Group 1: 6G Technology - China has completed the first phase of 6G technology trials, forming over 300 key technology reserves [1] - The consensus on 6G standards is deepening, with expectations for a relatively quick determination of system architecture decisions [1] - The communication industry is anticipated to experience a period of technological iteration and policy dividends by 2025, with new growth drivers from AI, quantum communication, and low-altitude economy [1] Group 2: Memory Market - Memory chip prices for DDR5 16G, DDR4 16Gb, and DDR3 4Gb have increased by 0.66%, 0.18%, and 1.05% respectively as of November 13 [2] - The storage market is undergoing a significant price increase cycle driven by explosive growth in enterprise storage demand due to AI applications and structural supply tightness in traditional storage [2] - If AI demand remains strong and supply does not effectively expand, the tight supply-demand relationship in the storage market may persist into 2026 [2] Group 3: GPU Development - The China Securities Regulatory Commission has approved the IPO registration of Muxi Integrated Circuit Co., which plans to raise 3.904 billion yuan for high-performance GPU projects [3] - Muxi is focused on developing high-performance GPU chips and computing platforms to support national AI public computing platforms and commercial intelligent computing centers [3] - Domestic GPU leaders like Muxi and Moore Threads are expected to break the overseas computing power monopoly and accelerate development in the domestic computing chip sector [3] Group 4: Tencent and Apple Agreement - Tencent has reached an agreement with Apple, allowing Apple to handle payments and take a 15% cut from purchases made in WeChat mini-games and apps [4] - Tencent's Q3 report shows total revenue of 192.87 billion yuan, a 15% year-on-year increase, with net profit rising 19% to 63.13 billion yuan [4] - Tencent's investment in AI continues to grow, with R&D spending reaching a record high of 22.82 billion yuan in the latest quarter [4] Group 5: Magnetic Storage Technology - The China Electronics Standardization Association will hold a conference on data storage industry trends, focusing on magnetic storage technology's potential due to its speed, low power consumption, and non-volatility [5] - The global data storage market is valued at over 2.6 trillion yuan, with a focus on enhancing China's industry competitiveness in the digital economy [5] Group 6: Alibaba's AI Project - Alibaba has secretly launched the "Qianwen" project, aiming to create a personal AI assistant app to compete with ChatGPT [6] - This move signifies a shift in Alibaba's AI strategy from B-end services to targeting the C-end consumer market [6] - The Qianwen app is expected to become a new high-frequency entry point for Alibaba's ecosystem within one to two years [6] Group 7: Hong Kong's Ensemble Project - The Hong Kong Monetary Authority has launched the Ensemble project, marking a significant step in real transactions using tokenized deposits and digital assets [7] - Ensemble will operate continuously until 2026, enhancing the financial transaction efficiency and transparency through tokenization [7] - This project is expected to have a profound impact on the global financial landscape, particularly in the context of RMB internationalization and the restructuring of the global payment system [7]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has approved the initial public offering (IPO) registration application of Muxi Integrated Circuit (Shanghai) Co., Ltd., allowing it to list on the STAR Market [1][3]. Company Overview - Muxi Integrated Circuit (Shanghai) Co., Ltd. focuses on the research, design, and sales of high-performance GPU chips and computing platforms, primarily for artificial intelligence training and inference, general computing, and graphics rendering [10][11]. - The company has developed a series of GPU products, including the Xisi N100 series and Xiyun C500 series, which are set to be mass-produced in 2023 and 2024, respectively [7]. Financial Performance - Muxi has not yet achieved profitability, with reported revenues of CNY 426,400 (approximately 0.042 million) in 2022, CNY 53.02 million in 2023, CNY 743.07 million in 2024, and CNY 320.41 million in Q1 2025, totaling approximately CNY 1.117 billion over nearly 13 quarters [6][14]. - The net losses for the same periods were CNY -776.97 million, CNY -871.16 million, CNY -1.41 billion, and CNY -232.51 million, with cumulative losses nearing CNY 3.29 billion [6][14]. - In the first half of 2025, the company reported a revenue of CNY 914.93 million, a year-on-year increase of 404.51%, while the net loss was reduced by 63.74% to CNY -185.89 million [7]. Market Context - The IPO process for Muxi has accelerated, taking only 116 days from application to approval, reflecting a trend among major GPU startups in China, such as Muxi and Moer Technology, which are challenging NVIDIA's market dominance [5][9]. - The company has attracted significant investment from well-known institutions, with a post-financing valuation reaching CNY 21.071 billion [9]. Investment and Development Plans - The funds raised from the IPO will be allocated to various projects, including the development and industrialization of new high-performance general-purpose GPUs and AI inference GPUs, with a total investment of approximately CNY 500.92 million [15][16].

