国产GPU造富神话，一个一个更猛！ 12月17日，继摩尔线程之后，国产GPU第二股沐曦股份，也正式登陆科创板。其表现也远超人们预计， 比摩尔线程更为火爆。 上市首日就高开568.83%，股价直接从104.66元的发行价，飙到了700元，之后还在进一步飙涨，最高一 度触及895元，市值最高一度达到3580亿，超过了摩尔线程。 | 腾松 | | N 木 - U ⊙ 添加自选 | SH 688802 ■ Level1基础行情 ■上海交易所 ■科创版 | | | | 所属行业 ▼ 半导体 -0.74% > | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 824.50元 +719.84 +687.79% | | | | | | | | | | | | | 休市 12-17 11:30:00 北票时间 | | | | | | | | | | | | | 今开 | 700.00 | 看意 | | 895.00 | 成交量 | 12.89万手 | 息市值 ▼ | | 3299亿 重比 | | | | 昨 ...

继摩尔线程之后，另一"GPU芯片四小龙"成员沐曦股份今日登陆A股，发行价为104.66元/股。 沐曦股份开盘大涨568.83%，最新股价报700元/股，若据此计算，中一签新股赚29.8万元。 | 今井 | 700.00 | 最高 成交量 | 700.00 1.52万手 总市值 ▼ 2801亿 量比 | | | | | --- | --- | --- | --- | --- | --- | --- | | 昨收 | 104.66 最低 | 700.00 10.65亿 总股本 4.00亿 成交额 | 委比 | | | -95.14% | | 换手率 | 8.39% 振幅 | 亏损 -- 流通值 126.97亿 市盈(TTM) | | | 市盈(静) | -198.79 | | | | V | | | | | | 分时 | 五日 日K 團K | 月K 季K 年K 更多い | で 高級工具 | | | @) AI技术追踪 | | 700.01 | | 卖5 | 品 | 568.84% | 702.00 | 호 3 | | | | 卖4 卖3 | | | 700.18 700.07 | 2 રે | | | | 卖2 ...

Group 1 - The core viewpoint of the article discusses the potential stock performance of Muxi Co., Ltd. (沐曦股份) following its IPO, comparing it to the significant first-day gains of Moer Thread (摩尔线程) [3][4] - Muxi Co., Ltd. raised approximately 3.899 billion yuan in net funds from its IPO, slightly below the planned 3.904 billion yuan, with a market capitalization of about 41.874 billion yuan and a price-to-sales ratio of 56.35 times [3][4] - The company issued 40.1 million shares at a price of 104.66 yuan per share, representing 10.02% of the total share capital post-issue [3][5] Group 2 - Muxi Co., Ltd. is the second A-share company to issue shares at over 100 yuan this year, following Moer Thread [5] - The initial subscription rate for Muxi Co., Ltd. was 0.02223023%, which increased to 0.03348913% after the allocation mechanism was activated, indicating a highly competitive environment for investors [5][6] - The company was founded in September 2020, with a team primarily composed of former AMD employees, including its CEO and chief architects [6] Group 3 - Muxi Co., Ltd. plans to invest the raised funds into projects focused on the development and industrialization of high-performance general-purpose GPUs and AI inference GPUs [3] - The stock market has shown continued interest in new IPOs, with Muxi Co., Ltd. being among the notable high-priced stocks listed this year [7] - The article highlights the performance of other newly listed stocks, indicating a trend of significant first-day gains in the market [7][9]

Group 1 - Wallan Technology has made significant progress towards its listing on the Hong Kong Stock Exchange, with the China Securities Regulatory Commission issuing a notice for the company's overseas issuance and domestic unlisted shares to be fully circulated [1] - The company plans to issue up to 372,458,000 overseas listed ordinary shares and convert a total of 873,272,024 domestic unlisted shares held by 57 shareholders into overseas listed shares [1] - If successful, this listing will fill a gap in the Hong Kong market for GPU and intelligent computing sector targets [1] Group 2 - Wallan Technology, established in 2019, specializes in high-performance general-purpose GPUs and aims to create an independent and original GPU hardware and software system [3] - The company's first-generation GPU products are based on an original training and inference integrated chip architecture and have been implemented in various intelligent computing centers [3] - Wallan Technology's partners include major companies such as China Mobile, China Telecom, ZTE, and the Shanghai Artificial Intelligence Laboratory, providing services across multiple industries including AI data centers, telecommunications, energy, finance, and the internet [3] Group 3 - The successful listing of Wallan Technology on the Hong Kong Stock Exchange will provide investors with opportunities to participate in the domestic GPU and intelligent computing sector, enhancing the selection of technology stocks in both markets [5] - As domestic GPU manufacturers advance their product commercialization and capitalization processes, the market landscape and industrial chain layout in China's GPU sector are entering a broader development phase [5]

