2026 年伊始，港交所的钟声为上海芯片企业接连敲响。1月8日，上海天数智芯半导体有限公司正式挂 牌港股。而在短短一个月内，壁仞科技登陆港交所成为"港股国产 GPU 第一股"，沐曦股份在科创板上 市首日涨幅近7倍，燧原科技完成IPO辅导冲刺科创板…… 加上此前上市的英矽智能，一个月内，上海 人工智能与集成电路企业密集叩开资本市场大门。 这不是幸运的偶然，而是一场基于硬核实力、爆发于优越生态的"上海现象"。壁仞、沐曦、天数、燧原 等芯片企业，连同在AI大模型、具身智能、AI制药等领域领跑的一批上海企业，共同勾勒出上海"芯"势 力的崛起图景。 创新能力：从"量产破局"到"全球领跑" 登陆资本市场的底气，源于实实在在的创新与交付能力。 天数智芯战略与公共关系部副总裁余雪松表示，上市是企业发展的新起点。作为国内首款量产通用 GPU 的缔造者，天数智芯的"天垓"系列产品已累计交付超5.2万片，服务290余家客户。其招股书以详实 的出货数据，传递出"量产即王道"的硬核逻辑。即将量产的"天垓 Gen3"瞄准更优性能的AI计算需求。 "这绝非初创公司凭一己之力所能实现。"曦智科技创始人沈亦晨坦言，上海政府部门有过两次关键相 ...

Group 1 - The semiconductor industry continues to recover with rising prices, driven by AI demand and structural opportunities in AI computing, AIOT, semiconductor equipment, key components, and storage price increases [5][7][11] - In December, global semiconductor demand improved, with slight growth in PCs and smartphones, and rapid growth in TWS headphones, wearable devices, smart home products, AI servers, and new energy vehicles [5][7] - The supply side shows high inventory levels, but AI-driven demand in certain segments has led to price increases from upstream wafer foundries, while memory price hikes may slow down shipments of consumer electronics [5][7][11] Group 2 - The mechanical equipment industry has seen some export chain companies announce profit increases for the year, with companies like Juxing Technology and Taotao Automotive projecting significant profit growth [13][14] - Juxing Technology expects a net profit of 2.419 to 2.764 billion yuan for 2025, reflecting a growth of 5% to 20% year-on-year, while Taotao Automotive anticipates a net profit of 800 to 850 million yuan, representing an increase of 85.5% to 97.1% [13][14] - Siemens is undergoing a strategic transformation to integrate industrial AI into its operations, aiming for revenue growth of 6% to 9% in the medium term [15][16] Group 3 - The A-share market showed slight fluctuations, with the Shanghai Composite Index closing down 0.07% at 4082 points, while the Shenzhen Component and ChiNext indices also experienced declines [21][22] - The military equipment sector saw a significant increase of 4.83%, leading the industry gains, while sectors like insurance and securities faced declines [23][25] - The semiconductor sector's valuation remains high, with a PE ratio of 91.50% and a PB ratio of 72.94%, indicating strong market interest despite potential risks [6][7]

