Core Viewpoint - The collaboration between SenseTime and Muxi signifies a pivotal shift in China's GPU industry from "catching up" to "running alongside," showcasing confidence in domestic alternatives and the potential for growth in AI computing power [1]. Group 1: Financial Performance - SenseTime's revenue from generative AI grew by 103.1% in 2024, reaching 2.4 billion yuan, maintaining a doubling growth trend for two consecutive fiscal years [3]. - The company's strategic focus on high-performance computing is driven by a rigid demand for computing power [3]. Group 2: Strategic Collaboration - SenseTime and Muxi have established a comprehensive partnership that extends beyond product procurement to long-term strategic agreements [5]. - The collaboration aims to create a "computing cluster + industry expansion" model, integrating supply and demand in the GPU market [4]. Group 3: Technological Development - Both companies are engaged in a model of open co-construction and sharing of underlying technologies, focusing on deep adaptation and joint development of product solutions [6]. - They have developed multiple product solutions, including model adaptations and compatibility certifications for domestic chips, enhancing the training and inference capabilities of AI models [6]. Group 4: Ecosystem Development - The partnership has led to the establishment of the "SenseTime Big Device Computing Mall," facilitating effective resource integration and sharing [7]. - This collaboration enhances the diversity and autonomy of computing power supply while reducing construction costs, supporting the ongoing iteration of AI technology and its industrial applications [7]. Group 5: Market Impact - The partnership has significantly improved Muxi's brand influence and market share by gaining recognition in mainstream demand markets through deep collaboration with industry clients [9]. - The ongoing collaboration is expected to explore new paths and models for AI computing infrastructure, potentially leading to a more open and collaborative domestic AI computing ecosystem [9].

Core Insights - The Social Security Fund's investment in technology stocks has reached a historical high, with a market value exceeding 46.9 billion yuan as of the end of Q3, reflecting a significant increase in preference for technology stocks [1][2]. Group 1: Investment Trends - The Social Security Fund's holdings in the electronics sector reached nearly 27.4 billion yuan, making it the highest among technology sectors, followed by the computer sector with over 7.7 billion yuan [2]. - Year-on-year, the market value of technology stocks held by the Social Security Fund has increased by nearly 61% compared to the end of Q3 last year, and it has grown more than 18 times compared to the same period in 2011 [2]. Group 2: Individual Stock Holdings - Transsion Holdings has the largest holding among the Social Security Fund's investments, with a market value exceeding 4.5 billion yuan [3]. - Other notable stocks with holdings exceeding 1 billion yuan include Pengding Holdings, Focus Media, Unisoc, and Shenzhen South Electronics [4]. Group 3: New Investments - The Social Security Fund's 113 combination and the Basic Pension Insurance Fund's 802 combination have newly invested in Unisoc with 20.93 million shares, amounting to nearly 1.9 billion yuan [5]. - Giant Network was also newly added to the portfolio with 27.84 million shares, valued at over 1.258 billion yuan [6]. Group 4: Long-term Holdings - The Social Security Fund has maintained long-term positions in six technology stocks for over 24 quarters, including Zhongnan Media, Zhongyuan Media, Phoenix Media, Yilian Network, Sanhuan Group, and Transsion Holdings, with each having a market value exceeding 1 billion yuan [7]. - Additionally, 11 technology stocks have been held for over three years, with Pengding Holdings having a market value exceeding 3.2 billion yuan [8]. Group 5: Investment Strategy - The long-term holdings of the Social Security Fund primarily consist of industry-leading stocks with generous dividends and high dividend-yielding media stocks [9].

