科创板日报 . 专注科创板和科技创新，上海报业集团主管主办，界面财联社出品。 以下文章来源于科创板日报 ，作者夏军雄 此前有媒体报道称，SpaceX计划在2026年上市，目标估值为1.5万亿美元，并希望筹集超过250亿美元资金， 这可能使其成为全球史上规模 最大的IPO之一。 鉴于SpaceX作为全球最大私营公司之一的地位，其上市决定令部分市场人士感到意外。 知情人士表示，尽管马斯克长期倾向于让SpaceX保持私有状态，但随着公司估值不断攀升，以及星链（Starlink）卫星互联网业务的成功， 其战略思路已发生转变。 SpaceX凭借火箭发射业务久负盛名，如今更通过Starlink成为全球最大卫星运营商——该网络由近1万颗卫星组成，向消费者、政府和企业 客户提供宽带互联网服务。 据消息人士称， 摩根士 丹利有望 成为太空探索技术公司SpaceX首次公开募股（IPO）的主承销商，该行与SpaceX首席执行官埃隆·马斯克 关系密切， 从而占据一定优势。 知情人士表示，IPO的遴选流程——业内称为"竞标角逐"（bake-off）——仍在进行中，包括摩根士丹利、高盛和摩根大通在内的少数几家 投行正争夺相关承销角色。不 ...

针对媒体报道的字节跳动前三季度累计400亿美元净利和今年有望达到500亿美元净利润，接近字节跳动的知情人士向《科创板日报》记者回应称： 报道中前三季度和全年的数据都不实，偏差较大。 ...

Core Viewpoint - The successful operation of the world's first commercial supercritical carbon dioxide power generation unit, "Super Carbon No. 1," marks a significant advancement in transitioning supercritical carbon dioxide power generation technology from laboratory to commercial application [1][3]. Group 1: Technology Overview - "Super Carbon No. 1" utilizes supercritical carbon dioxide to generate electricity, differing from traditional methods that rely on steam from heated water [3]. - The efficiency of "Super Carbon No. 1" is over 85% higher than existing waste heat steam power generation technologies, with an additional annual output of over 70 million kilowatt-hours [3]. Group 2: Future Application Prospects - A new energy storage and power generation demonstration project combining molten salt storage and supercritical carbon dioxide power generation is expected to begin construction in Xinjiang in the first half of 2026 [4]. - The technology has broad application prospects in offshore oil and gas drilling platforms and large vessels, offering advantages such as high efficiency, compact systems, fewer auxiliary systems, and a 50% reduction in space requirements [4]. - The supercritical carbon dioxide technology can effectively utilize industrial waste heat, which is crucial for energy conservation and carbon reduction in traditional industries like steel and cement [4].

Group 1 - The article does not present any core viewpoints related to companies or industries [1][2][3] Group 2 - The content primarily focuses on job responsibilities and requirements for a position at a media organization, which does not pertain to company or industry analysis [1]

Core Viewpoint - The introduction of the "zero tariff" policy for imported vehicles in Hainan has generated significant public interest, with substantial price reductions for luxury cars, although the policy primarily benefits businesses rather than individual consumers [1][3]. Group 1: Zero Tariff Policy Details - The "zero tariff" policy allows eligible imported vehicles to be exempt from customs duties, value-added tax, and consumption tax, significantly lowering prices. For example, a Toyota Hiace valued at 227,000 yuan had tax exemptions of approximately 84,000 yuan, resulting in a nearly 40% price reduction [1]. - The policy is effective from December 18, coinciding with Hainan's announcement of its customs closure, which has led to a surge in interest on social media [1]. Group 2: Eligibility and Restrictions - The zero tariff policy is limited to enterprises engaged in transportation and tourism in Hainan, requiring vehicles to be used for operations and equipped with satellite positioning systems linked to regulatory networks [3]. - Companies must own at least 15 operational vehicles for over three years or import a minimum of 15 zero-tariff vehicles at once to qualify [3]. - Vehicles must have their origin or destination within the Hainan Free Trade Port and cannot stay in mainland China for more than 120 days per year [5]. Group 3: Implications for Consumers - Although individuals cannot directly purchase zero-tariff vehicles, they may benefit indirectly through lower rental prices from local car rental companies that acquire these vehicles in bulk [8]. - The policy has positively impacted the local economy, as evidenced by Sanya's impressive duty-free sales figures, with total sales reaching 118 million yuan and a significant increase in customer traffic and sales year-on-year [8].