Core Insights - The article highlights significant developments in the capital market's technology sector, particularly focusing on the IPO progress of domestic companies like DaPu Microelectronics and MoEr Thread [1][4]. Group 1: DaPu Microelectronics - DaPu Microelectronics has completed its first round of IPO inquiry response, marking a critical step towards listing on the ChiNext board as the first unprofitable company under the new listing standards [2][3]. - The company specializes in enterprise-level SSD products, having established a comprehensive technology chain from chip design to module testing, achieving full coverage from PCIe 3.0 to PCIe 5.0 [2][3]. - Despite a competitive market leading to a projected decline in market share from 6.4% to 3.0% in 2024, the enterprise SSD market in China is expected to grow significantly, reaching a size of $6.25 billion, a year-on-year increase of 187.9% [3]. Group 2: Investment and Financial Performance - The progress of DaPu Microelectronics' IPO is a significant advancement for its indirect investor, Lianmei Holdings, which is set to benefit from two IPO projects within the year [1][4]. - Lianmei Holdings has made substantial investments in technology sectors, focusing on domestic GPU chips, SSD storage, and autonomous driving, with a strategic approach that aligns with its core business in clean heating [4]. - Financially, Lianmei Holdings reported a revenue of 3.509 billion yuan and a net profit of 659 million yuan in 2024, with a solid dividend yield exceeding 5% and a low debt ratio of 29%, indicating a robust financial foundation for ongoing investments [5].

New Listings - During the period from October 21 to October 27, one company was listed on the Shanghai Stock Exchange main board and one on the Shenzhen Stock Exchange main board [2] - ChaoYing Electronics specializes in the research, production, and sales of printed circuit boards (PCBs), primarily for automotive electronics. The stock price surged by 397.60% on the first day of trading, closing at 83.01 CNY per share, a 386.01% increase from the issue price of 17.08 CNY, with a total market capitalization of approximately 36.3 billion CNY [3] - Marco Polo focuses on the research, production, and sales of building ceramics. The stock price increased by 128.80% on the first day, closing at 27.52 CNY per share, a 100.15% increase from the issue price of 13.75 CNY, with a total market capitalization of approximately 32.9 billion CNY [4] Companies Passing Review - From October 21 to October 27, two companies passed the review on the Shanghai Stock Exchange's Sci-Tech Innovation Board, and one on the Shenzhen Stock Exchange main board [5] - Jianxin Superconducting is engaged in the research, production, and sales of core components for medical MRI equipment, with its products accounting for about 50% of the cost of MRI equipment [6] - Muxi Co., Ltd. focuses on the independent research and development of high-performance GPU chips and computing platforms, primarily for AI training and inference, as well as general computing and graphics rendering [6] New Stock Applications - During the period from October 21 to October 27, one company submitted a listing application on the Shanghai Stock Exchange's Sci-Tech Innovation Board, while no companies submitted applications on the Shenzhen Stock Exchange [9] - HaoYing Technology is a comprehensive service provider for commercial big data, specializing in the research, production, and sales of drone power systems, with products also used in competitive vehicles [10][11] New Listings in Hong Kong - From October 21 to October 27, two companies were listed on the Hong Kong Stock Exchange main board [13] - JuShuiTan is the largest e-commerce SaaS ERP provider in China, with a market share of 24.4%. The stock price rose by 23.86% on the first day, closing at 34.96 HKD per share, a 14.25% increase from the issue price of 30.60 HKD, with a