发展新质生产力，亟待破解一个问题：硬科技创新的长周期、高风险，与追求短期回报的传统金融 供给之间，存在结构性错配。引导资本更具"耐心"，成为从顶层设计到地方实践必须跨越的改革关口。 发展耐心资本，首要破除的是"不敢投"的种种障碍与"责任迷雾"。对于国有资本而言，其根源在 于"国有资产保值增值的当期考核"与"科技创新投资的长周期、高不确定性"之间的制度性冲突。作为落 实国务院办公厅《关于促进政府投资基金高质量发展的指导意见》的配套举措之一，2026年开始实行的 《政府投资基金投向评价管理办法（试行）》明确将"政策符合性指标"权重提至60分，旨在从根本上扭 转"以财务盈亏论英雄"的考核导向。 南京的破题思路，是用清晰规则为"风险"标定刻度，为"责任"划定边界。2026年2月，紫金山创投 大会上，南京发布专项支持政策：该市、区母基金参与出资的概念验证基金、天使基金存续期最长可至 20年，确有必要的可再延长3年。早在2024年，南京市人民政府印发《关于打造南京市"4+N"产业基金 集群聚力推动产业强市发展的实施意见》，明确建立差异化分类绩效考核机制，对功能母基金开展整体 绩效评价，不对单个投资项目的盈亏进行评价，并建 ...

Core Viewpoint - The company, ChaoXun Communication, plans to increase its investment in the intelligent computing sector by considering equity participation in platform software and smart device companies, aiming for a more complete industrial ecosystem [1] Group 1: Business Transformation and Revenue - Since 2019, the company has been transitioning its business focus towards intelligent computing, with this segment now accounting for 80% of its revenue [1] - The company forecasts a turnaround in profitability by 2025, projecting a net profit attributable to shareholders of between 36 million to 54 million yuan, and a net profit excluding non-recurring items of between 21 million to 31 million yuan [1] - The expected profitability is attributed to the recognition of revenue and profits from its computing power business, which has met acceptance criteria during the reporting period [1] Group 2: Partnerships and Demand - The company has established collaborations with state-owned enterprises and research institutions, leading to a significant influx of demand from various clients [1] - There is a strong pipeline of orders and potential orders, indicating that business development is progressing as anticipated [1] Group 3: Shareholder Actions - In response to investor concerns regarding the reduction of shareholding by the controlling shareholder, it was noted that the shareholder had previously pledged shares to finance business development, with the pledge ratio reaching as high as 70% [1] - The reduction in shareholding is aimed at addressing the high pledge issue, with expectations that the share pledge ratio will decrease to around 20% in the future [1]

Core Insights - In 2025, China's primary market witnessed a unique "queueing up" phenomenon, with numerous hard tech companies attracting multiple investors in single rounds of financing, indicating a shift in investment strategies towards collective participation rather than individual dominance [1][13] Group 1: Investment Trends - A total of 13 projects in 2025 had over 15 investors in single financing rounds, covering strategic sectors such as AI chips, commercial aerospace, robotics, semiconductors, and biomedicine [1][2] - Notable companies include Mu Xi Co., Ltd. (C round, nearly 50 investors), Qingwei Intelligent (C round, 24 investors), and the Hainan Commercial Aerospace Innovation Center (angel round, nearly 30 investors) [2][3] Group 2: Mu Xi Co., Ltd. Case Study - Mu Xi Co., Ltd. completed a record financing round in February 2025, raising over 7.2 billion yuan with nearly 50 investment institutions participating, marking it as the most participated equity transaction in the primary market for the year [3][4] - The investor lineup included state-owned institutions, market-oriented VC/PE firms, and industrial capital, showcasing a diverse range of market participants [4][5] - The motivation behind the investment was driven by the urgency for domestic AI computing power alternatives due to restrictions on high-end chips from Nvidia, positioning Mu Xi as a key player in the domestic GPU market [5][6] Group 3: Hainan Commercial Aerospace Innovation Center - The Hainan Commercial Aerospace Innovation Center was established in July 2025 with nearly 30 industry chain companies participating, marking a precedent for competitors in the aerospace sector to collaborate [7][9] - The motivations for participation included leveraging Hainan's favorable launch conditions and tax policies, establishing technology standard alliances, and securing future launch window resources [8][9] Group 4: Qingwei Intelligent Financing - Qingwei Intelligent completed a 2 billion yuan C round financing in December 2025, with 24 institutions participating, setting a record for the largest single financing in the domestic AI chip sector in recent years [10][11] - The investment was characterized by a leading role from state-owned platforms and collaboration with market-oriented institutions, emphasizing the strategic importance of the company’s reconfigurable computing architecture [11][12] Group 5: Market Dynamics and Challenges - The phenomenon of multiple investors in single financing rounds reflects structural changes in the primary market, driven by a scarcity of high-quality projects and a surplus of capital [13][14] - The need for risk-sharing mechanisms in hard tech projects, which require significant investment and have long development cycles, has led to a trend of group investments to mitigate individual risks [15][16] - The influence of state-owned capital and the trend of pre-IPO speculation, as seen in Mu Xi's dramatic stock performance, highlight the potential for valuation bubbles and exit pressures in the primary market [17]

