Core Insights - The debut of domestic GPU leader Muxi Co., Ltd. (688802.SH) on the STAR Market saw a staggering increase of 568.83%, setting a new record for single-sign profits in the A-share market [2] - Muxi's performance, alongside that of another domestic GPU company, Moer Thread (688795.SH), highlights the strong profit potential in the 2025 A-share new stock market [3] Market Performance - In 2025, the A-share new stock market exhibited a clear trend of "stable volume, improved quality, and expanded gains," with an average first-day increase of 257% for 104 newly listed stocks [4] - The year 2025 is established as the "most profitable year for new stocks" in the past three years, with previous years showing average first-day gains of 30.2%, 66.45%, and 252.76% [4] - Notably, four stocks recorded first-day gains exceeding 500%, while 31 stocks saw increases between 300% and 500%, indicating a high likelihood of substantial returns for investors [4] Sector Analysis - The average first-day gain for new stocks on the STAR Market was 244%, with several stocks achieving significant profits for investors [5] - The leading sectors for first-day gains included machinery, electrical equipment, electronics, and non-ferrous metals, reflecting a robust market environment driven by economic recovery and capital market reforms [6] Investment Landscape - The competition for the highest single-sign profit in 2025 is primarily between GPU companies Muxi and Moer Thread, both of which have significantly benefited investors [7] - Institutional investors in Muxi have seen substantial returns, with some experiencing over tenfold gains [7] - Since the resumption of new stock issuance in 2014, Muxi has achieved the highest single-sign profit among over 2900 listed stocks, with Moer Thread ranking third [8] Industry Trends - The electronics and electrical equipment sectors are identified as key areas for wealth generation in 2025, particularly within the semiconductor industry [8] - The market's high valuations for hard technology companies reflect a broader recognition of China's technological advancements and the shift towards self-sufficiency in critical areas [9] - The ongoing transformation of China's technology sector, supported by policy and market demand, is fostering a new wave of innovation and competitiveness [9][10]

本文字数：2487，阅读时长大约4分钟 作者 | 第一财经 魏中原 12月17日，国产GPU领军企业沐曦股份（688802.SH）登陆科创板，开盘暴涨568.83%，盘中最 高价报895元，以此计算，中一签（500股）的投资者浮盈逼近40万元，一举刷新了近十年A股新股 上市首日的单签盈利纪录，将市场的打新热情推向沸点。 沐曦股份首日大涨成为2025年A股新股市场"中签必赚"的炽热注脚。就在十余日前，被称为"国产 GPU第一股"的摩尔线程（688795.SH）上市首日录得425.46%的涨幅，单签盈利超过24万元。 事实上，沐曦与摩尔的耀眼表现，仅是2025年新股市场强劲赚钱效应的一个缩影。 赚钱效应显著升温：平均涨幅创三年新高 回顾2025年全年，A股新股市场呈现出明确的"量稳质升、涨幅扩大"特征。 据第一财经记者统计， 年内已上市的104只新股，首日平均涨幅达到257%，意味着中签投资者在上市首日平均可获得超过 发行价两倍半的回报。 2025.12. 17 三倍的日内收益，"闭眼打新"的幸福感再度回归。 值得注意的是，自2014年新股恢复发行以来，A股累计上市新股已逾2900只，沐曦股份成为其间单 签盈利最 ...

Market Performance - On December 17, A-shares saw significant gains, with the Shanghai Composite Index rising by 1.19% to 3870.28 points, the Shenzhen Component Index increasing by 2.4% to 13224.51 points, and the ChiNext Index climbing by 3.39% to 3175.91 points, marking the largest single-day increases for these indices in several months [2][4] - The total trading volume across the Shanghai, Shenzhen, and Beijing markets reached approximately 1.83 trillion yuan, an increase of over 86 billion yuan compared to the previous day, marking the third consecutive trading day with a volume below 2 trillion yuan [5] ETF Activity - Several broad-based ETFs experienced a surge in trading volume, with notable increases such as the A500 ETF trading 14.1 billion yuan, up over 3 billion yuan from the previous day, and the CSI A500 ETF trading 7.3 billion yuan, up about 1 billion yuan [1] - The increase in ETF trading volume is seen as a positive signal for the market, indicating that institutional funds are actively participating, which has attracted additional retail investors [1] Individual Stock Highlights - Muxi Co., Ltd. (沐曦股份) debuted on the STAR Market, with its stock price soaring by 693% to close at 829.9 yuan per share, resulting in a profit of approximately 360,000 yuan for a single subscription [7] - Muxi Co. has become the third-highest priced stock in A-shares, with a total market capitalization exceeding 330 billion yuan [7] Sector Performance - Among the 31 sectors tracked, most saw gains, particularly in telecommunications, non-ferrous metals, and electronics, which rose by 5.07%, 3.03%, and 2.48% respectively [5] - The sectors with the highest net inflows included communication equipment, electronic components, and energy metals, while aerospace, commercial retail, and agriculture saw the largest net outflows [5] Market Sentiment and Outlook - Analysts suggest that the recent market rally may be a technical rebound following previous declines, with cautious sentiment still prevailing due to ongoing economic recovery uncertainties [10][11] - The market is expected to continue its upward trajectory, supported by policy initiatives and improving capital market conditions, although investors are advised to monitor macroeconomic data and policy developments closely [11]

