以下文章来源于清科研究 ，作者创造价值的 清科研究 . 清科研究中心致力于为众多的有限合伙人、VC/PE机构、战略投资者、以及政府机构、律师事务所、会计事务所、投资银行、研究机构等提供专业的信 息、数据、研究和咨询服务。 回暖复苏。 作者 / 清科研究 来源 / 清科研究 （ID：pedata2017） 2 0 2 5年中国股权投资市场募投退全方位回暖。 募资方面，2 0 2 5年新募集基金 数量和规模分别为5 , 0 3 9只，1 . 6 5万亿元，同比分别上升2 6 . 6 %、1 4 . 1 % ，政府投资基金、地方国资 平台、险资、AIC等出资人活跃出资，成为推动募资市场回暖的核心力量。币种结构上，人民币基金主导地位进一步提升，募资规模 同比上升1 6 . 1 %；外币基金募资延续下滑态势，全年仅3 3只外币基金完成新一轮募集，募集规模超3 5 0亿元，同比分别下滑1 5 . 4 %、 3 6 . 0 %。 投资方面，2 0 2 5年投资案例数和金额分别为1 0 , 7 9 5起、9 , 2 8 7 . 1 6亿元，同比上升2 8 . 4 %、4 5 . 6 %。分行业看，硬科技仍是投资主流 领 域 ...

Fundraising - In 2025, the number and scale of newly raised funds in China's equity investment market reached 5,039 and 1.65 trillion yuan, representing year-on-year increases of 26.6% and 14.1% respectively [1] - Government investment funds, local state-owned platforms, insurance capital, and AIC have become the core driving forces behind the recovery of the fundraising market [1] - The dominance of RMB funds has further increased, with a year-on-year growth of 16.1%, while foreign currency funds continued to decline, with only 33 foreign currency funds completing new rounds of fundraising, totaling over 35 billion yuan, down 15.4% and 36.0% year-on-year [1] Investment - In 2025, the number and amount of investment cases reached 10,795 and 928.716 billion yuan, showing year-on-year increases of 28.4% and 45.6% respectively [1] - Hard technology remains the mainstream investment sector, with investment case numbers in IT, semiconductors, biotechnology/healthcare, and machinery manufacturing all exceeding 1,500 [1] - High interest is noted in sub-sectors such as AI, embodied intelligence, GPU, innovative drugs, smart manufacturing, and new energy/new materials [1] - The popularity of investment strategies such as mergers and acquisitions, cornerstone investments, and public offerings has also significantly increased [1] Exits - The number of exit cases in 2025 saw a significant increase, totaling 5,211, which is a year-on-year rise of 41.0% [2] - Nearly 2,000 IPO cases were recorded, marking a year-on-year increase of 46.8% [2] - The number of merger and acquisition exit cases reached 468, reflecting a year-on-year increase of 77.3% [2]

金工量化周报 黄金珠宝指数：个人-机构参与水平出现分化 热门概念与行业机构参与情况跟踪（2026.01.26-2026.01.30） 核心结论 热门概念机构参与情况跟踪： 本周（2026.01.26-2026.01.30，下同）， PEEK 材料指数、机器视觉指数和高送转预期指数，机构参与占比靠前；其 中，PEEK 材料指数，机构参与占比达到近 20 周最高位。 GPU 指数、ASIC 芯片指数、半导体设备指数，机构参与增速最高；而航空 运输精选指数、华为鸿蒙指数与流感指数，机构参与降幅靠前。 黄金珠宝指数、稀土永磁指数和航空运输精选指数，个人-机构参与分歧程度 位于前列。本周最后一个交易日（2026.01.30），黄金珠宝指数个人机构走 势出现明显分化：个人参与水平显著下降，机构参与水平小幅回升。 行业机构参与情况跟踪： 本周， 机械、电子和轻工制造，机构参与占比靠前。 电子、建材、基础化工，机构参与增速最高；而石油石化、交通运输与医药， 机构参与降幅靠前。 石油石化、煤炭和传媒，个人-机构参与分歧程度位于前列。 风险提示：本报告是根据合理模型假设进行的计算与统计，涉及个股与概念 均不构成投资建议；模型与假 ...

近日，百度旗下昆仑芯提交港股上市申请，阿里也考虑将平头哥分拆IPO。 作者 | 资市分子 近日，AI芯片公司上海燧原科技股份有限公司（简称"燧原科技"）的科创板IPO申请获受理，计划融资 60亿元。 来源 ：资市会 这是继摩尔线程、沐曦股份、壁仞科技上市后，最后一家冲刺IPO的"国产GPU四小龙头"。 燧原科技深耕云端AI训练与推理，主要营收来自AI加速卡及模组，不过，也深陷研发烧钱、持续巨 亏、单一大客户依赖等困局。 近四年，燧原科技累计亏超51亿元，研发投入占比常年碾压营收，维持在160%以上。 GPU芯片公司扎堆上市，除了资本对AI赛道的狂热追捧，也是一场资本补血换企业技术攻坚的竞速 赛。相关募集资金基本聚焦芯片架构迭代与软件生态破局。 背后，一场围绕英伟达CUDA生态的破局之战全面打响。华为昇腾与英伟达各以40%的市场份额形成双 雄对垒。国产AI芯片分为"革命派"与"兼容派"两大技术阵营，超过30家本土厂商激烈竞逐。 海光信息、摩尔线程等以CUDA兼容路线降低客户迁移成本抢占市场。 燧原科技作为"革命派"阵营一员，能否在技术迭代与生态破壁中撕开一条生路？本次IPO，也是公司挣 脱巨亏泥潭、破解发展桎梏 ...

