以下文章来源于RimeData 来觅数据 ，作者来觅研究院 RimeData 来觅数据 . 全面的一级市场数据平台 ⌜ 投融概况 ⌟ 截至2025年08月22日18:00， 本周融资事件共141起（不包括并购、定增），较上周增加了4起，融资金额总计约95.23亿元（谨慎估计），较上周减少了 79.99亿元。在所有融资事件中，本周融资金额在亿元及以上的融资事件有20起，较上周增加了7起。本周公开退出案例18个，较上周减少了6个。另外， 本周有173家机构参与了一级市场投资，较上周减少了6家。 请读者留意，由于本周有15起融资事件未公布准确的融资金额，出于谨慎考虑，笔者做了暂取较小值处理，涉及金额至少13.11亿元，约占融资总额的 13.77%。另外，因融资事件的延迟披露，本期周报仅收录了本周五18:00前公开披露的融资事件，可能导致统计分析与实际情况存在细微偏差，感兴趣的 读者可以登录Rime PEVC平台获取全量融资事件、被投项目及深度数据分析。 本周已披露金额的融资事件48起，较上周减少了13起，融资金额区间分布结构与上周有明显变化，本周500万以下的融资事件2起，较上周减少了3起；500 万-1000万（ ...

8月20日，天岳先进正式在港交所挂牌上市。 据公司在港交所公告显示，公司全球发售47745700股H股，最终发售价每股42.80港元。 | 公司資料 | | | --- | --- | | 股份代號 | 2631 | | 股份簡稱 | SICC | | 開始買賣日 | 2025年8月20日* | | * 施為用八年度如果社 | | | 慣格資料 | | | --- | --- | | 最终發售價 | 42.80 港元 | | 最高發售價 | 42.80 港元 | | 發售股份及股本 | | | --- | --- | | 發售股份數目 | 47,745,700 | | 公開發售的最終發售股份數目(經重新分配後) | 16,711,000 | | 國際發售的最終發售股份數目(經重新分配後) | 31,034,700 | | 於上市時已發行的股份數目（於行使超額配股權之前） | 477.456.744 | 截至收盘，天岳先进港股股价上涨6.4%，报45.54港元，总市值217.43亿港元（约合人民币200亿元）。 公开资料显示，山东天岳先进科技股份有限公司成立于2010年11月，是一家专注于宽禁带（第三代）半导体 ...

Core Viewpoint - Tianyue Advanced has successfully listed on the Hong Kong Stock Exchange, establishing itself as the only company in the silicon carbide semiconductor materials sector with an "A+H" dual platform [1][3]. Group 1: Listing and Market Response - The company achieved a record-breaking subscription rate of over 2800 times for the public offering in Hong Kong and over 9 times for the international offering, raising approximately HKD 19.38 billion globally, surpassing other "A+H" companies [3][4]. - On its first day of trading, Tianyue Advanced's market capitalization exceeded HKD 22 billion, indicating strong market performance and investor confidence [4]. Group 2: Company Background and Achievements - Founded in 2010, Tianyue Advanced has made significant advancements in silicon carbide substrate technology, transitioning from 4-inch to 12-inch substrates, and is recognized as a leading example of a Chinese tech company achieving international leadership through independent research and development [4][5]. - The company received the "Semiconductor Electronic Materials" gold award from a prestigious Japanese semiconductor media outlet, marking the first time a Chinese company has won this award in 31 years [4]. Group 3: Clientele and Market Position - Tianyue Advanced has established itself in the global supply chain, with major clients including Infineon, Bosch, and ON Semiconductor, and has partnerships with over half of the top ten power semiconductor manufacturers [5]. - The company is also involved with high-profile tech companies like NVIDIA and Meta, indicating its strong position in the semiconductor supply chain [5]. Group 4: Future Prospects and Strategic Initiatives - The company is actively preparing for growth in emerging fields, particularly in AI glasses, leveraging its proprietary 300mm SiC seed crystal technology [5]. - A strategic partnership with Sunny Optical Technology Group aims to explore opportunities in micro-nano optics and new materials, particularly in the AI glasses and electric vehicle display markets [5]. - The chairman emphasized that the successful listing is a milestone for the company, which will continue to innovate and expand its product offerings while enhancing production capacity and global collaboration [6].

