靴子落地。1月2日，百度正式公告，旗下AI芯片子公司昆仑芯已向港交所提交上市申请。消息一出，市场迅速反应，百度港股当日大涨9%，市值单日飙升 超300亿港元。百度表示，此举在商业方面对百度及昆仑芯均有利，且符合股东整体利益。曾几何时，搜索几乎是百度的全部，用户输入关键词，百度返回 链接，广告主为流量竞价—这套逻辑支撑了百度千亿级营收。后来AI贯穿百度，从基础设施到应用层层布局，昆仑芯是AI硬科技的关键落子，分拆则让这 家"隐形公司"汇入一场席卷国产AI芯片领域的IPO狂潮。 早有伏笔 2026年第一天，昆仑芯透过其联席保荐人以保密形式向香港联交所提交上市申请表格（A1表格），以申请批准昆仑芯股份于香港联交所主板上市及买卖。 第二天，百度集团发布公告确认此事。 根据方案，昆仑芯将通过全球发售募资，包括面向香港公众的公开发售及面向机构投资者的国际配售。分拆完成后，昆仑芯将成为港交所主板独立上市公 司，也仍然是百度附属公司。 整个百度集团在2025年三季度实现营收312亿元，同比减少7%，非公认会计准则下的净利润37.7亿元。老牌业务在线营销在三季度给百度贡献营收153亿 元，同比减少18%，非在线营销营收在智能云 ...

Core Viewpoint - The 2026 Consumer Electronics Show (CES) is anticipated to showcase significant advancements in technology, particularly in AI, robotics, and consumer electronics, with a focus on cost reduction and efficiency improvements [7][10]. Group 1: Chip Industry Strategies - NVIDIA is shifting its focus away from traditional consumer graphics cards, emphasizing "Physical AI" to extend AI computing capabilities into robotics and industrial applications, with potential delays in the RTX 50 Super series due to high GDDR7 memory prices [8][14]. - AMD is adopting a steady upgrade strategy, planning to launch the Ryzen 9000 series for desktops and Ryzen AI 400 series for mobile devices, targeting workstation users with advanced features [14]. - Intel is set to release the Core Ultra Series 3, which includes approximately 14 SKUs, with the flagship model featuring 16 cores and a maximum frequency of 5.1GHz, aiming to regain market confidence in its advanced manufacturing capabilities [14]. Group 2: Robotics and AI Developments - 2026 is seen as a pivotal year for humanoid robots, with a focus on practical applications and real-world testing [10]. - The competition among countries in robotics is intensifying, with China focusing on cost control and mass production, while the U.S. showcases technological benchmarks through companies like Boston Dynamics [15]. - South Korea is forming alliances to enhance its robotics capabilities, exemplified by the "K-Humanoid" alliance led by Rainbow Robotics, showcasing industrial-grade humanoid robots [15]. Group 3: XR and Consumer Electronics - The XR market is currently in a digestion phase following the release of Apple Vision Pro, with CES 2026 expected to mark the beginning of a counterattack from the Android camp [12]. - Samsung is debuting the Galaxy XR glasses, which integrate advanced AI features and aim to compete with Apple's ecosystem [16]. - Chinese companies are leading the trend of lightweight AI glasses, with products like the Quark AI Glasses S1 and Rokid Glasses focusing on practical applications such as real-time translation and AR navigation [16]. Group 4: Automotive Industry Innovations - The automotive sector is transitioning from "software-defined" to "AI-defined," with a competitive arms race in chip technology [13][21]. - Companies like Geely and Great Wall are showcasing innovations in vehicle architecture, while BMW is presenting its iX3 based on the Neue Klasse architecture, integrating advanced technologies [21]. Group 5: Display and Hardware Innovations - Lenovo is introducing innovative hardware solutions, including AI-driven automatic rotating screens and rollable laptops, addressing the balance between large displays and portability [22]. - Display technology advancements are highlighted by TCL and Hisense, focusing on Mini-LED technology and AI image processing capabilities to enhance picture quality [22].

