Core Viewpoint - Wallen Technology, a GPU company, debuted on the Hong Kong stock market on January 2, 2024, with an opening surge of 82.14%, reaching a peak increase of over 110%, and achieving a market capitalization exceeding 90 billion HKD, marking it as the third GPU company to go public within a month after Moore Threads and Muxi Technology [1][2]. Company Overview - Wallen Technology was founded in September 2019 by Zhang Wen, a former president of SenseTime, who is recognized for his strategic vision and ability to attract talent and capital [3][5]. - The company was established during a period of significant uncertainty in China's chip industry, with Zhang Wen presenting a narrative of challenging industry giants like NVIDIA to potential investors [5][6]. Investment and Financing - Over 300 billion CNY has been invested in the top three domestic GPU companies, including Wallen Technology, since their inception around 2020, marking a significant milestone for Chinese chip startups [2]. - Wallen Technology's initial funding rounds included a Pre-A round in December 2019, raising 15 million USD from Qiming Venture Partners, and a Pre-A+ round in February 2020, raising 10 million USD from IDG [7][8]. - By mid-2020, Wallen Technology had completed four financing rounds, raising approximately 2.9 billion CNY, with a pre-investment valuation soaring to 6.06 billion CNY [11][12]. Market Position and Performance - As of 2023, Wallen Technology's revenue figures were approximately 49,900 CNY in 2022, 6.203 million CNY in 2023, and projected at 340 million CNY in 2024, indicating steady growth but trailing behind competitors Moore Threads and Muxi Technology [17][20]. - The company’s pre-IPO valuation reached 6.06 billion CNY, significantly higher than its competitors at the time, which has led to a slowdown in subsequent financing efforts [20]. Strategic Partnerships and Support - Key partnerships have been established with major investors such as Gree Group, which played a crucial role in Wallen Technology's development by investing 140 million CNY and facilitating project implementation and team building [14][15]. - Other notable investors include Hillhouse Capital and Songhe Capital, which have provided substantial backing and strategic support throughout various funding rounds [15][16]. Industry Context - Wallen Technology, along with Moore Threads and Muxi Technology, has collectively raised 31.46 billion CNY in the past six years, establishing a strong presence in the domestic GPU market [27]. - Despite these achievements, domestic GPU manufacturers face significant challenges from industry leader NVIDIA, which reported global revenues of 130.5 billion USD for the fiscal year 2025, dwarfing the combined revenues of the three companies [27].

特朗普称，若非联邦政府介入，波特兰、洛杉矶和芝加哥早已沦陷，当犯罪率再次开始飙升时（只是时间问题），他们将 会回来，且也许会"以一种截然不同、更强大的形式"回来。 当地时间2025年12月31日，美国总统特朗普在其社交媒体"真实社交"发文表示，将从芝加哥、洛杉矶和波特兰撤走国民警 卫队，"尽管国民警卫队驻守使当地犯罪率大幅下降"。 2025年6月，美国总统特朗普在加利福尼亚州州长纽森没有请求支援的情况下，多次下令派遣总共约4000名加州国民警卫队 人员以及约700名美国海军陆战队士兵前往洛杉矶地区，协助联邦机构执行任务。相关做法遭到在洛杉矶及加州主政的民主 党人强烈反对。 美法官裁定：联邦政府在洛杉矶部署国民警卫队违法 美国加利福尼亚州北区联邦地区法院法官查尔斯·布雷耶2025年12月9日裁定，特朗普政府不得继续在洛杉矶部署加州国民 警卫队，并命令将部队控制权交还给加州政府。 该法官认为，目前并无证据表明联邦法律在洛杉矶执行受阻，长期在洛杉矶部署国民警卫队没有必要。联邦政府将国民警 卫队联邦化，并部署在洛杉矶以执行联邦执法任务的理由缺乏法律依据。 美国加利福尼亚州此前起诉特朗普政府在该州动用国民警卫队违法。加 ...

Core Viewpoint - Wallen Technology successfully listed on the Hong Kong stock market on January 2, 2024, with an opening surge of 82.14%, reaching a market capitalization of over 90 billion HKD, marking a significant milestone for China's GPU industry and venture capital investments in this sector [1][14]. Company Overview - Wallen Technology was founded in September 2019 by Zhang Wen, a former president of SenseTime, who is recognized for his strategic vision despite not having a formal background in GPU technology [1][3]. - The company aims to compete with industry giants like NVIDIA, presenting a narrative of catching up from scratch [3][14]. Investment Journey - Initial funding was secured from Qiming Venture Partners, which recognized the potential of AI technology and its demand for computing power, leading to a successful first round of investment in December 2019 [5][11]. - By mid-2020, Wallen Technology completed four rounds of financing, raising approximately 2.9 billion CNY, with a pre-investment valuation soaring to 6.06 billion CNY [8][12]. - Significant investments came from major players like Gree Group and Country Garden, which provided substantial capital and strategic support [9][10]. Financial Performance - Wallen Technology's revenue figures show a gradual increase, with approximately 49,900 CNY in 2022, 6.203 million CNY in 2023, and a projected 340 million CNY in 2024, although it lags behind competitors like Moore Threads and Muxi Technology [12][14]. - The company has raised a total of 9.32 billion CNY in funding, with a notable slowdown in financing activities compared to its competitors during the same period [12][14]. Market Position and Challenges - Despite the successful IPO, Wallen Technology faces significant challenges from NVIDIA, which reported a global revenue of 130.5 billion USD for the fiscal year 2025, dwarfing the combined revenue of Wallen Technology and its competitors [14]. - The company aims to utilize the funds raised from the IPO to attract top talent and potentially pursue mergers and acquisitions to strengthen its market position [14].

