11 January 2026 | 12:02PM HKT Equity Research Key takeaways 1. General GPU with full coverage: The company is dedicated to developing the general GPU that is embedded with more features besides AI computing acceleration, including 3D graphics rendering, UHD (Ultra High Definition) video encoding/ decoding, and physical simulation. Management highlights the general GPU is more compatible with high technology entry barrier, and is capable of supporting large-scale AI training. Meanwhile, the company is also w ...

科创板公司2025年净利润预计增幅排名 | 代码 | 简称 | 业绩预告日期 | 业绩预告类型 | 预计净利润增幅中值（%） | 行业 | | --- | --- | --- | --- | --- | --- | | 688332 | 中科蓝讯 | 2026.01.08 | 预增 | 371.51 | 电子 | | 688796 | 百奥赛图 | 2025.12.09 | 预增 | 303.57 | 医药生物 | | 688809 | 强一股份 | 2025.12.29 | 预增 | 66.24 | 电子 | | 688508 | 芯朋微 | 2026.01.10 | 预增 | 66.00 | 电子 | | 688802 | 沐曦股份 | 2025.12.16 | 减亏 | 54.22 | 电子 | | 688208 | 道通科技 | 2026.01.10 | 预增 | 42.76 | 计算机 | | 688795 | 摩尔线程 | 2025.12.04 | 减亏 | 41.36 | 电子 | | 688805 | 健信超导 | 2025.12.23 | 预增 | 33.55 | 医药生物 | | 6883 ...

【齐峰新材：通过认购中原前海股权投资基金的基金份额5000万元间接参与摩尔线程、沐曦集成和蓝箭 航天的投资】齐峰新材在互动平台表示，公司全资子公司山东黎鸣股权投资有限公司参与认购了上海金 浦二期智能科技私募投资基金合伙企业（有限合伙）和中原前海股权投资基金（有限合伙），公司通过 认购中原前海股权投资基金（有限合伙）的基金份额5000万元人民币间接参与了摩尔线程、沐曦集成和 蓝箭航天的投资。(智通财经) ...

Core Insights - The Chinese computing power industry is experiencing rapid growth in capital operations, highlighted by significant IPOs and market enthusiasm for domestic semiconductor companies [1][2] - The focus of competition in the domestic computing power sector is shifting from hardware specifications to system stability, software ecosystem usability, and cost-effectiveness [3][4] Capital Market Activity - TianShuZhiXin Semiconductor Co., Ltd. went public on January 8, 2026, with over 400 times subscription, indicating strong market interest [1] - Other domestic GPU companies, such as MoEr Thread and MuXi Co., saw their stock prices surge on their debut, with MoEr Thread's market cap exceeding 305.5 billion yuan and MuXi's reaching 330 billion yuan [1] - ChangXin Technology submitted its IPO application on December 30, 2025, reporting revenue of 32.084 billion yuan for the first three quarters of 2025, showcasing the scale of domestic DRAM production [1] Technological Developments - The "Ten Thousand Card Cluster" concept is becoming a benchmark for evaluating domestic computing power, but it also presents challenges in reliability as system scale increases [3][4] - The introduction of the scaleX Ten Thousand Card Super Cluster by ZhongKe Shuguang, featuring 10,240 AI accelerator cards, represents a significant advancement in system architecture [3][4] - The need for high-quality, low-latency data transmission networks is critical for supercomputing, with domestic products now matching international standards [5][6] Storage Solutions - ChangXin Technology and ChangChun Group are positioned in the core areas of DRAM and NAND Flash, respectively, with ChangXin reporting a compound annual growth rate of over 70% in revenue from 2022 to 2024 [6][7] - The introduction of advanced technologies like Xtacking in NAND Flash production by ChangChun Group marks a significant technological breakthrough [7] Software Ecosystem - The transition to a robust software ecosystem is complex, with developers facing high costs in switching from established platforms like NVIDIA's CUDA [10][11] - MoEr Thread is addressing this by launching the MTT AIBOOK, which includes development tools to facilitate easier adoption of its platform [10] - Cloud service providers are playing a crucial role in integrating various hardware brands to create a unified software environment, addressing compatibility issues [11][12] Market Dynamics - The industry is witnessing a shift towards collaborative ecosystems, with companies recognizing the need for specialization rather than attempting to cover the entire supply chain independently [9][12] - The emergence of customized products from companies like Haiguang is aimed at meeting the specific needs of large enterprises, reflecting a trend towards more open architectures [15] Future Outlook - The domestic computing power industry is expected to face challenges related to global supply chain fluctuations, particularly in DRAM and NAND supply [13] - The successful integration of domestic computing solutions in high-stakes environments, such as the National High Energy Physics Data Center, indicates growing confidence in local technologies [14] - The potential easing of export restrictions on NVIDIA's H200 chip could impact the domestic ecosystem, but the established supply chain and customer preferences for security are likely to mitigate risks [17]

