主心"股" 燧原与腾讯的合作贯穿资本与业务两大层面。资本端，从公司股权布局来看，腾讯科技及其关联方以 20.26%的持股成为第一大股东，而实际控制人赵立东与张亚林则以一致行动人身份，通过直接、间接 方式合计控制公司28.14%的股权，依然占据主导位置。 梁振鹏指出，大量业务绑定单一头部大厂，既可能削弱燧原的议价空间，也会让其业绩受腾讯战略调整 影响，还易引发市场对其产品通用性的顾虑。未来燧原需在维持与腾讯协同的同时，拓展多元客户，证 明自身的独立市场竞争力。 燧原科技科创板IPO获受理之际，恰逢腾讯AI新业务落地之时。1月下旬，上交所披露燧原科技科创板 IPO申请正式受理，保荐机构为中信证券，公司拟公开发行4303.52万—6835万股，计划募资60亿元，重 点投向第五代、第六代AI芯片研发及产业化等项目。仅一周后，2月1日，燧原第一大股东腾讯旗下AI 助手"元宝"推出的"元宝派"开启公测，探索AI社交新场景——招股书显示，腾讯及其一致行动人合计持 股20.26%，是燧原的第一大股东，双方形成了长期的资本与业务合作。恰逢春节档AI热度高峰，此 次"元宝派"公测所催生的增量算力需求，或为燧原的业务落地带来新的可 ...

燧原科技科创板IPO获受理之际，恰逢腾讯AI新业务落地之时。 1月下旬，上交所披露燧原科技科创板IPO申请正式受理，保荐机构为中信证券，公司拟公开发行4303.52万股至6835万股，计划募资60亿元，重点投向第 五代、第六代AI芯片研发及产业化等项目。 仅一周后，2月1日，互联网巨头腾讯旗下的AI助手"元宝"推出"元宝派"并开启公测，探索AI社交新场景——燧原招股书显示，腾讯及其一致行动人合计持 股20.26%，是公司的第一大股东，双方形成了长期的资本与业务合作。 恰逢春节档AI热度高峰，此次"元宝派"公测所催生的增量算力需求，或为燧原的业务落地带来新的可能性。 01.主心"股" 燧原与腾讯的合作贯穿资本与业务两大层面。 资本端，从公司股权布局来看，腾讯科技及其关联方以20.26%的持股成为第一大股东，而实际控制人燧原科技创始人、董事长兼CEO赵立东与联合创始 人张亚林则以一致行动人身份，通过直接、间接方式合计控制公司28.14%的股权，依然占据主导位置。 业务端的联结也随合作推进不断加深：招股书披露，报告期内，公司对前五大客户的营收占比始终保持在92%以上，其中对腾讯的销售占比从初期的 8.53%逐步提升 ...

Core Viewpoint - The article discusses the performance of various sectors in the TMT (Technology, Media, and Telecommunications) industry, highlighting both the leading and lagging segments, as well as significant developments in the semiconductor and AI sectors. Domestic News / Part 02 - The semiconductor investment alliance, Fuman Micro, announced a price adjustment for LED display products, increasing prices by no less than 10% starting January 19, 2026 [1] - MCA Mobile Alliance reported that Kangxi Communication and its subsidiaries did not violate U.S. patent laws regarding Skyworks Solutions, Inc. [1] - SEMI noted that Fujian Jingxu Semiconductor's second-phase project is nearing completion with a total investment of 1.68 billion yuan, establishing the world's first production line for ultra-wide bandgap semiconductor high-frequency filter chips, expected to achieve an annual capacity of 400kk and generate around 1 billion yuan in output value [1] - Nanya Technology announced two equipment acquisition deals totaling over 3.3 billion New Taiwan dollars, marking a significant step in its expansion plans [1] Overseas News / Part 03 - According to South Korean customs data, the country's semiconductor imports reached $77.5 billion last year, a 4.9% increase year-on-year, driven by surging demand from artificial intelligence [2] - Omdia reported that global telecom operators are increasing capital investments in AI infrastructure to meet rising AI computing demands and local sovereignty requirements [2] - TrendForce projected a 14.8% decline in global laptop shipments in Q1 2026 due to a temporary CPU supply shortage and rising component costs [2] - Intel showcased a "Thick Core" glass substrate design aimed at the high-performance computing and AI server markets, marking a significant innovation in chiplet interconnect technology [2] AI News / Part 04 - Tencent launched a new feature "Yuanbao Pai" for its AI assistant "Yuanbao," focusing on AI social interactions [3] - MiniMax released the M2-her large language model designed for immersive role-playing and expressive multi-turn dialogues [3] - Yingmou Technology introduced the Rodin Gen-2 "Edit" model for 3D asset modification, claiming to be the first true 3D AI generation editing platform [3] - Tencent's mixed Yuan team released the mixed image model 3.0, featuring 80 billion parameters and supporting various visual creation functions [3] Industry Tracking / Part 05 - Blue Origin announced its large-scale satellite communication constellation plan "TeraWave," which includes 5,280 LEO satellites and 128 MEO satellites [4] - The first domestic humanoid diagnostic robot integrating non-invasive brain-computer interface technology was unveiled, suitable for rehabilitation scenarios [4] - By 2025, over 35,000 basic-level and 15 leading smart factories are expected to be established as part of the digital transformation of the manufacturing industry [4] - Midea Weiling launched a new generation of high-precision joint module products, focusing on core types for humanoid robots [4] High-Frequency Data Updates / Part 07 - The international DRAM spot prices for January 26 showed no significant changes in DDR5 and DDR4 memory prices, with DDR5 16G averaging $36.667 and DDR4 16Gb averaging $78.750 [6] - Semiconductor material prices from Baichuan Yingfu indicated stable pricing for various high-purity metals and substrates, with no daily changes reported [7]

