2026 年 1 月 8 日上午 9 点半，香港交易所的上市锣声敲响 。 北京智谱华章科技股份有限公司（股票代码： 02513.HK ， 以下简称 "智谱" ）以 "全球首家做通 用人工智能（ AGI ）基座模型的上市公司"身份登陆港股。 开盘后股价一路走高，最大涨幅冲到 16.18% ，市值 将近 600 亿港元。 图源智谱官方 这一天对智谱来说，是从实验室走向资本市场的重要节点；对中国 AI 产业来说，也有着特殊意义 ： 长期以来一直在比拼技术的中国大模型企业，终于通过智谱的上市，向全球资本市场证明了自己 的商业化价值。 智谱被不少人叫做 "中国版 OpenAI "，它能成功上市并不是 因为 运气。 从 2019 年依托清华大学 KEG 实验室的技术成立公司，到 2025 年 底 推出的 GLM-4.7 模型在 全球权威榜单上超过 GPT-5.2 ，再到如今成为"全球大模型第一股"，背后靠的是 自身的 商业模 式、技术实力，还有北京海淀、上海张江这两个科创高地的助力。 技术能打，商业也能变现 站在客观的角度，智谱能成为 "全球大模型第一股"，核心是做到了两件事： 一是技术上有自己的优 势，二是找到了能规模 ...

此次 IPO 拟募集的 295 亿元资金，将重点投向存储器晶圆制造技术升级、 DRAM 前瞻研发等核心领域，进一 步巩固其在国产存储赛道的领先地位。 2025 年末，在全球半导体产业格局深度调整、国产替代加速推进的背景下，中国存储芯片领域迎来里程碑事 件。 12 月 30 日，上海证券交易所正式受理长鑫科技集团股份有限公司（以下简称 " 长鑫存储 " ）的科创板 IPO 申请。 这不仅标志着国内 DRAM 龙头企业向资本市场正式迈进，更意味着 A 股市场即将迎来首家真正意义上的存储 芯片 IDM （垂直整合制造）企业。 从 2016 年在合肥落地生根，到 2025 年冲刺科创板，长鑫存储用九年时间走完了从技术追赶、产能扩张到市 场突围的历程。 在全球技术竞争加剧的时代背景下，长鑫存储成为A股存储芯片第一股的的底气 来自哪里 ？ 国产 DRAM 龙头的商业模式与行业实力 提起存储芯片，可能很多人会觉得陌生，但它其实是我们生活中无处不在的"刚需 " ：手机运行、电脑办公、服 务器运算、智能汽车导航，都离不开 DRAM （动态随机存取存储器）这种核心存储部件。 长鑫存储能在短短九年里追上国际巨头，这家公司核心竞争力 ...

2025 年的冬天，南京的资本市场比寒潮中的气温更炽热。 12 月 17 日，国产 GPU 领军企业沐曦股份在科创板鸣锣，首日股价最高涨幅突破 850% ，总市 值飙升至 3300 亿元，创下 A 股注册制以来新股涨幅纪录。 这并非孤例。 就在同一个月， 12 月 5 日，同为南京投资布局的"国产 GPU 第一股"摩尔线程上市，首日涨幅 425% ，市值轻松突破 3000 亿元；回溯至 2020 年，寒武纪在南京 8 亿元战略投资的"雪中送 炭"下，不仅渡过客户流失危机，更成长为市值超 5600 亿元的 AI 芯片巨头。 看向隔壁安徽省。长期以来，合肥凭借京东方、长鑫存储、蔚来等押注式投资，稳居"最牛风投城 市"宝座。 图源"南京新闻" 现如今，短短一个月内，三大芯片巨头接连上演"上市即暴涨"的戏码，且都与南京资本深度绑定。 这不禁让人好奇： 南京什么时候悄悄攒下了这么强的投资功力？这种"耐心打法"，会不会改写城市 风投的游戏规则？ 芯片三巨头的"南京基因" 2020 年 9 月，当陈维良带着几位 AMD 前同事创立沐曦股份时，国产 GPU 赛道还是一片"无人 区"。 彼时，全球 GPU 市场被英伟达、 AM ...

