2026年1月7日早盘，A股存储芯片板块开盘领涨，普冉股份20cm涨停，股价创历史新高，恒烁股份、聚 辰股份、江波龙、香农芯创、联芸科技等涨超10%。 海外动态方面，AMD在CES展会上发布了公司的MI455 GPU芯片，称基于该芯片的系统在性能指标上 实现了巨大飞跃。SK海力士在CES上首次展示了容量为48GB的16层HBM4，这是其新一代高带宽内存 （HBM）产品。该芯片是容量为36GB的12层HBM4的下一代产品，目前正根据客户的进度表进行同步 开发。此外，今年将主导市场的容量为36GB的12层HBM3E也同步在展会上亮相。 半导体设备ETF广发(560780)：紧密跟踪中证半导体材料设备主题指数，根据申万三级行业分类，指数 重仓半导设备超60%、半导体材料超20%，合计权重超80%。涵盖中微公司、北方华创、拓荆科技等设 备龙头公司。场外联接(A：020639；C：020640)。 此外，半导体材料国产化进程正在加速推进，尤其是在高性能计算和先进封装驱动下，对CMP抛光材 料、光刻胶、前驱体等关键材料的需求不断提升。中银证券指出，尽管中国半导体材料整体国产化率仍 较低——晶圆制造材料不足15%、封装材料 ...

Core Viewpoint - The successful listing of Wallen Technology marks a significant milestone for domestic GPU companies, highlighting the critical need for China to establish its own computing power supply capabilities in the context of AI becoming a key driver of the global economy [1][22]. Market Overview - The global intelligent computing chip market is projected to grow from $6.6 billion in 2020 to $119 billion by 2024, with a compound annual growth rate (CAGR) of 106%, and expected to reach $585.7 billion by 2029, maintaining a CAGR of 37.5% from 2024 to 2029 [2]. - China's intelligent computing chip market is anticipated to reach $201.2 billion by 2029, with a CAGR of 46.3% from 2024 to 2029, significantly outpacing the global average [3]. Competitive Landscape - The intelligent computing chip market is highly concentrated, with NVIDIA dominating globally, while the top two players in China are expected to hold 94.4% of the market share by 2024, leaving over 15 participants with less than 1% each [3][4]. - In the GPGPU sector, the top two players are projected to account for 98% of the market share in 2024, indicating a significant concentration of power [4]. Technological Innovation - Wallen Technology adopts a Chiplet architecture, which allows for greater flexibility, scalability, and cost efficiency, addressing the challenges of rising costs and declining yields in traditional single-chip designs [6][10]. - The BR166 GPGPU chip, utilizing Chiplet technology, demonstrates a twofold improvement in key performance metrics compared to its predecessor, the BR106 [6][9]. System-Level Delivery - Wallen Technology emphasizes its system-level delivery capabilities rather than just chip performance, positioning itself as a provider of comprehensive intelligent computing solutions rather than merely a GPU supplier [10][13]. - The company has developed a complete hardware ecosystem that includes PCIe, OAM, and server products, along with a self-developed software platform to optimize performance and manage large-scale GPGPU clusters [12][13]. Financial Performance - Wallen Technology's revenue grew from 62 million yuan in 2023 to 336.8 million yuan in 2024, representing a growth of over 400%, with continued growth into 2025 [16][17]. - The company recorded gross profits of 47.4 million yuan and 179.2 million yuan in 2023 and 2024, respectively, with gross margins of 76.4% and 53.2% [18]. Research and Development - Wallen Technology has maintained high R&D expenditures, with 1.018 billion yuan in 2022, 886 million yuan in 2023, and 827 million yuan in 2024, reflecting a commitment to innovation in a capital-intensive industry [19][21]. - The company is advancing its next-generation flagship data center chip, BR20X, expected to be commercialized in 2026, which aims to enhance efficiency in large model training and inference [21]. Conclusion - The success of Wallen Technology's listing and its strategic focus on engineering solutions and system-level delivery reflect a broader trend in the Chinese GPU industry towards achieving self-sufficiency in computing power, essential for supporting the digital economy [22].

