Core Viewpoint - Biran Technology has become the first domestic GPU stock listed on the Hong Kong Stock Exchange, achieving a market capitalization exceeding HKD 1 billion shortly after its debut [1][2]. Group 1: Company Overview - Biran Technology, established in 2019, is a leading provider of general intelligent computing solutions in China, focusing on the research and development of GPGPU chips and intelligent computing solutions [3][7]. - The company aims to create a domestic intelligent computing industry ecosystem and become a core engine for the development of China's artificial intelligence industry [7]. Group 2: IPO Details - On January 2, Biran Technology's stock opened with a significant surge, initially rising over 118%, with a peak market capitalization of HKD 1,027 million [2]. - The stock closed at HKD 33.88 per share, reflecting a 72.86% increase, with a total market capitalization of HKD 811.8 million and a trading volume exceeding HKD 4.6 billion [2]. - The company issued 285 million shares at an offering price of HKD 19.6 per share, raising approximately HKD 5.583 billion in total [2][5]. Group 3: Use of Proceeds - The funds raised from the IPO will be utilized for the development and upgrade of existing GPGPU chips and next-generation GPGPU chips, such as BR20X and BR30X, as well as related hardware [5]. - Additionally, the capital will support the development and enhancement of software platforms and the commercialization of intelligent computing solutions [5]. Group 4: Investment Background - Prior to the IPO, Biran Technology completed 10 rounds of financing, accumulating over HKD 5 billion, with investors including state-owned platforms and various venture capital firms [5].

本周，华泰证券黄乐平团队发布研报称，CES 2026将于2026年1月6-9日在美国拉斯维加斯举行。该团队 认为本届展会的核心主题或将从传统消费电子展示，转向以AI为中心的系统级技术变革。尽管2025年 市场呈现"云端热、端侧温"的特征，但预计本届CES将成为AI应用落地的关键观察窗口，重点覆盖端侧 AI、工业AI、Physical AI与汽车智能化等方向。科技行业投资主线正从算力基础设施走向从仿真、训练 到现实世界部署的完整技术闭环，Physical AI或将成为串联各板块的核心叙事。 AI芯片：英伟达或重塑物理AI，AMD/Intel 聚焦端侧反攻 芯片巨头的策略或现分化。据Wccftech预测，英伟达（NVIDIA）可能淡化消费级显卡（RTX 50 Super 系列或因DRAM涨价延迟发布），CEO黄仁勋或重点阐述"Physical AI"战略，推动AI算力向机器人与工 业场景延伸。AMD 或采取稳健升级策略，桌面端可能推出搭载3D V-Cache的Ryzen 9000系列，移动端 发布Ryzen AI 400系列以巩固PC市场。英特尔（Intel）或将Panther Lake（Core Ultra S ...

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%。壁仞科技最高涨超 118%至42.88港元/股，市值超900亿港元。 截至收盘，收涨75.82%， 市值 825.7 亿港元。 从市场份额看，包括壁仞科技在内的多家国产GPU厂商，市场份额仍不高，且与海外GPU巨头的差距明显。 中国智能计算芯片市场头部参与者高度集中，按2024年中国市场产生的收入计，英伟达和华为海思合计占94.4%的市场份额，其余市场相对分 散，有超过15家规模化参与者，但没有占据超1%市场份额的主要参与者。此外，2024年前英伟达和AMD占据了中国通用GPU市场98%的份 额。按在中国市场产生的收入计，2024年壁仞科技在中国智能计算芯片市场中为份额0.16%，在通用GPU市场中的份额0.2%，预期2025年将 取得0.19%的智能计算芯片市场份额。 但壁仞科技也表示，中国智能计算芯片市场除两大参与者外，其余市场较分散，这为任何单一参与者提供了在未来竞争中扩大规模并脱颖而出 的机会。预计中国企业智能计算芯片的市场份额将从2024年的约20%提升至202 ...

百度正式启动旗下AI芯片子公司昆仑芯的港股上市进程。 1月2日百度港交所公告，昆仑芯已于1月1日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，申请在主板上市及买卖。 公告表示香港联交所已确认百度可进行建议分拆。昆仑芯 上市完成后，仍将是百度的附属公司。 具体细节尚未确定，包括全球发售的规模与结构、百度持股 比例的减少幅度等。 不过公告强调分拆仍需获得香港联交所上市委员会批准、在中国证监会完成备案，以及百度和昆仑芯作出最终决定。 昆仑芯目前为百度非全资附属公司，定位为行业领先的AI计算芯片及相关集成软硬件系统供应商。这标志着继摩尔线程和沐曦股份登陆科创板后，又一家国产 AI芯片企业冲刺上市。 华尔街见闻此前提及，高盛在去年12月研报中指出，参考同类公司估值，百度所持昆仑芯59%股权的价值区间为30亿至110亿美元。麦格理证券估算这一股权 价值约165亿美元，占其给予百度目标估值的30%。 分拆方案落地，完成后仍为百度附属公司 百度在公告中阐述了分拆的三大理由。 首先， 分拆可更全面反映昆仑芯基于自身优势的价值，并提升其营运及财务透明度，令投资者能清晰区分昆仑芯与保留集团，独立评估及衡量昆仑芯的表现及 ...

