Group 1 - Changfei Advanced Semiconductor (Wuhan) Co., Ltd. has officially launched the first batch of silicon carbide wafers at its Wuhan base, which is the largest silicon carbide semiconductor base in China, contributing 30% of the domestic silicon carbide wafer production capacity [1] - Silicon carbide is a semiconductor material that can operate stably under high voltage and high temperature, making it increasingly popular in the electric vehicle industry as charging voltages and vehicle range continue to increase [1] - The Wuhan base is expected to produce 360,000 six-inch silicon carbide wafers annually, supplying the "heart" for 1.44 million electric vehicles each year, potentially breaking international monopolies and filling the gap in high-end silicon carbide device manufacturing in Hubei Province [1] Group 2 - The base has already established extensive collaborations with leading global automotive companies, with a silicon carbide chip set to undergo vehicle testing next month, and nearly 10 models currently in validation, with mass production and delivery expected in the coming months [2] - As the first hundred-billion-level semiconductor project in Hubei Donghu Science City, the Changfei Advanced Wuhan base began construction in September 2023 and achieved production readiness in just 18 months, attracting over 20 supporting enterprises across the entire third-generation semiconductor supply chain [2] - Wuhan has identified compound semiconductors as one of its six major future industry directions, planning to introduce and cultivate 100 upstream and downstream enterprises within three years, aiming to transform Wuhan Optics Valley into a "world lighthouse" in the field of compound semiconductors [2]

Group 1 - The core focus of Wujiang is to achieve the "356" goal of new industrialization, emphasizing high-end textiles, new materials, new generation information technology, digital economy, new energy, and green low-carbon initiatives [1] - Wujiang aims to strengthen its four trillion-level industrial advantages and seize new opportunities in third-generation semiconductors, artificial intelligence, and low-altitude manufacturing [1] - The region has established a collaborative innovation ecosystem involving leading enterprises, research institutions, and various innovation entities, resulting in the formation of several task-oriented innovation alliances and benchmark incubators [1] Group 2 - Wujiang has cultivated 12 manufacturing champions and 77 national specialized and innovative "little giant" enterprises, leading the city in these categories [1] - The government plans to enhance the cultivation of technology-leading enterprises, unicorns, gazelles, and high-tech enterprises, aiming to exceed 15 national manufacturing champions and 100 specialized "little giant" enterprises [1] - Investment in research and experimental development is projected to exceed 11 billion yuan, with industrial technological transformation investments surpassing 18 billion yuan [1] Group 3 - To promote the deep integration of "hard manufacturing" and "soft manufacturing," Wujiang will implement a three-year plan to double modern service industries, focusing on R&D design, technology finance, information technology services, and certification [2] - The development of the Suzhou Bay Central Business District is a priority, aiming to transform manufacturing advantages into service industry strengths [2] - Wujiang seeks to create a high-quality development cluster for modern service industries [2]

2025 年 06 月 03 日 投资策略 估值与盈利周观察——5 月第 4 期：小微盘占优 ◼ 上证综合指数走势（近三年） (20%) (12%) (4%) 4% 12% 20% 24/6/3 24/8/14 24/10/25 25/1/5 25/3/18 25/5/29 证券分析师：张冬冬 大类行业估值：原材料、设备制造、工业服务、交通运输、消费、科 技历史估值皆处于 50%以下，金融地产估值高于 50%历史分位。 一级行业估值：各行业估值分化，非银金融、有色金属、通信、电子、 农林牧渔、家电估值处于近一年低位。 电话： E-MAIL：zhangdd@tpyzq.com 分析师登记编号：S1190522040001 证券分析师：吴步升 电话： E-MAIL：wubs@tpyzq.com 分析师登记编号：S1190524110002 市场估值分化，小微盘占优。上周宽基指数估值分化，微盘股表现最 优，创业板指表现最弱。从 PE、PB 偏离度的角度看，食品饮料、农林牧 渔、公用事业等行业估值较为便宜。向前看，本周市场 ERP 与前一周持 平，处于一倍标准差附近。 市场表现：微盘股、国证 2000、稳定表现最好； ...

Core Viewpoint - Yangjie Technology aims to climb into the mid-to-high-end manufacturing sector, setting ambitious performance targets for 2027, including a revenue goal of no less than 10 billion yuan and a net profit target of no less than 1.5 billion yuan [2][4][6] Group 1: Financial Performance and Goals - In 2024, Yangjie Technology achieved a revenue of 6.033 billion yuan, representing a year-on-year growth of 11.53%, and a net profit of 1.002 billion yuan, up 8.50% year-on-year [7] - The company’s 2027 performance targets are designed to enhance competitiveness and motivate employees, reflecting the company's ongoing market share expansion and industry competitiveness [7][6] Group 2: International Expansion and Market Position - Yangjie Technology is gradually moving towards group and international operations, with overseas sales revenue reaching 1.364 billion yuan in 2024, a year-on-year increase of 12.28%, accounting for 22.61% of total revenue [3][11] - The company has established a localized R&D, manufacturing, and sales network across multiple countries, including 5 R&D centers and 15 wafer and packaging factories [8][10] Group 3: Employee Stock Ownership Plan - The employee stock ownership plan includes up to 500 participants, including key executives and core business personnel, with performance targets tied to the company's 2027 revenue and profit goals [4][6] Group 4: Research and Development Investment - Yangjie Technology has consistently increased its R&D investment, with expenditures of 293 million yuan, 356 million yuan, and 423 million yuan from 2022 to 2024, reflecting year-on-year growth rates of 21.03%, 21.57%, and 19% respectively [12] - The company holds a total of 655 intellectual property rights, including 114 invention patents, indicating a strong focus on innovation [12]

