如今的 "算力主权" 时代，GPU 已成为 AI 训练、科研仿真等核心场景的刚需品，而生成式 AI 的爆发更 让市场需求持续扩容。 最近，GPU赛道很热闹，寒武纪在股市一枝独秀的场面也许要被改变。因为，它的竞争对手们在快速 IPO。这不，上海杀出一个GPU独角兽：沐曦，计划在科创板上市。 尽管全球市场仍由英伟达等巨头主导，但国产玩家仍努力追逐，差距在缩小。尽管头部公司已经出现， 但新机会也还是有的——这个前提是：你得有钱，有算法，有生态资源。 沐曦的创始人叫陈维良，1999年毕业于电子科技大学，之后于2002 年获得清华大学微电子学研究所硕 士学位。 - 01 - 他在芯片行业是20年老炮，曾主导AMD 15款GPU量产，见证过海外巨头对高端算力的垄断。此次创 业，他的愿景之一就是：给中国的AI产业装上自主的算力心脏。 2020年秋，在上海张江，陈维良、彭莉、杨建三位AMD前核心骨干决心创业：造算力心脏。发起者陈 维良1995年考入电子科技大学微电子专业，2002年获清华大学微电子学研究所工学硕士学位。 现在的经济形势下，很多行业都喊"没钱"，GPU赛道是真有钱。2022-2024年，沐曦营收复合增长率达 4 ...

回顾上市历程，摩尔线程科创板IPO在2025年6月30日获受理，9月26日过会并提交注册，10月30日注册 生效，从受理至注册仅用时4个月，将成为首家以AI GPU为主营业务的科创板上市公司。另一家GPU企 业沐曦股份在2025年10月24日科创板IPO过会，尚未完成注册流程。 火速IPO 摩尔线程以自主研发的全功能GPU为核心，致力于为AI、数字孪生、科学计算等高性能计算领域提供 计算加速平台，具备完整的GPU芯片全流程技术体系，涵盖架构设计、软件生态、算力调度平台等，已 推出四代GPU架构，并拓展出覆盖AI智算、云计算、个人智算等应用领域的计算加速产品矩阵。 2022年、2023年、2024年，摩尔线程的营业收入复合增长率为208.44%；2025年1—6月，公司营收为 7.02亿元，同比增长约六成；由于研发费用高企，公司净亏损2.71亿元。截至2025年6月30日，摩尔线程 累计未弥补亏损为14.78亿元。公司预计基于市场空间、产品研发、客户接洽及导入情况等，预计最早 可于2027年实现合并报表盈利。 本次摩尔线程拟发行4444.76万股至1亿股，拟募集资金总额为80亿元，全部用于摩尔线程新一代自主可 ...

证监会同意摩尔线程智能科技（北京）股份有限公司首次公开发行股票注册。外汇交易员 (@myfxtrader):上交所文件显示，摩尔线程智能科技（北京）股份有限公司首发申请成功通过上交所上市审核委员会会议审议。🗒️“国产GPU第一股” https://t.co/DyrsWQSaEo ...

Group 1: Market Performance - The Shanghai Stock Exchange Sci-Tech Innovation Board 100 Index decreased by 0.02% as of October 28, 2025, with mixed performance among constituent stocks [3] - The leading stock, Weichuangxin, rose by 6.40%, while Huafeng Technology fell by 6.80% [3] - The Sci-Tech 100 Index ETF (588030) showed a recent price of 1.36 yuan, with a weekly increase of 5.58% as of October 27, 2025, ranking 2nd among comparable funds [3] Group 2: Industry Developments - Domestic GPU manufacturer Muxi Co., Ltd. has received approval for its IPO on the Sci-Tech Innovation Board [4] - A breakthrough in photoresist technology was achieved by a team from Peking University, enabling high-resolution lithography compatible with wafer fabs [4] - Samsung Electronics and SK Hynix have raised DRAM and NAND flash prices by up to 30%, indicating an acceleration of the storage chip "super cycle" [4] Group 3: Robotics Sector - Lingyi Zhizao has formed large-scale orders in the robotics field, providing mass production services and recently securing over a hundred assembly orders from leading clients [5] - The company’s "Linglong" robot won dual championships at the World Humanoid Robot Sports Competition, indicating successful technology commercialization [5] Group 4: Investment Insights - Investment focus in humanoid robotics should be on three areas: technological breakthroughs, application scenarios, and global layout [6] - The industry is expected to exhibit characteristics of hardware standardization, software intelligence, and fragmented scenarios, with companies capable of full-chain innovation leading growth [6] Group 5: ETF Information - The latest scale of the Sci-Tech 100 Index ETF reached 6.022 billion yuan, ranking 2nd among comparable funds [7] - The ETF closely tracks the Sci-Tech 100 Index, which selects 100 medium-sized and liquid securities from the Sci-Tech Innovation Board [8] - As of September 30, 2025, the top ten weighted stocks in the index accounted for 24.32% of the total [8]

