踏入2026年以来，港股仅6个交易日，已有八家公司完成上市，包括通用GPU（"计算层"算力芯片）概念股壁仞科技 （06082.HK）和天数智芯（09903.HK）、手术机器人股精锋医疗-B（02675.HK）、国产大模型两大玩家智谱 （02513.HK）与MiniMax（00100.HK）、有色金属股金浔资源（03636.HK）、siRNA疗法生物科技公司瑞博生物 （06938.HK）和"感知层"芯片供应商豪威集团（00501.HK）。 更为值得关注的是，截至目前，这些年初上市的新股在经历了上市初期的市场检验后，股价表现依旧坚挺，上市以来均 未出现破发情况，部分个股甚至在首日大涨的基础上持续走高，为投资者带来了可观的回报。这一现象打破了此前港股 新股市场"打新热、后续冷"的固有格局，也从侧面反映出这批上市企业所在的赛道景气度得到了市场资金的认可。 例如，MiniMax并未止步于1倍涨幅，上市以来的累计涨幅已达141.21%。另一大模型股智谱，尽管上市首日仅上涨 13.17%，但随后持续发力，1月8日上市至1月12日收盘，其累计涨幅已达79.35%，市值达917亿港元，相较MiniMax的市 值为1,231亿港 ...

点击上方"公众号"可订阅哦！ 兴业证券计算机小组 蒋佳霖/孙乾/杨本鸿/陈鑫/张旭光/杨海盟/桂杨/罗池婧 本周观点聚焦 1、本周 观 点 ： 继续积极把握春季行情， AI 应用有望迎来主升浪 2、深度跟 踪 ： 脑机接口： Neuralink 量产在即，国内政策加持 周观点 继续积极把握春季行情， AI 应用有望迎来主升浪 继续积极把握春季行情。 2026 年开年，如我们前期判断，春季行情持续发酵，风险偏好不断提升；同时，计算机由于机构持仓水平较低，产业变化较多，弹性较大， 涨幅相对靠前。站在当前的时间点，建议坚定对板块的信心，持续加仓包括 AI 应用、国产算力等主要方向的核心龙头，同时积极配置在商业航天、脑机接口、数字人民 币等前沿科技领域有卡位优势的重点标的。 AI 应用有望迎来主升浪。 从产业进展来看，正面临积极的变化。本周，智谱、 MiniMax 等国产大模型厂商正式首批登陆港股，财联社报道 DeepSeek 有望在 2 月份发 布新版本模型。同时，市场较为关注年报预期发酵后， AI 投资硬切软带来的 AI 应用上行潜力。展望全年， AI 应用在算法、算力持续迭代的驱动下，有望更全面深度 的实现落地 ...

Market Overview - A-shares opened lower on January 8, with the Shanghai Composite Index slightly rising while the Shenzhen Component and ChiNext Index fell by 0.2% and 0.52% respectively. The total trading volume in the Shanghai and Shenzhen markets reached 1.78 trillion yuan, with over 3,700 stocks rising, including 80 stocks hitting the daily limit up [1]. Sector Performance - The commercial aerospace sector saw a surge, with over 10 constituent stocks hitting the daily limit up. Notable performers included Luxin Venture Capital with 8 consecutive limit ups and Galaxy Electronics with 4 consecutive limit ups [2]. - The brain-computer interface concept also gained traction, with stocks like Innovation Medical, Pulite, and Nanjing Panda achieving 4 consecutive limit ups. The controllable nuclear fusion concept was active, with China First Heavy Industries, China National Machinery Industry Corporation, and China Nuclear Engineering Group achieving 2 consecutive limit ups [2]. Declining Sectors - The securities sector experienced continuous adjustments, with Huayin Securities hitting the limit down. Other securities firms like Huatai Securities, GF Securities, and others also saw significant declines [3]. - Other underperforming sectors included energy metals, insurance, and dairy industries [3]. Hong Kong Market - Major indices in the Hong Kong market opened lower, with the Hang Seng Index, Hang Seng Technology Index, and Hang Seng China Enterprises Index all dropping over 1% [3]. - Domestic large model company Zhipu Technology debuted on the Hong Kong Stock Exchange, initially rising by up to 10% before retreating to a 7.4% increase. The chip stock Tianzhixin performed even better, soaring over 31% at the opening and currently showing a 12.31% increase [4]. Commodity Market - Gold and silver prices fell across the board, with spot gold dropping below $4,450 per ounce and domestic commodity futures reflecting similar declines. SHFE silver fell over 3% [7]. - Specific price movements included London gold at $4,442.098 per ounce, down 0.32%, and SHFE gold at 999.78 yuan per gram, down 0.55% [8][9]. Lithium Carbonate - Lithium carbonate prices surged, approaching 150,000 yuan per ton, indicating strong demand in the market [10].

