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].

Core Viewpoint - Muxi Co., Ltd. is set to be listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 17, 2025, marking its entry as a non-profitable company into the Sci-Tech Growth Tier [1] Group 1: Company Overview - Muxi Co., Ltd. aims to become the second domestic GPU company to go public after Moore Threads, which has already gained significant market attention [1] - The company was founded in 2020 by former AMD employees and focuses on AI chips, particularly in the inference segment [3][4] - Muxi's first inference chip, Xisi N100, was delivered in January 2022 and began mass production in April 2023 [5] Group 2: Market Context - The AI chip market in China is experiencing rapid growth due to U.S. export controls and the need for domestic alternatives, with Muxi entering a competitive landscape dominated by NVIDIA and AMD [4][11] - Muxi's strategy involves developing its own core GPU IP to enhance flexibility and independence in a market where NVIDIA and AMD hold over 70% of the share [11][12] Group 3: Product Development - Muxi has launched several products, including the Xisi N series for inference and the Xiyun C series for training and inference, with plans for further development of the Xiyun C600 and C700 series [9][12] - The company has also developed a high-speed interconnect technology, MetaXLink, to improve performance and compatibility with existing ecosystems [15] Group 4: Financial Performance - Muxi's revenue has shown exponential growth, with reported revenues of 42.64 million yuan in 2022, 530.21 million yuan in 2023, and 743 million yuan in 2024, reflecting a compound annual growth rate of 4074.52% [21] - Despite revenue growth, Muxi has not yet achieved profitability, with cumulative losses exceeding 3 billion yuan over the past three years [23] Group 5: Future Outlook - Muxi anticipates reaching a breakeven point by 2026, driven by increasing sales of its training and inference products [24] - The company is positioned to compete effectively in the AI chip market, but its long-term success will depend on its ability to build a robust technology moat and ecosystem [28]

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 ...

Market Overview - The U.S. stock market opened lower on December 16, with the Dow Jones down 0.39%, S&P 500 down 0.18%, and Nasdaq down 0.36% [1] - Key indices include: - Dow Jones Industrial Average at 48,229.68, down 186.88 points - Nasdaq Index at 23,015.02, down 42.39 points - S&P 500 at 6,791.90, down 24.61 points [2] Technology Sector - Major tech stocks showed mixed performance, with Facebook up 0.34% and Nvidia up 0.18%, while Apple fell 0.39% and Tesla dropped 0.21% [3] - The "Seven Giants" index of U.S. technology stocks saw a slight decline of 0.01% [2] Cryptocurrency Market - Bitcoin fell over 1% to $87,175.9, with a significant drop below $86,000 during the day. Ethereum dropped over 3% [6] - The cryptocurrency market experienced over $500 million in liquidations within 24 hours, affecting around 160,000 traders [6] Commodity Market - Gold prices rose by 0.64%, surpassing $4,330 per ounce, while palladium increased by 1.7% to over $1,600 per ounce [5] - Crude oil prices saw a sharp decline, with WTI down 2.55% to $55.37 per barrel and ICE Brent down over 2% to $59.11 per barrel, marking a significant drop below $60 for the first time since May [5][6] Economic Indicators - The U.S. non-farm payroll data for November showed an increase of 64,000 jobs, exceeding market expectations, while the unemployment rate rose to 4.6%, the highest since September 2021 [7] - The market anticipates a potential interest rate hike by the Bank of Japan, with a 90% probability of a 25 basis point increase expected [6] Regulatory Developments - Nasdaq has formally submitted a proposal to the SEC to extend trading hours for stocks and ETFs from 16 hours to nearly 23 hours on weekdays [8]

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]

12月15日，中国证监会官网发布的备案通知书显示，上海壁仞科技股份有限公司（以下简称"壁仞科 技"）的境外发行上市及境内未上市股份"全流通"申请已获批，拿到通往香港资本市场的"入场券"，有 望成为"港股GPU第一股"。 具体来看，壁仞科技拟发行不超过3.72亿股普通股，并在香港联合交易所上市流通，而公司57名现有股 东拟将持有的约8.73亿股境内未上市股份转为境外上市股份，并在港交所上市流通。 公开资料显示，壁仞科技创立于2019年9月，聚焦高性能通用GPU领域，打造自主原创的高性能GPU软 硬件体系，构建国产智能计算产业生态。目前，壁仞科技已经实现中国首个4种及以上异构芯片混训技 术落地，突破了"算力孤岛"难题。中国移动、中国电信、中兴通讯、上海人工智能实验室等都是壁仞科 技的合作伙伴。 去年9月，壁仞科技曾在上海证监局办理辅导备案登记，拟在A股科创板上市，辅导券商为国泰君安。 壁仞科技常与摩尔线程、沐曦股份、燧原科技并称为"国产GPU四小龙"。自摩尔线程12月5日登陆上交 所科创板以来，其他三家公司也在加快IPO的步伐。 其中，沐曦股份已于15日公告称，公司股票将于12月17日在上海证券交易所科创板上市。 ...

12月17日，国产GPU第二股沐曦股份即将登陆科创板。由于沐曦股份尚未盈利，自上市之日起将纳入科创成长层。 | 证券代码 | 证券简称 | 上市日期 | 上市首日收盘涨跌幅(%) | | --- | --- | --- | --- | | 920091.BJ | 大鹏工业 | 2025/11/21 | 1,211.11 | | 920009.BJ | 丹娜生物 | 2025/11/3 | 497.08 | | 688795.SH | 摩尔线程-U | 2025/12/5 | 425.46 | | 603376.SH | 大明电子 | 2025/11/6 | 413.55 | | 603175 SH | 韶颖由子 | 2025/10/24 | 397 6 | 近段时间以来，A股市场新股表现总体强劲，新股上市后涨幅和中签收益出现进一步提升的趋势，特别是在芯片和AI热潮的推动下，新股"肉签"频现，包 括摩尔线程在内的部分新股上市后表现相当吸睛。 不过，近期新股良好的表现，并不意味着新股无任何风险。相反，投资者如果在上市之后盲目追高买入新股，也极容易造成较大损失。据测算，今年四季 度以来上市的新股中，若投资者以上市以 ...