Core Viewpoint - The collaboration between SenseTime and Muxi signifies a pivotal shift in China's GPU industry from "catching up" to "running alongside," showcasing confidence in domestic alternatives and the potential for growth in AI computing power [1]. Group 1: Financial Performance - SenseTime's revenue from generative AI grew by 103.1% in 2024, reaching 2.4 billion yuan, maintaining a doubling growth trend for two consecutive fiscal years [3]. - The company's strategic focus on high-performance computing is driven by a rigid demand for computing power [3]. Group 2: Strategic Collaboration - SenseTime and Muxi have established a comprehensive partnership that extends beyond product procurement to long-term strategic agreements [5]. - The collaboration aims to create a "computing cluster + industry expansion" model, integrating supply and demand in the GPU market [4]. Group 3: Technological Development - Both companies are engaged in a model of open co-construction and sharing of underlying technologies, focusing on deep adaptation and joint development of product solutions [6]. - They have developed multiple product solutions, including model adaptations and compatibility certifications for domestic chips, enhancing the training and inference capabilities of AI models [6]. Group 4: Ecosystem Development - The partnership has led to the establishment of the "SenseTime Big Device Computing Mall," facilitating effective resource integration and sharing [7]. - This collaboration enhances the diversity and autonomy of computing power supply while reducing construction costs, supporting the ongoing iteration of AI technology and its industrial applications [7]. Group 5: Market Impact - The partnership has significantly improved Muxi's brand influence and market share by gaining recognition in mainstream demand markets through deep collaboration with industry clients [9]. - The ongoing collaboration is expected to explore new paths and models for AI computing infrastructure, potentially leading to a more open and collaborative domestic AI computing ecosystem [9].

Core Insights - Horizon Robotics achieved a market capitalization of HKD 126 billion by December 16, 2025, reflecting a growth of over 90% since its IPO, which is the largest IPO for a Chinese tech company in the past three years [3][9][8] - The company positions itself as a "Horizontal Platform" for the Robotics era, emphasizing an open and win-win ecosystem [4][12] Company Overview - Horizon Robotics, founded by Yu Kai, is described as a non-typical chip company, focusing on "processing hardware" rather than traditional chip terminology [4] - The company has shipped over 7 million units of its "processing hardware" [5] IPO Significance - The IPO not only marked a significant financial milestone but also attracted long-term international funds, injecting confidence into the Hong Kong market [9] - The timing of the IPO coincided with a market recovery, which Yu Kai humorously attributed to "luck" [8] Ecosystem Ambitions - Horizon's vision includes creating a vibrant ecosystem within the automotive industry, aiming to foster innovation and improve safety and quality of life [12][14] - The first technology ecosystem conference showcased participation from major automotive manufacturers, highlighting the collaborative nature of Horizon's approach [13] Technological Foundations - The company introduced its fourth-generation BPU architecture, named "Riemann," which aims for significant performance improvements through algorithm and architecture optimization [18] - The new architecture enhances tensor calculations and supports vector and floating-point computations, achieving a fivefold increase in energy efficiency [18] HSD Together Model - Horizon launched the HSD Together model, which aims to reduce partners' costs and time by 90%, transforming the business model from selling products to providing services [28][30] - This model is designed to attract more automotive manufacturers, particularly mainstream brands, to join Horizon's ecosystem [29] Competitive Strategy - Horizon's strategy contrasts with competitors like Tesla and Huawei by adopting a semi-open approach, focusing on collaboration rather than strict control [31] - The goal is to establish a trust-based ecosystem that fosters innovation and efficiency, positioning Horizon as a key player in the smart automotive and physical AI markets [32] Future Vision - Horizon aims to leverage its ecosystem to drive technological advancements and ensure long-term growth, with a focus on making technology accessible to everyday users [36]

