2026年年初的港股市场，国产GPU赛道迎来高光时刻。 1月2日，壁仞科技在港交所正式挂牌，成为"港股GPU第一股"；短短几天后，天数智芯在1月8日登陆港股主板，两家企业接连上市引发资本市场对国产算 力的高度关注。 值得注意的是，这两家国产GPU领域的领军者，背后都有着天府文投通过子基金精准布局的身影。在国产算力崛起的浪潮中，这一系列动作既印证了其 对硬科技赛道的专业研判，也透露出背后的更深层逻辑：以算力基础设施为支点，为数字文创产业的智能化升级筑牢技术底座，塑造文化与科技深度融合 发展的独特产业优势。 子基金"押中"算力基础设施 GPU卡位文创核心基建 壁仞科技与天数智芯的上市，标志着国产GPU产业进入新阶段。 成立于2019年的壁仞科技，是国内领先的通用智能计算解决方案提供商。其以自主研发的壁砺系列GPU产品为核心，为各行业提供强大、安全、高效的算 力基础设施，产品已成功应用于AI数据中心、电信、能源、金融科技等多个关键行业，有效支撑了国产大模型的训练与推理需求。 1月2日，壁仞科技在港交所正式挂牌 1月8日，天数智芯登陆港股主板 天府文投通过文创基金投资壁仞科技与天数智芯两个龙头GPU项目，凸显了母基金 ...

Group 1 - The Long Triangle capital market has initiated a high-tech "first stock" competition in 2026, focusing on sectors like artificial intelligence, integrated circuits, and biomedicine, highlighting a comprehensive contest of innovation ecology, industrial resilience, and institutional precision [1] - Suzhou's Kunshan Ruibo Biotech became Jiangsu's and Suzhou's first stock of 2026, raising over 1.8 billion HKD for clinical research and technology upgrades, with its core pipeline targeting chronic diseases [2][3] - In 2025, over 90% of newly listed companies in Suzhou were high-tech enterprises, indicating a deepening integration of technology, industry, and finance [3] Group 2 - Shanghai experienced a surge in AI-related IPOs, with five companies listed in a month, showcasing its strength as a source of technological innovation [4][5] - The AI industry in Shanghai is characterized by a complete vertical integration from computing power to application, with companies like Nebula and Wallen Technology leading the charge [5] - Shanghai's integrated circuit industry is robust, with over 1,200 companies and a projected revenue of over 460 billion CNY in 2025, supporting the growth of AI enterprises [5][6] Group 3 - Zhejiang's IPO landscape is developing, with companies like Zhoushan Morning Light Motor poised for listing, focusing on micro-motor technology [7][8] - Anhui is targeting the semiconductor sector, with Hefei Changxin Technology's IPO application aiming to raise 29.5 billion CNY for memory technology upgrades, marking a significant entry into the market [9][10] - The semiconductor industry in Anhui is expanding, with companies like Fuda Semiconductor also initiating IPO processes, indicating a growing ecosystem [10]

Core Viewpoint - The recent IPOs of five AI companies in Shanghai highlight the city's rapid development in the AI sector, showcasing a robust innovation ecosystem from foundational computing power to advanced AI applications [1][10]. Group 1: Recent IPOs and Market Performance - MiniMax, a company that has been established for less than four years, successfully listed on the Hong Kong Stock Exchange, demonstrating strong stock performance on its debut [1]. - The recent IPOs include MiniMax, TianShu ZhiXin, and BiRan Technology, marking a significant moment for Shanghai's AI industry with five companies going public within a month [1][2]. Group 2: Industry Landscape and Growth - The companies listed represent a vertical cross-section of Shanghai's AI technology industry, with a focus on foundational computing power, particularly in the GPU sector [2]. - TianShu ZhiXin is noted for being the first domestic company to develop general-purpose GPUs, supporting over 450 AI models across various critical industries [2]. Group 3: Innovation Ecosystem - Shanghai's integrated circuit industry is projected to generate over 460 billion yuan by 2025, doubling its revenue in five years, with over 1,200 integrated circuit companies established [2]. - The city is fostering a high-density innovation community, particularly in the Caohejing Development Zone, which provides resources and subsidies to support AI companies [5][6]. Group 4: AI Applications and Advancements - MiniMax has achieved a record for the shortest time from establishment to IPO in the AI sector, reflecting its rapid development in multimodal models [3]. - AI is penetrating various fields, with companies like YingSi Intelligent transforming traditional pharmaceutical development timelines from an average of 4.5 years to just 12-18 months for clinical candidate nominations [3]. Group 5: Future Development and Talent Cultivation - Shanghai is focusing on nurturing talent through innovative educational institutions like the Chuangzhi Academy, which has already incubated 17 companies with a total valuation exceeding 2 billion yuan [8]. - The city is implementing a "Hundred Teams, Hundred Projects" initiative to foster collaboration between industry and academia, aiming to solve real-world problems with AI technology [9].

