（文章来源：每日经济新闻） 三孚股份（603938.SH）9月26日在投资者互动平台表示，公司电子级三氯氢硅产品下游主要应用于6-8- 12寸硅外延片、碳化硅外延片行业，目前公司已实现向下游客户的稳定批量供货。 每经AI快讯，有投资者在投资者互动平台提问：请问贵司12英寸硅片应用领域？是否通过客户认证？ 已经开始销售了吗？ ...

证券日报网讯民德电子（300656）9月26日在互动平台回答投资者提问时表示，晶睿电子已量产产品主 要有：4-8寸硅外延片、碳化硅外延片、特种传感器用双抛片、SOI(绝缘体上硅)等晶圆原材料，目前晶 睿电子各类主要产品产能在不断提升中，并大力发展应用于传感器市场的半导体材料，提升特色化和高 端化水平。 ...

Core Insights - The National Market Supervision Administration has released over 4,000 national standards since the start of the 14th Five-Year Plan, significantly contributing to the construction of a modern industrial system and ensuring the stability of key industrial supply chains [1] - Advanced manufacturing standards are crucial for promoting high-quality development in the manufacturing sector, reducing industry costs, ensuring product quality, enhancing international trade, and improving corporate competitiveness [1] - The establishment of national standards in intelligent manufacturing and new energy vehicles has positively impacted production efficiency and cost reduction [1][2] Group 1: Advanced Manufacturing Standards - The standards in intelligent manufacturing have led to the establishment of over 30,000 basic intelligent factories, 1,200 advanced intelligent factories, and 230 excellent intelligent factories [2] - The average product development cycle in excellent intelligent factories has been shortened by 28.4%, production efficiency has increased by 22.3%, defect rates have decreased by 50.2%, and carbon emissions have been reduced by 20.4% [2] Group 2: Future Industry Standards - The establishment of standardization technical organizations for future industries such as synthetic biology and drones is underway, promoting collaboration among technology organizations, universities, industry associations, and enterprises [3] - By 2027, the goal is to develop over 100 new standards for future industries, enhancing the standard system [3] Group 3: International Standards and Competitiveness - During the 14th Five-Year Plan, China has taken on 26 secretariat positions in international standard organizations and proposed 880 international standard proposals in key areas such as new energy vehicles and aerospace [4] - The conversion rate of advanced applicable international standards to national standards exceeds 90%, enhancing the competitiveness of Chinese products in international markets [4] Group 4: Future Directions - The National Market Supervision Administration plans to guide more technological achievements into international standards and focus on key areas for manufacturing transformation and upgrading [5] - There is an emphasis on updating and revising over 4,000 national standards in areas such as artificial intelligence, the Internet of Things, and high-end equipment [5]

2025年8月20日，山东半导体材料龙头天岳先进成功登陆香港资本市场，截至发稿时，总市值为206.36亿港元。据弗若斯特沙利文资料，按2024年碳化硅衬 底的销售收入计，其市场份额为16.7%，排名全球第二、中国第一。 天岳先进创始人兼董事长、总经理宗艳民是一位60后，从山东轻工业学院（现齐鲁工业大学）硅酸盐工程专业毕业后，被分配到济南灯泡厂担任工艺工程 师。不过2002年灯泡厂由于经营不善倒闭了。宗艳民被迫走上创业之路，成立了济南天业工程机械有限公司，几年时间下来，成为沃尔沃挖掘机在国内的最 大经销商，年销售收入超过30亿元。 尽管事业有成，但宗艳民始终有一个材料梦。46岁那年，他毅然决定第二次创业，成立了天岳先进。一次偶然的机会，他得知山东大学晶体材料研究所拥有 培育碳化硅单晶的技术，但迟迟没能实现产业化，由于巨大的不确定因素，也没有企业愿意接手。 同为材料人的宗艳民，敏锐地察觉到碳化硅半导体技术的价值，便斥巨资买下这项技术。他成立了10多个自主创新攻关小组，累计投入12亿余元，进行了数 千次工程化实验。皇天不负有心人，2012年成功实现2英寸半绝缘型和导电型碳化硅衬底的量产，一举打破国外垄断。 此后一步 ...

