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].

Core Insights - The company believes in long-termism as a strategy to navigate through cycles in the semiconductor industry, focusing on technological innovation and product refinement in the high-performance analog and mixed-signal integrated circuit design sector [2] - The global integrated circuit industry is transitioning from inventory destocking to replenishment, with the domestic market entering a new structural opportunity period due to accelerated domestic substitution [2] - The global analog chip market is projected to grow to $129.69 billion by 2029, with the Chinese analog chip market showing stronger growth potential [2] Company Development - The company started with power management chips and has developed a business layout with five product lines, focusing on core competencies in power management, motor drive, and battery management, while integrating perception and control technologies [2] - The company has been recognized for its self-research and development strategy, winning the "Excellence Award in the Domestic Analog IC Industry" for the third time, reflecting its technical accumulation and product delivery capabilities [3] - The company aims to continue deepening its focus on analog and mixed-signal chips, enhancing product strength, delivery capability, and innovation to achieve breakthroughs in critical areas related to industrial security [3] Future Outlook - The company is committed to pursuing excellence and not shying away from challenges, believing that the value of "Chinese chips" lies not only in substitution but also in leadership [3] - The company is determined to advance towards becoming a globally outstanding chip design enterprise with enthusiasm and conviction [3]

回顾发展历程，必易微始终秉持"独特创新，易于使用"的公司理念，在不断完善研发体系和工程能力的 同时，坚持以客户需求为中心，推动技术创新成果与应用场景的高效转化。面向未来，公司将继续深耕 模拟及数模混合芯片领域，在新一轮全球竞争中，持续提升产品力、交付力与创新力，力争在关系产业 安全的"卡脖子"关键领域实现更多实质性突破。 必易微从未停止追求卓越的脚步，也从不回避挑战。我们始终坚信，"中国芯"的价值不仅在于"替代"， 更在于"引领"。这是一条需要长期投入、持续突破的道路，但必易微愿意坚定前行，不负时代、不负行 业、不负客户。未来，公司将以更加饱满的热情与坚定的信念，朝着成为全球卓越的芯片设计企业的目 标持续奋进。 必易微以电源管理芯片起步，经过多年持续投入与能力拓展，现已形成以五大产品线协同发展的业务布 局，构建电源管理、电机驱动、电池管理"三电"核心竞争力，并深度融合感知与控制技术，为能源与电 力、家居家电、工业自动化、智能物联四大应用领域客户，提供高质量、高可靠性的一站式芯片解决方 案与系统集成服务。 值得一提的是，在今年12月举办的"第四届电源行业配套品牌颁奖晚会"上，必易微第三次荣膺"国产模 拟IC行业 ...

上市首日，公司股价表现极为强劲，开盘即暴涨568.83%，报700元/股。盘中最高触及895元/股，涨幅一度超过700%。截至收盘，股价报829.9元，涨幅达 693%，总市值达到3320亿元，均超过摩尔线程上市首日（425%，2823亿）。 | | | 买1829.90 明细 ▼ | 542 | | --- | --- | --- | --- | | | | 14:56829.00 | 31 | | | | 14:56828.88 | 28 | | -104.66 -- | -0.00%- | 14:56829.00 | 39 | | | | 14:56828.88 | 29 | | | | 14:56829.00 | 40 | | | | 14:56829.00 | 37 | | | | 14:56829.90 | 34 | | | | 14:56829.13 | 26 | | | | 14:56829.00 | 13 | | 09:30 | 11:30 15:00 | | | | | | 14:56829.99 | 43 | 对比前期暴涨的"国产GPU第一股"摩尔线程已经开始进入调整阶段，本日之前已经连 ...

Group 1 - Advanced process: Demand recovery, AI and mainstream consumption drive high growth [3][30] - Global foundry market revenue is expected to grow YoY by 27% in 2025, driven by GPU/ASIC demand and stable consumer electronics orders [6][30] - The advanced process segment is experiencing a significant increase in wafer consumption due to the complexity of high-end chips [7][9] Group 2 - Mature process: Strong expansion, localization, and specialty processes seek incremental growth [3][30] - Chinese fabs are benefiting from the recovery in consumption, with some wafer manufacturing prices increasing, indicating a shift away from price competition [31][33] - By 2030, China's mature process capacity is expected to exceed half of the global market share [34][41] Group 3 - Key targets and valuations: SMIC is maintaining an aggressive expansion pace, with plans for new factories and increased monthly capacity [55] - The domestic AI chip market in China is projected to grow over 60% by 2026, with local companies increasing their market share significantly [18][20] - The local supply chain is expected to strengthen as international IDM companies collaborate with domestic fabs, enhancing their technological capabilities [42][47]

摘要 生猪产业从周期性转向价值投资，不再依赖猪价波动，而是关注龙头企 业通过成本控制、价值提升和海外扩张实现的持续增长，预示着行业整 合和龙头企业盈利能力增强。 宠物食品行业维持增长态势，但竞争加剧，龙头企业市场份额加速提升。 品牌高端化和把握抖音等新兴电商渠道是破局关键，行业集中度提升将 带来投资机会。 饲料企业积极拓展海外市场，尤其在东南亚、非洲和南美等地，凭借技 术、管理和服务优势实现增长，海外市场潜力巨大，为饲料企业带来新 的增长点。 智能农业装备领域"机器换人"趋势加速，无人机、机器人和 AI 技术融 合降低成本，解决农村劳动力短缺问题，智能农业装备产业链迎来发展 机遇。 宠物医疗行业连锁化率提升空间大，龙头企业通过股权激励和分级诊疗 模式提升竞争力，行业集中化进程加速，利好具有竞争优势的连锁品牌。 动保行业国产替代加速，尤其在宠物疫苗领域，国产猫三联疫苗打破进 口垄断。企业加大 mRNA 疫苗等前沿技术研发，提升核心竞争力。 玉米市场供需平衡表边际改善，库存消费比下降，预计价格回暖趋势延 续。大豆市场供给压力有所缓解，南美产量预期将影响未来价格走势。 Q&A 请简要回顾 2025 年的农业板块投资 ...

端侧 AI 爆发，消费电子行业哪些环节最受益 20251217 摘要 智能手机市场在经历多年下滑后，2024 年迎来复苏，出货量同比增长 6.39%至 12.39 亿台，AI 技术成为关键驱动力，标志着智能手机发展 逻辑从通信技术驱动转向 AI 驱动，各大厂商纷纷推出搭载 AI 大模型的 旗舰手机。 AI 智能体通过与操作系统深度合作，重构人机交互方式，实现自然语言 跨 APP 处理复杂任务，将成为旗舰手机标配和核心卖点，并推动手机厂 商、AI 大模型提供商和应用开发者之间的生态关系重塑，预示着产业竞 争的关键维度转变。 AR 眼镜与 AI 手机并非替代关系，而是互补共生，协同进化。AR 眼镜在 信息实时获取、便捷记录及沉浸式体验方面具有独特价值，而 AI 手机仍 是综合计算中心，更适合处理复杂任务。AR 眼镜市场增长迅速，预计到 2029 年全球出货量或突破 4,000 万台，年复合增长率高达 55%。 工信部等六部门将"AI 融合消费电子"列为重点培育的万亿级消费市场， 通过顶层设计指明方向，以旧换新创造需求，鼓励制造夯实供给，场景 融合构建生态，大幅降低投资者面临的不确定性风险，提高行业增长确 定性及持 ...