1月8日，A股三大股指全天窄幅震荡集体收跌，其中，沪指跌0.07%报4082.98点，深成指跌0.51%报 13959.48点，创业板指跌0.82%报3302.31点，科创50指数涨0.82%报1455.17点；沪深两市成交额2.8万 亿，成交额连续4个交易日超2.5万亿，全市场超3700只个股上涨，其中111只个股涨停 盘面上市场热点快速轮动，商业航天概念集体爆发，二十余只成分股涨停，鲁信创投10天8板，金风科 技3连板。脑机接口概念延续强势，创新医疗、普利特、南京熊猫4连板。可控核聚变概念表现活跃，中 国一重、国机重装、中国核建2连板。AI应用概念走高，久其软件、宝信软件涨停。下跌方面，大金 融、稀土永磁、有色金属等板块跌幅居前。其中证券方向集体下挫，华林证券跌停。 热点板块 可控核聚变概念延续强势，中国核建、雪人集团、弘讯科技等多股2连板，百利电气等多股涨停。 中信建投证券研报认为，随着高温超导和人工智能技术突破赋能，政策红利和资本加持持续释放，大科 学装置建设成为各国发力重点，商业聚变项目也受到资本市场追捧。当前可控核聚变行业聚焦技术工程 化与商业可行性突破，建设大科学装置及实验堆催生大额订单，高价值 ...

1月2日，壁仞科技成功登陆港交所，以"港股国产GPU第一股"的身份正式亮相全球资本市场。 其开盘价35.70港币。 回溯招股阶段，这场资本盛宴便已经埋下伏笔。 从 1 2月2 2日启动招股至1 2月2 9日截止，一周时间，超4 7 . 6万散户涌入，最终录得2 3 6 3倍超额 认购，冻结资金高达5 7 9 6亿港元，毫无悬念跻身2 0 2 5年港股最热门新股行列。 公开发售端是散户的集体狂欢，而基石投资份额的争夺，则是顶级机构间的资源卡位战。 壁仞的基石份额引发超百倍认购热潮 ，最终敲定的 2 3家获配机构，合计拟认购2 8 . 9 9亿港元。 启明创投、平安人寿、上海景林、UBS、泰康人寿等顶级机构的联袂现身，让这份基石名单自 带行业风向标意义。 当散户的狂热与机构的坚定形成共振，市场对壁仞的资本共识已然清晰。 一、 为什么壁仞能赢？ 在投资人的语境中，张文是个极具辨识度的存在。 "不仅能够做极其清晰的战略规划，更可贵的是他能把规划一步步落地执行。"与张文合作过的 投资人对其评价道。 对于公司的融资进程，张文有极强的把控。整个融资预期，从每一轮的规划，到需要引进怎样 的机构，从设想到落地几乎 "八九不离十 ...

公众号记得加星标⭐️，第一时间看推送不会错过。 多年以后，2025年圣诞节这一天，会载入全球AI算力芯片产业发展史。 12月25日凌晨，英伟达和Groq宣布达成"非排他性授权协议"，以200亿美元（约合1400亿元）现金 价格购买一家"非GPU"架构企业的技术授权。 这场交易是英伟达有史以来规模最大的一笔"投资"，该公司将现金和短期持有资本606亿美元的三分 之一都给了这家公司，超出该公司此前估值的3倍，可见其必须拿下该项技术的决心。 这一激进动作背后，与近期谷歌TPU等"非GPU架构"的风头正劲密切相关。英伟达收购的这家芯片公 司Groq的创始人兼CEO，正是谷歌"TPU芯片"缔造者——乔纳森·罗斯（Jonathan Ross），收购后乔 纳森及Groq的核心技术成员也将集体加盟英伟达。 再来看非GPU派，包括ASIC（专用集成电路）和可重构数据流芯片，其中Groq LPU为可重构数据流 领域的"得意门生"，其精髓在于硬件能够根据瞬息万变计算任务动态重组，构建出高效专用通道，使 得AI芯片具备灵活性和专用集成电路高效性的优势。 早在2015年，可重构计算就被国际半导体技术路线图（ITRS）预见为"未来最具前 ...

