Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. has successfully listed on the STAR Market, with an opening price of 700 yuan, representing a rise of over 568% from the issue price [2]. Group 1: Company Overview - Muxi was established in September 2020 and has rapidly developed into a leading domestic high-performance general-purpose GPU company [2]. - The company has achieved a remarkable 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 [5]. - Muxi has successfully commercialized large-scale deployment of thousand-card clusters, positioning itself among the few companies in China to achieve this milestone [5]. Group 2: Investment and Team - The lead investor, Zhu Jia from Guanghe Venture Capital, emphasized the importance of Muxi's top-tier team, which spans from GPU chips to systems, hardware to software architecture [5]. - Muxi's core team consists of members with over 20 years of experience in high-performance GPU design and production, primarily sourced from leading international chip manufacturers [6]. - The founders of Muxi, who previously worked at AMD China, possess extensive experience in the entire process from research and development to mass production, making their team composition rare in the industry [6][7]. Group 3: Market Potential and Future Outlook - The demand for computing power is expected to be a long-term and substantial market, with Zhu Jia drawing parallels to previous successful investments in the sector [9]. - Muxi's ability to attract top engineering talent and build a strong team has instilled confidence in its future growth prospects [9]. - The company aims to support China's digital economy by providing a self-controlled computing power foundation, aligning with the broader trend of technological innovation driving societal change [5][9].

要理解这场资本盛宴，得先认识幕后的两位关键人物。沐曦股份的创始人陈维良，是典型的"技术派"。 他做了近20年GPU设计研发，是芯片设计的一线老将，他的创业更像是一次技术攻坚。 而摩尔线程的创始人张建中，他曾是英伟达中国的掌舵人，擅长打造生态和开拓市场。 不同的出身，注定让他们选择了不同的路。 陈维良带领沐曦股份，选择了最硬核、最专注的路线：主攻云端算力。他们的目标很明确，就是为AI 大模型训练提供国产算力"发动机"。 中一签可赚36万！A 股新"芯"贵沐曦股份上市首日狂涨692.95%，国产GPU双雄的资本对决，今天正式 打响！ 今天，A股又迎来一位"芯"贵。 沐曦股份今日首发上市，股价开盘直接飙涨568%，截至12月17日收盘，沐曦股份每股报收829.9元，总 市值3320.43亿，中一签（500股）就能赚36万。这热度，甚至超过了摩尔线程。 国产GPU双雄，如今在资本市场正式会师。 而张建中执掌的摩尔线程，则布局更广，从智算中心到桌面游戏显卡，再到数字孪生和智能座舱，全面 铺开。 所以，你看，一场上市盛宴的背后，其实是国产GPU两条生存路线的缩影。 一条是技术派的"尖刀突破"，集中火力猛攻AI算力高地；另 ...

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。 各板块中，算力硬件概念表现活跃，中瓷电子（003031.SZ）、环旭电子（60123 ...

Core Insights - Muxi Co., Ltd., known as the "second domestic GPU stock," officially listed on the Sci-Tech Innovation Board, with its stock price surging by 693% at closing, resulting in a profit of 362,600 yuan per subscription [1] - The closing price reached 829.90 yuan per share, making it the third highest-priced stock in A-shares, with a total market capitalization exceeding 330 billion yuan [1] - The company aims to raise 4.197 billion yuan for projects related to high-performance GPU research and development, including AI inference and emerging application scenarios [1] Company Overview - Muxi Co., Ltd. focuses on high-performance GPU chips with independent core technology, covering AI training, inference, and graphics rendering [2] - The performance of the Xiyun C588 chip has significantly narrowed the gap with NVIDIA's H100, positioning it as a domestic leader [2] - The company has developed the MXMACA instruction set and software stack, which is compatible with the CUDA ecosystem, facilitating low migration costs [2] Investment and Support - Xiangjiang Guotou, a significant platform for state-owned capital investment in Xiangjiang New Area, participated in Muxi's Pre-B round financing, providing crucial support during a critical phase of product development [2] - The company is in a phase of technological breakthroughs and market expansion, necessitating stable long-term funding [2] - The investment strategy focuses on deepening the closed-loop model of "industry research leading investment, investment driving招商, and ecological empowerment of enterprises" [3]

