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]

值得关注的是，在公司上市前的多轮融资中，南京市浦口区通过"合作基金"模式，以市场化方式完成了关键性的产业布局。公开信息显示，南京浦口区政府 通过其全资控股的南京浦口开发区高科技投资有限公司，作为主要出资人参与了市场化基金"和利国信智芯"。该基金于2020年10月，即沐曦股份成立后不 久，领投了其首轮7000万元融资，并推动沐曦股份在浦口区设立了全资子公司——沐曦集成电路（南京）有限公司。 此后，该基金又连续参与了沐曦股份后续三轮增资，累计投资额达1.53亿元。此外，南京浦口经开区管委会出资设立的"浦口高科"产业基金，也于2021年6 月对沐曦股份进行了3000万元的跟进投资。通过这两只基金，南京浦口区对沐曦股份形成了间接持股，据估算，其对应发行价的持股市值已超过4亿元。 沐曦集成电路（上海）股份有限公司于2025年12月17日在上海证券交易所科创板挂牌交易，成为继摩尔线程之后，第二家登陆A股的国产GPU企业。公司本 次发行价格为每股104.66元，发行后总市值约为418.74亿元。 该公司成立于2020年9月，核心团队由多位前AMD资深技术专家组成。其主营业务为全栈高性能GPU芯片及计算平台的研发、设计与销售 ...

沐曦集成电路（上海）股份有限公司 保荐人（主承销商）：华泰联合证券有限责任公司 发行情况： 沐曦股份致力于自主研发全栈高性能GPU芯片及计算平台，主营业务是研发、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。 沐曦股份控股股东为上海骄迈企业咨询合伙企业（有限合伙）（以下简称"上海骄迈"）。截至招股意向书签署日，上海骄迈直接持有沐曦股份 13.30%的股份，为沐曦股份第一大股东。鉴于上海骄迈、上海曦骥企业咨询合伙企业（有限合伙）（以下简称"上海曦骥"）的执行事务合伙人 均为陈维良，根据《上市公司收购管理办法》，上海骄迈、上海曦骥以及陈维良构成一致行动人，合计持有沐曦股份22.94%股权，持股比例远 高于其他任何股东；同时上海骄迈的一致行动人陈维良拥有沐曦股份董事会除独立董事之外半数以上成员的提名权。 截至招股意向书签署之日，陈维良合计控制沐曦股份22.94%的股权，并且拥有沐曦股份董事会除独立董事之外半数以上成员提名权，为沐曦股 份实际控制人。最近两年内，沐曦股份的实际控制人未发生变化。 沐曦股份于2025年12月4日发布的首次公开发行 ...

据了解，沐曦股份致力于自主研发全栈高性能GPU芯片及计算平台，主营业务是研发、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。 北京商报讯（记者 马换换 李佳雪）11月26日晚间，沐曦股份（688802）发布发行安排及初步询价公 告，公司将于12月5日启动申购。 公告显示，沐曦股份本次拟发行数量4010万股，初步询价日及起止时间为12月2日（T-3日）9:30- 15:00，网下申购日及起止时间为12月5日（T日）9:30-15:00；网上申购日及起止时间为12月5日（T日） 9:30-11:30，13:00-15:00。 ...

Market Overview - Both Shanghai and Hong Kong markets opened lower but showed strong recovery, with the Shanghai Composite Index breaking the 4000-point mark, reaching a ten-year high [1] - The Hang Seng Index also surpassed 27000 points, with trading volume exceeding 270 billion [1] - The U.S. government shutdown has ended after 43 days, improving dollar liquidity and boosting both risk and safe-haven assets [1] Financial Data - As of October 31, the total social financing scale reached 437.72 trillion yuan, a year-on-year increase of 8.5% [3] - The broad money supply (M2) stood at 335.13 trillion yuan, growing by 8.2% year-on-year [3] - The narrow money supply (M1) was 112 trillion yuan, with a year-on-year growth of 6.2% [3] Commodity Prices - Prices for VC electrolyte additives have surged significantly, with the average price reaching 110,000 yuan/ton, an increase of 68% [4] - R32 prices have risen to 68,000 yuan/ton, benefiting companies like Dongyue Group, which saw a nearly 9% increase in stock price [5] Industry Developments - Several paper companies have announced price increases, driven by rising costs and expanding demand, particularly in the packaging paper sector [9] - The West Mande project in Guinea, which has the potential to become the fifth-largest iron ore mine, has commenced production, impacting the iron ore supply landscape [5] Company Highlights - Zhongyuan Marine Energy plans to acquire a large LPG transport vessel for 598 million yuan, aiming to enhance its position in the liquefied gas transportation sector [10] - The company reported a revenue of 5.47 billion yuan for Q3 2025, a year-on-year decrease of 2.5%, but a net profit increase of 4.4% [10] - Zhongyuan Marine Energy has secured long-term contracts that cover approximately 20 million tons of its total oil transportation volume, providing stable revenue [11][12]

