图片来源：Resonac 该厂房将专注于生产8英寸（200mm）SiC外延片，旨在通过更大尺寸的晶圆提高芯片产出量、降低成 本，以满足电动汽车、可再生能源及工业设备市场日益增长的需求。根据规划，新设施已于2024年9月 动工，并计划于2026年正式投入运营。 9月12日，日本化学材料大厂Resonac在其山形县东根市的工厂内，举行了全新的碳化硅（SiC）外延片 生产大楼 竣工仪式。这座建筑面积达5832平方米的新设施是Resonac投资309亿日元（约15.01亿人民 币）升级旗下4个SiC工厂的重点项目之一。 （文/集邦化合物半导体 竹子 整理） 据悉，该项目是日本政府依据《经济安全保障推进法》所认定的关键物资供应保障计划的一部分。早在 2023年6月，#Resonac 就已通过政府补助认证，最高可获得约103亿日元（约5亿元人民币）的补助金， 用于扩充SiC衬底和外延片的产能。 根据此前的计划，Resonac预计在2027年4月实现SiC衬底的年产能达到11.7万片（折合6英寸计算），并 在2027年5月将SiC外延片的年产能提升至28.8万片（折合6英寸计算）。 进入2025年，Resonac的战略布局 ...

Core Viewpoint - Tianyue Advanced (02631) has seen a stock price increase of over 4%, currently trading at 44.6 HKD with a transaction volume of 1.08 billion HKD, following a partnership agreement with Toshiba Electronic Components and Storage Devices Corporation for the development of SiC power semiconductor substrates [1]. Company Summary - Tianyue Advanced has reached a basic agreement with Toshiba for technical collaboration aimed at enhancing the characteristics and quality of SiC power semiconductors [1]. - The collaboration will focus on expanding the commercial supply of high-quality and stable substrates for SiC power semiconductors [1]. Industry Summary - Toshiba is accelerating the development of SiC devices for applications such as server power supplies and automotive uses, leveraging its experience in railway SiC power semiconductors [1]. - The partnership with Tianyue Advanced, a global leader in SiC substrate development and mass production technology, is expected to provide optimal solutions for various application scenarios and accelerate business expansion [1].

Group 1 - Tianyue Advanced has reached a basic agreement with Toshiba Electronic Components and Storage Devices Corporation to collaborate on the development and manufacturing of SiC power semiconductor substrates, focusing on technical cooperation for enhancing SiC power semiconductor characteristics and quality improvement [1][2] - The demand for power semiconductors, essential for energy efficiency and carbon neutrality in electrical devices, is expected to continue expanding, particularly for SiC substrates used in electric vehicles and renewable energy systems [3] - Toshiba is accelerating the development of SiC devices for server power supplies and automotive applications, aiming to reduce power loss and enhance reliability and efficiency in high-efficiency power conversion applications [3][4] Group 2 - Tianyue Advanced, founded in 2010, specializes in the development and production of single-crystal SiC substrates, holding a top-five position globally in related patents [4] - The company plans to launch the world's first 12-inch SiC substrate in 2024 and aims to achieve a full range of n-type, semi-insulating, and p-type 12-inch substrates by 2025 [4] - The collaboration with Toshiba is expected to enhance substrate quality and reliability, supporting the growth of the SiC power semiconductor market [4]

当汽车、光伏等行业相继召开座谈会，明确指向产业的无序竞争时，作为战略性新兴产业的半导体，却 尚未公开传来类似"反内卷"的行业呼声。 表面的"沉默"，并非意味着风平浪静。智通财经记者在与多位业内人士和分析机构交流后发现，国产半 导体产业正面临一种特殊的"非典型内卷"。它并非传统意义上的全面产能过剩，而是一种结构性失衡： 真正技术过关的优质产能供不应求，而一些低水平、同质化的无效产能却在加剧市场的竞争过剩。 内卷的"浅水区"与紧缺的优质产能 中国半导体产业的扩张速度，数据可以直观体现。 国际半导体产业协会(SEMI)数据显示，2024年中国大陆芯片制造商产能增长15%，达每月885万片晶 圆。这一增长得益于18座新建半导体晶圆厂的投产，推动全球同年产能扩张6%。同时，根据TrendForce 调查，受国产化浪潮影响，2025年国内晶圆代工厂将成为成熟制程增量主力，预估2025年全球前十大成 熟制程代工厂的产能将提升6%，但价格走势将受压制。 在此情况下，天通股份(600330.SH)甚至在投资者平台公开表示，"由于碳化硅市场出现内卷局面，公司 暂停该项目。" 破局之路：从价格战转向"技术定义" 面对低水平竞争的困 ...