Investment Rating - The report suggests focusing on sectors driven by AI development, including servers, IDC, switches, switch chips, optical modules, and liquid cooling, as well as overseas markets for servers, switches, and optical modules [4]. Core Insights - China Unicom's Q1 2025 financial report shows growth driven by cloud and IDC data center businesses, with cloud revenue at 19.72 billion yuan, up 18.1% year-on-year, and IDC revenue at 7.22 billion yuan, up 8.8% year-on-year [1]. - Huawei's CloudMatrix 384 super node cluster, featuring 384 Ascend chips, is expected to accelerate domestic AI chip replacement and boost demand for optical modules [1]. - The demand for inference computing continues to grow as tech companies accelerate their investments in multimodal interaction and AI agents, exemplified by Tencent's AI assistant "Yuanbao" and OpenAI's new models [1][7]. - The three major telecom operators are steadily advancing cloud computing and computing power services, driving rapid growth in AI computing demand [3]. Summary by Sections Subsector Insights - **Servers**: 2025 is projected to be a year of significant growth in inference demand, with a shift from centralized cloud services to mass terminals requiring cost-effective dedicated chips. Domestic ASIC chip manufacturers like ZTE and Unisoc are expected to benefit [2][6]. - **Optical Modules**: The CloudMatrix system's architecture will significantly increase the demand for optical modules, with major domestic suppliers like LightSpeed Technology and Shijia Photonics poised for growth [2][10]. - **IDC**: The three major operators are increasing investments in computing power, with companies like DataPort and Runjian benefiting from the growing demand for data centers [3][13]. Key Data Updates - The telecom sector's main business revenue reached 295 billion yuan in the first two months of 2025, a year-on-year increase of 0.9% [17]. - The number of fixed broadband access users reached 675 million, with gigabit users accounting for 31.7% [18]. - The mobile internet traffic reached 55.39 billion GB, up 13.6% year-on-year [21]. Market Trends - The report indicates a steady upward trend in the telecom sector, with operators, optical modules, and servers showing robust growth [14][17]. - The IDC index has seen a decline of 2.17% this week, reflecting market fluctuations [13]. Company News - OpenAI has launched the GPT-4.1 series models, enhancing performance and cost efficiency, which is expected to drive demand for AI computing power [55]. - Major cloud providers like Microsoft, Google, and Amazon are significantly increasing their capital expenditures for AI and cloud services, indicating strong future demand for computing infrastructure [7].

智元机器人自2023年成立以来，已快速完成多轮融资，股东包括众多知名创投机构，如高瓴创投、红杉中国、经纬创投、鼎晖 创投等一线机构。据悉，智元机器人正以150亿元估值进行新一轮融资接洽，反映出资本市场对其技术商业化潜力的认可。 腾讯出手！人形机器人大消息 【导读】稚晖君的机器人公司获腾讯加持，保姆机器人还有多远？ 见习记者 庄佳 3月24日，天眼查显示，智元机器人关联公司上海智元新创技术有限公司完成工商变更，新增广西腾讯创业投资有限公司为股 东，注册资本增至约8046万元，原法定代表人舒远春卸任，由邓泰华接任。此次融资由腾讯领投，龙旗科技、卧龙电驱等产业 资本及老股东跟投，这标志着腾讯在具身智能领域的首次布局。 腾讯发布的最新财报显示，其AI战略进入重投入期，2024年研发投入达706.9亿元，并在混元大模型、AI助手"元宝"等产品中展 现技术实力。此次投资智元机器人，标志着腾讯正式切入具身智能赛道——该领域被认为是AI技术落地的终极场景之一。腾讯 董事会主席马化腾曾明确表示，腾讯将聚焦AI与机器人厂商的合作，而非亲自下场造硬件。 业内人士认为，腾讯的入局不仅为智元提供资金支持，更借助其生态资源推动机器人与A ...