港股国产GPU第二股，上市首日高开仅31.54%，收涨8.44%。这一涨幅，放在与近期上市的GPU企业对比中，明显是不及预期的。 1月8日，天数智芯正式在港交所主板上市。开盘价190.2港元，较发行价144.6港元大幅高开31.54%。收盘涨幅仅8.44%，总市值为398.77亿港元。 天数智芯 HK9903 HK 市值 398.77亿 量比 192.000 7.48 156.800 换 低 148.900 流通 384.32亿 3.36% 12.200 8.44% 开 市盈™ 亏损 14.04亿 190.200 额 异动解读:新股+通用GPU+量产领先+业绩 ... 同在腹 速诺 分时 日K 周K 目K 五日 电子v 均价:170.685 最新:156.800 12.200 +8.437% 192.000 +32.78% 实10 157.900 2100 24 157.800 U 0 258 157.700 100 157.600 ak 2017-02-20 100 157.500 0 157.400 0 157.300 157.200 0 F 157.100 D FI 400 157.000 -- 144 ...

有着"国产GPU四小龙"之称的天数智芯（09903.HK），于1月8日正式登陆港股。开盘后股价一度冲高逾30%，随后有所回落，截至发稿涨幅为16.18%，总市 值达427亿港元。 同为"四小龙"的壁仞科技（06082.HK）上市首日（1月2日）表现更为抢眼，收盘大涨75.82%，目前总市值突破800亿港元；而沐曦股份（688802.SH）与摩 尔线程（688795.SH）则选择在科创板上市，首日涨幅分别高达692.95%和425.46%，展现出市场对国产GPU龙头企业的强烈期待与追捧。 此次IPO，天数智芯全球发售2543.18万股，其中香港公开发售254.32万股，发行价定为每股144.60港元。扣除相关费用后，净募集资金约35.09亿港元。公司 计划将约80%的资金用于产品与解决方案研发，约10%用于销售与市场推广，其余10%作为营运资金及一般企业用途。 市场认购情绪火热。配发结果显示，香港公开发售获414.24倍认购，国际发售也实现10.68倍认购，反映出全球投资人对中国GPU国产替代进程的认可与信 心。 天数智芯此次招股引入了阵容豪华的基石投资者，包括中兴通讯（000063.SZ）（00763.HK） ...

浓冬时节，香港交易所内一声浑厚铜锣鸣响，铿锵悠远，响彻整个交易大厅。 1月2日，港交所新年首个交易日，上海壁仞科技股份有限公司(简称"壁仞科技")正式登陆资本市场，不仅一举摘得"港股GPU第一股"的桂冠，更以"开门 红"之势，成为2026年港股市场的首只上市新股。聚光灯下，身着深蓝色西装、搭配淡蓝色领带的壁仞科技创始人张文，与核心团队共同迎来了六年创业 征程中至关重要的里程碑时刻。 作为国产AI芯片代表企业，壁仞科技(股票代码：06082.HK)的上市之路始终牵动着市场目光。上市首日，其开盘即报35.7港元/股，较19.6港元的发行价大 涨82.14%，期间市值一举突破千亿港元；截至当日收盘，股价定格在34.46港元/股，涨幅达75.82%，总市值攀升超过800港元。 潜行六年，一朝蝶变。时间回溯至2019年9月，壁仞科技由前商汤科技总裁张文跨界创立。彼时，其精准洞察到AI时代潜藏的巨大算力缺口，随即集结英 伟达、AMD等全球顶尖芯片企业的技术菁英，组建起一支硬核研发团队。而其锚定的赛道，正是当下全球科技竞争的焦点、兼具极高战略价值的高性能 GPU(图形处理单元)领域。 从技术属性来看，GPU是一种专为并行计 ...

Core Viewpoint - Muxi Co., Ltd. has experienced a dramatic decline in stock price, dropping from a peak market value of 350 billion to below 250 billion, raising concerns about its inflated valuation amidst ongoing losses [1][3]. Group 1: Stock Performance - Muxi Co., Ltd. saw its stock price surge by 750% upon listing, reaching a peak of 895 yuan per share, but has since plummeted over 30% to around 615 yuan, resulting in a market value loss exceeding 100 billion [3][4]. - The stock has been characterized by high volatility, with daily fluctuations leading to significant losses for retail investors who bought at peak prices [3][5]. Group 2: Valuation Concerns - The company's valuation is significantly disconnected from its fundamentals, with a market-to-sales ratio exceeding 500 times projected revenue for 2024, compared to an average of 60 times for similar companies in the semiconductor sector [4]. - Despite expectations of revenue growth to 1.5-1.98 billion in 2025, the company is projected to incur losses of 527 million to 763 million, raising questions about its high market valuation [4][6]. Group 3: Challenges Ahead - Muxi Co., Ltd. faces three major challenges: ongoing financial losses due to high R&D costs, impending share unlocks that may lead to increased selling pressure, and intense competition from established players like NVIDIA and domestic firms [5][6]. - The company's R&D expense ratio is projected to be 121.24% in 2024, indicating a significant cash burn without profitability [5]. Group 4: Industry Perspective - The volatility of Muxi Co., Ltd.'s stock highlights a broader question in the A-share market regarding how to value hard technology companies, emphasizing the need for a balance between narrative and actual performance [6][7]. - The domestic GPU market is expected to grow significantly, with projections indicating a market size exceeding 80 billion by 2025, but companies must demonstrate real performance to justify high valuations [6].

