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。 沐曦股份业绩快报：2025年净亏损7.8亿元，上年同期亏损14亿元。 风险提示及免责条款 ...

内容概要：AI加速芯片是面向人工智能算法优化的专用集成电路，通过专用计算单元与并行架构设 计，高效处理AI核心计算任务，适配云、边、端全场景算力需求，是驱动智能时代发展的核心算力引 擎。我国出台多项相关政策，从顶层规划、技术攻关、生态建设等多维度提供支持，加速行业国产替代 与高质量发展。全球范围内，大模型迭代推动AI产业高速发展，带动AI加速卡市场快速扩容，云端市 场占据主导地位，推理端需求爆发式增长成为新增长引擎。中国作为全球重要市场，AI加速卡需求呈 爆发式增长，依托丰富产业生态与模型优势，训练用与推理用加速卡需求双升，推理端增速尤为显著。 未来，中国AI加速芯片行业将聚焦高端技术突破与架构创新，深化自主生态建设，向场景定制化转 型，通过差异化竞争与产业链协同，推动国产替代深化，逐步构建全球算力"第二极"。 上市企业：寒武纪（688256.SH）、海光信息（688041.SH）、摩尔线程（688795.SH）、沐曦股份 （688802.SH）、壁仞科技（06082.HK）、天数智芯（09903.HK） 相关企业：深圳市海思半导体有限公司、昆仑芯（北京）科技股份有限公司、平头哥（上海）半导体技 术有限公司、 ...

Core Viewpoint - Dipu Technology (01384) has seen a significant increase in stock price, rising over 60% since 2026, with a current price of 108.7 HKD and a trading volume of 98.61 million HKD [1] Group 1: Stock Performance - As of the latest report, Dipu Technology's stock rose by 5.95% [1] - The company has experienced a cumulative increase of over 60% since 2026 [1] Group 2: Index Inclusion - On February 13, the Hang Seng Index Company announced that Dipu Technology will be included in the Hang Seng Composite Index as of December 31, 2025 [1] - The changes will take effect after the market closes on March 6, 2026, and will be implemented on March 9, 2026 [1] - This inclusion may lead to adjustments in the Hong Kong Stock Connect investment scope [1] Group 3: Strategic Partnership - Dipu Technology has entered into a strategic cooperation agreement with Muxi Co., aiming to leverage each other's strengths in the enterprise-level AI application sector [1] - The partnership will focus on key industries such as manufacturing, commercial circulation, transportation, and healthcare [1] - A joint technical team will be established to create a comprehensive domestic AI end-to-end solution, ranging from hardware computing platforms to AI enterprise operating systems and Agentic AI applications [1]

Core Viewpoint - Recently, two companies, Muxi Integrated Circuit (Hangzhou) Co., Ltd. and Muxi Qizhi Technology (Taizhou) Co., Ltd., have announced their dissolution due to a resolution to disband, with the announcement period from February 5 to March 21 [1] Company Information - Muxi Integrated Circuit (Hangzhou) Co., Ltd. was established in December 2020 with a registered capital of 25 million RMB, while Muxi Qizhi Technology (Taizhou) Co., Ltd. was founded in August 2024 with a registered capital of 50 million RMB [1] - Both companies are wholly owned by Muxi Co., Ltd. (688802) and have business scopes that include integrated circuit design, software development, and software sales [1]

Group 1 - The core viewpoint of the news is that Muxi Co., Ltd. has shown significant financial activity, with a notable increase in revenue and a substantial number of shareholders [1][2]. - On February 10, Muxi Co., Ltd. experienced a stock price increase of 0.34%, with a trading volume of 596 million yuan. The financing buy-in amount was 50.68 million yuan, while the financing repayment was 60.14 million yuan, resulting in a net financing outflow of 9.45 million yuan [1]. - As of February 10, the total margin trading balance for Muxi Co., Ltd. was 889 million yuan, accounting for 9.52% of its circulating market value [1]. Group 2 - As of December 17, the number of shareholders for Muxi Co., Ltd. reached 25,100, representing an increase of 20,138.71% compared to the previous period [2]. - For the period from January to September 2025, Muxi Co., Ltd. achieved a revenue of 1.236 billion yuan, reflecting a year-on-year growth of 453.52%. However, the net profit attributable to the parent company was -34.6 million yuan, which is a year-on-year increase of 55.79% [2]. - The company specializes in the research, design, and sales of full-stack GPU products used in artificial intelligence training and inference, with the majority of its revenue coming from training and inference GPU boards, which accounted for 97.55% of total revenue [1].

