（图说：平头哥官网上线"真武"PPU。） | 记者丨董静怡 | | --- | 编辑丨巫燕玲 1月29日，港股三大指数集体低开，截至10:40左右跌幅收窄，恒生指数一度翻红。科网股跌多涨少，京 东跌近2%，阿里巴巴跌近0.7%，百度下跌0.45%，腾讯控股下跌0.16%。 | < W | 恒生科技(HSTECH) | | | O | | --- | --- | --- | --- | --- | | | 5869.27 -30.89 -0.52% | | | | | 盗談 成分 | 资讯 | 相关基金 | | 月度收益 | | 京东集团-SW | | 114.000 -1.98% | | 0.18 | | 9618.HK | | | | | | 小鹏汽车-W | | 73.600 | -1.60% | 0.14 | | 9868.HK | | | | | | 地平线机器人-W | | 8.760 | -1.79% | 0.23 | | 9660.HK | | | | | | 中芯国际 | | 77.950 | -1.70% | 0.32 | | 0981.HK | | | | | | 零跑汽车 | | 42. ...

来源：连线Insight /王慧莹 编辑/子夜 1月23日，阿里巴巴港股开盘站上171港元/股高位，创下去年11月以来的新高。 让阿里股价应声大涨的，是旗下低调了八年的芯片制作业务——平头哥。1月 22 日，彭博社披露，阿里计划将平头哥重组为员工持股的独立实体，随后启 动IPO进程。 全栈式自研，平头哥赌对了 尽管此次独立上市尚属传闻阶段，但伴随国内外科技企业在AI算力的投入及资本化动作，平头哥上市的动作早就在市场的意料之中。 说起平头哥，这个最早始于阿里达摩院的芯片项目组，在2018年云栖大会上被拆分，自此踏上了攻克半导体核心技术的征程。 文 图源平头哥官网 "八年磨一剑"，关于分拆平头哥的消息有很多，芯片向来牵动阿里的神经。去年9月，阿里股价也因阿里造芯动作随之大涨。随着阿里AI战略愈加明朗， 若成功上市，便意味着平头哥站在了新的起点上。 一路走来，平头哥不仅要支撑阿里内部需求，还要面对广阔的市场，打造独立的商业闭环。这条布满荆棘的自研造芯之路上，平头哥始终在迎难而上，如 今，或许到了结果的时刻。 承载着阿里做芯片的野心，平头哥的发展轨迹颇具代表性：从首款AI推理芯片"含光800"，到CPU、GPU、存储 ...

郝艳辉 财通证券海外首席: 好的。各位投资人大家晚上好，我是那个财通海外的郝艳辉。那非常感谢大家周日晚上来 支持我们。组的那个阿里云的一个专家会，那个我们今天邀请的是阿里云芯片的一个专家 那同时跟我一起在线的还有我们组覆盖阿里巴巴的婉琪，以及那个我们组覆盖互联网芯片 的分析师丙维。我稍微花一分钟时间来做一个小广告。就是因为阿里巴巴我们组这边其实 已经跟踪了很长时间，可能也是我们组非常重要的一个标的然后我这边作为首席，其实已 经跟踪了十几年，然后之前在买方的时候也，阿里也一直是我们的重仓股。 那晚期是我们团队那个负责平台公司的分析师，他对整个电商行业，包括拼多多和那个京 东等这些平台性公司都在他这边。就是我们阿里的模型和点评报告主要是由他这边来负责 那我们组丙维的话，主要是跟踪互联网大厂芯片这个方向。那我们组有一个中外互联网大 厂芯片的一个专题和对应的数据库，其实都在做更新，包括整个全球云行业的一个竞争格 局的一个专题及数据库。那上上周我们还跟市场汇报了港股芯片公司的一个专题，把那个 昆仑芯、平头哥等等也都做了一个对标的这样的一个研究，相关的资料大家有兴趣的话都 可以找我们要。 那最近我们组其实还买了一个，就是 ...

