沐曦股份-U（688802.SH）深度报告 沐浴晨曦，算力领军 glmszqdatemark [盈利预测与财务指标 Table_Forcast] | 项目/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 743 | 1,665 | 3,431 | 5,844 | | 增长率（%） | 1301.5 | 124.1 | 106.1 | 70.3 | | 归属母公司股东净利润（百万元） | -1,409 | -697 | 41 | 917 | | 增长率（%） | -61.7 | 50.5 | 105.8 | 2159.6 | | 每股收益（元） | -3.52 | -1.74 | 0.10 | 2.29 | | PS | 266 | 119 | 58 | 34 | | PB | 167.7 | 15.2 | 15.1 | 14.1 | 资料来源：iFinD，国联民生证券研究所预测；（注：股价为 2026 年 2 月 6 日收盘价） 2026 年 02 月 08 日 | 推荐 | 首次评级 | | ...

Core Viewpoint - The A-share market experienced a significant style switch in the first week of February, with the technology sector undergoing a deep adjustment while defensive sectors like liquor and real estate showed resilience [1][4]. Group 1: Technology Sector Performance - The technology sector faced a comprehensive pullback, with the electronic industry market capitalization dropping by approximately 890 billion yuan, and leading stocks like Zhongji Xuchuang and Xinyi Sheng seeing weekly declines exceeding 13% [1][2]. - The electronic industry recorded a trading volume of 313.9 billion yuan, marking a new high for the year, while the industry index fell by 5.22% and the communication sector by 6.94% [2][3]. - The ChiNext 50 index, representing the technology sector, experienced its largest weekly decline since November 2025, with a drop of 5.76% [2]. Group 2: Market Dynamics and Investor Behavior - The market's risk appetite for technology stocks has notably decreased, with many stocks retreating 20% to 30% from their recent highs, indicating a significant sell-off [3][4]. - The upcoming Spring Festival led to increased risk aversion among investors, prompting them to shift from high-volatility sectors to those with stronger earnings certainty [1][4]. - High valuations in the technology sector, with the electronic industry's price-to-earnings ratio at 69.76, have created substantial internal adjustment pressure [4][5]. Group 3: Factors Influencing the Adjustment - Multiple factors contributed to the technology sector's deep pullback, including seasonal trading patterns, high valuations prompting profit-taking, and increased market volatility due to external macroeconomic conditions [4][5]. - The anticipation of rising interest rates in the U.S. has negatively impacted technology stock valuations, as indicated by market reactions to Federal Reserve signals [5][6]. - The shift of funds from technology stocks to defensive sectors like liquor and real estate suggests a phase of market style transition, with investors seeking stability amid uncertainty [6].

Group 1 - Yushu Technology is preparing for its IPO while also focusing on the Spring Festival Gala program, having been announced as a partner for the 2026 event [1] - The company clarified rumors regarding the suspension of the IPO green channel, stating that its listing process is progressing normally [1] - Yushu Technology completed its IPO counseling in November 2025 and aims to apply for a domestic IPO, positioning itself as one of the faster capitalized companies in the robotics sector [1] Group 2 - The chip sector, particularly represented by GPUs, is experiencing rapid activity, with companies like Moer Thread and Muxi Co. achieving significant IPO milestones [2] - In January 2026, 13 new companies were listed on the Hong Kong Stock Exchange, a 63% increase from the previous year, with hard tech firms dominating the listings [3] - Companies in the storage chip sector, such as Changxin Technology, are also advancing their IPO processes, indicating a broader trend of capitalizing on the semiconductor market [10] Group 3 - Domestic GPU leaders like Biran Technology and Tensu Zhixin have rapidly progressed to listing on the Hong Kong Stock Exchange [6] - The capital market has seen a swift construction of a tiered structure among leading GPU companies, with significant fundraising efforts aimed at enhancing R&D capabilities [7] - Biran Technology has invested over 3.3 billion yuan in R&D over the past three years, emphasizing the importance of continuous investment in technology [8] Group 4 - The commercialization of large models is gaining momentum, with companies like Zhipu AI and MiniMax leading the way in the AI model sector [12] - Zhipu AI has established a strong presence in the ToB market, serving over 8,000 institutional clients and achieving a market share of 6.6% in China [13] - MiniMax focuses on consumer-oriented AI products, with a significant portion of its revenue coming from subscriptions, highlighting different business models within the AI sector [14] Group 5 - Blue Arrow Aerospace's IPO application has been accepted, aiming to raise 7.5 billion yuan for reusable rocket technology [16] - The commercial aerospace sector is gradually moving towards IPOs, with several companies in the industry preparing for listings [20] - The commercial aerospace index has seen significant growth, indicating strong investor interest in this sector [18] Group 6 - The A-share and Hong Kong markets provide different advantages for hard tech companies, influencing their listing choices [22] - The Hong Kong market is more flexible, accommodating various corporate structures and supporting emerging hard tech sectors [23] - Companies are increasingly considering dual listings in both markets to optimize their capital-raising strategies [25] Group 7 - The hard tech IPO wave is driven by national strategies promoting domestic alternatives and the urgent need for industrial upgrades [27] - The demand for AI and computing power is at a critical juncture, with companies poised for significant growth through IPOs [27] - The outlook for new listings in Hong Kong is optimistic, with expectations of continued growth in the number of IPOs [28]

