智通财经1月28日讯（记者 夏淑媛） 2026年开年以来，险资参与港股基石投资案例频现，从科技新锐到 消费龙头，险资正用真金白银向市场传递坚定信心。 今日，中国量贩零食龙头鸣鸣很忙（01768.HK）在港上市，其发行价为每股236.6港元，筹资33.36亿港 元，其引入的8名基石投资者中，泰康人寿赫然在列，获配基石投资份额1000万美元。 智通财经记者梳理，2026年开年不足1个月，泰康人寿、平安人寿、新华资产、大家人寿4家险资就参与 了8家港股IPO基石投资。据智通财经记者统计，2020—2024年，险资参与港股IPO基石投资案例不超10 家。但从2025年以来，截至发稿，泰康人寿、中邮人寿、大家人寿、平安人寿、新华资产、太保资产及 太保资管（香港）7家险资机构以基石投资者身份参与了20家港股IPO配售，认购金额合计达46.79亿港 元。从标的公司上市后的股价表现来看，参与认购的险资普遍实现浮盈。 值得注意的是，尽管参与港股基石投资具有吸引力，但险资也面临多重挑战。一家国资寿险公司资产负 债管理部人士在接受智通财经记者采访时表示："一是接触和获取IPO项目的门槛不低；二是参与港股 IPO投资对保险公司跨市场 ...

Core Insights - Wall Street's first GPU stock, Birun Technology, listed on the Hong Kong Stock Exchange on January 2, opening at HKD 35.7 per share, an increase of 82.14% from the issue price of HKD 19.6, and reaching a peak of HKD 42.88, with a market capitalization exceeding HKD 90 billion [2] Company Overview - Birun Technology is a major AI chip manufacturer in China, raising approximately HKD 5.375 billion from the global offering of about 285 million H-shares, with funds allocated for R&D of intelligent computing solutions, commercialization, working capital, and general corporate purposes [4] - Despite continuous revenue growth over the past three years, Birun Technology remains in a loss position, with revenues of CNY 499,000, CNY 62.03 million, and CNY 337 million from 2022 to 2024, and corresponding losses of CNY 1.474 billion, CNY 1.744 billion, and CNY 1.538 billion, totaling CNY 4.75 billion in cumulative losses [4] - In the first half of 2025, the company reported revenue of CNY 58.903 million and a loss of CNY 1.6 billion [4] R&D Expenditure - The company's R&D spending has been significantly high relative to its annual revenue, totaling CNY 2.73 billion from 2022 to 2024, with R&D expenditure accounting for 245.5% of annual revenue in 2024 [4] Market Position - The market share of domestic GPU manufacturers, including Birun Technology, remains low compared to overseas giants, with Nvidia and Huawei HiSilicon commanding 94.4% of the Chinese intelligent computing chip market by revenue in 2024 [5] - Birun Technology holds a market share of 0.16% in the Chinese intelligent computing chip market and 0.2% in the general GPU market for 2024, with expectations to reach 0.19% in the intelligent computing chip market by 2025 [5] - The Chinese intelligent computing chip market is expected to see its share from domestic companies rise from approximately 20% in 2024 to about 60% by 2029, indicating potential growth opportunities for Birun Technology and other players [5]

Core Viewpoint - Wallan Technology (06082.HK), known as the "first GPU stock in Hong Kong," debuted on the Hong Kong Stock Exchange on January 2, 2023, with a significant opening price increase of 82.14% from its issue price of HKD 19.6 to HKD 35.7, reaching a market capitalization of over HKD 900 billion at its peak [1][4]. Group 1: Company Overview - Wallan Technology is one of the major AI chip manufacturers in China, having globally issued approximately 285 million H-shares, raising a net amount of HKD 5.375 billion, primarily for R&D of intelligent computing solutions and general corporate purposes [4]. - The company has experienced continuous revenue growth over the past three years, with revenues of HKD 499,000, HKD 62.03 million, and HKD 337 million from 2022 to 2024, but has also faced significant losses of HKD 14.74 billion, HKD 17.44 billion, and HKD 15.38 billion during the same period, totaling HKD 47.5 billion in cumulative losses [4]. Group 2: Market Position - The market share of domestic GPU manufacturers, including Wallan Technology, remains low compared to overseas giants, with Nvidia and Huawei HiSilicon accounting for 94.4% of the Chinese intelligent computing chip market revenue in 2024 [5]. - Wallan Technology's market share in the Chinese intelligent computing chip market is projected to be 0.16% in 2024 and 0.19% in 2025, while its share in the general GPU market is expected to be 0.2% [5]. - The Chinese intelligent computing chip market is expected to see its share from domestic companies rise from approximately 20% in 2024 to about 60% by 2029, indicating potential growth opportunities for Wallan Technology and other players in the market [5].

