Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has seen a significant increase in IPO activity, with 25 companies successfully listing in December alone, bringing the total for the year to 114, the highest in five years. Wallran Technology is set to be the first stock listed in 2026, with its IPO scheduled for January 2, 2024 [1]. IPO Information - Wallran Technology (06082.HK) is set to issue 94.69 million shares, with a price range of HKD 17 to 19.6. The company aims to raise approximately HKD 48.6 billion, with cornerstone investors committing around HKD 29 billion, representing 64% of the total offering [1][9]. - The IPO will have a public offering of 5% and an international placement of 95%, with a minimum subscription amount of HKD 3,960 [1]. Company Overview - Founded in 2019, Wallran Technology focuses on the design and development of GPU chips and intelligent computing solutions for AI applications [1]. - The company operates on a fabless model, outsourcing manufacturing and assembly to third-party contractors [2]. Financial Performance - Wallran Technology's revenue has shown significant growth, from HKD 499,000 in 2022 to HKD 62.03 million in 2023, and projected to reach HKD 336.8 million in 2024. However, the company has incurred substantial losses, totaling over HKD 6.3 billion from 2022 to mid-2025 [4][5]. - The company’s gross margin stands at 31.9%, which is lower than its competitors, indicating challenges in profitability despite revenue growth [5]. Market Position and Potential - In the Chinese smart computing chip market, Wallran Technology holds a mere 0.16% market share, with significant growth potential as the market is expected to grow from USD 30.1 billion in 2024 to USD 201.2 billion by 2029, at a CAGR of 46.3% [7][8]. - The company has established strategic partnerships in high-demand sectors such as AI data centers, telecommunications, and fintech, with contracts valued at approximately HKD 1.241 billion signed by December 2025 [3][8]. Competitive Landscape - Wallran Technology faces intense competition, particularly from Nvidia and Huawei, which dominate the market with a combined share of 94.4%. In the GPGPU segment, Nvidia holds a staggering 97.6% market share [7]. - Despite its small market share, Wallran Technology's unique GPGPU architecture and comprehensive software capabilities provide it with a competitive edge [6]. Investment Sentiment - The strong participation of cornerstone investors in Wallran Technology's IPO reflects confidence in its future growth prospects, which may stabilize its stock price post-listing [9].

Market Overview - The Shanghai Composite Index rose by 0.53% on December 24, with 26 out of the 28 sectors experiencing gains, led by the defense and military industry and the electronics sector, which increased by 2.88% and 2.12% respectively [2] - The main capital inflow for the day was 10.37 billion yuan, with 17 sectors seeing net inflows, particularly the electronics sector, which attracted 8.68 billion yuan [2] Electronics Sector Performance - The electronics sector saw a 2.12% increase, with a total net capital inflow of 8.68 billion yuan, and out of 475 stocks in this sector, 418 stocks rose while 55 fell [3] - Notable stocks with significant net inflows included Industrial Fulian with 1.185 billion yuan, followed by Demingli and Zhaoyi Innovation with 966 million yuan and 601 million yuan respectively [3] Capital Inflow and Outflow - The top stocks in terms of capital inflow within the electronics sector included: - Industrial Fulian: +3.63%, turnover rate 1.10%, net inflow 1.185 billion yuan - Demingli: +9.13%, turnover rate 16.34%, net inflow 966 million yuan - Zhaoyi Innovation: +3.09%, turnover rate 4.47%, net inflow 601 million yuan [4] - Conversely, the stocks with the highest capital outflow included: - Moer Thread-U: -6.32%, turnover rate 19.45%, net outflow -590.82 million yuan - Shenghong Technology: +0.42%, turnover rate 4.28%, net outflow -438.39 million yuan - Muxi Shares-U: -7.03%, turnover rate 25.54%, net outflow -372.80 million yuan [5]

