证券研究报告 摩尔、沐曦接踵而至，国产算力 群星闪耀 电子行业 强于大市（维持） 平安证券研究所 TMT团队 核心摘要 摩尔、沐曦接踵而至，国产算力群星闪耀。2025年12月以来，国产算力大厂摩尔线程-U，C沐曦-U接连登陆A股科创板，为 AI产业发展及投资注入新的活力。在当前全球智能化时代的新一轮产业竞争过程中，AI算力已然成为兵家必争之地，虽然 英伟达为代表的美国算力厂商正处于执全球之牛耳的地位，然而国产算力厂商经过最近数年的磨砺，同样具备与之争锋的 潜力。除寒武纪、海光信息、昇腾之外，沐曦、摩尔线程、壁仞、天数、燧原、昆仑芯等也在快速进步中，ASIC、通用 GPU齐发力，共同推动AI算力芯片的国产进程。 根据沐曦股份招股说明书（12月10日），截止其报告期末，沐熙GPU累计销量已超过25000 颗，部署于10余个智算集群， 在国内AI算力芯片市场拥有一定的市场份额。根据摩尔线程招股说明书（11月27日），基于其自主研发的MUSA架构，公司 率先实现了单芯片架构同时支持AI计算加速、图形渲染、物理仿真和科学计算、超高清视频编解码的技术突破，有力推动 了我国GPU产业的自主可控进程。随着摩尔、沐曦为代表的算 ...

Core Insights - The article highlights the significant rise of China's computing power sector, marked by the recent IPOs of companies like Moore Threads and Muxi, which have collectively reached a market value exceeding 1.6 trillion yuan [1][3] - Lenovo Ventures has emerged as a key player in this sector, successfully investing in four major companies: Cambricon, Haiguang Information, Moore Threads, and Muxi, showcasing its strategic foresight in the computing power landscape [3][4] Investment Strategy - Lenovo Ventures began its investment journey in the computing power sector in 2017, focusing on AI computing as a critical component of future technological advancements, despite the sector being largely overlooked at the time [4][5] - The firm has a systematic approach to investment, conducting in-depth research annually to identify emerging trends and opportunities in the industry [7][8] Notable Investments - Cambricon, a pioneer in AI-specific chip design, has seen its market value soar to over 600 billion yuan, validating Lenovo Ventures' early investment decision [4][5] - Haiguang Information, recognized for its capabilities in high-end CPU and GPU development, has also experienced significant growth, with its stock price increasing over sevenfold since its IPO [5][6] - Moore Threads and Muxi were identified and invested in during their early stages, reflecting Lenovo Ventures' commitment to supporting domestic GPU development [5][7] Ecosystem Development - Lenovo Ventures has created a complementary ecosystem among its portfolio companies, enhancing their market validation and operational efficiency through collaboration with Lenovo Group [10][11] - The firm emphasizes the importance of synergy between its investments and Lenovo's core business, aiming to integrate innovative technologies into its product offerings [10][12] Future Outlook - Lenovo Ventures is focused on disruptive computing architectures, including technologies like quantum computing and RISC-V, positioning itself to capitalize on the next wave of technological advancements [11][12] - The firm aims to remain at the forefront of the computing revolution, recognizing the evolving nature of computing and its implications for various industries [11][13]

