▲ 戳蓝 色字关注我们！ "科学技术是第一生产力，而核心技术的自主可控，是生产力发展的基石。——邓小平" 这几天微信朋友圈再刷壁仞科技马上挂牌的消息，发现有三个做VC的老朋友在评论区版聊。 有意思的是，其中两个人说"这次一定要打新"，另一个人却说"观望为主"。 我好奇啊，同样是GPU四小龙，摩尔线程上市首日暴涨400%，沐曦更夸张，首日涨了将近7倍，中一签直接赚到40万。 为什么对壁仞的态度会这么分裂 ？ 后来我专门约了其中一个朋友打了个电话，聊完之后我发现，这里面的门道比我想象的要深得多。 今天这篇文章，我就给大家扒一扒壁仞科技上市这件事儿——告诉你那些新闻稿和研报里不会写的东西。 一、基本面拆解：五年融资90亿，壁仞的核心优势在哪？ 先说基本面。壁仞科技1月2号要在港股挂牌，发行价区间是17到19块，预计能融到大概42到48亿港币。 这家公司2019年才成立，到现在也就五年多。但你看它的融资记录——高瓴、IDG、启明、红杉、BAI，基本上能叫得上名字的一线VC都进去 了，总共融了超过90亿人民币。 我在之前讲沐曦的那篇文章分享过，投芯片项目有三大铁律：看团队、看技术、看窗口期。壁仞这三点都踩中了。 先说团 ...

Group 1 - The core investment suggestion is that embodied intelligence and computing power supply chains will be significant growth areas for the automotive industry in Q4, with EU carbon emission policies continuing to drive growth in the European new energy vehicle market [1] - The humanoid robot supply chain, particularly components, shows strong potential for catalytic emergence, with major automotive parts companies successfully transitioning to become key players in the humanoid robot supply chain [1] - If leading humanoid robot manufacturers like Tesla launch new products by Q4 2025, the market may adjust expectations for the humanoid robot supply chain shipments in 2026, potentially reaching a production volume of 100,000 units, leading to a market capacity of approximately 10 billion RMB for related components [1] Group 2 - The domestic passenger car market is expected to perform steadily, while the European new energy vehicle market is projected to be a strong growth point globally [2] - According to the China Automobile Dealers Association, the October automotive market is expected to show a "high open and flat" pattern, with a 5% to 10% year-on-year growth forecasted for sales in Q4 [2] - In Germany, September saw a significant increase in new energy vehicle sales, with pure electric vehicle sales reaching approximately 45,500 units, a year-on-year increase of 32%, and plug-in hybrid vehicle sales increasing by 85% [2]

Core Insights - Guanghe Technology (001389) reported a total revenue of 2.425 billion yuan for the first half of 2025, representing a year-on-year growth of 42.17%, and a net profit attributable to shareholders of 492 million yuan, up 53.91% year-on-year [1] Business Performance - The main business of Guanghe Technology focuses on the research, production, and sales of multi-layer printed circuit boards (PCBs), primarily targeting the mid-to-high-end application market, with significant applications in servers, consumer electronics, industrial control, security electronics, communication, and automotive electronics [1] - Revenue from server PCBs accounts for approximately 70% of the company's total revenue, making it the primary downstream application area [1] - The company has benefited from strong demand in the computing infrastructure sector, leading to robust growth in the supply chain for computing products [1] Manufacturing and Capacity Expansion - The main manufacturing base in Guangzhou has enhanced production capacity and process capabilities through digital transformation, resulting in improved product structure and delivery competitiveness [2] - The Thailand facility officially commenced operations in June 2025 and is currently in the capacity ramp-up phase, with plans to accelerate customer certification and product introduction in the second half of the year [2] Research and Development - Research and development expenses reached 117 million yuan, a year-on-year increase of approximately 46%, reflecting the company's commitment to innovation [2] - The company has developed several core technologies related to server PCBs, establishing independent intellectual property rights and high-precision manufacturing processes [2] - Several key products, including high-performance PCBs for high-end servers and AI server motherboards, have been recognized as high-tech products in Guangdong Province for 2025 [3]

Group 1 - The article highlights the significant impact of Tencent's financial report, indicating that it has led to substantial adjustments in the computing power supply chain [1] - The article notes that the Hang Seng Tech Index experienced a sharp decline following the financial report, suggesting a broader market reaction [1] - There is a contemplation on the future directions of applications in the industry, indicating a shift in focus due to recent developments [1]