Core Viewpoint - Shanghai Suyuan Technology Co., Ltd. has received acceptance for its IPO on the Sci-Tech Innovation Board, marking the first IPO acceptance in A-shares for 2026 [1] Group 1: IPO Details - The company plans to raise 6 billion yuan through its public offering, with CITIC Securities as the sponsor [3][4] - The funds will be used for the research and development of fifth and sixth generation AI chip series, business expansion, and supply chain security [4][5] Group 2: Company Background - Founded in March 2018, Suyuan Technology is the earliest established and latest IPO company among the "Four Little Dragons" of domestic GPUs [3][12] - The company has developed four generations of cloud AI chips and has become a leading enterprise in China's cloud AI chip market [6][7] Group 3: Financial Performance - From 2022 to the first three quarters of 2025, the company reported revenues of 90.1 million yuan, 301 million yuan, 722 million yuan, and 540 million yuan, with a compound annual growth rate of 183.15% [9] - The company has incurred net losses of 1.116 billion yuan, 1.665 billion yuan, 1.51 billion yuan, and 888 million yuan during the same period [9] Group 4: Market Position and Technology - As of September 2025, the company held 262 domestic invention patents and participated in over 10 national and local technology projects [10] - The company has a market share of approximately 1.4% in China's AI accelerator card market, ranking among the top domestic AI chip manufacturers [9] Group 5: Competitive Landscape - The global AI chip market is dominated by NVIDIA, which holds about 76% market share in AI accelerator cards as of 2024 [13] - The "Four Little Dragons" of domestic GPUs, including Suyuan Technology, are focusing on different aspects of GPU development, with Suyuan emphasizing cloud AI training and inference products [12][13] Group 6: Future Prospects - The company aims to become a leader in general artificial intelligence infrastructure, focusing on original innovation and sustainable development [6] - Suyuan Technology's products have been widely commercialized in various internet AI scenarios, supporting the transition from traditional AI models to large-scale AI models [14]

Agent 到底对 CPU 带来怎样的需求？20260122 摘要 Agent 数量增多显著增加对 CPU 的需求，每个 Agent 执行任务时的数 据处理和逻辑调度依赖 CPU，多 Agent 系统的任务分配和通信协调也需 要大量计算资源。 当前 AI 集群中的虚拟机技术更注重硬件资源绑定，要求快速启停（1 秒 内启动）和具备常驻状态或标记点，增加了对高性能、高数量 CPU 的需 求。 CPU 负载核心因素在于任务的持续时间和频率。长时任务（如 2-4 小 时）对 CPU 负载影响大，而短时频繁任务影响较小。大模型的记忆能力 影响 Agent 连续工作时间，进而影响 CPU 需求。 Deepseek 和 Anagram 技术通过引入类似字典机制，利用 CPU 完成部 分计算，减少 GPU 负担，优化 prefill 阶段输入文本处理，提升查询效 率，增强模型记忆能力。 AG 类任务对 CPU 负载重，中间计算过程 token 消耗大（20 万至 50 万），是用户输入 token 的数十倍。连续工作的记忆能力是 AG 承担更 多实际工作的关键。 Q&A AI 对 CPU 的需求有哪些具体影响？ 在大模型推理 ...

Core Viewpoint - Moore Threads, known as the "Chinese version of Nvidia," is experiencing significant growth in revenue driven by the booming AI industry and strong demand for high-performance GPUs, despite still facing net losses in the upcoming years [1][2]. Group 1: Financial Performance - Moore Threads reported a stock price of 628.6 CNY per share and a total market capitalization of approximately 295.5 billion CNY as of January 22 [1]. - The company forecasts its 2025 annual revenue to be between 1.45 billion CNY and 1.52 billion CNY, representing a year-on-year growth of 230.70% to 246.67% [1]. - The expected net loss for 2025 is projected to be between 950 million CNY and 1.06 billion CNY, with a reduction in loss compared to the previous year by 34.50% to 41.30% [1][3]. Group 2: Business Segments - The primary revenue sources for Moore Threads are AI computing, professional graphics acceleration, desktop graphics acceleration, and SoC-related businesses, with AI computing products becoming the main revenue pillar [3]. - In 2024 and the first half of 2025, the revenue share from AI computing products is expected to reach 77.63% and 94.85%, respectively, driven by demand for large model training and GPU cloud services [3]. Group 3: Market Position and Growth Potential - The global GPU market is projected to reach 36,119.74 billion CNY by 2029, with China's GPU market expected to grow to 13,635.78 billion CNY, increasing its market share from 30.8% in 2024 to 37.8% in 2029 [2]. - Moore Threads has successfully launched its flagship MTT S5000 GPU, achieving market-leading performance and has begun large-scale production [4]. - The company aims to achieve profitability at the consolidated level by 2027, contingent on successful R&D and market expansion [3].

