科创板一夜狂揽150亿！GPU双雄领衔，未盈利企业IPO破冰

Group 1 - The core viewpoint of the article highlights a significant transformation in the valuation logic of China's technology industry, particularly regarding loss-making IPOs and the acceptance of high R&D expenditures as a new standard for valuation [1][9] - The acceptance of loss-making companies for IPOs on the Sci-Tech Innovation Board indicates a shift in the listing standards, moving from profitability to a focus on technological capabilities and R&D investments [1][9] - The article discusses the substantial fundraising efforts of companies like Moer Technology and Muxi Co., with Moer Technology raising 8 billion yuan, 60% of which is allocated to AI training chips, and Muxi Co. raising 3.9 billion yuan, with 82% directed towards 7nm GPU mass production [3][9] Group 2 - The article outlines a three-tiered arms race in hard technology, emphasizing the dual paths of GPU localization led by Moer Technology and Muxi Co., with Moer focusing on a full-function GPU architecture and Muxi on high-performance computing GPUs [3][4] - It notes that for every 100 million yuan invested in R&D, companies can expect a valuation premium of 320 million yuan, indicating a strong correlation between R&D investment and market valuation [4] - The article identifies two categories of companies: high R&D loss-making firms benefiting from policy incentives and profitable technology firms demonstrating stable growth, with examples including Qinheng Microelectronics and Yuyuan Composite Materials [7][9] Group 3 - The article raises concerns about the sustainability of losses for companies like Moer Technology, which has a cash reserve sufficient for only 18 months, emphasizing the critical nature of their upcoming AI training chip production in 2026 [9][10] - It discusses the potential for local government industrial funds to support these companies, with Beijing's integrated circuit fund already investing 1 billion yuan [10] - The article questions the feasibility of technology realization, with Moer Technology targeting the replacement of Nvidia's H20 by Q2 2026 and Muxi aiming to replace AMD's MI300 by Q4 2025 [10]