Core Viewpoint - The report from CITIC Securities indicates that the biggest expected divergence in 2026 will stem from the balance between external and internal demand, with a trend towards imposing tariffs on external demand and subsidizing internal demand, marking an important beginning this year [1][7]. Market Overview - The market is expected to experience a higher probability of upward movement after the New Year, given the relatively low funding enthusiasm at the end of last year and the prevailing sentiment of wanting to see market growth [1][8]. - The overall market sentiment is currently restrained, with many investors waiting for the right entry point, suggesting limited potential for significant market corrections in the absence of major unexpected risks [8]. Investment Strategy - The company recommends adopting a mindset focused on "earning performance money rather than expecting valuation money" for mid-term investments, favoring sectors with lower heat and concentration but increasing attention and catalysts, such as chemicals, engineering machinery, electric power equipment, and new energy [1][10]. - There is a cautious approach towards high prosperity and high heat sectors that have seen stagnant stock prices, while new industry themes like commercial aerospace are expected to continue to evolve and warrant ongoing attention [1][10]. Performance Analysis - In 2025, the median return for actively managed public funds tracked by CITIC Securities was 28.2%, ranking third over the past decade, with a significant disparity in returns between the top and bottom deciles [2]. - The overall performance of the A-share and Hong Kong stock markets in 2025 can be divided into five phases, with notable fluctuations driven by external factors such as tariff impacts and AI application narratives [3][4]. Structural Market Dynamics - The significant money in the structural bull market in 2025 primarily came from the correction of expected divergences and performance growth, particularly in the context of external and internal demand dynamics [4]. - The report highlights that the market's perception of external demand has shifted from optimism to caution, with geopolitical factors influencing expectations throughout the year [7]. Future Outlook - The anticipated structural adjustments in trade policies, including increased tariffs and stricter export controls, indicate a shift in China's approach to external trade, aiming to balance external and internal demand [7]. - The report emphasizes that the market may struggle to quickly price in these significant structural changes, which could serve as both a source of expected divergence and potential performance growth [7].

Group 1 - The core point of the article is the successful listing of Wallan Technology, the first GPU company in Hong Kong, which opened at HKD 35.7 per share, an increase of 82.14% from its issue price of HKD 19.6 [1] - Wallan Technology was founded in 2019 and focuses on the development of general-purpose graphics processing unit (GPU) chips and intelligent computing solutions, positioning itself among the top domestic GPU companies in China [4] - The company has completed a critical loop from technological breakthroughs to market validation, with commercialized products since August 2022 and revenue contributions from intelligent computing solutions starting in 2023 [4] Group 2 - By December 15, 2025, Wallan Technology had secured five framework sales agreements and 24 sales contracts, with a total value exceeding CNY 1.2407 billion [4] - The Chinese GPU market is entering a crucial opportunity period, with predictions indicating that the AI chip market in China will grow from CNY 142.5 billion to CNY 1.34 trillion by 2029 [5] - The domestic GPU sector is experiencing significant investment interest, especially with the recent listings of other companies in the "Four Little Dragons" of domestic GPUs, including Moer Technology and Muxi Technology [4]

从2019年起步，到如今上市，壁仞科技六载全"芯"投入国产"芯程"，在通用大算力芯片领域开辟出一条 自主创新之路——自主原创的芯片架构，构建全栈软件生态，引领大算力芯片Chiplet、光互连行业技术 趋势，通过坚持打造原创高性能GPU软硬件体系，实现从高端AI芯片到算力集群的全链路自主可控。 据了解，壁仞科技此次募资规模为55.83亿港元，净额53.75亿港元，募资净额中的约85%将用于研发投 入，重点推进下一代产品迭代与技术创新，约5%用于商业化拓展，10%用作营运资金及一般公司用 途。 壁仞科技招股书显示，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。 根据招股书，2024年，按收入计，壁仞科技于中国智能计算芯片市场及GPGPU市场分别拥有0.16%及 0.20%的市场份额。按在中国市场产生的收入计，预期中国智能计算芯片市场规模在2025年达到504亿 美元，壁仞科技预期取得约0.2%的市场份额。 中经记者 李玉洋 上海报道 2026年1月2日，"国产GPU四小 ...

