Investment Rating - The report maintains an investment rating of "Recommended" for the mechanical equipment industry [2][3]. Core Insights - The mechanical equipment industry experienced a decline of 1.11% in the week of December 15-19, 2025, ranking 29th among 31 industries. Sub-industries such as engineering machinery and automation equipment saw declines of 1.79% and 2.14%, respectively. The report suggests that with the completion of the third-quarter reports, market risk appetite may improve, recommending a balanced approach between technology growth and cyclical investments [3][17]. - The semiconductor equipment sector is entering a new expansion cycle, with global wafer manufacturing equipment sales expected to grow by 13.7% year-on-year to $133 billion in 2025, driven by AI investment expansions in advanced logic and storage [4]. - The human-robot industry is transitioning from technological breakthroughs to commercial applications, with significant advancements in motion control and adaptability in complex environments. The report highlights the importance of overcoming technical bottlenecks for mass production [4]. - The engineering machinery sector shows signs of recovery, with excavator sales in November 2025 increasing by 13.9% year-on-year, supported by domestic demand and large infrastructure projects [5][48]. - The report emphasizes the acceleration of the commercialization process in the controllable nuclear fusion industry, with significant investments and projects indicating a shift from research to practical applications [5]. Summary by Sections Semiconductor Equipment - The global semiconductor equipment market is projected to reach $133 billion in 2025, with continued growth expected in 2026 and 2027, driven by AI-related investments [4]. - Key companies to watch include North China Huachuang, Zhongwei Company, and others involved in critical semiconductor processes [4]. Engineering Machinery - November 2025 saw a 13.9% year-on-year increase in excavator sales, indicating a recovery in the engineering machinery sector, with domestic and export sales both showing positive trends [5][48]. - The report suggests focusing on leading companies like XCMG Machinery and Sany Heavy Industry for potential investment opportunities [5]. Human-Robot Industry - The human-robot sector is witnessing rapid advancements, with notable achievements in motion control and public recognition of domestic robots. The report highlights the importance of technological breakthroughs for future mass production [4]. Nuclear Fusion - The report notes significant progress in the nuclear fusion industry, with major projects and investments indicating a shift towards commercialization. Companies like Hangyang Co. and others are highlighted for their technological capabilities [5]. General Equipment - The report indicates a structural recovery in the general equipment sector, with notable increases in sales of various machinery types, including forklifts and graders, driven by domestic demand and infrastructure projects [5][49].

来源：上海证券报·中国证券网 2025年12月17日，沐曦集成电路（上海）股份有限公司（688802.SH，以下简称"沐曦股份"）成功在上 海证券交易所科创板上市。本次发行募集资金人民币41.97亿元，华泰联合证券担任独家保荐人及主承 销商。本项目是近两年长三角地区发行规模最大的IPO项目，也是全面注册制以来自财务数据基准日至 完成首次申报速度最快的IPO项目。 沐曦股份致力于自主研发全栈高性能GPU芯片及计算平台，自成立以来持续深耕GPU和人工智能行业， 始终坚持自主创新，依托一支深刻洞察全球行业发展趋势、拥有高性能GPU顶尖技术及稀缺量产经验的 研发管理团队，完成全栈高性能GPU产品设计开发，积累大量核心技术，并快速实现商业化落地。沐曦 股份的旗舰产品曦云C系列训推一体GPU芯片基于全自研的GPU IP、指令集和架构，在通用性、单卡性 能、集群性能及稳定性、生态兼容与迁移效率等方面均达到国内领先水平，具备较强的综合竞争力；截 至2025年3月末，沐曦股份GPU产品累计销量超过25,000颗，已在多个国家人工智能公共算力平台、运 营商智算平台和商业化智算中心实现规模化应用。（CIS） 来源：上海证券报·中国 ...

