Core Viewpoint - The article highlights the launch of the "Huagang" GPU architecture by Moer Thread, showcasing its advancements in AI training and high-performance graphics rendering, as well as the company's commitment to developing a comprehensive computing ecosystem based on its MUSA architecture [1][2][11]. Group 1: Product Launches and Innovations - Moer Thread introduced the "Huagang" architecture, which features a new instruction set that enhances computing density by 50% and improves efficiency by 10 times under the same manufacturing conditions [2]. - The "Huashan" chip, designed for AI training and inference, offers floating-point computing power, memory bandwidth, and high-speed interconnect capabilities that are competitive with NVIDIA's Blackwell and Hopper architectures [4][5]. - The "Lushan" chip focuses on high-performance graphics rendering, achieving a 64-fold increase in AI computing performance and a 50% improvement in ray tracing performance [5]. Group 2: Infrastructure and Ecosystem Development - The "Kua'e" supercomputing cluster, based on the "Huagang" architecture, boasts a floating-point computing capability of 10 Exa-Flops, with a 60% utilization rate for Dense models and 40% for MoE models [5][8]. - Moer Thread upgraded its MUSA architecture to version 5.0, achieving over 98% efficiency in core computing libraries and planning to open-source key components [8]. - The company is also developing a MUSA ecosystem center to support research and innovation in cutting-edge fields such as quantum technology and AI for 6G [10]. Group 3: Market Position and Financial Performance - Moer Thread, founded in October 2020, has seen significant market interest, with its stock price increasing by 481% since its debut on the STAR Market at 114.28 CNY per share, reaching approximately 664.10 CNY per share and a market capitalization of about 312.15 billion CNY [11].

Core Insights - Moore Threads launched the "Huagang" architecture, emphasizing the development of a domestic AI computing ecosystem at the first MUSA Developer Conference [1][4] - The new architecture features a 50% increase in computing density and a 10-fold improvement in efficiency under the same manufacturing conditions [2] - The company aims to address challenges in chip manufacturing by introducing innovative instruction sets and asynchronous programming models [2] Product Launches - The "Huashan" chip is designed for AI training and inference, providing computational support for intelligent computing clusters, with performance metrics between NVIDIA's Blackwell and Hopper architectures [4] - The "Lushan" chip focuses on high-performance graphics rendering, achieving a 64-fold increase in AI computing performance and a 50% improvement in ray tracing performance [4] - The "Kua'e" computing cluster boasts a floating-point computing capability of 10 Exa-Flops, with a 60% utilization rate for Dense models and 40% for MoE models [4] Software and Ecosystem Development - The MUSA architecture has been upgraded to version 5.0, enhancing core computing libraries and communication efficiency [7] - The company plans to open-source key components of its computing acceleration libraries and system management frameworks [7] - New technologies include the MTX intermediate language for cross-generation GPU compatibility and a quantum computing framework [7][8] Market Context - The domestic AI chip industry is experiencing growth due to international restrictions on high-end chip imports, increasing market opportunities for local manufacturers [9] - Moore Threads, founded in October 2020, has seen its stock price rise by 481% since its debut on the STAR Market, with a current market capitalization of approximately 312.15 billion yuan [9]

来源：上海证券报·中国证券网 上证报中国证券网讯（刘禹希 记者 徐蔚）截至12月17日，A股两融余额为25028.46亿元，较上一交易日减少19.89亿元，占A股流通市值比例为2.61%。当日 两融交易额为1852.92亿元，较上一交易日增加63.63亿元，占A股成交额的10.09%。 资金流向方面，申万31个一级行业中有9个行业获融资净买入，其中，电子行业获融资净买入额居首，当日净买入10.64亿元；获融资净买入居前的行业还有 通信、非银金融、建筑材料、钢铁等。 个股方面，21只个股获融资净买入额超1亿元。沐曦股份获融资净买入额居首，净买入8.05亿元；融资净买入金额居前的还有天孚通信、胜宏科技、阳光电 源、东方财富、润泽科技、银邦股份、天际股份、东材科技、指南针等。 | 序号 | | | | | --- | --- | --- | --- | | | 证券代码 ◆ | 证券简称 ◆ | 交易日期 ◀ | | 1 | 688802.SH | 沐曦股份 | 2025-12-17 | | 2 | 300394.SZ | 天孚通信 | 2025-12-17 | | ന | 300476.SZ | 胜宏科技 | 2 ...

2025.12.18 本文字数：2523，阅读时长大约4分钟 作者 |第一财经 郑栩彤 近期两只GPU股在科创板上市颇受瞩目。摩尔线程上市首日股价涨超4倍，12月11日收盘股价超900元/ 股，远超发行价114.28元/股。沐曦股份12月17日上市首日，投资者中一签浮盈最高逼近40万元，刷新近 十年A股上市首日单签盈利纪录。两只股票达到股价高点后都有所回调，但市场关注度依然很高。 研发费用高企，是这些GPU厂商陷入亏损的一个重要原因。据梳理，摩尔线程是过去三年研发费用最高 的公司。2022年~2024年，摩尔线程、沐曦的研发费用分别为38.1亿元、22.47亿元，壁仞科技研发开支 共27.3亿元。去年摩尔线程、沐曦研发费用占年营收的比例分别为309.88%、121.24%，壁仞科技研发开 支占年收入的比例为245.5%。 毛利率方面，2024年和今年上半年，摩尔线程的毛利率表现相对较好。2022年~2024年，摩尔线程每年 的综合毛利率分别为-70.08%、25.87%、70.71%；沐曦综合毛利率为24.1%、62.88%、53.43%；壁仞科 技为100%、76.4%、53.2%。今年上半年，摩尔线程、壁 ...

