中国银河证券发布研报表示，智能眼镜赛道高景气，Meta眼镜供不应求，看好产业链相关标的。此 外，看好苹果产业链出货量超预期投资机会。推荐水晶光电、捷邦科技、天岳先进，关注立讯精密、歌 尔股份、领益智造、蓝思科技、宜安科技。 ...

Group 1 - The Chinese Ministry of Commerce and the General Administration of Customs announced export controls on certain rare earth equipment and raw materials, marking the first time that overseas re-exports and rare earth-related technologies are included in the management, creating a closed-loop control of the entire industry chain [2][3] - The export control specifically involves five types of heavy rare earth elements and related products, including holmium, erbium, thulium, europium, and ytterbium, covering various forms such as metals, alloys, target materials, crystal materials, permanent magnetic materials, and luminescent materials [3] - The announcement indicates that if products manufactured overseas contain rare earth items originating from China, and their value exceeds 0.1%, they will be subject to control [3] Group 2 - The export controls are expected to severely impact the U.S. rare earth magnet industry, as efforts to reduce dependence on China are still in the early stages [4] - Major technology companies like Apple, Google, and Microsoft rely on rare earth materials for acoustic components, motors, and batteries in consumer electronics, and the latest restrictions are anticipated to cause further disruptions in the supply chain [4] - The U.S. President announced an additional 100% tariff on Chinese imports starting November 1, as a retaliation against China's recent export control measures [4][5] Group 3 - The U.S. export controls on key software are expected to impact the global supply chain, narrowing the channels for Chinese companies to access advanced software, which may lead to short-term "bottleneck" risks [5] - In the long term, these restrictions may drive domestic software development in China, while U.S. software companies could face revenue losses due to the loss of the Chinese market [5] Group 4 - The domestic EDA software sector is accelerating technology integration and expanding product lines to enhance competitiveness, with companies like Gaon Electronics completing acquisitions to strengthen their capabilities [6] - The acquisition of specific EDA tool assets by Chip Vision aims to enhance the core EDA technology stack and improve automation capabilities [7] - The carbon silicon industry is experiencing explosive growth driven by global energy transformation and AI, with significant advancements in technology and product development among A-share SiC concept stocks [8][9]

截至6月30日，天岳先进股东户数1.70万，较上期减少6.53%；人均流通股17663股，较上期增加6.99%。 2025年1月-6月，天岳先进实现营业收入7.94亿元，同比减少12.98%；归母净利润1088.02万元，同比减 少89.32%。 机构持仓方面，截止2025年6月30日，天岳先进十大流通股东中，华夏上证科创板50成份ETF （588000）位居第六大流通股东，持股962.79万股，相比上期减少5.62万股。易方达上证科创板50ETF （588080）位居第八大流通股东，持股711.96万股，相比上期增加20.37万股。银河创新混合A （519674）位居第九大流通股东，持股570.00万股，为新进股东。嘉实上证科创板芯片ETF（588200） 位居第十大流通股东，持股407.90万股，相比上期增加38.03万股。香港中央结算有限公司退出十大流通 股东之列。 10月9日，天岳先进涨3.33%，成交额12.07亿元。两融数据显示，当日天岳先进获融资买入额2.02亿 元，融资偿还2.25亿元，融资净买入-2304.89万元。截至10月9日，天岳先进融资融券余额合计11.21亿 元。 融资方面，天岳先 ...

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 截至月份: 2025年9月30日 狀態: 新提交 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10月9日 I. 法定/註冊股本變動 | 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 | | | 47,745,700 | RMB | | 1 | RMB | | 47,745,700 | | 增加 / 減少 (-) | | | 7,161,800 | | | | RMB | | 7,161,800 | | 本月底結存 | | | 54,907,500 | RMB | | 1 | RMB | | 54,907,5 ...

减持后，哈勃投资在天岳先进上的账面浮盈仍超过20亿元，投资收益率高达20倍。 一笔1.11亿元的投资，在六年后变成了超过22亿元的市值，华为旗下的哈勃投资以惊人的20倍回报，再次证明了其独到的投资眼 光。 2019年，华为旗下哈勃投资以1.11亿元战略入股碳化硅衬底企业天岳先进，获得10%的股权。 2025年9月26日，天岳先进发布公告，哈勃投资计划减持不超过387.69万股公司股份，按当时收盘价计算，此次减 持可套现约3.35亿元。 | 从1.11亿到22亿浮盈 2019年，华为旗下哈勃投资以1.11亿元入股天岳先进，获得10%的股权。 这一在当时看似普通的投资，随着碳化硅赛道爆发和天岳先进成功上市，获得了惊人回报。 2022年1月12日，天岳先进在科创板上市。 随着国产半导体行业迎来价值重估，天岳先进股价一路攀升，今年9月一度触及99.88元/股，创下2023年以来新 高。 以2025年9月26日收盘价86.33元/股计算，哈勃投资持有股份的市值达到23.54亿元，较初始投资浮盈约22.43亿 元。 若按上限完成减持，哈勃投资的持股数量将降至2338.56万股，持股比例也将降至4.83%。 | 碳化硅衬底 ...

