消息面上，华虹半导体日前宣布拟通过发行股份方式向华虹集团等4名交易对方购买其合计持有的华力微97.4988%股权，并拟向不超过35名符合条件的特 定对象发行股票募集配套资金。此次交易对价为82.68亿元（人民币，下同），拟配套募集资金75.56亿元。 国信证券指出，电子行业上游涨价趋势蔓延，模拟芯片处于周期向上阶段，继续推荐晶圆代工企业中芯国际、华虹半导体等。该机构认为，全球半导体行 业持续复苏，国内替代进程加速，叠加AI算力需求驱动，相关企业有望迎来业绩修复。东吴证券同样将华虹半导体列为云端算力国产化重点关注标的， 看好其在晶圆代工领域的扩产潜力及行业景气上行带来的增长机遇。 值得注意的是，百度集团早盘盘中涨近9%。消息面上，百度集团1月2日公告，称旗下AI计算芯片的子公司昆仑芯已在1月1日正式以保密形式向香港联合 交易所提交上市申请表格，拟于香港联交所主板独立上市。百度在公告中解释了推动昆仑芯分拆的原因：首先，上市有望充分体现昆仑芯价值，使市场能 对其业务表现和增长潜力进行独立评估；其次，昆仑芯聚焦AI芯片主业，与百度的多元化业务形成差异，可吸引该领域专业投资者；最后，分拆将带给 昆仑芯独立的融资平台与市 ...

1月2日，港股踏入2026年第一个交易日后气势如虹，早盘显著走高。截至午间收盘，恒生指数涨 2.18%，恒生科技指数涨3.38%。 港股芯片股集体走强，其中，华虹半导体一度涨超12%，芯智控股涨近5%，中芯国际盘中涨超5%。 消息面上，华虹半导体日前宣布拟通过发行股份方式向华虹集团等4名交易对方购买其合计持有的华力 微97.4988%股权，并拟向不超过35名符合条件的特定对象发行股票募集配套资金。此次交易对价为 82.68亿元（人民币，下同），拟配套募集资金75.56亿元。 国信证券指出，电子行业上游涨价趋势蔓延，模拟芯片处于周期向上阶段，继续推荐晶圆代工企业中芯 国际、华虹半导体等。该机构认为，全球半导体行业持续复苏，国内替代进程加速，叠加AI算力需求 驱动，相关企业有望迎来业绩修复。东吴证券同样将华虹半导体列为云端算力国产化重点关注标的，看 好其在晶圆代工领域的扩产潜力及行业景气上行带来的增长机遇。 亚洲市场方面，韩国KOSPI指数开盘上涨，三星电子股价创下历史新高，盘中飙升近5%。据报道，三 星电子首席执行官表示，三星HBM4展现差异化竞争力。目前该股已连续第四个交易日上涨。 值得注意的是，百度集团早盘 ...

Market Overview - Asian assets experienced a significant surge at the beginning of 2026, with the Renminbi breaking the 6.97 mark against the US dollar, reaching a new high since May 2023 [1][2] - The Hang Seng Index opened high on the first trading day of the year, rising nearly 1.8%, while the Hang Seng Tech Index increased by 3.4% [1] Company Highlights - Baidu Group saw a notable increase of over 8.5%, reaching a new high after announcing plans to spin off Kunlun Chip for a Hong Kong listing [1] - Other companies in the new energy vehicle sector, such as Li Auto, NIO, and Leap Motor, also experienced gains, with Li Auto rising nearly 7% [1] - NetEase increased by over 5%, while Alibaba and Tencent both rose approximately 3% [1] Stock Performance - Baidu Group's stock price reached 142.70, with a rise of 11.20, reflecting an 8.52% increase [2] - Li Auto's stock price was 69.35, up by 4.50, or 6.94% [2] - New stock Biran Technology saw a dramatic increase of 110% after its hearing materials indicated a revenue growth from 62 million yuan in 2023 to 337 million yuan in 2024, with a backlog of 822 million yuan in orders [2] Currency and Commodity Trends - The offshore and onshore Renminbi both surpassed the 6.97 mark against the US dollar, marking a significant appreciation [3] - Precious metals saw a collective rise, with spot gold increasing by 0.7% and silver by 1.8%, with silver reaching a historical high of $83.62 [5] - Platinum and palladium both rose by 1.6%, with platinum achieving a 127% increase in 2025, the highest in 15 years for palladium [5] Institutional Insights - There is a growing interest from overseas investors in Chinese assets, particularly in technology and biotechnology sectors [6] - Major financial institutions like Goldman Sachs, UBS, and JPMorgan predict a sustained rebound for Chinese assets in 2026, driven by profit growth, accelerated innovation, and attractive valuations [6]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The AI application landscape is evolving, with significant activity in overseas markets, particularly for models like Claude and Gemini, while domestic applications are stabilizing [3][11] - Samsung's HBM4 is expected to enter mass production by November or December, indicating competitive advancements in the high-end HBM market against SK Hynix [13][14] - NVIDIA's upcoming FY26Q2 earnings report is anticipated to show a revenue of $45.5 billion, reflecting a year-on-year growth of 51.5%, with a focus on the manufacturing yield of their Blackwell architecture [15][18] - Google's Pixel 10 series, featuring the new Tensor G5 chip and Gemini Nano model, represents a significant upgrade aimed at enhancing user experience and AI capabilities [21][22] Summary by Sections AI Applications - The DeepSeek V3.1 model was released, introducing a mixed reasoning architecture that enhances task performance and efficiency, with a focus on compatibility with next-generation domestic chips [8][12] - The active user engagement in AI applications shows a notable increase for Claude, while Gemini and ChatGPT remain stable [11] HBM Market - Samsung's HBM4 samples have passed initial testing and are set for mass production, which could shift market dynamics as they adopt aggressive pricing strategies against SK Hynix [13][14] - Micron is also advancing in the HBM4 space, having delivered samples to key clients, indicating strong market demand [14] NVIDIA Financial Outlook - NVIDIA's revenue expectations for FY26Q2 are set at $45.5 billion, with a focus on the performance of their Blackwell architecture and potential impacts on gross margins due to manufacturing complexities [15][18] Google Pixel 10 Launch - The launch of Google's Pixel 10 series highlights advancements in AI integration, with the Tensor G5 chip enabling enhanced performance and new AI features aimed at improving user experience [21][22]