行 业 及 产 业 行 业 研 究 / 行 业 点 评 相关研究 《春节海内外大模型更新全梳理！壁仞科 2026 年 02 月 28 日 从国产算力变化到 LPU！DS 新模 型前瞻！ 看好 ——计算机行业周报 20260223-20260227 技深度发布！——计算机行业周报 20260216-20260220》 2026/02/23 《模型会吞噬软件吗？——计算机行业周 报 20260202-20260206》 2026/02/07 证券分析师 黄忠煌 A0230519110001 huangzh@swsresearch.com 洪依真 A0230519060003 hongyz@swsresearch.com 刘洋 A0230513050006 liuyang2@swsresearch.com 研究支持 崔航 A0230524080005 cuihang@swsresearch.com 曹峥 A0230525040002 caozheng@swsresearch.com 陈晴华 A0230525100001 chenqh@swsresearch.com 罗宇琦 A0230124070004 luoyq@ ...

Group 1 - The core viewpoint of the articles highlights significant advancements in quantum communication technology, particularly the successful construction of the world's first large-scale quantum key distribution network based on integrated optical quantum chips by Chinese scientists, which is expected to have a major impact on the field of quantum communication [1] - The Shanghai Stock Exchange Sci-Tech Innovation Board Chip Index saw a strong increase of 1.08%, with notable gains from constituent stocks such as Fuchuang Precision rising by 15.01%, Shengke Communication by 11.00%, and Jiewate by 6.79% [1] - According to a report from CITIC Securities, the development of computing power is expected to have high certainty in 2026, with supernode technology reaching a pivotal opportunity, and the competitiveness of domestic computing power manufacturers is anticipated to improve, creating investment opportunities in domestic computing chips and system-level manufacturers [1] Group 2 - The Sci-Tech Chip ETF (588200) tracks the Shanghai Stock Exchange Sci-Tech Innovation Board Chip Index, providing a convenient tool for investors to access the domestic chip sector [2] - Investors without stock accounts can engage with the domestic chip investment opportunities through the Sci-Tech Chip ETF linked fund (017470) [2]

Group 1 - The core viewpoint of the news highlights a short-term pullback in the chip sector, with the Huabao ETF (589190) experiencing a decline of 1.75% after an initial rise, indicating active buying interest during dips [1][3] - Major companies in the sector, such as Zhongwei Company and Cambrian, saw declines exceeding 4%, while SMIC dropped over 3%, reflecting a mixed performance among leading stocks [3] - Alibaba's self-developed AI chip "Zhenwu" has been launched, showcasing full self-research capabilities and deployment in over 400 clients, including major organizations like the State Grid and Xpeng Motors [3] Group 2 - A new wave of price increases in the global chip market has been reported, with Samsung and SK Hynix significantly raising prices for LPDDR memory used in iPhones, with increases over 80% and nearly 100% respectively [3] - Domestic companies like Zhongwei Semiconductor and Guokai Microelectronics have also announced price hikes for their products, ranging from 15% to 80% [3] - Citic Securities projects a high certainty in computing power development by 2026, highlighting opportunities in domestic computing chip and system-level manufacturers due to increased competitiveness [3] Group 3 - The Huabao ETF tracks the Shanghai Stock Exchange's Sci-Tech Innovation Board Chip Index, which includes 50 stocks across semiconductor materials, design, manufacturing, and testing, with over 90% weight in core areas [4] - The annualized return of the Shanghai Stock Exchange Sci-Tech Innovation Board Chip Index since its base date is 17.93%, outperforming similar indices with a better risk-return profile [6][7] - Historical performance of the index shows significant fluctuations, with returns of 6.87% in 2021, -33.69% in 2022, 7.26% in 2023, 34.52% in 2024, and 61.33% in 2025 [8]

Core Viewpoint - The article highlights the recent developments in the semiconductor sector, particularly focusing on Alibaba's self-developed AI chip "Zhenwu" and the performance of the Sci-Tech Innovation Board's chip index, indicating a mixed market response and potential investment opportunities in domestic chip manufacturers [1]. Group 1: Market Performance - As of January 29, 2026, the Sci-Tech Innovation Board chip index fell by 1.38%, with component stocks showing mixed performance [1]. - Leading stocks included Shengke Communication, Yandong Micro, and Fuchuang Precision, while the biggest decliners were Zhongwei Company, Anji Technology, and Jinghe Integration [1]. Group 2: Company Developments - Alibaba's self-developed AI chip "Zhenwu 810E" was launched, featuring fully self-researched hardware and software, and has been deployed in multiple ten-thousand-card clusters on Alibaba Cloud [1]. - The collaboration between Tongyi Laboratory, Alibaba Cloud, and Pingtouge is referred to as the "Golden Triangle" of Alibaba AI, marking a significant step in their AI chip development [1]. Group 3: Industry Outlook - CITIC Securities projects a high certainty in computing power development for 2026, with super-node technology reaching a pivotal opportunity, and an increase in competitiveness among domestic computing power manufacturers [1]. - The top ten weighted stocks in the Sci-Tech Innovation Board chip index, as of December 31, 2025, include SMIC, Haiguang Information, and Cambrian, collectively accounting for 57.76% of the index [1]. Group 4: Investment Tools - The Sci-Tech Chip ETF (588200) tracks the Sci-Tech Innovation Board chip index, serving as a convenient tool for investing in the chip sector [1]. - Investors without stock accounts can access domestic chip investment opportunities through the Sci-Tech Chip ETF linked fund (017470) [1].

