Core Viewpoint - TianShu ZhiXin is set to officially list on the Hong Kong Stock Exchange in January 2026, joining other domestic GPU companies in a competitive market for computing power [1][4]. Group 1: Company Overview - TianShu ZhiXin is recognized as a "breakthrough player" in the mass production of general-purpose GPUs, having successfully delivered 7nm high-performance GPU chips to data centers [4][5]. - The company has achieved significant revenue growth, with a year-on-year increase of over 60% in 2023 and GPU shipments exceeding 50,000 units [5][14]. - It has established a strong customer base, serving over 290 enterprises across various sectors, including finance, healthcare, and education, with more than 900 actual deployment scenarios [7][8]. Group 2: Market Position and Strategy - TianShu ZhiXin's unique value proposition lies in its focus on mass production and delivery rather than just technological narratives, positioning it as a leader in the GPU market [4][10]. - The company has adopted a "user-centric" approach, emphasizing usability and practicality, which has made its products highly favored among customers [10][12]. - Its product matrix includes the TianYuan series for training and the ZhiKai series for inference, providing comprehensive computing power support from model development to deployment [8][10]. Group 3: Financial Performance - Revenue surged from 189 million yuan in 2022 to 540 million yuan in 2024, with a compound annual growth rate of 68.8% [14]. - The company is the only domestic GPU firm with a self-sustaining cash flow capability, driven by its substantial production scale and revenue growth [18]. - The growth trajectory is supported by a strong focus on actual shipment volumes and customer retention rates, marking a shift from traditional valuation models that emphasize R&D investments [12][18]. Group 4: Industry Implications - The case of TianShu ZhiXin highlights a critical perspective for investors in hard technology: the importance of focusing on clear profit paths and expanding shipment capabilities rather than just ambitious technological narratives [17][18]. - The company's success in commercializing GPU technology serves as a model for the industry, demonstrating the necessity of transitioning from chip design to commercial delivery [19].

Core Viewpoint - The recent market performance of companies like Moore Threads and Muxi Co. signals a significant shift in the valuation system for high-end GPU companies, distinguishing them from traditional computing chip firms [1] Group 1: High-End GPU Valuation Logic - A completely independent valuation track for high-end GPUs is forming in the A-share market, as evidenced by the dramatic price increase of Cambrian Technology, which rose nearly 30 times from its low of 54 yuan to a peak of 1596 yuan [3] - The market's perception of general-purpose GPUs has evolved, with the listings of Moore Threads and Muxi providing a clearer understanding of their valuation, further validating the premium associated with computing power [3][4] - The top four high-priced stocks in A-shares now include Kweichow Moutai, Cambrian Technology, Moore Threads, and Muxi, indicating a significant shift in market sentiment towards high-end GPU assets [3] Group 2: Unique Characteristics of High-End GPUs - High-end GPUs meet five unique conditions that contribute to their distinct pricing logic, including the essential role of GPUs in large model training, limited supply, high migration costs, and their strategic importance in national policies [5][6] - The demand for computing power continues to rise, reinforcing the narrative of scarcity in the GPU market, which in turn drives up asset premiums and attracts more investment [6] Group 3: Wall Street's Perspective on Wall Street Technology - Wall Street's pricing logic for Wall Street technology becomes clearer with the upcoming IPO of Birun Technology, which, like Moore Threads and Muxi, focuses on the general-purpose GPU sector [8] - Birun Technology has established a competitive advantage through its GPGPU architecture, successfully developing and mass-producing chips like BR106 and BR110, and has a robust software ecosystem to support its products [10][11] Group 4: Commercialization and Financial Performance - Birun Technology's revenue has rapidly increased from 499,000 yuan in 2022 to 337 million yuan in 2024, indicating a strong growth trajectory in high-demand sectors [11] - The company has a clear growth path with approximately 822 million yuan in hand orders and a product roadmap that includes the commercial launch of the BR20X series in 2026 [13] Group 5: Market Conditions and Investor Sentiment - The Hong Kong stock market has seen a resurgence, with the Hang Seng Index rising about 23% and the Hang Seng Tech Index increasing approximately 37% since 2025, creating a favorable environment for tech IPOs [15] - Birun Technology's IPO is expected to attract significant interest, as evidenced by the participation of 23 major cornerstone investors and a high subscription rate of about 64% [17][18]

