Group 1 - The company, Muxi Co., Ltd. (沐曦股份), has set its IPO price at 104.66 yuan per share, with a market capitalization of approximately 41.874 billion yuan upon listing [1] - The company is recognized as a leading domestic high-performance general-purpose GPU manufacturer and will be the second domestic GPU company to list on the A-share market after Moer Thread [1][2] - Muxi Co., Ltd. focuses on the research, design, and sales of full-stack GPU products for artificial intelligence training and inference, general computing, and graphics rendering [2][3] Group 2 - The company's main products cover three key areas: artificial intelligence computing, general computing, and graphics rendering, with several GPU series launched, including the Xisi N series and Xiyun C series [3] - Muxi Co., Ltd. has established a robust software ecosystem compatible with international mainstream GPU ecosystems, enhancing usability and scalability [3][4] - The company has achieved significant sales, with over 25,000 GPU units sold, and has deployed its products in more than ten intelligent computing clusters across various regions [4] Group 3 - The company's revenue for the years 2022 to 2024 is projected to be 426,400 yuan, 5.3 million yuan, and 74.3 million yuan, respectively, with net losses of 77.7 million yuan, 87.1 million yuan, and 140.9 million yuan [4]

Core Viewpoint - Dongxin Semiconductor Co., Ltd. has experienced significant stock price fluctuations, with a year-to-date increase of 361.37% and recent declines in the short term, indicating volatility in the semiconductor market [1][2]. Company Overview - Dongxin Semiconductor, established on November 26, 2014, and listed on December 10, 2021, focuses on the research, design, and sales of general-purpose storage chips, primarily NAND (57.08%), MCP (25.88%), DRAM (10.43%), and NOR (6.15%) [1][2]. - As of September 30, 2025, the company reported a revenue of 573 million yuan, a year-on-year increase of 28.09%, but a net profit loss of 146 million yuan, a decrease of 12.16% compared to the previous year [2]. Stock Performance - As of December 3, the stock price was 114.88 yuan per share, with a market capitalization of 50.806 billion yuan. The stock has seen a trading volume of 1.706 billion yuan and a turnover rate of 3.30% [1]. - The stock has appeared on the "Dragon and Tiger List" 10 times this year, with the most recent appearance on November 27 [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased by 168.45% to 51,300, while the average circulating shares per person decreased by 62.75% to 8,627 shares [2]. - Major shareholders include the Jiashi Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF, which holds 7.0325 million shares, and new entrants like Hong Kong Central Clearing Limited [3].

来源：硅谷AI见闻 来源：硅谷AI见闻 责任编辑：江钰涵 责任编辑：江钰涵 ...

Nvidia's Market Position and Technology Transition - Nvidia's CFO suggests a shift from 90% CPU to 90% GPU in PC servers, indicating Nvidia's dominance in GPU technology [1] - New orders for Nvidia products are additive, meaning Blackwell doesn't replace previous iterations, highlighting sustained demand [1] Financial Performance and Capex Concerns - The CFO believes that concerns about excessive capex are unfounded, as companies are generating substantial revenue from Nvidia [1] - The report implies that companies are making significant profits from Nvidia's technology, despite claims to the contrary [2] Competition and Open AI - Open AI is identified as a key player in the industry [2] - The report suggests Open AI faces competition and scrutiny, advising a cautious approach [3][4] Strategic Considerations - Amazon Web Services (AWS) is highlighted as a significant entity [2]

Market Overview - The three major A-share indices collectively declined in the morning session, with the Shanghai Composite Index down by 0.55%, the Shenzhen Component Index down by 0.77%, and the ChiNext Index down by 0.88% [1] - The trading volume in the Shanghai and Shenzhen markets reached 10,560 billion yuan, a decrease of 1,807 billion yuan compared to the previous day [1] - Over 3,900 stocks in the market experienced declines [1] Sector Performance - The sectors that saw gains included pharmaceutical commerce, Fujian, Hainan Free Trade Zone, tourism and hotels, AI mobile phones, real estate, and coal mining and processing [1] - Conversely, sectors that weakened included lithium battery electrolyte, CRO, GPU, rare earth permanent magnets, superhard materials, servers, robotics, and photolithography concept stocks [1] ETF Performance - The Invesco Great Wall Fund S&P Consumer ETF rose by 1.59%, driven by strong U.S. Black Friday consumer data [1] - Hong Kong dividend stocks performed well, with the China Merchants Fund Hong Kong Dividend Low Volatility ETF, Huatai-PB Fund Hong Kong Dividend Low Volatility ETF, and E Fund Hang Seng Dividend Low Volatility ETF increasing by 1.46%, 1.36%, and 1.22% respectively [1] - The S&P Biotechnology ETF fell by 2.2%, while the rare earth sector ETFs, including the Harvest Rare Earth ETF, also declined by 2% [1] - The robotics sector ETFs, including the Invesco Robotics ETF and E Fund Robotics ETF, decreased by 1.97% and 1.94% respectively [1]