Core Insights - Tianyue Advanced has begun bulk supply of silicon carbide substrate materials to the Japanese market, with projected overseas revenue of 840 million yuan in 2024, a year-on-year increase of 104.43%, accounting for 47.53% of total revenue [1] - The company holds a 22.80% market share, making it the second-largest silicon carbide substrate manufacturer globally, with increasing brand recognition in international markets [1] - The shift in semiconductor manufacturers in Japan and Europe towards Chinese substrates due to price and quality advantages is expected to enhance market share [1] Group 1: Technological Leadership - Tianyue Advanced has established significant technological advantages in the silicon carbide industry, with a total of 194 invention patents and 308 utility model patents, ranking among the top five globally [2] - The company recently won a prestigious award for its revolutionary breakthroughs in silicon carbide substrate technology, marking a historic achievement for Chinese enterprises in the semiconductor materials field [2] - The company has achieved mass supply of 8-inch conductive substrates and is set to launch the industry's first 12-inch silicon carbide substrate in November 2024 [2] Group 2: Production Capacity and Expansion - Tianyue Advanced has built two major production bases in Jinan, Shandong, and Lingang, Shanghai, with an annual production capacity exceeding 400,000 pieces [4] - The Shanghai Lingang factory has a production capacity of 300,000 conductive substrates per year, with plans for future capacity enhancements [4] - The company is also planning to establish factories overseas to further expand its production capabilities [5] Group 3: Market Demand and Applications - The demand for silicon carbide is rapidly increasing in downstream applications such as electric vehicles, photovoltaic power generation, energy storage, and AI, with nearly 80% of current demand coming from the electric vehicle sector [6] - The global power semiconductor market is projected to grow 7.4 times by 2035, reaching 2.9 trillion yen (approximately 150 billion RMB), with silicon carbide expected to play a significant role beyond electric vehicles [6] - Tianyue Advanced is actively entering the AR glasses market, anticipating significant growth in the AI glasses industry, with global shipments expected to exceed 60 million units by 2030 [6][7] - A strategic cooperation agreement has been signed with Sunny Optical to focus on the mass production of silicon carbide optical waveguide lenses, further broadening the company's growth avenues [7]

Core Viewpoint - Shandong Province is the only region in China that encompasses all 41 industrial categories, making it a unique industrial ecosystem with significant potential for investment and development [6][8]. Group 1: Industrial Structure and Chains - Shandong has established 19 flagship industrial chains and 67 sub-industrial chains, supported by over a hundred "chain master" enterprises [3][12]. - The province is home to 1,163 national specialized and innovative "little giant" enterprises and 18,072 specialized and innovative small and medium-sized enterprises, many of which serve as "chain core" enterprises [3][28]. - The "chain leader system" promotes collaboration between government and enterprises to foster industrial development and supply chain synergy, with a focus on nurturing emerging "technology gazelles" [3][10]. Group 2: Key Enterprises and Their Roles - Wanhua Chemical has evolved from a small synthetic leather manufacturer to the world's largest polyurethane producer, establishing a complete industrial chain [14][15]. - Weichai Group transformed from a single engine manufacturer to a multi-chain leader, creating a unique "golden industrial chain" in the global heavy truck market [17][18]. - Jinan Second Machine Tool Group plays a crucial role in the automotive manufacturing supply chain, providing over 80% of the domestic market for stamping equipment [24][26]. Group 3: Emerging Technologies and Innovations - Tianyue Advanced Technology has become a key player in the semiconductor industry, achieving significant milestones in silicon carbide substrate production and aiming for a Hong Kong Stock Exchange listing [28][29]. - Haomai Technology is the largest tire mold manufacturer globally, with a market share exceeding 30% in 2023, showcasing the importance of specialized manufacturing capabilities [30][33]. - AIN Semiconductor Technology is working on domestic ion implantation machines, addressing a critical gap in China's semiconductor manufacturing capabilities [39][40]. Group 4: Future Prospects and Developments - Shandong is positioning itself as a leader in commercial aerospace, with plans to develop 300 key aerospace enterprises by 2030 [43]. - The province's "chain leader system" is undergoing further optimization, with new plans to enhance industrial chain development [44][45].

