Core Viewpoint - TianShu ZhiXin Semiconductor Co., Ltd. officially listed on the Hong Kong Stock Exchange on January 8, raising approximately HKD 3.7 billion through the issuance of 25.43 million H shares at a price of HKD 144.6 per share [1] Group 1: Company Overview - TianShu ZhiXin is one of the major AI chip manufacturers in China [1] - The company has maintained a high level of R&D investment, with expenditures of RMB 457 million, RMB 616 million, and RMB 773 million for the years 2022, 2023, and 2024 respectively [1] - The R&D spending as a percentage of total revenue for the same years is 241.1%, 213.1%, and 143.2% [1] Group 2: Market Insights - The domestic general GPU market's localization rate is projected to increase from 2% in 2022 to 3.6% in 2024, with an expected rise to 31% by 2029 [1]

全球科技盛会2026年国际消费电子展（CES 2026）于当地时间1月6日开幕，芯片巨头掌门人——英伟 达CEO黄仁勋、英特尔CEO陈立武、AMD CEO苏姿丰、高通CEO安蒙相继登场。值得注意的是，这四 家芯片巨头既有合作也有竞争，却鲜少出现在同一舞台。 他们正指向AI时代一个更为宏大的发展目标：数百倍的算力增长需求和背后从云到端全面的AI应用拓 展空间。 而中国厂商正在CES上扮演越来越重要的角色。无论是AI眼镜、各形态机器人，中国厂商的积极参展， 也在海外引发高度关注，甚至让现场展台"水泄不通"。 例如，宇树科技把"传统艺能"拳击赛带到现场，21世纪经济报道记者发现，观赛人员围了里三层外三 层，纷纷高举手机拍摄G1机器人灵活的动作表现。 一众中国原生AI硬件厂商备受关注的背后，是中国企业全球角色的进阶：凭借供应链与研发能力的长 期沉淀，中国已升级为全球科技创新的关键力量。 AI大模型加速发展背后，是底层算力基础设施的快速演进支撑。在CES现场，芯片巨头掌门人们都强调 了算力的飞速增长态势，以及由此引发的应用新机会。 英伟达创始人兼CEO黄仁勋指出，物理AI的"ChatGPT时刻"已然到来。机器开始具备理 ...

记者丨孔海丽 骆轶琪 编辑丨包芳鸣 图片来源：孔海丽 摄 全球科技盛会2026年国际消费电子展（CES 2026）于当地时间1月6日开幕，芯片巨头掌门人 —— 英伟达CEO黄仁勋、英特尔CEO陈立武、AMD CEO苏姿丰、高通CEO安蒙相继登场。 值得注意的是， 这四家芯片巨头既有合作也有竞争，却鲜少出现在同一舞台。 他们正指向AI时代一个更为宏大的发展目标：数百倍的算力增长需求和背后从云到端全面的 AI应用拓展空间。 而中国厂商正在CES上扮演越来越重要的角色。无论是AI眼镜、各形态机器人，中国厂商的积 极参展，也在海外引发高度关注，甚至让现场展台"水泄不通"。 例如，宇树科技把"传统艺能"拳击赛带到现场，21世纪经济报道记者发现，观赛人员围了里三 层外三层，纷纷高举手机拍摄G1机器人灵活的动作表现。 一众中国原生AI硬件厂商备受关注的背后，是中国企业全球角色的进阶：凭借供应链与研发能 力的长期沉淀， 中国已升级为全球科技创新的关键力量。 AI大模型加速发展背后，是底层算力基础设施的快速演进支撑。在CES现场，芯片巨头掌门人 们都强调了算力的飞速增长态势，以及由此引发的应用新机会。 英伟达创始人兼CEO黄仁 ...

看好芯片自主化投资机会的投资者，可借道科创50ETF易方达（588080）、芯片ETF易方达 （516350）等跟踪以上指数的产品一键布局产业链龙头。 每日经济新闻 （责任编辑：张晓波 ） 【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： news_center@staff.hexun.com 1月8日开盘30分钟，A股三大指数低开后均有所反弹，以半导体、国产算力产业链为代表的硬科技 板块表现亮眼。截至10:00，科创50指数上涨2.4%，中证芯片产业指数上涨2.1%。 当前，国产芯片行业迎来密集的资本化进程。继壁仞科技上市后，天数智芯也计划于1月8日在港交 所挂牌上市。此外，燧原科技A股IPO辅导工作已于1月1日完成，摩尔线程与沐曦股份则在2025年年底 已先后登陆A股科创板。 科创50指数由科创板中市值大、流动性好的50只股票组成，数字芯片设计与集成电路制造合计占比 超50%，成分股包括众多科创板硬科技龙头；中证芯片产业指数则由50只业务涉及芯片设计、制造、 ...

