline of 0.05% but had a strong inflow of nearly 460 million yuan in net subscriptions during the previous day [1] - Alibaba announced a collaboration with NVIDIA for Physical AI at the 2025 Cloud Summit, with plans to invest 380 billion yuan in AI infrastructure [1] Group 2 - The 5G Communication ETF (515050) tracks the CSI 5G Communication Theme Index and has a current scale exceeding 9 billion yuan [2] - Key holdings in the ETF include companies like Xin Yiseng, Zhongji Xuchuang, and Lixun Precision, with the top ten holdings accounting for 62.27% of the total weight [2] - The ETF has a significant focus on the supply chains of NVIDIA, Apple, and Huawei, with CPO concept stocks making up 38% and PCB stocks 14% of the weight [2]

Group 1 - The CPO and PCB sectors, which are part of the computing hardware industry, experienced a decline in stock prices [1] - Guangku Technology saw a drop of over 10% in its stock price [1] - Jingwang Electronics approached the limit down, indicating significant selling pressure [1] Group 2 - Tianfu Communication's stock fell by over 6% [1] - Shenghong Technology and Simi Electronics both experienced declines of over 5% [1] - Multiple stocks, including Zhongji Xuchuang and Xinyi Sheng, dropped by over 4% [1]

Group 1: Technology Sector Performance - The technology sector has emerged as the strongest theme in the A-share market this year, with the TMT (Technology, Media, and Telecommunications) sector leading the gains, as evidenced by the communication index rising over 64% and other indices such as electronics, media, and computing increasing by over 20% [1] - Notable technology indices have seen explosive growth, with the optical module index soaring over 125% year-to-date, and more than ten concept indices, including circuit boards and humanoid robots, rising over 50% [1] - Major technology companies have reached historical stock price highs, with the leading electronics firm, Industrial Fulian, increasing over 230% this year, surpassing a market capitalization of 1 trillion yuan [1] Group 2: Hong Kong Market Highlights - The Hong Kong stock market has also performed impressively, with Tencent Holdings surpassing 600 HKD, reflecting a year-to-date increase of over 50%, and Alibaba reaching nearly 100% growth [2] - The current technology stock surge is primarily concentrated in cutting-edge fields such as artificial intelligence, innovative pharmaceuticals, and humanoid robotics, supported by solid industrial foundations and key technological breakthroughs [2] Group 3: Artificial Intelligence Developments - In the artificial intelligence sector, rapid advancements in algorithms, including large model iterations and multi-modal fusion technologies, have led to significant qualitative leaps in various applications [2] - Hardware upgrades, particularly in GPUs and advancements in edge computing, have provided robust support for the large-scale application of artificial intelligence [2] - Companies like New Yisheng have reported substantial revenue growth, with a nearly 283% year-on-year increase in revenue and a 356% rise in net profit for the first half of the year [2] Group 4: Innovative Pharmaceuticals Growth - The innovative pharmaceuticals sector has seen a solid foundation for growth due to breakthroughs in research and business development collaborations, with a rich pipeline of targeted therapies and cell treatments [3] - The total value of business development transactions in China reached 60.8 billion USD in the first half of the year, marking a 129% year-on-year increase [3] Group 5: Humanoid Robotics Market Expansion - The influx of large orders has become a new growth engine for the humanoid robotics industry, exemplified by a recent 250 million yuan contract signed by UBTECH for intelligent humanoid robot products [4] - Tesla's strategic focus on its Optimus project, predicting that 80% of its future value may come from this business, has further boosted market confidence in humanoid robotics [4]

Core Viewpoint - A rumor originating from a communication event held by Dongshan Precision on September 16 led to a significant drop in Shenghong Technology's stock price, which fell by as much as 7.77% before recovering slightly to a 3.78% decline by the end of trading on September 17 [1][3][7]. Group 1: Incident Overview - On September 16, Dongshan Precision held an investor relations event, which was intended to be a routine communication but was misrepresented in a circulating "small essay" that sparked market panic [1][2]. - The misrepresented statements attributed to Dongshan Precision's spokesperson included claims about technological superiority over Shenghong Technology and competitive dynamics in the AI and PCB sectors [2][8]. Group 2: Market Reaction - Following the spread of the rumor, Shenghong Technology's stock experienced a rapid decline, with a peak drop of 7.77% due to investor panic and rapid capital outflow [3][8]. - After Dongshan Precision's spokesperson, Xiong Dan, publicly refuted the rumors, the stock price of Shenghong Technology began to stabilize, closing at 333.87 CNY per share with a reduced decline of 3.78% [5][7]. Group 3: Industry Context - Both Shenghong Technology and Dongshan Precision are key players in the rapidly growing AI and PCB sectors, which have garnered significant attention from capital markets due to increasing demand for computing power and high-performance interconnects [8].

Group 1 - The core viewpoint indicates a significant short-term decline in computing hardware stocks, particularly CPO and PCB sectors, with notable drops in specific companies [1] - Shenghong Technology experienced a drop of over 7%, while companies such as Zhongji Xuchuang and Shengyi Technology fell by more than 3% [1] - Other companies like Industrial Fulian and Xinyi Sheng also faced declines, contributing to the overall downturn in the sector [1]