2025 年末的创投圈，被一笔超 3 亿美元的融资彻底点燃 。 北京银河通用机器人有限公司（ GALBOT ，以下简称 "银河通用" ）正式官宣新一轮融资 。 本轮 由中国移动链长基金领投，中金资本、中科院基金、苏创投、央视融媒体基金、天奇股份等产业巨头 与国资平台联合注资，更 首次引入新加坡、中东等国际资本 ，老股东亦持续追加。 这一数字背后，是多重纪录的刷新：国内具身智能领域单轮融资最高额、人形机器人企业估值天花板 （ 最新估值 超 200 亿人民币）、首获中东资本加持的中国具身智能公司 …… 图源公司官网 而回溯其融资脉络，更藏着一条 " 明星资本提前布局 " 的线索 ： 早在 2 0 2 3 的 种子轮 和 2 0 2 4 年 的 天使轮融资中， 讯飞 创投 等 知名 产业资本 、 VC 便 早早 入局，成为最早认可其技术 路径的机构之一 。 成立于 2023 年 5 月的银河通用，为何能在短短两年多的时间里成为资本宠儿？从实验室里的技术 原型，到能走进工厂、商场、医院干活，银河通用到底做对了什么？ 融资之路： 2 年 8 亿美金 回看 银河通用的融资过程， 有点 像一部 " 资本追星记 " 。 从刚 ...

Core Viewpoint - The article highlights the emergence of AI embodied household robots as a significant trend in the technology sector, with the company Woan Robotics aiming to capitalize on this growth through its recent secondary listing application on the Hong Kong Stock Exchange [1][27]. Company Overview - Woan Robotics, founded in 2015, has positioned itself as a leader in the global AI embodied household robot market by 2024, supported by notable industry figures such as Li Zexiang and Gao Bingqiang [1][3]. - The company has developed a product matrix covering six household scenarios, including smart control, household chores, elderly care, security, and energy management, centered around its core brand, SwitchBot [3][4]. Product and Financial Performance - As of the prospectus disclosure date, Woan Robotics offers 47 SKUs across seven product categories, with several industry-first products launched since 2017 [4][5]. - The pricing strategy features a mix of high and low-end products, with average prices ranging from 120-350 RMB for smaller devices and 1800-2100 RMB for enhanced mobile robots, contributing to a steady increase in gross margins [6][7]. - The company reported revenues of 275 million RMB, 457 million RMB, and 610 million RMB for 2022, 2023, and 2024, respectively, with a compound annual growth rate of 49% [12]. Revenue Sources and Market Dependency - Woan Robotics heavily relies on Amazon for revenue, with 81.9% of total income in 2022 coming from Amazon's sales channels, which has decreased to 67% in the first half of 2025 [9][10]. - The company plans to diversify its sales channels post-IPO to reduce dependency on a single platform and enhance global brand recognition [11]. Market Potential and Competitive Landscape - The global AI embodied household robot market is projected to grow from approximately 5.9 billion RMB in 2024 to 62.4 billion RMB by 2029, with a compound annual growth rate of 60.2% [24]. - Woan Robotics holds an 11.9% market share, making it the largest provider in this sector, although competition is expected to intensify as traditional appliance manufacturers and tech giants enter the market [25]. Investment and Growth Strategy - The company has completed 14 rounds of financing since 2017, with a valuation increase from 20 million RMB to 4.047 billion RMB, reflecting strong investor confidence [16][21]. - Strategic backing from influential investors like Li Zexiang has provided not only financial support but also technological and industry resources crucial for the company's growth [17][22]. Conclusion - Woan Robotics' secondary listing application signifies a transition from the "technology exploration phase" to the "scale commercialization phase" in the AI embodied household robot industry, with potential for more innovative companies to emerge as the market expands [28].

2025 年 12 月 5 日上午，上海证券交易所的大屏上，摩尔线程（股票代码： 688795.SH ）的股 价曲线一开盘就"冲上天" ： 从 114.28 元 / 股的发行价直接跳到 650 元 / 股，涨了 468.78% ，总市值一下子冲破 3000 亿元。 但热闹背后，不少人也在问： 摩尔线程是做什么的？为什么一只"没赚钱"的公司股票能涨这么多？ 量化巨头幻方量化又在里面扮演了什么角色？ 前英伟达高管带队 5 年造出"国产 GPU " 摩尔线程的故事，得从张建中说起。 在创办公司前，张建中在英伟达干了 15 年，最高做到全球副总裁、中国区总经理 。 简单 来 说，他是看着英伟达靠 GPU （图形处理器，相当于电脑和服务器的"算力心脏"）垄断市场 的人。 对普通投资者来说，这意味着 "中一签（ 500 股）最高能赚 26.786 万元"（按开盘价计算） 。 即便后来股价回落，截至当天上午收盘，股价仍有 590.59 元 / 股，中一签也能赚 23.8 万元，成 了 A 股全面注册制以来最赚钱的新股之一。 图源摩尔线程官方 开盘仅 1 小时，成交额就突破 102 亿元，相当于每天有近 10 万人在"买卖" ...