Market Overview - The A-share market experienced a general decline today, with the Shanghai Composite Index down by 0.55% closing at 3867.92 points, the Shenzhen Component Index down by 1.10% at 13112.09 points, the ChiNext Index down by 1.77% at 3137.8 points, and the Sci-Tech 50 Index down by 2.22% at 1318.91 points [1] - Overall, there were 2312 stocks that rose and 2965 stocks that fell, with a total market turnover of 17734 billion yuan, a decrease of 3188 billion yuan compared to the previous trading day [1] Industry Performance - Among the Shenwan first-level industries, non-bank financials, retail, agriculture, forestry, animal husbandry, fishery, steel, and building materials showed positive performance with increases of 1.59%, 1.49%, 1.24%, 0.91%, and 0.91% respectively [1] - Conversely, sectors such as electronics, telecommunications, media, machinery, and computers experienced declines, with decreases of 2.42%, 1.89%, 1.63%, 1.36%, and 1.27% respectively [1] Concept Sector Performance - The leading concept sectors today included dairy, selected insurance, chemical fiber selection, three-child policy, large aircraft, fiberglass, SPD, liquor, initial public offering economy, photovoltaic glass, gold and jewelry, cross-strait integration, satellite internet, chemical raw materials selection, and aquaculture [2] - In contrast, sectors such as optical modules (CPO), GPU, optical communication, cultivated diamonds, ASIC chips, optical chips, and Moore threads experienced pullbacks [2]

Core Viewpoint - The company, Moer Technology, has issued a risk warning regarding its stock, indicating potential market overheating and irrational speculation, urging investors to be cautious and invest rationally [1][3]. Group 1: Stock Performance - As of December 11, the closing price of Moer Technology's stock was 941.08 CNY per share, representing a 723.49% increase from its issuance price [1]. - The company's recent trading days saw price increases of 5.73%, 16.98%, and 28.04% respectively, indicating significant volatility [3]. - The company's static price-to-earnings (P/E) ratio is negative, while its price-to-sales (P/S) ratio stands at 1008.84, significantly higher than the industry averages of 59.34 for P/E and 11.76 for P/S [1]. Group 2: Financial Performance and Risks - For the period of January to September 2025, the company reported revenues of 785 million CNY and a net loss of 724 million CNY, with projected net losses ranging from 1.168 billion CNY to 730 million CNY for the full year [4]. - The company faces risks of slow revenue growth and potential ongoing losses, with uncertainties surrounding product certification, customer onboarding, and mass production [4]. Group 3: Company Overview and Innovations - Moer Technology, established in 2020, has emerged as a leading domestic full-function GPU enterprise, becoming the first of its kind to be listed on the Shanghai Stock Exchange's STAR Market [5][6]. - The company has developed the MUSA unified system architecture, achieving breakthroughs in supporting AI computing acceleration, graphics rendering, and other computational tasks on a single chip [7]. - As of June 2025, Moer Technology holds 514 authorized patents, ranking among the top domestic GPU companies in terms of patent quantity [8].

