瑞财经 吴文婷12月7日，百度集团发布公告称，公司注意到，于2025年12月5日有媒体报道公司拟分拆非全资附属公司昆仑芯(北京)科技有限公司进行独立上 市。 公司表示，目前正就拟议分拆及上市进行评估。倘进行拟议分拆及上市，将须经相关监管审批程序，而公司并不保证拟议分拆及上市将会进行。 | HK$121.6 +5.8 +5.01% [2 ~ | | --- | 此前12月5日，有媒体援引知情人士消息称，百度旗下AI芯片企业昆仑芯已正式启动香港上市筹备工作，计划最早于2026年一季度向港交所递交上市申请， 目标在2027年初完成IPO，其最新一轮融资估值已达约210亿元人民币。 | > | © 企 音音 ··· 昆仑芯 | | | | | --- | --- | --- | --- | --- | | 融资历程 | 退出方信息 基本信息 | 核心人员 | | 上杉 | | 融资历程 | | | 股东信息 > | | | 2025-07-23 ● 融资 2.83亿美元 | | | | | | C轮 | 估值 210亿元 | | | | | 相关新闻 > | 中银金融、中金资本、中国银河证券、 | | | | | | ...

Core Viewpoint - Intel is experiencing a resurgence under new CEO Lip-Bu Tan, focusing on artificial intelligence (AI) to recover from past setbacks and missed opportunities [1][2][3]. Intel's Recovery Strategy - The initial step in Intel's turnaround involved eliminating unnecessary bureaucracy by flattening the organizational structure [5]. - A renewed focus on AI, particularly on AI inference, has been prioritized, with Mr. Tan stating that inference will be a larger market than AI training workloads [6][7]. - Mr. Tan has taken direct oversight of the AI division following the departure of the previous AI leader, indicating a strong commitment to AI success [8]. Financial Performance - Intel secured significant funding, including an $8.9 billion investment from the U.S. government and a $2 billion contribution from SoftBank Group, alongside a $5 billion investment from Nvidia [10][11]. - In the first half of 2025, Intel's revenue was flat at $25.5 billion with a net loss of $3.7 billion, but by the third quarter, revenue increased by 3% year over year to $13.7 billion, resulting in a net income of $4.1 billion, a 124% increase from the previous year's loss [11][12]. Investment Considerations - Under Mr. Tan's leadership, Intel appears to be a promising long-term investment in AI, but the stock price has surged, leading to a high valuation [13][16]. - The price-to-earnings (P/E) ratio has increased significantly, making it less favorable for immediate investment compared to competitors like Taiwan Semiconductor Manufacturing Company, which has a P/E ratio of 30 [14][16].

Group 1 - The core viewpoint is that technology remains the strongest driving force, with significant improvements in self-reliance and core technology breakthroughs in key areas, leading to deep integration of technological and industrial innovation [1] - The AI industry chain shows a consistent performance advantage in the computing power segment for three consecutive quarters, indicating a clear trend of industrial prosperity, with the computing power sector being the highest and most sustainable profit growth area [1] - There is a substantial demand gap for computing power in the future, and the high prosperity will continue to drive profits upward, with domestic computing power chains expected to have greater potential as the Sino-US computing power competition intensifies [1] Group 2 - The energy storage chain is experiencing unexpected upward prosperity, likely to continue due to increased power consumption driven by AI computing power, which boosts the overall prosperity of the energy storage chain [1] - The storage sector is entering a long-term upward cycle, supported by supply-demand and structural contradictions that sustain long-term prosperity in storage [1] - The Science and Technology Innovation Board 100 ETF (588120) tracks the Science and Technology Innovation 100 Index (000698), which has a daily fluctuation of 20%, reflecting the overall performance of 100 mid-cap securities in the Science and Technology Innovation Board [1]

来源：@新财富杂志微博 【#百度回应拟分拆昆仑芯赴港上市#：正在评估，不保证上市】12月7日晚间，百度集团港股公告，公 司注意到于2025年12月5日有媒体报道公司拟分拆非全资附属公司昆仑芯(北京)科技有限公司进行独立 上市。公司澄清目前正就拟议分拆及上市进行评估。若进行分拆及上市，将须经相关监管审批程序，而 公司并不保证分拆及上市将会进行。天眼查显示，昆仑芯是由百度内部孵化的AI芯片公司，于2021年4 月完成独立融资，首轮估值约130亿元，百度为控股股东，持股比例为59.45%。截至2025年7月，昆仑 芯已经历了D轮融资，投资方包括上河动量资本、山证投资、国新基金下属的高层次人才基金、中移和 创等。 ...