Group 1 - The A-share market saw a collective low opening on January 8, with the Shanghai Composite Index slightly rising while the Shenzhen Component Index and the ChiNext Index experienced declines [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.78 trillion yuan, with over 3,700 stocks rising, including 80 stocks hitting the daily limit [1] - The commercial aerospace sector experienced a surge, with over 10 constituent stocks hitting the daily limit, including Lushin Investment with 8 consecutive gains and Galaxy Electronics with 4 consecutive gains [1] Group 2 - The Hong Kong stock market also opened lower, with major indices like the Hang Seng Index and the Hang Seng Technology Index dropping over 1% [2] - Domestic large model company Zhipu Technology debuted on the Hong Kong Stock Exchange, initially rising by up to 10% before settling at a 7.4% increase [2] - Goldman Sachs released a report on January 7, recommending an overweight position in A-shares and H-shares for 2026, predicting a 20% increase in the MSCI China Index and a 12% increase in the CSI 300 Index, driven by double-digit earnings growth and moderate valuations [2]

Core Viewpoint - The reduction plan announced by Liu Jianwei, the actual controller of Heertai, has caused stock price fluctuations, primarily aimed at alleviating debt pressure due to a high pledge ratio of over 55% [1][2][3] Group 1: Shareholding and Reduction Plan - Liu Jianwei plans to reduce his shareholding by up to 18,417,800 shares, accounting for no more than 2% of the company's total share capital, from January 28 to April 27, 2026 [2][3] - As of the announcement, Liu Jianwei holds approximately 139 million shares, representing 15.06% of the company's total share capital [2][3] - The reduction is intended to repay pledged financing debts and meet personal funding needs, with a total of 76.76 million shares pledged, exceeding 55% of his holdings [3][5] Group 2: Financial Performance and Market Reaction - Heertai's stock price fell by 4.69% on the first trading day following the reduction announcement, closing at 38.80 yuan, with a market capitalization of approximately 35.88 billion yuan [5] - The company reported a significant increase in revenue and net profit for the first three quarters of 2025, with revenue of 8.27 billion yuan (up 17.47%) and net profit of 603 million yuan (up 69.66%) [8] - Heertai's investment in the chip company Moer Thread is noteworthy, with shares valued at over 2.5 billion yuan, contributing positively to its financial standing [8][9] Group 3: Corporate Structure and Management - Heertai's management structure is clearly defined, with Liu Jianwei overseeing financial, investment, and human resources, while the executive president, Qin Hongwu, manages the implementation of strategies and operational goals [9]

我是芯片超人花姐，入行20年，有50W+芯片行业粉丝。 有很多不方便公开发公众号的， 关于芯片买卖、关于资 源链接等， 我会分享在朋友圈 。 扫码加我本人微信 2025年，芯片行业并不平静，上半年关税事件带动TI与ADI等美系芯片行情，下半年安世事件突 发，缺货、价格暴涨、"炒货"等行为一下子点燃市场 情绪 ，存储更是从年初开始一路猛涨，至今 还呈上升趋势...... 有人在这些波动里抓到了机会，但也有人感觉整体需求并没有明显增长，甚至有人感觉2025年似 乎更卷了。 这一年，芯片人到底过得怎么样？ 我们询问了来自产业链各环节的n个行业人士，他们的回答如 下： 原厂 @momo ，国内模拟原厂 我们公司分消费与工业两条线：消费类在2025年较2024年下滑约20%，工业类主要是信号链产 品，有通信头部客户，从去年5月开始增长，总体比2024年翻倍了，基本恢复到20-22年的水 准，预计2026年还会增长30%左右。 整体来看，公司2025年营收应该是不如2024年，但库存 变好了，22、23年的存货和库存晶圆都消化掉了。 4月的关税以及之后的安世事件，对公司都带来了一些积极影响，有些客户进行了超额备货，有一 ...

