Core Insights - Shanghai has successfully listed another AI chip company, TianShu ZhiXin, on the Hong Kong Stock Exchange, following the listings of MuXi Co. and BiRan Technology, marking a significant milestone for the local GPU industry [1] - The integrated circuit industry in Shanghai is projected to achieve a revenue of 391.2 billion yuan from January to November 2025, reflecting a year-on-year growth of 23.72%, with an expected total industry scale exceeding 460 billion yuan for the entire year [1] - The city has over 1,200 integrated circuit companies, accounting for approximately 40% of national industry talent and nearly 50% of innovation resources [1] Company Insights - TianShu ZhiXin is the first domestic company to independently develop general-purpose GPUs, having completed the entire process from core technology development to commercialization [1] - The R&D team at TianShu ZhiXin consists of 480 members, with an average of over 20 years of industry experience, and more than one-third of the team having over 10 years of experience in chip design and software development [2] Industry Insights - Shanghai ranks fourth globally and first in mainland China in the latest ranking of integrated circuit industry competitiveness by the World Semiconductor Association [2][3] - The integrated circuit industry in Shanghai has developed a comprehensive ecosystem that includes design, manufacturing, packaging, and testing, with a focus on nurturing leading enterprises in various segments [4] - The city has established a full industry chain system that supports chip design, manufacturing, and advanced packaging, with 35 companies listed on the Sci-Tech Innovation Board, leading the domestic market [5] - Shanghai aims to further enhance its integrated circuit industry by focusing on innovation breakthroughs, nurturing leading enterprises, and attracting high-level talent, with the goal of creating a world-class integrated circuit industry cluster [5]

Core Insights - The A-share IPO market in 2025 saw a significant increase in both quantity and quality, with 116 new stocks raising over 130 billion yuan, primarily driven by hard technology and new energy companies [1][5][18] - The efficiency of the IPO review process improved due to regulatory updates, leading to a faster approval timeline for new listings [3][4][15] - CITIC Securities emerged as the leading underwriter, sponsoring 15 IPO projects, which reflects its strong position in the market [16][17] IPO Market Overview - A total of 116 new stocks were issued in 2025, a 16% increase from 100 in 2024 [3][4] - The main exchanges for new listings were the ChiNext and the Beijing Stock Exchange, with 33 and 26 new stocks respectively [3][4] - The Shanghai Stock Exchange and the Sci-Tech Innovation Board also saw increases in new listings, with 23 and 19 new stocks respectively [3][4] Fundraising Performance - The total funds raised through IPOs in 2025 reached 1317.71 billion yuan, nearly doubling from 673.53 billion yuan in 2024, marking a 95.64% increase [5][7] - The Shanghai Stock Exchange led in fundraising with 432.28 billion yuan, followed by the Sci-Tech Innovation Board with 380.61 billion yuan [5][7] - The fundraising growth was attributed to the successful launch of large-scale projects, particularly in the new energy sector [8][18] Sector Analysis - Hard technology and new energy sectors dominated the IPO landscape, with significant contributions from electronics, electric power equipment, and automotive industries [9][10][12] - The electronics sector alone accounted for over 20 new listings, raising 365 billion yuan [10][12] - The automotive sector had 16 new listings, raising 229.25 billion yuan, reflecting the rapid growth of the new energy vehicle market [14] Regulatory Impact - The implementation of the registration system reform and the optimization of review processes significantly shortened the IPO approval timeline [4][15] - New policies allowed for a shift from profit-based to potential-based listing criteria, enhancing the focus on quality over quantity [15][18] Underwriter Performance - CITIC Securities led the underwriting market with 15 IPOs, generating 12.44 billion yuan in underwriting fees [16][17] - Other notable underwriters included Guotai Junan Securities and Huatai United Securities, with 12 and 10 IPOs respectively [17][18]

