壁仞科技是嘉御资本布局AI基础建设赛道中重要的平台型企业。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，上海壁仞科技股份有限公司（以下简称"壁仞科技"）于2026年1月2日正式 以"6082"为股票代码在港交所主板挂牌上市，成为"港股GPU第一股"，在填补港股在AI算力核心硬 件领域空白的同时，更标志着国产AI算力链的关键企业正式登陆国际资本市场。 成立至今，壁仞科技已云集了一个涵盖顶级财务投资机构、多元产业资本、半导体专业基金以及知名 国有投资平台等在内的豪华投资阵容。 值得注意的是， 嘉御资本既是2026年开年第一个IPO壁仞科技的投资方，亦为2026年第一家港股 递表企业 xTool 的投资方。 作为壁仞科技投资人， 嘉御资本董事长兼创始合伙人卫哲指出，嘉御资本高度赞赏张文先生（注： 壁仞科技创始人、董事长兼首席执行官）领导的壁仞科技团队，在国产高端GPU领域展现出的非凡 决心与卓越执行力。 " 从'国芯、国设、国造、国用'的产业初心，到如今成功登陆国际资本市场，壁仞科技完成了一次至 关重要的战略跨越。 "卫哲说道，"本次上市，公司吸引了 ...

来源：嘉御资本 每日｜荐读 论坛： 新一批敲钟人，已在路上 荐读： 重新发现香港：科创时代的新蓝图 榜单： 全国首只AIC产业母基金来了 热文： 投资人"忙疯了" 2025年12月5日， 嘉御资本2025年投资人年会在上海陆家嘴成功举办。大会上，嘉御资本宣布完成多支新基金的募集设立，总规模超过40亿元人 民币。参与基金的主要投资人包括长沙、宁波、天津和长三角地区等高度市场化的引导基金、生态联动的上市公司产业资本和市场领先的人民币母基 金，以及多位基金老投资人的持续支持。 据悉，本次新募集的基金矩阵，全面覆盖了嘉御资本前瞻布局的领域，包括AI基础建设、新消费产业、跨境电商品牌出海、生命科技等多个核心赛 道，旨在系统性地把握中美AI"软硬兼施"、全球供应链重构及新消费范式下的结构性机会，形成协同有力的投资生态体系。 ...

随着2026年即将成立15周年之际，嘉御资本也将迎来有史以来最为密集的IPO收获期。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，嘉御资本2025年投资人年会日前在上海陆家嘴成功举办。大会上，嘉御资本宣 布完成多支新基金的募集设立，总规模超过40亿元人民币。参与基金的主要投资人包括长沙、宁 波、天津和长三角地区等高度市场化的引导基金、生态联动的上市公司产业资本和市场领先的人民币 母基金，以及多位基金老投资人的持续支持。 嘉御资本创始合伙人、董事长卫哲先生表示："感谢所有新老投资人的信任。投资就是传递信任，嘉 御资本14年来始终秉承'以终为始'和不变的3R原则，恪守为投资人创造回报（Return）、严控风险 （Risk）、赢得多方尊重（Respect）的初心所在。" 在当前全球和中国经济步入存量时代，而科技革命驶入"快车道"的交叉口，拐点初现，把握新机。 本次新募集的基金矩阵，全面覆盖了嘉御资本前瞻布局的领域，包括AI基础建设、新消费产业、跨境 电商品牌出海、生命科技等多个核心赛道，旨在系统性地把握中美AI"软硬兼施"、全球供应链重构 及新消费范 ...

Core Insights - SuperX has appointed Huang Chenhong as Chairman, Executive Director, and CEO, effective December 1, 2025, bringing over 30 years of experience in key technology sectors [1][2] - Huang's previous roles include Chairman and President of Dell Greater China and Executive Vice President at SAP, where he significantly increased cloud revenue [1][2] - The appointment aligns with SuperX's mission to build end-to-end AI infrastructure, aiming to enhance product development cycles and solution competitiveness [2] Company Developments - Huang Chenhong emphasizes the shift in market demand towards integrated, end-to-end solutions, which he refers to as "AI factories" [2] - SuperX has recently undergone a series of executive appointments, including Frank Han as Executive Director and Roy Rong as Independent Director, enhancing its strategic and financial capabilities [2][3] - Frank Han's background in private equity and strategic investment will support SuperX's global capital operations, while Roy Rong's experience in financial governance will strengthen compliance and corporate governance [3] Future Leadership - In July 2025, SuperX's board will appoint Kenny Sng Hoe Ann as Chief Technology Officer, who has over 20 years of experience in infrastructure and AI [3]

