证券日报网讯 12月16日，翱捷科技在互动平台回答投资者提问时表示，公司芯片定制业务中有大客户 返单增加新项目的情形。从目前已承接的项目进度情况来看，2026年公司芯片定制业务收入增长确定性 较高。公司最新流片成功的4G芯片搭载了20TOPS算力NPU，支持多种主流大模型，能够为终端用户带 来更好的AI交互体验，具备主流中高端手机平台的表现水平；同时该芯片也是目前同类4G智能手机芯 片中唯一支持LPDDR4/4X/5/5X的芯片方案，具备较好的市场竞争力。目前平台完成了多个端侧模型的 适配，正在持续性能优化、推广和演示过程中，客户反应积极，包括品牌客户。后续公司将努力推进商 务洽谈与合作落地，争取尽快实现市场突破。 （编辑 王雪儿） ...

证券日报网讯12月16日，炬芯科技在互动平台回答投资者提问时表示，公司芯片的销售模式主要为客户 下单后，交付给指定加工厂或ODM厂商，最终集成在AIoT终端产品后整机进行销售。 ...

盘前市场动向 市场消息 今夜揭晓!"异常"非农成美联储风向标，任何偏离预期都将放大市场冲击。今晚即将公布的非农就业报 告将成为投资者关注的焦点。根据一项对经济学家调查的中值预测显示，11月非农就业人数预计增加5 万人;失业率则可能达到4.5%，延续数月来的攀升趋势，升至2021年以来的最高水平。这份报告不仅让 人们得以审视期待已久的美国劳动力市场真实状况，还将为明年利率路径奠定基调。不过，由于政府停 摆的影响，数据的不确定性和异常因素都比往常更为显著。此外，美国商务部还将同步发布10月零售销 售数据。在剔除汽车和汽油销售后，经济学家预计消费支出增速将有所加快，这表明四季度初消费者需 求保持稳健态势;而未经通胀调整的整体零售销售预计仅呈现"温吞"的0.1%增长。 美股本周"逆风"开局：科技股抛售蔓延，关键数据潮前市场再陷震荡。本周伊始，科技股延续上周颓 势，原因是对人工智能的担忧再次浮现。甲骨文和博通令人失望的财报加剧了这种担忧，抵消了美联储 降息带来的乐观情绪。RGA Investments首席投资官 Rick Gardner 认为，投资者是否会继续接受大型科 技股和人工智能股票的高估值是 2026 年的"一 ...

Group 1 - The core viewpoint of the article discusses the potential stock performance of Muxi Co., Ltd. (沐曦股份) following its IPO, comparing it to the significant first-day gains of Moer Thread (摩尔线程) [3][4] - Muxi Co., Ltd. raised approximately 3.899 billion yuan in net funds from its IPO, slightly below the planned 3.904 billion yuan, with a market capitalization of about 41.874 billion yuan and a price-to-sales ratio of 56.35 times [3][4] - The company issued 40.1 million shares at a price of 104.66 yuan per share, representing 10.02% of the total share capital post-issue [3][5] Group 2 - Muxi Co., Ltd. is the second A-share company to issue shares at over 100 yuan this year, following Moer Thread [5] - The initial subscription rate for Muxi Co., Ltd. was 0.02223023%, which increased to 0.03348913% after the allocation mechanism was activated, indicating a highly competitive environment for investors [5][6] - The company was founded in September 2020, with a team primarily composed of former AMD employees, including its CEO and chief architects [6] Group 3 - Muxi Co., Ltd. plans to invest the raised funds into projects focused on the development and industrialization of high-performance general-purpose GPUs and AI inference GPUs [3] - The stock market has shown continued interest in new IPOs, with Muxi Co., Ltd. being among the notable high-priced stocks listed this year [7] - The article highlights the performance of other newly listed stocks, indicating a trend of significant first-day gains in the market [7][9]

