Market Overview - The Hong Kong stock market opened positively in 2026, with the index breaking through the 26,000-point mark and closing up by 2.76% [1] - The offshore RMB strengthened, surpassing 6.97 against the USD, reaching a new high since May 2023 [1] - Aluminum prices hit $3,000, the highest since 2022, driven by supply tightening and long-term demand expectations [1] Technology Sector - Baidu announced that Kunlun Chip has submitted a listing application to the Hong Kong Stock Exchange, aiming for a valuation between $3 billion and $11 billion for Baidu's 59% stake [2] - Baidu's stock rose over 9%, positively impacting other tech giants like Alibaba and Tencent, which also saw gains of over 4% [2] Semiconductor Industry - Wall Street's first GPU stock, Birun Technology, saw a subscription rate of 1,583.50 times, with an opening price of HKD 35.7, reflecting an 82% premium [3] - Semiconductor stocks like TSMC and Hua Hong Semiconductor also experienced gains, with Hua Hong's stock rising over 9% [3] Aerospace Sector - The commercial aerospace sector saw a surge, with Blue Arrow Aerospace's IPO application accepted, leading to a stock price increase of over 20% for Goldwind Technology [4] Satellite Industry - SpaceX announced a reduction in the orbital height of thousands of Starlink satellites to mitigate collision risks, leading to significant stock increases for Chinese satellite companies [5] - Companies like China Technology Group and Asia Pacific Satellite saw stock increases of nearly 43% and over 34%, respectively [5] Renewable Energy - Skyworth Group's stock rose over 10% following the signing of a 10MW distributed solar power project in Italy, marking significant progress in the European market [6] - The Chinese government is enhancing regulatory measures in the solar industry to ensure fair competition and sustainable development [6] Consumer Electronics - The home appliance sector saw a boost, with major companies like Midea and Haier rising over 4% due to positive market sentiment [7] Automotive Industry - Chinese brands captured a record 12.8% market share in the European electric vehicle market, with significant sales growth reported by companies like BYD and Geely [8] - New energy vehicle sales in Europe doubled compared to the previous year, indicating strong demand for Chinese automotive brands [8] Aluminum Industry - China Aluminum's stock is expected to benefit from rising aluminum prices, which have reached a new high, with a projected revenue increase due to strong demand from the electric vehicle and solar sectors [10][11] - The company reported a 90.31% year-on-year increase in net profit for Q3 2025, driven by cost control and resource optimization [11]

Group 1 - The Hang Seng Index increased by 2.18% with a half-day trading volume of 768.69 million HKD, driven by strong performance in technology stocks [1][2] - Wall Street's Baidu saw its stock price rise over 7% after announcing the spin-off of its AI chip company Kunlun to list in Hong Kong [3] - The debut of Wall Street's GPU first stock, Biren Technology, saw its price surge over 118% at one point, closing with a 73% increase [1][2] Group 2 - The Hang Seng Technology Index rose by more than 3.38%, reflecting a positive sentiment in the market [1][2] - Semiconductor stocks, including Hua Hong Semiconductor and SMIC, experienced significant gains, with Hua Hong Semiconductor rising by 9.89% [1][2] - The offshore RMB strengthened, breaking the 6.97 mark against the USD, reaching a new intraday high since May 2023 [4]

