数据来源：中证指数公司，沪深交易所。 12月30日午后，港股硬科技逆市走高，迈富时、英诺赛科涨超11%，优必选涨超9%，第四范式涨超 6%，中芯国际大涨超4%。全市场首只聚焦"港股芯片"产业链的港股信息技术ETF（159131）午后震荡 走高，现涨1.89%，实时成交额超5700万元。 | | | 分时 $日 1分 5分 15分 30分 60分 日 周 月 * | | | | F9 盘前盘后 最加 九和 画线 工具 (2 ) | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.92 | | | | 159131[悲股德奥技术ETF] 14:12 价 0.918 涨跌 0.017(1.89%) 均价: 0.910 成交量: 51 IOPV 0.9201 1. | | | | | | 0 91 8 +0.017 +1.89% | | | | | | | | A . A | | | | | SZSE CNY 14:12:27 交易中 查看L2全覆 | | | 0911 | | | | | ...

Core Insights - The company, Tanshan Group, was awarded the "Annual Outstanding Value Listed Company" in the 2025 New Consumption and New Economy Annual Selection, recognizing its innovative capabilities and strategic transformation in the new consumption sector [1] - The award reflects the company's dual business strategy of "outdoor + chips," which has proven to be forward-looking and feasible [1] Acquisition and Strategic Development - Tanshan Group announced the acquisition of 51% stakes in two leading chip companies, Betel and Shanghai Tongtu, for a total of 680 million yuan, marking a significant step in its strategic layout in the semiconductor and edge AI sectors [2] - This acquisition aims to establish a comprehensive "perception + display" dual-engine strategy, enhancing the company's core technology in chips and expanding into high-growth AI markets [2] - Betel has over a decade of expertise in mixed-signal chain chips, with its fingerprint recognition chip holding the top market share in smart locks, while its touch chips are integrated into leading laptop brands [2] - Shanghai Tongtu has established a competitive edge in display processing and IP licensing, with its RISC-V architecture-based SOC chip leading the high-end OLED screen market [3] - The integration of these companies will allow Tanshan Group to create a complete ecosystem from chip design to terminal solutions, aligning with the current trend of "AI + vertical scenarios" [3] Outdoor Business and Technological Integration - Tanshan Group's core outdoor business has been a solid foundation for its diversified transformation, contributing to its recognition as an outstanding value listed company [4] - The company has over 26 years of experience in the outdoor equipment sector, developing a comprehensive product ecosystem that includes extreme environment gear and collaborations with China's manned space program [4] - Tanshan Group has successfully applied aerospace-grade technology to consumer outdoor products, enhancing features like lightweight design and temperature control [4] - The company continues to innovate in outdoor smart equipment, launching products like exoskeletons and smart ski helmets that meet the growing market demand for intelligent outdoor gear [4] Future Outlook - Tanshan Group's dual business model of "outdoor + chips" is expected to continue driving value creation, transforming from a traditional equipment manufacturer to a technology group focused on chip technology and outdoor applications [5] - The synergy between the two business segments is anticipated to enhance the company's core competitiveness in the evolving landscape of technology-driven consumer markets [5]

Core Insights - The article discusses the development of the all-optical computing chip LightGen by a team from Shanghai Jiao Tong University, which significantly enhances the capabilities of large-scale generative AI models, enabling high-resolution image generation, 3D generation, and video generation with improved speed and energy efficiency [1][2] Group 1: Technological Advancements - LightGen achieves a two-order-of-magnitude improvement in computational power and energy efficiency compared to leading digital chips, making real-time generative tasks feasible [1] - The chip supports various large-scale generative tasks, including denoising and feature transfer, while maintaining quality comparable to advanced electronic neural networks [1] - The theoretical computational power of LightGen could increase by seven orders of magnitude with the use of cutting-edge input devices, addressing the computational gap in deploying generative AI [1] Group 2: Research and Development - The research team has overcome significant challenges, including the integration of millions of optical neurons, all-optical dimension transformation, and the development of a no-true-value training algorithm, which are crucial for generative tasks [2] - LightGen represents a qualitative leap in optical computing, moving from decision-making tasks to semantic generation, and is not merely an enhancement of existing optical chips [2] - The team aims to commercialize LightGen for content production processes, enabling real-time previews and significantly reducing rendering times from hours to seconds or even sub-second levels [2] Group 3: Future Prospects - The transition of LightGen from laboratory research to a usable technology product will require the establishment of standardized processes and mass production testing standards [2] - The research team is actively collaborating with industry partners to facilitate the practical application of LightGen [2]

