Core Insights - The Chinese AI industry is entering a new phase of commercial validation and large-scale application, with companies like Zhiyuan Huazhang, MiniMax, and others listing on the Hong Kong Stock Exchange and STAR Market [1] - Despite advancements, domestic chip manufacturers face significant challenges due to reliance on NVIDIA's ecosystem, which limits their competitiveness and market penetration [2][3] - The focus is shifting from training to inference in AI, necessitating deeper collaboration between models and chips to enhance efficiency and application in various industries [5][6] Group 1: Industry Developments - The rapid growth of AI applications in China has been notable, with models like Qianwen, Zhiyuan GLM, and Step series performing competitively in benchmark tests [2] - The dependency on NVIDIA's ecosystem is highlighted, with only a fraction of models on platforms like Hugging Face being supported by top domestic GPUs [2] - The evolution of AI model architectures requires chips to be flexible and forward-looking to avoid obsolescence [3] Group 2: Challenges for Domestic Chips - Domestic chips often struggle with performance claims that do not meet customer needs for seamless model operation and cost-effective development [3][4] - The ecosystem's limitations create a negative feedback loop, where low usage leads to slow feedback and iteration, further hindering ecosystem improvement [3] Group 3: Collaborative Solutions - The emergence of a dual adaptation approach is seen as a potential solution, with AI chip manufacturers aligning closely with domestic model companies to enhance compatibility and efficiency [6][7] - Initiatives like the "Model-Chip Ecological Innovation Alliance" aim to bridge the technological gaps between chips and models, promoting joint optimization [6][7] - Major companies like Alibaba and Tencent are adopting strategies that integrate models, cloud platforms, and chips to achieve systemic advantages in efficiency and cost [8]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 上海壁仞科技股份有限公司 呈交日期: 2026年2月4日 I. 法定/註冊股本變動 FF301 上海壁仞科技股份有限公司（「本公司」）的普通股（H股）於2026年1月2日（「上市日」）在香港聯合交易所有限公司主板上市，上述「上月底結存」的結存是指本公司於上市日的相關註冊股本 結存。 | 2. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 內資股 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,238,013,076 RMB | | 0.02 | RMB | | 24,760,261.52 | | 增加 / 減少 (-) ...

国模与国芯如何齐头并进？ 本文字数：3566，阅读时长大约6分钟 作者 |第一财经 彭海斌 2026.02.04 今年上海两会期间，上海市人大代表、优刻得董事长兼CEO季昕华建议，联动壁仞、沐曦、燧原等本地 芯片龙头企业，复旦、交大、上科大等高校科研机构，优刻得等本地云服务厂商，"重点攻坚AI大模 型、自动驾驶、生物医药等领域的深度适配。" 过去一年时间，壁仞、沐曦、天数智芯等数家上海芯片企业上市，架构起了技术和资本的桥梁。未来， 上海的算力，有望更好地支撑中国人工智能蓬勃发展的生态。 上海有什么 "相比国内其他城市，上海的国产芯片产业成熟度更高一些，而且AI企业也比较多，政府支持力度也比 较大。"季昕华对第一财经记者表示。 优刻得是一家上海的云计算厂商，在其位于全国各地的数据中心已经引入了中国本土的AI芯片，它很 早就与上海沐曦股份展开了合作。 沐曦股份是一家聚焦于人工智能和图形渲染的集成电路公司。2024年，沐曦股份收入7.4亿元；2025年 上半年，它的收入9.15亿元。沐曦股份已经在2025年12月份登陆科创板。 对于上海芯片企业来说，2025年是一个丰收年。 除了沐曦股份，上海壁仞科技、上海天数智芯 ...

