在国内企业的努力下，激光雷达的成本已快速下降，日前就有人士说国内的激光雷达已进一步降价到 1000元以下了，比之前的200美元又低了一截，然而他们没说的是这已是落后于时代的产品，所以激光 雷达企业才会大举降价！ 就如芯片一样，每过一两年芯片就会升级技术，由此原有的芯片价格自然大降，这是因为芯片成本的快 速下降，还有芯片制造工艺成本的快速下降，这都推动了芯片价格的快速下跌。 以国产手机广泛采用的高通芯片为例，新一代的骁龙8芯片上市，上一代的骁龙8芯片价格就会大幅下 跌，上一代的骁龙8芯片甚至很快就会被用到低于2000元以下的手机中，而新一代的骁龙8芯片售价可是 达到1400元。 还有摄像头技术也在升级，据说美国车企利用更先进的摄像头和算法，视觉识别可以分辨400米远的距 离，这样的距离比520线的激光雷达还要远，再失去看得更远的优势，激光雷达在对比视觉识别技术方 面又失去了一大优势，留给激光雷达的机会越来越少。 据传沃尔沃已舍弃了激光雷达，这是又一家外资车企选择舍弃激光雷达，这直接导致一家外资激光雷达 企业的倒闭，这让国内的激光雷达企业有兔死狐悲的感受，而特斯拉的马斯克可是高兴了，看看还是低 成本的视觉识别技术 ...

2025年11月，美国硅谷一场芯片行业峰会上，英特尔、高通、ASML这些欧美芯片巨头的高管，当着全 球媒体的面集体"哀嚎"，还联合抛出一份所谓的"产业预警声明"。 这话听着唬人，其实扒开一层皮全是猫腻。 声明里的话透着股绝望感，核心就一句：中国芯片企业要是继续降价倾销，全球半导体产业体系会彻底 崩溃，上千家企业倒闭，数百万工人失业。 咱们不用懂复杂的芯片技术，就顺着这几个关键点捋，就能看清谁在装可怜，谁在真刀真枪抢市场。 是急了不是怕了 要搞清楚这背后的门道，咱们得先弄明白一个关键问题：欧美巨头这波"发难"，真的是为了全球产业 吗？ 答案其实很直白：根本不是为了什么全球产业，而是他们自己实在扛不住了。 从2024年中国芯片企业启动调价开始，欧美那些做成熟制程芯片的企业就迎来了"寒冬"。 有数据显示，这一年多里，他们的营收直接暴跌了35%，更惨的是部分企业的利润直接腰斩，到手的钱 少了一半还多。 中国有硬实力 看到这儿可能有人要问了：中国芯片企业为啥敢这么大幅度降价？做生意不都是为了赚钱吗？难道真的 不担心亏本？ 其实敢这么干，背后全是硬实力撑着，核心就一点：咱们的产业链越来越成熟，成本控制做到了极致， 降价之 ...

Economic Outlook - China's economy is expected to reach 140 trillion yuan this year, marking a significant increase in economic, technological, and national defense strength [1] - The country is experiencing a rise in people's sense of gain, happiness, and security, contributing to a positive economic outlook [1] Automotive and Technology Industry - The introduction of the first L3-level autonomous driving special license plates in Beijing and Chongqing signifies China's leadership in the electric vehicle sector and its rapid advancement towards smart technology [3] - The integration of various advanced technologies, including AI models and robotics, is injecting vitality into multiple industries, showcasing the deep fusion of technology and industry [3] Cultural and Tourism Sector - The cultural and tourism market is thriving, with increased attendance at cultural venues and events, reflecting a growing demand for cultural experiences and boosting consumer confidence [4] - The popularity of traditional culture and its representation in modern media is enhancing cultural self-confidence and contributing to domestic consumption [4] Social Policies and Consumer Support - New social policies, including free preschool education and the addition of 114 new drugs to medical insurance with an average price reduction of over 60%, are aimed at improving people's livelihoods [5] - The government is focusing on supporting the consumption of smart products and facilitating upgrades in various sectors, which aligns with the trend of high-end, intelligent, and green consumption [5]

全国首单 "具身智能数据集"在江苏省数据交易所上架并完成交易；法国对马斯克旗下聊天机器人涉嫌生成色情内容启动调查。 ①全国首单 "具身智能数据集"在江苏省数据交易所上架并完成交易； ②成本提升80% A20芯片或成苹果最贵芯片； 法国对马斯克旗下聊天机器人 涉嫌生成色情内容启动调查 tta 一来源:一财快讯 ③法国对马斯克旗下聊天机器人涉嫌生成色情内容启动调查。 ...