Core Viewpoint - As of December 24, a total of 463 stocks in the Shanghai and Shenzhen markets have experienced a net outflow of main funds for five consecutive days or more, indicating a significant trend of capital withdrawal from these stocks [1]. Group 1: Stocks with Longest Net Outflow - YunSai ZhiLian has the longest net outflow, with main funds withdrawing for 22 consecutive days [1]. - ZhiFei Bio follows with a net outflow for 19 consecutive days [1]. Group 2: Stocks with Largest Total Net Outflow - HeEr Tai has the largest total net outflow amounting to 4.918 billion yuan over 14 days [1]. - MoEr Thread-U ranks second with a total net outflow of 3.680 billion yuan over 9 days [1]. Group 3: Stocks with Highest Net Outflow Proportion - ShunXin Agriculture has the highest proportion of net outflow relative to trading volume, with a decrease of 2.06% over the past 7 days [1]. Group 4: Summary of Notable Stocks - HeEr Tai: 14 days, 4.918 billion yuan, 10.67% outflow, -26.84% cumulative change [1]. - MoEr Thread-U: 9 days, 3.680 billion yuan, 8.41% outflow, -32.63% cumulative change [1]. - ZhiFei Bio: 19 days, 4.20 million yuan, 9.48% outflow, -6.40% cumulative change [2].

以最新收盘价计算，科创板平均股价为42.60元，其中股价超100元的有81只，股价最高的是寒武纪-U。 证券时报·数据宝统计显示，科创板股今日上涨的有507只，下跌的有90只，以收盘价为基准测算，科创 板平均股价为42.60元，其中，收盘价超过100元的有81只，股价在50元至100元之间的有135只，股价在 30元至50元的有143只。 科创板股中，收盘价最高的是寒武纪-U，今日报收1326.20元，下跌0.74%，其次是源杰科技、摩尔线 程-U等，最新收盘价分别为645.55元、634.01元。 融资融券方面，百元股最新（12月23日）融资余额合计1054.95亿元，融资余额居前的有寒武纪-U、中 芯国际、海光信息等，最新融资余额分别为155.37亿元、130.23亿元、73.90亿元。最新融券余额合计为 4.61亿元，融券余额居前的有海光信息、寒武纪-U、中芯国际等，最新融券余额分别为0.35亿元、0.31 亿元、0.26亿元。（数据宝） 科创板百元股一览 | 代码 | 简称 | 最新收盘价（元） | 今日涨跌（%） | 换手率（%） | 行业 | | --- | --- | --- | --- | - ...

Core Viewpoint - Moer Technology's stock price has significantly declined since its IPO, with a market value loss of 85.014 billion yuan over eight trading days, indicating potential investor concerns about the company's performance and future prospects [1] Group 1: IPO Details - Moer Technology was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 5, 2025, with an initial stock price of 114.28 yuan per share [1] - The total number of shares issued in the IPO was 70 million, representing 14.89% of the total share capital post-issue [1] - The total funds raised from the IPO amounted to 799.96 million yuan, with a net amount of 757.60523 million yuan after deducting issuance costs, which was 42.39477 million yuan less than the original plan [1] Group 2: Fund Utilization - The total issuance costs for the new shares were 42.35477 million yuan, with underwriting fees accounting for 39.198 million yuan [2] - Moer Technology announced plans to use up to 750 million yuan of idle raised funds for cash management to enhance the efficiency of fund utilization without affecting the implementation of investment projects [2] - The cash management plan is valid for 12 months from the date of board approval, allowing for the funds to be used in a rolling manner within the specified limit [2]

Core Viewpoint - Moore Threads has officially released version v320.130 of its graphics card driver, featuring significant upgrades in key graphics technologies [1] Group 1: Driver Features - The new driver provides comprehensive support for OpenGL 4.6 on the Windows platform [1] - It also offers experimental support for Vulkan 1.3, marking a significant advancement in coverage and capabilities for mainstream graphics APIs [1]

Core Insights - The company Moole Technology has officially released a new graphics card driver version v320.130 on December 22, which includes significant upgrades in key graphics technologies [2] Group 1: Driver Features - The new driver provides comprehensive support for OpenGL 4.6 on the Windows platform, marking an important advancement in mainstream graphics API coverage [2] - The driver also offers experimental support for Vulkan 1.3, indicating a breakthrough in capabilities [2] - Additionally, the driver adds support for Windows 11 64-bit version 25H2 Professional, ensuring compatibility with various operating systems [2] Group 2: Hardware Compatibility - The driver is fully compatible with Moole's graphics cards, including the MTT S80, MTT S70, and MTT S30 models [2]

