Core Viewpoint - The article highlights the significant increase in IPO applications on the Sci-Tech Innovation Board, with 48 companies accepted in 2025 compared to only 6 in 2024, particularly emphasizing the semiconductor sector with 20 companies [1]. Group 1: Company Summaries - Angrui Micro, based in Beijing, focuses on RF and analog integrated circuit design and has successfully completed its IPO process, emphasizing domestic substitution in RF and analog chips [1]. - Shanghai Super Silicon specializes in the R&D and production of 300mm and 200mm semiconductor silicon wafers, which are critical substrates for chip manufacturing [1]. - Hengyun Chang, located in Shenzhen, develops plasma RF power systems and devices, essential for advanced chip manufacturing processes [1]. - Chipmi Technology, based in Shanghai, focuses on semiconductor-grade perfluoroether rubber materials, crucial for sealing in semiconductor production [1]. - Zhaoxin Integrated, also in Shanghai, develops high-end general-purpose processors and supporting chips, aiding in domestic chip substitution [2]. - Shanghai Superconductor specializes in high-temperature superconducting materials, enhancing semiconductor device performance [2]. - Youxun Co., based in Xiamen, is a leader in optical communication front-end transceiver chips, recognized as a national champion in manufacturing [2]. - Yadian Technology, located in Jiangsu, develops wet cleaning equipment for silicon-based and compound semiconductors, vital for chip manufacturing precision [3]. - Moer Thread, based in Beijing, focuses on GPU and related products, aligning with high-end industry development needs [3]. - Muxi Co., located in Shanghai, specializes in full-stack GPU products, supporting AI training and general computing [3]. - Qinheng Micro, based in Nanjing, develops interface chips and interconnect MCUs, essential for embedded systems [4]. - Youyan Composite Materials, located in Beijing, produces special non-ferrous metal alloy products for semiconductor packaging [4]. - Lianxun Instruments, based in Suzhou, develops electronic measurement instruments and semiconductor testing equipment [4]. - Lepu Technology, based in Chengdu, focuses on high-end semiconductor equipment, crucial for chip manufacturing [4]. - Zhongke Kehua, located in Jiangsu, specializes in semiconductor packaging materials, impacting chip packaging quality [5]. - Pinzhun Laser, based in Shanghai, develops precision lasers for semiconductor production processes [5]. - Changxin Technology, located in Anhui, focuses on DRAM products, contributing to domestic storage chip production [5]. - Ruishi Chuangxin, based in Chongqing, develops RF front-end chips and modules for various applications [5]. - Taosheng Technology, based in Shanghai, specializes in semiconductor testing interfaces, crucial for product quality assurance [6]. - Zhongtu Technology, located in Dongguan, develops GaN substrates, essential for high-end chips and new energy applications [6]. Group 2: Market Trends and Characteristics - The 20 companies show a significant regional concentration in Shanghai, Jiangsu, Beijing, and Guangdong, indicating a well-developed semiconductor industry ecosystem in these areas [12]. - The companies cover a comprehensive industry chain, including upstream materials, midstream chip design, and downstream testing and packaging, aligning with collaborative industry development trends [12]. - There is a notable profit disparity among the companies, with many in the high R&D investment sectors like chip design operating at a loss, while those in testing and materials are achieving profitability [12].

Core Viewpoint - Muxi Co., Ltd. announced a plan to manage idle fundraising of up to RMB 2.9 billion to optimize fund management and enhance short-term financial returns, ensuring that it does not affect the normal progress of its fundraising projects [1] Group 1: Fund Management Announcement - Muxi Co., Ltd. will use part of its idle fundraising for cash management, purchasing high-security, liquid financial products with a maturity of no more than 12 months [1] - The company emphasized that the cash management will strictly control risks and allow for redemption or withdrawal based on project funding needs [1] Group 2: IPO and Stock Performance - Muxi Co., Ltd. was listed on the Sci-Tech Innovation Board on December 17, 2025, raising a net amount of RMB 3.899 billion, with its stock price soaring 7 times on the first day to close at RMB 829.90 per share, resulting in a market capitalization of RMB 332 billion [1] - However, the stock price has declined significantly since the IPO, closing at RMB 505 per share on February 4, 2026 [2] Group 3: Financial Performance Forecast - The company projected a revenue of RMB 1.6 billion to RMB 1.7 billion for 2025, representing a year-on-year growth of 115.32% to 128.78% [4] - Muxi Co., Ltd. expects to incur a net loss attributable to shareholders of RMB 650 million to RMB 798 million for 2025, which is a reduction in losses by 43.36% to 53.86% compared to the previous year [4] Group 4: Industry Context - The practice of using idle fundraising for cash management is not uncommon, as seen with other companies like Moer Technology, which announced a plan to use up to RMB 7.5 billion for similar purposes [5] - In 2025, a majority of the 19 companies listed on the Sci-Tech Innovation Board issued announcements regarding idle fund management, with most limits ranging from 70% to 80%, aligning with Muxi Co., Ltd.'s announced amount [6]

