Core Viewpoint - Wall Street's first domestic GPU company, Birun Technology, officially listed on the Hong Kong Stock Exchange on January 2, 2026, marking a significant milestone in the domestic GPU industry [1] Group 1: IPO and Market Performance - Birun Technology's opening price surged by 82.14% to HKD 35.70, reaching a peak increase of over 118% at HKD 42.88 before closing at a 75.82% gain, with a total market capitalization of approximately HKD 82.5 billion [1] - The company issued shares at an initial price of HKD 19.6, raising a total of HKD 5.583 billion through the issuance of 285 million shares, with a subscription rate of 2347.53 times in the public offering phase and 25.95 times in the international placement phase [1] Group 2: Use of Proceeds - The funds raised from the IPO will primarily be allocated to research and development of intelligent computing solutions, including the development of next-generation GPGPU chips such as BR20X and BR30X, with approximately 85% of the net proceeds dedicated to R&D [1] Group 3: Financial Performance - Birun Technology has not yet achieved profitability, reporting revenues of CNY 499,000, CNY 62.03 million, CNY 337 million, and CNY 59 million for the years 2022, 2023, 2024, and the first half of 2025, respectively, with net losses of CNY 1.474 billion, CNY 1.744 billion, CNY 1.538 billion, and CNY 1.601 billion during the same periods [4] - The cumulative net loss exceeded CNY 6.3 billion from 2022 to June 2025, with gross margins declining from 100% in 2022 to 31.9% in the first half of 2025 [4] Group 4: Industry Context - Birun Technology is part of a growing trend in the domestic GPU industry, often referred to as the "Four Little Dragons of Domestic GPUs," alongside companies like Moer Thread and Muxi Co., which have also recently gone public [5] - The company has established a multi-tiered capital system with notable investors, including state-owned platforms and venture capital firms, indicating strong backing in the competitive landscape of AI and semiconductor investments [5]

壁仞科技于1月2日正式在港交所挂牌，作为香港首批重点引进的高科技企业，创始人、董事长兼CEO张 文表示，香港的营商环境与全球资本对接将为硬科技公司提供重要平台。大圣集团投资经理李明德分析 指出，IPO暗盘价格升幅较预期小，是公司定位高端AI GPU发展可能牺牲短期收入，且上市初期散户获 利了结压力较大。然而，机构投资者对港股首只GPU股票青睐有加，二级市场购买力强劲。对比A股同 行，壁仞科技目标价看44至45港元，若股价跌至40块以内为良好入场时机。建议投资者关注机构买盘与 散户卖压变化。点击视频，一探究竟！ ...

Core Viewpoint - Wallran Technology has officially listed on the Hong Kong Stock Exchange, marking a significant milestone for the domestic GPU sector and indicating its accelerated rise in the market [3][12]. Investment Strategy - Songhe Capital emphasizes "investing in people over projects," highlighting the strategic vision and execution capabilities of Zhang Wen, the founder of Wallran Technology [5][6]. - The firm has consistently supported Wallran through various funding rounds, demonstrating a commitment to accompany the company through its entire lifecycle from technology development to market entry and IPO [8]. Market Opportunity - 2019 was identified as a golden investment period for the GPU sector, characterized by a strong demand in China and a significant opportunity for domestic manufacturers following Huawei's inclusion on the entity list [7]. - The domestic GPU market is expected to evolve through three stages: "usable," "usable and optimized," and "leading," with the current phase being a critical transition from "usable" to "usable and optimized" [12][13]. Financial Performance - Wallran Technology's revenue surged from 62.03 million yuan in 2023 to 337 million yuan in 2024, reflecting a staggering year-on-year growth of 443% [14]. - The company has secured approximately 820 million yuan in unfulfilled orders and has a total sales contract reserve of 1.24 billion yuan, indicating robust business expansion [14]. Future Outlook - The successful IPO of Wallran Technology not only validates the capital market's recognition of the GPU sector but also positions the company for accelerated growth [15]. - Songhe Capital aims to support more hard-tech enterprises in the AI and GPU waves, anticipating that domestic GPUs will transition from "replacement" to "leadership" in the global market over the next 5-10 years [15].

