Core Viewpoint - Kema Technology (301611.SZ) has received an inquiry letter from the exchange regarding its application to issue convertible bonds, focusing on the company's high growth in 2024 and the "revenue growth without profit increase" in Q3 2025 [1] Group 1: Financial Performance - In 2024, the company's non-GAAP net profit is expected to surge by 293.56%, driven by the recovery of the semiconductor industry and opportunities for domestic substitution [1] - In Q3 2025, despite an 18.10% increase in revenue, the non-GAAP net profit declined by 12.79% due to a significant increase in R&D expenses by 80.36% and management expenses by 42.80% [1] - The company's revenue for 2024 is projected to grow by 78.45%, with core semiconductor structural components seeing a revenue increase of 106.52% [1] Group 2: Customer Concentration and Accounts Receivable - The company emphasizes the significant head effect in the semiconductor industry, with stable partnerships with leading domestic clients such as North Huachuang and Zhongwei [2] - As of September 2025, accounts receivable aged over one year accounted for 7.60%, indicating manageable risk [2] - By the end of October 2025, the collection ratio for accounts receivable from the end of 2024 reached 84.87%, reflecting good collection performance [2]

第二个故事，更高的溢价：资本市场为何再次为芯片梦想狂欢？ 12月5日，国内GPU"第一股"摩尔线程（688795.SH）在科创板挂牌上市，开盘价650元，涨幅468.78%， 总市值接近3000亿元。截至发稿，摩尔线程股价报580元，涨幅407%，总市值2726亿元。 摩尔线程作为国产高端芯片领域备受瞩目的新锐，其持续亏损、高估值、强技术预期的特征，让人不禁 想起五年前同样在科创板上市、被称为"AI芯片第一股"——寒武纪（688256.SH），市场也曾期待其成 为"中国英伟达"，经历了五年业绩亏损后，寒武纪在今年前三季度刚刚实现净利润扭亏。 摩尔线程在报告期内同样处于亏损状态，2022年至2024年该公司的归母净利润分别亏损18.94亿元、 17.03亿元和16.18亿元，今年前三季度续亏7.23亿元，截至2025年9月末，累计未弥补亏损达20.57亿元。 芯片初创公司的业绩亏损与芯片设计行业前期高投入、长周期的行业属性直接相关，两者均将大量资金 用于研发与流片。 其次，高研发占比是这类技术驱动型公司的共同财务特征。寒武纪招股书显示，2017年至2019年研发投 入占营业收入比例分别为380.73%、205. ...

Core Viewpoint - The news highlights the significant market interest in the IPOs of two Chinese GPU companies, Moer Technology and Nuxi, with Moer Technology's stock surging 468.78% on its debut, reflecting strong investor confidence in the AI and GPU sectors [3][26]. Group 1: Moer Technology's IPO - Moer Technology's IPO saw a subscription frenzy, with a final winning rate of only 0.036%, attracting approximately 4.83 million investors [2]. - The company set a record for the fastest registration on the Sci-Tech Innovation Board, completing the process in just 122 days, which is seen as a positive signal from regulators [4]. - The IPO price of 114.28 yuan is considered attractive compared to its projected revenue of 1.4 billion yuan in 2025, resulting in a price-to-sales (PS) ratio of about 38 times, which is lower than competitors like Cambricon [4][25]. Group 2: Nuxi's IPO - Nuxi's initial inquiry showed strong demand, with 288 institutional investors submitting bids for a total of 57.17 billion shares, resulting in a subscription multiple of 2227.6 times, surpassing Moer Technology's 1600 times [6]. - Nuxi aims to quickly commercialize its training and inference products, focusing on a narrower market segment compared to Moer Technology's broader full-stack approach [10][11]. Group 3: Comparison of Business Models - Moer Technology aims to be the "NVIDIA of China," focusing on a full-stack GPU approach, while Nuxi is likened to "AMD," concentrating on training and inference [7][8]. - Moer Technology's full-stack strategy allows it to cater to both AI and consumer gaming markets, enhancing its market appeal [9][12]. - Nuxi's strategy is driven by the need for rapid commercialization due to shareholder pressure, which may limit its long-term growth potential compared to Moer Technology [10][11]. Group 4: Financial Performance and Valuation - Both companies are currently unprofitable, with Nuxi projected to lose approximately 3.06 billion yuan over three years, while Moer Technology is also expected to face similar losses [19]. - Moer Technology's revenue is forecasted to grow significantly, with estimates of 1.22 billion to 1.50 billion yuan in 2025, while Nuxi is expected to reach 2.84 billion yuan in the same year [25]. - The market is currently valuing these companies based on future potential rather than current earnings, with Moer Technology's market cap expected to reach 856.68 billion yuan based on a PS ratio of 33 times [25][22]. Group 5: Market Sentiment and Future Outlook - The strong debut of Moer Technology is expected to create a positive sentiment for Nuxi's upcoming IPO, potentially leading to a higher valuation for Nuxi [28]. - Investors are advised to focus on the critical years of 2026 and 2027, as the performance of both companies during this period will determine their long-term viability and valuation metrics [28].