Core Viewpoint - The recent performance of Moer Technology, known as the "first domestic GPU stock," has been strong, with significant stock price increases following the announcement of a new GPU architecture release scheduled for December 19-20, 2023 [1][3] Group 1: Stock Performance - On December 11, Moer Technology's stock opened strongly, reaching a high of 830 CNY per share, and by 10:23 AM, it had increased by over 11.7%, surpassing 800 CNY, with a total market capitalization of 385 billion CNY [1] - The stock price surged from 628.31 CNY on December 9 to 735 CNY on December 10, marking a nearly 17% increase in one day [3] Group 2: Company Financials - For the first half of 2025, Moer Technology reported revenue of 702 million CNY, exceeding the total revenue from 2022 to 2024, but the company still faced a net loss of 271 million CNY during the same period [3] - As of June 30, 2025, the company had accumulated an unremedied loss of approximately 1.48 billion CNY and anticipates achieving consolidated profitability by 2027 at the earliest [3] Group 3: Product Development - Moer Technology has launched four generations of GPU architectures, including Sudi, Chunxiao, Quyuan, and Pinghu, with applications in AI computing, cloud computing, high-performance computing, and graphics rendering [3]

Company Overview - Moore Threads has become a market focus, with its stock price reaching a peak of 797.97 CNY per share, resulting in a market capitalization exceeding 350 billion CNY, marking a new high since its IPO [1] - The company is recognized as the largest IPO on the Sci-Tech Innovation Board this year, attracting 4.8266 million investors during its online issuance phase, with a final winning rate of only 0.036% [1] Upcoming Events - The recent surge in stock price is attributed to the upcoming first MUSA Developer Conference, where the founder will outline the full-stack development strategy centered on MUSA and unveil a new generation of GPU architecture [2] - The conference is scheduled for December 19-20, and will also introduce a comprehensive product system, core technologies, and industry solutions [2] Industry Growth - The GPU market is expected to experience explosive growth, with projections indicating that the Chinese GPU market will expand from 142.5 billion CNY in 2024 to 1,336.8 billion CNY by 2029, reflecting a CAGR of 53.7% from 2025 to 2029, significantly outpacing the global market [2] - The demand for GPUs is rapidly increasing due to the AI era, with domestic production entering an accelerated phase [2] Technological Advancements - Moore Threads, often referred to as "China's NVIDIA," has achieved breakthroughs in supporting AI computing acceleration and graphics rendering on a single chip architecture based on its self-developed MUSA architecture [2] - The company has launched four generations of GPU chip architectures, covering applications in AI computing, high-performance computing, and graphics rendering [2] Financial Performance - The company has demonstrated strong growth, with a compound annual growth rate (CAGR) of 208.44% in revenue from 2022 to 2024 [3] - In the first half of 2025, revenue reached 702 million CNY, surpassing the total revenue of the past three years, with AI computing contributing 94.73% of the revenue [3] - Although the company is currently in a loss position, the net loss has narrowed from 1.894 billion CNY in 2022 to 271 million CNY in the first half of this year [3] - The prospectus predicts that if revenue reaches 5.983 billion CNY by 2027 with an overall gross margin of 61%, the company could achieve profitability by that year [3]

[music] Hey everyone, it's great to meet you all. Really great to be here today. My name is Rhythm. This is my co-founder Lyndon.Our third co-founder, Yash, couldn't make it today, but we're all very excited to be here. Um, three of us were previously researchers at OpenAI, and now we're bringing Frontier AI inside of enterprise at applied compute. Today, we're going to be talking about efficient reinforcement learning.As some context on applied compute, we help enterprises build their own intelligence to p ...

Market Analysis - The recent prolonged market consolidation with low trading volume is attributed to stable behavior from institutional investors and profit-taking by some investors due to expectation disturbances [1][3] - Low trading volume is not necessarily a negative signal; historically, low points in trading volume often represent good buying opportunities during bull markets, as seen in periods from 2005-2007 and 2019-2021 [4] - The year-end typically experiences a correction of about 5%-10% due to trading funds speculating on economic and policy expectations, with a potential for a cross-year market rally in 2026 [4][5] Industry Tracking - Quantum computing is predicted to become mainstream within two years, according to former Intel CEO Pat Gelsinger, who believes it will accelerate the decline of AI hype and that GPUs will be replaced by quantum computing by 2030 [6] - Gelsinger emphasizes that the next decade will be transformative for technology, with quantum computing moving from laboratory settings to commercial applications, impacting various sectors including finance, chemicals, pharmaceuticals, transportation, and logistics [6] - The quantum computing industry is currently in its early development stage, but its market value is gradually being recognized [7]