Market Performance - The Hong Kong stock market showed strong performance on the first trading day of 2026, with the Hang Seng Index surpassing 26,000 points, closing up 2.76% or 707.93 points at 26,338.47 points, with a total turnover of HKD 140.86 billion [1] - The Hang Seng Tech Index rose by 4%, closing at 5,736.44 points, indicating a positive sentiment in technology stocks [1] Blue-Chip Stocks - Baidu Group-SW (09888) led blue-chip stocks, rising 9.35% to HKD 143.8, contributing 12.42 points to the Hang Seng Index, with a trading volume of HKD 4.778 billion [2] - Baidu announced plans to spin off Kunlun Chip for independent listing, with an estimated valuation of USD 16 billion to USD 23 billion, suggesting Baidu's stake could be valued between USD 9 billion to USD 13 billion [2] - Other notable blue-chip performers included New Oriental-S (09901) up 7.15%, China Life (02628) up 5.33%, and Tencent (00700) up 4.01% [2] Sector Performance - The commercial aerospace sector saw a significant surge, with China Technology Group (01725) up 42.86% and Asia Pacific Satellite (01045) up 34.53% following the acceptance of Blue Arrow Aerospace's IPO application [3] - Semiconductor stocks also performed well, with Hua Hong Semiconductor (01347) up 9.42% and SMIC (00981) up 5.11%, driven by industry trends and acquisitions [4] - The robotics sector continued its upward trend, with notable gains from companies like Lijiang Technology (00558) and Jinli Permanent Magnet (06680) [4] Policy Impact - The National Development and Reform Commission and the Ministry of Finance announced a new policy for large-scale equipment updates and consumer goods replacement, expected to boost domestic appliance consumption [7] - Companies in the home appliance sector, such as Skyworth Group (00751) and Midea Group (00300), saw significant stock price increases, reflecting positive market sentiment towards the new policy [6][7] Notable Stock Movements - Wall Street's first trading day of 2026 saw significant movements, with Biran Technology (06082) debuting at a 75.82% increase, focusing on GPGPU chips for AI computing [7] - Meitu Company (01357) issued USD 250 million convertible bonds to Alibaba, which will make Alibaba the third-largest shareholder, indicating a strategic partnership [8] - Likin Resources (02245) received approval for its A-share IPO, reflecting confidence in its comprehensive industry chain in nickel trading and production [9]

1月2日，壁仞科技成功登陆港交所，以"港股国产GPU第一股"的身份正式亮相全球资本市场。 其开盘价35.70港币。 回溯招股阶段，这场资本盛宴便已经埋下伏笔。 从 1 2月2 2日启动招股至1 2月2 9日截止，一周时间，超4 7 . 6万散户涌入，最终录得2 3 6 3倍超额 认购，冻结资金高达5 7 9 6亿港元，毫无悬念跻身2 0 2 5年港股最热门新股行列。 公开发售端是散户的集体狂欢，而基石投资份额的争夺，则是顶级机构间的资源卡位战。 壁仞的基石份额引发超百倍认购热潮 ，最终敲定的 2 3家获配机构，合计拟认购2 8 . 9 9亿港元。 启明创投、平安人寿、上海景林、UBS、泰康人寿等顶级机构的联袂现身，让这份基石名单自 带行业风向标意义。 当散户的狂热与机构的坚定形成共振，市场对壁仞的资本共识已然清晰。 一、 为什么壁仞能赢？ 在投资人的语境中，张文是个极具辨识度的存在。 "不仅能够做极其清晰的战略规划，更可贵的是他能把规划一步步落地执行。"与张文合作过的 投资人对其评价道。 对于公司的融资进程，张文有极强的把控。整个融资预期，从每一轮的规划，到需要引进怎样 的机构，从设想到落地几乎 "八九不离十 ...