Group 1 - The core point of the news is that Muxi Co., Ltd. experienced a stock price decline of 1.91% on January 6, with a trading volume of 1.462 billion yuan [1] - On the same day, Muxi Co., Ltd. had a financing buy amount of 192 million yuan and a financing repayment of 173 million yuan, resulting in a net financing purchase of approximately 19.15 million yuan [1] - As of January 6, the total balance of margin trading for Muxi Co., Ltd. was 1.107 billion yuan, which accounts for 10.27% of its circulating market value [2] Group 2 - Muxi Co., Ltd. is located in the Pudong New Area of Shanghai and was established on September 14, 2020, with its listing date set for December 17, 2025 [2] - The company's main business involves the research, design, and sales of full-stack GPU products used in artificial intelligence training and inference, general computing, and graphics rendering [2] - The revenue composition of Muxi Co., Ltd. includes 97.55% from training and inference integrated GPU boards, 1.25% from intelligent computing inference GPU boards, 0.80% from other sources, 0.32% from training and inference integrated GPU servers, and 0.08% from IP licensing [2] - As of December 17, the number of shareholders for Muxi Co., Ltd. was 25,100, an increase of 20,138.71% compared to the previous period, with an average of 722 circulating shares per person [2] - For the period from January to September 2025, Muxi Co., Ltd. achieved a revenue of 1.236 billion yuan, representing a year-on-year growth of 453.52%, while the net profit attributable to the parent company was -346 million yuan, a year-on-year increase of 55.79% [2]

Core Viewpoint - The listing of domestic GPU companies, referred to as the "Four Little Dragons," marks a significant milestone in the capital market, with a dual market layout in A-shares and Hong Kong stocks, reflecting the growing interest and investment in the domestic GPU sector [1][2][6]. Group 1: Market Entry and Performance - Birran Technology (06082.HK) officially listed on the Hong Kong Stock Exchange on January 2, 2026, becoming the "first GPU stock in Hong Kong," with an opening surge of over 110% [1]. - The "Four Little Dragons" include Moer Thread (688795.SH), Muxi Technology (688802.SH), and Suiruan Technology, which is preparing for its IPO on the Sci-Tech Innovation Board [1][2]. - Moer Thread's market debut on December 5, 2025, saw a maximum intraday increase of over 500%, with a market value exceeding 440 billion yuan [2]. - Muxi Technology followed on December 17, 2025, with an intraday peak increase of over 700%, achieving a record profit of nearly 400,000 yuan per single subscription [2]. Group 2: Capital Support and Financing - The successful listings of the "Four Little Dragons" are supported by substantial capital backing, with Moer Thread raising over 10 rounds of financing totaling in the hundreds of billions, backed by major players like Tencent and ByteDance [3]. - Muxi Technology has gathered over 100 investors and completed seven rounds of financing, amounting to tens of billions [3]. - Birran Technology completed 10 rounds of financing before its IPO, raising over 9 billion yuan [3]. - Suiruan Technology has also completed 12 rounds of financing, with notable investors including well-known institutions and industry groups [3]. Group 3: Financial Metrics and Market Position - The "Four Little Dragons" exhibit significant differentiation in market capitalization, profitability, revenue scale, and market share [4]. - Moer Thread and Muxi Technology have market values exceeding 200 billion yuan, while Birran Technology's market value is below 90 billion Hong Kong dollars [4]. - Revenue figures show that Muxi Technology achieved 743 million yuan in revenue for 2024, with projections for 2025 exceeding 3 billion yuan [5]. - Birran Technology's revenue for 2024 is projected at 337 million yuan, with a 49.9% year-on-year growth for the first half of 2025 [5]. - The "Four Little Dragons" face a common issue of reliance on major clients, with Birran Technology deriving 90.3% of its revenue from five major clients [5]. Group 4: Market Share and Competitive Landscape - The overall market share of the "Four Little Dragons" remains low, with Moer Thread and Muxi Technology holding approximately 1% market share, and Birran Technology at 0.16% [6]. - The Chinese smart computing chip market is predominantly led by Huawei and NVIDIA, which together hold 94.4% of the market share [6]. - In the high-end GPGPU market, the "Four Little Dragons" have shown competitive strength, with Birran Technology capturing 5%-10% of the market share [6]. - Bernstein predicts that by 2028, the supply of domestic AI chips will exceed demand, potentially increasing the market share of domestic GPU companies [6].

