短期聚焦美国缺电，继续推荐低位液冷 20251216 摘要 数据中心装机规模预期增长推动用电需求，天然气发电因部署快、综合 性能优成为短期有效解决方案，燃气轮机承担美国 10%-40%电力需求， 部分地区甚至超过 50%。 储能系统配合风光伏发电可提高供电稳定性，但短期内难以完全替代传 统主力电源，需审慎评估风光伏竞争力，中长期（3-5 年）随技术进步 有望成主流。 美国 AI 训练产业前景广阔，液冷技术占据重要地位，预计 2026 年 G300 系列芯片投放量达百万个，VR200 系列达 200-300 万个，市场 规模预计突破百亿美元。 英伟达芯片单颗 SP 价值量：GB300 约 1,659 美元，VR200 约 2,350 美元。液冷市场随芯片出货量增长快速扩张，预计从 2022 年的 15 亿 美元增长至 2026 年的 107 亿美元。 美国基础设施建设板块受益于 AI 训练研讨会、数据中心装机预期上调等 因素，天然气发电、储能系统、智能计算中心等新兴领域发展推动板块 增长。 Q&A 美国当前电力短缺的主要原因是什么？未来可能的解决方案有哪些？ 美国当前电力短缺的问题主要体现在两个方面：电量和功率 ...

Core Viewpoint - The GPU manufacturer Muxi Co., Ltd. (688802.SH) was listed on the STAR Market on December 17, with an initial offering price of 104.66 CNY per share, leading to a market capitalization of 41.874 billion CNY. The stock price surged by 567.88% to reach 699 CNY per share, resulting in a market cap of 279.7 billion CNY, with investors earning approximately 297,000 CNY per share [2][3]. Company Performance - Muxi reported revenues of 426,400 CNY in 2022, 53.0212 million CNY in 2023, and projected revenues of 743 million CNY and 320 million CNY for the first three months of 2024. The company has incurred net losses of 777 million CNY, 871 million CNY, 1.409 billion CNY, and 233 million CNY for the respective periods [4][5]. - For the first half of this year, Muxi's revenue was 915 million CNY, reflecting a year-on-year growth of 404.51%, but it still reported a loss of 186 million CNY. The company anticipates revenues of 1.2 billion to 1.26 billion CNY for the first nine months of the year, indicating a year-on-year growth of 437.36% to 464.23%, with expected losses of 300 million to 380 million CNY [4][6]. Market Position and Competition - Muxi is recognized as a leading developer of high-performance general-purpose GPU products in China, with a cumulative sales volume of over 25,000 units. However, the company has not yet achieved profitability [4][5]. - The domestic GPU chip market has been dominated by foreign giants, resulting in low penetration rates for domestic products. Muxi's N100 series of intelligent computing inference GPUs are still in the early stages of sales growth [5][6]. - Muxi's market share in the Chinese AI chip market is projected to be around 1% in 2024, amidst increasing competition and a rising trend in the penetration rate of domestic AI chip brands [6].

苏姿丰率AMD高管团队"低调"到访联想总部，图片由知情人士提供 在特朗普松口美国芯片出口禁令之际，美国超威半导体公司（AMD）董事会主席兼首席执行官苏姿丰 已抵达中国，开始新的谋篇布局。 据多家媒体报道，12月16日，苏姿丰已经抵达北京，此行第一站，是率领公司高管团队，访问AMD在 中国的重要合作伙伴联想集团总部。 对于此次造访，AMD官方未予置评，也未透露接下来的相关行程。 据新浪科技报道，联想集团执行副总裁兼中国区总裁刘军、执行副总裁兼智能设备业务集团（IDG）总 裁Luca Rossi等高管负责接待。 第一财经则称，苏姿丰一行参观了包括人形机器人在内的多项联想最新产品与成果。 社交媒体上流传出来的照片显示，联想总部大屏打出英文欢迎词，双方高管簇拥着摆出不同姿势的机器 人拍照合影。联想集团的普通员工都对此事相当关注，即使本人不在现场、没有接待任务，也纷纷发了 朋友圈。 上一次，在为期一周的中国行中，苏姿丰同样也是先去的联想总部，并且宣布双方在AIPC领域展开多 项合作。 此后，AMD在中国举办了两场规模颇大的发布会，AIPC是主角。当时，AMD宣称，AMD中国AI应用 创新联盟的ISV合作伙伴已经超过10 ...

