在境外上市备案管理制度深化落地、港股回暖及境内企业境外融资需求释放的大背景下，制造业A股上市公司赴H股发 行上市（A to H模式）成为拓宽融资渠道、实现全球化布局的重要路径。2025年中国证监会针对A to H境外上市备案， 重点聚焦跨境合规管理、行业特殊监管要求等核心领域，备案审核呈现鲜明特征。本文基于2025年全年制造业A股上 市公司H股备案审核实践，结合近期证监会备案反馈，从实务操作角度论证分析境外上市备案审核中普遍性及高端先 进制造业特殊性法律问题，提出相关核查建议，供办理制造业A to H上市相关业务时参考。 作者｜杨海 陈鑫睿 顾海涛 张霞 来源｜锦之翼公众号 一、2025年制造业A股上市公司H股发行上市证监会备案情况概况 2025年，受益于境外上市备案制优化、港股回暖及境内企业境外融资需求释放，A to H上市迎来爆发式增长，全年备 案呈现"提交数量激增、审核效率提升、行业集中度高"的特点。制造业A股上市公司作为A to H模式上市的主要参与群 体，其备案提交、审核时长及备案通过情况亦呈现鲜明行业特征。 注1：上述企业均为2025年提交H股备案并取得证监会备案通知书的制造业A股公司，信息来源于 ...

（文章来源：证券日报） 证券日报网讯 2月24日，天岳先进在互动平台回答投资者提问时表示，2024年11月，公司向客户成功交 付高质量低阻P型碳化硅衬底，标志着向以智能电网为代表的更高电压领域迈进了一步。高质量低阻P 型碳化硅衬底将极大加速高性能SiC-IGBT的发展进程，实现高端特高压功率器件国产化。天岳先进持 续强化在大尺寸化生产技术、零缺陷技术、P型衬底技术、液相技术等领域的技术优势，带动材料性能 提升和产品更新换代，推动碳化硅衬底在多种新兴领域的应用。 ...

消息面上，浙商证券此前指，AI服务器机柜算力迭代驱动单机柜功率密度快速攀升，直接拉动功率半 导体需求扩容，而SiC凭借高耐高压、低损耗特性，在高功率场景的渗透率有望加速提升。公司是全球 少数能够实现8英寸碳化硅衬底量产、也是率先推出12英寸碳化硅衬底的公司。公司有望凭借在大尺寸 衬底的先发优势和技术积累，有望进一步抢占市场份额。 中邮证券表示，在核心应用领域，公司前瞻性布局电动汽车赛道，于2022年较早通过车规级IATF16949 体系认证，碳化硅衬底产品经国际一线领先功率半导体厂商严苛验证后，已实现持续大规模批量供货； 同时凭借前瞻性技术布局与创新能力，深度切入可再生能源及AI两大高增长赛道。此外，公司积极开 拓光学等新兴领域，已与全球头部光学厂商达成合作并斩获多个订单。 智通财经APP获悉，天岳先进(02631)涨超6%，截至发稿，涨6.25%，报63.75港元，成交额2.05亿港元。 （原标题：港股异动 | 天岳先进(02631)涨超6% 机构看好算力升级催化SiC需求） ...

天岳先进(02631)涨超6%，截至发稿，涨6.25%，报63.75港元，成交额2.05亿港元。 中邮证券表示，在核心应用领域，公司前瞻性布局电动汽车赛道，于2022年较早通过车规级IATF16949 体系认证，碳化硅衬底产品经国际一线领先功率半导体厂商严苛验证后，已实现持续大规模批量供货； 同时凭借前瞻性技术布局与创新能力，深度切入可再生能源及AI两大高增长赛道。此外，公司积极开 拓光学等新兴领域，已与全球头部光学厂商达成合作并斩获多个订单。 消息面上，浙商证券（601878）此前指，AI服务器机柜算力迭代驱动单机柜功率密度快速攀升，直接 拉动功率半导体需求扩容，而SiC凭借高耐高压、低损耗特性，在高功率场景的渗透率有望加速提升。 公司是全球少数能够实现8英寸碳化硅衬底量产、也是率先推出12英寸碳化硅衬底的公司。公司有望凭 借在大尺寸衬底的先发优势和技术积累，有望进一步抢占市场份额。 ...

