2. 截至发稿，德国DAX指数跌0.01%，英国富时100指数涨1.63%，法国CAC40指数跌0.15%，欧洲斯托克50指数涨0.12%。 | ■ 德国DAX30 | 24,085.32 | 24.193.82 | 24,037.46 | -2.01 | -0.01% | 20:37:38 0 | | --- | --- | --- | --- | --- | --- | --- | | 器 英国富时100 | 9,843.10 | 9,854.35 | 9,744.40 | +158.31 | +1.63% | 20:37:31 0 | | 法国CAC40 | 8.093.79 | 8,136.07 | 8,079.72 | -12.37 | -0.15% | 20:37:30 0 | | □ 欧洲斯托克50 | 5,724.56 | 5,746.06 | 5,715.95 | +6.73 | +0.12% | 20:37:18 0 | 3. 截至发稿，WTI原油涨1.74%，报56.09美元/桶。布伦特原油涨1.63%，报59.88美元/桶。 盘前市场动向 1.12月17日(周三)美股盘前，美股三大股指 ...

盘前市场动向 1.12月17日(周三)美股盘前，美股三大股指期货齐涨。截至发稿，道指期货涨0.23%，标普500指数期货 涨0.34%，纳指期货涨0.44%。 2. 截至发稿，德国DAX指数跌0.01%，英国富时100指数涨1.63%，法国CAC40指数跌0.15%，欧洲斯托 克50指数涨0.12%。 3. 截至发稿，WTI原油涨1.74%，报56.09美元/桶。布伦特原油涨1.63%，报59.88美元/桶。 市场消息 特朗普料将为了遴选美联储主席而在周三面试美联储理事沃勒。据知情人士透露，特朗普将于周三面试 另一位美联储主席候选人——美联储理事克里斯托弗·沃勒。官员们称，相关流程进展迅速，特朗普仍 在权衡之中，因此会面随时可能被推迟或取消。上周，特朗普面试了前美联储理事凯文·沃什。特朗普 表示，沃什与美国国家经济委员会主任凯文·哈塞特一道，是他心目中该职位的首选人选。 交易员押注周四CPI"无关紧要"，美股波动预期骤降。近三年来，美国月度消费者价格报告一直是股票 交易员极为关注的联邦数据。如今，投资者等待周四公布的11月通胀报告时，大多带着一种无动于衷的 情绪，而非以往的焦灼不安。根据巴克莱银行汇编的数据， ...

3. 截至发稿，WTI原油涨1.74%，报56.09美元/桶。布伦特原油涨1.63%，报59.88美元/桶。 市场消息 特朗普料将为了遴选美联储主席而在周三面试美联储理事沃勒。据知情人士透露，特朗普将于周三面试 另一位美联储主席候选人——美联储理事克里斯托弗·沃勒。官员们称，相关流程进展迅速，特朗普仍 在权衡之中，因此会面随时可能被推迟或取消。上周，特朗普面试了前美联储理事凯文·沃什。特朗普 表示，沃什与美国国家经济委员会主任凯文·哈塞特一道，是他心目中该职位的首选人选。 交易员押注周四CPI"无关紧要"，美股波动预期骤降。近三年来，美国月度消费者价格报告一直是股票 交易员极为关注的联邦数据。如今，投资者等待周四公布的11月通胀报告时，大多带着一种无动于衷的 情绪，而非以往的焦灼不安。根据巴克莱银行汇编的数据，期权交易员押注标普500指数将在任一方向 波动0.7%。这一幅度显著低于截至9月份的12份报告所引发的1%平均实际波动幅度。 受委内瑞拉地缘冲突影响，原油价格从四年来最低位反弹。受委内瑞拉地缘冲突影响，国际原油定价基 准——布伦特原油期货价格从2021年以来的最低价格水平迅速反弹。有统计数据显示，委内瑞 ...

在最新公布的美国就业数据未能进一步强化美联储继续降息理由的背景下，周三美国国债和美股期指小 幅波动，美元走强。与此同时，美国总统特朗普加大对委内瑞拉的施压力度，推动油价上涨。 截至发稿，道指期货涨0.23%，标普500指数期货涨0.34%，纳指期货涨0.44%。 欧洲基准股指上涨0.3%，各板块涨跌互现，多数主要股指走高。能源板块领涨，此前特朗普下令封锁 进出委内瑞拉的油轮，提振原油价格。 英国方面，最新公布的通胀数据创下八个月以来最低水平，英镑应声下跌0.7%，富时100指数则上涨近 1%。 美国股指期货走强，此前标普500指数周二连续第三个交易日收跌，投资者正在评估美国就业形势。 特朗普在社交媒体上表示，他将于美东时间周三晚上9点（北京时间周四上午10点）向全国发表讲话。 白宫方面透露称，特朗普将就其历史性成就发表讲话、谈论未来展望，或许会预告新年政策。 就业数据降温暂缓降息押注 最新的美国劳动力市场数据显示，就业正在降温，但并未出现快速恶化迹象，促使交易员暂缓增加对短 期降息的押注。美国11月新增就业人数为6.4万人，高于路透调查经济学家的预期，但失业率升至 4.6%。不过，长达43天的政府停摆对数据造 ...

