12月初，"是说芯语"曾报道： 黑芝麻智能拟4-5.5亿收购亿智电子 2026年1月2日，黑芝麻智能科技有限公司（以下简称"黑芝麻智能"）正式宣布，战略控股收购亿智电子 科技有限公司（以下简称"亿智电子"）。通过此次交易， 黑芝麻智能将整合亿智电子在低功耗、高性 价比 AI SoC芯片领域的技术与产品优势，进一步强化其在车规级计算与端侧智能解决方案的整体布 局。 转自：黑芝麻智能 声明：本文仅为信息交流之用，不构成任何投资建议，股市有风险，投资需谨慎。 加入"中国IC独角兽联盟"，请点击进入 本次收购涵盖股权转让与增资，交易完成后，黑芝麻智能将间接持有亿智电子 60%的股权。亿智电子 核心团队承诺，自2026年起连续三年，累计实现含税营业收入不低于12亿元、净利润不低于9000万元的 业绩目标，并设有相应激励与约束机制，确保双方战略协同与业务增长有效落地。 亿智电子在端侧 AI芯片与全栈解决方案方面具有丰富积累，其自研IP与低功耗产品体系，将与黑芝麻 智能在车规级高性能芯片、成熟算法及市场渠道上形成高度互补。双方将围绕 车载产品矩阵与客户拓 展、机器人及 AI+创新业务落地、研发与供应链量产协同三大方向展开深 ...

1月2日，壁仞科技在港交所上市，成为港股"国产GPU第一股"，同时也是港股2026年上市的第一只股票。这家由前商汤总裁张文2019年创立的GPU企业，正 式填上了中国算力版图的关键一环。 当日，壁仞科技盘初快速拉升涨幅一度超过100%，市值超940亿港元。壁仞科技发行价为19.6港元，发行2.85亿股，募资总额为55.83亿港元。 壁仞科技在国产AI芯片版图中占据着重要的一席，其在通用GPU领域拥有多项技术专利，技术先进性可比肩国际巨头。截至2025年12月15日，壁仞科技在 全球多个国家和地区累计申请专利1500余项，位列中国通用GPU公司第一，获得专利授权600余项，位列中国通用GPU公司前列；发明专利授权率达100%， 位列国内企业发明专利授权率榜首。 但是从业绩来看，2022年—2024年及2025年上半年，公司收入分别为49.9万元、6203万元、3.37亿元、0.59亿元，年内亏损分别为14.74亿元、17.44亿元、 15.38亿元、16.01亿元。 由此计算，壁仞科技三年半以来产生亏损达63.57亿元。公司解释称，较大幅度亏损主要系若干前股东的赎回权相关的"赎回负债账面值变动"，该变动为非 现 ...

Core Viewpoint - Baidu's Kunlun Chip has submitted a listing application to the Hong Kong Stock Exchange, aiming for a public offering while remaining a subsidiary of Baidu after the spin-off [1] Group 1: Company Developments - Kunlun Chip, previously Baidu's intelligent chip and architecture department, completed its first round of independent financing in April 2021, with an initial valuation of approximately 13 billion RMB [1] - As of December 16, 2025, Kunlun Chip transitioned to a joint-stock company, increasing its registered capital from about 21.28 million RMB to 400 million RMB, a growth of approximately 1780% [1] - The new generation of Kunlun Chips, M100 and M300, was announced at the Baidu World Conference, with M100 designed for large-scale inference scenarios set to launch in 2026, and M300 for ultra-large multimodal model training and inference tasks expected in 2027 [1] Group 2: Market Position and Financial Insights - Goldman Sachs estimates the value of Baidu's 59% stake in Kunlun Chip to be between 3 billion to 11 billion USD, while Macquarie Securities values it at approximately 16.5 billion USD, accounting for 30% of Baidu's target valuation [2] - Morgan Stanley predicts that revenue from Baidu's self-developed AI chips will surge from 1.3 billion RMB in 2025 to 8.3 billion RMB in 2026, a sixfold increase, which will double Baidu's GPU computing revenue in 2026 [2] Group 3: Industry Trends - There is a wave of IPOs in the AI chip sector, with domestic GPU companies like Muxi and Moer Thread listing on the Sci-Tech Innovation Board in December 2025, experiencing significant stock price increases on their debut [3] - Wall Street analysts suggest that the current market environment is favorable for AI narratives, positioning Kunlun Chip to capitalize on this trend and move beyond the perception of being solely for internal use by large companies [4] Group 4: Competitive Landscape - According to IDC's 2024 report, Nvidia holds a 70% market share in accelerated computing chip shipments, with over 1.9 million units shipped. Among domestic AI chip manufacturers, Huawei's Ascend leads with 640,000 units, followed by Kunlun Chip with 69,000 units [5]

