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 ...

如无意外，这将是今年最后一个千亿IPO。 今日（12月17日），沐曦集成电路（上海）股份有限公司正式登陆科创板。此次IPO发行价104.66元/股，募资总额41.86亿元，今天高开568%，随后市值 突破3000亿元。 沐曦备受创投圈瞩目。掌舵者陈维良曾任职于AMD（超威半导体），在这里他结识了日后的两位创业伙伴彭莉和杨建，三人联手在2020年共同创立沐 曦。一路走来，沐曦身后集结了超100家投资方，队伍浩荡。 其中，和暄资本在2022年首次出手，连投三轮。对于这家年轻亚洲PE而言，沐曦既是和暄资本人民币基金出手的第一个项目，也是和暄资本收获的第一 个科创板IPO。 随着今日钟声敲响，属于国产GPU突围者们的高光时刻到来。不久前，摩尔线程登陆科创板，市值一路飙至超3000亿；寒武纪今年市值最高破6000亿…… 几乎所有人都在押注中国诞生自己的英伟达。 创业5年，火速敲钟，沐曦市值3000亿 沐曦的崛起，堪称国产GPU突围的一抹缩影。 这要从灵魂人物陈维良说起。他出生于1976年，先后毕业于电子科技大学和清华大学，创业前最重要的一段工作经历是在AMD（超威半导体）。招股书 显示，他在这里工作17年之久。 这样的 ...

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. has successfully listed on the Sci-Tech Innovation Board, with a significant increase in stock price and market capitalization shortly after its debut [2][12]. Group 1: Company Overview - Muxi Technology was established in September 2020 and focuses on providing full-stack GPU chips and solutions for heterogeneous computing, applicable in various advanced fields such as smart computing, smart cities, cloud computing, autonomous driving, digital twins, and the metaverse [5]. - The company has a well-rounded team with an average of nearly 20 years of experience in high-performance GPU product development, having led the development and mass production of over ten mainstream high-performance GPU products [5]. Group 2: Financial Performance - Muxi Technology's revenue for 2022, 2023, and 2024 is projected to be 0.426 million, 53.02 million, and 743 million respectively, with net losses of 777 million, 871 million, and 1.4 billion [6]. - For the first nine months of 2025, the company reported revenue of 1.236 billion, a year-on-year increase of 453.52%, while the net loss was 346 million, a decrease from the previous year's loss of 782 million [6][8]. Group 3: Market Reaction and Investor Sentiment - The stock opened at 700 yuan, a 568.8% increase from the issue price of 104.66 yuan, and the market capitalization exceeded 313.9 billion yuan shortly after listing [2][3]. - Key investors, including Huatai Innovation Investment and others, have seen substantial returns, with some reporting a paper profit of 754% [4][12]. Group 4: Investment and Shareholder Structure - Major cornerstone investors include Huatai Innovation Investment, which subscribed for 100 million yuan, and several others with varying amounts, contributing to a strong backing for the company [3]. - After the IPO, major shareholders include Shanghai Jiaomai and founder Chen Weiliang, with their respective ownership percentages adjusted post-listing [9][10].

Core Viewpoint - The article highlights the rapid growth and significant capital backing of domestic GPU company Muxi Co., which is preparing for its IPO with a valuation close to 42 billion yuan and an impressive subscription multiple of 2227.6 times, marking it as a new "king of new shares" in 2023 [3]. Group 1: Company Overview - Muxi Co. was established in September 2020, focusing on the research and development of high-performance GPU chips and computing platforms, founded by three former AMD scientists [4]. - The company has grown from 6 employees in a small office to nearly 900 employees in just three years, with projected sales revenue exceeding 700 million yuan in 2024 and a valuation surpassing 10 billion yuan [4]. - Muxi has quickly developed two high-performance GPU products, showcasing its rapid technological and financial growth [4]. Group 2: Investment Landscape - The initial investors in Muxi were notable venture capitalists and funds, including He Li Capital and Tianjin TEDA Technology Investment Group, who participated in multiple funding rounds [4][5]. - The article categorizes the diverse investor base into three main groups: top-tier VC firms, state-owned and local government funds, and industrial capital [10]. - Prominent VC firms like Sequoia China and Matrix Partners have been key players in Muxi's funding, with Sequoia holding approximately 4.19% and Matrix holding 5.13% of the company [10]. Group 3: Notable Investors - Private equity mogul Ge Weidong is a significant investor, holding a combined stake of 7.48% through his personal and fund investments, reflecting a strong belief in the AI computing and domestic GPU sector [13]. - Another noteworthy investor is 37-year-old individual shareholder Rong Yanlin, who holds 256,270 shares, valued at approximately 26.8 million yuan post-IPO [14]. Group 4: Future Challenges - The article emphasizes that for Muxi, the IPO is not the end but rather the beginning of a long journey, facing challenges such as technological iteration, ecosystem development, market competition, and achieving self-sustainability [15].

