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]

Core Insights - Wall Street is optimistic about AI, with the debut of Wall Street's first GPU company, Birran Technology, marking a significant milestone for the industry [2] - The IPO of Birran Technology serves as a reference for the valuation and market feedback of China's AI chip industry, particularly for emerging GPU startups [2] - The success of domestic GPU companies like Birran Technology highlights the importance of innovation and practical operations in the semiconductor industry [3][4] Company Overview - Birran Technology was established in 2019 and focuses on general-purpose graphics processing units (GPGPU), with significant R&D investments exceeding 3.3 billion yuan from 2022 to mid-2025, accounting for over 70% of operating expenses [4][5] - The company has developed the BR10X architecture tailored for AI workloads, achieving industry-leading performance levels and plans to launch new chip generations annually from 2023 to 2025 [5][12] - Birran Technology has filed over 1,500 patents, with a 100% authorization rate for invention patents, positioning itself as a leader among domestic GPU companies [5] Market Strategy - The company targets high-demand sectors such as AI data centers, telecommunications, and fintech, establishing strategic partnerships with major clients, including nine Fortune China 500 companies [10] - Birran Technology's revenue has seen exponential growth, from 500,000 yuan in 2022 to 6203 million yuan in 2023, and is projected to reach 3.37 billion yuan in 2024, reflecting a compound annual growth rate of 2500% [10] Industry Trends - The global intelligent computing chip market is expected to reach $585.7 billion by 2029, with China's market projected to grow significantly, increasing its share from 25.3% in 2024 to 34.4% by 2029 [9][10] - The domestic GPU market is currently dominated by foreign companies, but predictions indicate a substantial increase in the market share of domestic manufacturers, potentially reaching 60% by 2029 [10] Future Developments - Birran Technology plans to launch the next-generation BR20X chip in 2026, designed for cloud training and inference, which will enhance performance and reduce total ownership costs [12][13] - The company is also exploring quantum computing and has made significant strides in supporting quantum-classical hybrid computing platforms [13] - The IPO will enable Birran Technology to enhance its product development and expand its sales network, while also increasing transparency and governance standards [12][14]

Core Viewpoint - The Hong Kong stock market experienced a strong opening on the first trading day of 2026, with significant gains in various sectors, particularly in technology, home appliances, and automotive, driven by favorable policies and market dynamics [1][2]. Semiconductor Sector - The semiconductor sector saw a collective surge, with notable increases in stock prices: Huahong Semiconductor rose over 10%, SMIC increased by over 5%, and Shanghai Fudan gained over 4% [2]. - Huahong Semiconductor announced plans to acquire a 97.4988% stake in Huahong Micro for a transaction price of 8.268 billion, 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, indicating a structural market trend [3]. Internet, Home Appliances, and Automotive Sectors - Major internet companies like Baidu, NetEase, Tencent, and Alibaba saw significant stock price increases, with Baidu rising over 8% following its announcement to spin off Kunlun Chip for independent listing on the Hong Kong Stock Exchange [4]. - The home appliance sector is expected to benefit from the continuation of the "old-for-new" policy, which includes subsidies for replacing old appliances, thus stabilizing domestic consumption [5]. - The automotive sector is also poised for recovery due to supportive policies, with a focus on high-end, intelligent, and export-oriented vehicles, as well as components related to automotive technology [5].

Core Viewpoint - Wallran Technology has officially listed on the Hong Kong Stock Exchange, marking a significant milestone for the domestic GPU sector and indicating its accelerated rise in the market [3][12]. Investment Strategy - Songhe Capital emphasizes "investing in people over projects," highlighting the strategic vision and execution capabilities of Zhang Wen, the founder of Wallran Technology [5][6]. - The firm has consistently supported Wallran through various funding rounds, demonstrating a commitment to accompany the company through its entire lifecycle from technology development to market entry and IPO [8]. Market Opportunity - 2019 was identified as a golden investment period for the GPU sector, characterized by a strong demand in China and a significant opportunity for domestic manufacturers following Huawei's inclusion on the entity list [7]. - The domestic GPU market is expected to evolve through three stages: "usable," "usable and optimized," and "leading," with the current phase being a critical transition from "usable" to "usable and optimized" [12][13]. Financial Performance - Wallran Technology's revenue surged from 62.03 million yuan in 2023 to 337 million yuan in 2024, reflecting a staggering year-on-year growth of 443% [14]. - The company has secured approximately 820 million yuan in unfulfilled orders and has a total sales contract reserve of 1.24 billion yuan, indicating robust business expansion [14]. Future Outlook - The successful IPO of Wallran Technology not only validates the capital market's recognition of the GPU sector but also positions the company for accelerated growth [15]. - Songhe Capital aims to support more hard-tech enterprises in the AI and GPU waves, anticipating that domestic GPUs will transition from "replacement" to "leadership" in the global market over the next 5-10 years [15].

