开年双响：AI芯片资本化进程加速，国产算力进入新阶段

Core Insights - The Chinese AI chip sector is experiencing significant capital events, highlighted by the listing of Birun Technology on the Hong Kong Stock Exchange as the first domestic GPU stock on January 2, 2026, alongside Baidu's Kunlun Chip submitting a listing application on January 1, 2026 [1][2][3] Group 1: Birun Technology - Birun Technology officially listed on the Hong Kong Stock Exchange on January 2, 2026, marking it as the first domestic GPU stock and the first new stock of the year [2][7] - Founded in 2019 by former SenseTime president Zhang Wen, Birun Technology achieved a remarkable milestone by completing its transition from establishment to listing in just six years [2][7] - The stock received extraordinary market enthusiasm, with over 2300 times subscription during the offering period, making it the largest new stock issuance since the implementation of the special technology company listing mechanism [2][7] - Birun Technology focuses on providing general intelligent computing solutions, with its self-developed Birun™ series GPU products at the core, enhancing the domestic high-performance computing ecosystem [2][7] Group 2: Kunlun Chip - Baidu announced on January 2, 2026, that its AI chip company Kunlun Chip submitted a confidential listing application to the Hong Kong Stock Exchange on January 1, 2026 [3][8] - Kunlun Chip originated from Baidu's Intelligent Chip and Architecture Department and completed its first round of independent financing in April 2021, with an initial valuation of approximately 13 billion yuan [3][8] - As of July 2025, Kunlun Chip has undergone D-round financing and has released three generations of products: K100/K200, R200 series, and P800 [3][8] - Despite the independent listing, Kunlun Chip is expected to remain a subsidiary of Baidu, maintaining close technical and business collaboration [3][8] Group 3: Market Trends - The domestic GPU industry is undergoing a rapid capital influx, with other companies like Tiandu Zhixin planning to list on January 8, 2026, and Suiruan Technology completing its IPO guidance on January 1, 2026 [5][10] - The acceleration of these companies' listings underscores the explosive growth in demand for domestic AI chips [10][11] - According to Zhi Shi Consulting, the market size of China's AI chip sector is projected to surge from 142.54 billion yuan in 2024 to 1,336.79 billion yuan by 2029, with an average annual growth rate of 53.7% from 2025 to 2029 [11]