Core Insights - The successful IPO of domestic GPU unicorn Muxi Co., Ltd. on the Sci-Tech Innovation Board marks a significant milestone in the domestic computing power sector, with a planned fundraising of 3.904 billion yuan and a post-IPO valuation of 21 billion yuan [1] Group 1: Company Overview - Muxi's product matrix includes inference, training-inference integration, and graphics rendering, with its flagship product, the Xiyun C600, achieving a fully domestic closed loop in design, manufacturing, and testing, competing with international leaders like NVIDIA's A100 [2] - Lenovo Group, as an early strategic investor, holds nearly 1% of Muxi's shares and has collaborated on the "DeepSeek AI all-in-one machine," achieving rapid delivery and significant market penetration across various industries [1][2] Group 2: Market Context - The uncertainty in the global AI computing power supply chain has shifted domestic alternatives from an option to a necessity, with the Chinese AI server market expected to exceed 50 billion yuan by 2025, while the domestic replacement rate remains below 20%, indicating substantial growth potential [2] - Lenovo's collaboration with Muxi enhances its server product differentiation and positions the company to capture a larger share in the upcoming AI infrastructure cycle [2] Group 3: Investment Landscape - Other A-share companies associated with Muxi include Chunzong Technology, Zhongke Lanyun, Runtu Co., Ltd., and Youkede, each holding minor stakes in Muxi [3][4][5][6][7][8] - Lenovo stands out as the only company achieving a three-dimensional synergy of equity, products, and channels, enhancing its ability to capitalize on the domestic GPU capabilities and enjoy the benefits of domestic substitution [8]

Core Points - The three major stock indices opened higher, with the Shanghai Composite Index starting at 3929.12 points, up 0.17%, the Shenzhen Component Index at 13091.34 points, up 0.51%, and the ChiNext Index at 3087.63 points, up 0.83% [1] Industry Summary - Samsung and SK Hynix both raised prices by 30%, leading to a resurgence in the memory chip sector [1] - The commercial aerospace, quantum technology, and GPU sectors saw significant gains [1] - The short video, lab-grown diamond, and coal sectors experienced slight declines [1]

09:24 港股康大食品开涨163.16%，公司获高思诗收购约54.69%公司股份。此次收购总代价为6564.26万港元。 09:21 港股开盘丨恒指高开0.81% 存储芯片概念再度起势；商业航天、量子技术、GPU概念涨幅居前。 09:33 高位股盘初大跌，大有能源闪崩一度逼近跌停，华建集团连续三日一字跌停，石化机械、安泰集团、珠江钢琴集体下探。 09:28 量子科技概念延续强势，神州信息、格尔软件均2连板，科大国创涨超10%，国盾量子、腾景科技等涨幅居前。 09:25 A股开盘丨三大指数集体高开 上证指数涨0.17%，深证成指涨0.51%，创业板指涨0.83%。 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | V | 3929.12c | 6.70 | 0.17% | | 399001 | 深证成指 | W | 13091.34c | 65.89 | 0.51% | | 399006 | 创业板指 | IN | 3087.63c | 25.47 | 0.83% | 盘面上，三星 ...

证券研究报告 | 策略点评 行业涨跌情况：今日申万一级行业除煤炭行业下跌外，其余全部上涨。通信、 电子、建筑装饰、综合、房地产、机械设备等行业涨幅靠前。 2025 年 10 月 21 日 投资要点 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 投资策略研究 粤开市场日报-20251021 今日关注 指数涨跌情况：今日 A 股主要指数多数收涨。截止收盘，沪指涨 1.36%，收报 3916.33 点；深证成指涨 2.06%，收报 13077.32 点；科创 50 涨 2.81%，收报 1406.32 点；创业板指涨 3.02%，收报 3083.72 点。总体上，全天个股涨多跌 少，Wind 数据显示，全市场 4624 只个股上涨，729 只个股下跌，80 只个股收 平。沪深两市今日成交额合计 18739 亿元，较上个交易日放量 1362.89 亿元。 板块涨跌情况：今日涨幅居前概念板块为光模块(CPO)、消费电子代工、光 芯片、HBM、一级地产商、培育钻石、覆铜板、电路板、光通信、挖掘机、 存储器、城中村改造、天然气、油气开采、GPU 板块。 风险提示 ...

