Investment Rating - The report maintains an "Overweight" rating for the mechanical equipment industry [1] Core Insights - The humanoid robot company Galaxy General has completed a new round of financing of $300 million, achieving a valuation of $3 billion, making it the highest-valued company in China's humanoid robot sector [2] - The semiconductor equipment sector is seeing consolidation, with companies like Zhongwei planning acquisitions to enhance their product offerings [3] - The liquid cooling industry is experiencing growth, with major players like Vertiv expanding their manufacturing capabilities, indicating strong confidence in the sector's long-term potential [4] - PCB equipment and consumables are set for expansion, with companies like Pengding Holdings planning significant investments to meet the rising demand driven by AI applications [5] Summary by Sections Humanoid Robots - Galaxy General's recent financing round has positioned it as a leader in the humanoid robot market, with significant partnerships in industrial manufacturing and retail sectors [2] Semiconductor Equipment - Zhongwei's acquisition of Hangzhou Zhonggui aims to enhance its CMP equipment offerings, complementing its existing dry process equipment [3] - Other leading companies are also pursuing acquisitions to strengthen their platforms, indicating a trend towards consolidation in the semiconductor equipment market [3] Liquid Cooling - Vertiv's new R&D and manufacturing base in Suzhou reflects the industry's confidence in liquid cooling technology, which is becoming essential for data centers due to increasing power densities [4] - The report highlights the potential for significant market growth, estimating the global server liquid cooling market could reach $80 billion by 2026 [19] PCB Equipment & Consumables - Pengding Holdings is set to invest 4.3 billion yuan in Thailand to expand its production capabilities for AI-related PCB products, with expected order growth in 2026 [5] - The report emphasizes the increasing demand for high-end PCB drilling tools, driven by the rise of AI servers and advanced PCB designs [32]

最让人佩服的，还是他们的技术硬实力。以前啊，高端光学镀膜设备这一块，基本是国外企业的"天下"，技术攥在别人手里，咱们下游产业想发展都得看 人家脸色，这"卡脖子"的滋味太难受了。但成都国泰真空偏不信这个邪，死磕技术难关，硬是把电子束蒸镀、磁控溅射镀膜这些关键光学装备给做出来 了，实现了国产化。更牛的是，他们自己研发的射频离子源和光学膜厚监控系统，直接把国外的技术垄断给打破了，填补了国内的空白——这一步，对整 个行业来说都算得上是"里程碑"级别的突破。 12月初，半导体装备圈出个大消息——北方华创，就是咱们国内半导体装备领域的"老大哥"，正式把成都国泰真空90%的股权收入囊中，交割手续全办完 了。这波操作可不是小打小闹，对北方华创来说是产业链布局的关键一步；往大了说，这标志着咱们国家高端光学真空镀膜设备的国产化，算是踩上 了"加速键"，那些卡脖子的核心装备，自主可控又近了一大步。 可能有些朋友对成都国泰真空不太熟，这家公司2013年才成立，满打满算也就十来年历史，但在光学真空镀膜设备这行，绝对是"后起之秀"。从一开始， 他们就盯着核心技术搞研发、做产品，没走弯路。靠着精准的市场判断和砸进去的真金白银研发投入，现在 ...