智通财经8月14日讯（记者 王碧微）当汽车、光伏等行业相继召开座谈会，明确指向产业的无序竞争 时，作为战略性新兴产业的半导体，却尚未公开传来类似"反内卷"的行业呼声。 表面的"沉默"，并非意味着风平浪静。智通财经记者在与多位业内人士和分析机构交流后发现，国产半 导体产业正面临一种特殊的"非典型内卷"。它并非传统意义上的全面产能过剩，而是一种结构性失衡： 真正技术过关的优质产能供不应求，而一些低水平、同质化的无效产能却在加剧市场的竞争过剩。 内卷的"浅水区"与紧缺的优质产能 "国内半导体的'内卷'是竞争过剩，但不是产能过剩。"芯谋研究方面告诉智通财经记者，"具体来说是低 水平竞争过剩，导致不合格产能重复建设、人才内耗等，但高质量产能严重不足。" 高端产能方面，芯谋研究指出，技术过关的晶圆厂已处于满负荷运转。根据中芯国际（688981.SH）业 绩会，2025年一季度，其产能利用率已回升至89.6%；华虹半导体（01347.HK）也在"致股东的信"中表 示2024年公司平均产能利用率接近满产。 CINNO Research研究总监刘雨实告诉智通财经记者，半导体行业内卷主要集中于技术同质化严重、产 能扩张失衡、产业 ...

Key Points - The article discusses various significant events in both international and domestic markets, highlighting stock market reactions and government initiatives [2][5][11]. International Market Summary - Iranian attacks on U.S. military bases did not escalate as severely as expected, leading to a recovery in major U.S. stock indices, with the S&P 500 rising by 0.96%, the Dow Jones by 0.89%, and the Nasdaq by 0.94% [2]. - Energy sector stocks fell by 2.5%, while Tesla's stock surged over 8% following the launch of its Robotaxi service [2]. - Following disappointing clinical trial results for a new weight loss drug, Novo Nordisk's shares dropped by over 5% [2]. Domestic Market Summary - The Ministry of Industry and Information Technology, along with eight other departments, issued a plan for the high-quality development of the gold industry, aiming for a 5%-10% increase in gold resources and over 5% in gold and silver production by 2027 [5]. - The Guangzhou government released a three-year action plan to promote the development of smart connected vehicles, targeting over 90% of new cars to be L2 (or higher) by 2027 [6]. - The National Federation of Industry and Commerce's automotive dealers association called for manufacturers to optimize rebate policies and shorten the rebate cash-out period [7]. Industry Trends - The global market for silicon carbide (SiC) is expected to benefit from the bankruptcy of Wolfspeed, the largest SiC substrate manufacturer, which holds over 60% market share [12]. - The Guangzhou government’s plan for smart connected vehicles aligns with Tesla's launch of its RoboTaxi service, which aims to expand to 1,000 vehicles in Texas and over 1 million by the end of 2026 in the U.S. [13]. - The successful operation of a thorium-based molten salt reactor in Gansu represents a significant advancement in fourth-generation nuclear technology, with plans for 5-10 commercial reactors by 2035 [14]. - Recent advancements in stem cell technology could lead to a market growth from 450 billion yuan in 2025 to 3 trillion yuan by 2030, driven by policy changes and aging population needs [15]. Company Developments - Tianyi Ma plans to acquire 100% of the smart self-service equipment company Xingyun Kaiwu, focusing on IoT hardware and SaaS cloud platform solutions [17]. - Huasheng Co. intends to purchase 100% of Yixin Technology, which operates multiple high-performance intelligent computing centers [17]. - The company plans to invest 1 billion yuan in establishing a subsidiary to further develop its computing power service sector [19].

Core Viewpoint - The semiconductor industry is experiencing a complex and prolonged downcycle that deviates from traditional cyclical patterns, indicating a structural change rather than a simple cyclical downturn [1][16]. Group 1: Semiconductor Cycle Understanding - The typical semiconductor cycle consists of phases from demand surge to recovery, lasting approximately 16 quarters or 4 years, but the current cycle has shown prolonged and complicated downturns since the pandemic began in 2021 [1]. - Recent reports suggest that Wolfspeed, a leading SiC company, is seeking bankruptcy protection, highlighting the uncertainty in the current market phase [1][17]. Group 2: Performance of Analog Chip Companies - The performance of major analog chip manufacturers in Q1 2025 generally exceeded market expectations, indicating potential positive signals in the industry [5]. - Companies like TI, ADI, and Infineon have shown signs of recovery in industrial and automotive markets, while others like Microchip are still struggling with all major markets at low points [8][9]. Group 3: Market Recovery and Predictions - The Q2 2025 financial guidance shows a 3.6% quarter-over-quarter growth but a 2.9% year-over-year decline, suggesting a potential recovery phase that is still cautious [11][13]. - Nine out of twelve analog chip companies have raised their performance expectations, with TI and ADI anticipating a return to year-over-year growth in Q2 [14]. Group 4: Structural Changes in the Industry - The semiconductor industry is witnessing a shift where investment decisions are increasingly influenced by non-market factors such as policy guidance and geopolitical considerations, rather than solely by market demand and financial returns [16][20]. - The market dynamics have changed, with companies that are well-positioned in industrial and communication sectors showing resilience, while those reliant on consumer electronics face ongoing challenges [22].

