2026投资主线浮现！中概股狂涨4%百度飙15%，黄金跳水藏玄机？ 凌晨两点刷手机的股民都炸了！一边是纳斯达克中国金龙指数踩着4%的涨幅狂飙，百度单日怒涨15%，中概股集体飘红像过年；另一边是黄金突然"跳 水"，国际金价单日跌超4.5%，国内金饰克价回调近50元，刚入手金条的朋友直呼"心跳加速"。 而且它的商业化已经跑通了，除了中国移动的大单，还在互联网、金融、能源等行业打开了市场，核心团队商业化能力被机构认可 。市场普遍认为，分拆 上市后，昆仑芯能获得独立融资，百度也能更专注于大模型、自动驾驶等核心应用，相当于"一拆两赢"，这也是资金疯狂追捧的关键原因。 黄金突然跳水：三大官方原因砸盘 这边中概股狂欢，那边黄金却迎来"降温"。国际黄金期货2025年12月29日单日跌幅超4.5%，一度跌到每盎司4346美元，国内金饰价格也跟着回调，周大福、 老凤祥等品牌克价从1400元跌到1350元左右，单克回调近50元。 原因主要有三个，每一个都能在权威渠道查到：一是获利回吐，2025年黄金全年涨幅超70%，不少投资者见好就收，1月首周就有50亿元多头资金平仓离 场；二是美元反弹，美元指数涨到103左右，而历史数据显示，美 ...

Core Viewpoint - Baidu's Kunlun Chip is set to go public, reflecting its growing importance in the AI chip market and aligning with the company's broader AI strategy [5][6][9]. Group 1: IPO and Market Position - Kunlun Chip has submitted a confidential application for listing on the Hong Kong Stock Exchange, with plans to potentially expedite its IPO timeline to early 2027 [5][6]. - The company has achieved a post-financing valuation of 21 billion yuan (approximately 3 billion USD) as of July 2025 [8]. - Following the IPO announcement, Baidu's stock surged by 15%, pushing its market capitalization above 50 billion USD [22]. Group 2: Strategic Importance of Kunlun Chip - The separation of Kunlun Chip is expected to enhance its image among clients and partners, facilitate direct access to capital markets, and improve management focus [19]. - The chip is positioned as a key player in the domestic AI landscape, especially as the demand for local chip solutions increases due to external supply chain disruptions [17][15]. - Kunlun Chip is projected to generate over 1 billion yuan (approximately 150 million USD) in revenue in 2024, with expectations to reach 5 billion yuan (approximately 750 million USD) in 2025 [18]. Group 3: Technological Advancements - Kunlun Chip has developed the P800 series, designed specifically for large model training, and is capable of supporting extensive AI workloads [40][38]. - The company aims to expand its cluster scale to one million cards by 2030, indicating a strong commitment to enhancing its technological capabilities [32]. - The P800 chip has been successfully utilized in various applications, including a significant project with China Mobile, showcasing its competitive edge in the market [41]. Group 4: Leadership and Management - The leadership of Kunlun Chip has been entrusted to Ouyang Jian, who has been pivotal in driving the company's growth and commercialization efforts since its independence [36][34]. - The company has undergone rapid iterations and product launches, with a focus on meeting market demands and enhancing its technological offerings [37].

高盛在最新研报中指出，百度旗下芯片部门昆仑芯已正式递交香港上市申请，这标志着百度解锁资产价 值迈出了坚实的一步。 据追风交易台，1月3日，高盛发布最新研报认为，根据其核心测算显示，如果市场给予昆仑芯类似于寒 武纪的估值倍数（40倍市销率），百度持有的59%股权价值将高达220亿美元，惊人地相当于百度当前 总市值的45%。即便在保守估值下，这也代表着巨大的潜在上行空间。 昆仑芯分拆上市：解锁隐蔽价值的关键一步 百度已宣布，昆仑芯于2026年1月1日向香港联交所递交了上市申请。此次分拆将通过全球发售昆仑芯股 份的方式进行，包括香港公开发售以及向机构和专业投资者的配售。 对于投资者而言，最关键的信息在于股权结构的变化与控制权。高盛指出，截至2025年8月，百度持有 昆仑芯59%的控股权。在拟议的分拆完成后，百度预计昆仑芯将继续作为公司的子公司。这意味着百度 既能通过独立上市释放昆仑芯的市场价值，又能继续在其生态系统中保持对核心算力基础设施的控制。 外部销售占比： 高盛预测，进入2026年，昆仑芯的外部销售将迅速增长，占到云总销 售额的14%。 业务结构优化： 结合更具经常性和高附加值的订阅业务（据高盛估算接近云收入 ...

