Core Viewpoint - The capital market in December 2025 is dominated by domestic GPUs, with companies like Moer Thread and Muxi experiencing significant stock price surges, but underlying issues reveal the challenges faced by the domestic GPU industry [1][2]. Fundraising and Financial Management - Moer Thread's decision to invest approximately 7.5 billion yuan of its raised funds into financial products instead of immediate R&D has sparked controversy, raising questions about the company's commitment to innovation [2][3]. - The company plans to allocate 2.5 billion yuan for AI training chip development, 2.5 billion yuan for graphics chip development, and 2 billion yuan for AI SoC chip development, but its current revenue is significantly low, indicating a potential misalignment in resource allocation [3][4]. Market Performance and Competition - Moer Thread's revenue for 2024 is projected to be less than 500 million yuan, with only slight improvements expected in 2025, highlighting the company's struggle to compete in a mature and highly competitive graphics card market [3][5]. - The company's main consumer-grade product, the S80, is underperforming compared to its competitors, with actual gaming performance lagging behind older models, which raises concerns about its market viability [8][9]. Industry Challenges and Comparisons - The domestic GPU sector is facing significant challenges, as evidenced by the failures of companies like Xiangdixian and Lishuan Technology, which highlight the harsh realities of the industry [10][11]. - The reliance on foreign technology and the complexities of GPU design contribute to the difficulties faced by domestic companies, as they struggle to establish a competitive edge against established players like NVIDIA [12][17]. Financial Health and Future Outlook - Moer Thread has accumulated losses exceeding 5 billion yuan from 2022 to 2024, with expectations of continued losses, indicating a prolonged "burn rate" before achieving profitability [14][15]. - The company’s revenue concentration risk is high, with 56% of its income derived from a single major client, which poses significant operational risks if market conditions change [15][16]. Strategic Insights - The industry is witnessing a shift towards AI computing, with Moer Thread's revenue from AI computing accounting for 77.63%, indicating a strategic pivot away from consumer-grade graphics [9][10]. - The need for a robust ecosystem and technological advancements is critical for the survival of domestic GPU companies, as they face increasing pressure from both domestic and international competitors [17][19].

Core Insights - Wallen Technology, established in 2019, specializes in intelligent computing solutions and has received multiple awards, including the SAIL award at the World Artificial Intelligence Conference [2] - The company plans to go public in Hong Kong in 2025, with funds primarily allocated for R&D in intelligent computing solutions [6] - Wallen's revenue is projected to grow from 0.499 million RMB in 2022 to 337 million RMB in 2024, reflecting a compound annual growth rate of 2500% [5] Product Roadmap - Wallen has launched several chip products, including the Wallen 106 and 110, with total sales exceeding 12,000 units [2] - The Wallen 166 chip was introduced this year, while the Wallen 20X series is expected to be commercialized by 2026, enhancing support for various data formats [2][34] - Future products, Wallen 30X and 31X series, are planned for commercialization in 2028 [2][34] Financial Performance - Wallen's revenue for 2022, 2023, 2024, and the first half of 2025 is reported as 0.499 million RMB, 62.03 million RMB, 337 million RMB, and 589 million RMB respectively, with net losses of -14.74 billion RMB, -17.44 billion RMB, -15.38 billion RMB, and -16.01 billion RMB [15][18] - The company has incurred a total R&D expenditure of 3.302 billion RMB since its inception, with a cumulative net loss of 6.357 billion RMB [18] Market Position - Wallen is expected to capture approximately 0.2% of the Chinese intelligent computing chip market, which is projected to reach $50.4 billion by 2025 [10][12] - The company holds a market share of 0.16% in the Chinese intelligent computing chip market and 0.20% in the GPGPU market as of 2024 [14] Customer Base - Wallen's revenue from its top five customers accounted for over 90% of total revenue in recent years, indicating a concentrated customer base [44][47] - The company has established partnerships with major telecom operators in China, facilitating large-scale deployments of its intelligent computing solutions [44] Team and Expertise - The founder and CEO, Zhang Wen, has extensive experience in corporate management and law, previously serving as the president of SenseTime [25] - The core technical team includes experts from leading companies such as Huawei, NVIDIA, and AMD, with a significant portion of the workforce dedicated to R&D [36][42] Technology and Innovation - Wallen's technology is built on five key pillars, including proprietary GPGPU architecture and a software platform designed to optimize performance for AI applications [39][42] - The company has filed 1,158 patent applications, making it one of the leading GPGPU companies in China in terms of patent filings [42]

