Core Insights - The article highlights the achievement of Moore Threads at the SIGGRAPH Asia 2025 conference, where the company won a silver medal in the 3D Gaussian Splatting Reconstruction Challenge with its proprietary technology LiteGS, showcasing its strength in next-generation graphics rendering technology [1][18]. Group 1: 3D Gaussian Splatting Technology - 3D Gaussian Splatting (3DGS) is a revolutionary 3D scene representation and rendering technology that offers a remarkable balance between image quality, efficiency, and resource usage, significantly outperforming traditional NeRF by enhancing rendering efficiency by hundreds to thousands of times while maintaining realistic rendering quality [3][5]. - The technology has shown strong adaptability and scalability in areas such as ray tracing, real-time rendering for VR/AR, and multi-modal fusion, making it a key focus for both academia and industry [5]. Group 2: Competition Details - The 3DGS Reconstruction Challenge required participants to complete high-quality 3DGS reconstruction within 60 seconds using real terminal video sequences and imperfect camera trajectories, with PSNR and reconstruction speed as evaluation metrics [6]. - The results of the challenge have been made publicly available, allowing for transparency and authority in the rankings [6]. Group 3: Moore Threads' Performance - Moore Threads' AI team, competing under the identifier "MT-AI," achieved an average PSNR of 27.58 and a reconstruction time of 34 seconds, placing them among the top three teams in the competition [7][8]. - The company’s performance reflects its leading capabilities in 3DGS algorithm construction and hardware-software optimization [7]. Group 4: LiteGS Development - Moore Threads has developed the LiteGS library, which optimizes the training process of 3DGS, achieving significant improvements in training efficiency and reconstruction quality through a full-stack optimization approach [9][10]. - LiteGS can achieve up to 10.8 times training acceleration while reducing parameter count by over 50%, demonstrating its practical engineering applicability [15]. Group 5: Open Source and Future Directions - LiteGS has been fully open-sourced on GitHub to promote collaborative development and continuous evolution in 3D reconstruction and rendering technologies [18]. - The company plans to discuss the implications of 3DGS and other graphics intelligence technologies at the upcoming MUSA Developer Conference, emphasizing their role in advancing embodied intelligence and other cutting-edge fields [18].

继"国产GPU第一股"摩尔线程IPO登陆科创板后，同为国产GPU头部企业的沐曦集成电路(上海)股份有 限公司(以下简称"沐曦股份")的IPO热度也引发了市场关注。 公募机构积极参与打新 12月17日，沐曦股份登陆科创板，其发行价格为104.66元/股，并以700元/股的上市首日开盘价，居年内 A股新股第一位。截至当日收盘，沐曦股份收于829.90元/股，涨692.95%，以收盘价计算，中一签可赚 36.26万元，超越摩尔线程。此外，沐曦股份的市场成交额达112.59亿元，目前总市值在年内新股中仅次 于摩尔线程，达3320.43亿元。 公募排排网统计数据显示，共有517.52万户投资者有效申购沐曦股份(也称"打新")，该股网上最终中签 率低至0.03348913%，低于摩尔线程，中签难度较高。 作为专业的投资金融机构，公募机构也积极参与沐曦股份的网下配售。公募排排网统计数据显示，共有 94家公募机构旗下的3810只产品获得了沐曦股份的网下配售，合计获配数量达1339.23万股，获配总额 达14.02亿元。其中，19家公募机构获配金额均超1000万元，包括4家公募机构获配金额均超1亿元。 具体来看，易方达基金旗下 ...

Core Insights - Moore Threads won the silver award at the 3D Gaussian Splatting Reconstruction Challenge during SIGGRAPH Asia 2025 in Hong Kong, showcasing its self-developed technology LiteGS with outstanding algorithm capabilities and hardware-software optimization [1] Group 1: Technology and Innovation - 3D Gaussian Splatting (3DGS) is a revolutionary 3D scene representation and rendering technology that excels in 3D reconstruction and real-time rendering, with potential foundational value in broader AI applications [1] - The training process of 3DGS typically takes tens of minutes to hours, which limits its widespread application due to performance constraints [1] - Moore Threads developed the LiteGS library, achieving full-link collaborative optimization from the underlying GPU system to mid-level data management and high-level algorithm design [1] Group 2: Performance Metrics - LiteGS significantly leads in training efficiency and reconstruction quality, setting a new performance benchmark in the field [2] - LiteGS can achieve up to 10.8 times training acceleration while reducing the parameter count by over 50% when reaching the same quality level as current optimal solutions [2] - With the same parameter count, LiteGS surpasses mainstream solutions by 0.2–0.4 dB in PSNR metrics and reduces training time by 3.8 to 7 times [2] - For lightweight models, LiteGS requires only about 10% of the original 3DGS training time and 20% of the parameter count to achieve equivalent quality, demonstrating exceptional engineering practicality and technological foresight [2] - LiteGS is fully open-sourced on the GitHub platform [2]