Market Performance - The main board led the gains with notable stocks such as Yuanwanggu (+10.03%), Chutianlong (+10.01%), Pengding Holdings (+10.01%), and Shuifu Shares (+10.01%) [1] - The ChiNext board saw significant increases with Xinyi Sheng (+20.00%), Dingjie Zhizhi (+20.00%), and Zhongji Xuchuang (+16.68%) [1] - The Sci-Tech Innovation board was led by Shijia Guangzi (+13.55%), Zhiyuan Huli (+10.85%), and Haitiansheng (+8.87%) [1] - Active sub-industries included SW Communication Network Equipment and Devices (+9.61%) and SW Printed Circuit Boards (+6.77%) [1] Domestic News - Tianyue Advanced and Shunyu Aolai have formed a SiC cooperation, aiming to enhance the application of silicon carbide substrate materials in the optical field, opening a new market [1] - TSMC's Arizona project is set to begin construction in 2028, focusing on advanced packaging facilities that will introduce SoIC and CoPoS technologies, enhancing efficiency [1] - Yingmu Technology announced over 150 million yuan in Series B funding, aimed at developing next-generation products and expanding AI+AR terminal market [1] - Shenghui Integrated reported a record high order balance of 2.813 billion yuan as of June 30, 2025, a 69.24% increase year-on-year, with 40.35% from the IC semiconductor sector [1] Company Performance - Jiechuang Intelligent expects a net profit of 15 million to 20 million yuan for H1 2025, a significant turnaround from a loss of 33.0881 million yuan in the same period last year, marking a year-on-year increase of 152.62%-167.73% [2] - Neusoft Group received a government subsidy of 13.2 million yuan on July 14, 2025 [2] - Kema Technology anticipates H1 2025 revenue of 515 million to 525 million yuan, a year-on-year growth of 33.93%-36.53%, with net profit expected to be 165 million to 175 million yuan, up 18.59%-25.77% [2] - Haineng Industrial forecasts a net profit of 64 million to 74 million yuan for H1 2025, representing a year-on-year increase of 92%-122% [2] International News - NVIDIA announced the resumption of H20 GPU sales in China and the launch of a new GPU compatible with the Chinese market [2] - The U.S. government has begun an investigation into the import of polysilicon and UAS materials to assess their impact on national security [2] - Broadcom canceled its plan to invest 1 billion USD in an ATP factory in Spain, reflecting a trend of leading chip manufacturers scaling back European investment plans [2] - The South Korean Ministry of Trade, Industry and Energy plans to invest 484 billion KRW (approximately 2.512 billion yuan) by 2032 to develop inorganic LED display technology [2]

Group 1 - Tianyue Advanced Technology Co., Ltd. won the "Gold Award" in the semiconductor electronic materials category at the 31st Semiconductor Annual Awards in Tokyo, marking the first time a Chinese company has achieved this honor since the award's inception 31 years ago, highlighting China's significant breakthrough in semiconductor materials technology [1][3] - The Semiconductor Annual Awards, organized by the Japanese semiconductor industry media "Electronic Device Industry News," aims to recognize outstanding technological innovations globally in the fields of equipment, devices, and materials, known for its rigorous selection standards and industry authority [1] - Silicon carbide (SiC) materials have become a cornerstone for enabling energy transformation and achieving core development goals in AI, with high-quality, large-size SiC substrate preparation technology being a focal point of international competition [1][3] Group 2 - Tianyue Advanced has made significant advancements in material crystal growth, defect control, and processing technology over the past 14 years, overcoming world-class challenges such as large-size substrate production and achieving internationally leading material performance [3] - The company has independently innovated and was the first in the industry to break through the 12-inch technology, which is the largest size globally, marking a transition from following to leading in the field [3]

Group 1 - The fourth batch of 100 "Good Products Shandong" brands was announced, including 78 manufacturing brands, 14 service brands, 2 regional brands, and 6 geographical indications [2][4] - The "Good Products Shandong" initiative has evolved over four years, showcasing Shandong's transition from a province with many brands to a province with strong brands [2] - The selection process involved 1,135 applicants, highlighting the broad coverage, strong technical capabilities, and significant brand benefits of the chosen brands [4] Group 2 - Companies are focusing on innovation to meet the demands of young consumers who prefer rational brand choices, as demonstrated by the introduction of new products that combine traditional craftsmanship with modern technology [3] - Haier's new 150-inch laser TV, which utilizes advanced three-color laser technology, is set to launch in June, emphasizing energy efficiency and innovative design [3] - Shandong Tianyue Advanced Technology Co., Ltd. has achieved significant advancements in silicon carbide substrate materials, demonstrating a commitment to quality and domestic production [5] Group 3 - The selected brands have made substantial contributions to standard-setting, with 5 international standards, 178 national standards, and 183 industry standards developed, along with numerous patents [4] - Companies like CRRC Sifang and Taishan Sports have achieved high-quality performance certifications and maintained exceptional service records in major events, reinforcing the reputation of "Good Products Shandong" [5]