"资本市场用真金白银在支持国产GPU，这传递出一个强烈信号。企业应坚定走核心技术自主创新之 路，以加速国产替代进程。"深度科技研究院院长张孝荣告诉证券时报记者。 在摩尔线程上市8个交易日后，12月17日，又一家国产GPU（图形芯片）厂商沐曦股份正式登陆科创 板。与此同时，AI（人工智能）芯片（包括GPU、ASIC等）赛道上，壁仞科技、燧原科技等也在加快 IPO步伐。 资本市场情绪升温之际，外界也在进一步审视国内GPU乃至AI芯片产业后续的前景和挑战。 对此，芯谋研究企业部总监王笑龙向证券时报记者表示，A股已有海光信息、寒武纪等AI芯片上市企 业，本次沐曦和摩尔两家头部GPU企业接连实现IPO，说明在AI计算加速领域快速发展背景下，相关公 司更需要公开市场的助力，才能更好应对AI芯片动辄10亿元级别的费用。长远来看，国内AI芯片厂商 任重而道远，在单卡性能、集群的单位算力成本和能耗、软件生态等领域仍需不断提升，从而让国产 AI芯片从"替代可用"迈向"自主好用"。 押注AI芯片 回顾本次IPO历程，沐曦股份和摩尔线程均于今年6月30日获受理，至如今齐聚A股，历时半年不到。 从市场表现来看，摩尔线程12月5日高开4 ...

深圳商报·读创客户端首席记者 王海荣 进入12月，国产GPU产业迎来历史性时刻。12月17日，被视为"国产GPU第二股"的沐曦集成电路（上海）股份有限公司（简称：沐曦股份）正式登录科创 板，开盘价报700元/股，较发行价上涨568.8%。 图片说明：沐曦股份17日上午开盘后股价走势图。 （图片来源于网络截图） 这也是继摩尔线程智能科技（北京）股份有限公司（简称"摩尔线程"）12月5日在科创板上市后，国内资本市场迎来的另一位国产GPU重量级选手。 与此同时，燧原科技、壁仞科技等国产GPU"四小龙"成员亦加快推进IPO进程。 AI算力需求引爆国产GPU赛道 另据了解，燧原科技，以及格兰菲智能科技股份有限公司、瀚博半导体（上海）股份有限公司等国产GPU厂商也已启动了上市辅导。 12月15日，"四小龙"中的壁仞科技在上市道路也迎来新进展。中国证监会国际合作司发布关于上海壁仞科技股份有限公司境外发行上市及境内未上市股 份"全流通"备案通知书。显示壁仞科技拟发行不超过372458000股境外上市普通股，并在香港联合交易所上市。若成功发行上市，壁仞科技有望成为"港股 GPU第一股"。 行业进入"资本+技术"双轮驱动 过去几 ...

Core Insights - Muxi Integrated Circuit (Shanghai) Co., Ltd. officially listed on the Sci-Tech Innovation Board on December 17, 2025, with a market value exceeding 300 billion yuan on its first trading day [3][4]. Investment Focus - Springhua Capital focuses on early-stage investments in cutting-edge technologies, particularly in AI and semiconductor sectors, and has made significant investments in high-performance GPU and autonomous computing systems [4][6]. - The firm has invested in various promising startups in chip design, including AI computing chips, storage chips, and integrated storage-computing solutions [6][7]. Portfolio and Collaborations - Springhua Capital has a diverse portfolio that includes investments in AI, robotics, and medical technology, with notable companies such as BAIYI ZHIHUI and XINGRUI PHARMACEUTICAL [7][11]. - The firm has established deep collaborations with top universities and research institutions, leveraging its strong alumni network to identify and support innovative entrepreneurs [10][11]. Strategic Vision - Springhua Capital aims to support companies with original innovation and disruptive technologies, believing that small, effective innovations can lead to significant global changes [7][11]. - The firm is committed to facilitating the commercialization of hard technologies and helping Chinese tech companies overcome technological barriers [11].

Group 1 - The global Fab market is expected to grow by 27% year-on-year in 2025, driven by demand from GPU/ASIC and consumer electronics orders [3][9][23] - The advanced process is in an expansion phase, significantly boosted by AI demand, with the Chinese high-end AI chip market projected to grow over 60% in 2026 [3][23][26] - Domestic Fab manufacturers are focusing on mature processes, benefiting from the recovery of the domestic market, with a projected share of over 75% in global mature process capacity additions by 2026 [3][46][53] Group 2 - Key companies to watch include SMIC, Hua Hong Semiconductor, and Jinghong Integrated Circuit, which are positioned to benefit from local manufacturing and the expansion of production capacity [3][41][71] - The third phase of the National Big Fund has not yet entered large-scale project investments, but it is expected to become a capital expenditure increment for the Fab industry in 2026 [3][39][40] - The domestic supply chain is gradually proving itself, with companies like Cambrian and Huawei leading the way in local AI chip production and supply chain development [3][30][34]