Group 1: New Listings - Shanghai Stock Exchange had 1 company listed from July 21 to July 27 [2] - Shenzhen Stock Exchange's ChiNext had 1 company listed during the same period [2] Group 2: Performance of Newly Listed Companies - Jiyuan Group, engaged in dietary nutrition supplements, saw its stock price rise over 274.54% on the first day, closing at 35.20 CNY per share, a 223.53% increase from the issue price of 10.88 CNY, with a total market capitalization of approximately 14.1 billion CNY [3] - Shanda Electric Power, focused on smart products for power systems, experienced a first-day stock price increase of over 356.00%, closing at 53.05 CNY per share, a 261.87% rise from the issue price of 14.66 CNY, with a total market capitalization of around 8.6 billion CNY [4] Group 3: Listing Committee Reviews - No companies passed the listing committee review on either the Shanghai or Shenzhen stock exchanges from July 21 to July 27 [5] Group 4: Companies with Deferred Listing Reviews - Hengkun New Materials, specializing in key materials for integrated circuits, had its listing review deferred, with inquiries focusing on potential intellectual property disputes and revenue recognition methods [6][7] Group 5: Hong Kong Stock Exchange Listings - Hong Kong Stock Exchange had 1 new company listed during the period, Nanjing Weili Zhibo-B, a clinical-stage biotech company, which saw a first-day increase of 91.71%, closing at 73.30 HKD per share, a 109.43% rise from the issue price of 35.00 HKD, with a total market capitalization of approximately 14.2 billion HKD [12] Group 6: Companies Submitting Listing Applications - Eight companies submitted listing applications to the Hong Kong Stock Exchange, including: - Goer Microelectronics, a provider of smart sensing solutions, with a market share of 2.2% in the global smart sensing market [18] - Tianyu Semiconductor, a leading supplier of silicon carbide epitaxial wafers in China, with a market share of 30.6% in revenue [23] - Daxing Technology, a well-known folding bicycle company, holding a 26.3% market share in retail volume [28] - Juzi Technology, a manufacturer of baby electronic products, with projected revenues of 1.90 billion CNY to 4.62 billion CNY from 2022 to 2024 [31] - LeMo IoT, a provider of massage services through machines, with a market share of 33.9% in 2022 [37] - Jinyan High-tech, a major producer of kaolin materials, with a market share of 19.1% in 2024 [41] - Shengruan Technology, a provider of intelligent solutions for the oil and gas industry, ranked second in the independent smart energy solutions market [44] - AIWB, a one-stop smart property building solutions provider in the U.S. [49]

Group 1 - The article discusses the expansion of Asset Investment Companies (AIC) in China, highlighting the shift from the "Big Five" banks to a "6+3 new pattern" with the inclusion of new players like Industrial Bank, CITIC Bank, China Merchants Bank, and Postal Savings Bank [4][5][15] - AIC investments are currently in the initiation phase, with a focus on balancing early-stage financing needs of startups with the risk preferences and time constraints of bank capital [8][21] - The article notes that the five major banks have already established over 70 equity investment funds, channeling more than 70 billion yuan into the market, with investments in notable companies such as Hantian Technology and Chipstar Technology [5][20] Group 2 - New entrants like Industrial Bank and CITIC Bank have prior experience in private equity and venture capital, having built mature operational systems through various investment paths [11][15] - Industrial Bank has been particularly active, contributing 45% of the total investment from the banks, with a focus on sectors like semiconductors and renewable energy [17][20] - The article highlights that the existing AIC funds prefer mid-to-late stage investments, with early-stage investments accounting for only 27%, reflecting the conservative nature of bank capital [21] Group 3 - The article introduces a unique AIC fund launched by Bank of China in Ningbo, which focuses on mergers and acquisitions within the automotive parts sector, marking a shift towards industry-specific investment strategies [23][25] - This Ningbo fund employs a dual General Partner (GP) structure, involving both Bank of China and a local automotive company, indicating a trend towards collaborative investment models [23][29] - The article emphasizes the potential for AIC funds to leverage mergers and acquisitions as a strategy to enhance operational efficiency and market competitiveness for chain enterprises [29][30]

7月22日，广东天域半导体股份有限公司（简称"天域半导体"）向港交所提交上市申请，中信证券为其独家保荐人。此前， 天域半导体曾于2024年12月首次向港交所递交上市申请。 | | | | 截至12月31日止年度 | | | | | 截至5月31日止五個月 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2022年 | | 2023年 | | 2024年 | | 2024年 | | 2025年 | | | 销量 | | | 销量 | | 销量 | | 销量 | | 销量 | | | | | 00 | | 9/0 | | 0% | | 00 | | 0/0 | | 销售自製碳化硅外延片 | | | | | | | | | | | | 4英时 2.777 | | 6.3 | 1.818 | 1.4 | 1.699 | 2.2 | 318 | 0.9 | 901 | 1.2 | | 6英时 40.167 | | 90.2 | 125.799 | 96.3 | 68.358 | 86.6 | 36.520 | 9 ...

