用超长周期穿越技术波动，在行业最不拥挤的时候成为定价者，而不是追随者。 作者丨簪竹 来源丨 投中网 当多数地方产业基金仍在募资与出手之间摇摆时，上海已在多个关键赛道连续收获确定性回报。 无论是诞生于北京、深圳的硬科技独角兽，还是扎根本土的产业新星，上海国资的身影越来越多出现 在明星企业的股东名单中。"GPU芯片四小龙"齐聚资本市场，Minimax等AI明星登陆港股，印证了 上海在硬科技赛道的精准落子，而其"时间合伙人"的投资耐心则在生物医药领域当中尽显。 港股市场给出了最新注脚。2026年2月，生物医药板块情绪回暖，来自上海的宝济药业股价一度冲高 至150港元，较招股价上涨逾四倍。若将时间线拉回至去年12月，其上市首日便录得129%的涨幅。 站在结果回看，单个项目的账面回报当然值得欢呼，但其出手时点更加值得深入研究。过去几年，一 级市场快速降温，生物医药首当其冲：估值回调、募资趋紧、退出通道收缩，叠加行业从资本驱动转 向技术兑现，大量资金选择观望甚至撤退。真正仍在逆周期下注的长期资本，并不多见。 2024年3月，上海市国资委宣布设立总规模1000亿元的三大先导产业母基金，明确押注集成电路、生 物医药与人工智能 ...

Core Insights - Domestic GPU companies are seizing the industry window period with intensive initiatives, exemplified by TianShu ZhiXin's release of its fourth-generation architecture roadmap, aiming to surpass NVIDIA's Rubin architecture by 2027 [1][2] Group 1: Product Development and Architecture - TianShu ZhiXin has introduced a roadmap for its four-generation GPU architecture, with specific timelines: "TianShu TianShu" in 2025 to surpass NVIDIA's Hopper architecture, "TianShu TianXuan" in 2026 to match Blackwell, and "TianShu TianQuan" in 2027 to exceed Rubin [3] - The company emphasizes energy efficiency and improved parallel computing resource utilization in its architecture design, achieving over 90% effective utilization in AI-related calculations [3][4] - The efficiency of the "TianShu TianShu" architecture is reported to be 60% higher than the industry average, with a 20% performance increase over NVIDIA's Hopper architecture in specific scenarios [4] Group 2: Product Launches and Market Positioning - TianShu ZhiXin has launched the "TongYang" series of products aimed at edge computing, which includes four models catering to various computational needs [5][6] - The "TongYang" series has demonstrated superior performance compared to NVIDIA's AGX Orin in multiple real-world scenarios, with the goal of becoming the leading domestic solution for edge computing [6][8] Group 3: Market Dynamics and Competitive Landscape - As of now, TianShu ZhiXin's products have served over 300 clients and completed more than 1,000 deployments across various sectors, indicating a growing commercial application [8] - The domestic GPU market is witnessing increased activity, with several companies like MoEr Thread, MuXi Co., and BiRan Technology completing IPOs, reflecting the ongoing interest in hard technology [8][9] - Despite the enthusiasm in the capital market, domestic GPU companies still hold a small market share compared to NVIDIA, which commands a significant global market presence [9]

Core Insights - The company expects to expand its losses in 2025, with projected revenue of approximately 921 million yuan, a year-on-year increase of about 43.75% [1] - The storage segment has achieved profitability, while the company continues to invest heavily in the high-performance GPU sector, reporting an investment loss of 166 million yuan last year [1] Financial Performance - The company anticipates a net profit loss ranging from 214 million yuan to 174 million yuan in 2025, representing an increase in losses of 4.1% to 280.3 million yuan compared to the previous year [1] - The net profit loss after deducting non-recurring items was between 241 million yuan and 201 million yuan last year, with a slight increase in losses of 0.15% to 200.9 million yuan [1] Market Dynamics - The small-capacity storage chip market has benefited from an AI-driven industry upcycle, with improved supply-demand dynamics and steady product price recovery [1] - The company’s products are experiencing a structural growth in demand due to ongoing 5G base station construction, smart city upgrades, innovations in wearable devices, and the electrification and intelligence trends in the automotive industry [1] Technological Advancements - The company is focusing on the integration of storage, computing, and networking, maintaining high levels of R&D investment, with significant expenditures reported during the period [2] - In the storage segment, the company is solidifying its technological leadership in SLC NAND Flash, with 1xnm flash products achieving mass production and sales [2] - The company is also enhancing the reliability of its storage products, advancing the development and industrialization of automotive-grade storage products [2] Investment Strategy - In 2024, the company made a strategic investment of 200 million yuan in Lishuan Technology (Shanghai) Co., Ltd., which specializes in GPU chip design [3] - The first self-developed GPU chip, "7G100," successfully completed its first tape-out in 2025, with initial graphics cards delivered to customers [3] - The company plans to invest an additional 211 million yuan in 2025 to deepen its engagement in the high-performance GPU sector, with an expected investment loss of approximately 166 million yuan for the year [3] Market Performance - Since the press conference held by Lishuan Technology in July last year, the company's stock price has surged, with a cumulative increase of over 200%, and the latest market capitalization stands at 53.2 billion yuan [3]

