重要新闻提示 12月5日，央行开展10000亿元买断式逆回购操作 12月5日，港股收市后，恒生指数系列第三季度检讨结果将正式实施 电投产融：重大资产置换及发行股份购买国电投核能100%股权获深交所审核通过 今日提示 摩尔线程（688795）今日在科创板上市 科创板新股沐曦股份（申购代码787802）、昂瑞微（申购代码787790）今日申购 今日央行有3013亿元7天期逆回购到期 财经新闻 1. 人民银行12月4日消息，为保持银行体系流动性充裕，12月5日，中国人民银行将以固定数量、利率招 标、多重价位中标方式开展10000亿元买断式逆回购操作，期限为3个月（91天）。由于本月有10000亿 元3月期买断式逆回购到期，意味着当月3月期买断式逆回购等量续做。 2. 12月5日港股收市后，恒生指数系列第三季度检讨结果将正式实施，并于12月8日起生效。此次调整覆 盖恒生指数、恒生中国企业指数、恒生科技指数等港股核心旗舰指数。恒生指数方面，信达生物将被纳 入恒生指数成分股，没有成分股被剔除，调整后成分股数量由88只提升至89只。 3. 据"工信微报"消息，工业和信息化部党组12月4日开展理论学习中心组学习。会议强调，要 ...

New IPOs and Stock Offerings - Two new stocks are available for subscription: Angrui Microelectronics (688790.SH) and Muxi Co., Ltd. (688802.SH), with the listing of Moer Thread (688795.SH) [1][17] Angrui Microelectronics Overview - Angrui Microelectronics specializes in RF and analog integrated circuit design and is recognized as a national-level "little giant" enterprise [2] - The company focuses on the research, design, and sales of RF front-end chips, RF SoC chips, and other analog chips [2] - The planned fundraising amount is approximately 10.96 billion yuan, with 53.02% allocated to 5G RF front-end chip and module R&D and industrialization projects [4] Financial Metrics of Angrui Microelectronics - The issue price is set at 83.06 yuan per share, with an institutional offering price of 89.40 yuan per share [3] - The company's projected revenue for 2024 is 21.01 billion yuan, with RF front-end revenue accounting for 17.90 billion yuan [5] - The company ranks among the top three domestic RF front-end manufacturers based on revenue [5] Muxi Co., Ltd. Overview - Muxi Co., Ltd. is a leading domestic enterprise in high-performance general-purpose GPU products, focusing on the development of full-stack high-performance GPU chips and computing platforms [6] - The planned fundraising amount is approximately 24.59 billion yuan, with 63.00% allocated to new high-performance general-purpose GPU R&D and industrialization projects [10] Financial Metrics of Muxi Co., Ltd. - The issue price is set at 104.66 yuan per share, with an institutional offering price of 111.53 yuan per share [8] - The company's revenue structure shows a significant increase in the training and inference series GPU board revenue, which accounted for 97.55% of total revenue in Q1 2023 [13] Moer Thread Overview - Moer Thread is recognized as the "first domestic GPU stock" and aims to provide computing acceleration platforms for AI, digital twins, and high-performance computing [15] - The company has established deep cooperative relationships with operators, cloud service providers, AI companies, and research institutions [21] Financial Metrics of Moer Thread - The issue price is set at 114.28 yuan per share, with an institutional offering price of 121.33 yuan per share [18] - The planned fundraising amount includes 25.10 billion yuan for the new generation of AI training and inference integrated chip R&D project [20]

Group 1: New Stock Offerings - Two new stocks are available for subscription: Angrui Microelectronics (688790.SH) and Muxi Co., Ltd. (688802.SH) [1] - A new stock, Moer Thread (688795.SH), is set to be listed on the Sci-Tech Innovation Board [1] Group 2: Angrui Microelectronics - Angrui Microelectronics specializes in RF and analog integrated circuit design and is recognized as a national-level "little giant" enterprise [2] - The company focuses on the research, design, and sales of RF front-end chips, RF SoC chips, and other analog chips [2] - Angrui Microelectronics ranks among the top three domestic RF front-end manufacturers based on revenue from transmission products [4][5] - The company has achieved breakthroughs in key core technologies and has successfully commercialized its 5G high-integration module technology with major smartphone brands [4] Group 3: Muxi Co., Ltd. - Muxi Co., Ltd. is a leading domestic enterprise in high-performance general-purpose GPU products, focusing on the development of high-performance GPU chips and computing platforms [6] - The company aims to provide foundational computing power for various sectors, including AI, finance, transportation, and healthcare [6] - Muxi's revenue from its training and inference series GPU boards has significantly increased, while its revenue from IP licensing has decreased [10] - The company employs a combination of direct sales and distribution for its products, with a dedicated sales team for customer engagement [10] Group 4: Moer Thread - Moer Thread is recognized as the "first domestic GPU stock" and is often referred to as the "Chinese version of Nvidia" [11][12] - The company focuses on the research, design, and sales of GPUs and related products, targeting high-performance computing fields [12] - Moer Thread has established deep partnerships with operators, cloud service providers, and AI enterprises to enhance its market responsiveness [17] - The company has a high concentration of sales, with its top five customers accounting for 98.29% of its main business revenue [17]

