核查意见 华泰联合证券有限责任公司 关于沐曦集成电路（上海）股份有限公司 募投项目实施周期及使用部分闲置募集资金 进行阶段性现金管理的核查意见 核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券""保荐机构"或"保 荐人"）作为沐曦集成电路（上海）股份有限公司（以下简称"沐曦股份"或"公 司"）首次公开发行股票并在科创板上市持续督导阶段的保荐机构，根据《证券 发行上市保荐业务管理办法》《科创板上市公司持续监管办法（试行）》《上海证 券交易所科创板股票上市规则》《上海证券交易所科创板上市公司自律监管指引 第 1 号——规范运作》等有关规定，对沐曦股份募投项目实施周期及使用部分闲 置募集资金进行阶段性现金管理事项进行审慎核查，具体核查情况如下： 一、保荐人进行的核查工作 | 序号 | 项目名称 | 投资总额 | 拟使用募集资金投 入金额 | | --- | --- | --- | --- | | 1 | 研发及产业化项目 新型高性能通用GPU | 340,992.38 | 245,919.76 | | 1.1 | 其中：第二代高性能通用 GPU | 136,977.30 | 84,101.70 | | 1 ...

证券代码：688802 证券简称：沐曦股份 公告编号：2026-010 沐曦集成电路（上海）股份有限公司 关于募投项目实施周期及使用部分闲置募集资金进行阶段 性现金管理的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 募集资金项目实施周期：根据公司首次公开发行并上市相关规划，公 司募集资金投资项目（以下简称"募投项目"）拟分三至四年投入。 阶段性现金管理方案：不超过人民币 29 亿元（含本数），该额度是闲 置募集资金阶段性现金管理上限金额，随着募集资金按计划投入募投项目建 设，募集资金现金管理金额会相应减少。 产品种类：使用部分闲置募集资金购买安全性高、流动性好、满足保 本要求、期限不超过 12 个月的现金管理产品，包括但不限于协定性存款、结 构性存款、定期存款、通知存款、大额存单等。可按募投项目资金需求随时 赎回或支取，提前赎回或支取仅损失一定收益。 审议程序：2026 年 2 月 3 日，沐曦集成电路（上海）股份有限公司（以 下简称"公司"）第一届董事会审计委员会 2026 年第二次会议、第一届董事会 ...

Group 1 - The core viewpoint of the report indicates a strong recovery in China's IPO market in 2025, with a total of 294 Chinese companies successfully listed globally, representing a nearly 30% year-on-year increase in IPO numbers and over 1.5 times growth in total fundraising [1][19] - The Hong Kong Stock Exchange emerged as the primary venue for Chinese IPOs, with 111 IPOs and nearly 236 billion RMB raised, marking a year-on-year increase of 2.29 times [2][19] - The participation of venture capital and private equity (VC/PE) firms remained high, with 170 companies having institutional backing, achieving a penetration rate of nearly 60% [1][20] Group 2 - The electronic information sector led the IPO market with 48 listings, while the energy and mining sector topped fundraising with over 78.4 billion RMB [2][19] - The report highlights that the policy environment has improved, supporting unprofitable tech companies' listings and enhancing the inclusivity of the Sci-Tech Innovation Board [3][19] - The VC/PE institutions achieved significant exit returns, totaling over 431.8 billion RMB, a year-on-year increase of 1.16 times, with the electronic information sector contributing over 180 billion RMB [3][26] Group 3 - The report notes that the average return on investment for VC/PE firms decreased to 2.89 times, down 18.13% from the previous year [26] - The Hong Kong Stock Exchange's main board provided the highest exit returns at 238.4 billion RMB, while the Sci-Tech Innovation Board also exceeded 100 billion RMB in returns [30][31] - The report emphasizes that the development of the capital market aligns closely with national industrial upgrading directions, with strategic sectors like semiconductors and renewable energy becoming focal points for capital accumulation [4][19]

Core Viewpoint - The establishment of the Guangdong Provincial Strategic Emerging Industry Investment Guidance Fund, with a total scale of 100 billion yuan, aims to create patient capital and break the "fear of investment" curse in Guangdong [3][4]. Group 1: Fund Overview - The fund is fully established by the Guangdong Provincial Finance Department, with an initial scale of 50 billion yuan, and operates without a fixed duration, implementing a rolling investment mechanism [3][4]. - The fund is managed by Guangdong Yuecai Fund Management Co., Ltd., with the Provincial Development and Reform Commission as the business supervisor and the Provincial Finance Department as the investor [3]. Group 2: Innovations of the Fund - The fund features a long-term operation model without a fixed duration, serving as a unified investment and management platform for provincial government funds, supporting the construction of a modern industrial system [5]. - It adopts a three-tier structure of "guidance fund - mother fund - sub-fund," enhancing the leverage effect of fiscal funds and attracting private investment while coordinating provincial policies and investment layouts [5]. - The management mechanism includes ten innovative measures such as supervision, performance evaluation, and differentiated exit strategies, encouraging long-term investments in hard technology [5]. Group 3: Market Impact - This initiative addresses the long-standing "mismatch of duration" issue in the market, allowing capital to align with the growth cycles of projects, thus providing stability for hard technology enterprises [6]. - The Guangdong-Hong Kong-Macao Greater Bay Area Venture Capital Guidance Fund, with a 20-year duration, also emphasizes early, small, and long-term investments in cutting-edge fields [6][7]. - The fund has already signed agreements for ten sub-funds and expressed investment intentions in five potential enterprises in key sectors like integrated circuits and quantum technology [7]. Group 4: Future Outlook - The increasing establishment of national-level large funds since 2025 is expected to alleviate market funding pressures and guide capital towards stable market expectations [8]. - The ongoing influx of "patient capital" and regional explorations will enhance confidence in the venture capital industry and promote a shift towards "long-termism" in development concepts [8].