Group 1: Industry Growth and Performance - Shanghai's integrated circuit industry revenue reached 391.2 billion yuan from January to November 2025, marking a year-on-year growth of 23.72%, with an expected annual scale exceeding 460 billion yuan, a 24% increase [1] - The AI chip industry cluster in Shanghai has significantly contributed to this growth, with the "Four Little Dragons" of GPU chips making a strong entry into the capital market [3][4] - The revenue of the AI chip companies is on the rise, with Muxi Technology's revenue expected to exceed 700 million yuan in 2024 and 915 million yuan in the first half of 2025, while Wallen Technology and Tensu Zhixin also show rapid growth [4] Group 2: Capital Market Activity - The "Four Little Dragons" of Shanghai's GPU chips have recently listed on capital markets, with Tensu Zhixin raising 3.7 billion HKD through its IPO, achieving an oversubscription of 414.24 times in the public offering [3][4] - Muxi Technology and Wallen Technology have also made significant strides in the capital market, with Muxi being the first to list on the Shanghai Stock Exchange's Sci-Tech Innovation Board [3] Group 3: Technological Advancements - Tensu Zhixin has achieved several breakthroughs in the domestic GPU industry, launching the first training-specific and inference-specific general-purpose GPU products, filling gaps in the domestic chip market [4] - Muxi Technology has developed a series of GPUs for intelligent computing, with its products already deployed in over ten intelligent computing clusters, showcasing significant commercial application [8] Group 4: Industry Ecosystem and Support - Shanghai has established a robust ecosystem for integrated circuits, ranking fourth globally and first in mainland China, with over 1,200 integrated circuit companies and a significant concentration of talent and innovation resources [7] - The city has implemented supportive policies for the integrated circuit industry, providing funding and resources to companies at various stages of development, exemplified by Muxi Technology's early-stage funding and strategic investments [7][8] Group 5: Future Outlook - The AI chip market in China is projected to grow significantly, with an expected shipment of 2.5 million units in 2024 and a compound annual growth rate of 32.1% until 2029, indicating substantial potential for domestic companies [4] - Shanghai aims to continue leading in the integrated circuit industry, focusing on innovation, talent cultivation, and comprehensive service support to enhance its competitive edge in the global market [9]

□2025年1至11月，上海市集成电路产业营收规模达3912亿元，同比增长23.72%，2025年全年产业规模 预计超4600亿元，同比增长24%，五年间产业规模翻了一倍多，超额完成"十四五"发展目标 □目前，上海已集聚超1200家集成电路企业，汇聚全国约40%的产业人才、近50%的产业创新资源 ◎记者 宋薇萍 2026年开年，上海AI"芯"势力继续抢滩资本赛道：1月8日，天数智芯将登陆港交所，成为继沐曦股份、 壁仞科技之后第三家叩开资本市场大门的上海AI芯片龙头。若叠加已完成IPO辅导的燧原科技，国产AI 芯片"四小龙"即将在资本版图上聚齐，上海芯的集群攻势全面拉开。 上海证券报记者从上海市经济和信息化委员会获悉，2025年1月至11月，上海市集成电路产业营收规模 达3912亿元，同比增长23.72%，2025年全年产业规模预计超4600亿元，同比增长24%，五年间产业规模 翻了一倍多，超额完成"十四五"发展目标。 在世界集成电路协会《全球集成电路产业综合竞争力百强城市》最新排名中，上海位列全球第四、国内 第一。 上海AI芯片赛道喜讯连连 岁末年初，上海AI芯片赛道掀起上市热潮：不到一个月时间里，壁仞科技登 ...

Core Insights - The domestic GPU companies are entering a critical phase as they prepare for significant market opportunities, with several companies like Birran Technology and Moer Thread successfully listing on stock exchanges [1][2] - The collaboration among these companies is essential for building a robust domestic computing and model ecosystem, with projections indicating rapid growth in GPU supply by 2026 [2][3] Group 1: Market Developments - Birran Technology officially listed on the Hong Kong Stock Exchange on January 2, 2025, following successful listings of other companies like Moer Thread and Muxi Technology [1] - The domestic AI sector is no longer limited to a few key players, as companies like SenseTime and Cambricon are now joined by others, expanding the investment landscape [1] Group 2: Industry Collaboration - The companies are not isolated entities but are part of a collaborative effort to enhance the domestic computing ecosystem, with a focus on integrating AI across various industries [2] - SenseTime has established a comprehensive collaboration system with major domestic chip manufacturers, ensuring compatibility and optimizing the application of AI technologies [5][6] Group 3: Technological Advancements - SenseTime's SenseCore platform has achieved full compatibility with several leading domestic chips, facilitating a complete cooperation framework from computing supply to application deployment [5] - The company has developed innovative frameworks like LightX2V, which significantly enhance the efficiency of model training and adaptation to various hardware [7] Group 4: Performance Metrics - SenseTime's Seko model demonstrates competitive performance against international counterparts, achieving similar results in video generation with domestic chips [8] - The Seko platform has rapidly gained traction, surpassing 200,000 creators within six months of launch, indicating strong market acceptance [8] Group 5: Strategic Initiatives - SenseTime has established a "three-in-one" strategy focusing on large devices, models, and applications, which has led to a significant increase in its generative AI business [15] - The company plans to raise funds through a new share placement to expand its AIDC capabilities and increase the domestic production ratio [16]

