Core Viewpoint - The domestic GPU industry is at a critical juncture, with significant developments such as the IPO approval of Muxi Integrated Circuit (Shanghai) Co., Ltd., which aims to raise 3.904 billion yuan for advanced GPU research and development, signaling a strong rise in the domestic GPU sector [1][3] Group 1: Industry Developments - Muxi's IPO approval aligns with the ongoing listing guidance for another domestic GPU company, Suiruan Technology, highlighting the collective rise of domestic GPU "four little dragons" [1] - The domestic GPU market is experiencing a historic opportunity due to external market shifts, particularly the exit of NVIDIA from the Chinese market, creating a vacuum for local companies [3][4] - The global GPU market is projected to reach 3.6 trillion yuan by 2029, with China's GPU market expected to grow significantly, indicating robust growth opportunities for domestic players [3] Group 2: Policy and Market Support - The Chinese government has provided strong policy support for the integrated circuit industry, including tax incentives and procurement policies favoring domestic products [4] - Recent procurement by major state-owned enterprises shows a significant shift towards domestic computing power, with over 90% of the budget allocated to domestic chips [4] Group 3: Company Performance - Muxi's revenue is expected to increase by over 400% year-on-year for the first three quarters of 2025, demonstrating its rapid commercialization progress [1][6] - Suiruan Technology has achieved significant deployment of its products, with over 70,000 units of its inference chip deployed in the past year, indicating strong market acceptance [6] Group 4: Strategic Partnerships - Both Muxi and Suiruan are backed by strategic investor Kunyuan Asset, which plays a crucial role in their growth through capital support and ecosystem development [2][5] - The collaboration between Muxi and other partners within the Kunyuan ecosystem aims to create a comprehensive domestic computing power solution, enhancing their competitive edge [5] Group 5: Future Outlook - The focus of the domestic GPU industry is shifting from mere import substitution to value creation and market leadership, with strategic capital playing a vital role in this transition [7][9] - The domestic GPU sector is expected to move towards large-scale implementation and profitability, driven by continuous technological innovation and ecosystem building [9]

Core Viewpoint - Shanghai Suyuan Technology Co., Ltd. has initiated its listing guidance with CITIC Securities as the advisory institution, aiming to advance its progress towards the Sci-Tech Innovation Board listing amid changing capital market conditions and strategic development needs [1][2]. Group 1: Company Overview - Suyuan Technology, established in March 2018, focuses on cloud computing products in the artificial intelligence sector, including intelligent acceleration cards, large model integrated machines, high-density servers, and intelligent computing clusters [3]. - The company's products are widely applicable across various industries and scenarios, such as the internet, intelligent computing centers, smart cities, smart finance, scientific computing, and autonomous driving, achieving large-scale deployment in major internet enterprises [3]. Group 2: Product Development - At the 2025 World Artificial Intelligence Conference, Suyuan Technology launched its latest training and inference product, "Suyuan L600," which supports FP8 low precision to enhance training speed and reduce computing costs [3]. - The "Suyuan S60," set for mass production in the second half of 2024, has already shipped over 100,000 units, positioning the company among the top tier in the domestic AI acceleration card market [3]. Group 3: Financing and Shareholding - Suyuan Technology has completed multiple rounds of financing, with shareholders including the National Integrated Circuit Industry Investment Fund, local state-owned assets, well-known investment institutions, and private capital, such as Tencent, Wuyuefeng Capital, and Meitu [4].

Core Insights - Shanghai Suyuan Technology Co., Ltd. has resumed its listing guidance process on November 1, 2023, with a change in advisory firms from China International Capital Corporation to CITIC Securities, driven by changes in the capital market environment and the company's strategic development needs [1] - The company, a leading domestic GPU enterprise, aims to continue its progress towards listing on the Sci-Tech Innovation Board [1] - Suyuan Technology focuses on AI cloud computing products and aims to provide foundational computing power for general artificial intelligence, offering innovative AI acceleration cards, system clusters, and hardware-software solutions [1] Company Developments - Founded in March 2018, Suyuan Technology has released multiple generations of AI products, including the first inference product in 2020, second-generation training and inference chips in 2021, and plans for mass production of third-generation products in 2024, with an expected delivery of 50,000 cards that year [1] - The company has actively participated in building data center clusters in Gansu Qingyang and held a ceremony in August 2024 to light up a domestic cluster of 10,000 cards [1] Industry Context - During the 2025 World Artificial Intelligence Conference in July, the CEO of Suyuan Technology highlighted the significant advancements in China's AI industry over the past six years and emphasized the need for AI chip companies to transition from a technology product loop to a commercial loop for sustainable development [2] - Suyuan Technology's third-generation products have achieved large-scale commercialization, with the Suyuan S60 product reaching a deployment scale of 70,000 cards, positioning the company among the top tier in domestic card deployment [2] - The company supports over 300 application scenarios, including large language models and traditional AI models, and has contributed to the construction of five intelligent computing clusters, serving over 1 billion end users [2]

