作者 | 深水财经社 冰火 "国产GPU第二股"刚一亮相A股，就上演了一场造富神话。 12月17日，沐曦股份（688802）收盘829.90元/股，股价暴涨近7倍，总市值直接飙至3320亿元，投资者中一签（500股）最高能赚近40万，妥妥的2025 年"打新之王"。 这场资本狂欢中，私募大佬葛卫东浮盈超200亿元已路人皆知，而南京国资的"神操作"，浮盈超百亿却鲜为人知。 虽说市值干到3300多亿，但沐曦近年来一直在亏。据招股书披露，2022年—2024年以及今年前3月，分别亏了7.77亿、8.71亿、1.41亿和2.33亿，3年多累计 亏损超22亿元。 作为国内GPU领域的领军者，沐曦股份填补了国产高端GPU市场的重要空白，也是继摩尔线程后第二家登陆A股的国产GPU企业。 在英伟达、AMD垄断全球芯片市场的"一超一强"格局下，如果说摩尔线程受资本热捧原因在于其"英伟达嫡系"创始团队，而沐曦股份的创始团队有 着"AMD基因"。 其创始人陈维良曾担任AMD全球GPUSoC设计总负责人、通用GPUMI产品线设计总负责人，上市前直接及间接持股5663.84万股，占总股本15.73%，按最 新市值推算，其身家已超470 ...

凌志源科技成立于2019年9月， 始终专注于有机硅材料的深度研发与市场应用拓展，致力于为客户提供全面的有机硅产品解决方案。公司现已构建先进完 善的硅胶发泡材料产品体系，并聚焦航空低空、半导体、机器人、汽车电子等四大战略领域持续深耕。2025年10月，公司凭借在有机硅材料领域的卓越创 新能力和先进技术水平，成功入选国家专精特新"小巨人"企业。 作为在新能源汽车产业链布局中的重要一环，持续看好凌志源科技在推动材料国产替代、提升供应链安全性以及促进产业协同等方面的战略价值。 （来源：渝富基金） 近日， 浙江凌志源科技股份有限公司顺利完成 近亿元人民币新一轮融资。本轮融资将进一步夯实公司资本实力，加速业务扩张与技术升级， 巩固其在有 机硅材料领域的领先优势。作为渝富基金与长安安和资本协同布局的有机硅材料标杆项目，凌志源科技展现出强劲的成长动能与产业协同价值，充分彰显 产融结合的投资效能。 ...

昨日，第二家国产GPU企业沐曦股份正式登陆科创板。公司开盘报700元/股，较发行价上涨568%，总 市值达到2800亿元。 至此，站在沐曦身后多达120的外部股东，实现了最高达87倍的账面回报。 回看沐曦的融资之路，可以说浓缩反映了美元基金在硬科技投资潮起之初的扎堆转型试水。以红杉中 国、经纬创投为首的两家头部机构，对沐曦进行了多轮的大手笔加注。 同时也可以看到，资本对共识性赛道的蜂拥押注，让项目的估值迅速推高，而今这种资本现象仍在具身 智能等领域持续。在成立后不足一年的时间里，沐曦就迅速落地了5轮融资，其中有4轮发生在2021年一 年内，而在这一年内沐曦的估值实现了近4倍的增长。 年末的国产GPU上市潮，让不少投资机构都收获了不错的2025收官之作。 美元基金早期轮次押注 成立于2020年10月的沐曦股份，在成立后两个月就落地了来自三只基金的天使轮投资，分别是和利资本 旗下的南京和利国信智芯股权投资合伙企业（有限合伙），六名个人投资者组成的专项基金海南瑞智国 芯科技发展合伙企业（有限合伙），以及泰达科投，金额规模分别是5000万元、1000万元以及1000万 元。 值得一提的是，和利资本这只和利国信智芯基金 ...

投资者关系活动记录表 证券代码：300083 证券简称：创世纪 编号：2025-008 | 投资者关系活动 | □分析师会议 □新闻发布会 ☐特定对象调研 | | --- | --- | | 类别 | ☐业绩说明会 ☑其他（电话会议/网络会议） □媒体采访 | | | □现场参观 □路演活动 | | 参与单位 | 国泰基金（谢泓材）、华安财保（庞雅菁）、交银施罗德（郭斐）、Millennium（白杨 | | 名称及人员 | ）、中金公司（郭威秀、张琮翎）、星火基金（解文杰）、ALPINE GLOBAL MANAGEMENT | | | （刘恋）、三亚高杉私募基金（朱之轩） | | 时间 | 2025年12月17日 | | 地点 | 线上电话会议 | | 上市公司接待人员 | 董事、副总经理：肖文 | | 姓名 | 副总经理、董事会秘书：伍永兵 | | | IR：彭予 一、公司核心业务领域经营亮点介绍 | | | 优势领域持续向好，增长动力多元 1、3C 领域自 年 月起进入稳健上升通道，出货量稳步攀升，增长态势坚实有力。 | | | 3C 2023 9 | | 投资者关系活动 | 这一良好局面主要得益于四大核 ...

