Core Viewpoint - The recent market performance of companies like Moore Threads and Muxi Co. signals a significant shift in the valuation system for high-end GPU companies, distinguishing them from traditional computing chip firms [1] Group 1: High-End GPU Valuation Logic - A completely independent valuation track for high-end GPUs is forming in the A-share market, as evidenced by the dramatic price increase of Cambrian Technology, which rose nearly 30 times from its low of 54 yuan to a peak of 1596 yuan [3] - The market's perception of general-purpose GPUs has evolved, with the listings of Moore Threads and Muxi providing a clearer understanding of their valuation, further validating the premium associated with computing power [3][4] - The top four high-priced stocks in A-shares now include Kweichow Moutai, Cambrian Technology, Moore Threads, and Muxi, indicating a significant shift in market sentiment towards high-end GPU assets [3] Group 2: Unique Characteristics of High-End GPUs - High-end GPUs meet five unique conditions that contribute to their distinct pricing logic, including the essential role of GPUs in large model training, limited supply, high migration costs, and their strategic importance in national policies [5][6] - The demand for computing power continues to rise, reinforcing the narrative of scarcity in the GPU market, which in turn drives up asset premiums and attracts more investment [6] Group 3: Wall Street's Perspective on Wall Street Technology - Wall Street's pricing logic for Wall Street technology becomes clearer with the upcoming IPO of Birun Technology, which, like Moore Threads and Muxi, focuses on the general-purpose GPU sector [8] - Birun Technology has established a competitive advantage through its GPGPU architecture, successfully developing and mass-producing chips like BR106 and BR110, and has a robust software ecosystem to support its products [10][11] Group 4: Commercialization and Financial Performance - Birun Technology's revenue has rapidly increased from 499,000 yuan in 2022 to 337 million yuan in 2024, indicating a strong growth trajectory in high-demand sectors [11] - The company has a clear growth path with approximately 822 million yuan in hand orders and a product roadmap that includes the commercial launch of the BR20X series in 2026 [13] Group 5: Market Conditions and Investor Sentiment - The Hong Kong stock market has seen a resurgence, with the Hang Seng Index rising about 23% and the Hang Seng Tech Index increasing approximately 37% since 2025, creating a favorable environment for tech IPOs [15] - Birun Technology's IPO is expected to attract significant interest, as evidenced by the participation of 23 major cornerstone investors and a high subscription rate of about 64% [17][18]
港股GPU第一股来了，壁仞科技能否给港股带来造富盛筵？