Core Viewpoint - Wallen Technology, the first GPU company listed in Hong Kong, has successfully completed its IPO, achieving a market capitalization exceeding 100 billion HKD after a significant surge in stock price [4][6]. Group 1: Company Background and Development - Founded in September 2019, Wallen Technology aims to address the critical need for domestic GPU production in China, which has been heavily reliant on foreign suppliers [8][9]. - The company has garnered substantial interest from investors, with a total fundraising of 5.583 billion HKD and over 2348 times oversubscription during its IPO [6][4]. - Wallen Technology's journey reflects the broader trend of domestic GPU companies emerging in response to geopolitical pressures and the need for self-sufficiency in semiconductor technology [8][27]. Group 2: Leadership and Team Building - Zhang Wen, the founder, recognized the strategic importance of developing domestic GPUs and has been pivotal in assembling a strong team of experts from leading tech companies [10][12]. - The company has attracted top talent from organizations like Huawei and AMD, which has been crucial for its technological advancements [12][18]. - Zhang's ability to recruit and motivate talent has been highlighted as a key factor in Wallen Technology's success, with significant investments made to ensure a robust team [11][17]. Group 3: Product Development and Innovation - Wallen Technology focuses on developing general-purpose GPUs (GPGPU) rather than application-specific integrated circuits (ASIC), emphasizing flexibility and innovation [16][25]. - The company successfully launched its first GPGPU chip in March 2022, marking a significant milestone in its product development timeline [22][25]. - Wallen Technology's revenue has shown substantial growth, reaching 620.3 million CNY in 2023 and projected to grow to 337 million CNY in 2024, despite ongoing challenges [25][26]. Group 4: Market Position and Future Outlook - The company is positioned as a pioneer in the domestic GPU market, contributing to the establishment of a financing framework and valuation logic for other startups in the sector [27][28]. - Wallen Technology aims to continue its growth trajectory by focusing on R&D and expanding its market presence, with a commitment to achieving self-sufficiency in semiconductor technology [26][28]. - The Chinese GPGPU market is expected to grow significantly, with projections indicating an increase from 23.5 billion USD in 2024 to 172.3 billion USD by 2029, highlighting the potential for further expansion in this sector [27][28].

专题：2026新年致辞 企业家展望2026新趋势 我们无法精准预测未来，但可锚定趋势躬身蓄力。 当2025年的钟声渐远，市场已然完成一场静水深流的磅礴转向——从短期估值的起伏颠簸，回归至更为沉静坚实的基本面。这一年，主线并非 纷繁的喧嚣，而是凝聚于决定未来的关键少数。产业的抉择与资本的流向，共同指向那片孕育着创新与变革的沃土。这不仅是年度复盘的沉 淀，更是一个伟大时代序曲的定调。 宏大的国家蓝图，为这片沃土划定了前行坐标：到2035年，人均GDP达到中等发达国家水平，基本实现社会主义现代化。这绝非单纯的经济增 长量化目标，更是发展范式迭代的宣言。我们迎来的，是一个从体量增长到质量跃升的时代，一个由新质生产力驱动的未来。科技创新与产业 创新，从来不是选择题，而是通向目标的必由之路。这片深耕厚植的热土，注定要孕育出不一样的硕果！ 时代的浪潮，塑造着全新的气候。 放眼全球，秩序在重构，逻辑在改写。大国博弈与产业链的深度调整，反而淬炼出中国制造的坚韧与远见。"自主可控"与"扬帆出海"，从对立 的矛盾，演化为一体两翼的战略平衡。潮水的方向昭示：中国作为全球核心增长极与创新策源地的地位无可替代。全球资产管理人正面临一个 ...

2025年收官之际，券商对A股市场进行深度复盘与前瞻，认为2026年A股将延续"低斜率慢牛"格局，在 政策托底与经济内生复苏共振下，市场有望向上突破。其中，科技成长（AI+、先进制造）、"反内 卷"及供需改善、人民币升值受益链等方向将成为核心投资主线。 政策与流动性驱动结构性行情 2025年12月10日至11日，中央经济工作会议关于2026年经济工作强调，着力稳就业、稳企业、稳市场、 稳预期，推动经济实现质的有效提升和量的合理增长，实现"十五五"良好开局。 华龙证券研究所策略分析师朱金金认为，中美经贸关系总体稳定，但仍存在潜在不确定性。一方面，已 达成的部分共识设定了时效，后续需开展进一步磋商。另一方面，2026年为美国中期选举年，是影响中 美关系节奏的重要变量。"十五五"规划建议为未来五年的产业发展描绘了清晰的航向，核心是构建以科 技创新为引领、以先进制造业为骨干的现代化产业体系。机遇蕴藏在产业结构的升级浪潮中、新质生产 力的培育领域，以及全国统一大市场建设和高水平对外开放所带来的广阔空间里。 科技与先进制造有望获政策支持 投资策略上，朱金金建议关注， "十五五"规划建议提到的经济社会发展目标前两项为"高质 ...