12月17日，国产GPU头部企业沐曦集成电路(上海)股份有限公司(以下简称"沐曦股份")登陆科创板，发 行价格为104.66元/股，并以700元/股的上市首日开盘价，居年内A股新股第一位。截至当日收盘，沐曦 股份报收于829.90元/股，涨幅为692.95%，以收盘价计算，中一签可赚36.26万元。 作为专业的投资金融机构，公募机构也积极参与沐曦股份的网下配售。公募排排网统计数据显示，共有 94家公募机构旗下的3810只产品获得了沐曦股份的网下配售，合计获配数量达1339.23万股，获配总额 达14.02亿元。其中，19家公募机构获配金额均超1000万元，这19家公募机构中，有4家获配金额均超1 亿元。 具体来看，易方达基金旗下产品合计获配194.09万股，获配金额2.03亿元，居首位；南方基金、工银瑞 信基金、富国基金紧随其后，旗下产品分别合计获配185.96万股、170.70万股、124.18万股，获配金额 分别达1.95亿元、1.79亿元、1.30亿元。 公募排排网统计数据显示，共有517.52万户投资者有效申购沐曦股份(也称"打新")，该股网上最终中签 率低至0.03348913%，低于摩尔线程，中签 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：环球老虎财经app 资本市场的"造神"叙事再度上演。国产GPU新锐沐曦股份上市首日涨幅接近700%，市值单日增长超过 2900亿元，成为2025年迄今最引人注目的"肉签"。而在这场资本盛宴中，私募大佬葛卫东凭借早期布 局，一战浮盈超200亿元，成为最耀眼的赢家。 国产GPU板块再度点燃市场热情。 12月17日，被誉为"国产GPU第二股"的沐曦股份成功登陆资本市场。上市首日，其股价盘中最高触及 895.00元/股，尽管收盘时有所回落，但仍报收于829.90元/股，单日涨幅高达692.95%。 以发行价计算，沐曦股份市值约为418.75亿元；而至收盘时，其市值已攀升至3320.43亿元，单日增长超 过2901.68亿元。无论在市值、股价还是涨幅上，沐曦股份均超越了此前上市的"国产GPU第一股"摩尔 线程。 在参与打新的机构中，易方达、南方基金和工银瑞信获配数量居前。以上市首日收盘价估算，这三家机 构的浮盈分别达到约14.08亿元、13.49亿元和12.38亿元。 此外，私募大佬葛卫东有望成为沐曦股份上市后的最大赢家。根据相关公告，葛卫 ...

今天沐曦股份（下文简称"沐曦"）正式在上海证券交易所科创板挂牌上市。这是继摩尔线程之后，"国产GPU四小龙"（摩尔线程、沐曦股份、壁仞科技和 燧原科技）中第二家成功上市的企业。 2020年11月，沐曦宣布完成近亿元天使轮融资，这轮融资由和利资本领投并协助发起设立。 但故事的起点，要追溯到更早的年份。 数据显示，沐曦发行价104.66元/股，发行4010万股，占总股本大约10%，发行市值419亿元。上市首日，沐曦股份以700元/股开盘，高开568.83%，超过了 摩尔线程上市首日的开盘价，盘中最高价一度达到895元/股。截至本日收盘，沐曦股份报829.9元/股，较发行价涨692.95%，总市值达到3320.43亿元。 沐曦股份敲钟现场，图片来源：沐曦 对于早期的投资人而言，沐曦的上市不仅是一次财务回报的兑现，也是一次关于"时间价值"的深刻验证。 昨晚，在沐曦上市前的晚宴上，沐曦创始人陈维良握着光速中国、心资本创始人韩彦的手说："感谢一路支持，实属不易。"作为沐曦A轮的投资人，韩彦 也很动情地对陈维良说："是我们一起坚持下来了。" 在半导体这个投入巨大、周期漫长、不确定性极高的赛道里，能够陪跑至此，本身就是一种稀 ...

继"国产GPU第一股"摩尔线程IPO登陆科创板后，同为国产GPU头部企业的沐曦集成电路(上海)股份有 限公司(以下简称"沐曦股份")的IPO热度也引发了市场关注。 公募机构积极参与打新 12月17日，沐曦股份登陆科创板，其发行价格为104.66元/股，并以700元/股的上市首日开盘价，居年内 A股新股第一位。截至当日收盘，沐曦股份收于829.90元/股，涨692.95%，以收盘价计算，中一签可赚 36.26万元，超越摩尔线程。此外，沐曦股份的市场成交额达112.59亿元，目前总市值在年内新股中仅次 于摩尔线程，达3320.43亿元。 公募排排网统计数据显示，共有517.52万户投资者有效申购沐曦股份(也称"打新")，该股网上最终中签 率低至0.03348913%，低于摩尔线程，中签难度较高。 作为专业的投资金融机构，公募机构也积极参与沐曦股份的网下配售。公募排排网统计数据显示，共有 94家公募机构旗下的3810只产品获得了沐曦股份的网下配售，合计获配数量达1339.23万股，获配总额 达14.02亿元。其中，19家公募机构获配金额均超1000万元，包括4家公募机构获配金额均超1亿元。 具体来看，易方达基金旗下 ...

