Core Viewpoint - The article discusses the investment potential of Birun Technology, highlighting its unique position in the domestic GPU market and the disparity in valuation between A-share and Hong Kong markets [2][3][20]. Group 1: Market Performance and Valuation - On its first day of trading, Birun Technology's stock price surged to a high of HKD 42.88 per share, representing an increase of over 112.55% from the issue price of HKD 19.6, with a peak market capitalization of HKD 102.7 billion [2]. - In the A-share market, domestic GPU companies are currently in a high valuation range, with companies like Moer Thread and Muxi maintaining market caps in the thousands of billions [2]. - The valuation of Birun Technology in the Hong Kong market is relatively discounted compared to its A-share counterparts, primarily due to differing pricing anchors between the two markets [2][7]. Group 2: Investment Thesis - Birun Technology stands at a critical juncture, embodying both the narrative of a "scarce domestic GPU asset" and the need for a more commercial evaluation [3]. - The past three years have seen the domestic GPU sector transition from "PPT chip design" to "commercialization," with Birun's IPO symbolizing this shift [3]. - The company has a significant order backlog valued at approximately RMB 1.24 billion, nearly four times its projected revenue for 2024, indicating a strong revenue outlook [9]. Group 3: Competitive Advantages - Birun Technology's competitive edge is built on four dimensions: the engineering implementation of Chiplet architecture, the stability of its kilowatt cluster, pragmatic ecosystem compatibility, and a rich product pipeline [12][13]. - The Chiplet technology is crucial for enhancing computing density, allowing Birun to produce high-performance chips while circumventing physical limitations [14]. - The company's kilowatt cluster has demonstrated the ability to operate continuously for over five days without failure, a critical factor for large-scale AI model training [15]. Group 4: Future Prospects - Birun's next-generation flagship product, the BR20X series, is expected to be commercialized in 2026, targeting key pain points in the large model era [19]. - The Chinese government continues to support the AI industry, viewing intelligent computing chips as essential infrastructure, which is expected to drive domestic GPU adoption in key sectors [20]. - The global smart computing chip market is projected to grow significantly, with the Chinese market expected to expand from USD 30.1 billion in 2024 to USD 201.2 billion by 2029, indicating substantial growth potential for domestic GPU manufacturers [20].

百度狂飙。 今日（1月2日），百度集团港股股价大爆发，盘中暴涨超9%。消息面上，百度发布公告称，子公司昆 仑芯已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。有机构分析称，参考同类公司估值，百度所持昆仑芯59%股权的价值区间为30亿至110亿美元。 当前，人工智能（AI）芯片领域的企业正掀起一波上市潮。"国产GPU四小龙"燧原科技IPO也有最新进 展，据证监会官网，燧原科技已完成IPO辅导工作，标志着其上市进程进入下一阶段。 百度暴涨 1月2日，港股开盘后，百度集团股价大幅飙升，盘中暴涨超9%，截至发稿，涨幅仍达9.35%，报143.8 港元/股。 消息面上，百度集团发布公告称，其子公司昆仑芯已于1月1日通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，申请在主板上市及买卖。 公告表示，香港联交所已确认百度可进行建议分拆。昆仑芯上市完成后，仍将是百度的附属公司。具体 细节尚未确定，包括全球发售的规模与结构、百度持股比例的减少幅度等。 在公告中，百度阐述了分拆昆仑芯并独立上市的三大理由： 一是可以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 ...

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 ...

Group 1 - The core viewpoint of the article highlights the successful debut of Birran Technology as the first domestic GPU company listed on the Hong Kong Stock Exchange, with its stock price surging significantly on the first day of trading [1][3][4] - Birran Technology opened at HKD 35.7 per share, an 82% increase from the issue price of HKD 19.6, and reached a peak of HKD 42.88, pushing its market capitalization beyond HKD 100 billion [1][3] - The company has garnered substantial attention due to the booming AI sector, with significant interest from investors leading to over 2300 times oversubscription during its IPO [4] Group 2 - Birran Technology focuses on developing high-performance general-purpose GPUs, primarily through its self-developed Birli series GPU products, aiming to create a domestic intelligent computing industry ecosystem [4] - The company was founded in 2019 by Zhang Wen, who has an extensive background in technology and finance, including leadership roles at SenseTime and other firms [4] - Prior to its IPO, Birran Technology completed 10 rounds of financing, raising over RMB 5 billion, with investments from various institutional investors including Shanghai Guotou and IDG Capital [3][4] Group 3 - Other AI chip companies are also preparing to enter the capital market, with notable upcoming listings such as Tian Shu Zhi Xin on January 8 and Baidu's Kunlun Chip, which has submitted a listing application [5]