根据Wind披露的数据，上市后不久，摩尔线程、沐曦股份股价均出现明显回调，较各自阶段高点回落幅度已接近 40%；壁仞科技虽在港股上市首日虽表 现强势，但整体市值水平明显低于此前两家 A 股公司，首日涨75.82%，市值仅摩尔线程和沐曦的三分之一。短短一个月内，国产 GPU 板块完成了从"情 绪极热"到"理性降温"的切换。 | 证券代码 | 证券简称 | 最新收盘日自 最高价的最大 | | 最新收盘目总市 上市首日以来区间最 | 最新收盘日收 | | --- | --- | --- | --- | --- | --- | | | | 跌幅(%) | 值(亿元) | 高收盘价(元) | 盘价(元) | | 688795.SH | 摩尔线程-U | -37.84 | 2,763.30 | 941.08 | 587.90 | | 688802.SH | 沐曦股份-U | -35.20 | 2,320.98 | 829.90 A | 1 580.10 | | 6082.HK | 壁仞科技 | | 825.71 (港元) | 34.46 (港元) | 34.46 (港元) | 截止截图时间，摩尔线程报每股614.2元，总 ...

Group 1 - The core point of the news is that Muxi Co., Ltd. experienced a stock price decline of 2.00% on January 6, with a trading price of 593.66 yuan per share and a total market capitalization of 237.52 billion yuan [1] - The company reported a net outflow of 53.08 million yuan in main funds, with significant buying and selling activity from large orders [1] - Muxi Co., Ltd. has seen a year-to-date stock price increase of 2.34%, but a decline of 4.20% over the last five trading days [1] Group 2 - As of December 17, the number of shareholders for Muxi Co., Ltd. reached 25,100, an increase of 20,138.71% compared to the previous period [2] - For the period from January to September 2025, Muxi Co., Ltd. achieved operating revenue of 1.236 billion yuan, representing a year-on-year growth of 453.52%, while the net profit attributable to shareholders was -346 million yuan, a year-on-year increase of 55.79% [2] - The company specializes in the research, design, and sales of full-stack GPU products for artificial intelligence training and reasoning, with the majority of revenue coming from training and reasoning GPU boards [1]

1月5日，沐曦股份涨4.43%，成交额18.27亿元。两融数据显示，当日沐曦股份获融资买入额1.99亿元， 融资偿还2.03亿元，融资净买入-399.94万元。截至1月5日，沐曦股份融资融券余额合计10.88亿元。 资料显示，沐曦集成电路(上海)股份有限公司位于上海市浦东新区海科路999弄C8栋，成立日期2020年9 月14日，上市日期2025年12月17日，公司主营业务涉及研发、设计和销售应用于人工智能训练和推理、 通用计算与图形渲染领域的全栈GPU产品,并围绕GPU芯片提供配套的软件栈与计算平台。主营业务收 入构成为：训推一体GPU板卡97.55%，智算推理GPU板卡1.25%，其他0.80%，训推一体GPU服务器 0.32%，IP授权0.08%。 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%。 责任编辑：小浪快报 融资方面，沐曦股份当日融资买入1.99亿元。当前融资余额10.88亿元，占流通市值的9. ...

