通信 周跟踪（20251215-20251221） 领先大市-A(维持) ——国产 GPGPU 四小龙将齐聚资本市场，光纤光缆边际向好 2025 年 12 月 23 日 行业研究/行业周报 通信行业近一年市场表现 资料来源：常闻 气度，长 12 甲有望再挑战可回收任务- 周跟踪（20251208-20251214）2025.12.18 来，朱雀三入轨成功看好商业航天-周跟 踪（20251201-20251207） 2025.12.9 分析师： 张天 执业登记编码：S0760523120001 邮箱：zhangtian@sxzq.com 赵天宇 执业登记编码：S0760524060001 邮箱：zhaotianyu@sxzq.com 投资要点 行业动向： 1）摩尔线程、沐曦股份相继登陆科创板，壁仞科技、天数智芯近日也通过 了港交所聆讯，国产算力将是 2026 资本市场最受关注板块 相关报告： 【山证通信】博通财报验证 ASIC 景 1.1 摩尔线程召开首届开发者大会，发布全新架构以及多款新品。12 月 20 日，在首届 MUSA 开发者大会上，摩尔线程创始人兼 CEO 张建中发表主题演讲 系统展示 MSUA 核 ...

Core Viewpoint - The article discusses the recent IPO filings of domestic GPU companies, Moer Thread and Muxi, highlighting the significant potential for domestic GPU manufacturers to replace foreign dominance in the market, especially in the context of geopolitical tensions and the AI revolution [1]. Company Overview - Moer Thread focuses on the research, design, and sales of GPUs and related products, aiming to provide computing acceleration platforms for high-performance computing fields such as AI and digital twins. The company has launched four generations of GPU architectures and has a diverse product matrix covering various application areas [2][3]. - Muxi is dedicated to the independent research and development of high-performance GPU chips and computing platforms, emphasizing technological innovation and a robust software ecosystem to support AI applications across multiple industries [8][32]. Financial Performance - Moer Thread's revenue has shown a growth trend, driven by a rich variety of products and deepened customer collaborations. However, the company has not yet achieved profitability, with significant operating losses reported [4][6][7]. - Muxi has experienced rapid revenue growth, with an average annual growth rate of 4074.52% over the past three years, although it has also not achieved profitability [10][12]. Employee Structure - As of the end of 2024, Moer Thread employs 1,126 people, with 78.69% in research and development roles, indicating a strong focus on innovation [2][3]. - Muxi has a similar emphasis on R&D, with 652 out of 870 employees dedicated to this area, representing 74.94% of its workforce [9]. Market Dynamics - The domestic GPU market has long been dominated by foreign giants, but there is a growing trend of domestic companies gaining market share through innovation and technology [1][7]. - Both companies face challenges in market penetration due to the high technical barriers and the need for ecosystem development, which requires time and investment [6][8]. Product Offerings - Moer Thread's product lines include AI computing products, professional graphics acceleration products, desktop graphics acceleration products, and intelligent SoC products, catering to various market needs [15][16]. - Muxi's product offerings focus on AI training and inference, general computing, and graphics rendering, with a strong emphasis on high-performance GPU solutions [8][32]. Technological Innovation - Moer Thread has developed the MUSA architecture, which integrates GPU hardware and software for high-performance computing, supporting various applications in AI, graphics processing, and scientific computing [20][21]. - Muxi has also made significant advancements in GPU technology, with a focus on creating a comprehensive ecosystem that supports AI applications across different sectors [32].