Group 1 - China's high-speed rail operating mileage has surpassed 50,000 kilometers, establishing the world's largest and most advanced high-speed rail network [1] - By 2025, China's grain production is expected to reach 1,429.75 billion jin, setting a new record [1] - Shandong's GDP is projected to exceed 10 trillion yuan by 2025, showcasing the province's economic strength [1] Group 2 - The new round of technological revolution and industrial transformation is accelerating, emphasizing the importance of both immediate and long-term innovation efforts [2] - China's high-speed rail has evolved from non-existence to the world's most advanced level through consistent planning and execution from the "11th Five-Year Plan" to the "14th Five-Year Plan" [2] - International media highlights that China's technological innovation benefits from a carefully designed long-term national strategy [2] Group 3 - China possesses all industrial categories recognized by the United Nations, with significant advantages in manufacturing scale and industrial ecosystem completeness [3] - The country leads the world in the number of relevant patents in humanoid robotics over the past five years, indicating a surge in intelligent manufacturing [3] - Key core technologies cannot be acquired through purchase or negotiation, necessitating a focus on independent innovation [3] Group 4 - Innovation thrives on collaboration, with significant projects requiring systematic thinking and regional cooperation [4] - The C919 aircraft project involved over 30,000 people from more than 1,000 research institutions, universities, and companies across 20 provinces [4] - The Beidou satellite navigation system achieved breakthroughs in over 160 key technologies, showcasing the effectiveness of coordinated national efforts [4] Group 5 - China's innovation index has entered the world's top ten for the first time, with four Chinese achievements listed among the top ten scientific breakthroughs for 2025 by *Science* magazine [5] - The term "Chinese innovation" has gained global recognition, reflecting the country's ambition to drive economic growth through innovative breakthroughs [5]

2025年，世界变乱交织，中国经济顶压前行。国内，我们见证韧性：从经济总量有望达到140万亿元、"十五五"蓝图即将全面展开，到资本市场壮大、科 技自立突破、海南自贸港封关运作，中国经济在高质量发展轨道上稳健向前。国际，我们观察变局：从中美元首釜山会晤、全球央行转向宽松，到AI热 潮、全球主要股市大涨，世界在寻找新的平衡与增长动力。在2026年即将来临之际，本报编辑部评出2025年国内、国际十大财经新闻，以飨读者。 有序推动"好房子"建设 着力稳定房地产市场 5 民营经济促进法通过 12 421 C 目 // / 护航民企局质量发展 6 全年GDP预计增5% 总量将达140万亿元 3 4034.08 A股总市值首破100万亿元 市场信心显著提振 国产大模型横空出世 资本积极拥抱AI浪潮 7 LNG POWER 综合整治"内卷式"竞争 政策引导市场理性 消费潜力持续释放 国潮体育消费活力奔涌 9 中国工商银行 出现 中国工商银行 (土耳其) 人民币清算行开 RMB TAKAS BANKASI AÇILIŞ TÖRENİ 法提赫 ·卡拉汉 士耳其共和国中央银行长 Fatih Karahan Fürkiye Cumh ...