Core Insights - Wall Street celebrated the debut of Biren Technology on January 2, 2026, with its stock price soaring 82% on the first day, reaching a market capitalization of over HKD 85.5 billion, marking a significant challenge to global tech monopolies in the semiconductor industry [2] - The market's enthusiasm reflects strong expectations for domestic GPUs to replace imports, especially in a sector historically dominated by NVIDIA and AMD [2] Company Performance - Biren Technology's IPO was impressive, with an initial price of HKD 19.6, which surged to HKD 35.7 at opening, indicating robust investor confidence [2] - The company's revenue is projected to grow by 367% year-on-year by 2025, with over 60% of revenue coming from data center operations, showcasing its successful entry into high-end fields like AI and high-performance computing [2] Technological Advancements - Biren Technology's success is attributed to three key transformations: architectural innovation with its self-developed "Cuanfeng" architecture, ecosystem development through open-source tools, and vertical integration from chip design to system solutions [3] - The company has surpassed international competitors in some projects during recent MLPerf benchmark tests, indicating its products' reliability in critical sectors such as government cloud and autonomous driving [3] Market Challenges - Despite the capital market's enthusiasm, challenges remain, including foundry risks due to concentrated global advanced process capacity and a software ecosystem lag, particularly against NVIDIA's established CUDA ecosystem [4] - Continuous innovation pressure is significant, as NVIDIA invests billions annually in R&D, necessitating that newcomers like Biren Technology accelerate their pace [4] Industry Opportunities - The global demand for AI computing power is growing over 60% annually, and traditional giants cannot meet the entire demand, creating opportunities for domestic players [5] - China's digital economy has surpassed CNY 80 trillion, generating substantial local procurement needs, while the rise of open architectures like RISC-V is reshaping industry rules [5] Vision for the Future - The founder of Biren Technology emphasized that true competition lies not in current technical parameters but in defining the next computing paradigm, which is a valuable asset for Chinese semiconductor companies [6] - The listing of Biren Technology symbolizes a broader rise of China's hard tech sector, indicating a shift from technology following to defining the future, with the potential for more Chinese voices in the global GPU industry over the next decade [6]

Core Viewpoint - Wallan Technology (06082.HK), known as the "first GPU stock in Hong Kong," debuted on the Hong Kong Stock Exchange on January 2, 2023, with a significant opening price increase of 82.14% from its issue price of HKD 19.6 to HKD 35.7, reaching a market capitalization of over HKD 900 billion at its peak [1][4]. Group 1: Company Overview - Wallan Technology is one of the major AI chip manufacturers in China, having globally issued approximately 285 million H-shares, raising a net amount of HKD 5.375 billion, primarily for R&D of intelligent computing solutions and general corporate purposes [4]. - The company has experienced continuous revenue growth over the past three years, with revenues of HKD 499,000, HKD 62.03 million, and HKD 337 million from 2022 to 2024, but has also faced significant losses of HKD 14.74 billion, HKD 17.44 billion, and HKD 15.38 billion during the same period, totaling HKD 47.5 billion in cumulative losses [4]. Group 2: Market Position - The market share of domestic GPU manufacturers, including Wallan Technology, remains low compared to overseas giants, with Nvidia and Huawei HiSilicon accounting for 94.4% of the Chinese intelligent computing chip market revenue in 2024 [5]. - Wallan Technology's market share in the Chinese intelligent computing chip market is projected to be 0.16% in 2024 and 0.19% in 2025, while its share in the general GPU market is expected to be 0.2% [5]. - The Chinese intelligent computing chip market is expected to see its share from domestic companies rise from approximately 20% in 2024 to about 60% by 2029, indicating potential growth opportunities for Wallan Technology and other players in the market [5].

2026年开年之际，由梁溪科创母基金投资的高瓴硬科技基金投资企业—— 壁仞科技(06082.HK)今日成功在港交所主板上市，开盘涨超110%，最高报42.88 港元/股，截至收盘，总市值约825亿港元，成为 2026年港股首只上市新股，是港股" 国产GPU第一股"，也是港股18C规则落地以来发行规模最大的新股。 本次上市募集的资金，将成为壁仞科技加速技术突破与生态构建的核心动力。根据规划，募资净额中约85%将用于研发投入，重点推进下一代产品迭代与 技术创新，约5%用于商业化拓展，10%用作营运资金及一般公司用途，清晰的资金用途规划彰显了壁仞科技的未来战略。 壁仞科技诞生于2019年9月，是"国产GPU四小龙"中成立最早的企业， 梁溪科创母基金投资的高瓴硬科技基金参与投资。自成立以来，壁仞科技始终坚持 原创核心架构，首创Chiplet大算力芯片，构建起软硬件协同的技术体系，专注为AI数据中心、电信、能源等关键行业提供高性能通用计算解决方案。截至 来源：无锡梁溪科技城 编辑：小锅 凭借着实用、可靠、创新的产品及解决方案，壁仞科技产品已规模部署于全国多个智算集群，有效支撑人工智能训练、推理服务和科研创新等核心应用场 ...