Core Viewpoint - Baidu's Kunlun Chip has submitted a listing application to the Hong Kong Stock Exchange, aiming for a public offering while remaining a subsidiary of Baidu after the spin-off [4]. Group 1: Company Developments - Kunlun Chip, previously part of Baidu's intelligent chip and architecture department, completed independent financing in April 2021 with an initial valuation of approximately 13 billion RMB [4]. - As of December 16, 2025, Kunlun Chip transformed into a joint-stock company, increasing its registered capital from about 2.128 million RMB to 400 million RMB, a growth of approximately 1780% [5]. - The new generation of Kunlun Chips, M100 and M300, is set to be launched in 2026 and 2027, respectively, targeting large-scale inference and multimodal model training tasks [5]. Group 2: Market Position and Valuation - Goldman Sachs estimates the value of Baidu's 59% stake in Kunlun Chip to be between 3 billion to 11 billion USD, while Macquarie Securities values it at approximately 16.5 billion USD, accounting for 30% of Baidu's target valuation [6]. - Morgan Stanley predicts that revenue from Baidu's self-developed AI chips will surge from 1.3 billion RMB in 2025 to 8.3 billion RMB in 2026, a sixfold increase, which will also double Baidu's GPU computing revenue in 2026 [6]. Group 3: Industry Trends - There is a wave of IPOs in the AI chip sector, with domestic GPU companies like Muxi and Moole Technology recently listing on the STAR Market, experiencing significant stock price increases on their debut [7]. - Wall Street analysts suggest that the current period is an optimal time for AI narratives, positioning Kunlun Chip favorably to capitalize on market trends and shed the perception of being solely for internal use by large companies [9]. - According to IDC's 2024 report, Nvidia holds a 70% market share in accelerated computing chip shipments, with Kunlun Chip ranking among the top domestic AI chip manufacturers, having shipped 69,000 units [10].

【 导读 】 港股迎来"开门红"， 恒生指数大涨近560点， 恒生科技涨超3%；半导体板块飙涨，百度集团创近期新高 盘面上，上午港股半导体、国防军工、软件服务、大消费等板块集体走高，卫星导航、电力设备、集成电路、芯片等概念股走强。 | | | Wind香港二级行业指数 | | | --- | --- | --- | --- | | 半导体 7.60% | 国防军工 6.20% | 软件服务 3.26% | 耐用消费品 3.13% | | 钢铁Ⅲ 2.91% | 可选消费零售 2.70% | 电气设备 2.25% | 有色金属 2.23% | | 硬件设备 | 家电工 | 医疗设备与服务 | 房地产投资信托 | | 2.15% | 2.07% | 0.49% | 0.49% | | 交通运输 0.46% | 机械 0.42% | 纺织服装Ⅱ 0.33% | 环保工 0.29% | | 企业服务 | 公用事业工 | 化工 | 家庭用品 | | 0.12% | 0.00% | -0.10% | -0.64% | 中国基金报记者 晨曦 大家好！来一起关注港股上午的行情和最新资讯~ 1月2日，港股早间小幅高开，上午持续 ...

