岁末年初，中国算力产业在资本领域的运作骤然提速。 1月8日，上海天数智芯半导体股份有限公司（下称"天数智芯"，09903.HK）在港股挂牌上市，其此次 公开发售获超400倍认购，充分显示了资本市场的热情。 与GPU厂商的二级市场热潮相呼应，国产存储芯片厂商也在2025年末完成了关键一跃。2025年12月30 日，长鑫科技集团股份有限公司（以下简称"长鑫科技"）正式向上交所递交科创板招股书，并披露了其 2025年前三季度320.84亿元的营收数据，这一数字直观展示了国产DRAM（动态随机存取存储器）产能 释放的规模。 更早之前的2025年9月25日，长江存储科技控股有限责任公司（以下简称"长存集团"）完成了股份制改 革，其1600亿元的估值一度刷新了半导体独角兽的纪录，也标志着这家NAND Flash（闪存）龙头进入 了发展新阶段。 从芯片设计到存储颗粒，从科创板到港交所，一浪接一浪的资本热潮间接宣告了国产算力产业的快速进 步。当然，在资本市场的热度之外，国产芯片在实际的智算中心建设与应用适配中，仍面临着复杂考 验。 各司其职 此前不久，另外两家国产GPU头部企业也已接连登陆科创板：2025年12月5日，摩尔线 ...

Group 1 - The China Securities Index Co., Ltd. announced adjustments to the CSI 1000, CSI 500, and CSI A500 indices, effective after the market close on January 9, 2026. Notable inclusions are Chipone Technology in the CSI 500, Mingyue Lens in the CSI 1000, and BGI Genomics in the CSI A500, while ST Renfu is removed from both the CSI 500 and CSI A500, and Chipone Technology is removed from the CSI 1000 [5] - The Ministry of Commerce held a press conference addressing export controls on dual-use items to Japan, emphasizing China's commitment to maintaining global supply chain stability and security while prohibiting exports that could enhance Japan's military capabilities [6] - China Petroleum & Chemical Corporation (Sinopec) and China National Aviation Fuel Group Corporation are undergoing a restructuring approved by the State Council [7] Group 2 - Moer Technology officially released version 1.1 of its open-source large model distributed training simulation tool, SimuMax, which upgrades from a single tool to an integrated full-stack workflow platform, providing systematic support for large model training simulation and tuning [10] - The price of polysilicon futures dropped by 9% on January 8, following a meeting with the market regulator that discussed monopoly risks and required corrective actions from major industry players [7][8] - The Guangzhou Municipal Government issued a plan to accelerate the construction of an advanced manufacturing city, focusing on reusable rocket technology and establishing testing bases for large liquid rockets [7]

Core Viewpoint - Moer Technology has released version 1.1 of its open-source large model distributed training simulation tool, SimuMax, which enhances its capabilities and provides systematic support for model training simulation and tuning [1] Group 1: Product Update - The new version builds on the high-precision simulation capabilities of version 1.0 and transitions from a single tool to an integrated full-stack workflow platform [1] - Key innovations in this update include a user-friendly visual configuration interface, intelligent parallel strategy search, and a System-Config generation pipeline that integrates computing and communication efficiency modeling [1] - The update improves compatibility with the mainstream training framework Megatron-LM and enhances the modeling accuracy of complex communication behaviors in mixed parallel training, making the simulation environment closer to real production scenarios [1] Group 2: Market Reaction - On January 8, Moer Technology's stock price increased by 9.15%, closing at 674.02 yuan per share, with a total market capitalization of 316.8 billion yuan [1]

经济观察网 据摩尔线程消息，近日，摩尔线程正式发布开源大模型分布式训练仿真工具SimuMax的1.1 版本。该版本在完整继承v1.0高精度仿真能力的基础上，实现了从单一工具到一体化全栈工作流平台的 重要升级，为大模型训练的仿真与调优提供系统化支持。本次更新聚焦三大核心创新：用户友好的可视 化配置界面、智能并行策略搜索，以及融合计算与通信效率建模的System-Config生成流水线。新版本 同时提升了对主流训练框架Megatron-LM的兼容性，并增强了对混合并行训练中复杂通信行为的建模精 度，使仿真环境更贴近真实生产场景。 ...

Investment Rating - The report adjusts the investment rating of the company to "Accumulate-A" [4][10]. Core Views - The company reported a slight increase in revenue and profit for 2024, achieving revenue of 840 million yuan, a year-on-year growth of 2.8%. The transmission product line saw a revenue decline of 3.5% to 720 million yuan, primarily due to a slowdown in domestic transmission network investments. In contrast, the data and access product line revenue surged by 70% to 100 million yuan, driven by strong demand for DCI subsystem products since the second half of 2024 [4][5]. - The first quarter of 2025 showed a slight revenue increase to 200 million yuan, but net profit decreased by 36.8% year-on-year to 20 million yuan, reflecting challenges in performance expectations [4][5]. - The DCI market in North America is experiencing strong demand, with the company holding competitive advantages in DCI optical and electrical layers. The company has completed the development of a full range of DCI equipment and is actively expanding production capacity [6][10]. Financial Data Summary - The company’s projected revenue for 2025 is 1.25 billion yuan, with net profit expected to reach 139 million yuan, reflecting a year-on-year growth of 38% [10][12]. - The gross margin is expected to improve gradually, with projections of 31.7% in 2025 and 33.3% in 2026 [12][14]. - The company’s earnings per share (EPS) is forecasted to be 1.15 yuan in 2025, increasing to 2.38 yuan by 2027 [12][14].