炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 作者丨吴佳楠 编辑丨朱益民 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。 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。 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。 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。 短短一月内，"国产GPU四小龙"其中的摩尔线程、沐曦股份、壁仞科技都先后走向了公开市场融资，并 在资本市场创下数项新的纪录。 2025年12 ...

作者丨吴佳楠 编辑丨朱益民 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。 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。因芯片行业的高研发投入特点，资本开支仍在继续。此外，多家国产GPU芯片 厂商与英伟达、AMD等国际芯片巨头相比，存在一定竞争差距，市占率仍不高。 对持有"国产 ...

值得注意的是，传化智联（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.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.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%；医药行业的百奥赛图（688796.SH）则凭借海外 ...

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。 21世纪经济报道记者 吴佳楠 深圳报道 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"。 从资本狂飙到市值回落 另一家GPU公司——沐曦股份（688802.SH）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。 资本市场正在力捧GPU本地叙事。 然而，资本狂追热捧的背后确是故事另一面，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%，分别自最高价回落超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。因芯片行业的高研发投入特点，资本开支仍在继续。此外，多家国产GPU芯片厂商与英伟 达、AMD等国际芯片巨 ...

Group 1 - The report indicates that while the number of IPOs and fundraising amounts in 2025 increased compared to 2024, the overall profitability of offline subscription has reached a new low since 2019, with A1/B class products yielding only 2.7% and 2.4% respectively [4][10][5] - In 2025, 87 new stocks were issued in the A-share market, raising a total of 1,235 billion yuan, with 64% of the new stocks having an initial fundraising scale of less than 1 billion yuan [19][20][27] - The average initial price-to-earnings (PE) ratio for new stocks in 2025 was 23x, marking a new low since 2019, with an average discount of 39% compared to comparable companies [36][34][36] Group 2 - The report forecasts a rebound in offline subscription profitability in 2026, with expected yields for A1/B class products projected to be 4.05% and 3.23% respectively, driven by an increase in the number of IPOs and stable pricing [4][10][4] - The report highlights that the strategic allocation of new stocks is expected to remain attractive in 2026, with an increase in external strategic investors and a significant average return on unlocked shares [4][4][4] - The report notes that the number of offline inquiry products has significantly increased, with a year-on-year growth of 18%, indicating a heightened interest in new stock subscriptions [64][64][64]

Core Insights - In 2025, no new stocks listed on the A-share market experienced a decline on their first day, marking the first occurrence since 2019. Additionally, 66% of the new stocks had a first-day profit exceeding 10,000 yuan [1] - The year saw the emergence of several "big meat tickets," with nine new stocks achieving a first-day profit of over 50,000 yuan, including two that surpassed 300,000 yuan [1] - The top performer, Muxi Co., Ltd. (688802), had a first-day profit of 362,620 yuan, with a peak price of 895 yuan per share, leading to a potential profit of 395,200 yuan [1][6] New Stock Performance - A total of 116 companies went public in 2025, with 104 stocks doubling their price on the first day, representing 90% of the new listings. Furthermore, 66 stocks had a first-day increase of over 200%, and six stocks exceeded 500% [10] - The highest first-day increase was recorded by Dapeng Industrial (920091), which surged by 1211.11%, while the second highest was Hengdong Light (920045) at 878.16% [10][11] - Muxi Co., Ltd. (688802) achieved a first-day increase of 692.95%, and other notable performers included Moer Thread (688795) with a 425.46% increase and Jiangnan New Materials (603124) with a 606.83% increase [10][13] Stock Issuance Prices - In 2025, 23 new stocks had an issuance price exceeding 30 yuan, with 16 stocks priced over 40 yuan, and seven stocks priced above 80 yuan [14] - The highest issuance prices were for Moer Thread (688795) and Muxi Co., Ltd. (688802), both exceeding 100 yuan, while Tianyouwei (603202) had an issuance price of 93.5 yuan [14][15]

