12月30日午后，港股硬科技逆市走高，迈富时、英诺赛科涨超11%，优必选涨超9%，第四范式涨超6%，中芯国际大涨超4%。全市场首只聚焦"港股芯片"产 业链的港股信息技术ETF（159131）午后震荡走高，现涨1.89%，实时成交额超5700万元。 数据来源：中证指数公司，沪深交易所。 注："全市场首只"是指首只跟踪中证港股通信息技术综合指数的ETF。中证港股通信息技术综合指数设置单个样本权重上限为15%，伴随个股市值波动权重 占比会产生相应变化，可能会出现超过15%的情形。指数样本每半年调整一次，届时单个样本权重上限一般会平衡至15%。近期市场波动可能较大，短期涨 跌幅不预示未来表现。请投资者务必根据自身的资金状况和风险承受能力理性投资，高度注意仓位和风险管理。 风险提示：港股通信息技术ETF被动跟踪中证港股通信息技术综合指数，该指数基日为2014.11.14，发布于2017.6.23。材料中指数成份股仅作展示，个股描 述不作为任何形式的投资建议，也不代表管理人旗下任何基金的持仓信息和交易动向。本产品由华宝基金发行与管理，代销机构不承担产品的投资、兑付和 风险管理责任。投资人应当认真阅读《基金合同》、《招募说 ...

数据来源：中证指数公司，沪深交易所。 12月30日午后，港股硬科技逆市走高，迈富时、英诺赛科涨超11%，优必选涨超9%，第四范式涨超 6%，中芯国际大涨超4%。全市场首只聚焦"港股芯片"产业链的港股信息技术ETF（159131）午后震荡 走高，现涨1.89%，实时成交额超5700万元。 | | | 分时 $日 1分 5分 15分 30分 60分 日 周 月 * | | | | F9 盘前盘后 最加 九和 画线 工具 (2 ) | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.92 | | | | 159131[悲股德奥技术ETF] 14:12 价 0.918 涨跌 0.017(1.89%) 均价: 0.910 成交量: 51 IOPV 0.9201 1. | | | | | | 0 91 8 +0.017 +1.89% | | | | | | | | A . A | | | | | SZSE CNY 14:12:27 交易中 查看L2全覆 | | | 0911 | | | | | ...

12月30日午后，港股硬科技逆市走高，迈富时、英诺赛科涨超11%，优必选涨超9%，第四范式涨超 6%，中芯国际大涨超4%。全市场首只聚焦"港股芯片"产业链的港股信息技术ETF（159131）午后震荡 走高，现涨1.89%，实时成交额超5700万元。 数据来源：中证指数公司，沪深交易所。 注："全市场首只"是指首只跟踪中证港股通信息技术综合指数的ETF。中证港股通信息技术综合指数设 置单个样本权重上限为15%，伴随个股市值波动权重占比会产生相应变化，可能会出现超过15%的情 形。指数样本每半年调整一次，届时单个样本权重上限一般会平衡至15%。近期市场波动可能较大，短 期涨跌幅不预示未来表现。请投资者务必根据自身的资金状况和风险承受能力理性投资，高度注意仓位 和风险管理。 风险提示：港股通信息技术ETF被动跟踪中证港股通信息技术综合指数，该指数基日为2014.11.14，发 布于2017.6.23。材料中指数成份股仅作展示，个股描述不作为任何形式的投资建议，也不代表管理人旗 下任何基金的持仓信息和交易动向。本产品由华宝基金发行与管理，代销机构不承担产品的投资、兑付 和风险管理责任。投资人应当认真阅读《基金合同》、 ...

