Investment Rating - The industry rating is "Outperform the Market," indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next six months [15]. Core Insights - The report highlights the recent trend of domestic GPU companies in Hong Kong initiating capitalization, with Wallen Technology listing on January 2, 2023, and experiencing a closing price increase of 75.8% on its first day. Additionally, Tensowise has passed the Hong Kong Stock Exchange hearing and plans to list on January 8, while Kunlun Chip has submitted a listing application [3][4]. - Wallen Technology focuses on independent research and development, with over 1,500 global patent applications and 600 granted patents. Its GPU products cater to various applications, including cloud training and inference, with significant revenue growth in its intelligent computing solutions [6]. - Tensowise prioritizes the AI sector, with its inference series driving revenue growth. The company has seen a substantial increase in revenue from its inference products, which have become a significant part of its overall revenue [7]. Summary by Sections Wallen Technology - Wallen Technology has launched multiple GPU products, including BR106, BR166, and BR110, designed for various applications such as cloud training and edge inference. The company reported intelligent computing solutions revenue of 58.15 million yuan in the first half of 2025, a year-on-year increase of 48%, with a gross margin of 31.2% [6]. Tensowise - Tensowise has introduced three generations of its training series, with the Tianwei series designed for large-scale AI training. The company allocates 5% of its global offering proceeds to R&D for AI computing solutions, targeting industries with strong domestic substitution demand [7]. - The revenue from Tensowise's inference series has shown significant growth, with 87.02 million yuan in revenue for the first half of 2025, accounting for 26.8% of total revenue, compared to 430,000 yuan in 2022 [7].