Core Viewpoint - N Muxi-U (688802) debuted today with a significant opening increase of 568.83%, closing with a total rise of 692.95%, indicating strong market interest and investor confidence in the company's offerings [2] Company Overview - The company specializes in the research, design, and sales of full-stack GPU products used in artificial intelligence training and inference, general computing, and graphics rendering [2] - It also provides a software stack and computing platform that supports its GPU chips [2] IPO Details - The total number of shares issued in this IPO was 40.10 million, with an online issuance of 9.67 million shares at a price of 104.66 yuan per share [2] - The final online subscription rate was 0.03348913%, and the total funds raised amounted to 4.197 billion yuan [2] - The raised funds will primarily be allocated to projects focused on the research and industrialization of new high-performance general-purpose GPUs and AI inference GPUs [2] Market Performance - The stock closed at 829.90 yuan, with a first-day turnover rate of 84.72% [2]

Core Viewpoint - The founder and CEO of Horizon, Dr. Yu Kai, emphasized the importance of a collaborative ecosystem for technological advancement during the "2025 Horizon Technology Ecosystem Conference" [1] Group 1: Technological Evolution - Horizon shared insights on the evolution of computing platforms from CPU to NPU, highlighting the transition towards intelligent vehicles and general AI robots [1] - The company aims to provide a computing platform for ubiquitous robots in the future, positioning itself as "the Tesla that does not make cars" [1] Group 2: Ecosystem Philosophy - The concept of an ecosystem is central to Horizon's philosophy, which believes that the ecosystem plays a crucial role in technological progress [1] - Horizon's mission is to enhance the safety and quality of life for users through its technological advancements [1]

Core Insights - The report highlights a shift in capital expenditure by telecom operators towards computing infrastructure, driven by a reduction in traditional telecom network spending and an increasing demand for AI capabilities [3][4]. Capital Expenditure Trends - In 2024 and the first half of 2025, capital expenditure by Chinese telecom operators is expected to decline, primarily due to reduced spending on traditional telecom networks like 5G. However, there is a notable increase in investments in AI and computing infrastructure to meet growing market demands [4][8]. - Goldman Sachs projects that despite a further decrease in telecom network spending in 2025, the growth in capital expenditure related to intelligent computing capabilities will partially offset this decline, leading to an overall decrease in annual capital expenditure [8]. Specific Operator Projections - China Telecom is expected to have a capital expenditure of 84 billion RMB in 2025, down from 94 billion RMB in 2024, with an increase in investments related to computing platforms [8]. - China Unicom's capital expenditure is projected to be 55 billion RMB in 2025, down from 61 billion RMB in 2024, primarily due to reduced 5G-related capital expenditure, but with a simultaneous increase in AI infrastructure investments [8]. Competitive Advantage - Telecom operators possess their own Internet Data Center (IDC) resources, which reduces reliance on external IDC suppliers and helps lower overall operational costs [7].