智通财经1月2日讯（编辑 胡家荣）2026年首个交易日，港股市场迎来"开门红"。三大指数全日震荡上行，其中恒生科技指数表现尤为亮眼，涨幅超4%。 截至收盘，恒生指数涨2.76%，报26338.47点；科技指数涨4%，报5736.44点；国企指数涨2.86%，报9168.99点。 注：恒生指数的表现 注：恒生科技指数的表现 事实上，2026年港股开年首日的强势表现，既是对2025年结构性牛市的延续，也预示着新一年投资主线的清晰轮廓——以半导体、AI、智能硬件为代表的 硬科技，与以家电、汽车为代表的政策驱动型消费，有望成为贯穿全年的两大核心赛道。 今日市场 从行业表现看，半导体、互联网科技、家电、汽车及商业航天相关个股成为当日领涨主力。 半导体板块股崛起 并购+国产化双轮驱动 截至收盘，华虹半导体(01347.HK)涨9.42%、中芯国际(00981.HK)涨5.11%、晶门半导体(02878.HK)涨3.53%。 | 代码 | 名称 | 最新价 | 涨跌额 | 涨跌幅 ◆ | | --- | --- | --- | --- | --- | | 01347 | 表可未营体 | 81.300 | +7.000 | ...

1月2日消息，港股三大指数高开高走。截至收盘，恒生指数涨2.76%，报26338.47点，恒生科技指数涨 4%，国企指数涨2.86%。盘面上，科网股全线上涨，百度涨超9%，网易涨超6%，阿里巴巴、腾讯涨超 4%，快手、京东、联想、哔哩哔哩涨超3%，小米涨超2%；电力设备股大涨，金风科技涨超20%；半导 体板块强势，华虹半导体涨超9%；机器人概念继续走高，力劲科技涨超6%；壁仞科技首日盘中一度涨 超118%。 机器人概念继续走高，力劲科技涨超6%。近期市场有传闻称，供应商陆续在北美拜访，特斯拉Optimus 发包在即，市场已经开始预热。银河证券发布研报称，特斯拉Optimus第三代机器人预期2026年发布， 预计明年量产数万台，近期产业链交流频繁，量产、定价、审厂定点等确定性事件临近。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 壁仞科技上市首日涨超75%，盘中一度涨超118%。壁仞科技此次IPO发行价定为每股19.60港元，全球发 售2.848亿股，募资总额约55.83亿港元，成为香港上市规则18C章节实施以来募资规模最大的特专科技 项目。其公开发售部分获得空前追捧，录得2347.53倍 ...

Core Viewpoint - Wallan Technology, a leading domestic GPU company, officially listed on the Hong Kong Stock Exchange, marking it as the first "domestic GPU stock" and the first IPO of the year in Hong Kong [2] Group 1: Company Overview - Founded in 2019 by Zhang Wen, former president of SenseTime, Wallan Technology has filled a critical gap in China's high-end computing power sector with its self-developed high-performance computing technology [2] - The company has submitted over 1,500 global patent applications, ranking first among Chinese general GPU companies, with over 600 authorized invention patents and a 100% authorization rate [2] Group 2: Financial Performance - Wallan Technology is currently in a strategic investment phase, with revenues of 499,000 yuan, 62.03 million yuan, 337 million yuan, and 59 million yuan from 2022 to the first half of 2025, while net losses were 1.474 billion yuan, 1.744 billion yuan, 1.538 billion yuan, and 1.601 billion yuan during the same period, totaling 6.357 billion yuan in losses over three and a half years [3] - The company holds 24 legally binding unfulfilled orders valued at approximately 822 million yuan, along with framework sales agreements amounting to 1.241 billion yuan, providing strong support for future performance growth [3] Group 3: Funding and Investment - Wallan Technology's founder, Zhang Wen, has a unique industrial background that has injected advantages into the company's development, having previously achieved significant technical breakthroughs in LED chips and accumulated management experience at SenseTime [4] - The company completed over 5 billion yuan in financing before its IPO, with notable investors including Qiming Venture Partners and IDG Capital, and plans to allocate 85% of the net proceeds from the IPO to R&D [4] Group 4: Market Context - The listing of Wallan Technology coincides with a critical window for domestic alternatives amid intensified Sino-U.S. tech competition, with ByteDance planning to procure over 40 billion yuan in domestic AI chips in 2026, significantly increasing from 2025 [5] - Other domestic AI chip manufacturers are also preparing to enter the capital market, with Tianzuo Zhixin set to list on January 8, and Baidu announcing its application for Kunlun Chip's listing [5]

