摩尔线程今年以来股价涨2.04%，近5个交易日跌4.61%。 资料显示，摩尔线程智能科技(北京)股份有限公司位于北京市朝阳区东湖街道望京国际研发园I座3层， 成立日期2020年6月11日，上市日期2025年12月5日，公司主营业务涉及主要从事GPU及相关产品的研 发、设计和销售。主营业务收入构成为：集群70.75%，板卡17.74%，一体机9.05%，其他2.41%，芯片 0.05%。 1月5日，摩尔线程盘中上涨2.04%，截至10:47，报599.90元/股，成交9.54亿元，换手率5.49%，总市值 2819.70亿元。 资金流向方面，主力资金净流出8552.01万元，特大单买入1.57亿元，占比16.44%，卖出1.78亿元，占比 18.68%；大单买入2.50亿元，占比26.16%，卖出3.14亿元，占比32.89%。 截至12月5日，摩尔线程股东户数3.92万，较上期增加45515.12%；人均流通股748股，较上期增加 0.00%。2025年1月-9月，摩尔线程实现营业收入7.85亿元，同比增长181.99%；归母净利润-7.24亿元， 同比增长18.71%。 责任编辑：小浪快报 摩尔线程所属申万 ...

Group 1 - The core viewpoint of the news is that Cambricon Technologies has shown significant stock performance and financial growth, with a notable increase in revenue and net profit year-on-year [1][2]. - As of January 5, Cambricon's stock price increased by 2.06%, reaching 1383.50 yuan per share, with a total market capitalization of 583.40 billion yuan [1]. - The company has a strong presence in the semiconductor industry, focusing on AI core chip development, with 99.62% of its revenue coming from cloud products [1]. Group 2 - As of September 30, the number of shareholders for Cambricon increased by 52.13% to 62,000, while the average number of circulating shares per person decreased by 34.13% to 6,748 shares [2]. - For the period from January to September 2025, Cambricon achieved a revenue of 4.607 billion yuan, representing a year-on-year growth of 2386.38%, and a net profit of 1.605 billion yuan, up 321.49% year-on-year [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 12.0035 million shares, a decrease of 3.7005 million shares from the previous period [2].

Core Viewpoint - Baidu's subsidiary Kunlun Chip has submitted a confidential application for a mainboard listing on the Hong Kong Stock Exchange, which is expected to enhance its market image and allow for independent financing while remaining a part of Baidu's ecosystem [2][28]. Group 1: Listing Announcement and Market Reaction - On January 2, 2026, Baidu announced the submission of Kunlun Chip's listing application, which led to a 9.35% increase in Baidu's stock price, closing at HKD 143.8 per share, with a total market capitalization of HKD 395.5 billion [3][29]. - The announcement followed a series of market rumors about the potential spin-off, which had already caused Baidu's stock to rise by over 5% in early December 2025 [5][31]. Group 2: Company Background and Financials - Kunlun Chip, established in 2021, has evolved from supporting Baidu's internal AI needs to offering a full-stack product line, including chips, servers, and software platforms, with its latest chip, P800, designed for large-scale AI clusters [8][34]. - The company has secured significant contracts, including a major order from China Mobile, and is projected to exceed RMB 10 billion in revenue in 2024, with estimates suggesting revenues could soar to RMB 83 billion by 2026 [11][39]. Group 3: Valuation and Investment Landscape - Despite its strong revenue growth, Kunlun Chip's valuation stands at RMB 21 billion, significantly lower than competitors in the AI chip sector, which often reach valuations in the hundreds of billions [14][40]. - The company has attracted a diverse group of investors, including IDG Capital and BYD, with a total of 44 shareholders, indicating a strategic partnership approach rather than a simple financial investment [17][43]. Group 4: Competitive Landscape and Challenges - The AI chip market is increasingly competitive, with success hinging on building a robust ecosystem rather than just technical specifications. Companies like Nvidia and Huawei have established strong ecosystems that provide them with a competitive edge [19][45]. - Kunlun Chip's focus on cost reduction and replacement rather than market creation may limit its perceived growth potential, affecting its market valuation compared to peers [22][48].

1月2日，百度集团在港交所发布公告，昆仑芯已于1月1日通过联席保荐人以保密形式向港交所递交上市 申请表格。分拆完成后，昆仑芯预计仍将为百度集团附属公司。 事实上，早在2025年12月初，百度集团就曾宣布正评估分拆昆仑芯独立上市。彼时，市场保守预计其 2026年一季度提交上市申请，2027年初完成IPO。 天眼查显示，昆仑芯在同年12月中旬便启动上市筹备相关的工商变更，公司注册资本由2128.15万元增 至4.12亿元，增幅超1800%；名称也由"有限责任公司"变更为"股份有限公司"。 对于分拆上市的原因，百度集团在公告中表示，分拆可以更全面地反映昆仑芯的价值，且昆仑芯自身规 模"足以寻求上市地位"。 有分析指出，若昆仑芯成功上市，其估值提升将直接反映在百度长期股权投资价值上，带动百度整体市 值重估。摩根大通预测，百度昆仑芯收入将从2025年的约13亿元飙升至2026年的83亿元，增幅达到6 倍。若按科技股平均市销率10倍估算，估值有望突破800亿元。 或受消息提振，百度集团港股当日股价收涨超9%，总市值升至3955亿港元；美股也同步走高，单日涨 幅高达15%。 据了解，昆仑芯其前身为百度内部的智能芯片及架构部 ...

