Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Viewpoints - The report highlights the upcoming IPO of Muxi Integrated Circuit (Shanghai) Co., Ltd., which aims to raise 3.904 billion yuan for GPU research and industrialization [4] - Muxi has made significant advancements with its domestic general-purpose GPU, the Xiyun C600, which is expected to enter risk production by the end of 2025 [5] - The company is actively expanding its customer base in the internet and telecommunications sectors, with a current order backlog of 1.43 billion yuan [6][8] Summary by Relevant Sections Industry Basic Situation - Closing index level is 5228.93, with a 52-week high of 5841.52 and a low of 3963.29 [1] Market Performance - Muxi's market share is currently around 1%, but it is expected to grow significantly due to the acceleration of domestic substitution trends [6] Investment Recommendations - The report suggests focusing on companies related to Muxi, including Yidu International Holdings, Ruisheng Intelligent, and others in the domestic computing power sector [9]
沐曦冲刺IPO，锚定关键客户筑牢国产GPU替代根基
China Post Securities·2025-10-20 08:15