上证报中国证券网讯（记者 刘逸鹏）1月2日，壁仞科技登陆港交所，上市首日一度涨超118%。截至10时25分,该股涨幅回落至86.43%，报36.54港元/股。 | 分时 | 五日 | 日K | 周K 月K | | 曲名, | | --- | --- | --- | --- | --- | --- | | 均价:37.371 最新:36.540 16.940 86.43% | | | | | | | 42.880 | | | | 118.78% 卖10 36.720 | | | | | | | 室d | 36.700 | | | | | | 卖8 卖7 | 36.680 36.660 . | | | | | | 卖6 | 36.640 | | | | | | 卖5 | 36.620 | | 19.600- | | | | ミイ | 36.600 2 | | | | | | 출3 | 36.580 | | | | | | 室2 | 36.560 | | | | | | 卖1 | 36.540 | | | | | | 元 | 36.520 | | | | | | 买2 | 36.500 | | | | | | ਜ਼ ...

Group 1: Market Overview - The Hong Kong stock market opened positively on the first trading day of 2026, with the Hang Seng Index rising by 0.34% and the Hang Seng Tech Index increasing by 0.58% [1] - Wall Street analysts suggest that the Federal Reserve's expected interest rate cuts and potential expansion of its balance sheet may reduce policy uncertainty and market volatility, presenting opportunities in global equities and commodities [1] - Despite the current low trading volume and market differentiation in Hong Kong, there are opportunities for gradual accumulation of undervalued assets with resilient fundamentals [1] Group 2: Company News - Meitu Inc. has completed all conditions for a $250 million convertible bond agreement with Alibaba, expected to close by December 31, 2025, with proceeds intended for general business purposes [2] - CITIC Resources anticipates a significant decline in its unaudited consolidated net profit for the year ending December 31, 2025, estimated between HKD 170 million to 230 million, representing a year-on-year decrease of approximately 60% to 70% [2] - XPeng Motors delivered 37,500 smart electric vehicles in December 2025, marking a 2% year-on-year increase, with total deliveries for the year reaching 429,400 units, a 126% growth compared to the previous year [2] - Geely Automobile reported total vehicle sales of 236,817 units in December 2025, a year-on-year increase of approximately 13%, with total annual sales reaching 3,024,567 units, up 39% from the previous year [2] - NIO delivered 48,100 vehicles in December 2025, achieving a monthly record with a year-on-year growth of 54.6%, bringing the cumulative delivery total to 997,600 units by December 31, 2025 [2]

Group 1: Moutai's Direct Sales Strategy - Moutai officially launched its direct sales strategy by selling Feitian Moutai on the "i Moutai" platform at a price of 1499 yuan per bottle, with a purchase limit of 12 bottles per user per day [2] - The move aims to reduce intermediaries, potentially converting some dealer profits into direct company revenue, which is expected to positively support mid-to-long-term performance [2] - The market response was extremely enthusiastic, with all six rounds of product releases selling out quickly, indicating strong demand for reasonably priced Feitian Moutai [2] Group 2: Warren Buffett's Retirement - Warren Buffett, the legendary investor, announced his retirement at the age of 95, marking the end of a nearly century-long investment career [3] - His career exemplified that investing can be a lifelong endeavor and has prompted a renewed examination of long-term investment philosophies [3] - Buffett emphasized the importance of focusing on quality assets and long-term holding, a principle that remains relevant despite the rise of high-frequency trading and quantitative strategies [3] Group 3: Domestic GPU Companies Accelerating Capitalization - The four leading domestic GPU companies, including Suiruan Technology, have initiated their IPO processes, with Suiruan recently completing its IPO counseling [4] - This acceleration in the capitalization of the domestic GPU sector reflects an unprecedented speed in the industry, with multiple companies moving towards public offerings [4] - The upcoming wave of IPOs in the tech sector is expected to inject capital into the economy and support the goal of self-sufficiency in the industrial chain [4] Group 4: DeepSeek's Research Publication - DeepSeek recently published an important research paper on a preprint platform, with founder Liang Wenfeng listed as one of the authors, highlighting the company's strategic focus on technological advancement [5] - The release of the paper follows the market's high interest in their DeepSeek-R1 model, indicating the company's strong technical capabilities [5] - Despite mixed opinions on the pace of AI technology iteration, DeepSeek's continuous output of significant research results suggests a robust technical strength [5]

