2025年12月5日在上交所科创板上市。摩尔线程本次公开发行股票总数为7,000.0000万股，占发行 后总股本的比例为14.89%。本次发行全部为新股发行，原股东不公开发售股份，发行价格为114.28元/ 股。公司本次的保荐机构（主承销商）为中信证券股份有限公司，保荐代表人周哲立、吴霞娟，副主承 销商为招商证券股份有限公司、中银国际证券股份有限公司、广发证券股份有限公司。 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。 公司及子公司将按照相关规定严格控制风险，拟使用部分闲置募集资金购买包括但不限于协定存 款、通知存款、定期存款、结构性存款、大额存单、收益凭证等安全性高、流动性好的保本型产品。 公司使用部分闲置募集资金进行现金管理的所得收益归公司所有，优先用于补足募投项目投资金额 不足部分以及公司日常经营所需的流动资金，并严格按照中国证券监督管理委员会及上海证券交易所关 于募集资金监管措施的要求管理和使用资金，现金管理产品到期后将归还至募集资金专户。 ...

格隆汇12月16日丨雅克科技(002409.SZ)在互动平台表示，目前公司与摩尔线程不存在合作关系。 ...

格隆汇12月16日丨协昌科技(301418.SZ)在互动平台表示，公司与摩尔线程无业务往来。 ...

Group 1 - The Ministry of Finance plans to issue 150 billion yuan of special long-term bonds in 2024 to support consumer subsidies for vehicle trade-ins and related appliances, with an additional 300 billion yuan expected in 2025 [1][17] - The "national subsidy" policy has positively impacted domestic consumption over the past two years, leading to a significant increase in sales, with over 25 trillion yuan in sales generated from trade-in programs benefiting over 360 million people [1][17] - The coverage of the "national subsidy" policy is expected to continue expanding, particularly for durable consumer goods like refrigerators and televisions [1][17] Group 2 - In November, the average sales prices of residential properties in 70 major cities showed a month-on-month decline, with first-tier cities down by 0.4% and second and third-tier cities down by 0.3% and 0.4% respectively [3][18] - The introduction of "home purchase interest subsidy" policies in several cities has led to a short-term increase in new home transactions, with some cities reporting over a 15% month-on-month growth in sales [3][18] - The real estate market is experiencing a downturn, with new home prices remaining relatively stable due to high-quality listings, while second-hand homes are seeing more aggressive price reductions [3][18] Group 3 - In November, the industrial added value for large-scale enterprises grew by 4.8% year-on-year, with a month-on-month increase of 0.44%, while the growth rate for the manufacturing sector was 4.6% [5][20] - High-tech manufacturing sectors, such as 3D printing and industrial robotics, showed significant growth, with production increases of 100.5% and 20.6% respectively [5][21] - The overall industrial growth rate has slowed, with traditional manufacturing sectors like cement and steel continuing to decline, indicating a need for structural adjustments in the economy [5][21] Group 4 - Vanke has faced challenges in extending a 2 billion yuan bond, with all proposed extension plans failing to meet the required approval threshold [7][22] - The company is in a precarious financial situation, with a potential default looming if an agreement with bondholders is not reached within the grace period [7][22] - Vanke's reliance on state-owned shareholders for support has diminished, raising concerns about its ability to navigate its financial difficulties independently [7][23] Group 5 - iRobot has filed for Chapter 11 bankruptcy protection, indicating severe financial distress despite being a pioneer in the robotic vacuum market [9][24] - The company has seen a significant decline in market share due to increased competition from lower-cost Chinese manufacturers and slow product innovation [9][25] - iRobot's financial situation is dire, with liabilities exceeding 500 million dollars and cash reserves dwindling to 24.8 million dollars [9][24] Group 6 - Samsung is reportedly in discussions with AMD regarding a potential partnership for 2nm chip manufacturing, aiming to enhance its position in the high-end semiconductor market [11][26] - Despite previous attempts, Samsung has struggled to gain a significant share in the high-end chip market due to issues with process maturity and yield rates [11][26] - The collaboration with AMD could provide Samsung with leverage in negotiations with other clients, particularly in the context of increasing demand for AI chips [11][26]

