Core Viewpoint - Baidu's Kunlun Chip is set to go public, reflecting its growing importance in the AI chip market and aligning with the company's broader AI strategy [5][6][9]. Group 1: IPO and Market Position - Kunlun Chip has submitted a confidential application for listing on the Hong Kong Stock Exchange, with plans to potentially expedite its IPO timeline to early 2027 [5][6]. - The company has achieved a post-financing valuation of 21 billion yuan (approximately 3 billion USD) as of July 2025 [8]. - Following the IPO announcement, Baidu's stock surged by 15%, pushing its market capitalization above 50 billion USD [22]. Group 2: Strategic Importance of Kunlun Chip - The separation of Kunlun Chip is expected to enhance its image among clients and partners, facilitate direct access to capital markets, and improve management focus [19]. - The chip is positioned as a key player in the domestic AI landscape, especially as the demand for local chip solutions increases due to external supply chain disruptions [17][15]. - Kunlun Chip is projected to generate over 1 billion yuan (approximately 150 million USD) in revenue in 2024, with expectations to reach 5 billion yuan (approximately 750 million USD) in 2025 [18]. Group 3: Technological Advancements - Kunlun Chip has developed the P800 series, designed specifically for large model training, and is capable of supporting extensive AI workloads [40][38]. - The company aims to expand its cluster scale to one million cards by 2030, indicating a strong commitment to enhancing its technological capabilities [32]. - The P800 chip has been successfully utilized in various applications, including a significant project with China Mobile, showcasing its competitive edge in the market [41]. Group 4: Leadership and Management - The leadership of Kunlun Chip has been entrusted to Ouyang Jian, who has been pivotal in driving the company's growth and commercialization efforts since its independence [36][34]. - The company has undergone rapid iterations and product launches, with a focus on meeting market demands and enhancing its technological offerings [37].

瑞财经 赵盼盼1月2日，百度集团发布公告称，于2026年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。 目前的方案为建议分拆将通过昆仑芯股份的全球发售进行，包括：昆仑芯股份于香港进行公开发售，以供香港公众人士认购；及向机构及专业投资者配售 昆仑芯股份。于公告日期，昆仑芯为百度之非全资附属公司。建议分拆完成后，预计昆仑芯仍将为百度之附属公司。 百度认为，建议分拆在商业方面对公司及昆仑芯均有利，且符合股东整体利益，理由（其中包括）如下： 建议分拆可更全面地反映昆仑芯集团基于自身优势的价值，并提升其营运及财务透明度，令投资者能清晰区分昆仑芯集团与保留集团，独立评估及衡量昆 仑芯集团的表现及潜力； 昆仑芯的业务（有别于保留集团业务相对较为多元化的业务模式）将吸引专注于通用AI计算芯片及相关软硬件系统业务的投资者群体； 昆仑芯集团之业务凭借其规模已足以寻求上市地位，且公司认为该地位将对公司及昆仑芯有利，因为建议分拆将：提升昆仑芯在其客户、供应商及潜在战 略合作伙伴中的形象，并提高其协商及争取更多业务的地位，从而令保留集团可透过其于 ...

Core Viewpoint - Baidu's announcement of the spin-off of its AI chip subsidiary Kunlun Chip for a Hong Kong IPO has significantly impacted the capital market, leading to a surge in technology stocks in both Hong Kong and A-shares [1][3]. Group 1: Market Reaction - The announcement caused the Hang Seng Technology Index to rise by 4% in a single day, while Baidu's stock price increased by 9.35%, pushing its market capitalization to 386.7 billion HKD [1]. - The overall market sentiment was buoyed by the first trading day of 2026, with the Hang Seng Index rising by 2.76% and trading volume exceeding 140 billion HKD [3]. Group 2: Kunlun Chip's Strength - Kunlun Chip, with a valuation of 21 billion RMB, has secured significant orders, including a major procurement contract from China Mobile worth over 1 billion RMB [2]. - The company is projected to increase its revenue from 1.3 billion RMB in 2024 to 8.3 billion RMB by 2026, representing a growth of 6 times, with a potential valuation exceeding 80 billion RMB [2]. Group 3: A-Share Beneficiaries - Three categories of A-share companies are identified as having official ties to Kunlun Chip: those with deep business cooperation with Baidu, supply chain partners, and companies benefiting from the AI computing power explosion [4]. - Specific companies include: - Yuxin Technology, which has a 5.71% stake from Baidu and a four-year cooperation agreement [5]. - Geling Deep Vision, collaborating with Baidu to integrate Kunlun Chip's computing power [5]. - BYD, a partner in Baidu's Apollo autonomous driving ecosystem and a shareholder in Kunlun Chip [5]. Group 4: Investment Guidelines - Investors are advised to verify the authenticity of company connections through official announcements and focus on companies with deep business ties and substantial orders [6]. - Companies involved in AI chip domestic substitution and computing infrastructure construction are highlighted as having long-term growth potential supported by national policies [6].

