浓冬时节，香港交易所内一声浑厚铜锣鸣响，铿锵悠远，响彻整个交易大厅。 1月2日，港交所新年首个交易日，上海壁仞科技股份有限公司(简称"壁仞科技")正式登陆资本市场，不仅一举摘得"港股GPU第一股"的桂冠，更以"开门 红"之势，成为2026年港股市场的首只上市新股。聚光灯下，身着深蓝色西装、搭配淡蓝色领带的壁仞科技创始人张文，与核心团队共同迎来了六年创业 征程中至关重要的里程碑时刻。 作为国产AI芯片代表企业，壁仞科技(股票代码：06082.HK)的上市之路始终牵动着市场目光。上市首日，其开盘即报35.7港元/股，较19.6港元的发行价大 涨82.14%，期间市值一举突破千亿港元；截至当日收盘，股价定格在34.46港元/股，涨幅达75.82%，总市值攀升超过800港元。 潜行六年，一朝蝶变。时间回溯至2019年9月，壁仞科技由前商汤科技总裁张文跨界创立。彼时，其精准洞察到AI时代潜藏的巨大算力缺口，随即集结英 伟达、AMD等全球顶尖芯片企业的技术菁英，组建起一支硬核研发团队。而其锚定的赛道，正是当下全球科技竞争的焦点、兼具极高战略价值的高性能 GPU(图形处理单元)领域。 从技术属性来看，GPU是一种专为并行计 ...

Core Viewpoint - The successful listing of Wallen Technology marks a significant milestone for domestic GPU companies, highlighting the critical need for China to establish its own computing power supply capabilities in the context of AI becoming a key driver of the global economy [1][22]. Market Overview - The global intelligent computing chip market is projected to grow from $6.6 billion in 2020 to $119 billion by 2024, with a compound annual growth rate (CAGR) of 106%, and expected to reach $585.7 billion by 2029, maintaining a CAGR of 37.5% from 2024 to 2029 [2]. - China's intelligent computing chip market is anticipated to reach $201.2 billion by 2029, with a CAGR of 46.3% from 2024 to 2029, significantly outpacing the global average [3]. Competitive Landscape - The intelligent computing chip market is highly concentrated, with NVIDIA dominating globally, while the top two players in China are expected to hold 94.4% of the market share by 2024, leaving over 15 participants with less than 1% each [3][4]. - In the GPGPU sector, the top two players are projected to account for 98% of the market share in 2024, indicating a significant concentration of power [4]. Technological Innovation - Wallen Technology adopts a Chiplet architecture, which allows for greater flexibility, scalability, and cost efficiency, addressing the challenges of rising costs and declining yields in traditional single-chip designs [6][10]. - The BR166 GPGPU chip, utilizing Chiplet technology, demonstrates a twofold improvement in key performance metrics compared to its predecessor, the BR106 [6][9]. System-Level Delivery - Wallen Technology emphasizes its system-level delivery capabilities rather than just chip performance, positioning itself as a provider of comprehensive intelligent computing solutions rather than merely a GPU supplier [10][13]. - The company has developed a complete hardware ecosystem that includes PCIe, OAM, and server products, along with a self-developed software platform to optimize performance and manage large-scale GPGPU clusters [12][13]. Financial Performance - Wallen Technology's revenue grew from 62 million yuan in 2023 to 336.8 million yuan in 2024, representing a growth of over 400%, with continued growth into 2025 [16][17]. - The company recorded gross profits of 47.4 million yuan and 179.2 million yuan in 2023 and 2024, respectively, with gross margins of 76.4% and 53.2% [18]. Research and Development - Wallen Technology has maintained high R&D expenditures, with 1.018 billion yuan in 2022, 886 million yuan in 2023, and 827 million yuan in 2024, reflecting a commitment to innovation in a capital-intensive industry [19][21]. - The company is advancing its next-generation flagship data center chip, BR20X, expected to be commercialized in 2026, which aims to enhance efficiency in large model training and inference [21]. Conclusion - The success of Wallen Technology's listing and its strategic focus on engineering solutions and system-level delivery reflect a broader trend in the Chinese GPU industry towards achieving self-sufficiency in computing power, essential for supporting the digital economy [22].

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].