中国SiC碳化硅功率半导体产业"结硬寨，打呆仗"的破局之路 中国SiC产业从政策扶持、技术攻坚到资本赋能的缩影。其发展揭示了中国半导体企业的共性路径：以IDM模式突破封锁，以成本优势抢占市场，以资本耐 力换取技术时间窗口。短期阵痛（亏损、价格战）难掩长期价值——随着SiC在新能源领域渗透率持续大幅度提升，率先实现技术造血的中国碳化硅 （SiC）功率半导体企业将主导全球产业链重构。 [ 06-0 明 lo @ i P ISTICA er the production r and and and HP 0 11 F 中国碳化硅（SiC）功率半导体企业资本化的关键突破，深刻揭示了中国第三代半导体产业从技术追赶、资本突围到全球竞争的发展逻辑。以下结合行业背 景与企业实践，系统分析其发展路径： ⚙️ 一、中国SiC碳化硅功率半导体产业的里程碑 18C上市规则的战略适配 港交所18C章专为特专科技公司（如半导体、AI）设计，放宽盈利要求，强调技术壁垒与商业化潜力。中国SiC碳化硅功率半导体企业实现碳化硅IDM全环 节量产（覆盖芯片设计、晶圆制造、模块封装及驱动测试），符合"先进硬件"领域定位。 中国SiC碳化硅功率半导体 ...

1.【英国飞行出租车完成首飞】据英国《每日电讯报》网站5月27日报道，英国近日进行了有史以来 首次空中出租车飞行。这架VX4原型电动飞机能像直升机一样垂直起降，能够搭载1名飞行员和4名乘 客，航程可达160公里，时速可达240公里。英国政府设定的目标是在2028年前让飞行出租车成为现 实。（科创板日报） 2.【郑州航空港区启动首次常态化低空物流试飞】5月30日上午10点整，郑州航空港经济综合实验区 首次常态化低空物流试飞活动正式启动，标志着航空港区在探索低空经济领域迈出重要一步。此次试 飞活动由顺丰速运河南分公司和江西丰羽顺途科技有限公司合作完成，采用丰翼方舟20无人机执飞。 本次试飞活动开设了两条航线，分别为郑州国际陆港顺丰仓至比亚迪（百汇新天地起降点）和郑州国 际陆港顺丰仓至岗李乡镇区（顺丰速运网点起降点），旨在满足比亚迪周边及岗李乡镇区群众的寄递 需求。按照规划航线，无人机避开人口密集区域、交通要道及可能的禁飞区域，以最高15m/s的速度 平稳飞行。满载包裹的无人机仅需10分钟即可直达乡镇，相较于传统陆运时效提升了4倍，实现了物 流与低空配送的无缝衔接。（大河财立方） 更多智能制造产业资讯 …… 扫码订 ...

Group 1 - Samsung SDI and LGES will establish lithium iron phosphate (LFP) battery production lines in the U.S. for electric vehicles, with a joint factory in Indiana set to introduce LFP production by 2027, previously focused on high-nickel ternary lithium batteries [1] - Foxconn's Zhengzhou factory has implemented significant automation upgrades for iPhone production, achieving over 100% efficiency improvement through modular design and real-time monitoring systems [2] - The Tianwen-2 mission successfully launched to explore and sample asteroid 2016HO3, marking a significant step in China's planetary exploration efforts [3] - The largest silicon carbide wafer factory in Wuhan has commenced production, expected to contribute 30% of China's silicon carbide wafer capacity, addressing the semiconductor shortage in the new energy sector [4] - DJI has acquired land in Shenzhen for 2.287 billion yuan to develop a global headquarters for smart aviation systems, with a construction timeline of 2.5 years to start and 6 years to complete [5]