2025年12月30日，上海韬盛电子科技股份有限公司（以下简称"韬盛科技"）科创板IPO获上交所受理。作为境内最早独立研发芯片测试接口并实现规模化 量产的企业之一，韬盛科技深耕行业十八载，以技术突破打破海外垄断，用产品矩阵覆盖高端芯片核心测试需求，成为AI、自动驾驶等新兴产业发展的 关键支撑力量。 半导体测试是芯片制造全流程中的关键环节，直接决定芯片良率与性能品质，而测试接口作为连接芯片与测试设备的"桥梁"，其精度、稳定性与兼容性直 接影响测试效率与成本控制。随着5G、人工智能、新能源汽车等技术的快速迭代，高端芯片对测试接口的要求日趋严苛，市场需求持续扩容。据行业数 据显示，2022年中国半导体测试接口市场规模已达120亿元人民币，预计2025年将突破200亿元，年复合增长率超15%，为具备核心技术的本土企业提供了 广阔发展空间。 深耕行业十八载，韬盛科技已构建起强大的技术壁垒与产品优势。自2007年成立以来，公司始终聚焦半导体测试接口的研发、设计、生产和销售，累计形 成上百类测试探针和超4000种芯片测试接口技术方案，产品广泛适配CPU、GPU、AI芯片、自动驾驶芯片等各类高端芯片的测试环节，覆盖从芯片设计 ...

Group 1: Semiconductor Sector Performance - The Hong Kong semiconductor sector experienced significant growth on the first trading day of 2026, with multiple stocks performing well, including Wallen Technology, which saw an increase of over 110% at one point [6][7]. - Wallen Technology's stock opened at HKD 35.7 and reached a market capitalization exceeding HKD 90 billion, marking it as the third GPU company to go public in a month [7]. - Huahong Semiconductor announced plans to acquire a 97.4988% stake in Huali Microelectronics and will raise funds through a stock issuance to enhance its technological capabilities [8][9][11]. Group 2: Baidu's Strategic Moves - Baidu plans to spin off its Kunlun Chip business and has submitted a listing application to the Hong Kong Stock Exchange, aiming to capitalize on the growing AI chip market [11][12]. - Morgan Stanley predicts that Baidu's Kunlun Chip revenue will surge from approximately RMB 1.3 billion in 2025 to RMB 8.3 billion in 2026, representing a sixfold increase [13]. Group 3: Precious Metals Market Outlook - Precious metals, including gold and silver, have seen a collective rise, with gold prices reaching around USD 4,375 per ounce, supported by factors such as potential U.S. interest rate cuts and a weakening dollar [15][16]. - Analysts expect continued upward momentum for gold prices in 2026, with Goldman Sachs projecting a price increase to USD 4,900 per ounce [16]. Group 4: Chinese Asset Market Projections - The Chinese asset market is anticipated to have a strong rebound in 2026, driven by improving corporate earnings and technological innovations, with a focus on four main investment themes [17][18]. - Goldman Sachs forecasts a 38% upside for the Chinese stock market by the end of 2027, citing factors such as easing core risks and increased international investor interest [19].

