Core Viewpoint - The report from Credit Lyonnais indicates that Tianyu Semiconductor (02658) will benefit from the increasing adoption of silicon carbide (SiC) epitaxial wafers in high-power and high-voltage applications, with a projected compound annual growth rate (CAGR) of 40.5% for the global SiC power semiconductor market from 2025 to 2029, reaching a total addressable market (TAM) of $16 billion [1] Group 1 - Credit Lyonnais forecasts that Tianyu Semiconductor's revenue will grow to 3.31 billion RMB by 2027 [1] - The target price is set at 70 HKD based on a price-to-sales ratio of 7.5 times [1] - The report assigns an "Outperform" rating for the stock [1] Group 2 - SiC epitaxial wafers are identified as one of the most value-added segments in the upstream supply chain [1] - Tianyu Semiconductor is projected to be the largest supplier of SiC epitaxial wafers in the Chinese market by 2024 and is among the first companies capable of mass-producing 8-inch SiC epitaxial wafers [1] - The company is expected to be a major beneficiary of the growing market demand [1]

Market Overview - The Hang Seng Index fell by 0.89%, down 242 points, closing at 27,024 points, while the Hang Seng Tech Index dropped by 1.68% [1] - Early trading volume in Hong Kong stocks reached HKD 127.3 billion [1] Company Highlights - Zhizhu (02513) saw its stock price increase by over 24% as its new flagship model GLM-5 has been adapted to major domestic chip platforms like Huawei Ascend [1] - MiniMax (00100) experienced a rise of over 14% [1] - Zhongji Xuchuang (300308) refuted rumors regarding CSP order cancellations, with strong capital expenditure growth in North American CSPs, leading to an 11% increase in its stock price [1] - Oriental Electric (600875) rose by over 11% as Citigroup noted a higher likelihood of new orders from Southeast Asian data centers or utility customers [1] - Harbin Electric (01133.HK) increased by 7.8% [1] - Tianyu Semiconductor (02658) gained 4.9% after forming a strategic partnership with EYEQ Lab, focusing on silicon carbide epitaxial wafer supply and applications [1] - Zhaoyi Innovation (603986) (03986) rose by over 7% following a surge in the U.S. memory sector, with strong demand expected to continue into next year [2] - CIMC Enric (03899) increased by 2.8% as JPMorgan expressed positive expectations for its Indonesian coke oven gas project, marking a step forward in the company's overseas expansion [3] - COSCO Shipping Energy (600026) (01138) surged by over 10%, with a year-to-date increase exceeding 80%, amid reports of the U.S. considering seizing Iranian oil tankers [4] - China Nuclear International (02302) rose by over 6% due to increased transaction volume in uranium trading, significantly boosting annual revenue and profit [5] - Budweiser APAC (01876) fell by over 4%, dragging down the Hang Seng Index, as its Q4 loss widened to USD 105 million [6]

Core Viewpoint - Tianyu Semiconductor (02658) has signed a strategic cooperation agreement with EYEQ Lab Inc., a leading third-generation semiconductor company in South Korea, to supply a full range of high-quality SiC epitaxial wafer products [1] Company Summary - Tianyu Semiconductor's stock price increased by nearly 8% during trading, currently up by 5.99% at HKD 52.4, with a trading volume of HKD 12.6884 million [1] - The agreement includes the provision of SiC epitaxial wafers covering 6 to 8 inches and a voltage range from 650V to 20,000V, suitable for various power electronic devices [1] - EYEQ Lab will prioritize purchasing SiC epitaxial wafers from Tianyu Semiconductor under the same terms and conditions, strengthening the foundation of their cooperation [1] Industry Summary - Silicon Carbide (SiC) is recognized as a third-generation semiconductor material, known for its high-temperature, high-voltage, and high-frequency characteristics, widely used in electric vehicles, power supply, and rail transportation [1] - According to Frost & Sullivan, Tianyu Semiconductor ranks third in China in the self-manufactured SiC epitaxial wafer market, with a revenue share of 6.7% and a sales volume share of 7.8% in 2024 [1] - The Chinese market for self-manufactured SiC epitaxial wafers is projected to account for 30.6% of revenue and 32.5% of sales volume in 2024, making Tianyu Semiconductor the largest manufacturer in China [1]