Group 1 - The stock indices are performing strongly, with the ChiNext and STAR Market indices reaching new highs driven by the artificial intelligence and robotics industry chains [1] - After a brief market adjustment in early September, there was a rapid rebound, with Oracle's earnings announcement igniting enthusiasm for AI foundational investments, leading to significant rebounds in the domestic Nvidia supply chain [2] - The market's reaction to CATL's production guidance for 2026 resulted in a substantial opening increase of 6% for the company, with intraday gains reaching 14%, pushing the ChiNext index above 3100 points [2] Group 2 - Industrial production data for August supports the rise of high-growth sectors, with high-tech manufacturing maintaining rapid growth, showing a year-on-year increase of 9.3% in added value [3] - Specific industries such as aircraft manufacturing, biopharmaceuticals, and electronic equipment manufacturing saw added value growth rates of 27.9%, 14.5%, and 10.4% respectively [3] - The production of key products like servers, mobile communication base station equipment, and 5G smartphones increased by 86.2%, 48.9%, and 15.6% respectively, indicating strong demand in the tech sector [3] Group 3 - The market has reacted to expectations of a Federal Reserve interest rate cut, with a 99% probability of a 25 basis point cut anticipated [4] - The decline in U.S. Treasury yields, depreciation of the dollar, and rising gold prices suggest a potential flow of funds into Hong Kong and A-shares [4] - The robust performance of technology sectors like AI and robotics is supported by strong fundamentals and positive market sentiment, with expectations of policy measures to boost domestic demand [4]

Core Viewpoint - The company is positioned as a leading manufacturer in the PCB equipment industry, focusing on providing comprehensive solutions for the PCB sector, and is expected to benefit significantly from the surge in AI-related PCB demand, potentially leading to the largest expansion wave in the industry’s history [1][4]. Group 1: Company Overview - The company has over 20 years of experience in the PCB equipment industry and has become the largest manufacturer of PCB-specific equipment globally, covering key processes such as drilling, exposure, forming, inspection, and lamination [1]. - The company is transitioning from a traditional supplier to a collaborative partner with clients, offering innovative solutions to enhance yield and reduce costs [1]. - The company is leveraging opportunities in the AI industry, with high-end equipment like mechanical and laser drilling gradually increasing in volume for applications in AI servers and 800G optical modules [1][2]. Group 2: Industry Trends - The demand for AI PCBs is expected to explode, leading to unprecedented expansion in the PCB industry, driven by significant investments in AI infrastructure [2]. - Upgrades in AI chip specifications and the introduction of new technologies will necessitate improvements in PCB layers, precision, and materials, thereby increasing the requirements for PCB processing equipment [2]. - New equipment such as 3D back drilling, CO2 laser drilling, and high-precision inspection are emerging to meet the stringent demands of the evolving PCB landscape [2]. Group 3: Technological Advancements - The company’s mechanical drilling technology has reached industry-leading levels, while laser drilling is anticipated to make significant advancements [3]. - The company’s 3D back drilling machine features integrated drilling and measurement capabilities, achieving high precision and has been adopted by leading multi-layer board manufacturers [3]. - The company has developed high-power CO2 laser drilling machines to meet the needs for high-quality processing of multi-layer HDI boards, addressing the demand for blind and deep blind hole drilling [3]. Group 4: Financial Outlook - With the anticipated increase in high-end equipment production, the company’s revenue and profitability are expected to reach new heights [4]. - The company forecasts net profits of 684 million, 1.507 billion, and 2.089 billion yuan for the years 2025 to 2027, respectively [4]. - The product iterations are expected to enhance average selling prices (ASP) and profitability, with a favorable valuation outlook and high operational leverage potentially leading to unexpected profit elasticity [4].

Market Performance - The market showed strong performance throughout the day, with major indices rebounding significantly, and both the ChiNext Index and Shenzhen Component Index reaching new highs for the year [1] - Over 4,200 stocks in the market experienced gains, indicating a broad-based rally [1] Index Movements - The broad-based indices almost all rose, with growth-style indices represented by the ChiNext and Sci-Tech Innovation boards leading the way, as the ChiNext 50 Index increased by over 6% and the ChiNext Index rose by over 5% [1] - The ChiNext ETF (159915) and Sci-Tech Innovation 50 ETF (588080) saw active trading [1] Sector Highlights - The CPO and PCB sectors were among the top gainers, driving the performance of indices related to communication equipment and 5G communication, which also saw significant increases [1] - Other sectors such as artificial intelligence and cloud computing also performed well, with notable gains [1] Investment Trends - According to招商证券, the short-term market adjustment is nearing its end, transitioning to a more sustained low-slope upward trend, with a focus on AI computing power, solid-state batteries, humanoid robots, and commercial aerospace/satellite internet in September [1]

Market Overview - The market showed strong performance throughout the day, with the three major indices rebounding significantly, and both the ChiNext Index and the Shenzhen Component Index reaching new highs for the year [1] - The total trading volume in the Shanghai and Shenzhen markets was 2.44 trillion, an increase of 459.6 billion compared to the previous trading day [1] Sector Performance - The market saw active rotation of hotspots, with over 4,200 stocks rising, indicating a bullish sentiment [2] - The computing hardware sector performed strongly, with Industrial Fulian achieving a consecutive two-day increase and hitting a historical high [2] - Satellite internet concept stocks continued their strong performance, with Oriental Communication also achieving a consecutive two-day increase [2] - Chip concept stocks collectively surged, with Haiguang Information hitting the daily limit [2] - In contrast, the film and theater sector showed weakness, with Happiness Blue Sea experiencing a significant decline [2] - The CPO, PCB, and liquid cooling service sectors led in gains, while precious metals, oil and gas, and tourism sectors faced declines [2] Institutional Activity - Institutional participation increased compared to the previous day, with 24 stocks having a net buy/sell amount exceeding 10 million [3] - Among these, 11 stocks were net bought, including Dongshan Precision with 238 million, Beifang Changlong with 102 million, and Sanwei Communication with 55.14 million [3] - Conversely, net selling was observed in Haiguang Information at 438 million, Luxshare Precision at 420 million, and Tianji Shares at 107 million [3]