Summary of Key Points Core Viewpoint - A total of 17 companies have announced their performance forecasts for the year 2025, with 12 companies expecting profit increases, 2 companies expecting profit decreases, and 1 company forecasting a loss [1]. Company Performance Forecasts - **C百奥**: Expected profit increase of 303.57%, latest closing price at 55.96, year-to-date change of -14.95% [1] - **摩尔线程**: Expected loss reduction of 41.36%, latest closing price at 764.90, year-to-date change of 27.38% [1] - **立讯精密**: Expected profit increase of 26.09%, latest closing price at 57.36, year-to-date change of 41.52% [1] - **宏远股份**: Expected profit increase of 21.42%, latest closing price at 28.93, year-to-date change of -30.87% [1] - **奥美森**: Expected profit increase of 16.44%, latest closing price at 27.68, year-to-date change of -24.09% [1] - **南特科技**: Expected profit increase of 13.02%, latest closing price at 18.72, year-to-date change of -23.62% [1] - **中国铀业**: Expected profit increase of 11.42%, latest closing price at 74.98, year-to-date change of 10.28% [1] - **泰凯英**: Expected profit increase of 10.44%, latest closing price at 17.29, year-to-date change of -20.10% [1] - **丹娜生物**: Expected profit increase of 8.92%, latest closing price at 79.71, year-to-date change of -21.93% [1] - **信通电子**: Expected profit increase of 5.40%, latest closing price at 43.00, year-to-date change of -31.38% [1] - **精创电气**: Expected profit increase of 5.00%, latest closing price at 41.80, year-to-date change of -19.80% [1] - **新恒汇**: Expected profit increase of 4.66%, latest closing price at 66.99, year-to-date change of 59.95% [1] - **南网数字**: Expected profit increase of 2.76%, latest closing price at 20.48, year-to-date change of 10.82% [1] - **海安集团**: Expected stable performance with a forecast of 0.14%, latest closing price at 62.35, year-to-date change of -25.35% [1] - **中诚咨询**: Expected profit decrease of 4.14%, latest closing price at 33.42, year-to-date change of -13.28% [1] - **锦华新材**: Expected profit decrease of 5.47%, latest closing price at 51.02, year-to-date change of 20.64% [1] - **N昂瑞微**: Expected loss of 19.44%, specific closing price not provided [1]

个股方面，25只个股获融资净买入额超1亿元。航天电子获融资净买入额居首，净买入7.78亿元；融资净买入金额居前的还有中国平安、胜宏科技、阳光电 源、寒武纪、通宇通讯、新易盛、菲利华、摩尔线程、中科曙光等。 | 序号 | | | | | | --- | --- | --- | --- | --- | | | 证券代码 ◆ | 证券简称 = | 交易日期 ◆ | 融资净买入额(万元) ◆ | | 1 | 600879.SH | 航天电子 | 2025-12-15 | 77,847.53 | | 2 | 601318.SH | 中国平安 | 2025-12-15 | 66,889.42 | | 3 | 300476.SZ | 胜宏科技 | 2025-12-15 | 62,443.30 | | 4 | 300274.SZ | 阳光电源 | 2025-12-15 | 53,735.38 | | 5 | 688256.SH | 寒武纪 | 2025-12-15 | 45,796.87 | | 6 | 002792.SZ | 通宇通讯 | 2025-12-15 | 39,164.11 | | 7 | 300502.SZ | ...