Core Viewpoint - The article discusses the rise of domestic chip companies in China, particularly focusing on Birun Technology's upcoming IPO in Hong Kong and the challenges it faces in a competitive market dominated by Nvidia [1][2][20]. Group 1: Company Overview - Birun Technology plans to raise over HKD 4.2 billion through its IPO on the Hong Kong Stock Exchange, aiming to become the "first GPU stock" in Hong Kong [2]. - The founder, Zhang Wen, has a diverse background, including a Harvard Law degree and experience in private equity, which he leverages to attract top talent from the industry [3][4]. - The company has raised over CNY 5 billion in funding within a year and a half, setting a record for domestic chip startups [4]. Group 2: Financial Performance - Birun has incurred losses exceeding CNY 6.3 billion over three and a half years, despite a significant revenue increase, with 2024 revenue reaching CNY 337 million, a fourfold increase from the previous year [9]. - R&D expenditures for the years 2022, 2023, and 2024 were CNY 1.018 billion, CNY 886 million, and CNY 827 million, respectively, with an additional CNY 572 million spent in the first half of 2025 [8]. - The gross margin dropped from approximately 70% in 2024 to 32% in the first half of 2025, indicating challenges in cost control and pricing power [10][11]. Group 3: Market Challenges - Birun faces significant competition from Nvidia, especially with the potential re-entry of Nvidia's H200 chip into the Chinese market, which poses a threat to domestic players [17]. - The current market environment in Hong Kong is characterized by a high influx of new listings, making investors more selective and cautious about new investments [15]. - The ongoing debate about the sustainability of the AI boom raises concerns about the long-term viability of capital investments in the chip sector [18][19]. Group 4: Strategic Positioning - Birun's strategy involves a dual focus on immediate product launches, such as the BR20X series, while also planning for long-term developments like the BR30X series [12]. - The company has established strategic partnerships with major telecom players like China Telecom and China Mobile, which provide a foundation for its market presence [20]. - Zhang Wen emphasizes the need for patience and resilience in navigating the challenges of the chip industry, highlighting that success is not solely defined by initial stock performance [21].

Group 1 - The core viewpoint of the news highlights the significant growth in the semiconductor sector, particularly driven by AI chip design and domestic replacement trends, as evidenced by the performance of companies like Chipone Technology and the related ETF [1] - As of December 30, the Shanghai Composite Index rose by 0.01%, while the Sci-Tech Chip Index increased by 1.26%. Notable individual stock performances included Chipone Technology rising over 4% and other companies like Haiguang Information and Cambricon Technologies rising over 2% [1] - The Sci-Tech Chip ETF (588200) saw a 1.24% increase with a trading volume of 1.574 billion yuan and a turnover rate of 3.97%. Over the past six months, the fund has increased by 53.75%, and year-to-date, it has risen by 59.66% [1] Group 2 - Chipone Technology announced on December 27 that it signed new orders worth 2.494 billion yuan from October 1 to December 25, 2025, marking a substantial increase of 129.94% compared to the same period last year and a further increase of 56.54% from the previous quarter, setting a new historical high for a single quarter [1] - The demand for design services, IP cores, and one-stop solutions from domestic chip companies is expanding, driven by the acceleration of AI computing power construction and the trend of domestic substitution [1] - The top ten weighted stocks in the Sci-Tech Chip ETF include SMIC, Haiguang Information, Cambricon, and others, collectively accounting for over 57.72% of the ETF's weight [1]

这并非单方面的压迫，而是双方之间的相互制衡。美国掌握着关键技术和设备，每次施压时，中国的高科技产业就必须咬牙承受，不断补课、攻关。而当中 国收紧稀土供应，尤其是重稀土时，美欧的多条生产线将受到影响，排产表也会因此乱套。如此恐怖的平衡反而成为了中美关系中的压舱石，因为双方都不 愿意让这艘船倾覆。那么接下来该怎么走呢？杨荣文认为，接下来的发展将是贸易战争。他指出，美国的国内政治因素不可忽视，特朗普对选民的考量、对 中期选举的关注以及对国会控制权的担忧，比外交言辞更加重要。如果对抗中国导致通货膨胀失控、供应链中断、经济下滑，选民就不会买账。为了保住自 己的地位，维持一种表面稳定且可控的对华关系，变得更加现实。由此也可以理解，为什么美国最近在某些问题上嘴上说得多，行动却收敛了。 最近，新加坡前外长杨荣文提出了一个尖锐的比喻：他把美国比作一只爱吵闹的孙悟空，而中国手中则有一项可以驯服它的法宝——稀土。他提醒大家，稀 土这一牌并不是最近才被提出的，早在上世纪九十年代就已经被摆在桌面上了，只是当时很多人选择了忽视。那个时候，美国习惯于制定规则、施加压力， 并认为中国的抗议仅仅是形式，生意最终依旧会继续。美国把中国的克制当作 ...