Core Insights - The core viewpoint of the article emphasizes the significance of the domestic GPU company, Moore Threads, as it successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, marking a pivotal moment in China's computing power industry development [4][5][8]. Company Overview - Moore Threads, known as the "first domestic GPU stock," aims to leverage its listing to accelerate technological iterations and operational capabilities, with a goal to achieve profitability ahead of schedule [8][9]. - The company has introduced a series of full-function GPU chips since its establishment in 2020, with a projected revenue exceeding 4 billion yuan by 2024 and a compound annual growth rate of over 200% in the last three years [7][8]. Industry Context - The article highlights the increasing importance of computing power in the context of national strength, with GPU chips being foundational to this development [5][13]. - The Chinese government is actively supporting high-tech industries, particularly in artificial intelligence and semiconductor sectors, which is crucial for the growth of companies like Moore Threads [7][14]. Future Outlook - Moore Threads aims to become a leading GPU enterprise with international competitiveness, focusing on creating advanced computing acceleration platforms for AI and digital twin applications [12][13]. - The company plans to invest in three major projects post-IPO, including AI training and inference chips, next-generation graphics chips, and AI SoC chips, to support a wide range of computing needs [12].

Core Viewpoint - Moore Threads has officially launched its IPO on the Sci-Tech Innovation Board, marking its entry as the "first domestic GPU stock" and aims to raise 8 billion yuan for the development of AI training and inference chips, graphics chips, and AI SoC chips [1] Group 1: Company Overview - Moore Threads is one of the few companies in China with full GPU development capabilities, having successfully mass-produced five chips since its establishment in 2020 [1] - The company has achieved significant revenue growth, with revenue increasing from 46.09 million yuan in 2022 to 438 million yuan in 2024, representing a compound annual growth rate of 208.44% [2] - The company operates under a Fabless model, focusing on GPU chip research, design, and sales while outsourcing manufacturing to specialized firms [2] Group 2: Technology and R&D - The company has invested over 4.3 billion yuan in R&D from 2022 to mid-2025, which is crucial for continuous technological breakthroughs [3] - The MUSA architecture, developed by Moore Threads, integrates GPU hardware and software, providing a unified system that simplifies complex computing processes and enhances efficiency [4][5] - The MUSA architecture supports various tasks, including AI computing, 3D graphics rendering, and scientific computing, showcasing its adaptability [5] Group 3: Market Position and Strategy - The company aims to strengthen its market position by focusing on the development of next-generation AI training and inference chips, graphics chips, and AI SoC chips, with the 8 billion yuan raised being allocated to these projects [10][11][12] - Moore Threads plans to enhance its product offerings to cater to consumer and professional markets, including AI PCs and cloud rendering solutions [12] - The company is committed to building a comprehensive AI infrastructure and aims to provide competitive GPU solutions globally [13][14] Group 4: Future Outlook - The company intends to deepen its technological foundation and develop a collaborative AI infrastructure, focusing on overcoming training efficiency and energy efficiency bottlenecks [13] - Moore Threads will also explore the integration of edge and cloud computing, aiming to create a comprehensive service system for computing power [13] - The company is positioned to capitalize on the accelerating domestic substitution and digital transformation opportunities across various industries [14]

这家成立才5年的公司，从IPO获受理到完成注册只用了4个月，刷新了科创板审核速度纪录。 爆炸性消息！ 国产GPU独角兽摩尔线程明天就要正式登陆科创板了，而今天的A股市场已经提前嗨翻天！ 早上开盘没多久，摩尔线程概念股就集体暴走， 联美控股（600167）强势涨停，初灵信息飙升超过11%，大众公用、和而泰、盈趣科技也跟着大涨。 这场资本狂欢的导火索，就是昨晚摩尔线程发布的上市公告：公司股票将于2025年12月5日在上海证券交易所科创板挂牌交易，股票代码"688795"。 | | | 威领股份 | | | | --- | --- | --- | --- | --- | | | | 002667 ■ L1 | | | | 16.09 | 글 16.84 | 市值 41.93亿 量比 3.65 | | | | ਜ਼ਿੰ | 15.02 | 流通 38.07亿 | 换 | 10.83% | | 0.78 5.09% | チ | 15.02 市盈TM 亏损 额 | | 4.12 乙 | | 同花顺 7.7 7 | | 龙虎榜:12-03入选,净买入-3645万元;买 ... ● > | | | | 分时 | 日K 周K ...