Core Viewpoint - Wall Street technology company Biran Technology made its debut on the Hong Kong stock market on January 2, 2024, with an opening surge of 82.14%, reaching a peak increase of over 110% during trading, and achieving a market capitalization exceeding 90 billion HKD, marking it as the third GPU company to go public within a month after Moer Thread and Muxi Technology [2] Company Overview - Biran Technology was founded in September 2019 by Zhang Wen, the former president of SenseTime, who is recognized for his ability to gather talent and capital, positioning himself as a strategic leader in the industry [2][3] - The company aims to compete with industry giants like NVIDIA, despite initial skepticism from investors regarding its ambitious goals [2] Investment and Financing - Biran Technology has attracted over 3 billion CNY in investments from venture capital firms, with significant early investments from Qiming Venture Partners and IDG Capital [4][5] - The first round of financing was completed in December 2019, with Qiming Venture Partners investing 15 million USD at a pre-money valuation of 110 million USD [4] - By mid-2020, Biran Technology had completed four rounds of financing, raising approximately 2.9 billion CNY, with a pre-money valuation soaring to 6.06 billion CNY [7] Strategic Partnerships - Gree Group played a crucial role in Biran Technology's development by investing 140 million CNY and facilitating project implementation and team building [8] - Other notable investors include Country Garden, which invested 350 million CNY, and various top-tier investment firms such as Hillhouse Capital and Songhe Capital [9][10] Financial Performance - Biran Technology's revenue has shown steady growth, with figures of approximately 49,900 CNY in 2022, 6.203 million CNY in 2023, and projected 340 million CNY in 2024, although it still lags behind competitors Moer Thread and Muxi Technology [11] - The company has completed a total of 18.8 billion CNY in financing from 2021 to 2024, compared to 9.17 billion CNY and 3.95 billion CNY raised by its competitors during the same period [11] Market Position and Challenges - Despite its growth, Biran Technology faces significant challenges from NVIDIA, which reported global revenues of 130.5 billion USD for the fiscal year 2025, dwarfing the combined revenues of Biran Technology and its competitors [15] - The company aims to leverage its IPO funds to attract top talent and potentially pursue mergers and acquisitions to enhance its competitive position in the market [16]

Market Overview - The Hong Kong stock market opened on January 2, with the Hang Seng Index rising over 1%, the Hang Seng China Enterprises Index increasing by more than 1%, and the Hang Seng Tech Index gaining over 2% [1] - Wall Street's first listing of 2026 is the debut of Birran Technology, known as the "first GPU stock in Hong Kong" [1] Birran Technology - Birran Technology's stock price surged over 100%, reaching 40 HKD [3] - The final offering price for Birran Technology was set at 19.6 HKD, with a total of 285 million shares issued, raising a total of 5.583 billion HKD; after deducting listing expenses of 209 million HKD, the net fundraising amount was 5.375 billion HKD [4] - The subscription rate for Birran Technology was exceptionally high at 2347.53 times [4] Financial Performance - Birran Technology is a leading provider of general intelligent computing solutions in China, experiencing explosive growth in recent years; revenue increased from 499,000 HKD in 2022 to 337 million HKD in 2024, representing a compound annual growth rate of 2500% [5] Other Companies - Meituan's stock price increased by 4.56%, with news that the company plans to spin off Kunlun Chip for independent listing on the Hong Kong Stock Exchange, and Kunlun Chip has submitted its listing application [6]

消息面上，穆迪分析首席经济学家Mark Zandi表示，就业市场疲软、通胀前景不确定以及政治层面的压力，可能迫使美联储在2026年初采取更为激进的降 息行动。 尽管当前市场和美联储官员本身预计未来一年的政策宽松节奏较为温和，Zandi认为，美联储可能在2026年年中之前实施三次、每次25个基点的降息。他 认为，推动进一步放松货币政策的核心原因，将是2026年初仍显乏力的就业市场。 这一判断明显领先于市场与官方预期。根据芝商所(CME)期货数据并通过CME FedWatch工具反映，市场当前仅定价2026年可能有两次降息，首次至少要 到4月之后，第二次更可能出现在下半年、约9月左右。 相比之下，美联储内部的态度更为谨慎。央行在12月早些时候更新的利率路径"点阵图"显示，官员们对全年仅一次降息的预期占据主流。会议纪要也显 示，当次是否降息曾是一场"势均力敌"的讨论，尽管官员们承认未来仍可能继续降息，但节奏将相当克制。 据CME"美联储观察"，美联储1月降息25个基点的概率为14.9%，维持利率不变的概率为85.1%。到3月累计降息25个基点的概率为51.2%，维持利率不变的 概率为42.8%，累计降息50个基点的 ...