Group 1 - The Hong Kong IPO market remains active in January 2026, with 12 companies listed and total fundraising reaching HKD 34.747 billion, a year-on-year increase of 480.87% [1] - There are over 300 companies in the queue for listing on the Hong Kong Stock Exchange, providing ample resources for sustained market activity [1] Group 2 - The companies listed at the beginning of 2026 are primarily focused on hard technology sectors such as semiconductors, AI, and biomedicine, including domestic GPU company Birun Technology and AI model company Zhipu [2] - The participation rate of international long-term capital in Hong Kong IPO projects has surged from approximately 10%-15% in early 2024 to 85%-90% currently, with significant involvement from Middle Eastern sovereign wealth funds and European family offices [2] - Market institutions predict that the fundraising scale for Hong Kong IPOs in 2026 may exceed HKD 300 billion, with a market characteristic of "large at both ends and differentiated in the middle," favoring large projects and industry leaders for funding support [2]

Core Viewpoint - Foreign institutions are increasingly aligned in their industry theme judgments for 2026, with artificial intelligence (AI) identified as one of the most certain mid-to-long-term themes, indicating that the AI market is not yet complete and structural opportunities are expected to extend across years [1][2]. Group 1: AI Market Outlook - AI is viewed as a transformative technology that is still in progress, with expectations for its structural market to continue into 2026, expanding from hardware infrastructure to various traditional and innovative industries [2][4]. - Despite some valuations being high in 2025, the ongoing transformation of industries by AI suggests that the market will remain active in 2026, even amid potential volatility risks [2][4]. Group 2: Investment Focus - The focus for mid-term allocations will remain on structural opportunities in technology innovation, emphasizing the importance of companies with leading and integrative capabilities within the industry chain [4][5]. - Companies that play significant roles in the self-controlled development of the industry chain are expected to have higher long-term growth potential compared to those merely part of the overseas supply chain [4][5]. Group 3: Domestic AI Infrastructure - China's investment in AI infrastructure ranks second globally, with rapid construction progress, creating substantial opportunities for domestic GPU and server manufacturers as the demand for computing power increases [5]. - The acceleration of domestic AI infrastructure development is anticipated to drive performance growth for companies involved in core hardware sectors [5].

