2025年渐行渐远，2026年已然到来！ 就在2025年最后阶段，中国资产掀起全新一轮大爆发。 市场敏锐度最快的A股，一口气刷出壮阔的九连涨，创出年度连涨纪录，沪深两市成交额多次稳站2万亿大关。 要知道，这种9个交易日不间断连续上涨，在中国股市这三十多年历史上，其实非常罕见，总共也就出现过二十余次。 一方面，全球大放水时代重启，另一方面，中国十五五规划将至，这场由内外多重因素共振，正在重塑全球经济格局。 2025年12月31日，A股正式收官。 在刚刚过去的一年里，A股非常争气，经历全球关税大战、半导体制裁、船舶加收费等一系列冲击之后，经历4月重挫之后，持续走强，93大阅兵利好带 动下一路飙升，并于10月28日突破4000点，创出近十年来新高点。 各项股指涨幅同比优于2024年，沪指大涨18.41%，深指猛涨29.87%，创指更是狂飙50%。在全球各大主要市场中，也是排名前列的存在。 紧接着，2025年12月28日，深圳豪宅开盘2小时，销售额就直线飙升突破100亿，该项目备案均价达到每平方米24.4万元，最高单价达到每平方米38万元， 其中，单套最高2.5亿的总价，居然还被抢空。 豪宅抢购并非偶然，北上广深等一 ...

Group 1 - The core viewpoint of the article highlights the successful IPO of Wallen Technology, marking a strong start for Hong Kong's stock market in 2026, with the stock price surging over 110% on its debut [1][2] - Wallen Technology, known as the "first domestic GPU stock," issued 248 million shares at a price of HKD 19.6 per share, achieving a market capitalization of HKD 81.18 billion by midday trading [1][2] - The IPO attracted significant interest, with over 471,000 subscriptions during the public offering phase, making it the most subscribed new stock in 2025 [2] Group 2 - Wallen Technology is part of the "four little dragons" of domestic GPUs, alongside Moer Technology, Muxi Technology, and Suiruan Technology, with the latter two having already listed on the Shanghai Stock Exchange [3] - The company focuses on developing GPGPU chips and intelligent computing solutions, targeting the rapidly growing Chinese intelligent computing chip market, which is projected to reach USD 30.1 billion in 2024 and USD 201.2 billion by 2029, with a compound annual growth rate of 46.3% [3] - Wallen Technology's revenue has seen significant growth, increasing from CNY 499,000 in 2022 to CNY 62.03 million in 2023, and further projected to reach nearly CNY 337 million in 2024 [3][4] Group 3 - The company relies heavily on a few major clients, with revenue from its top five clients accounting for 98.1%, 90.3%, and 97.9% of total revenue in 2023, 2024, and the first half of 2025, respectively [4] - Wallen Technology raised a net amount of HKD 5.375 billion from the IPO, with plans to invest in the development of intelligent computing solutions, including hardware and software, as well as general corporate purposes [4]

揭秘持续捕获"时代大鱼"的投资哲学。 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 报35.70港币。 回溯招股阶段，这场资本盛宴便已经埋下伏笔。 从12月22日启动招股至12月29日截止，一周时间，超47.6万散户涌入，最终录得2363倍超额认购，冻结 资金高达5796亿港元，毫无悬念跻身2025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23家获配机构，合计拟认购28.99亿港元。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。 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"。 计划成为现 ...

在这一变化的过程中，中国的角色变得愈加重要。世界知识产权组织的2025年全球创新指数显示，中国已经进入了前十，并且在几乎所有领域都处于领先地 位，尤其是在绿色发展方面表现尤为亮眼。法国《回声报》也提到，中国在多领域占据优势。欧盟委员会主席冯德莱恩在2025年访问中国后表示，中国是重 要的贸易伙伴，脱钩是不现实的。中欧之间的贸易额巨大，互补性强，欧盟经济复苏无法脱离中国市场。中国出口到欧洲的商品，从芯片到新能源汽车，应 有尽有，货架上堆满了中国制造。智库如MERICS分析认为，中国的影响力已经渗透到欧洲，供应链深度融合，欧洲国家对中国矿产和技术的依赖日益增 加，调整策略变得越来越困难。 回到1494年，西班牙和葡萄牙签署了托尔德西里亚斯条约，这个协议把世界分成了两半。西班牙控制了西边的地区，而葡萄牙则占据了东边。所有新大陆的 金银和香料都被欧洲人掌控。这是欧洲的黄金时代，伴随着大航海的开始，欧洲的殖民地遍布全球，制定的规则主导着世界，其它地方则只是附属。然而， 如今局势发生了变化。中国的经济体量稳居世界前列，制造业链条完善，出口数据每年都在增长。俄罗斯依靠能源和地理位置的优势站稳脚跟，美国尽管面 临内政问题，但 ...

