Group 1 - The core viewpoint of the article highlights that the photovoltaic industry is experiencing a recovery in profitability driven by both policy support and demand growth, as evidenced by the over 1.9% increase in the photovoltaic 50 ETF (159864) on January 5 [1] - The photovoltaic equipment sector is benefiting from the gradual implementation of "anti-involution" policies and the trend towards second-level parity in solar energy storage, which is expected to lead to a return to reasonable profit levels [1] - Integrated photovoltaic companies are leveraging cost advantages to turn losses into profits, demonstrating significant performance elasticity [1] Group 2 - The electric equipment sector is seeing increased demand for upstream materials such as silicon carbide substrates and monocrystalline silicon for etching, driven by the growth in electric vehicles and AI servers, indicating a sustained positive outlook for the domestic supply chain [1] - Emerging applications like smart glasses are promoting the capacity layout of silicon carbide, with companies that possess technological reserves likely to benefit quickly [1] - The photovoltaic 50 ETF (159864) tracks the photovoltaic industry index (931151), which selects listed companies involved in the solar photovoltaic power generation industry chain, reflecting the overall performance and development trends of related listed companies [1]

（文章来源：证券日报） 证券日报网讯 12月30日，晶盛机电在互动平台回答投资者提问时表示，公司高度重视碳化硅业务的发 展，为把握市场机遇，公司正积极推动相关产能的全球化布局，公司浙江上虞及宁夏银川的碳化硅衬底 项目均已投产，马来西亚槟城的碳化硅衬底项目预计2027年投产。这些项目的顺利实施，将有力增强公 司在碳化硅材料领域的技术实力、规模优势和全球供应保障能力。 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [6][16]. Core Insights - The company is a leading player in the global wide-bandgap semiconductor materials industry, having achieved early industrialization of semi-insulating silicon carbide substrates and further advancing to conductive silicon carbide substrates [3][13]. - The company is expanding its production capacity, with the Jinan plant steadily increasing output through technological improvements, and the Shanghai Lingang plant achieving an annual production capacity of 300,000 conductive substrates ahead of schedule [3][4]. - The company has established a comprehensive product matrix for silicon carbide substrates, including 6/8/12-inch products, and is positioned to benefit from the industry's transition to a "12-inch era" [4][5]. - The company is actively expanding its applications in electric vehicles, renewable energy, and AI, having achieved significant partnerships with leading power semiconductor manufacturers and optical firms [5][6]. Financial Projections - Revenue projections for the company are estimated at 1.73 billion, 2.74 billion, and 3.80 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits expected to be 33.19 million, 143.93 million, and 278.49 million yuan for the same years [10][11]. - The company is expected to experience significant growth in net profit, with a projected increase of 491.56% in 2025, followed by 333.71% in 2026, and 93.48% in 2027 [10][11].

变"外来者"为"自己人"，从"卖产品"到"输出方案" 济企出海：越过浅滩 驶入深港 2025年1—11月，济南市进出口总值2588.1亿元，同比增长24.9%，增幅列全省第一。在外部环境复 杂严峻、贸易保护主义抬头的背景下，这份成绩的"含金量"远超数字本身，折射出一场静水深流的深刻 变革。在全球化的深水区，中国企业如何从"路过者"变为"共建者"，从"走出去"变为"走进去"，从"卖产 品"到"输出现代化产业范式"？ 破壁 攻克标准壁垒输出中国方案 在济南企业出海的图谱中，龙头企业的轨迹，勾勒出产业升级的曲线。 "出口，对我们而言，是一个不断爬坡的过程。"回顾国际化之路，齐鲁制药集团副总裁张汉常说。 这条路径清晰但陡峭：从早期的非无菌原料药到无菌原料药，最终攻克技术、质量、注册的层层壁垒， 实现制剂成品药走向全球。 齐鲁制药有限公司副总经理王伟萍亲历了从"单舰破浪"到"舰队远征"的蜕变。"我们最早出口原料 药，处在价值链底端，拼的是成本和规模。"转折始于向制剂成品药的攻坚。2016年，齐鲁制药首个制 剂产品登陆美国，叩开全球监管最严、竞争最激烈市场的大门。至今，已有34个制剂产品出口美国，同 时向美、英、日、澳、 ...

