内容概要：AI加速芯片是面向人工智能算法优化的专用集成电路，通过专用计算单元与并行架构设 计，高效处理AI核心计算任务，适配云、边、端全场景算力需求，是驱动智能时代发展的核心算力引 擎。我国出台多项相关政策，从顶层规划、技术攻关、生态建设等多维度提供支持，加速行业国产替代 与高质量发展。全球范围内，大模型迭代推动AI产业高速发展，带动AI加速卡市场快速扩容，云端市 场占据主导地位，推理端需求爆发式增长成为新增长引擎。中国作为全球重要市场，AI加速卡需求呈 爆发式增长，依托丰富产业生态与模型优势，训练用与推理用加速卡需求双升，推理端增速尤为显著。 未来，中国AI加速芯片行业将聚焦高端技术突破与架构创新，深化自主生态建设，向场景定制化转 型，通过差异化竞争与产业链协同，推动国产替代深化，逐步构建全球算力"第二极"。 上市企业：寒武纪（688256.SH）、海光信息（688041.SH）、摩尔线程（688795.SH）、沐曦股份 （688802.SH）、壁仞科技（06082.HK）、天数智芯（09903.HK） 相关企业：深圳市海思半导体有限公司、昆仑芯（北京）科技股份有限公司、平头哥（上海）半导体技 术有限公司、 ...

值得关注的是，滴普科技此前发布公告称，公司与沐曦股份订立战略合作协议，旨在利用双方各自的优 势及资源，在企业级大模型AI应用领域方面深化战略合作关系。根据战略合作协议，双方将根据自身 优势资源，聚焦制造、商业流通、交通、医疗等关键行业数智化需求，成立联合技术攻关团队，打造从 底层硬件算力平台到 AI级企业操作系统以及Agentic AI应用的全栈国产AI端到端解决方案。 消息面上，2月13日，恒生指数公司宣布截至2025年12月31日之恒生指数系列季度检讨结果，其中滴普 科技获纳入恒生综合指数。变动将于2026年3月6日(星期五)收市后实施并于2026年3月9日(星期一)起生 效，届时沪深交易所会相应调整港股通可投资标的范围。据中金研报，滴普科技有可能被调入港股通， 因其满足了包括市值、流动性和上市时间等在内的一系列标准。 滴普科技(01384)尾盘涨超6%，26年至今累计涨幅逾六成。截至发稿，涨5.95%，报108.7港元，成交额 9860.71万港元。 ...

Core Viewpoint - Recently, two companies, Muxi Integrated Circuit (Hangzhou) Co., Ltd. and Muxi Qizhi Technology (Taizhou) Co., Ltd., have announced their dissolution due to a resolution to disband, with the announcement period from February 5 to March 21 [1] Company Information - Muxi Integrated Circuit (Hangzhou) Co., Ltd. was established in December 2020 with a registered capital of 25 million RMB, while Muxi Qizhi Technology (Taizhou) Co., Ltd. was founded in August 2024 with a registered capital of 50 million RMB [1] - Both companies are wholly owned by Muxi Co., Ltd. (688802) and have business scopes that include integrated circuit design, software development, and software sales [1]

融资方面，沐曦股份当日融资买入5068.31万元。当前融资余额8.89亿元，占流通市值的9.52%。 融券方面，沐曦股份2月10日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量0.00股，融券余额0.00元。 2月10日，沐曦股份涨0.34%，成交额5.96亿元。两融数据显示，当日沐曦股份获融资买入额5068.31万 元，融资偿还6013.53万元，融资净买入-945.22万元。截至2月10日，沐曦股份融资融券余额合计8.89亿 元。 截至12月17日，沐曦股份股东户数2.51万，较上期增加20138.71%；人均流通股722股，较上期增加 0.00%。2025年1月-9月，沐曦股份实现营业收入12.36亿元，同比增长453.52%；归母净利润-3.46亿元， 同比增长55.79%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 资料显示，沐曦集成电路(上海)股份有限公司 ...