Core Viewpoint - Wall Street-backed Birran Technology has successfully listed on the Hong Kong Stock Exchange, marking a significant milestone as the first GPU company to go public in Hong Kong, with an IPO price of HKD 19.60 per share and a market capitalization exceeding HKD 1 trillion shortly after listing [2][4]. Company Background - Founded in September 2019 by Harvard PhD Zhang Wen, Birran Technology aims to capitalize on the growing demand for GPU chips, which are essential for AI applications [4][5]. - The company has faced skepticism due to Zhang's non-technical background in the GPU industry, but he has successfully assembled a strong team of experts from leading tech companies [6][7]. Investment Journey - Birran Technology achieved a record A-round financing of RMB 1.1 billion in June 2020, led by prominent investors including Qiming Venture Partners and IDG Capital, with a post-money valuation of nearly RMB 300 million [11]. - Subsequent funding rounds have seen the company’s valuation soar, reaching over RMB 7 billion after a Pre-B round led by Hillhouse Capital and Yunji Capital [12][13]. Product Development and Market Position - The company launched its first general-purpose GPU chip, the BR100 series, in March 2022, achieving a peak computing power of 10 trillion floating-point operations per second, directly competing with NVIDIA's flagship products [8][10]. - Birran Technology has developed a comprehensive platform strategy, which includes a unified software platform and multiple chip products, driving significant revenue growth from RMB 499,000 in 2022 to an expected increase in 2025 [10]. Market Dynamics - The Chinese smart computing chip market is projected to grow from USD 1.7 billion in 2020 to USD 30.1 billion by 2024, with a compound annual growth rate (CAGR) of 105% [16]. - Birran Technology has secured numerous contracts, with a total value of approximately RMB 20 billion, indicating strong growth potential in the smart computing solutions sector [17][18]. Strategic Importance - The emergence of Birran Technology as a domestic GPU provider is crucial for China's AI industry, which has historically relied on imports, highlighting the need for local innovation and production capabilities [18]. - The successful IPO and subsequent funding rounds reflect a growing confidence in the domestic GPU market and the potential for significant returns on investment for early backers [15].

收获季。 作者/周佳丽 报道/投资界PEdaily 今 日 （ 1 月 2 日 ） ， 国 产 GPU 独 角 兽 壁 仞 科 技 正 式 登 陆 港 交 所 ， 缔 造 了 " 港 股 GPU 第 一 股"。本次I PO，壁仞科技发行价每股1 9 . 6 0港元， 开盘大涨，市值破1 0 0 0亿港元。 张 文 ， 壁 仞 科 技 的 灵 魂 人 物 。 他 的 职 业 生 涯 始 于 华 尔 街 ， 后 来 回 国 连 续 创 业 ， 于 2 0 1 9 年 正 式 投 身 国 产 GPU 浪 潮 ， 壁 仞 科 技 由 此 诞 生 。 此 后 ， 张 文 率 队 壁 仞 科 技 掀 起 了 国 产 GPU赛道的融资狂潮，集结了一份长长的投资人名单。 随 着 今 日 锣 声 敲 响 ， 松 禾 资 本 又 收 获 一 个 超 级 I PO 。 至 此 ， 从 2 0 2 5 年 1 2 月 1 6 日 科 创 板 I PO的昂瑞微，到1 2月3 0日港交所敲钟的五一视界，以及今天的壁仞科技，松禾资本在 1 8天内连中三元。 壁仞敲钟 松禾收获1000亿IPO "干练"，这是松禾资本创始合伙人厉伟对张文的第 ...