Group 1: Dalian's Economic Milestone - Dalian has become the first city in Northeast China to surpass a GDP of 1 trillion yuan, achieving a GDP of 10,002.1 billion yuan in 2025, with a year-on-year growth of 5.7% [2] - The primary industry added value was 665.4 billion yuan (up 3.6%), the secondary industry added value was 3,532.5 billion yuan (up 7.7%), and the tertiary industry added value was 5,804.2 billion yuan (up 4.8%) [2] - Dalian's industrial output value increased by 11.7% year-on-year, with significant growth in key sectors such as petrochemicals (up 8.9%) and equipment manufacturing (up 15.4%), particularly in the railway and shipbuilding sector (up 57.5%) [2] Group 2: Space Tourism Development - Beijing Chuanweizhe's suborbital spacecraft, CYZ1, plans to launch by 2028, with over 20 tickets pre-sold at a price of 3 million yuan each, requiring a 10% deposit [4] - The company aims to develop China's first fully reusable commercial manned spacecraft, with plans to reduce ticket prices from the billion-level to the million-level, ultimately targeting a price of 300,000 yuan [4][5] - The commercial space industry is characterized by high risks and technical challenges, with Chuanweizhe positioned as a follower in the market [5] Group 3: TikTok's Data Security Measures - TikTok has established a U.S. data security joint venture to manage user data and algorithm security, ensuring compliance for over 200 million U.S. users [6] - The joint venture is co-owned by ByteDance, which retains 19.9% of the shares, and aims to localize data management while maintaining control over core algorithms [6][7] - This move is seen as a strategic solution to navigate regulatory challenges and may serve as a reference for global tech platforms facing similar issues [7] Group 4: Alibaba's Chip Subsidiary IPO Plans - Alibaba is preparing to advance the independent listing of its AI chip subsidiary, Pingtouge, to attract investment in the growing AI accelerator sector [8] - Pingtouge, established in 2018, integrates chip development from various Alibaba divisions and aims to address the increasing demand for domestic chip production [8][9] - The company is focusing on developing specialized chips for AI training and inference, which are gaining market attention [9] Group 5: Intel's Financial Performance - Intel reported a 4.1% decline in Q4 revenue to $13.7 billion, with a net loss of $600 million, despite a 9% increase in data center and AI business revenue [10] - The company faces challenges in manufacturing yield and inventory management, impacting its ability to meet strong demand [10][11] - Intel is accelerating the development of its 18A process chips to enhance its competitive position in the CPU market and AI sector, although this comes with significant financial pressure [11] Group 6: High-Interest Deposits Expiration - A significant amount of high-interest deposits, estimated at 45 to 50 trillion yuan, will mature in 2026, raising concerns about where these funds will be allocated [12] - The trend of low deposit rates and the potential for these funds to flow into investment markets is a focal point for investors [12][13] - Historical behavior suggests that most depositors may continue to renew their deposits or use funds for consumption rather than investing in the stock market [13] Group 7: Fund Market Trends - By the end of 2025, the total net asset value of public funds in China exceeded 37.64 trillion yuan, marking a historical high [14] - Active equity funds have shifted their investment focus towards technology sectors, with notable increases in holdings in non-ferrous metals, basic chemicals, and non-bank financials [14][15] - The overall market environment has led to a cautious approach among fund managers, balancing the need to protect gains while seeking new opportunities [15] Group 8: Market Performance Overview - On January 23, the stock market saw a rebound, with the Shanghai Composite Index rising by 0.33% and total trading volume exceeding 3 trillion yuan [16] - Key sectors such as commercial aerospace and photovoltaic concepts experienced significant activity, while insurance and banking sectors faced declines [16][17] - The market remains in a volatile state, with ongoing adjustments from institutional investors to manage upward momentum [17]

近日，有消息称，阿里巴巴集团已决定，支持旗下芯片公司"平头哥"未来独立上市。 受该消息影响，阿里巴巴（BABA）美股夜盘突发大涨5%。 知情人士透露，阿里巴巴计划先将该部门重组为一家由员工部分持股的企业，随后，将考虑启动IPO，但具体时间尚不明确。 目前，阿里方面对此消息未作评论。 据了解，平头哥成立于2018年，是阿里巴巴集团的全资半导体芯片业务主体，专注自研芯片与开源生态。 网传该公司名字由马云亲自敲定，寓意着公司要像"平头哥"蜜獾般无畏攻坚。 早在2025 年 9 月，央视《新闻联播》中一帧，关于阿里平头哥自研芯片的报道画面，引发高度关注，也让外界得以一窥平头哥的实力。 报道画面显示，这款名为 PPU 的 GPU 芯片，显存为 96GB 的 HBM2e，片间互联带宽达 700GB/s，接口为 PCIe 5.0×16，功耗仅为 400W，在这些关键参 数上已完全超过英伟达 A800 和主流的国产 GPU，整体性能与英伟达 H20 相当。 据外媒报道，平头哥研发的第一代 PPU 性能可匹敌英伟达畅销的 H20，而升级版的 PPU 性能则比英伟达 A100 更强。 因性能优异稳定、性价比突出，平头哥 PPU ...