（原标题：彻底刷屏！刚刚，A股最赚钱新股来了！） 【导读】中一签最高可盈利39.5万元，沐曦股份成为A股全面注册制以来最赚钱新股；上午大科技集体 反弹， 旅游酒店板块持续拉升 中国基金报记者 张舟 12月17日上午，A股三大股指集体大涨，创业板指涨超1%。截至午间收盘，沪指涨0.17%，深证成指涨 0.83%，创业板指涨1.21%。 沪深两市半日成交额为1.02万亿元，较上个交易日缩量987亿元。个股跌多涨少，全市场共1578只个股 上涨，30只个股涨停，有3724只个股下跌。 从板块看，大科技集体反弹，锂矿、CPO概念股走高，通信设备、化肥农药、旅游酒店板块涨幅居前； 而此前上涨幅度较大的海南自贸区、商业航天等概念板块下挫。 港股方面，恒生指数、恒生中国企业指数等上涨，恒生科技、恒生生物科技等指数微跌。个股方面，腾 讯控股、阿里巴巴、美团、中芯国际、携程集团、京东集团、百度集团等纷纷上涨。 消息面上，12月16日，碳酸锂期货主力合约连续第二个交易日站上10万元/吨的大关，此前12月15日碳 酸锂期货主力合约收盘价上破10万元/吨，创下2024年6月份以来新高。 旅游酒店板块拉升高涨 上午，旅游酒店板块持续拉 ...

在科技股上涨的推动下，韩国股市基准Kospi指数一度上涨1.1%，结束了连续两天的下跌。三星电子、 SK海力士和韩国电力对该指数的提振最大。周三到目前为止，本地基金和零售交易员是净买家，而外 国投资者则卖出。科斯达克小型股指数跌0.3%。 MACD金叉信号形成，这些股涨势不错！ 在科技股上涨的推动下，韩国股市基准Kospi指数一度上涨1.1%，结束了连续两天的下跌。三星电子、 SK海力士和韩国电力对该指数的提振最大。周三到目前为止，本地基金和零售交易员是净买家，而外 国投资者则卖出。科斯达克小型股指数跌0.3%。 责任编辑：王永生 MACD金叉信号形成，这些股涨势不错！ 责任编辑：王永生 ...

寒武纪是国产AI芯片第一股，这一年多以来，因为资本市场的火爆，已经是市值高达5000多亿元，是国内资本市场，最牛的AI芯片。 也因为寒武纪的大涨，以及资本市场对于AI芯片、GPU的火爆追捧，所以国内GPU厂商们，也纷纷选择国内IPO。 前几天国产GPU第一股摩尔线程上市，当天一度大涨500%+，让中签者一签大赚20多万，同时网下机构账户合计浮盈约191亿元。 按照当前的情况这个大涨接近700%的数据来算，这些量化私募已经浮盈了2个多亿，而上述三家量化私募再度成为私募中的大赢家，比如幻方浮盈了3000来 万，衍复也差不多，九坤稍少一点，也有2000来万。 另外还有媒体报道称，其实最赚钱的私募界大佬，应该是葛卫东，因为他曾在2022年7月，参与了沐曦的preB轮首次投资，这个可不是现在的这种IPO能比 的，收益更是巨大。 按照媒体的报道，在沐曦发行前葛卫东和他控制的混沌投资持有7.48%的股份，到今天沐曦股份开盘暴涨，葛卫东爆赚超100亿元，这才是真正享受到了财 富盛宴的男人，是最大赢家。 今天，国产GPU第二股沐曦股份上市，到上午时，大涨688%，最高时涨幅超过700%，这又是机构狂欢的一天。 如果你有幸运儿， ...

