作者 | 深水财经社 冰火 "国产GPU第二股"刚一亮相A股，就上演了一场造富神话。 12月17日，沐曦股份（688802）收盘829.90元/股，股价暴涨近7倍，总市值直接飙至3320亿元，投资者中一签（500股）最高能赚近40万，妥妥的2025 年"打新之王"。 这场资本狂欢中，私募大佬葛卫东浮盈超200亿元已路人皆知，而南京国资的"神操作"，浮盈超百亿却鲜为人知。 虽说市值干到3300多亿，但沐曦近年来一直在亏。据招股书披露，2022年—2024年以及今年前3月，分别亏了7.77亿、8.71亿、1.41亿和2.33亿，3年多累计 亏损超22亿元。 作为国内GPU领域的领军者，沐曦股份填补了国产高端GPU市场的重要空白，也是继摩尔线程后第二家登陆A股的国产GPU企业。 在英伟达、AMD垄断全球芯片市场的"一超一强"格局下，如果说摩尔线程受资本热捧原因在于其"英伟达嫡系"创始团队，而沐曦股份的创始团队有 着"AMD基因"。 其创始人陈维良曾担任AMD全球GPUSoC设计总负责人、通用GPUMI产品线设计总负责人，上市前直接及间接持股5663.84万股，占总股本15.73%，按最 新市值推算，其身家已超470 ...

又一国产GPU龙头来了！ 据了解，科创板高效推进国产GPU企业的IPO进程，这契合"十五五"规划进一步聚焦集成电路等关键领域，提出全面实施"人工智能+"行动的精神，是资本市场与国 家产业布局深入融合的重要表现。 责编：叶舒筠 校对：刘星莹 11月26日，沐曦股份发布首次公开发行股票并在科创板上市发行安排及初步询价公告，本次发行拟发行数量4010万股，初始战略配售数量802万股，网上 申购代码787802，初步询价日2025年12月2日，申购日2025年12月5日。 | 是否有其他战略配 | 분 | | | | --- | --- | --- | --- | | 售安排 | | | | | | | 本次发行重要日期 | | | 初步询价日及起止 | 2025 年 12月 2 日 | 发行公告刊登日 | 2025 年 12月 4 日 | | 时间 | (T-3 日) 9:30-15:00 | | (T-1日) | | 网下申购日及起止 | 2025年12月5日(T | 网上申购日及起止 | 2025年12月5日(T 日) 9:30-11:30. 13: | | 时间 | 日) 9:30-15:00 | 时间 | ...

Core Viewpoint - The IPO application of Mu Xi Integrated Circuit (Shanghai) Co., Ltd. has been approved by the Shanghai Stock Exchange, marking a significant step for the company as a leading domestic GPU manufacturer aiming to enter the Sci-Tech Innovation Board [1][4]. Company Overview - Mu Xi Co. focuses on the research and development of full-stack GPU products in the fields of artificial intelligence training inference, general computing, and graphics rendering, utilizing self-developed GPU IP with complete intellectual property rights [3]. - The flagship GPU series, Xi Yun C500, has entered mass production, leading to a revenue increase from 426,400 yuan in 2022 to 743 million yuan in 2024, representing a growth rate of 4074.52% [3]. Product Development and Market Position - By 2025, the company plans to launch the Xi Yun C600 based on domestic supply chains, establishing a closed-loop supply chain for design, manufacturing, and packaging testing [3]. - As of the reporting period, Mu Xi's GPU products have sold over 25,000 units and have been deployed in more than 10 intelligent computing clusters, covering national AI public computing platforms and commercial intelligent computing centers [3]. Fundraising and Investment Plans - The company intends to raise 3.904 billion yuan, which will be allocated to projects focused on new high-performance general-purpose GPU development, next-generation AI inference GPU development, and high-performance GPU technology research for emerging applications [3]. Industry Context - The approval of Mu Xi's IPO aligns with the national "14th Five-Year Plan," which emphasizes the importance of integrated circuits and the implementation of the "Artificial Intelligence +" initiative, reflecting a deep integration of capital markets with national industrial layout [4].

Core Insights - The 2025 World Artificial Intelligence Conference (WAIC) concluded with significant participation, featuring over 1,500 experts from more than 70 countries and regions, and 800 companies, indicating growing interest in AI technologies [1][2] - Key trends highlighted include the pervasive integration of generative AI across various sectors, advancements in computing power, enhanced capabilities of robots, and significant progress in Robotaxi technology [3][4] Generative AI Developments - Generative AI is becoming ubiquitous, moving beyond simple applications to industrial, medical, and transportation sectors [3] - New models, such as the Step 3 from Jieyue Star, demonstrate significant advancements with 321 billion parameters, enhancing efficiency and reducing computational costs [4] - MiniMax introduced a full-stack intelligent agent capable of executing tasks autonomously, showcasing rapid iteration and competitive dynamics in the sector [4] Safety and Security Innovations - AI security technologies, such as those from Hehe Information, can identify deepfakes in milliseconds, crucial for finance and government sectors [5] - Baidu showcased a comprehensive application generation pipeline, enabling users to create functional applications rapidly [5] Computing Power Advancements - Domestic GPU manufacturers showcased significant advancements, with Huawei's CloudMatrix 384 super node achieving 300 PFlops of computing power [9][11] - The focus has shifted from single-card performance to overall efficiency and cost-effectiveness in AI applications [12][14] Robotics Evolution - Robots are evolving from basic functionalities to performing complex tasks, including emotional interactions and practical applications in various fields [15][21] - Companies like Qianxun Intelligent and Fuliye Intelligent are demonstrating robots capable of performing intricate movements and providing companionship in healthcare settings [15][16] Autonomous Driving Innovations - The WAIC featured practical demonstrations of Robotaxi technology, with companies like Xiaoma Zhixing and Baidu showcasing their autonomous vehicles navigating real traffic [22][24] - The Shanghai government announced plans to enhance autonomous driving infrastructure, aiming for significant passenger and cargo transport by 2027 [27]

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies. Core Insights - The 2025 World Artificial Intelligence Conference (WAIC) highlighted a transformative evolution in China's AI computing industry, emphasizing "full-stack autonomy, deepened scenario integration, and diversified ecosystems," marking a shift from technological catch-up to ecological leadership [10][11][12] - The focus has shifted from "parameter competition" to integrating computing capabilities into specific industry solutions, reflecting industry maturity and confidence [11][12] - Chinese computing firms are actively constructing a fully autonomous ecosystem, addressing external technological constraints and supply chain risks [12][13] Summary by Sections Event Overview - The WAIC 2025 showcased a collective transformation in China's AI computing industry, with leading firms like Huawei, Sugon, and Moore Threads presenting competitive foundational technologies and a complete value loop from computational infrastructure to industry applications [10][11] Industry Trends - A notable trend is the acceleration of "end-to-end domesticization," with firms developing a comprehensive ecosystem from chip architecture to software services [12] - The industry is characterized by a diversified development strategy, with various companies pursuing different technological paths, such as Huawei's "384 Super Node" and Zhonghao Xinying's TPU chips, which improve energy efficiency [13] Company Highlights - Huawei's Ascend is compatible with over 80 large-scale AI models, integrating deeply into sectors like telecom, finance, and healthcare [11] - Sugon showcased its "Five Smart" system, demonstrating extensive delivery capabilities across various AI solutions [12] - New products like the Xiyun C600 GPU and the M50 AI chip from Houmo Intelligence reflect the industry's focus on localized and low-power AI solutions [13]