Sky-High Surge in Tianyue Advanced AH Shares, Silicon Carbide Substrates Entering Laser Heat Dissipation

Tianya Advanced has seen a surge of over 12% in Hong Kong stocks today, while A-shares have risen by about 10%. The upward revision of package chip business expectations by Ibi Electric has become the direct catalyst for Tianya Advanced's large increase in Hong Kong stocks on May 13th.

The market is re-evaluating the value of silicon carbide in the advanced packaging industry chain - the company has applied the semi-insulating silicon carbide substrate to the heat dissipation layer of high-power laser chip packaging and has begun mass shipment.

In the global conductive silicon carbide substrate market by 2025, Tianya Advanced has surpassed Wolfspeed with a share of 27.6% to take the first place, with an 8-inch product market share reaching 51.3%, showing a clear positioning during the size transition period.

Three New Paths

Silicon carbide is extending from automotive power devices to three directions.

The upgrade of high-voltage DC architectures in data centers to 800V has created a rigid demand for silicon carbide. Nvidia has clarified the application node for 2027, and manufacturers like Delta are expected to introduce new solutions in the second half of 2026. About 80% to 90% of the share of power chips in this field is still overseas, and domestic manufacturers are looking to enter.

In terms of advanced packaging, silicon carbide, as a cover or interlayer substrate, has entered low-volume supply, serving the high power density thermal requirements of AI chips. The production progress of 12-inch conductive substrates is a core variable.

The lightwave guide of AI glasses is considered the third incremental scenario for silicon carbide. The current cost per piece is about more than 1000 RMB, with the goal to reduce to 500-600 RMB, and it is expected to increase production in 2027.

The Industry is Still Bottoming Out

The price of 6-inch wafers has been reduced from about 20,000 yuan to 10,000 yuan, with the automotive block average price at about 2,500 yuan, still above the thousand yuan level cost of silicon-based IGBTs, and the industry is generally loss-making. However, outdated capacities are being phased out, and the market expects the price reduction to narrow by 2026.

Domestic manufacturers are leading in the substrate end, while Infineon and STMicroelectronics still have advantages in the chip end, and competition in the Chinese market between the two parties is accelerating.

When the 12-inch substrate can be mass-produced on a large scale, it will determine how far this narrative from "electric vehicle materials" to "computing power infrastructure" can go.