Core Viewpoint - The rapid advancement of China's computing power industry is highlighted by significant capital market activities, including the successful IPOs of domestic semiconductor companies, while challenges remain in practical applications and system integration [2][4]. Group 1: Capital Market Activities - Shanghai Tensu Zhixin Semiconductor Co., Ltd. went public on January 8, 2026, with over 400 times subscription, indicating strong market enthusiasm [2]. - Other domestic GPU companies, such as Moer Thread and Muxi Co., saw their stock prices surge by 468.78% and 692.95% respectively on their debut, with market capitalizations exceeding 305.5 billion and 330 billion yuan [2]. - Changxin Technology submitted its IPO application on December 30, 2025, reporting revenue of 32.084 billion yuan for the first three quarters of 2025, showcasing the scale of domestic DRAM production [2][10]. Group 2: Technological Advancements - The focus of competition in the computing power sector is shifting from hardware specifications to system stability, software ecosystem usability, and cost-effectiveness in commercial applications [6]. - The introduction of the scaleX super cluster by Zhongke Shuguang, featuring 10,240 AI accelerator cards, emphasizes the need for high reliability in large-scale systems [6][7]. - The development of a native 400G RDMA network by Zhongke Shuguang aims to enhance data transmission quality and reduce latency, crucial for supercomputing applications [7][8]. Group 3: Software Ecosystem Development - Moer Thread is addressing the challenge of transitioning developers to domestic computing platforms by launching the MTT AIBOOK, which includes essential development tools [13]. - The company also introduced a code migration model, MUSACode, to facilitate the transition from CUDA to its own platform, aiming for a 93% compilation rate [13]. - Cloud service providers are playing a critical role in integrating various hardware brands, thereby mitigating compatibility issues and enhancing resource management [15][16]. Group 4: Supply Chain and Market Dynamics - The supply chain for DRAM and NAND flash is under pressure, prompting cloud vendors to adjust procurement strategies to ensure resource availability [17]. - The adoption of domestic computing facilities by institutions like the Chinese Academy of Sciences indicates growing confidence in local technology, despite some performance gaps compared to international counterparts [19]. - The emergence of customized products from companies like Haiguang reflects a shift towards meeting specific client needs, enhancing market competitiveness [20]. Group 5: Industry Ecosystem and Future Outlook - The domestic computing power industry is forming a closed-loop ecosystem, integrating various components from storage to computing and application layers [21][22]. - The rise of domestic large models, such as DeepSeek, is redefining hardware competition standards, necessitating support for mixed-precision computing [21]. - Concerns about potential disruptions from international competitors, such as NVIDIA's H200 chip, are countered by the established supply chain and ecosystem resilience of domestic firms [21][22].

Core Insights - The Chinese computing power industry is experiencing rapid acceleration in capital operations, highlighted by significant IPOs and market enthusiasm for domestic semiconductor companies [1][2] - The focus of competition in the domestic computing power sector is shifting from hardware specifications to system stability, software ecosystem usability, and cost-effectiveness in commercial applications [3][4] Capital Market Activity - TianShuZhiXin Semiconductor Co., Ltd. went public on January 8, 2026, with over 400 times subscription for its public offering, indicating strong market interest [1] - Other domestic GPU companies, such as MoEr Thread and MuXi Co., saw substantial stock price increases upon their listings, with MoEr Thread's stock rising by 468.78% on its debut [1] - ChangXin Technology submitted its IPO application on December 30, 2025, reporting revenue of 32.084 billion yuan for the first three quarters of 2025, showcasing the scale of domestic DRAM production [1] Technological Developments - The "Ten Thousand Card Cluster" concept is becoming a benchmark for evaluating computing power systems, with challenges in reliability and fault tolerance as system scales increase [3][4] - The introduction of the scaleX Ten Thousand Card Super Cluster by ZhongKe Shuguang, featuring 10,240 AI acceleration cards, represents a significant technological advancement [3][5] - The need for high-quality, low-latency data transmission networks is critical for supercomputing, with domestic products now matching international standards [6][7] Storage Solutions - ChangXin Technology and ChangJiang Storage are positioned in key storage sectors, with ChangXin reporting a compound annual growth rate of over 70% in revenue from 2022 to 2024 [7][8] - The introduction of DDR5 memory and advancements in NAND Flash technology are crucial for supporting AI computing needs [8] Software Ecosystem Challenges - Transitioning developers from NVIDIA's CUDA to domestic platforms presents significant challenges due to high code restructuring costs [11] - MoEr Thread is addressing this by launching tools to facilitate easier migration to its ecosystem, aiming to cultivate a developer base [11][12] Cloud Services and Integration - Cloud service providers like UCloud are playing a vital role in integrating various domestic chip brands, addressing compatibility issues and enhancing resource management [12][13] - The need for localized solutions is emphasized, as latency and privacy concerns with cloud-based AI solutions drive demand for on-premises systems [14] Market Dynamics and Future Outlook - The domestic computing power industry is forming a closed-loop ecosystem, with companies collaborating across the supply chain to enhance competitiveness [17] - The potential easing of export restrictions on NVIDIA's H200 chip raises concerns about its impact on the nascent domestic ecosystem, but domestic clients prioritize supply chain security [17]