Core Viewpoint - Tianyue Advanced (02631) has seen a significant stock price increase, attributed to advancements in silicon carbide (SiC) technology for optical applications, particularly in the production of waveguide lenses for consumer use [1] Company Developments - The chairman of Tianyue Advanced, Zong Yanmin, stated that silicon carbide is an ideal material for optical waveguide lenses, overcoming previous limitations related to substrate size and defects [1] - The company has introduced a 12-inch substrate that can produce 10-12 lenses per substrate, expanding the application of silicon carbide optics from high-end markets to consumer markets [1] - Tianyue Advanced is actively collaborating with leading global optical clients to expedite product introduction, with expectations for silicon carbide optical glasses to soon enter the market [1] Market Potential - The market size for silicon carbide optical waveguide glasses is projected to reach hundreds of millions of units in the future [1] - SiC's high thermal conductivity and processing window are expected to significantly enhance the thermal management of CoWoS (Chip-on-Wafer-on-Substrate) structures and reduce packaging size [1] Industry Trends - Reports indicate that NVIDIA is transitioning the intermediate substrate material for its next-generation Rubin processor design from silicon to silicon carbide to improve thermal performance, with large-scale adoption anticipated by 2027 [1]

Core Viewpoint - Tianyue Advanced (02631) is experiencing a significant stock price increase due to advancements in silicon carbide (SiC) technology, which is expected to expand the market for optical applications from high-end to consumer use [1] Group 1: Company Developments - Tianyue Advanced's chairman, Zong Yanmin, stated that silicon carbide is an ideal material for optical waveguide lenses, overcoming previous limitations related to substrate size and defects [1] - The company has introduced a 12-inch substrate that can produce 10-12 lenses per substrate, significantly increasing production capacity compared to the previous 8-inch substrate, which could only produce 3-5 pairs of glasses [1] - Tianyue Advanced is closely collaborating with leading global optical clients to expedite product introduction, with expectations that silicon carbide optical glasses will soon enter the market [1] Group 2: Market Potential - The market size for silicon carbide optical waveguide glasses is projected to reach hundreds of millions of pairs in the future [1] - SiC's high thermal conductivity and wide processing window are anticipated to enhance the thermal management of CoWoS (Chip-on-Wafer-on-Substrate) structures and reduce packaging size [1] - Reports indicate that NVIDIA plans to switch the intermediate substrate material for its next-generation Rubin processor design from silicon to silicon carbide to improve thermal performance, with large-scale adoption expected by 2027 [1]

Core Insights - Tianyue Advanced's stock price has increased by 63.98% year-to-date, with a recent decline of 1.36% over the past five trading days [2] - The company reported a revenue of 794 million yuan for the first half of 2025, a year-on-year decrease of 12.98%, and a net profit of 10.88 million yuan, down 89.32% year-on-year [2] Company Overview - Tianyue Advanced, established on November 2, 2010, is located in Jinan, Shandong Province, and was listed on January 12, 2022 [2] - The company's main business involves the research, production, and sales of silicon carbide substrates, with 82.83% of its revenue coming from silicon carbide semiconductor materials [2] Stock Performance - As of October 9, the stock price was 83.96 yuan per share, with a market capitalization of 40.689 billion yuan [1] - The stock has seen a trading volume of 403 million yuan and a turnover rate of 1.13% on the same day [1] Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders include various ETFs, with notable changes in holdings among them [3] - The largest shareholder, 华夏上证科创板50成份ETF, reduced its holdings by 56,200 shares, while 易方达上证科创板50ETF increased its holdings by 203,700 shares [3]

Group 1 - Hubble Investment plans to reduce its stake in Tianyue Advanced by up to 3.8769 million shares, which is approximately 0.80% of the total share capital, potentially worth around 335 million yuan at the closing price on September 26 [1][4] - Hubble Investment originally invested 111 million yuan for a 10% stake in Tianyue Advanced in August 2019, and its current holdings are valued at approximately 2.354 billion yuan, resulting in a paper profit of about 224.3 million yuan [1][5][6] - The semiconductor industry is experiencing a revaluation, particularly in the context of AI advancements, which is benefiting companies like Tianyue Advanced that specialize in silicon carbide substrates [4][12] Group 2 - As of mid-2023, Hubble Investment appears in the top ten shareholders of eight A-share listed companies, with a total holding value of approximately 4.415 billion yuan [2][12] - If Hubble Investment does not reduce its holdings in the third quarter, the total value of its shares would reach approximately 6.482 billion yuan, with a quarterly paper profit of about 206.7 million yuan [2][12] - The stock price of Tianyue Advanced reached a high of 99.88 yuan per share in September 2023, reflecting a year-to-date increase of over 50% [4][12] Group 3 - Hubble Investment has invested in over 112 projects, with more than ten companies successfully going public, including Tianyue Advanced and others [1][9] - The investment strategy of Hubble Investment is closely tied to Huawei, which has provided not only capital but also industry chain collaboration and business empowerment [14][16] - The financial performance of Tianyue Advanced has been inconsistent, with projected net profits of -176 million yuan in 2022, -46 million yuan in 2023, and a forecasted profit of 179 million yuan in 2024 [6][12]

Group 1 - The core viewpoint of the news highlights the positive performance of the semiconductor sector, particularly the rise of the Sci-Tech Innovation Board Semiconductor Materials and Equipment Index and related ETFs, indicating strong investor interest and market momentum [1][3] - The Sci-Tech Semiconductor ETF (588170) has seen a significant increase of 15.52% over the past week, reaching a new high in both scale at 2.604 billion yuan and shares at 1.725 billion [1] - Continuous net inflows into the Sci-Tech Semiconductor ETF over the past nine days, with a peak single-day inflow of 632 million yuan, totaling 1.721 billion yuan, demonstrate robust investor confidence [1] Group 2 - The adaptation of the DeepSeek V3.2 model by Cambrian and Huawei Ascend signifies advancements in domestic computing power, enhancing the efficiency of domestic chips and reducing training costs in long-sequence scenarios [2] - Analysts from Shengan Securities predict that ongoing investments in computing infrastructure will lead to sustained breakthroughs in domestic computing power, potentially outpacing overseas growth [2] - The semiconductor equipment and materials sector is identified as a key area for domestic substitution, benefiting from low domestic replacement rates and high ceilings for domestic alternatives, driven by the AI revolution and technological advancements [3]