Core Insights - Shanghai aims to reform its state-owned asset management system, enhancing collaboration with private and foreign capital to boost economic growth and competitiveness [1][6] - By 2025, Shanghai's local state-owned enterprises (SOEs) are projected to reach a total asset value of 32.5 trillion yuan, with profit growth rates of 12.3% and 11.2% for total profit and net profit respectively, marking a five-year high [1][2] - The total market value of listed companies controlled by Shanghai's SOEs is expected to reach 3.2 trillion yuan, also a historical high [1] Group 1: Performance Metrics - In 2025, Shanghai's local SOEs are expected to see asset growth of 16%, total profit growth of 24%, and net profit growth of 23% compared to 2022, with listed company market value increasing by over 42% [2] - The revenue share of strategic emerging industries in Shanghai's SOEs is projected to rise to 30% in 2025, up from 26.4% in 2024 [2] Group 2: Structural Adjustments - Over the past three years, Shanghai has accelerated the restructuring of its SOEs, forming seven new enterprises and completing strategic mergers in various sectors, including finance and technology [3] - The merger of Guotai Junan and Haitong Securities into Guotai Haitong is noted as the largest A+H market merger in China's capital market history [3] Group 3: Innovation and Technology - Shanghai's SOEs have established eight new platforms focused on technological innovation, targeting critical areas such as integrated circuits and artificial intelligence [3] - In 2025, the Shanghai State-owned Assets Supervision and Administration Commission (SASAC) is expected to oversee 87 billion yuan in technology-related expenditures [3] Group 4: Fund Management and Investment - Shanghai's state capital fund has exceeded 660 billion yuan, with a significant portion allocated to strategic projects, achieving a fivefold leverage effect on social capital [6] - The establishment of the Qiyuan Public Welfare Foundation marks a significant step in funding innovative research, with initial projects receiving up to 1 million yuan each [7] Group 5: Future Directions - In 2026, Shanghai's SOEs will focus on enhancing operational efficiency, optimizing asset structure, and strengthening the role of state-owned enterprises in technological innovation [5] - The reform of the state capital fund management system will aim to improve collaboration with various types of social capital, supporting mergers and acquisitions for listed companies [7]

Core Viewpoint - The debut of Zhipu AI on the Hong Kong Stock Exchange was marked by initial excitement but quickly faced challenges, with the stock price fluctuating and eventually dipping below its issue price, highlighting the competitive landscape in the AI model sector [1][3][7] Company Performance - Zhipu AI's stock was issued at HKD 116.20, opening at HKD 120, but later fell to a low of HKD 116.10 before recovering to HKD 129.8, resulting in an 11.70% increase and a total market capitalization of HKD 57.142 billion [1][3] - In contrast to other domestic GPU companies that saw significant first-day gains, Zhipu AI's performance was lackluster, indicating a struggle to replicate the success of its peers [3][4] Market Context - The AI model market is highly competitive, with major players like Alibaba, ByteDance, and Baidu posing significant challenges, alongside independent firms such as Moonlight and Baichuan Intelligence [4][5] - Despite being the top independent developer in revenue, Zhipu AI holds only a 6.6% market share in the rapidly growing MaaS (Model as a Service) market, which is expected to see explosive growth by 2025 [4][5] Financial Health - Zhipu AI reported cumulative losses exceeding CNY 6.2 billion from 2022 to the first half of 2025, with projected losses of CNY 2.958 billion in 2024 and CNY 2.358 billion in the first half of 2025 [5] - The company experienced a high revenue growth rate of 130% year-on-year, with revenue of CNY 191 million in the first half of 2025, but nearly 90% of this revenue was consumed by third-party computing service costs, raising concerns about its business model [5] Technological Edge - Zhipu AI's core advantage lies in its self-developed GLM technology system, which differentiates it from competitors like OpenAI, and has shown strong performance in code generation and long text understanding [6] - The company has built a substantial developer ecosystem, with over 4.5 million registered developers and its MaaS platform empowering over 80 million terminal devices, indicating significant commercial potential [6] Industry Outlook - The listing of Zhipu AI signifies a transition for the Chinese AI model industry from a phase of technical validation to one focused on performance evaluation in the capital market [7] - The initial drop in stock price may represent a new, more rational starting point for both Zhipu AI and the broader Chinese AI model sector, suggesting that the real challenges are just beginning [7]