Core Viewpoint - Foreign institutions are increasingly aligned in their industry theme judgments for 2026, with artificial intelligence (AI) identified as one of the most certain mid-to-long-term themes, indicating that the AI market is not yet complete and structural opportunities will extend across years [1][2]. Group 1: Industry Themes and AI - The overall judgment from foreign institutions leans towards the idea that the trend is not finished, with structural opportunities expected to continue into 2026 due to changes in macroeconomic and liquidity conditions [2]. - AI is viewed as a technological revolution that is still ongoing, with expectations for its structural market to persist into 2026, expanding from hardware infrastructure to more traditional and innovative industries applying AI technology [2][3]. - The investment community is advised to closely monitor the alignment between valuation levels and the improvement of company fundamentals, particularly cash flow, to identify "true growth" opportunities in the AI sector [2]. Group 2: Key Roles in the Industry Chain - The focus on structural opportunities around technological innovation remains a significant mid-term investment theme, emphasizing the importance of the evolving position of companies within the industry chain rather than short-term trends [4]. - Companies that demonstrate leadership and integration capabilities within the industry chain are expected to have greater long-term growth potential compared to those merely serving as a link in the overseas supply chain [4]. - AI is recognized as a representative long-term track, with significant commercial potential in areas such as upstream computing power and downstream applications, particularly in humanoid robotics, where China holds advantages in manufacturing capabilities and application scenarios [4]. Group 3: Domestic Developments in AI Infrastructure - The domestic AI industry chain is witnessing accelerated progress in computing power localization, with China ranking second globally in investment scale for computing infrastructure and leading in construction speed [5]. - The rapid release of computing power demand provides substantial opportunities for domestic replacements, benefiting companies in core hardware sectors like domestic GPUs and servers, which are expected to translate technological breakthroughs and capacity into performance growth [5].

Core Insights - Global AI capital expenditure is growing at an unprecedented rate, with the AI industry entering a second phase characterized by diverse applications and infrastructure development [1] - By 2026, AI capital expenditure is projected to reach $600 billion, which is still below the historical peaks of previous productivity revolutions [1] - The infrastructure scale for AI is expected to surge to $3 trillion by 2030, with a compound annual growth rate (CAGR) of 31% from 2024 to 2030, marking it as the fastest infrastructure cycle in history [1] Group 1: Investment Focus Areas - North American computing infrastructure is evolving from a focus on GPU to a system that integrates computing, memory, storage, and connectivity, with an emphasis on storage as a core capability [1] - Domestic computing capabilities are catching up, with a focus on the penetration of domestic GPUs/ASICs and the supporting industries such as servers and optical modules [2] - The expansion of the AI application ecosystem is anticipated, particularly with multi-agent systems that can autonomously execute tasks and enhance decision-making density [2] Group 2: Market Dynamics - The penetration rate of domestic AI computing is accelerating, with increasing acceptance of domestic GPUs in sectors like government, finance, and manufacturing [2] - China's AI computing network is entering a scaling phase, with local AI computing centers being established across provinces, providing advantages such as lower latency and localized data [2] - The AI ecosystem in China and the U.S. is developing in parallel, with the U.S. leading in large model research while China shows stronger competitiveness in industry model applications [2]

Core Insights - The rise of domestic AI computing chips represents not only a technological competition but also a significant strategic move towards industrial autonomy and security [1] - The Chinese AI computing chip industry is currently in a critical phase of catching up and breakthrough, transitioning from "engineering usable" to "scalable replaceable" [2] Industry Development - Domestic GPU manufacturers have made significant achievements in chip design, architecture innovation, and performance optimization, with some products meeting mainstream application needs and even surpassing in specific areas [2] - National policies and top-level designs have been pivotal in driving the growth of the domestic GPU market, with ongoing infrastructure development and massive demand for AI applications creating a strong resonance with capital [2][3] Policy Support - The government has provided comprehensive support for domestic chip companies through investment funds, innovative listing standards, and preferential procurement in key industries [3] - The introduction of clear domestic goals has created substantial market access opportunities for domestic GPUs in critical sectors [3] Software Ecosystem - The software ecosystem is crucial for the AI chip industry, serving as a competitive moat and determining whether domestic GPUs can become mainstream [3][4] - A full-stack, self-controllable ecosystem from hardware to applications is essential, with the flexibility of GPU ecosystems being more advantageous than the long-established CPU ecosystems [3][4] Market Dynamics - Domestic GPU companies are challenging Nvidia's pricing through a combination of usable performance and significant price advantages, gradually eroding existing market structures [5] - The automotive sector is identified as a key area for scaling domestic AI computing chips, with increasing demands for real-time processing and high performance [5] Future Outlook - The domestic AI computing chip industry is expected to transition from "usable" to "well usable" over the next five years, focusing on practical application performance, stability, usability, and overall cost-effectiveness [6] - Emerging trends such as embodied intelligence are anticipated to drive new growth in AI computing chip demand, necessitating advancements in performance and latency [6] Strategic Positioning - The domestic AI computing chip sector is on a path of autonomous innovation and steady growth amidst open competition and security demands, with the potential to become globally competitive in key application areas [7]

