红星资本局1月8日消息，今日，天数智芯（9903.HK）正式在港交所上市，成为"港股国产GPU第二股"。 天数智芯开盘股价报190.2港元，较发行价144.60港元涨31.54%，总市值达483.7亿港元；随后股价涨幅收窄，截至发稿时涨15%， 报166.5港元。 由于高研发投入及规模效应有限等，天数智芯与同行业企业一样，仍处于亏损状态。在2022至2024年间，分别录得净亏损5.54亿 元、8.17亿元、8.92亿元。截至今年上半年，天数智芯录得亏损6.09亿元。 红星新闻记者 俞瑶 符小茵 | | 天数智芯 09903.hk 166.500 +21.900 +15.145% | | | 今开:190.200 | 最高: 192.000 | 成交量:568.4万 | 内盘:168.8万 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 最低: 148.900 成交额:9.92亿 | 昨收:144.600 | | | 外盘: 399.2万 | | स्त्रीय | 日K 聞K 月K | | | | | | | | 192.000 | 天数 ...

英伟达CEO黄仁勋在CES演讲上展示了英伟达新一代的Rubin GPU，该芯片NVFP4 推理算力是 50PFLOPS，是Blackwell的5倍；NVFP4训练算力是35PFLOPS，是Blackwell的3.5倍；HBM4带宽 22TB/s，是Blackwell的2.8倍，晶体管数量3360亿个，是Blackwell的1.6倍。 （文章来源：第一财经） ...

12月22日，金融界财经早餐，宏观政策、资本市场、行业板块、公司个股要闻一览： 一、今日财经要闻 1、今日09：00公布12月一年期、五年期贷款市场报价利率（LPR） 2、国务院总理李强12月19日主持召开国务院常务会议，深入学习贯彻习近平总书记在中央经济工作会 议上的重要讲话精神，对贯彻落实中央经济工作会议决策部署作出安排。 3、商务部党组扩大会议提出，做强国内大循环、畅通国内国际双循环、拓展国际循环，为经济实现质 的有效提升和量的合理增长贡献商务力量。大力提振消费，扩大优质商品和服务供给，释放服务消费潜 力。 4、世界贸易组织发布《2025年世界贸易报告》指出，在配套政策到位的情况下，人工智能有望通过提 升生产率、降低贸易成本，到2040年将跨境货物和服务贸易额提高34%至37%，全球GDP增长12%至 13%。报告强调，需弥合数字基础设施差距、加强技能培训，并保持开放、可预期的贸易环境，确保增 长更具包容性。 5、国家发展改革委、市场监管总局、国家网信办制定了《互联网平台价格行为规则》。平台内经营者 在不同平台销售商品或者提供服务的，依法自主定价。平台经营者不得违反《中华人民共和国电子商务 法》第三十五 ...

Core Viewpoint - Wallan Technology (06082), known as the first GPU stock in Hong Kong, has commenced its IPO on December 22, 2023, aiming to raise between HKD 4.21 billion and HKD 4.85 billion through the issuance of 247.69 million shares priced between HKD 17.00 and HKD 19.60 per share [1] Group 1: IPO Details - The company plans to issue 247.69 million shares with a price range of HKD 17.00 to HKD 19.60 per share [1] - The entry fee for investors is approximately HKD 3,960 for a minimum purchase of 200 shares [1] - Wallan Technology is expected to be listed on the Hong Kong Stock Exchange on January 2, 2026, with CICC, Ping An Securities (Hong Kong), and BOC International serving as joint sponsors [1] Group 2: Financial Performance - Wallan Technology's revenue is projected to grow from RMB 499,000 in 2022 to RMB 33.7 million by 2024, reflecting a compound annual growth rate (CAGR) of 2500% [1] Group 3: Product Development - The company has successfully developed and mass-produced two chip models, BR106 and BR110, and has launched a higher-performance chip, BR166, which began mass production in 2025 [1] - Wallan Technology plans to introduce next-generation flagship data center chips, BR20X and BR30X series, based on a second-generation architecture [1]

