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：国际金融报 12月17日，有着"中国版AMD"之称的国产GPU芯片企业沐曦股份，迎来科创板敲钟上市的高光时刻。 而就在十二天前，同样的上市地点，另一家被誉为"中国版英伟达"的国产GPU头部企业摩尔线程，刚刚 在资本市场书写了一段传奇：开盘股价便报650元/股，较114.28元/股的发行价暴涨468%，上市仅五个 交易日，股价较发行价涨幅超过7倍，成为近期资本市场最耀眼的明星股。 有意思的是，摩尔线程与沐曦股份几乎在同一时间开启了IPO征程。今年6月30日，两家公司科创板上 市申请同日获受理，正式拉开"国产GPU第一股"之争的序幕。此后，摩尔线程的推进更为迅速——9月 26日顺利过会，创下科创板审核效率新纪录，并于12月5日成功登陆科创板，率先摘得"国产GPU第一 股"头衔，沐曦股份则紧随其后，从交易所受理到正式挂牌上市，也仅用了约170天。 此外，IPO前的原始股东所持股份同样处于限售状态。沐曦股份控股股东、混沌投资及创始人葛卫东、 经纬创投、红杉资本等合计持有的3.6亿股，根据监管要求，限售期为上市之日起12至36个月。 或受益 ...

Core Viewpoint - The IPO process for domestic GPU chip companies is accelerating, with Moore Threads and Muxi Co., Ltd. making significant progress despite both companies currently not being profitable. The expected revenue growth in 2024 and the increasing market recognition of their AI computing products are key factors supporting their market entry [1][2][3]. Company Performance - Moore Threads is projected to achieve a significant revenue increase in 2024, with expected revenue of 438 million yuan, while net losses are expected to decrease to 1.492 billion yuan. By the first half of 2025, revenue is anticipated to reach 702 million yuan, a 238.71% year-on-year increase, with net losses improving to 271 million yuan, a 56.02% decrease year-on-year [4][5]. - Muxi Co., Ltd. is expected to see a staggering revenue growth of 1354.9% in 2024, reaching 742 million yuan, although net losses are projected to widen to 1.409 billion yuan [9]. Product Development and Market Strategy - Moore Threads has been iterating its GPU architecture annually, with the latest "Pinghu" chip expected to enhance performance significantly. The company’s revenue structure is shifting towards AI computing products, which are projected to account for nearly 80% of revenue by the first half of 2025 [6][7][8]. - Muxi Co., Ltd. is focusing on expanding its customer base among major internet companies and telecom operators, with significant progress in its AI computing business. The company is actively engaging with key clients and expects to finalize orders in 2025 [15][16]. Industry Trends - The domestic AI chip industry is witnessing a trend towards building an ecosystem, with companies like Moore Threads and Muxi Co., Ltd. contributing significantly to the development of AI computing capabilities. The focus on internet and telecom markets is crucial for the growth of domestic AI chip manufacturers [3][14]. - The establishment of collaborative initiatives, such as the OISA ecosystem, indicates a concerted effort to enhance the interoperability and performance of AI chips, which is essential for the advancement of AI infrastructure in China [19][21].

Investment Rating - The report maintains a "Recommended" rating for the industry, indicating a positive outlook for investment opportunities [7]. Core Insights - The listing process for domestic GPU companies, represented by Muxi Co. and Moer Thread, is accelerating, marking a significant capital leap for the domestic GPU industry. This is expected to enhance the technological capabilities and competitiveness of domestic GPU products, narrowing the gap with international standards [2][3]. - Muxi Co. has a substantial order backlog of 1.43 billion yuan as of September 5, 2025, primarily from existing clients and new large orders, indicating strong demand for its products [3]. - Moer Thread's KUAE 2 product supports high-efficiency AI model training and is currently in the customer customization phase, showcasing the company's commitment to advancing its technology [4]. Summary by Sections Muxi Co. - Muxi Co. has successfully passed the second round of inquiries, with a significant reduction in the number of questions from 14 to 3, indicating a smoother path to listing [2]. - The company is actively expanding its client base among internet companies and operators, with expectations to secure its first order by the end of 2025 [3]. - The C600 chip has successfully completed initial testing and is expected to enter risk production by the end of 2025, complementing the existing C500 series [3]. Moer Thread - Moer Thread's KUAE 2 is designed for high-performance AI applications and is currently in the customization stage for clients, with plans for standardized sales in the future [4]. - The company emphasizes collaboration with domestic foundries to achieve products that meet international flagship standards, indicating a focus on quality and competitiveness [8]. Investment Recommendations - The report suggests that as Muxi Co. accelerates its IPO process, related companies in the supply chain are likely to benefit significantly. The trend of domestic computing power is expected to solidify, with specific companies recommended for attention, including Chipone Technology, SMIC, and Hua Hong Semiconductor [8].

Group 1 - Nvidia reported a quarterly expenditure of approximately $5.5 billion related to the export of H20 graphics processors to certain regions and countries [1] - The U.S. government informed Nvidia on April 9 that it would require licenses for exporting chips to specific countries, indicating potential growth slowdown due to increased export restrictions [1] - The U.S. government stated that Nvidia's chips could be used in the manufacturing of military supercomputers [1] Group 2 - Aisino Technology, in collaboration with Alibaba Cloud, launched an integrated solution for large models, providing a comprehensive service from demand analysis to private deployment [2] - In 2024, Aisino Technology is set to release the Yuansi Industry Large Model, covering the entire cycle from model development to application implementation [2] - Aisino Technology became the first "Government and Enterprise Industry Large Model Innovation Center" unit of Alibaba Cloud, forming the first "Large Model Application Service Alliance" in collaboration with industry associations and leading enterprises [2]