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]

Group 1 - The core viewpoint of the article highlights that Muxi Co., Ltd. (688802.SH) officially listed on December 17, experiencing a significant first-day surge of nearly 750%, with a peak price of 895 CNY per share, making it the "king of new listings" this year [2] - Muxi Co., Ltd. is a leading enterprise in high-performance general-purpose GPU products in China, focusing on the research and development of full-stack high-performance GPU chips and computing platforms for AI training, inference, general computing, and graphics rendering [2] - The company has launched several GPU products, including the Xisi N series for intelligent inference and the Xiyun C series for integrated training and general computing, with the Xicai G series for graphics rendering currently under development [2] Group 2 - Despite impressive revenue growth, Muxi Co., Ltd. is still in a phase of significant investment and has reported substantial cumulative losses, with net profits of approximately -777 million CNY, -871 million CNY, -1.409 billion CNY, and -233 million CNY for the years 2022, 2023, 2024, and the first quarter of 2025, respectively [3] - The AI chip industry, as noted by Zheshang Securities, is characterized by high R&D difficulty, large investments, and long cycles, with current leading trends still dominated by overseas manufacturers [3] - Muxi Co., Ltd. acknowledges in its prospectus that while some products have achieved mass production, entering key industry clients requires rigorous technical validation and ecosystem adaptation, and the current revenue is insufficient to cover high R&D and operational costs [3]

Group 1 - The core viewpoint of the article highlights that Muxi Co., Ltd. (688802.SH) officially listed on December 17, experiencing a significant first-day surge of nearly 750%, reaching a peak of 895 CNY per share, making it the "king of new listings" this year [1] - Muxi Co., Ltd. is a leading enterprise in high-performance general-purpose GPU products in China, focusing on the research, design, and sales of full-stack high-performance GPU chips and computing platforms for AI training, inference, general computing, and graphics rendering [1] - The company has launched several GPU products, including the Xisi N series for intelligent computing inference, the Xiyun C series for integrated training and general computing, and the upcoming Xicai G series for graphics rendering [1] Group 2 - Despite impressive revenue growth, Muxi Co., Ltd. is still in a phase of significant investment and has incurred substantial cumulative losses, with net losses reported at approximately -777 million CNY, -871 million CNY, -1.409 billion CNY, and -233 million CNY for the years 2022, 2023, 2024, and the first quarter of 2025, respectively [2] - The AI chip industry, as noted by Zheshang Securities, is characterized by high R&D difficulty, large investments, and long cycles, with current leading trends still dominated by overseas manufacturers [2] - Muxi Co., Ltd. acknowledges in its prospectus that while some products have achieved mass production, entering key industry clients requires rigorous technical validation and ecosystem adaptation, and the current revenue is insufficient to cover high R&D and operational costs [2]

继摩尔线程后，"GPU芯片四小龙"之一的沐曦股份也成功登陆A股市场。12月17日，沐曦股份上市首日开盘报700元/股，截至发稿股价最高曾到895元/股， 总市值超3400亿元。 沐曦股份发行价104.66元/股，若投资者中一签并以700元/股的价格卖出，赚近30万元。若照此计算，沐曦股份超越摩尔线程，成为A股全面注册制以来最赚 钱新股。 若以截至发稿时曾达到的895元/股最高价计算，投资者中一签并以高价卖出，可赚39.52万元。 站在沐曦股份背后的投资者们也是赚得"盆满钵满"。 沐曦股份上市前，经历10余轮融资，汇聚了包括红杉中国、经纬创投、国寿资本等在内的超百家机构。其中"期货大佬"葛卫东以及其控制的混沌投资也重仓 沐曦股份。招股书显示，葛卫东、混沌投资分别持有沐曦股份1433.82万股、1259.97万股，持股比例分别为3.98%和3.5%，为公司第五、第六大股东。 据深蓝财经估算，葛卫东2025年以个人名义的两次增资成本为8亿元，加上其控制的混沌投资的多次增资及受让股份，合计约12亿元。 如今，随着沐曦股份上市后股价飙至800元/股以上，葛卫东以及混沌投资合计的持股市值已经超过215亿元，账面浮盈超20 ...

| | N沐曦-U 818.00 +681.58% 分时 均线 所属行业: 半导体 | | | | | --- | --- | --- | --- | --- | | 895.00 == | | | | 755.15% | | 736.93 | | | | 604.12% | | 578.86 | | | | 453.09% | | 420.80 | | | | 302.06% | | 262.73 | | | | 151.03% | | 104.66 | | | | 0.00% | | -53.41 | | | | 151.03% | | -211.48 | | | | 302.06% | | -369.54 | | | | 453.09% | | -527.61 | | | | 604.12% | | -685.68 | | | | 755.15% | | 1.52万 | | | | | | 1.14万 | | | | | | 7607 | | | | | | 3803 | | | | | | 09:30 | 10:30 | 11:30 | 14:00 | 15:00 | 格隆汇12月17日｜沐曦股份-U ...

