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！ 来源：环球老虎财经app 资本市场的"造神"叙事再度上演。国产GPU新锐沐曦股份上市首日涨幅接近700%，市值单日增长超过 2900亿元，成为2025年迄今最引人注目的"肉签"。而在这场资本盛宴中，私募大佬葛卫东凭借早期布 局，一战浮盈超200亿元，成为最耀眼的赢家。 国产GPU板块再度点燃市场热情。 12月17日，被誉为"国产GPU第二股"的沐曦股份成功登陆资本市场。上市首日，其股价盘中最高触及 895.00元/股，尽管收盘时有所回落，但仍报收于829.90元/股，单日涨幅高达692.95%。 以发行价计算，沐曦股份市值约为418.75亿元；而至收盘时，其市值已攀升至3320.43亿元，单日增长超 过2901.68亿元。无论在市值、股价还是涨幅上，沐曦股份均超越了此前上市的"国产GPU第一股"摩尔 线程。 在参与打新的机构中，易方达、南方基金和工银瑞信获配数量居前。以上市首日收盘价估算，这三家机 构的浮盈分别达到约14.08亿元、13.49亿元和12.38亿元。 此外，私募大佬葛卫东有望成为沐曦股份上市后的最大赢家。根据相关公告，葛卫 ...

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, with a significant first-day stock price surge, closing at 829.9 yuan per share, marking a 692.95% increase from the IPO price of 104.66 yuan per share [1][2]. Group 1: IPO and Market Performance - The initial public offering (IPO) involved the issuance of 40,100,000 new shares, with no existing shares being sold [1]. - On the first trading day, Muxi's stock opened above 600 yuan and closed at 829.9 yuan, making it the third highest stock in the A-share market, following Kweichow Moutai and Cambricon Technologies [1]. - The initial subscription rate for online investors was 0.02223023%, which increased to 0.03348913% after the allocation mechanism was activated, indicating a highly competitive environment for new investors [2]. Group 2: Investor Participation and Strategic Allocation - Notable institutional investors participated in the strategic allocation, including the National Artificial Intelligence Industry Investment Fund, which received 955,474 shares, accounting for 2.38% of the total issuance [3]. - The total shares allocated to strategic investors amounted to 760,541.9 thousand shares, representing 18.97% of the total issuance [4]. Group 3: Financial Insights and Future Projections - Muxi's IPO raised a total of 4.197 billion yuan, with a net amount of 3.899 billion yuan intended for GPU research and industrialization projects [10]. - The company aims to reach a breakeven point by 2026, contingent on technological advancements and market development [11][12]. - Muxi has plans for new product launches, including the Xiyun C600 series, expected to enter risk mass production by the end of this year, and the next-generation Xiyun C700 series, which will be based on domestic supply chains [12][13]. Group 4: Market Context and Competitive Landscape - The AI computing power sector is experiencing strong demand, driven by domestic trends and the need for localized supply chains, which positions Muxi favorably in the market [8]. - However, Muxi faces challenges similar to other listed companies in the sector, such as the need for sustainable profitability and competition against established players like NVIDIA [9][13].

2025.12.17 本文字数：2672，阅读时长大约5分钟 作者 |第一财经 周楠 继摩尔线程之后，又一国产GPU龙头登陆A股市场，再度点燃市场热情。12月17日，沐曦股份 （688802.SH）登陆科创板，上市首日涨幅高达692.95%。当天，三大指数悉数收涨，创业板涨超3%。 当前，距离2025年收官仅剩10个交易日，市场调整将如何演绎？跨年行情又会否如期而至？多家券商做 出了预判。 "考虑本轮上涨行情的底层逻辑并未动摇，我们认为市场中期趋势仍然向好。"中金公司研究部国内策略 首席分析师李求索说。 对于跨年行情，第一财经梳理发现，券商首席普遍持乐观预判。国泰海通首席策略分析师方奕认为，交 易层面，保收益降仓位已步入尾声，岁末年初的再配置与机构资金回流有望改善市场流动性和活跃成 交，跨年攻势已经开始。 资金层面上，有券商提到，近期，A股成交额和换手率再度回升，显示资金正在积极寻找跨年行情的机 会。 资金面和情绪面现回暖迹象 12月17日，三大指数集体反弹，截至收盘，沪指报收3870.28点，涨1.19%；深成指和创业板指分别收涨 2.4%和3.39%。两市成交额1.81万亿，较上一交易日增加约870亿元。 ...

