2025.12. 05 百度未披露过昆仑芯业务的财务数据。从AI芯片行业看，摩尔线程尚处亏损，寒武纪去年第四季度 开始扭亏，有消息称昆仑芯有望在今年实现盈亏平衡。此前摩根大通预计，百度昆仑芯片收入将从 2025年的约人民币13亿元飙升至2026年的83亿元，增幅达到6倍。 据第一财经记者了解，目前昆仑芯第三代产品P800系列的累计部署在数万片，单集群规模超过了三 万卡。 本文字数：1114，阅读时长大约2分钟 作者 | 第一财经 刘佳 摩尔线程上市首日，百度昆仑芯被曝赴港上市的传闻，令百度港股股价一度涨超7%。截至收盘百度 股价上涨5%至121.6港元。 今日有消息称，昆仑芯已启动在香港上市的筹备工作，并计划最早于2026年一季度向港交所递交上 市申请，目标是在2027年初完成IPO。第一财经就此询问百度方面，截至发稿未有回应。 今日有消息人士对第一财经记者透露，在去年时昆仑芯片已经有上市相关准备计划。 这不是芯片业务第一次带动百度股价，今年9月即有市场传闻称百度已开始使用自主昆仑芯片P800 训练新版模型。该消息刺激百度股价大涨超10%，创下2024年10月以来新高。 昆仑芯科技前身为百度智能芯片及架构部， ...

Core Viewpoint - The news highlights significant movements in the stock market, particularly focusing on the surge of rare earth permanent magnet stocks and the impressive debut of the new stock, N-Mole-U, which has achieved remarkable gains on its first trading day. Group 1: Rare Earth Permanent Magnet Stocks - On December 5, the Shanghai Composite Index rose, closing above the 3900-point mark, with notable interest in sectors like superconductors and commercial aerospace [1][16] - Rare earth permanent magnet stocks such as Ningbo Yunsheng (600366) saw a rapid increase, hitting the daily limit within three minutes, while Jinli Permanent Magnet surged over 15% during trading [1][3] - Companies like Jinli Permanent Magnet, Zhongke Sanhuan, and Ningbo Yunsheng have reportedly obtained general export licenses, which will streamline export processes and enhance delivery speeds, benefiting the industry as downstream demand recovers [3][18] Group 2: New Stock Performance - N-Mole-U debuted on the STAR Market on December 5, with an opening increase of 468.8%, leading to a market capitalization exceeding 300 billion yuan, closing at 600.5 yuan per share, making it the third highest-priced stock in A-shares [5][18] - The average first-day gain for new stocks in 2025 reached 254.89%, with 31 stocks experiencing gains over 300%, including notable performers like Dapeng Industrial and Sanxie Electric [10][23] - The highest first-day profit from new stock subscriptions was recorded for N-Mole-U, with a profit of 267,900 yuan for investors who sold at the opening price [20][23] Group 3: Market Trends and Valuation - As of December 5, 2025, new stocks that have seen a price drop of over 30% generally have a rolling price-to-earnings ratio below 40, with three stocks, Tianyouwei, Hai'an Group, and Yongjie New Materials, having ratios below 20 [12][26] - Tianyouwei has the lowest rolling P/E ratio at 14.01, focusing on automotive instrument development, while Yongjie New Materials has shown a 30.99% increase in net profit year-on-year [12][26]

【导读】大金融板块助力港股上涨，中国太平涨超 7% ，中国平安涨 6.71%，金融监管总局发布利好消息 中国基金报记者 储是 港股市场今日午后拉升，保险、科技股齐转涨。中国太平涨超 7% ，中国平安涨 6.71% ，百度涨超 5% 。 消息面上，国家金融监管总局发布关于调整保险公司投资相关股票的风险因子的通知。市场认为，此举有利于推动保险资金入市。 港股午后拉升 恒生指数收复 26000 点 12 月 5 日，港股三大指数午后持续拉升转涨，全天呈现低开高走行情。截至收盘，恒生指数上涨 0.58% ，再度站上 26000 点；恒生国 企指数、恒生科技指数分别上涨 1.01% 、 0.84% 。 | W | | 恒生中国企业指数(HSCEI) 12-05 16:09:30 | | | | | --- | --- | --- | --- | --- | --- | | 9198.30 | | 昨收 | 9106.48 | 成交额 | 890.17亿 | | +91.82 | +1.01% | 今开 | 9077.14 | 成交量 | 25.92亿 | | 上涨 | 35 | 平盘 | TH | 下跌 | 14 | ...