IPO Review and Registration Progress - Four companies passed the IPO review last week, including Jianxin Superconductor, Muxi Co., Shuangxin Environmental Protection, and Aishalen [3][4] - Jianxin Superconductor focuses on the R&D, production, and sales of core components for MRI equipment, with projected revenues of 359 million, 451 million, and 425 million yuan from 2022 to 2024 [3] - Muxi Co. specializes in high-performance GPU chips and plans to raise 3.904 billion yuan through its IPO [3][4] - Shuangxin Environmental Protection reported a revenue decline of 25.25% and 7.85% for 2023 and 2024, respectively, due to industry downturns [4][5] - Aishalen, primarily engaged in OEM for medical care pads, expects revenues of 692 million yuan in 2024 [5] Upcoming IPOs - Three companies are set to undergo IPO reviews this week, including Jiangtian Technology, Taijin New Energy, and Hongban Technology [6] - Jiangtian Technology, which focuses on label printing, reported revenue growth from 384 million yuan in 2022 to 538 million yuan in 2024 [6] - Taijin New Energy, involved in high-end green electrolytic equipment, expects revenues to grow from 1.005 billion yuan in 2022 to 2.194 billion yuan in 2024 [7] - Hongban Technology, specializing in printed circuit boards, achieved a revenue increase of 43.48% year-on-year for the first three quarters of 2025 [8] New Stock Listings and Subscriptions - Four new stocks are scheduled to be listed this week, including Heyuan Bio, Taikang Ying, Xi'an Yicai, and Bibete [12] - Heyuan Bio is a biopharmaceutical company with eight drugs in the pipeline, while Taikang Ying focuses on mining and construction tires [12] - Xi'an Yicai, specializing in 12-inch silicon wafers, reported a revenue of 1.933 billion yuan for the first three quarters of 2025 [13] - Bibete, a biopharmaceutical firm, has no revenue but has one innovative drug approved for market [13] Recent IPO Approvals - Two companies, Angrui Micro and Yuxun Co., received IPO registration approvals, both from the "hard technology" sector [11] - Angrui Micro specializes in RF front-end chips, while Yuxun Co. focuses on optical communication front-end transceiver chips [11] Financial Performance Highlights - Jianxin Superconductor's net profits are projected to grow from 35 million yuan in 2022 to 56 million yuan in 2024 [3] - Shuangxin Environmental Protection anticipates a net profit of 52.5 million yuan in 2025, a slight increase from previous years [4] - Hongban Technology's net profit surged by 306.91% year-on-year for the first three quarters of 2025 [8] - Taijin New Energy's new signed orders for electrolytic equipment dropped significantly, raising concerns about future performance [7]

Core Viewpoint - The IPO review process in China is accelerating, with 67 companies scheduled for meetings this year, surpassing the total from the previous year, indicating a significant increase in market activity [1][5]. Group 1: Upcoming IPOs - Four companies, including Jianxin Superconductor, Muxi Co., Shuangxin Environmental Protection, and Aisheren, are set for IPO meetings from October 20 to 24 [1][3]. - Jianxin Superconductor and Muxi Co. are applying for IPOs on the Sci-Tech Innovation Board, while Shuangxin Environmental Protection aims for the Shenzhen Main Board and Aisheren for the Beijing Stock Exchange [3]. - Among these companies, Shuangxin Environmental Protection is projected to achieve approximately 1.797 billion yuan in revenue and 281 million yuan in net profit for the first half of 2025 [3]. Group 2: Fundraising Amounts - Muxi Co. leads in proposed fundraising, aiming to raise about 3.904 billion yuan, followed by Shuangxin Environmental Protection at 1.865 billion yuan, Jianxin Superconductor at 775 million yuan, and Aisheren at 300 million yuan [4]. Group 3: IPO Statistics - A total of 67 companies have been scheduled for IPO meetings this year, compared to 57 last year, with 69 meetings held [5]. - The distribution of IPOs includes 20 from the Main Board, 8 from the Growth Enterprise Market, 26 from the Beijing Stock Exchange, and 13 from the Sci-Tech Innovation Board [5]. - The current IPO backlog consists of 275 companies, with 169 from the Beijing Stock Exchange, representing over 61% of the total [7]. Group 4: Market Trends - The acceleration in IPO reviews is attributed to deeper reforms in China's capital markets and optimized regulatory policies, with expectations for further improvements in review efficiency and stricter standards [6]. - The majority of the 275 companies in the IPO queue have had their applications accepted in 2023, indicating a robust pipeline for future listings [7].