作为稀缺的国产GPU 标的，两家公司也获得了资本追捧。二级市场上，截至1月28日收盘，摩尔线程、沐曦股份A股股价分别为每股602.88元、577.2元，在A股上市公司中排名第 六和第七位，较IPO发行价均已上涨超4倍。当前，两家公司市值都超过2000亿元，合计达到5143亿元。 沐曦股份及摩尔线程均大幅减亏 GED STET HAB 酮酸 ar ANT Agentic 規模化开发 部署 Al Agents 的 EHLET 直 (1) '77 Long Ama : on V Services : 20 46 - 12 a 00 【 No. 11 长江商报消息●长江商报记者 徐佳 人工智能浪潮席卷全球，刚刚上市不久的国产GPU"双星"成为资本市场瞩目的焦点。 1月27日晚，沐曦股份（688802.SH）的业绩预告出炉，公司预计2025年实现营业收入16亿元至17亿元，同比增长115.32%至128.78%；归属于上市公司股东 的净利润（以下简称"归母净利润"）亏损6.5亿元至7.98亿元，同比减亏43.36%至53.86%。另一家GPU明星企业摩尔线程（688795.SH）同期预计实现营业收 入14.5亿元至15 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：上市之家 上市之家首发|1月27日，沐曦股份披露2025年度业绩预告。预计2025年度实现营业收入16亿元至17亿 元，较上年同期的7.43亿元增长115.32%至128.78%，营收增量达8.57亿元至9.57亿元。 盈利方面，公司归母净利润预计亏损6.5亿元至7.98亿元，较上年同期的-14.09亿元亏损收窄43.36%至 53.86%；扣非后归母净利润亏损7亿元至8.35亿元，亏损幅度收窄20.01%至32.94%。 沐曦股份表示，业绩增长得益于公司"1+6+X"发展战略推进，产品性能与软件生态获得下游客户广泛认 可，同时股份支付费用减少对利润形成正向支撑。 作为A股GPU双雄，此前摩尔线程披露的营收增速更为迅猛，预计2025年实现营业收入14.5亿元至15.2 亿元，较上年同期4.38亿元增长230.70%至246.67%，营收增量超10亿元。亏损收窄幅度同样显著，归母 净利润预计亏损9.5亿元至10.6亿元，较上年同期-16.18亿元亏损收窄34.50%至41.30%；扣非后归母净利 润亏损10.4亿元至11.5亿元，亏 ...

2025年的业绩，对摩尔线程和沐曦股份而言，既是一枚勋章也是一面镜子。说它是勋章，营收倍增证明 了两家公司的产品正在被市场加速接受。说它是镜子，虽然两家公司都已经穿越了初创企业的"死亡之 谷"，亏损有所收窄，但两家企业在战略上仍要时刻紧绷。 近日，国产GPU（图形处理器）"双子星"——摩尔线程与沐曦股份相继披露2025年业绩预告。数据呈现 出一幅极具张力的画面：一边是营业收入爆发式增长，其中，摩尔线程预增超230%，沐曦股份预增超 115%；而另一边，则是两家企业持续亏损。 第三，要抓住窗口机遇，在"限售真空期"跑出加速度。从全球范围来看，经过多年发展，GPU领域已经 基本形成了由英伟达和AMD组成的"一超一强"寡头垄断格局，两家企业拥有着很深的护城河。目前， 在先进显卡产品方面，相关方对我国市场实施限售。 我们要正视国际巨头GPU限售带来的"市场真空期"。这既是挑战，更是千载难逢的硬件迭代窗口。摩尔 线程与沐曦股份都在大力推进下一代全功能GPU的流片与量产。在国际巨头产品进不来、国内算力需求 （尤其是大模型训练）爆发式增长的这几年里，国产硬件必须加速缩小代差。 可喜的是，摩尔线程成功推出旗舰级训推一体全功能 ...