Core Viewpoint - Muxi Co., Ltd. officially listed on the Sci-Tech Innovation Board on December 17, with an initial offering price of 104.66 yuan per share, experiencing a significant price surge on its first trading day, reaching a peak increase of over 700% to 895 yuan, and closing at 829.9 yuan [1] Company Performance - The company has made notable advancements in the development of domestic high-end GPUs, which has garnered significant attention in the capital market [1] - Muxi Co., Ltd. has established a comprehensive GPU IP system based on three major product series: Xiyun, Xisi, and Xicai [1] Future Plans - The company plans to further open-source the MXMACA software stack, aiming to create world-class GPU chips and computing platforms [1] - The CTO and co-founder, Peng Li, emphasized the complexity of GPU development, which requires a large team and precision in execution to avoid failures [1]

沪指12月17日上涨1.19%，申万所属行业中，今日上涨的有28个，涨幅居前的行业为通信、有色金属， 涨幅分别为5.07%、3.03%。电子行业位居今日涨幅榜第三。跌幅居前的行业为农林牧渔、国防军工、 煤炭，跌幅分别为0.54%、0.20%、0.11%。 资金面上看，两市主力资金全天净流入95.10亿元，今日有16个行业主力资金净流入，通信行业主力资 金净流入规模居首，该行业今日上涨5.07%，全天净流入资金64.49亿元，其次是电子行业，日涨幅为 2.48%，净流入资金为63.40亿元。 主力资金净流出的行业有15个，国防军工行业主力资金净流出规模居首，全天净流出资金48.70亿元， 其次是商贸零售行业，净流出资金为23.13亿元，净流出资金较多的还有汽车、农林牧渔、计算机等行 业。 电子行业今日上涨2.48%，全天主力资金净流入63.40亿元，该行业所属的个股共474只，今日上涨的有 372只，涨停的有4只；下跌的有98只，跌停的有1只。以资金流向数据进行统计，该行业资金净流入的 个股有197只，其中，净流入资金超亿元的有31只，净流入资金居首的是C沐曦-U，今日净流入资金 17.86亿元，紧随其后的是胜 ...

Core Viewpoint - The successful listing of Muxi Co., Ltd. on the STAR Market marks a significant milestone for domestic GPU companies, with the stock price soaring by 693% on its debut, leading to a market capitalization of 332 billion yuan [2][8]. Investment Highlights - Muxi Co., Ltd. had an initial public offering price of 104.66 yuan per share, which surged to a peak of 941.94 yuan during trading, closing at 829.90 yuan [2]. - The company’s original shareholders, including seven prominent investment institutions, saw a total paper profit of 75.3 billion yuan on the first day of trading [3]. - Notable investor Ge Weidong, through Shanghai Chaos Investment, holds 14.34 million shares, with a market value of 11.9 billion yuan based on the closing price, resulting in a paper profit of 11.09 billion yuan [3]. Investment Returns - The Jingwei investment group holds 18.45 million shares with an average cost of 41.52 yuan per share, resulting in a market value of 15.31 billion yuan and a paper profit of 14.54 billion yuan, achieving a return multiple of 20 times [4]. - The Sequoia Capital group holds 15.07 million shares at a cost of 53.03 yuan per share, with a market value of 12.5 billion yuan and a paper profit of 11.73 billion yuan, yielding a return multiple of 15.6 times [4]. - The Heli group holds 17.43 million shares at a cost of 13.39 yuan per share, with a paper profit of 14.22 billion yuan, ranking third in profit scale among investors [5]. Market Context - The listing is supported by favorable policies and market demand, with the STAR Market's "1+6" new policy facilitating the listing of unprofitable hard tech companies [7][8]. - The exit of NVIDIA from the Chinese market has created a significant market gap worth hundreds of billions of dollars, providing Muxi Co., Ltd. with substantial growth potential [8]. - Despite a projected net loss of 1.41 billion yuan in 2024, Muxi's core product, the Xiyun C600, is expected to enter risk production by the end of the year, which is a key factor supporting its high valuation [8].

