国产GPU资本盛宴迎第二波，沐曦股份今日正式在科创板上市，公司股价开盘大涨568.83%，开盘价高 达700元，较发行价104.66元暴涨568.83%，以开盘价计算，中签者单签浮盈29.77万元，公司最高市值 突破2800亿元。年内第一"肉签"诞生，打新热度超过摩尔线程 沐曦股份此次发行价104.66元/股，为年内第二高发行价新股，仅次于摩尔线程的114.28元/股。按首日 最高价计算，中一签（500股）的投资者浮盈达29.77万元，成为年内第一赚钱新股（此前上市首日单日 盈利额最大的为摩尔线程，以当日收盘价计算，摩尔线程中一签可赚24.31万元，以当日最高价计算， 最高获利超过28.69万元）。 总体而言，市场对沐曦股份也是热烈追捧。其热度甚至不亚于摩尔线程，沐曦股份网上发行最终中签率 为0.03348913%，低于摩尔线程的0.03635054%。 同时，沐曦股份的弃购规模较小，共有20349股遭弃购，弃购金额212.97万元，低于摩尔线程的334.86万 元。产业资本积极参与，葛卫东暴赚 沐曦股份战略配售阵容堪称豪华，包括国家人工智能产业投资基金、中国电信天翼资本、京东宿迁云 邦、美团深圳三快等重量级 ...

Core Viewpoint - The debut of Mu Xi Co., Ltd. (688802), referred to as the "second domestic GPU stock," saw its share price surge by 568.83% on the opening day, reaching 700 CNY per share, resulting in significant profits for investors [1][3]. Group 1: Stock Performance - Mu Xi Co., Ltd. opened at 700 CNY per share, with a total market capitalization of 280.1 billion CNY [3]. - Investors who received a lottery ticket for 500 shares could see a paper profit of approximately 297,670 CNY [3]. - The stock's opening price represents a 568.83% increase from its initial offering price of 104.66 CNY [4]. Group 2: Company Background - Established in September 2020, Mu Xi Co., Ltd. is a leading player in the domestic high-performance general-purpose GPU sector, focusing on the development of high-performance GPU chips and computing platforms [5][6]. - The company's products are primarily used in three core areas: AI training and inference, general computing, and graphics rendering [5]. Group 3: Financial Performance - Mu Xi Co., Ltd. has not yet achieved profitability, with revenues reported for 2022, 2023, and projected for 2024 and early 2025 being 42,640 CNY, 5,302,120 CNY, 74,307,160 CNY, and 32,041,530 CNY respectively [6]. - The net profits for the same periods were -777 million CNY, -871 million CNY, -1.409 billion CNY, and -233 million CNY, indicating ongoing losses [6]. - The company anticipates reaching a breakeven point by 2026, with projected revenues for 2025 expected to be between 1.5 billion CNY and 1.98 billion CNY, representing a growth of 101.86% to 166.46% compared to 2024 [7]. Group 4: Investment and Shareholding - Notable investors, including prominent private equity figure Ge Weidong and his firm Chaos Investment, have invested in Mu Xi Co., Ltd., holding a total of 26.9379 million shares, which is 6.73% of the total shares post-IPO [9]. - The company has undergone 13 rounds of financing prior to its IPO, raising a total of 12.64 billion CNY, attracting over a hundred institutional investors [11].

继摩尔线程之后，另一"GPU芯片四小龙"成员沐曦股份今日登陆A股，发行价为104.66元/股。 沐曦股份开盘大涨568.83%，最新股价报700元/股，若据此计算，中一签新股赚29.8万元。 | 沐陵 | N 木 / | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | SH 688802 ■ Level1基础行情 ■ 上海交易所 ■ 科创板 | | | 所属行业 × 半导体 0.00% > | | | | | | 交易中 12-17 09:30:00 北京时间 | 700.00元 +595.34 +568.83% | | | | | | | | | | | 今开 | 700.00 | 最高 | | 700.00 | 成交量 | 1.52万手 | 总市值 ▼ | 2801亿 | 量比 | | | 昨收 | 104.66 | 最低 | | 700.00 | 成交额 | 10.65亿 | 总股本 | 4.00亿 | 载比 | -95.14% | | 换手率 | 8.39% | ...