来源：股市直击 1月28日（星期三），今日报刊头条主要内容精华如下： 中国证券报 2200亿GPU龙头收入大幅预增！ 1月27日晚间，沐曦股份发布业绩预告称，得益于产品及服务获得下游客户广泛认可与持续采购，公司 预计2025年度实现营业收入16亿元至17亿元，同比增长115.32%至128.78%。公司预计2025年度归属于 母公司所有者净利润将出现亏损，预计亏损6.5亿元至7.98亿元，与上年同期相比，亏损收窄43.36%至 53.86%。 黄金不香了？FOF头号重仓生变 近日，随着公募基金2025年四季报披露完毕，公募FOF的最新持仓动向浮出水面。值得注意的是，在 2025年的前三个季度，华安黄金ETF一直是FOF重仓持有数量最多的基金，而2025年四季度末，被海富 通中证短融ETF取代。此外，鹏扬中债-30年期国债ETF、平安中债-中高等级公司债利差因子ETF、富国 中债7-10年政策性金融债ETF等债券型ETF获FOF重仓的数量居前。 行情强劲势头下 资源品LOF限购升级！ 资源品行情强劲势头下，近期，相关LOF限购进一步升级。1月27日晚间，华安基金发布公告称，为保 证基金的平稳运作、保护基金持有人 ...

沐曦股份表示，自成立以来，公司始终聚焦GPU产品的核心技术突破、迭代升级与产业化落地，依托长 期深耕积累的研发实力与技术壁垒，成功构建起覆盖通用计算、人工智能推理训练等多场景的独具竞争 优势的GPU产品体系，并打造了兼容主流生态、自主可控且开放共享的软件生态，持续为云端计算提供 高能效、高通用性的算力支撑。 1月27日在上海举办的2026"智算申城"高峰论坛上，沐曦股份正式推出曦索X系列全新GPU品牌与产品 线。据介绍，曦索X系列GPU专为科学智能场景深度优化，旨在以强大计算能力赋能前沿科研领域，推 动传统科学计算与人工智能驱动的科研新范式融合发展。 公开资料显示，沐曦股份此前已面向推理场景推出高能效比的GPU产品曦思N系列，面向训练场景推出 大算力通用GPU训推一体产品曦云C系列，聚焦图形渲染专业赛道推出曦彩G系列。随着曦索X系列的 推出，沐曦股份完成在AI推理、AI训练、图形渲染、科学智能四大主流算力赛道的产品矩阵全覆盖。 数据显示，截至1月27日收盘，沐曦股份股价报572.18元/股，总市值为2289亿元。 1月27日晚间，沐曦股份发布业绩预告称，得益于产品及服务获得下游客户广泛认可与持续采购，公司 预 ...

Group 1 - The article discusses the significant gap in football performance between China and Japan, highlighting that despite China's U23 team reaching the finals, they ultimately lost by a large margin, indicating a persistent disparity in football development [1][2][3] - The article attributes the differences in football success to factors such as "football culture," "population base," and the overall system from youth training to professional leagues, suggesting that China's football infrastructure is lagging behind [3][4] - The article mentions Dalian as a positive example of a city with a strong football culture and training system, producing over 200 national team players, but notes that such examples are rare in China [3] Group 2 - The article highlights recent market movements, particularly a significant drop in the CPO and GPU sectors due to poor earnings reports and a sell-off in commercial aerospace stocks [8] - Upcoming events to watch include the Federal Reserve's January decision, earnings reports from major tech companies, and the release of January PMI data in China [9] - The article outlines several risks in the market, including a notable penalty against a well-known trading firm for market manipulation and warnings from commercial aerospace companies about potential stock price volatility [10][13][22] Group 3 - The article discusses the outflow of funds from broad-based ETFs, indicating a shift in market sentiment, with a total of 5,600 billion yuan sold from these ETFs over a recent period [31][32] - It notes that while broad-based ETFs are seeing significant outflows, industry-specific ETFs are experiencing net inflows, suggesting a structural shift in investment preferences [33][36] - The article emphasizes the importance of understanding these fund flows as a means to gauge market trends and investor sentiment [31][39] Group 4 - The article expresses confidence in the long-term prospects for quality equity investments in China, citing ongoing improvements in market mechanisms and regulatory frameworks [41][42] - It points out the current low interest rate environment as a positive factor for equity valuations, with average returns on financial products dropping below 2% [44] - The article compares the performance of China's A50 index with India's SENSEX30 index, suggesting that despite competition, China's structural advantages remain strong [48][50]

Group 1: Space Tourism and Commercial Space Industry - Beijing Chuanweizhe Space Technology Co., Ltd. has held a global launch event for space tourism, showcasing its first commercial manned spacecraft "Chuanweizhe No. 1 (CYZ1)" and has already booked over 20 space tourists across more than three spacecrafts, with a manned flight expected in 2028 [1] - The space economy is at a historic turning point, transitioning from a government-led exploration focus to a commercially driven, diversified ecosystem, driven by low-cost reusable rocket technology [1] - Analysts are optimistic about leading companies in the space exploration industry that possess core