Core Viewpoint - The article discusses the rise of domestic chip companies in China, particularly focusing on Birun Technology's upcoming IPO in Hong Kong and the challenges it faces in a competitive market dominated by Nvidia [1][2][20]. Group 1: Company Overview - Birun Technology plans to raise over HKD 4.2 billion through its IPO on the Hong Kong Stock Exchange, aiming to become the "first GPU stock" in Hong Kong [2]. - The founder, Zhang Wen, has a diverse background, including a Harvard Law degree and experience in private equity, which he leverages to attract top talent from the industry [3][4]. - The company has raised over CNY 5 billion in funding within a year and a half, setting a record for domestic chip startups [4]. Group 2: Financial Performance - Birun has incurred losses exceeding CNY 6.3 billion over three and a half years, despite a significant revenue increase, with 2024 revenue reaching CNY 337 million, a fourfold increase from the previous year [9]. - R&D expenditures for the years 2022, 2023, and 2024 were CNY 1.018 billion, CNY 886 million, and CNY 827 million, respectively, with an additional CNY 572 million spent in the first half of 2025 [8]. - The gross margin dropped from approximately 70% in 2024 to 32% in the first half of 2025, indicating challenges in cost control and pricing power [10][11]. Group 3: Market Challenges - Birun faces significant competition from Nvidia, especially with the potential re-entry of Nvidia's H200 chip into the Chinese market, which poses a threat to domestic players [17]. - The current market environment in Hong Kong is characterized by a high influx of new listings, making investors more selective and cautious about new investments [15]. - The ongoing debate about the sustainability of the AI boom raises concerns about the long-term viability of capital investments in the chip sector [18][19]. Group 4: Strategic Positioning - Birun's strategy involves a dual focus on immediate product launches, such as the BR20X series, while also planning for long-term developments like the BR30X series [12]. - The company has established strategic partnerships with major telecom players like China Telecom and China Mobile, which provide a foundation for its market presence [20]. - Zhang Wen emphasizes the need for patience and resilience in navigating the challenges of the chip industry, highlighting that success is not solely defined by initial stock performance [21].

业内人士认为，中芯国际此次资本运作后，国产芯片或将迎来发展机遇，尤其是半导体设备与国产AI 基础建设，一方面释放出未来相关制程资本支出或向好的积极信号，另一方面彰显了企业强化核心制造 环节掌控力、提升国产芯片自主化水平。 自主可控相关ETF产品： 格隆汇12月30日｜今日半导体板块表现活跃，中芯国际涨1.49%，卓胜微涨10%，芯原股份、海光信息 涨超4%，带动，信创ETF易方达（159540）涨0.38%、半导体设备ETF易方达（159558）涨0.06%，科 创创业人工智能ETF(159140)涨0.77%。 消息面上，12月29日，中芯国际发布公告，拟发行5.47亿股股份购买其所持有的中芯北方49%股权，交 易价格406.01亿元。此外，公司拟联合大基金三期等股东对中芯南方进行大额增资，对南方的股权比例 将提升至41%。中芯国际此前曾表示产线供不应求，对部分产能实施了涨价。 半导体设备ETF易方达（159558），联接A/C（021893/021894），根据申万三级行业分类，该ETF跟踪 的中证半导体材料设备主题指数中半导体设备占比为62%，在国产替代产业趋势中具备弹性。 信创ETF易方达（15954 ...

12月29日，沪深两融数据显示，灿芯股份上周累计获融资净买入额4151.06万元，居两市第203位，上周 融资买入额3.56亿元，偿还额3.14亿元。 灿芯股份所属概念板块包括：半导体、上海板块、百元股、专精特新、沪股通、融资融券、半导体概 念、国产芯片。 资金流方面，灿芯股份近5日主力资金流入5359.39万元，区间涨幅2.06%；近10日主力资金流出8286.17 万元，区间跌幅1.78%。 通过天眼查大数据分析，灿芯半导体(上海)股份有限公司共对外投资了8家企业，参与招投标项目20 次，知识产权方面有商标信息20条，专利信息178条，此外企业还拥有行政许可18个。 天眼查信息显示，灿芯半导体(上海)股份有限公司，成立于2008年，位于上海市，是一家以从事软件和 信息技术服务业为主的企业。企业注册资本12000万人民币，实缴资本12000万人民币。公司法定代表人 为ZHIQING JOHN ZHUANG。 来源：市场资讯 ...

作为中国经济未来发展的战略指引，已发布的"十五五"规划建议全文强调，采取超常规措施，全链条推动集成电路、工业母机、高端仪器、基础软件、先进 材料、生物制造等重点领域关键核心技术攻关取得决定性突破；明确推动量子科技、生物制造、氢能和核聚变能、脑机接口、具身智能、第六代移动通信等 成为新的经济增长点；要求全面实施"人工智能+"行动，抢占人工智能产业应用制高点，全方位赋能千行百业。相关表述将中国芯片产业成长空间强力推升 到了"决定性突破"的新高度。千亿规模ETF大厂——华宝基金旗下跨年募集的重磅新品——科创芯片ETF华宝（认购589193；上市589190）今日（12月30 日）启动首发，该基金跟踪上证科创板芯片指数，其标的指数由科创板50只业务涉及半导体材料和设备、芯片设计、芯片制造、芯片封装和测试的硬科技公 司构成成份股组合，将为投资者参与把握国产芯片产业链的"中国硬科技资产"投资机遇提供又一重磅ETF工具。 全链布局国产芯片产业：重配"芯片设计+半导体材料与设备" 目前，以芯片产业为龙头的尖端硬科技领域，已成为大国角逐的核心战场。科创芯片ETF华宝（认购589193；上市589190）跟踪的标的指数为上证科创 ...

