Group 1 - General Motors has ordered thousands of suppliers to eliminate Chinese components from their supply chains, aiming to complete this by 2027 [5][6] - Alibaba has secretly launched the "Qianwen" project to develop a personal AI assistant app, competing directly with ChatGPT [8] - Apple has reached an agreement with Tencent to take a 15% commission from WeChat mini-games, potentially earning 9 billion yuan annually [9][10] - Domestic GPU company Muxi has received approval for its IPO on the Sci-Tech Innovation Board, aiming to raise 3.904 billion yuan [10][11] - Tencent reported a Q3 profit of 63.13 billion yuan, with employee numbers exceeding 115,000 [15][16] Group 2 - Faraday Future announced it will adopt Tesla's NACS charging standard for its future models, allowing access to over 28,000 Tesla Superchargers [13][14] - Transsion Holdings plans to issue H-shares and list on the Hong Kong Stock Exchange, despite a 3.33% revenue decline in the first three quarters of the year [15] - The Ministry of Public Security in China is proposing new safety standards for vehicles, including limiting acceleration to under 5 seconds [19][20] - The Chinese government is mandating the use of domestic AI chips in cloud services, prioritizing Huawei's Ascend series [24][25] - Baidu's CEO stated that the majority of search results are now generated by AI, with a significant increase in rich media content [26] Group 3 - Microsoft CEO Satya Nadella revealed that the company has access to all research data from OpenAI's chip development [33][34] - Synopsys announced a layoff of about 2,000 employees as part of a restructuring plan to focus on AI chip design [35][36] - AMD's CEO Lisa Su expressed confidence in the company's growth, aiming to capture a significant share of the AI market currently dominated by NVIDIA [42][43] - Toyota plans to invest up to $10 billion in the U.S. over the next five years, marking a significant increase in its historical investment [45][46]

Core Viewpoint - The China Securities Regulatory Commission has approved the initial public offering registration of Mu Xi Integrated Circuit (Shanghai) Co., Ltd., allowing the company to list on the STAR Market [1] Company Overview - Mu Xi focuses on the independent research and development of high-performance GPU chips and computing platforms, providing foundational computing power for national AI public computing platforms, operator intelligent computing platforms, and commercial intelligent computing centers [1] - The company targets various industry applications, including education and research, finance, transportation, energy, healthcare, and entertainment [1] - Main products include the Xisi N series GPU for intelligent computing inference, the Xiyun C series GPU for training and general computing, and the upcoming Xicai G series GPU for graphic rendering [1] Financial Performance - Mu Xi has not yet achieved profitability, with revenues of 0.53 million yuan, 74.3 million yuan, and 91.5 million yuan from 2023 to the first half of 2025, and net losses of -871 million yuan, -1.409 billion yuan, and -186 million yuan during the same period [1] - The company plans to raise 3.904 billion yuan to invest in projects related 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 [1]

权威精选 11月13日晚，摩尔线程披露首次公开发行股票并在科创板上市招股意向书。据悉，公司首次公开发行股票初步询价日为11月19日，申购日为11月24日。 同时，另一家国产GPU企业科创板IPO注册获批。11月13日，证监会网站显示，证监会于11月12日同意沐曦股份首次公开发行股票的注册申请。上交所网 站显示，沐曦股份科创板IPO已注册生效。 摩尔线程 拟公开发行股份7000万股 据介绍，摩尔线程股票简称为"摩尔线程"，扩位简称为"摩尔线程"，股票代码为"688795"。 本次发行采用战略配售、网下发行与网上发行相结合的方式进行。战略配售、初步询价及网上、网下发行由保荐人（主承销商）负责组织；战略配售在保 荐人（主承销商）处进行，初步询价及网下发行通过上交所互联网交易平台实施；网上发行通过上交所交易系统进行。 | 本次发行重要日期 | | | | | --- | --- | --- | --- | | 初步询价日及起止 | 2025 年 11 月 19 日 | 发行公告刊登日 | 2025 年 11 月 21 日 | | 时间 | (T-3 日) 9:30-15:00 | | (T-1日) | | 网下申购日 ...