Core Viewpoint - The Hong Kong stock market in 2025 has shown significant performance across various sectors, with the copper sector leading the gains, followed by gold and semiconductors, indicating a strong market response to global re-inflation and geopolitical factors [1] Group 1: Market Performance - The copper sector has seen a remarkable increase of 261.85% year-to-date [2] - Gold stocks have also performed well, with a year-to-date increase of 169.01% [2] - The semiconductor sector has experienced a growth of 143.02% [2] - Other strong performers include biopharmaceuticals (81.78%), innovative drug concepts (64.88%), and insurance stocks (55.33%) [2] Group 2: Market Themes - The strongest theme identified is Resources and Inflation, which includes copper, gold, oil, coal, and steel, reflecting a re-evaluation of the long-term value of resources amid global re-inflation and energy transition [1] - The core theme is Technology and Innovation, represented by semiconductors, innovative concepts, biopharmaceuticals, and lithium batteries, indicating a focus on national industrial upgrades and self-sufficiency [1] - The defensive theme is Financials and Heavy Assets, including insurance, banking, electricity, and infrastructure, which provide stable earnings and high dividend yields amid uncertainty [1]

Group 1 - The market showed mixed performance on December 31, with technology sectors under pressure while semiconductor equipment and software sectors rose, as evidenced by the China Securities Semiconductor Materials and Equipment Theme Index increasing by 0.7% and the Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index rising by 0.3% [1] - Changxin Technology submitted its prospectus on December 30, aiming to list on the Sci-Tech Innovation Board and raise 29.5 billion yuan to enhance its core competitiveness in the DRAM industry. It is noted as the largest DRAM storage enterprise in China, with revenue reaching 32.084 billion yuan in the first three quarters of 2025, surpassing the total revenue for 2024 [1] - According to Guojin Securities, semiconductor equipment is the cornerstone of the semiconductor industry chain, with opportunities for growth in domestic chip development driven by storage expansion and self-sufficiency. The semiconductor equipment sector, positioned upstream in the industry chain, is crucial for chip manufacturing and testing [1] Group 2 - The China Securities Semiconductor Materials and Equipment Theme Index consists of 40 stocks involved in semiconductor materials and equipment, with semiconductor equipment and materials accounting for 62% and 22% respectively. The Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index focuses on AI industry chain enterprises, with the digital chip design sector making up over 50% [2] - The semiconductor equipment ETF, E Fund (159558), and the Sci-Tech Artificial Intelligence ETF (588730) track the aforementioned indices, providing investors with opportunities to capitalize on investments in the chip industry chain [2]

Core Viewpoint - Hanbo Semiconductor has completed its IPO counseling process, marking a significant step towards its public listing and reflecting the growing interest in domestic GPU companies in China [1]. Group 1: Company Overview - Founded in December 2018, Hanbo Semiconductor focuses on high-end GPU chips, aiming to break the monopoly of foreign giants in the global GPU market [3]. - The company has developed core IP independently and launched two generations of GPU chips, creating a product matrix that includes graphics rendering GPUs, data center GPUs, and edge GPUs [3]. - Hanbo Semiconductor employs a highly skilled R&D team of over 500 members, with more than 80% holding advanced degrees, and many members having extensive experience from top companies like AMD and Intel [3]. Group 2: Market Position and Growth Potential - Hanbo Semiconductor's products are being utilized in various high-value sectors, including AI models, smart data centers, and digital twins, demonstrating strong commercialization capabilities [5]. - The Chinese GPU market is projected to reach 1.36 trillion yuan by 2029, driven by ongoing investments in AI infrastructure and a focus on self-sufficiency, positioning Hanbo Semiconductor favorably for growth [5]. - The company has achieved a valuation of 10.5 billion yuan and has attracted investments from major industry players like Alibaba and Kuaishou, indicating strong market confidence [5].

以下文章来源于宇观策略 ，作者张宇生 宇观策略 . 光大策略张宇生团队感谢您的支持 点击注册小程序 查看完整报告 特别申明： 报告摘要 12月A股、港股出现分化 12月A股主要指数普遍上涨。受政策利好催化、市场风险偏好回暖等因素影响，12月（截至26日），A股 主要指数普遍上涨，其中创业板指涨幅最大，12月份累计上涨了6.3%，而科创50涨幅最小，累计上涨了 1.4%。行业端分化明显，国防军工、通信、有色金属涨幅居前。相对而言，金融地产及消费等板块表现则 较差，如传媒、房地产、食品饮料、银行等。 12月港股市场走势震荡。12月受美联储降息预期波动、美股波动等因素影响，港股市场整体走势较为震 荡。截至2025年12月26日，恒生香港35、恒生指数、恒生综合指数、恒生科技、恒生中国企业指数的涨幅 分别为2.4%、-0.2%、-0.4%、-1.8%、-2.4%。 A股观点：市场有望震荡上行 政策有望持续发力，叠加各类资金有望积极流入，市场有望震荡上行。一方面，历史来看，A股市场中几 乎每年都存在"春季躁动"行情；另一方面，政策有望持续发力，经济增长有望保持在合理区间，进一步夯 实资本市场繁荣发展的基础。此外，政策红 ...