Group 1 - The core viewpoint of the article highlights the successful IPO of Muxi Co., a leading domestic high-performance general-purpose GPU company, which saw its stock price surge by 559% on its debut, reaching approximately 690 yuan per share and a total market capitalization close to 280 billion yuan [1][2]. - Muxi Co. issued shares at a price of 104.66 yuan each, making it the second highest IPO price on the STAR Market this year, following Moer Technology [2]. - The funds raised from the IPO will be allocated to the development and industrialization of new high-performance general-purpose GPUs, AI inference GPUs, and advanced GPU technology for emerging applications [2]. Group 2 - Muxi Co. is focused on the independent research and development of a full-stack high-performance GPU chip and computing platform, with key products including the Xisi N series for intelligent computing inference and the Xiyun C series for training and general computing [2]. - The latest product, the Xiyun C600 series, is positioned between NVIDIA's A100 and H100 in terms of performance and is expected to enter risk mass production by the end of this year, with formal mass production slated for the first half of next year [2]. - In the A-share market, seven semiconductor stocks have been listed this year, with an average first-day increase of approximately 242.94% [3].

【导读】沐曦股份今日登陆科创板，中一签盈利近30万元 中国基金报记者 李智 12月17日，"国产GPU第二股"沐曦股份登陆科创板，竞价高开568%，股价报700元，总市 值达2801亿元，单签盈利近30万元。 沐曦股份此次发行价格为104.66元/股，对应发行后市值（本次发行价格乘以本次发行后总股 数）为418.74亿元；发行价对应发行人2024年摊薄后静态市销率为56.35倍，低于同行业可 比公司平均水平。 编辑：张洁 校对：纪元 制作：黄梅 审核：许闻 版权声明 《中国基金报》对本平台所刊载的原创内容享有著作权，未经授权禁止转载，否则将追究法律责任。 授权转载合作联系人：于先生（电话：0755-82468670） 根据公告，沐曦股份首次公开发行后总股本约4亿股，发行股票数量为4010万股，占发行后 总股本的10.02%，全部为公开发行新股。沐曦股份尚未盈利，自上市之日起将纳入科创成长 层。 根据发售公告，本次发行中战略配售760.54万股，占比为18.97%。由于超购近4500倍，触 发回拨机制，在回拨机制启动后，网下最终发行数量为2282.91万股，占扣除战略配售后发 行数量的70.26%；网上发行96 ...

Group 1 - The core viewpoint of the article highlights the successful IPO of domestic GPU company Muxi Co., Ltd., which saw its stock price surge by 568.83% on the first day of trading, reaching 700 yuan, resulting in a market capitalization of 280 billion yuan [1][2]. - Muxi Co., Ltd. issued shares at a price of 104.66 yuan per share, leading to an initial market valuation of approximately 41.87 billion yuan. The company issued 40.1 million shares, representing 10.02% of the total share capital post-issuance, with expected net fundraising of 3.899 billion yuan for various GPU development projects [2]. - Founded in September 2020, Muxi Integrated Circuit (Shanghai) Co., Ltd. aims to develop a full-stack GPU chip product line, including the Xisi N series for intelligent computing inference, the Xiyun C series for general computing, and the Xicai G series for graphics rendering [3].

Core Viewpoint - Wall Street's interest in Chinese AI chip startup Birun Technology is growing as the company plans to issue up to 372,458,000 shares for overseas listing on the Hong Kong Stock Exchange, alongside converting 873,272,024 shares held by 57 shareholders into tradable shares [1][4]. Group 1: Company Overview - Birun Technology, founded on September 9, 2019, focuses on developing original general-purpose computing systems and efficient hardware-software platforms, aiming to provide integrated solutions in intelligent computing [6]. - The company has successfully launched its first general-purpose GPU chip, BR100, which achieved a global computing power record with INT8 computing power reaching 2048 TOPS and BF16 computing power at 1024 TFLOPS [6][8]. Group 2: Financial and Market Position - Birun Technology's latest financing round in June raised approximately 1.5 billion RMB, with a pre-investment valuation of around 14 billion RMB and a post-investment valuation exceeding 15.5 billion RMB [4]. - The company is part of a growing trend in the Chinese AI/GPU chip sector, with predictions indicating that by 2027, sales for Chinese GPU manufacturers could reach 287 billion RMB, capturing 70% of the domestic market [11]. Group 3: IPO and Market Strategy - Birun Technology is pursuing an IPO in Hong Kong due to the relatively lenient listing requirements compared to A-shares, which may allow for a quicker market entry and potential valuation premiums [13]. - The company has shifted its focus from A-share listings to the Hong Kong market, partly due to ongoing losses and limited revenue, with projected sales of only 400 million RMB in 2024 [13]. Group 4: Competitive Landscape - The Chinese AI chip market is witnessing a surge in local startups, driven by the U.S. export restrictions on advanced AI chips, which has accelerated the push for domestic chip production [11]. - Birun Technology's competitors, such as Moer Thread and Muxi Technology, are also preparing for IPOs, indicating a competitive environment for capital and market share in the AI chip sector [12][14].

