上海统计局最新发布：2025年，上海实现地区生产总值56708.71亿元，同比增长5.4%，高于全国平均水平0.4个百分点。 这是来之不易的成绩，也为上海"十四五"规划圆满收官划上句号。 上海，是观察中国经济发展的一扇重要窗口。 此刻，"十五五"正式开局。人民日报社上海分社大江东工作室推出"开局看上海"系列报道，以"从上海看上海""从全国看上海""从全球看上海""从未来看上 海"四个维度，立体解析上海这座国际化大都市发展再跃升的优势和潜力。 以下是该系列报道第一篇：从上海看上海。 上海黄浦江两岸风貌。王初摄 上海是一个不断见证奇迹的地方。 站在"十五五"开局，回望刚刚过去的五年，这种体会愈发深刻。 看经济总量——2020年，上海经济总量3.87万亿元，而后相继迈上4万亿、5万亿两个大台阶。经济规模升至全球城市第五名，超越伦敦，仅次于纽约、东 京、洛杉矶、巴黎。 看发展能级——五年前，上海明确人工智能、集成电路、生物医药为"三大先导产业"。五年间，"模速空间"横空出世，GPU芯片"四小龙"硬核集聚，上海获 批上市国产1类创新药逾30个，居于全国前列。 看民生温度——上海中心城区成片二级旧里以下房屋改造历史性全面 ...

本报（chinatimes.net.cn）记者石飞月 北京报道 前有英伟达，后有寒武纪，一个问鼎全球市值之巅，一个一度坐上A股"股王"宝座，AI芯片理所当然地 成为资本市场的"兵家必争之地"，赛道也愈发拥挤。短短一个多月内，摩尔线程、沐曦股份与壁仞科技 已相继登陆二级市场，1月22日晚间，燧原科技也发起冲刺。 然而，作为"国产GPU四小龙"中最后一家叩响资本市场大门的公司，燧原科技所面临的局面已悄然改 变：市场的"稀缺性溢价"正在消退。当故事的热度逐渐让位于数据的冷峻，燧原科技上市后的估值表 现，无疑将面临市场更为审慎的检验。 值得一提的是，与其他三家不同，燧原科技并未沿袭英伟达确立的GPGPU主流路径，而是选择了与之 差异化的非GPGPU技术路线。在人工智能产业持续演进、技术范式不断更迭的当下，哪一种技术路线 更具持久竞争力与产业生命力呢？ 估值走向 不可否认，在"国产GPU四小龙"中，燧原科技的收入和市场份额还是比较占优势的。 从营收体量来看，以2024年为例，燧原科技以7.22亿元的营收在"国产GPU四小龙"中排在第二位，沐曦 股份以7.43亿元的营收排在第一位，摩尔线程和壁仞科技分别以4.38亿元和3 ...

Core Insights - Shanghai aims to reform its state-owned asset management system, enhancing collaboration with private and foreign capital to boost economic growth and competitiveness [1][6] - By 2025, Shanghai's local state-owned enterprises (SOEs) are projected to reach a total asset value of 32.5 trillion yuan, with profit growth rates of 12.3% and 11.2% for total profit and net profit respectively, marking a five-year high [1][2] - The total market value of listed companies controlled by Shanghai's SOEs is expected to reach 3.2 trillion yuan, also a historical high [1] Group 1: Performance Metrics - In 2025, Shanghai's local SOEs are expected to see asset growth of 16%, total profit growth of 24%, and net profit growth of 23% compared to 2022, with listed company market value increasing by over 42% [2] - The revenue share of strategic emerging industries in Shanghai's SOEs is projected to rise to 30% in 2025, up from 26.4% in 2024 [2] Group 2: Structural Adjustments - Over the past three years, Shanghai has accelerated the restructuring of its SOEs, forming seven new enterprises and completing strategic mergers in various sectors, including finance and technology [3] - The merger of Guotai Junan and Haitong Securities into Guotai Haitong is noted as the largest A+H market merger in China's capital market history [3] Group 3: Innovation and Technology - Shanghai's SOEs have established eight new platforms focused on technological innovation, targeting critical areas such as integrated circuits and artificial intelligence [3] - In 2025, the Shanghai State-owned Assets Supervision and Administration Commission (SASAC) is expected to oversee 87 billion yuan in technology-related expenditures [3] Group 4: Fund Management and Investment - Shanghai's state capital fund has exceeded 660 billion yuan, with a significant portion allocated to strategic projects, achieving a fivefold leverage effect on social capital [6] - The establishment of the Qiyuan Public Welfare Foundation marks a significant step in funding innovative research, with initial projects receiving up to 1 million yuan each [7] Group 5: Future Directions - In 2026, Shanghai's SOEs will focus on enhancing operational efficiency, optimizing asset structure, and strengthening the role of state-owned enterprises in technological innovation [5] - The reform of the state capital fund management system will aim to improve collaboration with various types of social capital, supporting mergers and acquisitions for listed companies [7]