来源：@21世纪商业评论微博 记者丨何己派 编辑丨鄢子为 李彦宏，终于打出芯片牌。 1月2日，他签发一则公告，昆仑芯已透过其联席保荐人，在新年第一天，以保密形式向联交所递表，申请在主板上市。 "建议分拆在商业方面对本公司及昆仑芯均有利，且符合股东整体利益。" 李彦宏在公告中解释，分拆可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"。 此前有消息称，其计划于2026年一季度提交上市申请，2027年初完成IPO。按现有节奏，IPO时间表有望提前。 李彦宏 昆仑芯专攻AI芯片，脱胎于百度智能芯片及架构部，于2021年完成独立融资，2025年7月，其获得最新一轮股权融资，投后估值已达210亿元。 离巢单干的昆仑芯，在李彦宏的AI叙事中，正扮演越来越重要的角色。 "昆仑芯一旦上市，更多的资源进来，把生态这块做好，能打开更大空间。"一位资深技术人士向《21CBR》记者表示。 预料之中 昆仑芯相对低调，不显山不露水。 李彦宏于2011年组建芯片团队，比谷歌启动TPU的研发要早，其本身完整经历从深度学习到大模型的迭代。 IDC数据显示，2024年，中国GPU市场中，英伟达以70%市场份额居首，华为升腾以23% ...

前言： 2026年1月2日，百度宣布旗下AI芯片公司昆仑芯正式启动港股IPO。这场酝酿五年的分拆大戏背后，有一位低调的技术派掌门——欧阳剑。这位从百度地 下室走出的芯片架构师，用十五年时间，将一个内部"省钱计划"变成了冲击港股"AI芯片第一股"的明星企业。 01 理工男的逆袭 从北航学霸到百度"芯片狂人" 上任第一天，欧阳剑就干了两件"狠事"：砍掉冗余产品线，集中火力攻通用AI芯片；带着团队蹲守客户现场三个月，硬生生把外部客户占比从0%拉到 40%。某运营商CTO回忆："凌晨两点还能接到欧阳总的技术电话，这种拼劲少见。" 03 破局"英伟达包围圈" 三代芯片改写行业格局 欧阳剑的故事，要从2009年那个闷热的夏天说起。刚从中科大硕士毕业的他，带着对底层技术的痴迷加入百度，一头扎进了存储架构的研发。没人想到， 这个每天泡在实验室的"技术宅"，日后会成为国产AI芯片的关键人物。 转折点出现在2017年。当时百度外购GPU成本飙升，工程师们私下抱怨："一片显卡顶得上北京半平米房价！"欧阳剑拍板："自己造！"他带着团队在百度 大厦地下室秘密启动"昆仑芯计划"，用FPGA搭出初代AI加速器。三年后，第一代昆仑芯芯片诞生 ...

一水 发自 凹非寺 量子位 | 公众号 QbitAI 又一家国产芯片即将赴港IPO！ 就在元旦假期期间，百度突然官宣了 "昆仑芯已向港交所提交上市申请" 的消息。 消息一出，百度当日股价一度上涨超8%。 昆仑芯最早诞生于百度内部，由于发展不错，于是从2021年开始独立融资和运营。 目前百度持有这家公司 59.45%的股份 ，且独立上市之后，昆仑芯仍将属于百度附属公司。 该公司最新一轮融资发生于2025年7月，当时估值 210亿元人民币 ，目前投资方除了百度还有上河动量资本、山证投资、比亚迪等。 而随着昆仑芯加入IPO阵营，国产芯片最近掀起的上市潮也再次迎来一波讨论—— 前有已经登陆科创板的沐曦和摩尔线程 （以及昨天登陆港股的壁仞科技） ，中间有刚刚完成上市辅导的燧原科技，同期赴港上市的还有天数 智芯等公司。 国产芯片，正在打响开年第一战。 昆仑芯赴港IPO详情 根据百度最新公告，昆仑芯（北京）科技股份有限公司 （全文简称昆仑芯） 已于2026年1月1日 以保密方式 向港交所提交了主板上市申请。 不提前暴露财务数据、不泄露业务细节、不锁死时间表。 而从本次透露的、为数不多的信息来看，百度核心把目光放在了 "分拆 ...

