Group 1 - Wallen Technology (6082.HK) is listed today, marking a significant event in the market [1] - Other companies available for subscription include: Zhaoyi Innovation (3986.HK), Reborn Bio-B (6938.HK), BBSB International (8610.HK), Minimax-WP (0100.HK), Hongxing Cold Chain (1641.HK), Jinxun Resources (3636.HK), OmniVision Technologies (0501.HK), TianShu Intelligent Chip (9903.HK), Jingfeng Medical-B (2675.HK), and Zhiyu (2513.HK) [1]

与2026年大幕一道开启的，还有中国半导体产业的新一轮资本化浪潮。作为我国半导体产业先锋城市，深圳 一批深耕芯片设计与制造的硬科技企业正密集筹划或推进赴港上市进程。 深圳集聚了众多芯片类企业和新型研发机构。图为2025湾区半导体产业生态博览会场景。 2025湾区半导体产业生态博览会展出众多芯片产品。 深圳商报首席记者 王海荣文/图 刚刚过去的12月，就有尚鼎芯、曦华科技、基本半导体、华大北斗、国民技术（300077）等5家深圳芯片类 企业向港交所递交招股书，拟进一步拓宽融资渠道、强化研发能力，加速实现核心技术自主可控。 这一趋势的背后，是国家"新质生产力"战略对高端芯片产业的强力支撑。作为国内集成电路产业重镇，深圳 正依托其完整的产业链生态、活跃的创投氛围和政策引导机制，成为国产芯片企业走向国际资本市场的桥头 堡。 登陆H股成深圳芯片企业集体新选择 2001年成立的中微半导体(深圳)股份有限公司是国内最早自主研发设计微控制器(MCU)的企业之一，专注于 芯片设计与销售，是国内领先的智能控制解决方案供应商。 2025年9月23日，中微半导体正式向港交所递交招股书。这并非它首次启动IPO。早在2022年8月，中微 ...

近期，多场重要会议对2026年经济政策作出前瞻，政策新信号将给资本市场带来哪些影响？带着这一核心问题，中国证券 报记者采访了7位业内专家。 中央经济工作会议传递了哪些重要信号？ 左：钱学宁中：罗煜右：方悦肖汶昊、刘宗跃/摄 中央经济工作会议提出，坚持投资于物与投资于人紧密结合。"投资于人"带来哪些产业机会？如何通过资本市场建设推 进"投资于人"？ 中国人民大学财政金融学院教授罗煜：人工智能等新技术持续推进，不仅推动传统行业催生新的需求，还会孕育全新的产 业和职业，目前人工智能、金融科技等领域，以及养老、医疗照看等情感互动类服务均存在供给缺口，其中蕴含着产业投 资机会。 此外，应完善健康、养老、终身学习等民生领域保障，关注银发经济领域的需求，养老金管理、养老保险等养老金融有望 深化发展，加大养老院、康复医院等基础设施投融资。2026年的产业政策聚焦新质生产力和提振内需，对资本市场而言， 人工智能、低空经济等新质生产力相关板块和内需消费领域值得关注。 中国首席经济学家论坛秘书长钱学宁：从产业角度来看，新兴产业往往是资本和技术密集型产业，需要合适的人力资源进 行匹配，发展上述产业也是促进就业的重要抓手。活跃的资本市 ...

景顺长城余广：2026年或将延续科技成长主线，资源品和顺周期持续提供细分机会，同时红利如高股息品种仍然是阶段性确定器。 【导读】公募基金六大投资总监展望2026年：市场仍将"有为"，或现中国资产整体性的价值重估 A股走牛的2025年结束了，充满期待的2026年到来了！ 2025年，A股市场整体震荡上行，科技成长风格贯穿全年。2026年，A股市场会如何演绎？后续哪些板块值得关注？投资主线是什么？如何把握 投资机会？ 中国基金报邀请景顺长城总经理助理、股票投资部总经理余广，嘉实基金大科技研究总监、基金经理王贵重，永赢基金权益投资部联席总经理李 文宾，兴业基金权益投资部总经理邹慧，南方基金宏观策略部联席总经理唐小东，博时基金多元资产管理一部总经理兼多元资产管理一部投资总 监郑铮，六位公募"总监级"投资人士，一起畅谈2026年的市场走向和投资机遇。 嘉实基金王贵重：对2026年的整体市场与科技板块走势，我们的基本观点是：市场仍将"有为"，但挑战与复杂性显著增加，结构性机遇与上行阻 力并存。 永赢基金李文宾：2026年A股整体有望继续走强，股价是投资者对经济未来和信心的反映，我们相信这一反映一定是愈发强烈和坚定的。 兴 ...

