中国半导体行业IPO盛况前所未有，几乎所有的国产芯片企业都在争抢驶入资本市场主航道的船票。 继摩尔线程（688795.SH）、沐曦股份（688802.SH）登陆A股不久后，壁仞科技（6082.HK）、天数智芯（9903.HK）也在港交所挂牌上市。 与此同时，燧原科技也顺利完成了IPO辅导，百度（NASDAQ：BIDU）旗下昆仑芯正式向港交所递交上市申请。 除GPU公司、AI芯片外，多家半导体企业迎来密集的IPO闯关热潮。 存储芯片龙头企业——长鑫科技申报科创板IPO获受理；广东首个量产的12英寸晶圆制造平台——粤芯半导体申报创业板IPO获受理；DPU芯 片龙头企业——云豹智能在深圳证监局办理上市辅导备案登记……更多芯片产业链上下游龙头企业正蓄势待发。 1月8日，21世纪经济报道记者不完全统计，共有95家半导体产业链企业开启或加速IPO进程，包括已上市10家，准备上市85家。 其中，A股市场共有55家，已上市4家，除了17家企业已进入辅导备案进程，其余34家企业都在加速IPO进程；港股市场共有40家，已上市6 家，还有34家冲刺上市。 随着自主创新持续推进，叠加政策与市场红利，中国半导体产业正进入资本驱动与技术 ...

Core Insights - The Chinese semiconductor industry is experiencing an unprecedented IPO boom, with nearly all domestic chip companies vying for entry into the capital market [1][5][19] - A total of 95 semiconductor companies have initiated or accelerated their IPO processes, with 10 already listed and 85 preparing for listing [4][19] - The current IPO wave reflects strong capital interest in the domestic chip sector and indicates that key companies are poised for significant growth through capital market support [5][19] IPO Activity - Since 2025, 38 semiconductor companies have started the IPO process in the A-share market, aiming to raise nearly 100 billion yuan, averaging 26.23 million yuan per company [6] - In the Hong Kong market, 40 semiconductor companies have initiated IPO plans, covering key areas such as GPU, power semiconductors, sensors, and packaging [9][10] - Notable companies like Changxin Technology and Yuanchip Semiconductor are among those seeking substantial funding through IPOs, with Changxin aiming to raise 295 billion yuan [17][19] Market Trends - The IPO frenzy is driven by ongoing self-innovation, coupled with favorable policies and market conditions, marking a new phase of capital and technology-driven growth in the semiconductor industry [5][19] - The demand for AI computing power is surging, with projections indicating that China's smart computing demand will reach 486 EFLOPS by 2025, over ten times that of 2023 [15] - The storage chip sector is also entering an upward cycle, with companies like Changxin Technology and Zhaoyi Innovation seeking to capitalize on this trend through IPOs [17][18] Company Highlights - Companies such as Moer Technology and Muxi Co. have seen significant market interest, with their IPOs receiving oversubscription rates of 4126 times and 4498 times, respectively [15] - Wall Street's response to the IPOs has been enthusiastic, with Moer Technology's stock price soaring over 500% on its first day of trading [16] - The capital market is increasingly focusing on high-performance AI chips and storage solutions, indicating a shift in investment strategies within the semiconductor sector [13][19] Future Outlook - The collective IPO efforts signal a maturation of the domestic semiconductor industry, moving towards a critical turning point in deep self-innovation [20] - The ongoing capital influx is expected to provide essential support for the development of the domestic semiconductor landscape, especially in light of increasing global competition and supply chain uncertainties [19][20]

Core Viewpoint - The Chinese semiconductor industry is experiencing an unprecedented IPO boom, with nearly all domestic chip companies vying for entry into the capital market, indicating strong investor interest and potential for rapid development in the sector [1][2][20]. Group 1: IPO Activity - A total of 95 semiconductor companies have initiated or accelerated their IPO processes, with 10 already listed and 85 preparing for listing [1]. - In the A-share market, there are 55 companies involved, with 4 already listed, while 40 companies are in the Hong Kong market, with 6 listed and 34 aiming for listing [2][7]. - Since 2025, 38 semiconductor companies have started the A-share IPO process, aiming to raise nearly 100 billion yuan, averaging 26.23 million yuan per company [4]. Group 2: Capital Raising Trends - The IPO fundraising amounts are diverse, with leading companies like Changxin Technology, Moer Thread, and Guangdong Yu Chip Semiconductor raising 295 billion yuan, 80 billion yuan, and 75 billion yuan respectively [5][12]. - Many companies are raising around 10 billion yuan, covering various fields such as RF front-end chips, electronic components, and semiconductor equipment [5][12]. Group 3: Market Dynamics - The current IPO wave reflects a dual focus on capital and technology, driven by ongoing innovation and favorable policies in the Chinese semiconductor industry [2][20]. - The demand for AI computing power is surging, with projections indicating that China's smart computing demand will reach 486 EFLOPS by 2025, over ten times that of 2023 [14]. Group 4: Sector Focus - The IPOs are concentrated in key areas such as AI chips, GPU, CPU, and storage chips, with significant interest in high-performance computing and advanced manufacturing processes [12][20]. - Companies like Moer Thread and Nuxin Technology have seen massive oversubscription rates during their IPOs, indicating strong market enthusiasm for these sectors [14][15]. Group 5: Future Outlook - The collective IPO efforts signal a maturation of the domestic semiconductor industry, emphasizing the need for capital to support technological advancements and competitive positioning in the global market [20]. - The trend towards "A+H" listings is also notable, with several companies seeking to expand their market presence both domestically and internationally [8][19].

