机构：华泰证券 研究员：夏路路/侯杰 据百度公司1 月2 日公告，其已根据上市规则PN15 向香港联交所提交有关建议分拆的方案，而香港联 交所已确认可进行建议分拆。我们认为昆仑芯作为国产AI 计算芯片龙头之一，未来其若顺利实现分拆 上市，则上市后更加清晰的信息披露有望助力市场充分认知该业务的内在价值，并推动该业务分部在百 度集团估值中实现进一步的价值重估。展望后续，我们看好在昆仑芯、自动驾驶等子业务线向好发展与 潜在资本市场计划的助推下，百度集团获得相应的价值重估机遇。与此同时，百度集团丰厚的净现金储 备为其估值提供了一定的支撑，后续若公司加大股东回报力度，则有望进一步加强其估值吸引力。建议 持续关注百度各AI 业务项的进展及资本市场计划的推进节奏。 我们认为在AI 时代下，百度集团丰富多元的业务线具备全新发展机遇，后续伴随业务的放量及基本面 的逐步改善，有望进一步推动百度集团的价值重估。1）自动驾驶：12 月22 日，萝卜快跑宣布将于2026 年率先在英国伦敦开启无人驾驶测试及出行服务，是中国无人驾驶首次驶入英国伦敦，进入中国香港以 外的右舵市场（据Wind 报道）。2）AI agent：12 月11 日， ...

2026年首个交易日，美股市场上演了一场"冰火两重天"的戏剧性分化。 道琼斯指数微涨0.66%，纳斯达克指数反而跌了0.03%，特斯拉、微软等科技巨头普 遍收跌。 但就在这一片低迷中，一支代表中国资产的指数却逆势狂飙——纳斯达克中国金龙指数单日暴涨4.38%，创下近8个月来最大涨幅。 更惊人的是百 度，股价一夜飙升15.03%，市值激增超500亿港元，仿佛一颗扔进平静湖面的巨石，瞬间搅动了全球资本的神经。 这场狂欢并非孤例。 阿里巴巴涨超6%，网易、哔哩哔哩跟涨7%以上，连小众的皓鸿科技单日涨幅竟达72.41%。 美联储降息预期升温，美元走弱，促使热钱涌向高成长性资产。 2025年全球投资中国资产的ETF净流入达831亿美元，仅1月3日当天，外资通过互联互通加仓中概科技股的金额就超过50亿美元。 高盛甚至预测，到2027年 末中国股市可能有38%的上涨空间。 半导体与中概股的双重奏 资金涌入的力度远超寻常，中概股板块成交金额环比放大45%，科技类中概股成交量达到前一日的1.8倍。 这已经不是散户跟风能解释的现象，而是机构资 金在主动布局。 为什么是现在？ 答案藏在三条关键逻辑里。 首先，政策红利正在密集释放。 ...

Core Viewpoint - Baidu's subsidiary Kunlun Chip has submitted a listing application to the Hong Kong Stock Exchange, aiming for a separate public listing while remaining a Baidu subsidiary. The details regarding the split, global offering scale, and Baidu's share reduction in Kunlun Chip are yet to be finalized [2][4]. Group 1: Listing and Corporate Structure - Kunlun Chip submitted its listing application on January 1, with the aim to enhance operational and financial transparency [2][4]. - Baidu currently holds a 59.45% stake in Kunlun Chip, making it the largest shareholder [4]. - The company underwent a name change and increased its registered capital from approximately 21.28 million RMB to 400 million RMB [4]. Group 2: Business Performance and Market Position - Kunlun Chip was initially a project within Baidu, established in 2012, and achieved independent financing in April 2021 with an initial valuation of around 13 billion RMB [4]. - The latest financing round is expected to be completed by July 2025, with investors including BYD and CITIC Capital [4]. - In November 2025, Kunlun Chip's revenue surpassed 1 billion RMB, exceeding competitors like Moore Threads and Cambricon [6]. Group 3: Product Development and Future Plans - Baidu announced the launch of new Kunlun Chip products, including the M100 and M300, designed for large-scale inference and multimodal model training, set to be released in 2026 and 2027 respectively [5]. - A five-year roadmap was revealed, with plans for the Tianchi super nodes and Kunlun N series products to be launched between 2028 and 2030 [5].