2025年12月17日，沐曦集成电路（上海）股份有限公司（688802.SH，以下简称"沐曦股份"）成功在上 海证券交易所科创板上市。本次发行募集资金人民币41.97亿元，华泰联合证券担任独家保荐人及主承 销商。本项目是近两年长三角地区发行规模最大的IPO项目，也是全面注册制以来自财务数据基准日至 完成首次申报速度最快的IPO项目。 "十五五"规划建议明确提出"加快高水平科技自立自强"，相关部署和要求，扬起了新征程上科技创新的 奋进风帆。沐曦股份是国内高性能通用GPU产品的主要领军企业之一，沐曦股份本次A股上市，是国家 战略性新兴产业融合发展大势所趋，是科创板深化改革"1+6"政策体系的成果体现，是中国人工智能产 业自主化突破与长远发展的重要一步。作为优质未盈利科技创新企业，沐曦集成的成功上市也是其打通 发展堵点痛点、加速科技成果转化的重要一步。 沐曦股份致力于自主研发全栈高性能GPU芯片及计算平台，自成立以来持续深耕GPU和人工智能行业， 始终坚持自主创新，依托一支深刻洞察全球行业发展趋势、拥有高性能GPU顶尖技术及稀缺量产经验的 研发管理团队，完成全栈高性能GPU产品设计开发，积累大量核心技术，并快速实现 ...

沐曦股份的旗舰产品曦云C系列训推一体GPU芯片基于全自研的GPU IP、指令集和架构，在通用性、单卡性能、集群性能及稳定性、生态兼容与迁移效率等 方面均达到国内领先水平，具备较强的综合竞争力；截至2025年3月末，沐曦股份GPU产品累计销量超过25000颗，已在多个国家人工智能公共算力平台、运 营商智算平台和商业化智算中心实现规模化应用。 业绩方面，沐曦股份2024年营收达7.43亿元，但净亏损14.09亿元；2025年前三季度亏损收窄至3.46亿元（同比减亏55.79%）。公司预计最早2026年实现盈亏 平衡。 （文章来源：新华财经） 新华财经上海12月17日电（林郑宏） 12月17日，沐曦集成电路（上海）股份有限公司（688802.SH，以下简称"沐曦股份"）成功在上海证券交易所科创板上 市。本次发行募集资金人民币41.97亿元，华泰联合证券担任独家保荐人及主承销商。因尚未盈利，公司自上市日起纳入科创成长层。 沐曦股份开盘报700元/股，涨568.8%，总市值达2801亿元，较摩尔线程最新3300亿元总市值低约500亿元。若按开盘价计算，中一签可赚29.77万元。 中经社行业洞察产业服务数据平台（以下简称 ...

Core Viewpoint - Muxi Co., Ltd. is set to be listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 17, 2025, marking another significant entry of a domestic GPU leader into the A-share market [2]. Group 1: IPO Details - Muxi Co., Ltd. will issue approximately 40.1 million shares at a price of 104.66 CNY per share, resulting in a total market capitalization of approximately 41.874 billion CNY post-IPO [4]. - The issuance price corresponds to a diluted price-to-sales ratio of 56.35 times for 2024, which is lower than the average of comparable companies in the industry [4]. Group 2: Financial Projections - The total amount raised from the public offering is expected to be 4.197 billion CNY, with a net amount of 3.899 billion CNY after deducting issuance costs of 298 million CNY [5]. - The funds will be allocated to the development and industrialization of new high-performance general-purpose GPUs, next-generation AI inference GPUs, and high-performance GPU technology for emerging applications [5]. Group 3: Company Performance and Market Outlook - Muxi Co., Ltd. anticipates achieving revenue between 1.5 billion CNY and 1.98 billion CNY in 2025, representing a growth of 101.86% to 166.46% compared to 2024 [6][8]. - The net loss attributable to shareholders is projected to be between 763 million CNY and 527 million CNY, indicating a reduction in losses by 45.84% to 62.59% compared to 2024 [6][8]. - The company expects to reach breakeven by 2026 based on current market demand and performance metrics [6]. Group 4: Industry Context - Muxi Co., Ltd. is recognized as a leading domestic player in high-performance general-purpose GPU products, focusing on self-developed full-stack GPU chips and computing platforms [5]. - The recent IPO of another domestic GPU leader, Moore Threads, saw a significant stock price increase, highlighting the strong market interest in GPU companies [9].

