六年时间，在更难走的路上把事情真正推进了一步。 文 丨 江思远 2026 年 1 月 2 日早晨，GPU 制造商壁仞科技成为今年第一家在港股上市的公司。这时距离壁仞科技 创始人张文点亮中国 GPU 创业潮正好六年。 壁仞科技创始人张文（右一）敲钟。来源：壁仞科技。 这是一个并不偶然的时间点。按照张文和壁仞科技的多位早期投资人估算，一家初创 GPU 公司站稳 脚跟至少要这么久——从组建团队到点亮第一颗 GPU，往往已经过去 3 年，再调试、优化产品，把一 片片 GPU 集成服务器装到客户的机房里，又要 3 年。 这条路英伟达在二十多年前也走过，英伟达从成立到上市也是六年。但同样是六年，壁仞科技、摩尔 线程等公司所经历的产业变化，远比当年的英伟达更为剧烈。 壁仞科技成立时，GPT 还停留在 2.0 时代。AI 算力的需求主要集中在科研和小规模商用场景，GPU 仍然被视为图形芯片和高性能计算的工具。 六年之后，生成式 AI 爆发，GPU 成为全球科技产业最核心、最稀缺的基础设施之一。英伟达市值站 上全球科技公司之巅，寒武纪、沐曦等国产芯片公司也在资本市场创下新纪录。 局势的变化，为壁仞科技这样的国产 GPU 公司打 ...

Core Viewpoint - The rise of generative artificial intelligence has led to a surge in global computing power demand, positioning computing power as a key indicator of national technological competitiveness. Domestic GPU manufacturers, such as Shanghai Birun Technology Co., Ltd., are accelerating their breakthroughs in high-end general-purpose intelligent computing chips, with their GPU products now in mass production [1][2]. Group 1: Company Developments - Shanghai Birun Technology plans to issue up to 373 million shares for overseas listing on the Hong Kong Stock Exchange, marking a significant step towards becoming the first GPU stock in Hong Kong [1]. - The company has successfully launched multiple GPU products that are widely used in the artificial intelligence industry, including large model training and various inference application scenarios [3][6]. - Birun Technology is collaborating with major enterprises like China Mobile and China Telecom to deploy its GPU products in AI data centers and other critical industries [6][7]. Group 2: Market Dynamics - The domestic smart computing chip market is projected to exceed 350 billion yuan, with NVIDIA's H20 product orders reaching 16 billion USD (approximately 112.9 billion yuan) in the first quarter of this year [2]. - The global GPU market is currently dominated by foreign tech giants, but geopolitical uncertainties are driving countries to accelerate their own technology development, creating opportunities for domestic GPU growth [2][3]. Group 3: Strategic Focus - Birun Technology's strategy emphasizes three core areas for the next five years: architectural innovation to overcome performance bottlenecks, ecosystem collaboration to reduce user migration costs, and scenario adaptation to address practical application pain points [3][4]. - The company is focusing on supernode technology to enhance cluster performance, which is seen as a critical method to compensate for the limitations of single-chip processes [4][5]. Group 4: Industry Outlook - The artificial intelligence industry in China is experiencing rapid growth, but the chip sector is still in its early stages, leading to an impending period of market consolidation where only a few companies are expected to survive [6][7]. - The rise of large models and multi-modal training is pushing computing clusters into a new era, with supernode architecture becoming a key technological path for this evolution [5][6].

Core Viewpoint - Wallen Technology's application for listing on the Hong Kong Stock Exchange signifies not only the capital advancement of this domestic GPU leader but also an important signal of China's breakthrough in autonomous computing power [1] Group 1: Technological Advancements - Wallen Technology's core strength lies in its technological breakthroughs, having developed an original architecture that disrupts the high-end GPU market's technological monopoly [3] - The flagship BR100 series, built on the "Bili Ran" architecture, utilizes 7nm process and Chiplet technology, achieving over three times the performance of mainstream products, with 770 billion transistors and INT8 computing power reaching 19.2 TOPS [3] - The proprietary BLink™ high-speed interconnect technology enables a single card to achieve 448GB/s bandwidth, supporting over 95% linear acceleration for large-scale clusters [3] - Wallen's heterogeneous mixed training technology allows four different GPUs to train the same large model, providing a viable solution to the computing power isolation problem [3] Group 2: Ecosystem Development - The progress of ecosystem construction directly influences the market viability of GPU products, with Wallen Technology striving to close the ecological gap with international giants through open collaboration [5] - The self-developed BIRENSUPA™ software toolchain has become the core of the ecosystem, supporting mainstream data precisions and achieving compatibility with major models [5] - Wallen has established a diverse cooperation network through technological openness, collaborating with various companies to enhance training performance and create a complete technology closed loop [5] Group 3: Commercialization and Market Strategy - The acceleration of commercialization has allowed Wallen Technology to convert technological value into market competitiveness, achieving comprehensive coverage of three major telecom operators [6] - Wallen has formed a clear product matrix targeting different application scenarios, with the BR100 focusing on AI training and the Bili 110E inference card offering significant performance density and energy savings [6] - The company has set a target of 20,000 chips for procurement by 2025 and is expanding its reach into government and enterprise markets through partnerships [7] Group 4: Financial Outlook and Growth Potential - Despite the promising technological advancements, Wallen Technology's revenue remains modest, projected at approximately 280 million yuan in 2025, highlighting the challenge of converting technical advantages into profitability [7] - The capital injection from the Hong Kong listing may accelerate investments in key areas such as packaging localization and ecosystem expansion [7] - The deep involvement of industrial capital, like Shanghai Lingang, not only shares in the company's growth but also strengthens the development foundation for hard-tech enterprises, fostering a beneficial cycle of "capital + technology" [7]