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。 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，若投资者以上市以来最高价追高买入并持有至今，平均浮亏幅度将超过30%。 "肉签"频现近期新股涨幅和中签收益进一步提升 12月16日，新股昂瑞微上市，上市首日收盘大涨160.11%，盘中最大涨幅一度超过190%，若按照上市首日盘中最高价计算，中一签昂瑞微新股浮盈将超过 8万元。 招股资料显示，昂瑞微是一家芯片科技类公司，核心产品线主要包括面向智能移动终端的 5G/4G/3G/2G 全系列射频前端芯片产品（包括射频前端模组及 功率放大器、开关、LNA 等）以及面向物联网的射频 SoC芯片产品（包括低功耗蓝牙类及 2.4GHz 私有协议类无线通信芯片）。 昂瑞微的表现，是今 ...

Core Insights - The A-share market is witnessing significant activity in the domestic computing chip sector, with companies like Muxi Co., Wallran Technology, and others gaining attention for their upcoming listings and product launches [1][2][3] Group 1: Company Listings and Fundraising - Muxi Co. is set to list on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 17, 2025, with an issuance of 40.1 million shares at a price of 104.66 yuan per share, raising approximately 4.197 billion yuan [1] - Wallran Technology has received approval for its IPO in Hong Kong and plans to issue up to 372 million shares, converting 873 million shares from domestic to overseas listings [1][3] - Muxi Co. has seen strong demand during the offline inquiry phase, with 269 institutional investors participating [1] Group 2: Market Performance and Valuation - Muxi Co. focuses on the intelligent computing market, with its core products including the Xiyun C600 GPU, which is expected to enter risk production by the end of this year and achieve mass production in the first half of 2026 [2] - Wallran Technology has completed multiple funding rounds, raising over 5 billion yuan, and is valued at 15.5 billion yuan according to the Hurun Research Institute [3] Group 3: Competitive Landscape - The "Four Little Dragons" of domestic GPUs include Muxi Co., Wallran Technology, Moer Thread, and Suiruan Technology, with Moer Thread recently achieving a record high in IPO returns on the Sci-Tech Innovation Board [2][5] - Moer Thread's stock price reached 764.9 yuan per share, making it the third-largest company on the A-share market by market capitalization [2] Group 4: Financial Performance and R&D - Among the companies, only Cambricon has achieved profitability, with a significant revenue increase of 4347.82% year-on-year in the first half of 2025 [6][7] - Muxi Co. relies heavily on its Xiyun C500 series for revenue, with over 97% of its income coming from this product [7] - R&D expenditures for Moer Thread and Muxi Co. are significantly high, with Moer Thread's R&D expenses exceeding its annual revenue in recent years [8]

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。 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，若投资者以上市以来最高价追高买入并持有至今，平均浮亏幅度将超过30%。 "肉签"频现 近期新股涨幅和中签收益进一步提升 12月16日，新股昂瑞微上市，上市首日收盘大涨160.11%，盘中最大涨幅一度超过190%，若按照上市首日盘中最高价计算，中一签昂瑞微新股浮盈将超过8万 元。 招股资料显示，昂瑞微是一家芯片科技类公司，核心产品线主要包括面向智能移动终端的 5G/4G/3G/2G 全系列射频前端芯片产品（包括射频前端模组及功率放 大器、开关、LNA 等）以及面向物联网的射频 SoC芯片产品（包括低功耗蓝牙类及 2.4GHz 私有协议类无线通信芯片）。 昂瑞微的表现，是 ...

Core Viewpoint - The article discusses the upcoming IPO of Muxi Technology, highlighting its potential as a significant player in the domestic GPU market, especially following the successful debut of Moer Technology, which saw substantial gains on its first trading day [2][3][7]. Group 1: Muxi Technology IPO Details - Muxi Technology will be listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 17, 2025, with an issuance of 40.1 million shares at a price of 104.66 yuan per share, raising approximately 4.197 billion yuan [2]. - The initial subscription phase saw overwhelming interest, with 269 institutional investors and 7,719 allocation objects participating, including the National Artificial Intelligence Industry Investment Fund [2]. Group 2: Market Expectations and Comparisons - Muxi Technology's initial subscription rate is lower than that of Moer Technology, with a final subscription rate of 0.03348913% compared to Moer Technology's 0.03635054% [3]. - Since 2025, 12 new stocks have been listed on the Sci-Tech Innovation Board, with an average first-day price increase of 266.09% after excluding the highest and lowest values [4]. Group 3: Financial Performance and Projections - Muxi Technology's revenue for 2022, 2023, 2024, and the first quarter of 2025 was 426,400 yuan, 53.02 million yuan, 743.07 million yuan, and 320.42 million yuan, respectively, with net losses reported for each year [8]. - The company anticipates reaching a breakeven point by 2026, projecting revenues of 1.5 billion to 1.98 billion yuan for 2025, representing a growth of 101.86% to 166.46% compared to 2024 [9]. Group 4: Competitive Landscape - Muxi Technology is part of the "Four Little Dragons" of domestic GPUs, alongside Moer Technology, Biran Technology, and Suiruan Technology, with a focus on the intelligent computing market [7]. - Moer Technology's stock price reached 710.39 yuan, with a market capitalization of 333.9 billion yuan, indicating strong investor interest in the sector [7]. Group 5: R&D and Market Position - Muxi Technology's revenue is heavily reliant on its "Xiyun C500 series" chip, which accounts for over 97% of its income [12]. - The company has high R&D expenses, with rates significantly above industry averages, indicating a strong focus on product development despite current losses [15].

