（编辑 袁冠琳） 证券日报网讯 1月6日，中科蓝讯在互动平台回答投资者提问时表示，为强化公司在半导体核心领域的 战略布局并赋能长期发展，公司基于对行业趋势的深度研判与严格筛选机制，围绕GPU、AI及先进封 装测试等高成长性领域，进行了前瞻性战略投资。在先进封装测试领域，公司通过蔚蓝（深圳）私募创 业投资基金合伙企业（有限合伙）间接持有江苏芯德半导体科技股份有限公司首次公开发行前总股本的 1.35%。 ...

截至12月17日，沐曦股份股东户数2.51万，较上期增加20138.71%；人均流通股722股，较上期增加 0.00%。2025年1月-9月，沐曦股份实现营业收入12.36亿元，同比增长453.52%；归母净利润-3.46亿元， 同比增长55.79%。 责任编辑：小浪快报 资料显示，沐曦集成电路(上海)股份有限公司位于上海市浦东新区海科路999弄C8栋，成立日期2020年9 月14日，上市日期2025年12月17日，公司主营业务涉及研发、设计和销售应用于人工智能训练和推理、 通用计算与图形渲染领域的全栈GPU产品,并围绕GPU芯片提供配套的软件栈与计算平台。主营业务收 入构成为：训推一体GPU板卡97.55%，智算推理GPU板卡1.25%，其他0.80%，训推一体GPU服务器 0.32%，IP授权0.08%。 沐曦股份所属申万行业为：电子-半导体-数字芯片设计。所属概念板块包括：近端次新、次新股、 GPU、国产软件、百元股等。 1月6日，沐曦股份盘中下跌2.00%，截至10:37，报593.66元/股，成交8.49亿元，换手率7.76%，总市值 2375.23亿元。 资金流向方面，主力资金净流出5308.36 ...

Group 1 - The domestic GPU manufacturers are experiencing a wave of IPOs, with companies like Moore Threads, Muxi Co., and Birun Technology recently listing on the A-share and Hong Kong stock markets [1] - Several other GPU companies are also in the process of going public, indicating a growing trend in the industry [1] - Shanghai Zhenliang Intelligent Technology Co., Ltd. has recently increased its registered capital to approximately 815 million yuan, with new shareholders including Ningbo Yuexiu Yongyuan Equity Investment Partnership and China State-Owned Enterprise Mixed Ownership Reform Fund [1] Group 2 - Shanghai Zhenliang is an affiliate of Hangzhou Xiwang Chip Intelligent Technology Co., Ltd., which focuses on high-performance GPU development and positions itself as a "chip company that understands AI better" [1] - Hangzhou Xiwang was established in June 2025 with a registered capital of 20 million yuan and is fully owned by Shanghai Zhenliang [1] - Xiwang was incubated by SenseTime and completed nearly 1 billion yuan in financing in June 2025, launching its S2 and S3 product lines [1]

Investment Rating - The industry rating is "Outperform the Market," indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next six months [15]. Core Insights - The report highlights the recent trend of domestic GPU companies in Hong Kong initiating capitalization, with Wallen Technology listing on January 2, 2023, and experiencing a closing price increase of 75.8% on its first day. Additionally, Tensowise has passed the Hong Kong Stock Exchange hearing and plans to list on January 8, while Kunlun Chip has submitted a listing application [3][4]. - Wallen Technology focuses on independent research and development, with over 1,500 global patent applications and 600 granted patents. Its GPU products cater to various applications, including cloud training and inference, with significant revenue growth in its intelligent computing solutions [6]. - Tensowise prioritizes the AI sector, with its inference series driving revenue growth. The company has seen a substantial increase in revenue from its inference products, which have become a significant part of its overall revenue [7]. Summary by Sections Wallen Technology - Wallen Technology has launched multiple GPU products, including BR106, BR166, and BR110, designed for various applications such as cloud training and edge inference. The company reported intelligent computing solutions revenue of 58.15 million yuan in the first half of 2025, a year-on-year increase of 48%, with a gross margin of 31.2% [6]. Tensowise - Tensowise has introduced three generations of its training series, with the Tianwei series designed for large-scale AI training. The company allocates 5% of its global offering proceeds to R&D for AI computing solutions, targeting industries with strong domestic substitution demand [7]. - The revenue from Tensowise's inference series has shown significant growth, with 87.02 million yuan in revenue for the first half of 2025, accounting for 26.8% of total revenue, compared to 430,000 yuan in 2022 [7].

