港股晨报 2026 年 1 月 5 日 国投证券（香港）有限公司 • 研究部 1. 国投证券国际视点：美国对委内瑞拉动武 上周五，2026 年首个交易日，港股市场气势如虹，迎来「开门红」。恒生指数 大涨 2.76%，国企指数上扬 2.86%，恒生科指涨幅高达 4%。市场情绪高昂， 板块呈现普涨态势。受假日行情影响，大市成交金额 1,409 亿元，维持在相对 较低水平。主板总卖空金额约 204 亿元，占可卖空股票总成交金额约 17.46%。 由于 A 股于上周五休市，南向港股通亦同步关闭，不提供服务。 板块方面，电力与新能源板块表现较佳，风电及绿电概念股集体走强，金风科 技 2208.HK 领涨。芯片与机器人概念股亦有所做好，受华虹半导体拟收购华 力微股权的消息刺激，华虹半导体 1347.HK 及中芯国际 981.HK 等半导体龙 头股价大幅拉升。科技股方面，云计算、AI 及手游板块全线飘红。百度集团 9888.HK 因拟分拆昆仑芯独立上市而备受资金追捧，带动阿里 9988.HK、腾讯 700.HK 等权重科技股集体上攻，支撑恒生科技指数强劲表现。 消费板块中，家电股受政策利好驱动表现活跃。商务部再发文支持家电 ...

本报讯(记者矫月)2026年1月1日，港交所披露文件显示，xTool已向港交所提交上市申请书，该次上市的 联席保荐人为摩根士丹利与华泰国际。 作为个人创意工具全球龙头品牌，xTool获得了多家顶级机构的投资：2025年完成约2亿美元pre-IPO(D 轮)，由腾讯领投，GraniteAsia(纪源资本)、源一资本、高成资本、凯辉基金、嘉御资本共同参与。公司 早期亦获得红杉资本、深创投与中金甲子等机构投资。xTool致力于为个人消费者、中小企业主及品牌 零售店提供专业、智能的激光类个人创意工具及材质打印机，赋能"从数字到实体"的创意创作。 本次IPO募资将主要用于深化研发投入、继续提升品牌影响力，扩大海外用户社区及增强供应链韧性， 以巩固其行业绝对领先地位，为长期增长注入强劲动力。 据了解，xTool约80%用户每月使用设备，40%用户每天使用设备进行实物创意创作。有超过21万名活跃 用户在Atomm(xTool自营的免费海外线上用户社区)及社交平台参与互动，Atomm社区已分享超过4万件 作品。此外，xTool通过与用户主理人合作，在32个国家建立470个"xToolSquad"线下社区。根据灼识咨 询的资料 ...

作为新一代AI硬件企业，公司核心技术聚焦精密光学、智能CNC控制与AI算法的深度融合，构建了高 度适配的技术平台。通过自主研发的xTool Studio平台，公司实现全系列设备的统一连接，显著提升产 品易用性；由AI驱动的AImake引擎更成为创意与智能制造的关键纽带，其可记忆用户的材料偏好、创 作风格及设备型号，通过持续学习优化性能，逐步进化为个性化AI制造助手，形成软硬件深度集成的 技术护城河。 中证报中证网讯(记者王辉)2026年1月1日，高端消费科技企业xTool正式向港交所递交主板上市申请，摩 根士丹利与华泰证券担任联席保荐人，公司是个人创意工具领域的龙头企业，已形成技术深度融合、自 主渠道掌控及全球化市场布局。 据招股书披露，xTool在2025年完成约2亿美元Pre-IPO(D轮)融资，由腾讯领投，纪源资本等机构联合参 与；公司早期获得红杉资本、深创投、中金甲子等机构的战略投资。公司核心业务聚焦激光类个人创意 工具及材质打印机，致力于为个人消费者、中小企业主及品牌零售店提供"从数字到实体"的专业智能创 作解决方案。 ...