Core Viewpoint - The article discusses the synergy between domestic chip companies and cloud service providers in Shanghai, emphasizing the need for collaboration to advance AI applications in various sectors such as autonomous driving and biomedicine [3][19]. Group 1: Shanghai's Chip Industry Development - Shanghai's domestic chip industry is more mature compared to other cities in China, with significant government support and a high concentration of AI companies [6]. - In 2025, Shanghai's integrated circuit industry revenue is expected to exceed 480 billion yuan, with 35 companies listed on the Sci-Tech Innovation Board, the highest in the country [9]. - Major local chip companies like Wallen, Muxi, and Tensu Zhixin have recently gone public, breaking down barriers between technology and capital markets [9][10]. Group 2: AI Chip Ecosystem and Challenges - Despite the growth of local AI chip companies, the industry faces challenges due to reliance on NVIDIA's ecosystem, which dominates AI software development [14][18]. - The lack of a unified development platform for heterogeneous computing limits the adoption of domestic chips, as developers are often tied to specific software architectures [15][17]. - There is a need for a standardized approach to enhance compatibility and efficiency across different chip platforms [16]. Group 3: Future Prospects and Strategies - The process of domestic computing power localization is expected to continue through 2026, with ongoing advancements in AI models and competitive pricing compared to U.S. counterparts [23][24]. - Domestic chip companies should focus on identifying more application scenarios to increase the usage of local chips, aiming for international markets as well [25]. - Collaboration with ASEAN and Central Asian countries is suggested to build an international supply chain for computing power, promoting domestic GPU solutions abroad [26].

国产算力有希望在2026年拿到更多的份额。 国模与国芯如何齐头并进？ 今年上海两会期间，上海市人大代表、优刻得董事长兼CEO季昕华建议，联动壁仞、沐曦、燧原等本地芯片龙头企业，复旦、交大、上科大等高校科研机 构，优刻得等本地云服务厂商，"重点攻坚AI大模型、自动驾驶、生物医药等领域的深度适配。" 过去一年时间，壁仞、沐曦、天数智芯等数家上海芯片企业上市，架构起了技术和资本的桥梁。未来，上海的算力，有望更好地支撑中国人工智能蓬勃发 展的生态。 上海有什么 "相比国内其他城市，上海的国产芯片产业成熟度更高一些，而且AI企业也比较多，政府支持力度也比较大。"季昕华对第一财经记者表示。 优刻得是一家上海的云计算厂商，在其位于全国各地的数据中心已经引入了中国本土的AI芯片，它很早就与上海沐曦股份展开了合作。 沐曦股份是一家聚焦于人工智能和图形渲染的集成电路公司。2024年，沐曦股份收入7.4亿元；2025年上半年，它的收入9.15亿元。沐曦股份已经在2025年 12月份登陆科创板。 对于上海芯片企业来说，2025年是一个丰收年。 除了沐曦股份，上海壁仞科技、上海天数智芯也已经在去年上市了。据上交所官网披露，上海燧原科技 ...

Investment Rating - The report maintains a "Buy" rating for companies such as沃尔核材 (Worley), 天孚通信 (Tianfu Communication), and 长飞光纤 (Changfei Fiber) while recommending "Accumulate" for 立讯精密 (Luxshare Precision) [7] Core Insights - Meta has signed a long-term supply agreement with Corning for fiber optic cables worth up to $6 billion to accelerate AI data center construction, highlighting the strong demand for fiber optics in the AI infrastructure [3] - Nvidia is hosting a webinar focused on co-packaged silicon photonics (CPO) switches, emphasizing their strategic value in scaling AI computing power [4] - The report suggests focusing on companies like 天孚通信, 立讯精密, 长飞光纤, and 沃尔核材 due to their potential in the AI computing sector [5] Weekly Market Analysis - From January 26 to January 30, the communication sector saw a significant increase of 5.83%, ranking second among all sectors, while the electronics sector decreased by 2.51% [12][19] - The AI computing-related sub-sectors mostly showed an upward trend, with the communication network equipment and devices sector leading with an increase of 8.56% [19] - The report indicates a divergence in capital flow, with the communication sector experiencing a net inflow of 11.53 billion yuan, while the electronics sector faced a net outflow of 55.83 billion yuan [23][25] Company Announcements - Lotus Holdings announced progress in its transition to computing power business, including various contracts for GPU servers and cloud services [49] - Tongfu Microelectronics reported a reduction in shareholding by its major shareholder, which will not affect the company's governance structure [51] - Tianfu Communication completed a share reduction plan by a board member, which was executed in accordance with regulations and did not impact company control [52]