Group 1 - The core point of the article highlights the significant growth of Qiangyi Co., a semiconductor probe card manufacturer, which has entered the global top six in its industry, previously dominated by foreign companies. The company's revenue is projected to grow from 254 million to 641 million from 2022 to 2024, with an expected revenue of 950 to 1,050 million in 2025 and a net profit increase of over 50% [1] Group 2 - The article emphasizes the importance of understanding market behavior rather than solely relying on price charts (K-line) to predict stock movements. It suggests that the true driving force behind stock trends is the actual trading behavior of funds [3][5] - It introduces the concept of "transaction behavior data," which focuses on the real intentions of funds rather than just inflow and outflow metrics. Key indicators include dominant momentum colors representing different trading actions and the activity level of institutional inventory [5][7] Group 3 - For Qiangyi Co., while its fundamentals are strong, the article stresses the necessity of monitoring trading behavior to determine stock price movements. If the stock experiences adjustments, the analysis of fund intentions becomes crucial [9] - The article concludes by advising against merely guessing stock trends based on price charts, advocating for a focus on trading behavior data to make more informed investment decisions [9][10]

中经记者 陈佳岚 广州报道 国产射频芯片厂商锐石创芯（重庆）科技股份有限公司（以下简称"锐石创芯"）IPO有了新进展。 2025年12月30日晚，上海交易所官网显示，锐石创芯科创板上市申请获受理。 本次IPO，锐石创芯拟募集资金约8.09亿元，用于MEMS器件生产基地二期建设项目、研发中心建设及 补充流动资金三大项目。 公开资料显示，锐石创芯成立于2017年4月，专注于射频前端芯片及模组的研发、设计、制造和销售。 公司产品涵盖L-PAMiD、DiFEM等模组以及射频滤波器、射频开关等分立器件，应用于智能手机、无 人机、物联网、卫星通信等领域。其中，智能手机厂商方面，已成功进入包括OPPO、小米、vivo、荣 耀、三星、传音等全球主流手机品牌的供应链体系。 《中国经营报》记者留意到，锐石创芯是国内少数具备滤波器自主生产能力的射频前端企业之一，主 打"国产替代"战略，但在业绩层面仍面临持续亏损、毛利率低下等多重挑战。 探索科技首席分析师王树一对记者表示，目前中国射频前端芯片行业中低端产品已经基本实现自主可 控，卓胜微、唯捷创芯、飞骧科技等这些企业在手机等中低端射频器件上的出货量已经相当可观。但是 对于高性能器件， ...

摘要 ： 2025年"国产好仪器"最新名单揭晓，恭喜最新入选的7款好仪器入选，今年共入选了38台国产好仪器，覆盖多个领域。 特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 2025年，"十五五"科技自立自强的号角已吹响，国产科学仪器正迎来前所未有的战略机遇。 值此岁末之际，仪器信息网"国产好仪器"2025年最新入选仪器名单正式揭晓。从全自动测油仪到超纯水系统，7款仪 器凭借真实用户口碑与扎实性能，进入最新推荐榜单。 最新获得"国产好仪器"称号的仪器名单 | 厂商名称 | 产品名称 | 产品型号 | | --- | --- | --- | | 北京华夏谱创仪器有限公司 | 全自动红外分光测油仪 | OIL-510D | | 杭州奥盛仪器有限公司 | 多功能酶标仪 | Feyond-A300 | | 杭州谱育科技发展有限公司 | 单四极杆 ICP-MS | SUPEC 7000 | | 上海禾工科学仪器有限公司 | 卡尔费休水分测定仪 | AKF-CH6 | | 上海和泰仪器有限公司 | 纯水 /超纯水机 | Benchmark-S | | 上 ...

↑点击上面图片 加雪球核心交流群 ↑ 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 夸父逐日丶胤迹 来源：雪球 一、中线布局（6-8个月）：硬科技主导，业绩与成长共振 AI基建核心赛道 ：跨年行情将延续AI硬件的抱团态势，光模块（中际旭创，新易盛）、AI PCB，高确定性细分领域仍是主角，包括受益于全球算力 增长需求的液冷、AI服务器等出海细分。 逻辑支撑：AI产 业 链进入规模化落地阶段，硬件需求刚性增长，头部及二线厂海外市场拓展打开了增量空间，业绩确定性高。 二、波段机会（3-4个月）：软件赋能+国产突围 三、短线或超短线（1周-1个月）：题材驱动，博弈事件催化 能 源、战 略 资 源类，或低 空 经 济、量 子 计 算、类 脑 智 能、可控核 聚 变，等类似的新题材。 AI应用或软件类（优先港股或美股） ：聚焦AI+SaaS、工业软件、垂类模型商业化，优先选择具备海外映射逻辑、业绩高兑现标的。 逻辑支撑：软件，应用赛道盈利模式逐渐清晰，港股或美股流动性与估值优势明显。 国产替代 ：半 导 体（设 备+材料）、芯片设计（先进制程）、国 产HBM（存储自主可控 ...