11月13日，从证监会官网获悉，证监会同意沐曦集成电路(上海)股份有限公司(简称"沐曦股份")首次公 开发行股票并在科创板上市的注册申请。公司拟募集资金39.04亿元，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"。 公开信息显示，沐曦股份致力于自主研发全栈高性能GPU芯片及计算平台，持续为国家人工智能公共算 力平台、运营商智算平台、商业化智算中心等提供基础算力底座，主要产品包括用于智算推理的曦思N 系列GPU、用于训推一体和通用计算的曦云C系列GPU，以及正在研发用于图形渲染的曦彩G系列 GPU。 中电港：表示沐曦股份作为公司国产授权代理品牌之一，目前的合作为GPU产品业务。 东港股份：主要业务分为印刷类业务，覆合类业务和技术服务类业务，控股子公司北京瑞宏与沐曦股份 有战略合作关系。 *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 民生证券认为，沐曦股份和摩尔线程作为国产GPU领军者，不断打破海外算力的垄断，加速突围，持续 看好国内算力芯片的快速发展，也密切关注其对供 ...

Group 1: 6G Technology - China has completed the first phase of 6G technology trials, forming over 300 key technology reserves [1] - The consensus on 6G standards is deepening, with expectations for a relatively quick determination of system architecture decisions [1] - The communication industry is anticipated to experience a period of technological iteration and policy dividends by 2025, with new growth drivers from AI, quantum communication, and low-altitude economy [1] Group 2: Memory Market - Memory chip prices for DDR5 16G, DDR4 16Gb, and DDR3 4Gb have increased by 0.66%, 0.18%, and 1.05% respectively as of November 13 [2] - The storage market is undergoing a significant price increase cycle driven by explosive growth in enterprise storage demand due to AI applications and structural supply tightness in traditional storage [2] - If AI demand remains strong and supply does not effectively expand, the tight supply-demand relationship in the storage market may persist into 2026 [2] Group 3: GPU Development - The China Securities Regulatory Commission has approved the IPO registration of Muxi Integrated Circuit Co., which plans to raise 3.904 billion yuan for high-performance GPU projects [3] - Muxi is focused on developing high-performance GPU chips and computing platforms to support national AI public computing platforms and commercial intelligent computing centers [3] - Domestic GPU leaders like Muxi and Moore Threads are expected to break the overseas computing power monopoly and accelerate development in the domestic computing chip sector [3] Group 4: Tencent and Apple Agreement - Tencent has reached an agreement with Apple, allowing Apple to handle payments and take a 15% cut from purchases made in WeChat mini-games and apps [4] - Tencent's Q3 report shows total revenue of 192.87 billion yuan, a 15% year-on-year increase, with net profit rising 19% to 63.13 billion yuan [4] - Tencent's investment in AI continues to grow, with R&D spending reaching a record high of 22.82 billion yuan in the latest quarter [4] Group 5: Magnetic Storage Technology - The China Electronics Standardization Association will hold a conference on data storage industry trends, focusing on magnetic storage technology's potential due to its speed, low power consumption, and non-volatility [5] - The global data storage market is valued at over 2.6 trillion yuan, with a focus on enhancing China's industry competitiveness in the digital economy [5] Group 6: Alibaba's AI Project - Alibaba has secretly launched the "Qianwen" project, aiming to create a personal AI assistant app to compete with ChatGPT [6] - This move signifies a shift in Alibaba's AI strategy from B-end services to targeting the C-end consumer market [6] - The Qianwen app is expected to become a new high-frequency entry point for Alibaba's ecosystem within one to two years [6] Group 7: Hong Kong's Ensemble Project - The Hong Kong Monetary Authority has launched the Ensemble project, marking a significant step in real transactions using tokenized deposits and digital assets [7] - Ensemble will operate continuously until 2026, enhancing the financial transaction efficiency and transparency through tokenization [7] - This project is expected to have a profound impact on the global financial landscape, particularly in the context of RMB internationalization and the restructuring of the global payment system [7]

