中国经济网北京12月19日讯 摩尔线程(688795.SH)今日收报664.10元，跌幅5.90%。摩尔线程12日收 报814.88元，5个交易日市值累计蒸发708.71亿元。 摩尔线程12日晚发布关于使用部分闲置募集资金进行现金管理的公告。摩尔线程智能科技（北京） 股份有限公司（以下简称"公司"）于2025年12月12日召开第一届董事会审计委员会第八次会议、第一届 董事会第十四次会议，审议通过了《关于使用部分闲置募集资金进行现金管理的议案》，保荐人中信证 券股份有限公司（以下简称"保荐人"）对该事项出具了核查意见。该事项无需提交股东会审议。 为提高募集资金使用效率，合理利用部分闲置募集资金，在不影响募集资金投资项目建设实施、募 集资金使用计划和保证募集资金安全的情况下，合理使用部分闲置募集资金进行现金管理，提高募集资 金使用效益。 公司及实施募投项目的子公司计划使用最高不超过人民币750,000.00万元（含本数）的闲置募集资 金进行现金管理，使用期限自董事会审议通过之日起12个月内有效。在上述额度及期限范围内，资金可 以循环滚动使用。 摩尔线程首次公开发行募集资金总额799,960.00万元，扣除发行费用 ...

Group 1 - The core point of the article highlights that as of December 19, 2023, a total of 18 companies have issued new shares on the Sci-Tech Innovation Board, raising a cumulative amount of 37.845 billion yuan, with an average fundraising of 2.103 billion yuan per company [1] - Among the companies, Moer Technology has raised the most funds, totaling 8 billion yuan, primarily for cash management and the development of AI training and graphics chips [1] - Other notable fundraisers include Xi'an Yicai with 4.636 billion yuan for its silicon industry base project, and C Muxi, Qiangyi Co., and Heyuan Bio, raising 4.197 billion yuan, 2.756 billion yuan, and 2.599 billion yuan respectively [1] Group 2 - The average initial offering price for the Sci-Tech Innovation Board stocks this year is 39.25 yuan, with five companies priced above 50 yuan, and two exceeding 100 yuan [2] - Moer Technology has the highest initial offering price at 114.28 yuan, followed by C Muxi and Qiangyi Co. at 104.66 yuan and 85.09 yuan respectively [2] - The issued price-earnings ratios range from 6.14 to 519.12, with an average of 80.96 and a median of 45.60; the highest ratio is 519.12 for Bai Ao Sai Tu [2] - Geographically, the majority of the issued companies are concentrated in Beijing, Jiangsu, and Hubei, with Beijing leading in fundraising at 14.692 billion yuan [2]

Group 1 - The company, 51WORLD, has initiated an IPO to globally offer 23.975 million shares at a price of HKD 30.5 per share, with an additional 15% over-allotment option, aiming to raise up to HKD 841 million [1] - The IPO subscription period is set from December 18 to December 23, 2025, with the expected listing on the Hong Kong Stock Exchange on December 30, 2025, marking it as the first "Physical AI" stock in Hong Kong [1] - Founded in 2015, 51WORLD is a leading player in the Physical AI sector, focusing on significant investments in 3D graphics, simulation, and artificial intelligence, and has developed three core businesses: 51Aes, 51Sim, and 51Earth [1] Group 2 - The company boasts a strong shareholder base, including industry giants, top investment institutions, local state-owned assets, and well-known individual investors, creating a notable advantage of "industry empowerment + capital protection" [2] - Strategic shareholder Moore Threads, a leading domestic GPU company recently listed on the Sci-Tech Innovation Board, not only provides financial support but also complements the company in technology collaboration and ecosystem expansion [2] - The company has attracted interest from top investment institutions, including state-owned investment entities and renowned firms, reflecting strong market recognition of its technological strength and business model [2]

Group 1 - The stock of Moore Threads experienced a nearly 5% decline during intraday trading, currently priced at 672 yuan [1]

