Core Viewpoint - The article discusses the second power architecture revolution initiated by NVIDIA for data centers, focusing on the transition from 54V low-voltage direct current (DC) to 800V high-voltage direct current (HVDC) systems to improve energy efficiency and reduce power consumption in data centers [2][4][24]. Group 1: Power Architecture Revolution - NVIDIA is collaborating with Infineon and Navitas to develop an 800V HVDC system aimed at reducing energy consumption in data centers [2][5][6]. - The new architecture will require a significant number of silicon carbide (SiC) and gallium nitride (GaN) devices, including various voltage specifications [3][20]. - The shift to 800V HVDC is driven by the exponential growth of AI workloads, which increases the energy demands of data centers [13][24]. Group 2: Benefits of 800V HVDC - The 800V HVDC architecture is expected to reduce copper usage by 45%, improve efficiency by 5%, and lower maintenance costs by up to 70% compared to the existing 54V system [17][24][25]. - The new system allows for higher power capacity and better energy efficiency, while also reducing material costs due to lower copper requirements [22][24]. - By eliminating the need for AC/DC power supply units (PSUs) within IT racks, cooling costs can also be reduced [26]. Group 3: Industry Context and Future Outlook - The article highlights the significant energy consumption of data centers, with China's data centers consuming over 237.2 billion kilowatt-hours in 2021, equivalent to the output of two Three Gorges dams [7]. - The full-scale implementation of the 800V HVDC system is planned for 2027, coinciding with the launch of NVIDIA's Kyber rack-level systems [26].

Core Viewpoint - The article discusses the advancements in the silicon carbide (SiC) industry, highlighting new production lines and technological developments in both China and Singapore, which are expected to enhance the capabilities and applications of SiC products in various sectors, particularly in electric vehicles and power electronics [2][4][8]. Group 1: New Production Lines - Zhuzhou CRRC is set to launch an 8-inch SiC wafer production line by the end of 2025, with construction starting in November 2024 and equipment installation expected in the second half of 2025 [2][4]. - Singapore's A*Star is establishing an 8-inch SiC wafer open research line aimed at accelerating SiC innovation, which will be the world's first industrial-grade production line of its kind [6][8]. Group 2: Technological Developments - Zhuzhou CRRC has developed a third-generation fine planar gate SiC product and is advancing towards fourth and fifth-generation technologies, with key products including 3300V high-voltage planar gate SiC MOSFETs and 1200V fine planar gate SiC MOSFETs [3]. - The company’s SiC MOSFETs cover voltage levels from 650V to 6500V, suitable for high-frequency and high-power density systems, with applications in electric vehicles and UPS systems [3]. Group 3: Market Applications - Zhuzhou CRRC's SiC products are being utilized in various sectors, including photovoltaic applications and charging infrastructure, with significant potential for mass production in the new energy vehicle market by 2025 [3][4]. - The open research line in Singapore is expected to benefit local companies, particularly startups, by providing a centralized platform for SiC wafer development and trial production [8].

插播： 英诺赛科、能华半导体、致能科技、 万年晶半导体、京东方华灿、镓奥科技、鸿成半导体及中科无线半导体等企业已参编《2024-2025 氮化镓 （GaN）产业调研白皮书》，参编咨询请联系许若冰（hangjiashuo999）。 在GaN功率器件场景化爆发的关键窗口期，京东方华灿以消费类GaN功率器件通过 1000H 可靠性为起点，正式开启"消费级普及、工业级深化、车规级突破"的三级跃迁战略。作为全球化合物半导体领域 的技术先驱，我们以标准化能力为根基，以 IDM 全链创新为引擎，为全球客户提供覆盖全场景的"中国 芯"解决方案。 。 外延 ：京东方华灿基于自主研发的GaN外延结构，器件的横向BV 从1400V 提升至2000V+ ，有效提高器件可靠性裕量；并已经开启 1200V GaN的产品技术储备 工艺线：随着流片通量提高，制造稳定性，产品良率不断提升，进一步保障批量出货能力。 京东方华灿致力于成为全球化合物半导体创新引领者，在GaN功率器件从"技术竞赛"转向"场景落地"的产业 转折点，京东方华灿以消费级器件的1000H可靠性通过为支点，持续突破技术边界与市场边界。未来，我们将 以"消费-工业-车用"三级跃 ...