Core Viewpoint - The Hong Kong stock market saw a surge in computing hardware stocks, particularly driven by news of Baidu's Kunlun Chip planning to go public, with a recent funding round raising $283 million and a valuation of $2.97 billion [2] Group 1: Company Overview - Kunlun Chip, a subsidiary of Baidu, is an AI chip company that was incubated internally and completed its independent financing in April 2021, with an initial valuation of approximately 13 billion RMB [2] - Baidu holds a controlling stake in Kunlun Chip, with a shareholding ratio of 59.45% [4] Group 2: Financial Performance - Kunlun Chip's revenue is projected to exceed 1 billion RMB in 2024, surpassing other AI chip companies that have applied for or completed IPOs [8] - Morgan Stanley forecasts that Kunlun Chip's revenue will increase from approximately 1.3 billion RMB in 2025 to 8.3 billion RMB in 2026, representing a sixfold growth [8] Group 3: Product Development - The new generation of Kunlun Chips includes two products: Kunlun Chip M100, designed for large-scale inference scenarios, set to launch in 2026, and Kunlun Chip M300, aimed at ultra-large multimodal model training and inference, expected in 2027 [8] - The recently announced Tianchi 256 and Tianchi 512 supernodes will be launched next year, with the Tianchi 512 capable of training trillion-parameter models [8] Group 4: Market Position and Strategy - Kunlun Chip has completed thousands of deployments, establishing itself as a critical foundation for Baidu's AI capabilities [8] - Baidu's intelligent cloud services leverage Kunlun Chip and the Baidu Barge AI computing platform to provide AI computing power to numerous enterprises [9]

记者丨叶映橙 见习记者林健民 编辑丨谭婷 12月5日，百度港股午后突然直线拉涨，一度涨近8%。 随后涨幅收窄，截至收盘涨超5%，报121.6港元/股，总市值为3344亿港元。 截至收盘， 港股算力硬件概念出现拉涨行情。除了百度，英诺赛科也大涨逾5%，鸿腾精密、联想集团等公司也纷纷跟涨。 消息面上，据财联社，有报道称， 百度旗下半导体子公司昆仑芯计划在香港上市，昆仑芯近期融资2.83亿美元，估值达29.7亿美元（ 折合人民 币约210亿元 ）。 天眼查显示，昆仑芯是由百度内部孵化的AI芯片公司，于2021年4月完成独立融资， 首轮估值约130亿元， 百度为控股股东，持股比例为 59.45%。 截至2025年7月，昆仑芯已经历了D轮融资， 投资方包括上河动量资本、山证投资、国新基金下属的高层次人才基金、中移和创等 。 另据腾讯财经，多位产业人士表示，昆仑芯技术和营收在国内一众AI芯片公司中均位于前列。 2024年公司营收超过10亿元，超过此前已申报 上市的燧原科技、壁仞科技、沐曦集成电路，也超过已经上市的摩尔线程和寒武纪。 此前摩根大通预计，百度昆仑芯片收入将从2025年的约人 民币13亿元飙升至2026年的83 ...

配合天池256/512超节点方案，单节点可支撑万亿参数模型训练，互联带宽较上一代翻两番，性能提升 50%以上。摩根大通预测，凭借新品放量及GPU替代需求，昆仑芯收入将从2025年的13亿元跃升至2026 年的83亿元，年增6倍，成为百度智能云未来两年最核心的增长引擎。 资本窗口打开，国产芯片排队上市 近期交易所数据印证"AI算力"热度：国产GPU公司摩尔线程登陆上交所首日暴涨500%，沐曦、燧原、壁 仞等亦传出将在未来数周递表。港交所对硬科技敞口提升，加上港股通流动性改善，为昆仑芯提供了难 得的估值溢价窗口。业内人士指出，寒武纪A股市值一度折合800亿港元，参照同赛道估值区间，昆仑芯 若成功IPO，市值有望跻身300亿—1000亿港元头部梯队。 风险提示：产能与生态仍是"卡脖子"环节 从"自用"到"外供"，营收结构迎来拐点 昆仑芯源于2012年百度内部芯片项目，早期专为搜索、自动驾驶、智能云提供算力，累计部署已超10万 片。2021年完成独立融资后，公司刻意降低对母公司依赖，外销比例快速抬升。2024年收入约20亿元， 其中外部客户贡献不足四成；据路演材料，2025年外部订单将首次过半，全年营收有望突破35亿 ...

Core Viewpoint - Kunlun Chip is preparing for an IPO in Hong Kong, with plans to submit its application to the Hong Kong Stock Exchange in Q1 2026 and aims to complete the IPO by early 2027, which has positively impacted Baidu's stock price [1][2]. Group 1: IPO Preparation - Kunlun Chip has initiated preparations for its Hong Kong IPO, with plans to submit the listing application as early as Q1 2026 and to complete the IPO by early 2027 [1]. - The company was previously known as Baidu's Intelligent Chip and Architecture Department and became an independent entity in 2021 [1]. Group 2: Product Development - Kunlun Chip has undergone three product iterations, with the first generation launched in 2020, the second in 2021, and the third generation P800 series achieving mass production in 2024 [2]. - The next generation M100 product is designed for large-scale inference scenarios and is expected to launch in 2026, while the M300 product for ultra-large-scale multimodal model training and inference is set for 2027 [2]. Group 3: Market Presence and Financial Outlook - Kunlun Chip has secured over a hundred clients, including major companies like China Merchants Bank and Geely, with deployment scales ranging from tens to thousands of units [2]. - Morgan Stanley projects that Kunlun Chip's revenue will surge from approximately 1.3 billion RMB in 2025 to 8.3 billion RMB in 2026, marking a sixfold increase [2]. - There are indications that Kunlun Chip may achieve breakeven this year, contrasting with other players in the AI chip industry [2]. Group 4: Application and Performance - Most inference tasks at Baidu are currently running on the P800 series, which has been effectively utilized for training multimodal models [3]. - The training cluster has expanded to over 10,000 cards, demonstrating high efficiency and cost-effectiveness compared to traditional GPU clusters [3].

