Group 1 - Tianyue Advanced's stock price increased by 2.07% on August 27, reaching 65.95 CNY per share, with a trading volume of 1.92 billion CNY and a market capitalization of 31.488 billion CNY [1] - The company experienced a net inflow of main funds amounting to 8.1186 million CNY, with significant buying and selling activities from large orders [1] - Year-to-date, Tianyue Advanced's stock price has risen by 28.81%, with a slight decline of 0.47% over the last five trading days [1] Group 2 - As of March 31, the number of shareholders for Tianyue Advanced was 18,200, showing a slight increase, while the average circulating shares per person decreased by 0.01% [2] - For the first quarter of 2025, Tianyue Advanced reported a revenue of 408 million CNY, a year-on-year decrease of 4.25%, and a net profit attributable to shareholders of 8.5182 million CNY, down 81.52% year-on-year [2] - Among the top ten circulating shareholders, several ETFs showed changes in holdings, with notable decreases in shares held by some funds [2]

| 股份代號: | 02631 | | --- | --- | | 上市法國名稱: | 山東天岳先進科技股份有限公司 - H股 | | 日期 (日 / 月 / 年): | 27/07/2025 - 27/08/2025 | 格隆汇8月27日丨根据联交所最新权益披露资料显示，2025年8月21日，天岳先进(02631.HK)获Morgan Stanley在场内以每股均价43.6545港元增持好仓19.74万 股，涉资约861.57万港元。 增持后，Morgan Stanley最新持好仓数目为2,921,867股，持好仓比例由5.70%上升至6.11%。 | 張格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | | | 持有權益的股份數目 佔已發行的有關事件的日 相關法 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 股份數目 | | | 精公開上述 * 註 | 在役票權股 第 (日) 日、 | 作 權益 | | | | | | | | | 份自分比 年) | | | | ...

Group 1 - Morgan Stanley increased its stake in Tianyue Advanced (02631.HK) by purchasing 197,361 shares at an average price of HKD 43.6545 per share, totaling approximately HKD 8.6157 million [1] - Following the purchase, Morgan Stanley's total holdings rose to 2,921,867 shares, increasing its ownership percentage from 5.70% to 6.11% [1]

Investment Rating - The industry investment rating is "Increase" [6] Core Viewpoints - The report highlights the release of DeepSeek-V3.1, which significantly upgrades its technical architecture and optimizes parameter precision to adapt to domestic chips, promoting the development of domestic computing power chips and the AI industry [16][33] - KTC's launch of the new KTC AI interactive glasses is seen as a positive development for edge-side investment opportunities, with the product gaining consumer recognition [17][33] - Google's Pixel 10 series emphasizes AI integration, indicating a recovery in the consumer electronics industry and presenting investment opportunities within the related supply chain [18][33] - The introduction of direct-write lithography equipment by Hefei Chip Microelectronics Equipment Co., Ltd. marks a significant breakthrough in the domestic supply chain, reinforcing confidence in domestic alternatives [19][33] Summary by Sections 1. Core Viewpoints and Investment Recommendations - The report recommends focusing on domestic computing power opportunities following the release of DeepSeek's new version [20] - It suggests investing in edge-side technologies due to the launch of KTC's AI glasses [20] - The consumer electronics sector is highlighted for its recovery potential, particularly with Google's new AI-integrated products [20] - The report emphasizes the importance of domestic supply chains, particularly with the introduction of new lithography equipment [20] 2. Market Review - The A-share Shenwan Electronics Index rose by 8.95%, outperforming the CSI 300 Index by 4.77 percentage points [21][24] - The semiconductor sector led the gains with a 12.26% increase, while the components sector lagged with a 1.68% increase [24][26] 3. Industry News - DeepSeek's V3.1 release marks a new phase in China's AI industry, focusing on domestic chip compatibility [33] - KTC's AI glasses are designed for comfort and functionality, supporting various AI features [33] - Google's Pixel 10 series showcases enhanced AI capabilities, reinforcing its commitment to integrating AI into consumer products [34] - The successful introduction of direct-write lithography equipment supports the domestic semiconductor packaging industry [34]

Group 1 - Morgan Stanley increased its stake in Tianyue Advanced (02631) by 197,361 shares at a price of HKD 43.6545 per share, totaling approximately HKD 8.6157 million [1] - After the increase, Morgan Stanley's total shareholding in Tianyue Advanced is approximately 2.9219 million shares, representing a holding percentage of 6.11% [1]

香港联交所最新资料显示，8月21日，大摩增持天岳先进(02631)19.7361万股，每股作价43.6545港元， 总金额约为861.57万港元。增持后最新持股数目约为292.19万股，最新持股比例为6.11%。 ...