Core Viewpoint - The article highlights the ongoing financing activities in the SiC (Silicon Carbide) industry, with a total of 19 companies securing over 3.3 billion yuan in funding this year, indicating strong investor interest and the potential for growth in this high-barrier sector [2][14][15]. Financing Activities - In 2025, the SiC industry has seen continuous financing, with three companies recently completing new funding rounds [2]. - As of May 22, 2025, 19 SiC-related companies have completed financing, with a total disclosed amount exceeding 3.3 billion yuan [2][13]. - Notably, companies like 优睿谱, 科瑞尔, and 派恩杰半导体 are among those receiving funding, which supports both short-term financial needs and long-term technological advancements [13][14]. Company Highlights - 臻驱科技 secured a 600 million yuan syndicated loan to enhance its R&D and production capacity for IGBT/SiC power modules and next-generation electric control platforms [3]. - The company had previously completed an E-round equity financing of several hundred million yuan, aimed at accelerating the production of new power modules and expanding its global market presence [5]. - 衡封新材料 announced a Pre-B round financing of several tens of millions of yuan, which will be used for semiconductor packaging material R&D and market expansion [6][8]. - 昂坤视觉 received investment from the National Integrated Circuit Industry Investment Fund II, which will be utilized to improve equipment precision and develop AI deep learning detection systems [10][12]. Industry Implications - The influx of capital into the SiC sector is crucial for overcoming technological barriers and achieving scalable growth, particularly in high-barrier and long-cycle markets [15]. - The financing activities are seen as a dual empowerment for companies, addressing immediate funding needs while laying the groundwork for future technological iterations and market expansion [14].

Core Viewpoint - The recent news surrounding Wolfspeed indicates a potential bankruptcy filing due to significant debt issues, which has raised concerns within the industry [2][3][5]. Group 1: Wolfspeed's Financial Situation - Wolfspeed is reportedly preparing to file for bankruptcy protection due to difficulties in resolving approximately $6.5 billion (about 47 billion RMB) in debt [9]. - The company has indicated that challenges in addressing upcoming debt obligations may hinder its ability to secure government funding [7]. - As of March 31, Wolfspeed held $1.3 billion (about 9.38 billion RMB) in cash, but it faces a $575 million (about 4.15 billion RMB) payment due in May 2026 [9]. Group 2: Debt Restructuring Efforts - Wolfspeed is working on a Chapter 11 plan to gain support from the majority of its creditors, allowing it to continue operations while restructuring its debts [6]. - The company has rejected previous proposals from creditors to convert some of its outstanding convertible bonds into equity [11]. - Negotiations are ongoing with major stakeholders, including Renesas Electronics, regarding potential financial arrangements [11][12]. Group 3: Market Reaction and Future Projections - Following the bankruptcy news, Wolfspeed's stock price has dropped significantly, with a decline of over 70% in the past six months [13]. - Analysts have lowered revenue expectations for Wolfspeed, projecting $850 million (about 6.14 billion RMB) for 2026, below previous estimates [13]. - The company is also expected to benefit from the 2022 CHIPS Act, which could provide up to $750 million (about 5.4 billion RMB) in taxpayer support, contingent on successful refinancing of its convertible notes [10].

插播： 英诺赛科、能华半导体、致能科技、万年晶半导 体、京东方华灿光电、镓奥科技、鸿成半导体及中科无线半导体等企业已参编《2024-2025 氮化镓（GaN）产业调研 白皮书》，参编咨询请联系许若冰（hangjiashuo999）。 "GaN的临界点已来！"此前，EPC公司CEO及创始人Alex Lidow在公开文章中直言，并进一步表示，GaN的应用临界 点之一的"人形机器人"具有重要意义。 近日，一国产人形机器人关节模组成功采用GaN，不仅为国产机器人核心部件的技术突破提供了关键范本，更标志着 GaN技术在机器人领域开始迈向规模化应用的实质性跨越。 国产机器人再次采用GaN GaN成为关键驱动力 5月17日，据中科阿尔法官微消息，其正式推出了具身机器人氮化镓驱动器关节模组。 该模组内置中科无线半导体自研AI ASIC具身机器人动力系统芯片家族关节系列"GaN阵列驱动器芯片"，具有250Hz高 频神经反射与5ms全链路时延，峰值扭矩<18Nm和长时间持续工作低温升特点，适用于工业机器人、具身机器人及特种宽 温机器人设备等智能传动领域。 技术特点方面，中科无线半导体自研的AI ASIC动力系统芯片采用阵列GaN ...

插播： 英诺赛科、能华半导体、致能科技、万年晶半导 体、京东方华灿光电、镓奥科技、鸿成半导体及中科无线半导体等企业已参编《2024-2025 氮化镓（GaN）产业调研 白皮书》，参编咨询请联系许若冰（hangjiashuo999）。 近期，碳化硅领域 动态不断 ，"行家说三代半"关注到，英飞凌、 利普思、 中宜创芯、纳设智能 等 众多国内外碳化硅厂商纷纷晒出最新订单与合作进展，详情请看： 英飞凌： 与汽车厂商 达成SiC合作 英飞凌& Rivian 近日，美国汽车制造商 Rivian 已与英飞凌签约，英飞凌将为"R2"汽车平台提供牵引逆变器电源模块、微控制器和 电源 IC，预计将于 2026 年开始。 其中，电源模块将采用英飞凌的 HybridPack Drive G2 格式（如图所示），包含硅和碳化硅组件。 该封装采用直接液冷，以针状翅片阵列作为散热界面， 热阻通常为0.129°C/W。 利普思半导体： 收获多个SiC订单 近日，据eeNEWS等媒体报道， 英飞凌相继与伟世通、Rivian达成SiC合作，将在车规级应用上搭载SiC技术： 英飞凌& 伟世通 5月，英飞凌已与美国一级供应商伟世通签署协议，共同开 ...