Core Insights - The successful listing of Muxi Co., Ltd. on the Sci-Tech Innovation Board demonstrates an efficient practice model for deepening reforms and supporting national technological innovation strategies, with a listing time of only 116 days from application to approval [1][2] - Muxi's first-day stock performance reflects strong market expectations and recognition of its independent R&D capabilities and future growth potential in the high-performance GPU chip sector, with a market capitalization exceeding 332 billion yuan [1][2] - The company raised a total of 4.197 billion yuan through its IPO, with funds allocated primarily for the development and industrialization of new high-performance general-purpose GPUs and AI inference GPUs [1] Company Performance - Muxi Co., Ltd. achieved a peak stock price of 895 yuan on its first trading day, closing at 829.9 yuan, allowing investors who received shares to potentially earn nearly 400,000 yuan [1] - The company has received significant investment from state-owned enterprises, including a strategic investment of 500 million yuan from Pudong Venture Capital Group, which has strengthened its financial reserves during critical periods [2] Industry Context - The rapid development of domestic GPU companies is highlighted by the recent performance of Muxi and the previous listing of Moer Thread, which has faced stock price volatility and potential risks of market over-exuberance [3] - The competitive landscape for domestic GPU manufacturers is challenging, with major players like NVIDIA and AMD holding significant market shares in the AI industry, approximately 66% and 5% respectively, while Huawei's HiSilicon accounts for about 23% [4]

Core Viewpoint - The company is a leading manufacturer of direct imaging lithography equipment in China, with significant growth potential driven by strong industry demand and domestic substitution trends [1] Group 1: Company Overview - The company primarily operates in the PCB sector, focusing on exposure processes for circuit layers and solder mask layers, and is expanding from mid-to-low-end PCB markets to high-end markets such as substrate-like PCBs and IC substrates [1] - In the broader semiconductor field, the company's applications span IC packaging, advanced packaging, FPD panel displays, IC mask plate production, new displays, and renewable energy photovoltaics [1] - The company holds a 15.0% market share in the PCB direct imaging equipment market for 2024, ranking first among global suppliers [1] Group 2: Industry Trends - The PCB industry is expected to experience growth driven by advancements in AI, with downstream applications such as electric vehicles and cloud computing anticipated to flourish, leading to sustained PCB demand growth [1] - The global PCB market is projected to have a compound annual growth rate (CAGR) of 5.5% over the next five years [1] - The domestic PCB industry is facing a trend towards mid-to-high-end products, which is likely to accelerate the penetration of direct imaging lithography equipment [1] Group 3: Growth Opportunities - The expansion of the semiconductor industry is expected to drive a new wave of growth, with direct imaging technology maturing and extending its applications from IC mask plate production and IC manufacturing to FPD manufacturing and wafer-level packaging [1] - The advanced packaging and IC substrate sectors within the semiconductor field are anticipated to enter a rapid growth phase, providing significant benefits to the company's semiconductor business and driving a new round of performance growth [1]

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 资料来源：聚源，中原证券研究所 -11% -5% 1% 7% 13% 18% 24% 30% 2024.12 2025.04 2025.08 2025.12 上证指数 深证成指 | 国内市场表现 | | | | --- | --- | --- | | 指数名称 | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | 3,870.28 | 1.19 | | 深证成指 | 13,224.51 | 2.40 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 4,579.88 | 1.83 | | 上证 50 | 2,443.97 | -0.52 | | 科创 50 | 891.46 | 0.14 | | 创业板 50 | 1,924.26 | -0.67 | | 中证 100 | 4,441.29 | 1.74 | | 中证 500 | 7,137.83 | 1.95 | | 中证 1000 | 6,116.76 | 0.33 | | 国证 2000 | ...