Core Viewpoint - The capital market is currently favoring the narrative of domestic GPUs, with a focus on the recent listing of Muxi Co., which has achieved significant market attention and high initial returns for investors [2][30]. Group 1: Muxi Co. Listing and Market Performance - Muxi Co. debuted on the A-share market with an opening increase of 568.83%, reaching a price of 700 yuan, allowing investors to earn approximately 297,700 yuan per share [2]. - As of December 17, Muxi's market capitalization was 329.9 billion yuan, closely trailing behind other domestic GPU companies like Moer Thread and Cambrian [2]. - Muxi's first-day performance is notable as it has no price limit, making its market value susceptible to fluctuations driven by market sentiment [2]. Group 2: Competitive Landscape and CUDA Compatibility - The compatibility with NVIDIA's CUDA ecosystem is a critical issue for domestic chip manufacturers, as CUDA has become an industry standard [4][10]. - Muxi Co. has chosen a strategy of high compatibility with CUDA through its self-developed software stack, MXMACA, which aims to minimize user migration costs [20][21]. - The company has registered over 15,000 users for its MXMACA software stack since its open-source community launch on February 14, 2025, indicating a positive reception [20]. Group 3: Financial Performance and Profitability Outlook - Muxi's revenue surged from 430,000 yuan in 2022 to 1.236 billion yuan in the first three quarters of 2025, reflecting a significant compound annual growth rate [26]. - Despite not being profitable yet, Muxi anticipates achieving profitability by 2026, which is earlier than competitors like Moer Thread [26][35]. - The company’s core product, the Xiyun C500, has successfully completed its first batch of chips, with the next generation, the Xiyun C600, expected to enter mass production in early 2026 [29]. Group 4: Market Valuation and Future Potential - The capital market's valuation of Muxi is influenced by the narrative of becoming "China's NVIDIA," with potential market capitalization estimated at around 250 billion yuan based on comparisons with Moer Thread [33][36]. - If Muxi can demonstrate the commercial viability of its C600 product in 2026, its market value could significantly increase, potentially surpassing that of Moer Thread and Cambrian [36].

Core Viewpoint - The article highlights the successful listing of Mu Xi Co., Ltd. on the STAR Market, marking a significant step in breaking the monopoly of international giants in the AI computing power sector, with its stock price soaring on the first day of trading [1][2]. Group 1: Company Overview - Mu Xi Co., Ltd. officially listed on the STAR Market on December 17, with an opening price of 700 CNY and a peak price of 895 CNY, representing a maximum increase of 755% from the issue price of 104.66 CNY [1][2]. - The listing reflects strong market confidence in "domestic substitution" and signals a critical transition for China's GPU industry from "catching up" to "keeping pace" [2]. Group 2: Strategic Partnerships - SenseTime and Mu Xi have established a comprehensive partnership, collaborating on foundational technology and joint solution development, aiming to become co-builders of the domestic AI computing power ecosystem [3]. - SenseTime's revenue from generative AI is projected to grow by 103.1% in 2024, reaching 2.4 billion CNY, driven by the rigid demand for high-performance computing power [4]. Group 3: Product and Market Development - The collaboration between SenseTime and Mu Xi focuses on a "computing power cluster + industry expansion" strategy, creating a complete supply chain from computing power provision to model training and industry application [5]. - Mu Xi has established a market development path centered on "1+6+X," focusing on six key industries while exploring additional market demands [5]. Group 4: Ecosystem and Resource Integration - The partnership has led to the creation of the "SenseTime Big Device Computing Power Mall," facilitating effective resource integration and sharing between the two companies [6]. - This collaboration enhances the diversity and autonomy of computing power supply while reducing construction costs, supporting the continuous iteration of AI technology and its industrial applications [6]. Group 5: Future Prospects - The partnership is expected to explore new paths and models for AI computing infrastructure construction, with the potential for further collaboration with more industry partners to build an open, collaborative, and win-win domestic AI computing power ecosystem [8].

智通财经APP获悉，当全球AI竞赛进入算力决胜局，一家中国芯片公司正试图打破国际巨头的垄断。12月17日，沐曦股份 (688802.SH)正式在科创板挂牌上市，携其全栈自研的"中国芯"叩开资本市场的大门。上市当天股价一路飙升，开盘价700元，12 月17日上午股价最高触及895元，相较发行价104.66元最高涨幅达755%。 | 最高:895.00 | 今十:700.00 | 涨停: -- | 成父童:1254.48万 | | --- | --- | --- | --- | | 最低:650.00 | 昨收:104.66 | 跌停: -- | 成交额:89.61亿 | | 换手:69.16% | 盘后量: -- | 量比: -- | 总市值:3400.85亿 | | 振幅:234.09% | 盘后额: -- | 委比: -3.71% | 流通值: 154.18亿 | | 市盈率(动): -- | 市盈率(TTM): 亏损 | 每股收益：-2.70 | 股息(TTM): -- | | 市盈率(静): -- | 市净率:25.30 | 每股净资产:33.60 | 股息率(TTM): -- | | 62周最高:89 ...

