Sou Hu Cai Jing·2026-01-05 04:34Core Insights - Baidu has submitted a confidential application for the IPO of its AI chip business, Kunlun Chip, on the Hong Kong Stock Exchange, leading to a significant surge in the Hong Kong tech sector and Baidu's stock price [1][3] Group 1: Kunlun Chip's Market Impact - Kunlun Chip has a valuation of 21 billion yuan and is supported by orders in the billion-level range, which has attracted substantial market attention [1] - In 2024, Kunlun Chip's shipment volume reached 69,000 units, outperforming its competitor, Cambricon, by 2.65 times, solidifying its position as a leader in the domestic AI chip market [2] - Morgan Stanley predicts Kunlun Chip's revenue will grow from 1.3 billion yuan in 2026 to 8.3 billion yuan, indicating a sixfold increase and a potential valuation exceeding 80 billion yuan [2] Group 2: Factors Behind Hong Kong Stock Surge - The surge in Hong Kong tech stocks is attributed to multiple favorable factors, including supportive policies from the China Securities Regulatory Commission for spin-off listings [3] - The Hong Kong Stock Exchange has opened a "green channel" for tech companies, facilitating quicker access to the capital market for quality assets [3] - Market sentiment also played a crucial role, with the Hang Seng Index rising by 2.76% and the Hang Seng Tech Index by 4% on the first trading day of 2026, leading to a strong influx of capital [3] Group 3: A-Share Market Opportunities - Companies with official ties to Baidu are identified as potential investment opportunities, including: - Yuxin Technology, which has a business cooperation agreement with Baidu and a stake acquisition [4] - Geling Deep Vision, which has signed a strategic cooperation agreement with Baidu to integrate Kunlun Chip's computing power [5] - BYD is a core partner of Kunlun Chip, holding a stake and providing automotive-related services [6] - Companies in the supply chain for chip manufacturing and testing are also positioned to benefit from Kunlun Chip's expansion [6] Group 4: Investment Guidelines - Investors are advised to focus on companies with clear official announcements and deep business ties to avoid speculative investments [8] - Emphasis should be placed on companies with long-term cooperation, large orders, and equity ties, as these relationships indicate a more sustainable benefit [8] - Companies aligned with national policies supporting AI chip domestic substitution and computing infrastructure construction are recommended for long-term investment [8]