Group 1 - The core point of the article is the successful listing of domestic GPU giant Muxi Co., which saw its stock price surge over 568% to 700 CNY after an initial offering price of 104.66 CNY per share [3][4]. - Muxi Co. is noted as a rare full-stack GPU manufacturer in China, indicating its unique position in the market [3]. - The company has maintained rapid revenue growth in recent years, which is a significant factor contributing to its strong market performance [3]. Group 2 - The A-share market opened with mixed results, with the Shanghai Composite Index down 0.06%, while the Shenzhen Component Index and the ChiNext Index saw slight increases of 0.10% and 0.03%, respectively [5]. - In the Hong Kong market, the Hang Seng Index opened up 0.03%, and the Hang Seng Tech Index rose by 0.09%, with notable stocks like Zijin Mining and Geely Automobile performing well [6][7]. - The market trends indicate a weakness in sectors such as smart driving and nuclear fusion, while lithium mining and pork-related stocks showed strength [5].

公司主要从事自主研发全栈高性能GPU芯片及计算平台，产品包括用于智算推理的曦思N系列GPU、用 于训推一体和通用计算的曦云C系列GPU，以及正在研发用于图形渲染的曦彩G系列GPU。 12月17日，沐曦股份竞价高开568%，股价报700元，总市值超2800亿元，以开盘价计算，中一签赚 29.77万元。 编辑 ｜ 钉钉 | W | N沐曦-U(688802) | | | | | | --- | --- | --- | --- | --- | --- | | | | 交易中 12-17 09:25:02 融 成 | | | | | 700.00 | | 额 10.6亿 股本 4.00亿 市盈 -288 | | | 万得 | | | 595.34 568.83% 换 8.39% 市值 2801亿 市净 20.83 | | | | 盘口 | | 分时 五日 | | 日K 園K 目K | | 由え | | | 叠加 | | 均价:700.00 | 盘口 | 资金 | | | 700.00 | | 568.83% | 卖五 | | | | | | | | 702.00 | 3 | | | | | 重四 | 700.18 | ...

沐曦股份竞价高开568%，股价报700元，总市值达2800亿元，单签盈利近30万元。公司主要从事自主研 发全栈高性能GPU芯片及计算平台，产品包括用于智算推理的曦思N系列GPU、用于训推一体和通用计 算的曦云C系列GPU，以及正在研发用于图形渲染的曦彩G系列GPU。 ...

| | | | 688802 触 新 成 L1 | | --- | --- | --- | --- | | 昌 700.00 | | 700.00 市值 2800.7亿 量比 | | | 595.34 568.83% TRV | | 700.00 流通 126.97亿 换 8.39% | | | 09:25:58 ① 开 | | 700.00 市盈TM 写损 额 10.65 Z | | | 同在线 重要提示: 新上市 | | | | | 用语 | | | | | 分时 日K | 周K 月K 五日 | 更多▼ | | | 集合竞价 | 均价:700.00 最新:700.00 595.34 +568.83% | | | | 941.94 (?) | | +800.00% 卖1700.00 487 | | | | | ¥1699.99 2 | | | 104.66- | | 日 2日 - -0.00%- | | | | | 09:24 700.00 1.13万 | | | | | 09:24 700.00 1.15万 | | | | | 09:24 700.00 1.18万 | | | | | 09:24 700. ...

沐曦股份此次发行价格为104.66元/股，对应市值约418.74亿元，市销率为56.35倍，仅为摩尔线程122.51 倍市销率的一半。公司共发行4010万股，占发行后总股本的10.02%，扣除发行费用后预计募集资金净 额为38.99亿元。 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 风险提示及免责条款 沐曦股份上市首日高开568.83％，报700元，按开盘价计算，中一签可赚29.77万元。 在近期科创板上市的半导体企业中，该中签率处于低水平，申购热度位居第一梯队。国家人工智能产业 投资基金、中国电信、京东、美团等众多战略投资者参与认购，显示市场对国产GPU芯片前景的高度关 注。 ...

Core Viewpoint - Muxi Co., Ltd. (688802) experienced a significant stock price surge of 568%, opening at 700 CNY per share, with a potential profit of nearly 300,000 CNY for investors holding one lot [1] Company Overview - Muxi Co., Ltd. focuses on the independent research and development of high-performance GPU chips and computing platforms, with key products including the Xisi N series GPU for intelligent computing inference, the Xiyun C series GPU for training and general computing, and the upcoming Xicai G series GPU for graphic rendering [1] - The latest product, the Xiyun C600 series, offers performance between NVIDIA's A100 and H100 GPUs, achieving a closed-loop domestic supply chain from chip design to packaging and testing, with risk mass production expected by the end of this year and formal mass production in the first half of next year [1] Financial Performance - Muxi Co., Ltd. reported revenues of 426,400 CNY, 53,021,200 CNY, and 743,000,000 CNY for the years 2022 to 2024, respectively, indicating a compound annual growth rate (CAGR) of 4074.52% over the last three years [1] - In the first three quarters of this year, the company's revenue grew by 453.52% year-on-year, reaching 1,236,000,000 CNY [1]

