Group 1: Company Performance - Tianyue Advanced's stock price closed at 91.24 yuan on February 13, 2026, down 1.47% for the day, with a cumulative decline of 2.08% over the past five days and 17.94% over the past twenty days, underperforming the Shanghai Composite Index and the semiconductor sector [1] - The company announced a revenue forecast of 1.45 to 1.5 billion yuan for 2025, representing a year-on-year decline of 15.17% to 17.99%, and a net loss of 185 to 225 million yuan, a significant drop from a profit of 179 million yuan in 2024 [2] - The main reasons for the loss include a decrease in substrate prices, increased R&D and sales expenses, foreign exchange losses, and asset impairment provisions [2] Group 2: Industry Conditions - From 2024 to 2025, the global price of 6-inch silicon carbide substrates is expected to decline by nearly 30%, with some product prices approaching the cost line for domestic manufacturers [3] - Industry overcapacity, slowing demand for new energy vehicles, and intensified price competition have led to a price war, which has negatively impacted Tianyue Advanced's revenue despite an increase in substrate sales [3] Group 3: Financial and Technical Aspects - To maintain technological leadership, the company continues to invest in R&D for 8-inch and 12-inch large-size substrates, with R&D expenses increasing by 34.93% year-on-year to 75.8467 million yuan in the first half of 2025 [4] - Historical tax payments of approximately 82.97 million yuan and foreign exchange losses due to currency fluctuations have further squeezed profit margins [4] - On February 10, there was a net outflow of 40.266 million yuan in main funds, accounting for 8.08% of total trading volume, indicating market concerns about short-term performance risks [5] Group 4: Stock Price Trends - The stock price has experienced increased volatility, reaching a low of 91.24 yuan on February 13, down approximately 7.8% from a high of 98.99 yuan on January 16 [6] - Some technical indicators, such as KDJ, are at low levels, but market pessimism regarding the price war and the company's profitability has not been fully digested [6] Group 5: Industry Policy Landscape - On February 12, Shenzhen released an AI industry action plan aimed at strengthening the semiconductor industry through AI chips, but it does not directly alleviate the price competition pressure in the silicon carbide substrate sector [7] - Long-term opportunities exist for silicon carbide in the 800V platform for new energy vehicles and AI data centers, but short-term focus should be on the impact of price wars on small and medium-sized manufacturers [7]

Group 1 - The company Tianyue Advanced expects a total of 45 million yuan in daily related transactions for the year 2026, including 5 million yuan for leasing assets to Jining Weishi Technology Development Co., Ltd. and 40 million yuan for selling goods to Customer B. This plan has been approved by the board of directors [1][4] - The company is actively expanding the application of large-size silicon carbide substrates in new markets, such as the optical field. Tianyue Advanced has established partnerships with leading global optical manufacturers and has received multiple orders, achieving sales of silicon carbide substrates in the optical sector. This strategy aims to increase market share [5][6] Group 2 - According to a report by Goldman Sachs, silicon carbide materials have significant application potential in AI data centers and fast charging for electric vehicles. Tianyue Advanced is a global leader in semi-insulating silicon carbide substrates and has been the first to launch 12-inch silicon carbide substrates. This technological advantage may support future growth [2][6] Group 3 - Hubble Investment completed its reduction plan in December 2025, decreasing its shareholding from 5.63% to 4.83%. Changes in the shareholder structure may continue to affect market sentiment [3][7]

Core Viewpoint - The A-share market has seen a significant rally in semiconductor stocks, indicating strong investor interest and potential growth in this sector [1] Group 1: Stock Performance - Guoxin Technology has increased by over 13% [1] - Xinyuan Technology has risen by more than 12% [1] - Changguang Huaxin and Huahai Chengke have both gained over 9% [1] - Guoke Microelectronics, Canxin Technology, Taiji Industry, Yuanjie Technology, and Guangliwei have all seen increases of over 7% [1] - Huaya Intelligent, Jiangfeng Electronics, China Shipbuilding Industry, Dike Co., Changdian Technology have all risen by over 6% [1] - Moer Thread, Tianyue Advanced, Zhaoyi Innovation, and Cambrian have all increased by over 5% [1]

