Market Performance - The semiconductor industry index rose by 1.43% as of September 23, 2025, with notable gains from companies like Changchuan Technology (up 20.00%) and Huafeng Measurement Control (up 8.54%) [1] - The semiconductor industry ETF (159582) increased by 1.42%, reaching a price of 2.07 yuan, and has seen a cumulative increase of 9.79% over the past week [1] - The ChiNext chip index experienced a slight decline of 0.05%, with mixed performance among constituent stocks [3] - The new materials index on the ChiNext fell by 0.58%, with some stocks like Tonglian Precision gaining while others like Debang Technology declined [5] Investment Trends - Nvidia and OpenAI announced a partnership, with Nvidia planning to invest up to $100 billion in data centers, leading to a nearly 4% increase in Nvidia's stock price [6] - Domestic chip companies are making progress, with Moer Thread set to debut on the ChiNext and Muxi Co. entering the second round of inquiries for its IPO, focusing on high-performance GPU development [6] Technology Advancements - DeepSeek announced an upgrade to its model, enhancing language consistency and agent capabilities, while Yushu Technology showcased its humanoid robot's strong anti-interference abilities [7] - The continuous iteration of AI and robotics technology indicates ongoing optimization in AI application capabilities [8] ETF Insights - The semiconductor industry ETF has a recent scale of 255 million yuan, marking a six-month high, despite a net outflow of 602.22 million yuan recently [9] - The ChiNext chip ETF has seen a net outflow of 337.66 million yuan, with a total inflow of 334 million yuan over the past 21 trading days [10] - The new materials ETF has experienced a significant scale increase of 212 million yuan over the past year, ranking first among comparable funds [10]

（文章来源：证券时报网） 证券时报·数据宝统计显示，天岳先进今日收盘价为87.58元，上涨1.96%，日换手率为3.95%，成交额为 14.63亿元，全天主力资金净流入1572.93万元，近5日该股累计下跌1.54%，近5日资金合计净流出1.05亿 元。 两融数据显示，该股最新融资余额为12.51亿元，近5日增加2.15亿元，增幅为20.81%。（数据宝） 9月22日天岳先进大宗交易一览 | 成交量 （万 | 成交金额 | 成交价 | 相对当日收盘折 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | | （万元） | 格 | 溢价（%） | | | | 股） | | （元） | | | | | 14.00 | 984.62 | 70.33 | -19.70 | 中泰证券股份有限公司淄博 | 兴业证券股份有限 | | | | | | 中润大道证券营业部 | 公司淄博分公司 | 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 天岳先进9月22日大宗交易平台出现一笔成交，成交量14.00万股，成交金额984.62万元，大宗交易成交 价为 ...

Group 1 - Tianyue Advanced's stock price increased by 1.96% to close at 87.58 yuan on September 22 [1] - A block trade occurred with a total volume of 140,000 shares and a transaction amount of 9.8462 million yuan, with a transaction price of 70.33 yuan per share, reflecting a premium rate of -19.70% [1] - The buyer was Zhongtai Securities Co., Ltd. and the seller was Industrial Securities Co., Ltd. [1] Group 2 - In the last three months, Tianyue Advanced has recorded three block trades with a total transaction amount of 46.8076 million yuan [1] - Over the past five trading days, the stock has declined by 1.54%, with a total net outflow of 126 million yuan from main funds [1]

Group 1 - The chairman of Tianyue Advanced, Zong Yanmin, emphasizes the importance of patient capital in developing leading global hard-core technology [2]

Core Viewpoint - Tianyue Advanced (02631) shares rose over 8% following Huawei's announcement of two patents related to silicon carbide (SiC) heat dissipation, indicating a positive market response to advancements in SiC technology [1] Group 1: Company Developments - Tianyue Advanced's stock increased by 8.05%, reaching HKD 65.8, with a trading volume of HKD 115 million [1] - The company continues to innovate in forward-looking technologies, expanding its offerings beyond SiC substrates for power and RF devices to include SiC products and technologies in emerging fields such as optical waveguides and TF-SAW filters [1] Group 2: Industry Trends - Huawei's patents focus on heat-conducting compositions and their applications, utilizing SiC as a filler to enhance the thermal conductivity of electronic devices [1] - NVIDIA is reportedly shifting the substrate material for its next-generation Rubin processor design from silicon to silicon carbide to improve heat dissipation, with large-scale adoption expected by 2027 [1] - According to Dongfang Securities, the excellent thermal performance of SiC is anticipated to benefit related manufacturers in applications such as intermediary layers and heat dissipation substrates, with Tianyue Advanced identified as a leading player in the SiC substrate industry [1]

