目前的方案为建议分拆将通过昆仑芯股份的全球发售进行，包括：(i)昆仑芯股份于香港进行公开发售， 以供香港公众人士认购;及(ii)向机构及专业投资者配售昆仑芯股份。于本公告日期，昆仑芯为公司的非 全资附属公司。建议分拆完成后，预计昆仑芯仍将为公司的附属公司。 智通财经APP讯，百度集团-SW(09888)发布公告，于2026年1月1日，昆仑芯已透过其联席保荐人以保密 形式向香港联交所提交上市申请表格(A1表格)，以申请批准昆仑芯股份于香港联交所主板上市及买卖。 公司认为，建议分拆在商业方面对公司及昆仑芯均有利，且符合股东整体利益，理由(其中包括)如下： a) 建议分拆可更全面地反映昆仑芯集团基于自身优势的价值，并提升其营运及财务透明度，令投资者 能清晰区分昆仑芯集团与保留集团，独立评估及衡量昆仑芯集团的表现及潜力;b) 昆仑芯的业务(有别于 保留集团业务相对较为多元化的业务模式)将吸引专注于通用 AI计算芯片及相关软硬件系统业务的投资 者群体;及 c) 昆仑芯集团的业务凭借其规模已足以寻求上市地位，且公司认为该地位将对公司及昆仑芯 有利，因为建议分拆将：(i)提升昆仑芯在其客户、供应商及潜在战略合作伙伴中的形象 ...

Major Events - Black Sesame Intelligence (02533) plans to acquire and increase its stake to 60% in Zhuhai Yizhi Electronic Technology, aiming to establish a full-scenario ecosystem for AI chips [1] - China Biopharmaceutical (01177) has completed the enrollment of the first patient in the Phase III clinical trial of its self-developed TDI01 "ROCK2 inhibitor" for the treatment of idiopathic pulmonary fibrosis [1] - Cao Cao Travel (02643) sees a positive outlook and its controlling shareholder voluntarily extends the lock-up commitment [1] - Laike Pharmaceutical-B (02105) has completed the first dosing of the Phase I single-dose escalation study for LAE103 [1] - VALA (02051) has launched its new model, Vala Home, and is collaborating with Ruichi Automobile to enhance production capacity and delivery systems [1] Operating Performance - BYD Company (01211) expects to achieve approximately 4.6024 million units in new energy vehicle sales for 2025, representing a year-on-year increase of 7.73% [1] - Geely Automobile (00175) reported total vehicle sales of 236,800 units in December, a year-on-year increase of approximately 13% [1] - NIO Inc. (09866) delivered 48,100 vehicles in December, setting a new monthly record with a year-on-year increase of 54.6% [1] - Great Wall Motors (02333) anticipates sales of approximately 1.3237 million units for 2025, reflecting a year-on-year growth of 7.33% [1] - Xpeng Motors (09868) achieved a total delivery of 429,400 vehicles for the entire year of 2025, marking a year-on-year increase of 126% [1] - China Power (02380) reported a total consolidated electricity sales volume of 10.0997 million megawatt-hours in November, an increase of 15.38% year-on-year [1] - Li Auto (02015) delivered 44,200 new vehicles in December, a year-on-year decrease of 24.44% [1]

Core Viewpoint - Nvidia announced a significant deal worth $20 billion to acquire technology licensing from AI chip startup Groq, marking its largest transaction in history, comparable to the total of all previous acquisitions [1][3]. Group 1: Transaction Structure - The deal is structured as a non-exclusive technology licensing agreement rather than a full acquisition, which is a strategic move to avoid antitrust scrutiny [3][4]. - Nvidia's market capitalization is approaching $3.5 trillion, making it a target for regulatory oversight on major actions [4][6]. Group 2: Strategic Rationale - The $20 billion investment not only secures technology but also the expertise and patents of Groq's team, particularly its founder, a key figure in AI chip architecture [6][8]. - By attracting Groq's talent, Nvidia effectively removes a critical competitor from the market while gaining access to advanced technology [8][22]. Group 3: Technology Insights - Groq's core product, the Language Processing Unit (LPU), is designed specifically for AI inference, distinguishing it from Nvidia's GPUs, which dominate the training market [9][11]. - Groq claims its LPU offers significantly faster inference speeds and lower costs compared to Nvidia's H100, which could disrupt Nvidia's current market position [11][13]. Group 4: Competitive Landscape - The AI chip market is becoming increasingly competitive, with major players like Google, Amazon, and AMD aggressively pursuing market share in inference technology [19][27]. - Nvidia's acquisition of Groq can be seen as a strategic insurance policy to maintain its competitive edge in the evolving AI landscape [22][29]. Group 5: Market Implications - The integration of Groq's LPU technology into Nvidia's existing product line could enhance its distribution capabilities and accelerate market penetration [25][27]. - This transaction reflects Nvidia's urgency to adapt to a rapidly changing market where it faces significant competition, indicating a shift in the AI chip industry dynamics [27][29].