Core Viewpoint - The "Annual Outstanding Growth IPO" award recognizes companies with strong financing capabilities, market performance, profitability, financial security, and market capitalization management, highlighting their potential for sustainable profit and expansion [4] Group 1: Award Announcement - The "Annual Outstanding Growth IPO" award was presented to five companies: JuShuiTan (06687.HK), Moore Threads (688795.SH), WeRide (00800.HK/WRD.US), Pony.ai (02026.HK/PONY.US), and Yuanbao (YB.US) [1] - The ranking of the awarded companies is in alphabetical order and does not indicate any specific order of merit [1] Group 2: Evaluation Criteria - The award is based on a comprehensive evaluation of various indicators, including financing scale, future performance, profitability, financial safety, and market capitalization management [4] - The selection process involved quantitative data analysis and an expert review panel to determine the final results [4] Group 3: Purpose and Scope - The purpose of the award is to identify new listed companies that contribute significantly to economic development and social progress while demonstrating the ability to achieve sustained profitability and scale expansion [4] - The evaluation covers all listed companies and unicorns on major exchanges, including the Hong Kong Stock Exchange, Shanghai Stock Exchange, Shenzhen Stock Exchange, New York Stock Exchange, and NASDAQ [4]

Core Viewpoint - As of December 23, a total of 456 stocks in the Shanghai and Shenzhen markets have experienced net outflows of main funds for five consecutive days or more, indicating a significant trend of capital withdrawal from these stocks [1]. Group 1: Stocks with Longest Net Outflow - Jingu Co., Ltd. has the longest net outflow duration, with 26 consecutive days of main fund outflows [1]. - Nawei Technology follows closely with 25 consecutive days of net outflows [1]. - The stock with the highest total net outflow amount is Heertai, which has seen a cumulative outflow of 4.834 billion yuan over 13 days [1]. Group 2: Stocks with Significant Net Outflow Amounts - Moer Thread-U ranks second with a total net outflow of 3.089 billion yuan over 8 days [1]. - Other notable stocks include Leike Defense with 1.755 billion yuan over 6 days and 360 Security Technology with 1.728 billion yuan over 12 days [1]. Group 3: Stocks with High Net Outflow Ratios - Shunxin Agriculture has the highest net outflow ratio, with a 10.84% outflow relative to its trading volume over the past 6 days [1]. - Other stocks with significant outflow ratios include China Uranium Industry at 11.93% and Jingu Co., Ltd. at 11.75% [1]. Group 4: Performance of Affected Stocks - Heertai has seen a cumulative decline of 27.33% during the net outflow period [1]. - Moer Thread-U has experienced a decline of 28.08%, while Leike Defense has dropped by 13.63% [1].

Summary of Key Points Core Viewpoint - The article discusses the issuance of new stocks in the market, highlighting the total amount raised by various companies and the distribution of these funds across different sectors and regions. Group 1: New Stock Issuance - A new stock, 蘅东光, issued 10.25 million shares at a price of 31.59 yuan, raising 324 million yuan [1] - As of December 23, 112 companies have gone public this year, raising a total of 130.83 billion yuan, with an average of 1.168 billion yuan per company [1] - Among these, 32 companies raised over 1 billion yuan, with one company exceeding 10 billion yuan [1] Group 2: Fundraising by Sector - The Shanghai Stock Exchange saw 23 new stocks issued, raising 43.97 billion yuan; the Shenzhen Stock Exchange had 15 new stocks raising 17.64 billion yuan; the ChiNext Board issued 31 new stocks raising 24.07 billion yuan; the Sci-Tech Innovation Board had 18 new stocks raising 37.85 billion yuan; and the Beijing Stock Exchange issued 25 new stocks raising 7.31 billion yuan [1] - 华电新能 is the company with the highest fundraising this year, raising 18.171 billion yuan primarily for wind and solar power projects [2] - Other notable fundraisers include 摩尔线程 with 8 billion yuan for AI chip development and 西安奕材 with 4.636 billion yuan [2] Group 3: Pricing and Regional Distribution - The average initial public offering (IPO) price this year is 24.34 yuan, with 10 companies priced above 50 yuan and 2 above 100 yuan [2] - The highest IPO price was for 摩尔线程 at 114.28 yuan, while the lowest was for 华电新能 at 3.18 yuan [2] - New stock issuances are concentrated in Jiangsu, Guangdong, and Zhejiang, with the highest fundraising amounts from Fujian, Jiangsu, and Beijing, totaling 22.447 billion yuan, 20.684 billion yuan, and 19.908 billion yuan respectively [2]