Group 1 - The total federal government debt in the U.S. has surpassed $38 trillion, increasing at a rate of $1 trillion every 100 days due to compounding interest [1] - The Nasdaq index continues to reach new highs, with tech giants like Nvidia seeing price-to-earnings ratios exceeding 70, indicating a market driven by a carefully orchestrated "credit makeover" rather than mere prosperity [1] - BlackRock's Larry Fink suggests that global capital markets are seeking new vehicles to absorb excess liquidity, with AI positioned as a strategic asset amid declining interest in solar and metaverse concepts [3] Group 2 - OpenAI's Sam Altman proposed a $7 trillion financing plan, creating a nearly insurmountable financial moat, positioning AI not just as a productivity tool but as a new pillar of dollar hegemony [4] - This strategy aims to generate geopolitical premiums, compelling global funds to invest in U.S. tech assets to mitigate risks, thereby stabilizing U.S. debt without overt monetary expansion [4] - The unexpected variable of Chinese manufacturing threatens the high-cost moat constructed by the U.S., as Chinese companies leverage open-source frameworks to significantly reduce AI training and inference costs [4][5] Group 3 - If AI becomes a cheap commodity rather than an expensive luxury, the underlying logic supporting high valuations in U.S. stocks will collapse, leaving the $38 trillion debt bomb without a buffer [5] - The widening gap in technology and debt management is pushing stakeholders towards extreme measures, as the cycle of debt reliant on technological monopolies is disrupted [5]

中经记者 陈佳岚 广州报道 国产射频芯片厂商锐石创芯（重庆）科技股份有限公司（以下简称"锐石创芯"）IPO有了新进展。 2025年12月30日晚，上海交易所官网显示，锐石创芯科创板上市申请获受理。 本次IPO，锐石创芯拟募集资金约8.09亿元，用于MEMS器件生产基地二期建设项目、研发中心建设及 补充流动资金三大项目。 公开资料显示，锐石创芯成立于2017年4月，专注于射频前端芯片及模组的研发、设计、制造和销售。 公司产品涵盖L-PAMiD、DiFEM等模组以及射频滤波器、射频开关等分立器件，应用于智能手机、无 人机、物联网、卫星通信等领域。其中，智能手机厂商方面，已成功进入包括OPPO、小米、vivo、荣 耀、三星、传音等全球主流手机品牌的供应链体系。 《中国经营报》记者留意到，锐石创芯是国内少数具备滤波器自主生产能力的射频前端企业之一，主 打"国产替代"战略，但在业绩层面仍面临持续亏损、毛利率低下等多重挑战。 探索科技首席分析师王树一对记者表示，目前中国射频前端芯片行业中低端产品已经基本实现自主可 控，卓胜微、唯捷创芯、飞骧科技等这些企业在手机等中低端射频器件上的出货量已经相当可观。但是 对于高性能器件， ...

Group 1 - The core point of the article highlights that China has seen a significant increase in billionaires, with 70 new individuals surpassing a net worth of $1 billion in just one year, making it the highest growth globally [1] - The total number of billionaires in China has reached 470, second only to the United States, with a combined wealth of 12.7 trillion yuan, reflecting a 22.2% increase year-on-year [1] - The report indicates a shift in wealth creation from real estate to technology and consumption sectors, emphasizing that innovation in areas like AI, chips, and consumer goods is driving this change [1] Group 2 - The technology sector has produced billionaires with a wealth growth rate of 40%, significantly outperforming other industries [2] - Notable examples include Lei Jun, whose wealth surged from 129 billion to 326 billion yuan due to advancements in electric vehicles, and Chen Tian Shi, whose wealth increased by nearly 150 billion yuan through AI chip breakthroughs [4] - The pharmaceutical industry is also contributing to wealth creation, with individuals like Zhong Huijuan of Hansoh Pharmaceutical seeing an 83% increase in net worth, reaching 141 billion yuan [4] Group 3 - The new consumption trend is reshaping the market, with companies like Pop Mart and Mixue Ice Cream achieving remarkable success through innovative products and pricing strategies [5] - Pop Mart's founder saw a wealth increase from over 20 billion to 180 billion yuan, while the Zhang brothers of Mixue Ice Cream expanded their business to over 20,000 stores, doubling their wealth to 60 billion yuan [5] - The rise of new consumption billionaires reflects a significant transformation in China's consumer market, where younger consumers prioritize experience and affordability [5][7] Group 4 - The article suggests that ordinary individuals still have opportunities to participate in wealth creation, but the dynamics have changed, favoring innovation and market insight over traditional resource-based wealth [8] - The disparity in wealth growth, with billionaires' wealth increasing at a rate far exceeding GDP and average income growth, raises concerns about widening wealth gaps [8] - The need for policies that balance innovation encouragement and wealth sharing is emphasized, advocating for measures that support small businesses and equitable wealth distribution [8] Group 5 - The transformation of China's wealth landscape is evident, with technology and consumption emerging as the new drivers of wealth creation, as illustrated by the success stories of individuals like Lei Jun, Chen Tian Shi, and others [10] - The next wave of billionaires may emerge from fields like brain-computer interfaces and the metaverse, highlighting the importance of trend awareness and innovation [10] - The article concludes that each cycle of wealth redistribution opens new opportunities, encouraging individuals to accumulate knowledge and skills to position themselves for future success [10]

