作者丨 薛路皓 编辑丨 巴里 "我们不把自己定位为财务型投资人，而是产业型投资人。" 2026 年初， 和利资本创始管理合伙人孔令国 在第 18 届创业邦年会暨创业邦 100 未来独角兽大会 期间，回顾了自己近 30 年的投资生涯。 曾参与 180 多家企业的投资，近 100 亿元的基金管理规模，千亿市值的寒武纪和沐曦的天使投资人 ——这些数字背后，是一位来自中国台湾的投资人，在大陆做了 30 年芯片投资的身份演变。 和利资本成立于 2006 年，专注于半导体中早期投资的创投机构，这既不是大公司下属的战投机构， 也不是国家政府主导的政府投资基金。 "我常常跟人说，和利不仅仅是财务型投资人，更像是产业型投资人。"这背后隐藏着什么？ 伴随张汝京 2000 年在上海创建中芯国际，孔令国 2001 年从中国台湾到大陆驻扎，一头扎进国内的 半导体产业投资。 "你怎么和英特尔竞争？和英伟达竞争？"当时的世界是"平"的，半导体是全球化分工最明显的产业 链。对于许多芯片初创团队，最常面对的就是这些问题。 类似的这些问题浇灭了很多半导体创业者的热情，减少了许多投资机会。但孔令国没有放弃，默默坚 持了下来。 鉴于孔令国在苏州的经 ...

1月8日，上海天数智芯半导体股份有限公司在香港联交所主板挂牌，成为国内首家实现通用GPU量产的 上市企业。天数智芯是国内首家实现通用GPU量产的企业，构建了从芯片架构、指令集到全栈软件的完 整自主技术体系，显著的商业化进展是其突出特点：公司营收连续数年保持高速增长，截至2025年6月 底，已累计向金融服务、医疗保健、交通运输等重要行业290余家客户交付超5.2万片通用GPU产品，完 成超900次部署应用，坚实的客户基础与量产能力获得了市场验证。 四川产业振兴基金旗下四川兴川、四川文投集团旗下四川文产基金，曾投资天数智芯，值得注意的是， 其中四川文产基金还发挥资源整合平台作用，推动产业与区域战略协同，成功促成天数智芯于2025年将 西南总部及研发机构落户四川绵阳。此举不仅强化了企业在西部的市场与研发布局，也为全省电子信息 产业生态引入了高端芯片产业，体现了资本驱动与产业导入的有效结合。 2026年的钟声刚刚敲响，恒运昌、天数智芯、智谱先后上市，背后一批成都本土创投机构，包括策源资 本、四川兴川、四川文产基金、科创接力基金、鼎兴量子等迎来收获期。 鼎兴量子、策源资本投资恒运昌上市 1月28日，科创板2026年首股 ...

Core Viewpoint - Shanghai is set to achieve a GDP of 5.67 trillion yuan by 2025, reflecting a year-on-year growth of 5.4%, as it aims to enhance its role as an international technology innovation center [3]. Economic Growth and Structure - Over the past five years, Shanghai's economy has surpassed the 5 trillion yuan mark, adding over 1 trillion yuan, equivalent to creating a new "trillion-level city" [3]. - The city is focusing on enhancing its economic structure and quality during the 14th Five-Year Plan period, aiming for a new phase of development [3][4]. Key Industries and Innovations - Shanghai's leading industries, including integrated circuits, artificial intelligence, and biomedicine, are projected to see significant growth. The integrated circuit industry is expected to generate over 488 billion yuan in revenue by 2025, doubling in size over five years [5]. - The artificial intelligence sector is anticipated to exceed 550 billion yuan, with a year-on-year growth rate of over 30% [5]. - By 2025, Shanghai's three leading industries are expected to achieve an industrial output value growth of 9.6%, surpassing 2 trillion yuan for the first time [5]. Investment and Business Environment - Shanghai has seen an average of over 5,800 new foreign-funded enterprises established annually since the 14th Five-Year Plan, reinforcing its position as a major global trade hub [21]. - The city has implemented various measures to optimize its investment environment, including policies to support foreign R&D centers and enhance their capabilities [24]. Export and Trade Performance - In 2025, Shanghai's total import and export volume is expected to exceed 3 trillion USD over five years, with exports growing significantly, including a 10.8% increase in overall exports [26]. - The export of high-end machine tools, industrial robots, and electric vehicles has seen substantial growth, with industrial robots' exports increasing by over 40% [26]. Regional Development and Innovation - The Pudong New Area, accounting for one-third of Shanghai's economic output, is focusing on upgrading its industrial structure and fostering innovation [12][14]. - The area is actively reducing low-end capacity while promoting the rapid development of core industrial clusters [14][15].