Core Viewpoint - Muxi Co., Ltd. (688802.SH) experienced a significant stock price surge of 692.95% on its first trading day, leading to substantial gains for institutional investors and retail investors alike [2][3]. Group 1: Stock Performance - On December 17, Muxi Co., Ltd. was listed with an initial price of 104.66 CNY per share, reaching a peak of 895 CNY per share during trading, and closing at 829.90 CNY per share, resulting in a total market capitalization of 332 billion CNY [2][3]. - The stock's closing price represented an increase of 725.24 CNY per share compared to the issuance price, with a trading volume turnover rate of 84.72% [2]. Group 2: Institutional Investors - Major investors in Muxi Co., Ltd. saw their holdings exceed 10 billion CNY, with notable figures including: - Ge Weidong and his firm Chaos Investment holding shares worth 22.356 billion CNY [4]. - Six funds under Jingwei Venture Capital holding shares valued at 15.313 billion CNY [6]. - Sequoia Capital's two companies holding shares worth 12.504 billion CNY [7]. - Institutional investors participating in the offline subscription collectively subscribed to 22.829 million shares, investing approximately 2.389 billion CNY, with potential gains exceeding 16.557 billion CNY on the first trading day [8][9]. Group 3: Retail Investors - Retail investors who successfully subscribed to one lot (500 shares) could earn a profit of 362,600 CNY if they did not sell on the first day, and up to 395,200 CNY if sold at the peak price [9]. - The total floating profit for offline investors, if all shares were held, could exceed 16.557 billion CNY, with 10.411 billion CNY from restricted shares [9][10]. Group 4: Future Considerations - A portion of the shares allocated to institutional investors is subject to lock-up periods of 6 to 9 months, meaning the actual profit and loss situation will need to be assessed after these shares are unlocked [11].

Core Insights - Muxi Integrated Circuit (Shanghai) Co., Ltd. officially listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 17 [2] - The company is a leading domestic player in high-performance general-purpose GPU products, focusing on AI training and inference, general computing, and graphics rendering [2][3] - Muxi has developed a series of core technologies with independent intellectual property rights, overcoming technical bottlenecks in high-performance GPU chips and computing platforms [2][3] Company Performance - Muxi's product innovation has led to continuous updates, with the launch of the Xisi N series GPU for intelligent computing inference and the Xiyun C series GPU for training and general computing [3] - The Xiyun C500 series chip, launched in 2023, has achieved leading computational power levels domestically, with cumulative sales of over 25,000 units expected by March 2025 [3] - The company reported a compound annual growth rate (CAGR) of 4074.52% in revenue over the past three years, with revenue reaching 915 million yuan in the first half of 2025, surpassing the total revenue for 2024 [4] Future Plans - Muxi plans to use the funds raised from its IPO to invest in new high-performance general-purpose GPU R&D and industrialization projects, as well as AI inference GPU projects [4] - The company is constructing an ecosystem and commercial layout termed "1+6+X," focusing on providing high-efficiency and versatile computational support for cloud computing across various industries, including finance, healthcare, energy, education, transportation, and entertainment [3]

