Investment Rating - The report indicates a strong enthusiasm for new stock offerings on the Beijing Stock Exchange (BSE), with a sufficient reserve of new stocks available for issuance [2][11]. Core Insights - In 2025, the BSE listed 26 new stocks, raising a total of 7.527 billion yuan, with a significant increase in issuance speed in the second half of the year. The amount of frozen funds for participating in new stock offerings nearly doubled from 451.8 billion yuan at the beginning of the year to 846.1 billion yuan by year-end [2][12]. - The average first-day price increase for newly listed stocks on the BSE remains high, sustaining investor enthusiasm for participating in new stock offerings. The report suggests that to stabilize allocation, investors should consider increasing their cash account size due to rising thresholds for stock acquisition [2][18]. - There are currently 210 new stocks awaiting approval on the BSE, with 28 already having passed the review process [19]. Summary by Sections New Stock Offerings on BSE - The BSE's new stock offerings have seen a significant increase in participation, with the total frozen funds rising dramatically throughout 2025. The report highlights that the minimum threshold for acquiring stocks has increased significantly, making it necessary for investors to allocate more funds to ensure stable allocations [2][12][19]. Recent New Stock Performance - The report tracks the performance of new stocks across various boards, indicating that the average first-day price increase for stocks on the Sci-Tech Innovation Board is 258.09%, while for the Growth Enterprise Market, it is 231.27% [31][38]. - The report also provides insights into the effective bidding account numbers for recent new stocks, showing a robust interest from investors [38]. Recent Market Trends - The report notes that the average return from participating in new stock offerings for A-class accounts with a scale of 200 million yuan is 3.82%, while for B-class accounts, it is 2.89% [25][32]. - The report emphasizes the importance of monitoring the performance of new stocks and suggests that investors should be aware of the potential for high returns, particularly in the current market environment [31][51].

Group 1 - The core viewpoint of the news is that Muxi Co., Ltd. has experienced a decline in stock price and significant changes in financing activities, indicating potential volatility in its market performance [1] - On January 19, Muxi's stock price fell by 1.02%, with a trading volume of 530 million yuan. The financing buy-in amount was 49.73 million yuan, while the financing repayment was 89.36 million yuan, resulting in a net financing outflow of 39.64 million yuan [1] - As of January 19, the total balance of margin trading for Muxi was 969 million yuan, which represents 8.97% of its circulating market value [1] Group 2 - Muxi Co., Ltd. was established on September 14, 2020, and is located in the Pudong New Area of Shanghai. The company specializes in the research, design, and sales of full-stack GPU products for artificial intelligence training and inference, general computing, and graphics rendering [1] - The revenue composition of Muxi's main business includes 97.55% from training and inference GPU boards, 1.25% from intelligent computing inference GPU boards, 0.80% from other sources, 0.32% from training and inference GPU servers, and 0.08% from IP licensing [1] - As of December 17, the number of shareholders of Muxi was 25,100, an increase of 20138.71% compared to the previous period, with an average of 722 circulating shares per person [2] - For the period from January to September 2025, Muxi achieved a revenue of 1.236 billion yuan, representing a year-on-year growth of 453.52%. However, the net profit attributable to the parent company was -34.6 million yuan, showing a year-on-year increase of 55.79% [2]

Core Insights - The "2025 Hurun China AI Companies Top 50" report highlights significant growth in the AI sector, particularly in AI chip companies, with a notable increase in their market values compared to the previous year [1][3]. Company Rankings - Cambricon (寒武纪) ranks first with a company value of 630 billion RMB, a 165% increase from last year [1][8]. - Moore Threads (摩尔线程) is second with a value of 310 billion RMB [1][8]. - Muxi Co., Ltd. (沐曦股份) ranks third with a value of 250 billion RMB [1][8]. - iFlytek (科大讯飞) and Horizon Robotics (地平线) are fourth and fifth, valued at 130 billion RMB and 120 billion RMB, respectively [1][8]. Sector Analysis - The number of AI chip companies on the list has increased to 14, up by 9 from last year, making it the most represented sector [2][11]. - Among the top ten companies, seven are related to AI chips, dominating the rankings [2][11]. Market Comparison - The combined market value of Cambricon, Moore Threads, and Muxi Co., Ltd. is approximately 1.2 trillion RMB, which is only 4% of Nvidia's market value [3][10]. - The average value of companies on the list is 54 billion RMB, which is 2.4 times higher than last year [3][10]. Industry Growth - The report indicates that AI is reshaping the wealth landscape in China, with 9% of the entrepreneurs on the Hurun Rich List involved in AI [3][11]. - Notable wealth increases include Cambricon's chairman, whose wealth grew by nearly 150 billion RMB, placing him in the top 20 of the latest Hurun Rich List [3][11].