【天风建筑建材 & 新材料】周观点 20260223 节前1-2周涨幅较好的主线为：①AI 算力相关电子材料主线，以特种电子布为核心的玻纤领涨建材板块；PCB 基材、半导体封装材料、液冷相关标的领涨新材料板块；②AI + 建筑主线，VR/AR 应用、算力 + 工程咨询设计相 关标的领涨建筑板块；③外围市场 PCB 核心基材、半导体设备/材料主线领涨。 下周重点关注： 1、科技主线持续回归，核心推荐【电子布】赛道：①供需格局持续失衡，行业整体供需缺口约 20%，26 年 1 月 起全品类电子布均出现供应紧张，企业在手订单已达 2 个月水平，预计26 年全年将维持供应偏紧格局；②产能供 给刚性收缩，普通电子布产能向高端转移带来60% 产能损失，全品类供给持续收缩；③涨价节奏加快、弹性充 足，25 年电子布行业普遍提价 4-5 次，26 年 已提价10%，高端 DK 布、Q 布、CTE布价格仍处上行通道；④扩产 瓶颈短期无法突破，高端产品生产依赖的丰田高端织布机交付周期长达 1-2 年，但需关注池窑法突破（单个池窑 年产3000吨VS坩埚36吨）带来的供应增加（29年有可能供过于求）；⑤库存与需求端共振，CCL及电 ...

资金动向 2月23日，天岳先进港股获得主力资金净流入224.01万港元，散户资金净流入1,584.63万港元，整体资金 面向好。同时，港股大盘指数当日表现强劲，恒生指数上涨2.46%，恒生科技指数上涨3.79%，市场风 险偏好提升也对个股形成带动。 公司基本面 尽管天岳先进2025年业绩预告显示营收和利润出现下滑，但市场关注点可能转向其长期技术布局。平安 证券的研报指出，公司在12英寸碳化硅衬底市场具有先发优势，并已实现8英寸导电型衬底产品的质量 和批量供应。易方达基金的分析也提到，在AI驱动扩产潮的背景下，国产半导体设备份额持续攀升。 这些因素可能提振了市场对公司长期发展的信心。 经济观察网 根据2026年2月23日的市场数据，天岳先进港股（代码：02631.HK）当日收盘价为60.00港 元，上涨5.26%。其A股（代码：688234.SH）在2月13日（春节假期前最后一个交易日）收盘价为91.24 元，当日下跌1.47%。由于A股市场当日（2月23日）因春节假期休市，因此上涨行情主要体现在港股市 场。 板块表现 2月23日，港股半导体板块表现活跃。根据深圳商报报道，半导体概念股普遍上涨，中芯国际、华虹半 ...

