Core Viewpoint - Biren Technology, known as one of the "Four Little Dragons of Domestic GPUs," is making significant strides towards becoming the first GPU stock in Hong Kong, with plans to issue 247,692,800 H-shares priced between HKD 17.00 and HKD 19.60, potentially raising up to HKD 48.55 billion [1][2][6]. Group 1: IPO Details - The company plans to issue 247,692,800 H-shares, with 95% allocated for international sale and 5% for public sale in Hong Kong [2][4]. - The expected trading date for the H-shares on the Hong Kong Stock Exchange is January 2 of the following year [1]. - The entry fee for retail investors is approximately HKD 3,959.54 for a minimum purchase of 200 shares at the upper price limit [4]. Group 2: Financial Performance - Biren Technology has shown explosive revenue growth, with revenues of RMB 0.499 million in 2022, RMB 62.03 million in 2023, and projected RMB 336.8 million in 2024 [10][11]. - Despite revenue growth, the company has faced significant losses, with net losses of RMB 14.74 billion in 2022, RMB 17.44 billion in 2023, and RMB 15.38 billion in 2024 [10][11]. - The company has accumulated a backlog of orders valued at approximately RMB 821.8 million and has signed framework agreements worth RMB 1.24 billion, indicating potential future revenue [6][9]. Group 3: Market Position and Competition - The smart computing chip market presents both opportunities and challenges, with expectations for market share growth from 20% in 2024 to 60% by 2029 [14]. - The market is highly concentrated, with the top two players expected to hold 94.4% of the market share by 2024, leaving limited space for other competitors [14]. - Biren Technology's core business focuses on developing general-purpose graphics processing unit (GPGPU) chips and AI computing solutions, integrating proprietary hardware and software [6][12]. Group 4: Investment and Future Plans - The funds raised from the IPO will primarily be used to enhance core competitiveness, focusing on the development of next-generation chips like BR20X and BR30X [6][12]. - The company has received substantial backing from notable investors, raising over RMB 9 billion since its inception, with plans to initially list on the A-share Sci-Tech Innovation Board before opting for the Hong Kong market [15]

（原标题：【早知道】我国实现新一代光计算芯片研究新突破；智谱正式披露招股书） 人民财讯12月22日电，【摘要】国家网信办会同中国证监会深入整治涉资本市场网上虚假不实信息。 《互联网平台价格行为规则》印发。我国科学家实现新一代光计算芯片研究新突破。商务部：深化外商 投资促进体制机制改革，优化自由贸易试验区布局范围。我国首块L3级自动驾驶专用正式号牌颁发。 央行发布《金融机构客户受益所有人识别管理办法》。突破250亿元，2025年成中国影史动画电影票房 最高一年。智谱正式披露招股书，或将成"全球大模型第一股"。 ...

Group 1 - The core viewpoint of the article is that Wallran Technology (06082), known as the "first GPU stock in Hong Kong," has commenced its public offering on December 22, with an expected issuance of 247.69 million shares at a price range of HKD 17.00 to HKD 19.60 per share, aiming to raise between HKD 4.21 billion and HKD 4.85 billion [1] Group 2 - Wallran Technology's revenue is projected to grow significantly from RMB 499,000 in 2022 to RMB 337 million by 2024, reflecting a compound annual growth rate (CAGR) of 2500% [1] - The company has successfully developed and mass-produced two chip models, BR106 and BR110, and is set to launch a higher-performance chip, BR166, which is expected to begin mass production in 2025 [1] - Wallran Technology plans to introduce next-generation flagship data center chips, the BR20X and BR30X series, based on a second-generation architecture [1]

Core Viewpoint - The US stock market is expected to remain volatile in 2024, driven by investor FOMO regarding AI and concerns about a potential bubble [1][3] Group 1: Market Trends - The past 18 months have been characterized by significant sell-offs and rapid rebounds in the US stock market, a trend that may continue until 2026 [1] - The core of the AI investment boom is technology companies, which have a substantial impact on market dynamics [1] - Despite the divergence in performance between tech stocks and other sectors of the S&P 500, the rise in tech stocks has mitigated overall market volatility [1] Group 2: Volatility Indicators - The Chicago Board Options Exchange Volatility Index (VIX) is expected to rise sharply if declines in chip stocks spread [1] - UBS strategist Kieran Diamond notes that 2025 will be dominated by market rotation and a few leading stocks, rather than a broad risk-on or risk-off sentiment [1] - The anticipated volatility in 2026 is attributed to the instability that often accompanies asset bubbles [3] Group 3: Investment Strategies - Holding Nasdaq 100 volatility contracts is seen as a key strategy for managing dual risks in the current market environment [3] - UBS's Maxwell Grinacoff emphasizes that betting on volatility in the Nasdaq 100 index will outperform in any scenario [3] - The popularity of dispersion trading strategies, which bet on rising individual stock volatility and shrinking index volatility, is expected to increase [9] Group 4: Market Dynamics - The influx of capital into dispersion strategies is likely to keep demand for individual stock volatility relatively high [11] - Investors are exploring various strategies to gain a competitive edge, as traditional dispersion strategies have become widely known [9][11] - A basic volatility mechanism model has been introduced to dynamically switch between long and short volatility trades [11][12] Group 5: Economic Factors - The overall low leverage of US corporations and the onset of a new re-leveraging cycle driven by AI are expected to increase credit spreads and stock volatility [12] - The importance of hedging tail risks is emphasized for investors in 2026, given the conflicting narratives surrounding AI and the role of the US government in market volatility [12]