作者丨 黎曼 王满华 来源丨 投中网 将投中网设为"星标⭐"，第一时间收获最新推送 电竞赛事热度下降的质疑却愈演愈烈。 当前，中国科技投资正处在"中流击水"的关键阶段。一方面，创新驱动发展战略深入实施，人工智 能、量子科技、生物制造等前沿领域不断突破，为经济发展注入新动能；另一方面，外部环境复杂多 变，技术封锁与竞争加剧，资本市场的波动也对科技企业的融资与成长带来挑战。 与此同时，国家层面持续优化科技金融生态，通过设立科技创新基金、完善多层次资本市场、鼓 励"投早投小投科技"等政策举措，为科技投资提供了坚实的制度保障。各地也在积极探索科技与金 融深度融合的新路径，形成了多层次、广覆盖的科技投资格局。 在此背景下，科技投资者该如何在变局中把握方向，在挑战中孕育机遇，推动中国科技投资迈向更加 广阔的发展空间？ 11月27日，"第19届中国投资年会·有限合伙人峰会"上，在普罗资本合伙人丁珉的主持下，赛科投 资创始管理合伙人包磊、方广资本合伙人惠成峰、复星全球合伙人及复星创富联席董事长兼CEO徐 欣、元禾璞华合伙人殷伯涛、中科创星合伙人袁博、LongRiver江远投资合伙人周晖，以及光合创投 合伙人朱嘉就相关议题进行 ...

该行预计，主要云厂商资本开支于2026年或持续增长30%以上。同时发现主要云厂商云业务收入在今年 第二季之后加速，达到近年来高点。虽其开支相对于经营性现金流的占比处相对高位，但认为整体过度 投资的风险可控。另外，该行指，继续看好国产替代在关键产业链的投资机会，并认为"十五五"期间的 政策支持或使国产替代进程加速。同时看到内地云服务商资本开支2025年或年增49%，并认为或在 2026-2027年保持高位。 交银国际发布研报称，本轮生成式人工智能所带来的技术进步浪潮范围大，影响深远且牵涉产业链环节 较多。该行认为，AI基础建设至少在2026年或持续强劲增长。该行认为美股芯片设计和晶圆代工企 业，包括英伟达(NVDA.US)，博通(AVGO.US)和台积电(TSM.US)或持续受惠于人工智能基础设施建 设。同时看好国产人工智能及国产替代产业链机会，包括北方华创（002371）(002371.SZ)，豪威集团 （603501）(603501.SH)，中微公司(688012.SH)和华虹半导体(01347)。 ...

Group 1: Technology Industry - The outlook for 2026 suggests that the artificial intelligence (AI) supercycle may continue, with strong growth in AI infrastructure expected at least until 2026, driven by significant capital expenditure increases from major cloud providers, projected to grow over 30% in 2026 following over 60% growth in 2024 and 2025 [1][2] - The report highlights a persistent supply-demand imbalance in computing acceleration and network communication chips, with overall demand remaining high despite potential increases in supply [1] - The "15th Five-Year Plan" is expected to accelerate domestic substitution opportunities in key industrial chains, supported by favorable policies during this period [1] Group 2: Semiconductor and AI Infrastructure - The recovery in terminal demand is noted to be moderate, with strong demand for servers closely related to AI, while global consumer electronics demand for 2026 is viewed with caution due to the prolonged price increases in memory chips [2] - Investment recommendations include overseas chip design and foundry companies such as NVIDIA (NVDA US), Broadcom (AVGO US), and TSMC (TSM US), which are expected to benefit from AI infrastructure development [2] - Domestic AI and substitution opportunities are also highlighted, with companies like Northern Huachuang (002371 CH), OmniVision (603501 CH), Zhongwei Company (688012 CH), and Huahong Semiconductor (1347 HK) recommended for investment [2] Group 3: Pharmaceutical Industry - The report indicates that the transition to an inquiry-based procurement model for the 1-8 batch of national procurement may limit overall price reductions, suggesting a smaller-than-expected impact on Hong Kong prescription drug companies [3] - The healthcare sector's performance is noted, with the Hang Seng Healthcare Index rising by 0.5%, although it underperformed the broader market [3] - Investment insights suggest a focus on innovative drugs and stable traditional companies, with a positive outlook on the innovation theme in the long term [3][6] Group 4: Economic Data and Market Performance - The report includes key economic data releases from the US and China, with manufacturing and non-manufacturing PMI figures indicating varying market expectations [7] - The performance of major global indices is summarized, with the Hang Seng Index closing at 25,936, reflecting a year-to-date increase of 29.05% [4] - Commodity prices and foreign exchange rates are also provided, showing significant fluctuations in various markets, which may impact investment strategies [5]