Core Viewpoint - Shanghai Birun Technology Co., Ltd. has officially listed on the Hong Kong Stock Exchange, becoming the first GPU stock in the Hong Kong market, with a market capitalization exceeding 100 billion HKD at opening [1][3]. Company Overview - Birun Technology was founded in 2019 in Shanghai and focuses on the research and development of General-Purpose Graphics Processing Unit (GPGPU) chips and intelligent computing solutions. It is now among the top tier of domestic GPU companies, alongside Moore Threads, Muxi Technology, and Suiruan Technology, collectively known as the "Four Little Dragons of Domestic GPUs" [3]. - The company raised a total of 5.583 billion HKD through its IPO, netting 5.375 billion HKD, marking the largest fundraising project since the implementation of Chapter 18C of the Hong Kong Stock Exchange listing rules [3]. Leadership and Team - The founder, Zhang Wen, has a unique background with a PhD in law from Harvard and experience as a lawyer and investor. He previously held leadership roles at companies like SenseTime and was involved in the establishment of Birun Technology [3][4]. - The CTO, Hong Zhou, has nearly 30 years of GPU design experience, having worked at major companies like NVIDIA and Huawei. The COO, Zhang Linglan, has over 23 years of experience in the semiconductor industry, previously working at AMD and Samsung [4]. Financial Performance and Funding - Birun Technology has completed 10 rounds of financing, raising over 9 billion RMB, with a valuation reaching 20.9 billion RMB as of August 2025. Notable investors include state-owned funds and top venture capital firms [5][6]. - The company has successfully attracted 23 top-tier investment institutions for its IPO, with a total subscription amount of 2.899 billion HKD [6]. Product Development and Market Position - Birun Technology focuses on cloud-based intelligent computing, with core business in GPGPU chip development. It has launched two chips, BR106 and BR110, with significant sales growth projected [7][8]. - The company has invested over 3.302 billion RMB in R&D from 2022 to mid-2025, with R&D expenses consistently accounting for over 75% of total operating expenses [8]. Revenue Growth and Market Potential - The company's revenue has shown exponential growth, increasing from 499,000 RMB in 2022 to 62.03 million RMB in 2023, and projected to reach 337 million RMB in 2024, reflecting a compound annual growth rate of 2500% [10]. - As of December 15, 2025, Birun Technology has secured sales agreements valued at approximately 1.241 billion RMB, providing solutions to several Fortune China 500 companies [11]. Industry Outlook - The Chinese GPU market is projected to reach 142.5 billion RMB in 2024, with Birun Technology's market share estimated at 0.24%, indicating significant growth potential [12]. - The GPU industry is experiencing unprecedented demand driven by AI applications, with multiple companies preparing for IPOs, highlighting the competitive landscape and the need for sustained funding [12].

1月2日，壁仞科技正式登陆港交所，早盘高开一度涨超118%，市值破千亿港元。 不仅成为港股第一家GPU上市公司，更创下香港上市规则18C章节自2023年3月实施以来的最大募资规模。 招股资料显示，壁仞科技IPO发行阶段就已经获得资本市场火热追捧，其公开发售超额认购倍数飙升至2347倍，市场打新热情空前高涨。最终，公司将H 股发行价锁定19.6港元，合计净募资53.75亿港元。 根据招股书披露，本次IPO募集净额的85%将用于研发，重点推进下一代旗舰芯片BR20X的商业化，计划2026年上市，以及面向云训练/推理的BR30X和边 缘推理的BR31X产品研发，预计2028年推出。 壁仞科技强调，未来盈利将依赖"硬件规模化+软件高毛利+生态绑定"三位一体模式，尽管目前尚未盈利，2022至2025年上半年累计亏损超63亿元，但订 单储备已达8.22亿元，客户包括中国移动、中国电信等。 ...

消息面上，12月31日，美图宣布已向阿里巴巴发行2.5亿美元可转债。大摩发布研报称，若所有可换股 债券悉数转换，阿里巴巴将持有美图6.82%的股份，成为其第三大股东。该行认为此次进展为正面消 息，预期美图与阿里巴巴的合作将进一步深化，尤其在电子商务设计领域可产生强大的协同效应。 值得注意的是，中国证监会官网信息显示，国产GPU四小龙之一的燧原科技已完成IPO辅导工作，标志 着其上市进程进入下一阶段。公开资料显示，腾讯为燧原科技最大股东，曾参与燧原科技多轮融资。赵 立东、张亚林并列为燧原科技第二大股东。国家大基金二期为燧原第五大股东，而美图为其第十四大股 东。 美图公司(01357)现涨超4%，截至发稿，涨4.71%，报7.33港元，成交额5542.76万港元。 ...

