开胜KH-50000的成功发布与上线，成为兆芯在服务器处理器领域的重要成果，其核心优势精准匹配边缘/通用计算、AI训练与推理、高密度存储等场景对高 计算能力、高吞吐能力及低延迟的需求，为关键基础设施行业核心应用及AI相关应用提供了强大的自主可控算力基础。这款处理器的推出，不仅彰显了兆 芯的核心技术研发实力，更推动了国产服务器处理器向高密度、高性能、高扩展方向升级，进一步完善了国产计算核心生态，为我国算力自主可控发展注入 强劲动力。 张欣/文 免责声明：本文观点仅代表作者本人，供参考、交流，不构成任何建议。 收藏 兆芯作为国产通用处理器领域的核心企业，深耕芯片研发与创新领域，始终聚焦高端计算芯片国产化替代需求，致力于为各行业提供自主可控、高性能、高 可靠的计算核心支撑。公司立足上海，依托深厚的技术积累，聚焦PC处理器、服务器处理器等核心产品研发，精准匹配云计算、AI推理、高密度存储等场 景的算力需求，推动国产计算产业高质量发展，为关键基础设施行业核心应用提供安全可靠的技术保障。 随着数字经济快速发展，云计算、人工智能等领域对高密度、高并发算力的需求日益迫切，同时核心芯片的自主可控成为产业发展的重中之重。传统服务 ...

Core Viewpoint - The successful IPO of TianShu ZhiXin Semiconductor Co., Ltd. on January 8, 2026, reflects strong market confidence in the domestic general GPU sector, with a significant opening price increase of 31.54% from the issue price [1][3]. Group 1: IPO and Market Response - TianShu ZhiXin raised HKD 36.77 billion through its IPO, with a remarkable oversubscription of 414.24 times for the Hong Kong public offering and 10.68 times for the international offering, indicating robust investor enthusiasm [1]. - The company’s opening price was HKD 190.2, significantly higher than the issue price of HKD 144.6, showcasing market recognition of its core value [1]. Group 2: Technological and Market Positioning - The company has developed a comprehensive ecosystem through self-research in both hardware and software, focusing on core technologies that enable it to meet the surging global AI computing demand [3][4]. - TianShu ZhiXin has established a full-stack capability, including its "TianGai" training series and "ZhiKai" inference series, which cover cloud training, edge inference, and large model deployment [3]. Group 3: Business Model and Financial Performance - The company has attracted 18 cornerstone investors, raising HKD 15.83 billion, which reflects strong validation of its technology and business model from both industry leaders and top financial institutions [6]. - Financial data indicates a strong growth trajectory, with revenue increasing from CNY 189 million in 2022 to CNY 540 million in 2024, representing a compound annual growth rate of 68.8% [7]. Group 4: Market Trends and Future Outlook - The domestic general GPU market share has increased from 8.3% in 2022 to 17.4% in 2024, with expectations to exceed 50% by 2029, driven by demand, technological breakthroughs, and commercial validation [8]. - The company’s growth trajectory aligns with the structural transformation of the Chinese general GPU market, positioning it to play a crucial role in the AI transformation across various industries [8].