Core Insights - The capital market's enthusiasm for AI has shifted from grand narratives to financial performance, marking a significant transition in 2026 [1] - The AI industry has evolved into distinct segments: computing infrastructure, model building, end-user applications, and regulatory reshaping [2] - The A-share market experienced a structural bull market in 2025, with leading companies like Zhongji Xuchuang and Industrial Fulian achieving significant growth [2][3] Group 1: Market Dynamics - In 2025, the AI sector saw a notable split between A-shares and Hong Kong stocks, with companies like Zhongji Xuchuang and Industrial Fulian leading in valuation restructuring [1] - The successful IPOs of companies like Moer Thread and Muxi Co. on the Sci-Tech Innovation Board indicate a shift of domestic GPUs from experimental stages to large-scale production [3] - The Hong Kong market acted as a bellwether for AI applications, with companies like Cloud Wisdom successfully raising funds and positioning themselves in the AI+ healthcare sector [3] Group 2: Regulatory Environment - The beginning of 2026 brought regulatory scrutiny to industries like food delivery and transportation, impacting companies that rely heavily on algorithm-driven profits [2][7] - The case of Ctrip Group highlights the risks associated with algorithmic monopolies, as the company faced an antitrust investigation that affected its stock price [7] Group 3: Technological Advancements - The focus in 2026 is shifting towards "intelligent agents" and edge hardware, with expectations for a significant drop in development costs for AI agents [8] - The anticipated end of Windows 10 support and a decrease in edge computing costs are expected to drive the adoption of AI PCs and smartphones [8] Group 4: Investment Opportunities - Companies specializing in advanced packaging and new storage solutions, such as Zhaoyi Innovation and Changdian Technology, are expected to benefit from the evolving AI infrastructure [9] - The market is optimistic about the potential of domestic computing capabilities, viewing 2026 as a pivotal year for AI infrastructure development in China [9] Group 5: Future Outlook - The AI industry is expected to transition from speculative narratives to tangible productivity enhancements, with companies that can effectively leverage intelligent agents poised for success [10] - The market is likely to favor businesses that operate within regulatory boundaries and demonstrate real value creation through AI [10]