国芯科技 DPNPU 单核支持 0.5～4.8 TOPS 的灵活算力配置，支持算力线性扩展，可以为不同场景提供 定制化的 AI 算力解决方案。国芯科技DPNPU采用符合 RISC-V 指令集架构（RISC-V ISA）标准的创新 开放架构，该架构通过将RISC-V 核心与高性能神经网络加速单元在架构层面进行深度优化设计，并设 计了专用的 TDS（Task Distribution&Synchronization）硬件调度引擎作为核心控制单元，将网络模型中 的算子序列转化为高效的节点化任务流，实现了任务管理、数据流控制与 AI 专用计算的统一高效调 度。该新 IP 产品采用脉动阵列高效动态融合技术，确保设备在长时间运行中的稳定性和卓越能效表 现。DPNPU内置90+神经网络算子，全面覆盖 CNN、RNN 神经网络架构，并支持LSTM、GRU等RNN 变体。通过 RISC-V 指令和硬件通用性设计可扩展支持更多算子，为适配未来不断涌现的 AI 模型预留 充足空间。DPNPU 支持训练后量化（PTQ）技术，提供对称量化、非对称量化、逐层量化和逐通道量 化四种方式。同时支持INT8和 FP16 混合精度量化，在保持模 ...

国芯科技 DPNPU 单核支持 0.5～4.8 TOPS 的灵活算力配置，支持算力线性扩展，可以为不同场景提供 定制化的 AI 算力解决方案。国芯科技DPNPU采用符合 RISC-V 指令集架构（RISC-V ISA）标准的创新 开放架构，该架构通过将RISC-V 核心与高性能神经网络加速单元在架构层面进行深度优化设计，并设 计了专用的 TDS（Task Distribution&Synchronization）硬件调度引擎作为核心控制单元，将网络模型中 的算子序列转化为高效的节点化任务流，实现了任务管理、数据流控制与 AI 专用计算的统一高效调 度。该新 IP 产品采用脉动阵列高效动态融合技术，确保设备在长时间运行中的稳定性和卓越能效表 现。DPNPU内置90+神经网络算子，全面覆盖 CNN、RNN 神经网络架构，并支持LSTM、GRU等RNN 变体。通过 RISC-V 指令和硬件通用性设计可扩展支持更多算子，为适配未来不断涌现的 AI 模型预留 充足空间。DPNPU 支持训练后量化（PTQ）技术，提供对称量化、非对称量化、逐层量化和逐通道量 化四种方式。同时支持INT8和 FP16 混合精度量化，在保持模 ...

导语 过去三年壁仞科技收入持续增长，但仍陷于亏损。 1月2日，"港股GPU第一股"壁仞科技(06082.HK)在港交所上市。开盘报35.7港元/股，较19.6港元/股的发行价上涨82.14%。截至记者发稿，壁仞科技最高涨 超118%至42.88港元/股，市值超900亿港元。 壁仞科技是国内主要的AI芯片厂商之一，此次全球发售约2.85亿股H股，所得款项净额53.75亿港元。募资主要用于研发智能计算解决方案以及智能计算解 决方案的商业化、营运资金及一般公司用途。壁仞科技港股上市之前，2025年12月，另外两家国产GPU厂商摩尔线程、沐曦先后在科创板上市。 从经营情况看，过去三年壁仞科技收入持续增长，但仍陷于亏损。2022年至2024年，壁仞科技年收入分别为49.9万元、6203万元、3.37亿元，分别亏损 14.74亿元、17.44亿元、15.38亿元，三年累计亏损47.5亿元。2025年上半年该公司收入5890.3万元，亏损16亿元。 亏损背后，与其他国产AI芯片厂商类似，壁仞科技的研发开支相对于年收入而言较为高企。2022年~2024年，壁仞科技研发开支共27.3亿元。2024年该公 司研发开支占年收入的比 ...