Summary of Key Points from Conference Call Industry Overview - **Industry**: Technology - Asia-Pacific, specifically focusing on semiconductor and hardware materials - **Key Companies**: EMC (Elite Material), TUC (Taiwan Union), MPI (Microchip Technology), GUC (Global Unichip) Core Insights and Arguments 1. **Rising Demand for TPU**: Anticipated increase in demand for Tensor Processing Units (TPU) through 2026/27, leading to upgrades for GUC and WT Micro to "Buy" ratings due to their potential benefits from Google's in-house ASIC supply chain [1] 2. **EMC's Position**: EMC is highlighted as a major supplier in the Copper Clad Laminate (CCL) space for PCBs, with a projected 10% increase in 2027E EPS and a price objective (PO) raised to NT$1,950 based on a 26x P/E ratio [2] 3. **TUC's Growth Potential**: TUC is expected to benefit from increased demand for networking boards and has a 4% increase in 2027E EPS, with a new PO of NT$565 based on a 23.5x P/E ratio [3] 4. **MPI's Contribution**: MPI is projected to contribute to TPU v8 in 2027, with a 1% increase in 2027E EPS and a new PO of NT$2,900 based on a 35x P/E ratio [4] Financial Estimates and Changes - **EMC Financials**: - 2027E EPS raised by 10% - New PO: NT$1,950 (previously NT$1,650) - Expected 40%+ CAGR in net income from 2025-27 [10][13] - **TUC Financials**: - 2027E EPS raised by 4% - New PO: NT$565 (previously NT$480) - Expected high-20% CAGR in revenue from 2025-27 [14][16] - **MPI Financials**: - 2027E EPS raised by 1% - New PO: NT$2,900 (previously NT$2,450) - Expected growth in total sales to NT$24,945 million by 2027 [17][18] Additional Important Information - **Valuation Method Changes**: The valuation multiples for EMC and TUC have been increased, while MPI's valuation base has been rolled over to 2027E [9] - **Consensus Comparison**: BofA's estimates for 2027E EPS are significantly above consensus for all three companies, indicating a more optimistic outlook based on stronger revenue growth assumptions [11][15][18] - **Market Dynamics**: The report emphasizes the structural growth in the underlying markets for these companies, suggesting a favorable environment for continued investment [1] This summary encapsulates the key points from the conference call, focusing on the industry dynamics, company-specific insights, financial estimates, and important disclosures.

Group 1 - The rental price of robots has significantly decreased to start from 1,000 yuan [2] - Chipong Micro has launched 12 power chips aimed at AI servers and industrial control sectors [3] - Weike Technology primarily provides products such as robot motor insulation end parts, gear motors, and shells, and has achieved mass production sales [4] Group 2 - Shanghai has released ten core achievements in the "Artificial Intelligence + Transportation" initiative [1]

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" [7] Core Insights - DeepSeek has launched the V3.2 model, enhancing its reasoning capabilities to a globally leading level, suitable for everyday use in Q&A and general agent tasks [12][27] - The V3.2 model achieved performance comparable to GPT-5 in benchmark tests, slightly below Gemini-3.0-Pro, while significantly reducing output length and computational costs [12][27] - The introduction of the DSA (DeepSeek Sparse Attention) mechanism reduces context computation costs, changing complexity from O(L²) to O(Lk), where k is a fixed value of 2048 [13][14] - The report highlights the launch of the Doubao mobile assistant, which integrates AI capabilities into mobile operating systems, allowing users to perform complex tasks with voice commands [15] Summary by Sections Industry Performance - The computer sector underperformed relative to the Shanghai Composite Index, with a 1-month relative return of -5.4% and a 3-month return of -4.5% [5][16] - The computer sector index ranked 25th among 30 industry indices, indicating weaker performance [19] Important Industry News - Google’s TPUv7 has begun to challenge NVIDIA's dominance in AI chips, marking a significant shift in the competitive landscape [25] - The 2025 World Computing Conference showcased advancements in computing systems, emphasizing the importance of system capabilities over individual card performance [26]