Core Viewpoint - The successful listing of Wallen Technology on the Hong Kong Stock Exchange marks it as the first GPU company in Hong Kong, following the positive market responses to the listings of other domestic GPU firms like Moer Thread and Muxi Technology [3][4]. Group 1: Company Overview - Wallen Technology has successfully passed the hearing for its listing on the Hong Kong Stock Exchange, becoming the first GPU company in Hong Kong, while other domestic GPU firms have opted for the STAR Market [3][4]. - The company initially planned to list on the STAR Market but shifted to Hong Kong due to the advantages of capital acquisition and a more diverse platform [4]. - Wallen Technology has a strong investment backing from various notable funds and companies, including state-owned platforms and top-tier venture capital firms [4]. Group 2: Market Context - The recent listings of Moer Thread and Muxi Technology have generated significant market interest, with Moer Thread's stock price increasing by 517.53% and Muxi Technology's by 692.95% shortly after their respective listings [5]. - Analysts suggest that Wallen Technology could benefit from the ongoing AI boom and high market sentiment if it launches its IPO at the right time [5][6]. Group 3: Financial Performance - Wallen Technology's revenue projections show growth from 0.499 million in 2022 to 33.7 million in 2024, with expected revenues of 39.3 million and 58.9 million in the first halves of 2024 and 2025, respectively [7][8]. - Despite revenue growth, Wallen Technology has faced significant losses, with losses of 1.474 billion, 1.744 billion, and 1.538 billion from 2022 to 2024, and a projected loss of 1.601 billion in the first half of 2025 [9]. Group 4: Competitive Landscape - Wallen Technology operates in a competitive environment, facing challenges from other domestic AI chip manufacturers, particularly as the market shifts towards AI applications [8][9]. - The company has established partnerships with leading firms and has received stable orders, indicating a positive market position despite the competitive pressures [8].

Group 1 - A total of 20 companies have announced their performance forecasts for the year 2025, with 14 expecting profit increases, 2 expecting profit decreases, and 1 forecasting a loss [1][2] - The companies with the highest expected profit increase include Baiao with a projected increase of 303.57% and Lixun Precision with an expected increase of 26.09% [1] - Companies such as C. Angrui and Jinhua are forecasting profit decreases of -19.44% and -5.47%, respectively [2] Group 2 - The electronic industry has several companies forecasting profit increases, including C. Muxi with a 54.22% reduction in losses and Moer Thread with a 41.36% reduction in losses [1] - The machinery and equipment sector shows positive forecasts, with companies like Aomei and Nante expecting profit increases of 16.44% and 13.02%, respectively [1] - The power equipment industry has companies like Hongyuan and Xintong Electronics forecasting profit increases of 21.42% and 5.40%, respectively [1]

Core Insights - On December 18, Moore Threads experienced a decline of 1.27% with a trading volume of 3.474 billion yuan [1] - The company had a net financing buy of -22.3588 million yuan on the same day, with a total financing and securities balance of 1.803 billion yuan [1] Financing Overview - On December 18, the financing buy amount for Moore Threads was 376 million yuan, representing 8.69% of its circulating market value [1] - The total financing balance as of December 18 was 1.803 billion yuan [1] Securities Overview - On December 18, there were no shares repaid or sold in the securities lending market, resulting in a balance of 0 yuan [1] Company Profile - Moore Threads Intelligent Technology (Beijing) Co., Ltd. was established on June 11, 2020, and listed on December 5, 2025 [1] - The company primarily engages in the research, design, and sales of GPUs and related products, with revenue composition as follows: clusters 70.75%, graphics cards 17.74%, all-in-one machines 9.05%, others 2.41%, and chips 0.05% [1] Shareholder Information - As of December 5, the number of shareholders for Moore Threads was 39,200, an increase of 45515.12% from the previous period [2] - The average number of circulating shares per shareholder was 748 shares, showing no change from the previous period [2] Financial Performance - For the period from January to September 2025, Moore Threads reported a revenue of 785 million yuan, a year-on-year increase of 181.99% [2] - The net profit attributable to the parent company was -724 million yuan, reflecting a year-on-year growth of 18.71% [2]