沐曦股份此次发行价格为104.66元/股，对应市值约418.74亿元，市销率为56.35倍，仅为摩尔线程122.51 倍市销率的一半。公司共发行4010万股，占发行后总股本的10.02%，扣除发行费用后预计募集资金净 额为38.99亿元。 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 风险提示及免责条款 沐曦股份上市首日高开568.83％，报700元，按开盘价计算，中一签可赚29.77万元。 在近期科创板上市的半导体企业中，该中签率处于低水平，申购热度位居第一梯队。国家人工智能产业 投资基金、中国电信、京东、美团等众多战略投资者参与认购，显示市场对国产GPU芯片前景的高度关 注。 ...

Core Viewpoint - The article discusses the recent IPO of MuXi Integrated Circuit (Shanghai) Co., Ltd., marking a significant event in the domestic GPU industry, following the successful listing of Moore Threads. This indicates a shift from the technology validation phase to a market and capital verification phase for domestic GPU companies [2][23]. Company Overview - MuXi officially listed on the Sci-Tech Innovation Board with a stock price of 679 CNY per share, achieving a market valuation of over 270 billion CNY [3][5]. - The company was founded in 2020 and has established R&D centers in multiple cities across China, with a core team averaging nearly 20 years of experience in high-performance GPU development [10][18]. Financial Performance - MuXi's revenue grew from 42.64 thousand CNY in 2022 to 743 million CNY in 2024, reflecting a compound annual growth rate (CAGR) exceeding 4000% [15]. - Despite significant revenue growth, the company reported a cumulative net loss of over 3 billion CNY over three years, attributed to high R&D investments and talent incentives [15]. Fundraising and Investment - The company raised approximately 4.197 billion CNY through its IPO, with funds allocated for the development of high-performance GPUs and AI inference GPUs [8][16]. - Notable investors include Sequoia China and other prominent venture capital firms, indicating strong market interest and support for MuXi's growth [16]. Product Development and Strategy - MuXi aims to provide a full-stack GPU chip and system solution, focusing on various applications including AI training, cloud computing, and data centers [10]. - The company has outlined a clear product evolution strategy, transitioning from validating GPU architecture to deploying GPUs capable of handling AI training and high-performance computing tasks [12][13]. Market Position and Competitive Landscape - The entry of MuXi and Moore Threads into the public market is seen as a pivotal moment for the domestic GPU industry, reshaping investor perceptions and expectations [21][24]. - The competition is shifting from merely producing GPUs to ensuring sustainable sales and market presence, highlighting the industry's long investment cycles and high failure rates [25].

记者丨孙燕 编辑丨卜羽勤 12月5日，沐曦股份最新公告，公司股票将于2025年12月17日在上海证券交易所科创板上市。保荐人为华泰联合证券。 根据《上海证券交易所科创板上市公司自律监管指引第5号——科创成长层》，上市时未盈利的科创板公司，自上市之日起纳入科创成长层。截至本公告披 露日，沐曦股份尚未盈利，自上市之日起将纳入科创成长层。 继摩尔线程成为"国产GPU第一股"后，沐曦集成电路（上海）股份有限公司（以下简称"沐曦股份"）正向第二股发起最后冲刺。 沐曦股份的科创板IPO申请于6月30日获得受理，于10月24日获得上市委会议通过。11月12日，证监会已同意沐曦股份首次公开发行股票并于科创板上市的 注册申请。12月9日，网上、网下投资者的认购缴款工作全部结束。 摩尔线程登陆科创板后的股价狂飙，已将资本市场对国产GPU赛道的追捧推向高潮。接下去，头顶"国产GPU第二股""年内第二贵新股"双重头衔的沐曦股 份，能否再创资本狂欢？ 从推理AI芯片入局 打造"中国版AMD" GPU最初是为图形渲染设计的专用硬件，主要用于游戏、影视等领域的实时图像处理。 2020年，随着人工智能技术从"小模型+判别式"转向"大模型+生 ...

Group 1 - The core viewpoint of the articles highlights the significant market interest surrounding the IPO of Chinese AMD Muxi Co., which is seen as the "second domestic GPU stock" following the successful listing of Moer Thread, the "first domestic GPU stock" [1][3] - Muxi Co. issued a total of 40.1 million shares at a price of 104.66 yuan per share, with a total of 517.52 million valid subscription accounts and 28.862 billion shares subscribed [3] - The final subscription rate for Muxi Co.'s online issuance was 0.03348913%, slightly lower than Moer Thread's rate of 0.03635054% [3] Group 2 - Muxi Co. is a major player in China's high-performance general-purpose GPU market, focusing on the independent development of high-performance GPU chips and computing platforms for AI computing, general computing, and graphics rendering [5] - The company's revenue projections show a growth trajectory from 426,400 yuan in 2022 to 743 million yuan in 2024, although it is expected to incur significant net losses during this period [5] - The competitive landscape of the domestic GPU sector is crucial for the long-term investment value of companies like Muxi Co., as indicated by market analysts [7]