Core Insights - Wall Street's first IPO of the year is the successful listing of Birran Technology on the Hong Kong Stock Exchange, marking it as the first GPU stock in the Hong Kong market with an opening price of HKD 19.60 per share and a market capitalization exceeding HKD 100 billion [1][2] Company Overview - Birran Technology was founded in 2019 by Harvard PhD Zhang Wen, who transitioned from Wall Street to entrepreneurship, focusing on the GPU chip sector [2][4] - The company has attracted significant investment interest, with 23 top-tier investment institutions planning to subscribe for HKD 28.99 billion, achieving a remarkable subscription rate of over 2300 times [2] Technological Development - Birran Technology has adopted a challenging technical route, aiming to develop large GPGPU chips that compete with next-generation products from international giants [6][9] - The company successfully launched its first general-purpose GPU chip, the BR100 series, in March 2022, achieving a peak computing power of 10 petaflops per second, directly competing with NVIDIA's flagship products [7][9] Financial Performance - The revenue trajectory of Birran Technology shows significant growth, with revenues of RMB 0.499 million in 2022, RMB 0.62 billion in 2023, and projected revenues of RMB 3.37 billion in 2024 [9] - The company has secured substantial orders, with a total value of approximately RMB 20 billion from various sectors, including telecommunications and AI data centers [15][16] Market Position and Future Outlook - The Chinese intelligent computing chip market is projected to grow from USD 1.7 billion in 2020 to USD 30.1 billion by 2024, with a compound annual growth rate (CAGR) of 105% [15] - Birran Technology's strategic positioning and technological advancements are expected to play a crucial role in the domestic GPU market, which is increasingly moving towards self-sufficiency and reducing reliance on imports [16][17]

Core Viewpoint - Wallen Technology, a leading GPU company in Shanghai, has successfully listed on the Hong Kong Stock Exchange, becoming the first domestic GPU stock and the first new stock listed in the Hong Kong market in 2026 [2] Group 1: Company Overview - Wallen Technology's IPO price was HKD 19.60 (approximately RMB 17.60), with an opening price surge of 82.14% to HKD 35.70 (approximately RMB 32.05), resulting in a market capitalization of HKD 855.42 billion (approximately RMB 768 billion) [2] - As of 9:35 AM, the stock price reached HKD 41.80 (approximately RMB 37.52), with a latest market capitalization of HKD 1002 billion (approximately RMB 899 billion) [2] - Founded in 2019, Wallen Technology reported revenue of RMB 49.9 million in 2022, projected to grow to RMB 337 million in 2024, reflecting a compound annual growth rate (CAGR) of 2500% [3][5] Group 2: Technological Achievements - Wallen Technology is the first Chinese company to adopt 2.5D chiplet technology for dual AI computing bare chips and has achieved significant technical milestones in the domestic AI chip sector [5] - The company has a high R&D ratio, with 83% of its workforce in R&D and over 70% of its expenses allocated to R&D, ranking first in China for the number of invention patent applications in the GPGPU sector [8][9] - Wallen Technology has applied for over 1500 patents globally, with a 100% authorization rate for invention patents, establishing a strong patent wall for long-term development [9] Group 3: Product Development and Innovation - The company has developed a self-researched GPGPU architecture that integrates innovations to enhance performance and efficiency, with plans for next-generation chips supporting FP8 and FP4 precision [15][16] - Wallen Technology's GPGPU architecture features advanced designs such as dual chiplets, tensor core architecture, and near-memory computing, significantly improving AI computation efficiency and energy consumption [18][19] - The company has successfully commercialized high-performance OAM and general-purpose boards, being one of the first in China to do so [22] Group 4: Market Position and Strategy - Wallen Technology aims to provide comprehensive solutions for large-scale intelligent computing clusters, integrating its hardware and software with third-party infrastructure [27] - The company has established partnerships with major telecom operators and has served nine Fortune China 500 companies, including five from the Fortune Global 500 [32] - Wallen Technology's software platform, BIRENSUPA, is designed to lower migration costs and enhance ecosystem development, supporting various AI models and facilitating collaboration with top universities [31]

Group 1 - Wallan Technology (06082.HK) has officially listed on the Hong Kong Stock Exchange, becoming the first general-purpose AI chip company to go public in 2025, with an opening price increase of over 100% and a market capitalization exceeding HKD 94 billion [1] - Founded in 2019 by a team of former AMD and NVIDIA chip architects, Wallan Technology has launched several high-performance GPUs, including BR100, BR104, BR106, and BR166, and has become a key player in China's AI infrastructure [1] - The investment from Shanghai State-owned Capital, which holds a 3.7853% stake in Wallan through Shanghai Lingang Economic Development Group, signifies a strategic move in the AI computing power sector [2] Group 2 - The Shanghai Guotou Pioneer AI Industry Fund made a direct investment in Wallan Technology, marking its first direct investment project, which breaks from the traditional indirect investment model [3] - This investment not only provides financial support but also enhances Wallan's capabilities in technology development, industry connections, and ecosystem collaboration [4] - Wallan's R&D expenses reached CNY 572 million in the first half of 2025, accounting for 79.1% of total operating expenses, highlighting the ongoing need for funding in its expansion and development efforts [4] Group 3 - The collaboration between Wallan Technology and Shanghai State-owned Capital has opened pathways for market entry, customer integration, and supply chain collaboration, enhancing the company's market recognition and stability [5] - Wallan's success is part of a broader ecosystem in Shanghai, which includes multiple GPU and computing power chip companies, forming a dense entrepreneurial matrix [8] - Shanghai has emerged as a capital hub for the domestic GPU sector, with leading companies collectively raising over CNY 20 billion, indicating strong investor interest and confidence in the industry [9] Group 4 - The Shanghai government has set ambitious goals for the AI computing cloud industry, aiming for a scale of CNY 200 billion by 2027, with a focus on building large-scale computing clusters and a unified scheduling platform [12] - Wallan's IPO is seen as a significant milestone for the domestic computing power ecosystem, marking the beginning of a new phase in the development of China's AI infrastructure [12] - The strategic investment and support from Shanghai State-owned Capital are crucial for fostering a sustainable and competitive environment for hard-tech companies like Wallan Technology [11]