Summary of MetaX (688802.SS) Conference Call Company Overview - **Company Name**: MetaX (688802.SS) - **Industry**: Technology, specifically in GPU manufacturing and AI computing solutions - **Market Cap**: Rmb205.1 billion / $29.6 billion - **Target Price**: Rmb811.00, current price Rmb512.62, implying an upside of 58.2% [1][6] Core Insights - **Growth Projections**: MetaX's AI training/inferencing GPU business is expected to grow at an **88% CAGR from 2025 to 2030**. This growth is driven by: 1. Increased **China Cloud Capex spending** due to the ramp-up of AI infrastructure following the launch of local foundation models in late 2024. 2. Market share gains in China through a competitive price-to-performance ratio and government support for local AI chips. 3. Launch of upgraded AI chips, specifically the **MetaX C600** in October 2025, which enhances computing power and performance. 4. A full-stack solution and expanding ecosystem to facilitate clients' AI deployment. 5. Expansion of advanced node capacity in China to support local AI chip production [1][2][37]. - **Revenue Forecast**: Expected revenues are projected to reach: - Rmb1,699.3 million in 2025 - Rmb4,687.9 million in 2026 - Rmb10,585.8 million in 2027 [6][16]. - **Profitability Outlook**: - EBITDA is expected to turn positive in 2026, reaching Rmb531.9 million by 2027. - Net income is projected to turn positive in 2026, growing to Rmb6.4 billion by 2030 [6][40]. Competitive Landscape - **Market Concerns**: There are concerns regarding local foundry capacity and competition. However, the company does not anticipate fierce pricing competition due to the large and growing market and high entry barriers in AI chip design [2][20]. - **Competitive Advantages**: 1. General-purpose GPUs based on in-house architecture and IP. 2. The **MXMACA ecosystem** to support client migration and deployment. 3. Strong partnerships with industry clients for large-scale computing clusters [2]. Financial Highlights - **Key Financial Ratios**: - P/E ratio is not applicable (NM) for 2024-2026, but expected to be 39.6 in 2027. - Gross margin is expected to decline from 56% in 2025 to 52% in 2030 due to larger client exposure [12][40]. - Free cash flow is expected to turn positive in 2028, reaching Rmb4.2 billion by 2030 [40]. - **Cash Flow Projections**: - Cash flow from operations is expected to improve significantly, with net income projected to reach Rmb6.4 billion by 2030 [46]. Risks and Challenges - **Key Risks**: - Slower-than-expected growth in China Cloud Capex. - Increased competition in the AI chip market. - Constraints in advanced node foundry capacity [20][47]. Conclusion - **Investment Recommendation**: The company is initiated with a **Buy** rating, supported by strong growth prospects in the AI GPU market and a favorable valuation based on projected future earnings [1][47].

高盛给予壁仞科技和沐曦股份首次买入评级，并称中国云计算资本开支上升、先进制程产能扩张等料驱 动其业务增长。高盛预计壁仞科技在2025–2030年间的AI训练/推理GPU业务将实现101%复合年增长 率，AI芯片出货量料从2025的3万片增长至2030年的90万片。预计沐曦股份的AI训练与推理GPU业务将 在同期实现88%的复合年增长率。壁仞科技12个月目标价定为54港元，沐曦股份则定为811元人民币。 本文源自：金融界AI电报 ...

Group 1 - Goldman Sachs initiates a buy rating for Wallen Technology and Muxi Co., citing increased capital expenditure in China's cloud computing and expansion of advanced process capacity as drivers for business growth [1] - Wallen Technology's AI training/inference GPU business is expected to achieve a compound annual growth rate (CAGR) of 101% from 2025 to 2030, with GPU shipments projected to rise from 30,000 units in 2025 to 900,000 units by 2030 [1] - Muxi Co.'s AI training and inference GPU business is anticipated to realize a CAGR of 88% during the same period [1] Group 2 - Wallen Technology's 12-month target price is set at HKD 54, while Muxi Co.'s target price is set at RMB 811 [1]

沐曦集成电路(上海)股份有限公司成立于2020年9月，法定代表人为陈维良，经营范围包括从事集成电 路科技、电子科技、通讯科技、计算机软硬件科技领域内的技术服务、技术开发、技术咨询、技术转让 等。股东信息显示，该公司由陈维良、南京和利国信智芯股权投资合伙企业(有限合伙)、葛卫东等共同 持股。 天眼查App显示，近日，沐曦股份(688802)发生工商变更，注册资本由3.6亿人民币增至约4亿人民币， 增幅约11%。 ...

Group 1 - The core point of the article is that Mu Xi Integrated Circuit (Shanghai) Co., Ltd. has increased its registered capital from 360 million yuan to approximately 400 million yuan [1] - The company was established in September 2020 and operates in the fields of integrated circuit technology, electronic technology, communication technology, and computer software and hardware technology services [1] - The funding for the company comes from Shanghai Jiao Mai Enterprise Consulting Partnership (Limited Partnership) and Chen Weiliang among others [1]

2月6日，沐曦股份涨0.39%，成交额5.55亿元。两融数据显示，当日沐曦股份获融资买入额4643.58万 元，融资偿还5325.15万元，融资净买入-681.57万元。截至2月6日，沐曦股份融资融券余额合计9.10亿 元。 融资方面，沐曦股份当日融资买入4643.58万元。当前融资余额9.10亿元，占流通市值的10.16%。 融券方面，沐曦股份2月6日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量0.00股，融券余额0.00元。 截至12月17日，沐曦股份股东户数2.51万，较上期增加20138.71%；人均流通股722股，较上期增加 0.00%。2025年1月-9月，沐曦股份实现营业收入12.36亿元，同比增长453.52%；归母净利润-3.46亿元， 同比增长55.79%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 资料显示，沐曦集成电路(上海)股份有限公司位于 ...