technological barriers and clear growth paths [1] Group 2: Sodium-Ion Battery Market - CATL has launched the first mass-produced sodium-ion battery, which is expected to adapt to various vehicle types and maintain over 92% usable capacity at -20°C [3] - The global sodium-ion battery market is projected to reach $5.11 billion by 2031, with significant growth potential due to its advantages in low-temperature performance and economic viability [3] - Companies like Huazi Technology and Jinyinhe are actively involved in the sodium-ion battery supply chain, with Huazi providing energy storage solutions and Jinyinhe leading in automated production lines for lithium and sodium-ion battery components [3] Group 3: Gaming Industry Developments - The gaming industry is experiencing a surge with new game releases, such as the collaboration between "Crossfire" mobile game and "The Wandering Earth," which quickly climbed to the top of the iOS sales charts [4] - The success of new games indicates that globalization and social experiences are key growth drivers in the gaming sector, with a strong focus on "evergreen games + globalization" strategies [4] - Companies like Kaiying Network are diversifying their business models by integrating digital assets with traditional tourism consumption, while 37 Interactive Entertainment is set to launch new titles in the upcoming quarter [5] Group 4: Energy Storage and Power Supply Solutions - The new energy storage capacity in China is expected to reach 144.7 GW by the end of 2025, marking an 85% year-on-year increase, and is crucial for building a new power system [6] - Energy storage is identified as a core solution for addressing power shortages in data centers, particularly in the U.S., where demand is surging due to the growth of data centers [6] - Companies like Penghui Energy and Jinrong Tianyu are expanding their production capabilities in energy storage products, with Penghui planning to introduce a new large-capacity battery by 2026 [7] Group 5: GPU Market and AI Demand - Shanghai Suiruan Technology's IPO has been accepted, aiming to raise 6 billion yuan, reflecting the growing interest in the domestic GPU market [8] - Domestic GPU manufacturers are improving performance and gaining advantages in localization, policy support, and cost control, with companies like Guangmai Technology actively pursuing opportunities in AI and computing power [8] - The demand for electricity is expected to increase by 30% globally by 2035, driven by the expansion of AI and data centers, with solar energy being highlighted as a key future energy source [9]

信心比黄金更重要 2025年，是股权行业重振旗鼓的一年。 经历了漫长的低潮后，农历春节后，DeepSeek的爆火出圈，不仅震动了整个创投行业，更让整个创投生态重拾技术自信。 不断有投资人提及，信心比黄金更重要。而这一标志性事件，让原来逐渐寂静的投资赛道，又多了亮点和冲劲。 年关之际，摩尔线程、沐曦股份、壁仞科技等GPU赛道的头部玩家接连实现IPO，一波波股价的高潮让辛苦一年的投资人更加兴奋。紧接着，智谱、 MiniMax的上市，打出了全球大模型上市的样板。辛苦数年的投资人终于守得云开…… 2025年A股新增上市公司116家，以制造业、科学研究和技术服务业为代表的高新技术企业市值变化尤为突出，总市值较年初分别增长33.3%和32.1%，占 A股市值的比重分别增加4.2个百分点和0.1个百分点。 这些项目上市的纪念相册上，总有投资人的身影。 融中不完全统计，在2025年IPO企业背后的投资机构中，红杉中国以17家IPO的成绩夺魁，深创投以拿下16家上市项目获得榜眼，中金资本以15家的成绩 成为探花。 除此之外，IDG资本、元禾控股、CPE源峰、广汽资本、毅达资本、锡创投、高瓴资本跻身IPO数量前十之列。 对比去年 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Views of the Report - For the stock index, in the long - term, policies support the capital market. In the short - term, pay attention to market rhythm and adopt a strategy of buying on dips [4]. - For treasury bonds, the economy's recovery momentum needs observation. There is still room for reserve requirement ratio and interest rate cuts, but the timing of overall easing may be postponed. The bond market is expected to fluctuate, mainly affected by the stock - bond seesaw [6]. - For precious metals, in the medium - term, the Fed's subsequent interest rate cuts may increase significantly, and there is a strategy of buying on dips for gold and silver [8]. - For non - ferrous metals, most metals are expected to fluctuate, with different influencing factors such as supply - demand, policy, and inventory [11][13][15]. - For black building materials, steel products are expected to continue to oscillate at the bottom. Iron