Core Viewpoint - The article highlights the significant developments in the domestic GPU industry, particularly focusing on the upcoming IPO of Birun Technology, which aims to become the first GPU stock in Hong Kong, amidst a broader trend of domestic GPU companies seeking to enter the capital market [2][6][10]. Company Overview - Birun Technology, established in 2019, specializes in high-performance general-purpose GPUs and aims to create a domestic intelligent computing ecosystem. The company has nearly 1,000 employees and has filed for approximately 1,200 patents globally, ranking first among Chinese general-purpose GPU companies [4][5]. - The company plans to issue no more than 372 million overseas listed ordinary shares and convert approximately 873 million shares held by 57 shareholders into overseas listed shares, achieving "full circulation" [3][4]. Market Context - The article notes a surge in IPO activities among domestic GPU companies, referred to as the "Four Little Dragons of Domestic GPU," which includes Birun Technology, Moore Threads, Muxi Technology, and Suiruan Technology, all racing to enter the capital market [6][10]. - Moore Threads recently went public on the Sci-Tech Innovation Board, raising nearly 8 billion yuan, while Muxi Technology is set to list soon, indicating strong market interest in AI computing capabilities [8][9]. Financial Landscape - Birun Technology has raised over 4.7 billion yuan in funding within 18 months of its establishment, setting a record for domestic chip startups. Its latest funding round before the IPO valued the company at 14 billion yuan [11][12]. - Despite the enthusiasm in the capital market, many domestic GPU manufacturers face significant commercialization challenges, with most still incurring substantial R&D costs and losses. For instance, both Moore Threads and Muxi Technology have yet to achieve profitability [13][14]. Competitive Environment - The article emphasizes the dominance of NVIDIA in the GPU market, holding a 92% market share as of Q3 2025, making it challenging for domestic companies to compete [15][16]. - Domestic firms are adopting differentiated strategies, with each focusing on various sectors: Moore Threads covers a wide range of applications, Muxi Technology focuses on cloud-based intelligent computing, and Birun Technology emphasizes high-performance general-purpose GPUs [17][20]. Future Outlook - The GPU market in China is expected to continue its rapid growth, driven by the increasing demand for AI computing power. Birun Technology is already testing next-generation chips based on 3nm processes [24]. - The success of these companies will depend not only on their IPO performance but also on their ability to convert raised funds into technological advancements and market share [26].

Core Viewpoint - The report from Huazhong Securities highlights the peak of domestic silicon production capacity, the exit of overseas manufacturers, and the potential recovery of the polyester chain's prosperity due to concentrated production capacity in the polyester filament sector [1][3]. Group 1: Industry Trends - Domestic silicon production capacity has reached its peak, while leading companies are driving industry recovery as overseas manufacturers continue to exit [1][3]. - The PTA production capacity expansion is nearing its end, leading to a concentration in polyester filament production capacity, which is expected to improve the prosperity of the polyester chain [1][3]. - The price of caprolactam has dropped to a low point, prompting the industry to initiate self-driven anti-involution measures [3]. - The raw material price index has rebounded after hitting a bottom, with frequent safety incidents causing significant risks to the global supply chain of key pesticides [3]. - The price of spandex has remained below the cost line, leading to widespread industry losses, but a slowdown in new capacity releases may optimize the supply structure and drive price recovery [3]. - The vitamin market is expected to see significant price increases in 2024 due to a tightening global supply [3]. Group 2: Investment Opportunities - The report emphasizes two main investment themes: anti-involution and domestic substitution, particularly in the context of global macroeconomic uncertainties and a slowdown in chemical capital expenditures [2][4]. - The biobased materials sector is receiving strong support from national policies, with companies accelerating technological breakthroughs and industrialization [4][6]. - The lubricating oil additive sector is witnessing rapid technological advancements among domestic companies, with several high-end products achieving international certification [4][6]. - The electronic ceramics market is seeing strong demand driven by AI and automotive sectors, with domestic manufacturers making breakthroughs in MLCC production [4][6]. - The exit of 3M from the fluorinated liquids market is reshaping the competitive landscape, with domestic manufacturers expected to increase their market share [4][6]. - The explosive growth of AI servers is driving demand for electronic-grade polyphenylene ether, with domestic manufacturers achieving technological breakthroughs and entering key supply chains [4][6].

