Core Viewpoint - The A-share market experienced a significant style switch in the first week of February, with the technology sector undergoing a deep adjustment while defensive sectors like liquor and real estate showed resilience [1][4]. Group 1: Technology Sector Performance - The technology sector faced a comprehensive pullback, with the electronic industry market capitalization dropping by approximately 890 billion yuan, and leading stocks like Zhongji Xuchuang and Xinyi Sheng seeing weekly declines exceeding 13% [1][2]. - The electronic industry recorded a trading volume of 313.9 billion yuan, marking a new high for the year, while the industry index fell by 5.22% and the communication sector by 6.94% [2][3]. - The ChiNext 50 index, representing the technology sector, experienced its largest weekly decline since November 2025, with a drop of 5.76% [2]. Group 2: Market Dynamics and Investor Behavior - The market's risk appetite for technology stocks has notably decreased, with many stocks retreating 20% to 30% from their recent highs, indicating a significant sell-off [3][4]. - The upcoming Spring Festival led to increased risk aversion among investors, prompting them to shift from high-volatility sectors to those with stronger earnings certainty [1][4]. - High valuations in the technology sector, with the electronic industry's price-to-earnings ratio at 69.76, have created substantial internal adjustment pressure [4][5]. Group 3: Factors Influencing the Adjustment - Multiple factors contributed to the technology sector's deep pullback, including seasonal trading patterns, high valuations prompting profit-taking, and increased market volatility due to external macroeconomic conditions [4][5]. - The anticipation of rising interest rates in the U.S. has negatively impacted technology stock valuations, as indicated by market reactions to Federal Reserve signals [5][6]. - The shift of funds from technology stocks to defensive sectors like liquor and real estate suggests a phase of market style transition, with investors seeking stability amid uncertainty [6].

Group 1 - The core viewpoint of the news is that China Pacific Insurance has successfully invested in Shenzhen Jingfeng Medical Technology Co., Ltd., which has recently gone public on the Hong Kong Stock Exchange, raising HKD 1.199 billion through its IPO at an issue price of HKD 43.24 per share [1] - Jingfeng Medical has achieved significant technological breakthroughs in surgical robots, holding 734 global patents and becoming the first in China and the second globally to receive regulatory approval for three types of surgical robots: multi-port, single-port, and natural orifice [1] - China Pacific Insurance emphasizes its commitment to "value investment and empowering growth," providing stable early-stage funding to support Jingfeng Medical's transition from technology development to commercialization [1] Group 2 - Industry insiders note that the long-term stability of insurance funds aligns well with the long-term capital needs of the GPU industry, highlighting the strategic investment by China Pacific Insurance [2] - In recent years, China Pacific Insurance has focused on key sectors such as integrated circuits, utilizing a diversified product system of "equity + debt" to inject insurance capital into strategic emerging industries, supporting the development of new productive forces [2] - The company plans to continue deepening its technology finance layout and nurturing more "hard technology" enterprises through patient capital, in line with the financial sector's strategic goals [2]

Core Viewpoint - Muxi Co., Ltd. announced a plan for the phased investment of raised funds over three to four years, optimizing cash management for idle funds not exceeding RMB 2.9 billion to enhance financial returns without affecting project progress [1][5]. Group 1: Fund Management and Investment Plans - The company will manage idle raised funds by investing in high-security, liquid cash management products with a maturity of no more than 12 months, ensuring funds can be redeemed as needed for project requirements [4]. - The total net amount raised during the IPO was RMB 3.899 billion, with projects including the development and industrialization of new high-performance general-purpose GPUs and AI inference GPUs [4][5]. - The cash management amount will decrease as funds are allocated to the investment projects, aligning with the planned investment schedule [5]. Group 2: Industry Context and Performance - The integrated circuit industry is characterized by high investment and long R&D cycles, necessitating phased expenditures for equipment procurement and validation [4]. - Muxi Co., Ltd. is a leading enterprise in high-performance general-purpose GPUs, focusing on core technology breakthroughs and creating a competitive product system for various applications [7]. - The company expects a revenue of RMB 1.6 billion to 1.7 billion for 2025, representing a year-on-year growth of 115.32% to 128.78%, while projecting a net loss narrowing to RMB 650 million to 798 million [6][7]. Group 3: Market Performance - On February 4, Muxi Co., Ltd. shares rose by 0.17% to RMB 505 per share, reflecting a 382.5% increase from the IPO price of RMB 104.66, but a 43.5% decline from the highest price of RMB 895 on the first trading day [8].