ore may oscillate weakly in the short - term. Coking coal and coke may show an oscillatory and slightly stronger trend. Glass and soda ash are expected to maintain their current trends [31][33][38]. - For energy and chemicals, different products have different outlooks. For example, crude oil is advised to be observed in the short - term with a low - buying and high - selling strategy; methanol has the feasibility of buying on dips; urea is recommended to take profit on rallies [53][56][58]. - For agricultural products, different products have different trends. For example, the short - term of live pigs may be strong, but the medium - term may be under pressure; eggs may oscillate; protein meals are advised to wait and see [77][79][82]. 3. Summary by Directory Stock Index - **Market Information**: The central bank governor said there is room for reserve requirement ratio and interest rate cuts this year. Some companies' IPOs have new progress, and space - related projects have new plans [2] - **Strategy View**: Adopt a strategy of buying on dips in the long - term and pay attention to market rhythm in the short - term [4] Treasury Bonds - **Market Information**: Bond contract prices changed slightly. The first batch of 936 billion yuan of ultra - long - term special treasury bonds for equipment renewal was issued. The central bank conducted reverse repurchase operations with a net investment of 309 billion yuan [5] - **Strategy View**: The economy's recovery momentum is uncertain. There is room for reserve requirement ratio and interest rate cuts, and the bond market is expected to fluctuate [6] Precious Metals - **Market Information**: Gold and silver prices rose. US inflation data was lower than expected, and COMEX silver inventory decreased [7] - **Strategy View**: In the medium - term, the Fed's interest rate cuts may increase, and there is a strategy of buying on dips for gold and silver [8] Non - Ferrous Metals - **Copper** - **Market Information**: LME copper prices rose, inventory increased, and domestic social inventory accumulation slowed down [10] - **Strategy View**: The market sentiment is not pessimistic, and copper prices are expected to oscillate in the short - term [11] - **Aluminum** - **Market Information**: Aluminum prices rose, and inventory changes were mixed [12] - **Strategy View**: The decline of aluminum prices is limited, and there is support in the short - term [13] - **Zinc** - **Market Information**: Zinc prices rose slightly, and inventory and other indicators changed [14] - **Strategy View**: Zinc prices have room to catch up, and need to observe PMI data [15] - **Lead** - **Market Information**: Lead prices rose slightly, and inventory increased [17] - **Strategy View**: Lead prices may oscillate, and need to observe PMI data [17] - **Nickel** - **Market Information**: Nickel prices fluctuated narrowly, and nickel iron prices rose [18] - **Strategy View**: Nickel prices are expected to oscillate widely in the short - term, and it is recommended to wait and see [18] - **Tin** - **Market Information**: Tin prices fell slightly, and supply and demand and inventory had certain changes [19] - **Strategy View**: Tin prices may oscillate, and it is recommended to wait and see [19] - **Lithium Carbonate** - **Market Information**: Lithium carbonate prices rose, and production and inventory decreased [21] - **Strategy View**: There is a risk of correction, and it is recommended to wait and see or try with a light position [22] - **Alumina** - **Market Information**: Alumina prices rose, and inventory increased [23] - **Strategy View**: It is recommended to wait and see, and pay attention to supply - side policies [24] - **Stainless Steel** - **Market Information**: Stainless steel prices rose, and inventory decreased [25][26] - **Strategy View**: The market is expected to be strong, and prices may oscillate at a high level [26] - **Cast Aluminum Alloy** - **Market Information**: Cast aluminum alloy prices oscillated, and inventory changed [27] - **Strategy View**: Prices are expected to oscillate and consolidate [28] Black Building Materials - **Steel** - **Market Information**: Steel prices rose slightly, and inventory and other indicators changed [30] - **Strategy View**: Steel prices are expected to continue to oscillate at the bottom, and need to pay attention to relevant policies [31] - **Iron Ore** - **Market Information**: Iron ore prices rose slightly, and inventory increased [32] - **Strategy View**: Iron ore prices may oscillate weakly in the short - term, and need to pay attention to steel mills' replenishment and iron - making rhythm [33] - **Coking Coal and Coke** - **Market Information**: Coking coal and coke prices rose slightly, and there were changes in spot prices and basis [34] - **Strategy View**: Coking coal and coke prices may show an oscillatory and slightly stronger trend, and need to pay attention to market sentiment [38] - **Glass and Soda Ash** - **Market Information**: Glass prices fell, and soda ash prices fell slightly. Inventory and other indicators changed [39][40] - **Strategy View**: Glass is expected to oscillate widely, and soda ash is expected to maintain a weak consolidation [39][41] - **Manganese Silicon and Ferrosilicon** - **Market Information**: Manganese silicon and ferrosilicon prices rose slightly, and there were changes in technical forms [42] - **Strategy View**: Pay attention to market sentiment and cost factors, and wait for driving factors [44] - **Industrial Silicon and Polysilicon** - **Market Information**: Industrial silicon prices rose slightly, and polysilicon prices rose. Supply and demand and inventory had certain changes [45][46] - **Strategy View**: Industrial silicon prices may oscillate repeatedly, and polysilicon prices are expected to fluctuate in the short - term [46][47] Energy and Chemicals - **Rubber** - **Market Information**: Rubber prices rebounded, and there were different views on the rise and fall [48] - **Strategy View**: Adopt a neutral view, wait and see, and consider short - selling if the price breaks through a certain level [51] - **Crude Oil** - **Market Information**: Crude oil and related product prices rose [52] - **Strategy View**: Do not be too bearish on oil prices in the short - term, and it is recommended to observe and wait for verification [53][54] - **Methanol** - **Market Information**: Methanol prices changed, and MTO profit changed [55] - **Strategy View**: It has the feasibility of buying on dips [56] - **Urea** - **Market Information**: Urea prices changed, and the basis was reported [57] - **Strategy View**: Take profit on rallies [58] - **Pure Benzene and Styrene** - **Market Information**: Pure benzene prices were stable, and styrene prices rose. Supply, demand, and inventory had certain changes [59] - **Strategy View**: Gradually take profit [61] - **PVC** - **Market Information**: PVC prices rose, and supply, demand, and inventory had certain changes [62] - **Strategy View**: Adopt a strategy of short - selling on rallies in the medium - term [63] - **Ethylene Glycol** - **Market Information**: Ethylene glycol prices rose, and supply, demand, and inventory had certain changes [64] - **Strategy View**: The supply - demand pattern needs to be improved by increasing production cuts, and beware of rebound risks [65] - **PTA** - **Market Information**: PTA prices rose, and supply, demand, and inventory had certain changes [66] - **Strategy View**: Enter the inventory accumulation stage during the Spring Festival, and pay attention to mid - term long - buying opportunities [67] - **Para - Xylene** - **Market Information**: Para - xylene prices rose, and supply, demand, and inventory had certain changes [68] - **Strategy View**: Pay attention to mid - term long - buying opportunities following crude oil [69] - **Polyethylene (PE)** - **Market Information**: PE prices rose, and supply, demand, and inventory had certain changes [70] - **Strategy View**: The downward space of PE valuation still exists, and pay attention to the supply - demand situation [72] - **Polypropylene (PP)** - **Market Information**: PP prices rose, and supply, demand, and inventory