Core Insights - Muxi Integrated Circuit (Shanghai) Co., Ltd. officially listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 17 [2] - The company is a leading domestic player in high-performance general-purpose GPU products, focusing on AI training and inference, general computing, and graphics rendering [2][3] - Muxi has developed a series of core technologies with independent intellectual property rights, overcoming technical bottlenecks in high-performance GPU chips and computing platforms [2][3] Company Performance - Muxi's product innovation has led to continuous updates, with the launch of the Xisi N series GPU for intelligent computing inference and the Xiyun C series GPU for training and general computing [3] - The Xiyun C500 series chip, launched in 2023, has achieved leading computational power levels domestically, with cumulative sales of over 25,000 units expected by March 2025 [3] - The company reported a compound annual growth rate (CAGR) of 4074.52% in revenue over the past three years, with revenue reaching 915 million yuan in the first half of 2025, surpassing the total revenue for 2024 [4] Future Plans - Muxi plans to use the funds raised from its IPO to invest in new high-performance general-purpose GPU R&D and industrialization projects, as well as AI inference GPU projects [4] - The company is constructing an ecosystem and commercial layout termed "1+6+X," focusing on providing high-efficiency and versatile computational support for cloud computing across various industries, including finance, healthcare, energy, education, transportation, and entertainment [3]

证券日报网讯12月17日，龙芯中科在互动平台回答投资者提问时表示，9A1000已经于今年9月交付流 片，预计明年能回片，后续还要经过测试、产品化等一系列工作才能上市，随着产品上市会公布具体的 性能参数。 ...

盘前市场动向 1.12月17日(周三)美股盘前，美股三大股指期货齐涨。截至发稿，道指期货涨0.23%，标普500指数期货涨0.34%，纳指期货涨0.44%。 | 名称 ▼ | 月▼ | - 最新 | 最高 | 最低 | 涨跌额 ▼ | 涨跌幅 ▼ | 时间 ▼ | | --- | --- | --- | --- | --- | --- | --- | --- | | ඝ 伦敦布伦特原油 | 2026年2月 | 59.88 | 60.39 | 58.81 | +0.96 | +1.63% | 20:40:51 0 | | ■ WTI原油 | 2026年2月 | 56.09 | 56.58 | 55.13 | +0.96 | +1.74% | 20:40:51 0 | 市场消息 特朗普在社交媒体上表示，他将于美东时间周三晚上9点(北京时间周四上午10点)向全国发表讲话。此次讲话正值特朗普重返白宫第一年临近尾声的关 键时刻，其民意支持率正在下滑，经济也面临逆风。此次讲话为特朗普提供了强调政绩并阐明来年优先事项的平台，共和党将在明年11月中期选举中 力争保住国会控制权。白宫方面透露称，特朗普将就其历史性成就发表讲话、 ...

Core Viewpoint - The debut of Muxi Co., Ltd. on the STAR Market marks a significant milestone as the "second domestic GPU stock," with an impressive opening price surge and record-breaking gains for investors [1][7]. Company Overview - Muxi Co., Ltd. was founded by three senior AMD scientists and focuses on the research, design, and sales of high-performance GPU chips and computing platforms, primarily for artificial intelligence training, inference, general computing, and graphics rendering [12]. - The company is currently in a loss-making state, with projected revenues of 0.4264 million yuan, 53.0212 million yuan, and 743 million yuan from 2022 to 2024, while net losses are expected to be 777 million yuan, 871 million yuan, and 1.409 billion yuan during the same period [12]. Market Performance - Muxi Co., Ltd. debuted at an issuance price of 104.66 yuan per share, opening with a 568.83% increase, reaching a peak of 895 yuan per share, and closing at 806.01 yuan, resulting in a single-day increase of 692.95% and a market capitalization exceeding 330 billion yuan [1][7]. - Investors who successfully subscribed to the shares saw significant profits, with a potential gain of 351,000 yuan at the closing price and over 395,170 yuan if sold at the peak price, setting a record for the highest profit from a new stock in A-shares history [3][8]. Notable Investors - Notable investors include private equity mogul Ge Weidong, who holds a 6.73% stake in Muxi Co., Ltd. through personal and Chaos Investment, with an investment totaling approximately 4 billion yuan and a potential market value exceeding 24 billion yuan at peak prices [4][10]. - The shareholder list also includes prominent venture capital firms such as Sequoia China and Matrix Partners, as well as state-owned investment funds [5][10].