Core Insights - The report highlights a significant decline in domestic photovoltaic (PV) installations in October 2025, with new installations at 12.6GW, representing a year-on-year decrease of 38.3% but a month-on-month increase of 30.4% [1] - Cumulative PV installations from January to October 2025 reached 252.87GW, showing a year-on-year growth of 39.5% [1] - The inverter export value in October 2025 was 4.82 billion yuan, reflecting a year-on-year increase of 3.4% but a month-on-month decline of 5.2% [1] Domestic PV Installations - In October 2025, new domestic PV installations were recorded at 12.6GW, down 38.3% year-on-year and up 30.4% month-on-month [1] - Cumulative new PV installations from January to October 2025 totaled 252.87GW, marking a 39.5% increase compared to the same period last year [1] Component Exports - The export value of PV components in October 2025 was 16.08 billion yuan, up 4.9% year-on-year but down 19.5% month-on-month [1] - Cumulative component exports from January to October 2025 reached 168.26 billion yuan, a decrease of 11.8% year-on-year [1] - The export volume of PV components in October 2025 was 19.4GW, reflecting a year-on-year increase of 3.3% but a month-on-month decrease of 24.3% [1] Inverter Exports - The total inverter export value for the first ten months of 2025 was 53.31 billion yuan, showing a year-on-year increase of 7.2% [2] - In October 2025, the export value of inverters to Europe was 1.7 billion yuan, down 9.8% year-on-year and 9.9% month-on-month [2] - Exports to Asia were 1.5 billion yuan, up 7.1% year-on-year but down 11.5% month-on-month [2] Solar Power Generation - Solar power generation in October 2025 increased by 5.9% year-on-year, with a total output of 39.37 billion kWh [2] - The share of solar power in the total industrial power generation was 4.77%, with a slight decrease of 0.86 percentage points month-on-month [2] - Total power generation in October 2025 was 800.2 billion kWh, reflecting a year-on-year increase of 7.9% [2] Recommended Companies - Companies recommended for investment include Aiko Solar, Longi Green Energy, Daqo New Energy, and others focusing on various segments of the solar industry [3]

Core Viewpoint - Friction Stir Welding (FSW) technology has matured and is now widely adopted in various industries, particularly in the manufacturing of lightweight components for electric vehicles and other sectors, marking a significant shift towards automation and efficiency in production processes [4][21]. Group 1: Current Status of the FSW Equipment Industry - FSW technology has transitioned from experimental applications in aerospace to large-scale production in industries such as electric vehicles, rail transportation, and shipbuilding, indicating its broadening industrial application [4][21]. - The demand for FSW equipment is driven by the need for lightweight, high-performance, and environmentally friendly manufacturing technologies, particularly in strategic emerging industries [6][7]. Group 2: Acceleration of Domestic Substitution - Chinese companies are rapidly gaining market share in the mid-to-high-end and general markets due to lower procurement and maintenance costs, faster localization response, and flexible customization capabilities [5]. - Despite existing gaps in core components and top-tier technology databases compared to international leaders, some leading domestic firms have made breakthroughs in specific application areas through continuous R&D investment [5]. Group 3: Market Expansion - The FSW equipment market is expanding, fueled by the urgent demand for lightweight materials in sectors like new energy and aerospace, with significant growth in the production of core components such as battery trays and electric drive housings [6][7]. - The market is also benefiting from technological upgrades in traditional sectors like shipbuilding and power equipment, as well as the increasing demand for automated and digital welding solutions [7]. Group 4: Development Trends - There is a strong focus on the localization and performance breakthroughs of core components, with efforts to develop more durable and high-performance materials for FSW tools and systems [8]. - The trend towards specialization and customization in FSW equipment is growing, requiring manufacturers to provide comprehensive services tailored to specific industry needs [9]. - Integration and automation of FSW processes are becoming essential, with advancements in robotics and automated systems enhancing production efficiency [10]. Group 5: Global Market Analysis - The global FSW equipment market is projected to grow significantly, with sales expected to reach $404 million in 2024 and $606 million by 2031, reflecting a compound annual growth rate (CAGR) of 5.89% from 2025 to 2031 [15]. - China is anticipated to dominate the market, accounting for approximately 46.82% of the global share in 2024, with expectations to increase to 48.28% by 2031 [19]. - The automotive sector is projected to hold a significant market share, with an estimated 47.50% in 2024 and a CAGR of about 4.05% in the coming years [19]. Group 6: Policy Analysis - Policies are being implemented to promote the upgrade and technological transformation of high-end equipment, particularly in the production of electric vehicles and their components [22][23]. - The focus is on establishing a robust manufacturing technology innovation system by 2025, enhancing the overall technological capabilities of the manufacturing sector [23][26].