今年9月，沐曦股份首款全国产通用GPU——曦云C600在南京发布。这款自主可控的算力芯片，标 志着国产高性能GPU实现历史性突破。沐曦股份还在应用端搭建起"1+6+X"的战略版图——以自研GPU 为算力底座，深度赋能金融、医疗、能源、教科研、交通、大文娱六大行业，并推动X个新兴场景落 地。 投早、投小、投长期、投硬科技，南京市政府投资基金2016年就全额出资设立新兴产业发展基金、 科技创新基金，通过"子基金+直跟投"引导和撬动社会资本，采用"拨投结合""投贷联动"等方式支持产 业发展。2016年以来，累计成立153只子基金，投资了751个在宁项目，并推动沐曦股份、汉桑科技等11 家本地企业上市。 根据《南京市政府关于打造"4+N"产业基金集群 聚力推动产业强市发展的实施意见》，该市计划整 合资源形成总规模超2000亿元的基金集群，覆盖重大项目落地、重点产业发展、强链补链延链、科创人 才培育四大方向。 5年获南京市、区两级基金投资约8亿元，从天使轮开始一路"陪跑"至"敲钟"……12月17日，沐曦股 份登陆科创板，成为继摩尔线程之后，逐鹿资本市场的国产GPU"四小龙"之一。 沐曦股份上市，是南京抢占发力新兴产业赛 ...

Core Viewpoint - The company, Muxi Co., Ltd., has rapidly gained attention in the GPU market, achieving a market capitalization exceeding 300 billion yuan shortly after its IPO, despite currently operating at a loss [2][8]. Company Overview - Muxi Co., Ltd. was founded by Chen Weiliang, a former AMD executive, who aimed to fill the gap in the domestic GPU market [3][4]. - The company has positioned itself as the "Chinese version of AMD," focusing on high-performance general-purpose GPU computing [2][3]. Financial Performance - On its first trading day, Muxi's stock price surged nearly 7 times, closing at 829.90 yuan per share, and later settled at 715.6 yuan, still reflecting a nearly 6-fold increase from the issue price [2][8]. - For the first three quarters of 2025, Muxi reported revenues of 1.236 billion yuan, with a net loss of 346 million yuan, marking a 55.79% reduction in losses year-on-year [2][7]. Product Development - Muxi's first intelligent computing inference chip, Xisi N100, was successfully mass-produced in April 2023, marking a significant milestone in the company's journey [6]. - The company launched the Xiyun C500 series in 2024, which significantly improved its market competitiveness, contributing to 97.87% of revenue in the first quarter of 2025 [7]. Market Strategy - Muxi has chosen to focus on the B-end data center market rather than the competitive consumer graphics card market, adopting a "compatibility + self-research" technology route [4][6]. - The company has engaged in extensive fundraising efforts, attracting over 120 institutional investors prior to its IPO [8]. Future Outlook - Muxi has set a target to achieve breakeven by 2026, acknowledging the capital and technology-intensive nature of the GPU industry [9].

AI算力上市潮中，谁是幕后最大赢家？这家"独中四元"的机构，如何用十年完成这场精准伏击？答案 都在这里。 作者丨 巴里 编辑丨 关雎 图源 丨Midjourney 2015年，当深度学习算法在ImageNet竞赛中一鸣惊人时，大多数人看到的是AI应用的曙光，而联想 创投看到的，是一场即将到来的、更为底层的算力革命。 洪荒时代的"冒险者" 时间拨回2017年。AI芯片在中国还停留在实验室论文和少数巨头的内部项目。市场上最炙手可热的 是O2O和共享经济。 就在这个时间点，联想集团提出了"端-边-云-网-智"的新IT战略蓝图。在这幅蓝图中，联想创投扮 演着"科技瞭望塔"的角色。 他们很早就形成了一个核心判断：智能世界的万物生长，都依赖于一颗强大的"心脏"——算力。未来 的大计算将由应用驱动，从云端的数据中心到边缘的智能设备，对算力的需求将在十年内增长百倍。 然而，这颗"心脏"的形态将发生根本性变革：它不再仅仅是中心化、通用化的，而将变得多元化、专 属化，并无处不在。正是基于这一超前的产业洞察，联想创投没有随波逐流，而是在AI算力尚处洪荒 时代时，便开始了系统性布局。 投资，尤其是早期投资，最忌讳的是盲目类比和追逐风 ...