Core Viewpoint - The article highlights the successful IPO of domestic GPU company Muxi Co., Ltd. on the STAR Market, reflecting the urgent demand for GPU localization in China, with a total fundraising of approximately 4.197 billion yuan [1]. Group 1: Market Demand and Growth - The AI and digitalization wave has elevated the strategic importance of GPUs, with the Chinese AI intelligent computing GPU market expected to grow from 14.286 billion yuan in 2020 to 99.672 billion yuan in 2024, representing a compound annual growth rate (CAGR) of 62.5% [3]. - By 2029, the market is projected to exceed 1.03 trillion yuan, with GPU servers dominating 70% of the accelerated server market in China by 2024 [3]. - The global GPU market is currently dominated by international leaders, with NVIDIA holding a 66% market share in the Chinese AI accelerator market in 2024, indicating significant room for domestic manufacturers to grow [3]. Group 2: Muxi's Strategic Positioning - Muxi Co., Ltd. has targeted the high-value segment of the industry chain by focusing on general-purpose GPUs for data centers, aligning closely with the core business directions of leading international companies [4]. - The company has developed a complete self-controlled system from hardware design to software stack optimization, with its main product, the Xiyun C500, matching the performance of NVIDIA's A100 [4]. - Muxi's proprietary MetaXLink high-speed interconnect technology has achieved bandwidth performance comparable to NVIDIA's flagship H200 product, showcasing its competitive edge [4]. Group 3: R&D Investment and Team Expertise - Muxi has committed to substantial R&D investments, with expenditures of 648 million yuan, 699 million yuan, and 900 million yuan from 2022 to 2024, representing R&D revenue ratios of 151,857.63%, 1,317.63%, and 121.24% respectively [6]. - The founding team, with extensive experience from AMD, has a deep understanding of GPU architecture design and software ecosystem development, ensuring effective collaboration and strategic execution [7]. - As of March 2025, 74.94% of Muxi's workforce is dedicated to R&D, with a strong patent portfolio of 255 authorized patents, including 245 invention patents, establishing a solid technological barrier [7]. Group 4: Competitive Strategy and Market Position - Muxi has adopted a "asymmetric breakthrough" strategy, focusing on specific technology routes and vertical scenarios to build competitive advantages without direct confrontation with international giants [8]. - The company has developed a software stack, MXMACA®, that is compatible with over 6,000 CUDA open-source applications, facilitating rapid ecosystem development [8]. - Muxi's product matrix includes the Xiyun C series for training and inference, the Xisi N series for AI inference, and the Xicai G series for graphics rendering, strategically targeting the booming AI model training and intelligent computing center construction in China [9]. Group 5: Commercialization and Ecosystem Development - Muxi's core product, the Xiyun C500 series, began mass production in February 2024, with cumulative sales exceeding 25,000 units by March 2025, and revenue skyrocketing from 426,400 yuan in 2022 to 743 million yuan in 2024, reflecting a CAGR of 4,074.52% [10]. - The company has established compatibility with major operating systems and AI frameworks, enhancing its competitive advantage and accelerating its market share growth [10]. - Muxi's rapid commercialization and ecosystem adaptation position it favorably against competitors, contributing to its sustained market share increase [10]. Group 6: Future Outlook - Muxi's "asymmetric breakthrough" approach is seen as a key driver for the overall advancement of China's GPU industry, aligning with national strategies for technological self-reliance [11]. - The successful IPO is expected to inject continuous R&D funding into the company, fostering collaborative development within the domestic GPU industry chain [12].

Core Insights - The Chinese automotive industry is entering a new era with the approval of the first L3 conditional autonomous driving models by the Ministry of Industry and Information Technology, specifically the Changan Deep Blue and BAIC Arcfox electric sedans [1][4] - This marks a significant transition from "driver assistance" to "autonomous driving," allowing vehicles to operate on designated roads under certain conditions [4][20] - The introduction of L3 technology signifies a shift in the automotive landscape, where the roles of the driver and the system are reversed, with the system taking primary control [12][21] Group 1: Importance of L3 Level - The approval of L3 vehicles is a milestone, as it represents a new classification in autonomous driving, fundamentally different from previous levels [6][20] - L3 and higher levels (L4, L5) indicate a significant advancement in technology, where the system can make driving decisions independently, reducing the driver's role to that of a safety monitor [12][21] - The transition to L3 is crucial as it implies that the driver is no longer the absolute authority in driving, allowing for greater freedom in activities while the vehicle is in operation [21][30] Group 2: Technical Requirements for L3 - Achieving L3 autonomy requires advanced technology, including powerful chips and various sensors to process environmental data and make real-time decisions [23][24] - The computational power needed for L3 starts at 30 TOPS, significantly higher than the 10 TOPS required for L2, indicating a substantial increase in data processing capabilities [23][27] - The L3 approval is not just beneficial for automotive brands but also for chip manufacturers and sensor suppliers, highlighting the interconnected nature of the industry [29] Group 3: Challenges Ahead - Despite the progress, there are significant hurdles to overcome before L3 can be widely adopted, including legal frameworks that currently center around human drivers [31][32] - Social acceptance and trust in L3 technology remain critical issues, as the public must adapt to the new dynamics of autonomous driving [31][32] - Infrastructure compatibility is another challenge, as existing road designs and traffic behaviors are primarily based on human drivers, which may not align with L3 system capabilities [32]