Core Viewpoint - The article discusses the recent IPO of GPU manufacturer Muxi Co., Ltd. (688802.SH) on the STAR Market, highlighting its significant stock price surge and the financial performance of the company, which remains unprofitable despite substantial revenue growth [3][6]. Company Overview - Muxi Co., Ltd. is a leading developer of high-performance general-purpose GPU products in China, with a founding team that previously worked at AMD. The company claims its GPU performance ranks among the top tier domestically, with cumulative sales exceeding 25,000 units [5]. IPO Details - Muxi's IPO price was set at 104.66 CNY per share, resulting in a market capitalization of 41.874 billion CNY. The stock price surged by 567.88% on the opening day, reaching 699 CNY per share and a market cap of 279.7 billion CNY, allowing investors to gain approximately 297,000 CNY per share [3][4]. Financial Performance - Muxi reported revenues of 426,400 CNY in 2022, 53.0212 million CNY in 2023, 743 million CNY in the first three months of 2024, and 320 million CNY in the first quarter of 2024. The net losses were 777 million CNY, 871 million CNY, 1.409 billion CNY, and 233 million CNY respectively, with cumulative losses exceeding 3.2 billion CNY from 2022 to 2024 [6]. - In the first half of 2024, Muxi's revenue reached 915 million CNY, a year-on-year increase of 404.51%, but it still reported a loss of 186 million CNY. The company expects revenues of 1.2 billion to 1.26 billion CNY for the first nine months of 2024, reflecting a year-on-year growth of 437.36% to 464.23%, with anticipated losses of 300 million to 380 million CNY [6]. Market Position and Competition - Muxi acknowledges that the domestic GPU chip market has been dominated by foreign giants, resulting in low penetration rates for domestic products. The company is in the process of scaling its sales for its AI inference GPU chip series, which is still in the early stages of market adoption [6][7]. - According to Bernstein Research, Muxi is projected to hold approximately 1% market share in the Chinese AI chip market by 2024, indicating a competitive landscape that is still evolving [7].

国产GPU资本盛宴迎第二波，沐曦股份今日正式在科创板上市，公司股价开盘大涨568.83%，开盘价高 达700元，较发行价104.66元暴涨568.83%，以开盘价计算，中签者单签浮盈29.77万元，公司最高市值 突破2800亿元。 年内第一"肉签"诞生，打新热度超过摩尔线程 沐曦股份此次发行价104.66元/股，为年内第二高发行价新股，仅次于摩尔线程的114.28元/股。按首日 最高价计算，中一签（500股）的投资者浮盈达29.77万元，成为年内第一赚钱新股（此前上市首日单日 盈利额最大的为摩尔线程，以当日收盘价计算，摩尔线程中一签可赚24.31万元，以当日最高价计算， 最高获利超过28.69万元）。 而沐曦股份的上市也改变了今年以来新股"肉签"的排名。按上市首日收盘价计算，截至12月16日，摩尔 线程、昂瑞微、影石创新分别以24.31万元、6.65万元、6.49万元，排在打新收益前三位，而沐曦股份以 开盘价格计算便已经可以排在第一。 总体而言，市场对沐曦股份也是热烈追捧。其热度甚至不亚于摩尔线程，沐曦股份网上发行最终中签率 为0.03348913%，低于摩尔线程的0.03635054%。 同时，沐曦股份的弃 ...

12月17日，GPU明星股沐曦股份上市首日高开568.83%，报700元/股，总市值超2800亿元，中一签可赚 超29.7万元。12月15日晚间，沐曦股份公告，公司股票将于2025年12月17日在上海证券交易所科创板上 市。沐曦股份尚未盈利，自上市之日起将纳入科创成长层。 沐曦股份股票代码为"688802"，本次科创板IPO的发行价格为104.66元/股，发行股份数量为4010万股， 占发行后总股本的10.02%，拟募集资金总额为41.97亿元，将用于投资"新型高性能通用GPU研发及产业 化项目""新一代人工智能推理GPU研发及产业化项目"和"面向前沿领域及新兴应用场景的高性能GPU技 术研发项目"。 公开信息显示，沐曦股份致力于自主研发全栈高性能GPU芯片及计算平台，持续为国家人工智能公共算 力平台、运营商智算平台、商业化智算中心等提供基础算力底座，推动人工智能赋能千行百业，并重点 布局教科研、金融、交通、能源、医疗健康、大文娱等行业应用场景，主要产品包括用于智算推理的曦 思N系列GPU、用于训推一体和通用计算的曦云C系列GPU，以及正在研发用于图形渲染的曦彩G系列 GPU。 2022年至2024年，沐曦股 ...