导语 过去三年壁仞科技收入持续增长，但仍陷于亏损。 1月2日，"港股GPU第一股"壁仞科技(06082.HK)在港交所上市。开盘报35.7港元/股，较19.6港元/股的发行价上涨82.14%。截至记者发稿，壁仞科技最高涨 超118%至42.88港元/股，市值超900亿港元。 壁仞科技是国内主要的AI芯片厂商之一，此次全球发售约2.85亿股H股，所得款项净额53.75亿港元。募资主要用于研发智能计算解决方案以及智能计算解 决方案的商业化、营运资金及一般公司用途。壁仞科技港股上市之前，2025年12月，另外两家国产GPU厂商摩尔线程、沐曦先后在科创板上市。 从经营情况看，过去三年壁仞科技收入持续增长，但仍陷于亏损。2022年至2024年，壁仞科技年收入分别为49.9万元、6203万元、3.37亿元，分别亏损 14.74亿元、17.44亿元、15.38亿元，三年累计亏损47.5亿元。2025年上半年该公司收入5890.3万元，亏损16亿元。 亏损背后，与其他国产AI芯片厂商类似，壁仞科技的研发开支相对于年收入而言较为高企。2022年~2024年，壁仞科技研发开支共27.3亿元。2024年该公 司研发开支占年收入的比 ...

Core Viewpoint - Baidu's subsidiary Kunlun Chip has submitted an application for an independent IPO on the Hong Kong Stock Exchange, leading to significant stock price increases for Baidu [1][2][17]. Group 1: IPO Announcement and Market Reaction - On January 2, 2026, Baidu announced the plan to spin off Kunlun Chip, resulting in a 9.35% increase in Baidu's Hong Kong stock price and a 15.03% increase in its NASDAQ stock price, both reaching two-year highs [1][2][17]. - The IPO process for Kunlun Chip is seen as a strategic move to enhance its market valuation and attract investors focused on AI computing chips and related systems [4][16]. Group 2: Business and Financial Background - Kunlun Chip, a leading AI computing chip supplier, was established from Baidu's smart chip division, with its self-developed chip projects dating back to 2011 [4][16]. - The company completed its first round of financing in April 2021, achieving a valuation of approximately 13 billion yuan (about 1.9 billion USD) [4][16]. - By 2025, Kunlun Chip had completed multiple financing rounds, attracting investments from major firms like BYD and CITIC Capital [4][16]. Group 3: Product Development and Market Position - Kunlun Chip has secured significant contracts, including a 1 billion yuan deal with China Mobile for AI computing devices, achieving a leading market share in several procurement categories [5][18]. - The company plans to launch new products annually over the next five years, with the Kunlun M100 and M300 chips set for release in 2026 and 2027, respectively [5][18]. - IDC reported that Kunlun Chip's shipment volume reached 69,000 units, significantly surpassing competitors like Cambricon [6][18]. Group 4: Industry Context and Competitive Landscape - The IPO of Kunlun Chip is part of a broader trend of domestic semiconductor companies entering the capital market, with several other firms like Moore Threads and Muxi also recently listed [20][21]. - The Chinese AI chip market is undergoing a significant transformation, moving towards a model of "multiple strong coexistence and scene segmentation," with Kunlun Chip positioned as a foundational player in AI computing [21][22]. Group 5: Valuation and Investment Implications - Goldman Sachs estimates that if Kunlun Chip achieves a valuation similar to Cambricon's (40x sales), Baidu's 59% stake could be valued at 22 billion USD, representing 45% of Baidu's current market capitalization [9][22]. - Companies holding stakes in Kunlun Chip, such as Chuling Information and Zhongxin Group, are expected to benefit from this IPO, with potential upward price elasticity in their stocks [10][23].

