最近这几年，英伟达可是火得不得了，市值一度冲破了5万亿美元大关，简直成了科技圈的"神话"。 这股热潮也带火了国产GPU，不少企业都想跟着沾沾光，趁着资本市场的热度赶紧上市。于是，号称国 产GPU"四小龙"的摩尔线程、沐曦股份、壁仞科技、天数智芯，就扎堆儿开启了IPO之路。 这四家公司呢，现在已经都成功上市了，但上市的地点可不一样。摩尔线程和沐曦股份是在咱们内地的 大A股上市的，而壁仞科技和天数智芯则选择了香港股市。 这么一来，结果可就大不相同了，甚至有人开玩笑说，后面这两家在香港上市的公司，现在估计肠子都 悔青了。 为啥这么说呢？咱们看看上市当天的情况和现在的市值就明白了。 反观在香港上市的壁仞科技和天数智芯，那待遇就差了一大截。壁仞科技发行价19.6港元，初始市值大 概462亿港元（换算成人民币约415亿），上市当天最高也就涨了110%左右，远没有大A那么疯狂。现 在市值只有790亿港元左右（约合710亿元人民币），连摩尔线程的四分之一都不到，也只有沐曦的三分 之一上下。 天数智芯更"惨"一点，发行价144.6港元，初始市值367.7亿港元（约330亿元人民币），当天最高涨幅才 30%多，现在市值412亿港 ...

浪潮已至，新程将启。 站在时代的十字路口，我们感受到的，早已不只是日历翻页，更是一场正在发生的深层变革。 2026，并非一个被讨论的未来，它已是正在展开的现实。科技跃迁、全球格局重组、资本逻辑重写，多股力量正在同一时间叠加。 问题不在于"会不会发生"，而在于——你是否已经站在信息出现的地方。 历史从不提前公告。我们正在跨过的，不只是一个年份，更是一条认知分界线。 旧框架正在失效，新线索正在形成。有人已经看见轮廓，有人仍停留在旧地图里。 全球流动性结构正在变化，AI技术进入加速演进区间，资本、科技、生产力之间的联动，比以往任何时候都更紧密。 变化正在发生。而真正稀缺的，从来不是结论，而是第一时间的判断素材与底层逻辑。 越是变化剧烈，越需要站在高处看清脉络。越是噪音密集，越要接近源头。 正因如此，格隆汇、腾讯理财通携手广发基金、汇添富基金、易方达基金，集结当下极具实战深度与研究密度的专业力量，共同呈现——《2026潮起新程·开 门红联名策略会》。 这不止于一次简单的观点分享，而是一场从全球宏观视角出发，直抵科技、资金与资产配置底层逻辑的深度线上私享会。 金融学博士、著名经济学家、格隆汇创始人 格隆 博士，将站在全 ...

来源：新知财商早观 昆仑芯的上市只是百度AI战略的"中场调剂"，而非"终局答案"。 2026年伊始，百度扔出了一枚震动科技与资本圈的"深水炸弹"——旗下AI芯片子公司昆仑芯以保密形式 向港交所递交主板上市申请。 消息一出，百度港股单日飙涨近10%，市值重回3955亿港元，市场仿佛瞬间看到了百度AI战略价值兑现 的曙光。 毕竟，在国产AI芯片集体冲刺资本市场的浪潮中，昆仑芯手握2025年超20亿元营收、外部客户占比超 40%的成绩单，还有中国移动十亿级集采订单的背书，看似是百度AI战略最拿得出手的"硬资产"。 但热闹的表象下，藏着难以掩盖的裂痕。 这枚被百度寄予厚望的"AI王牌"，最新投后估值仅210亿元，不及摩尔线程、沐曦股份等同行千亿市值 的零头；看似亮眼的营收背后，是持续亏损的现实和对百度内部订单的深度依赖；技术参数上的局部突 破，更难掩盖与英伟达CUDA生态的代际差距。 更关键的是，昆仑芯的上市本质上是百度在AI投入十余年却迟迟未能找到清晰盈利路径后的一次资本 腾挪，而非AI战略成熟的标志。 当市场沉浸在"国产AI芯片第一股"的想象中时，一个更残酷的真相是：即便昆仑芯顺利登陆港股，也解 决不了百度AI战 ...

