Core Viewpoint - Tianyue Advanced (02631) shares rose over 8% following Huawei's announcement of two patents related to silicon carbide (SiC) heat dissipation, indicating a positive market response to advancements in SiC technology [1] Group 1: Company Developments - Tianyue Advanced's stock increased by 8.05%, reaching HKD 65.8, with a trading volume of HKD 115 million [1] - The company continues to innovate in forward-looking technologies, expanding its offerings beyond SiC substrates for power and RF devices to include SiC products and technologies in emerging fields such as optical waveguides and TF-SAW filters [1] Group 2: Industry Trends - Huawei's patents focus on heat-conducting compositions and their applications, utilizing SiC as a filler to enhance the thermal conductivity of electronic devices [1] - NVIDIA is reportedly shifting the substrate material for its next-generation Rubin processor design from silicon to silicon carbide to improve heat dissipation, with large-scale adoption expected by 2027 [1] - According to Dongfang Securities, the excellent thermal performance of SiC is anticipated to benefit related manufacturers in applications such as intermediary layers and heat dissipation substrates, with Tianyue Advanced identified as a leading player in the SiC substrate industry [1]

Core Viewpoint - Silicon carbide (SiC) is emerging as a new solution for chip heat dissipation, with Huawei recently announcing two patents related to SiC thermal management [2][6]. Group 1: Huawei's Patents - Huawei has filed two patents involving SiC for thermal management, aimed at enhancing the thermal conductivity of electronic devices [2]. - The first patent focuses on a thermal composition and its applications in electronic component cooling and chip packaging [2]. - The second patent pertains to a thermal absorbing composition for electronic components and circuit boards [2]. Group 2: Industry Trends - NVIDIA is reportedly switching the intermediate substrate material in its next-generation Rubin processors from silicon to SiC to improve heat dissipation, with large-scale adoption expected by 2027 [6]. - SiC has superior thermal conductivity, with a thermal conductivity of 500 W/mK, compared to silicon's 150 W/mK and ceramic substrates' 200-230 W/mK [7]. - The increasing power of AI chips, such as NVIDIA's GPUs, necessitates improved heat dissipation solutions, as the power of the H200 chip has risen from 700W to 1400W [7]. Group 3: Market Potential - The use of SiC intermediate layers can reduce GPU chip junction temperatures by 20-30°C and lower cooling costs by 30%, preventing performance throttling due to overheating [8]. - The market for SiC applications is expanding from power electronics to packaging and cooling solutions, creating new growth opportunities [9]. - A projection indicates that if NVIDIA's H100 chips were to switch to SiC intermediate layers, it would require approximately 76,190 substrates based on current production metrics [9]. Group 4: Stock Market Response - Following NVIDIA's entry into the SiC cooling sector, related stocks in the A-share market have seen significant increases, with companies like Lushou Technology and Tianyue Advanced rising over 30% since September [11]. - Companies such as Tianyue Advanced and Sanan Optoelectronics are actively pursuing innovations in SiC products for various applications, including power devices and thermal management [11][12]. - Financing data shows that several SiC-related stocks have received substantial investments, with Tongfu Microelectronics leading with an increase of 7.01 billion yuan in financing [14].

Key Points on China's Integrated Circuit Industry Recent Breakthroughs - China's integrated circuit industry has made significant advancements in design, equipment, and materials over the past two years, with overall strength steadily improving [3]. - Tianyue Advanced has achieved major breakthroughs in large-size substrate materials, with core parameters optimized, supporting device applications [3]. - Domestic manufacturers have reached a competitive level with international counterparts, particularly in silicon carbide (SiC) substrates, with Tianyue Advanced supplying a significant portion of 8-inch SiC substrates to overseas markets [6][3]. Progress in Domestic Substitution - The domestic substitution process in the integrated circuit field is advancing, although there are still high external dependencies in high-end equipment and core IP [5]. - The domestic semiconductor equipment localization rate has been increasing, with companies like Zhongwei focusing on etching, thin film, and measurement equipment to support domestic production [5][6]. - The localization rate for 8-inch silicon wafers is nearly complete, while the 12-inch silicon wafer localization rate is around 50% [6]. Global Competitive Landscape - China is a leading semiconductor consumer and producer, but many sectors are still dominated by foreign companies, leading to oligopolistic market conditions [7]. - Domestic manufacturers are gradually expanding their market share in mid-to-low-end products, while high-end applications remain largely controlled by international firms [7][9]. - The rapid iteration of technology and strong industry chain capabilities are seen as advantages for domestic companies [8]. Strategies for Internationalization - Companies like Huazhong Micro aim to deepen domestic market engagement while also expanding internationally to enhance their competitive edge [11]. - Zhongke Feicai is focused on providing domestic measurement equipment to global clients, emphasizing the importance of internationalization in their business strategy [11][12]. Challenges in Process Upgrades - Domestic suppliers face challenges in technology iteration and process upgrades, particularly in high-end components and talent acquisition [13]. - Companies are focusing on cultivating domestic suppliers and enhancing their technical capabilities to overcome these challenges [13]. Future Technology Trends - The industry is looking towards advancements in SiC substrates and 3D chip structures, with companies like Tianyue Advanced and Zhongwei leading in these areas [14][15]. - The growth of AI is expected to significantly increase demand for semiconductor equipment, driving technological upgrades and market expansion [15]. Mergers and Acquisitions - The integrated circuit industry is witnessing a trend of mergers and acquisitions, which are seen as essential for achieving scale and enhancing competitiveness [16][17]. - Companies are encouraged to pursue strategic mergers that create synergies and improve market positioning [17][18]. Development Strategies of Industry Leaders - Companies are setting ambitious goals, such as becoming top suppliers in their respective fields, with a focus on innovation and market expansion [19][20]. - Huazhong Micro plans to enhance its product offerings in emerging markets like humanoid robots and AI servers, while Tianyue Advanced aims to lead in SiC substrate production [21][22].