Group 1 - BYD aims to maintain significant R&D and financial investment to consolidate electrification and promote intelligence in the new "15th Five-Year Plan" period [3] - The company plans to integrate global resources for collaborative innovation and accelerate its global industrial layout to build a world-class Chinese brand [3] - BYD's annual sales have achieved a tenfold growth during the "14th Five-Year Plan" period, establishing it as the largest electric vehicle manufacturer globally [3] Group 2 - Oriental Fortune emphasizes the importance of empowering the real economy and serving people's needs in the financial sector during the "15th Five-Year Plan" [5] - The company aims to leverage technology to connect wealth management and financing needs effectively [5] Group 3 - Moore Threads focuses on accelerating the application of domestic GPUs across various industries to support digital transformation [7] - The company has established a complete technology stack based on a unified architecture, achieving a systematic closed loop from hardware to application [7] Group 4 - Muyuan Foods is committed to producing safe and healthy pork products, aiming for high-quality development in the pig farming industry [9] - The company plans to leverage technology to address industry challenges and contribute to the high-quality development of China's pig farming sector [9] Group 5 - Zhongwei Company aims to achieve 50% to 60% market coverage in high-end semiconductor equipment through organic growth and external expansion [12] - The company emphasizes the importance of technological innovation and industry chain collaboration to enhance global competitiveness [12] Group 6 - Huayou Cobalt plans to align its strategy with national planning during the "15th Five-Year Plan" period, focusing on creating customer value and leading industry development [16] - The company aims to become a leading technology enterprise in energy materials globally [16] Group 7 - Aier Eye Hospital integrates clinical services, research innovation, and public health education into a comprehensive eye health ecosystem [18] - The company is committed to advancing AI diagnostics and expanding its eye health service network [18] Group 8 - Tianci Materials focuses on sustainable development principles, enhancing innovation capabilities in lithium-ion battery materials and specialty chemicals [20] - The company aims to embrace a new growth cycle in the lithium and energy storage industry over the next five years [20] Group 9 - JinkoSolar emphasizes technological innovation as the core driver of its development, aiming to enhance the efficiency of photovoltaic applications [22] - The company is focused on integrating advanced technologies with traditional manufacturing to foster new productive forces [22] Group 10 - Jishi Media aims to integrate cultural and technological advancements, focusing on digital transformation and innovation in the media sector [24] - The company plans to enhance its competitiveness by focusing on AI, data elements, and low-altitude economy [24] Group 11 - China National Machinery Industry Corporation aims to transform into a technology-driven engineering company while embedding its development into the national modernization blueprint [26] - The company plans to enhance its efficiency and investment value through capital market engagement and focus on green engineering and digital infrastructure [26]

