Changjiang Securities·2026-01-06 11:10Investment Rating - The report maintains a "Positive" investment rating for the industry [7] Core Insights - Recent developments in the AI sector include the successful listing of Wallen Technology on the Hong Kong Stock Exchange and Baidu's Kunlun Chip planning a spin-off listing. DeepSeek has proposed a new mHC architecture that reduces the energy and computational requirements for training advanced AI, potentially accelerating the industrialization of AI [2][4] - The report highlights the upcoming IPOs of AI companies Zhiyu and MiniMax on January 8 and 9, respectively, and notes the partnership of Doubao with the Spring Festival Gala as a significant event [2][10] - The report identifies several promising investment opportunities within the AI sector, including high-quality IP benefiting from AI technology advancements, internet giants with advantages in traffic, models, and data, and vertical sectors like advertising, e-commerce, and education that have successfully replicated overseas business models in China [2][10] Summary by Sections Recent Events - Wallen Technology has successfully listed on the Hong Kong Stock Exchange, filling an important gap in the computing power sector. The company has developed a full chain of capabilities from high-end AI chips to computing clusters, with its self-developed "Biren" GPGPU architecture and related hardware products. The stock surged by 75.82% on its first day, indicating a new phase for the domestic computing power industry [10] - Baidu's Kunlun Chip is set to enhance its valuation transparency and attract investors focused on hard technology by planning a spin-off listing. The Kunlun Chip P800 cluster, capable of supporting multiple large models, marks a significant milestone in domestic computing power [10] - DeepSeek's new mHC architecture addresses issues in the existing Hyper-Connections structure, showing a mere 6.7% increase in training time while achieving significant performance improvements, thus lowering the costs associated with AI model training [10] Investment Opportunities - The report emphasizes the accelerated marginal growth in AI, with a focus on investment opportunities in the AI sector. It highlights the potential of high-quality IP benefiting from AI advancements, internet giants with data advantages, and vertical sectors that can replicate successful overseas business models [2][10]