作为专用型计算架构（ASIC/DSA/可重构计算）路线的核心代表企业，燧原科技的上市征程颇具行业代表性。公司成立于2018年3月，2024年8月首次完成 辅导备案登记，历经辅导机构调整后，于2025年11月重启IPO进程。最新辅导备案报告显示，公司注册资本3.86亿元，创始人兼总经理张亚林担任法定代 表人，与ZHAO LIDONG（赵立东）通过直接持股及两家合伙企业合计控制28.14%的表决权，二人签署的一致行动协议为公司治理奠定了稳定基础。 七年深耕中，燧原科技已构建起差异化竞争优势。不同于海光信息、摩尔线程等通用GPU企业的技术路径，其专注于云端AI算力的深度定制，形成了从 推理到训推一体的完整产品矩阵。其中S60推理加速卡已实现7万片规模化部署，2025年WAIC发布的L600训推一体卡凭借144GB存储容量与200 TFLOPS FP8算力，成为高性能算力市场的潜力股。依托自主研发的"驭算"TopsRider平台，公司已在庆阳建成国产万卡推理集群，4天即可完成千亿级AI图片生成 需求的部署调优，展现了扎实的工程化交付能力。 2026年开局，国产AI芯片赛道传来重磅消息：证监会官网公示显示，上海AI芯片 ...

Core Viewpoint - The price increase of GPUs by Nvidia and AMD is becoming a certainty, with expected adjustments starting in early 2026 [1][3]. Group 1: Price Increase Details - Nvidia and AMD plan to gradually raise prices for their GPUs in the coming months, with AMD starting in January and Nvidia in February [3]. - The price hike will initially affect consumer-grade GPUs, such as Nvidia's GeForce RTX 50 series and AMD's Radeon RX 9000 series, with the flagship RTX 5090 expected to rise from an official price of $1999 to around $5000 this year [4][6]. Group 2: Cost Structure and Drivers - The primary driver for the price increase is the rapid growth of memory costs within the GPU cost structure, with memory now accounting for over 80% of the overall manufacturing cost [7][8]. - The procurement cost of the 16GB GDDR7 memory used in the RTX 5070 Ti has surged from $65-80 in May 2025 to $210-260 by December 2025, complicating the maintenance of current GPU prices [8]. Group 3: Impact on AI and Other Products - The price increase will likely extend across all product lines, including GPUs used in AI data centers and servers, as new contracts signed in 2026 will reflect the increased memory prices [6][9]. - The flagship AI GPU H200 from Nvidia, priced between $30,000 and $40,000, is also expected to see further price increases this year due to rising memory costs [9]. Group 4: Market Reactions - Asus has announced a price increase for some products starting January 5, citing rising DRAM and storage costs driven by AI demand [10]. - Dell has previously indicated a price increase of 30%, reflecting similar market conditions [14].

Summary of Diamond Heat Dissipation Report Industry Overview - The report focuses on the diamond materials industry, particularly their application in heat dissipation for semiconductor devices, especially AI chips. Diamond materials are recognized for their exceptional thermal conductivity, which is five times that of copper and ten times that of aluminum [1][2]. Key Points and Arguments - **Thermal Conductivity and Applications**: Diamond materials can significantly reduce chip junction temperatures, making them ideal for densely packed AI chips. They have been partially commercialized in applications such as RF power amplifiers and high-power laser diodes [1][3]. - **Cost and Commercialization Challenges**: Despite their advantages, the large-scale application of diamond in semiconductor devices faces challenges related to cost and connection processes. Current methods include indirect connections, with future directions aiming for direct integration with silicon chips [2][3]. - **Market Potential**: The AI chip market is projected to reach 400-500 billion RMB by 2030, with a global market size of approximately 3 trillion RMB. If diamond heat dissipation solutions achieve a penetration rate of 5%-50%, the market potential could range from 7.5 billion to 150 billion RMB [2][9]. - **Types of Diamond Materials**: Diamond materials are categorized into single crystal, polycrystalline, and composite materials (e.g., diamond-copper, diamond-aluminum). Polycrystalline diamonds are favored for their lower cost and faster production speed, while composite materials balance high thermal conductivity with good processability [4][5]. - **Specific Material Properties**: - Single crystal diamonds have thermal conductivities of 2000-2200 W/m·K, while polycrystalline diamonds range from 1000-1800 W/m·K [2][4]. - Diamond-aluminum has a lower density and is suitable for weight-sensitive applications, achieving thermal conductivities around 500 W/m·K [6]. - **Emerging Companies and Technologies**: Several companies are developing new heat dissipation materials, including a company that introduced a diamond-silicon carbide composite with a thermal conductivity exceeding 800 W/m·K, which is double that of copper [7][8]. Additional Important Content - **Performance Improvements**: Apache's diamond cooling technology can lower GPU hotspot temperatures by 10-20 degrees, reduce fan speeds by 50%, and enhance overclocking capabilities by 25%, leading to significant cost savings in data center cooling [2][3]. - **Future Development Directions**: The focus is shifting towards direct bonding techniques or epitaxial growth methods to integrate diamond layers directly with silicon chips, which could enhance performance and reliability [3][4]. - **Market Outlook**: The market for new heat dissipation solutions is expected to grow significantly, with potential revenues reaching thousands of billions of RMB, indicating a substantial opportunity compared to the current diamond cultivation industry [9].

