Group 1 - The core viewpoint of the article is that Shanghai Birun Technology Co., Ltd. is initiating its IPO process, aiming to raise between HKD 42.1 billion and HKD 48.5 billion through the issuance of 247.69 million shares priced between HKD 17.00 and HKD 19.60 per share [1] - The company plans to officially list on the Hong Kong Stock Exchange on January 2, 2026, following the start of its public offering on December 22 [1] - Birun Technology holds five framework sales agreements and 24 sales contracts, with a total value of RMB 1.241 billion, which will significantly drive its revenue growth [1] Group 2 - The company is recognized as a representative of domestic GPU manufacturers and has established key technologies including GPGPU architecture and system-level chip design [1] - Notably, the client base includes nine companies from the Fortune 500 in China, five of which are also listed in the global Fortune 500 [1]

Investment Rating - The report maintains a positive outlook on the computer industry, recommending key targets such as Hand Enterprise, Wuxi Unicomp Technology Co., Ltd., Beijing Kingsoft Office Software, Newland Digital Technology, Hikvision, Hygon, and Dawning Information Industry [3][9]. Core Insights - The AI foundation model industry in China is experiencing accelerated productization and capitalization, with significant advancements from Volcengine, which released Doubao 1.8 and Seedance 1.5 Pro, achieving global leadership in multimodal capabilities and processing over 50 trillion tokens daily [10]. - Zhiyuan AI and MiniMax have successfully passed HKEX hearings and are expected to list in early 2026, providing a quantifiable market valuation benchmark for the industry [10]. - The Ministry of Industry and Information Technology has issued L3 autonomous driving permits, marking a transition to conditional commercialization, with specific models from Changan and BAIC Arcfox approved for limited road use [11]. - Domestic GPU companies are actively pursuing capital market entry to support R&D and market expansion, with TianShu ZhiXin planning to raise 300 to 400 million USD and other companies like Biren Technology and Kunlun Chip Technology advancing their listings [12]. Summary by Sections AI Foundation Models - The report highlights the rapid advancements in AI technology, particularly with the release of Doubao 1.8 and Seedance 1.5 Pro, which have significantly reduced operational costs for enterprises [10]. - The successful IPO preparations of Zhiyuan AI and MiniMax are expected to enhance the industry's financial landscape and provide a basis for future valuations [10]. Autonomous Driving - The issuance of L3 autonomous driving permits signifies a critical step towards commercial applications, with safety regulations emphasizing the responsibility of manufacturers over drivers [11]. GPU Market Developments - The report notes a surge in domestic GPU companies seeking public listings to fund advanced chip development, reflecting strong market interest and a shift towards self-reliance in semiconductor technology [12].

Core Viewpoint - Shanghai Birun Technology Co., Ltd. is set to become the first GPU stock listed on the Hong Kong Stock Exchange, with its IPO scheduled from today until the 29th, aiming for a listing on January 2, 2026, under the stock code "6082" [2][3]. Group 1: IPO Details - Birun Technology plans to issue 247,692,800 H-shares, with 12,384,800 shares available for public offering in Hong Kong and 235,308,000 shares for international offering. The expected fundraising scale is between HKD 4.21 billion and HKD 4.85 billion, with an IPO market valuation ranging from HKD 40.1 billion to HKD 46.2 billion [3]. - The company has attracted a strong cornerstone investor lineup, with 23 top investment institutions planning to subscribe for HKD 28.99 billion, including major asset management firms and well-known hedge funds [3]. Group 2: Business Performance and Orders - Birun Technology has developed its first-generation GPGPU architecture and a series of hardware products, including the Walli™106, Walli™110, and the higher-performance Walli™166 chips. The company's revenue is projected to grow from CNY 499,000 in 2022 to CNY 337 million in 2024, reflecting a compound annual growth rate (CAGR) of 2500% [5]. - As of December 15, 2025, Birun Technology has secured five framework sales agreements and 24 sales contracts, totaling approximately CNY 1.24 billion, indicating strong future revenue potential [5]. Group 3: Market Potential and Valuation - The demand for AI computing power is expected to drive a new growth window for domestic GPU companies. The Chinese intelligent computing chip market is projected to grow from USD 1.7 billion in 2020 to USD 30.1 billion in 2024, with a CAGR of 105% [7]. - Birun Technology's unique position as the first pure GPU concept stock in Hong Kong enhances its valuation logic, filling a gap in the AI computing hardware sector. The changing valuation model for technology companies in the Hong Kong market may lead to a revaluation of Birun Technology, supported by its order reserves and product roadmap [7].