2026年1月2日，港股市场开盘，三大指数高开高走。截至午间收盘，恒生指数涨2.18%报26189.79点，恒生国企指数涨2.26%报9115.17点，恒生科技指数 涨3.38%报5702.56点。盘面上，半导体、软件服务、保险、电讯板块领涨，工业工程、黄金及贵金属、药品及生物科技板块保持活跃，仅食品饮料板块下 跌。 "港股GPU第一股"壁仞科技在港交所上市，盘初一度涨超118%，市值一度飙升至千亿港元。芯片股走强，华虹半导体盘初涨逾12%。科技股集体上扬， 百度集团-SW盘中涨近9%，网易-S盘中涨超6%，阿里巴巴-W、腾讯控股盘中均涨超3%。 "港股GPU第一股"来了！ 盘中市值突破千亿港元 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年上市的首只新股。 当日开盘，壁仞科技盘初快速拉升，涨幅一度超过118%，总市值一度突破1027亿港元。截至午间收盘，壁仞科技股价报33.88港元/股，涨72.86%，总市值 811.8亿港元，成交额突破46亿港元。壁仞科技发行价为19.6港元/股，发行2.85亿股，募资总额约为55.83亿港元。 | FK 壁仍科技 | (Ai) [7 ...

消息面上，12月31日，美图宣布已向阿里巴巴发行2.5亿美元可转债。大摩发布研报称，若所有可换股 债券悉数转换，阿里巴巴将持有美图6.82%的股份，成为其第三大股东。该行认为此次进展为正面消 息，预期美图与阿里巴巴的合作将进一步深化，尤其在电子商务设计领域可产生强大的协同效应。 值得注意的是，中国证监会官网信息显示，国产GPU四小龙之一的燧原科技已完成IPO辅导工作，标志 着其上市进程进入下一阶段。公开资料显示，腾讯为燧原科技最大股东，曾参与燧原科技多轮融资。赵 立东、张亚林并列为燧原科技第二大股东。国家大基金二期为燧原第五大股东，而美图为其第十四大股 东。 （原标题：港股异动 | 美图公司(01357)现涨超4% 已向阿里发行2.5亿美元可转债 双方合作有望进一步深 化） 智通财经APP获悉，美图公司(01357)现涨超4%，截至发稿，涨4.71%，报7.33港元，成交额5542.76万港 元。 ...

美图公司（01357）早盘股价上涨5.14%，现报7.36港元，成交额6489.32万港元。 12月31日，美图宣布已向阿里巴巴发行2.5亿美元可转债。大摩发布研报称，若所有可换股债券悉数转 换，阿里巴巴将持有美图6.82%的股份，成为其第三大股东。该行认为此次进展为正面消息，预期美图 与阿里巴巴的合作将进一步深化，尤其在电子商务设计领域可产生强大的协同效应。 美图公司（01357）早盘股价上涨5.14%，现报7.36港元，成交额6489.32万港元。 12月31日，美图宣布已向阿里巴巴发行2.5亿美元可转债。大摩发布研报称，若所有可换股债券悉数转 换，阿里巴巴将持有美图6.82%的股份，成为其第三大股东。该行认为此次进展为正面消息，预期美图 与阿里巴巴的合作将进一步深化，尤其在电子商务设计领域可产生强大的协同效应。 值得注意的是，中国证监会官网信息显示，国产GPU四小龙之一的燧原科技已完成IPO辅导工作，标志 着其上市进程进入下一阶段。公开资料显示，腾讯为燧原科技最大股东，曾参与燧原科技多轮融资。赵 立东、张亚林并列为燧原科技第二大股东。国家大基金二期为燧原第五大股东，而美图为其第十四大股 东。 责任编辑： ...