Core Insights - Muxi Co., Ltd. (688802) debuted on the STAR Market on December 17, with its stock price opening 568.83% higher at 700 CNY per share, resulting in a total market capitalization of 280.1 billion CNY [1] - The company focuses on the independent research and development of full-stack high-performance GPU chips and computing platforms, primarily engaged in the R&D, design, and sales of full-stack GPU products for artificial intelligence training and inference, general computing, and graphics rendering [1] - The stock was issued at a price of 104.66 CNY per share, indicating a significant profit potential for investors, with a single lot yielding a floating profit of 297,600 CNY at the opening price [1]

经济观察网沐曦股份竞价高开568%，股价报700元，总市值达2800亿元，单签盈利近30万元。公司主要 从事自主研发全栈高性能GPU芯片及计算平台，产品包括用于智算推理的曦思N系列GPU、用于训推一 体和通用计算的曦云C系列GPU，以及正在研发用于图形渲染的曦彩G系列GPU。 ...

Key Points - The article highlights the astonishing CEO compensation in the U.S., with Apple's Tim Cook earning $74.6 million in 2024, an 18% increase from 2023, which translates to more than the annual salary of an average American worker in just 7 hours of work [4][5] - The article discusses the ongoing controversy surrounding 360 Group, where allegations of financial misconduct were made against its founder Zhou Hongyi, which the company has vehemently denied [7][8] - Huawei has made significant changes in its executive leadership, appointing Yu Chengdong as the chairman of Huawei Terminal Co., aiming for a more agile decision-making process [10][11] - Xiaopeng Motors and Li Auto have received L3 autonomous driving road testing licenses, indicating advancements in their autonomous vehicle capabilities [13][14] - Kunlun Chip has completed its corporate restructuring and is expected to go public in Hong Kong in the first half of 2026, following a successful D-round financing [15][16] - Faraday Future has begun production of its FX Super One model, although the assembly process has drawn criticism for being overly manual and lacking quality standards [18][19] - The article notes that the EU is reconsidering its 2035 ban on internal combustion engine vehicles, allowing for a more flexible approach to emissions standards [43][44] - ByteDance has launched a new paid web novel app, "Red Candle Novel," which aims to differentiate itself from its free counterpart by offering premium content [37] - Alibaba is set to release a free enterprise information query app, "88查," to compete in the crowded market of business information services [38][39]

Core Viewpoint - Muxi Co., Ltd., the second domestic GPU company, is set to debut on the STAR Market, entering the growth tier due to its unprofitability at the time of listing [1]. Group 1: IPO Details - Muxi's IPO price is set at 104.66 CNY per share, corresponding to a market capitalization of approximately 41.874 billion CNY and a price-to-sales ratio of 56.35 times [3]. - The company plans to raise funds primarily for projects related to high-performance general-purpose GPU development, AI inference GPU development, and GPU technology research for emerging applications [3]. - Muxi will issue 40.1 million shares, accounting for 10.02% of the total share capital post-issue, with a net fundraising amount expected to be 3.899 billion CNY, slightly below the initial target of 3.904 billion CNY [3]. Group 2: Market Performance Expectations - If market sentiment mirrors the first-day performance of Moer Thread, which saw an opening increase of approximately 468.78% (closing up 425.46%), Muxi's stock price could reach around 595 CNY, potentially yielding a profit of nearly 250,000 CNY for investors holding one lot (500 shares) [3]. - Based on the average first-day increase of 218.92% for the 14 new stocks listed this year, Muxi's stock price could reach approximately 333.78 CNY, resulting in a profit of about 114,600 CNY for one lot [3]. Group 3: Comparison with Moer Thread - Muxi's price-to-sales ratio is only half that of Moer Thread, which had a ratio of 122.51 times at its IPO [4]. - Muxi's initial subscription rate was 0.02223023%, which increased to 0.03348913% after the allocation mechanism was activated, indicating a higher difficulty in obtaining shares compared to Moer Thread's final rate of 0.03635054% [5]. Group 4: Company Background - Founded in September 2020, Muxi's team primarily consists of former AMD employees, including CEO Chen Weiliang, who was the global GPU SoC design head at AMD, and other key figures with significant experience in GPU technology [5].