她认为，人民币相对于美元走强，对于海外投资人投资中国股市是完完全全的利好，中国的可投资性， 在所有其他因子变量保持不变的话，反而是向上走的，同时叠加人民币升值态势，在接下来的几个月里 面，应该可以预见到外资对中国股票资产的持续配置。 摩根士丹利中国首席经济学家邢自强1月5日在2026开年的第一场闭门策略会中指出，2026年全球经济面 临三个"进行时"的深化：全球地缘政治东稳西荡产生的深远影响，对美元去魅的再深化还处于进行时， 对中国产业实力的再认知也处于进行时，所以，无论是跟 AI 相关的软硬件应用、国产算力替代，还是 一些先进制造业的继续升级和出海，相信在2026年会继续得到认可。三，是对打破通缩的再探索还处于 进行时，核心聚焦于如何精准落地一些政策，预计国补规模会延续，但会更加重视科技应用场景。 在股市展望方面，大摩首席策略师Laura指出，大家都已经看到了，包括今天(1月5日)的A股、上周五港 股的开门红，给2026年的开年注入了一针强心剂。无论是科技界目光的再次投入，还是资本市场的活跃 度，包括境内中长期国债收益率的走势，国际整体局势的变化，对投资中国资产都没有产生利空的变 化，相对来讲都是中性偏利好 ...

大摩闭门会：邢自强、Laura Wang：2026 开年宏观策略谈 260105 摘要 全球地缘政治格局持续演变，美元贬值趋势或将延续，人民币存在对美 元温和升值空间，但需关注对出口和通缩的影响。 中国科技创新实力提升，AI 相关软硬件及国产算力替代加速，先进制造 业升级和出海有望获得国内外投资者认可，利好 A 股和港股 IPO 融资。 刺激消费政策精准落地，一季度国补预计 3,000 亿人民币，主要针对耐 用消费品，若消费和就业不及预期，国补可能扩张至服务业消费券等领 域。 房地产纾困措施或将试点收库存和按揭利率贴息，通过财政或准财政手 段调整按揭利率，初期覆盖部分城市，效果显著可逐步扩大。 财政政策上半年侧重前置发行地方专项债券，重点支持城市更新、地下 管网改造、绿色转型、智能电网储能及 AI 算力基建，中期或追加财政支 出用于科技应用场景服务业消费补贴及房地产纾困。 预计 2025 年中国实际 GDP 增长约为 4.8%，出口维持中高个位数增长， 但名义 GDP 增速或低于实际 GDP 增速，反映民营经济谨慎和 GDP 平 减指数收缩。 美国批准 NVIDIA 向中国出口 H200 芯片，预计 2025 ...

恒生科技 ETF， 2025 年 12 月复盘及 2026 年 1 月展望 [Table_Summary] ◼ 市场表现回顾： 证券研究报告·宏观报告·宏观深度报告 金融产品深度报告 20260105 ◼ 事件驱动盘点： ◼ 指数后市展望： ◼ 风险提示： 1)行业政策或监管环境突变；2)宏观经济不及预期；3)发生重大预期外的宏 观事件。 2026 年 01 月 05 日 证券分析师 芦哲 执业证书：S0600524110003 luzhe@dwzq.com.cn 证券分析师 唐遥衎 执业证书：S0600524120016 tangyk@dwzq.com.cn 相关研究 《经济增长实现"开门红"的三条线 索》 2026-01-04 《"意料之外，情理之中"的委内瑞 拉事件》 2026-01-04 东吴证券研究所 1 / 17 请务必阅读正文之后的免责声明部分 [Table_Tag] ◼ 走势复盘：自 2025 年 12 月 1 日至 2026 年 1 月 2 日，恒生科技指数整 体呈"震荡下探，月中触底，2025 年末修复并在 2026 年初加速反弹" 的运行格局，区间累计上涨 1.62%，成交额约 1129 ...

研究早观点 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,965.28 | 0.04 | | 深证成指 | | 13,537.10 | -0.49 | | 沪深 | 300 | 4,639.37 | -0.38 | | 中小板指 | | 8,264.98 | 0.00 | | 创业板指 | | 3,222.61 | -0.66 | | 科创 | 50 | 1,346.32 | 0.04 | | 资料来源：常闻 | | | | 分析师： 彭皓辰 执业登记编码：S0760525060001 邮箱：penghaochen@sxzq.com 2025 年 12 月 30 日 星期二 市场走势 资料来源：常闻 【今日要点】 【山证宏观】2026 年宏观经济展望：增长动能巩固，名义增速修复 【山证纺服】纺织服饰 2026 年度策略-看好纺织制造板块改善，把握 服装家纺板块结构性机会 【山证中小盘】瑞晟智能公司分析报告-智能工厂装备领军者，算力机 器人双轮驱动 2019 年 2 月 21 日 星期四 请务必阅读最后股票评级说明和免责 ...

