沪锌产业日报 2025-08-25 | | | 锌价支撑或减弱。技术面，持仓低位价格回升，多空谨慎，关注22200支撑。操作上，建议暂时观望，或短 线逢回调轻仓做多。 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 沪锌主力合约收盘价(日,元/吨) | 22395 | 150 09-10月合约价差:沪锌(日,元/吨) | -20 | -20 | | | LME三个月锌报价(日,美元/吨) | 2805.5 | 38.5 沪锌总持仓量(日,手) | 206625 | -468 ...

Group 1 - The National Development and Reform Commission and other departments released the "Internet Platform Pricing Behavior Rules (Draft for Comments)" to provide clear guidelines for operators' pricing behavior, focusing on "operator's autonomous pricing," "pricing display behavior," and "consumer price rights protection" [1][1][1] - The "2025 Comprehensive Computing Power Index" report indicates that Hebei, Jiangsu, and Guangdong are the top three provinces in terms of computing power, reflecting the current state of computing power development in China [1][1][1] - The Ministry of Industry and Information Technology emphasized the need to enhance the quality of computing resource supply and promote the construction of green data centers, while also pushing for breakthroughs in key technologies like GPU chips [1][1][1] Group 2 - The mechanical industry in China has shown growth in production and investment, with major sectors like general equipment manufacturing and automotive manufacturing experiencing stable growth from January to July this year [1][1][1] - A research team from Nanjing University has made breakthroughs in flexible perovskite solar cells, significantly improving the efficiency gap between flexible and rigid solar cells [1][1][1] - The Hainan Provincial Department of Commerce announced new conditions for the 2025 automobile replacement subsidy policy, requiring new cars to be registered in Hainan for subsidies [1][1][1] Group 3 - Huawei's Intelligent Automotive Solutions BU announced the upcoming release of new technologies that will accelerate the adoption of autonomous driving in China, with a current penetration rate of 50% for assisted driving [1][1][1]

Core Viewpoint - Jiangjiawei is facing significant operational pressure, leading the company to seek external acquisitions to enhance its overall strength amid declining performance metrics [1][3]. Financial Performance - In the first half of 2025, Jiangjiawei reported revenue of 193 million yuan, a year-on-year decrease of 44.78% [1][3]. - The net profit attributable to shareholders was a loss of 87.61 million yuan, a decline of 356.51% year-on-year [1][3]. - The net profit after deducting non-recurring gains and losses was a loss of 96.12 million yuan, down 550.44% year-on-year [1][3]. - Cumulatively, the company has incurred a total loss of 253 million yuan over the past year and a half [1][3]. Business Overview - Jiangjiawei specializes in the research, production, and sales of high-reliability electronic products, focusing on graphic display control, specialized radar, and chip sectors [2][3]. - The company experienced a significant decline in sales across its main product lines, with revenue from graphic display control, specialized radar, and chip sectors dropping by 62.91%, 18.84%, and 3.39% respectively in the first half of 2025 [3]. Strategic Initiatives - To counteract the operational challenges, Jiangjiawei is increasing its R&D investments and pursuing external acquisitions [4][5]. - The company plans to invest 220 million yuan in Wuxi Chengheng Microelectronics Co., Ltd., aiming to gain a controlling stake of 64.89% in the company [1][4]. - Jiangjiawei's R&D expenditure for the first half of 2025 was 153 million yuan, accounting for 79.40% of its revenue [5]. Acquisition Details - Chengheng Microelectronics focuses on edge AI chip design and has not yet achieved profitability, with a valuation of approximately 655 million yuan, reflecting a 3647% increase over its net asset value [6][7]. - The acquisition is expected to create a dual-driven development model combining GPU and edge AI chips, enhancing the company's competitive edge and shareholder returns [6].