新年伊始，百度就正式发布公告，启动昆仑芯科技于港交所主板独立上市的计划。 这不仅是百度2026年的开年大戏，也被视为国产AI算力领域的一个标志性事件。 分拆上市背后的动机 对于当前的百度来说，虽然传统广告搜索业务在萎缩，但它依然还是一头现金奶牛，百度当下并不缺 钱。那么，百度要分拆昆仑芯上市的背后动机究竟是什么？ 如今的昆仑芯，不仅是百度All in AI的"硅基底座"，更是目前国内极少数经过大规模生产验证、且在特 定场景下能与国际巨头"掰手腕"的AI芯片。2025年，百度昆仑芯的整体估值已经达到了约210亿元。 那么，昆仑芯到底有多硬核呢？ 这当然还是离不开昆仑芯的实战性能。 这第一个战略动机应该是价值重估。一直以来，百度在资本市场的眼中都是一家"互联网广告"平台，这 在很大程度上压制了百度在AI领域的估值。此番百度把昆仑芯作为独立的硬科技公司分拆上市，就能 享受到更高的科技股估值溢价，而百度自身的资本价值也能得到更好的释放。 这第二个战略动机应该是独立发展。分拆上市之后，昆仑芯将成为一家独立面向市场的AI芯片供应 商，这将大大有助于昆仑芯拓展百度生态之外的客户，从而打破昆仑芯只有内部订单的质疑。 此外，昆 ...

Core Viewpoint - The company TianShu ZhiXin, China's first general-purpose GPU enterprise, is set to go public on January 8 at the Hong Kong Stock Exchange, with an IPO valuation exceeding HKD 354 billion and expected fundraising of approximately HKD 3.7 billion, marking a significant milestone in the domestic semiconductor industry [1][2]. Group 1: IPO and Valuation - TianShu ZhiXin plans to issue 25.43 million shares, with 10% allocated for public offering in Hong Kong and the remainder for international placement, leading to an IPO market capitalization of HKD 354.42 billion based on a share price of HKD 144.60 [2]. - The company aims to allocate 80% of the raised funds for product and solution R&D, with 50% specifically for general-purpose GPU chip and accelerator card development, 25% for proprietary software stack development, and 5% for AI computing solutions [2]. - A cornerstone investment team of 18 top investors has been established, with a total subscription amounting to HKD 1.58 billion, including notable firms such as ZTE Communications (Hong Kong) and UBS AM Singapore [2][3]. Group 2: Market Position and Growth - TianShu ZhiXin is recognized as the first company in China to achieve mass production of both inference and training general-purpose GPU chips, filling a gap in the high-end training sector of domestic computing chips [4]. - According to a report by Frost & Sullivan, the company ranks among the top five core players in China's general-purpose GPU market, with its training GPUs holding the third-largest market share and inference GPUs the second-largest [5]. - Revenue growth has been robust, with figures of RMB 189.4 million, RMB 289 million, and RMB 539.5 million projected for 2022, 2023, and 2024 respectively, reflecting a compound annual growth rate (CAGR) of 68.8% [5]. - In the first half of 2025, revenue reached RMB 324.3 million, a 64.2% increase from RMB 197.4 million in the same period the previous year, driven by increased product shipments [5]. Group 3: Product and R&D Focus - The core revenue source for TianShu ZhiXin is its general-purpose GPU products, which accounted for 85.33% of total revenue in the first half of 2025, with training products contributing 58.5% and inference products 26.8% [6]. - The company has maintained high R&D investment levels, with expenditures of RMB 457 million, RMB 616 million, and RMB 773 million from 2022 to 2024, representing 241.1%, 213.1%, and 143.2% of total revenue respectively [6]. Group 4: Ecosystem Development - TianShu ZhiXin has established a comprehensive ecosystem that integrates hardware and software, developer communities, and industry-academia collaboration, which is crucial for building competitive barriers in the general-purpose GPU industry [7][8]. - The company’s products are compatible with major domestic and international AI ecosystems and deep learning frameworks, addressing industry pain points related to usability and migration costs [8]. - Collaborations with institutions like Shanghai AI Laboratory and various universities have been initiated to promote industry standardization and talent development, contributing to the maturation of the industry chain [8]. Group 5: Market Outlook - The domestic general-purpose GPU market is experiencing rapid growth, with a projected CAGR of 33.0% from 2025 to 2029, and the market share of domestic products expected to rise from 8.3% in 2022 to over 50% by 2029 [9]. - The upcoming IPO is seen as a pivotal step for TianShu ZhiXin, potentially activating the domestic general-purpose GPU industry ecosystem and enhancing China's position in the global AI computing competition [9].

