Market Overview - The Federal Reserve's mixed non-farm data has led to rising expectations for interest rate cuts, resulting in a volatile sentiment in the Hong Kong stock market, which opened lower but ended positively with the Hang Seng Index rising by 0.92% to 25,468.78 points and a total turnover of HKD 183.14 billion [1] - The forward P/E ratio of the Hang Seng Index is currently at 12.7 times, down 5% from its year-to-date peak, indicating a potential short-term consolidation phase in the market [1] Blue-Chip Stocks Performance - Li Ning (02331) saw a notable increase of 4.26%, closing at HKD 19.07 with a turnover of HKD 613 million, contributing 2.91 points to the Hang Seng Index [2] - China Life (02628) rose by 4.31% to HKD 28.56, contributing 14.03 points, while Pop Mart (09992) increased by 3.44% to HKD 195.7, contributing 7.71 points [2] Sector Highlights - The aviation sector continued its upward trend, with China Southern Airlines (01055) up 5.89% to HKD 5.57, China Eastern Airlines (00753) up 4.02% to HKD 6.73, and Air China (00670) up 3.77% to HKD 4.95 [3][4] - The lithium sector saw strong performance from Tianqi Lithium (09696), which rose by 5.83% to HKD 49.34, and Ganfeng Lithium (01772), which increased by 5.75% to HKD 51.9 [4] Mining Rights Cancellation - The Yichun Natural Resources Bureau announced plans to cancel 27 mining rights, which may impact the lithium supply chain, as the original rights holders will be responsible for ecological restoration [5] - Market analysts suggest that lithium carbonate prices are likely to remain high due to ongoing supply-demand imbalances, with a focus on production capacity and funding movements [6] Brokerage Sector Activity - Chinese brokerage stocks saw a late-session rally, with CITIC Securities (06030) up 3.4% to HKD 27.98, and other major brokerages also posting gains [6] - The recent announcements of dividend distributions by several listed brokerages have contributed to a high level of market activity, with total dividends exceeding HKD 54.8 billion this year [7] Notable Stock Movements - Zhaoyan New Drug (06127) surged by 10.36% to HKD 25.58, driven by increased demand for preclinical testing assets [8] - Drug developer Yaojie Ankang-B (02617) rose by 17.41% to HKD 171.3, following positive clinical trial results for its core product [9] - Yidu International (00259) experienced a decline of 8.44% to HKD 4.12 amid market fluctuations [10]

Core Viewpoint - The successful listing of Muxi Technology, the "second domestic GPU stock," on December 17 has generated significant investor enthusiasm, with its stock price soaring 687.79% by midday, reflecting a total market capitalization of approximately 329.88 billion yuan [2][3]. Company Overview - Muxi Technology was founded in September 2020 amid the rising trend of domestic chip replacement due to the US-China tech war, alongside other companies like Moer Technology and Birun Technology [2]. - The core founding team includes Chen Weiliang, Peng Li, and Yang Jian, all of whom have extensive experience at AMD Shanghai [3]. Shareholding Structure - After the IPO, Muxi Technology has a total share capital of 400.1 million shares, with an initial public offering of 40.1 million shares priced at 104.66 yuan each, leading to an initial market value of approximately 41.87 billion yuan [3]. - Key shareholders include Chen Weiliang with 5.03% ownership, and private equity investors such as Ge Weidong and Sequoia Capital holding significant stakes [4][5]. Financial Performance - Muxi Technology's revenue has seen rapid growth, with 2022 to 2024 revenues reported at 426,400 yuan, 5.3 million yuan, and 74.3 million yuan respectively, and a remarkable 404.51% year-on-year increase in the first half of this year, reaching 915 million yuan [6]. - Despite the revenue growth, the company has not yet achieved profitability, with net losses reported at 777 million yuan, 871 million yuan, and 1.409 billion yuan for the years 2022 to 2024, and a loss of 186 million yuan in the first half of this year [6]. Future Projections - Muxi Technology forecasts a potential revenue of 1.5 billion to 1.98 billion yuan for 2025, representing a growth of 101.86% to 166.46% compared to 2024, while still expecting a net loss of 527 million to 763 million yuan [7]. - The company anticipates reaching a breakeven point by 2026, driven by stable gross margins on its GPU products and the successful development of new products [7].

编辑：何颖曦 盘面上，芯片概念午后爆发，英维克、环旭电子、长飞光纤等多股涨停；锂电池概念大涨，盛新锂 能、大中矿业等涨停；沐曦股份上市首日收涨692.95%，股价报829.9元/股。另外，零售概念、保险、 旅游、证券等板块涨幅居前，海南自贸概念、商业航天概念、造纸、煤炭等板块跌幅居前。 中国经济周刊-经济网讯 截至收盘，上证指数报3870.28点，涨幅1.19%，成交额7668.21亿元；深证 成指报13224.51点，涨幅2.40%，成交额10443.25亿元；创业板指报3175.91点，涨幅3.39%，成交额 4885.38亿元。 ...

