Group 1 - Domestic GPU giant Muxi Co., Ltd. has been listed, opening with a surge of over 568%, with a stock price of 700 CNY [1] - The company is one of the few full-stack GPU manufacturers in China, and its revenue has been growing rapidly in recent years [1] - The initial offering price was set at 104.66 CNY per share [1] Group 2 - The Shanghai Composite Index opened down 0.06%, while the Shenzhen Component Index opened up 0.10%, and the ChiNext Index opened up 0.03% [3] - The Hang Seng Index opened up 0.03%, with the Hang Seng Tech Index rising by 0.09% [4] - In the market, sectors related to smart driving, nuclear fusion, and stablecoins showed weakness, while lithium mining and pork-related stocks strengthened [3]

Economic Policy and Market Outlook - The central financial office emphasizes that expanding domestic demand will be the top priority for next year, with domestic demand contributing 71% to economic growth in the first three quarters of this year [1] - The social security fund aims to leverage long-term capital to support national development needs and promote high-quality development of the fund industry [1] Employment and Labor Market - In November, the U.S. non-farm payrolls increased by 64,000, exceeding expectations, but the unemployment rate rose to 4.6%, the highest in four years [2] Capital Market Developments - International institutions like UBS and JPMorgan are optimistic about the profit improvement potential of Chinese assets, with foreign long-term funds net buying approximately $10 billion of A-shares and H-shares through various channels by November [2] - The central economic work conference calls for deepening capital market reforms, which may enhance the role of brokerages in direct financing services, leading to potential valuation recovery for brokerage stocks [2] Industry Highlights - The storage chip market is expected to see a price increase of 30%-35% for LPDDR4X/5X in Q1 2026 [5] - The global demand for lithium is projected to grow by 30% year-on-year in 2026, with a significant increase in demand for energy storage batteries [5] - The National Medical Products Administration has approved the first invasive brain-computer interface product for treating drug addiction in China [5] - Alibaba has released a new generation of AI models aimed at professional film production and image creation [5] Company Updates - Muxi Co., a full-stack GPU manufacturer, has attracted market attention with its IPO, priced at 104.66 yuan per share, with potential for significant first-day gains [5] - Xichuang Data plans to invest up to 9 billion yuan in server procurement to enhance its cloud computing services [6] - Changan Automobile is set to trial L3 autonomous driving applications in Q1 2026 [7] - Huazhong Cable intends to acquire a 70% stake in San Zhu Technology to enhance its industry chain [7] - Luckin Coffee is considering acquiring Blue Bottle Coffee to enhance its brand image and expand into the high-end coffee market [8]

Group 1 - The Social Security Fund emphasizes the importance of long-term capital and patient investment strategies to support the development of the fund industry [1] - The fund aims to implement the decisions made by the central government and ensure prudent investment operations [1] Group 2 - 360 Company clarifies allegations of financial fraud, stating it will pursue legal action against false claims that suggest significant financial misconduct [2] - Following the allegations, 360's stock price fell by 5.07% by the end of trading on December 16 [2] Group 3 - The trend of using AI as a financial assistant is gaining popularity among young investors, with discussions on social media about AI-managed investments [3] - Investors are comparing AI tools and their performance in a competitive manner [3] Group 4 - Dongjie Intelligent announces plans for a major asset restructuring involving the acquisition of a controlling stake in a robotics company [4] - The transaction is expected to be classified as a significant asset restructuring and related party transaction [4] Group 5 - The Ministry of Industry and Information Technology has granted approval for the first batch of L3-level conditional autonomous driving vehicles, marking a significant step towards commercialization [5][16] - Two electric vehicle models will be tested in designated areas of Beijing and Chongqing [5][17] Group 6 - Hubei state-owned assets have made six acquisitions of listed companies this year, with a recent purchase of an 18.66% stake in ST Yishite for 2.437 billion yuan [6][25] - This acquisition focuses on the new energy power equipment sector [6] Group 7 - Several banks are tightening personal precious metal trading services, actively clearing inactive clients to manage market risks and comply with regulations [7][8][26] - This shift may lead to a more concentrated market with a focus on institutional clients [8] Group 8 - China Aviation Industry Corporation is investing approximately 422 million yuan in a new aerospace equipment assembly facility [9][27] - The project aims to enhance the company's capabilities in aerospace equipment assembly [9] Group 9 - The Chinese government has introduced a plan to promote high-quality development in the service outsourcing industry, encouraging companies to utilize multi-tiered capital markets for financing [14][33] - The service outsourcing sector is experiencing significant growth and structural optimization [14] Group 10 - A new standard for gold exchange services has been established, aiming to create a more transparent and fair trading environment for consumers [15][34] - This standard is expected to enhance compliance and operational efficiency within the gold market [15]