Core Viewpoint - Wolfspeed is facing significant challenges despite being a leader in the SiC (Silicon Carbide) sector, with potential bankruptcy looming as the company restructures to improve operational efficiency and financial health [1][3]. Group 1: Company Overview - Wolfspeed has been a pioneer in the SiC field since the 1990s, introducing various sizes of SiC substrates [1]. - The company opened its first 8-inch wafer fab, Mohawk Valley Fab (MHV), in 2022, aiming to be the sole mass producer of SiC devices on this platform by 2025 [1]. - Currently, Wolfspeed's power SiC devices account for approximately 20% of its business, generating around $100 million in revenue in 2020 [3]. Group 2: Market Position and Challenges - By 2024, Wolfspeed's power SiC device revenue is projected to exceed 50% of its total income, growing nearly fourfold to approximately $400 million, positioning it as the fourth largest globally [3]. - The company is struggling to maintain revenue levels in 2024 due to a slowdown in the electric vehicle market, which is impacting the growth of the equipment segment [5]. - The rise of Chinese SiC substrate manufacturers has led to a significant drop in SiC wafer prices, decreasing by 30% in 2024, which has further complicated Wolfspeed's market position [6]. Group 3: Strategic Moves and Future Outlook - Wolfspeed has divested its LED and RF device businesses to focus on power SiC, indicating a potential for further business segmentation [9]. - The transition from a materials company to a device company presents high barriers, and significant capital expenditures will be necessary for future development [9]. - The strategic value of Wolfspeed's assets remains high, particularly in the context of U.S. national security and supply chain independence, as it operates the only fully automated 8-inch high-volume wafer fab owned by a U.S. company [9].

Investment Rating - The industry investment rating is "Recommended," indicating a positive outlook for the industry fundamentals and expected outperformance against the benchmark index [29]. Core Insights - Wolfspeed, a leading global supplier of SiC substrates, is reportedly preparing to file for bankruptcy, which has led to a significant drop in its stock price by over 50% [3][4]. - In contrast, Tianyue Advanced, a domestic SiC substrate company, is projected to achieve approximately $240 million in revenue for 2024, representing a 41% year-on-year growth, and has reported a net profit of 179 million RMB, marking its first annual profit from core operations [8][9]. - The report highlights that domestic companies have gained a significant cost advantage over Wolfspeed, with Tianyue Advanced's gross margin improving from -5.8% to 24% from 2022 to 2025, while Wolfspeed's gross margin has declined from 34.1% to -17.1% during the same period [9][19]. Summary by Sections Section 1: Wolfspeed's Financial Struggles - Wolfspeed's revenue for the first three quarters of fiscal 2025 was $560 million, down approximately 8% year-on-year, with a net loss of about $950 million, marking a 37.7% increase in losses compared to the previous year [3][4]. - The company's total assets were reported at $7.57 billion, with net assets dwindling to approximately $210 million and cumulative losses reaching about $3.87 billion [5][6]. Section 2: Domestic Competitors' Advancements - Domestic companies have made significant strides in SiC substrate production, with Tianyue Advanced achieving mass production of 8-inch substrates and planning to launch 12-inch substrates in 2024 [14][17]. - Other domestic firms, such as ShuoKe Crystal and TianKe HeDa, are also showcasing advancements in 12-inch SiC substrates, indicating that domestic players are catching up with international competitors [14][17]. Section 3: Market Dynamics and Price Competition - The global market for N-type/conductive SiC substrates is projected to reach $1.04 billion in 2024, with a year-on-year decline of about 9%. Wolfspeed holds a market share of approximately 33.7%, while TianKe HeDa and Tianyue Advanced hold shares of 17.4% and 17.1%, respectively [18][19]. - If Wolfspeed files for bankruptcy, it is expected to alleviate current price competition pressures in the SiC substrate market, benefiting domestic manufacturers significantly [18][19]. Section 4: Long-term Demand Outlook - The report expresses optimism regarding the long-term growth of SiC chip demand, primarily driven by the electric vehicle sector, which accounts for about 70% of the demand, and the renewable energy sector, which exceeds 10% [23][25].

Group 1: SiC Substrate Market - The global N-type SiC substrate market is projected to experience a revenue decline of 9% in 2024, amounting to $1.04 billion, due to weakened demand in the automotive and industrial sectors, alongside intensified market competition and significant price drops [1] Group 2: Semiconductor Packaging and Testing Market - The combined revenue of the top ten semiconductor packaging and testing companies is expected to reach $41.56 billion in 2024, reflecting a year-on-year growth of 3% [4] - ASE Holdings and Amkor maintain their leading positions, while companies like JCET and Tianshui Huatian are experiencing double-digit growth, posing strong challenges to the existing market structure [4][5] Group 3: AI Chip Development - The demand for AI servers is accelerating the self-research of ASIC chips among major North American cloud service providers, with new versions expected to be released every 1-2 years [6] - The proportion of AI chips sourced from foreign suppliers like NVIDIA and AMD in the Chinese market is anticipated to decrease from approximately 63% in 2024 to about 42% in 2025, while local suppliers are expected to increase their share to 40% under government policy support [6]