全年GDP预计增5% 总量将达140万亿元 3 4034.08 2025年，世界变乱交织，中国经济顶压前行。国内，我们见证韧性：从经济总量有望达到140万亿元、"十五五"蓝图即将全面展开，到 资本市场壮大、科技自立突破、海南自贸港封关运作，中国经济在高质量发展轨道上稳健向前。国际，我们观察变局：从中美元首釜山 会晤、全球央行转向宽松，到AI热潮、全球主要股市大涨，世界在寻找新的平衡与增长动力。在2026年即将来临之际，本报编辑部评出 2025年国内、国际十大财经新闻，以飨读者。 A股总市值首破100万亿元 半孩信小省委指推 1 1 2 4 11 11 11 11 11 11 11 1 4 有序推动"好房子"建设 着力稳定房地产市场 5 PoXini 民营经济促进法通过 护航民企高质量发展 6 国产大模型横空出世 资本积极拥抱AI浪潮 7 LNG POWERED 综合整治"内卷式"竞争 政策引导市场理性 8 消费潜力持续释放 国潮体育消费活力奔涌 中国工商银行 (**) 中国工商银行(士耳其)人民币清算行开业仪式 ICBC TURKEY RMB TAKAS BANKASI AÇILIŞ TÖRENİ 法提赫·卡 ...

2025年港股步入估值修复与结构重塑并行阶段，估值低估、资金错位与业绩分化成为核心特征。历经此 前三年调整，恒生指数形成显著的估值洼地，南向资金创纪录净流入与外资转向共同重塑资金格局。 日前，中信证券海外策略首席分析师徐广鸿在接受中国证券报记者专访时表示，2026年港股将在政策红 利与外部风险博弈中开启第二轮估值修复，内外因素共振有望进一步打开上行空间。在此背景下，投资 需紧扣"业绩确定性+估值弹性"主线，科技、医药、资源品与必选消费四大赛道，凭借政策支撑、产业 景气或供需优势，成为把握港股修复行情的核心方向。 美联储政策成为短期最大变量，徐广鸿认为，市场对12月"鹰派"降息存在担忧，但机构判断此次议息会 议或为"鹰派"恐慌顶点，后续随着美联储主席提名博弈展开，若未出现极端"鹰派"候选人，市场将重回 宽松交易逻辑。 估值洼地凸显 今年以来，港股三大指数震荡上行。Wind数据显示，截至12月9日，恒生指数、恒生中国企业指数、恒 生科技指数分别累计涨幅为49.20%、22.59%、24.32%。 "当前港股正处于估值修复与结构重塑的关键阶段，估值低估、资金错位与业绩分化构成市场核心特 征。"徐广鸿表示，从估值维度 ...

Core Viewpoint - China Galaxy Securities emphasizes the importance of selecting leading AI application companies under the AI-First paradigm, focusing on five key areas: edge AI, AI creative and content generation tools, enterprise-level AI agents, vertical industry expert AI agents, and AI-native social and companionship applications. The report highlights the expanding supply-demand gap in domestic computing power and continues to recommend leading domestic AI computing power companies [1]. Industry Overview - The computer industry in 2025 shows a trend of "initial rise followed by decline and oscillation," with the industry index up 19.57% year-to-date as of November 18, outperforming the CSI 300 index. The first three quarters of 2025 saw a slight revenue recovery with a 9.13% year-on-year revenue growth and a 38.25% increase in net profit attributable to shareholders. However, the gross margin decreased by 1.19%, while the net margin increased by 0.50%. The accounts receivable turnover rate grew by 8.17%. The current valuation of the computer industry index is above the historical ten-year average, with a PE (TTM) of 87.97 times and a PS (TTM) of 3.62 times [1]. 2026 Industry Outlook - The trend of model parity is accelerating, with the penetration rate of domestic computing power continuing to rise. Domestic large models are increasingly adopting open-source routes, with 9 out of the top 20 large models being domestic, reflecting a nearly 50% share. The average API price for domestic models is 3.88 yuan per million tokens, significantly lower than the 20.46 yuan per million tokens for overseas models. The demand for domestic AI chips is expected to grow rapidly due to strong demand for inference computing power and U.S. restrictions on high-end chips, further widening the supply-demand gap [2]. AI Agent Development - The AI Agent sector is expected to see a structural acceleration in implementation by 2026. Current challenges include a mismatch between technological maturity and commercialization pace, with 90% of AI Agents achieving over 70% accuracy but only 66% meeting autonomy standards. The high cost of enterprise-level agents compared to general large models limits large-scale deployment. However, structural opportunities are emerging, with enterprise-level agents transitioning from "L2 popularization" to "L3 integration," and the implementation rate in financial risk control and customer service quality inspection exceeding 40% [3]. AI-First Paradigm - The shift towards AI-First applications is driven by the need to internalize AI capabilities into product architectures rather than treating them as additional features. This approach will determine the survival of AI application companies in the next competitive round. A three-dimensional verification system is proposed to identify AI-First companies, focusing on qualitative aspects (data loop capabilities, AI R&D investment over 15%, AI technical background of core teams), quantitative health of AI business (over 50% revenue growth, gross margin above 40%, customer repurchase rate over 80%), and barriers to entry (exclusive scenario data, patent reserves, deep industry know-how) [4].