Core Viewpoint - Tianyu Semiconductor (02658) has signed a strategic cooperation agreement with EYEQ Lab Inc., a leading third-generation semiconductor company in South Korea, to supply a full range of high-quality SiC epitaxial wafer products, enhancing its market position in the SiC sector [1] Company Summary - Tianyu Semiconductor's stock price increased by nearly 8% during trading, currently up by 5.99% at HKD 52.4, with a trading volume of HKD 12.6884 million [1] - The agreement includes the provision of SiC epitaxial wafers covering 6 to 8 inches and a voltage range from 650V to 20,000V, suitable for various power electronic devices [1] - EYEQ Lab will prioritize purchasing SiC epitaxial wafers from Tianyu Semiconductor under the same terms and conditions, solidifying the partnership [1] Industry Summary - Silicon Carbide (SiC) is recognized as a third-generation semiconductor material, known for its high-temperature, high-voltage, and high-frequency characteristics, making it essential in sectors such as new energy vehicles, power supply, and rail transportation [1] - According to Frost & Sullivan, Tianyu Semiconductor ranks third in China in the self-manufactured SiC epitaxial wafer market, with a revenue share of 6.7% and a sales volume share of 7.8% in 2024 [1] - The Chinese market for self-manufactured SiC epitaxial wafers is projected to account for 30.6% of revenue and 32.5% of sales volume in 2024, positioning Tianyu Semiconductor as the largest domestic manufacturer [1]

Core Viewpoint - Tianyu Semiconductor (02658) has signed a strategic cooperation agreement with EYEQ Lab Inc., a leading third-generation semiconductor company in South Korea, to provide a full range of high-quality SiC epitaxial wafer products [1] Company Summary - Tianyu Semiconductor's stock price increased by nearly 8% during trading, closing up 5.99% at HKD 52.4, with a trading volume of HKD 12.6884 million [1] - The agreement includes the provision of SiC epitaxial wafers covering 6 to 8 inches and a voltage range from 650V to 20,000V, suitable for various power electronic devices [1] - EYEQ Lab will prioritize purchasing SiC epitaxial wafers from Tianyu Semiconductor under the same terms and conditions, solidifying the foundation of their cooperation [1] Industry Summary - Silicon Carbide (SiC) is recognized as a third-generation semiconductor material, known for its high-temperature, high-voltage, and high-frequency characteristics, making it essential in sectors such as new energy vehicles, power supply, and rail transportation [1] - According to Frost & Sullivan, Tianyu Semiconductor ranks third in China in the self-manufactured SiC epitaxial wafer market, with a revenue share of 6.7% and a sales volume share of 7.8% in 2024 [1] - The Chinese market for self-manufactured SiC epitaxial wafers is projected to account for 30.6% of revenue and 32.5% of sales volume in 2024, positioning Tianyu Semiconductor as the largest domestic manufacturer [1]

Core Viewpoint - The announcement reveals that Tianyu Semiconductor has entered a strategic cooperation agreement with South Korea's EYEQ Lab Inc. in the silicon carbide (SiC) epitaxial wafer sector, marking a significant transition from a domestic-focused company to a key player in the global high-end supply chain [1][5]. Company Summary - Tianyu Semiconductor is a leading player in the SiC epitaxial wafer market in China, focusing on the production and sales of 4/6/8-inch SiC epitaxial wafers, with applications in sectors such as new energy vehicles, photovoltaics, and rail transportation [2][4]. - The company has achieved mass production of 8-inch SiC epitaxial wafers, which are becoming a new growth engine, and plans to enhance its production capacity at its new base in Dongguan by the end of 2025 [3][4]. Industry Summary - EYEQ Lab is recognized as a leading enterprise in the third-generation semiconductor SiC power semiconductor sector, possessing comprehensive technical capabilities from device design to manufacturing [2][3]. - The collaboration between Tianyu Semiconductor and EYEQ Lab is expected to create a stable supply-demand cooperation system, enhancing both companies' capabilities in the SiC supply chain [3][4]. - The strategic partnership aligns with national strategies to develop the SiC industry, which is crucial for emerging industries such as new energy vehicles and photovoltaic power generation [5][6].

Core Viewpoint - Dongguan's capital market has shown significant growth in 2025, with a total of 4 new companies listed, making it the leading city in Guangdong province for both new listings and total listed companies [3][7]. Group 1: Policy Support - The growth in the number of listed companies and IPO applications in Dongguan is primarily attributed to supportive policies, including the "Kuanpeng Plan" initiated in 2021, which established a comprehensive mechanism for nurturing companies throughout their listing lifecycle [5]. - During the "14th Five-Year Plan" period, Dongguan added 28 new A-share listed companies, increasing the total to 64, with total market capitalization rising from 300 billion to 800 billion [7]. Group 2: Efficient Services - The Dongguan Municipal Financial Office has enhanced its service mechanisms to support companies through the entire listing process, adopting a "discover—nurture—guide—list" approach to facilitate efficient communication and support for enterprises [8]. - The city has recognized 525 potential listing companies, with 344 currently in the pipeline, focusing on emerging industries such as new-generation electronic information and high-end equipment manufacturing [10]. Group 3: Mergers and Acquisitions - Since the implementation of the comprehensive registration system, Dongguan has actively supported mergers and acquisitions among listed companies, facilitating resource integration and business expansion [11]. - In 2025, 19 listed companies initiated mergers, with notable transactions including the acquisition of a 51% stake in Damo Semiconductor by Lvtong Technology and a €1.22 million acquisition by Jiahe Intelligent [14]. Group 4: Future Outlook - The Dongguan Municipal Financial Office plans to further enhance support for the real economy in 2026, focusing on structural reforms in financial supply and improving support policies to help more quality enterprises seize listing opportunities [16].