继摩尔线程后，"GPU芯片四小龙"之一的沐曦股份也成功登陆A股市场。12月17日，沐曦股份上市首日开盘报700元/股，截至发稿股价最高曾到895元/股， 总市值超3400亿元。 沐曦股份发行价104.66元/股，若投资者中一签并以700元/股的价格卖出，赚近30万元。若照此计算，沐曦股份超越摩尔线程，成为A股全面注册制以来最赚 钱新股。 若以截至发稿时曾达到的895元/股最高价计算，投资者中一签并以高价卖出，可赚39.52万元。 站在沐曦股份背后的投资者们也是赚得"盆满钵满"。 沐曦股份上市前，经历10余轮融资，汇聚了包括红杉中国、经纬创投、国寿资本等在内的超百家机构。其中"期货大佬"葛卫东以及其控制的混沌投资也重仓 沐曦股份。招股书显示，葛卫东、混沌投资分别持有沐曦股份1433.82万股、1259.97万股，持股比例分别为3.98%和3.5%，为公司第五、第六大股东。 据深蓝财经估算，葛卫东2025年以个人名义的两次增资成本为8亿元，加上其控制的混沌投资的多次增资及受让股份，合计约12亿元。 如今，随着沐曦股份上市后股价飙至800元/股以上，葛卫东以及混沌投资合计的持股市值已经超过215亿元，账面浮盈超20 ...

兴业证券发布研报称，2026年美股有望继续走强，EPS是推动标普500指数的主要动能。中性情形下， 美联储降息两次，经济软着陆，AI叙事持续兑现为盈利，EPS增长12%，PE维持不变，对应标普500指 数仍能取得12%的涨幅。乐观情形下，美联储向特朗普妥协，2026年降息四次，经济偏强叠加AI赋能， 通胀依然保持温和，EPS增长14%，则指数将具有较大上行空间。悲观情形下，通胀风险卷土重来，美 联储货币政策被迫收缩，无风险利率和风险溢价均上升，指数回报为负。 兴业证券主要观点如下： 一、2026年美股基本面展望：美国经济软着陆，AI浪潮是经济增长的核心引擎 AI投资的时代之火——有望维持强度并扩散。1)AI相关资本开支对2025年二季度美国实际GDP同比增速 的拉动达到了0.9个百分点。对比互联网浪潮，信息处理设备以及软件投资占GDP比例仍有提升空间。 自下而上，科技巨头将继续维持高强度的资本开支。2)2026年AI投资热潮有望进一步从算力向电力基建 扩展。 财政政策宽松加码和美联储降息带动美国传统需求温和修复。1)根据CRFB等机构测算，2026财年美国 财政赤字率仍将较2025财年上升约0.3个百分点，达 ...

Core Viewpoint - The domestic GPU company, Muxi Co., has officially listed on the STAR Market, achieving a significant opening increase of 568.83% on its first trading day, with a market capitalization reaching 280.1 billion yuan [1]. Company Overview - Muxi Co. is recognized as a leading enterprise in China's high-performance general-purpose GPU products, focusing on the independent research and development of high-performance GPU chips and computing platforms for various advanced fields [6][7]. - The company aims to provide high-efficiency and versatile computing power support for artificial intelligence computing, general computing, and graphic rendering [6]. Financial Performance - Muxi Co. reported revenues of 426,400 yuan in 2022, projected to grow to 530.21 million yuan in 2023, and 743 million yuan in 2024. However, the company is expected to incur net losses of 777 million yuan, 871 million yuan, and 1.409 billion yuan for the same years respectively [6][7]. - In the first quarter of 2025, the company achieved a revenue of 320 million yuan with a net loss of 233 million yuan [7]. Fundraising and Investment Plans - The funds raised from the IPO will be allocated to projects focused on the research and industrialization of new high-performance general-purpose GPUs, next-generation AI inference GPUs, and high-performance GPU technology for emerging applications [7]. Market Sentiment and Future Outlook - The enthusiasm of investors for new technology stocks, particularly in the GPU sector, may depend on several factors, including the supply rhythm of IPOs, policy adjustments, and the fundamental performance of companies [7]. - The competitive landscape of the domestic GPU market will be crucial in determining the long-term investment value of Muxi Co. [7].