Core Viewpoint - Wallen Technology, the first GPU stock in Hong Kong, has seen strong subscription response with an oversubscription of 2363 times during its offering period [1] Group 1: IPO Details - Wallen Technology (stock code: 06082.HK) set its H-share issuance price at HKD 19.60 per share, raising a total of HKD 48.55 billion, marking the largest IPO since the implementation of Chapter 18C of Hong Kong's listing rules [1] - The company is expected to begin trading on the Hong Kong Stock Exchange on January 2, 2026, making it the first new stock listed in Hong Kong for the new year [1] - CICC, Ping An Securities (Hong Kong), and Bank of China International are serving as joint sponsors for the IPO [1] Group 2: Market Position and Product Pipeline - As the first GPU stock in Hong Kong, Wallen Technology fills a gap in the AI computing hardware sector within the Hong Kong market [1] - As of December 15, Wallen Technology has approximately RMB 1.241 billion in orders, indicating a clear growth trajectory for future performance [1] - The BR166 product is expected to achieve commercialization in the second half of 2025, while the BR20X series chips are planned for commercialization in 2026, with further new generation products like BR30X in the pipeline, showcasing the company's capability for continuous iteration and growth [1]

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the communication industry [1]. Core Insights - The domestic GPGPU sector is expected to be a focal point in the capital market in 2026, with companies like Moer Thread and Muxi Co. recently entering the market, and Biran Technology and Tian Shu Zhixin passing the Hong Kong Stock Exchange hearing [5][17]. - The demand for data center optical fibers is anticipated to surge, with early signs of price increases in the market, as domestic and international manufacturers report a 15% price rise in common cable fibers [10][20]. - The report highlights the rapid development of supernode servers as a key beneficiary segment for domestic GPUs, suggesting investment opportunities in upstream components such as copper connections and network interface chips [9][19]. Summary by Sections Industry Dynamics - Moer Thread held its first developer conference, unveiling a new architecture and several products, including the "Huagang" architecture, which supports FP4 to FP64 precision calculations, with a 50% density increase and a 10-fold efficiency improvement [6][17]. - Muxi Co. achieved a market capitalization exceeding 280 billion after its debut on the Sci-Tech Innovation Board, positioning itself as a strong competitor in the domestic GPGPU market [7][18]. - Biran Technology has passed the Hong Kong Stock Exchange hearing, with its BR100 series achieving peak performance at the PFLOPS level, and it has secured sales agreements valued at 1.24 billion [8][19]. - Tian Shu Zhixin has a broad customer base across various sectors, with GPU shipments reaching 15,700 units in the first half of 2025 and revenues of 324 million [8][19]. Market Overview - The overall market saw a slight decline during the week of December 15-19, 2025, with the Shanghai Composite Index rising by 0.03% while the Shenzhen Component Index and the ChiNext Index fell by 0.89% and 2.26%, respectively [12][22]. - The top-performing sectors included liquid cooling, optical cables, and satellite communications, with weekly gains of 15.85%, 11.88%, and 10.73% [12][22]. Investment Recommendations - The report suggests focusing on companies in the following sectors: - Domestic supernodes: Unisplendour, ZTE, Inspur, Huaqin Technology, Huafeng Technology, Xinke Materials, Shengke Communication, and Heshun Petroleum [22]. - Commercial aerospace: Shanghai Hanxun, Xinke Mobile, Fenghuo Communication, Mengsheng Electronics, Haige Communication, and Qian Zhao Optoelectronics [22]. - Optical fibers and cables: Zhongtian Technology, Hengtong Optic-Electric, Changfei Fiber, Yongding Co., Taichen Optoelectronics, Shijia Photonics, and Changxin Bochuang [22].

