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 ...

Group 1 - The core event is the successful listing of Muxi Co., Ltd. on the Shanghai Stock Exchange's Sci-Tech Innovation Board, marking it as the second domestic GPU leader to go public in A-shares, with a first-day opening price of 700 RMB, a surge of 568.83%, and a closing increase of 692.95%, leading to a market capitalization exceeding 332 billion RMB [1][4] - The listing reflects a significant demand in the secondary market for "fully functional high-end GPUs," indicating a shift in the market's focus towards domestic technology and innovation [1][2] - The Central Economic Work Conference has emphasized the dual-track deployment of "deepening and expanding 'Artificial Intelligence +'" and "improving AI governance," signaling a strategic shift towards systemic industrial empowerment [2] Group 2 - The emergence of domestic GPU companies like Muxi and Moer Thread represents a critical move towards achieving "computing power sovereignty" in China, breaking the long-standing monopoly held by global giants like NVIDIA [3] - Muxi Co., Ltd. has committed to independent research and development, aiming for a fully controllable process from instruction set architecture to software ecosystem, which has gained increasing support from national policies [3] - The funds raised from the IPO will be allocated to three major projects: the development and industrialization of new high-performance general-purpose GPUs, AI inference GPUs, and high-performance GPU technology for emerging applications, aiming to enhance the company's product line and technological reserves [5] Group 3 - The AI landscape in China is evolving, with companies like Zhipu AI emerging as strong contenders in the large model sector, boasting a valuation exceeding 40 billion RMB and significant commercial success [6][7] - Zhipu AI's annual recurring revenue has surpassed 140 million RMB, with a tenfold increase in subscription service users within two months of launching its flagship model, indicating a successful transition from technology to commercial value [7] - The company is expanding its revenue sources beyond traditional government clients to a broader developer community and enterprise customers, showcasing its potential in the post-ChatGPT era [7] Group 4 - The concept of "embodied intelligence" is gaining traction, with companies like Yushu Technology on the verge of becoming the first A-share listed company in this field, focusing on humanoid robots and aiming for mass production [8][9] - Yushu Technology plans to raise 3 billion RMB to expand its humanoid robot production line, with its G1 robot priced at 99,000 RMB, significantly lower than competitors like Tesla's Optimus, thus accelerating the commercial viability of humanoid robots [9] - The increasing demand for humanoid robots is driven by demographic changes and labor market shifts, positioning them as strategic resources rather than mere toys [9] Group 5 - The narrative of the Chinese AI industry is being shaped by companies like Muxi, Zhipu AI, and Yushu Technology, which are seen as the builders of China's future competitiveness in the global tech landscape [10] - The investment strategies of firms like Kun Yuan Asset emphasize long-term commitment to hard technology and alignment with national strategies, reflecting a broader vision for the future of AI and technology in China [10]

从实验室到资本市场，沐曦股份的上市既是企业成长的注脚，更是国产GPU产业突围的缩影。当资本与 技术共振，中国高端芯片的自主之路或将迎来更广阔的想象空间。 值得关注的是，沐曦股份此次IPO共发行4010万股，占总股本的10.02%，扣除发行费用后募集资金净额 达38.99亿元。这笔资金将重点投向三大核心方向："新型高性能通用GPU研发及产业化""新一代人工智 能推理GPU研发及产业化"以及"面向前沿领域及新兴场景的高性能GPU技术研发"。这三大项目精准锚 定了当前算力需求最迫切的领域——从通用计算到AI推理，再到元宇宙、自动驾驶等新兴场景，直指 国产GPU"补短板、强长板"的关键环节。 12月17日，中国GPU赛道再迎里程碑时刻——继摩尔线程之后，国内第二家GPU企业沐曦股份正式登陆 资本市场。其上市首日表现堪称惊艳：以568.83%的涨幅高开，股价直冲700元，若投资者中一签（500 股），单签盈利可达29.77万元，市场热情可见一斑。截至发稿，其市值已飙升至2800亿元，成为A股半 导体板块的新焦点。 近年来，全球GPU市场长期被海外巨头垄断，国内企业在高端算力芯片领域面临"卡脖子"挑战。摩尔线 程与沐曦股 ...

从数据来看，共有110家私募旗下的1897只产品获得了沐曦股份的网下配售，合计获配金额为3846.48万元。其中幻方量化获配490.8万元，衍复投资获配 468.14万元，九坤投资获配318.55万元，上述三家量化私募再度成为赢家。葛卫东是私募界的大佬，葛卫东在2022年7月的preB轮首次投资，发行前，葛卫东 与其控制的混沌投资持有7.48%的股份。沐曦股份开盘暴涨，葛卫东爆赚超100亿元。 12月16日，上交所公告，沐曦集成电路（上海）股份有限公司A股股票将在上交所科创板上市交易。该公司A股股本为40010万股，其中1813.8973万股于 2025年12月17日起上市交易。证券简称为"沐曦股份"，证券代码为"688802"。 每经编辑｜张锦河 12月17日，沐曦股份正式登陆科创板，成为继摩尔线程后又一家上市的国产GPU龙头。首日上市，公司股价一路狂奔，收盘时涨幅高达692.95%，按单签 500股计算，打新投资者首日盈利规模近36.26万元。若以盘中755.15%的最大涨幅测算，沐曦股份单签最大盈利达39.52万元。 这两项数据不仅双双超越近期"大肉签"摩尔线程，同时也助力沐曦股份登顶A股史上"最赚钱新 ...