继发布三年股东分红回报规划，明确未来三年现金分红承诺后，中国AI芯片龙头企业寒武纪(688256.SH)以一项关键财务操作，实质性扫清了兑现承诺的 首要障碍。 12月15日晚，公司宣布拟动用高达27.78亿元的资本公积，一举弥补母公司报表上的累计未分配利润亏损。这一财务操作，在程序上并不复杂。它严格遵 循了《公司法》及财政部相关规定，核心是将股东出资形成的资本溢价，用于冲抵因长期研发投入形成的累计亏损，使母公司未分配利润归零。 然而，其象征意义远不止于此。这标志着，曾经以巨额研发投入和持续亏损为标志性特征的寒武纪，正在系统性清理历史财务包袱。公司明确表示，此举 旨在"减轻历史亏损负担，提升投资者回报能力，推动公司实现高质量发展"。 清零历史包袱 其二，履行公开承诺，提振市场信心。作为一家刚跨越盈亏平衡点的硬科技公司，兑现分红规划，向市场证明其不仅有能力实现技术突破和商业成功，更 愿意与股东分享成长成果，是建立长期投资信任的关键一步。 其三，优化公司形象，迈向成熟阶段。历史上持续的亏损曾是投资者担忧的焦点。此次操作，结合优异的当期业绩，标志着公司从"高投入的研发探索 期"正式步入"盈利与回报并重的良性发展阶段" ...

继发布三年股东分红回报规划，明确未来三年现金分红承诺后，中国AI芯片龙头企业寒武纪 （688256.SH）以一项关键财务操作，实质性扫清了兑现承诺的首要障碍。 12月15日晚， 公司宣布拟动用高达27.78亿元的资本公积，一举弥补母公司报表上的累计未分 配利润亏损 。这一财务操作，在程序上并不复杂。它严格遵循了《公司法》及财政部相关规 定，核心是将股东出资形成的资本溢价，用于冲抵因长期研发投入形成的累计亏损，使母公司 未分配利润归零。 然而，其象征意义远不止于此。这标志着，曾经以巨额研发投入和持续亏损为标志性特征的寒 武纪，正在系统性清理历史财务包袱。 公司明确表示，此举旨在"减轻历史亏损负担，提升投 资者回报能力，推动公司实现高质量发展"。 清零历史包袱 寒武纪此次亏损清零，向市场释放出为启动分红铺平道路的积极信号。 这或是其在实现盈利 逆转后，为履行股东回报承诺、满足监管要求以及开启公司发展新阶段的系统性工程 。 依据新《公司法》及证监会分红指引，公司现金分红的核心前提是母公司累计可供分配利润为 正值。在弥补前，根据天健会计师事务所(特殊普通合伙)出具的2024年度《审计报告》， 寒武 纪母公司截至202 ...

Core Viewpoint - The article discusses the potential for Muxi Co., Ltd. to replicate the significant stock price surge seen with Moer Thread during its IPO, highlighting the high demand and market interest in new tech stocks, particularly in the GPU sector [2][6]. Group 1: IPO Performance and Market Sentiment - Muxi Co., Ltd. had an IPO price of 104.66 yuan per share, with a market capitalization of approximately 41.87 billion yuan and a price-to-sales ratio of 56.35 times [2]. - If Muxi replicates Moer Thread's first-day performance, which saw a 468.78% opening increase and a closing increase of 425.46%, its stock price could reach around 595 yuan, potentially yielding a profit of nearly 250,000 yuan for investors holding one lot (500 shares) [2]. - The average first-day increase for 14 new stocks listed on the Sci-Tech Innovation Board this year is 218.92%, suggesting Muxi's stock could reach approximately 333.78 yuan, resulting in a profit of about 114,600 yuan for one lot [2]. Group 2: Company Background and Product Development - Muxi was founded in September 2020, with a team primarily sourced from AMD, including CEO Chen Weiliang, who previously led GPU SoC design at AMD [4]. - The company plans to use the funds raised from its IPO for the development and industrialization of new high-performance general-purpose GPUs, next-generation AI inference GPUs, and high-performance GPU technology for emerging applications [2]. - Muxi has released the N100 chip for inference and the C500 chip for training and inference, with the C500 being the main product currently shipped [4]. Group 3: Market Dynamics and Competition - Muxi's IPO saw a subscription rate of 0.02223023% initially, which increased to 0.03348913% after the allocation mechanism was activated, indicating a competitive environment for investors [3]. - Compared to Moer Thread, which had a final subscription rate of 0.03635054%, Muxi's shares are perceived as even more difficult to acquire, enhancing the speculative interest in its post-IPO performance [3]. - The article notes that the new stock market remains active, with several high-performing stocks listed this year, including Muxi and Moer Thread, which have attracted significant investor attention [4].