Core Viewpoint - The linear guide rail industry in China is experiencing significant growth driven by demand from various sectors such as machine tools, electronic manufacturing, automotive, robotics, and medical equipment, with the market expected to reach 13.5 billion yuan in 2024, reflecting a 12.5% year-on-year increase [1][10]. Overview - Linear guide rails, also known as sliding rails or linear slides, are essential components in industrial automation, converting rotary motion into linear motion with high precision and low friction [1][4]. - The structure of linear guide rails includes components such as guide rails, sliders, balls, and ball retainers, which facilitate low-friction linear movement [1]. Industry Development - The development of China's linear guide rail industry has evolved from reliance on imports to self-sufficiency, focusing on high-end manufacturing and quality improvements, with a shift towards green manufacturing and digital services [7]. - The industry faces challenges in high-end sectors like semiconductor and aerospace, necessitating breakthroughs in core technologies [7]. Industry Chain - The upstream of the linear guide rail industry includes suppliers of metals, plastics, ceramics, and auxiliary materials, while the midstream consists of production companies, and the downstream encompasses various application markets [8]. Market Demand Structure - The machine tool sector is the largest market for linear guide rails in China, accounting for over 30% of demand in 2024, followed by electronic manufacturing at 22% [9][10]. Current Market Landscape - The linear guide rail market is characterized by a mix of Japanese, European, Taiwanese, and domestic brands, with Taiwanese brands like HIWIN and PMI holding a significant market share [12]. - Domestic brands are gradually gaining ground in the mid-to-low-end market, focusing on cost advantages and rapid response to local demands [12]. Future Trends - The industry is expected to focus on high-end breakthroughs in materials and processing technologies to reduce reliance on imports, with an emphasis on customized solutions for various applications [15]. - The integration of smart technologies and modular designs is anticipated to enhance product functionality and adaptability [16]. - Domestic companies are likely to penetrate high-end markets, supported by government policies and industry consolidation [17]. - Environmental policies will drive the industry towards low-carbon production, fostering collaboration across the supply chain [18].

消息面上，华虹半导体日前宣布拟通过发行股份方式向华虹集团等4名交易对方购买其合计持有的华力微97.4988%股权，并拟向不超过35名符合条件的特 定对象发行股票募集配套资金。此次交易对价为82.68亿元（人民币，下同），拟配套募集资金75.56亿元。 国信证券指出，电子行业上游涨价趋势蔓延，模拟芯片处于周期向上阶段，继续推荐晶圆代工企业中芯国际、华虹半导体等。该机构认为，全球半导体行 业持续复苏，国内替代进程加速，叠加AI算力需求驱动，相关企业有望迎来业绩修复。东吴证券同样将华虹半导体列为云端算力国产化重点关注标的， 看好其在晶圆代工领域的扩产潜力及行业景气上行带来的增长机遇。 值得注意的是，百度集团早盘盘中涨近9%。消息面上，百度集团1月2日公告，称旗下AI计算芯片的子公司昆仑芯已在1月1日正式以保密形式向香港联合 交易所提交上市申请表格，拟于香港联交所主板独立上市。百度在公告中解释了推动昆仑芯分拆的原因：首先，上市有望充分体现昆仑芯价值，使市场能 对其业务表现和增长潜力进行独立评估；其次，昆仑芯聚焦AI芯片主业，与百度的多元化业务形成差异，可吸引该领域专业投资者；最后，分拆将带给 昆仑芯独立的融资平台与市 ...

