其余备案企业还包括：青岛国恩科技拟发行不超过5405万股；深圳创智芯联科技拟发行不超过4397.72 万股；AI制药领域企业英矽智能（InSilico Medicine Cayman TopCo）拟发行不超过1.0889亿股；深圳市 沃尔核材拟发行不超过1.6099亿股。 此次多家热门赛道企业密集获得港股IPO备案，既体现了香港市场对优质科技企业的强大吸引力，也反 映出相关领域企业加速拓展国际融资渠道、提升全球品牌影响力的迫切需求。港股的国际化平台优势， 将为这些企业引入全球资本，助力其在技术研发与市场拓展上实现更大突破。 亿配芯城（ICgoodFind）：企业扎堆冲刺港股彰显行业活力，我们将持续联动产业链优质资源，助力 相关企业实现供应链高效配套。 12月9日晚间，中国证监会网站披露重磅消息，9家企业境外发行上市备案通知书正式落地，均计划发行 境外上市普通股并登陆香港联合交易所主板，涵盖半导体、机器人、自动化等多个高景气赛道，掀起一 波港股上市热潮。 此次备案名单星光熠熠，半导体领域巨头齐聚：全球排名前列的中国半导体设计公司豪威集团，拟发行 不超过7367.02万股；互连类芯片领军企业澜起科技，计划发行不超 ...

Group 1 - The overall market sentiment is cautious as investors await the Federal Reserve's latest interest rate decision, with expectations for a third consecutive rate cut of 25 basis points, priced at approximately 87.6% probability according to the CME FedWatch tool [1][2] - There are internal divisions within the Federal Open Market Committee (FOMC), with some members supporting further rate cuts to mitigate potential labor market weaknesses, while others express concerns about inflationary pressures from additional cuts [2] - The market is closely monitoring the upcoming Oracle's Q2 earnings report, focusing on its debt-driven AI infrastructure expansion plans and reliance on OpenAI, with the company's stock showing a slight pre-market increase of 0.4% [7] Group 2 - Silver prices have surged nearly 110% this year, significantly outperforming gold's 60% increase, leading to a gold-silver ratio dropping below 70 for the first time since July 2021 [10] - Silver's recent price increase is attributed to global supply tightness and expectations of further monetary easing from the Federal Reserve, with retail and speculative interest driving additional capital inflows [9] - Brent crude oil prices have stabilized after a previous decline, rising over 0.2% to $62.07 per barrel, as investors keep a close watch on the progress of peace talks between Russia and Ukraine [13]

Core Viewpoint - The article discusses the significant increase in SpaceX's valuation, driven by the narrative of a new AI infrastructure centered around "orbital data centers" proposed by Elon Musk, which is seen as a solution to Earth's power shortages and a means to rapidly expand computational capacity in the next four years [2][16]. Group 1: SpaceX Valuation and Market Position - SpaceX is reportedly initiating a secondary market stock sale with a valuation of $800 billion, which is double its previous valuation of $400 billion from July [9]. - If included in the S&P 500, SpaceX's $800 billion valuation would rank it 13th, between JPMorgan and Oracle [10]. - The valuation of SpaceX would surpass the combined market capitalization of the six largest U.S. defense contractors [12]. Group 2: Orbital Data Center Concept - Musk envisions orbital data centers as the fastest way to expand computational power, addressing the physical limitations of power shortages on Earth [16]. - The concept includes launching 1 million tons of payload annually to deploy satellite constellations capable of providing an additional 100 GW of AI computational power [17]. - These facilities are expected to have zero operational costs and will connect to the Starlink constellation via high-bandwidth laser links [18]. Group 3: Advantages of Space-Based Data Centers - The article outlines four key advantages of moving data centers to space: 1. Extreme cooling capabilities due to the cold environment of space, which can significantly reduce energy consumption compared to ground data centers [20]. 2. Unlimited energy availability from solar power, providing reliable energy without atmospheric interference [20]. 3. Global edge connectivity that reduces latency for distributed users by placing computational resources in low Earth orbit [20]. 4. Scalability, as SpaceX currently holds 90% of the global launch capacity, allowing for cost-effective deployment of large-scale modular systems [20]. Group 4: Competitive Landscape - Despite SpaceX's leading position, the market for orbital data centers is not exclusive to them, with several companies actively pursuing this space [22]. - Starcloud, a startup, aims to deploy orbital data centers using solar energy and passive cooling, having raised over $20 million in seed funding [22]. - Axiom Space is developing an orbital data center product line, planning to launch two nodes by the end of 2025, with over $700 million raised [22]. - Google is advancing Project Suncatcher, which involves building solar-powered satellites for AI and computational workloads, with prototype launches planned for early 2027 [23]. - NVIDIA is also involved in the space data center frontier, providing high-performance GPUs and testing their hardware in space [24].