Core Insights - The domestic GPU sector is gaining significant attention in the capital market, with Muxi Co., Ltd. becoming the second company to go public among the "Four Little Dragons" of domestic GPUs, following Moer Thread [1] - Muxi's debut on the STAR Market saw its stock price surge by 692.95%, making it the most profitable new stock in A-share history, with first-day profits for investors reaching approximately 362,600 yuan [1] - The successful listings of Moer Thread and Muxi are indicative of a burgeoning domestic GPU industry, driven by surging AI computing demand and a strategic push for localized computing power [1][2] Industry Trends - The domestic GPU industry is experiencing a listing boom, with several companies expected to go public by the second half of 2025, driven by increasing demand and favorable policies [2] - The IPO processes for Moer Thread and Muxi have been notably swift, with Moer Thread taking only 158 days and Muxi 170 days from acceptance to listing [2] - The successful IPOs are expected to attract more resources to the domestic GPU sector, enhancing market competition and technological advancement [2] Financial Performance - Despite the rapid growth, many domestic GPU companies are still facing profitability challenges, with losses being common; however, signs of a potential profitability turnaround are emerging [3] - Moer Thread anticipates a net loss of 730 million to 1.168 billion yuan in 2025, while Muxi expects a loss of 527 million to 763 million yuan, indicating a narrowing loss margin [3] - Both companies have outlined timelines for potential profitability, with Moer Thread aiming for profitability by 2027 and Muxi by 2026 [3] Technological Development - The domestic GPU market is characterized by various technological routes, with companies like Moer Thread focusing on full-function GPUs and Muxi emphasizing general-purpose GPUs (GPGPU) [6] - Muxi's upcoming products, including the Xiyun C600 series, are expected to enter risk production by the end of this year and achieve mass production in the first half of 2026 [6] - The rapid iteration of products and the push for high-end market penetration are critical for domestic GPU manufacturers [6] Market Dynamics - The global GPU market is dominated by Nvidia and AMD, with domestic GPUs still lagging in technology; however, the market dynamics are shifting due to increasing demand and policy support [5] - The global GPU market is projected to exceed 1 trillion yuan in 2024, with the Chinese market expected to grow from 142.5 billion yuan in 2024 to 1.34 trillion yuan by 2029, reflecting a compound annual growth rate (CAGR) of 53.7% [5] - The competitive landscape is intensifying, with domestic companies racing to enhance their technological capabilities and market share [9]

Core Viewpoint - Muxi Co., Ltd., recognized as the "second domestic GPU stock," officially listed on the STAR Market on December 17, with a significant first-day price increase of 692.95%, closing at 829.90 yuan per share, resulting in a total market capitalization of 332 billion yuan [1][2]. Company Overview - Muxi Co., Ltd. was established in 2020, focusing on the independent research and development of high-performance GPU chips and computing platforms, primarily for artificial intelligence training, inference, general computing, and graphics rendering [1]. - The company aims to provide a complete software stack and computing platform alongside its GPU products [1]. IPO Details - The IPO price was set at 104.66 yuan per share, making it the second highest for STAR Market new shares in 2023, following Moer Technology's 114.28 yuan per share [1]. - The funds raised from the IPO will be allocated to projects for developing new high-performance general-purpose GPUs, next-generation AI inference GPUs, and high-performance GPU technology for emerging applications [1]. Market Response - Muxi's stock issuance attracted significant interest, with a low subscription rate of 0.03348913%, indicating strong demand from investors [2]. - Strategic investors, including the National Artificial Intelligence Industry Investment Fund, China Telecom, JD.com, and Meituan, participated in the subscription, highlighting the recognition of the domestic high-end chip sector [2]. Collaborations and Partnerships - Several listed companies have expressed interest in collaborating with Muxi, including Dashi Intelligent, which is exploring AI and IoT applications with Muxi [2]. - Kehua Data announced a joint project with Muxi to develop high-density liquid-cooled computing solutions [2]. - Chunzong Technology reported a 0.21% shareholding in Muxi following its IPO [2]. Financial Performance - Muxi is currently operating at a loss, with projected revenues of 42.64 million yuan in 2022, 530.21 million yuan in 2023, and 743 million yuan in 2024, while net losses are expected to reach 7.77 billion yuan, 8.71 billion yuan, and 14.09 billion yuan respectively [3]. - For the first three quarters of 2025, the company reported revenues of 1.236 billion yuan and a net loss of 346 million yuan [3]. - Muxi anticipates reaching a breakeven point by 2026, contingent on market conditions and customer acquisition [3]. Industry Trends - The domestic GPU market is heating up, with Muxi and Moer Technology leading the charge, while other companies in the "four little dragons" of domestic GPUs are also moving towards public listings [3]. - Wall Street has noted that Wall Street has recognized the potential of the GPU sector, with companies like Biran Technology and Suiyuan Technology also preparing for IPOs [3].