Group 1: Metal Sector - Yun Aluminum Co. (000807.SZ) is projected to achieve a net profit of CNY 44.12 billion in 2024, increasing to CNY 75.75 billion by 2026, with a PE ratio decreasing from 25.82 to 15.04[9] - The company has a comprehensive production capacity of 305,000 tons of green aluminum and 140,000 tons of alumina, positioning it as a leader in the green aluminum sector[18] - The company's debt-to-asset ratio is expected to decrease to 23% by 2024, maintaining a strong ROE of 15.6%[24] Group 2: Construction Materials - Huaxin Cement (600801.SH) is forecasted to have a net profit of CNY 24.16 billion in 2024, growing to CNY 36.58 billion by 2026, with a PE ratio dropping from 18.60 to 12.29[9] - China National Materials (002080.SZ) is expected to see its net profit rise from CNY 8.92 billion in 2024 to CNY 25.87 billion in 2026, with a PE ratio decreasing from 68.38 to 23.57[9] Group 3: Transportation Sector - SF Holding (002352.SZ) is projected to achieve a net profit of CNY 101.70 billion in 2024, increasing to CNY 124.78 billion by 2026, with a PE ratio declining from 18.82 to 15.34[9] - The Beijing-Shanghai High-Speed Railway (601816.SH) is expected to see a slight increase in profit, with a PE ratio of 1973.38 in 2024, dropping to 1758.94 by 2026[9] Group 4: Chemical Sector - Senqcia (002984.SZ) is forecasted to have a net profit of CNY 21.86 billion in 2024, with a PE ratio of 10.03, expected to rise to CNY 21.26 billion by 2026[9] - Yara International (000893.SZ) is projected to achieve a net profit of CNY 9.50 billion in 2024, increasing to CNY 39.34 billion by 2026, with a PE ratio decreasing from 46.64 to 11.27[9]

格隆汇1月4日｜有投资者在互动平台向高华科技提问：请问公司在商业航天都有哪些客户，订单情况怎 么样？预计2026年商业航天订单是否会增加？2026年商业航天方面会有哪些布局？另外，公司在人形机 器人，量子科技，AI硬件等方面是否有布局？是否会有并购需要等？ 高华科技回复称，公司凭借在长 征系列火箭的技术积累和商业航天领域的先发优势，业务稳步推进，已建立与中国运载火箭技术研究 院、上海航天技术研究院、中科宇航、蓝箭航天、天兵科技、星河动力、东方空间、星际荣耀、零壹空 间等下游重点客户的配套合作，目前在手订单充足，预计未来交付有序。2026年，公司将紧抓行业机 遇，积极投身于航天事业发展，深化技术研发，拓展相关市场。 公司持续关注人形机器人、量子科 技、AI 硬件等领域，目前已与东南大学机器人传感与控制技术研究所签约合作，共同筹建"智能力传感 技术联合实验室"，意在以智能力传感器研制及其应用中的关键技术需求为牵引，开展具身智能应用中 六维力传感及触觉传感技术的研发，建立以企业为主体、产学研结合的科技创新体系，实现共同发展、 共同进步。若未来有相关并购计划，公司将严格履行决策及信息披露程序，具体请以公告为准。 ...

梦瑶 发自 凹非寺 量子位 | 公众号 QbitAI OpenAI推出的第一款AI硬件，产品形态完全超出了这段时间大家的猜测。 答案被指向了一支 「AI笔」 。 据了解，该硬件设备由 前苹果首席设计官Jony Ive 共同参与设计。 不仅具备音频能力，还能通过配对的智能手机或其他终端，与ChatGPT进行 双向交流 。 消息传出后，有脑洞大开的网友直接给它起名叫oPen （我没有笑.jpg） 。 有的网友可毫不留情，觉得现在大家几乎都不怎么用笔写字了，搞这么个产品可能白搞： 所以问题来了：OpenAI花费这么多时间精力做出来的笔，真的是想让我们写字吗？（doge OpenAI首个硬件是一支「AI笔」 从目前曝光的信息来看，OpenAI这款硬件产品很可能是一支 「无屏AI智能笔」 。 在形态上被描述为体积接近iPod Shuffle，按这个说法推一推，这支笔的重量估计也就差不多10—15g： 当然了，OpenAI肯花这么长时间折腾它，肯定不是为了做一支好看又轻的笔，还是得看AI能力。 根据目前的说法，这支AI笔可能会本地跑 OpenAI定制模型 ， 能把我们 写下来 的内容直接转成文本。 我们还可以把文本信息同 ...