Core Insights - The core message of the news is that Moore Threads is evolving from a GPU manufacturer to a comprehensive computing infrastructure company, similar to Nvidia, but tailored to address the unique challenges of the Chinese market [2][3]. Group 1: Product Development and Strategy - Moore Threads introduced its full-featured GPU architecture "Huagang" and the MUSA (Meta-computing Unified System Architecture) at the MDC 2025, emphasizing a shift towards a more integrated approach to computing [2][5]. - The company aims to support a wide range of applications, including graphics, AI, HPC, and video processing, through its full-featured GPU, which is designed to handle mixed computing tasks rather than focusing solely on AI [2][5][6]. - The MUSA architecture encompasses a complete technology stack, from chip architecture to software frameworks, allowing for versatile applications across different industries [7][8][10]. Group 2: Technical Innovations - The full-featured GPU integrates multiple computing engines, including AI computation, 3D graphics rendering, high-performance computing, and intelligent video encoding, to meet diverse computational needs [6][7]. - The latest MUSA upgrade to version 5.0 enhances compatibility with various programming languages and significantly improves performance metrics, such as achieving over 98% efficiency in core computation libraries [10][11]. - The "Huagang" architecture boasts a 50% increase in computing density and substantial improvements in energy efficiency, supporting a wide range of precision from FP4 to FP64 [12][14]. Group 3: Market Position and Future Outlook - Moore Threads is positioning itself as a key player in the domestic GPU market, leveraging its unique methodologies to tackle challenges such as supply chain uncertainties and technological barriers [3][5]. - The company is set to release two new chips, "Huashan" for AI training and "Lushan" for high-performance graphics rendering, which are expected to significantly enhance capabilities in their respective fields [14][15]. - The launch of the "Kua'a" supercomputing cluster marks a significant milestone, achieving floating-point performance of 10 Exa-Flops and demonstrating high efficiency in AI training and inference tasks [15][16].

Core Insights - The domestic general GPU industry is entering a critical phase of capital empowerment, with leading companies like TianShuZhiXin and BiRan Technology successfully navigating the capital market [1][6] - The surge in domestic GPU companies going public reflects a booming demand for computing power driven by advancements in AI, big data, and cloud computing [6] Group 1: Company Developments - TianShuZhiXin has passed the Hong Kong Stock Exchange listing hearing, marking a significant milestone as a leading provider of general GPU chips and AI computing solutions in China [1] - BiRan Technology, another key player, focuses on general-purpose graphics processing unit (GPGPU) chips and has also passed the listing hearing, positioning itself among the top domestic GPU companies [3] - TianShuZhiXin's product matrix includes the TianGai series for training scenarios and the ZhiKai series for inference needs, with significant growth in product shipments from 7,800 units in 2022 to 15,700 units in the first half of 2025 [4][5] Group 2: Market Trends - The domestic GPU sector is experiencing a "high光时刻" (highlight moment) as companies like MoEr Thread and MuXi Co. have successfully listed on the STAR Market, while others are following suit [2][6] - The market for general GPUs is expanding rapidly, with a notable increase in the number of industry clients for TianShuZhiXin, growing from 22 clients in 2022 to 181 in 2024 [5] - The competitive landscape includes a dual-market strategy with both A-share and Hong Kong listings, indicating a robust growth trajectory for the domestic GPU industry [6] Group 3: Financial Performance - BiRan Technology reported a staggering revenue growth from 499,000 yuan in 2022 to 337 million yuan in 2024, reflecting a cumulative increase of over 675 times [3] - Despite significant revenue growth, BiRan Technology has not yet achieved profitability, with projected net losses of 1.538 billion yuan in 2024 and an expanded loss of 1.6 billion yuan in the first half of 2025 [3] - TianShuZhiXin has successfully raised over 14 billion yuan and 20.5 billion yuan in its D and D+ funding rounds, respectively, with a pre-IPO valuation of 12 billion yuan [5]

今年9月，沐曦股份首款全国产通用GPU——曦云C600在南京发布。这款自主可控的算力芯片，标 志着国产高性能GPU实现历史性突破。沐曦股份还在应用端搭建起"1+6+X"的战略版图——以自研GPU 为算力底座，深度赋能金融、医疗、能源、教科研、交通、大文娱六大行业，并推动X个新兴场景落 地。 投早、投小、投长期、投硬科技，南京市政府投资基金2016年就全额出资设立新兴产业发展基金、 科技创新基金，通过"子基金+直跟投"引导和撬动社会资本，采用"拨投结合""投贷联动"等方式支持产 业发展。2016年以来，累计成立153只子基金，投资了751个在宁项目，并推动沐曦股份、汉桑科技等11 家本地企业上市。 根据《南京市政府关于打造"4+N"产业基金集群 聚力推动产业强市发展的实施意见》，该市计划整 合资源形成总规模超2000亿元的基金集群，覆盖重大项目落地、重点产业发展、强链补链延链、科创人 才培育四大方向。 5年获南京市、区两级基金投资约8亿元，从天使轮开始一路"陪跑"至"敲钟"……12月17日，沐曦股 份登陆科创板，成为继摩尔线程之后，逐鹿资本市场的国产GPU"四小龙"之一。 沐曦股份上市，是南京抢占发力新兴产业赛 ...