Group 1: Company Overview - Tianyu Semiconductor, a notable "semiconductor unicorn" backed by major industry players like Huawei and BYD, has submitted a listing application to the Hong Kong Stock Exchange [1] - The company aims to use the IPO proceeds for capacity expansion, enhancing R&D capabilities, and strategic investments or acquisitions over the next five years [1] Group 2: Financial Performance - From 2021 to 2023, Tianyu Semiconductor's revenue grew from 155 million to 1.171 billion yuan, with a compound annual growth rate (CAGR) of 174.9%, while gross profit increased from 24 million to 217 million yuan, achieving a CAGR of 200% [3] - In the first half of 2024, the company reported a revenue of 361 million yuan, a year-on-year decline of 14.86%, with gross profit and net profit turning negative due to a decrease in market prices for epitaxial wafers [3][5] Group 3: Market Trends - The silicon carbide (SiC) epitaxial wafer market in China is expected to grow at a CAGR of 32.2% from 2024 to 2029, outpacing the global market's 24.3% CAGR [2] - The shift towards 8-inch SiC epitaxial wafers is becoming a focal point in the industry, as they offer higher yield rates and lower costs compared to 6-inch wafers [4][6] Group 4: R&D and Production Capacity - Tianyu Semiconductor is increasing its R&D expenditures significantly, with investments rising from 29.2 million yuan in 2022 to 199 million yuan by May 2025, indicating a commitment to enhancing technological capabilities [6] - As of May 31, 2025, the company has an annual production capacity of approximately 420,000 pieces for 6-inch and 8-inch epitaxial wafers, positioning it as a leading manufacturer in China [6] Group 5: Future Outlook - The demand for 8-inch SiC epitaxial wafers is anticipated to rise significantly, driven by favorable government policies and increasing orders from downstream customers [7] - Despite the promising market outlook, the company faces challenges related to technology, competition, and funding pressures that may introduce uncertainties in future performance [7]

Core Viewpoint - Tianyu Semiconductor ranks first in China's silicon carbide epitaxial wafer industry in terms of both revenue and sales volume, with a market share of 30.6% as of 2024 [3][7][9]. Company Overview - Tianyu Semiconductor was established on January 7, 2009, in Dongguan, Guangdong, filling a gap in the domestic supply chain [3]. - The company has undergone seven rounds of investment, with notable shareholders including Huawei's Hubble Technology and BYD, holding 6.57% and 1.50% of shares respectively [3]. - The company submitted an application for listing on the Shenzhen Stock Exchange in June 2023 but agreed to terminate the advisory agreement in August 2024 [3]. Market Position - The company leads the Chinese silicon carbide epitaxial wafer market, holding over 30% market share in revenue and 32.5% in sales volume [7][9]. - The top five players in the market account for 87.6% of the total market share, indicating a highly concentrated competitive landscape [7]. Financial Performance - Revenue for Tianyu Semiconductor was reported at RMB 4.37 billion in 2022, RMB 11.71 billion in 2023, and projected at RMB 5.20 billion in 2024, with a significant loss of RMB 5 billion in 2024 due to inventory write-downs and declining prices [12][14]. - The company experienced a negative gross margin of 72.0% in 2024, primarily due to a drop in silicon carbide wafer prices and increased expenses [14]. - In the first five months of 2025, revenue reached RMB 2.57 billion, with a profit of RMB 9.5 million and a gross margin of 22.5% [12]. Production Capacity - As of May 31, 2025, Tianyu Semiconductor's annual production capacity for 6-inch and 8-inch epitaxial wafers is approximately 420,000 pieces, making it one of the largest producers in China [3]. - The company has begun mass production of 8-inch wafers, expanding its product offerings [7]. Research and Development - The company employs 94 R&D personnel, accounting for 11.0% of its total workforce, and has accumulated 84 patents, including 33 invention patents [11]. - R&D expenses have increased from RMB 0.29 billion in 2022 to RMB 0.61 billion in 2024 [12]. Customer Base - In 2023, a significant portion of revenue (42.0%) came from a single customer, identified as Customer J, a subsidiary of a U.S. listed company [19][28]. - The top five customers contributed 61.5% of total revenue in 2022, 77.2% in 2023, and 75.2% in 2024, indicating a reliance on a concentrated customer base [27].

Core Viewpoint - Guangdong Tianyu Semiconductor Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities as its sole sponsor, marking a significant step in its growth strategy [1]. Company Overview - Tianyu Semiconductor is one of the earliest specialized suppliers of silicon carbide (SiC) epitaxial wafers in China, focusing on technological development and innovation in production processes [4]. - The company's revenue primarily comes from the sale of self-manufactured SiC epitaxial wafers and related value-added services [4]. Financial Performance - In 2024 and the five months ending May 31, 2025, the company sold over 78,000 and 77,000 SiC epitaxial wafers, generating total revenues of RMB 520 million and RMB 257 million, respectively [4]. - The company ranked first in China's SiC epitaxial wafer industry in terms of revenue and sales volume in 2024, with market shares of 30.6% and 32.5%, respectively [4]. - Financial results for the years 2022 to 2025 show fluctuating revenues and gross profits, with revenues of approximately RMB 437 million, RMB 1.17 billion, RMB 520 million, and RMB 257 million for the respective years [6]. Market Position and Trends - The company has successfully transitioned to mass production of 4-inch, 6-inch, and 8-inch SiC epitaxial wafers, aligning with industry trends towards larger wafer sizes [4]. - SiC epitaxial wafers are increasingly used in various end applications, including the renewable energy sector (electric vehicles, photovoltaics, charging stations, and energy storage), rail transportation, smart grids, and consumer electronics [5]. Customer Dependency - The company has a high dependency on major customers, with revenues from the top five clients accounting for 61.5%, 77.2%, 75.2%, and 61.8% of total revenue in the years 2022, 2023, 2024, and the five months ending May 31, 2025, respectively [5].