摩尔线程、沐曦股份、壁仞科技均已上市 2024年8月，燧原科技首次提交了IPO辅导备案，聘任的辅导机构为中金公司。但是，作为"国产GPU四小龙"之一的燧原科技IPO速度明显滞后于其他对手， 2025年12月，摩尔线程、沐曦股份两家GPU企业先后登陆科创板，两者市值最高时分别达到4423亿元、3580亿元；2026年1月2日，壁仞科技也亮相港交所， 成为"港股国产GPU第一股"。 燧原科技IPO极速推进，在仅仅受理20天后，IPO审核状态变更为"已问询"！ 2月11日晚间，上交所官网显示，上海燧原科技股份有限公司科创板IPO审核状态变更为"已问询"。此次燧原科技IPO进展也十分迅速。1月23日，燧原科技 IPO正式获得受理，保荐机构为中信证券，公司拟融资60亿元，计划投向基于五代AI芯片系列产品研发及产业化项目、基于六代AI芯片系列产品研发及产业 化项目、先进人工智能软硬件协同创新项目三大部分。 如今仅用了20天时间，燧原科技IPO便从受理状态变成了已问询。按照正常流程，如果燧原科技回复问询顺利，下一步将是上会。 燧原科技注册地位于上海临港，其前身燧原有限成立于2018年，由ZHAOLIDONG和张亚林共同投资 ...

Core Viewpoint - Jianghuai Automobile (600418.SH) has raised approximately 3.5 billion yuan through a private placement, with notable participation from prominent investor Ge Weidong, who invested 1 billion yuan [1][10]. Group 1: Fundraising Details - The final pricing for the share issuance was set at 49.88 yuan per share, with a total of 70,168,404 shares issued, raising around 3.5 billion yuan [1][2]. - The funds raised will primarily be used for high-end intelligent pure electric passenger vehicle projects [3][8]. - All shares subscribed by the investors will be locked for six months post-issuance [3]. Group 2: Investor Insights - Ge Weidong's investment of approximately 1 billion yuan for 2,004,811 shares highlights confidence in Jianghuai's collaboration with Huawei in the high-end intelligent electric vehicle sector [10]. - The market is optimistic about the "smart car + AI" model, which is seen as entering a product explosion phase [3][10]. - Ge Weidong's investment strategy focuses on long-term trends, particularly in AI and automotive sectors, indicating a strong belief in Jianghuai's potential [10][14]. Group 3: Company Performance and Future Outlook - Jianghuai Automobile has delivered a total of 12 million vehicles globally and anticipates a sales volume of 384,100 vehicles in 2025, reflecting a year-on-year decline of 4.72% [3]. - The company expects a net loss of approximately 1.68 billion yuan for 2025, attributed to increased competition in the international market and losses from joint ventures [9]. - The company plans to launch three new models under the "Zun Jie" brand in 2026, aiming to strengthen its position in the ultra-luxury market [6][8].

Core Viewpoint - The establishment of the Nantong Chongchuan Chuanfa Baoyuehu Science and Technology Innovation Fund Phase II, with a total scale of 5 billion yuan, marks a significant step in integrating strategic capital into the Yangtze River Delta's AI and hard technology industry ecosystem, aiming to create an open industrial investment platform that connects the Yangtze River Delta, Pearl River Delta, and the global market [2]. Group 1: Fund Overview - The Baoyuehu Fund has completed the layout of 15 sub-funds and 11 direct investment projects since its initial launch in early 2024, establishing a cross-regional and cross-stage investment network [2]. - The second phase of the fund, with a scale of 2 billion yuan, will continue the "sub-fund + direct investment" dual-drive model, focusing on artificial intelligence and deeply integrated industries to seize opportunities in global technology competition [2]. Group 2: Investment Focus - The fund breaks traditional industry layout models by integrating "AI+" across core industries such as integrated circuits, life health, and high-end equipment, promoting systematic industrial upgrades [3]. - In the integrated circuit and AI chip sector, the fund will leverage the Yangtze River Delta's complete industrial chain advantages to invest in key areas such as AI computing chips and advanced packaging, while linking with the Pearl River Delta's consumer electronics market [3]. - In the smart medical field, the focus will be on AI pharmaceuticals, medical imaging diagnostics, and surgical robots, integrating resources from the Yangtze River Delta's biopharmaceutical research and clinical sectors [3]. - The fund aims to enhance smart manufacturing and high-end equipment by investing in industrial intelligent software and robotics, promoting the combination of equipment manufacturing in the Yangtze River Delta with application scenarios in the Pearl River Delta [3]. Group 3: Strategic Collaboration - The fund actively integrates into the "Yangtze River Delta AI Industry Chain Alliance," investing in complementary AI technology companies and data service enterprises to facilitate efficient flow of innovative elements [4]. - Collaboration with venture capital institutions and leading technology companies in the Pearl River Delta will be established to set up sub-funds or joint investments, leveraging local commercialization and market channel advantages [4]. - The fund will also focus on global breakthrough AI technology startups and overseas Chinese teams, establishing special investment channels to promote the transformation of advanced technologies and talents in Nantong and the Yangtze River Delta [4]. Group 4: Future Mission - The Baoyuehu Science and Technology Innovation Fund Phase II is a key initiative to support Nantong in becoming a collaborative innovation node for AI and hard technology industries within the national strategy of Yangtze River Delta integration [4]. - The fund will continue to build a global circulation empowerment platform for "capital-technology-industry-market," attracting top AI talents and projects from both domestic and international markets [4].

