Group 1 - The China Securities Regulatory Commission (CSRC) has issued a notification regarding the overseas issuance and listing of Shandong Tianyue Advanced Technology Co., Ltd [1] - The company plans to issue no more than 87,206,050 overseas listed ordinary shares [1] - The shares are intended to be listed on the Hong Kong Stock Exchange [1]

Investment Rating - The report maintains a "Recommended" rating for key companies in the smart glasses industry, including GoerTek, Lante Optics, Sunny Optical Technology, Espressif Technology, and others [5][6]. Core Insights - Smart glasses are identified as one of the most promising carriers for AI large models, with the potential for significant transformation in human-computer interaction due to advancements in AI capabilities [1][11]. - The market consensus on AI glasses has evolved, particularly with the launch of RayBan Meta, which combines hardware, AI functionality, and user-friendly features, achieving sales of over 1.4 million units in 2024 [2][20]. - The integration of optical display modules is crucial for the evolution of smart glasses towards augmented reality (AR) applications, with a focus on lightweight and high-performance optical components [3][23]. Summary by Sections Smart Glasses: AI First, Exploring AR - The report discusses the transition of AI from research to application, highlighting the increasing importance of multi-modal interactions, including text, images, and voice [11][13]. - Smart glasses are positioned as a suitable platform for AI applications due to their proximity to key sensory organs, enabling seamless interaction with AI [16][19]. Optical Waveguide and Micro LED as Core Bottlenecks - The report identifies the challenges in optical module manufacturing, emphasizing the need for lightweight and high-performance solutions to facilitate mass production of AR glasses [3][34]. - The combination of diffraction waveguides and Micro LED technology is seen as a potential solution for enhancing the display and user experience of AR glasses [3][39]. Investment Recommendations - The report suggests focusing on various segments within the smart glasses industry, including brands, solution providers, and optical component manufacturers, highlighting companies like Xiaomi, GoerTek, and Lante Optics as key players [4][5]. - The report emphasizes the importance of SoC processors for AI glasses and optical components for AR glasses, indicating a clear distinction in hardware requirements between the two types [26][28].

Group 1 - Tianyue Advanced Technology Co., Ltd. won the "Gold Award" in the semiconductor electronic materials category at the 31st Semiconductor Annual Awards in Tokyo, marking the first time a Chinese company has achieved this honor since the award's inception 31 years ago, highlighting China's significant breakthrough in semiconductor materials technology [1][3] - The Semiconductor Annual Awards, organized by the Japanese semiconductor industry media "Electronic Device Industry News," aims to recognize outstanding technological innovations globally in the fields of equipment, devices, and materials, known for its rigorous selection standards and industry authority [1] - Silicon carbide (SiC) materials have become a cornerstone for enabling energy transformation and achieving core development goals in AI, with high-quality, large-size SiC substrate preparation technology being a focal point of international competition [1][3] Group 2 - Tianyue Advanced has made significant advancements in material crystal growth, defect control, and processing technology over the past 14 years, overcoming world-class challenges such as large-size substrate production and achieving internationally leading material performance [3] - The company has independently innovated and was the first in the industry to break through the 12-inch technology, which is the largest size globally, marking a transition from following to leading in the field [3]

证券代码：688234 证券简称：天岳先进 公告编号：2025-041 山东天岳先进科技股份有限公司 公司此次获得中国专利银奖，是对公司技术创新能力和技术发明产业化能力 的重大肯定，也是对公司在碳化硅半导体领域核心关键技术重大突破以及自主可 控的充分认可。 公司作为全球宽禁带半导体领域的创新者，以国家重大战略需求为导向，深 耕半导体材料领域，始终站在科技创新的前沿，高度重视知识产权的积累与保护， 致力于打造具有国际竞争力的碳化硅产品。截至 2024 年 12 月 31 日，公司及下 属子公司累计获得发明专利授权 194 项，实用新型专利授权 308 项，其中境外发 明专利授权 14 项。公司先后获得国家制造业单项冠军、国家级专精特新"小巨 人"企业、国家科学技术进步一等奖、国家知识产权优势企业、国家知识产权示 范企业、山东省技术发明一等奖、山东省科技进步一等奖、山东省新材料领军企 业、济南市优秀企业等荣誉称号。 未来，公司将继续秉承自主创新的理念，不断强化知识产权保护力度，用知 识产权为核心技术保驾护航，不断提高核心竞争力，促进公司经营持续、健康、 稳健的发展。 本次公司获得第二十五届中国专利银奖，不会对公司 ...

