Core Viewpoint - The article discusses the upcoming IPO of the Chinese distributors of MammyCare and Yitanjing, highlighting their significant revenue and profitability metrics, including a gross margin of approximately 50% and annual revenue nearing 2 billion yuan [1]. Group 1 - The companies are based in Hong Kong and are preparing to launch their IPO, indicating a strategic move to raise capital for further growth [1]. - The annual revenue of nearly 2 billion yuan reflects strong market demand and effective distribution strategies within the Chinese healthcare sector [1]. - The gross margin of around 50% suggests a healthy profitability level, which is attractive for potential investors [1].

ETF进化论 杀疯了！史诗级新高。。 原创 阅读全文 ...

作者 | 弗雷迪 数据支持 | 勾股大数 据（www.gogudata.com） 周末又吃到马斯克的瓜了。他在社交媒体上点赞王力宏伴舞机器人的话题冲上热搜。 12 月 18 日，王力宏成都演唱会首次引入人形机器人伴舞，共同演绎《火力全开》，六台宇树科技人形机器人完成高难度"韦伯斯特"空 翻的视频引发海内外关注，连特斯拉 CEO 马斯克也转发视频并评论称：" Impressive （令人印象深刻）。" 周一回来， A 股人形机器人板块继续反弹，港股中资概念股也出现冲高趋势， 机器人 ETF(159770)跟踪的 标的指数上涨 1.47% 。 数据显示，虽然到了年底，但资金对这个赛道依然十分关注。 即将迈入 2026 年，人形机器人的机会在哪里？ 资金又在抄底？ 周一，市场早盘集体走强，上证指数收涨 0.69% ，创业板指涨 2.23% 。 板块方面，贵金属、元件、通信设备、人形机器人题材活跃，医药商业、影视院线板块调整。 | 还原 板块名称 | 张幅 ÷ | | --- | --- | | 1 書金属 | +4.18% | | 2 元件 | +3.17% | | 3 电机 | +2.98% | | 4 通信设备 ...

Core Viewpoint - The market performance of companies like Moer Thread and Muxi Co. signals a significant shift in the valuation system for high-end GPUs, distinguishing them from traditional computing chip companies [2]. Group 1: High-End GPU Market Dynamics - The high-end GPU sector is forming an independent valuation track, as evidenced by the dramatic price increase of Cambrian Technology, which rose nearly 30 times from its low of 54 yuan to a peak of 1596 yuan [4]. - The listings of Moer Thread and Muxi have provided the market with a clear understanding of the pricing mechanism for general-purpose GPUs, validating the notion that the asset imagination space for general-purpose GPUs is larger than that for AI-specific ASICs [4][6]. - Moer Thread's stock surged 468.78% on its first day of trading, reaching a market cap of over 300 billion yuan, while Muxi's first-day performance was even more impressive, with a rise of 682% [4]. Group 2: Valuation Logic of High-End GPUs - The essence of this market trend transcends the concept of "domestic substitution," as traditional chip pricing logic focused on performance, shipment volume, and profit margins is no longer applicable [6]. - High-end GPUs are characterized by five unique conditions: indispensable for large model training, limited supply due to geopolitical factors, high switching costs for users, and their role as strategic national assets [7]. - This creates a positive feedback loop where increasing demand for computing power drives up asset prices, attracting more investment and policy focus, leading to a stronger market position for leading companies [7]. Group 3: Wall Street's Perspective on Wall Street's IPO - Wall Street's upcoming IPO is set against a backdrop of a favorable market for tech assets, with the Hang Seng Index rising approximately 23% and the Hang Seng Tech Index up about 37% since the beginning of 2025 [14]. - The scarcity of high-quality tech assets in the Hong Kong market enhances the appeal of Wall Street as the "first domestic GPU stock," especially given the historical low valuations of tech stocks [16]. - The IPO has attracted significant institutional interest, with 23 cornerstone investors participating and a high subscription rate of approximately 64% [16][17]. Group 4: Wall Street's Technological and Commercial Strength - Wall Street has established a competitive edge through its GPGPU architecture, successfully developing and mass-producing BR106 and BR110 chips, and launching the higher-performance BR166 chip [11]. - The company has shown rapid revenue growth, increasing from 499,000 yuan in 2022 to 337 million yuan in 2024, while also narrowing its adjusted net loss from 1.051 billion yuan in 2023 to 767 million yuan in 2024 [12]. - Wall Street's R&D spending has been substantial, with total expenditures of 1.018 billion yuan, 886 million yuan, and 827 million yuan from 2022 to 2024, representing 79.8%, 76.4%, and 73.7% of total operating expenses, respectively [13].

格隆汇新股 吉林长春冲出一家半导体IPO，估值100亿，高瓴、奥普光电押注 原创 阅读全文 ...

ETF进化论 但斌：推荐朋友直接买这家公司 原创 阅读全文 ...