Group 1 - A total of 18 companies have announced their performance forecasts for the year 2025, with 12 expecting profit increases, 2 expecting profit decreases, and 1 forecasting a loss [1] - The companies with the highest expected profit increase include Baiao with a forecasted increase of 303.57% and Lixun Precision with a forecasted increase of 26.09% [1] - Companies such as Cangrui are predicting a loss of 19.44%, while Zhongcheng and Jinhua expect profit decreases of 4.14% and 5.47% respectively [1] Group 2 - The industries represented in the forecasts include pharmaceuticals, electronics, power equipment, machinery, and automotive sectors [1] - Notable companies in the electronics sector include Nuxi and Moer Thread, both of which are expecting reduced losses [1] - The automotive industry has companies like Hai'an Group with a stable forecast and TaiKai Ying with a profit increase of 10.44% [1]

Core Viewpoint - The recent announcement by Moer Thread to manage idle fundraising of 7.5 billion yuan has attracted significant market attention, highlighting a trend among A-share companies, including those on the Sci-Tech Innovation Board, to utilize idle funds for cash management [1][2]. Group 1: Idle Fund Management in A-Share Market - Over the past three years, more than 110 A-share listed companies have reported annual idle cash management exceeding 5 billion yuan, including 14 companies from the Sci-Tech Innovation Board [1]. - Among the 12 Sci-Tech Innovation Board companies managing idle funds, 6 have amounts exceeding 5 billion yuan, with Moer Thread managing 7.5 billion yuan and Huahong managing 21 billion yuan [2]. Group 2: Regulatory Framework and Recent Changes - The China Securities Regulatory Commission (CSRC) has established regulations for the management of idle fundraising, which were revised and upgraded in June 2025 to enhance oversight [6][10]. - The latest regulations stipulate that idle funds can be managed through dedicated accounts, ensuring that cash management does not interfere with the normal investment plans of the fundraising [10]. Group 3: Industry Practices and Investor Concerns - Companies in the high-end computing sector often face long technical cycles, making the use of idle funds for cash management a common practice [4]. - There is a call from investors and industry insiders for more detailed disclosures regarding the management of idle funds to enhance transparency and protect investor interests [1][12].

Core Viewpoint - Muxi Co., Ltd. has become the most profitable new stock since the full registration system in A-shares, with a significant opening price increase of 568% and a market capitalization of 280 billion yuan, resulting in a single signing profit of nearly 300,000 yuan [1]. Group 1: Company Performance - Muxi Co., Ltd. focuses on the independent research and development of high-performance GPU chips and computing platforms, with key products including the Xisi N series GPU for intelligent computing inference and the Xiyun C series GPU for training and general computing [2]. - The latest product, the Xiyun C600 series, has performance between NVIDIA's A100 and H100, achieving a closed-loop domestic supply chain from chip design to packaging and testing, with risk mass production expected by the end of this year and formal mass production in the first half of next year [2]. - As of March 2025, Muxi Co., Ltd. has sold over 25,000 GPU products, with applications in various AI public computing platforms and commercial intelligent computing centers [3]. Group 2: Financial Performance - Muxi Co., Ltd. reported revenues of 426,400 yuan, 53.02 million yuan, and 743 million yuan for the years 2022 to 2024, with a compound annual growth rate of 4,074.52% over the last three years [3]. - In the first three quarters of this year, the company's revenue grew by 453.52% year-on-year, reaching 1.236 billion yuan [3]. - The company anticipates reaching breakeven by 2026 based on forward-looking estimates [3]. Group 3: Market Position - Muxi Co., Ltd. has become a leading player in the domestic high-performance general GPU market, benefiting from the support of AMD's technology and the ongoing trend of domestic substitution [3].

记者丨叶映橙，见习记者林健民 编辑丨张楠 12月17日，头顶"国产GPU第二股""年内第二贵新股"光环，成立仅五年的沐曦股份上市首日即高开 568.83%，市值一举突破2801亿元。若按照开盘价700元/股计算，股价报700元，总市值达2800亿元，单 签盈利近30万元。 | 2025年上市新股"肉签" | | | | | 前20 | | | --- | --- | --- | --- | --- | --- | --- | | 中一四一 | 证券各称 | 发行价(元) | FFFF 3 最高价(元) | Email 涨跌幅(%) | 上市首日最高可 | 票集资金 净额(亿元) | | (元) | | | | | | | | 700 | 沐慶股份 | 104.66 | 开盘价 | 568.83 开盘涨幅 | 297670 按开盘价计算 | 41.97 | | 114.28 | 摩尔线程 | | 688.00 | 425.46 | 286860 | 75.76 | | 244.00 | 昂瑞微 | 83.06 | | 160.11 | 80470 | 20.67 | | 20.52 | 中国瑞林 | | 165 ...

摩尔线程在12月5日正式登陆科创板市场，上市首日股价大涨了425%，随后继续冲高至每股941.08元。在短短一周时间内，摩尔线程从 114.28元的发行价格大幅飙升至941.08元的历史新高，累计涨幅巨大。 继摩尔线程之后，又一家国产GPU巨头 沐曦股份正式上市，此时距离摩尔线程上市只有12天时间，沐曦股份的上市会重演摩尔线程的炒 作行情吗？ 其中，最重要的是市场环境变化。在高度活跃的市场氛围下，新股更容易获得市场资金的炒作，在牛市行情下，新股获得的估值溢价往 往远高于熊市或震荡市场。 | 发行人基本情况 | | | | | --- | --- | --- | --- | | 公司全称 | 沐曦集成电路(上海) | 证券简称 | 沐曦股份 | | 股份有限公司 | | | | | 证券代码/网下申 | 688802 | 网上申购代码 | 787802 | | 购代码 | | | | | 网下申购简称 | 沐曦股份 | 网上申购简称 | 沐曦申购 | | 本次发行基本情况 | | | | | 定价方式 | 网下初步询价确定发行 价格,网下不再进行累 | 本次发行数量(万股) | 4.010.0000 | | 计 ...