2025.12.05 成立于2016年的寒武纪，于2020年7月上市科创板，首日开盘大涨逾288%。成立于2020年的摩尔线程， 于2025年上市，首日开盘涨近五倍，俨然是寒武纪的第二个故事，更高的溢价。 仅从上市首日股价涨幅来看，市场对摩尔线程的期待似乎远高于对寒武纪。 然而，回顾寒武纪的K线，亦反映国产芯片初创企业从64.39元的发行价起步，一度破发探至46元附 近，经历漫长的估值消化与业绩亏损的质疑；随后在AI产业浪潮的推动下，其股价在近年上演惊人逆 转，历史最高曾突破1500元，市值高峰时超过8000亿。这梦幻般的五年，充分演绎了市场对前沿科技公 司从"追捧到怀疑，到再次追捧"的极端情绪转换。 本文字数：2382，阅读时长大约4分钟 作者 |第一财经 魏中原 12月5日，国内GPU"第一股"摩尔线程（688795.SH）在科创板挂牌上市，开盘价650元，涨幅468.78%， 总市值接近3000亿元。截至发稿，摩尔线程股价报580元，涨幅407%，总市值2726亿元。 摩尔线程作为国产高端芯片领域备受瞩目的新锐，其持续亏损、高估值、强技术预期的特征，让人不禁 想起五年前同样在科创板上市、被称为"AI芯片 ...

Core Viewpoint - The article discusses the recent IPO of Moer Thread (688795.SH), highlighting its significant opening price increase and market valuation, while drawing parallels with the earlier IPO of Cambricon (688256.SH) and the challenges both companies face in achieving profitability in the high-end chip sector [3][10]. Financial Comparison - Both Moer Thread and Cambricon started with substantial net losses post-IPO, reflecting the high investment and long cycle nature of the chip design industry. Cambricon reported cumulative losses exceeding 1.6 billion yuan from 2017 to 2019, while Moer Thread's losses from 2022 to 2024 are projected to reach 17.03 billion yuan [6][7]. - Research and development (R&D) expenses are a significant financial characteristic for both companies. Cambricon's R&D expenses were 380.73%, 205.18%, and 122.32% of its revenue from 2017 to 2019, while Moer Thread's R&D expenses from 2022 to 2024 totaled 3.809 billion yuan, accounting for 626.03% of its revenue [7][8]. Revenue Growth - Both companies have shown rapid revenue growth, but from a low base. Cambricon's revenue grew from 7.84 million yuan to 444 million yuan from 2017 to 2019, while Moer Thread's revenue is projected to grow from 46.088 million yuan in 2022 to 438 million yuan in 2024 [8][9]. Market Expectations - The market has high expectations for Moer Thread, as evidenced by its opening day stock price surge of nearly five times, indicating a greater initial market enthusiasm compared to Cambricon [5][6]. - Despite the high valuations, the article emphasizes that achieving profitability in the chip industry is fraught with challenges, including the need for ecosystem development and customer expansion, which may take longer for Moer Thread compared to Cambricon [11][12]. Industry Insights - The article highlights the broader trend in the high-end chip design sector, where companies often undergo a phase of "losses for future gains" as they invest heavily in R&D and market positioning. This pattern is evident in both Cambricon and Moer Thread's journeys [12].

【导读】商业航天概念股表现活跃，超捷股份20%涨停 中国基金报记者 李智 一起来看下最新的市场情况及资讯。 12月5日早盘，A股市场震荡调整。截至发稿，三大指数小幅走低。 | 上证指数 | 深证成指 | 北证50 | | --- | --- | --- | | 3871.76 | 12997.70 | 1391.02 | | -4.04 -0.10% | -9.01 -0.07% +3.73 +0.27% | | | 科创50 | 创业板指 | 万得全A | | 1315.43 | 3064.09 | 6182.89 | | -10.74 -0.81% | -3.39 -0.11% +2.88 +0.05% | | | 沪深300 | 中证500 | 中证A500 | | 4541.92 | 7010.39 | 5457.33 | | -4.64 -0.10% -2.42 -0.03% -4.42 -0.08% | | | | 中证1000 | 深证100 | 中证红利 | | 7258.70 | 5731.03 | 5533.75 | | +10.04 +0.14% -6.38 -0.11% -19.21 ...

