以下文章来源于东四十条资本 ，作者韦香惠 东四十条资本 . 聚焦股权投资行业人物、事件、数据、研究、政策解读，提供专业视角和深度洞见 | 创投圈有趣的灵魂 将投中网设为"星标⭐"，第一时间收获最新推送 "AI是否过热"不断被反复讨论。 作者丨 韦香惠 来源丨 东四十条资本 宣布新一轮融资不到一个月的时间，美国AI芯片超级独角兽Cerebras再次被传出IPO计划。据外媒报道，该公司一直在与潜在投资者会面，上市最早可 能在今年4月进行。 今年2月初，Cerebras通过一轮私募融资筹集了约10亿美元，包括新投资，使公司估值达到230亿美元。按此计算，Cerebras已经超过不久前被英伟 达以200亿美元收购的Groq。 成立不到三年的AGI投资基金3C AGI Partners（以下简称"3C"），是少数同时押注Cerebras与Groq的机构之一。创始人王康曼认为，从数字上看， 市场确实在讨论Cerebras的IPO估值可能高于Groq被英伟达收购的大致水平，但两者逻辑不同。Groq更像被并入GPU帝国的"关键模块"，Cerebras 更像一家具备完整系统与商业闭环的"独立基础设施平台"，估值反映的是长期自由 ...

证 券 研 究 报 告 计算机行业重大事项点评 Token 推理大爆发，国产算力再迎海量需求 事项： 2026 年 2 月 9 日至 15 日，OpenRouter 数据显示，中国模型以 4.12 万亿 Token 的调用量，首次超过同期美国模型的 2.94 万亿 Token。2 月 16 日至 22 日，平 台调用量排名前五的模型中，有四款来自中国厂商，分别为 MiniMax 的 M2.5、 月之暗面的 Kimi K2.5、智谱的 GLM-5 以及 DeepSeek 的 V3.2。这四款模型合 计贡献了 Top5 总调用量的 85.7%。 评论： 行业研究 计算机 2026 年 03 月 02 日 推荐（维持） 华创证券研究所 证券分析师：吴鸣远 邮箱：wumingyuan@hcyjs.com 执业编号：S0360523040001 联系人：周楚薇 邮箱：zhouchuwei@hcyjs.com 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 337 | 0.04 | | 总市值(亿元) | 62,840.76 | 4.84 | | 流通市值(亿元) | ...

30年后，中国GPU公司摩尔线程，正站在同样的悬崖边。2025年12月5日，摩尔线程上市，发行价 114元。第一天暴涨425%，一周冲到941元，市值4400亿，中一签赚40万。但狂欢之后，泡沫破 裂：上市一个月跌破600元，市值蒸发1500亿；三个月后年报出炉：营收15.05亿，暴涨243%， 但依然亏损10.24亿，好在亏损收窄36.7%。 以下文章来源于正在IPO ，作者蔚蓝 正在IPO . 故事可以包装，数字不会说谎。 记录一群正在奔跑的人。 他们正在融资、正在扩张、正在转型、正在 突破。 IPO不是终点，而是阶段性的里程碑。 1996年，英伟达账上只剩300万美元，距离破产仅30天。黄仁勋飞去日本求世嘉救急，拿到500万 才活下来；1997年RIVA 128问世，四个月狂卖100万片；1999年发明GPU上市，那年营收不到 1.6亿美元，市销率还是个位数。 从 4400亿到2859亿，从暴涨500%到还在亏损。 一家没盈利的公司，凭什么撑起近3000亿？这 份财报是拐点还是陷阱？ 01 融资热潮：IPO扎堆受理，合计募资近150亿 2025年6月30日，一个注定被载入中国半导体史册的日子。 这一天， ...