Core Viewpoint - The article discusses the recent IPO of Muxi Co., which has seen significant stock price increases and aims to invest in high-performance GPU development and AI projects. The company has rapidly grown since its establishment in 2020 and is positioned as a key player in the domestic GPU market. Company Overview - Muxi Co. was established in September 2020 in Shanghai and has expanded its presence with subsidiaries and R&D centers in multiple cities across China [7] - The company focuses on AI computing, general computing, and graphics rendering, with products like the Xisi N series and Xiyun C series GPUs [7][8] - Muxi's first AI inference chip, Xisi N100, was delivered in January 2022 and has since been followed by the Xiyun C500 series, which has become a major revenue source [8] Financial Performance - Muxi reported revenues of 426,400 yuan in 2022, 53.02 million yuan in 2023, and 743 million yuan in 2024, with 915 million yuan in the first half of 2025, surpassing the total for 2024 [28][29] - Despite revenue growth, the company has faced losses, with net profits of -777 million yuan in 2022, -871 million yuan in 2023, and -1.409 billion yuan in 2024 [28] - The company expects to achieve revenues between 1.5 billion to 1.98 billion yuan in 2025, representing a growth of 101.86% to 166.46% compared to 2024 [30] Market Position and Competition - Muxi holds approximately 1% market share in China's AI chip market as of 2024 [12] - The company competes with major players like NVIDIA and AMD, focusing on general-purpose GPUs while others like Jingjia Micro and Cambricon specialize in specific areas [10] Sales and Distribution - Muxi employs a combination of direct sales and distribution channels, with distribution revenue increasing from 0% in 2022 to 55.71% in early 2025 [19] - The company has a high customer concentration, with the top five customers accounting for a significant portion of its revenue [23] IPO Details - Muxi's IPO on the Sci-Tech Innovation Board raised approximately 4.197 billion yuan, with shares priced at 104.66 yuan each, marking the second-highest IPO price of the year [17] - The funds raised will be directed towards new GPU development and AI projects [17]

Core Insights - The article discusses the challenges of managing excess inventory in the semiconductor industry, highlighting the financial burden of storage and capital costs associated with unsold materials [1] - It emphasizes the services offered by Chip Superman, which has successfully served 22,000 users and can facilitate quick transactions for excess inventory [7] Group 1: Inventory Management - Excess inventory of 100,000 units incurs monthly storage and capital costs of at least 5,000, leading to a potential loss of 30,000 after six months [1] - Chip Superman offers discounted sales for surplus materials, claiming to complete transactions in as little as half a day [7] Group 2: Inventory Listings - A detailed list of available surplus materials is provided, including various brands and models, with quantities ranging from 6,100 to 358,365 units [4] - Notable items include Nexperia's BUK9K17-60EX with 100-200k units and TI's TLV70718PDQNR with 358,365 units [4] Group 3: Procurement Requests - The article also includes a request for specific components, indicating ongoing demand in the market [5] - Brands mentioned in the procurement list include Nanya and Renesas, with quantities needed ranging from 2,000 to 10,080 units [5] Group 4: Warehouse and Quality Control - Chip Superman operates a 1,600 square meter smart warehouse with over 1,000 stock models and a total inventory of 50 million chips, valued at over 100 million [6] - The company has an independent laboratory in Shenzhen for quality control, ensuring each material undergoes QC inspection [6]

景嘉微 20251216 摘要 景嘉微 CH37 系列 AI SoC 芯片测试结果显示，其基本功能和核心指标 均达到设计要求，集成了 CPU、GPU、NPU、ISP 等高规格处理单元， 峰值算力达 64 TOPS，功耗控制在 10 瓦左右，适用于机器人、AI 盒子、 智能终端、智能识别系统和无人机等多种场景。 CH37 系列 AI SoC 芯片在算力与功耗平衡方面表现优异，算力接近英伟 达 Orin X，功耗控制优秀，满足未来边端侧算力需求增长，包括混合精 度计算和智能识别等应用场景，在市场竞争中占据明显优势。 景嘉微已覆盖多个重要企业，并与核心客户进行了深度沟通交流，将加 紧与这些客户的进一步沟通，以快速实现产品导入并为量产铺路，计划 通过召开生态发布会来促进小批量出货及未来批量出货，为市场推广做 好准备。 景嘉微已初步接触机器人、AI 盒子、智能识别系统和无人机等领域的客 户，这些客户对产品表现出浓厚兴趣，并且公司正在根据不同场景需求 进行调整，以尽快确定阿尔法级客户名单，为量产做准备。 CH37 系列 AI SoC 芯片处于回片阶段，各项硬件功能基本符合设计要求 且几乎没有 bug，接下来需要一到两个月 ...