Market Overview - The three major indices opened higher, with the storage chip sector leading the gains. As of the opening, the Shanghai Composite Index was at 3969.22 points, up 0.48%; the Shenzhen Component Index was at 13448.92 points, up 1.20%; and the ChiNext Index was at 3227.18 points, up 1.75% [1] Economic and Policy Developments - U.S.-China trade talks were held in Kuala Lumpur, focusing on key economic issues such as maritime logistics, shipbuilding measures, and agricultural trade, resulting in a basic consensus on addressing mutual concerns [2] - The China Securities Regulatory Commission emphasized enhancing the resilience and risk resistance of the capital market, aiming to cultivate high-quality listed companies and improve the market ecosystem [2] - The People's Bank of China announced a 900 billion yuan MLF operation to maintain ample liquidity in the banking system [2] Industry Insights - A research team from Peking University has successfully analyzed the micro 3D structure of photoresist molecules, which could lead to significant reductions in lithography defects [3] - Reports indicate that some DRAM and Flash products from original manufacturers are currently suspended from quoting, affecting the domestic industry [6] - The Guangdong provincial government has issued measures to support the high-quality development of the low-altitude economy, including efforts to facilitate the listing of qualified enterprises [7] Company Announcements - Huagong Technology announced that its 800GLPO optical modules have begun delivery in overseas factories, with an expected domestic demand of around 20 million optical modules next year [4] - Guoxuan High-Tech reported a 1434% year-on-year increase in net profit for Q3, attributed to significant changes in the fair value of its early holdings in Chery Automobile [5] - Wante Technology announced a 279% year-on-year increase in net profit for Q3, while also highlighting potential risks related to the control of Anshi [5] - Pharmaceutical company WuXi AppTec reported a net profit of 12.076 billion yuan for the first three quarters, an increase of 84.84% year-on-year [5] - Tongwei Co. reported a net loss of 5.27 billion yuan for the first three quarters, although prices in the photovoltaic industry have shown signs of recovery [7] Strategic Collaborations - Greenme announced a strategic cooperation with Xiamen Tungsten New Energy to establish a long-term partnership in solid-state lithium battery materials for robotics [8] - Ningbo Founder announced a strategic cooperation agreement with Shandong Future Robotics, focusing on deep-sea robotics [12]

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. plans to raise 3.904 billion yuan through an IPO, with significant investments allocated for the development and industrialization of high-performance GPUs and AI inference GPUs, reflecting the company's strategic focus on advanced computing technologies [2][4]. Group 1: Fundraising and Project Allocation - Muxi aims to raise 3.904 billion yuan, with 2.459 billion yuan designated for new high-performance general-purpose GPU R&D and industrialization, 450 million yuan for next-generation AI inference GPU R&D, and 991 million yuan for high-performance GPU technology R&D targeting emerging applications [2][4]. - The total investment for the new high-performance general-purpose GPU project is approximately 34.1 billion yuan, with 24.6 billion yuan expected to be funded from the IPO [4]. Group 2: Financial Performance - In the first half of 2025, Muxi reported revenue of 915 million yuan, a 404.51% increase from 181 million yuan in the same period of 2024, while net loss narrowed to 186 million yuan from 513 million yuan year-on-year [9]. - For the first nine months of 2025, Muxi anticipates revenue between 1.2 billion and 1.26 billion yuan, a significant increase from 223 million yuan in the same period of 2024, with expected net losses between 300 million and 380 million yuan [10]. Group 3: Company Background and Market Position - Established in September 2020, Muxi specializes in the R&D, design, and sales of full-stack GPU products for AI training, general computing, and graphics rendering [6][7]. - Muxi's product lines include the Xisi® N series for intelligent computing inference, Xiyun® C series for general computing, and Xicai® G series for graphics rendering, emphasizing high efficiency and versatility [7]. Group 4: Shareholding Structure - Before the IPO, Shanghai Jiaomai held 13.30% of Muxi's shares, making it the largest shareholder, while Chen Weiliang, the chairman and CEO, controls 23% of the company [11][13]. - Post-IPO, Shanghai Jiaomai's shareholding will decrease to 11.96%, while Chen Weiliang's stake will be 5.03% [18][22].

Core Viewpoint - Yidu International (00259) saw a significant increase in stock price, rising over 13% in the afternoon session, with a current price of 5.44 HKD and a trading volume of 31.88 million HKD [1] Group 1: Company Developments - The Shanghai Stock Exchange announced that the listing committee will review the IPO application of Muxi Co., Ltd. on October 24 [1] - Muxi Co., Ltd. aims to raise 3.904 billion RMB for projects including the development and industrialization of new high-performance general-purpose GPUs, next-generation AI inference GPUs, and high-performance GPU technology for emerging applications [1] - Sanfeng Information, a wholly-owned subsidiary of Yidu International, is involved in investments in Muxi and other companies such as Yunhe Zhinet [1]

Core Viewpoint - Yidu International (00259) saw its stock price increase by over 13%, currently trading at 5.44 HKD with a transaction volume of 31.88 million HKD, indicating strong market interest [1] Group 1: Company Developments - The Shanghai Stock Exchange announced that the listing committee will review the IPO application of Muxi Co., Ltd. on October 24 [1] - Muxi Co., Ltd. aims to raise 3.904 billion RMB for projects including the development and industrialization of new high-performance general-purpose GPUs, next-generation AI inference GPUs, and high-performance GPU technology for emerging applications [1] - Cuanfeng Information, a wholly-owned subsidiary of Yidu International, is involved in investments in Muxi and Yunhe Zhinet, among other companies [1]