Core Insights - The AI investment theme has significantly expanded, with data storage companies emerging as major beneficiaries in 2025, highlighted by strong stock performances from Western Digital, Micron Technology, and Seagate Technology [4][5][11]. Group 1: Data Storage Companies Performance - Western Digital emerged as the biggest winner in the S&P 500 for 2025, with a stock price increase of 268%, driven by strong demand for high-capacity, low-cost storage from AI data centers [5]. - Seagate Technology also performed well, with a 219% increase in stock price, benefiting from a significant rise in demand for high-margin hard drive products [8]. - Micron Technology recorded a 227% stock price increase, capitalizing on the AI data surge, with its financial performance exceeding market expectations [11]. - SanDisk, newly included in the S&P 500, saw a remarkable 559% increase in stock price, reinforcing the notion that storage is a critical need for AI [14]. Group 2: Market Trends and Shifts - The year 2025 marked a shift in market leadership from computing chips and large model platforms to data storage, data center construction, cooling, and power sectors, indicating a transition in AI investment logic from "technological breakthroughs" to "infrastructure arms race" [17]. - The significant capital expenditure commitments from major cloud service providers, exceeding $440 billion for AI infrastructure over the next 12 months, have created unprecedented demand for storage device manufacturers [4]. Group 3: Traditional Sectors Under Pressure - Traditional sectors, particularly consumer stocks, faced significant challenges in 2025 due to economic uncertainty and tariff concerns, with notable declines in companies like Clorox and Lamb Weston Holdings [18]. - The retail sector also suffered, with Deckers Outdoor and Lululemon Athletica experiencing substantial stock price drops, ending long streaks of growth [18][20]. - The healthcare sector, despite expectations of benefiting from policy changes, underperformed, with Molina Healthcare and UnitedHealth Group seeing significant declines [20].

Group 1: Technological Advancements - China's AI large models are rapidly advancing, with breakthroughs in chip self-research, positioning the country as one of the fastest-growing economies in innovation [2] - The "Tianwen-2" mission has commenced its journey to explore celestial bodies, while significant infrastructure projects like the Yaxia hydropower project and the commissioning of the first electromagnetic catapult aircraft carrier are underway [2] - By 2026, major technological achievements are expected to transition from "point breakthroughs" to "systematic explosions," highlighting the integration of "hardcore strength" and "people's livelihood" [2] Group 2: Space and Deep Sea Exploration - China is expanding its exploration efforts into deep space and deep sea, revealing previously unknown geological activities on the moon and collecting significant lunar samples [3] - The Chinese space station is now operational, serving as a "space laboratory" that produces major scientific results, including high-temperature experiments and valuable data for deep space life support technologies [3] - The "Fendouzhe" manned submersible has successfully conducted deep-sea explorations, marking a significant advancement in China's deep-sea research capabilities [3] Group 3: Fundamental Research and Innovation - China continues to lead globally in high-quality scientific research output, as evidenced by the Nature Index 2025 rankings [4] - The EAST nuclear fusion experiment has achieved significant milestones, including maintaining 100 million degrees Celsius for 1000 seconds, which is crucial for advancing fusion energy [4] - Breakthroughs in seed research have led to the development of high-yield crop varieties, with improvements in yield by 10% to 20% and reductions in resource input by 15% to 20% [4] Group 4: National Scientific Instruments - The FAST telescope has discovered over 1,170 pulsars, surpassing the total number found by other international telescopes during the same period [8] - Researchers in Jiangmen have improved the precision of neutrino oscillation measurements by 1.5 to 1.8 times compared to previous records [8] - The Guo Shoujing telescope has published over 28 million spectra, maintaining the largest data volume in the world [8] Group 5: Artificial Intelligence Integration - The launch of the DeepSeek-R1 model has demonstrated lower training costs while achieving results comparable to previous AI models [10] - Robots have become integral to various events and industrial processes, indicating a shift from AI as a standalone tool to a partner in daily life [10] - The evolution of AI technologies is reshaping human-machine interactions and driving innovation across industries, enhancing quality of life [10]

Core Viewpoint - Wallen Technology (6082.HK) has successfully priced its IPO at HKD 19.60 per share, raising approximately HKD 5.583 billion, marking it as the largest fundraising project since the implementation of Chapter 18C of Hong Kong's listing rules [1] Group 1: IPO Details - The IPO received overwhelming response, with 471,000 retail investors participating, making it the most subscribed new stock in the Hong Kong market over the past year [1] - Wallen Technology is set to list on January 2, 2026, becoming the first new stock to be listed on the Hong Kong Stock Exchange in 2026 [1] Group 2: Fund Utilization - Approximately 85% of the net proceeds from the IPO will be allocated to research and development, focusing on next-generation product iterations and technological innovations [1] - About 5% of the funds will be used for commercial expansion, while 10% will be reserved for working capital and general corporate purposes, indicating a clear strategic plan for future growth [1] Group 3: Product Development - The next flagship chip, BR20X, is planned for commercialization in 2026, featuring significant upgrades in computing power, memory capacity, and interconnect bandwidth, along with enhanced native support for broader data formats like FP8 and FP4 [1] - Initial development stages for the BR30X chip, aimed at cloud training and inference, and the BR31X chip for edge inference have commenced, with expected launches in 2028, indicating a continuous product pipeline that will open up growth opportunities [1]