Core Viewpoint - The key to uncovering AI investment opportunities in the Hong Kong stock market lies in connecting different markets while maintaining a global industrial chain perspective. The unique value of the Hong Kong market is its combination of global giants and hidden champions serving the global market [1]. Group 1: Main Investment Lines - The first line focuses on Hong Kong internet giants restructuring through AI, which are compared to US tech giants. These companies possess vast data, mature ecosystems, and strong cash flows, and their AI commercialization progress is often underestimated but is rapidly materializing [1]. - The second line highlights hidden champions benefiting from global AI demand. Hong Kong hosts companies that align with global trends and are often overlooked by investors, such as a global GaN chip supplier and a leading AI advertising platform [2]. - The third line emphasizes the acceleration of China's AI ecosystem, with Hong Kong gathering leading companies in humanoid robots and autonomous driving. These companies' technological routes are highly aligned with domestic market demands, and a global perspective remains crucial [2].

报告认为，2024年，芯片和数据中心行业成为AI发展的"最大赢家"；2025年，电力和电网运营商跻身核 心舞台。"可再生能源主题在今年表现抢眼，多家企业直接受益于数据中心的需求增长。"阿什利·莱斯 特说。 报告指出，2025年，MSCI发达市场公用事业指数和MSCI全球可投资清洁能源基础设施指数分别上涨 29%和34%，而同期MSCI发达市场可投资油气指数涨幅仅为12%。这一走势与2021年至2024年的趋势形 成鲜明对比，体现出AI带动的电力需求快速攀升。 (责任编辑：王晨曦) MSCI(明晟公司)首席研究官阿什利·莱斯特(Ashley Lester)的最新观点称，尽管支撑全球市场的制度基础 承受更大压力，投资者仍将在一个持续增长与创新的世界中迈入2026年。该公司预计，2026年围绕人工 智能(AI)的投资仍将是市场重心。 16日，MSCI发布《投资趋势焦点：2026年关键主题》报告。阿什利·莱斯特在发布该报告时表示，当下 即便投资者开始对冲宏观风险，有一个高确定性主题依然稳固，即人工智能的布局扩张。报告预计， 2026年人工智能仍将是市场重心，同时投资范围和受益企业将继续演变。 报告指出，目前，企业在A ...

Group 1: Company Announcements - Haiyou New Materials plans to establish a wholly-owned subsidiary and invest 300 million yuan in a polymer special adhesive film production project in Chengdu, which aims to optimize resource allocation and production capacity layout [4] - Dekeli's board member plans to reduce holdings by no more than 100,000 shares, representing a reduction of 0.0632% of the company's total shares [5] - Saiwei Microelectronics announced that its actual controller and associated parties plan to reduce their holdings by no more than 1% of the company's total shares [3] Group 2: Technology Developments - Zhongke Shuguang has launched the world's first single-cabinet 640-card super node scaleX640, which can be combined to form a thousand-card computing unit, achieving a 20-fold increase in computing density compared to traditional solutions [5] - Haiguang Information's Haiguang DCU has over 99% operator coverage, compatible with CUDA, and supports a wide range of model training and inference scenarios [5] Group 3: Market Reactions - The Hang Seng Technology Index experienced a significant drop, with major companies like Alibaba, Tencent, JD.com, and Meituan seeing increased declines due to rumors regarding stricter tax recognition for high-tech companies [2] - Xpeng Motors has obtained an L3 autonomous driving road test license in Guangzhou, marking a step towards regular L3 road testing [2] Group 4: Financing Activities - Jiangfan Guizhi completed nearly 100 million yuan in Pre-A round financing to advance the production line construction and technology iteration of silicon-carbon anode materials [6] - Benait completed several million yuan in A++ round financing, focusing on the development and production of silicon-based liquid crystal optical devices [7] - Aosaire Biopharmaceutical completed several million yuan in Pre-A round financing to support the development of new imaging contrast agents and integrated therapeutic drugs [9]