三是赋能双方长期发展：当前昆仑芯的业务规模已具备独立上市条件，分拆将为其带来多方面助力，同 时也能反哺百度保留集团。一方面，分拆可提升昆仑芯在客户、供应商及潜在战略合作伙伴中的形象， 增强其业务谈判能力，百度可通过持股分享昆仑芯的增长红利；另一方面，昆仑芯可在未来直接、独立 地进入股权及债务资本市场融资，帮助百度保留集团更高效地配置财务资源；此外，分拆能将双方管理 层的职责、问责与其各自的运营及财务表现深度挂钩，强化管理层专注度与企业治理水平。 公告显示，分拆后百度在昆仑芯的持股比例可能下降，其对昆仑芯的控制权虽保持但具体影响需视最终 持股变动而定。 昆仑芯密集融资 公开资料显示，昆仑芯前身为百度智能芯片及架构部，2021年4月独立运营，是国内少数经历互联网大 规模核心算法考验的云端AI芯片企业，专注通用AI计算芯片及相关集成软硬件系统，致力于成为"全球 领先的智能计算公司"。 1月2日，百度集团（9888.HK）发布公告，宣布其非全资附属公司昆仑芯（北京）科技股份有限公司 （以下简称"昆仑芯"）已于2026年1月1日通过联席保荐人以保密形式向香港联合交易所提交上市申请表 格，申请在港交所主板独立上市及买卖。 ...

A H 股市场周度观察（12 月第 5 周） 证券研究报告/策略定期报告 2026 年 01 月 03 日 执业证书编号：S0740519080003 Email：xuchi@zts.com.cn 执业证书编号：S0740520120003 Email：zhangwy01@zts.com.cn 是结构性切换？》2025-08-10 2、《A H 股市场周度观察（8 月第 1 周）》2025-08-04 内容目录 | A H 股市场周度观察（12月第 5 周） . | | --- | | 一、Ａ股: | | 二、港股： | | 风险捉示 … | 请务必阅读正文之后的重要声明部分 - 2 - 3、《7 月政治局会议对市场影响几 何？》2025-08-03 分析师：徐驰 报告摘要 一、A 股： 请务必阅读正文之后的重要声明部分 分析师：张文宇 【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 ...

2025年，百年未有的大变局时代已过去，我们迎来了充满期待和焦虑的2026年。在全球政治格局中，中美关系仍然是最重要的双边关系。美国暂停了对中国 的关税战，允许H200芯片出口，并开除了一些反华专家。乍一看，这似乎是美国在示好中国，但再看一眼，又觉得并非如此。深入分析后，我们会发现其 中的复杂性，关键不在关税和表态，而是在一件不太被普通人关注，却真正触动华盛顿神经的事情——人被清除出局了。 首先，必须指出的是，过去一年，美国对华政策的节奏明显发生了变化。这不是简单的单点调整，而是一系列相互关联的行动：关税延期、经贸缓和、高层 语气软化，再加上美国国务院的大规模裁员。如果单独看每一项举措，可能都能找到合理解释，但当这些事情同时发生时，就不再是偶然。这引发了一个问 题：为什么是现在？为什么是特朗普？为什么偏偏要清除那些人？这三个问题是解读这一轮变化的关键。 然而，清理这些人并不意味着美国会完全改变对华战略。事实上，这更多的是一次重新评估的结果。美国的两党早已在对华政策上形成了结构性共识，即竞 争、遏制和长期对抗，这些政策不会因为一次裁员而改变。那么，美国为什么要做这样的调整呢？首先，财政压力是一个重要原因。此次裁 ...

Market Performance - US stock market opened high but turned negative, with the Nasdaq initially rising over 1% before declining [1] - Chip stocks in the US saw a broad increase, with the Philadelphia Semiconductor Index rising over 4.5%, including significant gains from Nvidia, Intel, and ASML [2] - Major tech stocks such as Apple, Amazon, Microsoft, Google, and Netflix experienced declines [2] Chinese Stocks - The Nasdaq Golden Dragon China Index surged nearly 4%, with Baidu Group soaring over 12% [4] - iQIYI increased by over 9%, while other Chinese companies like GDS Holdings and JinkoSolar also saw significant gains [6] Hong Kong Market - The Hong Kong stock market opened strong, with the Hang Seng Index rising by 2.76%, the Hang Seng China Enterprises Index up by 2.86%, and the Hang Seng Tech Index increasing by 4.0% [6] - Sectors such as AI, semiconductors, commercial aerospace, electrical equipment, home appliances, and automotive showed strong performance throughout the day [6] Investment Outlook - Analysts suggest that the strong performance of Chinese assets at the start of 2026 indicates a continuation of the structural bull market from 2025, with a clear investment focus on hard technology represented by semiconductors, AI, and smart hardware, alongside policy-driven consumption in home appliances and automotive sectors [8] - The offshore RMB exchange rate against the US dollar strengthened, surpassing 6.97, reaching its highest level since May 2023 [8] Currency and Commodities - The performance of the RMB exchange rate is influenced by various factors including international environment, capital flows, and policy changes, with ongoing uncertainties regarding its future trajectory [9] - In precious metals, spot gold initially broke through $4,400 but later retraced most of its gains, while spot silver also saw a significant pullback [10]

