Core Insights - The critical bottleneck for AI development is electricity supply, as highlighted by Microsoft CEO Satya Nadella, emphasizing that without power, high-performance GPUs remain idle [1][3] - The total capital expenditure for AI in China is projected to reach 2-2.5 trillion yuan by 2030, with 800 billion yuan allocated for non-IT infrastructure like power and cooling [1][3] Short-term Opportunities (1-3 years) - The demand for AI Data Center (AIDC) power and electrical equipment is expected to surge, as these are essential for AI operations [4] - AI servers now require significantly more power, with configurations moving from two 800W power supplies to four 1800W supplies, indicating a doubling of power needs [7] - High-efficiency power supplies are becoming a necessity, with companies like 欧陆通 and 麦格米特 leading the market with high-capacity offerings [8][9] Mid-term Opportunities (3-5 years) - Solid State Transformers (SST) are anticipated to become a key component in AIDC power supply, with a projected market size reaching hundreds of billions by 2030 [11][14] - The efficiency of SSTs is significantly higher than traditional transformers, making them ideal for high-power data centers [13] - Major companies are already investing in SST technology, indicating strong future demand [19] Long-term Opportunities (5-10 years) - Thorium molten salt reactors and nuclear fusion are seen as revolutionary solutions for stable and clean energy, crucial for supporting the growing power demands of AI [23][26] - Thorium reactors are expected to be commercially deployed by 2030, with a total market size projected to reach trillions [23] - The rapid advancements in nuclear fusion technology could potentially eliminate power constraints for AI, with commercial viability expected post-2040 [26]

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 截至月份: 2025年10月31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11月4日 備註： 本公司乃於中華人民共和國註冊成立的股份有限公司。 FF301 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 | | | 54,907,500 | RMB | | | 1 RMB | | 54,907,500 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 54,907,500 | RMB | ...

Investment Rating - The report maintains a "Positive" investment rating for the electronic industry, particularly focusing on the potential growth of SiC/GaN power devices driven by new power supply solutions for AI data centers [6]. Core Insights - The demand for AI servers and data centers is expected to open up growth opportunities for SiC/GaN power devices, with new power supply solutions like HVDC and SST becoming increasingly important [3][11]. - The report highlights that the transition to 800V HVDC power supply architecture is anticipated to significantly enhance power efficiency and reduce operational costs for data centers [9][28]. Summary by Sections 1. AI Data Center Power Requirements - The power requirements for AI data centers are increasing, with single cabinet power rising from 5-8 kW to 20-50 kW, and potentially exceeding 100 kW [19]. - NVIDIA is promoting the transition to an 800V HVDC power supply architecture, which is expected to be fully implemented by 2027 [26][28]. 2. SST (Solid State Transformer) - SSTs are characterized by high efficiency and compact size, making them suitable for modern power supply needs [37]. - The adoption of SST technology is expected to become mainstream in future power supply solutions, significantly improving space utilization and power efficiency in data centers [47]. 3. HVDC and SST Impact on Power Semiconductors - The report indicates that HVDC and SST solutions will enhance the performance requirements for power semiconductors, creating a favorable environment for the penetration of SiC/GaN devices [56]. - The market for SiC/GaN devices is projected to reach $2.7 billion by 2030, driven by their application in 800V HVDC data center power systems [11][68]. 4. SiC/GaN Growth Potential - The report identifies key companies that are well-positioned to benefit from the growth in SiC/GaN devices, including industry leaders like Innoscience and Tianyu Advanced [3][14]. - The penetration rates for SiC and GaN in the power semiconductor market are expected to increase, with forecasts suggesting a rise in demand due to AI computing facilities [68].

Core Viewpoint - The announcement details the resignation of non-independent director Wang Jun Guo and his subsequent election as an employee representative director, ensuring compliance with legal requirements and maintaining the board's operational integrity [2][3][4]. Group 1: Director Resignation - Wang Jun Guo submitted a written resignation report to the board, effective immediately upon delivery, due to adjustments in the company's governance structure [2]. - His resignation will not reduce the board below the legal minimum number of directors and will not affect the company's daily management or operations [3]. Group 2: Election of Employee Representative Director - The company held an employee representative meeting on October 30, 2025, where Wang Jun Guo was elected as the employee representative director for the second board, with a term lasting until the board's term ends [4]. - The election complies with relevant laws and regulations, ensuring that the number of directors who are also senior management does not exceed half of the total board members [4]. Group 3: Director's Background - Wang Jun Guo, born in 1978, has a background in finance and has held various positions in different companies before joining the current company as a non-independent director [7][8]. - He does not directly hold shares in the company but has an indirect stake through a partnership, and there are no conflicts of interest with other stakeholders [8].