Core Viewpoint - The environmental protection industry is expected to improve in operational performance and valuation due to policy incentives and market mechanisms during the "14th Five-Year Plan" period, with a focus on recycling economy, green energy, and domestic substitution [2][5]. Group 1: Industry Performance and Valuation - As of December 1, 2025, the Shenwan (2021) environmental protection industry index has increased by 16.67%, ranking 17th among 31 industries [2][3]. - The overall PE of the environmental protection sector is 35.94X, showing a significant increase compared to the first half of 2024 [2][3]. - In the first three quarters of 2025, the total market value of environmental stocks held by funds reached 5.56 billion, accounting for 0.18% of total holdings, primarily focusing on water treatment, waste incineration power generation, and environmental equipment [2][3]. Group 2: Investment Opportunities - Three main investment lines are identified within the environmental protection sector: 1. The recycling economy is expected to release potential, particularly in the fields of recycled plastics and metals. The goal is to achieve an annual utilization of approximately 4.5 billion tons of solid waste by 2030, with a 45% increase in resource output rates compared to 2020 [2][3]. 2. Under the "dual carbon" goals, green energy is anticipated to contribute significantly. The aim is to reduce greenhouse gas emissions by 7%-10% from peak levels by 2035, with a focus on promoting bio-jet fuel and green methanol [3][4]. 3. Domestic substitution and intelligent upgrades are expected to invigorate the sector, particularly in scientific instruments and sanitation equipment, with a notable increase in demand for new energy sanitation vehicles [4][5]. Group 3: Recommended Companies - For the recycling economy, companies such as Yingke Recycling, High Energy Environment, and Fuchun Environmental are recommended [5]. - In the green energy sector, key recommendations include Xingrong Environment, Hongcheng Environment, and Hanlan Environment, with additional attention to Jiaao Environmental and Wangneng Environment [5]. - For domestic substitution, companies like Xuedilong, Juguang Technology, and Puni Testing are highlighted as having significant investment value [5].

Core Viewpoint - Muxi Co., Ltd. (688802.SH), known as the "second domestic GPU stock," has initiated its subscription with an issue price of 104.66 yuan per share, benefiting from the surge in demand for computing power driven by AI models and the domestic substitution trend [1][2]. Company Overview - Muxi Co., Ltd. was established in September 2020, focusing on the independent research and development of high-performance GPU chips and computing platforms. The core team has over ten years of experience in high-performance GPU development and mass production [1]. - The founder, Chen Weiliang, previously served as the global GPU SoC design director at AMD. The hardware chief architect, Peng Li, is AMD's first female scientist (Fellow) and the software chief architect, Yang Jian, is the first scientist (Fellow) in AMD's Greater China region [1]. Shareholding Structure - CEO Chen Weiliang holds a direct and indirect stake of 22.94%, making him the actual controller of Muxi. The company has notable backing from various investors, including the state-owned China National Enterprise Structural Adjustment Fund (1.96% stake) and prominent investors like Ge Weidong and Sequoia Capital [1]. Financial Performance - Muxi's revenue has seen exponential growth, with projected revenues of 42.64 million yuan, 53.02 million yuan, and 743 million yuan from 2022 to 2024, reflecting a compound annual growth rate of 4074.52%. The company expects to achieve revenues between 1.5 billion yuan and 1.98 billion yuan in 2025, representing a year-on-year growth of 101.86% to 166.46% [2]. - Despite the revenue growth, Muxi remains in a loss position, with net profits of -777 million yuan, -871 million yuan, and -1.409 billion yuan from 2022 to 2024. As of March 2025, the cumulative undistributed profits amounted to -1.048 billion yuan [2]. Future Outlook - Muxi anticipates that the cumulative losses will persist post-IPO, preventing cash dividends to shareholders for a certain period. The company estimates that it may reach its breakeven point as early as 2026 [2].