Group 1: IPO Details of Moer Thread - Moer Thread plans to issue 70 million shares, accounting for approximately 14.89% of the total share capital post-IPO, which will total 470.028217 million shares [2][4] - The IPO will utilize a combination of strategic placement, offline issuance, and online issuance, with the lead underwriter responsible for organizing the process [2] - The initial strategic placement will consist of 14 million shares, representing 20% of the total issuance, with the final number subject to adjustment based on relevant principles [4] Group 2: Important Dates for Moer Thread IPO - The preliminary inquiry date is set for November 19, 2025, with the issuance announcement on November 21, 2025 [3] - Both offline and online subscription dates are scheduled for November 24, 2025, with payment deadlines on November 26, 2025 [3] Group 3: Moer Thread's Financial Status - As of the IPO prospectus announcement date, Moer Thread has not yet achieved profitability and will be classified under the Sci-Tech Innovation Board's growth tier if it remains unprofitable at the time of listing [4] Group 4: IPO Approval of Muxi Co., Ltd. - Muxi Co., Ltd. has received approval from the China Securities Regulatory Commission for its IPO, with the registration effective as of November 13, 2025 [5][6] Group 5: Muxi Co., Ltd. Business Overview - Muxi Co., Ltd. specializes in the research, design, and sales of full-stack GPU products for artificial intelligence training, general computing, and graphics rendering [8] - The company has sold over 25,000 GPU units as of March 2025, with applications in various AI public computing platforms and commercial centers [8] Group 6: Muxi Co., Ltd. Financial Projections - Muxi Co., Ltd. aims to raise 3.904 billion yuan through its IPO to fund projects related to high-performance GPUs and AI inference technology [8] - The company reported revenues of 426,400 yuan in 2022, 53.0212 million yuan in 2023, 743 million yuan in 2024, and 320 million yuan in Q1 2025, with net losses reported for each year [8] Group 7: R&D and Ownership Structure of Muxi Co., Ltd. - Muxi Co., Ltd. has invested 2.247 billion yuan in R&D over the past three years, representing 282.11% of its cumulative revenue during that period [9] - The founder controls 22.94% of the voting rights, with significant backing from various venture capital firms and indirect investments from listed companies [9]

来源：市场资讯 （来源：IPO热点） 11月13日，记者从证监会官网获悉，证监会同意沐曦集成电路（上海）股份有限公司（简称"沐曦股份"）首次公开发行股票并在科创板上市的注册申请。 公开信息显示，沐曦股份致力于自主研发全栈高性能GPU芯片及计算平台，持续为国家人工智能公共算力平台、运营商智算平台、商业化智算中心等提供 基础算力底座，推动人工智能赋能千行百业，并重点布局教科研、金融、交通、能源、医疗健康、大文娱等行业应用场景，主要产品包括用于智算推理的 曦思N系列GPU、用于训推一体和通用计算的曦云C系列GPU，以及正在研发用于图形渲染的曦彩G系列GPU。 截至2025年3月，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，公司近年来营收大幅增长。2022年至2024年，沐曦股份营业收入分别为42.64万元、5302.12万元、7.43亿元，公司最近三年营业收入复合增长 率为4074.52%。公司2025年上半年的营收已达9.15亿元，同比增长404.51%。沐曦股份预计2025年1月至9月的营收，将同比增长437.36%至4 ...