Core Viewpoint - The company, Luxshare Precision, has issued a clarification regarding recent false rumors that have affected market perception, asserting that its core business operations are proceeding as planned without any abnormal situations impacting its normal operations [1] Group 1: Business Operations - The company emphasizes that its core business is progressing smoothly and as scheduled, with no disruptions to its operations [1] - In the communications and computing power sector, Luxshare Precision is focusing on four product lines: electrical connections, optical connections, thermal management, and power management, and is collaborating with leading global clients as expected [3] Group 2: AI Hardware and Competition - Recent reports indicated that OpenAI's first AI hardware product, initially planned to be manufactured by Luxshare Precision, has been shifted to Foxconn due to production location considerations, raising concerns about Luxshare's competitiveness in the AI hardware sector [3] - The new AI product is expected to take the form of a smart pen or portable audio device, with a design phase currently underway and a planned launch in 2026 or 2027 [3] Group 3: Automotive Business Development - Luxshare Precision has disclosed advancements in its automotive sector, focusing on core components such as wiring harnesses and connectors, and expanding into system-level products like smart cockpits and smart chassis [4] - The company has completed the acquisition of Germany's Leoni to enhance its global production capacity, aiming to rank among the top ten global automotive parts suppliers [4] Group 4: Market Performance - As of December 31, 2025, Luxshare Precision's stock closed at 56.71 yuan per share, reflecting a decline of 2.34%, with a market capitalization of 413.2 billion yuan [5]

Group 1 - The company, Luxshare Precision (SZ002475), issued a clarification on January 3, addressing recent false rumors and stated that its core business is progressing smoothly and operating normally without any unusual circumstances affecting its operations and development [1] - Media reports indicated that OpenAI's first AI terminal hardware product was initially planned to be manufactured by Luxshare Precision but was later exclusively entrusted to Foxconn due to production location considerations. This product is currently in the design phase and is expected to launch between 2026 and 2027 [3] - An industry insider noted that significant innovative terminal products typically maintain a stable assembly and core supply chain system during the prototype and mass production preparation stages, and sudden changes in supply arrangements without substantial reasons are not consistent with industry norms [3] Group 2 - Luxshare Precision previously mentioned in an investor relations activity record from November 2025 that no single product form has perfectly matched AGI (Artificial General Intelligence) yet. It highlighted that glasses and earphones are currently considered the closest hardware products to AI carriers, with many clients actively exploring new attempts in these categories, expecting various product forms to emerge in 2026 [4] - The evolution of the final product form is still in the exploratory stage and is closely related to the development cycle of AI technology. Current AI capabilities may match specific hardware forms, and as AI enters a new development cycle in the next 3 to 5 years, hardware forms may also change accordingly. Significant transformations and explosive growth in AI hardware are anticipated between 2026 and 2027 [4]

生成式AI 一、DeepSeek开年炸场，梁文锋又发论文，提出mHC方案 1. DeepSeek团队发布新论文《Manifold-Constrained Hyper-Connections》，创始人梁文锋出现在合著名单，提 出mHC方案稳定大模型训练并提升可扩展性； 2. mHC通过将残差映射矩阵投影到双随机矩阵流形空间，在保留拓扑表达力的同时恢复恒等映射性质，将信号放大 倍数从3000控制在1.6； 3. 27B模型实验显示mHC在BBH、DROP等任务上全面超越传统HC，仅引入6.7%训练时间开销，最高提升达2.3个 百分点。 https://mp.weixin.qq.com/s/nROjgWBo6l-ZyJ99op-c3A 二、Claude Code项目负责人，揭秘了让AI 100%写代码配置 1. Claude Code上线6个月创造近10亿美元年化营收，项目负责人Boris Cherny承认过去30天100%代码由Claude Code完成； 2. 核心配置包括终端并行运行5个Claude、网页同时运行5-10个Claude、使用Opus 4.5模型、团队共享 CLAUDE.md文件并通过GitHu ...

对于鸿海来说，意味着该公司成功实现了对OpenAI从"云"（AI服务器）到"端"（终端设备）的订单全覆盖，在代工行业中 率先完成了对OpenAI生态的闭环布局。 硬·AI 作者 | 硬 AI 编辑 | 硬 AI 据中国台湾《经济日报》， 最新供应链消息显示，OpenAI首款"AI硬件"将由鸿海独家代工，预计将于2026 年或2027年正式推向市场。 报道称， 这款备受瞩目的新品，极有可能是一款"智能笔"或可穿戴式音频设备。 01 鸿海独家代工， 越南或美国制造 目前，鸿海已确定将在其越南工厂进行生产，同时不排除启用美国工厂投产的可能性。 对于鸿海来说，拿下OpenAI的AI服务器订单后，又进一步拿下终端硬件，意味着该公司成功实现了对 OpenAI从"云"（AI服务器）到"端"（终端设备）的订单全覆盖，在代工行业中率先完成了对OpenAI生态的闭 环布局。 02 产品形态：Jony Ive操刀的"智能笔"或音频装置 这款被OpenAI CEO山姆·奥特曼（Sam Altman）形容为"简单、美观、有趣"的产品，由苹果前传奇设计师乔 纳森·艾维（Jony Ive）亲自操刀。 据供应链披露的细节，这款神秘硬件可能是 ...