Core Viewpoint - The debut of Muxi Technology has marked a significant moment in the domestic GPU market, with its stock price soaring over 700% on the first day of trading, reaching a market capitalization of 332 billion yuan, nearly rivaling that of Moer Technology [1][3]. Group 1: Company Overview - Muxi Technology, founded in September 2020 and headquartered in Shanghai, specializes in high-performance general-purpose GPU chips and solutions, targeting AI training, inference, data centers, and high-performance computing (HPC) [4]. - The founding team of Muxi consists of three former AMD scientists, indicating a strong background in GPU development [5]. Group 2: Market Context - The high valuation of Muxi, despite not being profitable and having a sales ratio exceeding 150 times, reflects a market shift towards domestic GPU companies amid increasing demand for computing power and changes in the global supply chain [3][12]. - The focus of the market has shifted from verifying the technical feasibility of domestic GPU firms to assessing their mass production capabilities and revenue generation [3]. Group 3: Financial Performance - Muxi's revenue has shown rapid growth, with figures of 426,000 yuan in 2022, 53.02 million yuan in 2023, and projected revenues of 743 million yuan in 2024, and 1.236 billion yuan in the first three quarters of 2025 [13][14]. - Despite this growth, the company is still operating at a loss, with a projected net loss of approximately 346 million yuan for the first three quarters of 2025 [14][16]. Group 4: Competitive Landscape - Muxi's strategy involves high compatibility with existing CUDA applications, which lowers the initial usage barrier for customers, while also indicating a reliance on existing programming paradigms [11]. - The company aims to achieve breakeven by 2026, earlier than Moer Technology's target of 2027, highlighting a competitive edge in commercializing its products [16]. Group 5: Future Outlook - The market is keenly observing which domestic GPU company can establish a sustainable business model and achieve profitability in the next 2-3 years, as the competition intensifies [18].

Core Insights - Moore Threads announced the full open-source release of its self-developed 3DGS foundational library, LiteGS [1] Performance Improvements - LiteGS achieves up to 10.8 times training acceleration while maintaining equivalent quality to current optimal solutions [1] - The parameter count is reduced by more than 50% [1] - With the same parameter count, LiteGS surpasses mainstream solutions by 0.2 to 0.4 dB in PSNR metrics, with training time reduced by 3.8 to 7 times [1] Lightweight Model Efficiency - For lightweight models, LiteGS requires only about 10% of the original 3DGS training time and 20% of the parameter count to achieve equivalent quality [1]

Core Viewpoint - N Muxi-U (沐曦股份) debuted on the A-share Sci-Tech Innovation Board on December 17, achieving a maximum intraday increase of 755.15% and closing at 829.9 yuan per share, resulting in a total market capitalization of 332 billion yuan [1]. Group 1 - On its first trading day, N Muxi-U's stock price reached a closing increase of 692.95%, with a trading volume exceeding 11 billion yuan [1][2]. - The stock's closing price positioned it as the third highest in the A-share market, following Kweichow Moutai and Cambricon Technologies, which closed at 1433.1 yuan and 1315.6 yuan per share, respectively [2][3]. - The stock exhibited a significant trading amplitude of 234.09%, indicating high volatility during its debut [3].