Core Viewpoint - The approval of the IPO registration for Muxi Integrated Circuit (Shanghai) Co., Ltd. marks a significant milestone for the company and the domestic GPU industry, indicating a new phase of development driven by capital markets and technological innovation [1][7]. Company Overview - Muxi Co. focuses on the independent research and development of high-performance GPU chips and computing platforms, targeting key areas such as AI training and inference, general computing, and graphics rendering [4]. - The company aims to provide high-performance GPU chips and related software stack and computing platform solutions, contributing to national technological advancement [4]. Market Position and Competitive Advantage - The GPU industry is characterized by high technical barriers and rapid iteration, necessitating strong R&D capabilities and continuous innovation [4]. - Muxi Co. is positioned to break foreign monopolies and promote industry autonomy, leveraging its advanced technology and strategic planning [4]. - The company has built a core R&D team with global vision and expertise in GPU technology and mass production [4]. Product Development - Muxi Co. has developed a comprehensive product system covering AI computing, general computing, and graphics rendering, including the Xisi N series for AI inference and the Xiyun C series for integrated training and general computing [5]. - The company is also developing the Xicai G series for graphics rendering, with products based on self-developed GPU IP and a unified architecture [5]. Financial Performance - Muxi Co. has experienced explosive growth, with revenue increasing from 426,400 yuan in 2022 to 743 million yuan in 2024, reflecting a compound annual growth rate of 4074.52% over three years [5]. - In the first half of 2025, the company achieved revenue of 915 million yuan, a year-on-year increase of 404.51%, with losses narrowing by 63.74%, indicating an emerging profitability trend [5]. Market Expansion - As of March 2025, Muxi Co. has sold over 25,000 GPUs, with clients including leading companies like H3C and Rockchip [6]. - By September 2025, the company had an order backlog of 1.43 billion yuan, nearly double its total revenue for 2024, providing strong support for future growth [6]. Industry Impact - The approval of the IPO is not only a milestone for Muxi Co. but also a reflection of the rise of the domestic GPU industry [7]. - With the support of capital markets, Muxi Co. plans to increase R&D investment and enhance its ecosystem, contributing to the autonomy of China's intelligent computing infrastructure [7].

Core Viewpoint - The China Securities Regulatory Commission has approved the initial public offering (IPO) registration of Muxi Integrated Circuit (Shanghai) Co., Ltd., which plans to raise 3.904 billion yuan on the Shanghai Stock Exchange's Sci-Tech Innovation Board [1]. Group 1: Company Overview - Muxi Integrated Circuit specializes in the research, design, and sales of full-stack GPU products used in artificial intelligence training and inference, general computing, and graphics rendering [1]. - The company has launched several GPU product lines, including the Xisi N series for intelligent inference, the Xiyun C series for training and general computing, and is developing the Xicai G series for graphics rendering [1]. Group 2: Business Applications - Muxi Integrated Circuit is one of the few GPU suppliers that have achieved large-scale commercial applications of thousands of card clusters and is working on the implementation of ten thousand card clusters [1]. - The company has successfully supported the full pre-training of large models, such as the 128B MoE model, and has extensive compatibility with upstream and downstream ecosystems, including server hardware, operating systems, management platforms, mainstream AI frameworks, and major large models [1].

Core Viewpoint - The China Securities Regulatory Commission has approved the initial public offering (IPO) registration of Muxi Integrated Circuit (Shanghai) Co., Ltd., indicating a significant step for the company in the high-performance GPU market [1][3]. Company Overview - Muxi focuses on the independent research and development of high-performance GPU chips and computing platforms, covering areas such as AI training and inference, general computing, and graphics rendering [3][5]. - The company aims to provide high-performance GPU chips and related software stack and computing platform solutions, contributing to the development of China's intelligent computing infrastructure [3][5]. Market Position and Strategy - Muxi is recognized as a leading domestic GPU enterprise, committed to breaking foreign monopolies and enhancing market share in the AI industry [5][6]. - The company has established a core R&D team with global vision and expertise in GPU technology, achieving breakthroughs in key technologies for high-performance GPU chips and computing platforms [5][6]. Product Development - Muxi's product lineup includes the Xisi N series GPU for AI inference, the Xiyun C series GPU for training and general computing, and the upcoming Xicai G series GPU for graphics rendering [5][6]. - The products are based on self-developed GPU IP and a unified architecture, demonstrating significant advantages in versatility, single-card performance, cluster stability, and ecosystem compatibility [5][6]. Financial Performance - Muxi's revenue surged from 426,400 yuan in 2022 to 743 million yuan in 2024, reflecting a compound annual growth rate of 4074.52% [7]. - In the first half of 2025, the company achieved revenue of 915 million yuan, a year-on-year increase of 404.51%, with losses narrowing by 63.74%, indicating a potential profitability turning point [7]. Market Expansion - As of March 2025, Muxi has sold over 25,000 GPUs, deployed in more than ten intelligent computing clusters, and has strong orders amounting to 1.43 billion yuan, nearly double the total revenue for 2024 [8]. - The company ranks among the top domestic GPU commercial players, alongside Nvidia and other competitors, in the rapidly growing Chinese data center chip market [8].