Group 1 - The core point of the article highlights the significant rise of domestic AI chip companies in China, particularly the "Four Little Dragons" of domestic GPUs, driven by the ongoing enthusiasm for domestic large models and the certainty of generative AI trends, with IPOs leading to substantial market valuations [1][3][31] - Companies like Moore Threads and Muxi Co., Ltd. have recently gone public on the Sci-Tech Innovation Board, experiencing market capitalizations that surged 6-7 times post-IPO, indicating a new height of investment enthusiasm in A-shares [1][31] - Barclays' Asia-Pacific executive Matt Toms expressed that if China produces low-cost, competitive chips by 2026 or 2027, it could disrupt Nvidia and its supply chain, emphasizing the critical moment for Chinese AI chips represented by the "Four Little Dragons" [1][3] Group 2 - The "Four Little Dragons" of domestic GPUs include Moore Threads, Muxi Co., Ltd., Suiruan Technology, and Biran Technology, each founded by individuals with backgrounds in major international chip companies like Nvidia and AMD [5][17] - Moore Threads, founded by Zhang Jianzhong, has rapidly developed its GPU technology and established a CUDA-compatible ecosystem called MUSA, positioning itself as the "Chinese version of Nvidia" [7][21] - Muxi Co., Ltd., led by Chen Weiliang, focuses on general-purpose GPU (GPGPU) technology, with products aimed at AI training and inference, emphasizing open-source compatibility with major frameworks [10][23][24] Group 3 - Biran Technology, founded by Zhang Wen, emphasizes high-end GPGPU technology, with its BR100 series chip achieving performance levels surpassing Nvidia's A100, targeting cloud data centers and AI applications [15][26] - Suiruan Technology, founded by Zhao Lidong, specializes in AI training acceleration cards, focusing on large model training and developing proprietary architectures for AI applications [13][28] - The article notes that the domestic GPU sector is experiencing a historical window of opportunity due to Nvidia's exit from the Chinese market, allowing local companies to fill the gap [28] Group 4 - The investment landscape for the "Four Little Dragons" has become increasingly favorable, with significant backing from prominent investment firms and a growing market presence, as evidenced by their recent IPO successes [31][32] - The market capitalization of Moore Threads reached 289 billion yuan and Muxi Co., Ltd. reached 246.1 billion yuan shortly after their IPOs, showcasing the high investor interest in domestic AI chip companies [31][32] - The article concludes that the GPU sector, as a foundational element of artificial intelligence, is poised to be a symbol of the industry's evolution and impact in 2025 [29]