从2019年起步，到如今上市，壁仞科技六载全"芯"投入国产"芯程"，在通用大算力芯片领域开辟出一条 自主创新之路——自主原创的芯片架构，构建全栈软件生态，引领大算力芯片Chiplet、光互连行业技术 趋势，通过坚持打造原创高性能GPU软硬件体系，实现从高端AI芯片到算力集群的全链路自主可控。 据了解，壁仞科技此次募资规模为55.83亿港元，净额53.75亿港元，募资净额中的约85%将用于研发投 入，重点推进下一代产品迭代与技术创新，约5%用于商业化拓展，10%用作营运资金及一般公司用 途。 壁仞科技招股书显示，2022年—2024年及2025年上半年，公司收入分别为49.9万元、6203万元、3.37亿 元、0.59亿元，年内亏损分别为14.74亿元、17.44亿元、15.38亿元、16.01亿元。 根据招股书，2024年，按收入计，壁仞科技于中国智能计算芯片市场及GPGPU市场分别拥有0.16%及 0.20%的市场份额。按在中国市场产生的收入计，预期中国智能计算芯片市场规模在2025年达到504亿 美元，壁仞科技预期取得约0.2%的市场份额。 中经记者 李玉洋 上海报道 2026年1月2日，"国产GPU四小 ...

来源：新尧网综合 2026年1月2日，国产高性能GPU公司-壁仞科技在港交所主板挂牌上市(股票代码：06082.HK)，成为港股市场上第 一家专注于GPU芯片和智能计算解决方案的企业，壁仞科技也成为18C以来募资金额最高的公司。和玉资本(MSA Capital)曾于2021年参与了壁仞科技B轮融资。 首日市值超1000亿港元，开启智能计算新征程 壁仞科技发行价格为每股19.60港元，暗盘交易涨幅约80 %。今日开盘价35.7港元，最高涨超118%至42.88港元/ 股，预计总市值超1000亿港元。募资用途约85%将用于日后研发智能计算解决方案，约5%将用于智能计算解决方 案的商业化，约10%将用作营运资金及其他一般公司用途。 壁仞科技基石投资者阵容豪华。根据全球发售文件，壁仞科技引入启明创投、平安人寿、Lion Global、上海景 林、保诚(新加坡)、UBS AM Singapore、泰康人寿、神州数码、南方基金、富国基金等为基石投资者，23家顶级 投资机构共认购3.73亿美元，涵盖大型资产管理公司、国内龙头公募和险资、国际长线基金、知名对冲基金等高 质量投资者，比例高达约64%。 作为国内领先的通用智能计 ...

Core Viewpoint - Wallan Technology, known as the "first GPU stock in Hong Kong," successfully listed on the Hong Kong Stock Exchange, achieving a market capitalization exceeding HKD 100 billion and demonstrating strong investor interest with over 2300 times subscription during the IPO phase [1][2]. Company Overview - Wallan Technology has rapidly developed its business since its establishment six years ago, launching specialized technology products and generating significant revenue growth, with a reported revenue increase of 443.29% from approximately RMB 620,300 in 2022 to about RMB 337 million in 2024 [2][3]. - The company has developed its first-generation GPGPU architecture and two chips, BR106 and BR110, along with the higher-performance BR166 chip utilizing chiplet technology [4]. Market Dynamics - The domestic AI chip market is experiencing rapid growth, with the Chinese intelligent computing chip market projected to grow from USD 1.7 billion in 2020 to USD 30.1 billion by 2024, reflecting a CAGR of 105% [5]. - By 2029, the market is expected to reach USD 201.2 billion, with Chinese companies' market share anticipated to increase from approximately 20% in 2024 to about 60% by 2029 [5]. Technological Advancements - Wallan Technology is focusing on enhancing its cluster capabilities to meet the increasing computational demands driven by AI large models, optimizing its customer structure, and winning significant commercial projects [8][10]. - The company has introduced the BR10X series, designed for AI workloads, and is planning to launch the next-generation BR20X series for cloud training and inference by 2026 [9]. Industry Collaboration - Wallan Technology has established strategic partnerships to develop intelligent computing solutions, resulting in substantial sales agreements and collaborations with major telecom operators [9][10]. - The company is actively participating in the establishment of industry standards and has been involved in nearly ten national standard formulations related to intelligent computing [11]. Future Outlook - The listing of Wallan Technology symbolizes a new development phase for the domestic computing power industry, moving beyond hardware specifications to encompass reliable deployment, open-source ecosystem collaboration, and forward-looking technical standards [12].