Core Viewpoint - The article highlights the emergence of a "computing power landscape" in China, marked by significant IPOs and the rise of key players in the AI chip sector, particularly focusing on the investments made by Lenovo Ventures in companies like Cambricon, Haiguang Information, Moer Technology, and Muxi, collectively valued over 1.6 trillion yuan [2][4]. Investment Strategy - Lenovo Ventures has uniquely positioned itself by investing in four major companies in the computing power sector, which is a rare achievement among investment firms [4]. - The firm began its investments in the computing power space in 2017, recognizing the potential for exponential growth in computing demand driven by AI applications [5][6]. Key Investments - Cambricon was identified as a pioneer in AI-specific chip design, leading to Lenovo Ventures' participation in all four rounds of its funding, resulting in a peak market valuation of over 600 billion yuan [6]. - Haiguang Information was another strategic investment, noted for its dual capabilities in high-end CPU and GPU development, with its stock price increasing over sevenfold since its IPO [6][7]. - In 2021, Lenovo Ventures invested in Moer Technology and Muxi, both of which were in the early stages of GPU development, anticipating a surge in demand for computing power [7][9]. Ecosystem Development - Lenovo Ventures has created a complementary technology matrix among its portfolio companies, with each focusing on different aspects of computing power: Cambricon on AI chips, Haiguang on x86 compatibility, Moer on full-function GPUs, and Muxi on data center GPUs [10]. - The firm emphasizes a research-driven investment approach, conducting extensive industry research annually to identify emerging trends and opportunities [10]. Future Directions - Lenovo Ventures is exploring further investments in cutting-edge technologies such as quantum computing, RISC-V, and brain-like computing, which are seen as pivotal for the next wave of technological advancement [14][16]. - The firm believes that the integration of advanced computing architectures and AI terminals will reshape industry dynamics and societal structures [14][15].

Group 1 - The article highlights that there were 67 financing events disclosed in the domestic primary market this week, an increase of 10 compared to the previous week, with a total financing scale of 4.185 billion RMB [7] - The most active sectors in terms of financing events were intelligent manufacturing, healthcare, and artificial intelligence, with 13, 12, and 10 events respectively [8] - The healthcare sector had the highest disclosed financing amount, totaling approximately 930 million RMB, with the oncology drug developer "Kangyuan Bochuang" receiving nearly 250 million RMB in Series B financing [8] Group 2 - The blockchain industry disclosed a total financing amount of 767 million RMB, with the stablecoin payment service provider "RedotPay" securing 107 million USD in Series B financing [10] - The geographical distribution of disclosed financing events was concentrated in Jiangsu, Guangdong, and Beijing, with Jiangsu reporting 17 events, Guangdong 14, and Beijing 10 [13] - The stage distribution of the disclosed financing events showed 47 early-stage, 18 growth-stage, and 2 late-stage events [17] Group 3 - There were 13 completed merger and acquisition events disclosed this week, a decrease of 2 compared to the previous week, primarily in the energy, intelligent manufacturing, and big data sectors [38] - An example of a significant acquisition is the acquisition of 78.14% of the shares of the ductile iron foundry "Yongtong" by Anyang Iron and Steel Group for 837 million RMB [38]

Core Insights - The article discusses the recent investment by Ge Weidong, a prominent investor, in a company called Wuyi Vision, which is recognized as the "first stock in physical AI" after his significant profits from another investment in Muxi [1][3]. Group 1: Investment Strategy - Ge Weidong's investment philosophy emphasizes growth as a perpetual theme, focusing on whether a company's sector can sustain growth and has sufficient market space [3]. - The investment approach involves identifying "great changes" driven by technological advancements and societal developments, which create explosive growth opportunities in various industries [3]. Group 2: Muxi Investment Analysis - Muxi, known as the second domestic GPU stock, is projected to see its market size grow from 142.5 billion yuan in 2024 to 1.34 trillion yuan by 2029, with a CAGR of 53.7% from 2025 to 2029 [4]. - Muxi's revenue skyrocketed from 426,400 yuan in 2022 to 743 million yuan in 2024, showcasing its rapid growth [4]. Group 3: Wuyi Vision Investment Analysis - Wuyi Vision operates in the physical AI sector, which is expected to have a market value of up to $50 trillion as AI becomes deeply integrated into various industries [5]. - The company has established itself as a core builder of physical AI infrastructure, possessing the three essential elements for successful implementation: synthetic data, spatial intelligence models, and simulation training platforms [5]. - Wuyi Vision's revenue grew from 170 million yuan in 2022 to 287 million yuan in 2024, with a compound annual growth rate of 30.02% [7].