Company Overview - TianShuZhiXin, established in 2015, is a domestic provider of general-purpose GPU chips and computing systems, focusing on developing autonomous and internationally leading GPU products [3] - The company's GPU products include the TianYai and ZhiKai series, which are designed for high efficiency, easy migration, and broad compatibility with mainstream AI ecosystems and deep learning frameworks [3] - TianShuZhiXin has achieved significant milestones, including the launch of the TianYai 100 chip in December 2020, marking the first domestically developed cloud training chip under GPU architecture [3] - In May 2022, the company introduced the ZhiKai 100 inference chip, becoming the only domestic company with a complete solution for both cloud training and inference under GPU architecture [3] - As of November 2023, the TianYai 150 training chip supports heterogeneous mixed training for large models, establishing the company as the first in China with this capability [3] Financial and Investment Activity - TianShuZhiXin is reportedly considering an IPO in Hong Kong, aiming to raise between $300 million to $400 million, with discussions still in preliminary stages [1] - The company has completed multiple rounds of financing, including a B round in 2019 raising several hundred million yuan, and a C round in 2021 raising 1.2 billion yuan [4] - In subsequent financing rounds in 2022, TianShuZhiXin raised over 1 billion yuan with participation from various investment firms [4] - The largest shareholder is Hainan DaChuang Investment Partnership, holding a 9.43% stake, followed by Nanjing YouWang Equity Investment Partnership and Shanghai XiShi Enterprise Management Consulting Partnership with stakes of 8.52% and 7.13% respectively [4] Market Position and Achievements - TianShuZhiXin has assisted over 100 clients in training more than 500 models across 20+ industries [3] - The company holds over 270 authorized intellectual property rights and has applied for more than 170 invention patents [3] - It has received numerous accolades, including being recognized as a specialized and innovative enterprise in Shanghai and a high-tech enterprise, and has been listed multiple times in unicorn rankings [3]

Core Viewpoint - The domestic GPU manufacturer Tian Shu Zhi Xin Semiconductor Co., Ltd. is considering an initial public offering (IPO) in Hong Kong, potentially raising between $300 million to $400 million [1][2]. Company Overview - Tian Shu Zhi Xin, established in 2015, is a provider of general-purpose GPU chips and computing systems in China, focusing on developing autonomous and internationally leading general-purpose GPU products [5]. - The company's GPU products include the Tian Yai and Zhi Kai series, which are designed for high efficiency, easy migration, and broad compatibility with major AI ecosystems and deep learning frameworks [6]. Product Development - In December 2020, Tian Shu Zhi Xin successfully launched the "Tian Yai 100 chip," marking the first domestically developed cloud training chip based on a fully self-researched GPU architecture [6]. - In May 2022, the company introduced the Zhi Kai 100 inference chip, becoming the only domestic company to offer a complete solution for both cloud training and inference under GPU architecture [6]. - In November 2023, the Tian Yai 150 training chip supported the Zhiyuan Research Institute in completing heterogeneous mixed training of a large model, establishing the company as the first in China with heterogeneous computing power mixed training capabilities [6]. Market Position and Achievements - Tian Shu Zhi Xin's GPU products have assisted over 100 clients in training more than 500 models across over 20 industries [6]. - The company holds over 270 authorized intellectual property rights and has applied for more than 170 invention patents, receiving numerous accolades such as Shanghai's specialized and innovative enterprises and high-tech enterprises [6]. Financing History - The company has completed multiple rounds of financing, including a multi-hundred million yuan B round in 2019 led by Centurium Capital and Princeville Capital, and a 1.2 billion yuan C round in 2021 led by Yuanbo Capital and Centurium Capital [7]. - In the C+ and C++ rounds in 2022, investors included Financial Street Capital and HOPU Investment, raising over 1 billion yuan [9]. - Hainan Centurium Investment Partnership is the largest shareholder, holding 9.43% of the company, followed by Nanjing Youxun Equity Investment Partnership and Shanghai Xishi Enterprise Management Consulting Partnership with 8.52% and 7.13% respectively [9].

Core Viewpoint - Dongxin Co., Ltd. (688110.SH) announced a stock price fluctuation due to media reports regarding its investment in Lishuan Technology (Shanghai) Co., Ltd., which has launched its first self-developed GPU chip "7G100" and graphics card product Lisuan eXtreme [1] Group 1 - The GPU products from Lishuan Technology are primarily aimed at applications in personal computers, professional design, AIPC, cloud gaming, cloud rendering, and digital twins, rather than large model computing clusters [1] - The sales of these products are contingent upon product certification, customer onboarding, and mass production supply, all of which carry uncertainties [1] - The investment in Lishuan Technology is accounted for using the equity method and is not included in the consolidated financial statements of Dongxin Co., Ltd. [1] Group 2 - Lishuan Technology faces several risks including industrialization progress risk, market competition risk, product singularity risk, performance risk, ongoing operation risk, and funding flow risk [1] - Investors are advised to make cautious decisions and rationally approach market hot concepts while being aware of investment risks [1]