Core Insights - Wall Street's interest in domestic GPU companies is highlighted by the successful IPO of Birun Technology, which saw its stock price surge by 82.14% on its debut, reaching a market capitalization of over 80 billion HKD [1] - The company, founded in September 2019 by Zhang Wen, has attracted significant venture capital investment, totaling over 30 billion CNY across its funding rounds, marking a milestone in China's chip industry [1][2] - Birun Technology's journey reflects the challenges and opportunities within the domestic GPU sector, as it aims to compete with industry giants like NVIDIA [2][24] Company Overview - Birun Technology was established in 2019 and has since positioned itself as a key player in the GPU market, with a focus on developing high-performance chips [1][2] - The company has successfully completed multiple funding rounds, with significant contributions from notable investors such as Qiming Venture Partners and IDG Capital, which have helped it grow rapidly [3][4][11] - The firm aims to leverage its IPO proceeds to attract top talent and potentially pursue mergers and acquisitions to strengthen its market position [24] Funding and Valuation - Birun Technology's early funding rounds included a Pre-A round in December 2019, raising 15 million USD, and a Pre-A+ round in February 2020, raising 10 million USD, with valuations increasing from 110 million USD to 150 million USD [3][4] - By mid-2020, the company had raised approximately 2.9 billion CNY across four funding rounds, with a pre-IPO valuation soaring to 6.06 billion CNY [8][16] - The total amount raised by Birun Technology reached 9.32 billion CNY before its IPO, significantly outpacing its competitors in the domestic GPU space [16][24] Market Position and Challenges - Despite its rapid growth, Birun Technology's revenue figures for 2022 and 2023 were 499,000 CNY and 62.03 million CNY, respectively, indicating a slower growth trajectory compared to peers like Moore Threads and Muxi Technology [14][16] - The company faces substantial competition from NVIDIA, which reported a global revenue of 130.5 billion USD for the fiscal year 2025, dwarfing the combined revenue of Birun Technology and its competitors [24] - The ongoing challenge for domestic GPU manufacturers is to bridge the significant valuation and performance gaps with established industry leaders [24]

将投中网设为"星标⭐"，第一时间收获最新推送 壁仞的基石份额引发超百倍认购热潮 ，最终敲定的23家获配机构，合计拟认购28.99亿港元。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。 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。 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 盘价报35.70港币。 回溯招股阶段，这场资本盛宴便已经埋下伏笔。 从12月22日启动招股至12月29日截止，一周时间，超47.6万散户涌入，最终录得2363倍超额认购， 冻结资金高达5796亿港元，毫无悬念跻身2025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。 揭秘持续捕获 " 时代大鱼 " 的投资哲学。 来源丨 投中网 "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 ...

百度认为，建议分拆在商业方面对本公司及昆仑芯均有利，且符合股东整体利益，理由包括： a) 建议分拆可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透明度，令投资者 能清晰区分昆仑芯集团与保留集团，独立评估及衡量昆仑芯集团的表现及潜力； c) 昆仑芯集团之业务凭借其规模已足以寻求上市地位，且本公司认为该地位将对本公司及昆仑芯有 利，因为建议分拆将：(i)提升昆仑芯在其客户、供应商及潜在战略合作伙伴中的形象，并提高其协商及 争取更多业务的地位，从而令保留集团可透过其于昆仑芯的持股受益于昆仑芯的增长；(ii)使昆仑芯能 在未来有需要时直接且独立地进入股权及债务资本市场，从而令保留集团能更有效地配置财务资源； (iii)更直接地将本公司与昆仑芯双方管理层的职责及问责与彼等各自的营运及财务表现挂钩，进而加强 管理层专注度及企业管治。 1月2日，百度公告称，百度已向港交所提交有关建议分拆昆仑芯分拆上市的方案。1月1日，昆仑芯已透 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）。 根据公告披露的方案，建议分拆将通过昆仑芯股份的全球发售进行，包括：(i)昆仑芯股份于香港进行公 开发售，以供香港 ...