Core Viewpoint - Alibaba is considering the spin-off of its semiconductor division, Pingtouge, for independent listing, aiming to join the ranks of high-valuation Chinese AI chip companies [2][3] Group 1: Spin-off Consideration - Alibaba is evaluating the feasibility of spinning off Pingtouge, which is closely related to its cloud intelligence business, to unlock shareholder value [3][5] - The spin-off plan comes nearly three years after Alibaba's previous restructuring announcement, which ultimately did not materialize [3] - The recent surge in stock prices of competitors like Biren Technology and Moore Threads, which have seen significant increases since their IPOs, is influencing Alibaba's decision [2][5] Group 2: Market Context and Valuation - The current high valuations of Chinese chip companies, with some trading at over 200 times their price-to-sales ratios, provide a favorable backdrop for Alibaba's potential spin-off [6][7] - In contrast, Nvidia's price-to-sales ratio is only 24, highlighting the disparity in valuations between Chinese and Western chip firms [6] - The expectation of substantial policy and financial support for Chinese chip companies is also a motivating factor for Alibaba's consideration [6] Group 3: Competitive Landscape - Alibaba is not alone in pursuing a spin-off; Baidu has also announced plans to spin off its Kunlun chip division, potentially raising up to $2 billion [8] - Both Pingtouge and Kunlun have begun selling chips externally, targeting major telecom operators in China, which are investing heavily in AI infrastructure [8][9] Group 4: Financial Performance - Alibaba's recent financial performance shows a year-on-year revenue growth of 5% to 248 billion yuan, with a more substantial growth of 15% when excluding certain asset sales [10] - The cloud business remains a strong growth driver, with a 34% year-on-year revenue increase, contributing approximately 16% to total revenue [11] - The potential spin-off, combined with robust growth in cloud services and instant retail, could provide further momentum for Alibaba's stock price recovery [12]

近日，有消息称，阿里巴巴集团已决定，支持旗下芯片公司"平头哥"未来独立上市。 受该消息影响，阿里巴巴（BABA）美股夜盘突发大涨5%。 知情人士透露，阿里巴巴计划先将该部门重组为一家由员工部分持股的企业，随后，将考虑启动IPO，但具体时间尚不明确。 目前，阿里方面对此消息未作评论。 据了解，平头哥成立于2018年，是阿里巴巴集团的全资半导体芯片业务主体，专注自研芯片与开源生态。 网传该公司名字由马云亲自敲定，寓意着公司要像"平头哥"蜜獾般无畏攻坚。 早在2025 年 9 月，央视《新闻联播》中一帧，关于阿里平头哥自研芯片的报道画面，引发高度关注，也让外界得以一窥平头哥的实力。 报道画面显示，这款名为 PPU 的 GPU 芯片，显存为 96GB 的 HBM2e，片间互联带宽达 700GB/s，接口为 PCIe 5.0×16，功耗仅为 400W，在这些关键参 数上已完全超过英伟达 A800 和主流的国产 GPU，整体性能与英伟达 H20 相当。 据外媒报道，平头哥研发的第一代 PPU 性能可匹敌英伟达畅销的 H20，而升级版的 PPU 性能则比英伟达 A100 更强。 因性能优异稳定、性价比突出，平头哥 PPU ...

记者丨 孙燕 编辑丨卜羽勤 1月22日，上海燧原科技股份有限公司（以下简称"燧原科技"）科创板IPO申请获受理。 燧原科技与摩尔线程（688795.SH）、沐曦股份（688802.SH）、壁仞科技（06082.HK）并 称"国产GPU四小龙"。但不同于摩尔线程、沐曦股份、壁仞科技均为GPGPU架构厂商，燧原 科技是国内非GPGPU架构厂商的代表。 本次IPO，燧原科技拟融资60亿元，募集资金将用于基于五代AI芯片系列产品研发及产业化项 目、基于六代AI芯片系列产品研发及产业化项目、先进人工智能软硬件协同创新项目。 专注云端A I芯片 2018年3月，赵立东和张亚林作为联合创始人，在上海临港设立了燧原科技。 招股书透露，目前燧原科技在研发邃思五代芯片和邃思六代芯片；AI加速卡及模组方面，正在 研发燧原四代高性价比推理、燧原五代高性能训推一体、燧原六代高性能训推一体等；智算系 统及集群方面，正在研发超节点/集群方案。 其中，不同于已发布的OGX为单机8卡标准化AI专用系统产品，燧原科技正在研发中的ESL是 超节点产品，可在单节点集成32卡或64卡，特别适用于千亿参数以上规模大模型的预训练与高 并行推理场景。 招股 ...