Group 1 - The core viewpoint of the report indicates a strong recovery in China's IPO market in 2025, with a total of 294 Chinese companies successfully listed globally, representing a nearly 30% year-on-year increase in IPO numbers and over 1.5 times growth in total fundraising [1][19] - The Hong Kong Stock Exchange emerged as the primary venue for Chinese IPOs, with 111 IPOs and nearly 236 billion RMB raised, marking a year-on-year increase of 2.29 times [2][19] - The participation of venture capital and private equity (VC/PE) firms remained high, with 170 companies having institutional backing, achieving a penetration rate of nearly 60% [1][20] Group 2 - The electronic information sector led the IPO market with 48 listings, while the energy and mining sector topped fundraising with over 78.4 billion RMB [2][19] - The report highlights that the policy environment has improved, supporting unprofitable tech companies' listings and enhancing the inclusivity of the Sci-Tech Innovation Board [3][19] - The VC/PE institutions achieved significant exit returns, totaling over 431.8 billion RMB, a year-on-year increase of 1.16 times, with the electronic information sector contributing over 180 billion RMB [3][26] Group 3 - The report notes that the average return on investment for VC/PE firms decreased to 2.89 times, down 18.13% from the previous year [26] - The Hong Kong Stock Exchange's main board provided the highest exit returns at 238.4 billion RMB, while the Sci-Tech Innovation Board also exceeded 100 billion RMB in returns [30][31] - The report emphasizes that the development of the capital market aligns closely with national industrial upgrading directions, with strategic sectors like semiconductors and renewable energy becoming focal points for capital accumulation [4][19]

Core Viewpoint - The founder and CEO of Moore Threads, Zhang Jianzhong, emphasizes that computational power limits innovation, paralleling the idea that poverty limits imagination [2][4]. Group 1: Chip Development - To create effective chips, they must possess advanced features, versatility, low learning barriers, widespread applicability, and market appeal [2][4]. - Moore Threads has developed a chip called the full-function GPU, aimed at empowering various industries [2][4]. Group 2: Ecosystem Development - During the chip design process, the company established the MUSA ecosystem, which is a self-controlled ecosystem [5]. - Zhang believes that China has the largest number of AI users and developers, which will lead to the emergence of the largest ecosystem [5].

Core Insights - The event "AI Spring Night" is set to take place from 19:00 to 22:00, featuring discussions on the future of AI and its applications in various fields [1][8] - The event will include contributions from prominent figures in academia and industry, focusing on the development and governance of AI technologies [4][10] Group 1: Key Themes and Discussions - The first chapter emphasizes the importance of winning the initiative in AI development in China, featuring insights from experts like Zheng Weimin and discussions on the role of youth in AI [10][11] - The second chapter addresses the integration of AI in industry, with discussions led by academicians on how AI can drive the next industrial revolution [11][12] - The third chapter focuses on the cultivation of a diverse ecosystem for AI, highlighting the significance of open-source development and community engagement [13][14] Group 2: Notable Participants and Contributions - Key participants include academicians from prestigious institutions such as Tsinghua University and the Chinese Academy of Sciences, who will share their insights on AI's future [10][11] - Industry leaders like Li Kaifu and founders of various AI startups will discuss the entrepreneurial landscape and innovation in AI [4][11] - The event will also feature creative showcases of robots and AI applications, demonstrating the practical implications of AI technology [4][11][12]

Core Insights - The Tianhong Sci-Tech Chip Design ETF (589070) has seen a significant increase in trading volume and net inflow, indicating strong investor interest in the semiconductor sector [1] - The underlying index, the Shanghai Stock Exchange Sci-Tech Board Chip Design Theme Index (950162), has experienced a decline of 3.06%, despite some individual stocks within the ETF showing positive performance [1] - The launch of the AICodingPlan by Moore Thread represents a key advancement in domestic AI development, leveraging local GPU capabilities and integrating advanced coding models [1] Product Highlights - The Tianhong Sci-Tech Chip Design ETF (589070) tracks the Shanghai Stock Exchange Sci-Tech Board Chip Design Theme Index, focusing on companies in the chip design sector [1] - The index has a weight of over 95% in digital and analog chip design industries, emphasizing its concentration on the core design segment of the semiconductor supply chain [1] Market Trends - The demand for domestic AI models is accelerating, with major companies like ByteDance and Alibaba announcing substantial capital expenditures to support AI infrastructure [2] - The current year is marked as a turning point for domestic AI computing power, with various solutions like Huawei's Atlas and Alibaba's Panjiu being rapidly deployed [2]

