对于不超过75亿元的理财额度上限，摩尔线程也给出了解释，上限并非实际理财金额，而且随着资金不 断投入到募投项目中，闲置资金规模和现金管理额度也会随之动态下降。 本是一份很常规的"闲钱理财"公告，却把摩尔线程推上了舆论的风口浪尖，市场的投资情绪从热情高涨 骤变为质疑担忧。头顶"国产GPU第一股"光环的摩尔线程，一直在享受资本溢价，但从市场情绪而言， 高预期同时也容易变成高落差，摩尔线程的常规操作在规则上合法合规，但却没能达到市场给予它的高 预期。 "闲钱理财"的目的是在公司真正把钱投入项目之前，用闲置的资金投入保本的理财产品，提升一下募集 资金使用效率。但是在投资者的预期中，希望摩尔线程尽快把募集资金投入研发，快速实现技术突破， 抢占更多的市场份额，而不是去当理财大客户。 类似的"闲钱理财"，也曾出现在寒武纪、华虹公司身上，但是那时投资者并没有过于强烈的反应。究其 原因，那时投资者对于寒武纪、华虹公司并没有过高的期许，投资者也并没有预期寒武纪的股价能够超 越贵州茅台，所以对于它们的"闲钱理财"操作并没有过多的争议。 但是到了摩尔线程，从它上市之初，投资者对其期待就远超其他同类公司，上市后的超预期股价涨幅足 以说 ...

Index Adjustments - Multiple indices in the A-share market, including the Shenzhen Component Index and ChiNext Index, will undergo sample adjustments effective December 15, 2025, with significant changes in constituent stocks [1][2] - The Shenzhen Component Index will replace 17 stocks, adding 7 from the main board and 10 from ChiNext, including companies like Demingli and Wohu Nuclear Materials [1] - The ChiNext Index will replace 8 stocks, with new additions including Shuanglin Co. and Changshan Pharmaceutical [1] - The CSI 300 Index will change 11 stocks, with new entries such as Guolian Minsheng and Guangqi Technology [2] Macroeconomic Policies - The Central Economic Work Conference emphasized the need for incremental policies to support economic stability, with GDP expected to reach approximately 140 trillion yuan in 2025 [3] - The Ministry of Commerce and other financial authorities issued a notification to enhance collaboration between business and finance to boost consumption [4] Investment and Fiscal Policies - The Ministry of Finance is focusing on stabilizing investment and enhancing macroeconomic governance, with plans to increase fiscal deficits and optimize government bond usage [5][6] - The People's Bank of China is set to continue implementing a moderately loose monetary policy to maintain market stability [8][9] Market Developments - The People's Bank of China announced a 600 billion yuan reverse repurchase operation to enhance liquidity in the market [15] - The North Exchange is reportedly testing a new system for market capitalization-based IPOs, although some brokerages have not yet initiated testing [11] Company News - Yushu Technology launched a humanoid robot "App Store" for users to upload and share trained models [13] - Moore Threads plans to use up to 7.5 billion yuan of idle fundraising for cash management while ensuring project funding remains unaffected [14]

（一）回顾： 1、中央经济工作会议定调2026年工作重点。财政部党组召开会议传达学习中央经济工作会议精神，提 出明年用好用足各类政府债券资金，发行超长期特别国债，持续支持"两重"建设、"两新"工作； 央行召开党委会议，强调将继续实施适度宽松的货币政策，发挥存量政策和增量政策集成效应，加大逆 周期和跨周期调节力度，着力扩大内需、优化供给，做优增量、盘活存量，为经济稳定增长、高质量发 展和金融市场稳定运行营造良好的货币金融环境。 国家发展改革委副秘书长肖渭明12月13日在公开场合表示，要全方位扩大国内需求，深入实施提振消费 专项行动，加快放宽服务消费限制，加快出台实施首发经济、赛事经济、电子商务、"人工智能 +"消费 等领域提振消费的政策。 12月14日，据商务部网站消息，近日，商务部、中国人民银行、金融监管总局联合印发《关于加强商务 和金融协同 更大力度提振消费的通知》，提出3方面11条措施，包括深化协作机制、加大重点领域金融 支持、扩大政金企对接合作等。有关消费新业态试点?，商务部将加快推进消费新业态、新模式、新场 景试点，打造数字消费、绿色消费等新场景。 2、美联储于2025年12月10日宣布维持联邦基金利 ...

