Core Viewpoint - Moole Thread, known as the "Chinese version of Nvidia," has successfully passed the listing review committee of the Sci-Tech Innovation Board, aiming to raise 8 billion yuan for the development of next-generation AI training and inference chips, graphics chips, and AI SoC chips [1] Group 1: Company Overview - Moole Thread was established in 2020 and focuses on GPU-related computing infrastructure and providing one-stop solutions [1] - The company plans to use the funds raised from the IPO primarily for R&D in AI chips and graphics chips [1] Group 2: ESG Disclosure - Among the 17 A-share concept stocks related to Moole Thread, the ESG report disclosure rate is 52.94%, with greenhouse gas emissions disclosure at 35.29%, all of which only cover "Scope 1" (direct emissions) and "Scope 2" (purchased energy emissions) [1][2] - No companies disclosed "Scope 3" (value chain emissions) data, indicating a lack of comprehensive carbon accounting [2] Group 3: Emissions Data - The reported greenhouse gas emissions vary significantly among the concept stocks, with Shengyuan Environmental having the lowest emissions at 25,000 tons and Lianmei Holdings at the highest with 3.05 million tons [3] - Only two companies related to Moole Thread's business, Maijie Technology and Guanghuan New Network, disclosed carbon emissions data, highlighting a significant gap in carbon data disclosure in this sector [3] Group 4: R&D and Talent Management - R&D investment, talent acquisition, and management are core issues for Moole Thread, with only 23.53% of companies disclosing employee turnover rates [4] - Among the companies related to Moole Thread, only two disclosed employee turnover data, while 35.29% disclosed the proportion of R&D personnel, with Donghua Software having the highest at approximately 90% [5] Group 5: Future Recommendations - To align with Nvidia, Moole Thread should build a resilient supply chain and green procurement system, implement comprehensive carbon emission accounting, and disclose "Scope 3" emissions [7] - The company should also develop energy efficiency and green computing strategies, enhance talent strategy disclosure, and provide information on AI application ethics and social responsibility [7]

Core Insights - The rise of AI technologies like ChatGPT and DeepSeek has led to explosive growth in China's intelligent computing market, with the scale reaching 640.7 EFLOPS in 2024 and the AI server market exceeding $19 billion, a year-on-year increase of 87% [1] - The intelligent computing scale is expected to grow to 1271.4 EFLOPS by 2026, with a compound annual growth rate (CAGR) of 58% from 2019 to 2026, driving demand for AI computing chips [1] - System on Chip (SoC) technology is experiencing unprecedented development opportunities due to the rapid rise of emerging technologies such as 5G, AI, and IoT [1] SoC Chip Overview - SoC chips integrate all components required for an electronic system into a single chip, including processor cores, memory, digital signal processors, communication modules, and power management units [2] - This design allows for independent operation of operating systems and execution of complex tasks, breaking the limitations of traditional multi-chip architectures [2] - SoC chips are widely used in various fields, including communication, healthcare, transportation, industrial control, automation, networking, and consumer electronics [2] Industry Chain Analysis - The SoC chip industry chain consists of upstream components like chip IP cores, EDA software, and semiconductor materials, primarily dominated by overseas manufacturers [5] - The midstream includes core manufacturing, chip design, wafer manufacturing (mainly by foundries like TSMC and Samsung), and packaging/testing [5] - The downstream application end involves Tier 1 suppliers integrating SoCs into systems for OEMs, with some automotive companies participating in the in-vehicle SoC application layout through self-research or joint ventures [5] Development Prospects - The global SoC chip market is expected to continue growing, driven by the increasing demand for high-performance and highly integrated designs across multiple sectors [8] - According to Mordor Intelligence, the global SoC chip market is projected to reach $274.1 billion by 2030, with the AI SoC market expected to account for 15% by 2033 [8] - Consumer electronics are anticipated to represent 40% of the AI SoC market, while automotive electronics, smart home devices, and security will account for 25%, 20%, and 10%, respectively [8] Listed Companies Involved in SoC Chips - Allwinner Technology (300458) focuses on the development and design of intelligent application processors SoC, achieving revenue of 1.337 billion yuan in H1 2025, a year-on-year increase of 25.82% [9][11] - Hengxuan Technology (688608) specializes in smart audio and video SoC chips, reporting revenue of 1.938 billion yuan in H1 2025, a year-on-year increase of 26.58% [11][12] - Ankai Microelectronics (688620) designs IoT smart hardware SoC chips, with revenue of 234 million yuan in H1 2025, a year-on-year decrease of 3.02% [12][17]