Core Viewpoint - The article highlights the active role of Taikang Life as a cornerstone investor in the Hong Kong IPO market, particularly in sectors like AI, hard technology, biomedicine, and new consumption, indicating a strategic approach to long-term investment rather than opportunistic trading [2][10][12]. Investment Strategy - Taikang Life has participated in seven Hong Kong IPO projects since the beginning of 2026, securing nearly 1 billion HKD in allocations, showcasing its status as the most active insurer in the current market [2][10]. - The company employs a systematic investment strategy that includes cornerstone investments, strategic placements, and secondary market acquisitions, focusing on companies with established industry positions and clear growth paths [3][11][12]. Market Context - The overall insurance sector has shown a marginal shift towards IPOs and equity assets since 2025, driven by a low-interest-rate environment that compresses fixed-income returns, prompting insurers to seek new yield sources [13][14]. - Despite increased participation in IPOs, many insurers remain cautious, with Taikang Life distinguishing itself through a more consistent and strategic approach to investment [13][15]. Leadership Influence - The investment philosophy of Taikang Life is heavily influenced by its founder, Chen Dongsheng, who emphasizes long-term commitment and strategic foresight, having built the company in sectors that promise sustained growth [5][8][9]. Long-term Focus - Taikang Life's investments are not merely opportunistic but are aligned with its long-term liabilities, focusing on sectors that can provide stable returns over extended periods, such as hard technology and healthcare [12][15]. - The company has developed a comprehensive ecosystem around its insurance business, integrating healthcare and wellness services, which enhances its investment strategy and aligns with its long-term goals [9][12]. Conclusion - Taikang Life's proactive stance in the IPO market reflects a well-thought-out strategy that balances risk and return, positioning it as a model for other insurers navigating similar market conditions [16][17].

Core Insights - Henan is not only an agricultural and populous province but also a significant manufacturing hub in China, with a comprehensive modern industrial system comprising 41 industrial categories and 197 subcategories [1] Group 1: Investment Landscape - The Zhongyuan Qianhai Fund, a hard technology fund backed by Zhengzhou state-owned assets, has recently invested in notable projects such as Moer Technology, Muxi Co., and Blue Arrow Aerospace [2][3] - The fund has a registered capital of 5.64 billion RMB and focuses on sectors like semiconductors, commercial aerospace, and high-end manufacturing, utilizing a dual model of mother fund and direct investment [2][4] - The fund has made 130 investments by 2024, with 2021 being a peak year for both investment amount and frequency [4] Group 2: Fund Performance - The fund's highest return project is Boying Welding, which generated over 7 times the return after its IPO, following a 75 million RMB investment in 2019 [4] - The second phase of the Zhongyuan Qianhai Fund, launched in 2023 with over 4 billion RMB, is entirely funded by Henan capital and aims to invest in emerging industries such as new energy and artificial intelligence [5][6] Group 3: Strategic Approach - The fund's investment strategy aligns with the booming semiconductor sector, with significant investments made during 2021, a year marked by a 45% increase in financing activities in the semiconductor field [7] - Despite low equity stakes in high-profile projects, the fund's participation in these investments has positioned it favorably for future returns and market presence [8] Group 4: Regional Development - Zhengzhou is adopting a model similar to Hefei's, focusing on attracting leading projects to stimulate the development of supporting industries [12] - The introduction of major projects like Shanghai Hejing and Super Fusion has led to the establishment of a billion-dollar industrial cluster in Zhengzhou [12][13] - The advanced computing industry chain, represented by Super Fusion, has seen a year-on-year growth of 58.6% in the first half of 2025, leading among 28 key industrial chains in Henan [14]

