来源：摩尔线程微信公众号 （文章来源：上海证券报） 12月18日，摩尔线程官方微信公众号发布直播预约海报。海报显示，摩尔线程CEO将于2025年12月20日 9时30分开展主题演讲。 ...

Core Insights - The article presents a ranking of the most profitable new stocks since the implementation of the comprehensive irrigation system on February 17, 2023, highlighting their first-day performance [2][3]. Summary by Sections Stock Performance - The top-performing new stock is C沐曦-U, which had an issuance price of 104.66 and closed at 829.90, achieving a closing increase of 692.95% and a peak increase of 755.15% [3]. - The second-ranked stock, 暨尔线程-U, was issued at 114.28 and closed at 600.50, with a closing increase of 425.46% and a peak increase of 502.03% [3]. - 长联科技, ranked third, had an issuance price of 21.12 and closed at 381.00, resulting in a closing increase of 1,703.98% and a peak increase of 1,831.82% [3][4]. - Other notable mentions include 红四方, 诺瓦星云, and 中国瑞林, which also demonstrated significant first-day performance with closing increases ranging from 202.62% to 1,917.42% [4]. Market Trends - The article indicates a trend of substantial returns for new stocks, particularly in the 科创板 and 创业板 segments, suggesting a robust market environment for new listings [2][3][4].

Core Insights - The article discusses the performance of newly listed stocks since February 17, 2023, highlighting the significant price increases on their first trading days [3][4]. Group 1: Stock Performance - The top-performing new stock is C沐園-U, which had an initial price of 104.66 and closed at 829.90, marking a closing increase of 692.95% [4]. - 摩尔线程-U follows with an initial price of 114.28 and a closing price of 600.50, resulting in a 425.46% increase [4]. - 长联科技, with an initial price of 21.12, closed at 381.00, reflecting a remarkable increase of 1,703.98% [4]. - 红四方 saw its stock rise from an initial price of 7.98 to a closing price of 160.99, achieving a closing increase of 1,917.42% [4]. - 中国瑞林's stock increased from 20.52 to 99.90, resulting in a closing increase of 386.84% [5]. Group 2: Trading Volume and Price Fluctuations - The highest intraday price increase was observed in 托普云农, which had a maximum price of 170.00, reflecting an intraday increase of 1,072.41% from its initial price of 14.50 [6]. - The stock with the highest trading volume was C沐園-U, with 395,170 shares traded on its first day [4]. - The stock with the second-highest trading volume was 摩尔线程-U, with 286,860 shares traded [4].

Core Viewpoint - The recent surge in the stock price of domestic GPU giant Muxi Co., Ltd. highlights the growing interest and investment in the semiconductor industry, particularly in high-performance GPU technology, amidst a capital market boom in A-shares [2][3]. Group 1: Stock Performance - Muxi Co., Ltd. opened with a staggering increase of 568.83%, reaching a price of 700 CNY per share, resulting in a total market capitalization of 280.1 billion CNY [2]. - The stock performance of Muxi Co., Ltd. follows the listing of another GPU company, Moer Thread, which saw a first-day closing price of 600.5 CNY per share, marking a 425.46% increase [2]. Group 2: Institutional Investment - The offline allocation of Muxi Co., Ltd. shares was heavily concentrated among A-class institutions, with their subscription amount accounting for 85.83% of the total effective offline subscriptions, and they received 98.04% of the total offline issuance [2]. - A total of 94 public funds collectively received 13.39 million shares, representing over half of the allocation, with an approximate investment amount of 1.402 billion CNY [2]. Group 3: Company Background and Financials - Muxi Co., Ltd., founded in September 2020 and headquartered in Shanghai, is a rare "full-stack GPU" design and production company, focusing on high-performance general-purpose GPU chips and solutions for AI computing, data centers, cloud computing, and autonomous driving [3]. - Despite its promising technology, Muxi Co., Ltd. is currently operating at a loss, with projected revenues of 426,400 CNY in 2022, 53.02 million CNY in 2023, and 743 million CNY in 2024, while net losses are expected to be 777 million CNY, 871 million CNY, and 1.409 billion CNY respectively [3].

