The heterogeneous many-core architecture with an ultra-high energy efficiency ratio has become an important development trend of supercomputer architecture. However, the complexity of heterogeneous systems puts forward higher requirements for application development and optimization, and they face many technical challenges such as usability and programmability in the development process. The independently developed new-generation Sunway supercomputer is equipped with a homegrown heterogeneous many-core processor, SW26010Pro. To take full advantage of the performance of the new-generation many-core processors and support the development and optimization of emerging scientific computing applications, this study designs and implements an optimized compiler swLLVM oriented to the SW26010Pro platform. The compiler supports Athread and SDAA dual-mode heterogeneous programming models and provides multi-level storage hierarchy description and SIMD extensions for vector-like operations. In addition, it realizes control-flow vectorization, cost-based node combination, and compiler optimization for multi-level storage hierarchy according to the architecture characteristics of SW26010Pro. The experimental results show that the compiler optimization designed and implemented in this paper achieves significant performance improvements. The average speedup of control-flow vectorization and node combination and optimization is 1.23 and 1.11, respectively, and the memory access optimization achieves a maximum performance improvement of 2.49 times. Finally, a comprehensive evaluation of swLLVM is performed from multiple dimensions on the standard test set SPEC CPU2006. The results show that swLLVM reports an average increase of 9.04% in the performance of floating-point projects, 5.25% in overall performance, and 79.1% in compilation speed and an average decline of 0.12% in the performance of integer projects and 1.15% in the code size compared to SWGCC with the same optimization level.