来源：市场资讯 新年传捷报，征程启新篇。天数智芯的成功上市，是四川产业基金与绵阳市深化合作、前瞻布局战略性 新兴产业的重要成果，也为全省新一年产业发展迎来"开门红"。未来，四川产业基金将继续聚焦主责主 业，围绕我省现代化产业体系建设目标，持续加大对科技创新及地方优势产业的支持力度，积极引导金 融活水赋能实体经济，为谱写中国式现代化四川新篇章贡献更大力量。 协会 （来源：四川省投资基金业协会） 2026年1月8日，四川产业基金旗下四川兴川投资的上海天数智芯半导体股份有限公司（以下简称"天数 智芯"，股票代码：9903.HK）正式在香港联合交易所主板挂牌上市，开启全球化发展新篇章。作为国 内首家实现通用GPU量产企业，天数智芯此次成功登陆港交所，不仅是公司发展历程中的里程碑，更标 志着我国通用GPU芯片在自主发展道路上迈出关键一步。四川兴川党支部书记、董事长郑晏华作为股东 代表，出席了天数智芯在香港联交所的挂牌仪式。 自2018年正式启动通用GPU设计以来，天数智芯始终坚持服务国家战略，秉持长期主义的战略耐心和自 主研发的战略定力，以"成为智能社会的赋能者"为使命，在通用GPU领域深耕细作，专注技术攻坚与产 品落 ...

今天，"人均95后"的大模型公司MiniMax（稀宇科技）正式港股上市。 自去年12月17日起，沐曦股份、英矽智能、壁仞科技、天数智芯先后登陆科创板或港交所。短短一个月 内，五家上海AI产业链相关企业叩开资本市场大门。 ■上海目前拥有集成电路企业超过1200家，汇聚了全国约40%的集成电路产业人才、近50%的产业创新 资源 本报记者 李晔 查睿 ■上海拥有全球范围内首屈一指的营商环境。尤其是上海拿出算力底座场景，为各路GPU公司提供公开 公平的技术比武大平台，"这既能帮助创业者找到自身的短板和快速迭代补足的能力，又能提供最接近 市场的场景环境，更好地让产品说话" 另据证监会官网IPO辅导公示系统显示，燧原科技近期已完成上市辅导，将申报科创板。这意味 着，"上海GPU四小龙"（沐曦股份、壁仞科技、天数智芯、燧原科技）的上市版图合拢在即。此外，去 年A股涨幅榜冠军也来自上海——去年7月起，由智元机器人总裁彭志辉出任董事长的科创板上市企业 上纬新材，一改平淡低迷，股价全年涨幅高达1820%。 上海AI产业链相关企业近期密集引爆资本市场，是幸运之神意外眷顾，还是意料之中？ 绩优硬核 上月17日登陆科创板首日，沐曦股价 ...

2026年1月8日，香港交易所交易大厅内标志性的铜锣迎来两次不同寻常的回响。来自中国内地的科技巨 头——"国产通用GPU独角兽"天数智芯(9903.HK)与"全球大模型第一股"智谱华章(2513.HK)在今日正式 挂牌交易。 市场用真金白银投出了最热烈的一票：天数智芯开盘涨31.54%，报190.20港元/股，市值483.71亿港元； 而智谱华章作为"全球大模型第一股"则开盘涨超3%，报120港元/股，市值突破528亿港元。截至发稿 时，两家公司股价均录得显著涨幅，成交量持续放大，显示出国际资本市场对中国硬科技资产的强烈渴 求。 在这场彰显中国科技从"可用"到"好用"、从"跟跑"到"领跑"的跨越式进程中，两家公司的背后都站着同 一个耐心资本——坤元资产FOF生态圈。从前瞻布局到双喜临门，坤元资产用一场跨越周期的陪跑向市 场证明：在大时代的浪潮中，耐心资本正日益成为培育新质生产力的压舱石。 与天数智芯(9903.HK)的硬核实力相呼应，同日上市的智谱华章(2513.HK)，则代表了中国科技的另一种 高度——智能的高度。作为源自清华系、拥有纯正技术基因的大模型企业，智谱华章被外界誉为"最像 OpenAI的中国公司 ...