Summary of MetaX (688802.SS) Conference Call Company Overview - **Company Name**: MetaX (688802.SS) - **Industry**: Technology, specifically in GPU manufacturing and AI computing solutions - **Market Cap**: Rmb205.1 billion / $29.6 billion - **Target Price**: Rmb811.00, current price Rmb512.62, implying an upside of 58.2% [1][6] Core Insights - **Growth Projections**: MetaX's AI training/inferencing GPU business is expected to grow at an **88% CAGR from 2025 to 2030**. This growth is driven by: 1. Increased **China Cloud Capex spending** due to the ramp-up of AI infrastructure following the launch of local foundation models in late 2024. 2. Market share gains in China through a competitive price-to-performance ratio and government support for local AI chips. 3. Launch of upgraded AI chips, specifically the **MetaX C600** in October 2025, which enhances computing power and performance. 4. A full-stack solution and expanding ecosystem to facilitate clients' AI deployment. 5. Expansion of advanced node capacity in China to support local AI chip production [1][2][37]. - **Revenue Forecast**: Expected revenues are projected to reach: - Rmb1,699.3 million in 2025 - Rmb4,687.9 million in 2026 - Rmb10,585.8 million in 2027 [6][16]. - **Profitability Outlook**: - EBITDA is expected to turn positive in 2026, reaching Rmb531.9 million by 2027. - Net income is projected to turn positive in 2026, growing to Rmb6.4 billion by 2030 [6][40]. Competitive Landscape - **Market Concerns**: There are concerns regarding local foundry capacity and competition. However, the company does not anticipate fierce pricing competition due to the large and growing market and high entry barriers in AI chip design [2][20]. - **Competitive Advantages**: 1. General-purpose GPUs based on in-house architecture and IP. 2. The **MXMACA ecosystem** to support client migration and deployment. 3. Strong partnerships with industry clients for large-scale computing clusters [2]. Financial Highlights - **Key Financial Ratios**: - P/E ratio is not applicable (NM) for 2024-2026, but expected to be 39.6 in 2027. - Gross margin is expected to decline from 56% in 2025 to 52% in 2030 due to larger client exposure [12][40]. - Free cash flow is expected to turn positive in 2028, reaching Rmb4.2 billion by 2030 [40]. - **Cash Flow Projections**: - Cash flow from operations is expected to improve significantly, with net income projected to reach Rmb6.4 billion by 2030 [46]. Risks and Challenges - **Key Risks**: - Slower-than-expected growth in China Cloud Capex. - Increased competition in the AI chip market. - Constraints in advanced node foundry capacity [20][47]. Conclusion - **Investment Recommendation**: The company is initiated with a **Buy** rating, supported by strong growth prospects in the AI GPU market and a favorable valuation based on projected future earnings [1][47].

高盛给予壁仞科技和沐曦股份首次买入评级，并称中国云计算资本开支上升、先进制程产能扩张等料驱 动其业务增长。高盛预计壁仞科技在2025–2030年间的AI训练/推理GPU业务将实现101%复合年增长 率，AI芯片出货量料从2025的3万片增长至2030年的90万片。预计沐曦股份的AI训练与推理GPU业务将 在同期实现88%的复合年增长率。壁仞科技12个月目标价定为54港元，沐曦股份则定为811元人民币。 本文源自：金融界AI电报 ...

Group 1 - Goldman Sachs initiates a buy rating for Wallen Technology and Muxi Co., citing increased capital expenditure in China's cloud computing and expansion of advanced process capacity as drivers for business growth [1] - Wallen Technology's AI training/inference GPU business is expected to achieve a compound annual growth rate (CAGR) of 101% from 2025 to 2030, with GPU shipments projected to rise from 30,000 units in 2025 to 900,000 units by 2030 [1] - Muxi Co.'s AI training and inference GPU business is anticipated to realize a CAGR of 88% during the same period [1] Group 2 - Wallen Technology's 12-month target price is set at HKD 54, while Muxi Co.'s target price is set at RMB 811 [1]

沐曦集成电路(上海)股份有限公司成立于2020年9月，法定代表人为陈维良，经营范围包括从事集成电 路科技、电子科技、通讯科技、计算机软硬件科技领域内的技术服务、技术开发、技术咨询、技术转让 等。股东信息显示，该公司由陈维良、南京和利国信智芯股权投资合伙企业(有限合伙)、葛卫东等共同 持股。 天眼查App显示，近日，沐曦股份(688802)发生工商变更，注册资本由3.6亿人民币增至约4亿人民币， 增幅约11%。 ...

Group 1 - The core point of the article is that Mu Xi Integrated Circuit (Shanghai) Co., Ltd. has increased its registered capital from 360 million yuan to approximately 400 million yuan [1] - The company was established in September 2020 and operates in the fields of integrated circuit technology, electronic technology, communication technology, and computer software and hardware technology services [1] - The funding for the company comes from Shanghai Jiao Mai Enterprise Consulting Partnership (Limited Partnership) and Chen Weiliang among others [1]