Core Viewpoint - Naxin Micro's listing on the Hong Kong stock market marks a significant step in its global expansion strategy, aiming to integrate China's industrial advantages with global resources to become an international chip enterprise [1][18]. Group 1: Company Background and Strategy - Naxin Micro, founded in 2013, chose to enter the sensor signal conditioning chip market, avoiding the saturated competition of low-cost alternatives to foreign giants, which has allowed it to establish a foothold in the chip market [3]. - The company shifted its focus in 2015 towards industrial and automotive sectors, avoiding homogeneous competition and fostering growth through innovative product strategies [4]. - Naxin Micro aims to leverage its Hong Kong listing to attract global talent, deepen strategic partnerships, and enhance service to global customers, transitioning from a local to a global player [1][18]. Group 2: Product Development and Market Position - Naxin Micro's product offerings have expanded significantly, with the number of saleable part numbers increasing from over 800 in 2021 to over 4,000 by Q3 2025, indicating robust product development and market growth [7]. - The automotive sector has become a key growth driver, with Naxin Micro's chips being used in approximately 40 to 50 units per electric vehicle, contributing to a significant revenue stream [8]. - Financial data shows that Naxin Micro leads in growth among the top five domestic analog chip companies, with a revenue increase of over 70% year-on-year for Q1-Q3 2025, even excluding contributions from acquisitions [8]. Group 3: Innovation and R&D Capabilities - Naxin Micro emphasizes joint innovation with clients, focusing on developing next-generation products based on industry trends rather than merely replacing imported chips [9]. - The company has established a comprehensive R&D process aligned with industry best practices, enabling rapid product line expansion and innovation [10]. - Naxin Micro has invested in various technological advancements, including differentiated process technologies, platform-based circuit designs, and specialized packaging solutions to enhance product performance and meet market demands [10][11][12][13]. Group 4: Global Expansion Strategy - Naxin Micro's "three-step" global development strategy includes local for local, local for global, and global for global, aiming to enhance brand exposure and operational capabilities through its Hong Kong listing [19][22]. - The company plans to establish its Hong Kong office as the overseas operations and sales headquarters, facilitating a streamlined supply chain and logistics for international clients [18][22]. - Future plans include setting up a research and development center in Hong Kong to attract overseas talent and support the company's growth [23]. Group 5: Organizational Development and Future Goals - Naxin Micro recognizes the need to enhance its organizational capabilities to surpass the $1 billion revenue threshold, focusing on building a systematic organizational structure and empowering lower-level employees [25][27]. - The company aims to transition from founder-driven to a more structured organization, ensuring sustainable growth through improved core capabilities and talent development [28].

如果您希望可以时常见面，欢迎标星收藏哦~ 三星电子的内存芯片工程师June Paik（白）在一次公司郊游踢足球时不慎撕裂了跟腱。卧床数月 期间，他留长了头发，并利用这段时间观看斯坦福大学开设的关于人工智能领域的在线课程。 他带着痊愈的脚踝和坚定的信念离开了：人工智能不仅会成为一项新兴技术，更会成为一种全新的 范式。不久之后，他离开了三星，创办了自己的AI公司。 "我离开时非常确定自己必须进入人工智能领域，"留着长发的Paik 说道。 他需要一款核心产品和一个团队。在首尔举办的一场以人工智能为主题的计算机大会上，Paik 偶 遇了老同事，并提出了一个问题："我们应该进军人工智能芯片领域吗？" 得到的回答是热情洋溢 的"当然"。接下来的几个月里，他成功说服了一位三星的前同事和一位算法专家老朋友加入公司， 成为联合创始人。2017年，FuriosaAI 正式成立。 Furiosa这个名字来源于2015年末日题材电影《疯狂的麦克斯：狂暴之路》的主角。Paik认为这 位战士逆境求生的返乡之旅与他创业成功的目标有相似之处。这个名字是他随口一提，然后就定下 来了。Furiosa的AI芯片被命名为"RNGD"，是"叛逆者"（ ...

