12月10日，市场探底回升，三大指数涨跌不一，深成指、创业板指盘中先后翻红，创业板指此前一度跌 超2%。截至收盘，沪指跌0.23%，深成指涨0.29%，创业板指跌0.02%。 板块方面，海南、贵金属、零售等板块涨幅居前，培育钻石、银行、有机硅等板块跌幅居前。 全市场超2800只个股下跌。沪深两市成交额1.78万亿元，较上一个交易日缩量1254亿。 和上周类似，今天A股处于"周中缩量回调"节奏，科技题材表现偏弱，但显然并不包括"国产GPU第一 股"摩尔线程。 上市首日，许多人以为688元会是"X年大顶"，却没料到，仅过去3个交易日，其股价高点就再度刷新至 797.97元。 这意味着，第一批"山顶资本"如果有足够耐心，是可以解套甚至大赚离场的。只不过，从周一周二合计 65.69%的换手率来看，多数人没能撑到今天。 那么问题来了：今天是谁在爆买摩尔线程？又出于什么理由呢？ （当然，我们还可以问，新晋"山顶资本"短期还能解套吗？） 首先，我们认为其目前的走势仍由短线资金主导。 而短线来看，科创板芯片股有历史行情可以"刻舟求剑"。 2020年7月20日寒武纪上市时，也曾在第四个交易日创出阶段新高，并且现在看来，当时这些 ...

Core Viewpoint - Muxi Co., Ltd., a leading domestic GPU company, is preparing for its IPO with an estimated valuation of approximately 42 billion yuan and a staggering offline subscription multiple of 2227.6 times, marking it as the "king of new listings" this year [1][9] Group 1: Company Overview - Muxi was founded in September 2020, focusing on the research and development of high-performance GPU chips and computing platforms, established by three former AMD scientists [1][10] - The company has grown from 6 employees and 2 small offices to nearly 900 employees in just three years, launching two high-performance GPU products and projecting sales revenue to exceed 700 million yuan in 2024 [10] Group 2: Investment Landscape - Muxi's early investors include prominent venture capital firms such as Helix Capital and Tianjin TEDA Technology Investment Group, which participated in multiple funding rounds [2][10] - The company has attracted a diverse array of investors, including over 120 shareholders, comprising national funds, top-tier VCs, local state-owned assets, and industrial capital [3][13] Group 3: Notable Investors - Noteworthy investors include private equity mogul Ge Weidong, who holds a combined 7.48% stake in Muxi through both his personal and fund investments, reflecting a strong belief in the AI computing and domestic GPU sector [7][17] - The IPO price is set at 104.66 yuan per share, with the total market value of the public offering estimated at approximately 41.874 billion yuan [8][17] Group 4: Future Challenges - Despite the successful IPO, Muxi faces significant challenges ahead, including technology iteration, ecosystem development, market competition, and achieving self-sustainability [18]

Core Viewpoint - The article discusses the potential release of NVIDIA's H200 in China, analyzing the implications from both the U.S. and Chinese perspectives, focusing on inventory clearance and market dynamics. Group 1: Reasons for U.S. Release - NVIDIA's CEO is advocating for the release of H200 to clear inventory, as the current market is dominated by the B series products, making it difficult to sell H200 in the U.S. [2] - The U.S. data centers are facing power supply issues, and the newer Blackwell architecture is more energy-efficient, leading to a gradual phase-out of older models like H100/H200. [2] - The ideal solution for NVIDIA is to legally sell H200 to China if it cannot be absorbed in the U.S. market. [2] Group 2: China's Attitude - There is a divided opinion in China regarding the release of H200; some believe that domestic AI chips are not yet competitive, while others fear that agreeing to the release could hinder local chip development and give the U.S. leverage. [3][11] - Economically, there seems to be no strong reason for China to ban the import of H200. [4] Group 3: Performance and Market Impact - The performance of H200, particularly in terms of computing power and memory bandwidth, currently exceeds that of domestic AI chips. [5] - Many existing codes are based on the Hopper architecture, making H200 easy to integrate for large companies. [8] - The domestic production capacity for high-end GPUs is not expected to significantly increase until 2027, indicating a continued reliance on foreign technology. [8] Group 4: Implications for Domestic Market - H200 has practical applications for Chinese customers, primarily in training scenarios, while domestic chips are more suited for inference tasks. [12] - The economic benefits of H200 may be limited due to rising memory prices, which could offset any price reductions. [13] - The overall impact of H200 on domestic GPU cards is expected to be minimal, as it does not directly compete with them. [13] Group 5: Market Reactions - The news about H200's potential release has caused market fluctuations, but the actual impact is likely to be limited, with key factors being policy direction, market demand, and funding conditions rather than just technical availability. [14]