Core Viewpoint - The article emphasizes the significance of innovation in China's economic development, highlighting the remarkable market performance of domestic GPU companies, such as Muxi Co., Ltd. and Moore Threads, as a reflection of the country's commitment to an innovation-driven strategy [2][3]. Group 1: Market Performance of Innovative Companies - Muxi Co., Ltd. debuted on the STAR Market with a nearly sevenfold increase in share price, becoming the third highest stock price in A-shares, with a peak gain of 755.15%, allowing investors to earn 395,200 yuan per share [2]. - Moore Threads, listed on December 5, also experienced a thrilling market performance, showcasing the high premiums investors are willing to pay for innovative companies with characteristics of import substitution and safety [2]. Group 2: Government and Market Synergy - The recent Central Economic Work Conference underscored the core role of innovation in economic development, advocating for a dual approach of policy support and reform innovation [2]. - The market performance of Muxi Co., Ltd. and Moore Threads is seen as a symphony of government and market collaboration, signaling unwavering support for innovation in China [2]. Group 3: Challenges and Opportunities in Innovation - The high premiums for companies like Muxi and Moore Threads reflect societal expectations for China's innovative capabilities, amidst a backdrop of a scarcity of quality assets in the domestic financial market [4]. - There is a need for these innovative companies to convert high market premiums into tangible results, ensuring a symbiotic relationship between industry and finance [4]. Group 4: Policy and Institutional Framework - To transform initial sparks of innovation into widespread success, it is crucial to clarify the role of policy support, ensuring that innovation freedom is prioritized [5]. - The article advocates for a competitive environment that fosters innovation, emphasizing the importance of international collaboration and communication in driving innovation forward [5]. Group 5: Avoiding Innovation Monopolies - The article warns against the risk of innovation monopolies, where resources may disproportionately favor one company, potentially stifling the visibility and growth of other innovative players [6]. - A fair competitive market environment is essential for allowing true innovators to emerge, with a call for government to act as a facilitator rather than a judge in the innovation landscape [6].

Group 1 - The core viewpoint of the articles emphasizes the significant role of innovation in China's economic development, highlighted by the impressive market performance of domestic GPU companies like Muxi Co., Ltd. and Moore Threads, which reflects strong investor confidence in innovation-driven enterprises [2][3]. - Muxi Co., Ltd. debuted on the STAR Market with a nearly sevenfold increase in share price, marking it as the third highest stock price in A-shares history, showcasing the wealth effect in the A-share market [2]. - The recent Central Economic Work Conference underscored the importance of innovation, advocating for a dual approach of policy support and reform to foster high-quality development [2]. Group 2 - The high premiums on stocks of innovative companies like Muxi and Moore Threads indicate market expectations for China's innovation capabilities, amidst a backdrop of asset scarcity in the domestic financial market [3][4]. - To transform the initial sparks of innovation into widespread success, it is essential to create a conducive environment for innovation, emphasizing the need for clear policy support and the freedom for enterprises to innovate [4][5]. - The articles stress the importance of maintaining a competitive and open environment for innovation, as the success of companies like Muxi and Moore Threads is linked to international collaboration and the backgrounds of their founding teams [4][5].

12月19日，强一股份(688809.SH)开启申购，发行价格为85.09元/股，申购上限为0.75万股，市盈率48.55倍， 属于上交所，中信建投证券为其保荐人。 据招股书，公司是一家专注于服务半导体设计与制造的高新技术企业，聚焦晶圆测试核心硬件探针卡的研 发、设计、生产与销售。公司具备探针卡及其核心部件的专业设计能力，是市场地位领先的拥有自主MEMS 探针制造技术并能够批量生产、销售MEMS探针卡的厂商，打破了境外厂商在MEMS探针卡领域的垄断。 探针卡是一种应用于半导体生产过程晶圆测试阶段的"消耗型"硬件，是半导体产业基础支撑元件。作为晶圆 制造与芯片封装之间的重要节点，晶圆测试能够在半导体产品构建过程中实现芯片制造缺陷检测及功能测 试，对芯片的设计具有重要的指导意义，能够直接影响芯片良率及制造成本，是芯片设计与制造不可或缺的 一环，对半导体产业链具有重要意义。因此，在人工智能、数字化技术不断革新的趋势下，探针卡的性能保 证了在通信、计算机、消费电子、汽车电子以及工业等领域发挥决定性作用的半导体产品的可靠性。 凭借深入的需求理解、扎实的技术实力、丰富的交付经验以及可靠的规模化生产能力，公司产品及服务得到 ...