从2019年起步，到如今上市，壁仞科技六载全"芯"投入国产"芯程"，在通用大算力芯片领域开辟出一条 自主创新之路——自主原创的芯片架构，构建全栈软件生态，引领大算力芯片Chiplet、光互连行业技术 趋势，通过坚持打造原创高性能GPU软硬件体系，实现从高端AI芯片到算力集群的全链路自主可控。 据了解，壁仞科技此次募资规模为55.83亿港元，净额53.75亿港元，募资净额中的约85%将用于研发投 入，重点推进下一代产品迭代与技术创新，约5%用于商业化拓展，10%用作营运资金及一般公司用 途。 壁仞科技招股书显示，2022年—2024年及2025年上半年，公司收入分别为49.9万元、6203万元、3.37亿 元、0.59亿元，年内亏损分别为14.74亿元、17.44亿元、15.38亿元、16.01亿元。 根据招股书，2024年，按收入计，壁仞科技于中国智能计算芯片市场及GPGPU市场分别拥有0.16%及 0.20%的市场份额。按在中国市场产生的收入计，预期中国智能计算芯片市场规模在2025年达到504亿 美元，壁仞科技预期取得约0.2%的市场份额。 中经记者 李玉洋 上海报道 2026年1月2日，"国产GPU四小 ...

Core Viewpoint - Wallen Technology, a domestic high-performance GPU company, successfully listed on the Hong Kong Stock Exchange, becoming the first company focused on GPU chips and intelligent computing solutions in the market, and raised the highest amount since 2018 [1][3] Group 1: Company Overview - Wallen Technology's initial public offering (IPO) price was HKD 19.60 per share, with a first-day trading surge of approximately 80%, reaching a peak of HKD 42.88 per share, resulting in a market capitalization exceeding HKD 100 billion [3] - The company plans to allocate approximately 85% of the raised funds for future research and development of intelligent computing solutions, 5% for commercialization, and 10% for operational funds and other general corporate purposes [3] - Wallen Technology has a strong lineup of cornerstone investors, including MSA Capital, Ping An Life, and UBS AM Singapore, with 23 top investment institutions subscribing to USD 373 million, representing about 64% of the total offering [3] Group 2: Market Position and Growth - Wallen Technology is recognized as a leading provider of general intelligent computing solutions, with its proprietary Walli™ series offering high efficiency, high computing power, and versatility, serving key industries such as AI data centers, telecommunications, and fintech [3] - The company has experienced rapid revenue growth, with income increasing from CNY 49,900 in 2022 to CNY 337 million in 2024, reflecting a compound annual growth rate of 2499% [12] - Wallen Technology has established five framework sales agreements and 24 sales contracts valued at approximately CNY 1.24 billion, with clients including nine Fortune 500 companies [12] Group 3: Technological Innovation - Wallen Technology has developed and mass-produced the Walli™106 and Walli™110 chips, with plans to launch the next-generation BR20X series for cloud training and inference by 2026 [15] - The company ranks first among Chinese GPGPU companies in terms of the number of self-developed invention patent applications, demonstrating its strong R&D capabilities [15] - Wallen Technology's management team includes industry experts with extensive experience in chip design and development, ensuring its competitive edge in the high-performance GPU market [10] Group 4: Investment Perspective - MSA Capital views its investment in Wallen Technology as a validation of its long-term investment strategy, emphasizing the importance of the GPU sector in the context of AI and technological advancement [4][6] - The investment reflects MSA Capital's systematic approach to hard technology investments, focusing on companies that drive market transformation through technological innovation [16] - MSA Capital aims to support Wallen Technology in its journey from original innovation to commercial success, contributing to the development of China's high-end chip industry [6][16]