Core Viewpoint - The article discusses the investment potential of Birun Technology, highlighting its unique position in the domestic GPU market and the disparity in valuation between A-share and Hong Kong markets [2][3][20]. Group 1: Market Performance and Valuation - On its first day of trading, Birun Technology's stock price surged to a high of HKD 42.88 per share, representing an increase of over 112.55% from the issue price of HKD 19.6, with a peak market capitalization of HKD 102.7 billion [2]. - In the A-share market, domestic GPU companies are currently in a high valuation range, with companies like Moer Thread and Muxi maintaining market caps in the thousands of billions [2]. - The valuation of Birun Technology in the Hong Kong market is relatively discounted compared to its A-share counterparts, primarily due to differing pricing anchors between the two markets [2][7]. Group 2: Investment Thesis - Birun Technology stands at a critical juncture, embodying both the narrative of a "scarce domestic GPU asset" and the need for a more commercial evaluation [3]. - The past three years have seen the domestic GPU sector transition from "PPT chip design" to "commercialization," with Birun's IPO symbolizing this shift [3]. - The company has a significant order backlog valued at approximately RMB 1.24 billion, nearly four times its projected revenue for 2024, indicating a strong revenue outlook [9]. Group 3: Competitive Advantages - Birun Technology's competitive edge is built on four dimensions: the engineering implementation of Chiplet architecture, the stability of its kilowatt cluster, pragmatic ecosystem compatibility, and a rich product pipeline [12][13]. - The Chiplet technology is crucial for enhancing computing density, allowing Birun to produce high-performance chips while circumventing physical limitations [14]. - The company's kilowatt cluster has demonstrated the ability to operate continuously for over five days without failure, a critical factor for large-scale AI model training [15]. Group 4: Future Prospects - Birun's next-generation flagship product, the BR20X series, is expected to be commercialized in 2026, targeting key pain points in the large model era [19]. - The Chinese government continues to support the AI industry, viewing intelligent computing chips as essential infrastructure, which is expected to drive domestic GPU adoption in key sectors [20]. - The global smart computing chip market is projected to grow significantly, with the Chinese market expected to expand from USD 30.1 billion in 2024 to USD 201.2 billion by 2029, indicating substantial growth potential for domestic GPU manufacturers [20].

结论与建议： 盈利预测：公司从五年前开始布局Chiplet 技术及其在生成式人工智能和智慧驾驶上的应用，并持续开 拓增量市场和具有发展潜力的新兴市场，拓展行业头部客户，未来有望实现业绩高速增长。我们预计公 司2025-2027 年营收30.6 亿元、54.1 亿元和84.7 亿元，YOY 分别增长32%、77%和57%，实现净利润 0.26 亿、2.7 亿元和6.4 亿元，EPS 分别为0.05元、0.51 元和1.21 元，目前股价对应2027 年PS 8 倍，考 虑到公司业绩潜力较大，维持买进建议。 公司公告，4Q25（10 月至12 月25 日）新签订单25 亿元，较4Q25 全期增长130%，环比3Q25 全期增长 56%。公司及行业高速增长趋势得到进一步验证。展望未来，互联网厂商持续增加AI 算力投入，打造 更为强大的计算体系，将加速互联网厂商在专用处理芯片ASIC 领域的布局，公司有望从行业变革中持 续受益。目前公司股价对应2027 年PS（市销率）8 倍，公司股价近期因股东减持及解禁股流通而调整 较多，构成长期买入机会，维持买入建议。 风险提示：AI 领域下游需求不及预期 大基金减持，长期影响有 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [8][12]. Core Insights - The company announced a significant increase in new orders for Q4 2025, totaling RMB 2.5 billion, which represents a 130% year-over-year growth and a 56% quarter-over-quarter increase. This growth is primarily driven by demand for AI-related chip solutions [8][11]. - The company is expected to benefit from the ongoing transformation in the industry, particularly as internet companies increase their investments in AI computing capabilities [8]. - Despite a recent decline in stock price due to shareholder reductions, this presents a long-term buying opportunity as the company's fundamentals remain strong [8][11]. Summary by Sections Company Information - The company operates in the electronics industry, with a current stock price of RMB 127.90 as of December 26, 2025. The stock has seen a 12-month high of RMB 216.77 and a low of RMB 44.47. The total market capitalization is approximately RMB 640.78 billion [2]. Recent Ratings - The company has consistently received "Buy" ratings in recent reports, with the latest rating issued on August 25, 2025 [3]. Product Mix - The company's revenue sources include 43.4% from chip volume business, 33.5% from IP licensing fees, 17.8% from chip design services, and 5.3% from royalties [4]. Financial Forecast - The company is projected to achieve revenues of RMB 30.6 billion, RMB 54.1 billion, and RMB 84.7 billion for the years 2025, 2026, and 2027, respectively, with year-over-year growth rates of 32%, 77%, and 57% [11]. - Net profits are expected to turn positive in 2025, with projections of RMB 0.26 billion, RMB 2.7 billion, and RMB 6.4 billion for the years 2025, 2026, and 2027, respectively [10][11].