Core Viewpoint - Tongye Technology plans to acquire 91.69% of Siling Technology, which is recognized as a national-level "specialized and innovative" small giant in the field of power IoT communication chips, aiming to become a core engine for expanding its "second growth curve" [1] Group 1: Company Overview - Siling Technology was established in 2016 by a team of PhD researchers from the Chinese Academy of Sciences, focusing on the research and sales of power IoT communication chips [1] - The company specializes in High-Speed Power Line Carrier (HPLC) and High-Speed Dual-Mode (HDC) communication chips and modules, which are widely used in smart meters and key equipment in power grids [1] - Siling Technology has independently mastered several core technologies, including digital communication, algorithm processing, and mixed-signal technology, and has participated in the formulation of 1 international standard, 1 national standard, and 15 group standards [1] Group 2: Market Performance - Siling Technology has maintained a gross margin of over 43% for the past three years, which is higher than the industry average [1] - The company is a core vendor involved in the formulation of new generation communication chip standards for the State Grid and has consistently won bids within the State Grid system, providing support for future performance with its backlog of orders [1] - Despite experiencing a temporary loss due to the divestiture of a loss-making subsidiary from January to July 2025, this impact is considered a one-time event and does not affect long-term operations [1] Group 3: Strategic Implications - Through the acquisition of Siling Technology, Tongye Technology officially enters the high-growth power IoT chip sector, leveraging its technological advantages and customer resources to build a new business growth pole [2]

今日（12.30），算力板块再度走高，云计算ETF汇添富（159273）涨近1%，盘中成交额超1300万元！ 消息面上，12月30日，科技巨头Meta已完成对人工智能初创公司蝴蝶效应的收购，后者开发了AI智能体Manus。据真格基金合伙人透露，这是Meta自成立以 来的第三大并购，收购金额仅次于WhatsApp和Scale AI。合并完成后，蝴蝶效应将在公司、团队和产品层面继续保持独立运营，同时与Meta旗下核心全球消 费级产品进行深度整合。 据了解，这项收购花费数十亿美元，创始人将出任Meta副总裁。在被Meta收购前，Manus正以20亿美元估值进行新一轮融资。此次收购谈判进展迅速，前后 仅耗时十余天。Manus官方博客显示，自Manus发布以来，其主要构建通用型AI Agent，帮用户高效完成研究、自动化和复杂任务。据12月初统计的数据， 上线至今，Manus已处理超过147万亿个token，并创建了超过8000万台虚拟计算机。今年8月，Manus核心人物季逸超在新加坡的一场活动上宣布，Manus收 入运行率（Revenue Run Rate，RRR）达到9000万美元。 云计算ETF汇添富（15927 ...

12月30日，港股指数集体高开，其中恒生指数上涨1.17点报25636.4点；恒生科技指数上涨20.6点，涨幅 0.38%报5503.61点；国企指数上涨10.74点，涨幅0.12%报8902.45点；红筹指数上涨6.41点，涨幅0.16% 报4026.9点。 盘面上，大型科技股走势分化，腾讯控股涨0.34%，京东集团涨0.8%，网易跌0.56%，美团跌0.19%，快 手跌0.55%；芯片股高开，英诺赛科涨超4%；汽车股普遍上涨，蔚来涨超5%；黄金股普跌，紫金黄金 国际跌超2%；今日6股上市，英矽智能、美联股份、五一视界、林清轩、迅策高开，卧安机器人平开。 此外，港股6只新股今日齐挂牌：英矽智能大涨45.5%，美联股份涨15.63%，五一视界涨14.75%，林清 轩涨9.3%，迅策、卧安机器人基本平开。 亨鑫科技(01085.HK)：附属拟投资的350MW光热电站已具备开工条件。 企业新闻 中国能源建设(03996.HK)：附属联合体中标陕西省安康市恒口示范区恒河、月河流域生态综合治理项 目。公告称，中标总金额68.64亿元人民币。项目建设内容包括流域治理、交通基建、城市更新、水利 设施与环保工程等，总工期为 ...

Core Insights - The "14th Five-Year Plan" emphasizes extraordinary measures to achieve decisive breakthroughs in key core technologies across various sectors, including integrated circuits and artificial intelligence [1] - The launch of the Huabao Science and Technology Chip ETF aims to provide investors with a tool to capitalize on the growth of China's domestic chip industry [1][2] Industry Overview - The chip industry is a core battleground for major countries, with the Huabao Science and Technology Chip ETF tracking the Shanghai Stock Exchange's chip index, which includes 50 companies involved in semiconductor materials, design, manufacturing, and testing [2] - As of November 2025, the index's components focus heavily on upstream and midstream sectors, with chip design and semiconductor materials and equipment accounting for 80.48% of the index [2][4] Performance Metrics - The Huabao Science and Technology Chip Index has shown strong performance, with an annualized return of 17.43% from December 31, 2019, to November 30, 2025, outperforming similar indices [6][9] - The index's components reported a 94.22% increase in net profit for the first three quarters of 2025, leading peers in the semiconductor sector [9] Key Companies - The top three companies in the Huabao Science and Technology Chip Index include Haiguang Information (10.86% weight), Cambricon (9.84% weight), and SMIC (8.87% weight) [4][5] - The index is designed to limit individual stock weights to a maximum of 10%, with quarterly adjustments to its components [4] Investment Opportunities - The launch of the Huabao Science and Technology Chip ETF is seen as a significant addition to Huabao Fund's portfolio, which already includes various ETFs focused on high-tech and AI sectors [10]