沐曦股份成为2025年以来最火的科创板IPO。 作者丨簪竹 来源丨投中网 在众多投资者的期待中，沐曦股份成功在A股科创板登陆。 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：投中网 12月17日，这家国内高性能通用GPU产品的领军企业，敲响了上市的钟声。截至发稿，沐曦股份的股价 较发行价104.66元涨超687%，市值近3300亿元。 在申购阶段，沐曦股份就获得投资者超乎想象的关注。从初步询价结果来看，投资者拟申购总量高达 571.69亿股，网下申购倍数高达2227.6倍，一举让沐曦股份成为2025年以来最火的科创板IPO。 朱嘉提到，算力芯片是一个非常复杂的系统，不仅要把硬件设计好、实现好，而且软件平台同等重要， 因为决定了用户是否容易使用、能否充分发挥硬件的性能、能否建立起广泛的生态等等。这也意味着， 需要团队有长期的技术积累和经验沉淀以及充足的工程实践，才能做出优秀且有竞争力的产品。 "早期投资最重要的，除了方向就是团队，沐曦的两位联合创始人曾是AMD中国的院士，在AMD就长 期共事、配合默契，拥有丰富的研发到量产的全流程经验。"在朱嘉看来，这样的团队组合在业内是非 常 ...

Core Viewpoint - The article highlights the successful listing of Mu Xi Co., Ltd. on the STAR Market, marking a significant step in breaking the monopoly of international giants in the AI computing power sector, with its stock price soaring on the first day of trading [1][2]. Group 1: Company Overview - Mu Xi Co., Ltd. officially listed on the STAR Market on December 17, with an opening price of 700 CNY and a peak price of 895 CNY, representing a maximum increase of 755% from the issue price of 104.66 CNY [1][2]. - The listing reflects strong market confidence in "domestic substitution" and signals a critical transition for China's GPU industry from "catching up" to "keeping pace" [2]. Group 2: Strategic Partnerships - SenseTime and Mu Xi have established a comprehensive partnership, collaborating on foundational technology and joint solution development, aiming to become co-builders of the domestic AI computing power ecosystem [3]. - SenseTime's revenue from generative AI is projected to grow by 103.1% in 2024, reaching 2.4 billion CNY, driven by the rigid demand for high-performance computing power [4]. Group 3: Product and Market Development - The collaboration between SenseTime and Mu Xi focuses on a "computing power cluster + industry expansion" strategy, creating a complete supply chain from computing power provision to model training and industry application [5]. - Mu Xi has established a market development path centered on "1+6+X," focusing on six key industries while exploring additional market demands [5]. Group 4: Ecosystem and Resource Integration - The partnership has led to the creation of the "SenseTime Big Device Computing Power Mall," facilitating effective resource integration and sharing between the two companies [6]. - This collaboration enhances the diversity and autonomy of computing power supply while reducing construction costs, supporting the continuous iteration of AI technology and its industrial applications [6]. Group 5: Future Prospects - The partnership is expected to explore new paths and models for AI computing infrastructure construction, with the potential for further collaboration with more industry partners to build an open, collaborative, and win-win domestic AI computing power ecosystem [8].