Group 1 - The core viewpoint of the news is that the domestic general GPU industry is entering a critical phase of capital empowerment, with several leading companies successfully navigating the capital markets [1][3][9] - Shanghai Tensu Zhixin Semiconductor Co., Ltd. has passed the Hong Kong Stock Exchange listing hearing, marking a significant step for the company as a leading provider of general GPU chips and AI computing solutions in China [1][3] - The domestic GPU industry is experiencing a surge in capital market activity, with companies like Moer Thread and Muxi Co., Ltd. successfully listing on the STAR Market, while Wallran Technology and Tensu Zhixin have also passed the listing hearings [3][9] Group 2 - Moer Thread achieved a remarkable 468.8% increase on its first trading day, reaching a market capitalization of 305.5 billion yuan, making it one of the top five companies on the STAR Market [3] - Muxi Co., Ltd. became the second domestic GPU manufacturer to list on the A-share market, with its stock price soaring by 692.95% on its debut [3] - Wallran Technology and Tensu Zhixin are competing to become the first domestic GPU company listed on the Hong Kong Stock Exchange, with Wallran focusing on general-purpose graphics processing units (GPGPU) and maintaining a high R&D investment ratio [5][9] Group 3 - Tensu Zhixin is the first domestic company to achieve mass production of general GPUs for both training and inference, with its product matrix covering all AI computing scenarios [6][9] - The company has seen significant growth in customer base and product shipments, with over 29 industry clients served and cumulative shipments exceeding 52,000 units by mid-2025 [7] - Tensu Zhixin has completed multiple rounds of financing, raising over 1.4 billion yuan and 2.05 billion yuan in its D and D+ rounds, respectively, with a pre-valuation of 12 billion yuan before the D+ round [7] Group 4 - The surge in domestic GPU companies entering the capital market reflects the explosive growth in domestic computing power demand and the urgent need for self-sufficiency [9] - The market for general GPUs is expanding due to the rapid development of core digital economy sectors such as AI, big data, and cloud computing, providing a broad market space for domestic GPU companies [9] - Industry experts believe that the collective listing of domestic GPU companies will accelerate resource integration and technological iteration, pushing the industry from "usable" to "user-friendly" [9] Group 5 - The domestic chip ecosystem is divided into two main routes: one led by companies like Tensu Zhixin and Muxi Co., Ltd. focusing on GPGPU compatibility with NVIDIA's CUDA, and another represented by Huawei's Mindspore aiming to establish a separate ecosystem [10] - Tensu Zhixin aims to strategically position itself in the market by adopting a core philosophy of hardware-software collaborative design to meet the growing demand for general GPUs driven by AI technology [10] - The company is expected to complete its Hong Kong listing by early 2026, potentially alongside Wallran Technology, marking a new chapter for domestic GPU companies in the Hong Kong market [10]

Core Viewpoint - The domestic general GPU industry is entering a critical phase of capital empowerment, with several leading companies successfully navigating the capital markets, indicating a significant growth opportunity in the sector [1][6]. Group 1: Company Developments - Shanghai TianShu ZhiXin Semiconductor Co., Ltd. (TianShu ZhiXin) has passed the Hong Kong Stock Exchange listing hearing, marking its entry into the capital market as a leading provider of general GPU chips and AI computing solutions [1][6]. - TianShu ZhiXin's product matrix includes the TianGai series focused on training scenarios and the ZhiKai series for inference needs, with the TianGai Gen1 being the first domestically produced general GPU [4][5]. - The company has seen significant growth in customer base and product shipments, with GPU shipments increasing from 7,800 units in 2022 to 16,800 units in 2024, and serving over 290 industry clients by mid-2025 [5][6]. Group 2: Market Trends - The domestic GPU industry is experiencing a "high light moment" in the capital market, with companies like MoEr Thread and MuXi Co. successfully listing on the STAR Market, and others like BiRan Technology and TianShu ZhiXin passing hearings for the Hong Kong Stock Exchange [2][6]. - The rapid growth in demand for computing power driven by AI, big data, and cloud computing is expanding the market size for general GPUs, creating a favorable environment for domestic companies [6][7]. - The collective move of domestic GPU companies to the capital market is expected to accelerate resource integration and technological iteration, pushing the industry from "usable" to "better usable" products [6][7]. Group 3: Competitive Landscape - BiRan Technology, another key player in the domestic GPU market, has achieved significant revenue growth, with revenues increasing from 499,000 yuan in 2022 to 337 million yuan in 2024, although it remains unprofitable due to high R&D expenditures [3][6]. - The competitive landscape is characterized by two main routes: one focusing on GPGPU compatibility with NVIDIA's CUDA, and the other aiming to establish an independent ecosystem represented by Huawei's Mindspore [7]. - TianShu ZhiXin aims to strategically position itself in the market by leveraging a core philosophy of hardware-software collaborative design to meet the growing demand for general GPUs driven by AI technology [7].