国模与国芯如何齐头并进？ 本文字数：3566，阅读时长大约6分钟 作者 |第一财经 彭海斌 2026.02.04 今年上海两会期间，上海市人大代表、优刻得董事长兼CEO季昕华建议，联动壁仞、沐曦、燧原等本地 芯片龙头企业，复旦、交大、上科大等高校科研机构，优刻得等本地云服务厂商，"重点攻坚AI大模 型、自动驾驶、生物医药等领域的深度适配。" 过去一年时间，壁仞、沐曦、天数智芯等数家上海芯片企业上市，架构起了技术和资本的桥梁。未来， 上海的算力，有望更好地支撑中国人工智能蓬勃发展的生态。 上海有什么 "相比国内其他城市，上海的国产芯片产业成熟度更高一些，而且AI企业也比较多，政府支持力度也比 较大。"季昕华对第一财经记者表示。 优刻得是一家上海的云计算厂商，在其位于全国各地的数据中心已经引入了中国本土的AI芯片，它很 早就与上海沐曦股份展开了合作。 沐曦股份是一家聚焦于人工智能和图形渲染的集成电路公司。2024年，沐曦股份收入7.4亿元；2025年 上半年，它的收入9.15亿元。沐曦股份已经在2025年12月份登陆科创板。 对于上海芯片企业来说，2025年是一个丰收年。 除了沐曦股份，上海壁仞科技、上海天数智芯 ...

国产算力有希望在2026年拿到更多的份额。 国模与国芯如何齐头并进？ 今年上海两会期间，上海市人大代表、优刻得董事长兼CEO季昕华建议，联动壁仞、沐曦、燧原等本地芯片龙头企业，复旦、交大、上科大等高校科研机 构，优刻得等本地云服务厂商，"重点攻坚AI大模型、自动驾驶、生物医药等领域的深度适配。" 过去一年时间，壁仞、沐曦、天数智芯等数家上海芯片企业上市，架构起了技术和资本的桥梁。未来，上海的算力，有望更好地支撑中国人工智能蓬勃发 展的生态。 上海有什么 "相比国内其他城市，上海的国产芯片产业成熟度更高一些，而且AI企业也比较多，政府支持力度也比较大。"季昕华对第一财经记者表示。 优刻得是一家上海的云计算厂商，在其位于全国各地的数据中心已经引入了中国本土的AI芯片，它很早就与上海沐曦股份展开了合作。 沐曦股份是一家聚焦于人工智能和图形渲染的集成电路公司。2024年，沐曦股份收入7.4亿元；2025年上半年，它的收入9.15亿元。沐曦股份已经在2025年 12月份登陆科创板。 对于上海芯片企业来说，2025年是一个丰收年。 除了沐曦股份，上海壁仞科技、上海天数智芯也已经在去年上市了。据上交所官网披露，上海燧原科技 ...

Investment Rating - The report maintains a "Buy" rating for companies such as沃尔核材 (Worley), 天孚通信 (Tianfu Communication), and 长飞光纤 (Changfei Fiber) while recommending "Accumulate" for 立讯精密 (Luxshare Precision) [7] Core Insights - Meta has signed a long-term supply agreement with Corning for fiber optic cables worth up to $6 billion to accelerate AI data center construction, highlighting the strong demand for fiber optics in the AI infrastructure [3] - Nvidia is hosting a webinar focused on co-packaged silicon photonics (CPO) switches, emphasizing their strategic value in scaling AI computing power [4] - The report suggests focusing on companies like 天孚通信, 立讯精密, 长飞光纤, and 沃尔核材 due to their potential in the AI computing sector [5] Weekly Market Analysis - From January 26 to January 30, the communication sector saw a significant increase of 5.83%, ranking second among all sectors, while the electronics sector decreased by 2.51% [12][19] - The AI computing-related sub-sectors mostly showed an upward trend, with the communication network equipment and devices sector leading with an increase of 8.56% [19] - The report indicates a divergence in capital flow, with the communication sector experiencing a net inflow of 11.53 billion yuan, while the electronics sector faced a net outflow of 55.83 billion yuan [23][25] Company Announcements - Lotus Holdings announced progress in its transition to computing power business, including various contracts for GPU servers and cloud services [49] - Tongfu Microelectronics reported a reduction in shareholding by its major shareholder, which will not affect the company's governance structure [51] - Tianfu Communication completed a share reduction plan by a board member, which was executed in accordance with regulations and did not impact company control [52]