| A 股证券代码：688234 | 证券简称：天岳先进 | 公告编号：2025-064 | | --- | --- | --- | | 港股证券代码：02631 | 证券简称：天岳先进 | | 山东天岳先进科技股份有限公司 关于持股 5%以上股东持股比例变动触及 1%刻度的 提示性公告 投资者国材股权投资基金（济南）合伙企业（有限合伙）保证向本公司提供 的信息真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： 1、本次权益变动属于山东天岳先进科技股份有限公司（以下简称"公司"） 发行境外上市外资股（H 股）股票并在香港联合交易所有限公司主板挂牌上市后， 悉数行使超额配售权，引起公司总股本增加，进而导致公司股东国材股权投资基 金（济南）合伙企业（有限合伙）（以下简称"国材基金"）持股比例被动稀释； 同时，国材基金履行前期披露的减持股份计划，导致其所持有的公司股份数量变 化。上述变动导致国材基金持有公司股份比例被动稀释及主动减持触及 1%刻度， 触及权益变动。 本次权益变动不触及要约收购。 1、国材股权投资基金（济南）合伙企 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [2] Core Insights - The power semiconductor industry is experiencing a recovery in performance, with automotive and data center sectors showing clear growth trends [4] - The overall profit levels in the industry have reached a new high in the past eight quarters, driven by demand recovery and stabilization of prices [14] Summary by Sections Power Semiconductor Performance Review - The industry has seen revenue growth in Q2 2025, with traditional applications like industrial control and consumer electronics remaining stable. The automotive sector continues to be the main growth area, while server power demand is increasing the fastest [7] - The market share of domestic manufacturers is steadily increasing, particularly in the mid-to-low voltage power devices [14] New Energy Vehicles (NEVs) - In July 2025, the sales of NEVs reached 1.26 million units, a year-on-year increase of 27.4%, with a penetration rate of 48.7% [30] - The share of main drive power modules for NEVs with power above 200kW has increased from 9% in 2022 to 25% in the first seven months of 2025 [33] Market Trends and Projections - The penetration rate of SiC MOSFETs in NEVs reached 18% in the first seven months of 2025, with 800V models showing a penetration rate of 76% [5] - The report suggests that the industry is entering a phase of improvement, with overall profits at a new high and market share continuing to grow [6] Investment Recommendations - The report recommends focusing on companies such as Yangjie Technology, New Clean Energy, Huazhong Microelectronics, and others for their expansion in new devices, processes, and markets [6] - The transition from 6-inch to 8-inch substrates in the SiC sector is expected to benefit leading substrate companies [6]

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FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 山東天岳先進科技股份有限公司 呈交日期： 2025年9月17日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 普通股 | 股份類別 H | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) 02631 | H 股 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不 ...

智通财经APP讯，天岳先进(02631)发布公告，于2025年9月17日根据悉数行使超额配股权而发行及配发 716.18万股H股股份。 ...

天岳先进(02631)发布公告，于2025年9月17日根据悉数行使超额配股权而发行及配发716.18万股H股股 份。 ...

Group 1 - Silicon carbide (SiC) is a third-generation wide bandgap semiconductor material that significantly outperforms traditional silicon-based devices in high-temperature, high-voltage, and high-frequency applications, making it widely used in electric vehicles, photovoltaic energy storage, and 5G communication [1] - The explosive growth of AI computing power has created a new demand for SiC, which addresses the heat dissipation challenges of high-power chips and supports energy efficiency upgrades in data centers [2][4] - SiC's thermal conductivity reaches 490W/mK, over three times that of silicon, and its thermal expansion coefficient is well-matched with chip materials, enhancing heat dissipation and packaging stability [4] Group 2 - NVIDIA's H100 GPU has a power consumption of 700W, with the next-generation Rubin processor expected to exceed 1000W, highlighting the limitations of traditional silicon intermediates [2] - NVIDIA plans to replace silicon intermediates in its CoWoS packaging with SiC, resulting in a temperature drop from 95°C to 75°C for the H100 chip, reducing cooling costs by 30% and doubling chip lifespan [4] - By 2027, SiC intermediates are expected to meet 10% of high-end GPU demand, as TSMC advances SiC packaging technology [6] Group 3 - The demand for electricity in AI data centers is projected to increase nearly 100-fold, necessitating a shift from traditional 54V power supply architectures to an 800V high-voltage direct current (HVDC) framework [7] - Implementing SiC devices in data centers can reduce copper usage by 45% and save over $100,000 in electricity costs annually for every 10MW data center, significantly improving energy efficiency [7] Group 4 - The silicon carbide supply chain has the highest technical barriers and value concentration in the substrate segment, which accounts for 47% of total device costs [11] - Tianyue Advanced is a leading domestic supplier of SiC substrates, holding over 50% market share in China and 22.8% globally, focusing on automotive-grade and power device sectors [12] - Tianjie Heda, another key player, has a significant market share in 6-inch substrates and is positioned to benefit from the growing demand in the photovoltaic sector [13] Group 5 - Jing Sheng Mechanical and Electrical is a leading domestic semiconductor equipment manufacturer, achieving a dual advantage in equipment manufacturing and material production in the SiC sector [15] - The company has developed core equipment for the entire substrate processing chain, enabling a 30% reduction in substrate processing costs [16] - By 2025, Jing Sheng plans to expand its production capacity significantly, supported by substantial investments from national funds [16]