国产GPU龙头接连登陆港交所！天府文投子基金精准卡位 解码算力赋能数字文创新逻辑

Core Insights - The Hong Kong stock market is witnessing a significant moment for domestic GPU companies, with the listings of Birun Technology and Tensu Zhixin, marking a new phase for the domestic GPU industry [1][2][5] Group 1: Company Listings and Performance - Birun Technology officially listed on the Hong Kong Stock Exchange on January 2, 2026, becoming the first GPU stock in Hong Kong [4] - Tensu Zhixin, which was established in 2015, listed on January 8, 2026, and has delivered over 52,000 products to more than 290 clients by June 2025, showcasing its strong capability in transitioning from technology breakthroughs to large-scale commercialization [5][7] - Tensu Zhixin's revenue grew from 189 million yuan in 2022 to 540 million yuan in 2024, reflecting a compound annual growth rate of 68.8% [5] Group 2: Investment and Financial Returns - Tianfu Cultural Investment's involvement through sub-funds in both Birun Technology and Tensu Zhixin highlights its strong financial leverage and investment returns, with a total investment of 90 million yuan leading to over 435 million yuan directed towards the GPU sector [7][8] - The estimated market capitalization post-listing is approximately 82.6 billion HKD for Birun Technology and over 40 billion HKD for Tensu Zhixin, with significant returns on investments made by the funds [8] Group 3: Strategic Importance of GPUs - GPUs are viewed as the foundational infrastructure for the digital cultural industry, essential for AI applications and digital content creation, thus driving the industry's intelligent upgrade [9][10] - The investment in Birun Technology and Tensu Zhixin is seen as a strategic move to secure a foothold in the core infrastructure of the AI era, which is crucial for the digital content industry's development [9][10] Group 4: Ecosystem Development - Tianfu Cultural Investment is building a comprehensive digital cultural and future industry ecosystem in Chengdu, extending from chip infrastructure to application layers, including various AI and smart technology companies [11][12] - The focus is on creating a self-sustaining ecosystem that integrates foundational computing power, tools, and applications, enhancing local industry capabilities [12] Group 5: Future Outlook - The successful listings of Birun Technology and Tensu Zhixin are milestones in Tianfu Cultural Investment's strategy to empower the digital cultural industry through technology, aiming to establish Chengdu as a significant cultural and creative center [13]