Group 1 - The core viewpoint emphasizes that the market performance of companies like Muxi Co., Ltd. and Moore Threads signifies the ignition of China's innovation-driven strategy, highlighting the government's unwavering support for innovation [2][3] - Muxi Co., Ltd. debuted on the STAR Market with a nearly sevenfold increase on its first day, marking it as the third highest stock price in A-shares, and investors could earn 395,200 yuan from a single subscription, making it the "most profitable new stock" in A-share history [2] - The recent Central Economic Work Conference underscored the critical role of innovation in economic development, advocating for a dual approach of policy support and reform innovation [2][3] Group 2 - The high premiums for innovative companies reflect market expectations for China's innovation capabilities, indicating a desire for substantial results rather than mere conceptual benefits [3][4] - The current financial market faces a shortage of quality assets, leading to a complex financial environment where low interest rates and financing costs create confusion and risk-averse sentiments among investors [3] - To transform initial sparks of innovation into widespread success, it is essential to establish a supportive policy environment that allows for corporate innovation freedom, ensuring that government actions facilitate rather than hinder innovation [4][5] Group 3 - The innovation-driven strategy must avoid monopolistic tendencies where resources are disproportionately allocated to a single company, which can stifle the true vitality of innovation [5][6] - A competitive market environment is crucial for fostering innovation, requiring a balance where the government supports innovation without dictating market winners [5][6] - Continuous innovation is necessary for progress, and a fair competitive landscape must be maintained to allow innovators to thrive [6]

Core Viewpoint - Wallen Technology has successfully passed the hearing for its listing on the Hong Kong Stock Exchange, becoming the first GPU company to do so, while other domestic GPU companies have opted for the Sci-Tech Innovation Board [2][3]. Group 1: Company Listing and Market Context - Wallen Technology is the only company among the "Four Little Dragons of Chinese GPUs" to choose the Hong Kong Stock Exchange for its listing, while others have pursued the Sci-Tech Innovation Board [3]. - The decision to list in Hong Kong was influenced by the need for a different equity structure and the ability to quickly access capital, as the A-share market has stricter requirements [3]. - The company aims to leverage the ongoing AI boom and favorable market sentiment to attract significant investment during its listing [5]. Group 2: Financial Performance and Projections - Wallen Technology's revenue has shown significant growth, with projections of 49.9 million yuan in 2022, 620.3 million yuan in 2023, and 3.37 billion yuan in 2024 [6]. - Despite revenue growth, the company has faced substantial losses, with losses of 14.74 billion yuan in 2022, 17.44 billion yuan in 2023, and 15.38 billion yuan in 2024 [8]. - The company has a backlog of orders valued at approximately 8.218 billion yuan, which is expected to contribute to future revenue [7]. Group 3: Competitive Landscape and Challenges - Wallen Technology competes in a challenging domestic market, facing pressure from other domestic AI chip manufacturers, particularly Huawei, which has a dominant position [9]. - The company must navigate the risks associated with international capital scrutiny and the need to demonstrate the commercial viability of its technology [3][4]. - The overall GPU industry is experiencing a boom due to the surge in AI demand, but this could lead to potential market saturation and price wars among domestic brands [9].

Core Viewpoint - 51WORLD, a leading company in the PhysicalAI sector, is set to launch an IPO with a global offering of 23.975 million shares priced at HKD 30.5 each, aiming to raise up to HKD 841 million [1] Group 1: Company Overview - 51WORLD was established in 2015 and focuses on three main technology areas: 3D graphics, simulation, and artificial intelligence [1] - The company has developed three core business platforms: 51Aes (digital twin platform), 51Sim (synthetic data and simulation platform), and 51Earth (digital earth platform) [1] - Its products and solutions are widely used by over 1,000 large and medium-sized enterprises across 19 countries and regions globally [1] Group 2: Technological Capabilities - The company has built a comprehensive technical capability in the three key components of PhysicalAI: data fuel, spatial models, and training platforms [2] - 51WORLD has established a closed-loop ecosystem of PhysicalAI, creating a unique technological and ecological barrier that is difficult to replicate [2] - The company's PhysicalAI products have been commercialized in various verticals, including smart driving, transportation hubs, smart factories, and smart energy [2] Group 3: Financial Performance - 51WORLD's revenue grew from CNY 170 million in 2022 to CNY 287 million in 2024, achieving a compound annual growth rate of 30.02% [2] - In the first half of 2025, the company reported revenue of CNY 53.82 million, a 62% increase compared to the same period in 2024 [2] Group 4: Investment and Support - The company has a strong investment backing, including notable investors such as domestic GPU pioneer Moore Threads and AI leader SenseTime, along with well-known funds like Lightspeed, Yunjiu, StarVC, and Xie Nuo Investment [2] - Prominent individual investors, including Ge Weidong and Liang Bota, have also invested in 51WORLD [2]