Group 1 - The core viewpoint of the article is the listing of Muxi Co., Ltd. on the Sci-Tech Innovation Board, marking its entry into the high-performance GPU market [1][2]. - Muxi Co., Ltd. was established in September 2020 and focuses on the independent research and development of high-performance GPU chips and computing platforms, with applications in AI training, inference, general computing, and graphics rendering [2]. - The company reported revenues of 0.4264 million yuan in 2022, projected to grow to 7.43 billion yuan by 2024, with a forecasted revenue of 1.5 billion to 1.98 billion yuan for 2025, indicating a year-on-year growth of 101.86% to 166.46% [2]. Group 2 - The company is listed under the computer, communication, and other electronic equipment manufacturing industry, with an issue price of 104.66 yuan and a public offering median price of 111.48 yuan [3]. - The main underwriter for the IPO is Huatai United Securities, with a subscription limit of 6,000 shares and a total market value of 41.874 billion yuan [3]. - Comparable companies in the industry include Cambrian, with a market value of 251.08 billion yuan, Haiguang Information at 175.75 billion yuan, and Jingjiawei at -411.99 billion yuan [3].

Core Viewpoint - The article discusses the recent IPO of MuXi Integrated Circuit (Shanghai) Co., Ltd., marking a significant event in the domestic GPU industry, following the successful listing of Moore Threads. This indicates a shift from the technology validation phase to a market and capital verification phase for domestic GPU companies [2][23]. Company Overview - MuXi officially listed on the Sci-Tech Innovation Board with a stock price of 679 CNY per share, achieving a market valuation of over 270 billion CNY [3][5]. - The company was founded in 2020 and has established R&D centers in multiple cities across China, with a core team averaging nearly 20 years of experience in high-performance GPU development [10][18]. Financial Performance - MuXi's revenue grew from 42.64 thousand CNY in 2022 to 743 million CNY in 2024, reflecting a compound annual growth rate (CAGR) exceeding 4000% [15]. - Despite significant revenue growth, the company reported a cumulative net loss of over 3 billion CNY over three years, attributed to high R&D investments and talent incentives [15]. Fundraising and Investment - The company raised approximately 4.197 billion CNY through its IPO, with funds allocated for the development of high-performance GPUs and AI inference GPUs [8][16]. - Notable investors include Sequoia China and other prominent venture capital firms, indicating strong market interest and support for MuXi's growth [16]. Product Development and Strategy - MuXi aims to provide a full-stack GPU chip and system solution, focusing on various applications including AI training, cloud computing, and data centers [10]. - The company has outlined a clear product evolution strategy, transitioning from validating GPU architecture to deploying GPUs capable of handling AI training and high-performance computing tasks [12][13]. Market Position and Competitive Landscape - The entry of MuXi and Moore Threads into the public market is seen as a pivotal moment for the domestic GPU industry, reshaping investor perceptions and expectations [21][24]. - The competition is shifting from merely producing GPUs to ensuring sustainable sales and market presence, highlighting the industry's long investment cycles and high failure rates [25].

Core Insights - Muxi Co., Ltd. (688802) debuted on the STAR Market on December 17, with its stock price opening 568.83% higher at 700 CNY per share, resulting in a total market capitalization of 280.1 billion CNY [1] - The company focuses on the independent research and development of full-stack high-performance GPU chips and computing platforms, primarily engaged in the R&D, design, and sales of full-stack GPU products for artificial intelligence training and inference, general computing, and graphics rendering [1] - The stock was issued at a price of 104.66 CNY per share, indicating a significant profit potential for investors, with a single lot yielding a floating profit of 297,600 CNY at the opening price [1]

12月17日，GPU明星股沐曦股份上市首日高开568.83%，报700元/股，总市值超2800亿元，中一签可赚 超29.7万元。 | | 688802 N沐慶-U | | | | 700.00 | +595.34 +568.83% | | --- | --- | --- | --- | --- | --- | --- | | 开盘亮价 CNY | | | | | 未盈利 科 融 成 ● 目选 + ▼ | | | 委比 | -95.14% -- | | -489 | 行情分析 | | 深度分析 | | 卖五 | 702.00 | 3 | | 主力流入 | | 0.00 万元 | | 变叫 | 700.18 | 2 | | | | | | 25 = | 700.07 | 5 | | 主力流出 | | 0.00 万元 | | 卖二 | 700.05 | 5 | | 主力净流入 | | 0.00 万元 | | 卖一 | 700.00 | 487 | | (万元) | 流入 | ARH | | 买一 | 699.99 | 2 | | 超大 | 0.00 | 0.00 | | 买二 | 698.00 | 2 | | 大单 ...