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. has successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, marking a significant milestone for the company in the high-performance GPU market [1][3]. Company Overview - Muxi is a leading domestic enterprise in high-performance general-purpose GPU products, focusing on the research, design, and sales of GPUs for artificial intelligence training and inference, general computing, and graphics rendering [3][7]. - The company has a strong technical foundation and continuous innovation, positioning its products as leaders in versatility, core performance, commercialization, and autonomy within the domestic market [3]. Financial Highlights - The stock was issued at a price of 104.66 yuan per share, raising a total of 4.197 billion yuan, which will be invested in new high-performance GPU R&D and industrialization projects [3]. - As of the listing date, the stock price reached 824.50 yuan per share, with a market capitalization nearing 330 billion yuan [3]. Strategic Partnerships and Investments - Advantage Capital has partnered with strategic ally Yuanlu Jia to build an AI computing power cluster based on domestic self-developed GPU technology, with successful operations of the first-generation product, Xiyun C500, in Shanghai [5]. - The successful operation of the thousand-card cluster has reinforced confidence in investing in Muxi, with plans to continue collaborating with ecosystem partners to explore quality project investment opportunities [5]. Policy Support and Market Position - Muxi is among the few companies mastering high-performance GPU chip and system software development, which will help expand market share and enhance technological reserves [7]. - The company’s listing process took only 116 days, showcasing the effectiveness of the Sci-Tech Innovation Board reforms in supporting technology innovation enterprises [7]. Technological Advancements - Muxi has developed a complete set of core technologies, including GPU IP, GPU SoC, and high-speed interconnects, with a total of 245 domestic invention patents and 25 software copyrights as of March 2025 [9]. - The company has launched the Xisi N series GPUs for inference and the Xiyun C series GPUs for training and general computing, with the Xiyun C500 series achieving leading performance levels domestically [11]. Growth Metrics - Muxi has experienced a compound annual growth rate of 4074.52% over the past three years, with revenue reaching 915 million yuan in the first half of 2025, surpassing the total revenue for 2024 [12]. - The company has a backlog of orders amounting to 1.43 billion yuan, indicating rapid growth and market demand [12]. Ecosystem and Industry Impact - Muxi is building a "1+6+X" ecosystem to support various industries, including finance, healthcare, energy, education, transportation, and entertainment, positioning itself as a key player in the autonomous and controllable intelligent computing infrastructure in China [12]. - The company's GPU products have been deployed in multiple national AI public computing platforms and commercial intelligent computing centers, making it one of the few suppliers to achieve large-scale commercial applications of "thousand-card clusters" [12].

注：数据来源：中证指数公司，wind，截至2025/12/17，通信ETF规模为127.45亿元，在同类15只产品 中排名第一。权重占比截至2025/12/15。指数成分股可能随指数编制规则发生变动，不构成任何投资建 议或个股推荐。如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参 考，不预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅 供参考，不构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与 风险等级相匹配的产品。基金有风险，投资需谨慎。 东吴证券指出，2026年通信行业将迎来技术升级与政策驱动的双重机遇。国产算力已实现从"可 用"到"好用"的跨越，成为大模型训练与推理的可靠底座，在政策补贴与生态成熟推动下进入全面替代 加速期。此外，量子通信、6G等前沿技术被纳入未来产业布局，政策加码与中美博弈背景下，相关技 术攻关和商业化进程有望提速。 通信ETF（515880）规模同类第一，截至12月15日，通信ETF光模块含量占比超过48%，服务器含量超 过20%，叠加光纤、铜连接等成分，核心环节成分占比超过76%，代表了 ...

（来源：口罩哥研报60秒） "国产GPU第二股"沐曦股份登陆科创板，开盘价700元，较发行价104.66元暴涨568%，总市值达2800亿元。 以此计算，中签一手理论盈利近30万元，刷新A股全面注册制以来新股盈利纪录。 沐曦成立于2020年，由三位前AMD华人科学家创立，聚焦高性能GPU芯片研发。创始人陈维良持股约20.63%，对应市值578亿元；私募大佬葛卫东合计持 股7.17%，市值约189亿元。 公司最近三年营收复合增长率达4074.52%，2025年1-9月营收12.36亿元，同比增长453.52%，已超2024年全年水平。 然而，高估值背后存在争议。公司预计2025年全年营收15亿至19.8亿元，归母净利润仍为亏损（-7.63亿至-5.27亿元），最早2026年实现盈亏平衡。 | | | | 核心股东持股 | | | 造富效应 | | --- | --- | --- | --- | | 股东 | 身份 | 持股比例 | 市值(亿元) | | 陈维良 | 创始人/实控 | 20.63% | 577.98 | | | 人 | | | | 葛卫东 | 私募投资人 | 7.17% | 188.57 | 当前 ...