第二个故事，更高的溢价：资本市场为何再次为芯片梦想狂欢？ 12月5日，国内GPU"第一股"摩尔线程（688795.SH）在科创板挂牌上市，开盘价650元，涨幅468.78%， 总市值接近3000亿元。截至发稿，摩尔线程股价报580元，涨幅407%，总市值2726亿元。 摩尔线程作为国产高端芯片领域备受瞩目的新锐，其持续亏损、高估值、强技术预期的特征，让人不禁 想起五年前同样在科创板上市、被称为"AI芯片第一股"——寒武纪（688256.SH），市场也曾期待其成 为"中国英伟达"，经历了五年业绩亏损后，寒武纪在今年前三季度刚刚实现净利润扭亏。 摩尔线程在报告期内同样处于亏损状态，2022年至2024年该公司的归母净利润分别亏损18.94亿元、 17.03亿元和16.18亿元，今年前三季度续亏7.23亿元，截至2025年9月末，累计未弥补亏损达20.57亿元。 芯片初创公司的业绩亏损与芯片设计行业前期高投入、长周期的行业属性直接相关，两者均将大量资金 用于研发与流片。 其次，高研发占比是这类技术驱动型公司的共同财务特征。寒武纪招股书显示，2017年至2019年研发投 入占营业收入比例分别为380.73%、205. ...

（文章来源：每日经济新闻） 每经AI快讯，12月5日，GPU指数盘中跌2%。成分股方面，景嘉微跌3.48%，芯原股份跌2.95%，海光 信息跌2.78%，龙芯中科跌2.18%，寒武纪-U跌2.12%。 ...

昨日摩尔线程概念股和上游半导体设备、材料板块大幅走强，热门半导体设备ETF（561980）全天收涨 3.63%，领跑同类。数据显示，该ETF标的指数中证半导昨日单日涨幅位居8个同类指数首位，弹性突 出。 中证指数官网数据显示，半导体设备ETF（561980）跟踪中证半导，截至12月4日，标的指数中"半导体 设备"含量超5成，半导体设备+集成电路设计+半导体材料三行业占比超9成。从重仓股来看，中证半导 重点布局中微公司、北方华创、寒武纪、中芯国际、海光信息等产业龙头，前十大集中度近8成，前五 大集中度超5成。 数据显示，截至12月3日，中证半导2025年年内涨幅为54%，区间最大上涨超80%，在中华半导体芯 片、国证芯片、芯片产业等主流半导体指数中位列第一。 来源：iFinD，2025.1.1-2025.12.04 兴业证券指出，存储行业供需紧张景气度持续上行，AI成为存储未来需求核心驱动力。随着AI训练和 推理对算力需求的快速增长，数据中心对HBM、大容量DDR5及企业级SSD的存储需求快速增长，同时 由于近两年海外存储原厂资本开支较少，扩产相对谨慎，供给侧新增产能有限。该机构预计，2026- 2027年NA ...

12月5日，金融界财经早餐，宏观政策、资本市场、行业板块、公司个股要闻一览： 一、今日财经要闻： 1、央行今日开展10000亿元买断式逆回购操作，期限为3个月，9月有10000亿到期，相当于等量对冲，年末岁尾延续流动性投放。 1、证监会主席吴清发表署名文章，提高资本市场制度的包容性适应性。 2、备受关注的摩尔线程今日登陆科创板，发行价114.28元/股，为今年最贵新股，打新收益成为市场焦点，市场普遍预计超过10万。另外今日2只新股申购， 沐曦股份（688802）、昂瑞微（688790）。 3、寒武纪辟谣"小作文"，称公司关注到媒体及网络传播的关于公司产品、客户、供应及产能预测等相关信息，均为误导市场的不实信息。昨日尾盘寒武纪 异动拉升。 4、券商12月金股出炉，覆盖较多的标的有：中际旭创8家、阿里巴巴7家、恒立液压6家、海光信息6家、招商银行5家、美的集团5家、中国平安4家、拓普集 团4家、牧原股份4家、立讯精密4家、恺英网络4家、安井食品4家。 5、30年国债ETF昨日大跌1%，从高位阶段性回撤近10%。 2、商务部发声，中国政府依法依规开展稀土相关物项出口管制，用于民用用途、合规的稀土出口申请均获及时批准 ...