Core Viewpoint - The article discusses the promising sectors in the technology industry for the upcoming year, highlighting the performance of various segments in 2023 and projecting growth opportunities for 2024 [1]. Group 1: Domestic Substitution Chain - The domestic substitution chain, particularly related to the Ascend industry chain, is expected to perform well next year, with companies experiencing significant stock price increases due to recent news [4]. - Confidence in the 950 series and other domestic AI chips like HWJ, Kunlunxin, and PPU is noted, with expectations for increased market share as domestic wafer production capacity and yield improve [4]. Group 2: Autonomous Driving - The autonomous driving sector is divided into Robotaxi and Robovan, with significant growth anticipated in both areas [5][6]. - Recent policy changes encouraging Level 3 autonomous driving indicate a supportive regulatory environment, which could lead to reduced costs and improved profitability for companies in this space [6][7]. Group 3: Aerospace - The aerospace sector is gaining attention, with government policies favoring its development. The success of rocket recovery technology could lead to numerous opportunities in satellite applications [8]. Group 4: Memory - The memory sector has seen a significant market rally, with expectations for the upcoming IPO of CX, which is projected to reach a trillion-dollar market value [9]. - The current market dynamics differ from previous years, with major manufacturers likely to maintain production levels to capitalize on profitability rather than rapidly expanding capacity [9]. Group 5: Liquid Cooling - The liquid cooling market is expected to grow 5-10 times next year, driven by increasing demand from chip manufacturers facing thermal management challenges [10][11]. - Innovations in liquid cooling technologies, such as multi-channel covers and immersion cooling, are being explored to enhance performance [11]. Group 6: AI Power - The AI power sector remains a focus, particularly in the context of stable and continuous power supply, which is more readily available in domestic markets compared to North America [12]. - Opportunities in AI power are identified in areas such as gas turbines and energy-efficient solutions for data centers, with a notable increase in interest in off-grid power technologies [12].

而随着摩尔线程-U（688795.SH）、沐曦股份-U（688802.SH）在科创板挂牌上市，以及壁仞 科技、天数智芯加速冲刺港股，一场由政策、资本、需求三方共同驱动的国产算力热潮似乎已 至沸点。 在造富神话背后，国产AI芯片行业已行至新阶段。DeepSeek等国产大模型的爆发倒逼硬件架 构演进，"训推分离"的产业共识正将竞争焦点引向新的维度。 在这个节点，我们也不禁思考：2025年，这个产业到底经历了什么？2026年，它又将走向何 方？ 资本热潮 如果用一个词形容2025年的国产AI芯片的产业阶段，"成年礼"或许很贴切。 头豹研究院AI行业高级分析师莫舒棋向财联社记者表示，目前，国产AI芯片在推理计算、特 定模型适配以及软硬件协同和系统级优化方面已具备实际交付与规模部署能力，能够满足部分 行业客户的核心需求。 2025年，国产芯片概念成为贯穿资本市场全年的绝对主线。 "今年就是先把能做的公司推上牌桌，再用公开市场融资继续迭代。"某A股芯片上市厂商人士 告诉财联社记者，科创板在制度与风险偏好上，更能承接高研发投入、短期亏损但具备战略属 性的算力企业。 然而，上市只是第一步。"2025年并非传统龙头地位被实质性 ...

