Core Insights - The demand for AI computing power is surging, pushing chip power consumption to its limits, with traditional packaging methods unable to keep up [3][6] - Advanced packaging technologies, particularly the combination of advanced packaging and Silicon Carbide (SiC), are seen as key solutions to these challenges [5][17] Group 1: Industry Trends - AI model training and data center computing power are expected to grow exponentially, with China's intelligent computing scale projected to reach 1037.3 EFLOPS by 2025, increasing by 40% in 2026 [3] - Traditional packaging methods are failing to manage the heat generated by increased power consumption, with silicon interlayers having a thermal conductivity of only 148 W/m·K [3][6] - The global advanced packaging market is predicted to exceed $79 billion by 2030, with 2.5D/3D packaging experiencing a growth rate of 37% [5] Group 2: Technological Innovations - The core upgrade logic of advanced packaging involves breakthroughs in both materials and processes, with SiC emerging as the optimal interlayer material due to its superior thermal conductivity of 490 W/m·K [7][8] - The transition from 2.5D to 3D packaging, utilizing hybrid bonding technology, has reduced interconnect spacing from 20μm to less than 10μm, resulting in a 30% reduction in signal delay [6][7] Group 3: Market Opportunities - Companies are encouraged to focus on four key areas to capitalize on the growth driven by advanced packaging and SiC technologies: SiC materials and equipment, advanced packaging OSAT, critical materials, and hybrid bonding/3D packaging technologies [12][13][14][15][16] - Domestic companies like TianYue Advanced and Sanan Optoelectronics are positioned to benefit from the upcoming production ramp-up of 12-inch SiC substrates [13][17] Group 4: Equipment and Supply Chain - The equipment sector is crucial for mass production, with domestic manufacturers breaking through foreign monopolies in hybrid bonding machines and CMP equipment [11] - The demand for semiconductor packaging equipment is expected to grow significantly, with the market projected to reach 28.27 billion yuan in 2024, a year-on-year increase of 18.9% [11]

January 18, 2026 02:49 PM GMT SICC Co Ltd | Asia Pacific M Update Rebound in 6-inch SiC substrate pricing vs. ongoing decline in 8- inch What's new? Based on our industry checks, some SiC substrate vendors have lifted 6 inch SiC substrate prices by about 15% to Rmb2,100 (~US$300), as they continued to lose money selling 6 inch substrate; some vendors are also bundling the substrate with higher margin products to support profitability. Pricing for 8 inch substrate continued to fall to around Rmb4,500 (~US$64 ...

17 January 2026 | 12:07AM HKT Equity Research SICC (688234.SS): Mgmt. visit: AI data center rising requirements on power efficiency drive SiC adoption; rising yield rate enhances GM We hosted SICC management on Jan 14 in GS Tech AI Outlook Corp Day in Hong Kong. Management's positive tone on 2026 and onward echoes our positive view on SICC: (1) strong R&D to enhance yield rate and profitability despite SiC substrate price downward trend, (2) SiC substrate price decline could drive the adoption rate of SiC a ...

国联核心成长（004671）基金经理为吴刚。 截至发稿，吴刚累计任职时间8年76天，现任基金资产总规模4.91亿元，任职期间最佳基金回报 118.44%， 任职期间最差基金回报-24.76%。 1月19日，天岳先进跌5.58%，截至发稿，报104.99元/股，成交10.10亿元，换手率2.17%，总市值508.80 亿元。 资料显示，山东天岳先进科技股份有限公司位于山东省济南市槐荫区天岳南路99号,香港湾仔告士打道 109–111号东惠商业大厦5楼503室，成立日期2010年11月2日，上市日期2022年1月12日，公司主营业务 涉及碳化硅衬底的研发、生产和销售。主营业务收入构成为：碳化硅半导体材料82.83%，其他(补 充)17.17%。 从基金十大重仓股角度 数据显示，国联基金旗下1只基金重仓天岳先进。国联核心成长（004671）三季度减持8326股，持有股 数4.06万股，占基金净值比例为4.41%，位居第七大重仓股。根据测算，今日浮亏损失约25.17万元。 国联核心成长（004671）成立日期2017年9月29日，最新规模7564.41万。今年以来收益8.25%，同类排 名1837/9009；近一年收 ...