Core Viewpoint - Mu Xi Co., Ltd. has successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, becoming the second domestic GPU company to do so after Moore Threads, with an initial public offering (IPO) price of 104.66 yuan per share and a market capitalization of 280.1 billion yuan at the opening [1][3]. Company Overview - Mu Xi was established in September 2020, with a registered capital of 360 million yuan before the IPO and 400 million yuan after [3]. - The company is recognized as a national-level specialized and innovative "little giant" enterprise [3]. - The IPO process took less than six months from acceptance to listing [3]. Financial Performance - The company expects to achieve revenue between 1.5 billion and 1.98 billion yuan in 2025, representing a year-on-year growth of 101.86% to 166.46% [6][8]. - The net profit attributable to the parent company is projected to be a loss of 762 million to 527 million yuan, a year-on-year decrease of 45.84% to 62.59% [6][8]. - For the first nine months of 2025, the company reported revenue of 1.236 billion yuan, with a significant reduction in losses, achieving a net profit of -346 million yuan, a year-on-year improvement of 55.79% [9][10]. Product Lines and Market Position - Mu Xi's main products cover three areas: AI computing, general computing, and graphics rendering, with cumulative GPU sales exceeding 25,000 units [20][23]. - The company has launched several GPU series, including the Xi Yun C series for training and inference, the Xi Si N series for AI applications, and the Xi Cai G series for graphics rendering [20][23]. Shareholder Structure - The company has a diverse shareholder base, including major players like China Telecom, JD.com, Meituan, and Lenovo, which participated in the strategic placement of shares [5][28]. - The largest shareholders include Shanghai Jiao Mai and the founder Chen Weiliang, who controls 22.94% of the voting rights [30][32]. Research and Development - Mu Xi employs 652 R&D personnel, accounting for 74.94% of its total workforce, and holds 255 domestic patents, including 245 invention patents [25]. - The company is focused on developing next-generation chips and has a strong team with extensive experience in high-performance GPU design [26][27].

Group 1 - The A-share market experienced a collective rebound, with the Shanghai Composite Index rising by 1.19%, the Shenzhen Component Index by 2.4%, and the ChiNext Index by 3.39%, with over 3600 stocks increasing in value [2][3] - The energy metals sector showed strong performance, with stocks like Shengxin Lithium Energy hitting the daily limit, and others like Rongjie Co. and Tianqi Lithium rising over 5% [3][15] - The newly listed stock, Muxi Co., saw a dramatic increase of 700% at opening, closing at 829.9 yuan, making it the third highest-priced stock in A-shares with a market capitalization of 3320.43 billion yuan [6][8] Group 2 - The precious metals sector, particularly silver, has outperformed gold this year, with silver prices increasing over 110%, while gold prices have remained relatively stable [10][11] - The lithium carbonate market is experiencing a surge, with prices rising by 7.61%, driven by supply disruptions and expectations of strong demand in the medium term [15][17] - The recent announcement from the Yichun Natural Resources Bureau regarding the potential cancellation of 27 mining rights has raised market interest, indicating possible supply constraints in the lithium sector [15][17]

Core Viewpoint - The A-share market saw a significant rise in the afternoon, with the STAR 50 Index ETF (588870) increasing by 2.19%, and a trading volume exceeding 74 million yuan, indicating a 17% increase in volume compared to the previous period. This reflects a trend of capital flowing into ETFs as investors seek opportunities amid market declines [1]. Group 1: ETF Performance - The STAR 50 Index ETF (588870) has experienced net inflows on 4 out of the last 5 days, with a year-to-date share growth rate of 173%, leading its peers significantly [1]. - The majority of the popular constituent stocks of the STAR 50 Index ETF closed in the green, with notable gains including Shengyi Electronics up over 13%, and Jinghe Integration up over 7% [3]. Group 2: Key Stocks and Trading Data - Key stocks within the STAR 50 Index ETF include: - Cambrian (688256) with a weight of 9.57%, up 3.27%, trading volume of 8.166 billion yuan - Haiguang Information (688041) with a weight of 7.92%, up 4.73%, trading volume of 4.2747 billion yuan - SMIC (688981) with a weight of 9.70%, up 2.34%, trading volume of 3.849 billion yuan - Shengyi Electronics (688183) with a weight of 1.17%, up 13.56%, trading volume of 3.161 billion yuan [4]. Group 3: Market Trends and Developments - The listing of Muxi Co., Ltd. on the STAR Market on December 17, with its self-developed "Chinese chip," saw its stock price surge by 755% from the issue price, reflecting high market expectations for domestic alternatives in the chip sector [5]. - Analysts highlight that the current AI computing power market is thriving, with strong demand and a clear trend towards self-sufficiency in AI chips in China, driven by supportive policies and significant growth potential [6]. - The STAR 50 Index ETF (588870) tracks the 50 largest and most liquid stocks on the STAR Market, covering sectors such as electronics, pharmaceuticals, and machinery, with a total R&D expenditure of 53.23 billion yuan, representing 7.93% of revenue, significantly higher than other market segments [6].