Core Viewpoint - The article highlights the significant market enthusiasm surrounding domestic GPU companies, particularly focusing on the successful IPO of Moer Thread and the subsequent interest in Muxi Co., which is positioned as the "second domestic GPU stock" [4][5][9]. Group 1: Market Performance - Moer Thread, the first domestic GPU stock, debuted at an issue price of 114.28 yuan per share and opened at 650 yuan, peaking at 688 yuan, resulting in a market capitalization of approximately 2700 to 3000 billion yuan [4][5]. - Muxi Co. launched its IPO on the same day with an issue price of 104.66 yuan per share, aiming to raise 4.197 billion yuan, which would give it a market capitalization of around 418.74 billion yuan [5][9]. - Muxi's offline subscription saw a staggering 2227.6 times oversubscription, surpassing Moer Thread's previous record of 1572 times, marking it as the "king of new share subscriptions" [9][10]. Group 2: Investor Sentiment - The excitement from Moer Thread's IPO translated seamlessly to Muxi, with retail investors expressing a strong desire to participate in the latter's offering, driven by the potential for significant profits [6][7][12]. - Social media discussions reflected a prevalent "lottery mentality" among retail investors, focusing more on potential profits rather than understanding the underlying technology [6][12]. Group 3: Company Background and Financials - Muxi Co., established in September 2020, has a founding team with experience from leading chip companies like AMD and ARM, and has developed a product line that includes GPUs for general computing and AI applications [14]. - The company reported revenues of 42.64 million yuan in 2022, projected to grow to 743 million yuan by 2024, indicating a rapid growth trajectory [14]. - Despite revenue growth, Muxi has faced significant losses, with net losses of 7.77 billion yuan in 2022 and an expected continuation of losses into 2025, highlighting the challenges of high R&D costs [15][22]. Group 4: Investment Landscape - Muxi has attracted substantial investment, with total financing exceeding 10 billion yuan, supported by a diverse range of investors including state-owned funds and private equity [16][17]. - The company's shareholder structure reflects a mix of domestic and international capital, indicating strong backing but also potential pressure from early investors looking to realize gains [18]. Group 5: Future Considerations - The article emphasizes the need for Muxi to establish a sustainable business model beyond project-based revenues, aiming for recurring income streams from cloud services and software licensing [24]. - The success of Muxi will depend on its ability to validate its technology, secure long-term contracts, and maintain investor confidence amidst market volatility [23][26].

沐曦股份12月7日公告，据上海证券交易所提供的数据，本次网上发行有效申购户数为517.52万户，有 效申购股数为288.62亿股，网上发行初步中签率为0.02223023%，回拨机制启动后，网上发行最终中签 率为0.03348913%。 继摩尔线程上市首日大爆后，更难抢的"国产GPU第二股"要来了！ 相比之下，沐曦股份比摩尔线程更加一票难求，其上市后的股价表现因此而充满想象。 12月8日晚，沐曦股份公告称，发行人和保荐人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。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。 （文章来源：21世纪经济报道） 上市首日暴涨425.46%的摩尔线程，此前网上发行初步中签率为0.02423369%，最终中签率为 0.03635054%。 ...