Core Viewpoint - Xingchen Technology has submitted its H-share listing application to the Hong Kong Stock Exchange, marking a significant step in its international capital strategy following its A-share listing, aiming to enhance its global competitiveness in the AI SoC chip sector [1] Financial Performance - In the first half of 2025, Xingchen Technology achieved revenue of approximately 1.403 billion yuan, representing a year-on-year growth of 18.63%. However, the net profit attributable to shareholders was about 120 million yuan, a decrease of 7.47%, primarily due to increased R&D investments and market competition [3] - The company's total assets reached approximately 4.43 billion yuan, with net assets around 3.03 billion yuan, indicating steady growth in asset scale [3] Business Segments - The smart security segment is the largest business, accounting for 65.66% of revenue in the first half of 2025, generating approximately 909 million yuan, with a year-on-year growth of 12%. Significant growth was noted in emerging markets such as Southeast Asia, the Middle East, Africa, and Latin America, driven by urbanization and security demand [3] - The smart IoT segment, the second-largest, contributed 23.44% of revenue, amounting to about 325 million yuan, with a year-on-year increase of 31.79%. The smart robotics business has become a key growth driver, expanding from home cleaning robots to high-end applications like courtyard robots and humanoid robots, achieving substantial growth in shipment volumes [3] - The smart automotive segment, although only 10.9% of total revenue, saw the fastest growth, reaching 151 million yuan, a year-on-year increase of 45.43%. The company is expanding into L0-L2 level ADAS systems and has partnered with Tier 1 suppliers to develop L2+ advanced ADAS chips, resulting in a doubling of revenue from the pre-installed market [4] Strategic Initiatives - Xingchen Technology is strategically positioning itself in the 3D perception field, launching integrated solutions for "3D perception + AI computing" aimed at high-performance applications such as automotive lidar and advanced intelligent robotics, intending to capture the high-performance and high-reliability chip market [4] - The move to pursue an H-share listing is expected to leverage international capital platforms to increase R&D investments in AI chips, 3D perception, and intelligent driving, enhancing global market expansion capabilities, particularly in high-growth areas like smart security, robotics chips, and pre-installed automotive systems [4]

Core Insights - The Shanghai Stock Exchange has accepted IPO applications from five companies, including Moore Threads and Muxi Integrated Circuit, for listing on the Sci-Tech Innovation Board, bringing the total number of accepted IPO applications to 30 in the first half of 2025 [1] Company Summaries Moore Threads - Founded in 2020, Moore Threads focuses on developing a full-function GPU to provide computing acceleration platforms for high-performance computing fields such as AI and digital twins [1] - The company has successfully launched four generations of GPU architectures and has a product matrix covering AI computing, cloud computing, and personal computing [1] - From 2022 to 2024, Moore Threads is projected to have a compound annual growth rate (CAGR) of 208.44% in revenue [2] - The company plans to raise up to 8 billion yuan for the development of its next-generation AI training and inference integrated chip [3] Muxi Integrated Circuit - Muxi Integrated Circuit is dedicated to the independent research and development of full-stack high-performance GPU chips and computing platforms, primarily for AI training and inference, general computing, and graphics rendering [6] - The company's revenue from 2022 to 2024 is expected to grow from 426,400 yuan to 743 million yuan, with a CAGR of 4,074.52% [6][7] - Muxi plans to raise up to 3.904 billion yuan for the development and industrialization of new high-performance general-purpose GPUs [7] Fundraising Purposes - Moore Threads intends to use the IPO proceeds for the development of its next-generation AI training and inference integrated chip and other related projects [3][5] - Muxi Integrated Circuit's fundraising will support various GPU development projects, including the second and third generations of high-performance general-purpose GPUs and AI inference GPUs [8]

Investment Rating - The report maintains a "Buy" rating for Guoke Microelectronics (300672.SZ) with a current price of 81.06 CNY [1]. Core Insights - Guoke Microelectronics is acquiring a 94.366% stake in Zhongxin Ningbo, a leading domestic semiconductor foundry, to break the overseas monopoly in the high-end filter market [5][6]. - The acquisition is expected to enhance the company's capabilities in chip design and manufacturing, particularly in high-end filters, which are crucial for communication technologies [10][12]. - The company is focusing on an "ALL IN AI" strategy, aiming to develop AI SoCs and expand into automotive and wireless sectors, which aligns with industry trends [10][11]. Summary by Sections Company Overview - Guoke Microelectronics specializes in chip design and is a leading provider of solutions in AI, multimedia, automotive electronics, IoT, and data storage [10]. - The acquisition of Zhongxin Ningbo will allow Guoke to integrate the entire supply chain from chip design to wafer processing, enhancing its competitive edge [12]. Market Position - Zhongxin Ningbo is positioned to disrupt the high-end filter market, currently dominated by foreign companies like Murata and Broadcom, which hold significant market shares [6][7]. - The company has established long-term supply agreements with major domestic mobile communication terminal manufacturers, ensuring stable revenue streams [8]. Financial Projections - Revenue for Guoke Microelectronics is projected to decline in 2024 but is expected to recover with a compound annual growth rate (CAGR) driven by AI SoC growth [13]. - The forecasted net profit for 2025, 2026, and 2027 is estimated at 137 million, 204 million, and 257 million CNY respectively, reflecting a significant increase from previous estimates [13][15]. Valuation Metrics - The report provides a detailed financial outlook, including revenue growth rates and profit margins, indicating a strategic shift towards higher-margin AI products [15][18]. - The company's P/E ratio is projected to decrease from 183 in 2023 to 68 by 2027, suggesting improved valuation as the business scales [19].