Core Viewpoint - Baidu is evaluating the potential spin-off and independent listing of its subsidiary Kunlun Chip, with no guarantee that the process will proceed [1][10]. Company Overview - Kunlun Chip, an AI chip company incubated by Baidu, completed its first round of independent financing in April 2021, with an initial valuation of approximately 13 billion RMB, where Baidu holds a 59.45% stake [3][4]. - As of July 2025, Kunlun Chip has undergone D-round financing, attracting investments from various firms including Shanghe Dongliang Capital and China Mobile Innovation [3]. Financial Performance - Kunlun Chip's revenue is projected to exceed 1 billion RMB in 2024, surpassing other AI chip companies that have filed for or completed IPOs [10]. - Morgan Stanley forecasts that Kunlun Chip's revenue will increase from approximately 1.3 billion RMB in 2025 to 8.3 billion RMB in 2026, representing a sixfold growth [10]. Market Reaction - Following the announcement regarding the potential spin-off, Baidu's stock experienced a significant increase, rising nearly 8% at one point before closing up over 5%, with a market capitalization of 334.4 billion HKD [10].

值得注意的是，DeepSeek创始人梁文锋旗下的基金幻方量化也认购了700.59万元。按摩尔线程发行价114.28元/股计算，幻 方量化持有6.13万股，上市首日这笔股份价值已达3681万元，收益率达425%。此次发行后，摩尔线程总股本为4.7亿股， 发行市值达537亿元，如今上市首日更是直接翻了近五倍，带给早期投资者超千倍的回报。按张建中直接和间接持有的 5092万股计，其个人身价也已超过300亿元。 格隆汇12月7日｜据搜狐，国产GPU第一股正式落地！12月5日，"中国版英伟达"摩尔线程正式在科创板上市，开盘一度暴 涨468%，市值超过3000亿元，收盘市值回落至2823亿元。这家公司也成今年最赚钱新股，一签可赚约27万。摩尔线程此 次上市募资80亿元，配售名单可谓豪华，包括泰康资管、、等险资巨头，以及易方达基金、招商基金、证券等十多家公募 和；中国、北京电控产业投资等多家国资，以及美团等则参与了战略配售。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容的准 确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： ...

Core Insights - The artificial intelligence (AI) revolution is accelerating, with significant investments in AI chatbots and agents leading to a major refresh of IT infrastructure [1][2] - Hyperscalers are investing hundreds of billions in AI-related technologies, indicating a massive retooling of IT budgets reminiscent of the early internet era [2][3] - Major cloud providers like Amazon AWS, Microsoft Azure, Google Cloud, and Meta Platforms are projected to increase their spending from approximately $100 billion in 2023 to over $300 billion by 2025, potentially exceeding half a trillion dollars in the coming years [3] Company Investments - Fidelity Investments has highlighted that large funds, including its own $5.9 trillion in assets, are heavily investing in AI stocks, reflecting a strong belief in the profitability of AI advancements [4] - The AI boom has attracted significant interest from institutional investors, with Fidelity portfolio managers identifying top AI stocks that are expected to benefit from this trend [4] Market Performance - Despite skepticism regarding the pace of spending by big-cap tech companies, there are signs that these investments are beginning to yield returns [5][6] - Members of the "Magnificent Seven" (Nvidia, Microsoft, Apple, Alphabet, Amazon, Meta, and Tesla) are experiencing earnings growth in the mid-20% range, significantly outpacing the mid-single-digit growth of the broader S&P 500 [7] - Alphabet and Meta, which together account for nearly 50% of Fidelity's Select Communication Services Portfolio, are already profiting from AI improvements, generating a combined $500 billion in digital ad sales [7]