Core Viewpoint - Wall Street's first GPU stock, Biren Technology, saw its share price surge over 110% on its debut, closing at HKD 41.48 per share, significantly above its IPO price of HKD 19.6 [1] Group 1: Company Overview - Biren Technology officially listed on the Hong Kong Stock Exchange on January 2, 2026, marking it as the first new stock of the year in the Hong Kong market [1] - The company specializes in developing General-Purpose Graphics Processing Unit (GPGPU) chips and intelligent computing solutions, providing essential computational power for AI applications [4] - Biren Technology has developed its first-generation GPGPU architecture since 2019, successfully launching two chips, BR106 and BR110, along with a series of GPGPU-based hardware [4][5] Group 2: Financial Performance - For the years 2022 to 2024, Biren Technology reported revenues of HKD 0.5 million, HKD 62.03 million, and HKD 337 million, with adjusted net losses of HKD 1.038 billion, HKD 1.051 billion, and HKD 767 million respectively [7] - The company anticipates a significant increase in net losses for 2025, primarily due to rising R&D expenses and financial costs [7] - R&D expenditures from 2022 to 2025 amounted to approximately HKD 3.302 billion, consistently exceeding 70% of total operating expenses [7] Group 3: Market Position and Orders - As of 2024, Biren Technology holds a market share of 0.16% in the Chinese intelligent computing chip market and 0.20% in the GPGPU market [6] - The company has secured 24 binding orders valued at approximately HKD 822 million and has established framework sales agreements totaling HKD 1.241 billion [6] Group 4: Product Development and Innovation - The BR106 chip addresses AI training and inference computational needs, while the BR110 chip is designed for embedded scenarios [5] - The BR166 chip, which is based on the BR106 architecture, offers double the performance in peak computing power and memory compared to the BR106 [5] - Biren Technology's BR10X architecture is tailored for AI workloads, ensuring compatibility with emerging AI paradigms and optimizing performance [5]

Core Viewpoint - Wallen Technology (6082.HK), known as one of the "Four Little Dragons of Domestic GPUs," had a strong debut, opening at HKD 35.7, a rise of 82.14% from its IPO price of HKD 19.60, with a subscription rate of 2347.53 times for the public offering [1]. Fundraising and Strategic Use - The funds raised from the IPO will primarily drive Wallen Technology's technological breakthroughs and ecosystem development, with approximately 85% allocated for R&D, 5% for commercialization expansion, and 10% for working capital and general corporate purposes [1]. Product Development and Future Plans - The next flagship chip, BR20X, is planned for commercialization in 2026, featuring significant upgrades in computing power, memory capacity, and interconnect bandwidth, along with enhanced native support for broader data formats like FP8 and FP4, aimed at improving large model training and inference efficiency [1]. - Initial R&D has begun on the BR30X for cloud training and inference, and the BR31X for edge inference, with expected launches in 2028, indicating a continuous product pipeline that will open up growth opportunities [1].

Market Overview - The A-share market showed mixed performance today, with the Shanghai Composite Index slightly up by 0.09% closing at 3968.84 points, while the Shenzhen Component Index fell by 0.58% to 13525.02 points. The ChiNext Index decreased by 1.23% to 3203.17 points, and the STAR 50 Index dropped by 1.15% to 1344.20 points. Overall, 2470 stocks rose while 2768 stocks fell, with a total trading volume of 204.51 billion yuan, down by 9.72 billion yuan from the previous trading day [1]. Industry Performance - Among the Shenwan first-level industries, sectors such as defense and military, media, real estate, non-ferrous metals, and social services led the gains, with increases of 2.13%, 1.54%, 1.13%, 1.09%, and 1.04% respectively. Conversely, industries like telecommunications, agriculture, forestry, animal husbandry and fishery, electronics, comprehensive, and power equipment experienced declines, with drops of 1.35%, 1.10%, 1.02%, 0.93%, and 0.90% respectively [1]. Concept Sector Performance - The top-performing concept sectors today included satellite navigation, Xiaohongshu platform, commercial aerospace, Pinduoduo partners, satellite internet, Kimi, large aircraft, selected air transport, top ten military industrial groups, Douyin Doubao, virtual humans, military information technology, internet celebrity economy, 6G, and WEB3.0. In contrast, sectors such as cross-strait integration, GPU, high send and transfer, consumer electronics OEM, optical modules (CPO), and copper-clad laminates saw corrections [2].