Core Viewpoint - Muxi Co., Ltd. has experienced a dramatic decline in stock price, dropping from a peak market value of 350 billion to below 250 billion, raising concerns about its inflated valuation amidst ongoing losses [1][3]. Group 1: Stock Performance - Muxi Co., Ltd. saw its stock price surge by 750% upon listing, reaching a peak of 895 yuan per share, but has since plummeted over 30% to around 615 yuan, resulting in a market value loss exceeding 100 billion [3][4]. - The stock has been characterized by high volatility, with daily fluctuations leading to significant losses for retail investors who bought at peak prices [3][5]. Group 2: Valuation Concerns - The company's valuation is significantly disconnected from its fundamentals, with a market-to-sales ratio exceeding 500 times projected revenue for 2024, compared to an average of 60 times for similar companies in the semiconductor sector [4]. - Despite expectations of revenue growth to 1.5-1.98 billion in 2025, the company is projected to incur losses of 527 million to 763 million, raising questions about its high market valuation [4][6]. Group 3: Challenges Ahead - Muxi Co., Ltd. faces three major challenges: ongoing financial losses due to high R&D costs, impending share unlocks that may lead to increased selling pressure, and intense competition from established players like NVIDIA and domestic firms [5][6]. - The company's R&D expense ratio is projected to be 121.24% in 2024, indicating a significant cash burn without profitability [5]. Group 4: Industry Perspective - The volatility of Muxi Co., Ltd.'s stock highlights a broader question in the A-share market regarding how to value hard technology companies, emphasizing the need for a balance between narrative and actual performance [6][7]. - The domestic GPU market is expected to grow significantly, with projections indicating a market size exceeding 80 billion by 2025, but companies must demonstrate real performance to justify high valuations [6].

Core Viewpoint - The collaboration between ChaoXun Communication and MuXi Co., focusing on GPU product agency, is progressing as planned, with significant order placements and a renewed agreement to deepen their partnership [1][2]. Group 1: Partnership Progress - ChaoXun Communication and MuXi Co. have renewed the "Industry Ark General Distributor Agreement," indicating a commitment to continue their GPU product agency collaboration [1]. - As of the announcement date, ChaoXun Communication has placed a total of 8,841 GPU orders for 2024-2025, aligning with expectations [1]. - The partnership began in November 2023, with ChaoXun obtaining the exclusive agency rights for MuXi's GPU products in specific industries, marking a strategic entry into the domestic computing power sector [1]. Group 2: Order and Revenue Impact - In 2024, ChaoXun Communication faced fluctuations in customer demand, resulting in only 222 GPU units being ordered, but the pace accelerated in 2025 with 4,189 units ordered [1]. - The company has 4,430 GPU units on order that are yet to be delivered, with plans to expedite delivery as supporting infrastructure matures [1]. - In February 2025, ChaoXun secured two significant GPU-related contracts worth a total of 1.488 billion yuan, which accounted for 92.36% of its revenue for the first half of 2025 [2]. - The company's net profit growth is attributed to efficient sales and delivery of GPU computing cards as the exclusive agent for MuXi [2]. - For the first three quarters of 2025, ChaoXun reported total revenue of 1.778 billion yuan, a year-on-year increase of 79.63%, and a net profit of 59.87 million yuan, up 135.48% [2].

沐曦集成电路（上海）股份有限公司 章程 2025 年 12 月 30 日 | 第一章 | 总则 | 2 | | --- | --- | --- | | 第二章 | 经营宗旨和范围 | 4 | | 第三章 | 股份 | 4 | | 第一节 | 股份发行 | 4 | | 第二节 | 股份增减和回购 | 8 | | 第三节 | 股份转让 | 10 | | 第四章 | 股东和股东会 | 11 | | 第一节 | 股东的一般规定 | 11 | | 第二节 | 控股股东和实际控制人 14 | | | 第三节 | 股东会的一般规定 15 | | | 第四节 | 股东会的召集 | 20 | | 第五节 | 股东会的提案与通知 22 | | | 第六节 | 股东会的召开 | 24 | | 第七节 | 股东会的表决和决议 27 | | | 第五章 | 董事和董事会 | 32 | | 第一节 | 董事的一般规定 | 32 | | 第二节 | 董事会 | 36 | | 第三节 | 独立董事 | 42 | | 第四节 | 董事会专门委员会 45 | | | 第六章 | 高级管理人员 | 47 | | 第七章 | 财务会计制度、利润分配 ...

Group 1 - The company, Muxi Co., announced that its 20th temporary meeting of the first board of directors was held on December 30, 2025, combining in-person and communication methods [1] - The meeting reviewed documents including a proposal to adjust the investment amount for fundraising projects [1]