国产GPU龙头接连登陆港交所！成都传媒集团旗下天府文投子基金精准卡位，解码 “科技 + 文化” 融合新逻辑

Core Insights - The Hong Kong stock market is witnessing a significant moment for domestic GPU companies, with the listings of Birun Technology and Tian Shu Zhixin, marking a new phase for the domestic GPU industry [2][5] - The investment by Chengdu Media Group's Tianfu Cultural Investment in these leading GPU projects highlights a strategic focus on the integration of technology and cultural industries, aiming to build a robust technological foundation for the digital cultural sector [2][9] Company Summaries - Birun Technology, established in 2019, is a leading provider of general intelligent computing solutions, with its proprietary Birun™ series GPU products supporting various critical industries such as AI data centers, telecommunications, and fintech [3][5] - Tian Shu Zhixin, founded in 2015, produced China's first general-purpose GPU in 2021, achieving significant commercial success with over 52,000 units delivered to more than 290 clients by June 2025, and a revenue growth from 189 million yuan in 2022 to 540 million yuan in 2024, reflecting a compound annual growth rate of 68.8% [5][7] Investment Highlights - The Tianfu Cultural Investment's total investment of 90 million yuan in the two GPU projects has effectively mobilized over 4.35 billion yuan towards the GPU sector, demonstrating the fund's strong leverage and investment return capabilities [7][8] - The recent market valuations post-listing indicate significant returns on investment, with Birun's estimated market value at approximately 82.6 billion HKD and Tian Shu Zhixin at over 40 billion HKD, resulting in a return of about 7.3 times for Birun and 3.0 times for Tian Shu Zhixin [8] Industry Context - The GPU is recognized as a fundamental resource for the digital cultural industry, serving as the core engine driving the intelligent upgrade of this sector, with applications ranging from film special effects to AI training and scientific simulations [9][10] - The strategic investment in GPU technology aligns with the broader goal of enhancing the digital cultural ecosystem in Chengdu, positioning it as a key player in the integration of culture and technology [12][15] Ecosystem Development - Chengdu Media Group's Tianfu Cultural Investment is constructing a comprehensive digital cultural and future industry ecosystem, extending from infrastructure to content production, with a focus on AI chips and computing infrastructure [12][14] - The initiative includes investments in various technology companies, aiming to create a self-sustaining ecosystem that supports local industry growth and innovation [15]