Core Viewpoint - The article discusses the significant disparity in online retail penetration between China and the U.S., with China's online retail sales approaching 30% while the U.S. remains around 16%. This difference is attributed to the maturity of the U.S. retail market, which is dominated by strong offline players like Walmart and Costco, leading to a more complex competitive landscape for e-commerce in the U.S. [4][5][6] Group 1: Market Dynamics - The U.S. e-commerce market is not simply lagging behind China but is characterized by a mature offline retail system that provides high efficiency and experience, making it difficult for e-commerce to replace traditional retail. Instead, e-commerce serves as a supplement to offline shopping [5][6]. - The U.S. retail market, valued at $7 trillion, supports a substantial e-commerce sector worth over $1.1 trillion, despite a lower penetration rate [6]. - The competitive landscape in the U.S. is shifting from total growth to structural differentiation, focusing on specific niches where traditional retailers cannot compete effectively, such as extreme low prices, traffic stimulation, and fresh food delivery [6][13]. Group 2: Competitive Challenges - Amazon, while still a leader in infrastructure, faces significant challenges from low-cost competitors and new traffic sources, particularly from companies like Temu and Shein, which leverage Chinese supply chains to offer lower prices without the need for expensive logistics in the U.S. [8][10][11]. - TikTok Shop is emerging as a powerful player in the e-commerce space, converting its vast short video traffic into purchasing power, contrasting with Amazon's traditional search-based model [12]. - In the fresh grocery segment, Walmart has overtaken Amazon with a 25% market share compared to Amazon's 22%, due to Walmart's effective use of its extensive store network to reduce delivery costs and enhance customer experience [15]. Group 3: Key Companies - **Amazon (AMZN)**: Despite facing competition, Amazon maintains a strong retail market share of around 37% and continues to perform well in core categories, such as consumer electronics [17]. - **Walmart (WMT)**: Walmart is transforming from a traditional supermarket to a full-channel giant, with its e-commerce business growing over 20% for seven consecutive quarters, now accounting for 20% of its total retail sales [20]. - **PDD Holdings (PDD)**: Temu is evolving from a fully managed model to a semi-managed one, enhancing its supply chain capabilities and integrating local inventory to compete with Amazon [21]. - **Shopify (SHOP)**: Shopify is shifting its growth narrative, focusing on AI-driven traffic distribution and financial services to enhance its revenue model [22]. - **Instacart (CART)**: Instacart dominates over 70% of the U.S. third-party grocery delivery market, with a growing high-margin advertising business contributing to its revenue [23].

ETF进化论 太猛了！神秘资金突然爆买 原创 阅读全文 ...

Core Viewpoint - The wind power industry in China is expected to experience significant growth in both onshore and offshore segments, driven by strong domestic demand and increasing overseas orders, particularly in 2026 [5][7]. Group 1: Wind Power Capacity and Trends - In the first ten months of 2025, the newly approved onshore wind power capacity in China reached 113.5 GW, a 74% increase compared to the same period last year, while offshore wind power added 8.1 GW [2]. - The outlook for 2026 indicates that onshore wind power installations are likely to hit new highs, with offshore wind power also maintaining rapid growth, supported by both domestic and international markets [5]. Group 2: Wind Turbine Sector - The wind turbine sector is expected to see a growth rate of 10% annually for domestic onshore turbines and 16% for overseas onshore turbines from 2024 to 2028, with offshore turbine growth rates projected at 20% and 24% respectively [6]. - By 2028, the market value for domestic onshore turbines is anticipated to reach 1,775 billion, while offshore turbines could reach 352 billion [6]. - Profitability for domestic onshore turbines is expected to grow at an average rate of 45% annually, with 2026 being a key growth year [6]. Group 3: Pile Industry - The offshore wind power pile industry is poised for significant opportunities in overseas markets, with domestic leading companies increasing their market share through large-scale production and comprehensive service offerings [12]. - The value of offshore wind power piles is expected to remain stable over the next three years, despite cost reductions from larger equipment and increased value from deep-sea developments [9]. Group 4: Submarine Cable Sector - The offshore wind power submarine cable industry is entering a golden development period, driven by global energy transition and increasing demand [14]. - Domestic submarine cable companies are expected to see a compound annual growth rate (CAGR) of 42% from 2024 to 2028, with market value projected to reach 57 billion by 2028 [14]. - The domestic market for submarine cables is expected to grow at an average rate of 33.19% annually from 2022 to 2025, supported by technological advancements and reduced reliance on imports [16]. Group 5: Key Focus Companies - In the wind turbine sector, Mingyang Smart Energy is highlighted with a market value of 31.322 billion and a PE ratio of 30.50, focusing on offshore and overseas strategies [20]. - In the pile sector, Tianshun Wind Energy has a market value of 11.99 billion and a PE ratio of approximately 173, benefiting from higher profit margins on overseas orders [20]. - In the submarine cable sector, Hengtong Optic-Electric has a market value of 58.61 billion and a PE ratio of 20.71, positioned to benefit from both offshore wind installations and AI-driven demand for optical modules [21].

2025年，中国资本市场在"双循环"新格局下加速蜕变：科创板"1+6"改革深化硬科技企业培育，创业板准入标准迭代适配未来产业，中长期资 金入市规模创历史新高。在全球货币政策分化与地缘重构的背景下，人民币资产配置价值凸显，外资年内净增持境内股票超千亿元，中国正成 为全球资本再平衡时代的核心锚点。 值此历史性转折期，格隆汇将于 2025年12月22日星期一下午 举办 【"科技赋能·资本破局"——线上分享会】。 格隆汇中概研究院院长 此前，Marco曾在Watertower Research担任高级分析师，在华盛证券投资银行部担任执行董事，在国信证券（香港）担任副总裁，并在美 国 Roth Capital Partners担任高级经理。在Roth Capital 期间，他完成了35笔以上投行交易，包括首次公开募股（IPO）、增发和并购，总 交易价值超过35亿美元，涉及中国和美国的中小型公司。他主导了 6 家中国企业在纳斯达克和纽约证券交易所的IPO，总交易价值超过2.6亿 美元。Marco拥有华北电力大学的金融管理学士学位和佩珀代因大学的应用金融硕士学位。 "科技赋能 · 资本破局" 线上分享会 执棋者谋势，破局者 ...