Core Viewpoint - The article discusses the recent performance and market position of Muxi Co., a leading domestic GPU company, highlighting its stock fluctuations, financial results, and competitive landscape in the AI chip market. Group 1: Stock Performance and Market Entry - Muxi Co. opened lower on December 18, with its stock price dropping 5.77% to 782 CNY per share after a significant debut on December 17, where it achieved a 692.95% increase, closing at 829.9 CNY per share and a market capitalization of 3320.43 billion CNY [1][3]. - The company set a record for the most profitable new stock, with investors potentially earning around 395,200 CNY for a single lot of shares [3]. Group 2: Financial Performance and Growth - Muxi Co. is still in a loss-making state but has shown significant improvement, with a revenue of 1.236 billion CNY for the first three quarters of 2025, marking a 453.52% year-on-year increase [8]. - The net loss for the same period was 346 million CNY, a reduction of 55.79% compared to the previous year [8]. - The company anticipates a total revenue of 1.5 billion to 1.98 billion CNY for the year, representing a year-on-year growth of 101.86% to 166.46% [11]. Group 3: Product Development and Market Position - Muxi Co. focuses on GPU technology, with its flagship product, the Xiyun C500 series, contributing significantly to its revenue, accounting for 30.09% in 2023 and projected to reach 97.28% by the first quarter of 2025 [8]. - The company is developing the next-generation Xiyun C600 chip, which is expected to be delivered in October 2024, and aims to establish a fully domestic supply chain [10]. Group 4: Competitive Landscape and Market Share - Muxi Co. currently holds approximately 1% of the AI accelerator market in China, indicating substantial growth potential [13]. - The company has developed a software ecosystem compatible with over 6000 CUDA applications, enhancing its competitive edge in the market [13]. - Muxi Co. is actively engaging with major internet companies and telecom operators to expand its customer base and has secured orders worth 1.43 billion CNY as of September 5 [14][15]. Group 5: Challenges and Future Outlook - Despite the positive growth trajectory, Muxi Co. faces challenges, including ongoing losses and the need to establish a robust ecosystem for its general-purpose GPU chips [5][6]. - The potential re-entry of NVIDIA's H200 chip into the Chinese market raises concerns about competition, although it is noted that the current focus of Muxi Co. is on inference applications, which may not directly compete with NVIDIA's offerings [16].

Core Viewpoint - The domestic GPU chip company, Muxi Co., has made significant strides by successfully listing on the capital market, achieving a remarkable single-day increase of 692.95% and a market capitalization of 332.04 billion yuan, marking a pivotal moment for domestic GPU chip capitalization [2][4]. Group 1: Company Performance - Muxi Co. achieved a record for the most profitable new stock, with investors potentially earning approximately 395,200 yuan per lot based on the peak price of 895 yuan per share [3]. - Despite facing challenges, Muxi Co. has shown continuous improvement in reducing losses, with a net profit loss of 346 million yuan for the first three quarters, a year-on-year reduction of 55.79% [8]. - The company's core product, the Xiyun C500 series, has become a significant revenue source, contributing 30.09% to total revenue in 2023, with projections of 97.28% and 97.87% for the first quarters of 2024 and 2025, respectively [8][10]. Group 2: Market Position and Competition - Muxi Co. is positioned in the GPU market, focusing on general-purpose and unified GPU computing architecture, with its products competing in performance metrics against NVIDIA's offerings [9]. - The company is expected to capture approximately 1% of the Chinese AI accelerator market in 2024, indicating substantial growth potential [12]. - The return of NVIDIA's H200 chip to the Chinese market raises questions about competitive dynamics, although current applications of H200 are primarily in large model training, which does not directly compete with Muxi's focus on inference scenarios [17][18]. Group 3: Strategic Development and Supply Chain - Muxi Co. has proactively built a domestic supply chain for its next-generation training and inference chip, the Xiyun C600, set for delivery in October 2024, ensuring core technology is self-controlled [10]. - The company has significantly increased its inventory levels to ensure stable raw material supply amid geopolitical tensions, with inventory rising from approximately 180 million yuan in 2022 to 777 million yuan by the end of 2024 [11]. - Muxi Co. is actively expanding its customer base, focusing on partnerships with major internet companies and telecommunications operators, with expectations of securing significant orders in 2025 [16].