Core Viewpoint - The recent surge of AI companies going public in Shanghai is attributed to a systematic victory based on long-termism, strategic layout, and ecological empowerment by state-owned capital [2][3]. Group 1: Investment Strategy - Shanghai state-owned capital is characterized as "patient capital" and "strategic capital," focusing on long-term investments rather than short-term returns, especially during industry downturns [3]. - A multi-layered investment network has been established, including a 100 billion yuan leading industry fund, a 20 billion yuan angel fund, and a 55 billion yuan technology innovation fund, leveraging over 300 billion yuan in social capital [3]. - The role of state-owned capital extends beyond financial investment to becoming an "industry organizer," facilitating comprehensive connections across the industrial ecosystem [3]. Group 2: Support for AI Companies - The investment logic of the company emphasizes early-stage investments through angel funds and seed funds, supporting high-risk projects that traditional capital avoids [5]. - The company adopts a "full-chain empowerment" strategy, providing critical support before and after IPOs, including financial backing and facilitating collaborations within the industry [5][4]. - The company has invested in 54 AI enterprises, with 8 already initiating IPO processes, establishing a solid foundation for future listings [7]. Group 3: Future Development and Global Positioning - Shanghai's AI industry is transitioning from foundational construction to deepening applications and ecological building, with significant advancements in computing power and application integration [8][9]. - To enhance Shanghai's position in the global AI innovation network, the focus will be on strengthening foundational capabilities, addressing application bottlenecks, and deepening international connections [9]. - The strategy for the upcoming "15th Five-Year Plan" includes creating a collaborative ecosystem among chips, models, and applications to achieve a trillion-yuan industry scale [10].

Core Viewpoint - Zhengzhou is emulating Hefei's model by actively developing its hard technology sector and attracting key projects to stimulate industrial growth [19][20]. Group 1: Investment Landscape - Zhengzhou is home to a comprehensive modern industrial system with 41 major industrial categories and 197 subcategories, positioning it as a manufacturing hub in China [3]. - The Zhongyuan Qianhai Fund, a hard technology fund backed by Zhengzhou's state-owned assets, has invested in notable projects such as Moer Technology, Muxi Co., and Blue Arrow Aerospace [4][6]. - The fund has raised nearly 10 billion RMB across two phases, focusing on sectors like semiconductors, aerospace, and high-end manufacturing [6][10]. Group 2: Fund Performance and Strategy - The first phase of the Zhongyuan Qianhai Fund achieved significant returns, with the highest return project, Boying Welding, generating over 7 times the initial investment after its IPO [9]. - The second phase, launched in 2023 with over 4 billion RMB, aims to invest in emerging industries such as biomedicine, new energy, and artificial intelligence [10][11]. - The fund's investment strategy includes a dual model of mother fund and direct investment, allowing for diversified exposure to high-growth sectors [6][8]. Group 3: Project Highlights - In 2021, the fund made strategic investments in Moer and Muxi during a peak year for semiconductor financing, which saw a 45% increase in deals compared to 2020 [13]. - Despite holding a small percentage of shares (around 0.2%) in Moer and Muxi, the fund achieved over 200% returns from these investments [13][14]. - The fund's investment in Blue Arrow Aerospace involved both purchasing existing shares and increasing capital, resulting in a 0.32% stake prior to its IPO [15][18]. Group 4: Industrial Development - Zhengzhou's approach mirrors Hefei's strategy of attracting leading projects to foster a supportive ecosystem for related industries, as seen with the Zhengzhou Airport Economic Zone [20][21]. - The introduction of Shanghai Hejing and Super Fusion has led to the creation of a billion-dollar industrial cluster, enhancing Zhengzhou's position in the semiconductor supply chain [21][23]. - The advanced computing industry, represented by Super Fusion, is projected to grow by 58.6% year-on-year, leading the growth among 28 key industrial chains in Henan [24]. Group 5: Future Outlook - Zhengzhou is poised to continue expanding its hard technology landscape, leveraging its industrial foundation and state capital to carve out a unique path in the sector [24].

而葛卫东另一位关联人王萍持股则保持稳定，截至1月26日，王萍仍持有1148.92万股麦格米特，与去年 底持股数量相同。仅因定增股本稀释，持股比例被动降至1.98%，变为麦格米特第五大股东。 从投资路径来看，葛卫东家族近年来尤为青睐AI产业标的。目前葛卫东不仅是兆易创新的第三大股 东，还是沐曦股份的最大外部股东，与混沌投资合计持有其2693.79万股。 值得注意的是，在葛卫东申购失利的同时，其关联人葛贵莲也退出了麦格米特前十大股东名单。 据了解，葛贵莲是在2025年三季度末新进成为麦格米特的第九大股东，持有麦格米特606.76万股，持股 比例为1.1%，直到2025年底持股数量未发生变化。而此次定增完成后（截止1月26日），麦格米特第十 大股东最新持股数量为529.98万股。以此参照，2026开年以来葛贵莲至少减持麦格米特76万股。 2月5日，麦格米特发布了股票发行上市公告以及最新股东名单。麦格米特此次定增以85.01元/股的价格 向10名对象发行约3132.59万股，合计募集资金26.63亿元。 申购名单显示，葛卫东也参与了麦格米特此次定增，申购总金额高达24亿元，分别出价83.7元、79.98 元、75.6 ...