【导读】沐曦股份将于12月17日在上交所科创板上市 继摩尔线程之后，又一国产GPU龙头企业即将登陆A股。 12月15日，沐曦股份发布公告称，公司股票将于2025年12月17日在上海证券交易所科创板上市，股票代码为688802，首次 公开发行后总股本约4亿股，发行股票数量为4010万股，占发行后总股本的10.02%，全部为公开发行新股。 值得一提的是，同是国产GPU龙头的摩尔线程于12月5日上市，上市首日开盘暴涨，一度大涨475%；随后几天股价继续走 高，一度突破940元大关。 沐曦股份此次发行价格为104.66元/股，对应发行后市值（本次发行价格乘以本次发行后总股数）为418.74亿元；发行价对 应发行人2024年摊薄后静态市销率为56.35倍，低于同行业可比公司平均水平。 （文章来源：中国基金报） 基于公司已实现业绩情况，综合考虑AI智算行业下游市场需求持续旺盛、公司核心产品出货量大幅增长、在手订单充沛以 及成本费用预算规划等因素，沐曦股份预计2025年全年实现营业收入15亿元至19.8亿元，相较于2024年增幅为101.86%至 166.46%；归属于母公司所有者的净利润为-7.63亿元至-5.27亿元， ...

12月15日晚，沐曦股份发布公告称，公司股票将于12月17日（周三）在上海证券交易所科创板上市。沐 曦股份尚未盈利，自上市之日起将纳入科创成长层。 沐曦股份本次科创板IPO的发行价格为104.66元/股，对应的2024年摊薄后静态市销率为56.35倍。公告 称，按此发行价格预计上市时市值约为418.74亿元。 沐曦股份此次发行数量为4010万股，占发行后总股本比例10.02%，预计募集资金总额为41.97亿元，将 用于投资"新型高性能通用GPU研发及产业化项目""新一代人工智能推理GPU研发及产业化项目"和"面 向前沿领域及新兴应用场景的高性能GPU技术研发项目"。 沐曦股份的上市表现备受期待，一定程度是因为同样作为国产GPU"双子星"的摩尔线程，其上市创造了 极强的赚钱效应。摩尔线程于12月5日登陆科创板，上市首日收盘涨幅达425.46%，若中签者在其上市 首日最高点卖出，单签浮盈约28万元，刷新了A股全面注册制实施以来的打新收益纪录。Wind数据显 示，截至12月15日收盘，摩尔线程股价为764.9元/股，市值近3600亿元。 在摩尔线程上市后惊人市场表现的带动之下，沐曦股份的发行亦引发市场极大热情。网下 ...