Core Viewpoint - The article discusses the successful IPO of Muxi Integrated Circuit (Shanghai) Co., Ltd., a leading domestic high-performance general-purpose GPU company, highlighting its rapid growth and significant market potential in the AI chip sector [2][3][4]. Company Overview - Muxi, established in 2020, focuses on the research, design, and sales of high-performance GPU chips and computing platforms, targeting AI training, inference, general computing, and graphics rendering [5]. - The company has developed the Xisi N series GPU for intelligent inference and the Xiyun C series GPU for integrated training and general computing, with the Xiyun C500 series achieving leading performance levels in China [5]. - As of March 2025, Muxi has sold over 25,000 GPU units, indicating strong market demand [5]. Financial Performance - Muxi's revenue has grown by 4074.52% over the past three years, with a reported revenue of 915 million yuan in the first half of 2025, surpassing the total revenue for 2024 [6]. - The company currently holds an order backlog of 1.43 billion yuan, reflecting robust future revenue potential [6]. Market Position and Strategy - Muxi is positioned as a key player in the domestic AI chip market, emphasizing a fully domestic supply chain and a comprehensive software ecosystem to support its GPU products [6]. - The company aims to build a "1+6+X" ecosystem, focusing on high-efficiency computing support for various industries, including finance, healthcare, energy, education, transportation, and entertainment [6]. Investor Confidence - Early investors express strong confidence in Muxi's potential, citing its unique advantages in technology and market validation, as well as its ability to meet both state-owned and market-driven demands [7][8][9]. - The investment community believes that Muxi's strategic positioning and execution capabilities will enable it to become a leading player in the global AI chip market [7][9].

Core Viewpoint - The article discusses the successful IPO of Mu Xi Integrated Circuit (Shanghai) Co., Ltd., which was listed on the STAR Market with a market value exceeding 300 billion yuan on its first day, highlighting the company's growth and investment backing from notable figures like Cao Xi [3]. Group 1: Company Overview - Mu Xi was officially listed on the STAR Market on December 17, 2025, under the stock code "688802" [3]. - The company has received investments from numerous well-known institutions and local state-owned enterprises, with early investment from Cao Xi during his tenure at Sequoia China [3][4]. - The founder and CEO, Chen Weiliang, has significant experience in GPU product design, having previously worked at AMD [3]. Group 2: Investment Insights - Cao Xi emphasized the importance of the team's organizational capabilities and execution speed during the investment decision process, noting that Mu Xi quickly established a core team and an efficient R&D and management system [4]. - Over the past five years, Mu Xi has consistently exceeded its set goals, strengthening investor confidence [4]. - Monolith, along with its limited partners, held approximately 1.76% of Mu Xi's shares before the IPO [4]. Group 3: Market Potential and Competitive Advantage - Cao Xi expressed strong belief in the explosive and lasting potential of the domestic computing power market, viewing it as a critical turning point for the industry [5]. - Mu Xi is one of the few AI chip companies capable of achieving a fully domestic closed loop, providing a stable foundation for its operations [5]. - The company has a healthy customer structure, serving both state-owned enterprises and major internet companies, which validates its market position [5]. - Mu Xi's next-generation products are expected to enhance its competitive edge, positioning it as one of the strongest domestic AI chip companies [6].

Investment Rating - The report assigns a rating of "Increase" for the company, indicating an expected relative increase of 5% to 15% compared to the CSI 300 index over the next six months [3][36]. Core Insights - The company is actively pursuing the acquisition of the remaining 19% stake in Xinhua San held by HPE, which reflects a positive outlook on its fundamentals [2]. - In 2025, the company's revenue growth accelerated, with a reported revenue of 77.32 billion yuan for the first three quarters, representing a year-on-year increase of 31.41%. However, the net profit attributable to the parent company declined by 11.24% [9]. - The growth momentum for Xinhua San is primarily driven by domestic government and enterprise business, as well as international business, with respective year-on-year growth rates of 62.55% and 83.99% in the first three quarters of 2025 [9]. - The company has increased its stake in Xinhua San to 81%, with Xinhua San contributing 77% of the company's revenue and 146% of its net profit in the first three quarters of 2025 [9]. - The company is expected to alleviate financial pressure from the acquisition of Xinhua San through its successful listing on the Hong Kong Stock Exchange [9]. Financial Data Summary - As of September 30, 2025, the company reported a net asset value per share of 5.06 yuan and a net profit margin of 9.70% [5]. - The company's revenue is projected to reach 101.06 billion yuan in 2025, with a growth rate of 27.88% [12]. - The earnings per share (EPS) for 2025 is estimated at 0.52 yuan, with corresponding price-to-earnings (P/E) ratios of 46.62, 32.07, and 24.41 for the years 2025, 2026, and 2027 respectively [12].

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"。 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。 得益于张文在私募领域的经历，壁仞科技融资之路堪称顺风顺水。据企查查，在壁仞科技成立9个月时，就拿到了11 亿元的A轮融资，投资方包括启明创投、IDG资本、云晖资本、华映资本、华登国际、格力金投等。在随后的融资 中，招商局资本、松禾资本、高瓴资本等机构纷纷入局。 | 2025 年 | | | | 壁仞科技 | | × | ...