Core Insights - Wallan Technology, one of the "four little dragons" of domestic GPUs, is preparing for an IPO in Hong Kong, showcasing its growth over the past five years [1] - The company reported revenue growth from 62 million RMB in 2023 to 337 million RMB in 2024, with a backlog of 822 million RMB in unfulfilled orders and an additional 1.241 billion RMB in framework agreements and contracts awaiting release [1] - Despite being in a loss-making state, Wallan Technology has launched a series of products based on its first-generation GPGPU architecture and is advancing its second-generation architecture [1] Company Performance - Revenue for Wallan Technology increased from 499 thousand RMB in 2022 to 62 million RMB in 2023, and is projected to reach 337 million RMB in 2024 [5] - The gross profit for 2024 is expected to be 179 million RMB, with a gross margin of 53.2% [6] - The company has seen a significant increase in average transaction value, rising 113.64% year-on-year to 9.4 million RMB [6] Market Position - The domestic AI chip market is currently dominated by Nvidia and Huawei, which together hold 94.4% of the market share, while domestic AI chips have not exceeded 1% market share [1] - Wallan Technology holds a market share of 0.16% in the smart computing chip market and 0.20% in the GPGPU market in China for 2024 [1] Product Development - Wallan Technology has developed its first-generation GPGPU architecture and launched two chips, BR106 and BR110, with the BR166 chip expected to offer double the performance of BR106 [12][15] - The company plans to commercialize the next-generation flagship data center chip, BR20X, by 2026, with further products like BR30X and BR31X planned for 2028 [15] Customer Base and Sales - The number of customers increased from 4 in the first half of 2024 to 12 in the first half of 2025, with transaction numbers rising from 9 to 33 [6][10] - The revenue contribution from the largest customer decreased from 85.7% in 2023 to 33.3% by mid-2025, indicating a diversification of the customer base [9] Financial Overview - Wallan Technology reported net losses of 1.474 billion RMB in 2022, 1.744 billion RMB in 2023, and 1.538 billion RMB in 2024, with cumulative losses exceeding 6.3 billion RMB over three and a half years [9] - R&D expenditures were significant, with 1.018 billion RMB in 2022, 885 million RMB in 2023, and 826 million RMB in 2024, accounting for approximately 79.8%, 76.4%, and 73.7% of total operating expenses respectively [9] Strategic Partnerships - Wallan Technology has formed strategic partnerships to enhance its product offerings and market reach, including a collaboration with an IT company to develop smart computing solutions [14][17] - The company is also focused on building a software ecosystem to support its hardware products, which includes the BIRENSUPA software platform [17]

Core Viewpoint - The company, Birran Technology, is preparing for an IPO in Hong Kong, showcasing its growth over the past five years, with significant revenue increases and a focus on the AI chip market in China [1]. Financial Performance - Revenue increased from 620,000 RMB in 2023 to 3.37 billion RMB in 2024, with unfulfilled orders totaling 8.22 billion RMB and framework agreements worth 12.41 billion RMB [1]. - The company reported a net loss of 1.474 billion RMB in 2022, 1.744 billion RMB in 2023, and 1.538 billion RMB in 2024, with an estimated loss of around 1.6 billion RMB by mid-2025 [6][7]. - Gross profit for 2024 is projected at 1.79 billion RMB, with a gross margin of 53.2% [4]. Market Position - The Chinese AI chip market is dominated by Nvidia and Huawei, holding a combined market share of 94.4% in 2024, while domestic AI chip companies, including Birran Technology, hold less than 1% [1]. - Birran Technology's market share in the smart computing chip market and GPGPU market is 0.16% and 0.20%, respectively, in 2024 [1]. Product Development - The company has developed its first-generation GPGPU architecture and launched products such as BR106 and BR110, with BR106 being the primary sales driver [8][10]. - The BR166 chip, which offers double the performance of BR106, began mass production in 2024 [9][14]. - Future products include the BR20X series for cloud training and inference, expected to be commercialized by 2026, and BR30X and BR31X for future applications [15]. Customer Base and Sales Strategy - The company is optimizing its customer structure, focusing on specific industries, with revenue primarily from PCIe board sales [4]. - The number of customers increased from 4 in the first half of 2024 to 12 in the first half of 2025, with transaction numbers rising from 9 to 33 [4]. - The contribution from the largest customer decreased from 85.7% in 2023 to 33.3% by mid-2025, indicating a diversification of the customer base [6]. Research and Development - R&D expenditures were 1.018 billion RMB in 2022, 885 million RMB in 2023, and 826 million RMB in 2024, accounting for approximately 79.8%, 76.4%, and 73.7% of total operating expenses, respectively [7]. - The company has 24 binding orders valued at approximately 8.22 billion RMB and five framework sales agreements worth 12.41 billion RMB [7]. Strategic Partnerships - Birran Technology has formed strategic partnerships to enhance its AI infrastructure and has signed significant sales agreements, including a 3.68 billion RMB framework agreement [14][16]. - Collaborations aim to drive technological advancements and improve computing efficiency in AI applications [16].