Core Viewpoint - The article highlights the successful IPO of Birran Technology, marking it as the first general-purpose GPU company listed on the Hong Kong Stock Exchange, achieving record fundraising and subscription rates, and showcasing the potential of domestic computing power chips in the market [4][21]. Company Overview - Birran Technology went public on January 2, 2026, with a listing price of HKD 19.6 per share, raising HKD 48.55 billion, the largest IPO since the implementation of Hong Kong's Chapter 18C [4]. - The company's market capitalization reached approximately HKD 900 billion (around RMB 808 billion) shortly after its debut, with a stock price increase of over 110% on the opening day [4][21]. Founder Background - Zhang Wen, the founder of Birran, has a diverse background, including a Ph.D. from Harvard and a decade of experience as a lawyer on Wall Street, where he participated in mergers totaling over USD 15 billion [7][9]. - Zhang's transition to entrepreneurship began with his role as CEO of a semiconductor company, leading to the establishment of Birran in 2019, driven by the growing importance of general-purpose GPUs in China [12][18]. Talent Acquisition - Zhang leveraged his network to recruit top GPU talent, including former leaders from Huawei, AMD, and other tech giants, to build a strong R&D team for Birran [14][16]. - The initial investment round in 2019 valued Birran at RMB 1 billion, with significant backing from prominent venture capital firms [16][18]. Funding and Growth - Birran has undergone multiple funding rounds, raising a total of approximately RMB 40 billion by the B round, with a post-investment valuation exceeding RMB 130 billion [20]. - The company faced challenges during the pandemic but successfully launched its first product, the BR106, which generated over RMB 300 million in revenue by 2024 [21][30]. Market Position and Future Plans - Birran aims to develop next-generation GPUs, with the BR20X expected to surpass current domestic performance levels by 2026 [30][32]. - The company has established significant sales agreements with state-owned enterprises and internet companies, indicating a strong market presence [32][33].

北京商报讯（记者 魏蔚）1月2日，百度公告称，百度已向港交所提交有关建议分拆昆仑芯分拆上市的 方案。1月1日，昆仑芯已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）。 根据公告披露的方案，建议分拆将通过昆仑芯股份的全球发售进行，包括：(i)昆仑芯股份于香港进行公 开发售，以供香港公众人士认购；及(ii)向机构及专业投资者配售昆仑芯股份。昆仑芯为本公司之非全 资附属公司。建议分拆完成后，预计昆仑芯仍将为本公司之附属公司。 a) 建议分拆可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透明度，令投资者 能清晰区分昆仑芯集团与保留集团，独立评估及衡量昆仑芯集团的表现及潜力； b) 昆仑芯的业务（有别于保留集团业务相对较为多元化的业务模式）将吸引专注于通用AI计算芯片及 相关软硬件系统业务的投资者群体； c) 昆仑芯集团之业务凭借其规模已足以寻求上市地位，且本公司认为该地位将对本公司及昆仑芯有 利，因为建议分拆将：(i)提升昆仑芯在其客户、供应商及潜在战略合作伙伴中的形象，并提高其协商及 争取更多业务的地位，从而令保留集团可透过其于昆仑芯的持股受益于昆仑芯的增长；(ii)使昆仑芯能 ...

Core Insights - Wall Street's first IPO of the year is the successful listing of Birran Technology on the Hong Kong Stock Exchange, marking it as the first GPU stock in the Hong Kong market with an opening price of HKD 19.60 per share and a market capitalization exceeding HKD 100 billion [1][2] Company Overview - Birran Technology was founded in 2019 by Harvard PhD Zhang Wen, who transitioned from Wall Street to entrepreneurship, focusing on the GPU chip sector [2][4] - The company has attracted significant investment interest, with 23 top-tier investment institutions planning to subscribe for HKD 28.99 billion, achieving a remarkable subscription rate of over 2300 times [2] Technological Development - Birran Technology has adopted a challenging technical route, aiming to develop large GPGPU chips that compete with next-generation products from international giants [6][9] - The company successfully launched its first general-purpose GPU chip, the BR100 series, in March 2022, achieving a peak computing power of 10 petaflops per second, directly competing with NVIDIA's flagship products [7][9] Financial Performance - The revenue trajectory of Birran Technology shows significant growth, with revenues of RMB 0.499 million in 2022, RMB 0.62 billion in 2023, and projected revenues of RMB 3.37 billion in 2024 [9] - The company has secured substantial orders, with a total value of approximately RMB 20 billion from various sectors, including telecommunications and AI data centers [15][16] Market Position and Future Outlook - The Chinese intelligent computing chip market is projected to grow from USD 1.7 billion in 2020 to USD 30.1 billion by 2024, with a compound annual growth rate (CAGR) of 105% [15] - Birran Technology's strategic positioning and technological advancements are expected to play a crucial role in the domestic GPU market, which is increasingly moving towards self-sufficiency and reducing reliance on imports [16][17]