had certain changes [73] - **Strategy View**: The supply - demand is weak, and consider long - buying the PP5 - 9 spread on dips [74] Agricultural Products - **Live Pigs** - **Market Information**: Pig prices showed a pattern of rising in the north and falling in the south [76] - **Strategy View**: The short - term may be strong, but the medium - term may be under pressure [77] - **Eggs** - **Market Information**: Egg prices mostly rose [78] - **Strategy View**: Near - term contracts may oscillate, and long - term contracts have uncertain good expectations [79] - **Soybean and Rapeseed Meal** - **Market Information**: Protein meal prices changed, and there were changes in import and inventory data [80][81] - **Strategy View**: Wait and see due to many negative news [82] - **Oils and Fats** - **Market Information**: Oil and fat prices rose, and there were changes in production, inventory, and consumption data [83][84][85] - **Strategy View**: The current fundamentals are weak, but the long - term expectations are optimistic, and wait and see in the short - term [86] - **Sugar** - **Market Information**: Sugar prices oscillated weakly, and there were changes in production and import data [87][88] - **Strategy View**: Wait for the international sugar price to rebound after the northern hemisphere's harvest, and the short - term downward space of domestic sugar prices may be limited [89] - **Cotton** - **Market Information**: Cotton prices rebounded, and there were changes in import, inventory, and production data [90][91] - **Strategy View**: There is room for long - term price increase, and wait for correction to buy [92]

Core Viewpoint - The article highlights the significant growth forecast for Moer Thread's revenue and gross profit by 2025, driven by the booming AI industry and strong demand for high-performance GPUs [2]. Group 1: Financial Performance - Moer Thread anticipates revenue between 1.45 billion to 1.52 billion yuan in 2025, representing a growth of 230.70% to 246.67% compared to 2024 [2]. - The company expects a narrowed net loss of 1.04 billion to 1.15 billion yuan in 2025, with a year-on-year reduction of 29.59% to 36.32% [2]. - This marks the fourth consecutive year of revenue growth and reduced net losses, reflecting the company's improving core competitiveness and accelerated commercialization [2]. Group 2: Technological Advancements - Moer Thread has established a complete, sustainable GPU system through self-designed processes from architecture to software ecosystem, positioning itself as a rare "AI + graphics" dual-driven GPU manufacturer in China [4]. - The company has successfully mass-produced five chips within five years and completed four generations of GPU architecture, creating a diverse product matrix that supports AI, scientific computing, and graphics rendering [4]. - The flagship AI training and inference GPU card, MTT S5000, has achieved market-leading performance and large-scale production, with a floating-point computing capability of 10 Exa-Flops [5]. Group 3: Ecosystem and Collaborations - Moer Thread's MUSA architecture and software stack are highly compatible with international mainstream GPU application ecosystems, significantly reducing developers' migration costs [5]. - The company has validated its capabilities through key collaborations, achieving record performance in large-scale models and demonstrating the effectiveness of its domestic AI infrastructure [6]. - The company has invested over 4.3 billion yuan from 2022 to mid-2025 to support continuous innovation and ecosystem expansion [6]. Group 4: Funding and Future Projects - Moer Thread announced it will use its own funds to meet the financial needs of its fundraising projects, ensuring the smooth progress of GPU R&D [7]. - The funding will focus on three core R&D projects: next-generation AI training and inference chips, graphics chips, and AI SoC chips [7]. - This decision reflects the company's confidence and determination to succeed in the new GPU development cycle, reinforcing its technological barriers in the domestic GPU market [7].