Core Insights - The article highlights the recent approval of Hong Kong stock listing for three leading semiconductor companies: 澜起科技 (Lianqi Technology), 兆易创新 (Zhaoyi Innovation), and 豪威集成电路 (OmniVision Technologies), indicating the attractiveness of the Hong Kong market for core technology assets [1]. Group 1: Lianqi Technology - Lianqi Technology is the global leader in memory interface chips, planning to issue 130,204,100 shares, the largest among the three companies [3]. - The company has maintained its position as the top provider of DDR5 interface chips for six consecutive years, with a projected overall market share of 36.8% in 2024, and a DDR5 segment share of 40%-45%, leading international competitors by 6-12 months [3]. - Lianqi's "1+9" distributed buffer memory architecture has been adopted as an international standard by JEDEC, with the second-generation product set to launch in 2025, achieving a transmission speed of 12800MT/s and a performance increase of 45% [3]. - The funds raised from the Hong Kong listing will focus on enhancing AI computing chips and data center technology development, further solidifying its global market advantage [3]. Group 2: Zhaoyi Innovation - Zhaoyi Innovation has successfully penetrated the mainstream automotive supply chain with its automotive-grade products, and its DDR4 8Gb products are now in mass production [6]. - The company anticipates revenue contributions from LPDDR4 in the second half of 2025, with the funds from the Hong Kong listing primarily allocated to high-end automotive electronic chip R&D and expansion into the AI IoT market [6]. Group 3: OmniVision Technologies - OmniVision Technologies, a top semiconductor design company, plans to issue up to 73,670,200 shares [8]. - Founded in 1994 and listed on the Shanghai Stock Exchange in 2017, OmniVision is one of the few companies with both semiconductor R&D and distribution capabilities, owning well-known brands such as OmniVision, Will Semiconductor, and Superpix [8]. - The company's products, particularly in image sensors, are widely used in consumer electronics and automotive electronics, allowing it to maintain a significant position in the global market [8]. - The upcoming Hong Kong listing aims to attract international long-term capital, optimize the shareholder structure, and provide financial support for global business expansion [8].

Core Viewpoint - Tianyue Advanced (02631) has established business partnerships with over half of the top ten global power semiconductor manufacturers, focusing on high-quality silicon carbide substrates for power and RF devices used in electric vehicles, AI data centers, and photovoltaic systems [1] Group 1: Company Performance - Tianyue Advanced's stock rose over 6% in the afternoon session, currently up 5.09% at HKD 61.9, with a trading volume of HKD 215 million [1] Group 2: Industry Insights - Addressing the thermal management issues of CoWoS packaging is crucial for the development of AI computing chips [1] - If CoWoS replaces the interposer with SiC and follows a projected 35% compound annual growth rate over 28 years, it would require over 2.3 million 12-inch SiC substrates by 30 years, equivalent to approximately 9.2 million 6-inch substrates, significantly exceeding current production capacity [1]

Core Viewpoint - Tianyue Advanced (02631) has established business partnerships with over half of the top ten global power semiconductor manufacturers, focusing on high-quality silicon carbide substrates for power and RF devices used in electric vehicles, AI data centers, and photovoltaic systems [1] Group 1: Company Performance - Tianyue Advanced's stock rose over 6% in the afternoon session, currently trading at 61.9 HKD with a transaction volume of 215 million HKD [1] Group 2: Industry Insights - According to Huaxi Securities, addressing the thermal management issues of CoWoS packaging is crucial for the development of AI computing chips [1] - If CoWoS replaces the interposer with SiC and follows a projected 35% compound annual growth rate over 28 years, it will require over 2.3 million 12-inch SiC substrates by 2030, equivalent to approximately 9.2 million 6-inch substrates, significantly exceeding current production capacity [1]

