On June 18, 2026, the A-share machinery and equipment sector staged a period of ice and fire.
Dingtai High-tech‘s stock price closed at 602.10 yuan, setting another record high. It has refreshed the stock price record 18 times in the past month; Binglun Environment has recorded 3 daily limits in the past four trading days, with a cumulative increase of 30.55%.
Behind the soaring stock prices of the two companies, they point to the same grand narrative – the upgrading of the technology industry.
On one side is precision manufacturing driven by AI computing power, and on the other side is green energy and data center infrastructure. High-end manufacturing is becoming the absolute protagonist of the capital market.
Binglun Environment: Two new tracks for traditional refrigeration giants
When it comes to Binglun Environment, most people think of industrial refrigeration and cold chain.
But this traditional giant is regaining the favor of capital with two new tracks: data center liquid cooling and hydrogen energy equipment.
Data center liquid cooling is the first catalyst.
As the demand for computing power from large AI models explodes, the power consumption of data centers is also soaring, and traditional air cooling is no longer enough.
Dunham Bush Company, a subsidiary of Ice Wheel Environment, is a European and American HVAC brand with a history of 131 years. Its “variable frequency centrifugal chiller” and other products have been selected into the “National Green Data Center Advanced Applicable Technology Product Catalog” and have successfully served benchmark projects such as the National Supercomputing Guangzhou Center (Tianhe 2).
On June 17, the company confirmed in a survey conducted by five institutions including CICC and GF that the liquid cooling business was increasing in volume.
Hydrogen energy is a long-term logic.
In March 2026, the Ministry of Industry and Information Technology launched the second round of hydrogen energy city cluster demonstrations, and a single city cluster can receive up to 1.6 billion yuan in subsidies.
On June 17, 11 departments including the Ministry of Transport issued a document clarifying that they will promote the penetration rate of new energy heavy trucks to reach 40% by 2030, and plan the construction of hydrogen refueling stations simultaneously.
The layout of Binglun Environment in the field of hydrogen energy equipment is exactly at the policy node.
Performance and funding are also in resonance.
In Q1 of 2026, the company achieved net profit attributable to the parent company of 117 million yuan, a year-on-year increase of 25.06%.
In the four trading days from June 12 to 17, the total net inflow of main funds was approximately 462 million yuan, and the financing balance also surged 55.40% to 806 million yuan.
The combined force of leveraged funds and institutional funds directly pushed up the stock price.
Dingtai Hi-Tech: An “industrial embroidery needle” pierced the ceiling
If the ice-round environment is like “old trees sprouting new sprouts”, then Dingtai Hi-Tech is the most typical representative of new productivity.
The product it makes is very thin – PCB drill needles, but its business is astonishingly large, with a global market share of 28.9%, ranking first.
The figures for the surge in performance are shocking: Q1 revenue in 2026 was 814 million yuan, a year-on-year increase of 92.33%; net profit was 261 million yuan, a year-on-year increase of 259%.
The reason is simple: AI is coming.
AI servers have extremely high requirements on PCB.
The number of PCB layers required for a single AI server has jumped from the past 12 layers to 24 or even 40 layers, and the base material has become thicker and harder.
This means that in the past, a drill needle could drill 1,000 holes, but now it is useless after drilling 200-300 holes –The consumption of drill needles has increased exponentially.
More importantly, Dingtai Hi-Tech has extremely high technical barriers.
Its 0.05mm drill needle has achieved stable mass production, with the technical limit reaching 0.01mm, and has reduced the needle breakage rate from the industry average of 1.2‰ to 0.3‰.
This gives it extremely strong bargaining power.
The company has recently begun mass production of 1:40 ultra-long drill bits. The unit price exceeds 10 yuan. The gross profit margin can reach more than 60%. It is expected that the revenue share will increase to 20% within the year.
The order overflow has reached a crazy level.
The current monthly orders have reached 220 million pieces, but the production capacity is only 160 million pieces, with a gap as high as 37%.
Even competitors are starting to take overflow orders.
Citi bluntly stated in its research report that when leading orders “overflow” into the opponent’s bowl, the industry’s prosperity is no longer recovering, but “overheating.”
Machinery and equipment industry: where are the opportunities?
The surge of these two stocks is only one aspect of the entire machinery and equipment industry.
The current industry is showing an extremely polarized trend: High-end manufacturing is advancing rapidly, while traditional machinery is faltering.
High-tech manufacturing and equipment manufacturing are the absolute core.
In May, the High-tech manufacturing PMI reached 52.9%, which has been in the expansion range for 16 consecutive months; the equipment manufacturing PMI also reached 52.1%.
Behind this is the dual drive of policy and market.
For ordinary investors, the next key is to understand the track clearly.
Dingtai High-tech represents precision manufacturing driven by AI computing power, and Binglun Environment represents green energy and data center infrastructure.
Both point to the same trend: China’s manufacturing industry is bidding farewell to extensive growth and turning to a high-tech, high-value-added industrial upgrading path.
It is worth noting that Dingtai High-tech’s current static price-to-earnings ratio (PE) is as high as approximately 363 times, which is already at a historical high.
Although the company’s performance has exploded, it is still unknown whether the large number of institutions and hot money gathered at the high level will be cashed out.
Binglun Environment also faced pressure from some foreign institutions to reduce their holdings in the early stage.
From a macro perspective, the continued expansion of the high-tech manufacturing PMI and the motherboard IPO’s preference for “hard technology” are sending strong signals.
For investors who are concerned about the machinery industry, they need to focus on high technology, process iteration and export chains.
But the fascinating thing about these “hidden champions” lies precisely in their irreplaceable technical barriers – whether they can transform their production capacity advantages into sustained profitable growth will be the real test in the future.