Core Viewpoint - The newly listed company, Muxi Co., is expected to perform well in the market, similar to its peer, Moer Thread, due to its high issuance price and fundraising amount, alongside strong revenue growth in the GPU sector [1][4][6]. Company Overview - Muxi Co. is a rare full-stack GPU manufacturer in China, focusing on the research, design, and sales of GPU products for AI training, inference, general computing, and graphics rendering [1][2]. - The company has a strong core team, with founders coming from AMD, and is one of the few in China with comprehensive capabilities in high-performance GPU chip development and production [2]. Industry Insights - The global GPU market is projected to grow from $77.39 billion in 2024 to $472.45 billion by 2030, with a compound annual growth rate (CAGR) of 35.19% [2]. - The Chinese GPU market is expected to reach approximately 107.3 billion yuan in 2024, reflecting a year-on-year growth of 32.96% [2]. Financial Performance - Muxi Co. reported revenues of 426,400 yuan in 2022, 5.3 million yuan in 2023, and 74.3 million yuan in 2024, with significant year-on-year growth rates of 12,334.60% and 1,301.46% respectively [3]. - The company is currently operating at a loss, with net profits of -777 million yuan in 2022, -871 million yuan in 2023, and projected -1.4 billion yuan in 2024 [3]. IPO Details - Muxi Co. issued 40.1 million shares and raised approximately 4.1969 billion yuan, with funds allocated to three key projects, including high-performance GPU development [3][5]. - The company's price-to-sales ratio (TTM) is 23.84, significantly lower than the average of comparable companies at 140.34 [5]. Market Sentiment - The recent trend in the new stock market shows an average first-day increase of 348.19% for newly listed stocks, with Muxi Co. expected to achieve a similar performance [4][6]. - The high issuance price of 104.66 yuan per share places Muxi Co. among the higher-priced stocks in the Sci-Tech Innovation Board, which may influence its market performance [5][6].

各位老铁，今日上市的新股昂瑞微表现亮眼，即使发行价、募资金额双高，但盘中最高涨至244元，上 市首日最大涨幅达193.76%，中一签的投资者最高可赚80470元。 而明日又将迎来一只高价明星新股，那就是沐曦股份。公司是国内稀缺全栈GPU生产厂商，近年来营业 收入保持高速增长，同时发行价高达104.66元/股。如果其在上市首日能达到可比公司摩尔线程的首日 涨幅425.5%，那么意味着中一签的投资者将赚超22万元！那么，沐曦股份明日上市会是下一个摩尔线 程吗？ 国内稀缺全栈GPU厂商，营业收入高速增长 公开资料显示，沐曦股份致力于研发、设计和销售应用于人工智能训练和推理、通用计算与图形渲染领 域的全栈GPU产品。 沐曦股份是国内极少数具备高性能GPU自主研发及量产能力的领军企业，构建了"软硬一体"全栈产品矩 阵。公司产品结构正向高端化演进，2022年主要依赖智算推理系列板卡，2025年一季度训推一体产品收 入占比达98%。在硬件层面，公司GPU产品覆盖三大应用场景：训推一体、智算推理和图形渲染。 公司三位联合创始人均来自AMD，其中陈维良先生曾任AMD上海公司高级总监，彭莉女士和杨建先生 曾任AMD上海公司企业院 ...