沐曦是理解下一阶段国产算力替代进程的一个重要样本 文｜《财经》研究员 周源 编辑｜谢丽容 沐曦首次公开发行股票数量4010万股，均为新股。本次发行价格为104.66元/股。首次公开发行后总股本约4亿股，发行股票数量为4010万股，占发行后总 股本的10.02%。 截至2025年12月17日09:45，沐曦以700元开盘，较发行价104.66元暴涨569%，盘中最低656元仍维持526.79%涨幅，成交额达14.2亿元，开盘15分钟，换手 率超过40%。按开盘价计算，中签投资者单签收益超27万元，成为年内最赚钱新股。其总市值突破2700亿元，已超越多数A股半导体公司，仅次于寒武 纪、茅台等龙头。但由于大部分股份暂时限制流通，可以自由交易的股份1814万股，因此自由流通市值125亿。 同为国产GPU企业的摩尔线程上市首日暴涨425%，创下科创板新股单签收益纪录，强化了市场对沐曦的乐观情绪。但国产GPU的产业化能力仍需时间验 证，投资者需警惕估值与基本面的背离。 沐曦成立于2020年9月，主攻高性能GPGPU（General-Purpose computing on Graphics Processing Unit ...

Core Insights - The stock price of Moer Thread (688795.SH), the first domestic GPU company listed on the Sci-Tech Innovation Board, surged to 941.08 CNY per share, achieving a market capitalization of 403.1 billion CNY within just five trading days since its listing on December 5, marking the fastest market cap growth for a new stock in 2023 [1][2] Group 1: Stock Performance - Moer Thread's stock price increased by over 700% within five trading days, starting from an opening price of 650 CNY per share on its debut, which was a 468.78% increase from the issue price [2] - On its first trading day, the stock reached a peak of 688 CNY per share, closing at 600.5 CNY, resulting in a single-day gain of 425.26% and a market cap exceeding 282.3 billion CNY [2] - Investors who held onto their shares since the IPO have seen significant profits, with a potential gain of 413,400 CNY for a single lot of 500 shares at the closing price on December 11 [2] Group 2: Market Demand and Policy Support - The rapid growth of Moer Thread's valuation is attributed to three main factors: scarcity of comparable stocks, policy support, and strong industry demand [4] - Moer Thread is recognized as the only domestic company capable of competing with NVIDIA in the GPU market, having developed five chips and four generations of GPU architecture within five years [4] - The company benefits from favorable policies, including the rapid IPO process enabled by the "1+6" reform policy for the Sci-Tech Innovation Board, which supports unprofitable hard-tech companies and prioritizes strategic emerging industries [5] Group 3: Industry Context - The demand for domestic GPU solutions is critical due to increasing technology competition between China and the U.S., with a national strategy emphasizing the need for domestic computing power [5] - Currently, domestic GPUs hold less than 1% market share in China, indicating significant potential for growth and replacement [5] - Moer Thread's listing serves as a benchmark for the domestic GPU sector, potentially catalyzing further investment and development in the industry [6] Group 4: Future Prospects - Following Moer Thread's success, other companies like Muxi Co., which focuses on high-performance GPU chips, are preparing to enter the market, indicating a growing interest in the domestic GPU sector [6] - Muxi Co. has already completed its subscription process and is expected to be the second domestic GPU company listed on the A-share market, with a strong market response anticipated [6][7]

哈喽大家好，今天小无带大家聊聊摩尔线程上市的狂欢大戏。千亿市值风光背后藏着巨额亏损，这波资本热潮到底藏着多少隐忧？ 这意味着什么？中一签的投资者最高能赚近27万元，妥妥的年内最"造富"新股啊！当时我寻思着，这是要开启算力股的新时代了？ 结果没想到，高光没撑多久，股价摸到688元的高位就开始往回撤。 发行价才114.28元/股，开盘价直接冲到650元，对应市值瞬间突破3055亿元。 | 全栈式软件 | 人工智能 | 科学计算 | 数字变生 | 游戏娱乐 | 机器人与自动驾驶 | | --- | --- | --- | --- | --- | --- | | 应用于不同场景 | 833 | 英 | G | 6:0) | P | | | MUSA软件找 | 编程语言和API按口 | | 开发者工具链 | | | | ష్ట | 编译器平台 运行环境 | | | 内核驱动 | | MUSA 统一系统架构 | | | | | | | | 硬件层 | 全功量GPUZ片 | | | | | | a p | AI计算引擎 | 科学计算引擎 | 图形计算引擎 | 智能多媒体计算引擎 | | | | 加 | 图 | 12 | 头 ...