截至6月30日，天岳先进股东户数1.70万，较上期减少6.53%；人均流通股17663股，较上期增加6.99%。 2025年1月-6月，天岳先进实现营业收入7.94亿元，同比减少12.98%；归母净利润1088.02万元，同比减 少89.32%。 机构持仓方面，截止2025年6月30日，天岳先进十大流通股东中，华夏上证科创板50成份ETF （588000）位居第六大流通股东，持股962.79万股，相比上期减少5.62万股。易方达上证科创板50ETF （588080）位居第八大流通股东，持股711.96万股，相比上期增加20.37万股。银河创新混合A （519674）位居第九大流通股东，持股570.00万股，为新进股东。嘉实上证科创板芯片ETF（588200） 位居第十大流通股东，持股407.90万股，相比上期增加38.03万股。香港中央结算有限公司退出十大流通 股东之列。 10月9日，天岳先进涨3.33%，成交额12.07亿元。两融数据显示，当日天岳先进获融资买入额2.02亿 元，融资偿还2.25亿元，融资净买入-2304.89万元。截至10月9日，天岳先进融资融券余额合计11.21亿 元。 融资方面，天岳先 ...

减持后，哈勃投资在天岳先进上的账面浮盈仍超过20亿元，投资收益率高达20倍。 一笔1.11亿元的投资，在六年后变成了超过22亿元的市值，华为旗下的哈勃投资以惊人的20倍回报，再次证明了其独到的投资眼 光。 2019年，华为旗下哈勃投资以1.11亿元战略入股碳化硅衬底企业天岳先进，获得10%的股权。 2025年9月26日，天岳先进发布公告，哈勃投资计划减持不超过387.69万股公司股份，按当时收盘价计算，此次减 持可套现约3.35亿元。 | 从1.11亿到22亿浮盈 2019年，华为旗下哈勃投资以1.11亿元入股天岳先进，获得10%的股权。 这一在当时看似普通的投资，随着碳化硅赛道爆发和天岳先进成功上市，获得了惊人回报。 2022年1月12日，天岳先进在科创板上市。 随着国产半导体行业迎来价值重估，天岳先进股价一路攀升，今年9月一度触及99.88元/股，创下2023年以来新 高。 以2025年9月26日收盘价86.33元/股计算，哈勃投资持有股份的市值达到23.54亿元，较初始投资浮盈约22.43亿 元。 若按上限完成减持，哈勃投资的持股数量将降至2338.56万股，持股比例也将降至4.83%。 | 碳化硅衬底 ...

10月9日，天岳先进盘中上涨2.19%，截至10:19，报83.96元/股，成交4.03亿元，换手率1.13%，总市值 406.89亿元。 资金流向方面，主力资金净流出2514.58万元，特大单买入3148.55万元，占比7.80%，卖出6137.73万 元，占比15.21%；大单买入1.20亿元，占比29.67%，卖出1.15亿元，占比28.50%。 天岳先进今年以来股价涨63.98%，近5个交易日跌1.36%，近20日涨24.39%，近60日涨49.13%。 截至6月30日，天岳先进股东户数1.70万，较上期减少6.53%；人均流通股17663股，较上期增加6.99%。 2025年1月-6月，天岳先进实现营业收入7.94亿元，同比减少12.98%；归母净利润1088.02万元，同比减 少89.32%。 机构持仓方面，截止2025年6月30日，天岳先进十大流通股东中，华夏上证科创板50成份ETF （588000）位居第六大流通股东，持股962.79万股，相比上期减少5.62万股。易方达上证科创板50ETF （588080）位居第八大流通股东，持股711.96万股，相比上期增加20.37万股。银河创新混合A ...

Group 1 - Hubble Investment plans to reduce its stake in Tianyue Advanced by up to 3.8769 million shares, which is approximately 0.80% of the total share capital, potentially worth around 335 million yuan at the closing price on September 26 [1][4] - Hubble Investment originally invested 111 million yuan for a 10% stake in Tianyue Advanced in August 2019, and its current holdings are valued at approximately 2.354 billion yuan, resulting in a paper profit of about 224.3 million yuan [1][5][6] - The semiconductor industry is experiencing a revaluation, particularly in the context of AI advancements, which is benefiting companies like Tianyue Advanced that specialize in silicon carbide substrates [4][12] Group 2 - As of mid-2023, Hubble Investment appears in the top ten shareholders of eight A-share listed companies, with a total holding value of approximately 4.415 billion yuan [2][12] - If Hubble Investment does not reduce its holdings in the third quarter, the total value of its shares would reach approximately 6.482 billion yuan, with a quarterly paper profit of about 206.7 million yuan [2][12] - The stock price of Tianyue Advanced reached a high of 99.88 yuan per share in September 2023, reflecting a year-to-date increase of over 50% [4][12] Group 3 - Hubble Investment has invested in over 112 projects, with more than ten companies successfully going public, including Tianyue Advanced and others [1][9] - The investment strategy of Hubble Investment is closely tied to Huawei, which has provided not only capital but also industry chain collaboration and business empowerment [14][16] - The financial performance of Tianyue Advanced has been inconsistent, with projected net profits of -176 million yuan in 2022, -46 million yuan in 2023, and a forecasted profit of 179 million yuan in 2024 [6][12]