Group 1 - The core point of the article is the rapid growth and successful listings of AI chip companies in Shanghai, with Tensu Zhixin being the latest to go public on the Hong Kong Stock Exchange, marking the third AI chip company from Shanghai to list within a month [2][4] - Tensu Zhixin has achieved a full integration from core technology development to commercialization, supported by a strong R&D team of 480 members, with an average of over 20 years of industry experience [4] - The Shanghai GPU industry is expected to see significant revenue growth, with projections indicating that the integrated circuit industry in Shanghai will exceed 460 billion yuan in revenue by 2025, reflecting a 24% year-on-year increase [5] Group 2 - The successful listings of companies like Wallen Technology and Muxi Co. have demonstrated strong market recognition for Shanghai's local AI chip enterprises, with Muxi Co. experiencing a nearly 7-fold increase on its first trading day [6] - Shanghai has gathered over 1,200 integrated circuit companies, accounting for approximately 40% of national industry talent and nearly 50% of innovation resources, ranking fourth globally in integrated circuit industry competitiveness [7] - The integrated circuit sector in Shanghai has developed a complete system that supports various AI chip innovations, including GPU "Four Little Dragons" and emerging technologies like optical computing and near-memory computing [8] Group 3 - Shanghai has nurtured a number of leading enterprises in key areas such as chip design, manufacturing, and testing, with 35 companies listed on the Sci-Tech Innovation Board, the highest in the country [13] - The chip design and manufacturing sectors in Shanghai continue to lead nationally, with advancements in packaging and materials, as well as a notable development trend in the EDA/IP field [13]

| | | | | Al芯片板块个股 | | | | --- | --- | --- | --- | --- | --- | --- | | 序号 代码 | | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅% | | 1 | 688041 | 海光信息 | 1 | 10.04 | 5697亿 | 9.22 | | 2 | 002195 | 岩山科技 | 1 | 9.53 | 586亿 | 45.84 | | 3 | 688795 | 摩尔线程-l 1 | | 7.28 | 3114 乙 | 12.68 | | 4 | 688802 | 沐園股份-L 1 | | 5.76 | 2556亿 | 10.11 | | ട | 603031 | 安孚科技 | 1 | 4.55 | 129亿 | 12.64 | | 6 | 688256 | 寒龍纪-U | 1 | 4.31 | 6136亿 | 7.34 | | 7 | 301259 | 艾布鲁 | | 3.85 | 54.68 Z | 6.05 | | 8 | 300192 | 科德教育 | | 3.25 | 73.10亿 | 5.11 | | ರಿ | 66 ...

Group 1 - The A-share market saw a collective surge in AI chip stocks, with notable gains including Haiguang Information rising over 10%, Yanshan Technology approaching a 10% limit up, and Moer Thread increasing by over 7% [1] - The strong performance of semiconductor equipment and AI chips is attributed to two main factors: the initiation of a global semiconductor "super cycle" and the deepening of domestic chip "replacement" [1] Group 2 - Specific stock performances include Haiguang Information with a 10.04% increase and a total market value of 56.97 billion, Yanshan Technology up by 9.53% with a market cap of 58.6 billion, and Moer Thread rising by 7.28% with a market value of 311.4 billion [2] - Other notable stocks include Muxi Co. with a 5.76% increase and a market cap of 255.6 billion, Anfu Technology up by 4.55% valued at 12.9 billion, and Cambrian rising by 4.31% with a market value of 613.6 billion [2]