12月17日，有一只新股上市，为科创板的沐曦股份（688802.SH）。该公司头顶"国产GPU第二股""年内 第二贵新股"光环，是国内高性能通用GPU产品的主要领军企业之一，致力于自主研发全栈高性能GPU 芯片及计算平台，持续为国家人工智能公共算力平台、运营商智算平台、商业化智算中心等提供基础算 力底座，推动人工智能赋能千行百业，并重点布局教科研、金融、交通、能源、医疗健康、大文娱等行 业应用场景。 打新早知道 cally Design | 今日上市 | | | | | --- | --- | --- | --- | | 688802.SH 沐曦股份 | | | | | 发行价(元/股) | 机构报价(元/股) | 市值(亿元) | 所属行业 | | 104.66 | 111.53 | 418.70 | 计算机、通信和其 | | | | | 他电子设备制造业 | | 发行市盈率 | 行业市盈率 | 可以公司 | 可比公司动态市盈率 | | 寒武纪 | 58.25 | | 286.23 | | 海光信息 | | | 194.21 | | | | 景嘉微 | 亏损 | | 业绩情况 | | | | | 10.0 ...

记者丨江佩佩 见习记者张嘉钰 编辑丨谢珍 12月16日，美股三大指数集体低开，截至 23:20 ， 道琼斯指数跌0.39%，标普500指数跌0.18%，纳斯达克综合指数跌0.36%。 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | | 道琼斯工业平均 | 48229.68 | -186.88 | -0.39% | | 纳斯达克指数 | 23015.02 | -42.39 | -0.18% | | 标普500 | 6791.90 | -24.61 | -0.36% | | 纳斯达克100 | 25013.63 | -53.63 | -0.21% | | 万得美国科技七巨头指数 | 65201.64 | -9.65 | -0.01% | | 万得中概科技龙头指数 | 4273.82 | -43.67 | -1.01% | | 纳斯达克中国会龙指数 | 7525.01 | -57.04 | -0.75% | | 万得中概股100 | 2922.94 | -0.13 | 0.00% | | 1 万得美国科技指数(CNY) | 10957.38 | -8.43 | -0 ...

Core Viewpoint - The listing of Muxi Integrated Circuit (Shanghai) Co., Ltd. represents a significant moment for domestic GPUs, highlighting a shift in the narrative around these technologies in the capital market, driven by increasing demand for computing power, accelerated domestic substitution, and the expansion of generative AI [2][3] Group 1: Current Market Context - The surge in demand for computing power is driven by the explosion of generative AI, leading to a clear segmentation in the computing power market, with high-end training markets dominated by Nvidia and a growing space for domestic GPUs in inference and mid-tier applications [5] - External pressures on the supply side, particularly restrictions on high-performance AI chip exports, have amplified the demand for sustainable computing power in China, creating opportunities for domestic GPUs [6] - The development stage of domestic GPU companies has evolved, with a shift from merely proving feasibility to focusing on marketability and integration into real-world computing scenarios [7][8] Group 2: Muxi's Strategic Choices - Muxi has opted for a general-purpose GPU (GPGPU) approach rather than a full-featured GPU model, focusing on AI and high-performance computing rather than trying to cover all functionalities in a single chip [9] - The company aims to maximize computing efficiency through self-developed core GPU IP, addressing the limitations of manufacturing processes and advanced technologies [10] - Muxi's product evolution follows a clear logic, starting with inference chips and expanding into a full-stack product matrix that includes training and inference integration, inference computing, and graphics rendering [11] Group 3: Commercialization and Financial Reality - Muxi has demonstrated remarkable commercialization speed, with revenues growing from 0.4264 million yuan in 2022 to 743 million yuan in 2024, reflecting a compound annual growth rate of 4074.52% [13] - Despite this growth, the company has not yet achieved profitability, with significant R&D investments amounting to 648 million yuan, 699 million yuan, and 901 million yuan over the past three years, representing 282.11% of total revenue during that period [14][15] - The company anticipates reaching a breakeven point by 2026, indicating that capital must be patient for a complete technology and market validation cycle [16] Group 4: Industry Perspective - The domestic GPU market is projected to grow to approximately 107.3 billion yuan in 2024, with a year-on-year increase of 32.96%, yet there remains a gap compared to developed countries [17] - Muxi's listing is not seen as a victory but as a starting point for further development, as the company seeks to establish a sustainable path in a market long dominated by Nvidia [17]