Core Viewpoint - TianShu ZhiXin Semiconductor Co., Ltd. is set to launch its IPO on the Hong Kong Stock Exchange, aiming to raise approximately HKD 3.7 billion (around RMB 3.33 billion) with a market valuation of HKD 35.44 billion (approximately RMB 31.93 billion) [1] Group 1: IPO Details - The IPO will run from December 30 to January 5, with shares priced at HKD 144.6 each [1] - The company plans to issue a total of 25.43 million H-shares, with 10% allocated for public sale in Hong Kong and 90% for international investors [1] - A cornerstone investment team of 18 top investors is expected to subscribe for HKD 1.583 billion worth of shares [1] Group 2: Company Background - Founded in 2015 in Nanjing, TianShu ZhiXin initially focused on computing acceleration hardware and software before shifting to general GPU chips and AI computing solutions [1] - The CEO, Gai Lujiang, has 17 years of financial and investment experience and holds a degree from Central University of Finance and Economics [1] Group 3: Financial Performance - Revenue for 2022, 2023, and projected for 2024 is expected to be RMB 189.37 million, RMB 289.04 million, and RMB 539.51 million, respectively, with a compound annual growth rate of 68.8% [4] - Despite revenue growth, net losses are projected to increase, with figures of RMB -553.62 million, RMB -817.42 million, and RMB -892.43 million for the same years [4] - The company reported a gross margin of 59.4% in 2022, which is expected to decline to 50.1% in 2024 [4] Group 4: Market Position and Strategy - The company aims to use the funds raised from the IPO to focus on R&D, product solutions, and sales and marketing efforts [5] - In the smart computing chip market, the top two players, NVIDIA and Huawei HiSilicon, hold a combined market share of 94.4% as of 2024, indicating a highly concentrated market [5] - The GPGPU market shows a similar competitive landscape, with the top two players holding 98.0% of the market share [5]

Core Viewpoint - TianShu ZhiXin Semiconductor Co., Ltd. is launching an IPO to raise approximately HKD 3.7 billion (around RMB 3.33 billion) with a market valuation of HKD 35.44 billion (approximately RMB 31.93 billion) upon listing on the Hong Kong Stock Exchange [1] Group 1: IPO Details - The IPO will issue 25.43 million H-shares, with 10% allocated for public offering in Hong Kong and 90% for international placement [1] - The company has secured a cornerstone investment team of 18 top investors, including ZTE Corporation (Hong Kong) and UBS AM Singapore, committing to purchase shares worth HKD 1.583 billion [1] Group 2: Company Background - Founded in 2015 in Nanjing, TianShu ZhiXin initially focused on computing acceleration hardware and software, later shifting to general-purpose GPU chips and AI computing solutions [1] - The CEO, Gai Lujiang, has 17 years of financial and investment experience and holds a degree from Central University of Finance and Economics [1] Group 3: R&D and Financial Performance - As of June 30, 2025, the R&D team will exceed 480 members, with over one-third having more than 10 years of experience in chip design and general-purpose GPU software development [2] - Revenue for 2022, 2023, and 2024 is projected at RMB 189.37 million, RMB 289.04 million, and RMB 539.51 million, respectively, with a compound annual growth rate of 68.8% [4] - Despite revenue growth, net losses are expected to increase due to rising R&D, administrative, and sales expenses [4][5] Group 4: Market Position and Competition - The company has launched two product lines: "TianGai" for training and "ZhiKai" optimized for AI inference, with shipments increasing from 7,800 units in 2022 to 16,800 units in 2024 [3] - In the AI chip market, the top two players (NVIDIA and Huawei HiSilicon) hold a combined market share of 94.4%, indicating a highly concentrated competitive landscape [5]

【文/观察者网专栏作者 心智观察所】 今年岁末，一则来自东京的消息在全球电信行业激起波澜：曾经雄心勃勃宣称要在2030年夺取全球20% 市场份额的日本电气（NEC），正式宣布退出4G和5G公共基站开发市场。这家百年老店的黯然离场， 标志着日本通信设备产业的全面溃败。 在华为、中兴等中国企业持续引领技术创新的背景下，曾经在3G时代与欧美企业分庭抗礼的日本厂 商，何以沦落至今日的边缘化境地？ 帝国的黄昏：NEC的战略撤退 NEC社长森田隆之在接受《日经新闻》采访时的表态颇为耐人寻味："原则上，今后我们将不再对该领 域进行开发投资。"回溯至2020年6月，NEC与日本电报电话公司（NTT）高调宣布资本业务合作，NTT 出资约644亿日元收购NEC股份，彼时的新野隆社长信心满满地表示要"到2030年力争使全球份额达到 20%"。然而，仅仅四年之后，这一雄心壮志便化为泡影。 表面上看，NEC的撤退源于市场份额的持续萎缩。根据国际市场调研机构Omdia的数据，中国华为、瑞 典爱立信以及芬兰诺基亚三家巨头合计掌控了全球近80%的基站市场份额，而日本企业NEC和富士通所 占份额合计不足2%。这意味着，在一个赢家通吃的市场中， ...

