东吴证券研报指出，大族数控业绩超预期，AI PCB扩产加速带动业绩持续高增。公司全年业绩高增， 维持前三季度的高增速，25全年业绩超我们预期，主要系①AI算力需求爆发，以胜宏科技、沪电股份 为代表的头部PCB厂商积极扩充高阶HDI、高多层PCB产能，拉动机械钻、CCD背钻机、激光钻等PCB 设备需求，公司作为钻孔设备龙头充分受益；②2025年12月1日公司发布公告变更会计估计，根据客户 结构调整了预期信用损失率，公司预计增加25Q4约5318万元净利润。顺应AIPCB扩产设备需求高端 化，传统优势钻孔设备进展顺利；紧跟技术迭代，超快激光有望随M9Q布/1.6T光模块兑现产业化。考 虑到AIPCB扩产加速，设备采购需求提升，上调公司2025-2027年归母净利润为8.4（原值7.0）/15.4（原 值11.4）/25.0（原值17.3）亿元，当前股价对应动态PE分别为61/33/21倍，维持"买入"评级。 ...

Core Viewpoint - The report from Guojin Securities expresses optimism about AI-driven new materials, highlighting the positive expectations for industry growth as indicated by the recent TPCA SHOW [1] Group 1: Industry Outlook - Leading companies are expected to actively expand production to meet high demand [1] - The market will focus on the confirmation rhythm of solutions, usage volume, and price space due to supply tightness [1] Group 2: Material Upgrades - M9 is anticipated to bring material solution upgrades, such as copper foil potentially leaning towards HVLP4 [1] - Electronic fabrics are expected to evolve into Q fabric combined with second-generation fabric [1] - Resins are projected to shift towards hydrocarbon resins, influenced by the increased hardness of Q fabric, which may complicate PCB processing [1] Group 3: Equipment and Consumption - The demand for drilling needles as consumables is expected to rise, along with positive impacts on laser drilling [1]

Core Insights - The report highlights significant growth in foreign direct investment (FDI) inflows in certain African countries, particularly Zambia and Mozambique, which are expected to see notable year-on-year increases in 2024 [1][2] - The report also notes positive currency exchange rate movements in Africa, with Tanzania appreciating by 7.13%, Nigeria by 3.93%, and Kenya by 0.04% in Q3 [1][2] Group 1: Industry Performance - The cement industry shows a national average price of 348 RMB per ton, down 63 RMB year-on-year, with an average shipment rate of 45.1% [3] - The glass industry reports a floating glass average price of 1243.68 RMB per ton, a decrease of 57.29 RMB, with inventory days increasing to 30.51 days [3] - The concrete mixing station's capacity utilization rate is at 7.23%, reflecting a decrease [3] Group 2: Company Developments - Companies such as Huaxin Cement and China National Materials have released their Q3 reports, indicating a potential increase in overseas performance, particularly in Africa [2][5] - Yashi Chuangneng plans to sell certain industrial land use rights and assets to improve its financial structure and support core business development [5] Group 3: Market Trends - The AI new materials sector is expected to see growth, with leading companies likely to expand production in response to high demand [2] - The report anticipates that the market will focus on the confirmation of material solutions and the impact of supply constraints on pricing [2]