Market Overview - On the first trading day of 2026, Hong Kong stocks experienced a strong opening, with the Hang Seng Index rising over 700 points, an increase of 2.76%, and the Hang Seng Tech Index up by 4% [1] - The total net inflow into Hong Kong stocks through the Stock Connect in 2025 reached 1.406 trillion HKD, a year-on-year increase of 74%, indicating that domestic capital has become a stabilizing force in the market [5] Stock Performance - The debut of Wallen Technology, the first GPU stock in Hong Kong, saw its share price surge nearly 120% at one point, closing with a gain of over 75%, bringing its total market capitalization to 82.6 billion HKD [2] - Semiconductor stocks led the gains, with Hua Hong Semiconductor rising over 9% and SMIC increasing more than 5% [2] - Baidu Group saw a significant increase of over 9%, New Oriental rose over 7%, and NetEase increased by over 6%, while Alibaba and Tencent both gained over 4% [2][3] Sector Highlights - The photovoltaic solar sector saw widespread gains, with GCL-Poly Energy rising nearly 21% and GCL-Technology increasing by nearly 5% [4] - Precious metals continued to rise, with spot silver and New York silver both increasing by 4%, and spot gold rising by 1.5% [7] Future Outlook - According to Industrial Securities, the Hong Kong stock market is expected to continue its bullish trend in 2026, with a focus on "growth momentum and value reconstruction dividends" [5] - The Hang Seng Tech Index's price-to-earnings ratio stands at 24 times, significantly lower than the Nasdaq 100's 46 times, indicating a valuation gap [5]

2026年首个交易日（1月2日），港股迎来开门红，恒生指数涨超700点，涨幅达2.76%，恒生科技指数 涨4%。 | 名称 | 现价 | 涨跌 | 涨跌幅 ▼ | | --- | --- | --- | --- | | 万得(港股)中国科技龙头指数 | 9390.99 c | 369.54 | 4.10% | | 恒生科技 | 5736.44 c | 220.46 | 4.00% | | 万得(港股)中国科技指数 | 2626.07 c | 83.72 | 3.29% | | 恒生中国企业指数 | 9168.99 c | 255.31 | 2.86% | | 恒生中国(香港上市)100 | 7517.71 с | 206.21 | 2.82% | | 恒生指数 | 26338.47 c | 707.93 | 2.76% | "港股GPU第一股"壁仞科技上市首日一度涨近120%，收盘涨超75%，总市值达826亿港元。半导体板块 涨幅居前，华虹半导体涨超9%，中芯国际涨超5%。 | 名称 | 现价 | 涨跌 | 涨跌幅 ▼ | | --- | --- | --- | --- | | 百度集团-SW | 143.8 ...

蓝筹股表现 来源：智通财经网 2026年首个交易日港股表现强势，恒生指数突破两万六关口，恒生科技指数大涨4%。截至收盘，恒生 指数涨2.76%或707.93点，报26338.47点，全日成交额为1408.64亿港元；恒生国企指数涨2.86%，报 9168.99点；恒生科技指数涨4%，报5736.44点。 国泰海通表示，展望后市，美联储如期降息并超预期扩表或阶段性降低投资者的政策不确定性与市场博 弈性，全球权益和大宗商品或仍有表现机会，建议1月超配风险资产。 4、 SaaS概念股强势上涨。截至收盘，百融云-W(06608)涨9.91%，报12.75港元；金蝶国际(00268)涨 6.47%，报14.15港元；迈富时(02556)涨5.83%，报37.06港元；中软国际(00354)涨4.02%，报5.17港元。 百度集团-SW(09888)领涨蓝筹股。截至收盘，涨9.35%，报143.8港元，成交额47.78亿港元，贡献恒指 12.42点。百度表示拟分拆昆仑芯并独立上市。富瑞表示，拟议分拆昆仑芯具有诸多优势，包括更好地 反映昆仑芯价值、拓宽融资渠道等。预计昆仑芯的估值在160亿美元至230亿美元之间，这意味着百 ...