Core Viewpoint - The article highlights the rapid expansion of the domestic GPU leader, Moore Threads, and its significant advancements in GPU architecture and ecosystem development, particularly with the launch of the "Huagang" architecture and its associated products [1][2][17]. Group 1: Technological Advancements - Moore Threads introduced the "Huagang" architecture, which boasts a 50% increase in computing density and a 10-fold improvement in energy efficiency compared to the previous generation, set for mass production in the coming year [2]. - The "Huagang" architecture supports full precision from FP4 to FP64 and integrates AI generative rendering architecture and hardware acceleration for ray tracing [2]. - Two core chips were announced based on the "Huagang" architecture: "Huashan," designed for AI training and inference, and "Lushan," focused on high-performance graphics rendering [3][4]. Group 2: Performance Metrics - The "Huashan" chip features a new asynchronous programming model and achieves a 64-fold increase in AI computing performance and a 16-fold increase in geometric processing performance [4]. - The "Kua'e" supercomputing cluster was unveiled, achieving a floating-point computing capability of 10 Exa-Flops, with a training efficiency of 60% for dense models and 40% for mixture of experts models [6]. - The MTT S5000 single card achieved a prefill throughput of over 4000 tokens/s and a decode throughput of over 1000 tokens/s on the DeepSeek R1 671B model, indicating substantial breakthroughs in handling large-scale parameter models [7]. Group 3: Software Ecosystem - The company announced a full-stack software upgrade for its self-developed MUSA architecture, with the core computing library muDNN achieving over 98% efficiency in GEMM/FlashAttention and 97% in communication [9]. - An open-source plan was introduced, aiming to gradually release core components of the computing acceleration library, communication library, and system management framework to the developer community [10]. - The company plans to launch an intermediate language, MTX, compatible with cross-generation GPU instruction architectures, and a programming language, muLang, to facilitate developer adaptation [11]. Group 4: Market Position and Strategy - Moore Threads is entering the personal intelligent computing terminal hardware market with the launch of the MTT AIBOOK, priced at 9999 yuan, featuring the self-developed SoC chip "Changjiang" [12][13]. - The MTT AIBOOK is designed as a ready-to-use tool for developers, integrating AI capabilities and supporting multiple operating systems to enhance the MUSA ecosystem [14]. - The company aims to transition from being a single hardware supplier to a platform-level computing infrastructure provider, reflecting a strategic shift in the evolving global computing market [17]. Group 5: Financial Performance - The stock price of Moore Threads has shown significant volatility, closing at 664.10 yuan per share on December 19, with a cumulative decline of 29.4% from its peak on December 11, although it remains up over 481% from its issue price [16]. - The company's market capitalization is maintained at a high level of 312.146 billion yuan [16].

Core Viewpoint - The article highlights the debut of humanoid robots as backup dancers at Wang Leehom's concert in Chengdu, marking the world's first concert featuring a robot stage performance [1][4]. Group 1: Event Details - On December 18, Wang Leehom's concert introduced six humanoid robots from Yushu Technology, dressed in silver sequined outfits, performing synchronized dance routines to the music [2]. - The performance concluded with a high-difficulty "Webster" flip executed by the robots, which energized the audience [2]. Group 2: Reactions and Acknowledgments - Elon Musk, CEO of Tesla, shared a video of the performance on social media, expressing his admiration with the comment "Impressive" [6]. - Wang Leehom's studio confirmed the event as the "world's first concert robot stage" [4]. Group 3: Background and Preparation - The concept of integrating robots into the concert was not spontaneous; Wang Leehom visited Yushu Technology two months prior to the event to discuss and understand the robot technology [8].

美司法部（资料图） 当天早些时候，美司法部官员表示，此次将公开数十万份相关记录，接下来几周继续公开更多内容。然而据披露，已公布的文件约4000 份，大多是照片。司法部将在年底前公布全部文件。 据央视新闻，美国司法部19日开始在其网站公布已故富商杰弗里·爱泼斯坦相关案件的文件，但将诸多内容做涂黑处理。 初步梳理发现，文件中提 及现总统特朗普较少， 却"大量提及"前总统克林顿。 克林顿方面随后怒斥此举意在找"替罪羊"。 白宫方面则在一份声明中说，此次公布文件显示了现任政府的"透明度"以及为受害者们"伸张正义"的决心，并批评民主党主政时期的几届政 府没有这样做。 爱泼斯坦与大批美国政商名流交往密切，因涉嫌性犯罪被捕后，2019年8月死在狱中，被判定为"自杀"。关于他掌握一份用于勒索知名人士 的"客户名单"、因此死于非命的说法广为流传。爱泼斯坦2003年50岁生日纪念册中含有一封署名为"唐纳德"、包括性暗示图案的"露骨"祝 福信，也曾引发争议。美国民主党和共和党先前就此互相攻击，共和党内部也产生分裂。 不过，有分析称，白宫似乎忽视了一点：司法部公布文件是迫于国会压力。今年7月，司法部和联邦调查局还曾发布备忘录，认定没 ...