Group 1 - Wallan Technology (06082.HK) has officially listed on the Hong Kong Stock Exchange, becoming the first general-purpose AI chip company to go public in 2025, with an opening price increase of over 100% and a market capitalization exceeding HKD 94 billion [1] - Founded in 2019 by a team of former AMD and NVIDIA chip architects, Wallan Technology has launched several high-performance GPUs, including BR100, BR104, BR106, and BR166, and has become a key player in China's AI infrastructure [1] - The investment from Shanghai State-owned Capital, which holds a 3.7853% stake in Wallan through Shanghai Lingang Economic Development Group, signifies a strategic move in the AI computing power sector [2] Group 2 - The Shanghai Guotou Pioneer AI Industry Fund made a direct investment in Wallan Technology, marking its first direct investment project, which breaks from the traditional indirect investment model [3] - This investment not only provides financial support but also enhances Wallan's capabilities in technology development, industry connections, and ecosystem collaboration [4] - Wallan's R&D expenses reached CNY 572 million in the first half of 2025, accounting for 79.1% of total operating expenses, highlighting the ongoing need for funding in its expansion and development efforts [4] Group 3 - The collaboration between Wallan Technology and Shanghai State-owned Capital has opened pathways for market entry, customer integration, and supply chain collaboration, enhancing the company's market recognition and stability [5] - Wallan's success is part of a broader ecosystem in Shanghai, which includes multiple GPU and computing power chip companies, forming a dense entrepreneurial matrix [8] - Shanghai has emerged as a capital hub for the domestic GPU sector, with leading companies collectively raising over CNY 20 billion, indicating strong investor interest and confidence in the industry [9] Group 4 - The Shanghai government has set ambitious goals for the AI computing cloud industry, aiming for a scale of CNY 200 billion by 2027, with a focus on building large-scale computing clusters and a unified scheduling platform [12] - Wallan's IPO is seen as a significant milestone for the domestic computing power ecosystem, marking the beginning of a new phase in the development of China's AI infrastructure [12] - The strategic investment and support from Shanghai State-owned Capital are crucial for fostering a sustainable and competitive environment for hard-tech companies like Wallan Technology [11]

▲ 戳蓝 色字关注我们！ "科学技术是第一生产力，而核心技术的自主可控，是生产力发展的基石。——邓小平" 这几天微信朋友圈再刷壁仞科技马上挂牌的消息，发现有三个做VC的老朋友在评论区版聊。 有意思的是，其中两个人说"这次一定要打新"，另一个人却说"观望为主"。 我好奇啊，同样是GPU四小龙，摩尔线程上市首日暴涨400%，沐曦更夸张，首日涨了将近7倍，中一签直接赚到40万。 为什么对壁仞的态度会这么分裂 ？ 后来我专门约了其中一个朋友打了个电话，聊完之后我发现，这里面的门道比我想象的要深得多。 今天这篇文章，我就给大家扒一扒壁仞科技上市这件事儿——告诉你那些新闻稿和研报里不会写的东西。 一、基本面拆解：五年融资90亿，壁仞的核心优势在哪？ 先说基本面。壁仞科技1月2号要在港股挂牌，发行价区间是17到19块，预计能融到大概42到48亿港币。 这家公司2019年才成立，到现在也就五年多。但你看它的融资记录——高瓴、IDG、启明、红杉、BAI，基本上能叫得上名字的一线VC都进去 了，总共融了超过90亿人民币。 我在之前讲沐曦的那篇文章分享过，投芯片项目有三大铁律：看团队、看技术、看窗口期。壁仞这三点都踩中了。 先说团 ...

Group 1 - The core point of the article is that domestic GPU company TianShu ZhiXin is accelerating its entry into the capital market with an IPO in Hong Kong, aiming to raise approximately 3.7 billion HKD [1][5] - TianShu ZhiXin's IPO will involve a global offering of 25.43 million shares, with a public offering in Hong Kong accounting for 10% of the total [1][3] - The company has achieved a cumulative shipment of 52,000 units and serves over 290 clients across various sectors, including finance, healthcare, and transportation [3][5] Group 2 - The financial data indicates a compound annual growth rate (CAGR) of 68.8% from 2022 to 2024, with a revenue of 324 million CNY in the first half of 2025, representing a year-on-year growth of 64.2% [3][4] - The IPO has garnered significant interest from institutional investors, with 18 cornerstone investors agreeing to subscribe for shares worth a total of 1.583 billion HKD [3][5] - Approximately 80% of the net proceeds from the IPO are expected to be used for research and development of products and solutions, including general-purpose GPU chips and AI computing solutions [4]