Core Viewpoint - Wallen Technology (06082.HK) achieved rapid growth from zero to 337 million in revenue within two years, driven by both technology and commercialization [1][12]. Group 1: IPO and Market Position - Wallen Technology officially listed on the Hong Kong Stock Exchange on January 2, 2026, with a 76% increase on its debut, becoming the first GPU company listed in Hong Kong and achieving the largest fundraising scale since the implementation of the new listing policy in March 2023 [3][4]. - The IPO was highly sought after, with a subscription rate of 2347 times, reflecting strong market enthusiasm [3]. - The company raised a net amount of 5.375 billion HKD during its IPO, with significant backing from cornerstone investors such as Qiming Venture Partners and Ping An Life [4]. Group 2: Industry Growth and AI Impact - AI is recognized as a crucial driver of global economic and social development, with the McKinsey Global Institute predicting that AI-related industries will contribute between 29 trillion to 48 trillion USD in incremental revenue over the next 15 years, accounting for one-third of global GDP growth [5]. - The GPU market is projected to exceed 1 trillion CNY in 2024 and reach 3.6 trillion CNY by 2029, with a compound annual growth rate (CAGR) of 24.5% [5][8]. - The Chinese AI-related GPU market is expected to grow from 4.3 billion CNY in 2020 to 99.7 billion CNY in 2024, and reach 1.03 trillion CNY by 2029, with a CAGR of 56.7% [8]. Group 3: Company Growth and Product Development - Wallen Technology was founded in 2019 and launched its first BR106 GPU chip in 2020, achieving significant revenue growth from 0.5 million CNY in 2022 to 620.3 million CNY in 2023, and further to 3.37 billion CNY in 2024 [11][12]. - The company has established a diverse product matrix, including the BR110 and BR166 chips, catering to various application scenarios [11][12]. - Wallen Technology has secured contracts with nine Fortune China 500 companies and five Fortune Global 500 companies, creating a strong industry barrier and competitive advantage [12]. Group 4: Strategic Collaborations and Future Prospects - In 2025, Wallen Technology will collaborate with major telecom operators to establish domestic computing clusters, enhancing its market presence [13]. - The company has a robust order backlog of 1.24 billion CNY as of November 15, 2025, indicating strong future revenue potential [15]. - Wallen Technology's focus on high-performance computing and continuous innovation positions it well for future growth in the AI and GPU sectors [16][23]. Group 5: R&D and Innovation - Wallen Technology maintains a high level of R&D investment, with expenditures of 10.18 billion CNY in 2022, 8.86 billion CNY in 2023, and 8.27 billion CNY in 2024, representing over 70% of total operating expenses [30][31]. - The company has submitted over 1,500 patents globally, leading the industry in patent achievements, with a 100% authorization rate for invention patents [32]. Group 6: Leadership and Shareholder Support - Wallen Technology is led by a team with extensive experience in AI and hardware technology, including founder and CEO Zhang Wen, who has over 10 years of management experience in the field [33]. - The company has a strong shareholder base, including notable investment funds and industry players, providing substantial capital and resources for growth [34].

Group 1 - The U.S. is shifting from a stance of "maximum pressure" to proposing tariff pauses and cooperation discussions with China due to unsustainable federal debt levels, which have surpassed $36 trillion, with interest payments exceeding military spending [1][3] - In 2024, U.S. debt interest payments reached $1.1 trillion, surpassing defense budget for the first time, indicating a significant shift in fiscal priorities [1][3] - The trade war initiated during Trump's second term has inadvertently fueled U.S. inflation, with tariffs on China reaching 145% by April 2025, leading to increased domestic costs and a rise in consumer inflation expectations to 6.7%, the highest since 1981 [1][3] Group 2 - U.S. companies are facing increased operational costs due to rising raw material prices and supply chain disruptions, with major firms like Tesla and Apple increasing investments in China rather than withdrawing [3][4] - The U.S. government has had to provide $30 billion in subsidies to farmers affected by trade disruptions, further exacerbating fiscal deficits [3][4] - China's export controls on rare earth materials, crucial for U.S. defense and technology sectors, pose significant risks to American defense contractors, with 78% of production lines facing potential shutdowns [3][4] Group 3 - China's reliance on U.S. exports has significantly decreased, with its export share to the U.S. dropping from 21.2% to 14% over eight years, while increasing trade with ASEAN and Mexico [4][6] - The technological landscape is shifting, with China making significant advancements in sectors like electric vehicles and renewable energy, while the U.S. struggles with supply chain issues [6][7] - The relationship between the U.S. and China is now characterized as a "strategic stalemate," with both countries adjusting their strategies in response to changing power dynamics [6][7]