12月23日，天岳先进跌0.01%，成交额5.94亿元。两融数据显示，当日天岳先进获融资买入额1.07亿 元，融资偿还8694.21万元，融资净买入2033.94万元。截至12月23日，天岳先进融资融券余额合计9.87 亿元。 融资方面，天岳先进当日融资买入1.07亿元。当前融资余额9.76亿元，占流通市值的2.63%，融资余额 超过近一年80%分位水平，处于高位。 融券方面，天岳先进12月23日融券偿还1197.00股，融券卖出4982.00股，按当日收盘价计算，卖出金额 42.97万元；融券余量12.30万股，融券余额1060.94万元，超过近一年90%分位水平，处于高位。 责任编辑：小浪快报 资料显示，山东天岳先进科技股份有限公司位于山东省济南市槐荫区天岳南路99号,香港湾仔告士打道 109–111号东惠商业大厦5楼503室，成立日期2010年11月2日，上市日期2022年1月12日，公司主营业务 涉及碳化硅衬底的研发、生产和销售。主营业务收入构成为：碳化硅半导体材料82.83%，其他(补 充)17.17%。 截至9月30日，天岳先进股东户数2.96万，较上期增加73.90%；人均流通股14537股，较 ...

Core Viewpoint - Tianyue Advanced (02631) has seen a stock price increase of over 7%, currently trading at 59.55 HKD with a transaction volume of 188 million HKD, highlighting strong market interest in the company [1] Company Summary - Tianyue Advanced is a leading enterprise in the silicon carbide (SiC) semiconductor materials industry, having achieved technological breakthroughs in the full series of 12-inch SiC substrates, marking the industry's transition to the 12-inch era [1] Industry Summary - Silicon carbide (SiC), as a third-generation wide bandgap semiconductor, is gaining traction across four major industries: renewable energy, AI, communications, and augmented reality (AR), due to its superior characteristics in breakdown electric field, bandgap width, thermal conductivity, electron saturation drift velocity, and refractive index [1] - According to Wukuang Securities, the demand side is experiencing a comprehensive explosion, leading to rapid industry expansion. By 2027, a tight balance between supply and demand for SiC substrates is expected, with potential supply shortages [1] - By 2030, the global demand for substrates is projected to reach 16.76 million pieces, with an estimated production capacity shortfall of about 12 million pieces compared to the supply in 2025. The three core growth points identified are AI intermediary layers, electric vehicles, and AR glasses, with expected demand shares of 37%, 26%, and 23% respectively by 2030 [1] - If SiC can be industrialized in the "substrate layer," "intermediate layer," and "heat sink" segments for advanced packaging thermal materials in AI chips, the global demand for SiC substrates could reach approximately 30 million pieces by 2030 [1]

Group 1 - Tianyue Advanced (02631) has seen a stock price increase of over 7%, currently trading at 59.55 HKD with a transaction volume of 1.88 billion HKD [1] - The company is a leader in the silicon carbide (SiC) semiconductor materials industry and has achieved technological breakthroughs in the full series of 12-inch SiC substrates, marking the entry of the SiC substrate industry into the 12-inch era [1] - According to Wenkang Securities, SiC, as a third-generation wide bandgap semiconductor, is penetrating four major industries: renewable energy, AI, communication, and AR, becoming a key support for technological upgrades and efficiency revolutions [1] Group 2 - The demand explosion is driving rapid industry expansion, with expectations of a balanced supply-demand situation for SiC substrates by 2027, and potential supply tightness [1] - By 2030, the global demand for substrates is projected to reach 16.76 million pieces, with an estimated production capacity shortfall of about 12 million pieces compared to the supply in 2025 [1] - The three core growth points identified are AI intermediary layers, electric vehicles, and AR glasses, with projected demand shares by 2030 of 37%, 26%, and 23% respectively [1] - If SiC can be industrialized in the "substrate layer," "intermediate layer," and "heat sink" for advanced packaging thermal materials in AI chips, the global demand for SiC substrates could reach approximately 30 million pieces by 2030 [1]