Group 1 - The core viewpoint highlights that the Hong Kong technology sector is undergoing a critical phase of value reassessment, driven by a surge in domestic generative AI user adoption, with over 90% of users preferring local models [1] - Major Hong Kong tech companies are not only users of AI technology but also key builders of the industry chain, covering high-growth areas such as software and hardware, new energy vehicles, and innovative pharmaceuticals [1] - The CSI Hong Kong Stock Connect Technology Index shows a significantly lower price-to-earnings ratio compared to the A-share ChiNext Index, with a horizontal discount exceeding 40%, while the vertical AH share premium index continues to converge [1] Group 2 - In terms of financial performance, Midea Group reported a net profit attributable to shareholders of approximately 37.883 billion yuan for the first three quarters, reflecting a year-on-year growth of 19.51% [1] - The influx of southbound funds and global capital is creating a resonance that drives the valuation recovery of the technology sector [1] - The technology sector in Hong Kong is seen as an ideal choice for investing in "new quality productivity" due to its growth potential and valuation advantages in the fourth quarter [1]

Core Insights - The transition from the "digital age" to the "intelligent age" is underway, with significant growth in the user base of generative artificial intelligence (AIGC) in China, reaching 515 million users by June 2025, a penetration rate of 36.5% [1] - The rapid increase in users, up by 266 million or 106.6% compared to the end of last year, indicates that the market is on the brink of an explosion [1] Group 1: User Growth and Technology Maturity - The explosive growth in user numbers is attributed to technological maturity and a rich array of products, with over 90% of users preferring domestic large models [1] - A total of 538 generative AI services have been registered in China by August 2025, with applications spanning various fields such as Q&A, office tasks, entertainment, and content creation [1] Group 2: Systemic Restructuring of Industries - AIGC is driving a systemic restructuring of production logic from "process-driven" to "human-machine collaboration," allowing AI to assist in knowledge and creative tasks, thereby redefining innovation speed and cost in industries like pharmaceuticals and engineering [2] - The industrial organization is evolving from a "chain-based ecosystem" to a "networked ecosystem," enabling decentralized production and content creation, lowering barriers for small teams and individuals to produce professional-quality outputs [3] - Competitive logic is shifting from "scale" to "ecosystem," where companies that can create a closed loop of user engagement and data optimization will establish a dynamic competitive advantage [3] Group 3: Challenges and Ethical Considerations - The rise of AIGC also brings forth challenges such as the emergence of a new "digital divide," where disparities between those who effectively utilize AI and those who do not become pronounced [4] - Ethical and regulatory challenges are intensifying, with concerns over AI bias, data privacy, and accountability becoming pressing social issues as the user base expands [4]