Group 1: Industry News - In 2025, the sales revenue from the trade-in program in China is expected to exceed 2.6 trillion yuan, benefiting over 360 million people. This includes over 11.5 million cars, 129 million home appliances, 9.1 million digital products, 12 million home renovation items, and 1.25 million electric bicycles [1] - The total box office revenue for Chinese films in 2025 is projected to reach 51.832 billion yuan, with total audience attendance at 1.238 billion. Domestic films are expected to generate 41.293 billion yuan, accounting for 79.67% of the total [1] Group 2: Company News - Wallen Technology, known as the "first GPU stock in Hong Kong," was listed today, marking the first new stock listing in the Hong Kong market for 2026. The final issue price was set at 19.6 HKD, with 285 million shares issued, raising a total of 5.583 billion HKD. After deducting listing expenses, the net amount raised is 5.375 billion HKD, with a subscription multiple of 2347.53 times. The funds will primarily be used for the development of intelligent computing solutions [2] - Baidu announced plans to spin off its Kunlun Chip business and seek independent listing on the Hong Kong Stock Exchange. The application for listing has been submitted confidentially [2] Group 3: New Energy Vehicle Industry - In 2025, new energy vehicle sales for BYD reached 4,602,436 units, with December sales at 420,398 units [3] - Geely Automobile reported a total sales volume of 3,024,567 units for 2025, exceeding its annual sales target and achieving a historical high with a year-on-year growth of 39%. The sales target for 2026 is set at 3.45 million units [3] - Among new car manufacturers, Leap Motor topped the annual sales with 596,555 units, followed by Hongmeng Zhixing with 589,107 units, and Xpeng Motors with 429,445 units [3]

公司于公开发售部分获47.1万份认购，超购2346倍，公开发售部份触发回补机制，经重新分配后，公开 发售部份的最终数目由约1234.8万份扩至4953.86万股，占全球发售约17.39%。 综合港股三大主流暗盘表现， 壁仞科技涨幅约78%至80%。发售价每股19.6港元，集资48.5亿港元。中 金公司、平安证券（香港）、中银国际为联席保荐人。 ...

Group 1 - In January, the Chinese AI company DeepSeek gained significant attention with its open-source model DeepSeek-V3, which reportedly approaches GPT-4 performance at a training cost only one-twentieth of its counterpart [5][6] - In February, the animated film "Nezha 2" achieved a record box office of 15.4 billion, showcasing China's industrial capabilities in animation, with nearly 2000 out of 2427 shots being special effects [7][8][11] - In March, the competition between JD and Meituan in the food delivery sector reignited, indicating a shift from traffic wars to efficiency and fulfillment capabilities in the local lifestyle market [12][17] Group 2 - In April, the American influencer IShowSpeed's tour in China highlighted the power of authentic experiences, leading to a 77.2% increase in inbound tourists in Chongqing [18][21] - In May, the Jiangsu province's local football league, "Su Chao," became a national sensation, demonstrating how low-barrier events can drive local economic activity and consumer spending [22][25] - In June, the IP LABUBU gained immense popularity, illustrating a successful industrialization of IP through mechanisms that foster repurchase and emotional engagement [27][29] Group 3 - In July, the public inheritance dispute within Wahaha revealed the complexities of family businesses, emphasizing the clash between professional reforms and traditional networks [30][32] - In August, the World Robot Conference showcased a record number of humanoid robots, signaling a transition of AI from theoretical concepts to practical applications in various sectors [34][36] - In September, a controversy over pre-prepared meals highlighted the importance of transparency in the food industry, shifting the focus from taste to trust [39][41] Group 4 - In October, the rise of the "Chicken Chop Guy" in Jingdezhen underscored the value of individual expertise and emotional connection in a saturated market [42][45] - In November, a letter from Yu Minhong sparked discussions about management practices, revealing a disconnect between management narratives and employee expectations [49][51] - In December, the domestic GPU companies Moores Threads and Muxi reached significant market valuations, but challenges remain in integrating products into major computing frameworks [55][57] Conclusion - The year 2025 marked a return to genuine value, with market dynamics increasingly defined by efficiency and emotional engagement, setting the stage for a more competitive and challenging 2026 [59]

Market Overview - The A-share market experienced a collective decline on December 31, with the Shanghai Composite Index showing a slight drop of 0.07% during early trading [1] - The ChiNext Index fell by 1.1%, while the CSI 300 Index and the CSI A500 Index both decreased by 0.4% [1] - The STAR Market 50 Index, however, saw an increase of 0.9% [1] Sector Performance - Active sectors included cultural media, education, and the internet, while sectors such as CPO, GPU, and photovoltaic inverters faced adjustments [1] - In the Hong Kong market, the military industry sector rose against the trend, while pharmaceutical stocks experienced significant declines [1] Index Composition - The ChiNext Index consists of 100 stocks with high market capitalization and liquidity, with a significant focus on strategic emerging industries, particularly in the power equipment, communication, and electronics sectors, which together account for nearly 60% [3] - The STAR Market 50 Index is composed of 50 stocks from the STAR Market, characterized by leading technology firms, with semiconductors making up over 65% and medical devices, software development, and photovoltaic equipment accounting for nearly 80% combined [3]