今年以来通信ETF（515880）在A股表现优异，在AI发展叙事的助力下，截至写稿，年内涨幅超110%，居全市场ETF涨幅第一。 消息面，海外云厂商在AI领域的资本开支及指引仍保持乐观，Oracle的财报资本开支远超彭博一致预期，并大幅上修FY2026的资本开支。算力板块受催化， 光模块占比超50%的通信ETF（515880）涨超2%。 海外云厂商资本开支乐观，可持续关注AI主线 海外云厂商在AI领域的资本开支及指引仍保持乐观，我们有理由相信明年的资本开支增长仍将得以延续。我们最新一次从科技巨头处听到资本开支的消息 是上周Oracle的财报，其120.3亿美元的资本开支远超彭博一致预期（82.5亿美元），并大幅上修FY2026的资本开支至500亿美元。 在这一基准情形（资本开支延续增长）下，看好通信ETF（515880）等深度参与海外算力产业链的A股相关标的（它们大都处于供应链的上游），该产品的 光模块含量超过54%，服务器含量超过19%，叠加光纤、铜连接等成分，核心环节成分占比超过80%。 此外，我们继续长期看好国产替代的广阔前景。一方面，尽管近期美国批准NVIDIA H200及同级AMD MI、Intel ...

Core Viewpoint - Muxi Co., Ltd. has successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, opening with a 568% increase, reaching a stock price of 700 yuan and a total market value of 280 billion yuan, with a single contract profit of nearly 300,000 yuan, while the issue price was 104.66 yuan per share [1] Company Overview - Muxi Co., Ltd. is a leading domestic enterprise in high-performance general-purpose GPU products, becoming the second domestic GPU company to list on the A-share market after Moore Threads [1] - The company focuses on the independent research and development of full-stack high-performance GPU chips and computing platforms, primarily engaged in the R&D, design, and sales of full-stack GPU products for AI training and inference, general computing, and graphics rendering [1] - Muxi has established a unique GPU product system and an independent open software ecosystem, providing high-efficiency and versatile computing power support for cloud computing, and is a significant force in promoting the autonomous and controllable infrastructure for intelligent computing in various industries [1] Investment and Financing - Muxi has completed over 10 rounds of financing, with a strong shareholder base including the founding team, national funds, top VC firms, local state-owned assets, and industrial capital [2] - Key VC investors include Sequoia China and Matrix Partners, with Sequoia holding approximately 4.19% and Matrix holding 5.13% through multiple associated funds [2] - Lenovo Group, as an early strategic investor, holds nearly 1% of Muxi's shares and has collaborated on the "DeepSeek integrated machine," positioning itself in the domestic AI computing core sector [2] Product Development and Market Position - Muxi and Lenovo launched the "DeepSeek domestic AI integrated machine," achieving rapid delivery and significant market penetration across various core industries [3] - Muxi's GPU product matrix includes inference, training, and graphics rendering, with its flagship product, the Xiyun C600, achieving a fully domestic closed loop in design, manufacturing, and testing, competing with international leaders like NVIDIA's A100 [3] - The collaboration between Muxi and Lenovo enhances the usability of domestic GPUs and addresses the final mile in application, leveraging Lenovo's established supply chain and customer resources [3] Industry Outlook - The ongoing investment in AI infrastructure and the increasing importance of autonomous and controllable strategies are expected to drive the expansion of domestic computing power supply, with Muxi and Moore Threads leading the way [4] - This trend presents long-term investment opportunities in the capital market and promotes the development of the upstream and downstream of the industry chain [4]

Core Viewpoint - Muxi Co., Ltd. has become the most profitable new stock since the full registration system in A-shares, with a significant opening price increase of 568% and a market capitalization of 280 billion yuan, resulting in a single signing profit of nearly 300,000 yuan [1]. Group 1: Company Performance - Muxi Co., Ltd. focuses on the independent research and development of high-performance GPU chips and computing platforms, with key products including the Xisi N series GPU for intelligent computing inference and the Xiyun C series GPU for training and general computing [2]. - The latest product, the Xiyun C600 series, has performance between NVIDIA's A100 and H100, achieving a closed-loop domestic supply chain from chip design to packaging and testing, with risk mass production expected by the end of this year and formal mass production in the first half of next year [2]. - As of March 2025, Muxi Co., Ltd. has sold over 25,000 GPU products, with applications in various AI public computing platforms and commercial intelligent computing centers [3]. Group 2: Financial Performance - Muxi Co., Ltd. reported revenues of 426,400 yuan, 53.02 million yuan, and 743 million yuan for the years 2022 to 2024, with a compound annual growth rate of 4,074.52% over the last three years [3]. - In the first three quarters of this year, the company's revenue grew by 453.52% year-on-year, reaching 1.236 billion yuan [3]. - The company anticipates reaching breakeven by 2026 based on forward-looking estimates [3]. Group 3: Market Position - Muxi Co., Ltd. has become a leading player in the domestic high-performance general GPU market, benefiting from the support of AMD's technology and the ongoing trend of domestic substitution [3].