Core Viewpoint - The article discusses the significance of Zhipu's IPO as it aims to become the first global large model stock, providing a valuation benchmark for the underrepresented large model industry in the public market, and marking a shift from a "technical race" to "capital validation" for China's AI sector [3]. Financial Performance - Zhipu's revenue is projected to grow rapidly from 57.4 million yuan in 2022 to 312.4 million yuan in 2024, with a compound annual growth rate (CAGR) of 130% [4]. - The gross margin for Zhipu is expected to be 54.6% in 2022, 64.6% in 2023, and 56.3% in 2024, with a gross margin of 50% in the first half of 2025 [4]. - Despite significant revenue growth, Zhipu has recorded losses of 144 million yuan in 2022, 788 million yuan in 2023, and 2.958 billion yuan in 2024, with a loss of 2.358 billion yuan in the first half of 2025 [5]. Research and Development - Zhipu has invested heavily in R&D, with expenditures increasing from 84.4 million yuan in 2022 to 2.195 billion yuan in 2024, totaling over 4.4 billion yuan [5]. - The company has achieved a breakthrough in domestic GLM architecture, compatible with over 40 domestic chips, and has developed a comprehensive product matrix covering various AI applications [5]. Market Position and Competition - Zhipu ranks first among independent general-purpose large model developers in China and second among all general-purpose large model developers, with a market share of 6.6% as of 2024 [4]. - The company has raised over 8.3 billion yuan in funding since its establishment in 2019, with notable investors including Meituan, Tencent, and Xiaomi [6]. Business Model and Revenue Streams - Zhipu's revenue primarily comes from localized deployment of large models, contributing 84.5% of total revenue by 2024, while cloud revenue accounts for 15.5% [7]. - The company is shifting its focus towards cloud deployment and MaaS (Model as a Service) to enhance scalability and profitability [8][9]. - The annual recurring revenue (ARR) from its model services for global developers has surpassed 100 million yuan, indicating a strategic shift towards increasing the revenue share from API services [11]. Strategic Direction - Zhipu aims to strengthen its core business of localized deployment while increasing the revenue share from its MaaS platform, which has shown exponential growth [10]. - The company is also focusing on expanding its cloud services and reducing reliance on private deployments, as evidenced by the increasing share of cloud business revenue [12]. - Zhipu's daily token consumption has surged from 500 million in 2022 to 4.6 trillion in the first half of 2025, highlighting its ambition to become a scalable cloud-based model platform [13].

Core Viewpoint - The domestic computing chip industry is experiencing a significant moment in the capital market, highlighted by the successful listing applications of companies like Birran Technology and Tensu Zhixin on the Hong Kong Stock Exchange [1][7]. Group 1: Birran Technology - Birran Technology, established in 2019, focuses on the development of General-Purpose Graphics Processing Unit (GPGPU) chips and intelligent computing solutions, positioning itself among the top domestic GPU companies [2]. - The company has developed a three-in-one core business system comprising GPGPU chip hardware systems, the BIRENSUPA software platform, and intelligent computing cluster delivery, supporting high-performance computing for various sectors [2][3]. - Financially, Birran Technology's revenue has surged from 499,000 yuan in 2022 to 337 million yuan in 2024, marking a cumulative growth of over 675 times, although it reported a net loss of 15.38 billion yuan in 2024 [4]. Group 2: Tensu Zhixin - Tensu Zhixin is the first domestic company to achieve mass production of training and inference general-purpose GPUs using 7nm advanced technology, with a product matrix covering all AI computing scenarios [5][6]. - The company has seen significant growth in its customer base, expanding from 22 clients in 2022 to over 290 by mid-2025, with a total of over 900 deployments in key sectors [6]. - Revenue for Tensu Zhixin has also increased, reaching 5.4 billion yuan in 2024, with a compound annual growth rate of 68.8% from 2022 to 2024 [6]. Group 3: Market Trends and Regulations - The Hong Kong Stock Exchange's 18C special technology listing system has lowered financial thresholds for unprofitable tech companies, leading to a surge in listing applications, with 19 companies having applied under this rule as of now [7][9]. - Industry experts predict that 150 to 200 companies will list in Hong Kong next year, with an expected IPO total of 300 billion yuan, making it the largest globally [8]. - The 18C mechanism provides crucial capital access and market confidence for high-investment, long-cycle, unprofitable domestic GPU companies, although it raises expectations for stable cash flow and predictable orders from investors [9].