各位老铁，今日上市的新股昂瑞微表现亮眼，即使发行价、募资金额双高，但盘中最高涨至244元，上 市首日最大涨幅达193.76%，中一签的投资者最高可赚80470元。 而明日又将迎来一只高价明星新股，那就是沐曦股份。公司是国内稀缺全栈GPU生产厂商，近年来营业 收入保持高速增长，同时发行价高达104.66元/股。如果其在上市首日能达到可比公司摩尔线程的首日 涨幅425.5%，那么意味着中一签的投资者将赚超22万元！那么，沐曦股份明日上市会是下一个摩尔线 程吗？ 国内稀缺全栈GPU厂商，营业收入高速增长 公开资料显示，沐曦股份致力于研发、设计和销售应用于人工智能训练和推理、通用计算与图形渲染领 域的全栈GPU产品。 沐曦股份是国内极少数具备高性能GPU自主研发及量产能力的领军企业，构建了"软硬一体"全栈产品矩 阵。公司产品结构正向高端化演进，2022年主要依赖智算推理系列板卡，2025年一季度训推一体产品收 入占比达98%。在硬件层面，公司GPU产品覆盖三大应用场景：训推一体、智算推理和图形渲染。 公司三位联合创始人均来自AMD，其中陈维良先生曾任AMD上海公司高级总监，彭莉女士和杨建先生 曾任AMD上海公司企业院 ...

Core Viewpoint - The newly listed company, Muxi Co., is expected to perform well in the market, similar to its peer, Moer Thread, due to its high issuance price and fundraising amount, alongside strong revenue growth in the GPU sector [1][4]. Company Overview - Muxi Co. is a rare domestic full-stack GPU manufacturer, focusing on the research, design, and sales of full-stack GPU products for AI training, inference, general computing, and graphics rendering [1][2]. - The company has a strong core team, with founders having backgrounds from AMD, and is one of the few in China mastering the core technologies of general GPU architecture and high-performance GPU chip design [2]. Industry Insights - The global GPU market is projected to grow from $77.39 billion in 2024 to $472.45 billion by 2030, with a compound annual growth rate (CAGR) of 35.19% [2]. - The Chinese GPU market is expected to reach approximately 107.3 billion yuan in 2024, reflecting a year-on-year growth of 32.96% [2]. Financial Performance - Muxi Co. reported revenues of 426,400 yuan in 2022, 5.3 million yuan in 2023, and 74.3 million yuan in 2024, with significant year-on-year growth rates of 12,334.60% and 1,301.46% respectively [3]. - The company is currently operating at a loss, with net profits of -777 million yuan in 2022, -871 million yuan in 2023, and -1.409 billion yuan in 2024 [3]. IPO Details - Muxi Co. raised approximately 4.1969 billion yuan through its IPO, with funds allocated to three key projects, including the development of high-performance general GPUs and AI inference GPUs [3][4]. - The issuance price of Muxi Co. is set at 104.66 yuan per share, which is considered high within the Sci-Tech Innovation Board context [4][5]. Market Sentiment - The recent trend in the new stock market shows an average first-day increase of 348.19% for newly listed stocks, indicating a favorable market sentiment for Muxi Co. [4][5]. - The average first-day increase for the last ten newly listed stocks on the Sci-Tech Innovation Board was 212.32%, suggesting potential for Muxi Co. to achieve similar performance [5][6].

Core Viewpoint - The company Muxi Integrated Circuit (Shanghai) Co., Ltd. is on the verge of becoming the second domestic GPU stock after Moer Thread, with its IPO process progressing rapidly and significant market interest in the domestic GPU sector following Moer Thread's successful listing [1][2]. Company Development - Muxi was founded in 2020 by former AMD employees, focusing on AI chips as the market shifted towards large model and generative AI technologies [1][2]. - The company initially entered the market through inference AI chips, launching its first chip, the Xisi N100, in January 2022, which began mass production in April 2023 [3][5]. Product Strategy - Muxi's product line includes the Xisi N series for inference and the Xiyun C series for training and inference integration, with the Xiyun C500 set to begin mass production in February 2024 [3][5]. - The company aims to develop a comprehensive product range covering AI computing, general computing, and graphics rendering, with ongoing projects for the Xiyun C600 and Xisi G series [5][7]. Market Position - Muxi is competing against established players like NVIDIA and AMD, which dominate over 70% of the market. The company focuses on developing its core GPU IP to establish a competitive edge [6][7]. - The company has achieved significant revenue growth, with a compound annual growth rate of 4074.52% from 2022 to 2024, although it has not yet turned a profit [12][13]. Financial Performance - Muxi's revenue for 2022, 2023, and 2024 was 426,400 yuan, 53.02 million yuan, and 743 million yuan, respectively, with the first quarter of 2025 showing revenue of 320 million yuan [12][13]. - Despite rapid revenue growth, the company has incurred substantial R&D expenses, totaling 64.8 million yuan, 69.9 million yuan, and 90.1 million yuan from 2022 to 2024, leading to significant net losses [12][13]. Competitive Landscape - Muxi's revenue growth outpaces competitors like Moer Thread, Jingjia Micro, and Longxin Zhongke, but it still lags behind Haiguang Information and Cambricon [15]. - The company holds approximately 1% market share in the Chinese AI accelerator market, alongside competitors, while NVIDIA and AMD dominate with 66% and 5% market shares, respectively [15].