Core Viewpoint - Wall Ran Technology Co., Ltd. has initiated its IPO process, aiming to issue 24,769,280 H-shares, with trading expected to commence on January 2, 2026, marking it as the first GPU company listed in Hong Kong following the domestic listing of Moer Thread as the first GPU company on the Sci-Tech Innovation Board [1] Group 1: Company Overview - Founded in September 2019 by former SenseTime president Zhang Wen, Wall Ran Technology has recruited top talents, including the head of the self-developed GPU team from HiSilicon, to form its core team [1] - The company focuses on developing chips for AI model training and inference, with its first product, the BR106, designed to target next-generation products from international competitors [1][2] Group 2: Product Development - The BR106 chip was successfully designed and mass-produced within approximately three years, with production commencing in January 2023 [2] - The second product, BR110, is aimed at edge and cloud inference applications, with mass production expected in October 2024 [2] - Wall Ran is also developing the next-generation flagship data center chip, BR20X, which is expected to provide enhanced computing power and support for a wider range of data formats [2][3] Group 3: Technological Innovations - Wall Ran Technology is the first in China to adopt 2.5D chiplet technology for packaging dual AI computing bare chips, which helps to overcome limitations in traditional single-chip IC manufacturing [3] - The company has developed advanced packaging technologies that improve chip and memory integration, particularly beneficial for AI training workloads and cloud computing [4] Group 4: Financial Performance - Wall Ran Technology reported revenues of 0.5 million yuan in 2022, which increased to 3.368 billion yuan in 2024, driven by a growing customer base and increased revenue per customer [6] - The company has incurred significant losses over the years, with losses of 14.743 billion yuan in 2022 and projected increases in losses due to rising R&D expenditures [7][8] - R&D expenditures have been substantial, with 203,980% of total revenue in 2022, indicating a strong focus on innovation despite financial losses [7] Group 5: Market Position and Future Outlook - As of 2024, Wall Ran Technology holds a market share of 0.16% in the Chinese smart computing chip market and 0.20% in the GPGPU market, with expectations to increase to 0.19% and 0.23% respectively by 2025 [8] - The company has secured 24 binding orders valued at approximately 821.8 million yuan and has established several framework sales agreements, indicating a strong future revenue pipeline [8]

Core Viewpoint - Wallan Technology, known as the "first GPU stock in Hong Kong," has launched its IPO, aiming to issue 247.69 million shares at a price range of HKD 17.00 to 19.60 per share, highlighting its growth trajectory over the past five years and the potential of the domestic AI chip market [1][12][13]. Company Overview - Wallan Technology was founded in September 2019 by Zhang Wen, with initial revenue of RMB 62 million in 2023 projected to grow to RMB 337 million in 2024, supported by unfulfilled orders worth RMB 822 million and framework agreements totaling RMB 1.241 billion [1][13]. - The company is currently in a loss-making state, with net losses of RMB 1.474 billion, RMB 1.744 billion, and RMB 1.538 billion from 2022 to 2024, and an estimated loss of RMB 1.6 billion by mid-2025 [4][17]. Market Position - In the Chinese intelligent computing chip market, Wallan Technology holds a market share of 0.16% and 0.20% in the GPGPU market for 2024, while the market is dominated by Nvidia and Huawei, which together account for 94.4% of the market share [2][13]. - The domestic AI chip market is expected to grow significantly, with Wallan Technology's IPO potentially enhancing its competitive position [14]. Financial Performance - The company's revenue is expected to rise to approximately RMB 337 million in 2024, with a gross margin of 53.2%, reflecting a year-on-year increase in average transaction value by 113.64% to RMB 9.4 million [3][16]. - The number of customers increased from 4 in the first half of 2024 to 12 in the first half of 2025, with transaction counts rising from 9 to 33 [3][16]. Product Development - Wallan Technology has developed its first-generation GPGPU architecture and is working on the second generation, with products like BR106 and BR110 already in production, and the BR166 chip expected to double the performance of BR106 [6][18]. - The company plans to launch the next-generation flagship data center chip BR20X by 2026, with further products like BR30X and BR31X expected by 2028 [20][21]. Strategic Partnerships - Wallan Technology has established strategic partnerships to enhance its product offerings and market reach, including a collaboration with an IT company to develop AI infrastructure solutions, resulting in significant sales orders [20][21]. - The company is also focused on building a software ecosystem with its BIRENSUPA platform, which supports third-party GPGPU software, aiming to reduce migration costs to its products [21]. Investment and Funding - Since its establishment, Wallan Technology has undergone 13 rounds of financing, with notable investors including IDG Capital and Qiming Venture Partners, and the latest funding round occurred in March 2023 [22].