MetaX Integrated Circuits (Shanghai) Co Ltd

MetaX Semiconductor released its 2026 semi-annual report, posting first-half operating revenue of 1.324 billion yuan, up 44.67 percent year on year, with net profit attributable to the parent of 612 million yuan, swinging from a loss of 186 million yuan in the same period last year. Revenue growth came mainly from higher GPU product sales, with gross margin at 57.2 percent, up 1.1 percentage points year on year. Second-quarter revenue was 762 million yuan, and net profit attributable to the parent after deducting non-recurring items was 54 million yuan, achieving a quarterly profit on that basis. The company's flagship product, XiYun C600, has entered mass production and delivery, and it has launched the XiSuo X series for AI for Science. Research and development expenses were 525 million yuan, and R&D personnel accounted for more than 70 percent of the workforce. The company continues to advance its software ecosystem and industry partnerships, signing strategic cooperation agreements with Cloud Factory Technology, Shanghai Unicom, and UBTECH, and jointly launching an intelligent computing satellite with Zhejiang Lab.

President Xi Jinping made his first appearance at the World Artificial Intelligence Conference in Shanghai, signalling that China is elevating artificial intelligence into a strategy to reshape global power dynamics. A key highlight was the launch of Huawei's Atlas 950 SuperPoD, an AI computing supercluster system that links thousands of Ascend AI chips via a high-speed network, demonstrating China's ability to build advanced infrastructure without relying on chips from Nvidia or other multinational manufacturers. The large language model DeepSeek V4 runs fully on this cluster, reflecting the readiness of China's AI ecosystem. Meanwhile, other Chinese chipmakers such as Biren and MetaX also unveiled new superclusters at the same event, underscoring a robust domestic technology supply chain and reduced external dependence. China also used the stage to promote a low-cost open-source AI strategy to attract developing countries, and proposed a World AI Cooperation Organisation framework to forge new alliances. The limited participation of global leaders and representatives from US IT companies reflects a shift in the centre of technological power from Silicon Valley to Shanghai.

Muxi shares once surged over 10% intraday, with the stock price reaching a high of 1,033 yuan and total market capitalization breaking through 400 billion yuan, hitting a record high since listing. Analysts believe the strength is driven by two factors: first, the 2026 World Artificial Intelligence Conference is set to open in Shanghai from July 17 to 20, where the company will unveil its heavyweight Xijing S-series super-node products; second, domestic AI computing demand continues to explode, and homegrown GPUs are entering a massive replacement window. As of press time, the stock price has pulled back to 971.96 yuan, with the latest market cap at 388.88 billion yuan. The company previously announced that rumors about some product orders being booked into next year are untrue, and warned of heightened short-term share price volatility risks.

The Penghua STAR Composite Index ETF rose more than 2%, with the semiconductor materials sector moving higher and silicon wafers leading the gains. Multiple industry experts noted that the explosion of AI computing power and the iteration of advanced packaging technologies are driving a surge in demand for semiconductor materials, and domestic substitution has shifted from an option to a necessity. Key segments such as large-size silicon wafers, electronic specialty gases, and CMP polishing fluids are reaching a critical turning point from verification and introduction to mass supply. GF Securities believes that the Tao Law v2 proposed by Huawei is reshaping the performance improvement path in the post-Moore era. Through technologies such as Logic Folding and 3D Folding, it achieves dual improvements in energy efficiency and density without relying on EUV lithography. This paradigm shift will significantly elevate the strategic value of advanced packaging, hybrid bonding, TSV, and system-level interconnect segments. As of 10:32 a.m. on July 9, 2026, the Shanghai Stock Exchange STAR Composite Index rose strongly by 2.34%, with constituent stocks Shanghai Hejing up 19.99%, Youyan Silicon up 17.56%, and Muxi shares up 13.09%. The Penghua STAR Composite Index ETF rose 2.45% to a latest price of 1.84 yuan. The ETF closely tracks the Shanghai Stock Exchange STAR Composite Index, which is composed of eligible securities of STAR Market listed companies on the Shanghai Stock Exchange and includes sample dividends in the index return.

Chinese artificial intelligence-related stocks surged after CSRC Chairman Wu Qing announced regulatory reforms to accelerate technological self-sufficiency. The measures, unveiled at the Lujiazui Forum, ease IPO standards for AI developers, support advanced sectors like quantum computing, and encourage Hong Kong tech companies to dual-list on the mainland. Hong Kong-listed LLM developers Zhipu and MiniMax jumped over 23%, while onshore chipmakers Cambricon Technology, MetaX, and Moore Threads also posted significant gains, driving the ChiNext Price Index to new highs. Analysts noted the rally highlights a stark divergence, with non-AI sectors remaining in a bear market.