Market Performance - US stock market opened high but turned negative, with the Nasdaq initially rising over 1% before declining [1] - Chip stocks in the US saw a broad increase, with the Philadelphia Semiconductor Index rising over 4.5%, including significant gains from Nvidia, Intel, and ASML [2] - Major tech stocks such as Apple, Amazon, Microsoft, Google, and Netflix experienced declines [2] Chinese Stocks - The Nasdaq Golden Dragon China Index surged nearly 4%, with Baidu Group soaring over 12% [4] - iQIYI increased by over 9%, while other Chinese companies like GDS Holdings and JinkoSolar also saw significant gains [6] Hong Kong Market - The Hong Kong stock market opened strong, with the Hang Seng Index rising by 2.76%, the Hang Seng China Enterprises Index up by 2.86%, and the Hang Seng Tech Index increasing by 4.0% [6] - Sectors such as AI, semiconductors, commercial aerospace, electrical equipment, home appliances, and automotive showed strong performance throughout the day [6] Investment Outlook - Analysts suggest that the strong performance of Chinese assets at the start of 2026 indicates a continuation of the structural bull market from 2025, with a clear investment focus on hard technology represented by semiconductors, AI, and smart hardware, alongside policy-driven consumption in home appliances and automotive sectors [8] - The offshore RMB exchange rate against the US dollar strengthened, surpassing 6.97, reaching its highest level since May 2023 [8] Currency and Commodities - The performance of the RMB exchange rate is influenced by various factors including international environment, capital flows, and policy changes, with ongoing uncertainties regarding its future trajectory [9] - In precious metals, spot gold initially broke through $4,400 but later retraced most of its gains, while spot silver also saw a significant pullback [10]

一水 发自 凹非寺 量子位 | 公众号 QbitAI 又一家国产芯片即将赴港IPO！ 就在元旦假期期间，百度突然官宣了 "昆仑芯已向港交所提交上市申请" 的消息。 消息一出，百度当日股价一度上涨超8%。 昆仑芯最早诞生于百度内部，由于发展不错，于是从2021年开始独立融资和运营。 目前百度持有这家公司 59.45%的股份 ，且独立上市之后，昆仑芯仍将属于百度附属公司。 该公司最新一轮融资发生于2025年7月，当时估值 210亿元人民币 ，目前投资方除了百度还有上河动量资本、山证投资、比亚迪等。 而随着昆仑芯加入IPO阵营，国产芯片最近掀起的上市潮也再次迎来一波讨论—— 前有已经登陆科创板的沐曦和摩尔线程 （以及昨天登陆港股的壁仞科技） ，中间有刚刚完成上市辅导的燧原科技，同期赴港上市的还有天数 智芯等公司。 国产芯片，正在打响开年第一战。 昆仑芯赴港IPO详情 根据百度最新公告，昆仑芯（北京）科技股份有限公司 （全文简称昆仑芯） 已于2026年1月1日 以保密方式 向港交所提交了主板上市申请。 不提前暴露财务数据、不泄露业务细节、不锁死时间表。 而从本次透露的、为数不多的信息来看，百度核心把目光放在了 "分拆 ...

来源：市场资讯 （来源：ETF炼金师） 在当地时间1月2日，美股三大股指的表现各异，其中道琼斯工业平均指数上涨0.66%，收报48382.39 点，标准普尔500指数小幅上升0.19%，最终报6858.47点，而纳斯达克综合指数则微幅下跌0.03%，收于 23235.63点。本周内，道指和标准普尔500指数分别累计下跌0.67%和1.03%，而纳指则累计下跌了 1.52%。 尽管整体市场表现不一，美国大型科技股也普遍走低，万得美国科技七巨头指数下跌0.6%。在这个指 数中，特斯拉和微软分别下跌超过2%，亚马逊和Meta也均跌逾1%。唯有谷歌小幅上涨，英伟达则上涨 超过1%。市场的另一亮点在于芯片股的强劲表现，费城半导体指数上涨了4.01%。美光科技股价飙升超 过10%，创下历史新高，阿斯麦上涨逾8%，英特尔和台积电则分别上涨超过6%和5%。 在国际市场方面，贵金属期货也收涨。COMEX黄金期货小幅上涨0.02%，报4341.90美元/盎司，但本周 累计下跌4.63%。COMEX白银期货则上涨2.35%，报72.265美元/盎司，周累计下跌6.39%。 在能源市场上，原油价格略有回落。美油主力合约收盘报57.3 ...