华安证券近日发布基础化工行业周报：本周（2025/12/08-2025/12/12）化工板块整体涨跌幅表现排名第 26位，涨跌幅为-2.19%，走势处于市场整体下游。上证综指涨跌幅为-0.34%，创业板指涨跌幅为 2.74%，申万化工板块跑输上证综指1.85个百分点，跑输创业板指4.93个百分点。 本周（2025/12/08-2025/12/12）化工板块整体涨跌幅表现排名第26位，涨跌幅为-2.19%，走势处于市场 整体下游。上证综指涨跌幅为-0.34%，创业板指涨跌幅为2.74%，申万化工板块跑输上证综指1.85个百 分点，跑输创业板指4.93个百分点。 2025年化工行业景气度将延续分化趋势，推荐关注合成生物学、农药、层析介质、代糖、维生素、轻烃 化工、COC聚合物、MDI等行业: （1）合成生物学奇点时刻到来。能源结构调整大背景下，化石基材料或在局部面临颠覆性冲击，低耗 能的产品或产业有望获得更长成长窗口。对于传统化工企业而言，未来的竞争在于能耗和碳税的成本， 优秀的传统化工企业会利用绿色能源代替方案、一体化和规模化优势来降低能耗成本，亦或新增产能转 移至更大的海外市场，从而达到双减的目标。同时，随着 ...

Core Insights - The domestic GPU sector reached a milestone with Muxi Co., Ltd. officially listing on the STAR Market, becoming the second domestic GPU company to go public after Moore Threads [1][4] - On its first trading day, Muxi's stock surged by 568.83%, opening at 700 CNY per share, allowing investors to realize a profit of nearly 300,000 CNY per lot [1][2] Company Overview - Muxi Co., Ltd. focuses on the independent research and development of high-performance GPU chips and computing platforms, covering AI computing, general computing, and graphics rendering [2][3] - The company has launched several core products, including the Xisi N series and Xiyun C series, and is developing the Xicai G series to fill gaps in the graphics rendering field [2] Financial Performance - Muxi's revenue is on a rapid growth trajectory, increasing from 426,400 CNY in 2022 to 743 million CNY in 2024, with Q1 2025 revenue reaching 320 million CNY [3] - The company aims to raise 3.904 billion CNY through its IPO to fund new high-performance GPU research and industrialization projects [3] Market Positioning - Muxi and Moore Threads, both listed on the STAR Market, are positioned in the fast-developing GPU industry, with each company having unique strengths and market strategies [4][5] - Muxi's market share in China's AI chip market is estimated to be around 1% in 2024, indicating its presence among domestic manufacturers [5] Capital Market Dynamics - The rapid growth of Muxi and Moore Threads is attributed to supportive policies and financial backing, with the STAR Market's efficient IPO review process benefiting hard-tech companies [6][7] - The listing of these companies signifies a shift from technology development to capitalized growth in the domestic GPU sector, enhancing the ecosystem for independent innovation [6][7]

Core Insights - Beijing's integrated circuit sector sees a new "little giant" company, Angrui Microelectronics, listed on the Sci-Tech Innovation Board, marking a record high for new companies from Beijing in 2025 compared to 2024 [1][10] Company Overview - Angrui Microelectronics officially listed on the Sci-Tech Innovation Board on December 16, 2025, with an initial price of 83.06 yuan per share, opening at 240 yuan, a 188.95% increase [2] - The company's market capitalization reached 21.504 billion yuan on its first trading day, with a trading volume of 2.061 billion yuan [2] - The stock's closing price on the first day was 216.05 yuan, reflecting a 160.11% increase from the issue price, resulting in a profit of approximately 66,500 yuan for a single lot of 500 shares [5] Trading Activity - Angrui Microelectronics experienced a turnover rate of 75.28% on its first trading day, ranking among the top three of five newly registered companies on the Sci-Tech Innovation Board in 2025 [3] Financial Performance - The company reported revenues of 0.923 billion yuan, 1.695 billion yuan, and 2.101 billion yuan for the years 2022, 2023, and 2024, respectively, achieving a compound annual growth rate of 51% [8] Product and Market Position - Angrui Microelectronics specializes in the research, design, and sales of RF front-end chips, RF SoC chips, and other analog chips, covering all network standards from 2G to 5G [7] - The company has developed a 5G-LPAMid module that meets international standards in performance and integration, contributing to domestic substitution [7] - Angrui's RF SoC product line includes low-power Bluetooth SoC chips and 2.4GHz private protocol SoC chips, widely used in smart home applications [7] Investment and Support - Since its establishment in July 2012, Angrui Microelectronics has received investments from various funds and companies, including the Beijing Integrated Circuit Advanced Manufacturing and High-end Equipment Industry Fund, Huawei Hubble, Xiaomi Changjiang, and Lenovo [8]