Core Viewpoint - Wallen Technology Co., Ltd. (壁仞科技) successfully listed on the Hong Kong Stock Exchange, closing at HKD 34.46, a 75.82% increase from its final offering price of HKD 19.60 [1][2]. Group 1: Company Overview - Wallen Technology specializes in developing General-Purpose Graphics Processing Unit (GPGPU) chips and intelligent computing solutions for artificial intelligence [1]. - The company issued a total of 284,846,600 shares before the exercise of the over-allotment option, with 49,538,600 shares allocated for public offering and 235,308,000 shares for international offering [2][3]. Group 2: Financial Details - The total amount raised from the offering was HKD 5,583.0 million, with net proceeds of HKD 5,374.5 million after deducting estimated listing expenses of HKD 208.5 million [2][3]. - The net proceeds will be used for research and development of intelligent computing solutions, commercialization of these solutions, working capital, and other general corporate purposes [3]. Group 3: Investor Participation - Key cornerstone investors include 3W Fund Management Limited, Qiming Venture Partners, and several insurance and investment firms, indicating strong institutional interest [6][8]. - The cornerstone investors collectively hold significant shares, with 3W Fund Management Limited owning 31,769,600 shares, representing 11.15% of the total shares issued [7]. Group 4: Financial Performance Projections - Wallen Technology's projected revenues for 2022, 2023, 2024, and the first half of 2025 are RMB 0.5 million, RMB 62.0 million, RMB 336.8 million, and RMB 58.9 million, respectively [8][10]. - The company is expected to incur substantial losses over these years, with total losses amounting to RMB 6,356.9 million from 2022 to mid-2025 [10][11]. Group 5: Cash Flow Analysis - The net cash outflow from operating activities for the years 2022 to 2025 is projected to be RMB 1,183.6 million, RMB 847.1 million, RMB 1,009.2 million, and RMB 1,073.3 million, respectively [11][12]. - The company’s cash and cash equivalents are expected to fluctuate significantly, reflecting the ongoing investment in R&D and operational activities [12].

公告称，昆仑芯为百度的非全资附属公司，为一家"行业领先的AI计算芯片及相关集成软硬件系统供应 商"。建议分拆完成后，预计昆仑芯仍将为百度的附属公司。 （文章来源：新京报） 新京报贝壳财经讯（记者罗亦丹）1月2日，百度集团发布《建议分拆昆仑芯于香港联合交易所有限公司 主板独立上市》的公告。公告称，2026年1月1日，昆仑芯已透过其联系保荐人以保密形式向香港联交所 提交上市申请表格（AI表格）。 ...

12月初，"是说芯语"曾报道： 黑芝麻智能拟4-5.5亿收购亿智电子 2026年1月2日，黑芝麻智能科技有限公司（以下简称"黑芝麻智能"）正式宣布，战略控股收购亿智电子 科技有限公司（以下简称"亿智电子"）。通过此次交易， 黑芝麻智能将整合亿智电子在低功耗、高性 价比 AI SoC芯片领域的技术与产品优势，进一步强化其在车规级计算与端侧智能解决方案的整体布 局。 转自：黑芝麻智能 声明：本文仅为信息交流之用，不构成任何投资建议，股市有风险，投资需谨慎。 加入"中国IC独角兽联盟"，请点击进入 本次收购涵盖股权转让与增资，交易完成后，黑芝麻智能将间接持有亿智电子 60%的股权。亿智电子 核心团队承诺，自2026年起连续三年，累计实现含税营业收入不低于12亿元、净利润不低于9000万元的 业绩目标，并设有相应激励与约束机制，确保双方战略协同与业务增长有效落地。 亿智电子在端侧 AI芯片与全栈解决方案方面具有丰富积累，其自研IP与低功耗产品体系，将与黑芝麻 智能在车规级高性能芯片、成熟算法及市场渠道上形成高度互补。双方将围绕 车载产品矩阵与客户拓 展、机器人及 AI+创新业务落地、研发与供应链量产协同三大方向展开深 ...

百度狂飙。 今日（1月2日），百度集团港股股价大爆发，盘中暴涨超9%。消息面上，百度发布公告称，子公司昆 仑芯已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。有机构分析称，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。 当前，人工智能（AI）芯片领域的企业正掀起一波上市潮。"国产GPU四小龙"燧原科技IPO也有最新进 展，据证监会官网，燧原科技已完成IPO辅导工作，标志着其上市进程进入下一阶段。 百度暴涨 1月2日，港股开盘后，百度集团股价大幅飙升，盘中暴涨超9%，截至发稿，涨幅仍达9.35%，报143.8 港元/股。 消息面上，百度集团发布公告称，其子公司昆仑芯已于1月1日通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。 在公告中，百度阐述了分拆昆仑芯并独立上市的三大理由： 一是可以更全面地反映昆仑芯集团基于自身优势的价值，并提升其营运及财务 ...

1月2日，壁仞科技在港交所上市，成为港股"国产GPU第一股"，同时也是港股2026年上市的第一只股票。这家由前商汤总裁张文2019年创立的GPU企业，正 式填上了中国算力版图的关键一环。 当日，壁仞科技盘初快速拉升涨幅一度超过100%，市值超940亿港元。壁仞科技发行价为19.6港元，发行2.85亿股，募资总额为55.83亿港元。 壁仞科技在国产AI芯片版图中占据着重要的一席，其在通用GPU领域拥有多项技术专利，技术先进性可比肩国际巨头。截至2025年12月15日，壁仞科技在 全球多个国家和地区累计申请专利1500余项，位列中国通用GPU公司第一，获得专利授权600余项，位列中国通用GPU公司前列；发明专利授权率达100%， 位列国内企业发明专利授权率榜首。 但是从业绩来看，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。 由此计算，壁仞科技三年半以来产生亏损达63.57亿元。公司解释称，较大幅度亏损主要系若干前股东的赎回权相关的"赎回负债账面值变动"，该变动为非 现 ...