Core Viewpoint - The company, Moer Thread Technology (Beijing) Co., Ltd., is set to officially list on the STAR Market on December 5, 2025, with a total share capital of 470 million shares after the issuance of 70 million new shares [1][3]. Group 1: Company Overview - Moer Thread focuses on full-function GPUs and has garnered significant market attention since its establishment in 2020 [1]. - The company has a high static price-to-sales ratio of 122.51 for 2024, which is notably higher than the average of comparable companies in the industry [1][7]. Group 2: Market Context - The initial public offering (IPO) will have a low free float of only 29.38 million shares, representing 6.25% of the total share capital, which may raise concerns about liquidity in the market [3][12]. - The listing coincides with favorable policy adjustments in the technology sector, including tax exemptions for new energy vehicles and expanded infrastructure investment policies, which could provide a supportive environment for the company [5]. Group 3: Valuation Comparison - Moer Thread's valuation of 122.51 is significantly higher than that of major competitors such as NVIDIA (34.73), Qualcomm (4.57), and domestic peers like Haiguang Information (54.04) and Jingxi Micro (81.67) [8]. Group 4: Investment Opportunities - Institutional investors are increasingly interested in the AI computing infrastructure, particularly the demand for GPUs as AI applications expand [8]. - The semiconductor supply chain, including design and testing sectors, is also gaining attention, with some companies projected to see net profit growth exceeding 40% by 2025 [8]. Group 5: Challenges and Risks - The company has not yet achieved profitability, with negative net profits reported during the reporting period [10]. - Moer Thread faces international trade risks, having been placed on the U.S. Entity List, which restricts access to U.S. materials and technologies [10]. - The competitive landscape is intensifying, with established players like NVIDIA and AMD posing significant challenges [10].

Group 1: Moer Technology IPO - Moer Technology is set to be listed on the Sci-Tech Innovation Board on December 5, with an issue price of 114.28 yuan per share, corresponding to a projected market value of approximately 53.715 billion yuan at listing [2] - The company plans to raise a net amount of 7.576 billion yuan from the IPO, which will be the highest fundraising amount for a new stock on the Sci-Tech Innovation Board this year [2] - Moer Technology's revenue is projected to grow from 46 million yuan in 2022 to 438 million yuan in 2024, while net losses are expected to decrease from 1.894 billion yuan in 2022 to 1.618 billion yuan in 2024 [2] Group 2: Muxi Co., Ltd. Subscription - Muxi Co., Ltd. will also open subscriptions on the same day, with an issue price of 104.66 yuan per share, leading to an estimated market value of about 41.874 billion yuan at listing [3] - The company aims to raise a total of 4.197 billion yuan, which will be used for the development and industrialization of new high-performance general-purpose GPUs and AI inference GPUs [3] - Muxi Co., Ltd. is recognized as a leading domestic enterprise in high-performance general-purpose GPU products, with a projected market share of approximately 1% in China's AI chip market in 2024 [3][4] Group 3: Financial Performance - Muxi Co., Ltd. reported revenues of 426,400 yuan in 2022, increasing to 740 million yuan in 2025 Q1, but has not yet achieved profitability, with net losses of 777 million yuan in 2022 and 2.32 billion yuan in 2025 Q1 [4]

公司选择的同行业可比公司是海光信息、寒武纪、景嘉微、英传伟、AMD、高通。 | 证券代码 | 证券简称 | T-3 日股票收 | 市值 | 2024 年营业收 | 对应市销率 | | --- | --- | --- | --- | --- | --- | | | | 盘价(元/股) | (亿元) | 入(亿元) | (倍) | | 688041.SH | 海光信息 | 213.03 | 4,951.54 | 91.62 | 54.04 | | 688256.SH | 寒武纪 | 1,332.00 | 5.616.85 | 11.74 | 478.25 | | 300474.SZ | 景嘉微 | 72.88 | 380.88 | 4.66 | 81.67 | | NVDA.O | 英伟达 | 186.52 | 45,324.36 | 1,304.97 | 34.73 | | AMD.O | AMD | 223.55 | 3.639.49 | 257.85 | 14.11 | | QCOM.O | 高速 | 166.11 | 1,779.04 | 389.62 | 4.57 | | | | 算术平均值 | | | ...

记者丨江佩佩 见习记者张嘉钰 编辑丨张楠 摩尔线程（代码688795）将于12月5日登陆科创板，发行价114.28元/股，为A股近一年来上市新股最高。本次公开发行7000万股新股，均为新股，无老股 转让，发行后总股本为4.7亿股。按114.28元/股的发行价计算，该公司上市时总市值将达537亿元。扣除发行费用后，预计此次在科创板IPO的募集资金净 额为75.76亿元，将是年内募资金额最高的科创板新股。 作为年内最贵新股，摩尔线程的潜在打新收益成为市场焦点。 （声明：文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。） 此前在科创板年内上市新股中，影石创新目前暂列第一。该公司股票发行价格47.27元/股，上市首日最高价为187.99元/股，以此计算，投资者中一签浮盈 约7.036万元。 截至12月4日A股收盘，摩尔线程概念持续走强，初灵信息、联美控股双双涨停，和而泰、盈趣科技、大众公用、七匹狼、中科蓝讯、宏力达等跟涨。 | 上市公司名称 | 简介 | | --- | --- | | 和而泰 | A股中唯一直接参股摩尔线程的上市公司,直接持有摩尔线 程1.244%的股份。同时,公司还承接GPU模块代工, ...