Core Viewpoint - Black Sesame Intelligence (02533.HK) announced plans to acquire a 32.8435% stake in Zhuhai Yizhi Electronic Technology Co., Ltd. for a total consideration of RMB 457.8 million, which represents 19.5623% of the expanded total equity of the target company after the capital increase [1] Group 1 - The acquisition is set to be completed by December 31, 2025 [1] - The buyer is required to pay an additional unpaid registered capital of RMB 133,088 to the target company [1]

"国产GPU四小龙"之一的壁仞科技（06082.HK）计划于2026年1月2日挂牌，有望成为港股首只GPU股。日前，公 司招股活动结束，孖展金额高达约3843.79亿港元。 此次IPO，公司计划发行2.4769亿股股份，发售价区间设定为每股17-19.6港元，预计募资金额约为42.1亿-48.5亿港 元。 尽管已经收获了豪华的基石投资者，但当招股书的细节被置于聚光灯下，这家估值超百亿元的企业三年累计亏损 超63亿元、客户集中等风险还是清晰暴露在了投资者面前……资本盛宴背后，壁仞科技正面临多重考验。 三年半亏损超63亿元 壁仞科技成立于2019年，是国内领先的通用智能计算解决方案提供商，产品已应用于 AI 数据中心、电信、AI 解 决方案、能源及公用事业、金融科技及互联网等关键行业。 然而，公司自成立以来持续产生净亏损，2022年-2024年分别亏损14.74亿元、17.44亿元、15.38亿元。今年上半年 又亏损16亿元，近三年半时间净亏损合计超过63亿元。 造成如此大规模亏损的原因之一，是壁仞科技在报告期内产生了大额经营开支，特别是研发开支。2022年-2025年 上半年，公司研发费用分别达到了10.18亿 ...

Core Viewpoint - Xiaopeng Motors announced that the 2026 models of P7+ and G7 will feature the second-generation VLA system, which includes a self-developed Turing AI chip capable of delivering 2250 TOPS of effective computing power, marking the highest in the industry [1] Group 1: Technology Advancements - The second-generation VLA system shows a 12-fold improvement in model inference efficiency compared to the first generation [1] - The response speed of the second-generation VLA has been upgraded, with a 30% faster recognition of complex road conditions and dynamic obstacle prediction compared to the initial system [1] - The integration with Xiaopeng XNGP enables full-scenario intelligent navigation in urban and highway settings [1] Group 2: Vehicle Design and Features - The 2026 Xiaopeng P7+ features a new technological aesthetic design, including a one-piece star-wing light strip, starry tail lights, a floating roof, and a dual-layer tail wing [1] - The interior of the P7+ includes an 8.8-inch technology island instrument panel and a 29-inch full-scene HUD display, with hidden air conditioning vents and upgraded star waterfall ambient lighting supporting 256-color infinite adjustment [1] - The Xiaopeng G7 Super Extended Range version introduces a new "Starry Purple" exterior color and features a one-piece light strip and 20-inch sporty wheels [1] Group 3: Performance and Specifications - The G7 is positioned as an SUV with a pure electric range of 430 kilometers and a tested CLTC comprehensive range of 1768 kilometers [1] - The vehicle is equipped with 800V+5C supercharging AI battery technology, allowing for a 314-kilometer range to be replenished in just 12 minutes [1]

Group 1: Semiconductor Industry Developments - Samsung and SK Hynix have received U.S. approval to continue exporting chip manufacturing equipment to China until 2026, allowing them to maintain operations in China [3] - The Trump administration has approved NVIDIA to sell H200 AI chips to China, with a 25% revenue share from these exports, a model that will extend to other U.S. companies like AMD and Intel [3] - NVIDIA's CEO Jensen Huang indicated that export restrictions have led to stagnation in sales in China, with potential zero sales in the upcoming two quarters, risking market share loss to competitors [3] Group 2: Semiconductor Supply Chain Roles - The three major companies—NVIDIA, SK Hynix, and Samsung—play distinct roles in the global semiconductor supply chain, with NVIDIA focusing on GPU and AI chip design, SK Hynix supplying high-bandwidth memory, and Samsung providing comprehensive solutions [3] - Huang emphasized the irreplaceable value of Korean companies in the development of next-generation memory like HBM4 and HBM5 [3] Group 3: Gold Futures Market Analysis - COMEX gold futures are currently trading at $4340.5 per ounce, showing a narrow trading range between $4316 and $4404, indicating a lack of clear direction in the market [4] - Key resistance levels for gold are identified at $4400 and $4433, while support levels are at $4316 and $4300, with a potential drop to $4200 if the latter is breached [5] - The market is experiencing a reduction in speculative net long positions, with the long position percentage dropping from 81%, reflecting ongoing profit-taking pressure [5]