登录新浪财经APP 搜索【信披】查看更多考评等级 美国务卿：美国必须与中国维持关系、开展交往 美国国务卿鲁比奥19日在年末新闻发布会上称，美国有信心在继续与日本保持牢固伙伴关系和同盟关系 的同时，找到与中国政府进行富有成效合作的方式。这一表态引发外界对美国亚太政策导向的关注。 综合彭博社、"美国之音"等多家美媒报道，此次新闻发布会时长约两小时，鲁比奥重点阐述了美国在缓 解俄乌冲突、巴以冲突中的作用，并为美国政府加大对委内瑞拉军事压力的举措进行辩护。在问答阶 段，他被媒体记者问道，如何看待日本和中国最近升级的紧张关系。 网信办、证监会出手！严打资本市场谣言 网信办12月19日消息，近期，国家网信办会同中国证监会深入整治涉资本市场网上不实信息，依法处置 一批炮制谣言、非法荐股的账号。包括"八姐无敌"等账号散布涉资本市场监管政策谣言；"财报风云"等 账号集纳炒作上市公司和金融机构不实信息；"财经周末老师"等账号利用AI编造资本市场虚假信 息；"爱在深秋-郑老师"等账号炒作股市走势，随意预测涨跌，博取流量；"热点牛股王"等账号非法推 荐股票，牟取利益。 资本市场具有很强的信息敏感性，编造、传播资本市场虚假信息以及其他 ...

1、美股三大指数集体收涨，道指收涨0.38%，标普500指数涨0.88%，纳斯达克 综合指数涨1.31%，芯片 股大涨，英伟达涨近4%，博通涨3%，英特尔涨1.4%，美光科技涨近7%。纳斯达克中国金龙指数涨 0.86%，阿里巴巴涨1.68%，拼多多涨3.5%。 2、美联储哈玛克表示更担心居高不下的通胀，倾向于将利 率维持稳定至春季；CME"美联储观察"显示，美联储明年1月维持利率不变的概率为79%。 3、美国据 悉将扣押第三艘委内瑞拉油轮，特朗普政府正加强对委内瑞拉马杜罗政权的 石油封锁，相关行动可能 导致委内瑞拉石油生产面临停摆风险。 4、通用 人工智能公司MiniMax通过港交所聆讯；壁仞科技香港 IPO拟发行逾2.47亿股，最高定价19.6港元，预期明年1月2日开始交易。 5、以色列官员计划向特朗普通 报可能对伊朗发动新一轮打击的计划，以色列总理内塔尼亚胡预计将于本月晚些时候与特朗普在佛罗里 达州海湖庄园会晤。 6、日本自民党安全保障调查会长小野寺五典提出，有必要就"无核三原则"的定位 展开讨论，自民党计划于明年2月向内阁提交相关动议推动国会讨论。 7、乌克兰总统泽连斯基称美国 提议与乌克兰、俄罗斯代表 ...

今年9月，沐曦股份首款全国产通用GPU——曦云C600在南京发布。这款自主可控的算力芯片，标 志着国产高性能GPU实现历史性突破。沐曦股份还在应用端搭建起"1+6+X"的战略版图——以自研GPU 为算力底座，深度赋能金融、医疗、能源、教科研、交通、大文娱六大行业，并推动X个新兴场景落 地。 投早、投小、投长期、投硬科技，南京市政府投资基金2016年就全额出资设立新兴产业发展基金、 科技创新基金，通过"子基金+直跟投"引导和撬动社会资本，采用"拨投结合""投贷联动"等方式支持产 业发展。2016年以来，累计成立153只子基金，投资了751个在宁项目，并推动沐曦股份、汉桑科技等11 家本地企业上市。 根据《南京市政府关于打造"4+N"产业基金集群 聚力推动产业强市发展的实施意见》，该市计划整 合资源形成总规模超2000亿元的基金集群，覆盖重大项目落地、重点产业发展、强链补链延链、科创人 才培育四大方向。 5年获南京市、区两级基金投资约8亿元，从天使轮开始一路"陪跑"至"敲钟"……12月17日，沐曦股 份登陆科创板，成为继摩尔线程之后，逐鹿资本市场的国产GPU"四小龙"之一。 沐曦股份上市，是南京抢占发力新兴产业赛 ...