Core Viewpoint - Baidu's subsidiary Kunlun Chip has submitted a listing application to the Hong Kong Stock Exchange, aiming for an IPO that could be completed by early 2027, with a recent valuation of approximately 21 billion RMB (about 2.97 billion USD) [1][3]. Group 1: Listing Announcement - On January 1, Kunlun Chip submitted a listing application form (A1 form) to the Hong Kong Stock Exchange through its joint sponsors for approval to list and trade its shares on the main board [1]. - The proposed spin-off will involve a global offering of Kunlun Chip shares, including a public offering in Hong Kong for public investors and a placement to institutional and professional investors [1]. - As of the announcement date, Kunlun Chip is a non-wholly-owned subsidiary of Baidu, and it is expected to remain a subsidiary after the proposed spin-off is completed [1]. Group 2: Market Reaction and Company Evaluation - Following the positive news regarding Kunlun Chip's listing, Baidu's stock price in Hong Kong surged by 5% [4]. - On December 7, Baidu acknowledged media reports about the proposed spin-off and listing of Kunlun Chip, stating that it is currently evaluating the proposal, which will require regulatory approval [4].

Group 1 - Baidu announced that Kunlun Chip has submitted a listing application to the Hong Kong Stock Exchange for approval to list its shares on the main board [2] - The proposed spin-off will involve a global offering of Kunlun Chip shares, including a public offering in Hong Kong and a placement to institutional and professional investors [2] - As of the announcement date, Kunlun Chip is a non-wholly owned subsidiary of Baidu, and it is expected to remain a subsidiary after the proposed spin-off [2] Group 2 - Reports indicate that Kunlun Chip has officially started preparations for its Hong Kong listing, aiming to submit the application as early as Q1 2026 and complete the IPO by early 2027, with a latest financing valuation of approximately 21 billion RMB (about 2.97 billion USD) [4] - Kunlun Chip focuses on AI chip development, with its products primarily used in data centers, cloud computing, and autonomous driving [5] - Baidu has acknowledged media reports regarding the proposed spin-off and listing of Kunlun Chip, stating that it is currently evaluating the proposal, which will require regulatory approval [5]

Group 1 - The new tax measure on cross-border remittances in the U.S. will take effect on January 1, 2026, requiring a 1% tax on qualifying remittance transactions processed by service providers [1] - The tax applies to remittances funded by cash or similar payment instruments, while transactions funded through U.S. bank accounts or debit/credit cards are generally exempt [1] - This tax is part of the "Big and Beautiful" tax and spending bill promoted by the Trump administration, affecting overseas remitters including U.S. citizens and residents [1] Group 2 - The U.S. government has postponed the planned increase in tariffs on imported soft furniture, kitchen cabinets, and bathroom cabinets, originally set to rise on January 1, 2026, due to ongoing inflation [2] - The current tariff rate on these products is 25%, with the proposed increase to 50% for kitchen and bathroom cabinets and 30% for soft furniture now delayed until January 1, 2027 [2] - Industry associations have indicated that increased tariffs would place additional pressure on U.S. consumers, homebuyers, and builders, who are already facing challenges in the economic growth sector [2] Group 3 - The U.S. Department of Commerce has reduced the proposed tariff rates for 13 Italian pasta exporters, with rates adjusted significantly from a potential maximum of 92% [2][3] - The new proposed rates include 13.89% for Garofalo, 2.26% for La Molisana, and a uniform rate of 9.09% for the remaining 11 companies [2] - The final decision on these tariffs is expected to be announced on March 12, following a period of public comment [2]

（原标题：瑞士滑雪胜地突发爆炸） 突发爆炸。 瑞士阿尔卑斯山区滑雪小镇克朗—蒙大拿一家酒吧当地时间2026年1月1日凌晨起火爆炸，已造成数十人 死亡，近100人受伤。 目前爆炸原因未知。警方表示不排除烟花或燃气泄漏等意外因素，救援行动仍在进行。 责编：李丹 校对：王锦程 据悉，此次事件发生在当地时间1月1日凌晨1点半左右。事发地"星座"酒吧为游客聚集地，事发时正举 行跨年活动。瑞士官方消息称，此次事件"被视为一起火灾，而非袭击事件"。 据报道，死者中有外国公民，伤者中大部分伤势严重。救援部门出动了10架直升机和40辆救护车。瓦莱 州医院的重症监护室目前已满员，患者正在被转移至其他地区。 中国驻瑞士使馆表示，目前还未收到是否有中国公民伤亡的消息。 综合自：央视新闻、CCTV国际时讯 警方、消防及救援服务人员已部署到位，为受影响人员提供援助。警方称，事发区域已被完全封锁，克 朗—蒙大拿上空已设立禁飞区。 ...