Core Viewpoint - The successful IPO of Biren Technology marks a significant milestone in the domestic GPU sector, with substantial returns for early investors and a promising outlook for future growth in the AI computing market [2][9]. Investment Performance - Five key investors in Biren Technology have achieved paper returns exceeding 1 billion RMB, showcasing the lucrative potential of investments in domestic GPU companies [5][9]. - The IPO raised a total of 55.83 billion HKD, making it the largest fundraising project since the implementation of the Hong Kong Stock Exchange's 18C rules, indicating strong institutional confidence in the domestic GPU market [9]. Company Background and Financing - Biren Technology has completed 10 rounds of financing since its establishment in 2019, raising over 5 billion RMB, with a diverse range of investors including venture capital, state-owned platforms, and large financial institutions [6][9]. - The company has attracted significant investment from both early-stage and institutional investors, demonstrating a long-term commitment to supporting its growth through various stages of development [6][7]. Investor Returns - Notable returns include Qiming Venture Partners, which invested in the Pre-A round and held 3.89% of the company post-IPO, with a market value of approximately 2.883 billion RMB [7]. - Country Garden Venture Capital's investment of about 350 million RMB resulted in a return of approximately 1.74 billion RMB, reflecting a nearly 6x return on investment [7]. - Other investors like Yunji Capital and Gree Group also reported significant returns, with Gree achieving a return multiple exceeding 10x [8][9]. Technological Advancements - Biren Technology launched its first general-purpose GPU chip, BR100, in 2023, achieving peak performance at the PFLOPS level, and has developed a complete ecosystem with its software platform BIRENSUPA [13][15]. - The company has positioned itself as a leader in the domestic GPU market, focusing on comprehensive solutions rather than just individual chip performance, which enhances its competitive edge [15]. Future Prospects - Biren Technology plans to pursue an A-share listing in the future, indicating its ambition for further growth and expansion in the capital markets [14][16]. - The ongoing trend of domestic GPU companies entering the public market suggests a competitive landscape that will increasingly focus on financial performance and valuation metrics [16].

Core Viewpoint - Wall Street technology company Biran Technology made its debut on the Hong Kong stock market on January 2, 2024, with an opening surge of 82.14%, reaching a peak increase of over 110% during trading, and achieving a market capitalization exceeding 90 billion HKD, marking it as the third GPU company to go public within a month after Moer Thread and Muxi Technology [2] Company Overview - Biran Technology was founded in September 2019 by Zhang Wen, the former president of SenseTime, who is recognized for his ability to gather talent and capital, positioning himself as a strategic leader in the industry [2][3] - The company aims to compete with industry giants like NVIDIA, despite initial skepticism from investors regarding its ambitious goals [2] Investment and Financing - Biran Technology has attracted over 3 billion CNY in investments from venture capital firms, with significant early investments from Qiming Venture Partners and IDG Capital [4][5] - The first round of financing was completed in December 2019, with Qiming Venture Partners investing 15 million USD at a pre-money valuation of 110 million USD [4] - By mid-2020, Biran Technology had completed four rounds of financing, raising approximately 2.9 billion CNY, with a pre-money valuation soaring to 6.06 billion CNY [7] Strategic Partnerships - Gree Group played a crucial role in Biran Technology's development by investing 140 million CNY and facilitating project implementation and team building [8] - Other notable investors include Country Garden, which invested 350 million CNY, and various top-tier investment firms such as Hillhouse Capital and Songhe Capital [9][10] Financial Performance - Biran Technology's revenue has shown steady growth, with figures of approximately 49,900 CNY in 2022, 6.203 million CNY in 2023, and projected 340 million CNY in 2024, although it still lags behind competitors Moer Thread and Muxi Technology [11] - The company has completed a total of 18.8 billion CNY in financing from 2021 to 2024, compared to 9.17 billion CNY and 3.95 billion CNY raised by its competitors during the same period [11] Market Position and Challenges - Despite its growth, Biran Technology faces significant challenges from NVIDIA, which reported global revenues of 130.5 billion USD for the fiscal year 2025, dwarfing the combined revenues of Biran Technology and its competitors [15] - The company aims to leverage its IPO funds to attract top talent and potentially pursue mergers and acquisitions to enhance its competitive position in the market [16]