Core Insights - Muxi Co., Ltd. has officially listed on the A-share market on December 17, 2023, with an issue price of 104.66 yuan per share, becoming the "second domestic GPU stock" and "the second most expensive new stock of the year" [1] - On its first trading day, the stock price surged, reaching a maximum increase of over 750%, peaking at 895 yuan, with a market capitalization exceeding 350 billion yuan [1] - The stock's initial subscription rate was significantly lower than that of its competitor, Moer Technology, indicating a higher difficulty in obtaining shares [1] Subscription and Allocation - The offline allocation of Muxi Co., Ltd. was heavily concentrated among Class A institutions, which accounted for 85.83% of the total effective subscription amount, with a final allocation share of 98.04% of the offline issuance total [2] - Among the top institutional investors, Yifangda received 1.94 million shares (approximately 203 million yuan), followed by Southern Fund with 1.86 million shares (approximately 195 million yuan) [2] Company Background and Financials - Muxi Co., Ltd. was founded in September 2020 and is a rare "full-stack GPU" design and production company in China, focusing on high-performance general-purpose GPU chips and solutions [3] - The company has reported losses since its inception, with projected revenues of 426,400 yuan, 53.02 million yuan, and 743 million yuan for 2022 to 2024, while net losses are expected to be 777 million yuan, 871 million yuan, and 1.409 billion yuan respectively [3] - As of the first three quarters of 2025, the company achieved a revenue of 1.236 billion yuan but still reported a net loss of 346 million yuan [3]

一、为何他们走上IPO快车道：千亿资本狂背后的城市力量 上市首日，"GPU芯片第二股"、上海的沐曦股份今日登陆科创板，股价一度暴涨超过700%，最新市值超3300亿元。 实际上，除沐曦117天完成上市外，多家北京和上海的国产AI芯片龙头都行驶在IPO的快车道上。 12月5日，"国产GPU第一股"摩尔线程用时88天登陆科创板，市值更是一度超4400亿元；12月15日，上海壁仞科技获得境外发行上市备案通知书，拟发行 不超过3.72458亿股普通股，港股或将迎来"GPU第一股"，用时仅4个月。 随着美国对华实施AI和半导体出口管制，让英伟达在华AI芯片市场份额从95%骤降至近乎为 0，这为国产 AI 芯片产业打开了宝贵的发展窗口期，背后是 一个万亿级（沙利文数据，到2029年中国AI芯片市场规模达13367.92亿元）的产业大盘。 无论是摩尔线程，还是沐曦、壁仞，这些公司能够"高速IPO"的背后，离不开京沪两地国有资本和产业资本的支持——摩尔线程拥有北京海淀、中关村科 学城管委会的资金支持，沐曦股份拥有上海国盛资本、上海国调基金等上海资本的支持。 如今，一场围绕 AI 芯片领域的城市竞争悄然展开。 | | 京沪 A ...

Group 1 - The company,沃尔核材, confirmed that it does not have a direct partnership with 摩尔线程 [2] - The company's subsidiary, 乐庭智联, operates in the upstream of the supply chain for high-speed communication lines [2] - The products from 乐庭智联 are supplied to major domestic and international server manufacturers through leading clients in the connector industry [2]

Core Insights - The domestic GPU sector reached a milestone with Muxi Co., Ltd. officially listing on the STAR Market, becoming the second domestic GPU company to go public after Moore Threads [1][4] - On its first trading day, Muxi's stock surged by 568.83%, opening at 700 CNY per share, allowing investors to realize a profit of nearly 300,000 CNY per lot [1][2] Company Overview - Muxi Co., Ltd. focuses on the independent research and development of high-performance GPU chips and computing platforms, covering AI computing, general computing, and graphics rendering [2][3] - The company has launched several core products, including the Xisi N series and Xiyun C series, and is developing the Xicai G series to fill gaps in the graphics rendering field [2] Financial Performance - Muxi's revenue is on a rapid growth trajectory, increasing from 426,400 CNY in 2022 to 743 million CNY in 2024, with Q1 2025 revenue reaching 320 million CNY [3] - The company aims to raise 3.904 billion CNY through its IPO to fund new high-performance GPU research and industrialization projects [3] Market Positioning - Muxi and Moore Threads, both listed on the STAR Market, are positioned in the fast-developing GPU industry, with each company having unique strengths and market strategies [4][5] - Muxi's market share in China's AI chip market is estimated to be around 1% in 2024, indicating its presence among domestic manufacturers [5] Capital Market Dynamics - The rapid growth of Muxi and Moore Threads is attributed to supportive policies and financial backing, with the STAR Market's efficient IPO review process benefiting hard-tech companies [6][7] - The listing of these companies signifies a shift from technology development to capitalized growth in the domestic GPU sector, enhancing the ecosystem for independent innovation [6][7]