Core Viewpoint - Alibaba plans to spin off its chip division, Pingtouge, for an independent IPO, which is strategically timed amidst a wave of AI chip listings in China, potentially reshaping the industry landscape [1][6][20]. Summary by Sections News Source and Market Reaction - The news about Alibaba's decision to pursue an independent listing for Pingtouge was reported by reputable financial media, Bloomberg and Reuters, ensuring its credibility [5]. - Following the announcement, Alibaba's stock surged by 5%, indicating strong market confidence in the move [7]. Pingtouge's Strengths - Pingtouge holds significant technological advantages with its key products: - The Yitian 710 processor, used in Alibaba Cloud, boasts a 5nm process and 128 cores, outperforming Intel's Xeon with over 30% cost-performance improvement and 60% energy efficiency [11]. - The Hanguang 800 AI inference chip, launched in 2019, was once considered the world's strongest, with performance 46 times that of NVIDIA's P4 [11]. - The PPU chip, reported to have performance on par with NVIDIA's H20, is crucial for Pingtouge's competitive edge [11]. Comparison with Competitors - Pingtouge differentiates itself from the "Four Little Dragons" of domestic GPUs (Moore Threads, Muxi, Birran, and Suiruan) by offering a comprehensive "end-to-cloud" solution, covering the entire computing ecosystem [15]. - Pingtouge's chips are already commercially deployed in Alibaba Cloud, providing a solid revenue stream, while competitors are still facing challenges in mass production and commercialization [15]. Reasons for Spin-off - The spin-off is driven by several strategic motives: - **Valuation Arbitrage**: Pingtouge's value is currently obscured within Alibaba's broader valuation, but a standalone listing could significantly increase its market valuation, potentially doubling or tripling it [21]. - **Independent Financing**: As a standalone entity, Pingtouge can secure its own funding without relying on Alibaba's budget, allowing for more agile decision-making and investment in R&D [22]. - **Employee Incentives**: An independent listing allows Pingtouge to offer stock options to employees, enhancing talent retention and attraction in a competitive market [23]. - **Strategic Positioning**: The timing aligns with favorable market conditions for tech IPOs in China, signaling Alibaba's commitment to the hard tech sector and enhancing its market perception [24]. Industry Impact - The spin-off is expected to trigger a trend among other major tech firms to pursue similar strategies, potentially leading to a wave of chip-related IPOs in the coming years [37]. - The listing of Pingtouge, along with other domestic AI chip companies, could reshape the competitive landscape, fostering a "6+N" structure in the AI chip market, which may accelerate technological advancements but also intensify competition [38]. - The availability of more affordable domestic chips could significantly reduce the cost of AI model training, enabling a broader range of startups and developers to engage in AI applications [39]. Opportunities for Stakeholders - Investors should monitor the developments surrounding Pingtouge and Kunlun's IPOs, as well as companies providing supporting services in the chip industry [43]. - AI professionals may find increased job opportunities as the chip sector expands, with companies actively hiring for various roles [44]. - Entrepreneurs can explore new business opportunities in AI applications, particularly those leveraging domestic chips, as the cost of entry into the AI market decreases [46].

数量大，今明两年国内一半需求用自研的芯片，目测大几十万颗，和no1 hw那家比肩了。 互通做得好。磐久，64卡，进发128卡，超结点用UAlink。 用量得以保证，阿里去年10年单日tokens调用超过60万亿！同年11月，字节单日40万亿。昨天发言预计 全球tokens调用还要涨100倍。阿里推理自研用的多。 总结：去年google tpu 外售，阿里就看的眼红，一直紧密跟踪。以为它要外售芯片，结果它直接ipo。 阿里云没有像大家期待的分拆。阿里芯片准备单独分拆ipo。 外号"平头哥"，实际ppu，目前到1.7代，对标h100。 特点： ...