Core Insights - Shanghai is emerging as a leading hub for the semiconductor and artificial intelligence industries in China, with significant growth projections for both sectors by 2025 [1][7][13] - The rapid expansion of the general GPU market in China is driven by the increasing demand for computing power, particularly due to the rise of AI models [3][6] - A number of innovative AI companies have recently gone public, highlighting the vibrant "Shanghai tech sector" [6][11] Industry Overview - The integrated circuit industry in Shanghai is expected to achieve a revenue scale exceeding 488 billion yuan by 2025, doubling in five years [1] - The artificial intelligence industry in Shanghai is projected to exceed 550 billion yuan, with a growth rate surpassing 30% [1] - Shanghai ranks fourth globally and first in China in the latest global integrated circuit industry competitiveness ranking [8] Company Developments - Wallen Technology, the first GPU company listed on the Hong Kong stock market, has set a record for the largest IPO since the implementation of the special technology company listing mechanism [3] - TianShu Intelligent Chip is expected to deliver approximately 15,000 general GPU units in the first half of 2025, covering various sectors including finance and healthcare [3] - MiniMax, a rapidly growing AI company, has achieved significant milestones in video model development, generating over 590 million videos [4][5] Investment and Ecosystem - Shanghai has established a comprehensive investment ecosystem, including a fund matrix with a scale of 105 billion yuan to support core technology breakthroughs and industry chain organization [11][12] - The city is fostering a collaborative environment for AI companies, with over 200 AI enterprises having settled in the "Mosu Space" innovation community [9][10] - The government is actively supporting innovation by facilitating pilot projects for new products, which is crucial for early-stage product iteration [12]

Core Insights - The core viewpoint of the article emphasizes that Moore Threads is gradually establishing a significant position in the AI computing sector through its comprehensive GPU capabilities and expanding customer ecosystem, driven by technological advancements and industry demand [1][3]. Group 1: Company Strengths - Moore Threads has developed a general-purpose GPU that integrates multiple functionalities, including AI computation acceleration, 3D graphics rendering, and ultra-high-definition video encoding, addressing the high computing power demands of multimodal AI models [1]. - The company has created a comprehensive end-to-end product system that includes chips, Open Accelerator Modules (OAM), and computing clusters, successfully enabling multimodal applications such as generative AI, digital twins, and scientific computing [2]. - The customer base of Moore Threads is continuously expanding, with products covering AI data centers, AI edge devices, and gaming graphics cards, while new platform-level products are being launched to enhance market penetration [2]. Group 2: Market Outlook - Goldman Sachs views the positive statements from Moore Threads' management regarding the performance improvements of domestic GPUs and the growth in customer demand as consistent with their optimistic outlook on the expansion of advanced processes in China's semiconductor industry [3]. - The company has recently launched the Huashan/Lushan series GPUs based on a new architecture, which feature integrated multi-engine capabilities and proprietary 3D graphics acceleration engines, establishing a differentiated competitive barrier [3]. - The increasing demand for computing power due to the evolution of AI models towards multimodality is seen as a critical factor for market capture, with Moore Threads positioned to leverage its technological innovations [3].

Core Insights - The Hong Kong stock market is witnessing a significant moment for domestic GPU companies, with the listings of Birun Technology and Tensu Zhixin, marking a new phase for the domestic GPU industry [1][2][5] Group 1: Company Listings and Performance - Birun Technology officially listed on the Hong Kong Stock Exchange on January 2, 2026, becoming the first GPU stock in Hong Kong [4] - Tensu Zhixin, which was established in 2015, listed on January 8, 2026, and has delivered over 52,000 products to more than 290 clients by June 2025, showcasing its strong capability in transitioning from technology breakthroughs to large-scale commercialization [5][7] - Tensu Zhixin's revenue grew from 189 million yuan in 2022 to 540 million yuan in 2024, reflecting a compound annual growth rate of 68.8% [5] Group 2: Investment and Financial Returns - Tianfu Cultural Investment's involvement through sub-funds in both Birun Technology and Tensu Zhixin highlights its strong financial leverage and investment returns, with a total investment of 90 million yuan leading to over 435 million yuan directed towards the GPU sector [7][8] - The estimated market capitalization post-listing is approximately 82.6 billion HKD for Birun Technology and over 40 billion HKD for Tensu Zhixin, with significant returns on investments made by the funds [8] Group 3: Strategic Importance of GPUs - GPUs are viewed as the foundational infrastructure for the digital cultural industry, essential for AI applications and digital content creation, thus driving the industry's intelligent upgrade [9][10] - The investment in Birun Technology and Tensu Zhixin is seen as a strategic move to secure a foothold in the core infrastructure of the AI era, which is crucial for the digital content industry's development [9][10] Group 4: Ecosystem Development - Tianfu Cultural Investment is building a comprehensive digital cultural and future industry ecosystem in Chengdu, extending from chip infrastructure to application layers, including various AI and smart technology companies [11][12] - The focus is on creating a self-sustaining ecosystem that integrates foundational computing power, tools, and applications, enhancing local industry capabilities [12] Group 5: Future Outlook - The successful listings of Birun Technology and Tensu Zhixin are milestones in Tianfu Cultural Investment's strategy to empower the digital cultural industry through technology, aiming to establish Chengdu as a significant cultural and creative center [13]

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 ...