公开信息显示，成立于2018年3月的燧原科技，聚焦云端人工智能芯片设计研发，致力于构建通用人工 智能基础设施。目前公司已完成四代架构迭代，推出五款云端AI芯片，搭建起覆盖芯片、加速卡及模 组、智算系统及集群、AI计算编程软件平台的完整产品体系。 据了解，燧原科技此次IPO拟募资60亿元，募集资金全部投向第五代、第六代AI芯片研发及产业化项 目，以及先进人工智能软硬件协同创新项目，旨在持续强化技术迭代能力。 从股权结构来看，公司创始人、董事长兼CEO赵立东和公司另一位创始人兼COO张亚林为公司一致行 动人，二人通过直接持股及间接控制上海燧原汇智、燧原崇英两大员工持股平台，合计掌控公司 28.14%的表决权，为共同实际控制人。 此外，腾讯科技及其关联方以20.26%的持股比例成为第一大机构股东，武岳峰二期及其关联方持股 5.71%，国家集成电路产业投资基金二期持股4.32%，此外还包括红点创投、中金资本等知名创投机 构。 其中，腾讯的参与尤为特殊，公司与其在资本层面的深度绑定也同步转化为业务端的紧密合作。招股书 显示，2025年前三季度腾讯为公司第一大客户，销售金额3.30亿元，占比达57.28%。 在技术积淀与 ...

中国本土云端AI芯片厂商包括以华为海思、寒武纪和燧原科技等为代表的非GPGPU（通用GPU）架构厂商，以摩尔线程、沐曦股份、天数智芯和壁仞科 技等为代表的GPGPU架构厂商。 1月22日晚间，上交所官网显示，"国产GPU四小龙"上海燧原科技股份有限公司科创板IPO获得受理，保荐机构为中信证券，会计师事务所为毕马威华振。 燧原科技本次科创板IPO拟募集资金约60亿元，拟投资于基于五代AI芯片系列产品研发及产业化项目、基于六代AI芯片系列产品研发及产业化项目、先进 人工智能软硬件协同创新项目。 综合 | 招股书 智通财经 编辑 | Arti 本文仅为信息交流之用，不构成任何交易建议 燧原科技成立于2018年，与摩尔线程（688795.SH）、沐曦股份（688802.SH）、壁仞科技（06082.HK）合称"国产GPU四小龙"。 招股书显示，目前国内云端AI芯片行业处于发展初期，国际厂商英伟达占据中国市场主要份额，但中国本土企业不断突破技术壁垒，占据了一定的市场 份额。 燧原科技表示，公司的产品持续迭代开发能力以及产品竞争力已经得到市场的检验和认可，正逐步实现从"技术产品闭环"到"商业价值闭环"的关键跨越。 燧原科 ...

来源：美通社 上海2026年1月22日 /美通社/ -- 以下报道来自海峡导报：2025年末，随着摩尔线程、沐曦股份在科创板 上市后股价表现强劲，及2026年初壁仞科技成功登陆港股，国产高端GPU领军企业集群加速对接资本市 场。如今，"国产GPU四小龙"阵营的最后一块关键拼图即将就位 —— 上海燧原科技股份有限公司的科 创板IPO申请已于1月22日获证监会受理，标志着其上市进程进入冲刺阶段，这家估值达205亿元的独角 兽企业有望在二级市场再引关注。 随着燧原科技上市进程推进，其背后的企业与资本也浮出水面。燧原科技背靠腾讯这棵"参天大树"，更 有国家集成电路产业投资基金二期（国家大基金二期）的入股，股东囊括了红点中国等国内知名资本。 受理截图 拥有"硅谷基因"，打造独特的技术路线 2025年12月，号称"国产GPU第一股"的摩尔线程上市首日股价涨超4倍，12月11日收盘价超过900元/ 股，首日涨幅高达425%，远超114.28元/股的发行价。随后，沐曦股份上市首日股价暴涨约700%，市值 突破3000亿元，当时，投资者中一签浮盈最高接近40万元，更是刷新近十年来A股上市首日单签盈利纪 录。 2026年伊始，这 ...