Core Viewpoint - Beijing Xingchen Tianhe Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, capitalizing on the exponential growth in AI storage demand driven by large model training and intelligent applications [1][2]. Industry Overview - The demand for data storage performance, capacity, and compatibility is experiencing exponential growth, making AI storage a core infrastructure [1]. - The Chinese distributed AI storage market is projected to grow from 10 billion yuan in 2024 to 63.1 billion yuan by 2030, with a compound annual growth rate (CAGR) of 35.9% [2]. - The installed capacity in this market is expected to expand from 10.3 exabytes in 2024 to 60.5 exabytes by 2030, with a CAGR of 34.3% [2]. Company Position - Xingchen Tianhe holds a 10.4% market share, ranking second in China's distributed AI storage market and is the largest independent supplier [1][2]. - The company has experienced significant revenue growth, with revenues of 167 million yuan in 2023, 173 million yuan in 2024, and 195 million yuan for the first nine months of 2025, marking a 65.4% increase compared to the same period in 2024 [5]. Competitive Landscape - Major competitors include Huawei and Inspur, which leverage their comprehensive hardware advantages and extensive channel networks [3]. - Independent storage vendors need to create differentiated barriers by focusing on technology, scenarios, and ecosystems to avoid price competition [3]. Business Model - Xingchen Tianhe's core business focuses on providing enterprise-level AI storage solutions, helping companies efficiently integrate data and operations during their AI transformation [2][7]. - The company offers solutions through two delivery models: a pure software model and an integrated hardware-software model [7]. Challenges and Risks - The rising component prices are causing supply chain imbalances, potentially leading to a market shakeout where smaller vendors may struggle to survive [4][5]. - Data storage security risks are evolving, requiring a comprehensive lifecycle approach to risk management, particularly in the context of AI [8][9].

点评：五家企业深耕能源、汽车饰件、AI存储等赛道，各凭细分领域优势递表港交所，体现了港股对实体产业与 硬科技企业的吸引力。 NO.2 港交所与巴西证券交易所签署合作备忘录 1月27日，港交所宣布与巴西证券交易所签署合作备忘录，促进两地的可持续金融及碳市场发展。根据合作备忘 录，港交所将与巴西证券交易所携手推动香港与巴西的碳市场发展、开拓大宗商品机遇，并建立定期沟通渠道， 加强双方合作。两家交易所亦会探讨旗下市场证券相互挂牌的可能性，同时寻找亚洲及南美洲碳产品和ESG（环 境、社会和公司治理）产品的新机遇。 ｜2026年1月28日星期三｜ NO.1 玉柴船电、德业股份、惟远能源、新泉股份、星辰天合递表港交所 据港交所1月27日消息，玉柴船电、德业股份（SH605117，股价94.35元）、惟远能源、新泉股份（SH603179， 股价92.78元）、星辰天合已向港交所主板递交上市申请。据其各自招股书，玉柴船电是领先的发电动力解决方 案供应商。德业股份是一家全球领先的光储产品提供商。惟远能源是一家深耕中国市场、并在全球范围内不断拓 展业务的数字能源解决方案提供商。新泉股份专注于满足客户对汽车饰件系统解决方案的需求。 ...

時以港元繳足,多繳款項可予退還) [編纂] 0.00015%會財局交易徵費及 0.00565%聯交所交易費(須於申請 智通财经APP获悉，据港交所1月27日披露，北京星辰天合科技股份有限公司(简称：星辰天合)向港交所主 板递交上市申请书，华泰国际为其独家保荐人。招股书显示，星辰天合专注于提供企业级AI存储解决方 案，助力企业大规模高效整合数据、决策及运营。公司凭借两类主要解决方案，即AI数据湖存储与AI训推 (「训推」)存储解决方案，实现AI存储在企业客户业务运营中的无缝部署及实施，解决企业在AI转型过程 中的关键存储需求。 獨家保薦人 ·[編纂] Beijing XSKY Technology Co., Ltd. 北京星辰天合科技股份有限公司 (於中華人民共和國註冊成立的股份有限公司) [编纂]項下的[编纂]數目 「編纂]股H股(視乎[編纂]行使與否而定) .. [編纂]數目 「編纂]股H股(可予調整) : [編纂]數目 「編纂]股H股(可予調整及視乎[編纂]行 .. 使與否而定) 每股H股[編纂]港元,另加1.0%經紀 最高[編纂] : 佣金、0.0027%證監會交易徵費、 每股H股人民幣1.00元 面值 ...