Core Viewpoint - Muxi Co., Ltd. (688802.SH) experienced a significant stock price surge of 692.95% on its first trading day, leading to substantial gains for institutional investors and retail participants [2][5]. Summary by Sections Stock Performance - Muxi Co., Ltd. listed on December 17 with an initial price of 104.66 CNY per share, reaching a peak of 895 CNY before closing at 829.90 CNY, resulting in a total market capitalization of 332 billion CNY, ranking fifth among companies on the Sci-Tech Innovation Board [2][5]. Institutional Investors - Major investors, including private equity firms, saw their holdings exceed 10 billion CNY in value. Notable figures include: - Ge Weidong's Chaos Investment, holding shares worth 223.56 billion CNY [3]. - Jingwei Venture Capital's six funds, with a total holding value of 153.13 billion CNY [4]. - Sequoia Capital's two companies, holding shares valued at 125.04 billion CNY [4]. Offline Subscription Gains - Institutional investors participating in offline subscriptions collectively subscribed to 22.83 million shares, investing approximately 2.39 billion CNY. If they did not sell on the first day, their total unrealized gains would exceed 16.56 billion CNY, with locked shares contributing 10.41 billion CNY to this figure [5][8]. Retail Investor Gains - Retail investors who subscribed for 500 shares could earn 362,600 CNY if they held onto their shares without selling. If sold at the peak price, the profit could reach 395,200 CNY [5][6]. Fund Distribution - Public funds were the primary beneficiaries of the offline allocation, with 94 public funds acquiring a total of 13.39 million shares, amounting to 1.40 billion CNY. The top-performing funds included: - E Fund, with 194,090 shares and a gain of 1.41 billion CNY [6][7]. - Southern Fund, with 185,960 shares and a gain of 1.35 billion CNY [6][7]. Private Equity Participation - Among private equity firms, 110 firms participated in the offline allocation, with a total of 367,500 shares acquired, amounting to 38.46 million CNY. Notably, 46 large private equity firms accounted for 90.73% of the total allocation [6][7].

Group 1 - The core point of the news is the significant performance of new stocks in the A-share market in 2025, highlighted by the debut of domestic GPU companies, Mu Xi Co., Ltd. and Mo Er Thread, which achieved record-breaking first-day gains [1][2][4] - Mu Xi Co., Ltd. opened with a surge of 568.83%, reaching a peak price of 895 yuan, setting a new record for single-sign profits in the A-share market, with investors potentially earning close to 400,000 yuan [1] - The average first-day gain for new stocks in 2025 reached 257%, marking it as the most profitable year for new stocks in the past three years, with previous years showing average gains of 30.2%, 66.45%, and 252.76% respectively [2] Group 2 - The electronic and power equipment sectors emerged as the primary wealth-generating industries in 2025, with significant first-day gains from new stocks, particularly in the semiconductor sector [5] - The strong performance of new stocks is attributed to multiple factors, including improved market risk appetite due to economic recovery expectations and stricter quality control for listed companies, leading to a supply of high-quality stocks in high-growth sectors [3][6] - The market's high valuation of hard technology companies reflects the rise of China's technology industry, with breakthroughs in domestic GPU chip technology marking a significant leap in self-sufficiency in core areas of artificial intelligence computing power [6][7]

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. has successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, with a significant first-day stock price increase of 692.95%, reaching a market capitalization of over 332 billion yuan [1] Group 1: Company Overview - Muxi Co. is a leading domestic enterprise in high-performance general-purpose GPU products, focusing on the independent research and development of full-stack high-performance GPU chips and computing platforms [1] - Since its establishment in 2020, Muxi has accumulated core technologies including GPU IP, GPU SoC, high-speed interconnects, and GPU software, achieving breakthroughs in high-performance GPU chip technology [1] - As of March 2025, the company holds 245 domestic invention patents, 3 integrated circuit layout design rights, and 25 software copyrights [1] Group 2: Product Development - Muxi has launched the Xisi N series GPU for intelligent inference and the Xiyun C series GPU for training and general computing, with the Xiyun C500 series chip achieving leading performance levels domestically in 2023 [2] - The company plans to officially release the Xiyun C600 in October 2025, which will utilize Muxi's proprietary core GPU IP and establish a closed-loop domestic supply chain from chip design to packaging and testing [2] - By March 2025, Muxi's GPU product sales have exceeded 25,000 units [2] Group 3: Financial Performance - Muxi has achieved a remarkable compound annual growth rate (CAGR) of 4074.52% in revenue over the past three years, with revenue in the first half of 2025 reaching 915 million yuan, surpassing the total revenue for 2024 [2] - The company currently has an order backlog amounting to 1.43 billion yuan [2] Group 4: Market Strategy - Muxi is constructing a "1+6+X" ecosystem and business layout, focusing on applying artificial intelligence across various industries, including finance, healthcare, energy, education, transportation, and entertainment [3] - The company's GPU products have been deployed in multiple national AI public computing power platforms and commercial intelligent computing centers, achieving large-scale applications in over 10 intelligent computing clusters [3] - Muxi is one of the few GPU suppliers in China to realize large-scale commercial applications of "thousand-card clusters" [3]