作者 | IT桔子团队 来源｜IT 桔子 "请回答中国创投 2025： 20205年，中国一级市场被争抢的"最香公司"是谁？" 2025年，中国一级市场出现一种奇特的"排队上车"现象—— 越来越多硬科技公司在单轮融资中吸纳十几甚至几十家投资机构；资方们不再追求"独投"或"领投"的优 越感，反而挤破头要挤进同一条船。 IT桔子数据显示，全年单轮次投资方超过15家的典型项目至少有13个，覆盖AI芯片、商业航天、机器 人、半导体、生物医药等战略赛道。 这13家公司分别是： AI基础层的沐曦股份（C轮，近50家资方）和清微智能（C轮，24家资方）； 商业航天领域的海南商业航天创新中心（天使轮，近30家同行参股）； 集成电路赛道的芯上微装（战略投资）、聚芯微电子（D++轮）、昆仑芯（战略投资）、智遨通（A 轮）； 机器人领域的新石器无人车（D轮）与乐聚机器人（Pre-IPO）； 工业互联网软件合见工软（A轮）； 医疗健康领域的艾普强 （B轮）与 圣因生物 （B轮）； 以及新能源电池企业 巨湾技研（A++轮）。 沐曦股份：50家资本托举 国产GPU第一股 2025年2月，国产GPU独角兽沐曦股份完成了一笔创纪录的融资： ...

当全球巨头在技术前沿狂奔时，中国本土的GPU产业在历史机遇的叠加下，正奋力开启一场波澜壮阔的追赶。来自弗若斯特沙利文的调查数据揭示了令人 惊叹的增长曲线：中国GPU市场规模从2020年的385亿元猛增至2024年的1638亿元，预计到2029年将攀升至1.4万亿元，占全球市场的份额将从16%跃升至 38%。其中，由大模型驱动的AI智算GPU是绝对的增长引擎。 与此同时，外部环境的变化构成了强烈的"倒逼"力量。近年来，高性能AI芯片的出口管制持续升级，国际领先产品的供应受到限制。这场"断供"危机，将 供应链安全的紧迫性提到了前所未有的高度，从反面催生了刚性的国产替代需求。 01 国产崛起：政策东风与市场沃土下的追赶者 国家层面，从国务院到工信部，支持AI芯片与智算基础设施发展的政策密集出台。笔者观察到，上海在该领域继续走在了前列——上海市国资委推动设 立的总规模1000亿元产业投资母基金，首个直投项目便是壁仞科技。这种政策与资本的深度绑定，为本土企业开辟了一个受保护的、宝贵的战略成长窗口 期。 | 公司 | 事件 | 时间 | | --- | --- | --- | | 摩尔线程 | 在上交所科创板上市,上市首 ...

融资方面，沐曦股份当日融资买入5068.31万元。当前融资余额8.89亿元，占流通市值的9.52%。 融券方面，沐曦股份2月10日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量0.00股，融券余额0.00元。 2月10日，沐曦股份涨0.34%，成交额5.96亿元。两融数据显示，当日沐曦股份获融资买入额5068.31万 元，融资偿还6013.53万元，融资净买入-945.22万元。截至2月10日，沐曦股份融资融券余额合计8.89亿 元。 截至12月17日，沐曦股份股东户数2.51万，较上期增加20138.71%；人均流通股722股，较上期增加 0.00%。2025年1月-9月，沐曦股份实现营业收入12.36亿元，同比增长453.52%；归母净利润-3.46亿元， 同比增长55.79%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 资料显示，沐曦集成电路(上海)股份有限公司 ...