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 individual shareholders [1][4]. Group 1: Stock Performance - The stock was listed at an initial price of 104.66 CNY per share and peaked at 895 CNY per share during trading, closing at 829.90 CNY, resulting in a total market capitalization of 332 billion CNY, ranking fifth among companies listed on the Sci-Tech Innovation Board [1][4]. - The trading volume on the first day was high, with a turnover rate of 84.72% [1]. Group 2: Institutional Investors - Major investors, including private equity firms, saw their holdings exceed 10 billion CNY in value. For instance, Ge Weidong's Chaos Investment held shares worth 22.356 billion CNY, while funds under Jingwei Venture Capital had a combined value of 15.313 billion CNY [2][3]. - Other notable investors included Sequoia Capital, which held shares valued at 12.504 billion CNY, and various funds under Dongfang Fuhai, which collectively held shares worth 8.445 billion CNY [3]. Group 3: Investor Gains - Offline institutional investors collectively subscribed to 22.829 million shares, investing approximately 2.389 billion CNY. If they did not sell on the first day, their total unrealized gains would exceed 16.557 billion CNY, with locked shares contributing 10.411 billion CNY to this figure [4][6]. - Online investors who subscribed for 500 shares could earn 362,600 CNY if they held onto their shares, with potential gains reaching 395,200 CNY at the peak price [4]. Group 4: Distribution of Shares - A total of 200 public and private equity institutions participated in the offline allocation, acquiring 13.759 million shares for a total investment of 1.44 billion CNY [5]. - Public funds were the primary recipients of the allocation, with 94 public funds acquiring 13.392 million shares, leading to significant unrealized gains for top-performing funds like E Fund and Southern Fund [5].

12月17日，沐曦股份登陆科创板，上市首日盘中最高涨幅达到755.15%，总市值一度超越"摩王"摩尔线 程。 截至收盘，该股涨幅回落至692.95%，报829.9元/股，总市值达3320亿元，超越摩尔线程成为A股第三高 价股。 目前，贵州茅台、寒武纪股价均超1000元，居A股第一、第二位。沐曦股份、摩尔线程、源杰科技紧随 其后，股价均超500元。 （文章来源：21世纪经济报道） ...

2025.12. 17 本文字数：2672，阅读时长大约5分钟 作者 | 第一财经 周楠 继摩尔线程之后，又一国产GPU龙头登陆A股市场，再度点燃市场热情。12月17日，沐曦股份 （688802.SH）登陆科创板，上市首日涨幅高达692.95%。当天，三大指数悉数收涨，创业板涨超 3%。 当前，距离2025年收官仅剩10个交易日，市场调整将如何演绎？跨年行情又会否如期而至？多家券 商做出了预判。 "考虑本轮上涨行情的底层逻辑并未动摇，我们认为市场中期趋势仍然向好。"中金公司研究部国内 策略首席分析师李求索说。 对于跨年行情，第一财经梳理发现，券商首席普遍持乐观预判。国泰海通首席策略分析师方奕认为， 交易层面，保收益降仓位已步入尾声，岁末年初的再配置与机构资金回流有望改善市场流动性和活跃 成交，跨年攻势已经开始。 资金层面上，有券商提到，近期，A股成交额和换手率再度回升，显示资金正在积极寻找跨年行情的 机会。 资金面和情绪面现回暖迹象 12月17日，三大指数集体反弹，截至收盘，沪指报收3870.28点，涨1.19%；深成指和创业板指分 别收涨2.4%和3.39%。两市成交额1.81万亿，较上一交易日增加约870 ...

Core Insights - The article highlights the successful IPO of domestic GPU chip company Muxi Co., known as the "Chinese version of AMD," which took place on December 17, following the remarkable debut of another GPU company, Moore Threads, on December 5 [1][2][3] Company Overview - Muxi Co. has a core team with significant experience from AMD, including its CEO and chief architects, indicating strong technical capabilities in the GPU sector [5][12] - The company focuses on the research, design, and sales of full-stack GPU products for artificial intelligence training, inference, general computing, and graphics rendering [6][13] IPO Performance - Muxi Co.'s IPO was marked by a dramatic opening price of 700 CNY per share, a 568.83% increase from its issue price of 104.66 CNY, closing at 829.90 CNY, representing a 692.95% rise on its first day [2][3][9] - The total market capitalization reached 332 billion CNY on the first trading day, reflecting strong investor interest [3][10] Market Dynamics - The IPO attracted significant attention, with 269 offline investors and 517,000 online investors participating, resulting in a low online winning rate of 0.0335% [3][11] - The limited float of shares, with only 4.5% of total shares available for trading, contributed to high volatility and trading activity, with a turnover rate exceeding 70% on the first day [4][11] Financial Projections - Muxi Co. aims to raise 3.904 billion CNY through the IPO, primarily for the development of high-performance GPUs and AI inference technologies [6][14] - Revenue projections show significant growth, with expected revenues of 743 million CNY in 2024 and 1.236 billion CNY in the first three quarters of 2025, marking a 453.52% year-on-year increase [6][14] Industry Outlook - The global GPU market is projected to reach 3.611974 trillion CNY by 2029, with the Chinese market expected to grow to 1.363578 trillion CNY, increasing its share from 30.8% in 2024 to 37.8% by 2029 [7][14] - Muxi Co. is positioned to capitalize on the rising demand for AI and GPU technologies, although concerns remain about the sustainability of its stock price surge [5][14]