Group 1 - Wallran Technology (壁仞科技) officially listed on the Hong Kong Stock Exchange on January 2, 2026, opening with a rise of over 110%, reaching a peak of 42.88 HKD per share, with a total market capitalization of approximately 99 billion HKD [2][23] - Wallran Technology is recognized as the "first GPU stock" in Hong Kong and has the largest issuance scale since the implementation of the 18C rule [2][23] - The IPO price was set at 19.6 HKD per share, with a global offering of approximately 248 million H shares, and cornerstone investors subscribed for about 64% of the fundraising amount, totaling 372.5 million USD [2][23] Group 2 - Founded in September 2019, Wallran Technology is one of the earliest companies among the "four small dragons" of domestic GPUs, focusing on original core architecture and pioneering Chiplet high-performance chips [2][23] - As of the end of 2025, Wallran Technology has applied for over 1,500 patents globally, ranking first among Chinese general GPU companies, with over 600 patents granted and a 100% invention patent authorization rate [3][24] Group 3 - Wallran Technology's products have been deployed in key industries such as AI data centers, telecommunications, energy, and financial technology, effectively supporting the computational needs of AI training and research innovation [3][24] - The company has established a customer base that includes several Fortune China 500 and Fortune Global 500 companies, achieving large-scale commercial deployment of domestic computing clusters with the three major telecom operators [3][24] Group 4 - Early investor Songhe Capital (松禾资本) has seen significant returns from its investment in Wallran Technology, holding 1.89% of the shares as of the listing, with an estimated investment return of about 60 times based on initial valuation [4][25] - Songhe Capital has invested a total of 200 million USD in Wallran Technology through two funding rounds, becoming one of its core early investors [4][25] Group 5 - The founder of Songhe Capital, Li Wei, recognized the potential of Wallran Technology's founder, Zhang Wen, during their first meeting, leading to a decisive investment in the company [6][26] - Zhang Wen's vision for Wallran Technology was driven by the need for domestic AI companies to reduce reliance on imported GPU chips, especially in light of increasing geopolitical risks [6][26] Group 6 - Wallran Technology has achieved rapid financing success, raising a total of over 9 billion RMB through 11 rounds of financing, including a record 4.7 billion RMB in 18 months [8][29] - The company's core team includes experienced professionals from leading firms like NVIDIA and Huawei, with 83% of employees in R&D roles [9][30] Group 7 - Songhe Capital emphasizes a long-term investment strategy, focusing on companies that can "change the world" through hard technology, with a management scale exceeding 24 billion RMB and over 500 projects invested [12][33] - The firm has strategically invested in various sectors, including digital technology, precision medicine, and innovative materials, with a focus on addressing core pain points in computing power [34][36] Group 8 - The investment landscape for hard technology is evolving, with recent regulatory changes in both the A-share and Hong Kong markets facilitating the listing of innovative companies [17][37] - Songhe Capital plans to launch venture capital bonds in 2026 to support its continued investment in hard technology, emphasizing a value-oriented approach rather than a scale-oriented one [38][39]

Core Viewpoint - Wallen Technology successfully listed on the Hong Kong Stock Exchange on January 2, 2024, with an opening surge of 82.14%, reaching a peak increase of over 110% during trading, and achieving a market capitalization exceeding 90 billion HKD, marking it as the third GPU company to go public in a month after Moore Threads and Muxi Technology [1][25][27]. Company Overview - Wallen Technology was founded in September 2019 by Zhang Wen, the former president of SenseTime, who is recognized for his strategic vision and ability to attract talent and capital [3][27]. - The company aims to challenge industry giants like NVIDIA, despite initial skepticism from investors regarding its ambitious goals [5][29]. Investment and Financing - Over 300 billion CNY has been invested in the three leading domestic GPU companies, including Wallen Technology, since their inception around 2020, marking a significant milestone in China's chip entrepreneurship [27]. - Wallen Technology completed its first round of financing in December 2019, raising 15 million USD from Qiming Venture Partners, followed by additional funding rounds that significantly increased its valuation [30][31]. - By mid-2020, Wallen Technology had raised approximately 2.9 billion CNY across four financing rounds, with a pre-IPO valuation soaring to 6.06 billion CNY [33][41]. Financial Performance - The company reported revenues of approximately 49,900 CNY in 2022, 6.203 million CNY in 2023, and projected 340 million CNY in 2024, indicating steady growth but trailing behind competitors Moore Threads and Muxi Technology [15][39]. - Wallen Technology's pre-IPO valuation reached 6.06 billion CNY, significantly higher than its competitors, which has led to a slowdown in subsequent financing efforts [41]. Market Position and Challenges - Despite the successful IPO, Wallen Technology faces substantial challenges from NVIDIA, which reported global revenues of 130.5 billion USD for the fiscal year 2025, dwarfing the combined revenues of Wallen Technology and its competitors [23]. - The company aims to leverage the funds raised from its IPO to attract top talent and potentially pursue mergers and acquisitions to enhance its competitive position in the market [24].