这笔投资能否复制在半导体领域的"百亿神话"？ 作者丨 陈美 编辑丨 王庆武 来源丨 投中网 具身智能战局进一步加剧。 近日，千寻智能宣布连续完成两轮近20亿元融资，其中葛卫东旗下混沌投资现身。投中嘉川CVSource数据显示，截至目前，该笔投资未改变更工商信 息，暂时不能看到混沌投资的具体持股信息。 但千寻智能已向我确认，葛卫东是通过混沌投资，与云锋基金、红杉中国、Synstellation Capital、TCL创投、明荟投资（汇川技术董事长朱兴明家 办）、重庆产业投资母基金、杭州金投、360基金、厚雪资本等共同出手，以及老股东全部跟投，参与到千寻智能最新一轮融资中。 将投中网设为"星标⭐"，第一时间收获最新推送 自此，葛卫东也搭上了具身智能这张"船票"。 千寻智能拟IPO，葛卫东出手了 众所周知，作为私募圈大佬，葛卫东在半导体领域曾创造过"百亿级别"的财富神话。 不完全统计显示，在一级市场，葛卫东先后投资了近10家芯片公司，包括沐曦股份、格见构知、玏芯科技、治精微电子、芯投微、慧智微、超硅、海光 信息等公司，其中最为经典的一笔便是沐曦股份。 融资数据显示，葛卫东多次精准押注沐曦股份。2022年9月，先通过 ...

2月27日，高性能GPU领军企业沐曦股份披露了2025年年度业绩快报。数据显示，公司在报告期内交出 了一份"营收跃升、亏损大幅收窄、资产结构显著优化"的高质量答卷，展现出强劲的发展势头和日益巩 固的市场竞争力。 业绩快报显示，2025年度，沐曦股份实现营业总收入16.44亿元，较上年同期大幅增长121.26%。公司表 示，这一显著增长主要得益于公司坚持"1+6+X"发展战略，持续加大市场开拓力度。凭借优越的产品性 能及日趋完善的软件生态，公司GPU产品及服务获得了下游客户的广泛认可与持续采购，产品出货量显 著增长，带动业务规模迈上新台阶。 资产规模的急剧扩张主要得益于报告期内公司完成的资本公积转增股本及首次公开发行股票并上市等重 大事项。这些举措为公司未来的技术研发、市场拓展和产能建设提供了雄厚的资金保障，极大增强了公 司的资本实力和抗风险能力。值得关注的是，随着总资产和净资产的增厚，公司的长期发展根基更加稳 固。尽管因股本扩张导致归属于母公司所有者的每股净资产有所摊薄，但这属于成长型公司在快速发展 阶段的正常财务表现。 业内分析认为，沐暄股份2025年的业绩表现，标志着公司已成功渡过早期的市场导入期，进入高 ...

21世纪经济报道新质生产力研究院综合报道 早上好，新的一天又开始了。在过去的24小时内，科技行业发生了哪些有意思的事情？来跟21tech一起看看吧。 【巨头风向标】 Open AI宣布获得1100亿美元的新投资 Open AI宣布，获得1100亿美元的新投资，公司投前估值达到7300亿美元。这笔投资包括软银300亿美元、英伟达300亿美元以及 亚马逊500亿美元。此外，公司还与亚马逊签署了战略合作伙伴关系，并与英伟达达成了下一代推理计算技术合作协议。随着本 轮融资的进行，预计将有更多金融投资者加入。新一轮融资使OpenAI基金会持有的OpenAI集团股份价值超过1800亿美元，进一 步巩固了这家历史上资源最雄厚的非营利组织之一的地位，并扩大了其在健康突破和人工智能韧性等领域资助慈善事业的能 力。 影石赢得美国"337调查"最终裁决 2月27日，影石创新公告称，公司于2026年2月26日（美国时间）获悉ITC（美国国际贸易委员会）最终裁决结果，针对案涉6件 专利，ITC确认3件GoPro主张的发明专利所涉及的指控产品不构成侵权且专利权利要求无效/部分无效、1件GoPro主张的发明专 利所涉及的指控产品不构成侵权 ...

