Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Viewpoints - The report highlights the upcoming IPO of Muxi Integrated Circuit (Shanghai) Co., Ltd., which aims to raise 3.904 billion yuan for GPU research and industrialization [4] - Muxi has made significant advancements with its domestic general-purpose GPU, the Xiyun C600, which is expected to enter risk production by the end of 2025 [5] - The company is actively expanding its customer base in the internet and telecommunications sectors, with a current order backlog of 1.43 billion yuan [6][8] Summary by Relevant Sections Industry Basic Situation - Closing index level is 5228.93, with a 52-week high of 5841.52 and a low of 3963.29 [1] Market Performance - Muxi's market share is currently around 1%, but it is expected to grow significantly due to the acceleration of domestic substitution trends [6] Investment Recommendations - The report suggests focusing on companies related to Muxi, including Yidu International Holdings, Ruisheng Intelligent, and others in the domestic computing power sector [9]

Group 1 - Yidu International (00259) saw its stock price increase by over 30%, reaching a new historical high of 4.94 HKD, with a trading volume of 80.17 million HKD [1] - Muxi Integrated Circuit (Shanghai) Co., Ltd. has entered the second round of inquiries for its IPO, positioning itself as a leading company in high-performance general-purpose GPU products in China [1] - The Shanghai Cube, a domestic high-density computing system, was developed collaboratively by multiple institutions including Muxi, Fudan University, and Luxshare Precision [1] Group 2 - Hong Kong-based Sanfeng Information, a wholly-owned subsidiary of Yidu International, has established intelligent computing centers in Shanghai and Hong Kong [1] - Sanfeng Information has partnered with a Hong Kong broadband company to become its first computing service distributor, aiming to diversify cloud services and utilize AI computing resources supported by Muxi chips [1]

Group 1 - Yidu International (00259) saw its stock price increase by over 30%, reaching a new historical high of 4.94 HKD, with a current increase of 30.67% at 4.9 HKD and a trading volume of 80.1666 million HKD [1] - Muxi Integrated Circuit (Shanghai) Co., Ltd. has entered the second round of inquiries for its IPO process, being a leading enterprise in high-performance general-purpose GPU products in China [1] - At the WAIC exhibition this year, multiple institutions including Muxi, Infinite Light Year, Fudan University, Shanghai Chuangzhi Academy, Luxshare Precision, and Mohe Information jointly developed the domestic high-density computing system "Shanghai Cube" [1] Group 2 - Hong Kong Sanfeng Information Co., Ltd. is a wholly-owned subsidiary of Yidu International, with established intelligent computing centers in Shanghai and Hong Kong [1] - Hong Kong Broadband Network announced a partnership with Sanfeng Information last year, becoming its first Hong Kong computing service distributor to introduce diversified cloud services and access AI-related computing resources supported by Muxi chips [1]

Core Insights - The Shanghai Cube, a domestically developed high-density computing cabinet, was unveiled at the WAIC2025, marking a significant advancement in China's computing capabilities and filling a gap in the domestic high-density computing "big system" market [1][3][5] Group 1: Product Overview - Shanghai Cube integrates hardware and software deeply, featuring domestically produced high-performance GPU chips, network switching chips, liquid cooling systems, and operating systems, all optimized as a cohesive unit [3][5] - The product boasts a computing density of 128 GPU modules per standard cabinet, positioning it at the forefront of the industry in terms of overall performance [3][5] Group 2: Development and Deployment - The first prototype of Shanghai Cube has been successfully deployed at Fudan University’s Zhangjiang campus and is set to enter mass production [3][5] - The system has demonstrated efficient inference and training support for mainstream large models, such as DeepSeek671B, and has been adapted to various scientific computing and scheduling platforms [3][5] Group 3: Industry Impact - The collaborative innovation model behind Shanghai Cube is accelerating China's competitive edge in the global smart technology landscape [5] - The "Intelligent Gathering East, Chain Connecting the World" forum at WAIC2025 focused on domestic full-stack integration and cooperation between Shanghai and Hong Kong, emphasizing the synergy between domestic computing and AI technologies [6]