董少鹏 今年以来，A股市场持续聚焦硬科技赛道——从上半年寒武纪等芯片制造相关企业股价表现强势，到近 期摩尔线程、沐曦等GPU企业刚登陆资本市场便备受投资者瞩目，市场资金正不断向科技创新领域汇 聚。近日，深交所与中证指数公司对包括沪深300、中证A500等在内的多个重要成分股指样本股进行调 整，显著提升了指数的"含科量"。这一适时调整不仅精准呼应市场结构变化，顺应了新质生产力发展趋 势，更有助于引领长线投资、便利指数化投资，可谓资本市场一项具有风向标意义的举措。 所谓样本股，是中证指数公司、深圳证券交易所等指数编制机构根据一系列公开、明确的规则，从股票 市场中筛选出用于计算股票指数的代表，从而便于投资者追踪、判断整个市场或某个特定板块的整体表 现。 在积极引导的同时，也要客观认识科技创新与资本市场的内在规律。科技行业发展往往伴随着技术的快 速迭代与市场情绪波动，企业成长路径存在一定不确定性。因此，应以深化资本市场投融资综合改革为 方向，持续完善制度环境，强化中长期评价导向，引导更多耐心资本陪伴企业成长。监管则可进一步优 化"预警引导"与依法规范相结合的方式，在包容创新、支持合理市场热情的同时，也要防范脱离基本面 ...

Core Viewpoint - The article emphasizes the importance of "transformation" in various contexts, from national to personal levels, highlighting the need for continuous adaptation and learning in the investment landscape [2]. Group 1: Investment Philosophy - Wang Huadong, a partner at Jingwei Venture Capital, exemplifies a seamless transition across different industries and sectors, showcasing a clear logic of technological and industrial evolution rather than mere shifts between investment tracks [3][4]. - His approach to investment is characterized by a "scientific investment perspective," focusing on precise layouts derived from extensive cross-disciplinary knowledge [7]. - Wang's commitment to self-discipline is evident in his daily routine, which includes waking up at 5:30 AM and maintaining a high reading volume of over 30 books annually, viewing reading as a process of cognitive enhancement and pattern recognition [5][6]. Group 2: Insights from Literature - The article presents a curated reading list by Wang, which includes titles that explore the historical context of technology and investment, such as "Engines That Move Markets," which analyzes the cyclical nature of technological advancements and market speculation [13][15]. - Other recommended readings focus on the significance of sleep and its impact on productivity, emphasizing the need for quality rest as a foundation for efficiency and long-term happiness [18][20]. - The list also features works that delve into human evolution and the implications of AI on societal structures, highlighting the necessity for deeper contemplation on humanity's future in the face of technological advancements [29][31]. Group 3: Personal Development - Wang's reading selections include autobiographies and insights from influential figures in the tech and investment sectors, such as "The Man Who Solved the Market," which reveals how quantitative investment strategies can outperform traditional methods [37][39]. - The inclusion of works by Yuval Noah Harari underscores the importance of understanding historical narratives to navigate future challenges posed by technological changes [29][31]. - Wang's personal reflections on running and its philosophical implications suggest a holistic approach to personal development, integrating physical activity with mental resilience [23][27].