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的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部 分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 Guangdong Tianyu Semiconductor Co., Ltd. 廣東天域半導體股份有限公司 (於中華人民共和國註冊成立的股份有限公司) （股份代號：2658） 有關訂立 戰略合作協議的 自願公告 本公告乃由廣東天域半導體股份有限公司（「本公司」，連同其附屬公司，統稱「本集 團」）自願作出，旨在向本公司股東（「股東」）及本公司潛在投資者提供本集團最新業 務發展情況。 本公司董事（「董事」）會（「董事會」）欣然公佈，於2026年1月16日（交易時段後），本 公司及青禾晶元半導體科技（集團）有限責任公司（「青禾晶元」）訂立戰略合作協議 （「協議」），據此，協議訂約方（各自為「訂約一方」，統稱「訂約方」）同意建立戰略合 作，憑藉本公司在碳化硅材料領域的優勢及青禾晶元在鍵合設備定製與優化方面的 能力，共同開展鍵合材料（包括鍵合碳化硅(SiC)、絕緣體上硅(SOI)、絕緣體上壓電 基板(POI)及超 ...

Core Viewpoint - ICBC Investment is committed to supporting national strategies for technological finance, focusing on long-term, value, strategic, and stable investments while optimizing its approach to technology finance through various principles and dimensions [1][3]. Group 1: Investment Strategy - ICBC Investment emphasizes a full-chain support for technological innovation, integrating funding sources, asset allocation, governance empowerment, and exit strategies to enhance the growth of technology enterprises [3]. - The company has achieved over 410 billion yuan in market-oriented debt-to-equity swaps and equity investment pilot projects, with signed fund intention scales exceeding 200 billion yuan and fund establishment surpassing 90 billion yuan, leading the industry [1][3]. Group 2: Sector Focus - The company is actively addressing the reliance on imported third-generation semiconductor materials by injecting capital into a leading global silicon carbide epitaxy manufacturer, facilitating production process optimization and market expansion [3]. - ICBC Investment supports the domestic operating system sector by investing in a leading enterprise, breaking foreign monopolies and fostering a complete ecosystem for digital transformation in key industries [4]. Group 3: Comprehensive Financial Solutions - ICBC Investment integrates various financial tools, including debt-to-equity swaps, equity investments, and credit support, to provide comprehensive financial solutions for technology enterprises throughout their development stages [5][6]. - The company focuses on "specialized, sophisticated, and innovative" sectors, leading investments in domestic power semiconductor manufacturers to enhance capital strength and accelerate production line construction [6]. Group 4: Risk Management and Governance - ICBC Investment has established a "six-special" investment system to ensure stable progress in technology investments, including specialized teams and risk control mechanisms [7]. - The company has innovated an approval model to accurately identify quality technology enterprises and has built a comprehensive risk control system to balance efficiency and safety [7]. Group 5: Collaborative Ecosystem - ICBC Investment plays a strategic role in leveraging national and local funds, industry capital, and financial institutions to mobilize more resources for hard technology investments [8]. - The company has adopted a combination model of debt-to-equity funds and equity investment funds to create an investment ecosystem that supports technological innovation throughout its lifecycle [8]. Group 6: Future Outlook - ICBC Investment aims to continue gathering patient capital to support hard technology development, from laboratory innovations to industrial upgrades, contributing to the construction of a financial powerhouse [9].

Group 1 - Guanzhou Yujian Xiaomian Restaurant Co., Ltd. (referred to as "Yujian Xiaomian") completed its initial public offering and listing on the Hong Kong Stock Exchange on December 5, 2025, with the stock code 02408.HK [3] - Yujian Xiaomian is a modern Chinese noodle restaurant chain focusing on Chongqing noodle series, offering products that include noodles, rice, snacks, and beverages [6] Group 2 - Guangdong Tianyu Semiconductor Co., Ltd. (referred to as "Tianyu Semiconductor") completed its initial public offering and listing on the Hong Kong Stock Exchange on December 5, 2025, with the stock code 02658.HK [9] - Tianyu Semiconductor specializes in the research, production, and sales of third-generation semiconductor silicon carbide (SiC) epitaxial wafers, which are key raw materials for power semiconductors, widely used in electric vehicles, photovoltaics, charging piles, energy storage, smart grids, rail transportation, and home appliances [11]