Core Viewpoint - The article highlights the significant developments in the domestic GPU industry, particularly focusing on the upcoming IPO of Birun Technology, which aims to become the first GPU stock in Hong Kong, amidst a broader trend of domestic GPU companies seeking to enter the capital market [2][6][10]. Company Overview - Birun Technology, established in 2019, specializes in high-performance general-purpose GPUs and aims to create a domestic intelligent computing ecosystem. The company has nearly 1,000 employees and has filed for approximately 1,200 patents globally, ranking first among Chinese general-purpose GPU companies [4][5]. - The company plans to issue no more than 372 million overseas listed ordinary shares and convert approximately 873 million shares held by 57 shareholders into overseas listed shares, achieving "full circulation" [3][4]. Market Context - The article notes a surge in IPO activities among domestic GPU companies, referred to as the "Four Little Dragons of Domestic GPU," which includes Birun Technology, Moore Threads, Muxi Technology, and Suiruan Technology, all racing to enter the capital market [6][10]. - Moore Threads recently went public on the Sci-Tech Innovation Board, raising nearly 8 billion yuan, while Muxi Technology is set to list soon, indicating strong market interest in AI computing capabilities [8][9]. Financial Landscape - Birun Technology has raised over 4.7 billion yuan in funding within 18 months of its establishment, setting a record for domestic chip startups. Its latest funding round before the IPO valued the company at 14 billion yuan [11][12]. - Despite the enthusiasm in the capital market, many domestic GPU manufacturers face significant commercialization challenges, with most still incurring substantial R&D costs and losses. For instance, both Moore Threads and Muxi Technology have yet to achieve profitability [13][14]. Competitive Environment - The article emphasizes the dominance of NVIDIA in the GPU market, holding a 92% market share as of Q3 2025, making it challenging for domestic companies to compete [15][16]. - Domestic firms are adopting differentiated strategies, with each focusing on various sectors: Moore Threads covers a wide range of applications, Muxi Technology focuses on cloud-based intelligent computing, and Birun Technology emphasizes high-performance general-purpose GPUs [17][20]. Future Outlook - The GPU market in China is expected to continue its rapid growth, driven by the increasing demand for AI computing power. Birun Technology is already testing next-generation chips based on 3nm processes [24]. - The success of these companies will depend not only on their IPO performance but also on their ability to convert raised funds into technological advancements and market share [26].

值得关注的是，在公司上市前的多轮融资中，南京市浦口区通过"合作基金"模式，以市场化方式完成了关键性的产业布局。公开信息显示，南京浦口区政府 通过其全资控股的南京浦口开发区高科技投资有限公司，作为主要出资人参与了市场化基金"和利国信智芯"。该基金于2020年10月，即沐曦股份成立后不 久，领投了其首轮7000万元融资，并推动沐曦股份在浦口区设立了全资子公司——沐曦集成电路（南京）有限公司。 此后，该基金又连续参与了沐曦股份后续三轮增资，累计投资额达1.53亿元。此外，南京浦口经开区管委会出资设立的"浦口高科"产业基金，也于2021年6 月对沐曦股份进行了3000万元的跟进投资。通过这两只基金，南京浦口区对沐曦股份形成了间接持股，据估算，其对应发行价的持股市值已超过4亿元。 沐曦集成电路（上海）股份有限公司于2025年12月17日在上海证券交易所科创板挂牌交易，成为继摩尔线程之后，第二家登陆A股的国产GPU企业。公司本 次发行价格为每股104.66元，发行后总市值约为418.74亿元。 该公司成立于2020年9月，核心团队由多位前AMD资深技术专家组成。其主营业务为全栈高性能GPU芯片及计算平台的研发、设计与销售 ...

要闻提示 1.美国CEO薪酬惊人，苹果库克7小时收入超普通工人年薪 2.帮周鸿祎做数十亿假账？360集团回应：完全失实 3.华为终端董事长调整 4.小鹏、理想获L3级自动驾驶道路测试牌照，鸿蒙智行在深圳开启L3内测 5.昆仑芯完成股改，有望在2026年上半年港股上市 6.法拉第未来晒 FX Super One 工厂组装现场，网友：纯手搓，草台班子 7.魏建军：隐藏式门把手风阻降了0.001但增重8公斤，后来我们就不用了 8.欧洲人玩不转电动车！欧盟将放弃2035年燃油车禁令 今日头条 美国CEO薪酬惊人，苹果库克7小时收入超普通工人年薪 12月16日消息，据报道，美国一些收入最高的首席执行官（CEO）在几小时内就能赚到普通工人一年的 工资。苹果公司CEO蒂姆·库克2024年的总薪酬达到7460万美元，较2023年增长18%。其中，包括5810万 美元的股票奖励、1200万美元的非股权激励计划薪酬和150万美元的其他报酬。尽管库克的薪酬已处于高 位，但与2022年其获得的近1亿美元薪酬相比仍有所下降。当时，苹果公司称这是对其"卓越领导力"的认 可。然而，2023年在员工和部分股东的反对下，库克主动建议调整薪酬方 ...