Core Viewpoint - The domestic AI chip unicorn, Hanbo Semiconductor, has completed its guidance for the Sci-Tech Innovation Board IPO, alongside Suiyuan Technology, marking a significant moment for the AI chip sector in China as it gathers six notable companies in the capital market, showcasing the rapid development of artificial intelligence [1] Group 1: Company Developments - Hanbo Semiconductor is advancing its IPO process and is recognized for its commercial success in both general AI and rendering applications, leading in the domestic data center AI and edge computing sectors [3][5] - Suiyuan Technology has developed four generations of cloud AI chips and aims to raise 6 billion yuan for the R&D and industrialization of its fifth and sixth-generation products [5] - The "Six Little Dragons" of AI chips, including companies like Moer Thread and Muxi, are focusing on technological advancements and product updates, with Muxi launching a new GPU product line [2][3][4] Group 2: Market Trends - The domestic general GPU market share is expected to rise from 8.3% in 2022 to 17.4% in 2024, with projections indicating it could exceed 50% by 2029 [13] - The AI chip market is experiencing structural changes, with companies transitioning from relying on external support to achieving self-sustained growth [13] - The upcoming IPOs of these companies are anticipated to strengthen the trend of domestic AI chip localization, providing a stable financial foundation and increasing market recognition [12] Group 3: Government Support and Investment - Shanghai has positioned itself as a leader in the integrated circuit industry, ranking first in China and fourth globally, and is actively supporting local AI chip companies through funding and policy initiatives [7][8][10] - Significant investments have been made by Shanghai's state-owned enterprises in companies like Wallen Technology and Suiyuan Technology, facilitating their growth and technological advancements [9][10]

Core Viewpoint - The domestic AI chip industry in Shanghai is rapidly advancing, with six notable companies, referred to as the "Six Little Dragons," preparing for IPOs, indicating a strong growth trajectory in the AI sector and a significant opportunity for investment [1][9]. Group 1: Company Developments - Hanbo Semiconductor has completed its guidance for the Sci-Tech Innovation Board IPO and is progressing towards its public offering [1]. - Suiruan Technology has been accepted for its IPO application on the Sci-Tech Innovation Board, indicating a competitive landscape among domestic AI chip manufacturers [1]. - The "Six Little Dragons" include companies like Moer Thread, Muxi Co., Tian Shu Zhi Xin, and Bi Ran Technology, all of which are focusing on developing next-generation AI chips [2][3]. Group 2: Technological Advancements - The "Six Little Dragons" are primarily cloud-based AI chip manufacturers, with Moer Thread and Muxi Co. focusing on GPGPU architectures, while Suiruan Technology is developing specialized AI acceleration chips [2]. - Tian Shu Zhi Xin has announced a roadmap for its fourth-generation architecture, aiming to surpass NVIDIA's technology by 2027 [3]. - Moer Thread plans to unveil its new GPU architecture "Hua Gang" by the end of 2025, which will significantly enhance computing power and efficiency [3]. Group 3: Financial Performance and Projections - Moer Thread expects its revenue for 2025 to be between 1.45 billion to 1.52 billion yuan, reflecting a growth of approximately 230.7% to 246.67% compared to 2024 [9]. - Muxi Co. anticipates a revenue increase to between 1.6 billion to 1.7 billion yuan in 2025, marking a growth of 115.32% to 128.78% year-on-year [10]. - Both companies are experiencing a reduction in net losses, indicating a positive trend in financial performance amidst a growing market for AI chips [10][11]. Group 4: Government and Investment Support - Shanghai has positioned itself as a leader in the integrated circuit industry, ranking first in China and fourth globally, which has facilitated the growth of local AI chip companies [5]. - The Shanghai government has actively supported the development of the "Six Little Dragons" through funding and policy initiatives, enhancing their growth potential [6][8]. - Significant investments have been made in companies like Muxi Co. and Suiruan Technology, with funding from state-owned enterprises and investment funds aimed at bolstering their market positions [7][8].