Group 1 - The A-share semiconductor market is experiencing a collective surge, with notable stocks such as Guoxin Technology rising over 13% and Xinyuan shares increasing by more than 12% [1] - The semiconductor industry is projected to reach a revenue of $1 trillion for the first time this year, driven by the widespread application of artificial intelligence and computer chips across various economic sectors [1] - The Semiconductor Industry Association (SIA) forecasts that total sales in the semiconductor industry will reach $791.7 billion by 2025, with a further 26% growth expected in 2026 [1] Group 2 - SIA CEO John Neuffer stated that the speed at which the semiconductor market is surpassing the $1 trillion mark is much faster than anticipated, which is a positive sign for the entire business world [1] - The significant demand for new data center computers is generating substantial profits for companies like NVIDIA and Micron Technology, allowing the industry to consistently exceed growth expectations [1] - Previous forecasts suggested that it would take an additional four years for the industry to reach the $1 trillion scale, indicating a remarkable acceleration in growth [1]

Group 1 - The semiconductor sector in the A-share market has shown significant strength, with notable stock increases such as Guoxin Technology rising over 13% and Xinyuan shares increasing over 12% [1] - The semiconductor industry is projected to reach a revenue of $1 trillion this year, driven by the widespread application of artificial intelligence and computer chips across various economic sectors [1] - The Semiconductor Industry Association (SIA) forecasts that total sales in the semiconductor industry will reach $791.7 billion by 2025, with a further 26% growth expected in 2026 [1] Group 2 - SIA CEO John Neuffer stated that the semiconductor market's rapid growth to surpass the $1 trillion mark is a positive sign for the entire business world, with demand for new data center computers significantly benefiting companies like NVIDIA and Micron Technology [1] - Previous forecasts suggested that it would take an additional four years for the industry to reach the $1 trillion scale, indicating a faster-than-expected growth trajectory [1]

Investment Rating - The report maintains a "Positive" investment rating for the electronic industry, indicating an expectation of returns stronger than the market benchmark by over 5% [5]. Core Insights - Strong demand for computing power driven by AI applications is expected to continue, with significant investments from major cloud providers [8]. - The hardware supply-demand imbalance is spreading across various sectors, leading to price increases [8]. - New technologies such as CPO (Co-Packaged Optics) are anticipated to create additional demand [8]. Summary by Sections Investment Recommendations and Targets - Key investment targets include: - Semiconductor manufacturing: SMIC (688981, Buy), Hua Hong Semiconductor (01347, Buy) - Testing and packaging: Changdian Technology (600584, Buy), Tongfu Microelectronics (002156, Buy), and others [9]. - Server storage: Lianqi Technology (688008, Buy) - CPUs: Haiguang Information (688041, Buy), Longxin Technology (688047, Not Rated), and others [9]. - Passive components: Sanhua Group (300408, Buy), Fenghua Advanced Technology (000636, Not Rated) [9]. - Server manufacturing: Industrial Fulian (601138, Buy), Huaqin Technology (603296, Buy) [9]. - Analog and power chips: Naxin Micro (688052, Buy), Sierui Technology (688536, Not Rated), and others [9]. - Semiconductor equipment: Zhongwei Company (688012, Buy), Northern Huachuang (002371, Buy), and others [9]. - Optical devices/chips: Zhishang Technology (301486, Not Rated), Tianfu Communication (300394, Not Rated), and others [9]. AI Applications and Edge Computing - Key targets in edge AI applications include: - AI main control chips: Amlogic (688099, Buy), Hengxuan Technology (688608, Buy) - Edge storage: Zhaoyi Innovation (603986, Buy), Bawei Storage (688525, Buy) [10]. - Terminal manufacturers: Hikvision (002415, Buy), Luxshare Precision (002475, Buy), BYD Electronics (00285, Not Rated), and others [10]. - Core components for AI edge: Huanxu Electronics (601231, Buy), Sunny Optical Technology (02382, Buy), and others [10].