随着沪指以11连阳结束2025年征程，A股主要股指以全线飘红的成绩迎来2026年了。每经品牌100指数 2025年整体保持震荡上行，年涨幅达到15%，年K线实现两连阳，最终以1145.49点报收。进入2026 年，"十五五"产业指引、海外流动性宽松、国内政策托底效应等多重利好因素释放，将继续为A股市场 提供支撑。 2026年后，百度昆仑芯拟发布M100、M300及下一代N卡集群。其中，M100面向大规模推理场景，核心 能力集中在能效比、低时延互联以及吞吐率优化两个维度；M300面向超大规模训练与推理，预计2027 年上市，补齐国产高端训练芯片短板。 据了解，1月2日，百度发布公告称，1月1日，昆仑芯已透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（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。 资料显示，昆仑芯是百度旗下专注于AI芯片研发的半导体子公司，其产品主要应用于数据中心、云计 算及自动驾驶等领域。2024年百度量产的昆仑芯3代，单集群规模超过3万卡，可支撑千亿级参数大模型 的训练推理，且与百度飞桨框架、天池超节点协同，全栈适配效率比第三方芯片高30%以上，已成为百 度文心大模型 ...

静默启航：昆仑芯的上市"隐秘行动" 2026年开年，科技圈水面之下，一桩重大资本运作已悄然启动。 百度旗下的AI芯片公司——昆仑芯，于1月1日以"保密形式"向香港交易所递交了上市申请。这就像一场静默潜航，引擎已启动，但外界还听不见轰鸣。 第一步：秘密交表——"隐身"启动审核 这是什么操作？ 这不是间谍活动，而是港交所给科技公司的"特权"。公司可以先把所有申请材料（A1表格）递进去，交易所开始审核，但文件内容暂时 对公众保密。 为啥要"偷偷摸摸"？ 护住底牌：AI芯片是高手过招的战场，财务数据、客户名单、技术细节提前曝光，等于给对手送情报。 掌握节奏：公司可以根据市场冷暖、审核快慢，自己选择最好的时机（比如路演前）再公开亮相，不被外界进度条绑架。 避免麻烦：在一切落定前，减少市场猜测和噪音，不让母公司百度的股价和业务受干扰。 第二步：百度为何要"分家"？——给猛虎解锁归山 分拆后，百度仍是控股股东（持股约59.45%），但要让昆仑芯独立上市，图的是这几件大事： 价值发光：昆仑芯藏在百度庞大的业务里，像钻石混在矿石中。独立上市，能让市场看清这颗"AI芯片之星"的真正价值和潜力。 吸引专属投资人：很多硬科技基金只投 ...

去年1月，春节前夕，"DeepSeek冲击波"席卷业界，中美同时"破圈"，成为年度现象级事件。而2026年 一开年，DeepSeek又惊喜时刻进一步提前。 1月1日，DeepSeek在AI开源社区HuggingFacear和研究分享平台arXiv发布论文，提出了名为mHC （Manifold-Constrained Hyper-Connections）的新型神经网络架构优化方案，再次引发讨论热潮，其对 AI产业，包括大模型、芯片等领域可能产生的影响也备受瞩目。 图片来自DeepSeek论文"mHC：Manifold-Constrained Hyper-Connections" mHC架构让大模型训练更稳、更快、更省 DeepSeek此次提出的mHC架构，建立在字节豆包大模型Foundation团队2024年11月发布的Hyper- Connections（HC）基础上。 彼时，豆包团队宣称HC有望替代大模型开发领域沿用近10年的ResNet残差神经网络架构，通过拓宽残 差连接宽度，增加连接模式多样性，提升大模型性能和灵活性。 不过，HC只在理论推演和小模型实验中取得了成绩，在大模型训练中，残差连接通道间的交互 ...

百度拆芯上市引爆港股！科技股狂冲4%，商业航天12%暴涨？ 为啥这则公告能点燃市场？因为昆仑芯的实力实打实：2024年出货量6.9万片，是寒武纪的2.65倍，稳居国内AI芯片第一梯队；第三代产品P800还中标了中 国移动十亿元级订单，能支持单机部署大模型，技术门槛拉满 。更关键的是，机构预测它2026年营收能从13亿涨到83亿，涨幅直接翻6倍，估值有望突破 800亿，这部分隐性价值一释放，百度股价自然跟着狂飙 。 科技股4%暴涨：AI芯片带飞整个赛道 百度的公告就像一颗"火种"，直接点燃了整个港股科技板块。1月2日作为2026年首个交易日，恒生科技指数收盘大涨4%，报5736.44点，创下近期新高。板 块里的大家伙们集体发力：阿里巴巴涨4.34%，腾讯控股涨4.01%，网易更是暴涨6.62%，而百度自己盘中一度涨近9%，总市值冲到3867亿港元 。 这波上涨可不是单纯跟风百度，半导体行业的景气度才是根本支撑。全球AI算力需求持续爆发，美光的高带宽存储器全年供货都已售罄，带动华虹半导体 在港股涨超9%，中芯国际涨4.63%。再加上港交所"科企专线"给硬科技企业上市开绿灯，政策层面也支持芯片国产替代，多重利好叠在 ...