Core Viewpoint - The article discusses the recent volatility in the stock price of Chinese AI chip company Cambricon, highlighting the impact of market rumors regarding its revenue guidance for 2026, which significantly deviated from market expectations [6][9][10]. Group 1: Market Reaction - On February 3, Cambricon's stock price dropped by 12.88%, resulting in a market capitalization decline from approximately 530 billion to 456.3 billion yuan, evaporating over 70 billion yuan in value [6][13]. - The market was unsettled by rumors suggesting that Cambricon's 2026 revenue guidance was only 20 billion yuan, far below the anticipated range of 30 billion to 50 billion yuan [9][15]. - Following the rumors, Cambricon issued a statement denying any such revenue guidance and emphasized that it had not organized any small-scale communications regarding financial forecasts [10][16]. Group 2: Industry Context - The AI chip industry is at a critical juncture, characterized by both significant growth potential and increasing competition among over ten companies, including Cambricon, Moore Threads, and others [16][22]. - Major players like Alibaba's Tianshu and Kunlun chips are entering the market, intensifying competition and potentially altering market dynamics [16][17]. - The scarcity of related concept stocks in the market is expected to diminish as more companies, including Kunlun and Tianshu, go public [17]. Group 3: Financial Performance - Cambricon recently announced a strong performance forecast for 2025, projecting revenues between 6 billion to 7 billion yuan, representing a year-on-year growth of 410.87% to 496.02% [18][19]. - The company also expects to achieve a net profit of 1.85 billion to 2.15 billion yuan, a significant turnaround from a loss of 450 million yuan in the previous year [19]. - However, there are concerns regarding the fourth-quarter performance, with expected revenues of only 1.393 billion to 2.393 billion yuan, indicating a potential slowdown in growth [21]. Group 4: Investor Sentiment - Market sentiment is shifting as investors reassess the valuation logic of AI chip companies, particularly in light of the increasing number of firms entering the market [22]. - The financing balance as a percentage of market capitalization for Cambricon, Moore Threads, and Nuxi is 2.89%, 8.26%, and 9.55% respectively, suggesting that market fluctuations could exacerbate stock price declines [22]. - Investors are questioning the sustainability of the current market landscape, speculating on the potential for a significant number of companies to fail or experience drastic declines in market value [22].

文 | 《财经》特约撰稿人 康国亮 编辑 | 杨秀红 其早盘开盘后跳水，截至午间收盘，股价下跌12.88%至1082.09元/股，创出近半年新低，总市值相较前一交易日减少675亿元，跌至4563亿 元。 消息面上，当日市场上一则传闻对寒武纪股价形成扰动，其大致内容为：寒武纪最近组织了一场小范围交流，据传公司给出2026年营收指引为 200亿元，低于市场预期的500亿元-600亿元。 此前寒武纪董秘办回复投资者热线时，接线工作人员表示："这个（股价波动原因）我们不太清楚，首先市场上很多的传闻，肯定都是假的， 然后二级市场资金、情绪的波动还是比较多的，大家理性对待。" 午间收盘后，寒武纪在其官方微信公众号上正式发布声明，公司关注到2月3日网络传播的关于公司近期组织小范围交流等信息为不实信息，公 司近期从未组织任何小范围交流，没有出具过任何年度、季度营业收入指引数据，相关信息请以公司公开披露的信息为准。公司目前研发进展 顺利，经营稳步推进。 同时，寒武纪在声明中表示，公司相关事项均以公开披露信息为准，请各位投资者提高信息辨别能力，不传播、不采信来源不明或未经核实的 虚假信息。此外，对于任何捏造、散布传播不实信息的行 ...

Group 1 - The core viewpoint of the article highlights a significant drop in the stock price of AI chip company Cambricon, which fell nearly 14% during intraday trading, with a market value briefly dropping to around 450 billion yuan [1] - Cambricon's stock closed down 9.18% at 1,128 yuan, while other AI chip companies like Moore Threads and Muxi also experienced declines of 2.65% and 3.08% respectively [1] - In response to the unusual stock price fluctuations, Cambricon issued a statement denying false information circulating about organizational activities and revenue guidance, emphasizing stable operational conditions [1] Group 2 - Cambricon is expected to turn a profit by 2025, but the growth rate for the fourth quarter is anticipated to slow significantly [1] - From an industry perspective, TSMC's 2nm capacity has been fully booked by major global tech companies, including AMD, Google, AWS, and NVIDIA, which have scheduled advanced process capacity releases for the coming years [1] - Some institutions remain optimistic about Cambricon, suggesting it will benefit from the ongoing surge in AI computing power demand, while others express concerns regarding its high valuation [1]