Core Viewpoints - The mechanical industry is expected to embrace "technology + going global" as its dual main lines in 2026, focusing on high elasticity growth opportunities and performance certainty from overseas expansion [13][9][7] 2025 Review Market Performance - In 2025, the mechanical sector achieved a 41% increase, significantly outperforming the CSI 300 index, which rose by 18%, ranking fifth among A-share sub-industries [6][16] - The sub-sectors that performed well included PCB equipment (+252%), 3C equipment (+129%), controllable nuclear fusion (+119%), data centers (+112%), and humanoid robots (+85%) [20][6] Demand Side - Domestic demand showed signs of bottoming out, with a marginal improvement towards the end of 2025, while external demand began to recover positively [31][35] - The manufacturing PMI in December 2025 rebounded to 50.1, indicating a return to expansion territory, driven by large enterprises and high-tech manufacturing [32][35] Cost Side - The cost structure showed a continuous improvement trend, with PPI declining by 2.6% year-on-year in 2025, reflecting insufficient industrial demand [31][33] 2026 Outlook Macro Perspective - The macro narrative for the next five years is centered around "AI commercialization + global re-industrialization," with expectations of a cyclical recovery driven by proactive fiscal policies [6][7] Mid-level Perspective - Technology - The technology sector is expected to see explosive growth, with key areas including data centers, PCB equipment, semiconductor equipment, humanoid robots, and commercial aerospace [7][9] Mid-level Perspective - Going Global - The overseas production capacity is anticipated to enter a release phase in 2026, with significant revenue and profit growth expected for companies in the machinery and equipment sectors [7][8] Investment Recommendations - Investment strategies should focus on high-certainty directions with strong industry trends and competitive advantages, prioritizing stock selection based on industry trends, competitive positioning, and valuation [7][8] - Long-term investments should consider companies with platform capabilities that offer sustainable value [7][8]

芯碁微装回复称，公司已通过二期投产及自动化产线升级显著提升产能，随着钻孔机设备批量投放顺 利，公司可依托现有产能弹性及供应链协同能力快速响应需求，同时通过动态优化生产排期确保订单交 付效率。 格隆汇2月13日｜有投资者在互动平台向芯碁微装提问：请问公司激光PCB钻机如果客户那边小批量投 放顺利，公司的产能是否具备快速扩产投放的能力？ ...

光刻胶板块上涨1.67%，其中富创精密上涨13.89%，国风新材上涨10.02%，永新光学上涨7.02%，英唐 智控、芯碁微装、芯源微涨超5%。（AI生成） 光刻胶板块上涨1.67%，其中富创精密上涨13.89%，国风新材上涨10.02%，永新光学上涨7.02%，英唐 智控、芯碁微装、芯源微涨超5%。（AI生成） ...

证券日报网讯 2月12日，芯碁微装在互动平台回答投资者提问时表示，公司已通过泰国基地及二期投 产、自动化产线升级显著提升产能，产能瓶颈出现时间需结合市场需求动态判断，新建生产基地计划会 根据实际经营情况综合决策。 （文章来源：证券日报） ...

证券日报网讯2月12日，芯碁微装在互动平台回答投资者提问时表示，截至2026年2月10日，公司股东总 户数为18504户。 ...

每经AI快讯，有投资者在投资者互动平台提问：请问公司激光PCB钻机如果客户那边小批量投放顺利， 公司的产能是否具备快速扩产投放的能力？ （记者 曾健辉） 芯碁微装（688630.SH）2月12日在投资者互动平台表示，尊敬的投资者您好！公司已通过二期投产及 自动化产线升级显著提升产能，随着钻孔机设备批量投放顺利，公司可依托现有产能弹性及供应链协同 能力快速响应需求，同时通过动态优化生产排期确保订单交付效率，感谢关注！ ...