Group 1: Company Performance - Tianyue Advanced's stock price closed at 91.24 yuan on February 13, 2026, down 1.47% for the day, with a cumulative decline of 2.08% over the past five days and 17.94% over the past twenty days, underperforming the Shanghai Composite Index and the semiconductor sector [1] - The company announced a revenue forecast of 1.45 to 1.5 billion yuan for 2025, representing a year-on-year decline of 15.17% to 17.99%, and a net loss of 185 to 225 million yuan, a significant drop from a profit of 179 million yuan in 2024 [2] - The main reasons for the loss include a decrease in substrate prices, increased R&D and sales expenses, foreign exchange losses, and asset impairment provisions [2] Group 2: Industry Conditions - From 2024 to 2025, the global price of 6-inch silicon carbide substrates is expected to decline by nearly 30%, with some product prices approaching the cost line for domestic manufacturers [3] - Industry overcapacity, slowing demand for new energy vehicles, and intensified price competition have led to a price war, which has negatively impacted Tianyue Advanced's revenue despite an increase in substrate sales [3] Group 3: Financial and Technical Aspects - To maintain technological leadership, the company continues to invest in R&D for 8-inch and 12-inch large-size substrates, with R&D expenses increasing by 34.93% year-on-year to 75.8467 million yuan in the first half of 2025 [4] - Historical tax payments of approximately 82.97 million yuan and foreign exchange losses due to currency fluctuations have further squeezed profit margins [4] - On February 10, there was a net outflow of 40.266 million yuan in main funds, accounting for 8.08% of total trading volume, indicating market concerns about short-term performance risks [5] Group 4: Stock Price Trends - The stock price has experienced increased volatility, reaching a low of 91.24 yuan on February 13, down approximately 7.8% from a high of 98.99 yuan on January 16 [6] - Some technical indicators, such as KDJ, are at low levels, but market pessimism regarding the price war and the company's profitability has not been fully digested [6] Group 5: Industry Policy Landscape - On February 12, Shenzhen released an AI industry action plan aimed at strengthening the semiconductor industry through AI chips, but it does not directly alleviate the price competition pressure in the silicon carbide substrate sector [7] - Long-term opportunities exist for silicon carbide in the 800V platform for new energy vehicles and AI data centers, but short-term focus should be on the impact of price wars on small and medium-sized manufacturers [7]

Group 1 - The company Tianyue Advanced expects a total of 45 million yuan in daily related transactions for the year 2026, including 5 million yuan for leasing assets to Jining Weishi Technology Development Co., Ltd. and 40 million yuan for selling goods to Customer B. This plan has been approved by the board of directors [1][4] - The company is actively expanding the application of large-size silicon carbide substrates in new markets, such as the optical field. Tianyue Advanced has established partnerships with leading global optical manufacturers and has received multiple orders, achieving sales of silicon carbide substrates in the optical sector. This strategy aims to increase market share [5][6] Group 2 - According to a report by Goldman Sachs, silicon carbide materials have significant application potential in AI data centers and fast charging for electric vehicles. Tianyue Advanced is a global leader in semi-insulating silicon carbide substrates and has been the first to launch 12-inch silicon carbide substrates. This technological advantage may support future growth [2][6] Group 3 - Hubble Investment completed its reduction plan in December 2025, decreasing its shareholding from 5.63% to 4.83%. Changes in the shareholder structure may continue to affect market sentiment [3][7]

Core Viewpoint - The A-share market has seen a significant rally in semiconductor stocks, indicating strong investor interest and potential growth in this sector [1] Group 1: Stock Performance - Guoxin Technology has increased by over 13% [1] - Xinyuan Technology has risen by more than 12% [1] - Changguang Huaxin and Huahai Chengke have both gained over 9% [1] - Guoke Microelectronics, Canxin Technology, Taiji Industry, Yuanjie Technology, and Guangliwei have all seen increases of over 7% [1] - Huaya Intelligent, Jiangfeng Electronics, China Shipbuilding Industry, Dike Co., Changdian Technology have all risen by over 6% [1] - Moer Thread, Tianyue Advanced, Zhaoyi Innovation, and Cambrian have all increased by over 5% [1]

Group 1 - The A-share semiconductor market is experiencing a collective surge, with notable stocks such as Guoxin Technology rising over 13% and Xinyuan shares increasing by more than 12% [1] - The semiconductor industry is projected to reach a revenue of $1 trillion for the first time this year, driven by the widespread application of artificial intelligence and computer chips across various economic sectors [1] - The Semiconductor Industry Association (SIA) forecasts that total sales in the semiconductor industry will reach $791.7 billion by 2025, with a further 26% growth expected in 2026 [1] Group 2 - SIA CEO John Neuffer stated that the speed at which the semiconductor market is surpassing the $1 trillion mark is much faster than anticipated, which is a positive sign for the entire business world [1] - The significant demand for new data center computers is generating substantial profits for companies like NVIDIA and Micron Technology, allowing the industry to consistently exceed growth expectations [1] - Previous forecasts suggested that it would take an additional four years for the industry to reach the $1 trillion scale, indicating a remarkable acceleration in growth [1]