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. plans to manage idle fundraising through cash management to optimize fund usage and enhance short-term financial returns while ensuring the normal progress of fundraising projects [1][2]. Group 1: Fundraising and Project Details - Muxi Co. raised a net amount of 3.899 billion yuan through its initial public offering on the Sci-Tech Innovation Board, with fundraising projects including the development and industrialization of new high-performance general-purpose GPUs and AI inference GPUs [2]. - The "New High-Performance General-Purpose GPU R&D and Industrialization Project" includes products C600 and C700, with planned fundraising allocations of 841 million yuan and 1.618 billion yuan respectively. C600 is expected to enter mass production in Q1 2026 [2]. Group 2: Cash Management Strategy - The company will manage up to 2.9 billion yuan of idle fundraising through cash management, ensuring that funds are invested in safe, liquid products with a maturity of no more than 12 months, allowing for timely redemption based on project funding needs [1][2]. - The cash management approach aims to reduce opportunity costs associated with idle funds and align product maturity with project funding schedules, thereby ensuring the return of funds as needed for project construction [1][2]. Group 3: Industry Context and Company Focus - The integrated circuit industry is characterized by high investment and long R&D cycles, with significant phase-based expenditure patterns for R&D, equipment procurement, and validation [2]. - Muxi Co. focuses on four main areas: AI training and inference, general computing, graphics rendering, and scientific intelligence, specializing in the R&D, design, and sales of full-stack GPU products [3].

Core Viewpoint - Muxi Co., Ltd. (688802.SH) has seen its stock price decline to a record low since its listing, closing at 491.96 yuan with a drop of 2.58% on February 5, 2023 [1] Group 1: Company Overview - Muxi Co., Ltd. was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 17, 2025, with an issuance of 40.10 million shares, accounting for 10.02% of the total share capital post-issuance [1] - The initial public offering (IPO) price was set at 104.66 yuan per share [1] Group 2: Fundraising and Financials - The total amount raised from the public offering was 419.69 million yuan, with net proceeds of 389.93 million yuan after deducting issuance costs of 29.76 million yuan (excluding VAT) [1] - The underwriting and sponsorship fees amounted to 26.72 million yuan [1] Group 3: Project Funding - The funds raised are intended for the development and industrialization of new high-performance general-purpose GPUs, next-generation AI inference GPUs, and high-performance GPU technology research for emerging applications [1]

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. plans to manage idle funds from its fundraising activities by investing up to 2.9 billion RMB in cash management products to optimize financial returns while ensuring that the main investment projects proceed as planned [1] Group 1: Fund Management Strategy - The company announced that the fundraising projects will be implemented over a period of three to four years, leading to potential idle funds during the interim [1] - To enhance fund management and short-term financial returns, the company will utilize a portion of the idle funds for cash management, ensuring it does not affect the normal progress of the investment projects [1] Group 2: Investment Product Criteria - The cash management will adhere to strict risk control measures, focusing on high-security, liquid products that meet capital preservation requirements [1] - The investment products will have a maturity of no more than 12 months, allowing for flexibility in accessing funds as needed for the investment projects [1]