Group 1: Core Insights - Baidu's subsidiary Kunlun Core has submitted an application for independent IPO, marking a significant strategic move for the company [1][2] - The stock price of Baidu surged by 9.35% in Hong Kong and 15.56% in the US, reflecting strong market enthusiasm for the chip sector [1][2] - The listing of Kunlun Core is expected to enhance its operational transparency and attract targeted investors in the AI computing chip market [2][6] Group 2: Market Context - The Chinese semiconductor industry is experiencing a collective rise, with multiple domestic chip companies successfully entering the capital market [4][5] - Recent IPOs of domestic chip firms have seen extremely high subscription rates, indicating strong investor interest [4][5] - The market is witnessing a restructuring of the AI chip landscape in China, with Kunlun Core positioned as a foundational player in general AI computing [5][6] Group 3: Technological Advancements - Kunlun Core has made significant technological progress, with its P800 chip demonstrating competitive performance and energy efficiency [3][6] - The P800 chip supports configurations of 8 and 16 cards, achieving a maximum throughput of 482 times per second, and is optimized for deep learning models [3][6] - The collaboration between Kunlun Core's chips and Baidu's PaddlePaddle framework enhances inference efficiency by over 30% [3]

Group 1 - The Hong Kong stock market experienced a strong start to 2026, with the Hang Seng Index rising by 2.76% to 26,338.47 points, and the Hang Seng Tech Index increasing by 4% to 5,736.44 points. The market turnover reached 140.86 billion HKD, showing an increase from the previous trading day [1] - Baidu Group's AI chip company Kunlun has submitted a listing application to the Hong Kong Stock Exchange, with its valuation rising from approximately 13 billion RMB in 2021 to 21 billion RMB by July 2025 [3] - The Hong Kong IPO fundraising amount for 2025 reached 285.69 billion HKD, a significant increase of 224% year-on-year, with 117 companies listed, marking a growth of 67.14% [2] Group 2 - The Turkish government announced that from January 2, 2026, Chinese passport holders will enjoy visa-free travel and transit, allowing a maximum stay of 90 days within any 180-day period [2] - Multiple public fund institutions have released optimistic investment strategies for 2026, with technology being a key focus area. They expect market dynamics to shift from valuation-driven to a dual drive of "profit and valuation" [2] - The European manufacturing PMI for December 2025 was reported at 48.8, below expectations and previous values of 49.2 [8]

Group 1 - Black Sesame Intelligent officially announced a strategic acquisition of Yizhi Electronics, aiming to integrate Yizhi's low-power, cost-effective AI SoC chip technology and products to enhance its overall layout in automotive-grade computing and edge intelligence solutions [1] - The acquisition involves equity transfer and capital increase, resulting in Black Sesame indirectly holding 60% of Yizhi Electronics. Yizhi's core team has committed to achieving a cumulative revenue of no less than 1.2 billion yuan and a net profit of no less than 90 million yuan over three years starting from 2026, with corresponding incentive and constraint mechanisms in place [1] - The collaboration will focus on three main areas: expanding the automotive product matrix and customer base, implementing robotics and AI+ innovative business, and coordinating R&D and supply chain mass production [1] Group 2 - The acquisition is a significant step towards Black Sesame's strategic goal of achieving a "full range of AI chips + full scene solutions," enhancing its comprehensive competitiveness in the AI chip sector and accelerating sustainable growth [2] - Black Sesame has been active recently, announcing a strategic partnership with Lenovo Research Institute's Robotics Laboratory to integrate technological advantages and enhance innovation capabilities in robotics and software application algorithms [2] - The SesameX multidimensional embodied intelligent computing platform is a comprehensive system developed by Black Sesame, designed for commercial deployment in robotics, integrating hardware, software, toolchains, and model ecosystems [3]

芯片股集体大涨，费城半导体指数大涨超4%。个股方面，美光科技涨超10%，阿斯麦、拉姆研究等涨超8%，英特尔涨超6%，台积电、迈威尔科技等涨超 5%，科天半导体、ARM、超威半导体等涨超4%。 芯片股大涨。 当地时间周五(1月2日)，欧美股市多数收涨。美国三大股指收盘涨跌不一，道琼斯工业指数涨0.66%报48382.39点，标普500指数涨0.19%报6858.47点，纳 斯达克指数跌0.03%报23235.63点。本周，道琼斯工业指数跌0.67%，标普500指数跌1.03%，纳斯达克指数跌1.52%。 | 名称 | 现价 | 涨跌 | 涨跌幅 | 年初至今 | | --- | --- | --- | --- | --- | | 道琼斯工业平均 | 48382.39d | 319.10 | 0.66% | 0.66% | | 纳斯达克指数 | 23235.63d | -6.36 | -0.03% | -0.03% | | 标普500 | 6858.47 | 12.97 | 0.19% | 0.19% | 欧洲三大股指收盘小幅上涨，德国DAX指数涨0.13%报24521.49点，法国CAC40指数涨0.56%报8 ...