Core Viewpoint - Tianyue Advanced (02631) has seen a nearly 6% increase in stock price, driven by Goldman Sachs' report highlighting the growing demand for energy efficiency in AI data centers, which is becoming a new core driver for silicon carbide (SiC) applications [1] Group 1: Industry Insights - The demand for energy efficiency in AI data centers is increasing, making SiC applications crucial for 800V high-voltage direct current (HVDC), power supply units (PSU), baseband processing units (BBU), and advanced packaging [1] - SiC offers advantages such as higher energy conversion efficiency, better heat dissipation, higher power density, and smaller size, which align with the GPU computing power enhancement needs [1] - The performance upgrade and weight reduction requirements in the AI glasses sector, along with the existing demand for fast charging in electric vehicles, are identified as three major growth engines for the industry [1] Group 2: Company Positioning - Tianyue Advanced is positioned as a global leader in the semi-insulating silicon carbide substrate field, having pioneered the 12-inch silicon carbide substrate [1] - The company has early investments in liquid phase epitaxy (LPE) technology combined with vapor phase methods, and has independently designed crystal growth furnaces to continuously improve the thickness of silicon carbide ingots [1] - The quality advantage of Tianyue Advanced's products leads to higher yield rates for customers producing SiC devices, supporting product premium pricing [1] - The company is actively reducing costs to offset the impact of declining substrate prices, including a proactive price reduction of 8-inch silicon carbide substrates to capture market share and ensure profitability [1]

Core Viewpoint - Tianyue Advanced (02631) has seen a nearly 6% increase in stock price, driven by Goldman Sachs' report highlighting the growing demand for energy efficiency in AI data centers, positioning silicon carbide (SiC) applications as a new core growth driver [1] Group 1: Industry Insights - The demand for energy efficiency in AI data centers is continuously increasing, making SiC applications crucial for 800V high voltage direct current (HVDC), power supply units (PSU), baseband processing units (BBU), and advanced packaging [1] - Key growth engines identified include performance upgrades and weight reduction in AI glasses, as well as existing demand for fast charging in electric vehicles [1] Group 2: Company Positioning - Tianyue Advanced is a global leader in semi-insulating silicon carbide substrate, having pioneered the 12-inch silicon carbide substrate and early deployment of liquid phase epitaxy (LPE) technology combined with vapor phase methods [1] - The company has designed its own crystal growth furnace, continuously improving the thickness of silicon carbide ingots, resulting in significant product quality advantages [1] - Customers using Tianyue's substrates achieve higher yield rates in producing silicon carbide devices, supporting product premium pricing [1] - The company is actively reducing costs to offset the impact of declining substrate prices, including a proactive price cut on 8-inch silicon carbide substrates to capture market share and ensure profitability [1]

Group 1 - The semiconductor materials and equipment theme indices have experienced declines, with the Shanghai Stock Exchange Sci-Tech Innovation Board index down by 2.13% and the China Securities semiconductor materials and equipment index down by 2.15% as of February 5, 2026 [1][2] - Key stocks such as Huafeng Measurement Control and Tuojing Technology have seen significant declines, with Huafeng Measurement Control leading the drop at 6.60% [1] - The Sci-Tech semiconductor ETF (588170) has seen a recent price drop of 2.06%, while the semiconductor equipment ETF (562590) decreased by 2.17% [1] Group 2 - The Sci-Tech semiconductor ETF has recorded a net outflow of 59.39 million yuan, but over the past five trading days, it has seen a net inflow of 202 million yuan, averaging 40.37 million yuan per day [2] - Qualcomm reported better-than-expected Q1 FY2026 results but provided a revenue outlook below market expectations due to global memory supply shortages, projecting revenue between 10.2 billion to 11 billion USD for Q2 [2] - The demand for AI computing power is increasingly dominating storage needs, leading to a significant rise in DRAM prices, with server DRAM prices expected to increase by approximately 90% in Q1 [3] Group 3 - The Sci-Tech semiconductor ETF and its linked funds track the semiconductor materials and equipment theme index, focusing on hard tech companies in semiconductor equipment (60%) and materials (25%) [4] - The semiconductor equipment ETF (562590) also emphasizes semiconductor equipment (63%) and materials (24%), highlighting the importance of domestic substitution in the semiconductor industry [4]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 山東天岳先進科技股份有限公司 呈交日期: 2026年2月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02631 | 說明 | H 股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 54,907,500 | RMB | | 1 RMB | | 54,907,500 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 54,907,500 | RMB | | 1 RMB | | 54,907,500 | | 2. 股份分類 | 普通股 | 股份類別 | A | ...