Group 1 - The company, Tianyue Advanced Technology Co., Ltd., has been awarded the Silver Prize at the 25th China Patent Awards, recognizing its significant achievements in technology innovation and industrialization capabilities in the silicon carbide semiconductor field [1] - The China Patent Awards are co-evaluated by the National Intellectual Property Administration and the World Intellectual Property Organization, aimed at promoting innovation and economic development through intellectual property [1] - A total of 60 Silver Prizes were awarded in this edition of the China Patent Awards, alongside 30 Gold Prizes for patents and 10 for design [1] Group 2 - The company has accumulated 194 invention patents and 308 utility model patents as of December 31, 2024, including 14 overseas invention patents [2] - The company has received multiple honors, including National Manufacturing Single Champion and National Specialized and Innovative "Little Giant" Enterprise [2] - The company aims to continue enhancing its intellectual property protection and core competitiveness to ensure sustainable and healthy development [2]

作者 | 弗雷迪 数据支持 | 勾股大数 据（www.gogudata.com） 上月末，由于难以解决巨额债务问题，全球 SiC （碳化硅）巨头 Wolfspeed 宣布准备在几周内申请破产。 先发优势并不代表企业护城河坚不可摧。在国产厂商的奋力追赶下，部分企业的市场份额已经能够望其项背。 最后一个靴子落地，随着供应链重新洗牌， SiC 衬底行业有望走出价格低迷的阴霾，竞争格局或将重塑。 对于技术工艺实力领先的国内企业如天岳先进、天科合达，随着产能供需逐渐走向平衡，争夺行业话语权的机会或在酝酿之中。 01 激进扩产埋下危机 Wolfspeed 的高光时刻发生在 2021 年，那年 10 月之前还叫做 Cree ，而 Wolfspeed 作为后者的三大部门之一，主要从事第三代半导体 业务。 成立于 1987 年的 Cree ，在上世纪 90 年代是全球最大的蓝光 LED 芯片制造商， 1991 年就已推出全球首片商业化碳化硅晶圆，一举奠定 行业鼻祖地位。 2011 年， Wolfspeed 率先推出全球第一款 SiC MOSFET ，在行业内树立起技术标杆。 但另外两个业务（ LED 芯片和组件、照明系统及灯具 ...

Group 1 - Tianyue Advanced's stock closed at 60.00 yuan, down 3.07%, currently below its issuance price of 82.79 yuan per share [1] - The company was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on January 12, 2022, with a total of 42.9711 million shares issued [1] - The total funds raised from the initial public offering amounted to 3.558 billion yuan, with a net amount of 3.203 billion yuan after deducting issuance costs, exceeding the original plan by 1.203 billion yuan [1] Group 2 - On March 4, 2025, Tianyue Advanced disclosed that its application for issuing overseas listed shares (H-shares) was accepted by the China Securities Regulatory Commission [2] - The company submitted its application for H-share listing on February 24, 2025, to the Hong Kong Stock Exchange [2] - The issuance is subject to approval from various regulatory bodies, including the China Securities Regulatory Commission and the Hong Kong Stock Exchange, indicating uncertainty in the process [2]

Investment Rating - The report assigns a "Buy" rating to SICC (688234.SS) with a 12-month price target of Rmb75.50, indicating an upside potential of 24.7% from the current price of Rmb60.55 [10]. Core Insights - The management of SICC is optimistic about market demand driven by the increasing launch of 800V electric vehicles (EVs) and the growing need for EV fast charging. Additionally, the demand for SiC substrates in augmented reality (AR) glasses is expected to rise significantly [1][3]. - SICC is positioned well within the AD/ADAS trend, enhancing SiC's penetration in the EV market. The company is a local leader in SiC substrates, benefiting from local car OEMs diversifying their supply chains amid geopolitical tensions [1][3]. Summary by Sections Capacity Expansion - SICC's production facilities are located in Shanghai and Jinan, China. The Shanghai plant has a capacity of 300k units per year for phase 1 (6-inch or 8-inch SiC substrate) and an additional 300k units per year in phase 2, primarily for 8-inch SiC substrate. The Jinan site has a capacity of 100-150k units per year for 6-inch SiC substrate. The company plans to expand its 8-inch capacity to non-China markets to increase its market share among global SiC device manufacturers [2]. SiC Penetration in EVs - Management anticipates that the penetration rate of SiC in mainstream EV models will continue to rise as more 800V EV models are introduced in the coming years. The localization trend of SiC substrates is expected to support the company's growth, as local suppliers offer more cost-effective products, allowing customers to diversify their supply chains [3]. SiC Application in AR Glasses - SiC is identified as the optimal solution for AR glasses due to its superior reflection control and lightweight properties. Management projects that the demand for SiC substrates from AR glasses may eventually surpass that from EVs in the long term, presenting significant upside potential for SICC [7].