Group 1 - A-share market trading volume has returned to over 30 trillion yuan, with the Shanghai Composite Index closing at 4101.91 points, down 0.26% [1] - The semiconductor industry chain remains active, with stocks like Tianyue Advanced and Yongxi Electronics hitting the daily limit of 20% [1] - The electric grid equipment sector saw significant gains, with multiple stocks including Electric Power Research Institute and Senyuan Electric reaching their daily limit [1][2] Group 2 - The electric grid equipment sector is driven by supply-demand dynamics, with the State Grid Corporation announcing a planned investment of 4 trillion yuan during the 14th Five-Year Plan, a 40% increase from the previous plan [2] - The overseas market for electric grid investments is expected to accelerate, with supply shortages leading to extended delivery times for transformers and high-voltage cables [2] - The storage chip sector is experiencing strong performance, with companies like Baiwei Storage and Jibang Long hitting daily limits, driven by increased demand from AI and server capacity [4] Group 3 - Research indicates that the storage market is surpassing historical highs, with prices expected to rise by 40% to 50% in Q1 2026 and an additional 20% in Q2 [4] - The A-share market is anticipated to maintain a steady upward trend, supported by factors such as improved profitability and capital market reforms [5] - Investment strategies for 2026 suggest a balanced approach, focusing on high-yield opportunities, technology growth driven by AI, and cyclical recovery investments [6]

Core Viewpoint - The A-share market experienced moderate fluctuations with a total trading volume returning to over 3 trillion yuan, indicating a shift in capital from popular sectors like AI applications and communications to storage chips, automotive chips, and robotics actuators [1][4][6]. Market Performance - The Shanghai Composite Index fell by 0.26% to 4101.91 points, while the ChiNext Index decreased by 0.2% to 3361.02 points, and the Shenzhen Component Index dropped by 0.18% [6]. - The total trading volume across the three markets reached 3.06 trillion yuan, with margin trading balances increasing to 2.72 trillion yuan as of January 15 [6][16]. Sector Performance - The storage chip sector rose by 5.54%, third-generation semiconductors by 3.88%, automotive chips by 4.94%, and robotics actuators by 4.26% [8]. - In contrast, sectors such as media and computing saw significant declines, with media down by 4.84% and computing by 2.23% [9]. Capital Flow and Investment Strategy - Capital is being reallocated due to regulatory measures aimed at risk prevention and monetary policies supporting liquidity, leading to a diversified market structure [4][16]. - Investment strategies should focus on policy guidance, performance support, and valuation matching, particularly in sectors benefiting from domestic substitution and global chip technology breakthroughs [4][22]. Future Market Outlook - The market is expected to continue its oscillation around the 4100-point mark, with potential for structural opportunities in policy-supported sectors and high-performing stocks [19][20]. - Analysts suggest maintaining a neutral position while avoiding high-volatility stocks and focusing on sectors with strong fundamentals [19][22].

证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交6.59亿元， 其中，买入成交额为4.14亿 元，卖出成交额为2.45亿元，合计净买入1.69亿元。具体来看，今日上榜的前五大买入营业部中，有1家 机构专用席位现身，即买五，买入金额分别为4697.02万元，沪股通为第一大买入营业部，买入金额为 13943.05万元，营业部合计买入2.27亿元。卖出营业部中，有1家机构专用席位现身，即卖二，卖出金额 分别为5471.33万元，沪股通为第一大卖出营业部，卖出金额为6178.40万元，营业部合计卖出1.29亿 元。买卖金额相抵，机构专用席位今日净卖出该股774.31万元，沪股通今日净买入该股7764.65万元。 资金流向方面，该股今日全天主力资金净流入1.17亿元。（数据宝） 天岳先进1月16日龙虎榜 1月16日天岳先进（688234）收盘价111.19元，收盘涨停，全天换手率4.97%，振幅15.46%，成交额 22.53亿元。科创板交易公开信息显示，当日该股因日收盘价涨幅达15%等上榜。 买入营业部名称 买入金额(万元) 沪股通专用 13943.05 国泰海通证券股份有限公司上海松江区中山东路证券营业部 ...