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. has successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, becoming the second domestic GPU company to go public after Moore Threads, with a significant market response on its debut [1] Group 1: Company Overview - Muxi was founded in September 2020 by former AMD executive Chen Weiliang and two colleagues, focusing on the independent research and development of high-performance GPU chips and computing platforms [1] - The company’s products span three major areas: artificial intelligence training and inference, general computing, and graphics rendering [1] Group 2: Market Performance - On its first trading day, Muxi's stock price peaked at 895 CNY per share, representing a 755% increase from the issue price of 104.66 CNY, and closed at 829.9 CNY, a 693% rise, leading to a market capitalization exceeding 332 billion CNY [1] - The rapid growth from establishment to listing in just five years highlights the strong support from the capital market [1] Group 3: Shareholder Structure - As of the issuance date, Muxi had over 120 shareholders, including a diverse mix of national funds, top venture capital institutions, local state-owned assets, and industrial capital, providing a solid capital backing for the company's development [1] - Among the key investors, Jingwei Venture Capital has participated in six funding rounds, investing a total of 750 million CNY [4] Group 4: Investment Insights - Jingwei Venture Capital holds a total of 5.13% of Muxi's shares through six affiliated entities, demonstrating a strong commitment to the company's growth [4][8] - Recent investments by Jingwei in early 2023 amounted to approximately 400 million CNY, with a per-share cost of about 56.68 CNY, resulting in significant unrealized gains following the IPO [11]

Market Overview - The average stock price of A-shares is 13.65 yuan, with 167 stocks priced over 100 yuan, an increase of 11 from the previous trading day [1] - The Shanghai Composite Index closed at 3870.28 points, up 1.19%, while stocks priced over 100 yuan had an average increase of 7.08%, outperforming the index by 5.89 percentage points [1] Performance of High-Value Stocks - The highest closing price among stocks over 100 yuan is Kweichow Moutai at 1433.10 yuan, up 0.78%, followed by Cambrian and C Muxi at 1315.60 yuan and 829.90 yuan respectively [1] - In the past month, stocks priced over 100 yuan have averaged a 7.96% increase, while the Shanghai Composite Index has decreased by 3.01% [2] - Notable performers include Feiwo Technology, Zhenray Technology, and Changguang Huaxin, with increases of 109.92%, 85.35%, and 82.29% respectively [2] Stock Distribution by Industry - Among the high-value stocks, the electronics sector is the most represented with 67 stocks, accounting for 40.12% of the total [2] - The computer industry has 17 stocks, making up 10.18%, while the machinery equipment sector has 15 stocks, representing 8.98% [2] Institutional Ratings - Two stocks, SMIC and BGI Genomics, received buy ratings from institutions, with BGI Genomics being newly covered [3] Notable High-Value Stocks - A detailed list of high-value stocks includes Kweichow Moutai (1433.10 yuan, +0.78%), Cambrian (1315.60 yuan, +3.27%), and C Muxi (829.90 yuan, +692.95%) [3][4] - The trading volume and turnover rates for these stocks vary, with C Muxi showing a turnover rate of 0.85% and a net inflow of 17.86 billion yuan [2][3]

股价表现方面，特大单资金净流入超2亿元个股今日平均上涨20.12%，表现强于沪指。具体看，上述个 股今日全线上涨，股价以涨停收盘的有奕东电子、联特科技等。 所属行业来看，上述特大单净流入资金居前个股中，电子、通信、有色金属行业最为集中，上榜个股分 别有14只、9只、5只。（数据宝） 两市全天特大单净流入196.33亿元，其中54股特大单净流入超2亿元，C沐曦-U特大单净流入44.59亿 元，特大单净流入资金居首。 沪指今日收盘上涨1.19%。资金面上看，沪深两市全天特大单净流入196.33亿元，共计1973股特大单净 流入，2648股特大单净流出。 从申万一级行业来看，今日有19个行业特大单资金净流入，电子特大单净流入规模居首，净流入资金 90.90亿元，该行业指数今日上涨2.48%，其次是通信，今日上涨5.07%，净流入资金为64.23亿元，净流 入资金居前的还有有色金属、电力设备等行业。 特大单资金净流出的行业共有11个，净流出资金最多的是国防军工，特大单净流出资金32.82亿元，其 次是商贸零售，特大单净流出资金17.01亿元，净流出资金居前的还有农林牧渔、汽车等行业。 具体到个股来看，54股特大单净流 ...