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。 公司主要产品全面覆盖人工智能计算、通用计算和图形渲染三大领域，报告期内先后推出了用于智算推 理的曦思N系列GPU、用于训推一体和通用计算的曦云C系列GPU，以及正在研发用于图形渲染的曦彩 G系列GPU。公司的GPU产品基于自主研发的GPUIP与统一的GPU计算和渲染架构，在通用性、单卡性 能、集群性能及稳定性、生态兼容与迁移效率等方面具备较强的核心竞争力，产品综合性能已处于国内 领先水平。围绕高能效、高通用的GPU产品，公司打造了自主开放、高度兼容国际主流GPU生态 （CUDA）的软件生态体系，具备易用性和可扩展性。 凭借突出的产品性能和稳定的供应能力，截至报告期末，公司GPU产品累计销量超过25000颗。 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。 （文章来源：证券时报） 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 ...

中签号出炉。 12月8日晚间，沐曦股份（688802）公告称，发行人和保荐人（主承销商）12月8日上午进行沐曦股份首次公开发行股票网上发行摇号抽签仪式。中签结果如下： | 末尾位数 | 中签号码 | | --- | --- | | 末"4"位数 | 6116, 1116, 8507 | | 末"5"位数 | 54574, 04574, 35184 | | 末"6"位数 | 831158, 581158, 331158, 081158 | | 末"7"位数 | 9707263, 8457263, 7207263, 5957263, 4707263, 3457263, 2207263, | | | 0957263 | | 末"8"位数 | 26620185, 15168131, 41428254, 18468983, 24059508 | 凡参与网上发行申购沐曦股份A股股票的投资者持有的申购配号尾数与上述号码相同的，则为中签号码。 中签号码共有19331个，每个中签号码只能认购500股沐曦 股份A股股票。 同时，本次发行战略配售的缴款及配售工作已结束，参与战略配售的投资者均按承诺参与了本次发行的战略配售。经确认， ...

Core Viewpoint - Muxi Co., Ltd. plans to issue 40.1 million shares at a price of 104.66 yuan per share, aiming to raise approximately 3.904 billion yuan for various GPU development projects [1][2]. Company Basic Information - Full company name: Muxi Integrated Circuit (Shanghai) Co., Ltd. [2] - Stock code: 688802 [2] - Public offering code: 787802 [2] Issuance Details - Total shares to be issued: 40.1 million [2] - Issuance price: 104.66 yuan per share [1][2] - Total shares after issuance: 40.1 million [2] - Issuance represents 10.02% of total shares post-issuance [2] - The company aims to raise funds for high-performance GPU projects [2]. Financial Performance - Revenue for 2022, 2023, and projected for 2024: 426,400 yuan, 53.0212 million yuan, and 743 million yuan respectively, indicating a compound annual growth rate of 4074.52% over three years [4]. - Revenue for the first nine months of 2025 reached 1.236 billion yuan, reflecting a year-on-year growth of 453.52% [4]. - The company anticipates reaching breakeven by 2026 [4]. Industry Focus - Muxi Co. focuses on the development of high-performance GPU chips and computing platforms, targeting applications in various sectors including education, finance, transportation, energy, healthcare, and entertainment [3]. - Key products include the Xisi N series GPUs for inference, Xiyun C series GPUs for training and general computing, and the upcoming Xicai G series GPUs for graphics rendering [4].