瑞财经 赵盼盼1月2日，百度集团发布公告称，于2026年1月1日，昆仑芯已透过其联席保荐人以保密形式向香港联交所提交上市申请表格（A1表格），以申 请批准昆仑芯股份于香港联交所主板上市及买卖。 目前的方案为建议分拆将通过昆仑芯股份的全球发售进行，包括：昆仑芯股份于香港进行公开发售，以供香港公众人士认购；及向机构及专业投资者配售 昆仑芯股份。于公告日期，昆仑芯为百度之非全资附属公司。建议分拆完成后，预计昆仑芯仍将为百度之附属公司。 百度认为，建议分拆在商业方面对公司及昆仑芯均有利，且符合股东整体利益，理由（其中包括）如下： 建议分拆可更全面地反映昆仑芯集团基于自身优势的价值，并提升其营运及财务透明度，令投资者能清晰区分昆仑芯集团与保留集团，独立评估及衡量昆 仑芯集团的表现及潜力； 昆仑芯的业务（有别于保留集团业务相对较为多元化的业务模式）将吸引专注于通用AI计算芯片及相关软硬件系统业务的投资者群体； 昆仑芯集团之业务凭借其规模已足以寻求上市地位，且公司认为该地位将对公司及昆仑芯有利，因为建议分拆将：提升昆仑芯在其客户、供应商及潜在战 略合作伙伴中的形象，并提高其协商及争取更多业务的地位，从而令保留集团可透过其于 ...

Core Viewpoint - Baidu has officially announced the plan for the independent listing of Kunlun Chip Technology on the Hong Kong Stock Exchange, marking a significant event in the domestic AI computing power sector [2] Group 1: Motivations Behind the Spin-off - The first strategic motivation is value reassessment, as Baidu has been perceived primarily as an "internet advertising" platform, which suppresses its valuation in the AI sector. By spinning off Kunlun Chip, Baidu aims to enjoy a higher valuation premium as a tech company [3] - The second motivation is independent development, allowing Kunlun Chip to become a standalone AI chip supplier, which will help expand its customer base beyond Baidu's ecosystem [3] - The third motivation is independent financing, as chip development is capital-intensive. An independent listing will enable Kunlun Chip to secure more funding for its research and development [3] - The fourth motivation is leveraging the Hong Kong capital market to enhance Kunlun Chip's brand recognition and potentially open up international markets [4] Group 2: Kunlun Chip's Strengths - Kunlun Chip is positioned as a critical component of Baidu's AI strategy and is one of the few domestic AI chips that can compete with international giants in specific scenarios. Its overall valuation reached approximately 21 billion yuan by 2025 [5] - The performance of Kunlun Chip, particularly the P800 series, is noteworthy, achieving a FP16 computing power of 345 TFLOPS, which is more than double that of Nvidia's H20 chip tailored for the Chinese market [6] - Kunlun Chip has successfully secured large orders, including a 10 billion-level AI computing device procurement from China Mobile, indicating its transition from experimental phases to large-scale production [6] Group 3: Challenges and Concerns - One major concern is the ecological barrier, as Kunlun Chip faces challenges in migrating customers from Nvidia's established software ecosystem, which complicates the transition for enterprises [7] - Another issue is customer dependency, as significant orders currently come from government procurement and Baidu, raising questions about acquiring more clients in a fully market-driven environment [7] - Supply chain vulnerabilities exist, particularly with high-end chips relying on TSMC for manufacturing. Potential restrictions on TSMC's services to domestic companies could hinder Kunlun Chip's production capabilities [7] - The financial aspect is also concerning, as Kunlun Chip is projected to have a revenue of nearly 2 billion yuan in 2024 but will incur a net loss of about 200 million yuan, highlighting the high costs associated with AI chip development [8] Group 4: Implications for Baidu and the Industry - The spin-off of Kunlun Chip is seen as a pivotal move for Baidu, marking the beginning of its transition away from an advertising-centric model. A successful IPO would solidify Baidu's position in the "computing power infrastructure" sector [9] - If Kunlun Chip achieves a high valuation upon listing, it could significantly boost confidence in the domestic AI chip industry and potentially trigger a new wave of IPOs in the hard tech sector [9] - Overall, this move is a demonstration of Baidu's capabilities in both application-level internet services and foundational hard tech development, despite the competitive and ecological challenges ahead [10]