来源：中泰证券 报告摘要 一、A 股： 【市场走势】本周A 股市场表现分化，主要宽基指数涨跌不一。上证指数微涨0.13%，但深证成指、创 业板指和北证50 均有所下跌，其中北证50 跌幅最大，下跌1.55%。 风格指数方面，中盘价值和小盘成长表现较好。行业方面，综合金融、石油石化和国防军工领涨，而商 贸零售、电力及公用事业、食品饮料跌幅居前。成交额方面，本周日均成交额为2.1 万亿，环比上涨 15.16%。 【深入剖析】本周为2025 年最后一个交易周。受节假日资金撤出影响，本周创业板等高弹性板块整体 承压。结构方面，近期商业航天板块不断迎来催化。2025 年12 月31 日，上交所官网信息显示，蓝箭航 天空间科技股份有限公司（蓝箭航天）科创板IPO申请获受理，正式冲刺科创板"商业火箭第一股"。受 各种催化影响，A 股卫星与商业航天板块持续占优。 【预期展望】展望A 股市场，预计在政策利好和产业创新的驱动下，市场结构性机会将持续显现。数字 经济、汽车产业链、AI 应用以及商业航天等新兴科技领域有望获得更多关注。在长线资金不断涌入带 来的流动性支持下，本轮"春季躁动"行情或提前启动。建议投资者关注具备技术创新优 ...

Market Overview - The Hang Seng Index increased by 2.01%, the Hang Seng Tech Index rose by 4.31%, and the Hang Seng China Enterprises Index gained 2.85% during the week from December 29, 2025, to January 2, 2026[4]. - Net selling through the Hong Kong Stock Connect amounted to 3.4 billion CNY, while southbound funds recorded a net purchase of 1,301.5 billion CNY in 2025, equivalent to 174.92% of the total net purchases for 2024[4]. AI Sector Developments - Meta acquired AI startup Manus for over 2 billion USD, which will continue to operate independently[4]. - Baidu's subsidiary Kunlun Chip submitted a confidential listing application to the Hong Kong Stock Exchange on January 2, 2026[6]. - MiniMax launched the MiniMax M2.1 model and went through the listing hearing with the Hong Kong Stock Exchange[4]. Investment Recommendations - For Tencent Holdings, a PE ratio of 18X is projected for 2026, with expectations of accelerated growth in domestic gaming and healthy overseas growth[4]. - Kuaishou is expected to have a PE ratio of 11X for 2026, with stable growth and potential investment opportunities following any short-term volatility[4]. - Alibaba is projected to have a FY27 PE of 16X, with new AI models and hardware developments to watch[4]. Consumer Sector Insights - Suplay submitted its prospectus for listing on the Hong Kong Stock Exchange, aiming to capitalize on its leading position in the collectible card market[6]. - Pop Mart's valuation is at 14X PE for 2026, with potential sales boosts from the holiday season and strong IP performance expected[4]. Risks - Geopolitical risks may impact overseas revenues and competitiveness, potentially affecting stock prices[22]. - Regulatory risks in the internet sector could influence industry and individual stock performance[22].

另一家芯片公司博通也在去年12月传出高管出售股票的消息，其首席法律和公司事务官Mark David Brazeal出售了1254万美元的股票。过去一年中，博通的内部人士累计抛售了价值3.76亿美元的股票。 Meta、美光、Arista Networks等人工智能参与者同样也传出内部高管套现的消息。去年10月，还有消息 称OpenAI估值突破5000亿美元后，该公司员工套现了66亿美元的股票。 这些交易大部分是根据高管事先提交的交易计划进行的，而非一时冲动的决定。但这些内部人士的不断 减持仍引发了一些不安。 过去一年，美股纳斯达克指数屡创新高，而根本动力来自于投资者对人工智能基础设施、云计算和先进 网络技术的押注，不少公司的市值也在这股热潮中达到历史最高水平，但行业高管的抛售却暴露出他们 对公司未来缺乏信心。 来源：智通财经 智通财经1月4日讯（编辑 马兰）2025年是美股科技股继续上涨的一年，而在这一年中，科技业的亿万 富翁们也在不断将帐面财富转变为实际的现金。 据一份粗略分析，2025年共有超过160亿美元的科技股票套现，其中亚马逊创始人贝索斯是套现规模最 大的一位硅谷精英，他在去年6月和7月出售了累计25 ...