百度集团对外发布公告称，旗下昆仑芯已正式启动赴港上市进程。根据公告内容，昆仑芯通过其联席保荐人，以保密方式向香港联合交易所递交了A1上 市申请表格，申请将其股份在香港联交所主板挂牌交易。 此次分拆上市计划拟通过全球发售方式实施，具体包括两个部分：一是面向香港本地公众投资者进行公开发售；二是针对机构及专业投资者开展股份配 售。目前，昆仑芯作为百度集团的非全资附属公司，在分拆完成后预计仍将保持其附属公司地位，继续纳入百度集团的业务体系。 市场分析人士指出，昆仑芯作为百度在人工智能芯片领域的重要布局，其独立上市将有助于进一步凸显其技术价值与市场潜力。此次申请若获批准，将成 为百度系企业拓展资本市场版图的又一重要举措。 来源：https://www.drd.com.cn/xinche/202601/120509.html ...

Group 1 - On January 2, Wallen Technology was listed on the Hong Kong Stock Exchange, becoming the first "domestic GPU stock" and the first stock listed in Hong Kong in 2026, with an opening surge of over 100% and a market capitalization exceeding HKD 100 billion at one point [2] - As of the report, Wallen Technology's stock rose by 79.9% to HKD 35.26, with a total market capitalization of HKD 84.488 billion [2] - The company is a provider of general-purpose intelligent computing solutions, focusing on its self-developed Walli series GPU products to provide computing infrastructure across various industries [3] Group 2 - Wallen Technology's IPO price was HKD 19.6, issuing 285 million shares and raising a total of HKD 5.583 billion, with funds primarily allocated for R&D of intelligent computing solutions, hardware development, software platform upgrades, and general operational purposes [3] - The company experienced significant subscription demand, with a 2347.53 times oversubscription in the public offering and 25.95 times in the international placement [3] - Revenue projections for Wallen Technology from 2022 to 2025 show figures of HKD 0.499 million, HKD 62.03 million, HKD 337 million, and HKD 590 million, with annual losses of HKD 1.474 billion, HKD 1.744 billion, HKD 1.538 billion, and HKD 1.601 billion respectively [3] Group 3 - Prior to the IPO, Wallen Technology completed 10 rounds of financing, attracting notable investors including state-owned platforms and various venture capital firms [4] - In 2024, NVIDIA and AMD are projected to hold 98% of the Chinese general-purpose GPU market, with Wallen Technology expected to capture 0.16% of the intelligent computing chip market and 0.2% of the general-purpose GPU market [4] - Wallen Technology has filed over 1,500 patents globally, leading among Chinese general-purpose GPU companies, with a 100% authorization rate for invention patents [4] Group 4 - The Chinese intelligent computing chip market is expected to grow from approximately 20% in 2024 to about 60% by 2029, indicating opportunities for market expansion for individual players [4] - Prior to Wallen Technology's listing, two other domestic GPU manufacturers, Moore Threads and Muxi Co., had already been listed on the A-share Science and Technology Innovation Board in December [5]

亚太股市在新年首个交易日多数上涨，韩国综合股价指数周五创下历史新高。 韩国综合股价指数上涨 1.96%，创历史新高。据报道，三星电子客户对其高内存带宽和 HBM 芯片给予 好评，该权重股股价上涨约 6%。韩国创业板指数上涨 1.84%。中国大陆和日本等部分亚洲市场因节假 日继续休市。 香港恒生指数上涨 2.43%，教育服务类股领涨。人工智能芯片设计公司上海壁仞科技在恒指首日上市后 飙升逾 100%，此前该公司完成了 55.8 亿港元（约合 7.17 亿美元）的首次公开募股。此次公开发行获 得超过 2300 倍的超额认购，即便是在行使超额配售选择权之后；国际发行部分则获得 25.95 倍的认 购。 新加坡第四季度经济同比增长 5.7%，主要由截至 12 月的三个月内强劲的制造业增长推动。这一最新数 据较此前季度修正后的 4.3%增长更为强劲。周三，新加坡总理黄循财在其新年致辞中宣布，该国 2025 年全年经济实现了超出预期的 4.8%增长。新加坡海峡时报指数周五也创下历史新高，上涨 0.43%。 印度 Nifty 50 指数上涨 0.41%，Sensex 指数上涨 0.39%。休闲餐饮运营商 Sapphire ...