周一三大指数集体收涨：沪指收报3924.08点，涨0.54%；深成指涨1.39%；创业板指涨2.60%。更醒目的不是点位，而 是量能——两市成交额达到约2.04万亿元，较上一个交易日放大约3100亿元，实现连续第二日放量。 指数是"慢牛"，结构却是"烈火"： CPO、商业航天、福建概念轮番爆发，20cm涨停此起彼伏； 大金融在利好驱动下，承担指数拉升"发动机"； 煤炭、白酒等防御与高权重消费板块明显跟不上节奏。 但从盘中资金轨迹看： 下午开盘时主力净流入近70亿元， 14:19 仍有约27.7亿元净流入， 到14:43仅剩13.3亿元， 收盘已转为约3.6亿元净流出。 形态上，这是一个典型的——"放量上攻 + 尾盘资金撤离 + 冲高回落"。 这既不是单边式进攻，更像是一次"借利好高位换手、主线试图蓄势"的动作。 一、强势板块解析：谁在"真放量"，谁在"情绪放大"？ 周一的成交结构有一个鲜明特征： 量能高度集中在少数高景气、高预期的赛道与政策主线中。核心在三个方向——CPO、商业航天、福建概念。 1. CPO：主线中的主线，是真放量还是情绪顶？ CPO板块周一几乎是全场最强"信号灯"： 致尚科技午后20cm涨停 ...

摩根大通此前认为，百度的投资叙事正在发生根本性转变：公司正从传统搜索广告公司转型为AI基础 设施供应商，预计昆仑芯片销售及GPU计算需求将推动营收增速显著提升。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。 本文源自：智通财经网 智通财经获悉，百度集团-SW(09888)高开逾3%，截至发稿，涨3.29%，报125.6港元，成交额2亿港元。 消息面上，12月7日晚，百度集团发布公告称，公司注意到，于2025年12月5日有媒体报道公司拟分拆非 全资附属公司昆仑芯(北京)科技有限公司进行独立上市。公司谨此澄清，目前正就拟议分拆及上市进行 评估。倘进行拟议分拆及上市，将须经相关监管审批程序，而公司并不保证拟议分拆及上市将会进行。 ...

智通财经APP获悉，百度集团-SW(09888)高开逾3%，截至发稿，涨3.29%，报125.6港元，成交额2亿港 元。 消息面上，12月7日晚，百度集团发布公告称，公司注意到，于2025年12月5日有媒体报道公司拟分拆非 全资附属公司昆仑芯(北京)科技有限公司进行独立上市。公司谨此澄清，目前正就拟议分拆及上市进行 评估。倘进行拟议分拆及上市，将须经相关监管审批程序，而公司并不保证拟议分拆及上市将会进行。 摩根大通此前认为，百度的投资叙事正在发生根本性转变：公司正从传统搜索广告公司转型为AI基础 设施供应商，预计昆仑芯片销售及GPU计算需求将推动营收增速显著提升。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。 ...

他补充说，中国的能源产能继续"直线上升"，而美国的能源产能则保持相对平稳。 尽管如此，黄仁勋坚持认为，英伟达在AI芯片技术上领先中国。但他警告说，在这方面不要自满，并 补充说，"任何认为中国不能制造的人都错过了一个伟大的想法。" 责任编辑：于健 SF069 英伟达CEO黄仁勋近日表示，中国在建设AI基础设施方面比美国有优势，主要是在建筑和能源方面。 黄仁勋警告称，虽然美国在AI芯片上暂时保持优势，但中国可以以惊人的速度建设大型项目。 英伟达CEO黄仁勋近日表示，中国在建设AI基础设施方面比美国有优势，主要是在建筑和能源方面。 黄仁勋警告称，虽然美国在AI芯片上暂时保持优势，但中国可以以惊人的速度建设大型项目。 黄仁勋在11月底与美国战略与国际研究中心总裁约翰·哈姆雷的一次谈话中说："如果你想在美国建立一 个数据中心，从破土动工到建成一台AI超级计算机可能需要大约三年的时间。而中国，他们可以在一 个周末建一座医院。" 在支持AI繁荣的能源能力上，黄仁勋说："作为一个国家，中国的能源是我们的两倍，我们的经济规模 比他们大。但这对我来说毫无意义。" 黄仁勋在11月底与美国战略与国际研究中心总裁约翰·哈姆雷的一次谈话 ...