Group 1 - The 19th meeting of the 14th National People's Congress Standing Committee will be held from December 22 to 27 in Beijing, focusing on various reports including the central budget execution for 2024 and issues related to fiscal education funding [2] - The Ministry of Housing and Urban-Rural Development emphasizes the need to reform and improve the real estate development, financing, and sales systems to promote high-quality development in the real estate sector, addressing the evolving housing demands of the population [3] - Muxi Co., Ltd. is set to be listed on the STAR Market on December 17, 2025, with an IPO price of 104.66 yuan per share, raising approximately 4.197 billion yuan for new GPU development projects [4] Group 2 - The first batch of L3-level conditional autonomous driving vehicles has received approval, marking a significant development in the automotive industry [5] - The Chinese yuan has recently appreciated significantly, surpassing the 7.05 mark against the US dollar, reaching its highest level in nearly 14 months, which is expected to boost domestic capital market confidence [6] - Nasdaq plans to extend trading hours from 16 to 23 hours, indicating a shift towards all-day trading in the stock market [7] Group 3 - The A-share market has seen a collective upgrade of mainstream broad-based indices, reflecting the capital market's response to China's economic structural transformation [9] - TCL Technology has increased its stake in Huaxing Semiconductor by acquiring an additional 10.7656% for 6.045 billion yuan, raising its total ownership to approximately 94.98% [13] - Kweichow Moutai has implemented price control measures to stabilize the market after a drop in the wholesale price of its products [12] Group 4 - Changchun High-tech has signed an exclusive licensing agreement for the GenSci098 injection project, potentially earning up to $1.365 billion in milestone payments [23] - The company Feiwo Technology has clarified that its involvement in the commercial aerospace sector is still in the early stages, contributing less than 1% to its main business revenue [25] - Siyuan Electric has announced plans to apply for an H-share listing on the Hong Kong Stock Exchange to raise funds for various corporate needs [26]

Core Viewpoint - The newly listed company, Muxi Co., is expected to perform well in the market, similar to its peer, Moer Thread, due to its high issuance price and fundraising amount, alongside strong revenue growth in the GPU sector [1][4]. Company Overview - Muxi Co. is a rare domestic full-stack GPU manufacturer, focusing on the research, design, and sales of full-stack GPU products for AI training, inference, general computing, and graphics rendering [1][2]. - The company has a strong core team, with founders having backgrounds from AMD, and is one of the few in China mastering the core technologies of general GPU architecture and high-performance GPU chip design [2]. Industry Insights - The global GPU market is projected to grow from $77.39 billion in 2024 to $472.45 billion by 2030, with a compound annual growth rate (CAGR) of 35.19% [2]. - The Chinese GPU market is expected to reach approximately 107.3 billion yuan in 2024, reflecting a year-on-year growth of 32.96% [2]. Financial Performance - Muxi Co. reported revenues of 426,400 yuan in 2022, 5.3 million yuan in 2023, and 74.3 million yuan in 2024, with significant year-on-year growth rates of 12,334.60% and 1,301.46% respectively [3]. - The company is currently operating at a loss, with net profits of -777 million yuan in 2022, -871 million yuan in 2023, and -1.409 billion yuan in 2024 [3]. IPO Details - Muxi Co. raised approximately 4.1969 billion yuan through its IPO, with funds allocated to three key projects, including the development of high-performance general GPUs and AI inference GPUs [3][4]. - The issuance price of Muxi Co. is set at 104.66 yuan per share, which is considered high within the Sci-Tech Innovation Board context [4][5]. Market Sentiment - The recent trend in the new stock market shows an average first-day increase of 348.19% for newly listed stocks, indicating a favorable market sentiment for Muxi Co. [4][5]. - The average first-day increase for the last ten newly listed stocks on the Sci-Tech Innovation Board was 212.32%, suggesting potential for Muxi Co. to achieve similar performance [5][6].