Core Viewpoint - The "14th Five-Year Plan" emphasizes extraordinary measures to drive breakthroughs in key technologies across various sectors, including integrated circuits and artificial intelligence, positioning China's chip industry for significant growth opportunities [1][14]. Industry Overview - The semiconductor industry is a core battleground for major powers, with the newly launched Huabao Science and Technology Chip ETF tracking the Shanghai Stock Exchange's Chip Index, which includes 50 companies involved in semiconductor materials, design, manufacturing, packaging, and testing [2][14]. - As of November 2025, the Shanghai Stock Exchange Chip Index has a significant focus on upstream and midstream sectors, with chip design and semiconductor materials and equipment accounting for 80.48% of the index [15][16]. Performance Metrics - The Shanghai Stock Exchange Chip Index has shown strong performance, with an annualized return of 17.43% from December 31, 2019, to November 30, 2025, outperforming similar indices [5][18]. - The index's maximum drawdown during the same period was -56.81%, which is better than other comparable indices [5][18]. Financial Highlights - The net profit of the index's constituent companies surged by 94.22% in the first three quarters of 2025, leading among similar indices [20]. - Research and development investment for these companies reached 119.7 billion yuan, with a research intensity of 11.22%, significantly higher than the overall A-share market level of 2.16% [20]. Key Holdings - The top three companies in the index by weight are Haiguang Information (10.86%), Cambricon (9.84%), and SMIC (8.87%), with the index capping individual stock weights at 10% [17][16].

12月29日，三大指数涨跌不一，沪指微涨走出九连阳，创业板指一度跌超1%。沪深两市成交额2.14万亿，较上一个交易日缩量209 亿。盘面上，全市场超3300只个股下跌。截至收盘，沪指涨0.04%，深成指跌0.49%，创业板指跌0.66%。 | 大涨板块 | 251229 (周1) | 251226 (周5) | 251225 (周4) | 251224 (周3) | 251223 (周2) | | --- | --- | --- | --- | --- | --- | | 1 | 航天30 | 航天29 | 航天42 | 玩天37 | 锂电池8 | | 2 | 机器人22 | 海南自由贸易港8 | 机器人24 | 福建自贸/海西概念11 | 液冷服务器7 | | 3 | 碳纤维4 | 锂电池16 | 造纸4 | 液冷服务器3 | 海南自由贸易港5 | | 4 | 数字人民币3 | 黄金3 | 跨境支付3 | 国产芯片5 | PCB板4 | | ર્ | 云计算数据中心4 | 光伏7 | 西部大开发3 | 光通信8 | 有色 · 钨2 | | 6 | ST股14 | ST股10 | ST股15 | ST股10 ...

Group 1 - The core viewpoint of the report is that Alibaba Cloud has passed its low point, and the fundamentals are expected to improve, with market consensus on the revaluation of Alibaba Cloud [1] - The report emphasizes the ongoing growth of AI cloud services, driven by improved upstream chip supply and increasing AI penetration in the domestic market [1] - Alibaba is noted for its unique full-stack self-developed technology system, which includes chips, servers, cloud computing operating systems, and large models, positioning it among the top tier in terms of revenue scale, growth rate, and profit margins in China [1] Group 2 - ByteDance's Volcano Engine focuses on the MaaS layer, but Alibaba Cloud's advantages in full-stack solutions and ecosystem integrity are difficult to replicate in the short term [2] - The domestic AI chip market is experiencing a surge in demand, with Alibaba's self-developed chips achieving performance levels comparable to international standards, which is crucial for enhancing profit margins and providing differentiated AI services [2] - Alibaba is positioning itself to capture the C-end entry point, aiming to lead the transition from graphical user interfaces to natural language interfaces, leveraging its strengths in traffic operations [2] Group 3 - Alibaba plans to upgrade its Qianwen service to connect with its ecosystem, including Taobao, Gaode, and Alipay, and introduce the "Quark AI Glasses" to enhance user engagement and data asset conversion in the AI era [3] - The company maintains its revenue forecasts for FY2026-FY2028, projecting revenues of 1,038.6 billion, 1,143.4 billion, and 1,250.6 billion yuan, with adjusted net profits of 101.9 billion, 145.5 billion, and 183.6 billion yuan respectively [3] - Using the SOTP valuation method, the target valuation for Alibaba Group is set at 3,412.4 billion yuan, corresponding to a target price of 203 USD per ADS, indicating a potential upside of 34% [3]