Core Viewpoint - Tianyue Advanced (02631) has established business partnerships with over half of the top ten global power semiconductor manufacturers, focusing on high-quality silicon carbide substrates for power and RF devices used in electric vehicles, AI data centers, and photovoltaic systems [1] Group 1: Company Performance - Tianyue Advanced's stock rose over 6% in the afternoon, currently up 5.09% at HKD 61.9, with a trading volume of HKD 215 million [1] Group 2: Industry Insights - According to Huaxi Securities (002926), addressing the thermal management issues of CoWoS packaging is crucial for the development of AI computing chips [1] - If CoWoS replaces Interposer with SiC, and assuming a 35% compound annual growth rate (CAGR) over 28 years with a 70% replacement of SiC, it is projected that over 2.3 million 12-inch SiC substrates will be needed by 2030, equivalent to approximately 9.2 million 6-inch substrates, significantly exceeding current production capacity [1]

Group 1 - The core viewpoint of the news highlights significant movements in the semiconductor industry, particularly with the rise of domestic alternatives and the upcoming IPOs of leading GPU companies [1][3] - The semiconductor equipment ETF (561980) experienced a 2.08% increase, with notable gains from constituent stocks such as Changchuan Technology (up 7.32%) and Jinhai Tong (up nearly 6%) [1] - The announcement of the IPOs for domestic GPU leaders, Moore Threads and Muxi Co., indicates strong market interest, with issuance prices set at 114.28 yuan and 104.66 yuan per share, respectively [3] Group 2 - The National Artificial Intelligence Industry Investment Fund, established with a total scale of 60.06 billion yuan, signifies high-level strategic recognition and support for the domestic GPU sector [4] - The investment strategy of the National Fund aims to cover the entire AI industry chain, focusing on early-stage investments to build a self-sufficient AI computing foundation [4] - The anticipated large-scale funding from the IPOs is expected to drive technological research and capacity expansion in the upstream semiconductor industry, enhancing long-term demand for domestic equipment and materials [8] Group 3 - The semiconductor equipment ETF (561980) tracks the China Securities Semiconductor Index, with over 50% of its holdings in semiconductor equipment, and more than 90% in key areas of equipment, materials, and integrated circuit design [10] - As of December 3, the China Securities Semiconductor Index has seen a year-to-date increase of approximately 50%, with a maximum increase of over 80%, indicating strong performance compared to other semiconductor indices [10] - The global semiconductor equipment sales are projected to grow by 11% year-on-year by Q3 2025, reaching 33.66 billion USD, driven by robust investments in advanced technology, particularly in AI computing [8]

Group 1 - Semiconductor equipment stocks showed strong performance in early trading, with Northern Huachuang rising over 7%, Zhongwei Company and Tuojing Technology increasing over 6%, and Changchuan Technology up over 4% [1] - Related semiconductor equipment ETFs rose by more than 3% [1] - Major brokerages indicate that AI computing power chips remain the core growth engine of the sector, benefiting leading companies from the explosive demand for AI servers, resulting in both revenue and profit growth [2] Group 2 - The performance of core companies related to AI edge chips is also impressive [2] - In the long term, under the guidance of the "14th Five-Year" technology self-reliance strategy, the verification and introduction process of domestic high-end chips is expected to accelerate, with clear incremental space [2]

Core Viewpoint - Hai Liang Co., Ltd. has signed a strategic cooperation agreement with Westlake University to establish the "Advanced Metal Materials and Manufacturing Joint Laboratory," marking a significant step in the integration of industry, academia, and research [1][3]. Group 1: Strategic Partnership - The partnership aims to enhance collaboration between Hai Liang Co., Ltd. and Westlake University, focusing on advanced metal materials and manufacturing [1]. - The unveiling of the joint laboratory was witnessed by key leaders, including Westlake University's President Shi Yigong and Hai Liang's Chairman and President Feng Luming [1]. Group 2: Research Focus - The laboratory will concentrate on cutting-edge areas such as liquid metal technology and copper-based thermal management structures, addressing the thermal management needs of high-growth applications like AI computing chips, data centers, robotics, and new energy vehicles [3]. - The research efforts will be led by Dr. Tang Jianbo's team from Westlake University's School of Engineering, who has previously established a new metal and manufacturing laboratory focusing on liquid metal materials science [3].