自成立以来，公司持续深耕GPU产品技术创新与迭代，构建了具备自主优势的GPU产品体系及开放的软件生态，为云端计算提供高能效、高通用性算力支 持。目前，沐曦股份已在教科研、金融、交通、能源、医疗健康、大文娱等多个行业实现应用布局，成为推动我国智能算力基础设施自主可控进程的重要力 量。 作为国内高性能GPU领域的领军企业之一，沐曦股份以"不负历史，为民族复兴、国家强盛贡献科技力量"为使命，持续打造具有行业竞争力的GPU核心产 品，助力数字经济发展。 GPU作为现代信息技术的底层基础设施，技术门槛高、迭代速度快，对企业自主研发能力与持续创新提出严苛要求。长期以来，我国算力基础设施市场由境 外厂商主导，国产替代空间广阔。近年来，在地缘政治摩擦加剧与新一代人工智能浪潮的双重背景下，以沐曦股份为代表的国内GPU企业积极投入产品研发 与技术突破，逐步打破国外垄断，不断提升市场份额，推动我国人工智能产业链在底层算力领域实现自主可控，为新质生产力发展注入强劲动力。 沐曦股份始终以推动智能算力产业链自主可控为目标，长期聚焦GPU与人工智能领域，组建了一支具备全球视野、掌握顶尖GPU技术及全流程量产经验的核 心研发团队。通过持续技 ...

Group 1 - The semiconductor and AI-related sectors experienced a decline on December 16, particularly in communication and ChiNext AI, likely due to the weakness in overseas AI trading [1] - Despite recent downturns, there is a high certainty that capital expenditure in the AI sector will continue to grow next year, with a positive outlook for communication ETFs (515880) and domestic semiconductor equipment ETFs (159516) [1][6] - CoreWeave, a data center supplier heavily involved in AI, saw a nearly 8% drop, highlighting the fragility of the overseas AI supply chain [2] Group 2 - Oracle reported a capital expenditure of $12.03 billion, significantly exceeding Bloomberg's consensus estimate of $8.25 billion, and raised its FY26 capital expenditure forecast to $50 billion [3] - The communication ETF (515880) is favored due to its significant exposure to the supply chain, with over 54% in optical modules and more than 19% in servers, indicating strong underlying components [6] - Domestic alternatives in the semiconductor space are gaining traction, with local GPU suppliers like Moore Threads and Muxi gaining attention as they narrow the gap with advanced overseas processes [6]

Core Insights - Hanhigh Group is a leading enterprise in the domestic hardware and outdoor furniture manufacturing sector, with steady growth in main business revenue and profitability [1] - The company is expected to accelerate capacity expansion and market deployment due to increased self-production ratio, scale advantages, and the pressure on overseas enterprises [1] Financial Performance - Revenue for 2024 is projected to reach 2.857 billion yuan, a year-on-year increase of 28.6%, with net profit attributable to shareholders at 531 million yuan, up 59.7% [3] - For the first three quarters of 2025, revenue is 2.497 billion yuan, a 24.27% increase year-on-year, and net profit is 483 million yuan, up 38.07% [3] - From 2019 to 2024, revenue and net profit CAGR are 28.91% and 59.36%, respectively, driven by product scale expansion and management optimization [3] Product Structure - Basic hardware is the main driver of revenue growth, with continuous high growth since 2020, including a 111.37% increase in 2021 [3] - Outdoor furniture revenue is expected to reach 262 million yuan in 2024, a year-on-year increase of 39.69%, accounting for 9.18% of total revenue [3] Channel Structure - Offline distribution accounts for 56.33% of total revenue in 2024, with sales reaching 1.609 billion yuan, a 26.48% increase [4] - Cloud commerce revenue is 294 million yuan, up 59%, while online e-commerce contributes 312 million yuan, a 24.67% increase [4] Industry Landscape - The hardware industry is characterized by a large number of small enterprises, with leading domestic companies like Hanhigh Group gradually breaking through [5] - The market is expected to grow at a CAGR of 7.6%, reaching 324.45 billion yuan by 2028, driven by consumer demand for quality hardware [5] Outdoor Furniture Demand - The increase in per capita GDP and service consumption spending is driving the demand for outdoor furniture [6] - Revenue from outdoor furniture is projected to grow significantly in 2024, following a decline in previous years [6] Competitive Advantage - Hanhigh Group is positioned to capture market share in the mid-to-high-end hardware market due to the structural exit of foreign brands [6] - The company has improved its gross and net profit margins, surpassing those of imported high-end hardware enterprises [6] Growth Forecast - Revenue projections for 2025-2027 are 3.569 billion, 4.426 billion, and 5.364 billion yuan, with year-on-year growth rates of 25%, 24%, and 21% respectively [9] - Net profit for the same period is expected to be 719 million, 917 million, and 1.137 billion yuan, with growth rates of 35%, 28%, and 24% respectively [9]