Market Overview - The main board saw significant gains with notable stocks such as Xinjun Network (+10.02%), Jierong Technology (+10.00%), and Huaying Technology (+9.94%) leading the charge [1] - The ChiNext board also performed well, highlighted by Zhongfutong (+20.00%) and Haixia Innovation (+14.20%) [1] - The Sci-Tech Innovation board was led by Gelun Electronics (+5.90%) and Zhongke Lanyun (+4.77%) [1] - The SW Communication Engineering and Services sector showed a modest increase of +0.96% [1] Domestic News - The semiconductor materials and equipment sector is seeing growth with the launch of a new production base by Xiand Group in Anju District, with a total investment of 10.6 billion yuan, expected to generate an annual output value of 5.3 billion yuan [1] - Yushu has released its first wheeled robot G1-D, featuring a high-performance humanoid robot body and advanced data collection tools [1] - Dongxin Co. announced progress in its GPU chip "7G100," with customer sampling and testing ongoing [1] - SMIC provided a positive outlook for Q4, expecting revenue to remain flat or grow by 2%, despite the traditional off-season [1] Overseas News - Applied Materials reported a revenue of $1.96 billion in the Chinese market for FY25Q4, a decline of 8.1% year-on-year, attributed to U.S. export restrictions [1] - The global electronic sensor market is projected to reach $41.2 billion by 2032, with a compound annual growth rate of 6.65% from 2025 to 2032 [1] - Renesas Electronics launched the industry's first DDR5 RDIMM memory module clock driver chip, enhancing performance and diagnostics [1] - Micron announced the sampling of its automotive UFS 4.1 solution, which improves boot speed by 30% and system startup speed by 18% [1]

Group 1 - The core point of the article is that the China Securities Regulatory Commission has approved the initial public offering (IPO) application of Muxi Integrated Circuit (Shanghai) Co., Ltd. for listing on the Sci-Tech Innovation Board [1] Group 2 - Muxi Co. focuses on the independent research and development of full-stack high-performance GPU chips and computing platforms, providing foundational computing power for national AI public computing platforms, operator intelligent computing platforms, and commercial intelligent computing centers [4] - The company has major products including the Xisi N series GPU for intelligent computing inference, the Xiyun C series GPU for training and general computing, and the Xicai G series GPU for graphic rendering, which is currently under development [4] Group 3 - As of March 2025, Muxi Co. has sold over 25,000 GPU products, achieving large-scale applications in various national AI public computing platforms and commercial intelligent computing centers [5] - The company's revenue has seen significant growth, with revenues of 426,400 yuan, 53.02 million yuan, and 743 million yuan from 2022 to 2024, resulting in a compound annual growth rate of 4,074.52% over the last three years [5] - In the first half of 2025, Muxi Co. reported revenue of 915 million yuan, a year-on-year increase of 404.51%, and expects revenue growth of 437.36% to 464.23% from January to September 2025 [5] Group 4 - The company has invested a total of 2.247 billion yuan in research and development over the last three years, which accounts for 282.11% of its cumulative revenue during the same period [5] - As of March 2025, Muxi Co. has obtained a total of 255 domestic authorized patents, including 245 domestic invention patents [5] Group 5 - Muxi Co. plans to raise 3.904 billion yuan for investments in projects related to the development and industrialization of new high-performance general-purpose GPUs, next-generation AI inference GPUs, and high-performance GPU technology for emerging applications [5]

Core Insights - Qualcomm is entering the data center AI chip market with its AI200 and AI250 chips, aiming to challenge Nvidia's dominance in this space [1][2] - Qualcomm's stock surged nearly 21% on the announcement, reflecting positive market sentiment and increasing its market capitalization by approximately $28 billion [2] - The company is diversifying its business due to structural growth challenges in its core mobile chip segment, particularly from Apple's move towards in-house chip development [4][5] Qualcomm's AI Chip Strategy - Qualcomm's AI200 and AI250 chips are designed for low power consumption, high cost-performance, and modular deployment, with the AI200 expected to launch in 2026 and the AI250 in 2027 [1][11] - The AI200 features 768GB LPDDR memory, significantly more than Nvidia's offerings, and supports flexible deployment options [10][11] - The AI250 introduces a "near-storage computing" architecture, promising over ten times memory bandwidth improvement and reduced power consumption [11] Market Context - Nvidia's revenue from data center AI chips has surged, with an increase of over $100 billion from 2022 to 2024, highlighting the rapid growth in this market [8][10] - The global AI chip market is projected to see a shift towards ASIC chips, which are expected to capture a larger market share by 2027, providing an opportunity for Qualcomm [9][10] - The demand for AI chips is expected to grow significantly, with projections of 10 million units in 2025 and 17 million in 2027, indicating a robust market for specialized chips [9] Competitive Landscape - Qualcomm faces strong competition from Nvidia, which has established a powerful ecosystem through its CUDA platform, making it challenging for new entrants to gain traction [11] - Other tech giants like Google, Amazon, and Microsoft are also developing their own AI chips, which could impact Qualcomm's ability to attract large clients [11] - Despite these challenges, Qualcomm's experience in low-power chip design positions it well to capitalize on the growing demand for efficient AI solutions in data centers [10]