Core Viewpoint - Muxi Co., Ltd. successfully listed on the STAR Market, achieving a significant first-day increase in stock price and market capitalization, indicating strong investor interest and confidence in the company's growth potential [2]. Company Overview - Muxi Co., Ltd. was established in 2020 and is recognized as a leading domestic high-performance general-purpose GPU enterprise, focusing on the independent research and development of high-performance GPU chips and computing platforms [4]. - The company aims to provide high-efficiency and versatile computing power support for cutting-edge fields such as intelligent computing, general computing, and cloud rendering, contributing to the development of the digital economy [4]. - As of March this year, Muxi has obtained 255 domestic patents, including 245 invention patents, 8 utility model patents, and 2 design patents, along with 5 overseas patents [4]. Financial Highlights - On December 17, Muxi Co., Ltd. debuted on the STAR Market with an opening price of 700 yuan, marking a 568.8% increase, and closed with a 693% rise, resulting in a market capitalization of 332 billion yuan [2]. - The company issued 40.1 million shares at a pricing of 104.66 yuan per share, raising a total of 4.186 billion yuan, which will be primarily allocated to the development and industrialization of new high-performance general-purpose GPUs and next-generation AI inference GPUs [2]. Industry Context - The IC PARK, where Muxi Technology is located, focuses on technology services and aims to support innovation and growth for enterprises, indicating a conducive environment for tech companies [6]. - The park has successfully facilitated the listing of several companies, showcasing its role as a significant hub for emerging tech firms [6]. - The Zhongguancun Integrated Circuit Design Park, which includes Muxi Technology, has become a key area for the development of the integrated circuit industry, housing over 100 IC design enterprises and fostering a diverse range of industry clusters [8].

Core Viewpoint - Muxi Co., Ltd., recognized as the "second domestic GPU stock," officially listed on the STAR Market on December 17, with a significant first-day price increase of 692.95%, closing at 829.90 yuan per share, resulting in a total market capitalization of 332 billion yuan [1][2]. Company Overview - Muxi Co., Ltd. was established in 2020, focusing on the independent research and development of high-performance GPU chips and computing platforms, primarily for artificial intelligence training, inference, general computing, and graphics rendering [1]. - The company aims to provide a complete software stack and computing platform alongside its GPU products [1]. IPO Details - The IPO price was set at 104.66 yuan per share, making it the second highest for STAR Market new shares in 2023, following Moer Technology's 114.28 yuan per share [1]. - The funds raised from the IPO will be allocated to projects for developing new high-performance general-purpose GPUs, next-generation AI inference GPUs, and high-performance GPU technology for emerging applications [1]. Market Response - Muxi's stock issuance attracted significant interest, with a low subscription rate of 0.03348913%, indicating strong demand from investors [2]. - Strategic investors, including the National Artificial Intelligence Industry Investment Fund, China Telecom, JD.com, and Meituan, participated in the subscription, highlighting the recognition of the domestic high-end chip sector [2]. Collaborations and Partnerships - Several listed companies have expressed interest in collaborating with Muxi, including Dashi Intelligent, which is exploring AI and IoT applications with Muxi [2]. - Kehua Data announced a joint project with Muxi to develop high-density liquid-cooled computing solutions [2]. - Chunzong Technology reported a 0.21% shareholding in Muxi following its IPO [2]. Financial Performance - Muxi is currently operating at a loss, with projected revenues of 42.64 million yuan in 2022, 530.21 million yuan in 2023, and 743 million yuan in 2024, while net losses are expected to reach 7.77 billion yuan, 8.71 billion yuan, and 14.09 billion yuan respectively [3]. - For the first three quarters of 2025, the company reported revenues of 1.236 billion yuan and a net loss of 346 million yuan [3]. - Muxi anticipates reaching a breakeven point by 2026, contingent on market conditions and customer acquisition [3]. Industry Trends - The domestic GPU market is heating up, with Muxi and Moer Technology leading the charge, while other companies in the "four little dragons" of domestic GPUs are also moving towards public listings [3]. - Wall Street has noted that Wall Street has recognized the potential of the GPU sector, with companies like Biran Technology and Suiyuan Technology also preparing for IPOs [3].

格隆汇12月17日｜据一财，沐曦股份联合创始人、CTO兼首席硬件架构师彭莉表示，GPU是一个超级复 杂的系统工程，研发动辄上千人，需要所有事情都做对才能成功，有一件事做错了，就是一个失败品。 而沐曦股份目前已经基于曦云、曦思、曦彩三大系列产品构建了全栈式的GPU的IP体系，接下来也会通 过进一步对MXMACA软件栈进行开源开放，希望打造世界一流的GPU芯片及计算平台。 ...