Core Insights - The investment landscape for embodied intelligence is rapidly growing, with significant capital flowing into the sector, evidenced by 141 financing events in the first half of 2025, surpassing the total of 77 events in 2024 [2] - Lenovo Capital has been actively investing in the robotics sector for over a decade, with investments in more than 50 companies, and is currently focusing on companies like Cloudwalk Technology, which aims to become the first publicly listed company in the robot service sector [2][3] Investment Trends - The trend towards embodied intelligence is marked by a diverse range of investments, including humanoid robots and various forms of composite robots, which are seen as the mainstream in the sector [4] - The integration of AI with physical intelligent agents is expected to revolutionize multiple industries, prompting a surge of participants from various sectors to enter the market [6][12] Market Opportunities - Significant opportunities exist in the education and research sectors, as well as in hardware products developed based on large models, with market sizes expected to multiply compared to previous iterations [9][10] - Industrial applications are a key focus, with composite robots capable of automating entire processes, thereby reducing costs and increasing efficiency [11][12] Entrepreneurial Landscape - The current generation of entrepreneurs in the AI and robotics space tends to be younger and more adaptable, often possessing interdisciplinary backgrounds that enhance their ability to innovate [7] - Successful entrepreneurs are characterized by their ability to quickly learn and adapt to new technologies, particularly in AI, which is crucial for driving innovation in the field [7][8] Strategic Investment Approach - Lenovo Capital's investment strategy varies across sectors, with a more aggressive approach in embodied intelligence due to its innovative nature, while being more cautious in established fields like GPU technology [13][15] - The company emphasizes the importance of patience and long-term commitment in emerging fields like quantum computing and brain-machine interfaces, balancing strategic investments with the potential for commercial returns [16][17]

Core Viewpoint - Dongxin Co., Ltd. (688110.SH) announced significant developments regarding its investment in Lishuan Technology (Shanghai) Co., Ltd., including the launch of its first self-developed GPU chip "7G100" and the graphics card product LisuaneXtreme [1] Investment Details - The company invested 200 million yuan in Lishuan Technology in 2024, acquiring a 37.88% stake [1] - As of May 25, 2025, Lishuan Technology completed the packaging of the first batch of G100 chips and conducted major functionality tests [1] Product Development - Lishuan Technology is currently engaged in product optimization and will proceed with customer sample delivery and mass production in the next steps [1]

Core Viewpoint - Shanghai-based GPU unicorn Hanbo Semiconductor has officially initiated its A-share listing process by filing for guidance with the Shanghai Securities Regulatory Bureau, with CITIC Securities as the advisory institution [2][11]. Company Overview - Hanbo Semiconductor was established in December 2018 with a registered capital of 543.486826 million yuan [5]. - The company is co-controlled by Jun Qian and Lei Zhang, who collectively hold 42.1465% of the voting rights and have signed a concerted action agreement [4][5]. - Hanbo specializes in high-end GPU chip development and has successfully commercialized two generations of GPU chips, which are utilized in various applications such as large models, intelligent computing centers, and digital twins [6][11]. Financial Background - The company has undergone several funding rounds, including a $50 million Series A in November 2020, a 500 million yuan Series A+ in April 2021, and a 1.6 billion yuan Series B in December 2021 [8][10]. - According to Hurun Research Institute, Hanbo Semiconductor is valued at 10.5 billion yuan [6]. Industry Context - In the past year, five GPU companies have initiated the A-share IPO process, with Hanbo being one of them, focusing on AI chips [11]. - The company has a strong R&D team of over 500 members, with more than 80% holding advanced degrees [6].

Company Overview - Muxi Integrated Circuit (Shanghai) Co., Ltd. has recently had its IPO application accepted on the Sci-Tech Innovation Board, with a financing amount of 3.904 billion yuan [1] - The company specializes in the research, design, and sales of high-performance GPU chips and computing platforms, primarily for artificial intelligence training and inference, general computing, and graphics rendering [1][2] - Muxi's main product, the Xiyun C500 series chip, is expected to generate 722 million yuan in revenue in its first year of mass production in 2024, accounting for 97% of the company's total revenue [2] Financial Performance - Muxi has reported cumulative losses exceeding 3.2 billion yuan, with net profits of -777 million yuan in 2022, -871 million yuan in 2023, -1.409 billion yuan in 2024, and -233 million yuan in the first quarter of 2025 [5][6] - The company is applying for an IPO under the fourth set of listing standards on the Sci-Tech Innovation Board, which requires a minimum market value of 3 billion yuan and recent annual revenue of at least 300 million yuan [5] Market Competition - The GPU chip industry is highly competitive, with major domestic competitors including Haiguang Information, Tensu Zhixin, and Huawei HiSilicon, among others [2] - Muxi's reliance on a single product for revenue poses significant risks, especially as its largest customer, Chao Xun Communication, has seen a substantial decline in performance, with a projected revenue decrease of 31.57% for 2024 [6] Investment and Shareholder Structure - Muxi has attracted significant investment from notable firms such as Chaos Investment, Sequoia Capital, and the founding team, which has a strong background in GPU design from AMD [7][8] - The company has seen a rapid increase in shareholders, with nearly 100 new investors in the 12 months leading up to the IPO application, indicating strong market interest [9]