Core Viewpoint - The company, TianShu ZhiXin, is planning a global offering of 25.4318 million H-shares at a price of HKD 144.60 per share, aiming to raise approximately HKD 3.4786 billion for product development and market expansion in the AI and GPU sectors [1][4]. Group 1: Company Overview - TianShu ZhiXin provides general GPU products and AI computing solutions, including GPU chips, accelerator cards, and customized AI computing solutions [1]. - The company integrates hardware with proprietary software stacks to meet specific customer needs in training and inference scenarios [1][2]. Group 2: Market Context - The rise of AI, particularly large language models, has significantly increased the demand for computing power, making general GPU products essential for supporting complex AI applications [2]. - The company's hardware architecture seamlessly integrates various chips and cluster systems, enhancing scalability from single-node to large-scale deployments [2]. Group 3: Investment Details - The company has entered into cornerstone investment agreements, with cornerstone investors committing to purchase a total of 10.9403 million shares at the offering price [3]. - The estimated net proceeds from the global offering will be approximately HKD 3.4786 billion, with 80% allocated for research and development of products and solutions [4]. Group 4: Fund Allocation - Approximately 50% of the net proceeds will be used for the R&D and commercialization of general GPU chips and accelerator cards over the next five years [4]. - About 25% will be allocated to developing proprietary software stacks by expanding the R&D team, while 5% will focus on AI computing solutions [4]. - The remaining funds will support sales and marketing efforts, operational costs, and general corporate purposes [4].

Group 1 - The top three companies with the highest short positions are Vanke Enterprises (02202), COSCO Shipping Holdings (01919), and Heng Rui Medicine (01276), with short ratios of 18.48%, 16.79%, and 15.54% respectively [1][2] - The companies with the largest absolute increase in short positions are CATL (03750), Lens Technology (06613), and UBTECH Robotics (09880), which increased by 2.35%, 2.34%, and 1.29% respectively [1][2] - The companies with the largest absolute decrease in short positions are Changfei Optical Fiber (06869), Mao Ge Ping (01318), and Meilan Airport (00357), which decreased by -1.26%, -0.68%, and -0.67% respectively [1][2] Group 2 - The latest short ratio for Vanke Enterprises (02202) is 18.48%, down from 19.04% previously [3] - The latest short ratio for COSCO Shipping Holdings (01919) is 16.79%, down from 16.79% previously [2] - The latest short ratio for Heng Rui Medicine (01276) is 15.54%, up from 3919.30 million shares to 4011.67 million shares [2]

港交所文件显示，花旗在 中兴通讯 H股中的空头头寸于12月19日从5.83%降至4.89%。 ...

据香港交易所披露，花旗集团对中兴通讯股份有限公司 - H股的多头持仓比例于2025年12月19日从 8.79%降至7.6%。 ...

中兴通讯深圳科技园总部 中兴通讯滨江工厂，机械臂正在进行自动化测试 中兴通讯坚持技术创新，用四十年的时间，实现了从跟随者到引领者、从"单打冠军"到"全能选手"、从 国内市场到全球布局的跨越，为全球通信网络的升级换代贡献了关键力量 2G跟随、3G突破、4G并跑、5G领跑，围绕"连接"主航道，中兴通讯坚持技术创新，用四十年的时间， 实现了从跟随者到引领者、从"单打冠军"到"全能选手"、从国内市场到全球布局的跨越，不仅成长为我 国通信行业的领头羊，也成为全球通信设备市场的重要参与者，为全球通信网络的升级换代贡献了关键 力量。 "1995年，中兴通讯首次参加国际电信展，是最早走出国门的中国通信制造企业。当前，全球主流通信 网络设备供应商主要包括中兴通讯、华为、爱立信和诺基亚。在产品竞争力上，中兴通讯核心产品位居 行业前列。"陈志萍说。 中兴通讯2019年开始全面发力5G领域，并在2023年后积极布局5G-A(5G-Advanced)技术。根据第三方咨 询机构最新数据，中兴通讯5G基站、5G核心网累计发货量保持全球第二。目前，中兴通讯与全球主流 运营商紧密合作，积极部署5G商用网络，推动5G技术在工业互联网、智慧医疗、 ...

（原标题：中兴通讯大宗交易成交266.77万元，买方为机构专用席位） 中兴通讯12月25日大宗交易平台出现一笔成交，成交量7.00万股，成交金额266.77万元，大宗交易成交 价为38.11元。该笔交易的买方营业部为机构专用，卖方营业部为中信建投证券股份有限公司福清福和 路证券营业部。 据天眼查APP显示，中兴通讯股份有限公司成立于1997年11月11日，注册资本478353.4887万人民币。 （数据宝） 12月25日中兴通讯大宗交易一览 | 成交量 | 成交金 | 成交价 | 相对当日 | | | | --- | --- | --- | --- | --- | --- | | （万 | 额 | 格 | 收盘折溢 | 买方营业 | 卖方营业部 | | 股） | （万 | （元） | 价 | 部 | | | | 元） | | （%） | | | | 7.00 | 266.77 | 38.11 | 0.00 | 机构专用 | 中信建投证券股份有限公司福清福和路证券营业 | | | | | | | 部 | 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 进一步统计，近3个月内该股累计发生4笔大宗交易 ...

| 权益类证券大宗交易(协议交易) | | | | | | | 团 下载 | | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券代码 | 证券简称 | 成交价格 (元) | 成交量 (万股/万份) | 成交金额 (万元) | 买方营业部 | 卖方营业部 | | 2025-12-25 | 000063 | 中兴通讯 | 38.11 | 7.00 | 266.77 机构专用 | | 中信建投证券股份 | | | | | | | | | 有限公司福清福和 | | | | | | | | | 路正差量不部 | 12月25日，中兴通讯大宗交易成交7万股，成交额266.77万元，占当日总成交额的0.07%，成交价38.11 元，较市场收盘价38.11元持平。 ...