近日，国泰海通证券提交了《芯耀辉科技股份有限公司首次公开发行股票并上市辅导工作完成报告》。从 2025 年 3 月签署辅导协议，到 4-11 月两期辅导 落地，芯耀辉的上市进程展现了抢占算力时代话语权的缩影。 | | | 公开发行辅导公示 | | 辅导对象 | 辅导机构 派出机构 | 备案时间 辅导状态 | 报告类型 | 报告标题 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | - | 北京 | 天津 | | 伏达半导体 (合肥) 股份有 | 国泰海通证券股份有限公司 安徽证监局 | 2025-12-26 辅导备案 | 辅导备案报告 | 关于伏达半导体( ... | | | | | | 限公司 | | | | | | - | 河北 | - | 山西 | | | | | | | | | | | 铁岭贵鑫环保科技股份有限 | 开源证券股份有限公司 辽宁证监局 | 2025-12-25 辅导备案 | 弹合餐室报告 | 关于铁岭蛊鑫环保 ... | | - | 内蒙古 | | 辽宁 | 公司 | | | | | | - | 吉林 | 黑龙江 | ...

长江商报消息 ●长江商报记者 沈右荣 "中国半导体IP第一股"芯原股份（688521.SH）发布的两份公告，引发市场关注。 12月26日晚，芯原股份发布的第一份公告为，2025年第四季度尚未结束，公司已经新签订单近25亿元，较2024年 第四季度猛增约1.3倍。其中，AI算力相关订单占比超84%。 芯原股份发布的第二份公告，则是股东减持。国家集成电路产业投资基金股份有限公司（简称"大基金"）计划在 未来三个月减持不超过公司1.7%的股份。这是大基金首次抛出减持计划。 芯原股份上市之前的2018年12月，公司引进大基金作为战略投资者，如今，大基金已经陪伴了7年。 值得一提的是，本次大基金减持，可能与芯原股份联合投资有一定关系。 12月12日，芯原股份公告，联合大基金等投资方收购逐点半导体（上海）股份有限公司（简称"逐点半导体"）的 控制权，交易完成后，芯原股份将取得目标公司控制权。 此举，芯原股份称，将优化公司产业布局，提升综合竞争力。 第四季度订单猛增 芯原股份签下的订单迅猛增长，预示着公司未来发展向好。 12月25日晚，芯原股份发布新签订单的自愿性披露公告。2025年10月1日至12月25 日，芯原股份新签 ...

美国宣布要对我们的芯片加税，这消息一出，很多人心里咯噔一下。但你知道吗？他们这看似凶狠的一拳，可能非但没打疼我们，反而帮我们理清了思路， 逼着我们跑得更快了。更关键的是，他们一边喊着要加税，一边却又悄悄允许英伟达继续卖AI芯片给我们。这种自相矛盾的操作，恰恰暴露了他们底气不 足，他们根本离不开中国市场。 为什么这么说？因为中国早就是全球芯片产业绕不开的核心。2024年，中国半导体设备的支出就占了全球市场的42.3%。全球超过三分之一的芯片都卖到了 中国，而封装测试这种关键环节，中国更是占了全球产能的一半以上。高通、博通这些美国芯片巨头的收入，很大一部分都来自中国。如果真的彻底"断 供"，先扛不住的恐怕不是我们，而是他们自己。就连英伟达这样的行业霸主，也得私下向白宫求情，生怕丢了这块大市场。 所以你看，美国把加税的时间定在了2027年6月，提前将近两年放出风声。这根本不是立刻要动手，更像是一种"预告式施压"。他们想用关税大棒吓唬人， 又怕真打下来砸了自己的脚。这种套路，在光伏和新能源汽车领域，我们早就见识过了。 那么，他们这次为什么把矛头特别对准了28纳米及以上的"成熟制程"芯片呢？以前他们不是总盯着最尖端的7 ...