Core Viewpoint - Wallan Technology, a domestic GPU manufacturer, officially listed on the Hong Kong Stock Exchange, becoming the first domestic GPU stock and the first company to go public in 2026, with a significant opening price increase of 82% from its initial offering price [1][3]. Group 1: Listing Details - Wallan Technology's global offering consisted of approximately 285 million H-shares, with 17.39% allocated for public offering and 82.61% for international offering, achieving a record oversubscription of 2346.53 times for the public offering [3]. - The company raised a total of HKD 5.583 billion, marking the largest fundraising project since the implementation of Chapter 18C of the Hong Kong Stock Exchange listing rules [4]. Group 2: Financial Performance - Wallan Technology reported revenues of RMB 0.499 million, RMB 62.03 million, and RMB 337 million for the years 2022, 2023, and 2024, respectively, with a compound annual growth rate of 2500% [6]. - The company has not yet achieved profitability, with net losses of RMB 1.474 billion, RMB 1.744 billion, RMB 1.538 billion, and RMB 1.601 billion for the years 2022, 2023, 2024, and the first half of 2025, totaling over RMB 6.3 billion in cumulative losses [6]. Group 3: Future Prospects - Wallan Technology plans to utilize the funds raised for the development of intelligent computing solutions, including hardware and software upgrades, and the commercialization of these solutions [4]. - The AI chip sector is experiencing a hot market, with Wallan Technology's successful listing potentially influencing the trajectory of other domestic AI chip manufacturers in 2026 [7].

Core Viewpoint - Wallen Technology successfully listed on the Hong Kong Stock Exchange, becoming the first new stock to list in 2026, with an initial price surge of 118.78% and a market capitalization exceeding HKD 100 billion [1] Group 1: Wallen Technology IPO - Wallen Technology's IPO was priced at HKD 19.60 per share, with a staggering subscription rate of 2347.53 times for the public offering [1] - The IPO attracted 471,000 individual investors, marking the highest number of retail subscriptions for a new stock in the past year in the Hong Kong market [1] - This IPO is the largest fundraising project since the implementation of Chapter 18C of the Hong Kong listing rules [1] Group 2: Business Focus and Future Plans - Founded in 2019, Wallen Technology specializes in developing GPGPU chips and intelligent computing solutions for AI, integrating proprietary hardware and software platforms [1] - As of December 15, 2025, Wallen Technology holds orders valued at approximately CNY 1.241 billion, including five framework sales agreements and 24 sales contracts [1] - The company plans to allocate about 85% of the IPO proceeds to R&D, focusing on next-generation product iterations and technological innovation [2] Group 3: Next-Generation Products - The next flagship chip, BR20X, is scheduled for commercialization in 2026, featuring significant upgrades in computing power, memory capacity, and interconnect bandwidth [2] - The BR30X for cloud training and BR31X for edge inference are in preliminary development, with an expected launch in 2028, indicating a continuous product pipeline for growth [2] Group 4: Baidu's Spin-off Plans - Baidu announced plans to spin off Kunlunxin Technology Co., Ltd. for independent listing on the Hong Kong Stock Exchange, aiming to showcase its value and attract AI chip-focused investors [3][4] - The spin-off is intended to enhance Kunlunxin's market image and negotiation position with clients and suppliers, while optimizing Baidu's financial resource allocation [4][5] - The proposal aims to improve operational and financial transparency for Kunlunxin, allowing investors to independently assess its performance and potential [4]

百度旗下专注于AI芯片研发的半导体子公司昆仑芯（北京）科技有限公司，正推进其香港上市计划。根据最新公告，昆仑芯已于1月1日通过联席保荐人 向香港联合交易所提交A1表格，正式申请在主板上市及交易。此次分拆方案拟通过全球发售实现，包括面向香港公众的公开发售以及向机构和专业投资 者的配售。 此前，有媒体于12月5日援引知情人士消息称，昆仑芯已启动香港上市筹备工作，计划最早于2026年一季度递交申请，目标在2027年初完成首次公开募 股。据透露，其最新一轮融资估值达约210亿元人民币（约合29.7亿美元）。受此消息影响，百度港股当日股价上涨5%。昆仑芯作为百度在AI芯片领域的 重要布局，产品主要应用于数据中心、云计算及自动驾驶等前沿领域。 12月7日，百度集团发布公告回应市场传闻，确认正在评估昆仑芯的分拆及上市计划。公告指出，相关事项需经监管审批程序，且不保证最终会实施。目 前，昆仑芯为百度的非全资附属公司，分拆完成后预计仍将保持附属公司地位。 来源：https://www.cnu.com.cn/smartcar/202601/142691.html ...