Group 1 - The semiconductor chip stocks experienced a rally, with the Shanghai Stock Exchange Sci-Tech Innovation Board chip index rising by 0.70% as of 09:54 on January 20, 2026, driven by significant gains in individual stocks such as Baiwei Storage (up 7.42%) and Longxin Zhongke (up 5.62%) [1] - The DRAM market continues to face supply tightness, with the price of mainstream DDR4 models increasing by nearly 10% week-over-week, primarily due to suppliers and traders adopting a strategy of withholding sales and stockpiling inventory [1] - Micron reported that AI demand now accounts for 50%-60% of the DRAM market, serving as the main driver for the sustained increase in storage chip prices [1] - The enterprise SSD pricing is also under upward pressure, with some manufacturers like SanDisk requiring customers to make full prepayments to secure NAND allocations for the coming years [1] Group 2 - High-performance computing (HPC) chips have become the core engine driving TSMC's advanced process business growth, with HPC revenue accounting for 55% of TSMC's total revenue, significantly surpassing the smartphone segment at 32% [1] - The HPC business continues to show strong growth resilience compared to the seasonal fluctuations of the smartphone business, suggesting a robust investment opportunity in the HPC chip supply chain, particularly in domestic GPU and advanced process foundry sectors [1] - As of December 31, 2025, the top ten weighted stocks in the Sci-Tech Innovation Board chip index include SMIC, Haiguang Information, and Cambrian, collectively accounting for 57.76% of the index [2] - The Sci-Tech Chip ETF (588200) tracks the Sci-Tech Innovation Board chip index, providing a convenient tool for investors to gain exposure to the domestic chip sector [2] - Investors without stock accounts can access the domestic chip investment opportunities through the Sci-Tech Chip ETF linked fund (017470) [2]