消息面上，据智通财经报道，高盛1月7日发布2026中国股票展望报告，建议今年超配（Overweight）A股和H股。报告预计，MSCI中国指数和沪深300指 数今年分别上涨20%和12%，主要上涨动力包括上市公司每股收益仍能保持两位数增长，估值适中以及全球投资者对中国股票的持仓普遍较低。 下跌方面，证券板块盘中持续调整，华林证券（002945）触及跌停，华安证券（600909）、华泰证券、广发证券、国泰海通、兴业证券等跌幅靠前。能源 金属、保险、乳业等板块亦表现不佳。 港股主要指数集体低开，截至11:30，恒生指数、恒生科技指数、恒生国企指数均跌超1%。 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | | 恒生指数 | 26121.58 | -337.37 | -1.28% | | 恒生科技 | 5675.50 | -63.02 | -1.10% | | 恒生生物科技 | 15905.30 | 12.05 | 0.08% | | 恒生中国企业指数 | 9033.94 | -104.81 | -1.15% | 国产大模型公司智谱登陆港交所，首日开盘大涨，盘中涨幅 ...

Market Overview - A-shares opened lower on January 8, with the Shanghai Composite Index slightly rising while the Shenzhen Component and ChiNext Index fell by 0.2% and 0.52% respectively. The total trading volume in the Shanghai and Shenzhen markets reached 1.78 trillion yuan, with over 3,700 stocks rising, including 80 stocks hitting the daily limit up [1]. Sector Performance - The commercial aerospace sector saw a surge, with over 10 constituent stocks hitting the daily limit up. Notable performers included Luxin Venture Capital with 8 consecutive limit ups and Galaxy Electronics with 4 consecutive limit ups [2]. - The brain-computer interface concept also gained traction, with stocks like Innovation Medical, Pulite, and Nanjing Panda achieving 4 consecutive limit ups. The controllable nuclear fusion concept was active, with China First Heavy Industries, China National Machinery Industry Corporation, and China Nuclear Engineering Group achieving 2 consecutive limit ups [2]. Declining Sectors - The securities sector experienced continuous adjustments, with Huayin Securities hitting the limit down. Other securities firms like Huatai Securities, GF Securities, and others also saw significant declines [3]. - Other underperforming sectors included energy metals, insurance, and dairy industries [3]. Hong Kong Market - Major indices in the Hong Kong market opened lower, with the Hang Seng Index, Hang Seng Technology Index, and Hang Seng China Enterprises Index all dropping over 1% [3]. - Domestic large model company Zhipu Technology debuted on the Hong Kong Stock Exchange, initially rising by up to 10% before retreating to a 7.4% increase. The chip stock Tianzhixin performed even better, soaring over 31% at the opening and currently showing a 12.31% increase [4]. Commodity Market - Gold and silver prices fell across the board, with spot gold dropping below $4,450 per ounce and domestic commodity futures reflecting similar declines. SHFE silver fell over 3% [7]. - Specific price movements included London gold at $4,442.098 per ounce, down 0.32%, and SHFE gold at 999.78 yuan per gram, down 0.55% [8][9]. Lithium Carbonate - Lithium carbonate prices surged, approaching 150,000 yuan per ton, indicating strong demand in the market [10].

现在，中美之间的问题已经不再是简单的加关税、制裁某些公司那么直接，而是进入了更为复杂和深层 次的对账阶段。这不仅仅是金融或贸易层面的账目，而是一场涉及战略意图、综合国力和全球动员能力 的历史级博弈。美国已经意识到，如果不尽快锁定中国，2026年以后可能就没有机会再进行这种对抗 了。这并不是危言耸听，而是美国自己设定的时间表。 到了2025年12月，中美的大账终于开始结算，三个看似毫不相关的事件将这场对账推向了高潮。首先， 12月4日，白宫发布了国家安全战略文件，明确将中国视为头号系统性竞争者，并为未来几年美国的外 交、经济、军事战略定下了方向：围绕限制中国展开。这份长达57页的文件没有废话，直接点出了美国 未来所有战略资源的配置将围绕如何遏制中国展开。第二，12月17日，特朗普发表了一个奇怪的年终演 讲，原本大家以为他会发表激烈的言辞，但结果他只是匆匆带过，讲话的内容没有任何实质性突破。熟 悉他的人都能看出来，这场演讲明显让人感觉他有些神志不清，重复着我们离胜利很近，但眼神中却透 露出我快撑不住了的无奈。 我们可以深入剖析一下美国接下来将如何出招，同时看看他们是如何计算的，或者他们的算盘是否能成 功。12月， ...