百度未在过去财报中披露过昆仑芯业务相关的业绩数据。该业务承载着百度在AI算力基础设施层的核心战略，并于2021年独立融资。除了满足百度内部 业务对AI算力的庞大需求外，也对外提供AI芯片产品，目前的主力产品为P800。此前百度高管透露昆仑芯有包括招商银行、南方电网、吉利汽车、 vivo，以及一家互联网大厂和一家头部运营商等上百家客户，交付规模从几十卡到万卡以上。 昆仑芯所处的赛道竞争异常激烈。在全球市场，英伟达与AMD凭借其强大的GPU生态构建了极高的竞争壁垒。在中国市场，它的竞争对手包括华为昇 腾、寒武纪、摩尔线程、沐曦等一批本土芯片企业，各家在技术路径、产品性能、生态建设和客户绑定方面均各有侧重，争夺日益增长的国产化算力需 求。此外，一些大型云厂商如阿里巴巴旗下平头哥也自研AI芯片用于自身业务，进一步加剧了行业竞争。昆仑芯面临的，是一场关于技术迭代、生态建 设、商业落地的全方位竞赛。 2026.01. 02 本文字数：1316，阅读时长大约2分钟 作者 | 第一财经 刘佳 1月2日上午，"港股GPU第一股"壁仞科技上市首日，百度集团发布一则《建议分拆昆仑芯于相关联合交易所主板独立上市》的公告，称旗下AI计 ...

Core Viewpoint - Wallen Technology, a leading GPU company in Shanghai, has successfully listed on the Hong Kong Stock Exchange, becoming the first domestic GPU stock and the first new stock listed in the Hong Kong market in 2026 [2] Group 1: Company Overview - Wallen Technology's IPO price was HKD 19.60 (approximately RMB 17.60), with an opening price surge of 82.14% to HKD 35.70 (approximately RMB 32.05), resulting in a market capitalization of HKD 855.42 billion (approximately RMB 768 billion) [2] - As of 9:35 AM, the stock price reached HKD 41.80 (approximately RMB 37.52), with a latest market capitalization of HKD 1002 billion (approximately RMB 899 billion) [2] - Founded in 2019, Wallen Technology reported revenue of RMB 49.9 million in 2022, projected to grow to RMB 337 million in 2024, reflecting a compound annual growth rate (CAGR) of 2500% [3][5] Group 2: Technological Achievements - Wallen Technology is the first Chinese company to adopt 2.5D chiplet technology for dual AI computing bare chips and has achieved significant technical milestones in the domestic AI chip sector [5] - The company has a high R&D ratio, with 83% of its workforce in R&D and over 70% of its expenses allocated to R&D, ranking first in China for the number of invention patent applications in the GPGPU sector [8][9] - Wallen Technology has applied for over 1500 patents globally, with a 100% authorization rate for invention patents, establishing a strong patent wall for long-term development [9] Group 3: Product Development and Innovation - The company has developed a self-researched GPGPU architecture that integrates innovations to enhance performance and efficiency, with plans for next-generation chips supporting FP8 and FP4 precision [15][16] - Wallen Technology's GPGPU architecture features advanced designs such as dual chiplets, tensor core architecture, and near-memory computing, significantly improving AI computation efficiency and energy consumption [18][19] - The company has successfully commercialized high-performance OAM and general-purpose boards, being one of the first in China to do so [22] Group 4: Market Position and Strategy - Wallen Technology aims to provide comprehensive solutions for large-scale intelligent computing clusters, integrating its hardware and software with third-party infrastructure [27] - The company has established partnerships with major telecom operators and has served nine Fortune China 500 companies, including five from the Fortune Global 500 [32] - Wallen Technology's software platform, BIRENSUPA, is designed to lower migration costs and enhance ecosystem development, supporting various AI models and facilitating collaboration with top universities [31]