Core Viewpoint - Yidu International (00259) has seen a significant increase in stock price, rising over 8% and currently trading at 5.03 HKD with a transaction volume of 7.5896 million HKD. This surge is linked to the upcoming listing meeting of Muxi Technology on October 24, which is recognized as one of the "Four Little Dragons" of domestic GPUs in China [1] Group 1: Company Developments - Muxi Technology is a leading manufacturer of high-performance general-purpose GPUs in China, planning to raise funds for the development and industrialization of new high-performance general-purpose GPUs, next-generation AI inference GPUs, and GPU technology for emerging applications [1] - Hong Kong Suanfeng Information Co., Ltd., a wholly-owned subsidiary of Yidu International, has invested in Muxi and other companies, and serves as the general agent for Muxi in Hong Kong [1] Group 2: Operational Insights - Suanfeng Information has collaborated with Muxi to launch the Xiyun C550 Shanghai Cube 128 card cabinet and operates several computing power clusters based on Muxi chips, with a cumulative operational scale exceeding 3,000 cards [1] - The first computing power cluster, "Harvest No. 1," is located at the UCloud Qingpu Data Center [1]

Group 1 - Yidu International (00259) has seen its stock price increase by over 8%, currently trading at 5.03 HKD with a transaction volume of 7.5896 million HKD [1] - Muxi Technology, one of the "Four Little Dragons" of domestic GPUs, is set to present at a meeting on October 24, focusing on high-performance general-purpose GPU development and industrialization [1] - The fundraising from Muxi Technology will be allocated to three main areas: development and industrialization of new high-performance general-purpose GPUs, development and industrialization of next-generation AI inference GPUs, and R&D of high-performance GPU technologies for emerging applications [1] Group 2 - Hong Kong Suanfeng Information Co., Ltd., a wholly-owned subsidiary of Yidu International, has invested in Muxi and other companies, and serves as the Hong Kong general agent for Muxi [1] - Suanfeng Information has collaborated with Muxi to launch the Xiyun C550 Shanghai Cube 128 card cabinet and operates several computing power clusters based on Muxi chips, with a cumulative operational scale exceeding 3,000 cards [1] - The Fengshou No. 1 cluster, part of this operation, is located at the UCloud Qingpu Data Center [1]

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. is set to have its Sci-Tech Innovation Board IPO application reviewed on October 24, aiming to raise 3.904 billion yuan for the development and industrialization of new high-performance general-purpose GPUs [1] Company Overview - Muxi was established in 2020 and specializes in full-stack GPU products [1] - The company's flagship product, the Xiyun C500 series chip, has become the main revenue driver, projected to account for 97.28% of the main business revenue in 2024 [1]

Core Viewpoint - Yidu International (00259) experienced a significant stock price increase, rising over 15% during trading, with a current price of HKD 4.78 and a trading volume of HKD 15.478 million [1] Group 1: Company Developments - The Shanghai Stock Exchange announced that the listing committee will review the IPO application of Muxi Co., Ltd. on October 24 [1] - Muxi Co., Ltd. aims to raise HKD 3.904 billion for projects including the development and industrialization of new high-performance general-purpose GPUs, next-generation AI inference GPUs, and high-performance GPU technology for emerging applications [1] - Sanfeng Information, a wholly-owned subsidiary of Yidu International, is involved in AI industry chain investments and operates AI computing clusters based on domestic GPUs [1] Group 2: Industry Collaborations - Sanfeng Information has invested in companies such as Muxi and Yunhe Zhinet, and is also involved in the commercialization of Pujiang Laboratory through companies like Xiangfeng Technology [1] - At the WAIC exhibition this year, Sanfeng Information collaborated with Muxi, Infinite Light Year, Fudan University, Shanghai Chuangzhi Academy, Luxshare Precision, and Mohua Information to develop the domestic high-density computing system, Shanghai Cube [1]

Core Viewpoint - The Shanghai Stock Exchange will review the initial public offering (IPO) of Muxi Integrated Circuit (Shanghai) Co., Ltd. on October 24, 2025, aiming to raise approximately 390.37 million yuan for various GPU development projects [1]. Group 1: IPO Details - Muxi Co. plans to list on the Sci-Tech Innovation Board of the Shanghai Stock Exchange [1]. - The total amount to be raised is 390,366.59 thousand yuan, allocated for three main projects: high-performance general-purpose GPU R&D, next-generation AI inference GPU R&D, and high-performance GPU technology R&D for emerging applications [1][2]. Group 2: Project Investment Breakdown - The total investment for the high-performance general-purpose GPU R&D project is 340,992.38 thousand yuan, with 245,919.76 thousand yuan from the raised funds [2]. - The next-generation AI inference GPU R&D project has a total investment of 57,813.35 thousand yuan, with 45,305.64 thousand yuan from the raised funds [2]. - The R&D project for high-performance GPU technology in emerging applications has a total investment of 102,115.42 thousand yuan, with 99,141.19 thousand yuan from the raised funds [2]. Group 3: Shareholding Structure - Shanghai Jiaomai holds 13.30% of Muxi Co.'s shares, making it the largest shareholder [2]. - Shanghai Jiaomai, along with its associated parties, controls a total of 22.94% of the shares, significantly higher than any other shareholder [2]. - The actual controller of Muxi Co. is Chen Weiliang, who has the right to nominate more than half of the board members, excluding independent directors [2]. Group 4: Sponsorship - The sponsor for Muxi Co.'s IPO is Huatai United Securities Co., Ltd., with representatives Zou Mianwen and Sun Qi [3].