Core Viewpoint - The silicon carbide (SiC) market is expected to stabilize in pricing as it enters 2025, following a year of capacity expansion and price pressure, while new opportunities in the AI sector are emerging [1][11]. Market Overview - The price of SiC substrates continues to decline, but the trend is showing signs of improvement compared to 2024. The main application market remains in electric vehicles, with new applications in AI data centers and AR glasses poised for growth [1][11]. - The leading domestic SiC substrate company, Tianyue Advanced, reported a revenue of 318 million yuan for Q3, a year-on-year decrease of 13.76%, with a cumulative revenue decline of 13.21% for the first three quarters. The net profit for Q3 was a loss of 9.76 million yuan, down 123.72% year-on-year, attributed to strategic price reductions to gain market share amid fierce competition [1][2]. Price Dynamics - The price of 6-inch SiC substrates is projected to have decreased by approximately 30% in 2024, with some manufacturers quoting prices below 3,000 yuan per piece, nearing the cost line for many producers. The overall price decline is slowing down, with limited room for further decreases [3][11]. - The market sentiment is improving, with a gradual recovery in downstream customer purchasing intentions as industry demand rebounds. The competition is expected to become more rational, leading to a more stable pricing structure [4][11]. Application Trends - The shift towards 8-inch substrates is gaining momentum, although current production capacity remains limited compared to 6-inch substrates. The transition to 8-inch is expected to take time due to the need for product reintroduction [5][11]. - SiC's core material advantages, particularly in high-voltage applications, are expected to maintain a higher value and more stable pricing compared to lower voltage markets where product homogenization and price competition are prevalent [5][6]. AI Sector Opportunities - The AI industry is increasingly expressing interest in SiC applications, with major companies like NVIDIA planning to transition to 800V HVDC data center power infrastructure by 2027, which will drive demand for SiC devices [7][10]. - The data center market, while currently smaller than the electric vehicle market, is anticipated to grow rapidly due to the adoption of high-power, efficient architectures, positioning SiC as a key component in future developments [11].

（文章来源：证券日报） 证券日报网讯 12月9日，晶盛机电在互动平台回答投资者提问时表示，公司碳化硅衬底材料业务已实现 6-8英寸碳化硅衬底规模化量产与销售，量产的碳化硅衬底核心参数指标达到行业一流水平，8英寸碳化 硅衬底技术和规模处于国内前列，公司积极推进碳化硅衬底在全球的客户验证，送样客户范围大幅提 升，产品验证进展顺利，并成功获取部分国际客户批量订单。同时公司首条12英寸碳化硅衬底加工中试 线正式通线。具体进展情况请关注公司后续的公开信息。 ...

Core Viewpoint - Tianyue Advanced (02631) has established business partnerships with over half of the top ten global power semiconductor manufacturers, focusing on high-quality silicon carbide substrates for power and RF devices used in electric vehicles, AI data centers, and photovoltaic systems [1] Group 1: Company Performance - Tianyue Advanced's stock rose over 6% in the afternoon session, currently up 5.09% at HKD 61.9, with a trading volume of HKD 215 million [1] Group 2: Industry Insights - Addressing the thermal management issues of CoWoS packaging is crucial for the development of AI computing chips [1] - If CoWoS replaces the interposer with SiC and follows a projected 35% compound annual growth rate over 28 years, it would require over 2.3 million 12-inch SiC substrates by 30 years, equivalent to approximately 9.2 million 6-inch substrates, significantly exceeding current production capacity [1]