Market Performance - The main board led the gains with notable increases in stocks such as Geer Software (+10.01%), Xuguang Electronics (+8.33%), and Baoming Technology (+8.03) [1] - The ChiNext board saw significant growth with Dongtu Technology (+13.22%) and Fulede (+10.67%) leading the charge [1] - The Sci-Tech Innovation board also performed well, with Yinghantong (+8.09%) and Pinggao Co. (+7.26%) showing strong increases [1] - Active sub-industries included SW Other Communication Equipment (+2.71%) and SW Electronic Chemicals III (+0.06%) [1] Domestic News - Zhuzhou CRRC announced the construction of its third phase project, expected to start in November 2024, with production line operations anticipated by the end of 2025, focusing on 8-inch SiC wafers [1] - Guokemicro is planning to acquire a company engaged in specialty semiconductor wafer foundry and customized chip manufacturing through a share issuance and cash payment [1] - Lenovo reported a 23% increase in sales for Q4 FY2025, reaching approximately $17 billion, but net profit plummeted 64% to about $9 million, reflecting losses in derivative business and pricing pressures in the PC market [1] - Tianyue Advanced is advancing its expansion plan for 8-inch silicon carbide substrates at its Shanghai Lingang factory, with a phased approach to reach planned capacity [1] Company Announcements - Shengshi Technology announced the acquisition of three invention patents focused on security and customs clearance, applicable in airports, ports, and train stations [2] - Fujida declared a cash dividend of 1 yuan per 10 shares, totaling 18.77 million yuan based on a total share capital of 187,728,000 shares [2] - Luwei Optoelectronics announced a cash dividend of 3.00 yuan per 10 shares for the 2024 fiscal year [2] - Shiji Hengtong disclosed a pre-announcement of share reduction by a major shareholder, with a maximum of 1,953,966 shares (2.00% of total shares) to be reduced [2] Industry Developments - Meta is developing a new generation of smart glasses, expected to commercialize by 2026, enhancing the Live AI system's capabilities, particularly in facial recognition [3] - The South Korean government expressed concerns over potential U.S. tariffs on imported chips, warning of negative impacts on Korean investments in the U.S. and the complementary relationship between the two countries in the semiconductor industry [3] - ADI reported better-than-expected performance for Q2 FY2025, benefiting from a rebound in automotive and industrial demand, and raised its operational outlook [3] - In the flash memory market, some original manufacturers are facing delays in fulfilling DDR4 orders, with demand remaining strong as customers seek to secure supply [3]

Group 1 - The core viewpoint of the articles highlights the increasing trend of A-share companies, particularly in the semiconductor sector, pursuing dual listings in Hong Kong, driven by favorable regulatory policies and the need for global expansion [1][6][8] - The "A+H model" allows companies to access both domestic and international capital markets, enhancing their financial strength and market recognition [6][8] - Several semiconductor companies, including Zhaoyi Innovation, Unisoc, and others, have announced plans for Hong Kong listings, indicating a significant shift towards internationalization [2][4][5] Group 2 - The semiconductor companies aim to strengthen their global presence, with many explicitly stating that their Hong Kong listings are part of a strategy to enhance their international business operations and competitiveness [6][7] - The funds raised from these listings are primarily targeted at improving core technology capabilities, expanding product lines, and enhancing overseas sales networks [6][7] - Recent regulatory changes, such as the "Five Measures to Benefit Hong Kong" policy and adjustments to listing requirements, have made it easier for A-share companies to pursue dual listings in Hong Kong [7][8]