Core Insights - The report highlights a mixed performance in the stock market, with the Shanghai Composite Index closing at 3839.76, down 1.95%, and the ChiNext Index down 3.36% [3][8] - The report indicates a significant increase in public budget revenue and a notable rise in securities transaction stamp duty, which grew by 103.4% year-on-year [5] - The report emphasizes the growth of the generative AI user base in China, reaching 515 million by June 2025, indicating a strong market potential for related companies [6] Industry Updates - The report mentions that Chery has showcased a solid-state battery module with an energy density of 600Wh/kg, highlighting potential investment opportunities in related stocks such as Guoxuan High-Tech and Xiamen Tungsten [6] - The medical device CDMO sector is gaining traction, with companies accelerating their entry into the market, suggesting a favorable environment for firms like WuXi AppTec and InnoLaser [6] Company Focus - Zijin Mining reported a 55% year-on-year increase in net profit attributable to shareholders for the first three quarters, with gold and copper production rising by 20% and 5% respectively [7] - Cambrian Technologies announced a staggering 1332.52% year-on-year revenue growth in Q3 2025, with revenue reaching 1.727 billion [7] - Hanwei Technology plans to acquire equity in Chongqing Stabao, which has established the first domestic production line for 10 million thin-film platinum resistance temperature sensors annually [7]

New Listings - From September 22 to September 28, one company was listed on the Shanghai Stock Exchange main board, and three companies were listed on the Shenzhen Stock Exchange ChiNext [2] - YouSheng Co., Ltd. is a professional manufacturer of aluminum alloy automotive parts, focusing on lightweight automotive components to enhance the range of electric vehicles and improve fuel efficiency for gasoline vehicles. On its first trading day, the stock price rose by 71.48%, closing at 66.31 CNY per share on September 29, an increase of 43.03% from the issue price of 46.36 CNY, with a total market capitalization of approximately 12.8 billion CNY [3] ChiNext Listings - Shanghai Jianfa Zhixin Medical Technology Group Co., Ltd. engages in direct sales, distribution, and centralized management of hospital consumables. On its first trading day, the stock price surged by 418.58%, closing at 34.12 CNY per share on September 29, a rise of 383.97% from the issue price of 7.05 CNY, with a total market capitalization of around 14.4 billion CNY [4] - Suzhou Huichuan United Power System Co., Ltd. focuses on the R&D, production, sales, and service of core components for electric drive systems and power systems for electric vehicles. The stock price increased by 147.60% on its first day, closing at 32.77 CNY per share on September 29, up 162.58% from the issue price of 12.48 CNY, with a total market capitalization of approximately 78.8 billion CNY [4] - Beijing Wuchuang Ruitong Electric Equipment Co., Ltd. specializes in the R&D, production, and sales of smart distribution equipment. The stock price rose by 190.76% on its first trading day, closing at 58.78 CNY per share on September 29, an increase of 179.90% from the issue price of 21.00 CNY, with a total market capitalization of about 6.5 billion CNY [5] Companies Passing Review - From September 22 to September 28, two companies passed the review on the Shanghai Stock Exchange Sci-Tech Innovation Board, and one company passed the review on the Shenzhen Stock Exchange ChiNext [6] - BaiAo SaiTu is a preclinical CRO and biotechnology company that provides innovative animal models and preclinical drug development services based on its proprietary gene editing technology [7] - MoEr Thread focuses on the R&D, design, and sales of GPUs and related products, having successfully launched four generations of GPU architecture [7] Companies Submitting IPO Applications - One company submitted an IPO application on the Shanghai Stock Exchange Sci-Tech Innovation Board, and one company submitted an application on the Shenzhen Stock Exchange ChiNext from September 22 to September 28 [10] - Anshi Biotechnology is an innovative biopharmaceutical company focusing on oncology and other diseases with significant unmet clinical needs. The company plans to issue no more than 76.0043 million shares, aiming to raise 2.45 billion CNY for new drug R&D and working capital [12] - Zhongsu Co., Ltd. specializes in the R&D, production, and sales of modified engineering plastics, with applications in consumer electronics, energy storage, automotive, and home appliances. The company plans to issue no more than 12.3329 million shares, seeking to raise 645 million CNY for various projects [14] Companies with Terminated Review - From September 22 to September 28, no companies had their listing reviews terminated on either the Shanghai Stock Exchange or the Shenzhen Stock Exchange [16]