Core Viewpoint - The investment opportunities in the machinery equipment sector are characterized by the trends of each Five-Year Plan, with a focus on AI-related investments in the upcoming "Fifteen Five" period [1] Group 1: Historical Context - The "Eleventh Five-Year Plan" was driven by infrastructure and real estate, leading to growth in engineering machinery [1] - The "Twelfth Five-Year Plan" saw significant development in industrial robots due to the rise of smart manufacturing [1] - The "Thirteenth Five-Year Plan" focused on new energy equipment [1] - The "Fourteenth Five-Year Plan" emphasized humanoid robots [1] Group 2: Future Opportunities - The "Fifteen Five" period is expected to generate investment opportunities in the machinery equipment industry centered around AI [1] - Two main directions for investment are suggested: AI infrastructure and AI empowerment [1] Group 3: Recommended Investment Areas - For AI infrastructure, recommended areas include AI PCB equipment (covering PCB equipment, consumables, and SMT equipment), AIDC power generation equipment (including diesel generators, gas turbines, and nuclear power equipment), liquid cooling, and semiconductor equipment [1] - For AI empowerment, the focus is on embodied robots and the implementation of application scenarios [1]

Group 1 - The core viewpoint is that the demand for printed circuit boards (PCBs) is surging due to the accelerated construction of AI computing infrastructure [1] - High-layer boards, high-density interconnect boards (HDI boards), and IC carrier boards are experiencing rapid growth in planned output value, with leading PCB companies in China expected to invest 41.9 billion yuan from 2025 to 2026 [1] - AI servers have higher requirements for PCB usage, density, and performance, leading to increased precision demands in processes such as exposure, drilling, plating, and inspection [1] Group 2 - Domestic PCB equipment manufacturers are expected to seize the opportunity presented by the AI PCB boom, accelerating the validation of emerging technologies and actively meeting incremental demand [1] - There is a recommendation to focus on companies involved in AI PCB equipment, particularly those specializing in laser, vision, and inspection technologies [1]