Market Overview - The three major stock indices opened higher on May 29, with the Shanghai Composite Index at 3340.4 points, up 0.01%, the Shenzhen Component Index at 10006.43 points, up 0.03%, and the ChiNext Index at 1988.32 points, up 0.15% [1] Guest Insights - Current market trading volume has returned to around 1 trillion yuan, with expectations for the index to maintain a range-bound consolidation pattern. Downside space is relatively limited due to several supporting factors, including strategic allocation by state-owned funds to blue-chip stocks, ongoing demand from foreign institutions for core Chinese assets, and steady market entry by long-term institutional investors like insurance funds [2] - A "barbell" investment strategy is recommended, balancing defensive assets while also positioning in high-growth sectors. Specific growth sectors are highlighted as having high market elasticity and long-term investment value [2] - Investors are advised to gradually position in emerging technology sectors with long-term growth potential, while also focusing on technology-related areas that have seen significant adjustments and are currently undervalued [2] Brokerage Opinions - CICC expresses optimism about investment opportunities in leading automotive display and HUD manufacturers, noting the rapid technological iteration and scaling application of in-car display technology as automotive intelligence deepens [5] - Tianfeng Securities suggests focusing on the electronics sector, particularly on the performance elasticity of design segments such as SoC/ASIC/storage/CIS in the second quarter. Companies involved in AI SoC chips are expected to benefit from the release of AI hardware penetration, with optimistic outlooks for upcoming AI glasses launches [6]

Real Estate - In the first two months of 2025, the cumulative sales amount of the top 100 real estate companies was 440.2 billion yuan, with equity sales amounting to 322.7 billion yuan, showing a year-on-year change of -3.1% and +0.2% respectively. The sales area saw a significant contraction with a year-on-year decrease of 15.6% [4] - Companies with notable year-on-year sales growth include China Railway Construction (+118%), Poly Real Estate (+81%), and Huafa Group (+59%) [4] - The ongoing implementation of previous policies has led to an increase in market activity, with some high-energy cities gradually stabilizing [4] Steel - Recent trends indicate a positive demand for antimony, with both domestic and international antimony prices rising. As of March 3, 2025, domestic antimony prices reached 165,000 yuan per ton, marking a 16% increase from February 6 to March 3, 2025 [5] - The international antimony price was recorded at $50,300 per ton (approximately 367,000 yuan per ton), resulting in a price difference of 202,000 yuan per ton between domestic and international markets [5] Automotive - Tesla's Full Self-Driving (FSD) technology has entered the Chinese market, highlighting differences between the US and China, as well as regulatory constraints that have limited local adaptation [6] - The introduction of Tesla's FSD is expected to accelerate the upgrade and iteration of domestic automotive companies' intelligent driving technologies, with a projected inflection point for domestic intelligent driving expected to arrive sooner than previously anticipated [6] Electronics - Xiaomi has announced updates to its robotics line, including the Cyber One robot, which is expected to be applied in smart home scenarios. The edge computing SoC is identified as the core for AIoT smart terminals [7] - Allwinner Technology, a leading SoC company in China, is expected to benefit from the high demand in AI edge computing, with projected revenue and profit growth in 2024 [7] Aluminum - Shenhuo Co., Ltd. is expected to see an increase in the central price of electrolytic aluminum, while the space for coal price declines may be limited. The company reported its highest performance in Q3 2024, with an electrolytic aluminum capacity of 1.7 million tons per year and coal capacity of 8.55 million tons per year [9] - The aluminum segment contributed 74% of the company's revenue and 68% of its gross profit, indicating a strong reliance on this sector [9] Computing Power - Hainan Huatie has signed a computing power service agreement with a total contract value of 3.69 billion yuan (including tax), expected to generate an average annual revenue of approximately 700 million yuan over five years [10] - The company is positioned as a leading rental service provider in the computing power sector, with state-owned capital enhancing its capabilities and outlining a second growth curve [10] Storage - Baiwei Storage has reported rapid growth in its storage business, benefiting from the recovery in the storage industry and significant increases in product sales [11] - The company is focusing on research and development, actively expanding into advanced packaging and testing fields, and launching AI mobile and wearable storage products [11]