在全球算力竞赛进入白热化阶段的今天，中国GPU产业正迎来历史性的集体突围时刻。 继摩尔线程以超3000亿市值登陆科创板后，沐曦股份紧随其后强势上市，壁仞科技也刚刚通过港交所聆讯，天数智芯则已递交 招股书蓄势待发——"国产GPU四小龙"齐聚资本市场。 四家企业虽处于同一赛道，但差异化路径已十分清晰：从追求全功能生态的平台型策略，到聚焦单一季度盈利的工程化能力， 再到绑定国家级算力枢纽的集群路线，各家企业正通过不同的切口抢占芯片市场份额。 产品线的完整度是天数智芯的核心护城河。目前，公司拥有天垓（训练）和智铠（推理）两条成熟产品线，分别覆盖AI模型训 练和推理场景，构建了完整的通用GPU产品组合，公司累计出货量已超过53,000片。 这种双轮驱动的产品策略使其能够覆盖从复杂模型开发到高效生产部署的全场景需求。财务数据显示，过去三年半中，超过一 半的收入来自高单价的训练系列产品，显示出其在核心算力市场的竞争力。 招股书显示，公司营收正经历快速增长，2025年上半年收入达3.24亿元，已超2023年全年水平。与此同时，公司客户结构显著 优化，对单一客户依赖度大幅降低，2022年前五大客户收入占比高达94.2%，而到了 ...

Market Performance - A-shares showed mixed performance from December 15 to December 19, with the Shanghai Composite Index closing at 3890.45 points, up 0.03%, while the Shenzhen Component Index fell 0.89% to 13140.21 points, and the ChiNext Index dropped 2.26% to 3122.24 points [1][2] - Over 54% of stocks in the A-share market rose during the week, with 107 stocks gaining over 15% and 31 stocks declining more than 15% [1] International Market Trends - The New York stock market indices rose on December 19, with the Dow Jones Industrial Average increasing by 183.04 points to 48134.89 points (up 0.38%), the S&P 500 rising by 59.74 points to 6834.50 points (up 0.88%), and the Nasdaq Composite gaining 301.26 points to 23307.62 points (up 1.31%) [3][4] - European stock indices also saw gains, with the FTSE 100 closing at 9897.42 points (up 0.61%), the CAC 40 at 8151.38 points (up 0.01%), and the DAX at 24288.40 points (up 0.37%) [3][4] - International oil prices experienced slight increases, with WTI crude oil futures rising by 51 cents to $56.66 per barrel (up 0.91%) and Brent crude oil futures increasing by 65 cents to $60.47 per barrel (up 1.09%) [3][4] Regulatory Developments - The National Development and Reform Commission, along with other regulatory bodies, released the "Internet Platform Pricing Behavior Rules" to enhance price regulation and protect consumer rights in the platform economy [5] - The National Internet Information Office and the China Securities Regulatory Commission are intensifying efforts to combat false information in the capital market, warning that spreading such information will lead to legal consequences [6] Automotive Industry Advancements - Changan Automobile received the first official license plate for L3-level autonomous driving, marking a significant milestone in the development of intelligent connected vehicles in China [6][7] - The Ministry of Industry and Information Technology granted the first batch of L3-level conditional autonomous driving vehicle licenses, allowing companies like Changan and BAIC to conduct road trials in designated areas [6][7] Technology Sector Developments - Moore Threads unveiled its new GPU architecture "Huagang," which supports full precision computing and is designed for large-scale computing clusters, with plans to launch high-performance AI chips in the coming year [8] - The AI infrastructure investment is expected to grow, with the global computing chip market expanding, benefiting hardware suppliers in the industry [8] Financial Sector Initiatives - The People's Bank of China and other financial authorities in Fujian Province are implementing a plan to enhance financial support for technology innovation and strategic emerging industries, aiming for a 10% annual growth in technology-related loans by 2025-2027 [9] Scientific Breakthroughs - Researchers at Shanghai Jiao Tong University achieved a breakthrough in the field of optical computing chips, which could support large-scale semantic media generation models, addressing the performance gap in traditional chip architectures [10] Commodity Market Insights - International silver prices reached a new high, with a year-to-date increase of 132.11%, significantly outpacing gold prices [11] Investment Strategies - Tianfeng Securities suggests focusing on three main investment directions: breakthroughs in AI technology, economic recovery, and undervalued assets benefiting from AI trends [12] - Huaxi Securities indicates that conditions for a "spring rally" are accumulating, recommending investments in sectors supported by industrial policies and consumer stimulus [13]