This is a huge deal. The partnership we're announcing today is about revolutionizing one of the most computensive industries in the world, design and engineering. U Synopsis is pivoting across their company to transform their software and all the tools that the the industry the world's been using for some 35 years to be GPU accelerated on Nvidia.They're going to pivot the company to build on top of NVIDIA CUDA physics physical AI as well as Omniverse so that we could revolutionize all of these tools from ED ...

Core Viewpoint - The article discusses the launch of the new generation GPU, Vusi A0, by the Chinese manufacturer Xiangdi, highlighting its advanced specifications and capabilities in high-end rendering and AI applications [1][2]. Product Specifications - The Vusi A0 GPU is built on a 5nm process and features Imagination Technologies' DXD high-performance GPU IP, focusing on ray tracing, super-resolution, and large 3D scene rendering [1]. - It is reported that the Vusi A0 has an FP32 computing power of up to 160 TFLOPS and is equipped with 12GB of HBM2 memory, confirming earlier market speculations [1]. - The design includes a dual-slot, dual-fan configuration with four DRAM soldering positions, allowing for flexible capacity configurations in the future [2]. - During demonstrations, the Vusi A0 maintained an average of approximately 35 FPS while rendering complex 3D scenes and performing ray tracing in the game "Black Myth: Wukong" [2]. Product Development - The Vusi series chips have entered the tape-out stage, with plans for complete board testing and driver integration in the near future [2]. - The company plans to release two products under the new Vusi architecture: the A0 targeting high-end rendering and desktop-level visual computing, and the B0 integrating GPU and NPU for edge inference and AI PC markets [1].

Market Overview - The A-share market saw all major indices rise today, with the Shanghai Composite Index increasing by 0.65% to close at 3914.01 points, the Shenzhen Component Index rising by 1.25% to 13146.72 points, the STAR Market 50 Index up by 0.72% to 1336.76 points, and the ChiNext Index gaining 1.31% to 3092.50 points [1][14] - Overall, 3396 stocks rose while 1868 stocks fell, with a total trading volume of 18739 billion yuan, an increase of 2881 billion yuan compared to the previous trading day [1] Industry Performance - Among the Shenwan first-level industries, the top gainers included non-ferrous metals (up 2.85%), telecommunications (up 2.81%), electronics (up 1.58%), commercial retail (up 1.41%), and social services (up 1.35%). The only sectors that declined were agriculture, forestry, animal husbandry, and fishery (down 0.43%), environmental protection (down 0.23%), and real estate (down 0.06%) [1][14] Concept Sectors - The leading concept sectors with significant gains today included smart speakers, MCU chips, ice and snow tourism, photolithography machines, selected industrial metals, the Internet of Things, TWS headphones, GPUs, the SMIC industrial chain, rare earths, circuit boards, 6G, AI wearable devices, selected shipping, and AI mobile phones [2][11]

Market Overview - A-shares opened slightly lower, with the Shanghai Composite Index down 0.11% and the ChiNext Index down 0.04% [1] - The total trading volume in the Wande All A collection auction was only 12.9 billion, marking a new low for the stage [1] - Hong Kong stocks opened higher but turned negative, with the Hang Seng Index down 0.33% and the Hang Seng Tech Index down 0.2% [1][2] Sector Performance - OCS concept stocks mostly retreated, while sectors like deep-sea technology, gold, and superconductors performed well [1] - Large technology stocks in Hong Kong saw minor increases, with Alibaba, Baidu, and JD.com all rising less than 0.9% [1] - The non-ferrous metals sector continued its upward trend, with Chalco International rising by 6% [1] Bond Market - Government bond futures opened higher across the board, with the 30-year main contract up 0.11% and the 10-year main contract up 0.02% [2][3] Currency Exchange - The RMB to USD central parity rate was reported at 7.0789, down 10 points from the previous day [7]

China's first ever domestic GPU maker, More Threads, is readying a public debut in Shanghai. Now, it was founded by former Nvidia employees now trying to take on the chip giant itself. Dear Drabosa has more in today's tech check.Uh, Deardra, this is all about GPUs and just what it can do in the domestic Chinese market. >> Yeah, and it's about a story I know we're going to talk to as well is securing China securing its own supply for Nvidia in particular. This could also be a two-front challenge.Google's TPU ...