Group 1 - As of August 25, 2025, the Hong Kong Stock Exchange has seen 57 new listings, raising a total of HKD 131.9 billion, with 5 companies having passed the hearing and 211 companies currently in the application process [1] - Shandong Tianyue Advanced Technology Co., Ltd. (02631.HK) is a newly listed company on the main board, specializing in the research and production of silicon carbide semiconductor materials [1] - The company has received the 25th China Patent Silver Award for its 8-inch silicon carbide substrate patent, making it the only award-winning enterprise in the domestic wide bandgap semiconductor field [1] Group 2 - Shandong Tianyue is the first company in Jinan and the domestic sector to obtain ISO 56005 (Level 3) certification [1] - The company leads the formulation of the testing method for stacking layer defects in silicon carbide single crystal polishing wafers [1] - It holds the second-largest global market share in conductive silicon carbide substrate [1]

Core Viewpoint - Tianyue Advanced (688234.SH) announced a share reduction plan by its major shareholder, Guocai Equity Investment Fund, intending to reduce up to 9,549,134 shares, representing 2.00% of the total share capital [1][2] Group 1: Share Reduction Details - Guocai Fund plans to reduce shares through two methods: up to 4,774,567 shares via centralized bidding and up to 4,774,567 shares via block trading, each not exceeding 1.00% of the total share capital [1] - The reduction period is set from September 17, 2025, to December 16, 2025, starting 15 trading days after the announcement [1] Group 2: Shareholder Information - As of the announcement date, Guocai Fund holds 38,673,994 shares, accounting for 8.10% of the total share capital, with these shares obtained before the company's initial public offering [1] - Guocai Fund is not the controlling shareholder or actual controller of Tianyue Advanced and has no concerted action parties [1][2] Group 3: Company Financials and IPO Information - Tianyue Advanced was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on January 12, 2022, with an initial offering price of 82.79 yuan per share, raising a total of 3.558 billion yuan [2] - The net proceeds from the IPO amounted to 3.203 billion yuan, exceeding the original plan by 1.203 billion yuan, intended for silicon carbide semiconductor material projects [2] - The company is currently in a state of share price decline since its IPO [2] Group 4: Hong Kong Listing - Tianyue Advanced also listed on the Hong Kong Stock Exchange (02631.HK) on August 20, with a final offering price of 42.80 HKD per share, raising a total of 2,043.5 million HKD [3] - The net proceeds from the Hong Kong listing, after estimated listing expenses, were 1,938.1 million HKD [3] - The total number of shares issued in the global offering was 47,745,700 H-shares, subject to the exercise of the over-allotment option [3]

Core Viewpoint - Tianyue Advanced (688234.SH) announced a plan for shareholder Guocai Fund to reduce its stake by up to 9.55 million shares, representing 2.00% of the total share capital, between September 17, 2025, and December 16, 2025 [1][3]. Group 1: Shareholder Reduction Plan - Guocai Fund plans to cash out approximately 624 million yuan based on Tianyue Advanced's closing price of 65.34 yuan per share on August 25 [3]. - The reduction will occur through a combination of centralized bidding and block trading, with each method involving a maximum of 4.77 million shares, or 1.00% of the total share capital [3]. - Prior to the reduction, Guocai Fund held 38.67 million shares, accounting for 8.10% of the total share capital [3][5]. Group 2: Company Listing and Share Dilution - Tianyue Advanced officially listed on the Hong Kong Stock Exchange on August 20, becoming the only "A+H" listed silicon carbide substrate company in both markets [4]. - The issuance of H-shares led to an increase in total share capital, resulting in a passive dilution of shareholding percentages for existing shareholders [4]. Group 3: Company Performance - Tianyue Advanced, established in November 2010, is a leading producer of wide-bandgap semiconductor materials, focusing on the research, production, and sales of silicon carbide semiconductor materials [5]. - The company reported a turnaround in performance, achieving a revenue of 1.768 billion yuan in 2024, a year-on-year increase of 41.37%, and a net profit of 179 million yuan, up 491.56% [5]. - In the first quarter of this year, the company recorded a revenue of 408 million yuan, a year-on-year decrease of 4.25%, and a net profit of 8.52 million yuan, down 81.52% [5].

证券代码：688234 证券简称：天岳先进 公告编号：2025-057 山东天岳先进科技股份有限公司 持股 5%以上股东减持股份计划公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律 责任。 法》 《上市公司股东、董监高减持股份的若干规定》 重要内容提示： ? 大股东持有的基本情况：本次减持计划实施前，山东天岳先进科技股份 有限公司（以下简称"公司"）股东国材股权投资基金（济南）合伙企业（有限 （以下简称"国材基金"）持有公司 38,673,994 股，占公司总股本的 8.10%。 合伙） 上述股份来源为公司首次公开发行前取得的股份，已于 2023 年 10 月 27 日 起上市流通。 ? 减持计划的主要内容：基于自身资金需求，股东国材基金拟减持公司股 份合计不超过 9,549,134 股，即不超过公司总股本（公司发行 47,745,700 股 H 股 股票后（行使超额配售权之前）的总股本）的 2.00%。其中，通过集中竞价方式 减持公司股份合计不超过 4,774,567 股，即不超过公司总股本的 1.00%；通过大 ...