Core Viewpoint - TianShu Intelligent Chip is set to go public in Hong Kong with an IPO of up to 29,246,520 shares and aims to convert 219,670,165 shares of unlisted domestic stock into publicly traded shares [1] Group 1: Company Overview - TianShu Intelligent Chip specializes in providing general-purpose GPU products and AI computing solutions tailored for various industries [1] - The product portfolio includes general-purpose GPU chips, accelerator cards, and customized AI computing solutions, integrating hardware with proprietary software stacks to meet specific customer needs in training and inference scenarios [1] Group 2: Industry Milestones - According to Frost & Sullivan, TianShu Intelligent Chip is the first company in China to achieve mass production of inference general-purpose GPU chips and training general-purpose GPU chips [1] - The company is also the first to utilize advanced 7nm process technology to reach these milestones in the chip design industry [1]

Group 1 - The core viewpoint of the article is that Shanghai Tensu Zhixin Semiconductor Co., Ltd. has successfully passed the IPO hearing for Hong Kong stocks, marking a significant event in the capital market [1] - Tensu Zhixin specializes in providing general GPU products and AI computing solutions tailored for various industries, including general GPU chips, accelerator cards, and customized AI computing solutions [3] - The company is the first in China to achieve mass production of inference general GPU chips and training general GPU chips, utilizing advanced 7nm process technology [3] Group 2 - Revenue figures for Tensu Zhixin from 2022 to 2025 are as follows: 2022 - 189 million RMB, 2023 - 289 million RMB, 2024 - 540 million RMB, and for the first half of 2025 - 324 million RMB, indicating a growth trend [3][4] - The company reported losses for the same periods: 2022 - 554 million RMB, 2023 - 817 million RMB, 2024 - 892 million RMB, and for the first half of 2025 - 609 million RMB [3][4] - In the first half of 2025, the company achieved a revenue increase of 64.2% compared to the same period in the previous year, although losses also increased from 404 million RMB to 609 million RMB [3]

Group 1 - The core viewpoint of the news is that Muxi Co., Ltd. experienced a significant drop in stock price by 5.16% on December 18, with a trading volume of 5.408 billion yuan [1] - On December 18, Muxi Co., Ltd. had a financing buy amount of 460 million yuan and a financing repayment of 397 million yuan, resulting in a net financing purchase of 63.3 million yuan [1] - As of December 18, the total margin balance for Muxi Co., Ltd. was 869 million yuan, which represents 6.08% of its circulating market value [1] Group 2 - Muxi Co., Ltd. was established on September 14, 2020, and is located in the Pudong New Area of Shanghai, focusing on the research, design, and sales of full-stack GPU products for artificial intelligence training and inference, general computing, and graphics rendering [1] - The main revenue composition of Muxi Co., Ltd. includes 97.55% from training and inference GPU boards, 1.25% from intelligent computing inference GPU boards, 0.80% from other sources, 0.32% from training and inference GPU servers, and 0.08% from IP licensing [1] - As of December 17, the number of shareholders of Muxi Co., Ltd. was 25,100, which is an increase of 20,138.71% compared to the previous period [2] - For the period from January to September 2025, Muxi Co., Ltd. achieved an operating income of 1.236 billion yuan, representing a year-on-year growth of 453.52%, while the net profit attributable to the parent company was -346 million yuan, reflecting a year-on-year increase of 55.79% [2]