2)数据中心单机柜功率可达50kW以上，该行测算磁悬浮离心压缩机凭借更大制冷量、更高制冷效率和 更低制冷能耗相比螺杆压缩机节能40%以上，有望成为主流。该行假设未来新增AIDC数据中心全部采 用磁悬浮压缩机，26年磁悬浮冷水机组市场约288.3亿元，同比增长70.4%。 海外头部磁悬浮离心压缩机厂家产能饱满，国产品牌持续技术自研有望实现国产替代：海外磁悬浮压缩 机龙头丹佛斯目前排产饱满；目前国内企业在磁悬浮压缩机核心零部件如磁轴承、高速永磁电机等方面 实现技术突破，该行认为产品经充分验证后，有望凭借相对成熟的技术和较高的性价比优势逐步实现国 产替代。 风险提示 AIDC建设与算力投资进度不及预期；市场竞争加剧风险；新技术路线迭代风险。 智通财经APP获悉，中金公司发布研报称，AI数据中心建设带动制冷压缩机市场快速增长，冷水机组是 制冷核心，而压缩机是冷水机组核心零部件，磁浮离心压缩机有望成为主流。磁悬浮压缩机相较螺杆压 缩机更满足大冷量+低能耗的要求，供需紧张下有望快速实现国产替代。 中金公司主要观点如下： AI数据中心制冷业务增长，冷水机组是制冷核心：全球算力投资升级，四大云厂商25Q3资本开支达近 千亿美 ...

Group 1 - The rapid growth of the cooling business in AI data centers is driven by the increasing demand for cooling solutions due to the surge in global computing power investments, with major cloud providers' capital expenditures reaching nearly $100 billion in Q3 2025, a year-on-year increase of over 70% [2][5] - The cooling system's core component is the chiller, which accounts for approximately 40% of the total energy consumption of data centers, with chillers consuming about 60-85% of the cooling equipment's energy [12][17] - Liquid cooling solutions are emerging as a key technology to meet the stringent PUE (Power Usage Effectiveness) requirements, with the potential to reduce PUE to around 1.2, significantly improving energy efficiency [9][14] Group 2 - Compressors are the core components of chillers, with magnetic levitation centrifugal compressors expected to become mainstream due to their higher cooling efficiency and lower energy consumption compared to screw compressors, potentially saving over 40% in energy [3][18] - The market for magnetic levitation chillers is projected to reach approximately 28.83 billion yuan by 2026, with a year-on-year growth of 70.4% if all new AI data centers adopt this technology [3][18] - Domestic manufacturers are making technological breakthroughs in key components of magnetic levitation compressors, which may lead to a gradual replacement of foreign brands in the market [3][49] Group 3 - The increasing power density of AI servers necessitates higher cooling capacities, with single cabinet power requirements exceeding 50 kW, driving the demand for more efficient cooling solutions [8][39] - The shift from traditional air cooling to liquid cooling is essential for meeting the cooling demands of high-density AI data centers, with centrifugal compressors being more suitable for large-scale cooling needs [39][41] - The adoption of magnetic levitation technology in centrifugal compressors enhances their efficiency and durability, making them well-suited for the high power demands of AI data centers [43][46]

Core Viewpoint - Muxi Co., Ltd., regarded as the "second domestic GPU stock," officially listed on the STAR Market, achieving a remarkable first-day performance with a stock price increase of 568.83% and a market capitalization exceeding 332 billion yuan [1][10]. Group 1: Listing Performance - On its first trading day, Muxi's stock opened at 700 yuan per share, peaking at 895 yuan, and closed at 829.90 yuan, resulting in a market value of 332 billion yuan, a surge of over 290 billion yuan [1][4]. - The stock's performance made it the top "meat ticket" in A-shares for the year, with potential profits for investors reaching nearly 400,000 yuan per lot at the highest point [4][10]. Group 2: IPO Process - Muxi's IPO process was swift, taking 170 days from application to listing, slightly longer than its peer, Moer Thread, which took 158 days [10]. - The subscription for Muxi's shares was highly competitive, with an offline subscription multiple of 2227.6 times, surpassing Moer Thread's previous record [10][11]. Group 3: Financial Background - Muxi's initial offering price was set at 104.66 yuan per share, corresponding to a static price-to-sales ratio of 56.35 times for 2024, which, while lower than industry peers, still presents potential risks for investors [9][16]. - The company has not yet achieved profitability, with net losses reported at 7.77 billion yuan in 2022 and projected losses of 14.09 billion yuan in 2024 [16][18]. Group 4: Business Model and Revenue - Muxi's primary revenue source is the sales of its C500 series chips, which accounted for 97.28% of its revenue in 2024, indicating a heavy reliance on a single product [16][18]. - The company has raised over 10 billion yuan in funding since its inception, with significant backing from major investors, including the National Artificial Intelligence Industry Investment Fund [13][15]. Group 5: Competitive Landscape - The global GPU market is dominated by Nvidia and AMD, with Muxi's founding team having connections to AMD, which may enhance its market positioning [13][19]. - In the domestic market, Muxi faces competition from other GPU and ASIC chip design companies, with the potential for increased competition as more domestic firms enter the AI chip sector [20][21].