12月5日，摩尔线程头顶"国产GPU第一股"光环正式登陆科创板，上市首日高开468.78%，当天仍以超过 400%的涨幅收涨。第二个交易日微跌1.04%后，又迎来连续上涨，12月11日，股价一度冲高至941.08元。 然而，12月12日晚摩尔线程将使用不超过75亿元闲置募集资金进行现金管理，迅速引起市场关注，外界普 遍质疑。此后摩尔线程股价又开启连续下挫，截至12月16日收盘，摩尔线程股价报710.39元，跌7.13%。 国产GPU第一股 上市后大涨723.49% 据南都此前报道，12月5日，摩尔线程头顶"国产GPU第一股"光环正式登陆科创板，证券代码为"688795"， 上市发行价为114.28元/股，是2025年以来发行价最高的新股。摩尔线程最早于2024年11月启动上市辅导， 后在今年6月8日完成辅导验收，历时7个月，6月30日，其IPO申请正式获得受理，9月26日，上交所上市委 审议通过了摩尔线程发行上市申请，其于当日向证监会提交注册申请，从申报到过会仅用时88天，成为今 年科创板从受理到过会用时最短的企业。 上市之后，摩尔线程很快受到投资者热捧，上市当日高开468.78%，报650元/股，盘中一度摸 ...

Core Viewpoint - Wallen Technology, a leading player in the domestic GPU market, is set to issue up to 372,458,000 shares for overseas listing on the Hong Kong Stock Exchange, marking a significant step in its growth strategy and capital raising efforts [1][2]. Group 1: Company Overview - Wallen Technology was founded in 2019 by former SenseTime president Zhang Wen and is recognized as the only company among the "Four Little Dragons of Domestic GPUs" to choose a full circulation listing in Hong Kong [1][2]. - The company focuses on high-end cloud computing GPGPU technology, having launched its first general-purpose GPU chip, BR100, in 2022, which achieved over 1000T floating-point computing power and over 2000T integer computing power [2][3]. Group 2: Product Development - Wallen Technology has developed the Bili series of commercial hardware products based on the BR100 chip, which includes liquid-cooled and air-cooled OAM modules and AI inference acceleration cards, supporting mainstream deep learning frameworks [3]. - The company has filed over 1,200 patents globally, ranking first among Chinese general-purpose GPU companies, with over 550 patents granted [3]. Group 3: Financial Backing - Wallen Technology has successfully completed its D-round financing, raising over 5 billion RMB, with notable investors including Qiming Venture Partners, IDG Capital, and Ping An Group [4][5]. Group 4: Technological Innovations - In July 2025, Wallen Technology unveiled the LightSphere X, the first domestic optical interconnect GPU supernode, which integrates silicon photonics technology to create a high-bandwidth, low-latency computing cluster [8]. - The architecture of the supernode aims to enhance computing density and communication efficiency, addressing the challenges faced by traditional air-cooled AI servers [8][9].