Core Viewpoint - The recent IPOs of domestic GPU companies, specifically Moore Threads and Nuxi, have created significant wealth, with Nuxi's stock price soaring 568.83% on its first day, reaching a market capitalization of 280 billion yuan. This has raised questions about the sustainability of such rapid growth and the competitive landscape in the domestic GPU market [1][2]. Company Overview - Nuxi was founded in September 2020 by Chen Weiliang, who has extensive experience at AMD, and its product line includes three main series: the N series for AI inference, the C series for training and general computing, and the G series for graphics rendering, which is still in development [2][3]. - Moore Threads, often referred to as the "domestic NVIDIA," has a different background, with its founder Zhang Jianzhong having worked at NVIDIA for 14 years, influencing its technology strategy [8][10]. Product Strategy - Nuxi's strategy focuses on a clear product line, starting with inference chips, followed by training chips, and eventually graphics rendering capabilities. This approach has led to rapid revenue growth, with projections indicating a compound annual growth rate of 4074.52% from 2022 to 2024 [5][6]. - Moore Threads employs a dual strategy targeting both consumer (To C) and business (To B) markets, with a diverse product range that includes high-performance chips for various applications [16][17]. Financial Performance - Nuxi's revenue surged from 426,400 yuan in 2022 to an estimated 7.43 billion yuan in 2024, but it has also faced significant losses, with cumulative losses exceeding 3 billion yuan from 2022 to 2024 [5][6]. - Moore Threads is also expected to face similar financial challenges, with projections indicating it may not achieve profitability until 2027 [5][20]. Market Position and Competition - Nuxi's products are primarily deployed in national computing platforms and industry-leading enterprises, with a heavy reliance on its C500 series, which is expected to contribute 98% of its revenue in 2024 [6][18]. - In contrast, Moore Threads has a broader market approach, but both companies face significant competition from NVIDIA, which maintains a substantial performance lead in the GPU market [20][23]. Future Outlook - The ongoing competition between Nuxi and Moore Threads raises questions about who will emerge as the next successful player in the domestic GPU market, especially as both companies strive to overcome the performance gap with NVIDIA [1][20]. - The entry of other players like Baidu's Kunlun Chip, which is expected to have a significant revenue advantage, adds further complexity to the competitive landscape [26][27].

Company Overview - Muxi Co., Ltd. has successfully listed on the STAR Market, becoming the "second domestic GPU stock" with an initial price of 104.66 yuan, which surged to 700 yuan at opening, marking a 568.83% increase [2] - The company aims to raise 3.899 billion yuan through the issuance of 40.1 million shares, with the funds allocated to three major R&D projects: "high-performance general-purpose GPU," "AI inference GPU," and "cutting-edge scenario GPU" [3] Financial Performance - In 2022, Muxi's revenue was only 42.64 million yuan, but it is projected to soar to 743 million yuan by 2024, reflecting a compound annual growth rate of over 40 times [3] - The company is expected to incur cumulative losses exceeding 3 billion yuan from 2022 to 2024, with profitability anticipated no earlier than 2026 [2][3] Market Dynamics - The demand for domestic GPUs is surging due to the U.S. high-end GPU export restrictions, leading to increased needs in various sectors such as intelligent computing centers, telecommunications, and finance [3] - Muxi's product matrix includes the N series, C series, and G series GPUs, which cover inference, training, and rendering scenarios, positioning the company as a rare asset in the market [3] Investor Sentiment - The subscription rate for the online issuance was extremely low at 0.033%, with over 517,000 effective subscription accounts and frozen funds exceeding 300 billion yuan, indicating strong investor confidence [2] - Major shareholders include prominent industry players such as the National Artificial Intelligence Industry Investment Fund, China Telecom, JD.com, and Meituan, collectively acquiring nearly 40% of the shares [3] Future Outlook - The initial surge in stock price is seen as just the beginning, with the company's ability to succeed in the domestic GPU market dependent on technological advancements, market application, and achieving profitability [4]