Group 1 - The core viewpoint of the article highlights a significant surge in Chinese assets and a strong performance of the renminbi, indicating a continuation of a structural bull market into 2026, with a clear investment focus on sectors like semiconductors, AI, and consumer-driven industries such as home appliances and automobiles [7][8] - The Nasdaq China Golden Dragon Index rose nearly 4%, with notable increases in stocks such as Baidu (up over 12%), iQIYI (up over 9%), and other major Chinese companies [5][6] - The offshore renminbi exchange rate against the US dollar surpassed 6.97, reaching its highest level since May 2023, reflecting a strong currency performance [7] Group 2 - In the US stock market, semiconductor stocks saw a significant rise, with the Philadelphia Semiconductor Index increasing over 4.5%, while major tech companies like Apple, Amazon, and Microsoft experienced declines [2] - Tesla's stock fell nearly 1.8% after reporting a 16% year-on-year decline in Q4 vehicle deliveries, totaling 418,227 units, and an annual delivery drop of over 8%, trailing behind Chinese competitor BYD [2] - Precious metals experienced volatility, with spot gold initially breaking through $4,400 before retracting most of its gains, while silver also saw a significant pullback [9]

Group 1 - The core viewpoint of the article highlights the mixed performance of major U.S. stock indices on the first trading day of 2026, with a notable surge in Chinese tech stocks and a significant increase in the Nasdaq Golden Dragon Index, which rose by 4.38%, marking its largest single-day gain since May 12 of the previous year [2][3][7] - Major technology stocks showed a mixed performance, with ASML and Micron Technology both achieving historical highs, rising over 9% and 10% respectively, while other tech giants like Tesla and Microsoft experienced declines of over 2% [3][5] - The semiconductor sector saw a strong rally, with the Philadelphia Semiconductor Index increasing by over 4.5%, driven by significant gains in companies like ASML and Micron Technology, which are benefiting from the growing demand for AI infrastructure [10][15] Group 2 - Tesla's Q4 delivery data fell short of expectations, resulting in a loss of its title as the world's top electric vehicle seller to BYD, which reported a 27.86% increase in annual electric vehicle sales [22][25][26] - Foreign investment institutions maintain a positive outlook on Chinese assets, with predictions of a 38% increase in the Chinese stock market by the end of 2027, emphasizing structured investment opportunities in technology innovation, green energy, and high-end manufacturing [28]

Market Performance - The U.S. stock market showed mixed results on January 2, 2026, with the Nasdaq down 0.03%, the S&P 500 up 0.19%, and the Dow Jones up 0.66% [1] - The Nasdaq China Golden Dragon Index rose by 4.38%, marking a strong start to the year [5] Notable Stock Movements - ASML and Micron Technology saw significant gains, with ASML rising nearly 9% and Micron up over 10%, both reaching historical highs [2] - Tesla's stock fell by 2.59% to $438.07, resulting in a market capitalization loss of $38.75 billion (approximately 271 billion yuan) [2] - Tesla reported a 16% year-over-year decline in Q4 2025 delivery volume, with total annual deliveries down 8.6% [2] Chinese Tech Stocks - Chinese tech stocks performed well, with Baidu up 15%, Bilibili and NetEase rising over 7%, Alibaba increasing over 6%, and JD.com up nearly 3% [7] Investment Outlook - Analysts suggest that the strong performance of Chinese assets at the start of 2026 indicates a continuation of the structural bull market from 2025, with a focus on sectors like semiconductors, AI, and smart hardware [10] - Goldman Sachs predicts a 38% upside potential for the Chinese stock market by the end of 2027, citing improved market investability and reduced core risks compared to previous years [10] Commodity Prices - Gold prices experienced a sudden drop, trading at $4,332.85 per ounce after briefly surpassing $4,400 [11] - WTI crude oil futures settled down 0.17% at $57.32 per barrel, while Brent crude oil futures fell 0.16% to $60.75 per barrel [15]

上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ 当地时间1月2日，美股三大股指收盘涨跌不一，道指涨0.66%，标普500指数涨0.19%，纳指跌 0.03%。 美国科技七巨头指数跌0.6%，特斯拉、微软跌超2%。芯片股表现强劲，美光科技涨超10%，阿斯 麦涨逾8%。 中概股普涨， 纳斯达克中国金龙指数大涨超4%， 百度集团涨超15%。 芯片股表现强劲 数据显示，截至 当地时间1月2日 收盘，道指涨0.66%报48382.39点，标普500指数涨0.19%报 6858.47点，纳指跌0.03%报23235.63点。本周，道指累计下跌0.67%，标普500指数累计下跌 1.03%，纳指累计下跌1.52%。 美股大型科技股多数下跌，万得美国科技七巨头指数跌0.6%。其中，特斯拉、微软跌逾2%，亚马 逊、META跌逾1%，苹果小幅下跌，谷歌小幅上涨，英伟达涨超1%。 美股芯片股表现强劲，费城半导体指数涨4.01%。其中，美光科技涨超10%，股价创下历史新高； 阿斯麦涨逾8%，英特尔涨逾6%，台积电涨超5%，超微半导体涨逾4%。 德邦证券表示，美股在圣诞行情结束后需要等待新的 ...