对于受投资者关注的控股股东减持问题，梁建华回应，此前为支持公司业务发展，作为控股股东，他本 人数次质押股权融资，质押比例一度高达70%。减持是为了解决高质押的问题，预计后续股权质押比例 将降至20%左右。 （文章来源：新华财经） 超讯通信是国产GPU制造商沐曦股份的特定行业全国总代理。从2019年起，超讯通信开始推进业务转 型，布局智算业务，经过几年拓展，目前该业务营收占比已达80%。据梁建华介绍，目前超讯通信与国 央企、研究机构都有合作，有大量需求方主动接洽，订单及潜力订单充足，业务推进符合预期。 该公司2025年业绩预告显示，将实现扭亏为盈，归母净利润为3600万元到5400万元，扣除非经常性损益 归母净利润为2100万元到3100万元，主要原因包括公司算力业务在报告期内达到验收条件，从而确认相 关项目的收入和利润。同时，公司加强了应收账款的催收力度，减值损失对利润的影响较去年同期有所 减少。 日前记者采访超讯通信董事长梁建华时获悉，超讯通信后续会持续加大在智算领域的布局，考虑参股平 台软件、智能器件等相关企业，布局更完整的产业生态。 ...

Core Viewpoint - The company, ChaoXun Communication, plans to increase its investment in the intelligent computing sector by considering equity participation in platform software and smart device companies, aiming for a more complete industrial ecosystem [1] Group 1: Business Transformation and Revenue - Since 2019, the company has been transitioning its business focus towards intelligent computing, with this segment now accounting for 80% of its revenue [1] - The company forecasts a turnaround in profitability by 2025, projecting a net profit attributable to shareholders of between 36 million to 54 million yuan, and a net profit excluding non-recurring items of between 21 million to 31 million yuan [1] - The expected profitability is attributed to the recognition of revenue and profits from its computing power business, which has met acceptance criteria during the reporting period [1] Group 2: Partnerships and Demand - The company has established collaborations with state-owned enterprises and research institutions, leading to a significant influx of demand from various clients [1] - There is a strong pipeline of orders and potential orders, indicating that business development is progressing as anticipated [1] Group 3: Shareholder Actions - In response to investor concerns regarding the reduction of shareholding by the controlling shareholder, it was noted that the shareholder had previously pledged shares to finance business development, with the pledge ratio reaching as high as 70% [1] - The reduction in shareholding is aimed at addressing the high pledge issue, with expectations that the share pledge ratio will decrease to around 20% in the future [1]

Core Viewpoint - Jianghuai Automobile (600418.SH) has successfully completed a 3.5 billion yuan private placement plan, with notable investor Ge Weidong participating, despite the company announcing a significant expected loss for 2025 [1][2]. Group 1: Private Placement Details - Jianghuai Automobile issued a total of 70.1684 million shares at a price of 49.88 yuan per share, raising approximately 3.5 billion yuan [1]. - Ge Weidong invested around 1 billion yuan to acquire 20.0481 million shares, making him the eighth largest shareholder with a 0.89% stake [1]. - The shares issued will be locked for six months post-issuance [1]. Group 2: Financial Performance and Challenges - The company projected a net loss of approximately 1.68 billion yuan for 2025, with a non-recurring net profit loss of about 2.47 billion yuan, indicating a slight narrowing of losses compared to the previous year [2]. - The decline in performance is attributed to complex international conditions and increased competition in overseas markets, leading to a drop in export business [2]. - Losses from joint venture Volkswagen Anhui contributed significantly, with the company recognizing an investment loss of 1.08 billion yuan [2]. Group 3: Future Plans and Strategic Focus - The funds raised from the private placement will be fully allocated to the "High-end Intelligent Electric Platform Development Project," which is closely related to the company's main business and aims to enhance future competitiveness through technological upgrades [2]. - The company emphasized that the private placement will not alter its control structure, with the controlling shareholder remaining unchanged [2]. Group 4: Investor Profile - Ge Weidong is known for his investments in technology sectors, having shifted focus from futures to the secondary market over the past seven to eight years, favoring technology growth stocks [2]. - His recent investments include significant stakes in leading technology companies, and his entry into Jianghuai Automobile is viewed as a strategic move within the smart automotive industry [3].

Core Viewpoint - Jianghuai Automobile has completed a private placement, raising approximately 3.5 billion yuan by issuing 70.1684 million shares at a price of 49.88 yuan per share, with significant participation from private equity investor Ge Weidong [1][3]. Group 1: Private Placement Details - The private placement involved eight investors, with Ge Weidong investing around 1 billion yuan for 20.0481 million shares, making him the eighth largest shareholder with a 0.89% stake [1][2]. - The shares acquired in this issuance are subject to a six-month lock-up period, preventing transfer during this time [1]. Group 2: Use of Funds - The funds raised from this issuance will be fully allocated to the development of a high-end intelligent electric platform, closely related to the company's main business, without causing significant changes to the business structure [3]. Group 3: Financial Performance Outlook - Jianghuai Automobile has announced a projected net loss of approximately 1.68 billion yuan for the year 2025, which represents a reduction in loss of about 104 million yuan compared to the previous year [3]. - The anticipated loss is attributed to increased competition in the international automotive market and a decline in export business, alongside losses from its joint venture with Volkswagen Anhui, which is expected to contribute a negative investment return of 1.08 billion yuan [3].