Summary of Key Points from the Conference Call Company and Industry Overview - The conference call discusses **Jingsheng Electromechanical** and its advancements in the **silicon carbide (SiC) substrate** industry, particularly focusing on the **12-inch SiC substrate** technology and its applications in various sectors including **power devices** and **AR glasses** [2][3][5]. Core Insights and Arguments - **12-inch SiC Substrate Development**: Jingsheng has successfully completed the trial production line for 12-inch SiC substrates, achieving 100% domestic equipment development, which significantly reduces downstream application costs and enhances production efficiency by approximately **125 times** compared to 8-inch substrates [2][5]. - **Market Positioning**: The company is actively validating its SiC substrates with global customers and has secured bulk orders from international clients, indicating strong market demand and positioning [2][5]. - **Production Capacity**: The company has a domestic capacity of **900,000 pieces** for power devices, with plans to ramp up production of 8-inch substrates significantly by the end of **2026 to early 2027** [2][6]. - **Strategic Partnerships**: Jingsheng has signed strategic agreements with companies like **Xreal** to provide semi-insulating SiC substrates for AR glasses, with positive progress in product validation [2][6]. - **Pricing Dynamics**: Current prices for 6-inch SiC substrates are around **1,500 RMB**, while 8-inch substrates are priced at approximately **4,000 RMB**. The company plans to increase 8-inch production while maintaining the current scale for 6-inch substrates [2][13]. Additional Important Insights - **Technological Leadership**: Jingsheng's integration of **alkaline nitrogen technology** with existing large-size silicon wafer processes positions it competitively in the market, allowing rapid response to market demands [2][9]. - **Chinese Manufacturers' Dominance**: Chinese manufacturers, including Jingsheng, hold a dominant position in the SiC substrate market, surpassing foreign competitors in both technology and cost [10][21]. - **Future Capacity Expansion**: The company plans to achieve **300,000 pieces** of 8-inch capacity in **Shangyu** by the end of **2025**, and **240,000 pieces** in **Malaysia** by **2027** [15][6]. - **Market Trends in Photovoltaics**: Despite the current downturn in the photovoltaic equipment sector, Jingsheng anticipates potential growth as new technologies are introduced and market conditions improve [17][18]. - **Cost Efficiency and Profitability**: The company is focused on improving efficiency and reducing costs in its photovoltaic equipment, with significant advancements in technologies that enhance battery performance [18][29]. Conclusion - Jingsheng Electromechanical is positioned for significant growth in the SiC substrate market, with strong technological capabilities, strategic partnerships, and a clear plan for capacity expansion. The company is also navigating challenges in the photovoltaic sector while maintaining a focus on innovation and cost efficiency.

Market Overview - The market sentiment is cautious ahead of the holiday, leading to a decline in the Hong Kong stock market, which closed down 1.35% [1] - New tariffs announced by the U.S. on various imported products, including a 25% tariff on heavy trucks and a 100% tariff on patented and branded drugs, are expected to impact the market negatively [1] Company Performance - Pharmaceutical companies like Kelaiying and Yaojie Ankang saw their stocks drop over 7% due to the tariff news, although the impact on the pharmaceutical sector is limited as U.S. domestic companies bear the sales burden [2] - Boleton, focusing on electric heavy trucks, surged over 20% as it is not affected by the new tariffs [2] Automotive Industry - XPeng Motors announced its entry into five European markets, planning to launch new models and implementing a stock incentive plan, resulting in a stock increase of over 5% [4] - Chery Automobile is expanding its overseas market presence and has established a local development and global collaboration system, with a projected strong sales performance in various regions [4] Energy Sector - The National Energy Administration emphasizes expanding the use of green hydrogen and integrating it into various industries, which is expected to create new growth points in the renewable energy sector [5] - Wood Mackenzie forecasts that global wind power installations will exceed 170 GW annually over the next five years, with a peak of 200 GW by 2034, benefiting companies like Goldwind Technology [5] Gaming and Entertainment - The gaming sector is experiencing growth, with NetDragon leveraging AI technology to reduce costs and improve efficiency, leading to a stock increase of over 16% [6] Semiconductor Industry - The successful launch of a 12-inch silicon carbide substrate processing line marks a significant advancement for China's third-generation semiconductor industry, positioning companies like Jingrui SuperSiC as leaders in the field [7] Battery Industry - Tianneng Power's revenue for the first half of 2025 decreased by 51.53% due to rising raw material costs, but the company is refocusing on its lead-acid battery business, which holds a significant market share [8] - The lithium battery segment showed a revenue increase of 174.6%, driven by demand in the domestic and U.S. markets, indicating potential for recovery in profitability [9]