Core Viewpoint - The company, Muxi Co., Ltd., has rapidly gained attention in the GPU market, achieving a market capitalization exceeding 300 billion yuan shortly after its IPO, despite currently operating at a loss [2][8]. Company Overview - Muxi Co., Ltd. was founded by Chen Weiliang, a former AMD executive, who aimed to fill the gap in the domestic GPU market [3][4]. - The company has positioned itself as the "Chinese version of AMD," focusing on high-performance general-purpose GPU computing [2][3]. Financial Performance - On its first trading day, Muxi's stock price surged nearly 7 times, closing at 829.90 yuan per share, and later settled at 715.6 yuan, still reflecting a nearly 6-fold increase from the issue price [2][8]. - For the first three quarters of 2025, Muxi reported revenues of 1.236 billion yuan, with a net loss of 346 million yuan, marking a 55.79% reduction in losses year-on-year [2][7]. Product Development - Muxi's first intelligent computing inference chip, Xisi N100, was successfully mass-produced in April 2023, marking a significant milestone in the company's journey [6]. - The company launched the Xiyun C500 series in 2024, which significantly improved its market competitiveness, contributing to 97.87% of revenue in the first quarter of 2025 [7]. Market Strategy - Muxi has chosen to focus on the B-end data center market rather than the competitive consumer graphics card market, adopting a "compatibility + self-research" technology route [4][6]. - The company has engaged in extensive fundraising efforts, attracting over 120 institutional investors prior to its IPO [8]. Future Outlook - Muxi has set a target to achieve breakeven by 2026, acknowledging the capital and technology-intensive nature of the GPU industry [9].

▲ 戳蓝 色字关注我们！ "凡所为，臻于至善。"—— 英特尔创始人 戈登・摩尔 昨天晚上刷朋友圈，发现做投资的朋友们全都在晒沐曦股份的打新收益 —— 中一签最高能赚 40 万！ 这个数字是什么概念？很多人一年的收入也就这个水平。 但我今天想跟大家聊的，不是这个造富神话，而是它背后那些 90% 的人都没看懂的门道。 你知道吗？ 就在沐曦昨天上市的同一天，MiniMax 和智谱 AI 双双通过了港交所聆讯要争夺 "全球大模型第一股" 的称号。 而今天壁仞科技也通过了港交所聆讯，即将成为 "港股国产 GPU 第一股"； 也就是说，沐曦的营收确实比摩尔高，但也就是 2-3 倍的差距。 可市值呢？沐曦现在 3320 亿，摩尔线程大概 2400 亿左右。 这个估值是怎么撑起来的？ 前段时间我在一个投资人聚会上，听到有人说 "现在投国产 GPU 就是闭着眼睛赚钱"。 当时我就没忍住问了一句：沐曦的核心技术壁垒是什么呀？它跟摩尔线程、壁仞科技的本质差异化是什么？ 对方愣了半天，说 "反正就是对标英伟达嘛"。 这是巧合吗？当然不是。 今天给大家拆解一下这波 AI 公司 IPO 扎堆背后的真实逻辑。 一、3320 亿市值的谜题： ...

牛散投资寒武纪一度赚58亿元，沛县乾曜在摩尔线程身上最高浮盈约160亿元，私募大佬葛卫东押注沐曦股份(688802.SH)，躺赚多少？ 12月17日，被称为"中国版AMD"的沐曦股份科创板挂牌首日，股价大涨近7倍，收报829.90元/股，超越摩尔线程，跃升为A股第三高价股，盘中，股价一 度逼近900元。 股价暴涨，重仓押注沐曦股份的私募大佬葛卫东暴赚。根据长江商报记者粗略估算，葛卫东直接间接入股成本最高约12.50亿元，沐曦股份上市首日，其 持股市值约为223.56亿元，大赚约211亿元。 此外，大模型公司DeepSeek的创始人梁文锋浮盈逾4500万元。 跟摩尔线程一样，沐曦股份尚未实现盈利。2025年前三季度，公司实现的归母净利润为-3.46亿元，但同比减亏55.79%。 沐曦股份给出了盈利时间表，预期2026年达到盈亏平衡。这一时间点，比摩尔线程早了一年。 上市首日夺得A股"第三" A股第三高价股易主，上市仅仅一个交易日的沐曦股份，就从摩尔线程手中抢得了A股"第三"。 作为A股市场第二家国产GPU明星股，沐曦股份的表现超出市场预期。 本次IPO，沐曦股份发行价104.66元/股，略低于摩尔线程的114. ...