沐曦集成电路（上海）股份有限公司 首次公开发行股票科创板 上市公告书提示性公告 保荐人（主承销商）：华泰联合证券有限责任公司 扫描二维码查阅公告全文 本公司及全体董事、高级管理人员保证信息披露的内容真实、准确、完整、 及时，没有虚假记载、误导性陈述或重大遗漏。 经上海证券交易所审核同意，沐曦集成电路（上海）股份有限公司（以下简 称"沐曦股份""公司""本公司"或"发行人"）发行的人民币普通股股票将于 2025 年 12 月 17 日在上海证券交易所科创板上市，上市公告书全文和首次公开 发行股票的招股说明书在上海证券交易所网站（http://www.sse.com.cn）和符合 中国证监会规定条件网站（中国证券网：http://www.cnstock.com；中证网： http://www.cs.com.cn ； 证 券 时 报 网 ： http://www.stcn.com ； 证 券 日 报 网 ： http://www.zqrb.cn ； 经 济 参 考 网 ： http://www.jjckb.cn ； 中 国 金 融 新 闻 网 ： https://www.financialnews.com.cn；中 ...

Investment Rating - The report maintains a "Recommendation" rating for the industry, expecting the industry index to rise more than 5% over the next 3-6 months compared to the benchmark index [39]. Core Insights - DeepSeek-V3.2 has achieved leading reasoning performance among open-source models, reaching a score of 93.1% in the AIME 2025 mathematics competition, closely following GPT-5 at 94.6% [10][14]. - The DeepSeek-V3.2-Speciale version focuses on extreme reasoning and has won gold medals in prestigious competitions such as IMO 2025 and ICPC World Finals 2025, showcasing its advanced capabilities [13][14]. - The introduction of DSA technology in DeepSeek-V3.2 significantly enhances both efficiency and performance, reducing computational complexity from O(L²) to O(Lk) [19][21]. - DeepSeek-V3.2 is the first model to integrate deep thinking with tool usage, improving its reasoning generalization ability through innovative training methods [21][25]. Summary by Sections DeepSeek-V3.2: Redefining Open-Source Model Performance - DeepSeek-V3.2 was officially released on December 1, 2025, and aims to balance reasoning ability with output length, making it suitable for everyday tasks [10]. - The model's performance in benchmark tests is comparable to that of leading proprietary models, demonstrating its competitive edge in the open-source domain [10][12]. Investment Recommendations - The report suggests focusing on specific sectors within AI, including domestic computing power and enterprise-level services, highlighting companies such as Cambricon, Alibaba, and Hikvision [27][28]. - Various application scenarios are identified, including industrial, military, medical, and legal sectors, with specific companies recommended for investment [28].

Group 1: Industry Overview - The computer industry has shown steady revenue growth and improved profit margins, with total revenue reaching 939.34 billion yuan in the first three quarters of 2025, a year-on-year increase of 9.4% [11] - The software development sub-industry has seen significant profit improvements, while the computer equipment sub-industry remains relatively high in terms of market sentiment [11] - The industry has experienced a volatile upward trend since the beginning of 2025, with the computer industry index rising by 18.54% as of November 28, 2025, outperforming the CSI 300 index by 3.5 percentage points [18] Group 2: Algorithm and Applications - The global landscape of large models is rapidly evolving, with significant competition among closed-source models from companies like Google, Anthropic, and OpenAI, while domestic open-source models like Kimi K2 and MiniMax-M2 maintain a leading position [27][30] - The focus of large model applications is shifting towards programming, enterprise services, and office productivity tools, indicating a convergence in the market [42] - The integration of multi-modal capabilities and AI agents is becoming a competitive focal point in the large model market, expanding the boundaries of model tasks [32][34] Group 3: Computing Power - The AI computing power market is experiencing high demand, with the global AI server market projected to grow at a CAGR of 15.5% from 2024 to 2028, while China's market is expected to grow at a CAGR of 30.6% during the same period [10] - The domestic AI computing power chip industry is poised for growth due to strong policy support and increasing downstream demand, with a clear trend towards self-sufficiency [10][22] Group 4: Intelligent Driving - The penetration rate of Navigate on Autopilot (NOA) features is increasing, indicating a rapid commercialization of the intelligent driving industry in China, with the market size expected to exceed 300 billion yuan by 2030 [4] - Major players like Tesla and Xpeng are advancing their intelligent driving technologies, with significant updates and new model releases enhancing their market positions [4][5] Group 5: Investment Recommendations - The report maintains a "stronger than market" rating for the computer industry, highlighting investment opportunities in AI computing power, algorithms, and intelligent driving sectors [5] - Specific stock recommendations include companies like Zhongke Chuangda, Haiguang Information, and Industrial Fulian in the AI computing power segment, and companies like Daotong Technology and Kingsoft Office in the AI algorithm and application space [5][6]