Core Viewpoint - The article discusses the growth trajectory and market positioning of Birran Technology, a domestic GPU manufacturer, as it prepares for its IPO in Hong Kong, highlighting its revenue growth, product development, and market share in the AI chip sector. Group 1: Company Growth and Financial Performance - Birran Technology was founded in September 2019 and has grown its revenue from 62 million RMB in 2023 to 337 million RMB in 2024, with an order backlog of 822 million RMB and additional contracts worth 1.241 billion RMB awaiting fulfillment [1]. - The company reported a net loss of 1.474 billion RMB in 2022, 1.744 billion RMB in 2023, and 1.538 billion RMB in 2024, accumulating over 6.3 billion RMB in losses over three and a half years [7][8]. - In 2024, the company achieved a gross margin of 53.2%, with an average transaction value increasing by 113.64% year-on-year to 9.4 million RMB [6]. Group 2: Market Position and Competition - The Chinese AI chip market is dominated by Nvidia and Huawei, which together hold 94.4% of the market share, while domestic AI chips, including Birran Technology, have less than 1% market share [1]. - Birran Technology's market share in the smart computing chip market and GPGPU market is projected at 0.16% and 0.20%, respectively, for 2024 [1]. Group 3: Product Development and Innovation - The company has developed its first-generation GPGPU architecture and is working on the second generation, with products like BR106 and BR110 already in production [10]. - The BR166 chip, which offers double the performance of BR106, is expected to drive sales growth in 2025 [12]. - Birran Technology is also planning to launch the BR20X series for cloud training and inference by 2026, with further products like BR30X and BR31X expected by 2028 [13]. Group 4: Strategic Partnerships and Ecosystem Development - The company has formed strategic partnerships to enhance its product offerings and market reach, including a collaboration with an IT company to develop AI infrastructure solutions [12][16]. - Birran Technology is focused on building a software ecosystem with its BIRENSUPA platform, which supports third-party GPGPU software, thereby reducing migration costs for users [15].

Investment Rating - The report maintains an "Overweight" rating for the computer sector, recommending stocks such as Han's Information, Rilian Technology, Kingsoft Office, Hehe Information, Hikvision, Newland, Daotong Technology, and Haiguang Information, with Zhongke Shuguang as a related stock [3][4]. Core Insights - The domestic AI large model industry is experiencing a critical phase of accelerated technological productization and deepening capital market engagement. Volcano Engine released the Doubao large model 1.8 and the video generation model Seedance 1.5 Pro, achieving significant technological breakthroughs and reducing enterprise usage costs through innovative business models [3][4]. - The Ministry of Industry and Information Technology has issued the first L3 level autonomous driving vehicle permits, marking a transition to "conditional commercial application" for autonomous driving in China. This includes specific models from Changan and BAIC Arcfox, with speed limits set for initial operations [3][4]. - Domestic GPU companies are actively pursuing capital market opportunities, with TianShu ZhiXin and BiRan Technology having passed listing hearings, aiming to raise funds for advanced chip development and market expansion. The successful listings of MoEr Thread and MuXi shares on the STAR Market have demonstrated strong market interest in domestic high-end chip sectors [3][4]. Summary by Sections AI Large Model Development - Volcano Engine's Doubao large model 1.8 and Seedance 1.5 Pro have entered the global first tier in multi-modal and intelligent capabilities, with daily token processing exceeding 50 trillion [3][4]. - The listings of Zhizhu AI and MiniMax on the Hong Kong Stock Exchange are expected to provide quantifiable secondary market valuation benchmarks for the large model industry [3][4]. Autonomous Driving - The issuance of L3 level permits signifies a cautious regulatory approach prioritizing safety, with vehicles' operational responsibilities assigned to manufacturers rather than drivers [3][4]. - Initial sales of these vehicles will be limited to designated operators, providing essential practical data for refining technical standards and legal frameworks [3][4]. GPU Market Dynamics - Domestic GPU firms are intensifying their efforts to enter the capital market, with TianShu ZhiXin planning to raise $300 to $400 million and BiRan Technology also pursuing a listing [3][4]. - The successful market entries of MoEr Thread and MuXi have highlighted the strong investor interest in the domestic semiconductor industry, particularly in high-end chip design [3][4].