Core Viewpoint - Silicon carbide (SiC) is emerging as a new solution for chip heat dissipation, with Huawei recently announcing two patents related to SiC thermal management [2][6]. Group 1: Huawei's Patents - Huawei has filed two patents involving SiC for thermal management, aimed at enhancing the thermal conductivity of electronic devices [2]. - The first patent focuses on a thermal composition and its applications in electronic component cooling and chip packaging [2]. - The second patent pertains to a thermal absorbing composition for electronic components and circuit boards [2]. Group 2: Industry Trends - NVIDIA is reportedly switching the intermediate substrate material in its next-generation Rubin processors from silicon to SiC to improve heat dissipation, with large-scale adoption expected by 2027 [6]. - SiC has superior thermal conductivity, with a thermal conductivity of 500 W/mK, compared to silicon's 150 W/mK and ceramic substrates' 200-230 W/mK [7]. - The increasing power of AI chips, such as NVIDIA's GPUs, necessitates improved heat dissipation solutions, as the power of the H200 chip has risen from 700W to 1400W [7]. Group 3: Market Potential - The use of SiC intermediate layers can reduce GPU chip junction temperatures by 20-30°C and lower cooling costs by 30%, preventing performance throttling due to overheating [8]. - The market for SiC applications is expanding from power electronics to packaging and cooling solutions, creating new growth opportunities [9]. - A projection indicates that if NVIDIA's H100 chips were to switch to SiC intermediate layers, it would require approximately 76,190 substrates based on current production metrics [9]. Group 4: Stock Market Response - Following NVIDIA's entry into the SiC cooling sector, related stocks in the A-share market have seen significant increases, with companies like Lushou Technology and Tianyue Advanced rising over 30% since September [11]. - Companies such as Tianyue Advanced and Sanan Optoelectronics are actively pursuing innovations in SiC products for various applications, including power devices and thermal management [11][12]. - Financing data shows that several SiC-related stocks have received substantial investments, with Tongfu Microelectronics leading with an increase of 7.01 billion yuan in financing [14].

Key Points on China's Integrated Circuit Industry Recent Breakthroughs - China's integrated circuit industry has made significant advancements in design, equipment, and materials over the past two years, with overall strength steadily improving [3]. - Tianyue Advanced has achieved major breakthroughs in large-size substrate materials, with core parameters optimized, supporting device applications [3]. - Domestic manufacturers have reached a competitive level with international counterparts, particularly in silicon carbide (SiC) substrates, with Tianyue Advanced supplying a significant portion of 8-inch SiC substrates to overseas markets [6][3]. Progress in Domestic Substitution - The domestic substitution process in the integrated circuit field is advancing, although there are still high external dependencies in high-end equipment and core IP [5]. - The domestic semiconductor equipment localization rate has been increasing, with companies like Zhongwei focusing on etching, thin film, and measurement equipment to support domestic production [5][6]. - The localization rate for 8-inch silicon wafers is nearly complete, while the 12-inch silicon wafer localization rate is around 50% [6]. Global Competitive Landscape - China is a leading semiconductor consumer and producer, but many sectors are still dominated by foreign companies, leading to oligopolistic market conditions [7]. - Domestic manufacturers are gradually expanding their market share in mid-to-low-end products, while high-end applications remain largely controlled by international firms [7][9]. - The rapid iteration of technology and strong industry chain capabilities are seen as advantages for domestic companies [8]. Strategies for Internationalization - Companies like Huazhong Micro aim to deepen domestic market engagement while also expanding internationally to enhance their competitive edge [11]. - Zhongke Feicai is focused on providing domestic measurement equipment to global clients, emphasizing the importance of internationalization in their business strategy [11][12]. Challenges in Process Upgrades - Domestic suppliers face challenges in technology iteration and process upgrades, particularly in high-end components and talent acquisition [13]. - Companies are focusing on cultivating domestic suppliers and enhancing their technical capabilities to overcome these challenges [13]. Future Technology Trends - The industry is looking towards advancements in SiC substrates and 3D chip structures, with companies like Tianyue Advanced and Zhongwei leading in these areas [14][15]. - The growth of AI is expected to significantly increase demand for semiconductor equipment, driving technological upgrades and market expansion [15]. Mergers and Acquisitions - The integrated circuit industry is witnessing a trend of mergers and acquisitions, which are seen as essential for achieving scale and enhancing competitiveness [16][17]. - Companies are encouraged to pursue strategic mergers that create synergies and improve market positioning [17][18]. Development Strategies of Industry Leaders - Companies are setting ambitious goals, such as becoming top suppliers in their respective fields, with a focus on innovation and market expansion [19][20]. - Huazhong Micro plans to enhance its product offerings in emerging markets like humanoid robots and AI servers, while Tianyue Advanced aims to lead in SiC substrate production [21][22].