首先，正如摩尔线程就此作出的回应所言，本次审议的75亿元为现金管理额度上限，并非实际现金管理金额。实际现金管理金额将明显小于上 限，而且后续随着募投项目逐步推进，以及置换前期自有资金投入募投项目的金额，闲置资金规模将相应减少，现金管理额度也会随之动态下 降。 所以，投资者不能简单地认为，该公司是将75亿元的募资都拿来用于投资理财了。更何况该公司在公告里已明确表示，"在上述额度及期限范 围内，资金可以循环滚动使用"，因此，尽管摩尔线程的理财计划是75亿元，但这并不等于就是把75亿元募资都拿来投资理财了。 其次，摩尔线程将闲置募资拿出来进行现金管理，用于购买协定存款、通知存款、定期存款、结构性存款、大额存单、收益凭证等安全性高、 流动性好的保本型产品，这其实也是出于对公司效益的考虑。毕竟这类产品安全性高，流动性好，同时也能获得一定的投资收益，这远比将募 资闲置起来要好得多。 近日，摩尔线程一纸《关于使用部分闲置募集资金进行现金管理的公告》在市场上掀起波澜。根据该公告，该公司将运用最高不超过人民币75 亿元（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。 虽然投资者将钱投给摩尔线 ...

事实上，对募集资金进行现金管理，在研发周期长、资金投入分阶段的硬科技企业中并不罕见。 2023年8月，半导体制造巨头华虹公司在科创板挂牌上市后不到一个月，便公告拟对最高不超过210亿元 的闲置募集资金（含超募资金）进行现金管理，主要用于协定存款、通知存款等安全性高、流动性好的 产品。 AI芯片公司寒武纪也在2020年7月登陆科创板并募集约25.82亿元资金后，同年8月便宣布动用不超过25 亿元闲置资金进行现金管理，购买结构性存款、大额存单等安全性高、流动性好的保本型产品。今年9 月底，寒武纪39.53亿元定增资金到位后，11月初再次公告拟使用最高25亿元闲置资金开展同类现金管 理操作。一位财务分析师告诉21世纪经济报道记者指出，注册制下，科技企业IPO或再融资时一次性募 集较大规模资金，但技术研发、设备采购等重大支出均有其客观时间表，资金在账户中将形成"时间性 闲置"。（21财经） 摩尔线程智能科技（北京）股份有限公司 关于使用部分闲置募集资金进行现金管理的公告 【#摩尔线程两天市值蒸发近1000亿元#】#多家上市公司曾利用募集资金进行理财#12月12日，有着 "国 产GPU第一股" 之称的摩尔线程在科创板发 ...

格隆汇12月15日丨厦门信达(000701.SZ)在互动平台表示，公司与摩尔线程没有合作。截至2025年9月30 日，公司归属于母公司所有者权益为正数，根据《深圳证券交易所股票上市规则》规定，公司目前未触 及退市风险警示相关情形。 ...

Core Viewpoint - Wallen Technology, a domestic GPU manufacturer, has chosen to list on the Hong Kong Stock Exchange instead of the A-share Sci-Tech Innovation Board, amidst the ongoing hype surrounding its competitor, Moore Threads [1][2]. Group 1: Company Overview - Wallen Technology was founded in 2019 and focuses on developing original general computing systems and efficient hardware-software platforms, aiming to provide integrated solutions in the intelligent computing sector [4]. - The company has successfully launched its first domestic high-end general GPU, the Bili series, which is now in mass production [4]. Group 2: Financing and IPO Details - Wallen Technology plans to issue up to 372,458,000 shares for its overseas listing and convert 873,272,024 shares held by 57 shareholders into shares for trading on the Hong Kong Stock Exchange [1]. - The total amount raised through public financing has exceeded 5 billion RMB, with investments from notable firms such as Qiming Venture Partners, IDG Capital, and Hillhouse Capital [4]. Group 3: Industry Context - The domestic GPU "Four Little Dragons," including Wallen Technology, Moore Threads, Suiyuan Technology, and Muxi, have all initiated their IPO processes, but with varying progress [5]. - As of 2024, Suiyuan Technology has received approval for its IPO counseling, while Wallen Technology has also begun its IPO journey with the support of Guotai Junan Securities [5][6].