Core Insights - The release of Google's next-generation AI model Gemini 3 series, featuring its self-developed TPU, poses a significant challenge to NVIDIA's dominance in the GPU market, leading to a market reaction that saw NVIDIA's market value drop by over $100 billion [1] - This shift raises the question of whether the hardware paradigm in the AI era is transitioning from general-purpose GPUs to specialized chips like TPUs, indicating a potential structural change in the industry [1] Group 1: Perspectives on Hardware - Li Feng from Moore Threads emphasizes that the debate is about the division of labor between generalists and specialists rather than a simple replacement, noting that Google's ability to optimize costs with TPUs stems from its full-stack integration capabilities [1][2] - He identifies three reasons for the continued advantage of GPUs: flexibility as a "dessert," full functionality in a multi-modal era, and the ecological moat established by NVIDIA's CUDA ecosystem [2] - Sun Guoliang from Muxi argues that no chip architecture is inherently superior; the key lies in the application scenarios, suggesting that GPUs and ASICs like TPUs will coexist due to diverse customer needs [3] Group 2: Market Dynamics and Infrastructure - The competition in AI models indicates that peak computing power of a single card is no longer the sole determinant of success; the ability to connect thousands of cards into high-performance networks is crucial [4] - Moore Threads is currently operating multiple production-level thousand-card clusters, indicating a shift towards end-to-end solutions rather than focusing solely on individual card performance [4][5] - Muxi has deployed thousands of card-scale clusters nationwide, successfully completing training tasks across various model architectures, highlighting the need for a reliable general computing platform for large-scale model training and inference [5]

Group 1 - The core viewpoint of the news highlights the successful IPOs of domestic GPU leaders, Mu Xi Co., Ltd. and Moer Thread, on the Shanghai Stock Exchange's Sci-Tech Innovation Board, with opening day gains exceeding 400%, setting a record for IPO returns in the A-share market under the comprehensive registration system [1][3] - The rise of Mu Xi and Moer Thread signifies a significant exploration in breaking the monopoly in the domestic chip industry, as both companies focus on independent innovation and the development of commercially viable domestic GPU chips, which are increasingly applied in high-performance heterogeneous computing and other core scenarios [3] - The successful listings of these companies reflect market recognition of domestic GPU technology capabilities and validate the investment value in the hard technology sector, supported by long-term capital from China Post Insurance through fund investments [1][3] Group 2 - China Post Insurance has adopted a "long-termism + strategic layout" approach, utilizing a dual-driven model of "direct investment + funds" to strategically invest in the hard technology sector, covering key areas such as chips, robotics, and artificial intelligence [3] - The investment strategy of China Post Insurance has positioned it as a stabilizing force for many domestic hard technology companies, exemplified by its investments in various firms, including Yushu Technology, Gokong Technology, Changxin Storage, and Yangtze Memory Technologies [3] - As the digital economy continues to integrate with the real economy, the innovation vitality in the hard technology field is expected to persist, with China Post Insurance committed to maintaining its long-term investment philosophy and injecting capital into more domestic innovative enterprises [4]

Core Viewpoint - The listing of 51WORLD marks a significant event in the Hong Kong stock market, particularly in the Physical AI sector, with the company aiming to raise up to 8.41 billion HKD through its IPO [2][3] Group 1: Company Overview - 51WORLD, established in 2015, has developed a comprehensive technological capability in Physical AI, focusing on three key components: data fuel, spatial models, and training platforms [2] - The company has created a closed-loop ecosystem in Physical AI, integrating synthetic data, spatial intelligent models, and simulation training platforms, establishing significant technological and ecological barriers [2] Group 2: Business and Commercialization - 51WORLD has launched three core business lines: 51Aes (digital twin platform), 51Sim (synthetic data and simulation platform), and 51Earth (digital earth platform), with applications across over 1,000 large and medium-sized enterprises globally [3] - The company's Physical AI products have been commercialized in various verticals, including smart driving, transportation hubs, smart factories, and smart energy [3] Group 3: Financial Performance - The company's revenue has shown strong growth, increasing from 170 million CNY in 2022 to 287 million CNY in 2024, representing a compound annual growth rate of 30.02% [3] - In the first half of 2025, 51WORLD achieved revenue of 53.82 million CNY, a 62% increase compared to the same period in 2024 [3] Group 4: Investment and Market Position - 51WORLD has attracted significant investment from notable entities, including domestic GPU leader Moore Threads and AI leader SenseTime, as well as well-known funds like Lightspeed, Yunjiu, Star VC, and individual investors such as Ge Weidong and Liang Bota [3] - The listing of 51WORLD is expected to fill a value gap in the AI hard technology sector within the Hong Kong stock market, as there are very few companies that combine a complete Physical AI ecosystem with proven commercialization [3]