Core Viewpoint - The company, Wallen Technology (06082), is set to launch an IPO from December 22 to December 29, 2025, aiming to issue 248 million H-shares, with a price range of HKD 17.00 to HKD 19.60 per share, and plans to start trading on January 2, 2026 [1]. Group 1: Company Overview - Wallen Technology develops General-Purpose Graphics Processing Unit (GPGPU) chips and intelligent computing solutions based on GPGPU technology, providing essential computing power for artificial intelligence (AI) [1]. - The company's solutions integrate self-developed GPGPU-based hardware and proprietary BIRENSUPA software platform, supporting AI model training and inference across a wide range of applications from cloud to edge [1]. - Wallen Technology's GPGPU-based solutions demonstrate strong performance and efficiency in pre-training, post-training, and inference of large language models (LLMs), giving the company a competitive edge in the domestic market [1]. Group 2: Market Demand and Financials - The rapid development of AI, particularly LLMs and generative AI, has led to an increasing demand for computing solutions among enterprises to meet their surging needs for computing power and AI applications [2]. - The company has developed a specialized technology product, an intelligent computing solution consisting of a hardware system based on its GPGPU architecture and the BIRENSUPA computing software platform, which can be delivered in large-scale intelligent computing clusters [2]. - In 2023, the company's intelligent computing solutions began generating revenue, with 14 and 12 clients contributing RMB 336.8 million and RMB 58.9 million in revenue for the fiscal years ending December 31, 2024, and June 30, 2025, respectively [2]. Group 3: IPO and Use of Proceeds - Assuming an offering price of HKD 18.30 per share and no exercise of the over-allotment option, the net proceeds from the global offering are estimated to be approximately HKD 4.3506 billion [2]. - Approximately 85% of the proceeds will be allocated for future research and development of the company's intelligent computing solutions, 5% for commercialization, and 10% for working capital and general corporate purposes [2]. Group 4: Cornerstone Investors - The company has entered into cornerstone investment agreements, with cornerstone investors agreeing to subscribe for shares amounting to USD 372.5 million under certain conditions [3]. - Notable cornerstone investors include 3W Fund Management Limited, Qiming Venture Partners, and various insurance and investment firms [3].

Core Viewpoint - The company, Birun Technology, is set to launch an IPO from December 22 to December 29, 2025, aiming to issue 248 million H-shares, with a price range of HKD 17.00 to HKD 19.60 per share, and is expected to start trading on January 2, 2026 [1] Group 1: Company Overview - Birun Technology develops General-Purpose Graphics Processing Unit (GPGPU) chips and intelligent computing solutions based on GPGPU, providing essential computing power for artificial intelligence (AI) [1] - The company's solutions integrate self-developed GPGPU-based hardware and proprietary BIRENSUPA software platform, supporting AI model training and inference across a wide range of applications from cloud to edge [1] - The technology has a strong performance in pre-training, post-training, and inference of large language models (LLMs), creating a significant competitive advantage in the domestic market [1] Group 2: Market Demand and Financials - The demand for computing solutions is increasing rapidly due to the growth of AI, particularly LLMs and generative AI, prompting the company to develop specialized technology products [2] - The intelligent computing solutions began generating revenue in 2023, with 14 and 12 clients contributing RMB 336.8 million and RMB 58.9 million in revenue for the fiscal years ending December 31, 2024, and June 30, 2025, respectively [2] - Assuming an offering price of HKD 18.30 per share, the net proceeds from the global offering are estimated to be approximately HKD 4.3506 billion, with 85% allocated for R&D of intelligent computing solutions [2] Group 3: Strategic Partnerships - The company has entered into cornerstone investment agreements, with cornerstone investors agreeing to subscribe for shares amounting to USD 372.5 million under certain conditions [3] - Notable cornerstone investors include 3W Fund Management Limited, Qiming Venture Partners, and various insurance and asset management firms [3]

Group 1 - The A-share market is entering a critical window for cross-year layout, with expectations of market movements around New Year's [11] - The U.S. stock market closed higher, with the Dow Jones up 0.38%, S&P 500 up 0.88%, and Nasdaq up 1.31%, driven by strong performances in technology stocks [3] - Major tech stocks showed mixed performance, with Micron Technology rising 7% after a strong forecast, while Nike's stock fell 10.5% due to declining profit margins in the Chinese market [3] Group 2 - Popular Chinese concept stocks saw overall strength, with Pinduoduo up 3.52%, Baidu up 2.76%, and Alibaba up 1.68% [4] - International oil prices slightly increased, with New York crude oil futures closing at $56.66 per barrel, a rise of 0.91% [4] - The State Council of China made arrangements to implement decisions from the Central Economic Work Conference, focusing on high-quality development and international trade [5][6] Group 3 - The National Development and Reform Commission and other agencies established rules for price behavior on internet platforms to protect consumer rights and promote healthy development of the platform economy [7] - The People's Bank of China released guidelines for identifying beneficial owners, effective from January 20, 2026, emphasizing a balance between managing money laundering risks and optimizing financial services [8][9] - The Ministry of Finance announced that Shanxi and Qinghai provinces will implement a tax refund policy for overseas travelers starting January 1, 2026 [9]