Core Viewpoint - The article highlights the rapid growth and market potential of domestic AI chip companies, particularly focusing on Wallen Technology, which has successfully launched its GPU products and is experiencing significant revenue growth due to increasing demand for AI computing power [1][3]. Company Overview - Wallen Technology, known as the "first GPU stock in Hong Kong," debuted on the Hong Kong Stock Exchange on January 2, 2026, with a market capitalization exceeding HKD 100 billion and a subscription rate of over 2300 times during the offering phase [1]. - The company has developed its first-generation GPGPU architecture and two chip models, BR106 and BR110, and is advancing towards its second-generation architecture products [2][8]. Revenue Growth - In 2022, Wallen Technology reported revenue of approximately RMB 500,000, which surged to about RMB 62.03 million in 2023, marking a growth of 443.29% to approximately RMB 337 million in 2024 [2]. - The average transaction amount per customer increased by 113.64% to RMB 940,000, reflecting the company's successful market penetration and product acceptance [2]. Market Potential - The Chinese smart computing chip market is projected to grow from USD 1.7 billion in 2020 to USD 30.1 billion by 2024, with a CAGR of 105%, and is expected to reach USD 201.2 billion by 2029 [3]. - Domestic AI chip manufacturers are anticipated to increase their market share from approximately 20% in 2024 to about 60% by 2029, indicating significant growth opportunities for competitive players [3]. Technological Advancements - Wallen Technology is focusing on enhancing its cluster capabilities and has successfully commercialized its AIDC thousand-card GPU cluster project, collaborating with major telecom operators [6][9]. - The company plans to launch its next-generation flagship data center chip, BR20X, by 2026, which is expected to provide improved single-card computing power and support for various data formats [8]. Industry Collaboration - Wallen Technology is actively participating in industry collaborations, including the establishment of the OISA ecosystem and the development of mixed training solutions to address challenges in heterogeneous computing environments [9][10]. - The company is involved in the formulation of national standards for AI computing, which will facilitate the adoption of domestic GPUs and support the innovation of large models [10]. Future Strategy - The company aims to continue investing in R&D, particularly in core technologies to enhance its autonomous capabilities, while fostering partnerships to improve brand recognition and accelerate solution commercialization [10][11]. - The competitive landscape for domestic GPUs is evolving beyond hardware specifications to encompass reliable deployment, open-source ecosystem development, and forward-looking technical standards [10].

蓝筹股表现 来源：智通财经网 2026年首个交易日港股表现强势，恒生指数突破两万六关口，恒生科技指数大涨4%。截至收盘，恒生 指数涨2.76%或707.93点，报26338.47点，全日成交额为1408.64亿港元；恒生国企指数涨2.86%，报 9168.99点；恒生科技指数涨4%，报5736.44点。 国泰海通表示，展望后市，美联储如期降息并超预期扩表或阶段性降低投资者的政策不确定性与市场博 弈性，全球权益和大宗商品或仍有表现机会，建议1月超配风险资产。 4、 SaaS概念股强势上涨。截至收盘，百融云-W(06608)涨9.91%，报12.75港元；金蝶国际(00268)涨 6.47%，报14.15港元；迈富时(02556)涨5.83%，报37.06港元；中软国际(00354)涨4.02%，报5.17港元。 百度集团-SW(09888)领涨蓝筹股。截至收盘，涨9.35%，报143.8港元，成交额47.78亿港元，贡献恒指 12.42点。百度表示拟分拆昆仑芯并独立上市。富瑞表示，拟议分拆昆仑芯具有诸多优势，包括更好地 反映昆仑芯价值、拓宽融资渠道等。预计昆仑芯的估值在160亿美元至230亿美元之间，这意味着百 ...

The company's shares opened at HK$35.70, hit an intraday high of HK$42.88 and closed at HK$34.46, up 76% from the offer price of HK$19.60.That compared to a 2.8% rise for the benchmark Hang Seng Index. Biren was also the third most actively traded stock by turnover on the Hong Kong bourse, with 150.7 million shares ‌worth HK$5.52 billion ($707.7 million) ‌changing hands.The strong debut follows a blockbuster year for Hong Kong's equity market in 2025 and heralds a wave of chip and AI offerings this year as ...