Group 1 - Ninebot Company achieved a revenue of 21.325 billion yuan in 2025, a year-on-year increase of 50.22%, and a net profit of 1.755 billion yuan, up 61.84% [1] - Huizhong Co., Ltd. reported a revenue of 450 million yuan in 2025, a 16.79% increase, with a net profit of 66.2099 million yuan, up 14.7% [2] - Dalian Heavy Industry achieved a revenue of 15.501 billion yuan in 2025, an 8.54% increase, with a net profit of 588 million yuan, up 18.17% [3] - Jiepte's optical connection business is still in its early stages, contributing less than 5% to total revenue, with uncertainties due to market demand and competition [4] - Yuanguang Software reported a revenue of 2.593 billion yuan in 2025, an 8.12% increase, with a net profit of 301 million yuan, up 2.8% [5] - Kaipu Cloud reported a revenue of 418 million yuan in 2025, a 32.24% decrease, with a net loss of 10.8071 million yuan [6] - Cambricon achieved a total revenue of 6.497 billion yuan in 2025, a 453.21% increase, with a net profit of 2.059 billion yuan, compared to a loss of 452 million yuan in the previous year [7] - Sanxin Medical reported a revenue of 1.64 billion yuan in 2025, a 9.31% increase, with a net profit of 262 million yuan, up 15.43% [8] - Wanji Technology won a project bid worth 22 million yuan, aligning with its smart connected business development plan [9] - Xingrong Environment proposed a cash dividend of approximately 2.35 yuan per 10 shares for 2025, based on a 35% payout ratio of net profit [10] - Lankai Technology achieved a revenue of 5.456 billion yuan in 2025, a 49.94% increase, with a net profit of 2.236 billion yuan, up 58.35% [11] - Muxi Co., Ltd. reported a revenue of 1.644 billion yuan in 2025, a 121.26% increase, but incurred a net loss of 778 million yuan [12] - Hubei Yihua reported a revenue of 25.659 billion yuan in 2025, a 1.04% increase, with a net profit of 889 million yuan, down 16.74% [13] - Microchip Bio proposed a share buyback plan of 80 million to 120 million yuan for employee stock ownership [14] - Moore Thread reported a revenue of 1.506 billion yuan in 2025, a 243.37% increase, with a net loss of 1.024 billion yuan [15] - Huace Navigation achieved a revenue of 3.681 billion yuan in 2025, a 13.24% increase, with a net profit of 681 million yuan, up 16.7% [16] - Jiangfeng Electronics reported a revenue of 4.605 billion yuan in 2025, a 27.75% increase, with a net profit of 481 million yuan, up 20.15% [17] - Wol Nuclear Materials achieved a revenue of 8.451 billion yuan in 2025, a 22% increase, with a net profit of 1.135 billion yuan, up 33.95% [18] - Shenghong Co., Ltd. reported a revenue of 3.463 billion yuan in 2025, a 14.07% increase, with a net profit of 474 million yuan, up 10.58% [19] - Sun Paper achieved a revenue of 39.184 billion yuan in 2025, a 3.79% decrease, with a net profit of 3.258 billion yuan, up 5.05% [20] Group 2 - Wuhan Tianyuan's actual controller plans to reduce holdings by up to 1.93% of the company's shares [21][22] - Zhenghai Bio's shareholder plans to reduce holdings by up to 2% of the company's shares [23] - Baiwei Storage reported a revenue of 11.296 billion yuan in 2025, a 68.72% increase, with a net profit of 867 million yuan, up 437.56% [24] - Jierong Technology received a notice of investigation from the China Securities Regulatory Commission for suspected information disclosure violations [25] - Tengda Construction won a bid for a city parking lot construction project worth 172 million yuan [26] - Jiazhen New Energy's shareholder plans to reduce holdings by up to 3% of the company's shares [27] - Jiabiou reported a revenue of 575 