Core Viewpoint - Suiruan Technology is advancing its IPO process on the Sci-Tech Innovation Board, driven by changes in the capital market environment and the company's strategic development needs [2]. Group 1: Company Overview - Suiruan Technology is a leading player in the domestic AI chip industry, focusing on cloud computing products for artificial intelligence, including intelligent acceleration cards, integrated large model machines, high-density servers, and intelligent computing clusters [3]. - The company has achieved large-scale implementation of its products across various sectors, including the internet, smart cities, finance, scientific computing, and autonomous driving [3]. Group 2: Product Development - At the 2025 World Artificial Intelligence Conference, Suiruan Technology launched its latest product, the "Suiruan L600," designed for large model training and inference, which supports FP8 low precision to enhance training speed and reduce computing costs [3]. - The "Suiruan S60," set to be mass-produced in the second half of 2024, has already received orders exceeding 100,000 units and supports over 300 application scenarios, including large language models and traditional AI models [3]. Group 3: Infrastructure and Market Position - Suiruan Technology is establishing intelligent computing centers across multiple regions, contributing to the development of domestic AI capabilities [4]. - The company has built the first 10,000-card inference cluster in Qingyang, Gansu Province, and is focusing on various application scenarios such as AIGC, social co-creation, biomedicine, and intelligent manufacturing [4]. Group 4: Market Trends - The global chip market is projected to reach $576 billion in 2024, with AI chip sales expected to account for 11%, exceeding $57 billion [4]. - By 2025, the new generation of AI chips is anticipated to surpass $150 billion, and by 2027, the global AI chip market could grow to $400 billion, with conservative estimates reaching $110 billion [4]. Group 5: Investment and Financing - Since its establishment, Suiruan Technology has completed multiple rounds of financing, with a diverse shareholder base including the National Integrated Circuit Industry Investment Fund, local state-owned assets, and well-known investment institutions [5].

Core Insights - The 2025 WAIC has seen unprecedented interest, highlighting the rapid evolution of the domestic large model industry since 2025, characterized by three major trends: the rise of reasoning models as a new technological high ground, the transition from conceptual applications to practical implementations, and significant breakthroughs in domestic computing power [2][29]. Group 1: Industry Trends - The competition landscape of large models is shifting from chaotic "hundred model battles" to a more rational and intense "midfield battle," with a focus on reasoning models [2][29]. - The number of companies in the robotics industry at WAIC 2025 surged from 18 in 2024 to 80, indicating a growing interest and investment in this sector [4]. - Major players are no longer solely competing on model parameters but are showcasing diverse application ecosystems, emphasizing the importance of industrial ecology, business models, and international competitiveness [5][29]. Group 2: Technological Developments - The emergence of reasoning models marks a qualitative leap from basic capabilities to advanced cognitive functions, with DeepSeek-R1's launch being a pivotal event [6][7]. - Since the release of DeepSeek-R1 in January 2025, numerous leading firms have introduced their own reasoning models, indicating a rapid technological advancement [8]. - The competition now emphasizes model architecture, reasoning mechanisms, and parameter strategies, with a shift towards hybrid architectures to meet performance demands [10][14]. Group 3: Application and Market Dynamics - The transition from technology demonstration to practical application is evident, with companies focusing on B-end and C-end strategies [15][22]. - Companies like Tencent and Alibaba are leveraging their platforms to enhance user experience, while smaller firms are concentrating on B-end capabilities [15][18]. - The integration of large models into various industries, such as finance and healthcare, is accelerating, showcasing their practical utility [22][23]. Group 4: Domestic Computing Power - Domestic computing power is gaining momentum, with Huawei's Ascend 384 super node showcasing significant advancements in AI chip technology [24][25]. - The rapid increase in daily token usage by companies like Alibaba and ByteDance highlights the growing demand for computing resources [24]. - The establishment of the "MoXin Ecological Innovation Alliance" reflects a trend towards collaborative development among domestic chip and infrastructure manufacturers [27]. Group 5: Future Outlook - The large model industry is entering a phase of refinement, focusing on core technologies, key applications, and building ecological moats [30]. - Future trends indicate that reasoning models will evolve towards multimodal reasoning and embodied intelligence, while domestic computing power will shift from a catch-up mode to a competitive mode [30].

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" [5] Core Insights - The 2025 World Artificial Intelligence Conference (WAIC) showcased significant advancements in AI technology, particularly in computing power, algorithms, and applications, indicating a robust growth trajectory for the industry [12][60] - Domestic manufacturers are progressively enhancing their chip performance from inference to training, emphasizing ecosystem support and application scenarios [13][60] - The report highlights the emergence of quantum computing as a disruptive innovation in the computing power industry, with potential for exponential growth in computational capabilities [38][39] Summary by Sections 1. Industry Overview - The WAIC 2025 featured over 800 companies and more than 3000 cutting-edge exhibits, marking the largest scale in its history [12] - The conference focused on AI technology frontiers, industry trends, and global governance practices [12] 2. Computing Power - Domestic chip manufacturers are evolving from inference-focused AI chips to high-performance training chips, showcasing various industry applications [13] - The report notes the importance of supernodes, integrated machines, and liquid cooling solutions as key trends in the future of domestic AI computing power [18][19] 3. Algorithms - The evolution of large models is highlighted, with a shift towards multi-modal capabilities and the integration of deep reasoning and thinking abilities [43][44] - The report emphasizes the growing importance of AI agents and physical AI, which aim to enable intelligent agents to understand and interact with the real world [43][44] 4. Applications - The report identifies a flourishing landscape for both B2B and B2C AI applications, with significant advancements in areas such as AI glasses, smart driving, and robotics [60] - C-end applications focus on AIGC and productivity tools, while B-end applications emphasize cost reduction and efficiency improvements across various sectors [60][61] 5. Quantum Computing - Quantum computing is positioned as a critical future technology, with companies showcasing solutions that leverage quantum mechanics for superior computational capabilities [38][39]