人民财讯1月9日电，齐峰新材（002521）1月9日在互动平台表示，公司全资子公司山东黎鸣股权投资有 限公司参与认购了上海金浦二期智能科技私募投资基金合伙企业(有限合伙)和中原前海股权投资基金(有 限合伙)，公司通过认购中原前海股权投资基金(有限合伙)的基金份额5000万元人民币间接参与了摩尔线 程、沐曦集成和蓝箭航天的投资。 ...

每经AI快讯，1月9日，齐峰新材在互动平台表示，公司全资子公司山东黎鸣股权投资有限公司参与认 购了上海金浦二期智能科技私募投资基金合伙企业（有限合伙）和中原前海股权投资基金（有限合 伙），公司通过认购中原前海股权投资基金（有限合伙）的基金份额5000万元人民币间接参与了摩尔线 程、沐曦集成和蓝箭航天的投资。 （文章来源：每日经济新闻） ...

Group 1 - The China Securities Index Co., Ltd. announced adjustments to the CSI 1000, CSI 500, and CSI A500 indices, effective after the market close on January 9, 2026. Notable inclusions are Chipone Technology in the CSI 500, Mingyue Optical in the CSI 1000, and BGI Genomics in the CSI A500, while ST Renfu is removed from both the CSI 500 and CSI A500, and Chipone Technology is removed from the CSI 1000 [4] - China Petroleum & Chemical Corporation and China Aviation Oil Holding Company are undergoing a merger approved by the State Council [6] - The Guangzhou Municipal Government has issued a plan to accelerate the construction of an advanced manufacturing city from 2024 to 2035, focusing on reusable rocket technology and establishing testing bases for large liquid rockets [6] Group 2 - On January 8, polysilicon futures hit the limit down with a decline of 9%. Reports indicate that the State Administration for Market Regulation held a meeting with major solar companies to address monopoly risks and compliance requirements [6] - MoreThread has officially released version 1.1 of its open-source large model distributed training simulation tool, SimuMax, which upgrades from a single tool to an integrated full-stack workflow platform [9] - Vanke A announced the resignation of its executive vice president, Yu Liang, due to retirement [12]

中国半导体行业IPO盛况前所未有，几乎所有的国产芯片企业都在争抢驶入资本市场主航道的船票。 继摩尔线程（688795.SH）、沐曦股份（688802.SH）登陆A股不久后，壁仞科技（6082.HK）、天数智芯（9903.HK）也在港交所挂牌上市。 与此同时，燧原科技也顺利完成了IPO辅导，百度（NASDAQ：BIDU）旗下昆仑芯正式向港交所递交上市申请。 除GPU公司、AI芯片外，多家半导体企业迎来密集的IPO闯关热潮。 存储芯片龙头企业——长鑫科技申报科创板IPO获受理；广东首个量产的12英寸晶圆制造平台——粤芯半导体申报创业板IPO获受理；DPU芯 片龙头企业——云豹智能在深圳证监局办理上市辅导备案登记……更多芯片产业链上下游龙头企业正蓄势待发。 1月8日，21世纪经济报道记者不完全统计，共有95家半导体产业链企业开启或加速IPO进程，包括已上市10家，准备上市85家。 其中，A股市场共有55家，已上市4家，除了17家企业已进入辅导备案进程，其余34家企业都在加速IPO进程；港股市场共有40家，已上市6 家，还有34家冲刺上市。 随着自主创新持续推进，叠加政策与市场红利，中国半导体产业正进入资本驱动与技术 ...