Investment Rating - The report maintains an investment rating of "Recommended" for the mechanical equipment industry [2][3]. Core Views - The mechanical equipment industry saw a 2.9% increase last week, ranking second among 31 primary industries. Sub-industries such as engineering machinery (+6%) and specialized equipment (+3.45%) showed strong performance, while rail transit equipment experienced a decline of 0.82% [3][14]. - The report suggests that with the completion of the third-quarter reports, market risk appetite is expected to improve. It recommends a balanced approach between technology growth and cyclical investments, focusing on sectors and stocks with performance support [3][4]. - Key areas of focus include humanoid robots, PCB equipment, semiconductor equipment, and cyclical recovery in engineering machinery and general equipment [3][4]. Summary by Sections 1. Recent Trends - In November 2025, excavator sales reached 20,027 units, a year-on-year increase of 13.9%. Domestic sales were 9,842 units (+9.11%), while exports were 10,185 units (+18.8%). Cumulatively, from January to November, 212,162 excavators were sold, marking a 16.7% increase year-on-year [5][44]. - The report highlights a structural recovery in the industry, driven by domestic demand from large projects and a new round of replacement cycles [5][44]. 2. Sub-Industry Performance - The engineering machinery sector is experiencing a significant recovery, with excavator sales showing strong growth. The report emphasizes the importance of technological upgrades and global expansion for leading companies [5][44]. - The industrial robot sector saw a production increase of 17.9% in October 2025, indicating potential investment opportunities as the industry adjusts to new demands [28][44]. 3. Key Companies and Recommendations - The report identifies several companies for investment consideration, including XCMG Machinery (000425.SZ), SANY Heavy Industry (600031.SH), and Huazhong CNC (688697.SH), which are expected to benefit from the ongoing recovery and technological advancements in the industry [7][44]. - The semiconductor equipment sector is highlighted as a critical area for investment, with companies like North Huachuang (002371.SZ) and Zhongwei Company (688012.SH) recommended due to their strong market positions and growth potential [4][7]. 4. Policy and Market Drivers - The report notes that government policies are strongly supporting the high-end machine tool sector, with initiatives aimed at accelerating domestic production and technological breakthroughs [5][46]. - The global demand for high-end manufacturing is recovering, as indicated by Japan's machine tool orders, which have seen continuous growth driven by exports [5][46].

红星资本局12月7日消息，沐曦股份今日公告，回拨机制启动后，网下最终发行数量为2282.9081万股，占扣除最终战略配售部分后本次发行数量的 70.26%，网上最终发行数量为966.55万股，占扣除最终战略配售部分后本次发行数量的29.74%。回拨机制启动后，网上发行最终中签率为0.03348913%。 值得注意的是，成功上市后，沐曦股份将成为继摩尔线程（688795.SH）之后第二家登陆A股市场的国产GPU公司。 12月3日晚间，沐曦股份发布公告显示，公司本次新股发行价为104.66元/股。 公告称，发行人与保荐人（主承销商）根据网下发行询价报价情况，协商确定公司发行价格为104.66元/股，发行价格确定后上市时市值约为418.74亿元， 对应的发行人2024年摊薄后静态市销率为56.35倍，低于同行业可比公司2024年静态市销率平均水平。 | 图片来源：公司公告 | | --- | 沐曦股份本次发行数量为4010万股，占发行后公司总股本比例为10.02%。若本次发行成功，预计募集资金总额41.97亿元，将用于投资"新型高性能通用 GPU研发及产业化项目""新一代人工智能推理GPU研发及产业化项目"和"面向 ...

明日（12月5日），摩尔线程将在科创板上市，同日，另一家国产GPU公司沐曦股份将开启申购。 沐曦股份同日开启申购 同日，另一家国产GPU公司沐曦股份将开启申购，发行价格为104.66元／股，对应的2024年摊薄后静态 市销率为56.35倍。按此发行价格，预计上市时市值约为418.74亿元。 沐曦股份称，本次发行数量为4010万股，占发行后公司总股本比例为10.02%。若本次发行成功，预计 募集资金总额41.97亿元，将用于投资"新型高性能通用GPU研发及产业化项目""新一代人工智能推理 GPU研发及产业化项目"和"面向前沿领域及新兴应用场景的高性能GPU技术研发项目"。 据招股书，沐曦股份是国内高性能通用GPU产品的主要领军企业之一，致力于自主研发全栈高性能GPU 芯片及计算平台。公司旗舰产品曦云C系列训推一体GPU芯片，基于全自研的GPU IP、指令集和架构， 在通用性、单卡性能、集群性能及稳定性、生态兼容与迁移效率等方面均达到国内领先水平，具备较强 的综合竞争力。根据Bernstein Research以销售金额口径测算的数据并结合IDC数据，以算力规模口径测 算的结果，沐曦股份在2024年中国AI芯片市 ...