million yuan in 2025, a 3.47% increase, with a net profit of 157 million yuan, up 26.15% [28] - Jingsheng Co., Ltd.'s shareholder plans to reduce holdings by up to 3% of the company's shares [29] - Chengdi Xiangjiang's subsidiary signed a significant contract with Shanghai Unicom, with an estimated contract value of 642 million yuan [30] - Guoci Materials plans to acquire 100% of Australian-listed company SDI for 166 million AUD (approximately 816 million yuan) [31] - Zhongfutong plans to raise no more than 643 million yuan through a private placement for various projects [32] - Yuanjie Technology reported a revenue of 601 million yuan in 2025, a 138.5% increase, with a net profit of 191 million yuan, compared to a loss of 6.134 million yuan in the previous year [33] - *ST Dazheng's shareholder plans to reduce holdings by up to 1% of the company's shares [34] - Huasheng Tiancheng clarified its cooperation model with Huawei, indicating that it has a minor impact on overall revenue [35] - Fenghuo Communication reported that its low-orbit satellite communication business contributes less than 1% to total revenue [36] - Huasheng Chang plans to acquire 100% of Jialante's shares for 460 million yuan [37] - Hekang New Energy plans to raise no more than 1.652 billion yuan from Midea Group for various projects [38] - Shuangliang Energy is under investigation by the CSRC for misleading information disclosure [39] - Jingfang Technology reported a revenue of 1.474 billion yuan in 2025, a 30.44% increase, with a net profit of 370 million yuan, up 46.23% [40][41] - Zhongji Xuchuang reported a revenue of 38.24 billion yuan in 2025, a 60.25% increase, with a net profit of 10.799 billion yuan, up 108.81% [42] - Shunluo Electronics reported a revenue of 6.745 billion yuan in 2025, a 14.39% increase, with a net profit of 1.021 billion yuan, up 22.71% [43] - Visual China plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange [44] - Haitai Development is under investigation by the CSRC for information disclosure violations [45] - Biyin Lefen's controlling shareholder plans to increase holdings by 100 million to 200 million yuan [46] - Tapa Group reported a revenue of 4.107 billion yuan in 2025, a 3.99% decrease, with a net profit of 634 million yuan, up 17.87% [47] - Lite Optoelectronics plans to invest in a quartz fabric R&D center and production base with a total investment of 1 billion yuan [48] - Demingli reported a revenue of 10.789 billion yuan in 2025, a 126.07% increase, with a net profit of 688 million yuan, up 96.35% [49] - Shengke Communication's state-owned investment fund reduced its shareholding to 13% [50] - Tongxing Technology plans to invest in a sodium-ion battery anode material project with a total investment of approximately 500 million yuan [51] - *ST Rindong applied to revoke the delisting risk warning for its stock, reporting a net profit of 360 million yuan in 2025, compared to a loss of 833 million yuan in the previous year [53] - Guoli Electronics reported a revenue of 1.323 billion yuan in 2025, a 66.98% increase, with a net profit of 70.6089 million yuan, up 133.51% [54] - Jingzhida plans to raise no more than 2.959 billion yuan through a private placement for various projects [55] - Hongdian Film reported a revenue of 2.298 billion yuan in 2025, a 16.55% increase, with a net profit of 159 million yuan, compared to a loss of 96.376 million yuan in the previous year [56] - Jingzhida's shareholders plan to reduce holdings by up to 1.55% of the company's shares [57] - Xin Anjie announced that its chairman is under investigation and has been detained [58]