Core Viewpoint - The China Securities Information Technology Application Innovation Industry Index has decreased by 2.30% as of February 4, 2026, with mixed performance among constituent stocks, highlighting the volatility in the sector [1]. Group 1: Market Performance - The leading stock, Borui Data, surged by 12.28%, while other notable gainers included Geer Software with a 6.93% increase and Nasda with a 2.06% rise [1]. - Conversely, Zhuoyi Information led the decline with a drop of 7.05%, followed by Panwei Network at 5.73% and Deepin Technology at 5.20% [1]. - The Xinchang ETF (562570) fell by 2.03%, reflecting the overall downward trend in the market [1]. Group 2: Company Developments - Moore Thread has officially launched the AI Coding Plan, an intelligent programming service based on domestically produced full-function GPU computing power [1]. - This service utilizes the MTT S5000's robust full-precision computing capabilities, integrating a silicon-based flow reasoning acceleration engine and the top-tier GLM-4.7 code model, marking a significant breakthrough in AI coding [1]. Group 3: ETF Insights - The Xinchang ETF (562570) closely tracks the China Securities Xinchang Index, emphasizing domestic full-stack substitution across key areas such as storage, CPU, and AIPC, which accounts for 16% of the ETF [1]. - The ETF actively incorporates the DeepSeek ecosystem (72%) and AI applications (58%), aiming to establish a secure and controllable system from foundational hardware to industry intelligence [1]. - Currently, the Xinchang ETF (562570) is the largest ETF in its category by scale [1].

Group 1 - Moore Threads launched the AI Coding Plan, an intelligent programming service based on domestic full-function GPU computing power, featuring the MTT S5000's strong computing capabilities and integrating the GLM-4.7 code model [1] - Longzhong Securities indicates that the shift from Copilot to Agent is underway, which is expected to disrupt the software development ecosystem by transforming tools into decision-making aids and significantly reducing the marginal cost of code generation [1] - The AI Coding market is rapidly expanding, with Spherical Insights predicting it will exceed $29.5 billion by 2032, and current penetration rates show that 91% of developers in the US use AI programming tools compared to 30% in China, which is expected to increase quickly [1] Group 2 - Sanwei Tiandi's low-code development platform has integrated AI large models to enhance development efficiency, with the Sunwaylink product allowing customers to achieve programming goals with minimal learning costs [1] - Zhuoyi Information emphasizes the advantages of its AI programming platform, which utilizes a multi-agent collaborative architecture, industry/language templates, cloud-native resources, and high-quality refined data-driven specialized models for rapid application development [2]

Core Insights - Moole Technology has launched the AI Coding Plan intelligent programming service, marking a significant advancement in the domestic GPU sector as the first solution built on a fully functional domestic GPU computing base [3] - The service leverages the full precision computing capabilities of the MTT S5000 and integrates the top-tier code model GLM-4.7 from Zhiyuan AI, achieving a critical breakthrough in the AI coding field with domestic chips and models [3] Group 1 - Moole Technology collaborated with Silicon-based Flow to develop a system that significantly reduces response latency while ensuring code generation quality through efficient operator fusion and framework optimization [1] - The core model of the system, GLM-4.7, ranks first among open-source and domestic models in the Code Arena, outperforming peers in function completion and vulnerability detection, even surpassing GPT-5.2 [1] - The AI Coding Plan service is compatible with major programming tools such as Claude Code, Cursor, and OpenCode, allowing developers to switch seamlessly between different development environments [1]

Core Viewpoint - The company, Moore Threads, has officially launched its AI Coding Plan, marking a significant advancement in the field of intelligent programming services based on domestic GPU computing capabilities [1] Group 1: Product Launch - The AI Coding Plan is the first intelligent development solution built on a fully functional domestic GPU computing foundation [1] - The service leverages the MTT S5000's strong full-precision computing power as its core driver [1] Group 2: Technological Integration - The solution integrates a silicon-based flow inference acceleration engine and the top-tier GLM-4.7 code model [1] - This integration represents a key breakthrough in the AI Coding field, combining domestic chips with domestic large models [1] Group 3: Industry Impact - The launch signifies a breakthrough in domestic computing power within the AI core productivity tools sector, enabling support for high-complexity application development [1]