Core Viewpoint - Citi maintains a Buy rating on Oracle (ORCL) but lowers the target price from $415 to $375, while still projecting a high return of 81% [2][8] Financial Projections - For FY2025, Oracle's EPS is projected at $6.42, with quarterly estimates of $1.39, $1.47, $1.86, and $1.70 [2][8] - FY2026 EPS is expected to be $6.80, with quarterly estimates of $1.47, $1.62, $1.72, and $1.98 [2][8] - FY2027 EPS is projected at $7.93, with quarterly estimates of $1.70, $1.89, $2.05, and $2.30 [2][8] - FY2028 EPS is expected to reach $10.65, with quarterly estimates of $2.15, $2.51, $2.79, and $3.21 [2][8] Market Sentiment and Risks - Investor sentiment has quickly deteriorated from a record Q1 and optimistic analyst day [3][9] - Concerns regarding Oracle's debt default risk are viewed as overstated, with rising CDS prices reflecting broader market hedging sentiment rather than fundamental deterioration [3][9] Capital Expenditure and Growth Expectations - Citi raises FY26 CapEx expectations to over $40 billion, compared to consensus of $35 billion, anticipating AI OCI capital expenditures to rise to an annual level of $60 billion to $70 billion in the coming years [5][11] - A VAR channel survey indicates mixed signals, with dealer quota attainment rising from 60% to 66%, but NTM growth expectations slowing by approximately 2.5 percentage points to around 2% [5][11] Valuation Adjustments - The target price reduction is primarily due to a compression in valuation multiples, decreasing from a previously implied higher multiple to 27.5x FY28E Non-GAAP EPS, reflecting market caution regarding profitability in a high CapEx environment [5][11] Key Data Point - Citi predicts that the remaining performance obligations (RPO) for F2Q will reach an astonishing $600 billion, exceeding consensus estimates by 20% [2][8]

Core Viewpoint - Baidu Group's semiconductor subsidiary Kunlun Chip plans to go public in Hong Kong, with recent financing of $283 million and a valuation of $2.97 billion, indicating a significant shift in Baidu's business model from a traditional search advertising company to an AI infrastructure provider [1] Group 1: Stock Performance - Baidu's stock surged over 7% in the afternoon, closing up 4.49% at HKD 120.9, with a trading volume of HKD 1.648 billion [1] Group 2: Kunlun Chip Developments - Kunlun Chip, formerly Baidu's Intelligent Chip and Architecture Department, completed independent financing in April 2021 and recently launched two new AI chips, Kunlun Chip M100 and M300, along with two new ultra-node products [1] - The company also announced a five-year roadmap for Kunlun Chip's future development [1] Group 3: Market Outlook - JPMorgan believes Baidu's investment narrative is fundamentally changing, with expectations that sales of Kunlun chips and GPU computing demand will significantly boost revenue growth [1] - Revenue from Kunlun chips is projected to increase from approximately RMB 1.3 billion in 2025 to RMB 8.3 billion in 2026, representing a sixfold increase [1]

Core Viewpoint - Baidu Group's semiconductor subsidiary Kunlun Chip plans to go public in Hong Kong, with recent financing of $283 million and a valuation of $2.97 billion, indicating a significant shift in the company's business model from a traditional search advertising company to an AI infrastructure provider [1] Group 1: Company Developments - Baidu's stock surged over 7% in the afternoon trading session, closing up 4.49% at HKD 120.9, with a trading volume of HKD 1.648 billion [1] - Kunlun Chip, previously part of Baidu's Intelligent Chip and Architecture Department, completed independent financing in April 2021 [1] - On November 13, Baidu launched two new AI chips, Kunlun Chip M100 and M300, along with two new ultra-node products, Baidu Tianchi 256 and 512, and announced a five-year roadmap for Kunlun Chip [1] Group 2: Market Analysis - JPMorgan believes Baidu's investment narrative is undergoing a fundamental transformation, with expectations that sales of Kunlun chips and GPU computing demand will significantly boost revenue growth [1] - Revenue from Kunlun chips is projected to increase from approximately RMB 1.3 billion in 2025 to RMB 8.3 billion in 2026, representing a sixfold increase [1]