文/徐培琪 12月17日，明星企业沐曦股份登陆A股，总市值突破三千亿元。至此，站在沐曦身后的百余名外部股东完成了从投资到收获的闭环。 这批股东里不乏红杉中国等知名机构，但最大的外部股东却有些出人意料——和利国信智芯，这是一只具有南京国资背景的基金。 新苏商注意到，通过一条隐秘的资本操盘线，南京国资不仅在沐曦身上实现浮盈近40亿元，还成功让沐曦的"最强大脑"在浦口落地生根。如何做到？ 南京曲线操作争取沐曦红利 起初，沐曦股份与南京并无直接关联。 2020年9月，沐曦股份在上海浦东新区张江科学城内注册成立。因为创始团队深厚的技术功底，沐曦在成立之初就成为创投圈看好的"潜力股"，也同样引 起了南京国资的兴趣。 但问题是，当时沐曦股份尚未完成首轮融资，无法直接享受南京国资的跟投政策。局面怎么破？对此，南京浦口区政府给出的解法，是通过旗下"合作基 金"，对沐曦股份提供天使轮融资。沐曦股份招股书披露了具体路径： 一是投团队。官网显示，沐曦股份致力于自主研发全栈高性能GPU芯片及计算平台，为智算、通用计算、云渲染等前沿领域提供高能效、高通用性的算力 支撑，助力数字经济发展。 团队自带光环，带头人是曾任AMD（编者注：美国超 ...

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. is rapidly growing in the GPU chip market, focusing on high-performance GPU solutions for various advanced fields, with significant revenue growth and a strong product pipeline [1][4][7]. Company Overview - Muxi was established in 2020 and plans to be listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board by December 2025, with headquarters in Shanghai and subsidiaries in multiple cities [1]. - The company specializes in providing full-stack GPU chips and solutions for heterogeneous computing, applicable in smart computing, smart cities, cloud computing, autonomous driving, digital twins, and the metaverse [4]. Business Focus - The core business includes "training and inference integrated GPU boards," with additional offerings like "smart computing inference GPU boards," "training and inference integrated GPU servers," and "IP licensing," primarily targeting the domestic market for domestic substitution [5]. - Muxi is one of the few companies in China that has mastered the technology for high-performance GPU chip research, design, and mass production, focusing on independent design capabilities and a comprehensive product line [5]. Product Development - The flagship product, Xiyun C600, utilizes a 12nm process technology and is produced by SMIC, achieving a Chiplet yield of over 92%. It is theoretically close to NVIDIA's H100 but not yet comparable to Blackwell Ultra [5]. Financial Performance - Revenue grew from several million in 2022 to 1.236 billion in the first three quarters of 2025, indicating rapid commercialization of products [7]. - Despite ongoing losses, the company has seen a significant narrowing of losses in 2025, with some quarters achieving profitability, suggesting a move towards breakeven revenue levels [9]. Profitability Metrics - The gross margin is around 50-60%, which is relatively high compared to other sectors, and is not expected to drop to levels seen in Bluetooth chip industries [11]. - However, operating expenses are high, with over 85% of revenue consumed by these costs, and R&D expenses alone accounting for more than half of total revenue [13]. Cash Flow and Investment - The net cash flow from operating activities is unlikely to turn positive in the short term, as revenue growth will continue to require significant working capital [15]. - The company has been utilizing funds from its pre-IPO financing for investment purposes, similar to other companies in the sector, raising concerns about the sustainability of its business model [19].