对于此次业绩的表现，摩尔线程在公告中表示，得益于人工智能产业蓬勃发展及市场对高性能GPU的强劲需求，公司 以AI训推一体智算卡MTT S5000为代表的产品竞争优势进一步扩大，市场关注与认可度持续提升，推动收入与毛利增 长，整体亏损幅度同比收窄。 根据摩尔线程2025年业绩预告的数据，其营业收入将连续四年保持高增态势，同时，净亏损亦将连续四年实现收窄。 业绩层面的持续增长，反映的是摩尔线程核心竞争力的不断提升带来的商业化提速。 不可否认的是，GPU行业具有行业壁垒高、重研发投入、研发周期长等特征，其发展需跨越芯片设计、软件适配、应 用场景落地等诸多考验，对企业全栈研发能力要求极高。为突破挑战，摩尔线程选择从底层架构、核心工具链到软件 生态进行全流程自主设计，从零构建一套完整、通用、可持续演进的GPU体系。依托MUSA架构的统一性与先进性， 摩尔线程确立了国内稀缺的"AI+图形"双轮驱动定位，成为极少数同时深耕B端与C端的全功能GPU厂商，构筑了难以 复制的差异化竞争优势。 预计2025年营收、毛利实现大幅增长。 本文为IPO早知道原创 据IPO早知道消息，摩尔线程智能科技（北京）股份有限公司（证券代码：688 ...

Core Viewpoint - The company, Moore Threads, forecasts a significant revenue increase for 2025, driven by the booming AI industry and strong demand for high-performance GPUs, despite expected net profit decline and ongoing research and development investments [1][2]. Financial Performance - Expected revenue for 2025 is projected between 1.45 billion to 1.52 billion yuan, representing a year-on-year growth of 230.70% to 246.67% [1]. - The anticipated net profit is estimated to be between 950 million to 1.06 billion yuan, reflecting a year-on-year decline of 34.50% to 41.30% [1]. - The company expects a non-recurring loss of 1.04 billion to 1.15 billion yuan, which is a reduction of 29.59% to 36.32% year-on-year [1]. Market Position and Competition - Moore Threads positions itself uniquely in the domestic market with its "AI + Graphics" dual-drive strategy, utilizing its MUSA architecture [2]. - The company claims to be the only domestic GPU capable of competing with NVIDIA, integrating AI computation acceleration, graphics rendering, scientific computing, and video codec capabilities [2]. - According to Bernstein Research, NVIDIA and Huawei are expected to dominate the Chinese AI accelerator market with 40% market share each by 2025, while other competitors like Haiguang and Pingtouge hold only 4% [2]. Research and Development - The GPU industry is characterized by high barriers to entry, significant R&D investment, and long development cycles, requiring comprehensive R&D capabilities [3]. - Moore Threads has invested over 4.3 billion yuan in R&D from 2022 to the first half of 2025, compared to 1.07 billion yuan by Cambrian for 2024 [3]. Technological Advancements - The company has achieved market-leading performance with its fourth-generation GPU architecture, the MTT S5000, which has reached a floating-point computing capability of 10 Exa-Flops in a cluster [5]. - The fifth-generation GPU architecture, "HuaGang," supports full precision calculations and will lead to the development of high-performance AI training chips and graphics rendering chips [5]. - Recent collaborations have demonstrated the capabilities of the MTT S5000 in training large models, marking significant advancements in the domestic GPU sector [6]. Funding and Future Projects - Moore Threads announced plans to use its own funds to meet the financial needs of its R&D projects, ensuring the smooth progress of GPU development [6]. - The funding will focus on three core R&D projects: next-generation AI training and inference chips, next-generation graphics chips, and next-generation AI SoC chips [6].

Market Overview - The A-share market saw all major indices rise today, with the Shanghai Composite Index up by 0.08% closing at 4116.94 points, the Shenzhen Component Index up by 0.70% at 14255.13 points, the Sci-Tech 50 Index up by 3.53% at 1535.39 points, and the ChiNext Index up by 0.54% at 3295.52 points [1][10] - Overall, 3095 stocks rose while 2195 stocks fell, with a total market turnover of 26,006 billion yuan, a decrease of 1,770 billion yuan compared to the previous trading day [1] Industry Performance - Among the Shenwan first-level industries, the top gainers included non-ferrous metals (up 2.79%), electronics (up 2.62%), machinery and equipment (up 1.50%), steel (up 1.39%), and building materials (up 1.35%) [1][10] - Conversely, the banking, coal, and food and beverage sectors experienced declines, with decreases of 1.58%, 1.57%, and 1.53% respectively [1][10] Concept Sector Performance - The leading concept sectors today included GPU, advanced packaging, selected rare metals, lithium mining, gold and jewelry, circuit boards, copper industry, optical modules (CPO), HBM, analog chips, small metals, ASIC chips, copper-clad laminates, selected semiconductors, and automotive chips [2]