Group 1 - Micron Technology has decided to exit the consumer storage market, ceasing production of PC-grade SSDs and memory products, focusing instead on high-performance AI chip demands [4][5] - The decision comes as major tech companies, including Samsung and SK Hynix, have also reduced memory production, leading to a global shortage of memory for consumer devices [4][5] - Micron aims to enhance long-term business performance by concentrating on core enterprise and commercial sectors, which are experiencing significant growth due to AI [4][5] Group 2 - LeEco reported a debt of 238 billion yuan and plans to invest 180 million yuan in stock trading, which has sparked public debate [7][8] - The company clarified that a significant portion of the investment is in "risk-free" assets, such as government bond repurchases, rather than speculative trading [7][8] - LeEco relies on operational income and copyright revenues from popular shows like "Empresses in the Palace" to sustain its workforce [8] Group 3 - Canon's Zhongshan factory has announced generous severance packages for laid-off employees, with compensation reaching up to 400,000 yuan [10][11] - The compensation plan includes a formula that significantly exceeds legal standards, providing a substantial financial cushion for affected workers [10][11] - Canon is actively assisting employees in finding new job opportunities, including hosting recruitment events and providing recommendation letters from management [12] Group 4 - Amazon's AGS division is undergoing significant leadership changes, with the departure of Vice President Yang Jun amid a broader restructuring [16][17] - The company has initiated a large-scale layoff plan, affecting various management levels, as it seeks to streamline operations [16][17] - The ongoing changes reflect a challenging environment for Amazon's global selling operations, with expectations of further layoffs in the near future [16][17] Group 5 - Xiaomi's President Lu Weibing announced a strategic focus on AI, emphasizing the integration of AI with physical products and services [21][22] - The company has ramped up investments in AI, with a reported increase of over 50% in funding for AI initiatives in recent quarters [21][22] - Xiaomi aims to position itself as a leader in AI technology, leveraging top talent to enhance its capabilities in this area [21][22] Group 6 - BYD is implementing a "flawless operation" initiative in its battery factories, aiming for zero defects in product manufacturing [31] - The initiative is part of a broader strategy to enhance manufacturing efficiency and meet the growing demand for high-quality battery products [31] - BYD's goal is to achieve industry-leading management standards within a few months, aligning with external customer expectations [31] Group 7 - Eight major e-commerce platforms, including JD.com and Meituan, have signed a commitment to establish self-regulatory norms for AI technology applications [32][33] - The commitment aims to ensure transparency in AI-generated content and protect consumer rights by implementing clear labeling and monitoring practices [32][33] - This initiative marks a significant step towards responsible AI usage in the e-commerce sector, addressing growing concerns over AI's impact on consumer interactions [32][33]

来源：光大证券微资讯 热点聚焦 HOT 1、隔夜，美股三大指数涨跌不一，道指跌0.07%，纳指涨0.22%，标普500涨0.11%。纳斯达克中国金 龙指数收涨0.39%。作为最能代表美股小盘股的指标，罗素2000收涨0.76%，突破10月27日创出的前 高。美股开盘后，科技巨头Meta股价大幅拉升，盘初一度暴涨近6%，创7月31日以来最大盘中涨幅， 收涨3.43%。据悉该公司计划将元宇宙项目支出削减至多30%。 2、美国上周首申失业救济人数为19.1万人，不及预期。美国11月非农就业岗位减少9000,10月就业变化 数据下修至减少1.55万个。受此影响，市场对美联储的降息预期进一步升温，据CME"美联储观察"，12 月降息25个基点的概率升至89.2%。白宫国家经济委员会主任哈塞特表示，美联储下次会议可能会降 息，预计将降息约25个基点。 3、隔夜，LME期铜收跌38美元，报11450美元/吨。此前消息称，大宗商品贸易巨头摩科瑞被曝从LME 的亚洲仓库提取超过4万吨铜，价值约4.6亿美元；摩科瑞的行动导致现货铜合约相对于三个月期铜期货 价格的溢价上升，现货升水在周三触及每吨88美元，为10月13日以来最高。隔 ...

重要的消息有哪些 12月5日（周五）申购提示 新股方面，沐曦股份申购代码787802，发行价104.66元/股，申购上限0.6万股。昂瑞微申购代码 787790，发行价83.06元/股，申购上限0.35万股。 投资有风险，申购需谨慎。 碧桂园规模约177亿美元的境外债务重组方案，已获香港高等法院正式批准。 5天3板航天机电：目前公司主营业务不涉及商业航天。 ST先河：12月8日起撤销其他风险警示。 3．针对近年来外卖行业存在的"幽灵外卖"、非理性竞争以及外卖配送员权益保障不足等问题，近日， 市场监管总局发布实施推荐性国家标准《外卖平台服务管理基本要求》。 4．国家体育总局对外联络司司长吴坚发表文章《以高水平对外开放促进体育事业高质量发展》。文章 表示，体育是联系港澳台同胞的桥梁纽带。"十四五"时期，我们全面加强内地与港澳地区的体育交流合 作，支持推动粤港澳成功举办第十五届全运会；印发《关于支持福建加快建设两岸体育融合发展示范区 的措施》，推动两岸体育融合发展。做好新时期港澳台体育工作，要以《关于加强体育合作、促进融合 发展的协议》为基础，巩固粤港澳联合举办第十五届全运会成果，全面加强两地体育交流合作，更好发 ...