六年时间，在更难走的路上把事情真正推进了一步。 文 丨 江思远 2026 年 1 月 2 日早晨，GPU 制造商壁仞科技成为今年第一家在港股上市的公司。这时距离壁仞科技 创始人张文点亮中国 GPU 创业潮正好六年。 壁仞科技创始人张文（右一）敲钟。来源：壁仞科技。 这是一个并不偶然的时间点。按照张文和壁仞科技的多位早期投资人估算，一家初创 GPU 公司站稳 脚跟至少要这么久——从组建团队到点亮第一颗 GPU，往往已经过去 3 年，再调试、优化产品，把一 片片 GPU 集成服务器装到客户的机房里，又要 3 年。 这条路英伟达在二十多年前也走过，英伟达从成立到上市也是六年。但同样是六年，壁仞科技、摩尔 线程等公司所经历的产业变化，远比当年的英伟达更为剧烈。 壁仞科技成立时，GPT 还停留在 2.0 时代。AI 算力的需求主要集中在科研和小规模商用场景，GPU 仍然被视为图形芯片和高性能计算的工具。 六年之后，生成式 AI 爆发，GPU 成为全球科技产业最核心、最稀缺的基础设施之一。英伟达市值站 上全球科技公司之巅，寒武纪、沐曦等国产芯片公司也在资本市场创下新纪录。 局势的变化，为壁仞科技这样的国产 GPU 公司打 ...

Group 1 - The 2026 Hubei "New Year First Meeting" focused on technological innovation, awarding 312 scientific and technological achievements, with notable contributions recognized by Wuhan University and Huazhong University of Science and Technology [1] - The conference showcased 36 technological innovation achievements from 2025, including 6 major fundamental research projects, 10 key core technologies, and 20 landmark innovative products [1] - Significant breakthroughs in fundamental research were highlighted, such as the discovery of the key gene QT12 for rice's heat resistance, which increased yield by up to 78% during high-temperature trials [1] Group 2 - Major core technology breakthroughs included the development of the first 100nm silicon-based gallium nitride RF PDK in China and the creation of low-loss hollow-core anti-resonant fiber with attenuation as low as 0.05 dB/km [2] - Landmark products entering the market include the "Wuhan No. 1" satellite, designed for urban optical remote sensing with a positioning accuracy better than 5 meters, and a new food ingredient derived from yeast with over 80% protein content [2] - Hubei has consistently ranked in the top five nationally for the number of national science and technology awards, with a robust infrastructure of laboratories and innovation platforms, leading to a significant increase in high-tech enterprises and improved technology transfer rates [3]

北京商报讯（记者 陶凤 王天逸）1月4日，苏州国芯科技股份有限公司发布自愿性披露公告称，公司研 发的神经网络处理器DPNPU（DataflowParallel NPU）新IP产品于近日在公司内部测试中获得成功，新 IP产品面向端侧与边缘计算的高性能AI处理器，它针对人工智能应用中复杂多变的计算任务进行了多方 面优化，致力于在功耗、性能和灵活性之间取得最佳平衡，为各类智能设备提供高效、可靠且易于扩展 的算力支持。 ...

资料显示，华山A2000芯片基于7nm先进工艺打造，集成高性能CPU、GPU、NPU及多种专用计算单 元，实测性能媲美当前全球顶尖的智驾芯片。该芯片支持全FP16/FP8浮点及INT4/INT8/INT16等多种精 度计算，并搭配成熟的AI工具链BaRT，可实现从模型训练到部署的全流程高效开发。A2000芯片于 2025年1月流片成功，因其超高性能而受到美方审查。经过近一年的技术澄清与沟通，最终成功通过审 批，黑芝麻智能也成为国内唯一通过此类审查的企业。 北京商报讯（记者 陶凤 王天逸）1月4日，黑芝麻智能宣布，其高性能全场景智能驾驶芯片——华山 A2000，已顺利通过美国商务部和国防部的相关审查，获准在全球范围内销售与应用。此举标志着 A2000芯片正式进入规模化应用阶段，将为高阶智能驾驶的商业化落地提供核心算力支持。 ...