港股恒生指数跌1.22%，跌322点，报26136点；恒生科技指数跌1.13%，港股早盘成交1306亿港元。 三只新股上市皆涨。智谱(02513)涨11.7%，宣布很快将推出新一代模型GLM-5；天数智芯(09903)涨 11%，公司为国内首家通用GPU企业；精锋医疗-B(02675)涨29%，公司聚焦腔镜手术机器人赛道。 脑机接口概念股多数上扬。行业受益"十五五"规划重点布局，海内外迎密集催化。脑洞极光-B(06681) 涨9%；微创脑科学(02172)涨5.3%；南京熊猫（600775）(00553)涨超4%。 亚太卫星(01045)再涨12%，近三周股价已实现翻倍，公司主要从事卫星通信服务。 中远海能（600026）(01138)涨超5%，地缘扰动利好合规油轮市场，大摩指其短期估值具吸引力。 康宁杰瑞制药-B(09966)涨超6%，近日SKN033的一项II期临床试验IND申请获受理。 复宏汉霖(02696)涨超4%，公司首次公布PD-L1，ADC食管鳞状细胞癌Ⅱ期临床数据。 澳门博彩股集体承压。新濠国际发展(00200)、金沙中国(01928)均跌超2%。 昭衍新药（603127）(06127)再涨超 ...

1月8日，中国首家通用GPU企业天数智芯(9903.HK)今日在港挂牌上市，盘初一度涨超32%至192港元， 市值升至487亿港元；每手100股，不计手续费，一手赚4740港元。本次IPO，天数智芯发售2543万股， 每股发行价144.6港元。 本文源自：格隆汇 ...

2026.01.08 本文字数：1151，阅读时长大约2分钟 作者 |第一财经 金叶子 继沐曦股份（688802.SH）、壁仞科技（06082.HK）之后，上海又一家AI芯片企业成功上市。 1月8日，上海芯片企业天数智芯（09903.HK）登陆港交所，在1个月的时间内，上海已先后有"港股国 产GPU第一股"的壁仞科技和科创板上市首日涨幅近7倍的沐曦股份，加上已完成IPO辅导冲刺科创板的 燧原科技，上海GPU"四小龙"齐聚资本市场。 第一财经从上海市经信委获悉，2025年1-11月，上海市集成电路产业营收规模3912亿元，同比增长 23.72%，2025年全年产业规模预计超4600亿元，同比增长24%，五年间产业规模翻了一番多，超额完 成"十四五"发展目标。集聚超1200家集成电路企业，汇聚全国约40%的产业人才、近50%的产业创新资 源。 天数智芯战略与公共关系部副总裁余雪松告诉第一财经，目前AI技术革命催生算力需求爆发式增长， 为天数智芯带来广阔发展空间。作为国内首家开展通用 GPU 自主研发的企业，公司已完成从核心技术 攻关到商业化落地的全链路贯通。 目前上海已建成全产业链齐头并进、相互支撑的集成电路产业 ...

Core Viewpoint - The article highlights the rapid growth and success of Shanghai's AI chip industry, particularly with the recent IPO of TianShu ZhiXin, marking a significant milestone for the local semiconductor sector and showcasing the emergence of several key players in the GPU market [3][5]. Group 1: Industry Growth and Performance - Shanghai's integrated circuit industry achieved a revenue of 391.2 billion yuan from January to November 2025, reflecting a year-on-year growth of 23.72%. The total industry scale is expected to exceed 460 billion yuan for the entire year, marking a 24% increase [3]. - The city has over 1,200 integrated circuit companies, accounting for approximately 40% of the national talent and nearly 50% of the industry's innovation resources [3][7]. - The integrated circuit sector is recognized as one of Shanghai's three key industries, with a complete industrial chain and a focus on innovation and talent development [7][8]. Group 2: Key Players and Innovations - TianShu ZhiXin is noted as the first domestic company to independently develop general-purpose GPUs, completing the entire process from core technology development to commercialization [3][4]. - The article mentions the "Four Little Dragons" of Shanghai's GPU sector: BiRan Technology, MuXi Co., TianShu ZhiXin, and SuiYuan Technology, all of which have made significant strides in the capital market [3][5]. - The city has established a comprehensive integrated circuit industry chain, including design, manufacturing, packaging, and testing, with 35 companies listed on the Science and Technology Innovation Board, leading the nation [7].