2025.12. 17 本文字数：2008，阅读时长大约4分钟 作者 | 第一财经 黄思瑜 沐曦股份（688802.SH）上市首日大涨692.95%，机构网下打新浮盈超160亿元，网上投资者若未 卖出，中一签可赚36.26万元。 12月17日，沐曦股份上市，发行价为104.66元/股，盘中股价最高冲至895元/股，随后有所回落， 收盘上涨692.95%，报829.90元/股，每股相较发行价上涨了725.24元，全天换手率为84.72%。 当日该股票总市值达到3320亿元，在科创板上市公司中位居第五位。 沐曦股份的多家投资方，持股市值超过百亿元。按照17日收盘价计算，私募大佬葛卫东及其实际控 制的混沌投资持股市值达223.56亿元；经纬创投名下6只基金持股市值为153.13亿元；红杉资本所 属两家公司持股市值为125.04亿元。 网下打新的机构投资者也大幅浮盈。网下投资者缴款认购2282.9081万股，出资约23.89亿元。其 中，847.3473万股无限售，1435.5608万股限售。若上市首日全部未卖出，网下投资者合计浮盈超 165.57亿元；其中限售股浮盈104.11亿元。 多家投资方持股市值超百亿元 沐 ...

Core Viewpoint - The article highlights the successful IPO of domestic GPU company Muxi Co., Ltd. on the STAR Market, reflecting the urgent demand for GPU localization in China, with a total fundraising of approximately 4.197 billion yuan [1]. Group 1: Market Demand and Growth - The AI and digitalization wave has elevated the strategic importance of GPUs, with the Chinese AI intelligent computing GPU market expected to grow from 14.286 billion yuan in 2020 to 99.672 billion yuan in 2024, representing a compound annual growth rate (CAGR) of 62.5% [3]. - By 2029, the market is projected to exceed 1.03 trillion yuan, with GPU servers dominating 70% of the accelerated server market in China by 2024 [3]. - The global GPU market is currently dominated by international leaders, with NVIDIA holding a 66% market share in the Chinese AI accelerator market in 2024, indicating significant room for domestic manufacturers to grow [3]. Group 2: Muxi's Strategic Positioning - Muxi Co., Ltd. has targeted the high-value segment of the industry chain by focusing on general-purpose GPUs for data centers, aligning closely with the core business directions of leading international companies [4]. - The company has developed a complete self-controlled system from hardware design to software stack optimization, with its main product, the Xiyun C500, matching the performance of NVIDIA's A100 [4]. - Muxi's proprietary MetaXLink high-speed interconnect technology has achieved bandwidth performance comparable to NVIDIA's flagship H200 product, showcasing its competitive edge [4]. Group 3: R&D Investment and Team Expertise - Muxi has committed to substantial R&D investments, with expenditures of 648 million yuan, 699 million yuan, and 900 million yuan from 2022 to 2024, representing R&D revenue ratios of 151,857.63%, 1,317.63%, and 121.24% respectively [6]. - The founding team, with extensive experience from AMD, has a deep understanding of GPU architecture design and software ecosystem development, ensuring effective collaboration and strategic execution [7]. - As of March 2025, 74.94% of Muxi's workforce is dedicated to R&D, with a strong patent portfolio of 255 authorized patents, including 245 invention patents, establishing a solid technological barrier [7]. Group 4: Competitive Strategy and Market Position - Muxi has adopted a "asymmetric breakthrough" strategy, focusing on specific technology routes and vertical scenarios to build competitive advantages without direct confrontation with international giants [8]. - The company has developed a software stack, MXMACA®, that is compatible with over 6,000 CUDA open-source applications, facilitating rapid ecosystem development [8]. - Muxi's product matrix includes the Xiyun C series for training and inference, the Xisi N series for AI inference, and the Xicai G series for graphics rendering, strategically targeting the booming AI model training and intelligent computing center construction in China [9]. Group 5: Commercialization and Ecosystem Development - Muxi's core product, the Xiyun C500 series, began mass production in February 2024, with cumulative sales exceeding 25,000 units by March 2025, and revenue skyrocketing from 426,400 yuan in 2022 to 743 million yuan in 2024, reflecting a CAGR of 4,074.52% [10]. - The company has established compatibility with major operating systems and AI frameworks, enhancing its competitive advantage and accelerating its market share growth [10]. - Muxi's rapid commercialization and ecosystem adaptation position it favorably against competitors, contributing to its sustained market share increase [10]. Group 6: Future Outlook - Muxi's "asymmetric breakthrough" approach is seen as a key driver for the overall advancement of China's GPU industry, aligning with national strategies for technological self-reliance [11]. - The successful IPO is expected to inject continuous R&D funding into the company, fostering collaborative development within the domestic GPU industry chain [12].