Core Viewpoint - The IPO of Muxi Co., Ltd. has generated significant interest, with a low final winning rate of 0.03348913%, indicating high demand for its shares in the market [4][6]. Group 1: IPO Details - Muxi Co., Ltd. announced its IPO on December 8, with a total of 19,331 winning numbers, allowing each winner to subscribe for 500 shares [1]. - The IPO price was set at 104.66 yuan per share, corresponding to a market capitalization of approximately 41.874 billion yuan and a price-to-sales ratio of 56.35 times [7]. - The company plans to issue 40.1 million shares, accounting for 10.02% of the total share capital post-issue, with net fundraising expected to be 3.899 billion yuan [7]. Group 2: Market Comparison - Muxi's initial winning rate is lower than that of another GPU manufacturer, Moore Threads, which had a final winning rate of 0.03635054% [6]. - The fundraising amount for Muxi is slightly lower than the previously planned 3.904 billion yuan, while Moore Threads raised 7.576 billion yuan with a higher price-to-sales ratio of 122.51 times [7]. Group 3: Company Strategy and Future Plans - The funds raised will primarily be allocated to the development of new high-performance general-purpose GPUs and AI inference GPUs, as well as advanced GPU technology for emerging applications [7][8]. - The company aims to establish a strong market presence by maintaining a competitive edge in R&D and building a reputable brand [7]. - Muxi Co., Ltd. is focusing on the cloud and edge computing markets, with plans to develop next-generation chips designed for generative AI inference [8]. Group 4: Financial Performance - Muxi's revenue for 2022, 2023, and projected 2024 are 426,400 yuan, 53.0212 million yuan, and 743 million yuan respectively, showing a compound annual growth rate of 4,074.52% [14]. - The company expects to achieve breakeven by 2026, with a significant year-on-year revenue growth of 453.52% in the first nine months of 2025, reaching 1.236 billion yuan [14]. - Muxi's sales gross margin is comparable to industry averages, indicating strong profitability potential despite lower revenue compared to peers [14].

Core Viewpoint - The article discusses the upcoming IPO of Muxi Co., which is expected to be highly sought after, similar to the recent success of Moer Thread, the first domestic GPU company to go public. Muxi's stock performance post-IPO is anticipated to be promising due to its low subscription rates and high investor interest [1][4]. Group 1: IPO Details - Muxi Co. announced its IPO on December 8, with a total of 19,331 winning numbers for the subscription, allowing each winner to purchase 500 shares [1]. - The initial subscription rate for Muxi was 0.02223023%, which improved to a final rate of 0.03348913% after the allocation mechanism was activated [3][6]. - The IPO price for Muxi was set at 104.66 yuan per share, giving it a market capitalization of approximately 41.874 billion yuan and a price-to-sales ratio of 56.35 times [6]. Group 2: Comparison with Moer Thread - Muxi's subscription rates were lower than those of Moer Thread, which had an initial subscription rate of 0.02423369% and a final rate of 0.03635054% [6]. - Moer Thread's IPO was priced at 114.28 yuan per share, with a market capitalization and price-to-sales ratio significantly higher than Muxi's [6]. - Muxi's fundraising is primarily directed towards the development of high-performance GPUs and AI inference chips, indicating a strong focus on innovation in the GPU sector [6][8]. Group 3: Company Strategy and Market Position - Muxi's CEO outlined a three-step development strategy aimed at transitioning from product advantages to market leadership, emphasizing the importance of maintaining a competitive edge in R&D and building brand reputation [7]. - The company plans to focus on cloud and edge computing markets, with funds allocated for the development of next-generation chips designed for AI inference [8]. - Muxi's revenue growth has been substantial, with a compound annual growth rate of 4074.52% from 2022 to 2024, indicating strong market potential despite currently lower revenue compared to peers [12].