两融数据显示，该股最新融资余额为10.93亿元，近5日增加7594.85万元，增幅为7.47%。 据天眼查APP显示，山东天岳先进科技股份有限公司成立于2010年11月02日，注册资本48461.8544万人 民币。（数据宝） 1月16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 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | | （万元） | 格 | 折溢价（%） | | | | 股） | | （元） | | | | | 3.87 | 302.71 | 78.20 | -29.67 | 中信证券股份有限公司绍 | 华西证券股份有限公司长 | | | | | | 兴群贤路证券营业部 | 春前进大街证券营业部 | 天岳先进1月16日大宗交易平台出现一笔成交，成交量3.87万股，成交金额302.71万元，大宗交易成交价 为78.20元，相对今日收盘价折价29.67%。该笔交易的买方营业部为中信证券股份有限公司绍兴群贤路 证券营业部，卖方营业部为华西证券股份有限公司长春前进大街证券营业部。 进一步统计，近3个 ...

Strong Stocks - As of January 16, the Shanghai Composite Index fell by 0.26% to 4101.91 points, the Shenzhen Component Index decreased by 0.18% to 14281.08 points, and the ChiNext Index dropped by 0.2% to 3361.02 points. A total of 67 stocks in the A-share market hit the daily limit up [1] - The top three strong stocks based on current consecutive limit up counts and daily trading data are: Wulian Development (600058), Kangqiang Electronics (002119), and Datang Telecom (600198) [1] - Detailed data for the top 10 strong stocks includes: - Wulian Development (600058): 2 consecutive limit ups, turnover rate of 0.39%, and a closing price of 5872 - Kangqiang Electronics (002119): 2 consecutive limit ups, turnover rate of 19.25%, and a closing price of 15.4 - Datang Telecom (600198): 2 limit ups in 3 days, turnover rate of 9.39%, and a closing price of 13.9 [1] Strong Concept Sectors - The top three concept sectors with the highest increase in A-shares are: Storage Chips, National Big Fund Holdings, and Advanced Packaging, each with a rise of 4.07% [2] - The detailed performance of the top 10 concept sectors includes: - Storage Chips: 4.07% increase - National Big Fund Holdings: 4.07% increase - Advanced Packaging: 3.53% increase - Other notable sectors include: SMIC International Concept (3.44%), Lithography Machines (3.28%), and Third Generation Semiconductors (3.23%) [3]

Core Viewpoint - The semiconductor sector is experiencing significant growth, driven by TSMC's increased capital expenditure and the domestic expansion of wafer fabs in response to a growing demand for advanced manufacturing capabilities [1] Group 1: Market Performance - On January 16, the three major indices initially surged but then retreated, with the Shanghai Composite Index falling by 0.26% to 4101.91 points [1] - Semiconductor concept stocks saw a dramatic rise, with Kede Quartz increasing over 20%, and several other stocks like Tianyue Advanced and Yongxi Electronics hitting the daily limit [1] Group 2: TSMC's Capital Expenditure - TSMC disclosed that its capital expenditure for 2026 is expected to reach between $52 billion and $56 billion, significantly exceeding market expectations [1] - The increase in equipment investment indicates a further expansion of global production capacity over the next two years [1] Group 3: Industry Outlook - CITIC Securities noted that TSMC's record performance in 2025 and the substantial increase in 2026 capital expenditure highlight the ongoing benefits from AI computing power and advanced processes [1] - The domestic wafer fabs are entering a phase of expansion to address a million-piece-level capacity gap, which is expected to create a $100 billion opportunity in the equipment market [1] - There is potential for domestic production rates to double, and CITIC Securities is optimistic about investment opportunities in semiconductor equipment, particularly recommending leading companies with platform capabilities and high-elasticity niche leaders [1]