Group 1: Market Outlook - The A-share market is expected to welcome a "spring opening red" with the Shanghai Composite Index closing at 3968.84 points, marking an annual increase of 18.41% in 2025, confirming the strategic judgment of Guotai Junan [2][7] - Key factors supporting the market include the anticipated announcement of the new Federal Reserve Chair, expectations for U.S. interest rate cuts in 2026, and the influx of incremental capital represented by the A500 ETF [2][8] - The decision-making body has emphasized the need to "promote investment stabilization," indicating a stronger policy push to boost growth, particularly in the real estate sector [2][8] Group 2: Price Signals and Economic Recovery - The central bank's fourth-quarter meeting highlighted the importance of price signals in promoting stable economic growth and reasonable price recovery, with price increases beginning to emerge in certain sectors since the second half of 2025 [3][11] - Specific sectors experiencing demand improvement but supply contraction include chemicals (e.g., organic silicon, refrigerants) and new energy materials (e.g., lithium carbonate) [3][11] - The current price increase cycle is characterized by demand driven by new technologies such as AI and energy storage, rather than traditional infrastructure [3][11] Group 3: Industry Comparisons - The outlook for technology, non-bank financials, and consumer sectors is positive, with strong growth expected in emerging technologies and capital goods exports [4][13] - Recommendations include technology growth stocks, non-bank financials benefiting from increased wealth management demand, and cyclical stocks positioned for recovery due to domestic demand expansion [4][13] - The focus on cyclical stocks includes those in the tourism, hotel, and consumer goods sectors, which are expected to benefit from policy support for domestic demand [4][13] Group 4: Thematic Recommendations - AI applications are expected to see significant growth, with companies like MiniMax preparing for IPOs and advancements in AI models driving demand [4][22] - The robotics sector is entering a phase of scale development, with new products being launched and significant investments in technology and supply chains [4][23] - The commercial aerospace sector is poised for growth, with new guidelines for IPOs and advancements in reusable rocket technology [4][24] - Consumer spending is expected to increase, driven by new consumption scenarios in sports events and tourism, supported by government policies [4][25]

1月2日，百度集团在港交所发布公告，昆仑芯已于1月1日通过联席保荐人以保密形式向港交所递交上市 申请表格。分拆完成后，昆仑芯预计仍将为百度集团附属公司。 事实上，早在2025年12月初，百度集团就曾宣布正评估分拆昆仑芯独立上市。彼时，市场保守预计其 2026年一季度提交上市申请，2027年初完成IPO。 天眼查显示，昆仑芯在同年12月中旬便启动上市筹备相关的工商变更，公司注册资本由2128.15万元增 至4.12亿元，增幅超1800%；名称也由"有限责任公司"变更为"股份有限公司"。 对于分拆上市的原因，百度集团在公告中表示，分拆可以更全面地反映昆仑芯的价值，且昆仑芯自身规 模"足以寻求上市地位"。 有分析指出，若昆仑芯成功上市，其估值提升将直接反映在百度长期股权投资价值上，带动百度整体市 值重估。摩根大通预测，百度昆仑芯收入将从2025年的约13亿元飙升至2026年的83亿元，增幅达到6 倍。若按科技股平均市销率10倍估算，估值有望突破800亿元。 或受消息提振，百度集团港股当日股价收涨超9%，总市值升至3955亿港元；美股也同步走高，单日涨 幅高达15%。 据了解，昆仑芯其前身为百度内部的智能芯片及架构部 ...

Core Insights - Nvidia has become a significant term in China, symbolizing a benchmark for AI chip companies, with its market value expected to exceed $4 trillion by July 2025, making it the first publicly traded company to reach this milestone [1] - Chinese AI chip manufacturers are striving to close the gap with Nvidia, focusing on gradual improvements in performance and usability rather than immediate full replacement [1] - The role of domestic AI chips should evolve from merely being a "safety backup" to becoming a key component in a trillion-dollar industry, emphasizing the need for innovation and cost-effectiveness [1][2] Industry Analysis - The goal for domestic AI chips should not be limited to matching parameters or replacement ratios but should focus on minimizing marginal costs for application innovation and enhancing user experience [2] - The ultimate aim is to make computing power as accessible and affordable as utilities like electricity and water, positioning domestic AI chips as essential in achieving this vision [1] - The success of domestic AI chips will be measured by their ability to foster a new wave of world-class AI applications that cannot be replicated by foreign competitors [2]