2025.12. 08 本文字数：2099，阅读时长大约4分钟 作者 | 第 一财经 魏中原 在摩尔线程（688795.SH）上市首日被市场"预付"约3000亿元市值之后，沐曦股份（688802.SH） 即将登陆科创板，再度考验资本对国产算力的买单意愿。 2025 年 12 月 7 日 ， 沐 曦 股 份 （ 688802.SH ） 公 告 其 科 创 板 IPO 网 上 发 行 最 终 中 签 率 为 0.03348913%，低于此前摩尔线程的0.03635%，足见投资者申购沐曦股份的热情高涨。 作为专注高性能通用GPU及AI推理芯片的硬科技企业，沐曦股份不仅吸引了国家人工智能产业投资 基金、中国电信天翼资本、京东、美团等重量级战略投资者，更在网下询价阶段引发机构抢筹。 更值得关注的是，根据发行安排，沐曦股份以104.66元/股的价格公开发行4010万股，若发行后总股 本为40010万股，对应发行市值已达418.74亿元。若市场情绪复刻摩尔线程首日约425%的收盘涨幅 （开盘涨468.78%），沐曦股份股价将冲至约595元，对应市值一举突破2300亿元——这意味着二 沐曦股份火爆申购数据背后，是投资者对"下 ...

更值得关注的是，根据发行安排，沐曦股份以104.66元/股的价格公开发行4010万股，若发行后总股本 为40010万股，对应发行市值已达418.74亿元。若市场情绪复刻摩尔线程首日450%的收盘涨幅（其开盘 涨468.78%），沐曦股份股价将冲至约595元，对应市值一举突破2300亿元——这意味着二级市场愿为 其未来技术兑现与盈利前景"预付"近1900亿元的估值溢价。 尤为关键的是，与尚无明确盈利时间表的摩尔线程不同，沐曦股份给出"达到盈亏平衡点的预期时间最 早为2026年"预期，这份"可预期的商业化能力"会否让市场支付更高昂的"预付款"？答案不久将揭晓。 沐曦股份接棒摩尔线程，引爆年末打新热潮 2025年，国产GPU企业迎来历史性年份。上周五（12月5日），摩尔线程上市首日以468.78%开盘暴涨 惊艳市场，点燃投资者对AI芯片赛道的热情。摩尔线程上市当日，沐曦股份迎来新股申购，发行价 104.66元/股，0.0335%的中签率，低于摩尔线程的中签率（0.03635%）。 尤为引人注目的是，回拨机制启动前，沐曦股份的网上发行初步有效申购倍数约为4498.38倍，超过摩 尔线程的4126.49倍。回拨机制启动 ...

Core Viewpoint - Muxi Co., Ltd. has successfully launched its IPO, becoming the second domestic GPU company to list on the A-share market after Moore Threads, with a final issuance price of 104.66 yuan per share and a total fundraising amount of approximately 4.197 billion yuan [1][3][7]. Group 1: IPO Details - The final issuance quantity for offline subscriptions was 22,829,081 shares, accounting for 70.26% of the total issuance after deducting the strategic placement portion, while the online issuance quantity was 9,665,500 shares, making up 29.74% [1]. - The initial online subscription success rate was 0.02223023%, which increased to 0.03348913% after the allocation mechanism was activated [1]. - The strategic placement involved several notable investors, including the National Artificial Intelligence Industry Investment Fund and Tianyi Capital, among others [3][4]. Group 2: Company Background - Muxi Co., Ltd. was established in September 2020 in Shanghai and has set up subsidiaries and R&D centers in multiple cities across China [5]. - The company focuses on developing high-performance general-purpose GPU chips and solutions, with applications in various advanced fields such as smart computing, cloud computing, and autonomous driving [5]. Group 3: Financial Performance - Muxi's revenue for the years 2022 to 2024 is projected to be 426,400 yuan, 53.0212 million yuan, and 743 million yuan, respectively, indicating a compound annual growth rate of 4,074.52% [7]. - For the first nine months of 2025, the company reported a year-on-year revenue growth of 453.52%, reaching 1.236 billion yuan [7]. - The company anticipates reaching breakeven by 2026 based on its forward-looking estimates [7].