total market capitalization of approximately 14.9 billion HKD [14] - GuangHeTong is a wireless communication module provider, with its stock price dropping by 11.72% on the first day, closing at 19.96 HKD per share, a 7.16% decrease from the issue price of 21.50 HKD, with a total market capitalization of approximately 26.0 billion HKD [14] Companies Submitting Applications in Hong Kong - From October 20 to October 27, eight companies submitted listing applications on the Hong Kong Stock Exchange main board [20] - YuWang Bio is the largest supplier and exporter of human tetanus antitoxin in China, with a market share of 66.8% in terms of revenue for 2024 [39] - BiHua Co., Ltd. is a comprehensive chemical group focusing on technological innovation and green low-carbon development, with a leading position in several chemical products [26] - XieChuang Data is a data intelligence application software company, recognized as the second-largest domestic smart storage device manufacturer by revenue in 2024 [29] - ZhongWei Co., Ltd. specializes in new energy materials, focusing on the research and development of battery materials [33] - HeHui Optoelectronics is an AMOLED semiconductor display panel manufacturer, ranked third globally in large-size AMOLED panel shipments [36] - HaiChen Energy is a global new energy technology company, ranked third in the global energy storage market by lithium-ion battery shipments in 2024 [42]

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. has successfully passed the listing review for the Sci-Tech Innovation Board, marking a significant step in its IPO process, as the demand for computing power continues to drive the digital economy [1][2]. Company Overview - Founded in September 2020 by former AMD China executive Chen Weiliang, Muxi is a leading domestic high-performance general-purpose GPU company, focusing on the development of full-stack GPU chips and computing platforms [2][4]. - The company has developed various product lines, including the Xisi series for intelligent computing inference, the Xiyun series for general computing, and the Xicai series for graphics rendering, addressing the high efficiency and versatility needs of computing power [2][4]. Financial Performance - Muxi's revenue is projected to grow from 426,400 yuan in 2022 to 743 million yuan in 2024, reflecting a compound annual growth rate of 4074.52%, despite net losses exceeding 3 billion yuan over the same period [4]. - The flagship Xiyun C500 series GPU chip is expected to account for 97.28% of the company's revenue in 2024, increasing to 97.87% in the first quarter of 2025 [4]. Market Position and Trends - The global demand for AI computing power is expanding rapidly, with estimates suggesting a 750-fold increase every two years, and the Chinese cloud AI chip market is expected to exceed $48 billion by 2027, with domestic GPU replacement rates projected to exceed 80% [5][10]. - Muxi is positioned to capture approximately 1% of the Chinese AI chip market in 2024, leveraging its technological advancements and delivery capabilities [5]. Strategic Initiatives - Muxi is pursuing a development strategy centered on a "single computing power base + six key industries + X emerging fields," aiming to integrate AI technology with various sectors such as finance, healthcare, and entertainment [6]. - The company has established partnerships with leading AI firms and research institutions to enhance its product offerings and expand its market reach [8]. Industry Dynamics - The domestic GPU sector is experiencing a capital frenzy, driven by policy support and the demand for domestic alternatives, with several companies, including Muxi, actively pursuing IPOs [9][10]. - The current market environment allows for high valuations despite ongoing losses, as investors are optimistic about the potential for domestic GPU companies to capture market share from established players like NVIDIA [10].