平头哥被曝启动上市计划，叠加近期多家国产芯片企业推进资本化进程，正在重塑国产芯片行业的发展 格局。国产芯片公司摩尔线程、沐曦股份已经在A股上市，壁仞科技已通过港交所聆讯，百度正在评估 昆仑芯单独分拆上市；预计26年有多家国产大模型、芯片迎来IPO。申万宏源认为，互联网自研芯片有 望迎来价值重估。 公司方面，据上市公司互动平台表示， 利扬芯片：公司为国内知名芯片设计公司提供中高端芯片独立第三方测试服务，公司是平头哥的供应 商。 全志科技：公司已经基于平头哥RISC-V内核开发了多款芯片产品并在多个下游应用场景，并已经实现 大规模量产，后续将会持续根据客户需求推出新的芯片产品和解决方案。 据第一财经1月22日消息，接近市场人士透露，阿里巴巴集团已决定支持旗下芯片公司平头哥未来独立 上市，具体时间尚未明确。 平头哥作为阿里巴巴全资子公司，成立于2018年，是国内互联网公司中自研芯片的早期探索者，其核心 发展模式是围绕云端数据中心场景开展产品线研发，依托阿里云的场景优势缩短芯片从设计到落地的周 期，这一独特路径使其成为芯片产业链中的黑马。申万宏源表示，阿里云全栈自研技术体系（芯片-服 务器-云OS-大模型）构筑国内A ...

据科创板日报报道，记者就平头哥上述消息询问阿里巴巴，阿里对此消息未作评论。 这一潜在上市计划正值AI芯片市场迎来密集上市潮。百度旗下昆仑芯已于今年1月以保密形式向香港联交所提交上市申 请，目标募资规模据称最高可达20亿美元。摩尔线程等芯片对手的上市吸引了强劲的投资者兴趣，反映出，海外投资者押 注中国将支持国内行业作为美国技术的替代方案。 继百度之后，又一国内互联网巨头准备让旗下芯片公司独立上市，这次阿里可能要让雪藏多年的"核武器"正式走入公开市 场。 美东时间1月22日周四，媒体报道称，阿里巴巴集团正准备推进旗下AI芯片子公司平头哥的独立上市。受此消息提振，阿 里巴巴美股周四高开4.6%，早盘拉升，股价一度触及181.1美元，创2025年10月28日以来盘中新高，日内涨幅最高达 7.4%，市值增长近297亿美元、约合人民币2070亿元。此后涨幅收窄到7%以内，仍有望创去年10月末以来收盘新高。 重组方案仍处早期阶段 据本周四的报道，阿里巴巴将首先对平头哥的芯片业务进行内部重组，将其改造成一个部分由员工持股的业务实体，随后 再探索IPO的可能性。具体上市时间尚未确定，该行动仍处于准备阶段。 由于上市行动仍处于早 ...

Core Viewpoint - Alibaba Group has decided to support its subsidiary chip company, Pingtouge, for an independent IPO, marking a significant step in the company's strategy to unveil its chip capabilities [1]. Group 1: Company Developments - Pingtouge, established in 2018, has been a low-profile entity within Alibaba, described as a "nuclear weapon" that has now come to the forefront with its chip offerings [1]. - The first generation of Pingtouge's PPU chip matches the performance of NVIDIA's popular H20, while the upgraded version surpasses the NVIDIA A100 [2]. - Pingtouge has launched several chips in the computing sector, including the AI inference chip Lingang 800, CPU Yitian 710, and the PPU AI chip, as well as SSD controller chip Zhenyue 510, indicating a comprehensive strategy in data center chips [2]. Group 2: Industry Positioning - Industry experts believe that Alibaba and Google will lead AI development in China and the U.S., as both companies have a full-stack layout from AI chips to applications [3]. - The unveiling of Pingtouge's capabilities is seen as the final piece in Alibaba's AI full-stack strategy, showcasing its long-term investment in foundational chip technology [3].