Nvidia(US:NVDA) Cai Fu Zai Xian·2025-11-18 10:04Core Viewpoint - The domestic GPU industry is at a critical juncture, with significant developments such as the IPO approval of Muxi Integrated Circuit (Shanghai) Co., Ltd., which aims to raise 3.904 billion yuan for advanced GPU research and development, signaling a strong rise in the domestic GPU sector [1][3] Group 1: Industry Developments - Muxi's IPO approval aligns with the ongoing listing guidance for another domestic GPU company, Suiruan Technology, highlighting the collective rise of domestic GPU "four little dragons" [1] - The domestic GPU market is experiencing a historic opportunity due to external market shifts, particularly the exit of NVIDIA from the Chinese market, creating a vacuum for local companies [3][4] - The global GPU market is projected to reach 3.6 trillion yuan by 2029, with China's GPU market expected to grow significantly, indicating robust growth opportunities for domestic players [3] Group 2: Policy and Market Support - The Chinese government has provided strong policy support for the integrated circuit industry, including tax incentives and procurement policies favoring domestic products [4] - Recent procurement by major state-owned enterprises shows a significant shift towards domestic computing power, with over 90% of the budget allocated to domestic chips [4] Group 3: Company Performance - Muxi's revenue is expected to increase by over 400% year-on-year for the first three quarters of 2025, demonstrating its rapid commercialization progress [1][6] - Suiruan Technology has achieved significant deployment of its products, with over 70,000 units of its inference chip deployed in the past year, indicating strong market acceptance [6] Group 4: Strategic Partnerships - Both Muxi and Suiruan are backed by strategic investor Kunyuan Asset, which plays a crucial role in their growth through capital support and ecosystem development [2][5] - The collaboration between Muxi and other partners within the Kunyuan ecosystem aims to create a comprehensive domestic computing power solution, enhancing their competitive edge [5] Group 5: Future Outlook - The focus of the domestic GPU industry is shifting from mere import substitution to value creation and market leadership, with strategic capital playing a vital role in this transition [7][9] - The domestic GPU sector is expected to move towards large-scale implementation and profitability, driven by continuous technological innovation and ecosystem building [9]