Core Viewpoint - Muxi Co., Ltd., a leading domestic high-performance general-purpose GPU company, has successfully passed the IPO review by the Shanghai Stock Exchange [1][3]. Company Overview - Muxi Co., Ltd. focuses on the independent research and development of high-performance GPU chips and computing platforms, providing foundational computing power for various sectors including AI public computing platforms, operator intelligent computing platforms, and commercial intelligent computing centers [3]. - The company aims to enhance domestic computing power infrastructure, which has been heavily reliant on foreign giants, especially in the context of geopolitical tensions and the new AI revolution [3]. Product and Market Position - Muxi's flagship product, the Xiyun C series training and inference integrated GPU chip, is based on fully self-developed GPU IP, instruction set, and architecture, achieving domestic leadership in terms of versatility, single-card performance, cluster performance, stability, ecosystem compatibility, and migration efficiency [3]. - As of the reporting period, Muxi has sold over 25,000 GPU units, with applications in various AI public computing platforms and commercial intelligent computing centers [3]. Market Share and Financial Performance - According to Bernstein Research, Muxi holds approximately 1% market share in China's AI chip market for 2024 [4]. - The company has not yet achieved profitability, with revenues of 0.53 billion, 7.43 billion, and 9.15 billion CNY from 2023 to the first half of 2025, and net losses of -8.71 billion, -14.09 billion, and -1.86 billion CNY during the same period [4]. Challenges and Future Plans - Muxi faces challenges such as low penetration of domestic GPU chips, technical standard adaptation, and user habit migration, which hinder market expansion [5]. - The company plans to raise 3.904 billion CNY through its IPO to invest in new high-performance general-purpose GPU research and industrialization projects, aligning with national industrial policies and its development strategy [5].

Group 1 - The core objective of the 20th Central Committee's Fourth Plenary Session is to significantly enhance the level of technological self-reliance and self-improvement during the "14th Five-Year Plan" period [1] - The A-share IPO market is experiencing a surge with the emergence of technology unicorns like Moer Technology, Muxi Co., and Yushu Technology, reflecting a transformation in China's economic structure towards hard technology [1][2] - The listing of leading technology companies is expected to not only strengthen their own growth but also boost the entire industry chain, creating a cluster effect [1][3] Group 2 - Muxi Co., established in 2020, focuses on developing and selling full-stack GPU products for AI training and inference, with 255 domestic authorized patents as of March 31, 2025 [2] - Muxi Co. plans to issue up to 40.1 million shares to raise approximately 3.904 billion yuan, with funds directed towards R&D and industrialization of high-performance GPUs [2][3] - The GPU industry is characterized by high technical barriers and intensive R&D investment, and Muxi Co. aims to solidify its market position and enhance its R&D capabilities through the IPO [3] Group 3 - The 20th Central Committee emphasizes accelerating high-level technological self-reliance and leading the development of new productive forces, focusing on original innovation and key core technology breakthroughs [4] - Since September 2024, the A-share market has shown a stable upward trend, with government meetings highlighting the need to maintain and enhance the attractiveness of the domestic capital market [5] - The China Securities Regulatory Commission (CSRC) is committed to supporting innovation and facilitating the growth of quality enterprises through reforms in the capital market [5][6] Group 4 - The current IPO wave of technology stocks is supported by favorable policies, enhancing the capital market's inclusivity towards hard technology companies [6] - The transformation of innovation potential into economic momentum is a significant characteristic of the current bull market, with technology innovation companies benefiting from economic transition and policy support [6]

Core Viewpoint - The recent surge in A-share IPOs, particularly in the hard technology sector, reflects China's economic transformation and the increasing emphasis on technological self-reliance and innovation as outlined in the 20th Central Committee's Fourth Plenary Session [2][5][6] Group 1: A-share IPO Market - The A-share IPO market is experiencing a wave of activity with companies like Moer Technology, Muxi Co., and Yushu Technology entering the market, showcasing their core technologies and market influence [2][3] - Muxi Co., established in 2020, plans to issue up to 40.1 million shares to raise approximately 3.904 billion yuan, focusing on the development of high-performance GPU products and related technologies [3][4] - Moer Technology successfully passed its IPO review in just 88 days, indicating strong policy support for AI and new productivity sectors [4] Group 2: Policy Support and Market Outlook - The 20th Central Committee emphasizes accelerating high-level technological self-reliance and innovation, aiming