Core Viewpoint - In 2025, the A-share market showed an overall upward trend, with the Silver Hua Small and Medium Cap Select Fund achieving a remarkable net value increase of 64.38%, significantly outperforming its benchmark by over 40 percentage points, ranking among the top in active equity funds [1][4]. Fund Performance - The Silver Hua Small and Medium Cap Select Fund, established in June 2012, aims for long-term asset appreciation by investing in competitive and high-growth small and medium-cap stocks while effectively controlling investment risks [2]. - As of January 15, 2026, the fund's long-term performance is impressive, with a cumulative net value growth rate exceeding 1000%, outperforming its benchmark by over 800 percentage points, and ranking 4th out of 308 in its category [4]. Investment Strategy - The fund's investment strategy focuses on sectors such as AI, semiconductors, and robotics, with a particular emphasis on domestic computing chips, low-altitude economy, military trade, commercial aerospace, and robotics [9]. - As of the end of Q3 2025, the fund's stock investments accounted for 90.38% of total assets, with the top ten holdings representing 66.38% of the fund's net asset value [6]. Top Holdings - The top five holdings of the fund as of Q3 2025 include Industrial Fulian, Shengyi Technology, Jinghe Integration, Huahong Semiconductor, and Shenzhen South Circuit, with significant investments in each [8]. - The fund's management team has made strategic adjustments, adding nine new major holdings in Q3, primarily in the technology sector [7].

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. has officially listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, marking a significant milestone in the domestic GPU sector as one of the "dual leaders" in the industry [1] Group 1: Listing and Market Performance - Muxi shares were issued at a price of 104.66 yuan per share, making it the second highest IPO price this year [1] - The company issued 40.1 million A-shares, with approximately 18.14 million shares circulating initially, representing only 4.53% of the total share capital [2] - On the first trading day, the opening price reached 700 yuan per share, reflecting a nearly 569% increase, and the stock price peaked at 895 yuan, over 755% higher than the issue price, with a market capitalization exceeding 350 billion yuan [2] Group 2: Business Overview - Founded in 2020, Muxi is positioned to capitalize on the surge in global AI computing demand and the push for domestic high-performance computing [2] - The company has developed multiple product lines, including the AI-specific accelerator chip Xisi N series, general-purpose computing chip Xiyun C series, and graphics rendering chip Xicai G series, with the Xiyun C500 series being the main revenue source [2] Group 3: Financial Performance - Muxi has not yet achieved profitability, with revenues for 2022, 2023, 2024, and Q1 2025 projected at 426,400 yuan, 53.02 million yuan, 743 million yuan, and 320 million yuan respectively [3] - The net profits attributable to the parent company for the same periods are projected to be -777 million yuan, -871 million yuan, -1.409 billion yuan, and -233 million yuan, indicating ongoing losses [3] - The company anticipates reaching breakeven at the earliest by 2026, with cumulative R&D expenses amounting to approximately 2.466 billion yuan from 2022 to March 2025 [3] Group 4: Investor Participation - The IPO attracted significant interest, with 269 offline investors and 7,719 strategic placement participants, resulting in a total offline subscription amount of 57.169 billion shares and a subscription multiple of 2,228 times [4] - The strategic placement included notable investors such as the National Artificial Intelligence Industry Investment Fund, with 10 strategic investors collectively allocated 760,540 shares, accounting for 18.97% of the total issuance [4] - A total of 200 public and private fund institutions participated in the offline placement, with an aggregate allocation amount of approximately 1.44 billion yuan [5]

12月12日，"国产GPU(图形处理器)第一股"摩尔线程发布公告，公司及实施募投项目的子公司计划使用最高不超过75亿元(含本数)的闲置募集资金进行现 金管理。购买包括但不限于协定存款、通知存款、定期存款、结构性存款、大额存单、收益凭证等安全性高、流动性好的保本型产品。 而这距离摩尔线程在科创板上市刚刚过去6个交易日。彼时，其上市首日(12月5日)开盘即大涨468.78%，盘中最高触及688元/股，涨超502%，最终报收 600.50元/股，单日涨幅425.46%，创造了中一签(500股)最高浮盈超28万元的纪录，充分展现了市场对国产算力芯片的极高关注度与热情。 "当初募资写了用于研发，但现在又发公告说要把募资去做闲钱理财？""有闲钱为什么要上市？现在还没有盈利，但是还要去买保本型产品？说未来要更 多加大研发投入，结果去投入存款吗？""为什么是不超过75亿元，而不是不超过5000万元，不超过1亿元，大家自行理解吧！"……公告一披露，瞬时在市 场上引发强烈争议。 "公司将持续加大研发投入，以加速产品快速迭代、攻坚核心技术壁垒，并构建自主可控的技术与产品体系，绝不会因现金管理影响募投项目的正常实施 和公司主营业务的 ...

