Core Viewpoint - Tianyue Advanced (02631) has established business partnerships with over half of the top ten global power semiconductor manufacturers, focusing on high-quality silicon carbide substrates for power and RF devices used in electric vehicles, AI data centers, and photovoltaic systems [1] Group 1: Company Performance - Tianyue Advanced's stock rose over 6% in the afternoon session, currently up 5.09% at HKD 61.9, with a trading volume of HKD 215 million [1] Group 2: Industry Insights - Addressing the thermal management issues of CoWoS packaging is crucial for the development of AI computing chips [1] - If CoWoS replaces the interposer with SiC and follows a projected 35% compound annual growth rate over 28 years, it would require over 2.3 million 12-inch SiC substrates by 30 years, equivalent to approximately 9.2 million 6-inch substrates, significantly exceeding current production capacity [1]

据华西证券，解决CoWoS封装散热问题成为AI算力芯片发展重要课题。如CoWoS未来将Interposer替换 为SiC，且如按CoWoS 28年后35%复合增长率和70%替换SiC 来推演，则30年对应需要超230万片12吋 SiC衬底，等效约为920万片6吋，远超当前产能供给。 消息面上，天岳先进近期表示，截至目前，公司已与全球前十大功率半导体器件制造商中一半以上的制 造商建立了业务合作关系，客户主要采用公司高品质的碳化硅衬底制造功率器件及射频器件，最终用于 电动汽车、AI数据中心以及光伏系统等领域。 来源：智通财经网 天岳先进(02631)午后涨超6%，截至发稿，涨5.09%，报61.9港元，成交额2.15亿港元。 ...

Core Viewpoint - Tianyue Advanced (02631) has established business partnerships with over half of the top ten global power semiconductor manufacturers, focusing on high-quality silicon carbide substrates for power and RF devices used in electric vehicles, AI data centers, and photovoltaic systems [1] Group 1: Company Performance - Tianyue Advanced's stock rose over 6% in the afternoon, currently up 5.09% at HKD 61.9, with a trading volume of HKD 215 million [1] Group 2: Industry Insights - According to Huaxi Securities (002926), addressing the thermal management issues of CoWoS packaging is crucial for the development of AI computing chips [1] - If CoWoS replaces Interposer with SiC, and assuming a 35% compound annual growth rate (CAGR) over 28 years with a 70% replacement of SiC, it is projected that over 2.3 million 12-inch SiC substrates will be needed by 2030, equivalent to approximately 9.2 million 6-inch substrates, significantly exceeding current production capacity [1]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 致：香港交易及結算所有限公司 公司名稱: 山東天岳先進科技股份有限公司 呈交日期: 2025年12月3日 I. 法定/註冊股本變動 截至月份: 2025年11月30日 狀態: 新提交 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02631 | 說明 | H 股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 54,907,500 | RMB | | 1 RMB | | 54,907,500 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 54,907,500 | RMB | | 1 RMB | | 54,907,500 | | 2. 股份分類 | 普通股 | 股份類別 | A ...

南财投研通数据显示，12月2日，券商给予上市公司目标价共7次，按最新收盘价计算，目标价涨幅排名居前的公司有先惠技术、贵州茅台、 德尔股份，目标价涨幅分别为42.61%、42.06%、36.94%，分别属于电池、白酒、汽车零部件行业。 | | | 12月02日目标价涨幅排名 | | | | | --- | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | 机构 | 最新评级 | 最高目标价 | 目标涨幅 | | | | | | (元) | (%) | | 688155 | 先惠技术 | 中信证券 | 买人 | 84.00 | 42.61 | | 600519 | 贵州茅台 | 国泰海通证券 | 增持 | 2040.00 | 42.06 | | 300473 | 德尔股份 | 东北证券 | 买人 | 38.59 | 36.94 | | 301360 | 荣旗科技 | 东北证券 | 买人 | 96.11 | 35.39 | | 300832 | 新产业 | 华创证券 | 推荐 | 78.00 | 32.09 | | 688179 | 阿拉丁 | 中信证券 | 买人 | 17 ...