Core Viewpoint - Wallan Technology is progressing towards its IPO in Hong Kong, with plans to issue up to 372 million overseas listed shares and convert 873 million domestic unlisted shares for trading on the Hong Kong Stock Exchange, which is expected to enhance its competitive position in the GPU industry [1] Group 1: Company Overview - Wallan Technology is a leading provider of general intelligent computing solutions in China, focusing on its self-developed Walli™ series GPU products [1] - The company aims to build a domestic intelligent computing industry ecosystem and become a core engine for China's artificial intelligence industry development [1] Group 2: Technological and Market Position - As of June 30, 2025, Wallan Technology has applied for nearly 1,200 patents globally and has received over 430 patent authorizations, ranking first among Chinese general GPU companies [2] - The company's products are deployed in critical sectors such as AI data centers, telecommunications, AI solutions, energy and utilities, fintech, and the internet, effectively supporting core application scenarios like large model training and research innovation [2]

Core Viewpoint - The recent listing of domestic GPU company Moer Thread has significantly influenced market sentiment, leading to increased attention on another domestic GPU company, Muxi Co., which is set to go public on December 17 [1][15]. Company Overview - Muxi Co. is recognized as a leading enterprise in high-performance general-purpose GPU products in China, focusing on the development of high-performance GPU chips and computing platforms for AI computing, general computing, and graphics rendering [11][24]. - The company has not yet achieved profitability, with projected revenues of 42.64 million yuan, 53.02 million yuan, and 743 million yuan from 2022 to 2024, and net losses of 7.77 billion yuan, 8.71 billion yuan, and 14.09 billion yuan during the same period [11][24]. Market Performance and Investor Sentiment - Muxi Co. has a planned issuance of 40.1 million shares at an initial price of 104.66 yuan per share, with a low online subscription rate of 0.03348913%, indicating that only about 4 out of every 10,000 investors will receive shares [9][22]. - If market conditions mirror those of Moer Thread, which saw a first-day increase of 468.78%, Muxi Co.'s stock price could reach approximately 595 yuan, potentially yielding a profit of around 250,000 yuan for investors who secure shares [9][22]. - The enthusiasm for Muxi Co. is partly driven by its association with the high-growth potential of the domestic GPU sector, which is seen as strategically significant amid the AI computing boom [12][25]. Investment Trends - The recent surge in interest for Muxi Co. and Moer Thread reflects a broader trend in the market where investors are increasingly drawn to high-tech companies in the GPU space, which are perceived to have strong growth prospects [12][25]. - The overall supply of new stocks in the A-share market is expected to decrease in 2025, which may further enhance the appeal of high-quality new listings like Muxi Co. [12][25].

Core Viewpoint - Wall Street's Wall Street Journal reported that Shanghai Birun Technology Co., Ltd. has received approval for overseas listing, aiming to issue up to 372,458,000 ordinary shares and potentially become the "first GPU stock in Hong Kong" [1][4]. Company Overview - Birun Technology is a provider of general intelligent computing solutions, focusing on its self-developed Birun™ series GPU products to offer robust, secure, and efficient computing infrastructure across various industries [1][4]. - Since its establishment in 2019, the company has adhered to an original core architecture and pioneered Chiplet high-performance chips, building a technology system that promotes soft and hard collaborative innovation [1][4]. Technological Advancements - As of June 30, 2025, Birun Technology has applied for nearly 1,200 patents globally and has received over 430 patent authorizations, ranking first among Chinese general GPU companies [2][5]. - The company has won the highest award at the World Artificial Intelligence Conference, the SAIL Award, twice and has completed commercial deployment of optical interconnect technology [2][5]. Market Position and IPO Significance - The IPO in Hong Kong is seen as a significant step for Birun Technology, helping to broaden capital market financing channels and further solidify its industry-leading position [2][5]. - The Hong Kong stock market has become an important channel for international financing for Chinese technology companies, and Birun Technology's listing is expected to fill a gap in the GPU sector, providing new investment opportunities for investors in the Chinese AI industry chain [2][5]. Industry Context - Analysts from China International Capital Corporation believe that recent reforms in the Hong Kong market are likely to attract more capital, facilitating a positive cycle between quality companies and funding [3][6]. - Birun Technology's listing aligns with market demand for hard technology assets and is expected to enhance its core GPU technology research and development, contributing to the construction of domestic computing infrastructure and China's participation in global technological competition [3][6].