| A 股证券代码：688234 | 证券简称：天岳先进 | 公告编号：2025-064 | | --- | --- | --- | | 港股证券代码：02631 | 证券简称：天岳先进 | | 山东天岳先进科技股份有限公司 关于持股 5%以上股东持股比例变动触及 1%刻度的 提示性公告 投资者国材股权投资基金（济南）合伙企业（有限合伙）保证向本公司提供 的信息真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： 1、本次权益变动属于山东天岳先进科技股份有限公司（以下简称"公司"） 发行境外上市外资股（H 股）股票并在香港联合交易所有限公司主板挂牌上市后， 悉数行使超额配售权，引起公司总股本增加，进而导致公司股东国材股权投资基 金（济南）合伙企业（有限合伙）（以下简称"国材基金"）持股比例被动稀释； 同时，国材基金履行前期披露的减持股份计划，导致其所持有的公司股份数量变 化。上述变动导致国材基金持有公司股份比例被动稀释及主动减持触及 1%刻度， 触及权益变动。 本次权益变动不触及要约收购。 1、国材股权投资基金（济南）合伙企 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [2] Core Insights - The power semiconductor industry is experiencing a recovery in performance, with automotive and data center sectors showing clear growth trends [4] - The overall profit levels in the industry have reached a new high in the past eight quarters, driven by demand recovery and stabilization of prices [14] Summary by Sections Power Semiconductor Performance Review - The industry has seen revenue growth in Q2 2025, with traditional applications like industrial control and consumer electronics remaining stable. The automotive sector continues to be the main growth area, while server power demand is increasing the fastest [7] - The market share of domestic manufacturers is steadily increasing, particularly in the mid-to-low voltage power devices [14] New Energy Vehicles (NEVs) - In July 2025, the sales of NEVs reached 1.26 million units, a year-on-year increase of 27.4%, with a penetration rate of 48.7% [30] - The share of main drive power modules for NEVs with power above 200kW has increased from 9% in 2022 to 25% in the first seven months of 2025 [33] Market Trends and Projections - The penetration rate of SiC MOSFETs in NEVs reached 18% in the first seven months of 2025, with 800V models showing a penetration rate of 76% [5] - The report suggests that the industry is entering a phase of improvement, with overall profits at a new high and market share continuing to grow [6] Investment Recommendations - The report recommends focusing on companies such as Yangjie Technology, New Clean Energy, Huazhong Microelectronics, and others for their expansion in new devices, processes, and markets [6] - The transition from 6-inch to 8-inch substrates in the SiC sector is expected to benefit leading substrate companies [6]

| ؍㦀ᵪᶴ਽〠˖ഭ⌠⎧䙊䇱ࡨ㛑ԭᴹ䲀ޜਨ | 㻛؍㦀ޜਨㆰ〠˖ཙዣݸ䘋 | | --- | --- | | ؍㦀ԓ㺘Ӫဃ਽˖䛜ࠟюǃ䛜ዣ䱣 | 㻛؍㦀ޜਨԓ⸱˖6+ | 䟽བྷһ亩ᨀ⽪ ᒤ ᴸˈкᐲޜਨ㩕ъ᭦ޕ ӯݳˈ਼∃л䱽 ˗ᖂҾк ᐲޜਨ㛑ьⲴ࡙߰ ⏖ зݳˈ਼∃л䱽 ˗ᖂҾкᐲޜਨ㛑ьⲴ ᢓ䲔䶎㓿ᑨᙗᦏ⳺Ⲵ࡙߰⏖ зݳˈ਼∃л䱽 DŽ ള⌦⎭䙐䇷㛗Գᴿ䲆ޢਮ ީӄኧђཟዩݾ䘑〇ᢶ㛗Գᴿ䲆ޢਮ ᒪᓜᤷ㔣ሲঀᒪᓜ䐕䑠ᣛ ᵜᵏѫ㾱Պ䇑ᮠᦞࠪ⧠⌒ࣘˈѫ㾱ഐ㌫˖ޜਨѪᤱ㔝࣐བྷ⻣ॆ㺜ᓅᶀᯉ ൘л⑨ᓄ⭘Ⲵ⑇䘿ˈᨀ儈ޜਨӗ૱ᐲ൪ঐᴹ⦷ˈ㺜ᓅ䬰ԧṬ਼∄л䱽˗ਖཆޜ ਨ࣐བྷሩབྷቪረ㺜ᓅ⹄ਁᣅޕ⹄ˈਁ䍩⭘਼∄໎࣐˗ޜਨѪ⭏ӗ㓿㩕䍴䠁༷ۘ䬦 㹼ُⅮ໎࣐֯䍒࣑䍩⭘਼∄⮕ᴹ໎䮯DŽ ᒤ ᴸˈޜਨ⭏ӗ㓿㩕↓ᑨˈнᆈ ൘䟽བྷ仾䲙DŽ 㓿ѝഭ䇱ࡨⴁⶓ㇑⨶ငઈՊljޣҾ਼ኡьཙዣݸ䘋、ᢰ㛑ԭᴹ䲀ޜਨ俆⅑ ޜᔰਁ㹼㛑⾘⌘Ⲵᢩ༽NJ˄䇱ⴁ䇨ਟǒǓ ਧ˅ᢩ༽ˈኡьཙዣݸ䘋 、ᢰ㛑ԭᴹ䲀ޜਨ˄ԕлㆰ〠ĀкᐲޜਨāǃĀޜਨāᡆĀਁ㹼Ӫā˅俆⅑ޜᔰ ਁ㹼Ӫ≁ᐱᲞ䙊㛑˄$ 㛑˅ з㛑ˈ⇿㛑䶒٬Ӫ≁ᐱ ݳ⇿ˈ㛑ਁ㹼ԧ ṬӪ≁ᐱ ݳˈए䳶䍴䠁ᙫ ...