Core Viewpoint - The semiconductor industry is shifting towards third-generation semiconductors, particularly silicon carbide (SiC), which is being widely adopted in high-voltage and high-current applications such as electric vehicles and renewable energy systems [1][2]. Group 1: Industry Trends - The market for third-generation semiconductor materials is experiencing significant growth, driven by the superior properties of SiC, including high breakdown electric field strength, high thermal conductivity, and wide bandgap [1]. - The global market for SiC discrete devices is expected to grow at a compound annual growth rate (CAGR) of 32.2% from 2020 to 2024, with sales revenue projected to increase from 1.6 billion to 5 billion [6]. - The Chinese market for SiC discrete devices is anticipated to grow at a CAGR of 65.4% from 2020 to 2024, with sales revenue expected to rise from 0.3 billion to 1.9 billion, contributing 38.4% to the global market by 2024 [6]. Group 2: Company Overview - Shenzhen Basic Semiconductor Co., Ltd., a leading Chinese company in the SiC chip sector, has submitted its listing application to the Hong Kong Stock Exchange, backed by major securities firms [2][3]. - Established in 2016 by a team of PhDs from Tsinghua University and the University of Cambridge, the company focuses on the research, development, manufacturing, and sales of SiC power devices [2]. - Basic Semiconductor is the only domestic company that integrates SiC chip design, wafer manufacturing, module packaging, and gate driver design and testing capabilities, achieving mass production across all segments [2]. Group 3: Financial Performance - Basic Semiconductor reported revenues of approximately 0.117 billion, 0.221 billion, and 0.299 billion from 2022 to 2024, showing significant year-on-year growth [5]. - The company incurred losses of approximately 0.242 billion, 0.342 billion, and 0.237 billion during the same period, totaling a cumulative loss of 0.821 billion [5]. - Research and development expenses increased from 0.059 billion in 2022 to 0.091 billion in 2024, reflecting the company's commitment to innovation despite ongoing losses [5]. Group 4: Market Position and Challenges - Basic Semiconductor ranks seventh globally and sixth in China in the SiC power module market by revenue as of 2024, positioning itself as a significant player in the domestic third-generation semiconductor sector [4]. - The company faces challenges due to the capital-intensive nature of the semiconductor industry, with rising financing costs and long return cycles impacting cash flow [11]. - Despite the high volatility and long cycles associated with the industry, Basic Semiconductor's potential for long-term growth remains strong, particularly if it successfully capitalizes on technological advancements [11].

证券代码：300689 证券简称：澄天伟业 编号：2025-003 深圳市澄天伟业科技股份有限公司投资者关系活动记录表 | | ☑特定对象调研□分析师会议 | | | --- | --- | --- | | 投资者关系活 动类别 | □媒体采访□业绩说明会 | | | | □新闻发布会□路演活动 | | | | □现场参观□其他 | | | 参与单位名称 | 红思客资产、山西证券、中金财富、国投证券、国投期货、远东宏信、 | | | 及人员姓名 | 北斗星投资、哲灵投资、雷沃基金、慧研智投、骏胜投资、太古投资、 | | | | 香港星悦资本、深圳宝林泉科技发展有限公司 | | | 时间 | 2025 年 月 29 日 | 5 | | 地点 | 深圳市南山区粤海街道高新区社区高新南九道 号深圳湾科技生态 10 | | | | 园 10 栋 B 座 34 楼公司会议室 | | | 上市公司接待 | 董事：宋嘉斌 | | | 人员姓名 | 董事会秘书、财务总监：蒋伟红 | | | | 证券事务代表：陈远紫 | | | | 一、公司介绍公司基本情况和发展历程。 | | | | 二、与调研机构的互动交流。 | | | ...

Core Viewpoint - Wolfspeed, a leading player in the silicon carbide wafer market, is on the verge of bankruptcy due to aggressive expansion strategies, rising competition from Chinese firms, and declining demand from the electric vehicle sector [4][14][15]. Group 1: History of Wolfspeed - Wolfspeed, originally founded as Cree in 1987, became a pioneer in silicon carbide technology, launching the first commercial silicon carbide wafer in 1991 and achieving a market cap of $16.5 billion in 2021 [6][10]. - The company transitioned to focus on third-generation semiconductors, rebranding as Wolfspeed in 2021, which initially led to a surge in stock price and market cap [10][11]. Group 2: Factors Leading to Decline - Wolfspeed's aggressive investment strategy, including over $5 billion in new factories, was misaligned with market demand, particularly as the electric vehicle market's growth slowed [13][14]. - The company's flagship Mohawk Valley factory, which was expected to drive revenue growth, only generated $78 million in the latest fiscal quarter, with a projected capacity utilization of just 25% by the end of 2024 [13][14]. Group 3: Competitive Landscape - Despite holding a 33.7% market share in the global silicon carbide substrate market, Wolfspeed faces increasing competition from Chinese companies like TankeBlue and SICC, which have market shares of 17.3% and 17.1% respectively [15][16]. - Chinese manufacturers have been able to reduce costs significantly, with 6-inch substrates priced at 30% of international levels, further pressuring Wolfspeed's market position [16]. Group 4: Financial Situation - Wolfspeed's debt has reached approximately $6.5 billion, with annual interest payments of about $800 million, while cash reserves stand at only $1.3 billion [14]. - The company's stock has plummeted 85% in 2024, with shares trading at just over $1, indicating a severe decline in investor confidence [14]. Group 5: Industry Implications - The rise of Chinese semiconductor firms represents a significant shift in the global semiconductor landscape, with many investors viewing third-generation semiconductors as a key area for future growth [18]. - China's manufacturing capabilities and market size provide a strong foundation for its semiconductor industry, potentially leading to a dominant position in high-end manufacturing [18].