Core Insights - Muxi Co., Ltd. identifies government and enterprise clients as one of its main customer segments [2] - The Xisi N100 product, launched in 2022, is the company's first product designed for various traditional AI application scenarios, providing strong inference computing power and video encoding/decoding capabilities [2] - Subsequent products in the Xisi N series, such as Xisi N260 and Xisi N300 (under development), are primarily aimed at cloud-based AI inference scenarios under generative artificial intelligence, featuring powerful mixed-precision computing power and large memory capacity [2] Product Details - The Xisi N100 product is applicable in smart city, smart transportation, smart education, and intelligent video processing sectors [2] - The upcoming Xisi N series products support mainstream deep learning development frameworks and are designed to provide end-to-end acceleration services for content generation applications and large language models [2] - The company commits to timely information disclosure in accordance with relevant regulations to ensure investors' right to know [2]

（编辑 丛可心） 证券日报网讯 1月19日，沐曦股份在互动平台回答投资者提问时表示，公司聚焦六大重点行业进行生态 建设。公司将在教科研、金融、交通、能源、医疗健康、大文娱等领域持续积累实际落地经验，与广大 软硬件生态伙伴合作击穿相关行业的AI应用场景，打造标杆案例，形成可复制的应用解决方案并在行 业内大范围商业推广。具体措施层面，主要通过技术开源主动赋能垂直领域的生态伙伴，开展联合科研 课题和创新项目合作，同时安排技术团队前移一线市场，深入理解行业客户的实际需求，快速沉淀产品 解决方案予以支持。 ...

证券日报网讯1月19日，沐曦股份在互动平台回答投资者提问时表示，曦云C700系列采用国内先进工艺 制程，构建了从设计、制造到封装测试的国产供应链闭环，核心技术自主可控。曦云C700系列性能对 标H100，相较公司当前在售产品的计算能力、存储能力、通信能力及能效比等均大幅提升。 ...

Core Viewpoint - The company aims to become a world-class GPU chip and computing platform provider, positioning itself as a cornerstone of the digital economy [1] Group 1: Company Vision and Strategy - The company adheres to a vision of creating world-class GPU chips and computing platforms, focusing on becoming a foundational element of the digital economy [1] - The sustainable development strategy is guided by "policy leadership, product excellence, customer-centricity, and comprehensive support from corporate culture" [1] - Future plans include a market-oriented approach driven by independent innovation, implementing a "three-step" and "1+6+X" development strategy to enhance market expansion [1] Group 2: Market Position and Brand Development - The company intends to convert product advantages into market leadership, aiming to establish a strong brand reputation [1] - Continuous efforts will be made to elevate the company's industry status and influence [1] Group 3: Industry Ecosystem and Collaboration - The company is committed to promoting technological progress through open collaboration, accelerating the domestic AI industry chain layout [1] - Efforts will be made to foster a positive industry ecosystem [1]

证券日报网讯1月19日，沐曦股份在互动平台回答投资者提问时表示，公司训推一体GPU具备国内领先 的计算能力，拥有丰富的标量、矢量和张量计算单元，支持多精度计算，能够满足人工智能训练和推 理、通用计算、科学计算等多元化的算力需求，大幅提升了智算集群的多场景融合应用能力。同时，公 司是全球少数几家掌握了复杂多级缓存结构的GPU企业，凭借独特的缓存组网技术，能够针对不同场景 灵活自适应多级缓存控制策略，实现对高速缓存的精细管控、有效提升缓存命中率，满足GPU高算力下 对于高带宽的需求。智算推理GPU曦思N系列产品是公司于2022年推出的首款产品，定位为应用于人脸 识别、图像识别、文本分类等传统人工智能推理场景的算力芯片。公司曦思N100产品系面向传统人工 智能场景，内置性能强劲的视频处理器和运算核心，可广泛应用于智慧城市、智慧交通、智慧教育、智 能视频处理等场景；公司曦思N系列后续迭代产品(N260与N300系列(在研))系面向生成式人工智能场 景，拥有多精度混合算力、大容量显存和较高的能效比，可广泛应用于大模型推理、生成式应用等场 景。 ...

Industry Overview - The GPU product market has significant growth potential, particularly in the rapidly developing artificial intelligence (AI) computing sector [2] - The company is projected to capture approximately 1% of the domestic AI chip market share in 2024, benefiting from the accelerating trend of domestic substitution [2] Company Performance - The company has demonstrated strong technical advantages and product competitiveness, leading to widespread application of its products across major downstream industries in AI [2] - There is a continuous repurchase from existing customers and ongoing acquisition of new clients, contributing to rapid revenue growth [2] - The company has a robust order backlog and ample potential business opportunities, indicating a healthy growth trajectory [2] Business Strategy - The company is focusing on various types of computing power base customers while actively expanding into internet and telecommunications sectors, which has started to yield positive results [2] - The internet and telecommunications sectors are expected to become significant growth drivers for the company's future business [2]

（编辑 任世碧） 证券日报网讯 1月19日，沐曦股份在互动平台回答投资者提问时表示，受益于加速国产替代的行业趋 势，公司未来业务增长空间较大。从公司自身来看，凭借突出的技术优势和较强的产品竞争力，沐曦股 份产品已在人工智能下游各主要行业得到广泛应用，存量客户持续复购、新客户不断开拓，公司收入规 模呈快速增长，目前在手订单及潜在商机充足；公司以各类型算力底座客户为基本盘，同时大力开拓互 联网和运营商客户并已初见成效，未来亦将成为重要的业务增长极，提供发展动能。 ...