【大河财立方消息】1月2日，美股涨跌不一。截至收盘，道指涨319.10点，涨幅0.66%，报48382.39点；纳指跌6.36点，跌幅0.03%，报23235.63点；标普 500指数涨12.97点，涨幅0.19%，报6858.47点，打破了过去三年标普500指数在新年首个交易日均以下跌收盘的惯例。 | 17 | ■美股 | | Q | | --- | --- | --- | --- | | A股 灌服 | 美股 台股 | 日股 | 全球 三 | | 已为您生成今日市场智评 | | | 查看 | | 财经日历 | | 海外机构持仓 | Hot | | 美股指数 La | | | | | 道琼斯 | 纳斯达克 | 标普500 | | | 48382.39 | 23235.63 | 6858.47 | | | +319.10 +0.66% | -6.36 -0.03% | +12.97 +0.19% | | | 中国金龙 | 纳指100期货 | 标普500期货 | | | 7859.65 | 25394.50 | 6900.50 | | | +329.91 +4.38% | -62.25 -0.24% | +8. ...

Core Viewpoint - The Nasdaq Golden Dragon China Index experienced a significant increase of 4.38%, marking a strong start to the week with a cumulative rise of 2.23% [1] Group 1: Index Performance - The Nasdaq Golden Dragon China Index closed up by 4.38% [1] - The index recorded a cumulative increase of 2.23% for the week [1] Group 2: Individual Stock Performance - Baidu saw a notable increase of 15% [1] - Bilibili and NetEase both rose by over 7% [1] - Alibaba experienced a rise of over 6% [1] - JD.com increased by nearly 3% [1]

来源：@21世纪商业评论微博 记者丨何己派 编辑丨鄢子为 李彦宏，终于打出芯片牌。 1月2日，他签发一则公告，昆仑芯已透过其联席保荐人，在新年第一天，以保密形式向联交所递表，申请在主板上市。 "建议分拆在商业方面对本公司及昆仑芯均有利，且符合股东整体利益。" 李彦宏在公告中解释，分拆可更全面地反映昆仑芯的价值，且昆仑芯自身规模"足以寻求上市地位"。 此前有消息称，其计划于2026年一季度提交上市申请，2027年初完成IPO。按现有节奏，IPO时间表有望提前。 李彦宏 昆仑芯专攻AI芯片，脱胎于百度智能芯片及架构部，于2021年完成独立融资，2025年7月，其获得最新一轮股权融资，投后估值已达210亿元。 离巢单干的昆仑芯，在李彦宏的AI叙事中，正扮演越来越重要的角色。 "昆仑芯一旦上市，更多的资源进来，把生态这块做好，能打开更大空间。"一位资深技术人士向《21CBR》记者表示。 预料之中 昆仑芯相对低调，不显山不露水。 李彦宏于2011年组建芯片团队，比谷歌启动TPU的研发要早，其本身完整经历从深度学习到大模型的迭代。 IDC数据显示，2024年，中国GPU市场中，英伟达以70%市场份额居首，华为升腾以23% ...