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - On Thursday, the main indices of the two markets oscillated and adjusted to repair technical indicators, with the semiconductor equipment sector leading the gains. International investors are accelerating the allocation of Chinese assets, and multiple foreign - funded institutions are optimistic about the performance of Chinese assets in 2026. The Chinese stock market has a high probability of rising in 2026, and the growth - type indices are expected to end the adjustment and resume the upward trend on Friday or early next week. Long - term index futures positions should be held, and investors can choose to buy out - of - the - money long - term call options on the CSI 1000 Index [1][2][3] 3. Summary by Relevant Catalogs 3.1 Market Review - On Thursday, the trading volume of the two markets was 2.90 trillion yuan, showing a rapid contraction. The CSI 500 Index closed at 8223 points, down 4 points or - 0.05%; the CSI 1000 Index closed at 8240 points, down 16 points or - 0.20%; the SSE 50 Index closed at 3105 points, down 6 points or - 0.21%; the SHSZ 300 Index closed at 4751 points, up 9 points or 0.20%. The funds in stock index futures for the CSI 1000, SHSZ 300, CSI 500, and SSE 50 indices had net outflows of 7.1 billion, 4.4 billion, 3.6 billion, and 1.3 billion yuan respectively [1] - Among industry and theme ETFs, the top gainers were semiconductor equipment ETFs, while the top losers were satellite industry ETFs. Among the sector indices of the two markets, the glass - fiber, rubber, and other sectors led the gains, and the industrial Internet, aerospace equipment, and other sectors led the losses [1] 3.2 Important Information - The central bank lowered the interest rates of various structural monetary policy tools by 0.25 percentage points and will lower the minimum down - payment ratio for commercial housing mortgages to 30%. There is still room for reserve requirement ratio and interest rate cuts this year [1] - China's "demand shortage" is mainly "consumer demand shortage", with the consumption - to - GDP ratio about 20 percentage points lower than the global average, and this gap needs to be corrected [1] - More than 10 billion yuan of funds continuously entered the market through ETFs. From January 9th to 13th, the net subscription amount of equity ETFs exceeded 12 billion yuan for three consecutive trading days, with a total net subscription amount exceeding 47 billion yuan. On January 14th, the trading volume of many broad - based ETFs increased significantly, and many newly issued funds announced the early end of fundraising [1] - China shows strong R & D potential and a clear technology iteration path. The relaxation of the H200 export policy by the US indicates that it can no longer block China's technological take - off [1] - Nvidia's new AI inference context memory storage (ICMS) architecture is expected to significantly exacerbate the global shortage of NAND flash memory, bringing additional demand equivalent to 2.8% and 9.3% of the global total NAND demand in 2026 and 2027 respectively [1] - The global explosion in AI chip demand is constrained by TSMC's production capacity, with a supply - demand gap of three times for its most advanced processes. Although TSMC is adjusting production lines and expanding production globally, the shortage cannot be alleviated in the short term, and the advanced packaging link has become a key bottleneck [2] - Deutsche Bank believes that the cost gap between space deployment and ground construction is shrinking rapidly, and in the next decade, the cost of building a space data center will approach that of ground construction [2] - OpenAI signed a three - year agreement with Cerebras, promising to purchase up to 750 megawatts of computing power, all using Cerebras' wafer - scale chips, with a transaction value exceeding $10 billion [2] - Trump launched fiscal, monetary, and credit stimulus, which may lead to debt out - of - control, financial risk accumulation, and a future debt crisis and market crash [2] - Wall Street financial institutions are entering the prediction market, and this emerging market has evolved into a sports - contract - based betting platform [2] - Citi's research report indicates that the commodity market is at a turning point. Crude oil is driven by geopolitics in the short term with a target of $70, but faces long - term oversupply pressure. Precious metals are bullish, with a target of $100 for silver and $5000 for gold. Among industrial metals, the target for aluminum is $3400 - 3500, and the copper price is expected to reach $14000, but January may be the annual high [2] 3.3 Market Logic - International investors are accelerating the allocation of Chinese assets. Many foreign - funded institutions are optimistic about the performance of Chinese assets in 2026. The continuous improvement of corporate profits, continuous technological innovation breakthroughs, and increasing valuation attractiveness provide a solid foundation for the continuous rise of Chinese assets [2] - In 2025, the stock market had a net inflow of 2.26 trillion yuan. In 2026, insurance, wealth management, and pensions are expected to be the three major sources of incremental funds, with institutional incremental funds in the stock market reaching 3.1 trillion yuan, and the scale of public fixed - income + products at least doubling [2] - More international funds are turning their attention to the AI track outside the US. China's technology sector, with its valuation advantages, complete industrial ecosystem, and large - scale manufacturing capabilities, is becoming a new destination for global funds in the AI field [2][3] 3.4 Market Outlook - The trading - type investors are actively increasing their positions in Chinese assets, and the allocation - type investors are optimizing the weight of Chinese assets in the global portfolio. The application for satellite frequency and orbit resources has risen to the national strategic level, and the upward trend of the Chinese market is expected to continue in 2026 [3] - The risk of a significant rise in the Chinese stock market in 2026 is much higher than that of a significant decline. The acceleration of AI applications, anti - involution, and the re - allocation of domestic liquidity from deposits to the stock market are positive factors [3] - The return of the US to the Monroe Doctrine will accelerate the flow of global funds to the Chinese capital market. The Fed's interest rate cut and balance - sheet expansion, along with the appreciation of the RMB, will lead to the return of a large amount of US dollars held by foreign trade enterprises overseas, and funds will flow from enterprise accounts to resident accounts and then to securities accounts [3] - China's application for 200,000 low - orbit satellites has shocked the market, indicating that the Sino - US space infrastructure competition has become a key area of technological competition. The adjustment of growth - type indices is expected to end on Friday or early next week, and the upward trend will resume [3] 3.5 Trading Strategy - For stock index futures directional trading, the policy hopes for a bull market but also a slow one. With a large amount of off - market funds still flowing in, the upward trend driven by market funds remains unchanged. Long - term stock index futures positions should be held [3] - For stock index option trading, investors can choose to buy out - of - the - money long - term call options on the CSI 1000 Index [3]