2月4日傍晚，国产高性能通用GPU产品企业沐曦股份发布《关于募投项目实施周期及使用部分闲置募集资金进行阶段性现金 管理的公告》（以下简称"公告"），宣布拟以不超过29亿元闲置资金购买理财产品。 拟购买的理财产品种类为安全性高、流动性好、满足保本要求、期限不超过 12 个月的现金管理产品，包括但不限于协定性 存款、结构性存款、定期存款、通知存款、大额存单等。可按募投项目资金需求随时赎回或支取，提前赎回或支取仅损失一 定收益。 沐曦股份于2025年12月17日正式登陆科创板，募集资金净额为人民币38.99亿元，这些资金将全部投入新型高性能通用GPU研 发及产业化项目、新一代人工智能推理GPU研发及产业化项目以及面向前沿领域及新兴应用场景的高性能GPU技术研发项 目。 沐曦股份指出，"根据公司首次公开发行并上市相关规划，公司募集资金投资项目拟分三至四年投入"。因此，部分募集资金 在项目分阶段投入前将产生阶段性闲置。而为了优化资金管理、提升短期财务收益，沐曦股份将科学合理地对上限不超过人 民币29亿元（含本数）的闲置募集资金进行阶段性现金管理，提高募集资金使用效率，不影响公司募投项目的正常进行。 沐曦股份相关负责人表 ...

Core Viewpoint - Muxi Co., Ltd. announced a plan to manage idle funds from its fundraising activities through cash management products to optimize fund utilization and enhance short-term financial returns while ensuring the normal progress of its investment projects [2][8]. Fundraising and Investment Projects - Muxi Co., Ltd. raised a net amount of RMB 38.99 billion upon its listing on the Sci-Tech Innovation Board, with planned investments in several GPU-related projects [4]. - The investment projects include the development and industrialization of new high-performance general-purpose GPUs, next-generation AI inference GPUs, and high-performance GPU technology for emerging applications [4][6]. - The total investment for these projects is approximately RMB 500.92 million, with planned fundraising usage of RMB 389.93 million [6]. Product Strategy and Development - The company's product strategy involves a cycle of "selling one generation, researching one generation, and pre-researching one generation," focusing on the C600 and C700 products, which will utilize RMB 8.41 billion and RMB 16.18 billion of the raised funds, respectively [7]. - The C600 chip, based on proprietary GPU IP architecture, is designed to meet the needs of generative AI training and inference, with performance comparable to international mainstream products [7]. Cash Management Strategy - Muxi Co., Ltd. plans to use idle funds for cash management, investing in low-risk, high-liquidity products that meet capital preservation requirements and can be redeemed at any time [2][8]. - This cash management approach aims to reduce opportunity costs associated with idle funds while ensuring that funds are available as needed for project requirements [7]. Ecosystem Development - The company is focused on building a comprehensive GPU software ecosystem and a broader industrial ecosystem, with a strategic plan to empower six core industries and expand into future-oriented sectors [10]. - Muxi Co., Ltd. has launched its fourth GPU product matrix, the X series, aimed at scientific intelligence scenarios, promoting the integration of traditional scientific computing with AI-driven research [9].

核查意见 华泰联合证券有限责任公司 关于沐曦集成电路（上海）股份有限公司 募投项目实施周期及使用部分闲置募集资金 进行阶段性现金管理的核查意见 核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券""保荐机构"或"保 荐人"）作为沐曦集成电路（上海）股份有限公司（以下简称"沐曦股份"或"公 司"）首次公开发行股票并在科创板上市持续督导阶段的保荐机构，根据《证券 发行上市保荐业务管理办法》《科创板上市公司持续监管办法（试行）》《上海证 券交易所科创板股票上市规则》《上海证券交易所科创板上市公司自律监管指引 第 1 号——规范运作》等有关规定，对沐曦股份募投项目实施周期及使用部分闲 置募集资金进行阶段性现金管理事项进行审慎核查，具体核查情况如下： 一、保荐人进行的核查工作 | 序号 | 项目名称 | 投资总额 | 拟使用募集资金投 入金额 | | --- | --- | --- | --- | | 1 | 研发及产业化项目 新型高性能通用GPU | 340,992.38 | 245,919.76 | | 1.1 | 其中：第二代高性能通用 GPU | 136,977.30 | 84,101.70 | | 1 ...