Core Viewpoint - The article discusses the recent performance and market position of Muxi Co., a leading domestic GPU company, highlighting its stock fluctuations, financial results, and competitive landscape in the AI chip market. Group 1: Stock Performance and Market Entry - Muxi Co. opened lower on December 18, with its stock price dropping 5.77% to 782 CNY per share after a significant debut on December 17, where it achieved a 692.95% increase, closing at 829.9 CNY per share and a market capitalization of 3320.43 billion CNY [1][3]. - The company set a record for the most profitable new stock, with investors potentially earning around 395,200 CNY for a single lot of shares [3]. Group 2: Financial Performance and Growth - Muxi Co. is still in a loss-making state but has shown significant improvement, with a revenue of 1.236 billion CNY for the first three quarters of 2025, marking a 453.52% year-on-year increase [8]. - The net loss for the same period was 346 million CNY, a reduction of 55.79% compared to the previous year [8]. - The company anticipates a total revenue of 1.5 billion to 1.98 billion CNY for the year, representing a year-on-year growth of 101.86% to 166.46% [11]. Group 3: Product Development and Market Position - Muxi Co. focuses on GPU technology, with its flagship product, the Xiyun C500 series, contributing significantly to its revenue, accounting for 30.09% in 2023 and projected to reach 97.28% by the first quarter of 2025 [8]. - The company is developing the next-generation Xiyun C600 chip, which is expected to be delivered in October 2024, and aims to establish a fully domestic supply chain [10]. Group 4: Competitive Landscape and Market Share - Muxi Co. currently holds approximately 1% of the AI accelerator market in China, indicating substantial growth potential [13]. - The company has developed a software ecosystem compatible with over 6000 CUDA applications, enhancing its competitive edge in the market [13]. - Muxi Co. is actively engaging with major internet companies and telecom operators to expand its customer base and has secured orders worth 1.43 billion CNY as of September 5 [14][15]. Group 5: Challenges and Future Outlook - Despite the positive growth trajectory, Muxi Co. faces challenges, including ongoing losses and the need to establish a robust ecosystem for its general-purpose GPU chips [5][6]. - The potential re-entry of NVIDIA's H200 chip into the Chinese market raises concerns about competition, although it is noted that the current focus of Muxi Co. is on inference applications, which may not directly compete with NVIDIA's offerings [16].

此次IPO，沐曦股份募集资金主要投向"新型高性能通用GPU研发及产业化项目""新一代人工智能推理 GPU研发及产业化项目"和"面向前沿领域及新兴应用场景的高性能GPU技术研发项目"。 沐曦股份此次发行价格为104.66元/股，对应市值约为418.74亿元，市销率为56.35倍。从首发价格来 看，沐曦股份本次发行价格是年内A股第二只首发百元股，仅次于摩尔线程114.28元/股的首发价格。 公司主要从事自主研发全栈高性能GPU芯片及计算平台，产品包括用于智算推理的曦思N系列GPU、用 于训推一体和通用计算的曦云C系列GPU，以及正在研发用于图形渲染的曦彩G系列GPU。 格隆汇12月17日｜国产GPU第二股沐曦股份-U今日首日上市高开568%，盘中进一步拉升，一度涨 616.61%至750港元，总市值达3000亿元，单签盈利超32万元。 ...

不过，沐曦尚未盈利。2022年~2024年及今年前三个月，沐曦营收分别为42.64万元、5302.12万元、7.43亿元和3.2亿元，净利润分别为-7.77亿元、-8.71亿 元、-14.09亿元和-2.33亿元。2022年~2024年，沐曦累计亏损超32亿元。 今年上半年，沐曦营收9.15亿元，同比增长404.51%，亏损1.86亿元，仍未扭亏。沐曦预计，今年前九个月营收12亿元~12.6亿元，同比增长437.36%至 464.23%，亏损3亿元~3.8亿元，同比有所减亏。 就尚未盈利的原因，沐曦提到国内GPU芯片市场长期被国外巨头垄断，国产GPU芯片渗透率低，公司智算推理GPU芯片曦思N100系列等仍处于销售规模 爬坡期，以及因实施股权激励而确认了较大金额的股份支付费用。沐曦提醒，截至今年3月末，公司合并报表未分配利润-10.48亿元，预计上市后账面累 计未弥补亏损将持续存在。该公司预计，达到盈亏平衡点的时间最早为2026年。 按发行价计算，私募大佬葛卫东直接持有沐曦股份市值约15.01亿元，葛卫东实际控制的混沌投资持股市值约13.19亿元，红杉资本旗下的红杉瀚辰、红杉 雅恒合计持股市值约15.77亿元， ...