Investment Rating - The report suggests a focus on AI consumer applications, embodied intelligence, autonomous driving, and XR technologies, indicating a positive outlook for companies in these sectors [6][24]. Core Insights - The CES 2026 event is highlighted as a key opportunity to observe advancements in AI, particularly in consumer applications such as AI PCs and embodied intelligence [6][24]. - Significant developments in chip technology are anticipated, with AMD, Intel, and Qualcomm expected to unveil new products that enhance processing capabilities [2][11]. - The report emphasizes the evolution of video models into general visual foundation models, showcasing the capabilities of Google DeepMind's Veo 3 [5][14]. - DeepSeek's mHC architecture aims to address the stability issues in training large models, which could lead to more reliable AI applications [18][19]. Summary by Sections CES 2026 Preview - Focus on new chip products from leading companies: AMD's Ryzen 7 9850X3D and Intel's Panther Lake chips, which promise a 50% performance increase [2][11]. - Emphasis on advancements in autonomous driving technologies, with companies like Sony Honda Mobility and BMW showcasing new models and AI systems [3][12]. Technology Industry Dynamics - Google DeepMind's research indicates that video models are evolving into versatile visual models capable of zero-shot learning, enhancing their applicability across various tasks [5][14]. - DeepSeek's mHC architecture is designed to improve the training stability of large models while maintaining high expressiveness, potentially paving the way for larger-scale model training [18][19]. Weekly Insights - The report recommends focusing on companies that can effectively implement AI technologies in real-world scenarios, particularly in hardware and platforms that support multimodal reasoning [6][24]. - Suggested companies for investment include NVIDIA, Tesla, LITE, AVGO, and Google, which are positioned to benefit from advancements in AI and computing infrastructure [6][24].

Core Viewpoint - Confidence is more important than gold, and activating China's massive market through innovation breakthroughs is crucial for high-quality economic growth [2] Group 1: Innovation and Technology Breakthroughs - In 2025, significant advancements in AI models like DeepSeek and breakthroughs in the innovative drug sector showcased China's competitiveness in the AI and biopharmaceutical fields [3] - The rapid iteration of large model technologies and breakthroughs in innovative drugs have created new industries and jobs, sending a strong signal of China's capability in the new technological revolution [3] - The Chinese space industry achieved multiple breakthroughs in 2025, including a record 92 launches, which has further boosted market confidence [3][4] Group 2: Future Expectations and Market Dynamics - The year 2026 is expected to see continued breakthroughs in various fields, including practical applications of AI and advancements in commercial space endeavors [4] - The integration of AI and robotics is anticipated to create new market opportunities in sectors such as elderly care and domestic services, leading to a clear path from technology investment to new consumption [4] - Cross-sector innovations are expected to generate new economic growth points, enhancing consumer confidence and creating significant opportunities for consumption upgrades [5] Group 3: Economic Interaction and Growth - The interaction between innovation and consumption is projected to be a key driver of economic growth in 2026, with technological advancements providing new supply and consumption upgrades creating new demand [5] - The expectation is to witness breakthroughs across various fields, including AI, chips, biotechnology, and renewable energy, contributing to a broader societal confidence boost [5]

Group 1 - The price of Nvidia RTX 5090 has surged to over $4000, approximately 28,000 RMB, as Nvidia and AMD plan to continue raising graphics card prices due to high demand for AI infrastructure [2][7] - The release of "i Moutai" at a price of 1499 RMB has led to a rapid sell-out over four consecutive days, with the wholesale price of Moutai dropping below 1499 RMB again, indicating a potential shift in market dynamics [2][7] - Bitcoin has experienced significant volatility, with over 110,000 traders liquidated, and Standard Chartered has revised its long-term price forecast for Bitcoin down to $150,000 for 2026, reflecting a nearly 30% decline over the past two months [2][7] Group 2 - The Shanghai Composite Index is expected to break through 5200 points by 2026, with a moderate expansion in IPOs and a potential boom in the semiconductor sector [3][8] - The annual return of the Yongying Technology Select A fund reached 233.29%, while the Dongwu New Trend Value Line fund achieved a three-year return of 273.85%, indicating a significant performance disparity in the public fund market [3][8] - Companies such as Luxshare Precision and Jiazhe New Energy are planning share buybacks ranging from 1 billion to 2 billion RMB and 22 million to 44 million RMB respectively, signaling confidence in their own valuations [3][9] Group 3 - Institutions are optimistic about the performance of equity assets in 2026, with a focus on AI, semiconductors, and strategic resources, indicating a rich landscape of structural opportunities for investors [4][9] - BMW has announced price adjustments for 31 key models, with reductions of up to 300,000 RMB, reflecting a strategic shift towards high-quality development in the automotive market [4][9] - The 2026 national subsidy program will optimize support for sectors such as automotive, home appliances, and smart products, aiming to enhance consumer spending and stimulate economic growth [5][10]