Core Viewpoint - The recent financial guidance from major North American Cloud Service Providers (CSPs) indicates a significant increase in capital expenditures, reflecting strong growth potential in AI infrastructure [1] Group 1: Market Reactions - Baidu (BIDU.US) shares rose nearly 6%, while Alibaba (BABA.US) shares increased over 3% following the news [1] Group 2: Capital Expenditure Projections - TrendForce has revised the 2025 global capital expenditure growth rate for the eight major CSPs from 61% to 65% [1] - The total capital expenditure for these CSPs is expected to exceed $600 billion in 2026, representing a 40% year-on-year increase [1] Group 3: Individual CSP Insights - Google has raised its 2025 capital expenditure forecast to $91-93 billion to meet the surging demand for AI data centers and cloud computing [1] - Meta has also increased its 2025 capital expenditure estimate to $70-72 billion, with significant growth anticipated in 2026 [1] - Amazon has adjusted its 2025 capital expenditure forecast to $125 billion [1] - Microsoft has not disclosed complete annual details but expects its 2026 capital expenditure to exceed that of 2025 [1]

Core Viewpoint - The recent financial guidance from major North American cloud service providers (CSPs) indicates a strong growth trajectory in capital expenditures, driven by increasing demand for AI infrastructure, with a projected total capital expenditure exceeding $600 billion by 2026, reflecting a 40% year-on-year increase [1] Group 1: Market Performance - Baidu (BIDU.US) saw a nearly 6% increase in stock price, while Alibaba (BABA.US) rose over 3% [1] Group 2: Capital Expenditure Projections - TrendForce has revised the 2025 capital expenditure growth rate for the top eight CSPs from 61% to 65% [1] - The total capital expenditure for these CSPs is expected to exceed $600 billion in 2026, representing a 40% year-on-year growth [1] Group 3: Individual CSP Insights - Google has raised its 2025 capital expenditure forecast to $91-93 billion to meet the surging demand for AI data centers and cloud computing [1] - Meta has also increased its 2025 capital expenditure estimate to $70-72 billion, with significant growth anticipated in 2026 [1] - Amazon has adjusted its 2025 capital expenditure forecast to $125 billion [1] - Microsoft has not disclosed complete annual details but anticipates that its capital expenditure for the fiscal year 2026 will exceed that of 2025 [1]

Core Insights - TrendForce has revised the global capital expenditure (CapEx) growth rate for the top eight North American cloud service providers (CSPs) from 61% to 65% for 2025, with expectations of exceeding $600 billion in total CapEx by 2026, reflecting a 40% year-on-year increase driven by AI infrastructure growth [1][3] Group 1: CSPs Capital Expenditure - The eight major CSPs include Google, AWS, Meta, Microsoft, Oracle, Tencent, Alibaba, and Baidu [3] - Google has raised its 2025 CapEx forecast to $91-93 billion to meet the surging demand for AI data centers and cloud computing [3] - Meta has also increased its 2025 CapEx to $70-72 billion, with significant growth expected in 2026 [3] - Amazon has adjusted its 2025 CapEx estimate to $125 billion, while Microsoft anticipates higher CapEx in 2026 compared to 2025 [3] Group 2: Impact on AI Hardware and Supply Chain - The increase in CapEx by CSPs is expected to boost demand for AI servers, driving growth in upstream supply chains such as GPU/ASIC, memory, and packaging materials, as well as downstream systems like liquid cooling modules and power supplies [3][4] - NVIDIA's integrated solutions are projected to gain stronger growth momentum due to the increased CapEx from CSPs, with expected shipments of GB300 and VR200 models surpassing previous forecasts [4] - Oracle is expected to benefit significantly from North American government projects and cloud AI database leasing services [4] Group 3: Competitive Landscape - NVIDIA plans to launch a new generation of VR200 Rack, while AMD will promote its Helios integrated solution, which includes Venice CPU and MI400 GPU [4] - Meta is set to adopt both NVIDIA's GB/VR Rack and its self-developed ASIC solutions, planning a substantial 65% increase in its 2026 CapEx to $118 billion [5]