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. has officially listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, marking a significant milestone in the domestic GPU sector as one of the "dual leaders" in the industry [1] Group 1: Listing and Market Performance - Muxi shares were issued at a price of 104.66 yuan per share, making it the second highest IPO price this year [1] - The company issued 40.1 million A-shares, with approximately 18.14 million shares circulating initially, representing only 4.53% of the total share capital [2] - On the first trading day, the opening price reached 700 yuan per share, reflecting a nearly 569% increase, and the stock price peaked at 895 yuan, over 755% higher than the issue price, with a market capitalization exceeding 350 billion yuan [2] Group 2: Business Overview - Founded in 2020, Muxi is positioned to capitalize on the surge in global AI computing demand and the push for domestic high-performance computing [2] - The company has developed multiple product lines, including the AI-specific accelerator chip Xisi N series, general-purpose computing chip Xiyun C series, and graphics rendering chip Xicai G series, with the Xiyun C500 series being the main revenue source [2] Group 3: Financial Performance - Muxi has not yet achieved profitability, with revenues for 2022, 2023, 2024, and Q1 2025 projected at 426,400 yuan, 53.02 million yuan, 743 million yuan, and 320 million yuan respectively [3] - The net profits attributable to the parent company for the same periods are projected to be -777 million yuan, -871 million yuan, -1.409 billion yuan, and -233 million yuan, indicating ongoing losses [3] - The company anticipates reaching breakeven at the earliest by 2026, with cumulative R&D expenses amounting to approximately 2.466 billion yuan from 2022 to March 2025 [3] Group 4: Investor Participation - The IPO attracted significant interest, with 269 offline investors and 7,719 strategic placement participants, resulting in a total offline subscription amount of 57.169 billion shares and a subscription multiple of 2,228 times [4] - The strategic placement included notable investors such as the National Artificial Intelligence Industry Investment Fund, with 10 strategic investors collectively allocated 760,540 shares, accounting for 18.97% of the total issuance [4] - A total of 200 public and private fund institutions participated in the offline placement, with an aggregate allocation amount of approximately 1.44 billion yuan [5]

赛微微电于2022年4月22日在上交所科创板上市，发行价格为74.55元/股，公开发行人民币普通股 2000.00万股，占发行后总股本的比例为25.00%，保荐机构（主承销商）是国泰君安证券股份有限公司 （现名"国泰海通证券股份有限公司"），保荐代表人是任飞、寻国良。 赛微微电发行募集资金总额为14.91亿元，募集资金净额为13.55亿元。赛微微电最终募集资金净额 比原计划多5.46亿元。2022年4月19日，赛微微电披露的招股说明书显示，公司拟募集资金8.09亿元，分 别用于消费电子电池管理及电源管理芯片研发及产业化项目、工业领域电池管理及电源管理芯片研发及 产业化项目、新能源电池管理芯片研发项目、技术研发中心建设项目、补充流动资金项目。 截至公告披露日，蒋燕波持有公司股票282,657股，占公司总股本0.33%；赵建华持有公司股票 1,137,881股，占公司总股本1.32%；葛伟国持有公司股票1,773,067股，占公司总股本2.06%；微合投资 持有公司股票2,642,485股，占公司总股本3.07%。 蒋燕波、赵建华、葛伟国为基于《一致行动协议》约定的一致行动人且为公司共同实际控制人，微 合投资为公 ...

量化资金再次吃到肉。110家私募总共获配3846万元，幻方、衍复、九坤三家又成大赢家，分别拿了490 万、468万、318万的配售额。按现在接近700%的涨幅算，这些量化私募浮盈超2亿，幻方单日浮盈3000 万左右，衍复也不差，九坤也赚了2000来万。 最近国产AI芯片圈可太热闹了！寒武纪作为国产AI芯片第一股，市值已经冲到5000多亿，成了资本市 场最火的AI芯片公司。 这波行情直接带火了整个国产GPU板块，一堆GPU厂商扎堆国内IPO，上演了一出财富盛宴。 先说前几天上市的摩尔线程，开盘当天直接暴涨500%+，中签的散户一签就能赚20多万，网下机构账户 更狠，合计浮盈约191亿元。 量化资金也没闲着，幻方量化获配6.13万股，衍复投资6.004万股，九坤、海南世纪前沿、明汯也分到不 少，当天这些量化机构账面浮盈好几个亿。比如幻方就赚了约2980万元，衍复也有2919万元进账。 这才刚过几天，国产GPU第二股沐曦股份又登场了。今天上午开盘直接飙涨688%，最高涨幅破700%， 又让机构们乐开了花。中签的散户运气好的话，一签能赚30来万，堪称史上最赚钱新股。线下机构配售 才是真正的大头，按上午的涨幅算，机构们 ...