Core Insights - Shanghai has seen a surge in AI chip companies going public, with TianShu ZhiXin (09903.HK) recently listing on the Hong Kong Stock Exchange, following MuXi Co., Ltd. (688802.SH) and BiRan Technology (06082.HK) [2] - The integrated circuit industry in Shanghai is projected to generate revenue of 391.2 billion yuan in the period from January to November 2025, marking a year-on-year growth of 23.72%, with an expected total industry scale exceeding 460 billion yuan for the entire year [2] - The city has established itself as a hub for integrated circuit innovation, housing over 1,200 companies and attracting approximately 40% of the nation's talent and nearly 50% of its innovation resources [2] Company Insights - TianShu ZhiXin is the first domestic company to independently develop general-purpose GPUs, having completed the entire process from core technology development to commercialization [2] - The company boasts a research and development team of 480 members, with an average of over 20 years of industry experience, and more than one-third of its R&D personnel having over 10 years of experience in chip design and software development [3] Industry Landscape - Shanghai ranks fourth globally and first in mainland China in the latest Global Integrated Circuit Industry Comprehensive Competitiveness Rankings by the World Semiconductor Association [4] - The city has built a comprehensive integrated circuit industry chain that includes design, manufacturing, packaging, testing, equipment, materials, and EDA/IP, fostering a number of leading enterprises in various segments [5] - Shanghai's focus on the integrated circuit sector as one of its three key industries has led to the emergence of several innovative AI chip companies, supporting the development of new productivity models [5]

Core Viewpoint - The article highlights the rapid growth and success of Shanghai's AI chip industry, particularly with the recent IPO of TianShu ZhiXin, marking a significant milestone for the local semiconductor sector and showcasing the emergence of several key players in the GPU market [3][5]. Group 1: Industry Growth and Performance - Shanghai's integrated circuit industry achieved a revenue of 391.2 billion yuan from January to November 2025, reflecting a year-on-year growth of 23.72%. The total industry scale is expected to exceed 460 billion yuan for the entire year, marking a 24% increase [3]. - The city has over 1,200 integrated circuit companies, accounting for approximately 40% of the national talent and nearly 50% of the industry's innovation resources [3][7]. - The integrated circuit sector is recognized as one of Shanghai's three key industries, with a complete industrial chain and a focus on innovation and talent development [7][8]. Group 2: Key Players and Innovations - TianShu ZhiXin is noted as the first domestic company to independently develop general-purpose GPUs, completing the entire process from core technology development to commercialization [3][4]. - The article mentions the "Four Little Dragons" of Shanghai's GPU sector: BiRan Technology, MuXi Co., TianShu ZhiXin, and SuiYuan Technology, all of which have made significant strides in the capital market [3][5]. - The city has established a comprehensive integrated circuit industry chain, including design, manufacturing, packaging, and testing, with 35 companies listed on the Science and Technology Innovation Board, leading the nation [7].

继沐曦股份（688802.SH）、壁仞科技（06082.HK）之后，上海又一家AI芯片企业成功上市。 1月8日，上海芯片企业天数智芯（09903.HK）登陆港交所，在1个月的时间内，上海已先后有"港股国 产GPU第一股"的壁仞科技和科创板上市首日涨幅近7倍的沐曦股份，加上已完成IPO辅导冲刺科创板的 燧原科技，上海GPU"四小龙"齐聚资本市场。 第一财经从上海市经信委获悉，2025年1-11月，上海市集成电路产业营收规模3912亿元，同比增长 23.72%，2025年全年产业规模预计超4600亿元，同比增长24%，五年间产业规模翻了一番多，超额完 成"十四五"发展目标。集聚超1200家集成电路企业，汇聚全国约40%的产业人才、近50%的产业创新资 源。 天数智芯战略与公共关系部副总裁余雪松告诉第一财经，目前AI技术革命催生算力需求爆发式增长， 为天数智芯带来广阔发展空间。作为国内首家开展通用 GPU 自主研发的企业，公司已完成从核心技术 攻关到商业化落地的全链路贯通。 "我们的研发团队有480 人，平均拥有 20 年以上行业经验，超三分之一研发人员具备 10 年以上芯片设 计与软件开发经验。包含架构、通用GP ...

第一财经从上海市经信委获悉，2025年1-11月，上海市集成电路产业营收规模3912亿元，同比增长 23.72%，2025年全年产业规模预计超4600亿元，同比增长24%，五年间产业规模翻了一番多，超额完 成"十四五"发展目标。集聚超1200家集成电路企业，汇聚全国约40%的产业人才、近50%的产业创新资 源。 继沐曦股份（688802.SH）、壁仞科技（06082.HK）之后，上海又一家AI芯片企业成功上市。 1月8日，上海芯片企业天数智芯（09903.HK）登陆港交所，在1个月的时间内，上海已先后有"港股国 产GPU第一股"的壁仞科技和科创板上市首日涨幅近7倍的沐曦股份，加上已完成IPO辅导冲刺科创板的 燧原科技，上海GPU"四小龙"齐聚资本市场。 上海GPU"四小龙"背后，是已布局几十年的集成电路产业。在世界集成电路协会《全球集成电路产业综 合竞争力百强城市》最新排名中，上海位列全球第四、中国（大陆）第一。 | 排名 | 城市 | 国家/地区 | 洲别 | | --- | --- | --- | --- | | 1 | 圣克拉拉 | 美国 | 北美 | | 2 | 新竹 | 中国台湾 | 亚洲 | | ...