Group 1 - A-shares experienced a collective decline on December 10, with the Shanghai Composite Index dropping by 0.60% during the session, while sectors such as forestry, retail, and engineering machinery showed positive performance [1] - The chip sector remained sluggish, with the chip ETF (159995) down by 1.10% as of 10:31 AM, and key component stocks like Lanke Technology, Haiguang Information, and Zhongwei Company falling by 3.27%, 2.69%, and 2.23% respectively [1] - Some individual stocks were active, with Huazhong Microelectronics rising by 10.61% and Haowei Group increasing by 2.97% [1] Group 2 - On December 9, U.S. President Trump announced that NVIDIA would be allowed to deliver its H200 chip products to qualified customers in China and other countries, under the condition of ensuring U.S. national security [3] - The sales revenue from these chip products will see 25% allocated to the U.S. government, and it was noted that China has been informed and responded positively [3] - Open Source Securities indicated that the restoration of supply for chips like the H200 could promote the comprehensive upgrade of domestic AI models, accelerating the development of the domestic AI ecosystem and potentially expanding demand for domestic computing power chips, which would be a long-term benefit for the domestic chip sector [3]

Core Points - Moore Threads debuted on the A-share market on December 5, opening with a 468% increase, reaching a market capitalization of nearly 305.5 billion yuan, with a share price of 650 yuan [1] - The stock peaked at 688 yuan during trading, with a profit exceeding 280,000 yuan for a single lot, and closed at 590 yuan, reflecting a 416.28% increase [1][2] - The IPO price was set at 114.28 yuan per share, marking the highest price for a new stock listed on the A-share market in the past year, with a total issuance of 70 million shares [2][3] Company Overview - Moore Threads, established in June 2020, specializes in the research, design, and sales of full-function GPU chips, including data center-level and desktop-level GPUs, as well as related software systems [3] - The company’s self-developed MUSA architecture integrates four major engines for AI computing acceleration and graphics rendering, with products like the MTT S4000 intelligent computing acceleration card supporting training of large models with hundreds of billions of parameters [3] Financial Performance - Revenue is projected to grow from 124 million yuan in 2023 to 438 million yuan in 2024, with 702 million yuan already achieved in the first half of 2025 [3] - The total funds raised from the IPO are nearly 8 billion yuan, aimed at developing next-generation AI training and inference chips, graphics chips, and AISoC chips, as well as supplementing working capital [3] Market Impact - The successful listing of Moore Threads signifies further recognition of domestic computing chip enterprises in the capital market and injects new momentum into the GPU industry [3] - Since 2025, 12 new stocks have listed on the Sci-Tech Innovation Board, with an average first-day increase of 207.74%, indicating a positive trend for new listings in the sector [3]

Core Viewpoint - The news highlights the strong debut of Moer Thread on the A-share market, indicating a significant interest in the domestic GPU sector and the potential for growth in AI computing capabilities. Group 1: Market Performance - On December 5, A-share indices showed mixed performance, with the Shenzhen Component Index at 12,996.38 (-0.08%), Shanghai Composite Index at 3,868.23 (-0.20%), and ChiNext Index at 3,070.43 (+0.10%) [1] - The photovoltaic sector, along with home light industry, education, precious metals, cement materials, and blind box economy concepts, showed active trading, while energy metals, electric motors, wind power, real estate development, non-ferrous metals, and reducer concepts experienced declines [1] Group 2: Moer Thread IPO Details - Moer Thread debuted on the A-share market with a first-day opening increase of 468%, reaching a market capitalization of nearly 305.5 billion yuan, with an initial share price of 650 yuan [1] - The stock peaked at 688 yuan during trading, with a potential profit exceeding 280,000 yuan for a single lot, and closed at 590 yuan, reflecting a 416.28% increase [1][2] - The IPO price of 114.28 yuan per share was the highest for new listings in A-shares over the past year, with 70 million shares issued, resulting in a total share capital of 470 million shares [2] Group 3: Company Overview and Financials - Moer Thread, established in June 2020, focuses on the research, design, and sales of full-function GPU chips, including data center-level and desktop-level GPUs [3] - The company’s revenue is projected to grow from 124 million yuan in 2023 to 438 million yuan in 2024, with 702 million yuan already achieved in the first half of 2025 [3] - The total funds raised from the IPO, nearly 8 billion yuan, will be allocated to the development of next-generation AI training and inference chips, graphics chips, and AI SoC chips, as well as to supplement working capital [3]