Market Overview - The Hong Kong stock market opened strong on the first trading day of 2026, with the Hang Seng Technology Index rising over 3.5% and the Hang Seng Index increasing by more than 2% [1] - Key sectors such as semiconductors, internet giants, home appliances, and automobiles showed significant gains, driven by favorable policies [1] Semiconductor Sector - The semiconductor sector experienced a collective surge, with companies like Hua Hong Semiconductor rising over 10% and SMIC increasing by more than 5% [1] - Hua Hong Semiconductor announced plans to acquire a 97.4988% stake in Huali Micro for a transaction price of 8.268 billion yuan, aiming to enhance its 12-inch wafer foundry capacity [2] - The semiconductor industry is benefiting from a price surge in the supply chain, sustained AI demand, and a strengthened domestic substitution logic [2] Internet Sector - Internet giants such as Baidu, NetEase, Tencent, and Alibaba saw significant stock price increases, with Baidu rising over 8% following its announcement to spin off Kunlun Chip for an independent listing on the Hong Kong Stock Exchange [3] - The move to list Kunlun Chip is expected to stimulate Baidu's stock performance further [3] Home Appliances and Automotive Sector - The home appliance and automotive sectors are also experiencing strong performance, supported by government policies promoting the replacement of old appliances and vehicles [3] - The National Development and Reform Commission and the Ministry of Finance announced continued subsidies for vehicle scrappage and replacement, as well as for home appliance upgrades, which are expected to boost domestic consumption [4] - Analysts suggest that the continuation of these policies will stabilize the automotive market and alleviate consumer hesitation, benefiting companies in the new car cycle and those focusing on high-end and intelligent products [5]

Core Viewpoint - Wallen Technology, the first GPU company listed in Hong Kong, has successfully completed its IPO, achieving a market capitalization exceeding 100 billion HKD after a significant surge in stock price [4][6]. Group 1: Company Background and Development - Founded in September 2019, Wallen Technology aims to address the critical need for domestic GPU production in China, which has been heavily reliant on foreign suppliers [8][9]. - The company has garnered substantial interest from investors, with a total fundraising of 5.583 billion HKD and over 2348 times oversubscription during its IPO [6][4]. - Wallen Technology's journey reflects the broader trend of domestic GPU companies emerging in response to geopolitical pressures and the need for self-sufficiency in semiconductor technology [8][27]. Group 2: Leadership and Team Building - Zhang Wen, the founder, recognized the strategic importance of developing domestic GPUs and has been pivotal in assembling a strong team of experts from leading tech companies [10][12]. - The company has attracted top talent from organizations like Huawei and AMD, which has been crucial for its technological advancements [12][18]. - Zhang's ability to recruit and motivate talent has been highlighted as a key factor in Wallen Technology's success, with significant investments made to ensure a robust team [11][17]. Group 3: Product Development and Innovation - Wallen Technology focuses on developing general-purpose GPUs (GPGPU) rather than application-specific integrated circuits (ASIC), emphasizing flexibility and innovation [16][25]. - The company successfully launched its first GPGPU chip in March 2022, marking a significant milestone in its product development timeline [22][25]. - Wallen Technology's revenue has shown substantial growth, reaching 620.3 million CNY in 2023 and projected to grow to 337 million CNY in 2024, despite ongoing challenges [25][26]. Group 4: Market Position and Future Outlook - The company is positioned as a pioneer in the domestic GPU market, contributing to the establishment of a financing framework and valuation logic for other startups in the sector [27][28]. - Wallen Technology aims to continue its growth trajectory by focusing on R&D and expanding its market presence, with a commitment to achieving self-sufficiency in semiconductor technology [26][28]. - The Chinese GPGPU market is expected to grow significantly, with projections indicating an increase from 23.5 billion USD in 2024 to 172.3 billion USD by 2029, highlighting the potential for further expansion in this sector [27][28].

Group 1 - The Hong Kong stock market showed strong performance on the first trading day of 2026, with the Hang Seng Tech Index rising over 3.5% and the Hang Seng Index increasing by more than 2% [1] - Sectors such as semiconductors, internet giants, home appliances, and automobiles experienced significant gains, driven by favorable policy support [1] - Baidu's plan to spin off Kunlun Chip for independent listing on the Hong Kong Stock Exchange significantly boosted Baidu's stock price [1] Group 2 - The semiconductor sector benefited from a price surge in the industry chain, sustained AI demand, and a strengthened logic of domestic substitution [1]