to enhance the national innovation system and seize technological development opportunities [5][6] - The A-share market has shown a stable upward trend since September 2024, with regulatory bodies emphasizing the need to maintain an attractive and inclusive capital market [5] - The current technological revolution, particularly in AI, biomedicine, and blockchain, is reshaping the integration of technology, industry, and finance, with a focus on supporting high-quality enterprises through capital markets [5][6] Group 3: Industry Insights - Experts believe that the focus on "new productivity" places hard technology sectors like AI, high-end chips, and advanced manufacturing at the forefront of national strategy [6] - The exit of foreign giants from the market has created significant demand for domestic alternatives, leading to a surge in local tech startups [6] - The listing of these unicorn companies signals a shift in China's tech innovation from laboratory settings to large-scale industrialization, with the capital market acting as a crucial catalyst [6]

Core Insights - The China Securities Regulatory Commission (CSRC) has emphasized ongoing reforms in financing, particularly supporting unprofitable tech companies with strong market potential through initiatives like the "16 Articles for Science and Technology Innovation" and the "8 Articles for the Science and Technology Innovation Board" [2] - Muxi Co., Ltd. is set to launch its IPO on the Science and Technology Innovation Board, utilizing the fourth set of standards, despite reporting losses from 2022 to 2025 [2][9] - The company focuses on developing high-performance GPU chips and computing platforms, targeting applications in AI training, general computing, and graphics rendering [2][3] Company Overview - Muxi Co., Ltd. has established a strong GPU product system and an open software ecosystem, contributing significantly to the domestic AI computing infrastructure [3][4] - The company aims to reduce reliance on foreign GPU technology and enhance its market share through innovative products amid geopolitical tensions [3][4] - Muxi's main products include the Xisi N series for AI inference and the Xiyun C series for integrated training and inference, with ongoing development of the Xicai G series for graphics rendering [5][9] Financial Performance - The company's revenue has shown significant growth, with reported figures of 42.64 million, 53.02 million, 743.12 million, and 320.41 million for the respective years [9][11] - Despite revenue growth, Muxi has faced continuous losses, with net profits of -77.70 million, -87.12 million, -140.89 million, and -23.25 million over the same periods [9][11] - The company plans to raise 3.904 billion for new GPU development projects, indicating a strong commitment to R&D despite current financial challenges [6][8] Market Position and Competition - Muxi is positioned as a leading domestic GPU manufacturer, competing against established players like NVIDIA and AMD, which dominate the global market [12][13] - The domestic GPU market is evolving, with increasing competition from local firms, but Muxi's focus on innovation and technology development aims to strengthen its competitive edge [12][13] - The company faces risks related to market competition and reliance on a single product line, which could impact its financial stability if not managed effectively [14]

Core Viewpoint - The upcoming IPO application of Mu Xi Integrated Circuit (Shanghai) Co., Ltd. is set for review on October 24, with the company focusing on the GPU and AI industry despite not being profitable yet [1][3]. Group 1: Company Overview - Mu Xi has committed to promoting the self-controllability of China's intelligent computing power industry chain and has developed core technologies in high-performance GPU chips and their software [1]. - The company is one of the few in China that has mastered the research, design, and mass production of high-performance GPU chips and related systems [1]. Group 2: Market Context - The global GPU market is currently dominated by a few players, with NVIDIA holding over 80% market share, while AMD also maintains a significant position [3]. - The demand for computing power chips is increasing rapidly due to the widespread adoption of AI applications, with the domestic accelerated computing server market expected to reach approximately $22.1 billion in 2024, with GPUs accounting for 69% of this market [3]. Group 3: Industry Trends - The domestic GPU chip industry is experiencing a shift towards localization due to increasing export controls on high-end AI chips from overseas, necessitating the search for controllable alternatives [4]. - Continuous high R&D investment is essential for domestic GPU companies to secure market entry and competitive positioning [4]. - The AI server and accelerated computing sectors are expected to provide long-term demand certainty for domestic GPU enterprises [4]. Group 4: Investment Analysis - The rapid development of artificial intelligence is driving the demand for computing power, with data centers and domestic GPU markets showing continued growth potential [9]. - The IPO of Mu Xi is a notable case within the industry, attracting attention as a unique example of a company in this sector [9].