Core Viewpoint - Hangzhou is being positioned as China's Silicon Valley, particularly in the AI open-source ecosystem, as highlighted by NVIDIA founder Jensen Huang's remarks and the establishment of the "Magic Community" [1][3][4]. Group 1: Policy Support - Hangzhou has implemented comprehensive policies to support AI open-source initiatives, including a "10 billion computing power voucher" and subsidies covering up to 60% of costs for companies purchasing computing power and model services [6][7]. - The city has introduced an "AI open-source policy package" that includes one-time rewards for open-source projects, subsidies for technology talent, and potential support for office rent and renovations [10][11]. - The government prioritizes the use of open-source solutions in public projects, creating a closed-loop system that encourages the practical application of open-source technologies [12][11]. Group 2: Ecosystem Development - Hangzhou has established a complete ecosystem for AI open-source, integrating university research, enterprise transformation, and community collaboration [13]. - Key institutions like Zhejiang University and Westlake University contribute to research, while companies like Alibaba and DeepSeek facilitate the transition of research into marketable technologies [13][14]. - The "Magic Community" has attracted over 20 million users and hosts more than 120,000 open-source models, demonstrating a vibrant community that supports developers [15]. Group 3: Unique Genetic Traits - Hangzhou's approach to openness is reflected in its historical decision to make West Lake a free tourist attraction, which is now mirrored in its AI open-source strategy [15]. - The "Magic Community" operates on a model that allows creators to upload their models independently, fostering a collaborative environment for developers [15]. - As of mid-October 2025, the community has accumulated over 12,000 open-source models and 5,500+ services, with 95% of applications developed by individual developers [15]. Group 4: Strategic Insights - Hangzhou's unique strategy of "policy empowerment + scenario-driven + ecosystem collaboration" sets it apart from other cities and offers a model for global AI open-source development [17][18]. - The city focuses on practical applications of AI, addressing real-world problems rather than solely pursuing technological breakthroughs [24][25]. - The collaborative efforts between government and enterprises create a supportive environment for entrepreneurs, enhancing the attractiveness of Hangzhou for talent and innovation [20][23]. Conclusion - Hangzhou aims to build a more inclusive and practical AI ecosystem through open-source initiatives, moving beyond merely replicating Silicon Valley's success to carve out its own distinctive path [27].

Core Viewpoint - The article discusses the rapid growth and upcoming IPO of Deepway Technology Co., Ltd., a new player in the electric heavy truck market, highlighting its strong backing from Baidu and local government support in Hefei, as well as the challenges it faces in a competitive landscape [1][4][38]. Company Overview - Deepway was established in 2020 and has quickly become a leader in the global electric heavy truck market, achieving significant sales milestones and revenue growth [4]. - The company is often referred to as the "NIO of the heavy truck industry" due to its rapid development and strong local government support [4]. Financial Performance - Deepway's revenue has shown exponential growth, with 2023 revenue reaching 426 million RMB, 2024 revenue at 1.97 billion RMB (a 362.5% increase), and 2025's first half revenue at 1.51 billion RMB, reflecting a 97.6% year-on-year growth [15][19]. - Despite high revenue growth, the company has faced significant net losses, totaling 1.7 billion RMB over three and a half years, driven by high R&D and manufacturing costs [19][22]. Shareholder Composition - The company boasts a strong shareholder base, including Baidu, which holds a 17.28% stake and has provided its autonomous driving technology [9][14]. - Other notable investors include venture capital firms such as Qiming Venture Partners and Lenovo Capital, which further solidify Deepway's financial foundation [12][14]. Market Position and Strategy - Deepway's primary revenue source is the "Deepway Star" model, which has sold 6,400 units, making it the top seller in the global electric heavy truck market [25][26]. - The company is currently in the "hardware-driven" phase of its revenue model, with plans to transition to a "hardware + service" model in the future [24][29]. Industry Context - The electric heavy truck market is experiencing significant growth, with projections indicating a penetration rate increase from under 10% in 2023 to 28.9% by September 2025, driven by policy support and market demand [34]. - Deepway's technology and operational strategies align well with market needs, particularly in terms of cost efficiency and operational effectiveness [34]. Challenges Ahead - Deepway faces competition from traditional heavy truck manufacturers, which dominate the market and have significant production capabilities [35]. - The company must also address its reliance on a single model and the monetization of its intelligent freight solutions, which are currently offered for free [35][36]. Conclusion - Deepway's upcoming IPO represents a significant milestone for the company and the electric heavy truck sector in China, with potential for growth despite existing challenges [38][39].