Core Viewpoint - The article discusses the remarkable debut of Muxi Technology on the stock market, highlighting its stock price surge and the implications for the domestic GPU industry, particularly in the context of AI and computing power demand. Group 1: Stock Market Performance - On its first trading day, Muxi Technology's stock price soared over 700%, reaching a peak of 895 yuan, resulting in a single contract profit of nearly 400,000 yuan, setting a new record for new stocks under the comprehensive registration system [1] - By the end of trading, Muxi Technology closed at 829.9 yuan, up 693%, with a turnover rate of 84.72% and a total market value of 332 billion yuan, approaching the market value of the recently listed Moer Technology [2] Group 2: Market Valuation and Industry Context - The high valuation of Muxi Technology, despite not yet being profitable and its core products still in the early stages of scaling, raises questions about how the capital market perceives the value of domestic GPU companies [4] - The demand for computing power has been growing steadily over the past two years, with significant investments from government and enterprise sectors in AI training, inference, and intelligent computing centers [5] Group 3: Company Background and Leadership - Muxi Technology was founded in September 2020 in Shanghai, focusing on high-performance general-purpose GPU chips and solutions, primarily targeting AI training and inference, data centers, and high-performance computing [8] - The founding team consists of three senior scientists with extensive backgrounds at AMD, which may influence the company's focus on engineering implementation and commercialization efficiency [9][10] Group 4: Product Development and Revenue Growth - Muxi Technology has disclosed scalable revenue, with significant growth from 426,000 yuan in 2022 to 530.2 million yuan in 2023, and projected revenues of 743 million yuan in 2024 and 1.236 billion yuan in the first three quarters of 2025 [24] - The company has completed multiple generations of GPU tape-out and mass production, with the C500 series already generating revenue in AI training and inference applications [23] Group 5: Competitive Landscape and Future Outlook - Muxi Technology aims to achieve breakeven by 2026, earlier than Moer Technology's projected breakeven in 2027, indicating a potentially faster path to profitability [27] - The article emphasizes that while both Muxi and Moer have received high initial valuations, the true measure of success will depend on who can establish a sustainable business model for domestic GPUs in the next 2-3 years [30][31]

要理解这场资本盛宴，得先认识幕后的两位关键人物。沐曦股份的创始人陈维良，是典型的"技术派"。 他做了近20年GPU设计研发，是芯片设计的一线老将，他的创业更像是一次技术攻坚。 而摩尔线程的创始人张建中，他曾是英伟达中国的掌舵人，擅长打造生态和开拓市场。 不同的出身，注定让他们选择了不同的路。 陈维良带领沐曦股份，选择了最硬核、最专注的路线：主攻云端算力。他们的目标很明确，就是为AI 大模型训练提供国产算力"发动机"。 中一签可赚36万！A 股新"芯"贵沐曦股份上市首日狂涨692.95%，国产GPU双雄的资本对决，今天正式 打响！ 今天，A股又迎来一位"芯"贵。 沐曦股份今日首发上市，股价开盘直接飙涨568%，截至12月17日收盘，沐曦股份每股报收829.9元，总 市值3320.43亿，中一签（500股）就能赚36万。这热度，甚至超过了摩尔线程。 国产GPU双雄，如今在资本市场正式会师。 而张建中执掌的摩尔线程，则布局更广，从智算中心到桌面游戏显卡，再到数字孪生和智能座舱，全面 铺开。 所以，你看，一场上市盛宴的背后，其实是国产GPU两条生存路线的缩影。 一条是技术派的"尖刀突破"，集中火力猛攻AI算力高地；另 ...