Core Viewpoint - Russia is developing a new processor named "Irtysh" based on China's LoongArch architecture, aiming for self-sufficiency and independence in technology amidst geopolitical pressures [1][4][22]. Group 1: Processor Development and Market Focus - The Irtysh processor is initially targeted at the server market, with plans to expand into the PC sector and potentially beyond Russia [2]. - The development of Irtysh involves significant investment, although specific amounts have not been disclosed [4]. Group 2: Geopolitical Context and Technology Independence - The need for self-sufficient computing capabilities has become an urgent reality for both China and Russia due to escalating sanctions from the U.S. on high-end chips and related technologies [5][6]. - The reliance on foreign technology has led to challenges for Russia, as seen with the Baikal processor's failure due to dependency on ARM licensing [9]. Group 3: Technical Features and Ecosystem - The Irtysh C616 processor utilizes the LoongArch LA664 core, providing a viable and sustainable technology path for Russia, free from U.S. regulatory constraints [12][13]. - The software ecosystem supporting LoongArch has matured, with various tools and operating systems already in place, enhancing its viability [12]. Group 4: Global Computing Landscape Shift - The emergence of LoongArch signifies a shift towards a multi-polar global computing architecture, moving away from the dominance of x86 and ARM [16]. - The collaboration between China and Russia in adopting LoongArch indicates the formation of a large-scale independent instruction set architecture, challenging Western technological hegemony [16][22]. Group 5: Economic Implications and Strategic Partnerships - The partnership with Tramplin Electronics for the Irtysh processor represents a strategic move for Russia to rebuild its technological framework and for China to expand its instruction set globally [21][22]. - The potential for ongoing revenue through IP licensing and technology services from the Irtysh processor could provide a stable cash flow for Chinese companies involved [21].

Core Viewpoints - The demand for computing power in industry applications is increasing exponentially due to the development of AI technology, which requires algorithms to achieve millisecond-level accuracy [1][7] - High-performance computing (HPC) will be a foundational support across various computing scenarios, from manufacturing to scientific research and AI applications [2][13] - The concept of "super-intelligent integration" has become a consensus in the industry, emphasizing the need for heterogeneous integration in hardware architecture to meet the growing computing demands of AI algorithms [3][10] Group 1 - The evolution of the computing era has shifted from traditional scientific computing to "super-intelligent integration," driven by the increasing need for computing power in AI applications [7][12] - AI's demand for computing power is largely due to the generalization of AI algorithms, which require substantial computational resources for various AI models and agents [9][10] - The importance of high-performance computing is underscored as it will permeate traditional scientific research, manufacturing, and AI applications, presenting significant market opportunities for hardware and software developers [13][16] Group 2 - The company focuses on high-performance computing and AI integration, aiming to enhance the capabilities of AI algorithms through advanced hardware design, such as the TC link for high-speed interconnection [25][27] - The development of an open-source ecosystem is essential for the growth of the AI industry, with the company advocating for collaboration among enterprises to build a robust AI ecosystem [27][28] - The company is actively involved in practical applications of HPC and AI in various fields, including scientific research, energy, and low-altitude economy, demonstrating its commitment to leveraging technology for societal benefits [28][34][36]

Group 1 - Longxin Zhongke conducted two block trades on December 12, with a total transaction volume of 102,800 shares and a transaction amount of 14.9471 million yuan, at a price of 145.40 yuan per share [1] - In the last three months, the stock has seen a total of four block trades, amounting to 39.9718 million yuan [2] - The closing price of Longxin Zhongke on the same day was 145.40 yuan, reflecting a 6.91% increase, with a daily turnover rate of 3.07% and a total transaction value of 1.748 billion yuan [2] Group 2 - The stock experienced a net inflow of 59.6996 million yuan in main funds throughout the day, with a cumulative increase of 10.28% over the past five days and a total net inflow of 12.014 million yuan [2] - The latest margin financing balance for the stock is 949.7 million yuan, showing a decrease of 10.5793 million yuan over the past five days, representing a decline of 1.10% [3] - Longxin Zhongke Technology Co., Ltd. was established on March 5, 2008, with a registered capital of 401 million yuan [3]

证券日报网讯12月12日，龙芯中科在互动平台回答投资者提问时表示，IP核研发计划与芯片需求挂钩， 已关注实时CPU核研发。 ...