- Theoretical new stock yield for Class A accounts with a scale of 2 billion is 3.80%[2][10] - Theoretical new stock yield for Class B accounts with a scale of 2 billion is 2.88%[2][10] - Theoretical new stock yield for Class A accounts with a scale of 10 billion is 1.74%[2][10] - Theoretical new stock yield for Class B accounts with a scale of 10 billion is 1.03%[2][10] - The average first-day increase for STAR Market stocks is 258.09%[2][20] - The average first-day increase for ChiNext stocks is 231.27%[2][20] - The number of valid quotation accounts for the latest STAR Market new stock is 4687 for Class A and 2065 for Class B[2][26] - The number of valid quotation accounts for the latest ChiNext new stock is approximately 3879 for Class A and 2610 for Class B[2][26] - The number of valid quotation accounts for the latest Shanghai Main Board new stock is 5200 for Class A and 2944 for Class B[2][26] - The number of valid quotation accounts for the latest Shenzhen Main Board new stock is 4683 for Class A and 2918 for Class B[2][26] - The highest first-day increase among newly listed stocks in the past month is 600.07% for Muxi Shares-U[37] - The highest fundraising amount among newly listed stocks in the past month is 80 billion for Moore Threads-U[37] - The highest full subscription yield among newly listed stocks in the past month is 671.65 thousand yuan for Moore Threads-U[41][43] - The full subscription yield for Muxi Shares-U is 343.75 thousand yuan[41][43] - The full subscription yield for Angrui Micro-UW is 42.24 thousand yuan[41][43] - The full subscription yield for China Uranium Industry is 36.49 thousand yuan[41][43] - The full subscription yield for Baiao Saitu is 14.67 thousand yuan[41][43] - The full subscription yield for Youxun Shares is 24.68 thousand yuan[41][43] - The full subscription yield for Tiansu Measurement is 5.54 thousand yuan[41][43] - The full subscription yield for Nabai Chuan is 7.86 thousand yuan[41][43] - The full subscription yield for Xihua Technology is 4.51 thousand yuan[41][43] - The full subscription yield for Jianxin Superconducting is 12.53 thousand yuan[41][43] - The full subscription yield for C Shuangxin is 12.56 thousand yuan[41][43] - The full subscription yield for C Yufan is 2.35 thousand yuan[41][43] - The full subscription yield for C Qiangyi is 40.15 thousand yuan[41][43] - The full subscription yield for C Xinguangyi is 9.93 thousand yuan[41][43] - The monthly offline new stock yield for Class A accounts with a scale of 2 billion in December 2025 is 195.55 thousand yuan[48][49] - The monthly offline new stock yield for Class B accounts with a scale of 2 billion in December 2025 is 94.99 thousand yuan[53][54] - The cumulative offline new stock yield for Class A accounts with a scale of 2 billion in 2025 is 3.80%[48][49] - The cumulative offline new stock yield for Class B accounts with a scale of 2 billion in 2025 is 2.88%[53][54]

值得注意的是，传化智联（002010）(002010.SZ)以高达256.07%至361.57%的净利润预计增幅，暂列目前"预增王"。公司预计 2025年归母净利润为5.4亿至7亿元。公告显示，业绩大幅增长除因主营业务取得良好增长外，也受益于转让部分子公司股权确认 的投资收益及回购子公司股权提升持股比例等因素。 传统制造业在此轮业绩预告中表现尤为亮眼。钢铁行业方面，首钢股份（000959）(000959.SZ)预计2025年归母净利润为9.2亿元 至10.6亿元，同比增长95.29%至125.01%，增速上限在已披露公司中位居前列。公司表示，业绩增长得益于产品结构优化、高端 化发展及"极低成本"管理理念的贯彻。 同样属于钢铁板块的华菱钢铁（000932）(000932.SZ)在消化了补缴环保税及滞纳金约6.57亿元的情况下，依然预计净利润增长 27.97%至47.66%。对此，公司解释，主要得益于降本增效以及高端化、绿色化、智能化、精益化"四化转型等工作的开展。 以电子、医药生物为代表的高景气赛道则呈现批量报喜的态势。其中，电子行业的强一股份(688809.SH)预计净利润增长52.30% 至80.18%；医 ...

国产GPU公司迎来IPO融资热潮。 1月2日，壁仞科技（6082.HK）上市首日盘中一度涨近120%，成为"港股GPU第一股"。 上个月，号称"国产GPU第一股"的摩尔线程（688795.SH）上市首日股价涨超4倍，12月11日收盘股价超 900元/股，远超发行价114.28元/股。 另一家GPU公司——沐曦股份（688802.SH）2025年12月17日上市首日，投资者中一签浮盈最高逼近40 万元，刷新近十年A股上市首日单签盈利纪录。 2025年12月5日，摩尔线程正式登陆A股，首日上市开盘价报650元/股，较发行价上涨468.78%，总市值 突破3000亿元，随后几个交易日市值一度高达4422亿元。 然而，资本狂追热捧的背后却是故事另一面，GPU公司股票市值大幅回落。 摩尔线程、沐曦股份上市之日狂飙后，目前已经大幅回调近40%，分别自最高价回落约37%、35%。壁 仞科技上市首日最终收涨不超过80%，总市值不到千亿港元，只有摩尔、沐曦市值的三分之一左右。 激情燃烧的高估值迎来"折扣"，背后是GPU创新叙事的商业化现实难题，还需突破。 目前，上述三家公司过去三年营收都在增长，但都未实现盈利。因芯片行业的高研 ...