Core Viewpoint - The stock price of Jing Sheng Mechanical & Electrical (300316) surged over 15% on September 26, reaching a new high for the year, following the announcement of the successful commissioning of its first 12-inch silicon carbide substrate processing pilot line at its subsidiary, Zhejiang Jing Rui SuperSiC, marking a significant advancement in domestic technology [1][2]. Group 1: Company Developments - On September 26, Jing Sheng Mechanical & Electrical announced the successful commissioning of its first 12-inch silicon carbide substrate processing pilot line, achieving 100% domestic production and marking a transition from following to leading in global SiC substrate technology [2]. - The successful commissioning of the pilot line signifies a new phase of efficient intelligent manufacturing for the company [2]. Group 2: Industry Context - The development of AI technology has led to increased performance of GPU chips used in AI servers, resulting in higher power consumption and necessitating advanced packaging techniques to manage heat dissipation [4]. - Traditional ceramic substrates have thermal conductivity of approximately 200 W/mK to 230 W/mK, which is insufficient for the growing heat dissipation demands [4]. - Silicon carbide materials exhibit superior thermal conductivity, reaching up to 400 W/mK and nearly 500 W/mK, making them ideal for packaging in data centers and high-performance AI chips [4].

Group 1 - Tianyue Advanced experienced a decline of 0.35% on September 25, with a trading volume of 1.072 billion yuan. The financing buy amount was 182 million yuan, while the financing repayment was 173 million yuan, resulting in a net financing purchase of 8.6529 million yuan. The total financing and securities lending balance reached 1.172 billion yuan as of September 25 [1] - The financing balance of Tianyue Advanced on September 25 was 1.165 billion yuan, accounting for 3.20% of the circulating market value, which is above the 90th percentile level over the past year, indicating a high level of financing [1] - On the securities lending side, Tianyue Advanced repaid 700 shares on September 25, with no shares sold. The remaining securities lending amount was 90,100 shares, with a balance of 7.6464 million yuan, also exceeding the 90th percentile level over the past year [1] Group 2 - As of June 30, the number of shareholders of Tianyue Advanced was 17,000, a decrease of 6.53% from the previous period. The average circulating shares per person increased by 6.99% to 17,663 shares [2] - For the first half of 2025, Tianyue Advanced reported operating revenue of 794 million yuan, a year-on-year decrease of 12.98%. The net profit attributable to the parent company was 10.8802 million yuan, down 89.32% year-on-year [2] - In terms of institutional holdings, as of June 30, 2025, the top ten circulating shareholders included Huaxia SSE Sci-Tech Innovation Board 50 ETF, which held 9.6279 million shares, a decrease of 56,200 shares from the previous period. Meanwhile, E Fund SSE Sci-Tech Innovation Board 50 ETF increased its holdings by 203,700 shares to 7.1196 million shares [2]

Company Overview - Tianyue Advanced Technology Co., Ltd. is located in Jinan, Shandong Province, and was established on November 2, 2010. The company went public on January 12, 2022. Its main business involves the research, production, and sales of silicon carbide substrates, with revenue composition being 82.83% from silicon carbide semiconductor materials and 17.17% from other sources [2]. Stock Performance - As of September 25, Tianyue Advanced's stock price increased by 69.92% year-to-date, with a 2.47% rise over the last five trading days, 31.20% over the last 20 days, and 51.81% over the last 60 days [2]. - The stock was traded at 87.00 CNY per share, with a market capitalization of 42.162 billion CNY as of September 25 [1]. Trading Activity - On September 25, the net outflow of main funds was 6.2956 million CNY, with large orders accounting for 20.92% of total buy and 25.57% of total sell [1]. - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent appearance on September 5, where it recorded a net buy of -28.6282 million CNY [2]. Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders include various ETFs, with notable changes in holdings. For instance, the Huaxia SSE Sci-Tech 50 ETF reduced its holdings by 56,200 shares, while the E Fund SSE Sci-Tech 50 ETF increased its holdings by 203,700 shares [3].

Group 1 - Tianyue Advanced experienced a stock price increase of 5.06%, reaching 87.59 CNY per share, with a trading volume of 9.62 billion CNY and a turnover rate of 2.64%, resulting in a total market capitalization of 424.48 billion CNY [1] - The company, Shandong Tianyue Advanced Technology Co., Ltd., specializes in the research, production, and sales of silicon carbide substrates, with its main business revenue composition being 82.83% from silicon carbide semiconductor materials and 17.17% from other supplementary sources [1] Group 2 - According to data from the top ten holdings of funds, Bosera Fund has one fund heavily invested in Tianyue Advanced, specifically the Bosera SSE Sci-Tech Innovation Board New Materials ETF (588010), which reduced its holdings by 21,600 shares in the second quarter, now holding 148,900 shares, accounting for 3.41% of the fund's net value, ranking as the seventh largest holding [2] - The Bosera SSE Sci-Tech Innovation Board New Materials ETF (588010) was established on September 30, 2022, with a current scale of 256 million CNY, achieving a year-to-date return of 44.28%, ranking 779 out of 4,220 in its category, and a one-year return of 99.6%, ranking 594 out of 3,814, while experiencing a loss of 20.01% since inception [2]