上海又一GPU“四小龙”天数智芯上市，集成电路第一城规模超4600亿

Core Insights - Shanghai has successfully listed another AI chip company, TianShu ZhiXin (09903.HK), on January 8, following MuXi Co., Ltd. (688802.SH) and BiRan Technology (06082.HK), marking a significant milestone for the local AI chip industry [1][6] - The integrated circuit industry in Shanghai is projected to achieve a revenue of 391.2 billion yuan from January to November 2025, representing a year-on-year growth of 23.72%, with an expected total industry scale exceeding 460 billion yuan for the entire year, reflecting a growth of 24% [1][6] - Shanghai has established itself as a leading hub for integrated circuits, ranking fourth globally and first in mainland China according to the latest report from the World Semiconductor Association [2][7] Industry Overview - The integrated circuit industry in Shanghai has over 1,200 companies, accounting for approximately 40% of national talent and nearly 50% of innovation resources in the sector [1][6] - The city has developed a comprehensive integrated circuit industry chain, including chip design, manufacturing, packaging, and testing, with 35 companies listed on the Science and Technology Innovation Board, making it the top region in China [4][9] - The industry is supported by a robust ecosystem that includes advanced technology, talent aggregation, and a concentration of enterprises, fostering the growth of leading companies in various segments of the integrated circuit market [5][9] 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 [1][6] - The company's R&D team consists of 480 members, with an average of over 20 years of industry experience, and more than one-third of the team having over 10 years of experience in chip design and software development [2][7] - The AI technology revolution is driving a surge in demand for computing power, presenting significant growth opportunities for companies like TianShu ZhiXin [1][6]