Core Insights - The Chinese robotics industry is poised for significant growth by the end of 2025, with humanoid robots transitioning from experimental concepts to practical applications, achieving over 50% growth and indicating a trillion-yuan industry on the horizon [1] - The entry of major players from various sectors such as automotive, electronics, and the internet into the robotics field marks a shift from niche exploration to widespread competition, creating a unique trend of "cross-industry integration" [1] Group 1: Market Dynamics - In the first eight months of 2025, the primary market financing in the robotics sector reached 38.624 billion yuan, 1.8 times the total for 2024, highlighting the blue ocean effect attracting significant investment [2] - The global industrial robot sales are projected to reach 542,000 units in 2024, with China accounting for 295,000 units, representing 54% of the global market [2] - By 2025, the Chinese robotics market is expected to exceed 150 billion yuan, capturing 35% of the global market share, with predictions suggesting the market for embodied intelligence could reach 400 billion yuan by 2030 and over a trillion yuan by 2035 [2] Group 2: Industry Trends - At least 20 automotive companies have entered the humanoid robot market by the end of 2025, with notable developments including Chery's humanoid robot Mocha and BYD's production line for core robot components [3] - The automotive industry's supply chain overlaps significantly with robotics, with a 60% compatibility rate, driving car manufacturers to invest in robotics as they view vehicles as "mobile intelligent robots" [3] - Home appliance manufacturers are transitioning from traditional manufacturing to smart ecosystems, with companies like Midea establishing dedicated innovation centers for humanoid robots and developing comprehensive R&D systems [7] Group 3: Strategic Shifts - The automotive sector is seen as a key player in the transition to robotics, with companies like Geely planning to invest 5 billion yuan over three years to develop critical components and establish an ecosystem covering all robotics applications [6] - Internet giants are leveraging their technological and capital advantages to enter the robotics space, with ByteDance and Huawei making significant investments in developing advanced robotic models and systems [8] - The competition in the robotics sector is viewed as a strategic restructuring driven by technological advancements, with companies aiming to activate existing technological capabilities and build new ecosystems [9] Group 4: Challenges Ahead - Despite the enthusiasm for entering the robotics market, cross-industry players face challenges such as adapting core competencies to the robotics field, where technology paths are still being defined [10] - The high precision and stability required for industrial applications pose significant challenges for companies transitioning from other sectors, as they may struggle to meet the diverse demands of various operational environments [11] - Cost remains a critical issue, with companies like BYD and GAC aiming to reduce the production cost of humanoid robots to below 200,000 yuan, which requires overcoming substantial supply chain and process optimization challenges [11]

Group 1 - Trump announced the capture of Venezuelan President Maduro by U.S. military forces, stating that the U.S. will "manage" Venezuela until a "safe" transition is implemented [2] - The military operation involved over 150 aircraft and lasted approximately 2 hours and 20 minutes, with no U.S. casualties or equipment losses reported [2] - Maduro and his wife are to be sent to New York for judicial proceedings, facing charges related to "deadly drug terrorism" against the U.S. [2] Group 2 - BMW China announced a price adjustment for 31 key models starting January 1, 2026, with 24 models seeing price cuts exceeding 10% and some up to 30.1 million yuan [3][4] - The price adjustment aims to reflect changes in the official guidance price, with the lowest model now priced at 20.8 million yuan, making it competitive with domestic SUVs [3][4] Group 3 - NIO's CEO Li Bin announced in a company-wide letter that three new models will be launched in 2026, aiming to increase market share in the high-end vehicle segment [6] - NIO reported a record delivery of 48,135 vehicles in December 2025, marking a 46.9% year-on-year increase [6] Group 4 - The wholesale reference price for 25-year-old Flying Moutai has dropped to 1,495 yuan per bottle, reflecting a decrease of 15 yuan from the previous day [7] - The price for a full box of the same product is now reported at 1,505 yuan per bottle, down 20 yuan [7] Group 5 - Tesla reported a global delivery of 1.636 million vehicles in 2025, a decline of approximately 8.6%, marking the first time it has been surpassed in annual electric vehicle sales by BYD [8] Group 6 - Netflix plans to shorten the theatrical release window for Warner Bros. films to 17 days post-acquisition, raising concerns among traditional cinemas and Hollywood creators [11] - The current standard release window is around 45 days, and negotiations are expected to be contentious [11] Group 7 - Baidu announced plans to spin off Kunlun Chip and seek independent listing on the Hong Kong Stock Exchange, with the application already submitted [12]