（原标题：就在明日！国产GPU赛道再迎猛将） 【导读】沐曦股份将于12月17日于科创板上市 中国基金报记者 牛思若 国产GPU赛道再添重量级选手，沐曦股份将于12月17日在科创板上市。 12月15日晚间，沐曦股份公告称，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，由于公 司尚未盈利，自上市之日起将纳入科创成长层。 从发行节奏看，沐曦股份此次IPO推进速度颇为迅速。公司科创板IPO申请于今年6月30日获受理，从交 易所受理到正式挂牌上市，仅用了约170天。根据发行方案，公司本次公开发行4010万股，发行价为 104.66元/股，为今年发行价第二高的新股，募集资金总额约为41.97亿元。 关于募集资金用途，沐曦股份在招股书中表示，本次募集资金用于投资"新型高性能通用GPU研发及产 业化项目""新一代人工智能推理GPU研发及产业化项目"和"面向前沿领域及新兴应用场景的高性能GPU 技术研发项目"，均围绕公司主营业务投向科技创新领域。 进入2025年，随着核心训推一体GPU系列产品商业化的持续推进，沐曦股份经营业绩进一步改善，亏损 幅度明显收窄。公司2025年前三季度营业收入为12.36亿元，同比大 ...

沐曦股份公告，公司股票将于2025年12月17日（周三）在上海证券交易所科创板上市。 值得注意的是，沐曦股份发行价为104.66元/股，在年内发行的科创板新股中仅次于摩尔线程的114.28 元/股，位居年内科创板第二高，其网上弃购金额也低于摩尔线程（334.86万元）。 2022—2024年，公司实现营业收入分别为42.64万元、0.53亿元、7.43亿元，归属于母公司所有者的净利 润分别为-7.77亿元、-8.71亿元、-14.09亿元。 来源：证券时报 据了解，沐曦股份是国内高性能通用GPU产品的主要领军企业，成功上市后，公司将成为继摩尔线程之 后第二家登陆A股市场的国产GPU公司。 根据招股书，沐曦股份致力于自主研发全栈高性能GPU芯片及计算平台，公司主营业务是研发、设计和 销售应用于人工智能训练和推理、通用计算与图形渲染领域的全栈GPU产品，并围绕GPU芯片提供配套 的软件栈与计算平台。自成立以来，公司始终专注于GPU产品的技术创新和迭代升级，形成了独具优势 的GPU产品体系和自主开放的软件生态，持续为云端计算提供高能效、高通用性的算力支撑，推动人工 智能赋能千行百业，重点布局了教科研、金融、交通、能 ...

据了解，壁仞科技和摩尔线程、沐曦股份、燧原科技一起被称作"国产GPU四小龙"，目前这四家公司除摩尔线程已上 市外，其他三家均开启了IPO征程，沐曦股份将于12月17日在科创板上市。 壁仞科技是一家研发高性能通用GPU的公司，公司成立于2019年，比摩尔线程、沐曦股份稍早。壁仞科技致力于打造 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。首代基于原创训推一体芯片架构的壁仞科技通用 GPU产品已在多地智算中心落地。 "国产GPU四小龙"之一的壁仞科技加速上市步伐。 12月15日，据中国证监会官网，上海壁仞科技股份有限公司（简称"壁仞科技"）获得境外发行上市备案通知书。壁仞 科技拟发行不超过3.72458亿股普通股，并在香港联合交易所上市流通。这意味着，港股或将迎来"GPU第一股"。 | 2020-06-16 ● 融资 11亿元 | | --- | | A轮 IDG资本、启明创投、国开熔华、珠海格力 | | 相关新闻 > 集团、普罗资本、云晖资本、华登国际、华 | | 映资本、耀途资本、松禾资本、广微控股 | | 2019-12-09 ● 鸿灏资本 | | 天使轮 | 目前，壁仞科技已经实现中国首个4 ...

"国产GPU四小龙"之一的壁仞科技加速上市步伐。 12月15日，据 中国证监会官网，上海壁仞科技股份有限公司（简称 "壁仞科技"）获得境外发行上市备案通知书 。 壁仞科技 拟发行不超过 3.72458亿股普通股， 并在香港联合交易所上市 流通 。 这意味着，港股或将迎来 " GPU第一股"。 据了解，壁仞科技和摩尔线程、沐曦股份、燧原科技一起被称作"国产GPU四小龙"，目前这四家公司除摩尔线程已上市外， 其他三家均开启了IPO征程，沐曦股份将于12月17日在科创板上市。 壁仞科技是一家研发高性能通用GPU的公司，公司成立于2019年，比摩尔线程、沐曦股份稍早。壁仞科技致力于打造自主原 创的高性能GPU软硬件体系，构建国产智能计算产业生态。首代基于原创训推一体芯片架构的壁仞科技通用GPU产品已在多 地智算中心落地。 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。从合作伙伴来看，中国移动、 中国电信、中兴通讯、上海人工智能实验室等都在壁仞科技的"朋友圈"。 中国信通院相关研究报告显示，从技术路线来看，国产AI芯片主要分为三类：一是以寒武纪为代表的NPU路线，专注于神经 网络 ...