Company Overview - Moore Threads officially listed on the STAR Market on December 5, 2023, becoming the first domestic GPU stock, with an opening price of 650 CNY per share, a significant increase of 468.78% from the issuance price of 114.28 CNY [1] - The stock reached a peak of 688 CNY during trading, with a closing price of 600.5 CNY, resulting in a total market capitalization of 282.25 billion CNY [1] - The company raised approximately 7.9996 billion CNY in its IPO, with a net amount of 7.576 billion CNY after deducting issuance costs, primarily for R&D projects related to AI chips and graphics chips [1] Financial Performance - Moore Threads has shown rapid revenue growth, with a compound annual growth rate (CAGR) of 208.44% from 2022 to 2024, and reported revenue of 785 million CNY in the first three quarters of 2025, a year-on-year increase of 181.99% [2] - Despite the revenue growth, the company remains in a loss position, with net losses of 1.894 billion CNY, 1.703 billion CNY, 1.618 billion CNY, and 724 million CNY from 2022 to the first three quarters of 2025 [2] - The management anticipates achieving profitability by 2027 [2] Industry Outlook - The AI chip market in China is expected to grow rapidly, with a forecasted market size increasing from 142.54 billion CNY in 2024 to 1.3368 trillion CNY by 2029, representing a CAGR of 53.7% from 2025 to 2029 [2] - The GPU segment is projected to experience the fastest growth, with its market share expected to rise from 69.9% in 2024 to 77.3% in 2029 [2] - Globally, the GPU market is predicted to reach 36.119 trillion CNY by 2029, with China's GPU market size expected to reach 13.635 trillion CNY, increasing its global market share from 15.6% in 2024 to 37.8% in 2029 [3]

Group 1 - Kunlunxin, a subsidiary of Baidu focused on AI chips, is preparing for an IPO in Hong Kong and has completed a new financing round with a post-money valuation of approximately 21 billion RMB (about 3 billion USD) [1][2] - Following the news, Baidu's stock in Hong Kong surged by 7.51%, reaching a peak increase of 8.70 [2] - Kunlunxin is recognized as a key player in China's high-performance computing sector, with the latest financing involving multiple institutional investors and the IPO preparations in preliminary stages [2][3] Group 2 - The push for Kunlunxin's market entry is driven by the tightening of U.S. export restrictions on advanced semiconductors and the growing domestic demand for high-end AI chips, indicating a significant shift towards local supply chain alternatives [3] - In the past year, several Chinese AI chip companies, including Cambricon and Suirian Technology, have also sought to go public, reflecting an accelerated move of the domestic computing ecosystem towards capital markets to support larger R&D investments [3] - As of now, Baidu has not responded to inquiries regarding the IPO plans [3]

Core Viewpoint - Baidu's AI chip subsidiary Kunlun Core is accelerating its preparations for an IPO in Hong Kong, with plans to submit its application by Q1 2026 and complete the IPO by early 2027, following a recent valuation of approximately 21 billion RMB (about 2.97 billion USD) [1][4] Group 1: Company Developments - Kunlun Core has initiated its IPO preparations, aiming for a listing on the Hong Kong Stock Exchange by early 2027, with a recent funding round valuing the company at around 210 billion RMB [1][4] - The company has shifted from being an internal department of Baidu to an independent entity, focusing on reducing reliance on its parent company and expanding its customer base [5] - In the past two years, Kunlun Core has increased its external sales efforts, targeting clients beyond internet companies, including state-owned enterprises and local government data center projects [5] Group 2: Financial Performance - Kunlun Core is currently in a phase of "investing for scale," with projected revenues of approximately 2 billion RMB and a net loss of around 200 million RMB for 2024 [5] - The company anticipates that over half of its revenue will come from external clients by 2025, with expectations to exceed 3.5 billion RMB in revenue this year and achieve breakeven [5] Group 3: Market Trends and Opportunities - The enthusiasm in the capital market for AI chips is increasing, as evidenced by the recent IPO of domestic GPU company Moore Threads, which saw its stock price surge significantly on its debut [4] - The demand for high-performance chips in China is rapidly growing, providing a favorable growth window for companies like Kunlun Core [6] Group 4: Product Development - Kunlun Core is expanding its product lineup, having recently launched two new AI chips: M100, focused on inference scenarios, and M300, designed for both training and inference tasks, with launches planned for early 2026 and 2027 respectively [6] - The company aims to capture a share of the high-value AI training computing market, indicating its ambition beyond just edge inference [6]