沐曦 2025 年营收 16.44 亿（去年同期 7.43 亿）；亏损 7.81 亿（去年同期亏损 14.09 亿）。 | 项目 | 本报告期 | 上年同期 | 增减变动幅度 | | --- | --- | --- | --- | | | | | (%) | | 营业总收入 | 164,408.55 | 74,307.16 | 121.26 | | 营业利润 | -75,971.58 | -140,348.23 | 不适用 | | 利润总额 | -77.141.92 | -140,533.52 | 不适用 | | 归属于母公司所有者的净利润 | -78.145.20 | -140,887.94 | 不适用 | | 归属于母公司所有者的扣除 非经常性损益的净利润 | -82,170.63 | -104.387.20 | 不适用 | | 基本每股收益(元) | -2.42 | -7.01 | 不适用 | | 加权平均净资产收益率 | -9.51% | -99.70% | 增加 90.19 个百分 点 | | 项目 | 本报告期末 | 本报告期初 | 增减变动幅度 | | | | | (%) | | 总资产 | 1 ...

单位：人民币万元 注：1.本报告期初数同法定披露的上年年末数。 证券代码：688802 证券简称：沐曦股份 公告编号：2026-011 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。 本公告所载2025年度主要财务数据为初步核算数据，未经会计师事务所审计，具体数据以沐曦集成电路 （上海）股份有限公司（以下简称"公司"）2025年年度报告为准，提请投资者注意投资风险。 一、2025年度主要财务数据和指标 （二）报告期有关项目增减变动幅度达30%以上的主要原因说明 2.以上财务数据及指标以合并报表数据填制，但未经审计，最终数据以公司2025年年度报告中披露数据 为准。 3.以上指标及数据如有尾差，为四舍五入所致。 二、经营业绩和财务状况情况说明 （一）报告期的经营情况、财务状况及影响经营业绩的主要因素 1、报告期的经营情况、财务状况 本报告期，公司实现营业总收入164,408.55万元，较上年同期增长121.26%；实现归属于母公司所有者 的净利润-78,145.20万元，较上年同期亏损收窄44.53%；实现归属于母公司所有者的扣 ...

Market Overview - The US January PPI reignited inflation concerns, leading to a decline in US stocks, with the S&P 500 down 0.4% and the Dow Jones dropping over 1% [3] - Nvidia shares fell over 4% post-earnings, while Netflix surged nearly 14% [3] - Bitcoin dropped 3% for the fifth consecutive month, and Ethereum fell over 5% [3] - Gold prices rose 1.8%, nearing $5,300, marking the seventh consecutive month of gains [3] - WTI crude oil prices increased by 2.88%, continuing a two-month upward trend [3] Key Developments in China - The Central Committee of the Communist Party of China discussed the "14th Five-Year Plan" and government work report, emphasizing a proactive fiscal policy and moderate monetary policy [4][11] - The China Securities Regulatory Commission is planning key measures for high-quality development in the capital market during the "14th Five-Year Plan" [11][12] - The People's Bank of China announced a reduction in the forward foreign exchange risk reserve ratio from 20% to 0%, effective March 2 [12] - Zhongji Xuchuang expects a net profit growth of 108.81% by 2025, driven by demand for high-speed optical modules [12] - Cambrian Technology achieved its first annual profit, projecting a net profit of 2.06 billion yuan in 2025, with revenue surging 4.5 times [13] - Moore Threads anticipates a revenue increase of 243.37% in 2025, with flagship GPU production narrowing losses by 36.7% [13] - Domestic GPU production is accelerating, with Muxi Co. projecting a 121% revenue increase in 2025 and a 44% reduction in losses [14] Key Developments Overseas - The US January core PPI saw its fastest growth in a year, complicating the Federal Reserve's monetary policy [15] - OpenAI completed a $110 billion financing round, achieving a valuation of $730 billion, with Amazon investing $50 billion [6][18] - Meta has shifted from relying solely on Nvidia to renting Google TPU for AI training, indicating a diversification in supplier strategy [18] - SpaceX is considering filing for an IPO as early as March, aiming for a June listing with a target valuation exceeding $1.75 trillion [18] - The collapse of UK private credit giant MFS has raised concerns about the fragility of private credit markets, with major banks exposed to significant risks [9][20]