Core Viewpoint - The IPO application of Nanjing Silicon-based Intelligent Technology Co., Ltd. marks a significant milestone for the digital human industry, positioning it under the spotlight of capital markets and indicating the potential for commercialization in this sector [1][6]. Group 1: Company Overview - Founded in 2017, Silicon-based Intelligent focuses on providing digital human solutions across various industries, including telecommunications, finance, and healthcare, with over 80,000 "digital employees" delivered by October 2025 [6]. - The company achieved a revenue growth from 223 million RMB in 2022 to 655 million RMB in 2024, raising questions about the profitability of digital human services [6][14]. Group 2: Capital and Financing - Since its inception, Silicon-based Intelligent has completed eight rounds of financing, raising over 1 billion RMB, with notable investments from Tencent and Sequoia Capital [8][9]. - Tencent is the largest external shareholder, holding 16.59% of the company prior to the IPO, having invested approximately 1.15 billion RMB in the B round and 3.37 billion RMB in the C round [9][13]. Group 3: Revenue and Profitability - The company's revenue from 2022 to 2024 grew nearly threefold, with 2025's first half showing an 11% year-on-year increase, reaching 326 million RMB [14]. - Silicon-based Intelligent transitioned from continuous losses to profitability, reporting a net profit of 5.29 million RMB in the first half of 2025, attributed to a strategic focus on large clients [15]. Group 4: Client Concentration and Margin Trends - The company faces challenges with client concentration, as the top five clients contributed 87.5% of revenue in the first half of 2025, with the largest client accounting for 64.4% [16]. - The gross margin has been declining, from 45.8% in 2023 to 31.6% in the first half of 2025, primarily due to competitive pricing strategies to retain major clients [16][22]. Group 5: Business Model and Future Opportunities - Silicon-based Intelligent's core business includes four segments: voice solutions, video production, live streaming, and automated content production, with a direct sales model dominating revenue [18][19]. - The company is exploring a revenue-sharing model, particularly in finance and e-commerce, which could enhance profitability by transforming from a cost center to a profit center [20][29]. Group 6: Industry Challenges and Prospects - The digital human industry faces challenges such as rapid technological changes requiring continuous R&D investment, with R&D expenses rising from 75.43 million RMB in 2022 to 150 million RMB in 2024 [23]. - Regulatory and ethical risks are increasing, with new guidelines potentially limiting the commercialization of digital human applications [24]. Group 7: Market Growth Potential - Despite challenges, the digital human market is projected to grow significantly, with a compound annual growth rate of 55.8%, reaching 2 billion RMB by 2024 and 15.5 billion RMB by 2030 [25]. - The shift from digital humans to intelligent agents capable of autonomous decision-making represents a significant opportunity for expanding profitability [26][29]. Group 8: Conclusion - The IPO of Silicon-based Intelligent is seen as a pivotal moment for the digital human industry, transitioning from speculative concepts to validated business models, with the potential for further industry maturation through additional listings [31][32].

Core Viewpoint - The 2025 iFLYTEK AI Developer Competition successfully integrated technology, talent, and industry, creating a unique experience that combines mental and physical engagement for developers [1][15]. Group 1: Competition Overview - The competition attracted 2,730 university student teams from 737 universities across 17 countries, showcasing a diverse range of innovative ideas and applications [3]. - The quality of participants improved, with 96% holding a bachelor's degree or higher and 4% having a doctoral degree among those tackling 72 AI algorithm challenges [4]. Group 2: Innovation and Accessibility - The event emphasized "zero-threshold" intelligent agent development, enabling individuals without technical backgrounds to create AI applications, with 4,622 vertical intelligent agent applications emerging from the competition [6]. - The collaboration with the Communist Youth League of China introduced an AI challenge track within the "Challenge Cup" national college student series, further promoting AI development [6]. Group 3: Cross-Industry Collaboration - The partnership with Xtep, a national sports brand, introduced a "brainpower sports competition" concept, encouraging developers to engage in physical activity while coding, enhancing creativity [8][10]. - iFLYTEK and Xtep provided technical manuals and sports gear to universities, fostering a new generation of tech-savvy and physically active individuals [10]. Group 4: Industry Impact and Support - iFLYTEK's ecosystem platform has offered technical investments to 18 outstanding entrepreneurial teams, facilitating access to the Starry Sky MaaS platform and domestic computing power [14]. - The competition served as a bridge for financing and industry connections, with several high-quality projects showcased at the developer festival, leading to seamless transitions from competition results to industry applications [14].