Core Insights - The article discusses the recent investment by Ge Weidong in 51WORLD, a company recognized as a leader in physical AI, following his significant profits from the IPO of Muxi [1][3] Group 1: Investment Strategy - Ge Weidong, founder of Chaos Investment, focuses on sectors with sustainable growth potential, emphasizing the importance of market space and competitive advantages [3] - His investment philosophy revolves around identifying "great changes" driven by technological advancements and societal shifts, which create investment opportunities [3] Group 2: Market Potential - The GPU market in China is projected to grow from 142.5 billion yuan in 2024 to 1.34 trillion yuan by 2029, with a CAGR of 53.7% from 2025 to 2029 [4] - The physical AI market, where 51WORLD operates, is expected to reach a value of 50 trillion dollars as AI becomes integral to various industries [5] Group 3: Company Position and Competitive Advantage - 51WORLD is one of the few companies globally that possesses the three core elements necessary for physical AI: synthetic data, spatial intelligence models, and simulation training platforms [5] - The company has served over 1,000 enterprise clients across various sectors, establishing itself as a key player in providing comprehensive solutions in the physical AI space [5] Group 4: Financial Performance - 51WORLD's revenue grew from 170 million yuan in 2022 to 287 million yuan in 2024, reflecting a compound annual growth rate of 30.02% [7] - The company achieved a revenue of 53.82 million yuan in the first half of 2025, marking a 62% year-on-year increase [7] Group 5: Future Outlook - 51WORLD plans to utilize the funds raised from its IPO to enhance R&D efforts and expand its product offerings, focusing on its core business areas [8] - The company aims to strengthen its global market presence and ecosystem partnerships to increase revenue scale [8]

Core Insights - The article discusses the recent investment by Ge Weidong in 51WORLD, a company recognized as the first stock in physical AI, following his significant profits from the IPO of Muxi [1][3] Group 1: Investment Strategy - Ge Weidong, founder of Shanghai Chaos Investment, focuses on sectors with sustainable growth potential, emphasizing the importance of the company's position and competitive advantages within its market [3][4] - His investment philosophy is driven by identifying "great changes" in technology and society that create explosive growth opportunities in various industries [3][4] Group 2: Market Potential - The GPU market in China, where Muxi operates, is projected to grow from 142.5 billion yuan in 2024 to 1.34 trillion yuan by 2029, with a CAGR of 53.7% from 2025 to 2029 [4] - The physical AI sector, where 51WORLD operates, is expected to have a market value of up to 50 trillion USD as AI becomes deeply integrated into various industries [6][7] Group 3: Company Position and Competitive Advantage - Muxi, along with Moole Technology, is considered a leading player in the domestic GPU market, with a strong founding team from AMD and significant R&D investments [4][5] - 51WORLD is one of the few companies globally that possesses the three core elements necessary for physical AI: synthetic data, spatial intelligence models, and simulation training platforms [6][7] Group 4: Financial Performance - Muxi's revenue surged from 426,400 yuan in 2022 to 743 million yuan in 2024, indicating a robust growth trajectory [4] - 51WORLD's revenue grew from 170 million yuan in 2022 to 287 million yuan in 2024, with a compound annual growth rate of 30.02% [9] Group 5: Future Outlook - 51WORLD plans to use the funds raised from its IPO to enhance R&D and expand its global market presence, aiming to solidify its position as a leader in the physical AI sector [10]

Core Insights - The article discusses the recent IPOs of domestic GPU companies, Moer Thread and Muxi, highlighting the investment strategy of Lenovo Capital in the AI computing sector [2][3]. Group 1: Investment Strategy - Lenovo Capital has strategically invested in four key AI computing companies: Cambricon, Haiguang, Moer Thread, and Muxi, becoming the only investment institution to hold stakes in all four [3]. - The firm began its investment in the AI computing space around 2016, well before it became a hot topic, by backing Cambricon in its Series A round and continuing to invest through its IPO [2][4]. Group 2: Technology and Market Trends - The four companies complement each other in terms of technology paths and product positioning, aligning with the diversified demand for AI computing [5]. - Lenovo Capital's approach reflects a systematic coverage of the AI computing landscape, moving from centralized and generalized computing to diversified, specialized, and ubiquitous computing [5]. Group 3: Ecosystem Development - The role of capital in China's semiconductor industry is evolving from merely providing financial support to becoming a co-builder of ecosystems, as exemplified by Lenovo Capital [6]. - Lenovo Capital is also investing in next-generation computing paradigms, including integrated storage and computing, quantum computing, RISC-V, and brain-like computing technologies [6].