Group 1 - Hong Kong chip stocks opened lower, with Shanghai Fudan (01385.HK) dropping over 4% [1] - Other stocks such as Hua Hong Semiconductor (01347.HK), Zhaoyi Innovation (03986.HK), SMIC (00981.HK), ZTE Corporation (00763.HK), and Biren Technology (06082.HK) also declined [1] - In contrast, InnoCare Pharma (02577.HK) saw a strong performance, rising over 6% [1]

文 | 《财经》特约撰稿人 康国亮 编辑 | 杨秀红 其早盘开盘后跳水，截至午间收盘，股价下跌12.88%至1082.09元/股，创出近半年新低，总市值相较前一交易日减少675亿元，跌至4563亿 元。 消息面上，当日市场上一则传闻对寒武纪股价形成扰动，其大致内容为：寒武纪最近组织了一场小范围交流，据传公司给出2026年营收指引为 200亿元，低于市场预期的500亿元-600亿元。 此前寒武纪董秘办回复投资者热线时，接线工作人员表示："这个（股价波动原因）我们不太清楚，首先市场上很多的传闻，肯定都是假的， 然后二级市场资金、情绪的波动还是比较多的，大家理性对待。" 午间收盘后，寒武纪在其官方微信公众号上正式发布声明，公司关注到2月3日网络传播的关于公司近期组织小范围交流等信息为不实信息，公 司近期从未组织任何小范围交流，没有出具过任何年度、季度营业收入指引数据，相关信息请以公司公开披露的信息为准。公司目前研发进展 顺利，经营稳步推进。 同时，寒武纪在声明中表示，公司相关事项均以公开披露信息为准，请各位投资者提高信息辨别能力，不传播、不采信来源不明或未经核实的 虚假信息。此外，对于任何捏造、散布传播不实信息的行 ...

Group 1 - The core theme of the Hong Kong IPO market this year is artificial intelligence (AI), with 12 companies in the AI value chain having gone public, raising over $4.9 billion (approximately HKD 38.22 billion) [1] - The recent surge in AI IPOs is believed to be just the beginning, as market conditions are expected to mature, allowing international investors to directly invest in leading Chinese AI companies [1] - Approximately 20 companies in various fields of the AI value chain have submitted listing applications, primarily in the platform sector, including enterprise AI, marketing AI, and data and business intelligence solutions [1] Group 2 - Four AI companies, including Wall Street Technology (06082), Zhiyuan (02513), TianShu Intelligent Chip (09903), and MINIMAX-WP (00100), raised a total of $2.5 billion last month, attracting international institutional investors from countries such as the UAE, Singapore, South Korea, Switzerland, and the USA [2] - The cornerstone investors for these four new stocks subscribed to approximately $1.3 billion, with an average cornerstone subscription rate of 58% of the total offering size, showcasing Hong Kong's role as a "super connector" for cutting-edge technology [2] - As of January 23, the total IPO fundraising in Hong Kong reached $3.7 billion, a year-on-year increase of 3.6 times, with over 350 listing applications currently being processed by the Hong Kong Stock Exchange [3]

Core Viewpoint - The establishment of an artificial intelligence joint laboratory by Biran Technology in collaboration with Shanghai Yidian's Zhican Services and Jueyue Xingchen aims to promote the development of AI in line with national strategies for "independent control, safety, and reliability" [1] Group 1 - The joint laboratory focuses on technology co-creation, industry expansion, and ecological aggregation as its main directions [1] - The initiative supports a collaborative innovation model that integrates "national core, national model, and national application" [1] - The laboratory aims to serve as a paradigm for industrial application and ecological cooperation [1]