Core Viewpoint - N Muxi-U (688802) debuted today with a significant opening increase of 568.83%, closing with a total rise of 692.95%, indicating strong market interest and investor confidence in the company's offerings [2] Company Overview - The company specializes in the research, design, and sales of full-stack GPU products used in artificial intelligence training and inference, general computing, and graphics rendering [2] - It also provides a software stack and computing platform that supports its GPU chips [2] IPO Details - The total number of shares issued in this IPO was 40.10 million, with an online issuance of 9.67 million shares at a price of 104.66 yuan per share [2] - The final online subscription rate was 0.03348913%, and the total funds raised amounted to 4.197 billion yuan [2] - The raised funds will primarily be allocated to projects focused on the research and industrialization of new high-performance general-purpose GPUs and AI inference GPUs [2] Market Performance - The stock closed at 829.90 yuan, with a first-day turnover rate of 84.72% [2]

Core Viewpoint - The successful listing of Muxi Technology, the "second domestic GPU stock," on December 17 has generated significant investor enthusiasm, with its stock price soaring 687.79% by midday, reflecting a total market capitalization of approximately 329.88 billion yuan [2][3]. Company Overview - Muxi Technology was founded in September 2020 amid the rising trend of domestic chip replacement due to the US-China tech war, alongside other companies like Moer Technology and Birun Technology [2]. - The core founding team includes Chen Weiliang, Peng Li, and Yang Jian, all of whom have extensive experience at AMD Shanghai [3]. Shareholding Structure - After the IPO, Muxi Technology has a total share capital of 400.1 million shares, with an initial public offering of 40.1 million shares priced at 104.66 yuan each, leading to an initial market value of approximately 41.87 billion yuan [3]. - Key shareholders include Chen Weiliang with 5.03% ownership, and private equity investors such as Ge Weidong and Sequoia Capital holding significant stakes [4][5]. Financial Performance - Muxi Technology's revenue has seen rapid growth, with 2022 to 2024 revenues reported at 426,400 yuan, 5.3 million yuan, and 74.3 million yuan respectively, and a remarkable 404.51% year-on-year increase in the first half of this year, reaching 915 million yuan [6]. - Despite the revenue growth, the company has not yet achieved profitability, with net losses reported at 777 million yuan, 871 million yuan, and 1.409 billion yuan for the years 2022 to 2024, and a loss of 186 million yuan in the first half of this year [6]. Future Projections - Muxi Technology forecasts a potential revenue of 1.5 billion to 1.98 billion yuan for 2025, representing a growth of 101.86% to 166.46% compared to 2024, while still expecting a net loss of 527 million to 763 million yuan [7]. - The company anticipates reaching a breakeven point by 2026, driven by stable gross margins on its GPU products and the successful development of new products [7].

Core Viewpoint - Muxi Co., Ltd. has seen a remarkable debut on the STAR Market, with its stock price surging over 750% on the first day, mirroring the performance of another domestic GPU leader, Moore Threads, which had a similar trajectory shortly before [1][5]. Group 1: Company Overview - Muxi Co., Ltd. is a leading domestic high-performance general-purpose GPU manufacturer, focusing on the development of high-performance GPU chips and computing platforms for various applications, including AI and commercial intelligence [7]. - The company was founded in September 2020 by Chen Weiliang, Peng Li, and Yang Jian, all of whom are experienced professionals in the GPU industry [7]. Group 2: Market Performance - On its first trading day, Muxi Co., Ltd. opened at 700 CNY per share, a 568.83% increase from its issue price of 104.66 CNY, reaching a peak of 895 CNY per share, which represents a 755.15% increase [1][5]. - The total market capitalization of Muxi Co., Ltd. reached 332 billion CNY by the end of the first trading day, with a trading volume of 11.26 billion CNY [2][5]. Group 3: Investor Sentiment - Approximately 85% of retail investors who received shares sold them on the first day, resulting in a high turnover rate of 84.72%, similar to the turnover rate of Moore Threads on its debut [6]. - The number of retail investors participating in Muxi Co., Ltd.'s IPO reached 5.175 million, surpassing the 4.826 million for Moore Threads, indicating strong investor interest [6]. Group 4: Founder and Institutional Investors - Founder Chen Weiliang holds a 15.73% stake in Muxi Co., Ltd., valued at approximately 47 billion CNY based on the closing price on the first day [8]. - Institutional investors have also benefited significantly, with notable figures like Ge Weidong seeing substantial returns on their investments, with potential gains exceeding 20 billion CNY [9].