尤其是，公司基于领先的六大处理器IP和先进的芯片定制能力，不断强化公司在AI ASIC领域的核心竞 争力，下游应用领域涵盖数据中心、服务器等高性能云侧计算设备以及实时在线、超低能耗的端侧设 备；不仅在AI PC、AI手机等存量市场，而且在AI眼镜、AI玩具、AI Pad等增量市场开发更先进的核心 IP，打造更完整的芯片设计平台。 芯原股份介绍，公司早在十年前即率先投入基于FD-SOI工艺的芯片设计平台的研发，前瞻性布局边缘 AI设备领域；五年前，公司开始布局Chiplet技术的研发，在基于Chiplet的生成式人工智能大数据处理和 高端智驾两大赛道已实现领跑；三年前，芯原帮国际互联网企业做AR眼镜系统芯片，积累了关键项目 经验；去年起，公司开始将AI技术应用于新兴的玩具与互动娱乐领域，开拓AI端侧的增量市场。 12月26日晚间，芯原股份披露最新订单情况，公司第四季度新签订单金额再创历史新高，且其中AI算 力相关订单占比超84%。 AI ASIC需求带动 新签订单再创历史新高 AI ASIC龙头企业芯原股份公告，10月1日至12月25日，公司新签订单24.94亿元，较去年第四季度全期 大幅增长129.94%，较 ...

Core Viewpoint - Wallen Technology is set to become the first general-purpose GPU company to list on the Hong Kong Stock Exchange, highlighting its strategic importance in the ongoing global AI revolution and the increasing demand for computing power [1][13]. Group 1: Company Overview - Wallen Technology has signed framework sales agreements and contracts exceeding 1.2 billion yuan, with clients including nine Fortune China 500 companies, five of which are also on the Fortune Global 500 list [3][15]. - The company has developed five core technologies, including GPGPU architecture and system-on-chip (SoC) design, to create a comprehensive intelligent computing solution for the domestic AI industry [3][15]. Group 2: Technological Innovations - Wallen Technology stands out in SoC design, hardware systems, and cluster deployment optimization compared to other domestic computing power manufacturers [5][17]. - The company is the first in China to use 2.5D chiplet technology for packaging dual AI computing bare chips, enhancing overall chip performance [5][17]. - The BR166 chip, set to launch in 2025, will utilize advanced chiplet technology, significantly increasing transistor count and overall performance [5][19]. Group 3: Market Demand and Financial Performance - Wallen Technology's revenue has shown rapid growth, with figures of approximately 500,000 yuan in 2022, 62.03 million yuan in 2023, and 337 million yuan projected for 2024 [8][20]. - Despite the revenue growth, the company remains in a loss position, with adjusted net losses narrowing from 1.038 billion yuan in 2022 to 767 million yuan in 2024 [8][20]. - As of December 15, 2025, Wallen Technology has secured sales agreements worth approximately 1.2407 billion yuan, providing a solid foundation for future revenue growth [8][20]. Group 4: Strategic Partnerships and Client Base - Wallen Technology has established strategic partnerships with key industries, including AI data centers and telecommunications, to meet unique client needs [10][22]. - The company has provided solutions to nine Fortune China 500 companies, with five also listed in the Fortune Global 500 [10][22]. Group 5: Management Team and Market Potential - The management team includes experienced professionals, such as CEO Zhang Wen and Chief Architect Hong Zhou, who bring extensive expertise in law, finance, and technology [11][23]. - The Chinese intelligent computing chip market is projected to grow from 1.7 billion USD in 2020 to 30.1 billion USD by 2024, with a CAGR of 105% [11][23]. Group 6: Future Product Roadmap - Wallen Technology plans to launch the next-generation BR20X series in 2026, targeting the global high-end cloud market [12][24]. - The company holds a substantial patent portfolio, with 613 patents and 972 pending applications related to its next-generation technologies [12][24].