每经AI快讯，有投资者在投资者互动平台提问：请问公司港股IPO融资是否考虑在海外建厂？公司二期 产能投产后，何时会出现产能瓶颈？是否立即要新建生产基地？谢谢！ （记者 张明双） 芯碁微装（688630.SH）2月12日在投资者互动平台表示，公司港股上市募集资金计划用于加强研发、 扩大产能、进行战略性投资及并购、扩大全球销售业务等方向。公司已通过泰国基地及二期投产、自动 化产线升级显著提升产能，产能瓶颈出现时间需结合市场需求动态判断，新建生产基地计划会根据实际 经营情况综合决策。 ...

芯碁微装表示，计划以最高7亿元人民币收购一家印制电路板切割工具公司70%的股权。 ...

上海证券2月11日报告指出，PCB设备板块受益于AI服务器带动的产能扩充，高阶PCB需求增长推动设 备订单提升。报告强调，公司作为全球PCB直接成像设备龙头，技术壁垒和客户优势显著。 股票近期走势 近7天(2月4日至11日)，芯碁微装股价区间下跌10.28%，2月11日收盘报164.69元，单日跌幅0.72%。资 金流向显示主力净流出2278.89万元，但年初至今累计涨幅仍达22.42%，反映近期回调与整体强势并 存。 以上内容基于公开资料整理，不构成投资建议。 经济观察网芯碁微装2025年业绩预告显示，公司预计归母净利润为2.75亿元至2.95亿元，同比增长 71.13%至83.58%。增长主要得益于高端PCB及泛半导体领域的持续突破，以及二期生产基地投产提升 交付能力。该数据与公司此前公告一致，反映AI算力驱动下PCB设备需求旺盛。 近期事件 2026年2月6日，芯碁微装公告发行H股获中国证监会备案通过，拟发行不超过26,735,650股境外上市普 通股。2月8日，公司进一步拿到港股IPO备案，推进"A+H"股上市进程，旨在拓宽融资渠道支持产能扩 张和海外布局。 机构观点 ...

Investment Rating - The report maintains an "Overweight" rating for the PCB industry chain, anticipating high growth in 2025 and sustained prosperity in 2026 [1]. Core Insights - The PCB industry is expected to experience significant growth in 2025, driven by increasing demand for AI computing power and the upgrade of PCBs towards high-performance and high-density products. This includes a rise in demand for high-layer boards and advanced HDI products, which will also boost related sectors such as high-end copper-clad laminates, drilling consumables, and equipment [4][61]. - Despite some disruptions in Q4 2025 performance, the growth logic for 2026 remains intact, with new computing platforms and technologies like orthogonal backplanes and CoWoP expected to enhance product value significantly [4][61]. Summary by Sections PCB - Q4 2025 performance may face disruptions, but the growth logic for 2026 remains unchanged. The demand for high-layer and advanced HDI PCBs is increasing, leading to high growth rates for companies like Shenghong Technology, Huadian Co., and Shennan Circuit, with projected net profits of 43.60 billion, 38.22 billion, and 32.48 billion respectively, reflecting year-on-year growth rates of 277.68%, 47.74%, and 73.00% [13][14]. Copper Clad Laminate (CCL) - The CCL sector is expected to see high growth in 2025, benefiting from increased demand for high-end products driven by AI computing power and price adjustments. Major CCL manufacturers are projected to achieve significant profit increases, with companies like Shengyi Technology expected to report a net profit of 33.50 billion, a year-on-year increase of 92.50% [36][41]. Drilling Tools and Equipment - The drilling tool sector is anticipated to exceed market expectations in 2025, with companies like DingTai High-Tech projected to achieve a net profit of 4.35 billion, reflecting a year-on-year growth of 91.74%. This growth is driven by increased demand for high-end PCBs and the optimization of product structures [48][49]. - Equipment demand is expected to rise due to the expansion of PCB production capacity, with companies like Dazhu CNC and Chip Quik projected to see significant profit increases, driven by the growing market for PCB-specific processing equipment [55][57].