Group 1 - The global MLCC market is facing increased uncertainty in Q4 2025, impacting consumer and investment market confidence, which may pressure year-end consumer spending [1] - TrendForce forecasts a conservative inventory approach from OEM/ODM manufacturers, leading to a challenging outlook for consumer-grade MLCC orders, despite stable growth in high-end MLCC revenue [1] - Some smartphone brands are expected to reduce orders by 12-15% in Q4, while laptop demand is projected to decrease by 8-10% [1] Group 2 - The MLCC market is showing a clear polarization in supply, with major players like Murata, Taiyo Yuden, and Samsung benefiting from AI server and Apple new device demand, resulting in steady shipments [2] - Murata's MLCC shipments reached a historical high of over 140 billion units in September [2] - Other manufacturers are experiencing a decline in B/B Ratio due to weak demand for smartphones and laptops, prompting suppliers to adjust capacity and enhance automation to lower costs [2]

Core Insights - The global MLCC market is facing increased uncertainty in Q4 2025, impacting consumer and investment confidence, which may pressure year-end consumer spending [2] - Some smartphone brands have reduced Q4 orders by 12-15%, while laptop demand has decreased by 8-10% [2] - AI Server orders continue to grow but are concentrated among a few ODM manufacturers like Foxconn, Quanta, and Wistron [2] - The iPhone 17 series has seen unexpectedly strong shipments, leading to a 5% month-on-month increase in orders for MLCC suppliers like Murata and Taiyo Yuden, but this is insufficient to offset the overall market demand decline [2][3] - The MLCC market is polarized, with major players benefiting from AI Server and Apple product demand, while other manufacturers face weak demand in mobile and laptop sectors [3] Market Dynamics - Murata's MLCC shipments exceeded 140 billion units in September, setting a historical record [3] - The B/B Ratio (book-to-bill ratio) has declined significantly for other manufacturers due to cautious inventory management amid weak demand [3] - Suppliers are adjusting production capacity, enhancing automation, and sourcing local materials to reduce costs in response to market challenges [3] - The overall MLCC market is supported by AI infrastructure, but consumer electronics demand remains weak, exacerbated by global uncertainties [3] - It is anticipated that only high-end MLCC revenues will maintain steady growth, while the outlook for consumer-grade MLCC orders is bleak [3]

Core Viewpoint - The collaboration between MediaTek and NVIDIA on the GB10 super chip has sparked speculation about a potential acquisition of MediaTek by NVIDIA for $73 billion (approximately 521.34 billion RMB) [1][3]. Group 1: Collaboration and Market Speculation - The partnership between MediaTek and NVIDIA is characterized by complementary technologies and a close relationship, leading to market speculation about a possible acquisition [1]. - The GB10 chip combines MediaTek's CPU and storage design capabilities with NVIDIA's GPU design advantages, showcasing how NVIDIA integrates its Blackwell GPU with industry-standard interfaces [3]. Group 2: Acquisition Challenges - Industry experts believe that the rumored acquisition price of $73 billion is too low and would face significant regulatory scrutiny, particularly from Taiwan and mainland China, making approval unlikely [3][4]. - NVIDIA's previous attempt to acquire Arm for $40 billion was blocked due to antitrust concerns, indicating that a similar fate could await any potential acquisition of MediaTek [3]. Group 3: Strategic Importance of MediaTek - MediaTek is the third-largest company by market capitalization in Taiwan, following TSMC and Hon Hai, and plays a crucial role in Taiwan's semiconductor industry [4]. - The Taiwanese government is expected to conduct a thorough review of any acquisition attempts, especially in light of rising geopolitical tensions and a push for technological self-sufficiency [4]. Group 4: Implications for NVIDIA - NVIDIA has transitioned into an AI infrastructure company, shifting its core capabilities from chip design to system-level solutions, which may limit the benefits of acquiring MediaTek [4]. - The current supply chain for NVIDIA has expanded beyond traditional semiconductor manufacturing to include various components, indicating a shift in its operational focus [4].