继摩尔线程上市首日暴涨超 4 倍、点燃国产 GPU 赛道热情后，行业另一核心玩家沐曦股份即将接棒冲刺。公司公告确认，将于 12 月 17 日正式在上海证 券交易所科创板挂牌上市，股票代码为 688802，成为摩尔线程之后，国产 GPU "四小龙" 阵营中又一家登陆资本市场的企业，进一步推动国产高端芯片替 代进程。 目前，沐曦股份仍处于研发投入与市场拓展的关键阶段，尚未实现盈利，符合高科技芯片企业早期发展特征。财务数据显示，2022 年至 2024 年，公司净 利润分别为 - 7.77 亿元、-8.71 亿元、-14.09 亿元，2025 年 1-9 月净利润为 - 3.46 亿元，亏损主要用于核心技术研发与产品生态构建。不过值得关注的是， 公司营收已实现跨越式增长，2022 年至 2024 年营业收入从 42.64 万元飙升至 7.43 亿元，两年间同比增速均突破 10 倍，2025 年预计营收将进一步增长 101.86%-166.46%，亏损幅度有望显著收窄，商业化落地成效逐步显现。 沐曦股份已构建起覆盖人工智能计算、通用计算和图形渲染三大领域的完整产品线，形成 "曦思 N 系列 + 曦云 C 系列 + 曦 ...

125万本金，最终兑现124亿回报——这组颠覆认知的数字，并非海外创投圈的传奇案例，而是实打实发 生在国内的投资奇迹。更令人意外的是，缔造这一世界级回报率的主角，并非头部VC、PE，而是一家 此前几乎无人知晓的小机构：沛县乾曜兴科技合伙企业（有限合伙）！ 咱们先看一组数据：据摩尔线程的招股书披露，2022年沛县乾曜出资125.755万现金，拿下摩尔线程 5.5580%的股权，值得一提的事沛县乾曜的入股价为每注册资本1元。 等摩尔线程上市后，沛县乾曜手里共持有摩尔线程1699.868万股，持股比例3.8244%。按摩尔线程12月 10日每股735元的收盘价算，沛县乾曜手里的股票市值高达124.94亿，回报率超9935倍！ 回报率超9935倍！125万变124亿，这家县城小机构为何能缔造中国创投史上传奇一役？ 这周启可不一般，善达资本合伙人，有着超10年产业投资经验，之前还投过"手机壳之王"杰美特、定制 电脑领域的攀升科技，主攻的就是消费电子制造赛道。 更关键的是，沛县乾曜早期给摩尔线程拉来的投资方——深圳市明皓新科技合伙企业（有限合伙），其 核心管理人员韩路、王生娥也是善达资本的合伙人，说白了，沛县乾曜根本不是 ...

当下，摩尔线程已成为资本市场最亮眼的"明星股"之一。此前，12月5日，摩尔线程上市首日股价涨幅 便高达468%，换手率超85%；开盘十分钟内，股价一度冲高至688元。 国金证券认为，AI时代驱动GPU需求快速扩张，国产替代进入加速窗口期。据弗若斯特沙利文预测， 2024年全球GPU市场规模超万亿元，预计2025–2029年CAGR有望达24.5%。中国市场成长更快，市场规 模将从2024年的1,425亿元跃升至2029年的13,368亿元，2025–2029年CAGR高达53.7%，国产GPU厂商有 望深度受益。摩尔线程作为国内稀缺的全功能GPU厂商，在硬件、生态与集群交付方面持续突破，有望 成为国产GPU加速替代的重要力量。25年上半年公司营收超95%由AI智算业务贡献，同时境内营收占比 超99%。 公开资料显示，摩尔线程成立于2020年，核心研发团队占比超75%，创始人张建中曾任英伟达全球副总 裁。公司自主研发的MUSA架构支持全计算精度，是国内少数具备图形渲染与AI计算能力的GPU企业， 其产品已进入多个省级智算中心采购清单。 （文章来源：21世纪经济报道） "国产GPU第一股"摩尔线程的股价继续狂飙。 ...

AIPress.com.cn报道 随着摩尔线程成功上市，首日暴涨468.78%，市值一度突破3000亿元，让人没想到的是，一家名不见经传的小机构，沛县乾曜却赚大发了。 作为摩尔线程最早一批资金入局者，5年前那笔仅 190万元的天使投资，如今账面回报已被市场粗算至百亿级，收益倍数或超6000倍，足以跻身人民币投 资史最传奇的案例之一。 这笔神级下注，是巧合？人脉？还是判断与胆量的集合？ 摩尔线程的「第一张支票」 翻阅《上市法律意见书》可以发现，天使轮投资者只有两家：沛县乾曜与深圳明皓。 但价格却天差地别： 沛县乾曜：以1元/注册资本价格认缴 190万元 顺藤摸瓜回到股权结构，沛县乾曜背后共有四个股东：杨斌（32.7188%）、黄博昊（12.5%）、周启（31.25%）上海诸神咨询管理有限公司（陈柏霖） （23.5312%） 其中，周启是实际控制人，更重要的是，他同时是善达资本合伙人。 深圳明皓：按4.2亿元估值入场，价格为 35.28元/注册资本 意见书中也显示，沛县乾曜并不是普通资金投入，而是以资源换估值折扣，其核心作用是帮助摩尔线程引入深圳明皓的大额投资。 也就是说，1元/注册资本的"抢滩登陆价"是用沛县乾 ...