Core Viewpoint - SenseTime (00020.HK) has signed a strategic cooperation agreement with Cambricon (688256) to enhance the optimization of software and hardware, aiming to build an open and win-win industrial ecosystem focused on AI development [1][3] Group 1: Strategic Cooperation - The collaboration aims to leverage the technological and industrial resource advantages of both companies, focusing on domestic AI infrastructure, vertical business expansion, and technology export [1][3] - The partnership is a response to the national "AI+" strategy, intending to create a new paradigm for domestic AI development through software-hardware synergy [3] Group 2: Product Development and Market Focus - Both companies will work on adapting the latest software and hardware products for the computing power market and develop integrated solutions for vertical industry scenarios [3][4] - The collaboration will explore deep synergy in advantageous regional markets, gathering local industrial resources and service advantages to build a vibrant AI ecosystem [3] Group 3: Company Profiles - SenseTime is a leading AI software company with strong academic foundations and a focus on original technology research, covering key areas such as perception intelligence, natural language processing, and decision-making intelligence [4] - Cambricon is a leading player in the AI chip sector, specializing in the development and innovation of AI chip products, offering a complete product system that integrates cloud, edge, and end solutions [4]

Core Viewpoint - SenseTime Technology (00020) and Cambricon Technologies Co., Ltd. have signed a strategic cooperation agreement aimed at optimizing software and hardware integration, fostering an open and win-win industrial ecosystem [1][3]. Group 1: Strategic Cooperation - The cooperation aligns with the national "Artificial Intelligence +" strategy, leveraging SenseTime's strengths in large model development and AI infrastructure, alongside Cambricon's expertise in intelligent computing chips [3]. - The partnership aims to establish a new paradigm for domestic AI development through software-hardware synergy, enhancing autonomous innovation capabilities and ecological influence in key AI sectors [3]. Group 2: Product Innovation and Market Focus - Both companies will explore a tiered product innovation system based on intelligent computing power and AI large model technology, promoting industrial intelligent transformation [3]. - They plan to jointly develop service solutions targeting the computing power market and focus on integrated machine solutions for vertical industry scenarios [3]. Group 3: Regional Collaboration - The collaboration will also explore deep synergy in advantageous regional markets, gathering local industrial resources and service advantages to build a vibrant and influential regional AI ecosystem [4].

Core Insights - SenseTime Technology has signed a strategic cooperation agreement with Cambricon Technologies, focusing on the development of domestic AI infrastructure and vertical business expansion [1] - The collaboration aims to leverage both companies' strengths in AI model development and intelligent computing chips to foster innovation and industry transformation [1] - The partnership will also work on adapting the latest hardware and software products for the computing market and creating integrated solutions for specific industry applications [1] Group 1 - The strategic cooperation will involve multi-level, long-term collaboration to build a more inclusive AI development ecosystem [1] - SenseTime's expertise in AI infrastructure and application, combined with Cambricon's experience in computing chips, will drive a synergistic product innovation system [1] - The goal is to cultivate high-growth innovative enterprises through ecosystem empowerment [1] Group 2 - Both companies will focus on adapting their latest hardware and software products to meet market demands [1] - They will develop integrated solutions tailored for vertical industry scenarios, particularly in enterprise services [1] - The partnership aims to achieve scalable and replicable commercial cooperation outcomes [1]