| 插播： | | 天科合达、天岳先进、同光股份、烁科晶 | | --- | --- | --- | | 体、合盛新材料、三安半导体、东尼电子、中电化合物、芯聚能、安海半导体、凌锐半导体、士兰微、泰 | | | | 坦未来、恒普技术、华卓精科、快克芯装备、京航特碳、奥亿达半导体及成都炭材等已确认参编《2025 | | | | 碳化硅衬底与外延产业调研白皮书》及《2025碳化硅器件与 模块产业调 | | | | 研白皮》， | 参编咨询 | 请联系许若冰 | | （hangjiashuo999）。 | | | 自2024年Meta宣布其AR眼镜采用碳化硅光波导镜片以来，这一动向迅速成为行业焦点，一场由材料革 新驱动的AR眼镜升级潮已然爆发。 值得关注的是，XREAL、雷鸟创新、慕德微纳、广纳四维等AR眼镜及硬件厂商已在加速碳化硅光波导布 局，与此同时，天岳先进、天科合达、烁科晶体、同光半导体、浙江晶瑞、山西天成、乾晶半导体等碳化硅 衬底企业也在迅速跟进，整个行业呈现出极高的技术热情与市场活力。 然而，碳化硅光波导的规模化应用仍面临关键掣肘——衬底成本。为破解这一难题，本期【产业透视】深 度对话 天岳先进、天科合 ...

| 插播： | 英诺赛科、能华半导体、致能科技、万年晶半导体、 | | --- | --- | | 京东方华灿光电、镓奥科技、鸿成半导体及 | 中科无线半导体 | | 等企业已参编《2024-2025 氮化镓（GaN）产业调研白皮书》， | | | 参编咨询请联系许若冰（hangjiashuo999）。 | | 5月18日，华润微电子在官微透露， 华润微电子功率器件事业群润新微电子在大连举办 氮化镓 亿颗芯片庆典暨外延生产基地通线仪式，华润微电子副总裁庄恒前，华润微电子功率器件事业群总经理李超， 润新微电子总经理梁辉南等领导及员工代表出席仪式。 在仪式现场，润新微 电子 展示了其最新的技术成果和系列产品，举行了亿颗芯片出货庆典，庆祝 GaN 芯片成功出货一亿颗。 与此同时， 华润微电子及功率器件事业群管理层、 润新微电子管理团队、大连高新区有关领导、 项目建设代表共同为外延生产基地通线剪彩。 据了解，润新微电子外延生产基地从立项到建成仅用九个月，采用了前沿的工艺技术和创新理念，致力于 打造国内一流、国际领先的外延片生产基地。 基地升级投产后，润新微将能够为市场提供更加优质、高效 的GaN芯片产品，满足国内日益 ...

Core Viewpoint - The SiC industry is experiencing significant advancements and is expected to face new opportunities and challenges in 2025, with a focus on the development of 8-inch SiC wafers and the overall market expansion [1][2]. Industry Developments - In 2024, the SiC industry has made progress despite entering a phase of adjustment, including improved yield rates for 6-inch substrates, breakthroughs in 8-inch substrate production, and collaborations between domestic chip manufacturers and electric vehicle producers [2]. - The introduction of 12-inch SiC substrates by Shandong Tianyue marks a significant milestone in the industry [2]. Competitive Landscape - The competition in the SiC industry is intensifying, with domestic companies narrowing the gap with international giants through technological innovation and capacity expansion [3]. - The growth of the electric vehicle market and supportive policies are expected to enhance China's position in the global SiC market, although challenges such as technological barriers and supply chain dependencies remain [3]. Geopolitical Impact - The recent 301 investigation by the U.S. against Chinese SiC substrate manufacturers may increase export pressures and supply chain uncertainties in the short term, but could also catalyze the push for self-sufficiency in the SiC industry in the long term [3]. 8-Inch SiC Development - The transition from 6-inch to 8-inch SiC wafers is seen as a key development direction, with 8-inch wafers offering approximately 80% more area and potential cost reductions of over 30% per chip [4]. - Domestic manufacturers like Shandong Tianyue and Tiankai Heda have announced the mass production of 8-inch SiC substrates, indicating a shift in the industry [4][5]. Cost Challenges - Current challenges for 8-inch SiC include lower yield rates compared to 6-inch substrates and insufficient demand from downstream wafer manufacturers, leading to higher overall costs [5]. - However, the price of 8-inch SiC substrates is expected to decrease rapidly, potentially reaching parity with 6-inch prices by 2025, reinforcing the trend towards 8-inch development [5]. Future Market Focus - The company plans to focus on markets such as electric vehicles, on-board chargers (OBC), and charging stations in 2025, while also exploring opportunities in solar energy and high-end power supply markets [6].