◎记者 严晓菲 这种看似矛盾的现象，源于各方对国产GPU市场广阔前景的共识。据国际数据公司（IDC）预测，到 2029年，中国加速服务器市场规模将超过千亿美元。交银国际研报认为，国产算力芯片行业未来将呈现 百花齐放态势，技术上取得长足进步，包括晶圆代工、存储器、半导体设备等在内的国产算力产业链有 望持续受益。 12月以来，国产GPU领域的两位主要玩家——摩尔线程和沐曦股份，先后叩开了资本市场的大门。这两 家成立均仅5年的公司，正以超预期的市场表现，点燃投资者的巨大热情。 沐曦股份上市首日便坐上A股史上"最赚钱新股"的宝座，股价一度飙涨到逼近900元/股，总市值也已突 破3300亿元。在此之前，摩尔线程在上市后短短几个交易日内，股价最高涨到941.08元/股。 在这两家公司的背后，是两份密密麻麻的出资方名单：沐曦股份股东超过120家，摩尔线程股东超过80 家。在这场从"非共识"到"共识"的转变中，这些"耐心资本"为何能如此守得住寂寞？ 高光时刻： 亏损与高估值反差折射广阔前景 在国产GPU的高光时刻，难以无视的是这两家公司依旧严峻的财务现实。根据招股书，它们都仍处于持 续亏损的状态。 沐曦股份2022至2024 ...

中新社北京12月17日电 (记者 陈康亮)中国A股17日(周三)放量上涨，主要股指悉数走高。 新股方面，继摩尔线程后，A股17日迎来国产GPU(图形处理器)赛道的又一上市公司沐曦股份。沐曦股 份上市首日股价表现亮眼，截至17日收盘，股价涨幅达692.95%，收盘价报每股829.9元。 公开资料显示，沐曦股份的主营业务为研发、设计和销售应用于人工智能训练和推理、通用计算与图形 渲染领域的全栈GPU产品，并围绕GPU芯片提供配套的软件栈与计算平台。(完) 巨丰投顾投资顾问总监郭一鸣表示，当天上午A股整体处于窄幅震荡，创业板指表现相对较好，行情转 折发生在午后，以保险为代表的金融板块集体发力，带动指数快速上行，有力提振了市场情绪。 板块方面，根据金融数据服务商东方财富的统计，保险板块当天录得3.11%的涨幅，涨幅居前。个股方 面，当天A股保险股全线走高；其中，中国太保股价涨逾4%。 截至当天收盘，上证指数报3870点，涨幅为1.19%；深证成指报13224点，涨幅为2.4%；创业板指报 3175点，涨3.39%。沪深两市成交总额约18111亿元(人民币，下同)，较上一个交易日放量约870亿元。 ...

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. has successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, becoming the second domestic GPU company to go public after Moore Threads, with a significant market response on its debut [1] Group 1: Company Overview - Muxi was founded in September 2020 by former AMD executive Chen Weiliang and two colleagues, focusing on the independent research and development of high-performance GPU chips and computing platforms [1] - The company’s products span three major areas: artificial intelligence training and inference, general computing, and graphics rendering [1] Group 2: Market Performance - On its first trading day, Muxi's stock price peaked at 895 CNY per share, representing a 755% increase from the issue price of 104.66 CNY, and closed at 829.9 CNY, a 693% rise, leading to a market capitalization exceeding 332 billion CNY [1] - The rapid growth from establishment to listing in just five years highlights the strong support from the capital market [1] Group 3: Shareholder Structure - As of the issuance date, Muxi had over 120 shareholders, including a diverse mix of national funds, top venture capital institutions, local state-owned assets, and industrial capital, providing a solid capital backing for the company's development [1] - Among the key investors, Jingwei Venture Capital has participated in six funding rounds, investing a total of 750 million CNY [4] Group 4: Investment Insights - Jingwei Venture Capital holds a total of 5.13% of Muxi's shares through six affiliated entities, demonstrating a strong commitment to the company's growth [4][8] - Recent investments by Jingwei in early 2023 amounted to approximately 400 million CNY, with a per-share cost of about 56.68 CNY, resulting in significant unrealized gains following the IPO [11]