董事名單及其角色與職能 山東天岳先進科技股份有限公司 SICC CO., LTD. （於中華人民共和國註冊成立的股份有限公司） （股份代號：2631） 李洪輝先生 劉華女士 黎國鴻先生 山東天岳先進科技股份有限公司（「本公司」）的董事（「董事」）會（「董事會」）成 員載列如下： 董事會已成立四個委員會，並制定有關職權範圍。該等委員會的成員資料載列 如下： | 董事會委員會 | | 薪酬與考核 | | | | --- | --- | --- | --- | --- | | 董事 | 審計委員會 | 委員會 | 提名委員會 | 戰略委員會 | | 宗艷民先生 | | 成員 | 成員 | 主席 | | 高超先生 | | | | | | 王俊國先生 | | | | | | 邱宇峰先生 | | | | 成員 | | 李婉越女士 | | | | | | 方偉先生 | | | | | | 李洪輝先生 | 主席 | | | 成員 | | 劉華女士 | 成員 | 成員 | 主席 | | | 黎國鴻先生 | 成員 | 主席 | 成員 | | 香港，2025年10月31日 執行董事 非執行董事 宗艷民先生 （主席） 高超先生 李婉 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何部分內容而產生或因 倚賴該等內容而引致的任何損失承擔任何責任。 王先生的履歷詳情如下： 王先生，46歲，在財務管理領域擁有豐富經驗。彼曾於2016年8月至2020年 11月擔任我們前身山東天岳先進材料科技有限公司的財務總監，並自2020 年11月至2024年8月出任本公司財務總監及財務業務合夥人，自2024年8月 起擔任本公司證券事務代表，且自2025年6月起兼任本公司聯席公司秘書。 王先生於2025年7月2日至2025年10月30日期間獲委任為本公司執行董事。 王先生現任上海天岳半導體材料有限公司及上海越聯峰科技有限公司的 財務負責人。王先生於1996年8月開啟職業生涯，在加入本公司及其子公 司（「本集團」）前，曾先後任職於濟南恒舜製衣有限公司、濟南伊科金屬製 品有限公司及山東九天貢阿膠製品有限公司。 山東天岳先進科技股份有限公司 SICC CO., LTD. （於中華人民共和國註冊成立的股份有限公司） （股份代號：2631） (I)執行董事辭任； 及 (II)選舉 ...

Core Points - Tianyue Advanced (02631) announced the resignation of executive director Wang Jun Guo due to adjustments in the company's governance structure [1] - Wang Jun Guo was elected as the employee representative director at the employee representative meeting held on October 30, 2025, with a term starting from the same date until the end of the second board's term [1] Summary by Categories Company Governance - Wang Jun Guo submitted a written resignation report to the board of directors, effective immediately upon receipt [1] - The company held an employee representative meeting on October 30, 2025, where Wang Jun Guo was elected as the employee representative director [1] Board Composition - The election of Wang Jun Guo as the employee representative director is part of the company's governance adjustments [1] - His term as employee representative director will last until the end of the second board's term [1]

Core Viewpoint - Tianyue Advanced (02631.HK) announced the resignation of executive director Wang Junguo due to adjustments in the company's governance structure, effective immediately upon the submission of his resignation report [1] Group 1 - The board of directors received Wang Junguo's written resignation report on October 30, 2025 [1] - Wang Junguo was elected as a representative director of the second board of directors during the employee representative assembly held on the same day, with his term starting from October 30, 2025, until the end of the second board's term [1] - The election of employee representative directors is effective upon approval by the employee representative assembly and does not require shareholder approval [1]

Core Viewpoint - Tianyue Advanced Technology Co., Ltd. announced the resignation of non-independent director Wang Jun Guo due to adjustments in the company's governance structure [1] Group 1 - Wang Jun Guo submitted a written resignation report, which became effective upon delivery to the company's board of directors [1] - Despite resigning from the non-independent director position, Wang Jun Guo will retain his other roles within the company [1] - The company will hold a staff representative meeting on October 30, 2025, to approve Wang Jun Guo's position as a staff representative director for the second board, with a term lasting until the board's term ends [1]

Core Points - Tianyue Advanced announced the resignation of non-independent director Wang Jun Guo due to adjustments in the company's governance structure [2] - Wang Jun Guo's resignation will take effect from the date it is delivered to the company's board of directors [2] - Despite resigning from the non-independent director position, Wang Jun Guo will retain his other roles within the company [2] - The company held a staff representative meeting on October 30, 2025, where Wang Jun Guo was approved to serve as a staff representative director on the second board of directors [2] - Wang Jun Guo's term as a staff representative director will last until the end of the second board's term [2]