人民财讯12月17日电，今日三大指数早盘维持震荡，午后集体走强。截至收盘，沪指涨1.19%，深证成 指涨2.4%，创业板指涨3.39%。盘面上，芯片概念午后爆发，英维克、环旭电子、长飞光纤等多股涨 停；锂电池概念大涨，盛新锂能、大中矿业等涨停；沐曦股份上市首日收涨692.95%，股价报829.9元/ 股。另外，零售概念、保险、旅游、证券等板块涨幅居前，海南自贸概念、商业航天概念、造纸、煤炭 等板块跌幅居前。全市场约3600只个股上涨，总成交额逾1.8万亿元。 （原标题：收评：三大指数集体反弹 芯片、锂电池概念股爆发） ...

Core Insights - The "Wuhan Boutique" initiative recognizes not only individual products or services but also creates a regional brand effect, enhancing Wuhan's competitiveness and reputation in quality sectors [1] Group 1: Breakthroughs in Technology - Wuhan enterprises have made significant advancements in key technologies, such as the domestically developed Huashan A1000 chip, which is the first autonomous driving chip of its kind in China, filling a critical gap in the industry [2] - The polyethylene lithium battery separator developed by Wuhan Huqiang New Energy Materials Technology Co., Ltd. has successfully broken the monopoly of Western countries in the high-end market, becoming a core supplier for leading companies like CATL and BYD [2] - The water-based polyurethane curing agent from Wuhan Shiquanxing New Materials Technology Co., Ltd. has achieved the highest market share in the province, breaking the monopoly of foreign high-end products [2] Group 2: Leadership in Intelligent Manufacturing - Wuhan enterprises are setting industry standards through technological innovation in intelligent manufacturing, with companies like Wuhan Dier Laser Technology Co., Ltd. leading the global market in solar cell manufacturing technology [3] - The urban rail transit vehicles from Wuhan CRRC Changke Rail Vehicle Co., Ltd. exceed national standards in ten key performance indicators, ensuring safety in urban transportation [3] - Wuhan Huazhong CNC Co., Ltd. has developed high-speed and high-precision motion control technologies for CNC devices, significantly enhancing processing accuracy and production efficiency [3] Group 3: Quality Benchmarking - Wuhan companies are expanding their domestic and international markets by focusing on extreme quality, such as the "Ricky Special" wind energy tower cable from Aerospace Ricky Cable Co., Ltd., which leads the domestic market with its advanced technology [4] - The L-ornithine hydrochloride from Wuhan Yuanda Hongyuan Co., Ltd. meets international advanced standards and has successfully entered high-end markets in Europe and the United States [4] - Jiuxin Traditional Chinese Medicine Group Co., Ltd. has implemented a quality traceability system for its Chuanbei powder, ensuring high standards in traditional medicine production [4]

Group 1 - The first T+0 Hong Kong Information Technology ETF (159131) focuses on the "Hong Kong chip" industry chain [1][8] - The Hong Kong Internet ETF (513770) heavily invests in major Hong Kong internet giants and has a scale of over 100 billion [4][12] - The Hong Kong Innovation Drug ETF (520880) is 100% focused on innovative drugs [1][4] Group 2 - The Hong Kong Large Cap 30 ETF (520560) combines technology and dividends [1][4] - The Hong Kong Dividend ETF (159220) offers high dividends with low volatility [1][4] - The Hong Kong Medical ETF (159137) covers leading medical companies and is set to launch on December 15 [5][13] Group 3 - The Hong Kong Automobile 50 ETF (520780) focuses on scarce leading automobile companies and is expected to be listed soon [5][11] - The Hong Kong Small Cap LOF (501021) targets small and medium-sized assets [11] - The Value Fund LOF (501310) features A+H value stocks with dividend characteristics [11]

以下文章来源于妙投APP ，作者董必政 虎嗅旗下二级市场投研服务品牌，为您提供精选上市公司价值拆解，热门赛道产业链梳理 出品 | 妙投APP 资本市场正在力捧GPU的国产叙事。既然错过了上一个，这一个绝不能放过。 这一次，高光属于沐曦股份。 今天，沐曦股份登陆A股，首日高开568.83%，报700元，按开盘价计算，中一签可赚29.77万元。这 超过了摩尔线程的26.79万元，刷新了A股单签收益纪录。 截至12月17日中午收盘，沐曦的市值为3299亿、摩尔线程的市值为3330亿，寒武纪的市值为5391 亿。 对比3家国产英伟达的市值，妙投认为寒武纪总市值高于沐曦、摩尔线程的原因在于寒武纪的营收规 模最大且已经实现盈利，而沐曦、摩尔线程尚未盈利，市值相差不大。 不过，沐曦首日上市无涨跌幅限制，其市值波动容易受市场情绪的影响。 妙投APP . 此刻，我们必须穿透情绪的迷雾，去考量沐曦能否像摩尔、寒武纪那样，凭什么撑起即将到来的千 亿市值？ 作者 | 董必政 编辑 | 关雪菁 头图 | 沐曦 长期来看，它必须找到一条路，能够真正打穿英伟达的护城墙。 而眼下，沐曦选择的一条更加"识时务者为俊杰"的路线。 # 01 一、 ...