（文章来源：证券日报） 证券日报网讯 12月2日，天岳先进在互动平台回答投资者提问时表示，为保证所有投资者平等获悉公司 信息，公司会在定期报告中披露报告期末的股东人数。 ...

Core Viewpoint - Tianyue Advanced has established significant partnerships with over half of the top ten global power semiconductor manufacturers, focusing on the application of silicon carbide substrates in various industries [1] Industry Applications - Silicon carbide substrates are widely used in power semiconductor devices, RF semiconductor devices, optical waveguides, TF-SAW filters, and heat dissipation components [1] - Key application industries include electric vehicles, photovoltaics and energy storage systems, power grids, rail transportation, communications, AI glasses, smartphones, and semiconductor lasers [1] Business Relationships - The company has formed business collaborations with more than half of the top ten power semiconductor manufacturers globally [1] - Customers primarily utilize the company's high-quality silicon carbide substrates to manufacture power devices and RF devices [1] - End applications of these devices include electric vehicles, AI data centers, and photovoltaic systems [1]

Core Viewpoint - The company Tianyue Advanced has confirmed that its silicon carbide substrates can be widely applied in various downstream products, indicating strong industry demand and potential growth opportunities in sectors such as electric vehicles, photovoltaics, and AI technology [1] Group 1: Application Areas - Silicon carbide substrates are applicable in power semiconductor devices, RF semiconductor devices, optical waveguides, TF-SAW filters, and thermal components [1] - Key industries utilizing these substrates include electric vehicles, photovoltaic and energy storage systems, power grids, rail transportation, communications, AI glasses, smartphones, and semiconductor lasers [1] Group 2: Business Relationships - The company has established business partnerships with over half of the top ten global power semiconductor device manufacturers [1] - Clients primarily use the high-quality silicon carbide substrates to manufacture power and RF devices, which are ultimately utilized in electric vehicles, AI data centers, and photovoltaic systems [1]

Core Viewpoint - Tianyue Advanced (02631) saw a significant stock increase of over 7%, currently trading at 57 HKD with a transaction volume of 223 million HKD, following the announcement of Alibaba's new AI smart hardware product, Quark AI Glasses S1 [1] Group 1: Company Developments - Tianyue Advanced is recognized as a leading enterprise in the silicon carbide (SiC) semiconductor materials industry, having achieved technological breakthroughs in the full series of 12-inch SiC substrates, marking the industry's transition to the 12-inch era [1] - The company is positioned to benefit from the high growth expectations in emerging applications such as AR glasses, driven by advancements in silicon carbide materials [1] Group 2: Industry Trends - Major tech companies like Meta and Google are actively developing AI glasses, with Meta releasing several models this year and Google planning to launch its AI glasses project by Q4 2026 [1] - According to a report from Wenguang Securities, the supply and demand for SiC substrates is expected to be tightly balanced by 2027, with potential supply constraints if the penetration rate of AR glasses and advancements in AI thermal materials exceed expectations [1]

Core Viewpoint - Tianyue Advanced (02631) saw a significant stock increase of over 7%, currently trading at 57 HKD with a transaction volume of 223 million HKD, following the announcement of Alibaba's new AI smart hardware product, Quark AI Glasses S1 [1] Company Summary - Tianyue Advanced is a leading company in the silicon carbide (SiC) semiconductor materials industry, having achieved technological breakthroughs in the full series of 12-inch SiC substrates, marking the entry of the SiC substrate industry into the 12-inch era [1] - The company is positioned to benefit from the growing demand for SiC substrates, particularly in emerging applications such as AR glasses, which are expected to see high growth potential [1] Industry Summary - The market for AI glasses is becoming increasingly competitive, with major players like Meta and Google also launching their own AI glasses, indicating a growing trend in the sector [1] - According to a report from Wenguang Securities, the supply and demand for SiC substrates is expected to be in a tight balance by 2027, with potential supply constraints if the penetration rate of AR glasses and advancements in AI thermal materials exceed expectations [1]