周末重磅要闻出炉！ 全国金融系统工作会议12月12日在京召开。中共中央政治局委员、中央金融委员会办公室主任何立峰出 席会议并讲话。他强调，金融系统要深入学习贯彻中央经济工作会议精神，准确把握经济工作面临的形 势和主要目标任务，坚定做好金融工作的信心和决心，坚持防风险、强监管、促高质量发展工作主线， 有力有序有效做好2026年金融重点工作。要继续着力做好防范化解地方中小金融机构风险、房地产企业 涉金融风险、地方政府融资平台金融债务风险工作，严控增量、妥处存量、严防"爆雷"，严厉打击非法 金融活动。要进一步巩固和强化金融监管，完善重点领域监管制度体系并严格落实，持续强化金融机构 合规意识和风险意识，不断提升监管能力，严肃开展金融风险追责问责。要全力以赴推动高质量发展， 继续实施好适度宽松的货币政策，加强对扩大内需、科技创新、中小微企业等重点领域的金融支持，稳 步有序推进金融改革开放，做好预期管理。要加强党对金融工作的全面领导，认真学习、深刻领会、不 折不扣贯彻落实习近平总书记重要指示批示精神和党中央决策部署，树立和践行正确政绩观、业绩观， 持之以恒推进全面从严治党。要编制好"十五五"金融相关规划，加强工作统筹，确 ...

Group 1: Monetary Policy and Economic Support - The financial system will continue to implement a moderately loose monetary policy to support key areas such as expanding domestic demand, technological innovation, and small and micro enterprises [1][3] - The central bank emphasizes the need for integrated effects of stock and incremental policies to stabilize economic growth and maintain a stable financial market [3] - The financial regulatory authority aims to support the stabilization of the real estate market and construct a new development model for real estate [4] Group 2: Economic Forecast and Policy Implementation - The central economic committee anticipates that China's economic indicators will perform better than expected in 2025, with the total economic output projected to reach approximately 140 trillion yuan [2] - In 2026, new incremental policies will be introduced based on changing circumstances to promote steady economic growth [2] - The finance ministry plans to maintain necessary fiscal deficits and debt levels while enhancing the precision and effectiveness of policies [6] Group 3: Financial Risk Management - There is a strong focus on preventing and resolving financial risks in key areas, including local small financial institutions and real estate companies [1][4] - The financial regulatory authority is committed to enhancing regulatory effectiveness and preventing new financial risks while managing existing ones [4][5] - The central bank will continue to prioritize financial stability and risk prevention in its operations [3] Group 4: Consumer Financing and Market Development - Recent initiatives aim to enhance consumer financing services, particularly for durable goods and digital products, to stimulate consumption [7] - Financial institutions are encouraged to collaborate with key merchants to improve payment services and meet consumer demand [7] - The focus is on developing a more integrated approach to domestic and foreign trade financing to support businesses [7] Group 5: Stock Market and IPO Developments - The China Securities Regulatory Commission has approved an IPO registration for a company, indicating ongoing market activity [12] - Upcoming new stock issuances are scheduled, reflecting continued interest in capital markets [12] - A significant amount of restricted shares will be unlocked this week, totaling approximately 129.42 billion yuan in market value [14]

Group 1 - The central government emphasizes the continuation of a moderately loose monetary policy to support key areas such as expanding domestic demand, technological innovation, and small and micro enterprises [2][4] - The economic indicators for 2025 are expected to exceed expectations, with the total economic output projected to reach around 140 trillion yuan [3] - The People's Bank of China plans to enhance the integration of stock and incremental policies to stabilize economic growth and maintain a stable financial market [4] Group 2 - The Financial Regulatory Bureau aims to support the stabilization of the real estate market and promote a new development model for real estate [5] - The Ministry of Finance is focused on maintaining necessary fiscal deficits and debt levels while enhancing the precision and effectiveness of policies [6][7] - There is a push to improve consumer loan services and promote consumption through financial collaboration with businesses [8] Group 3 - The Beijing Stock Exchange is reportedly testing a new system for market capitalization-based IPOs, although some brokerages have not yet initiated system testing [9] - Moore Threads announced plans to use up to 7.5 billion yuan of idle fundraising for cash management, emphasizing continued investment in R&D [10] - The price of Moutai liquor has seen significant increases, with reports indicating a jump to 1,580 yuan per bottle, reflecting potential changes in sales strategies [11] Group 4 - Major U.S. stock indices experienced declines, with the Nasdaq dropping 1.69% and the S&P 500 down 1.07%, indicating market volatility [12] - The IPO registration for a company was approved, with several new stocks set to be issued in the upcoming week [13] - A total of approximately 13 billion yuan in restricted shares will be unlocked this week, with significant amounts from companies like Yandong Microelectronics and Lintai New Materials [14][15]

财政部党组书记、部长蓝佛安12月12日主持召开党组会议，传达学习中央经济工作会议精神，研究财政 部门贯彻落实工作。会议指出，按照中央经济工作会议部署安排，明年政策取向上，要坚持稳中求进、 提质增效，发挥存量政策和增量政策集成效应，加大逆周期和跨周期调节力度，提升宏观经济治理效 能。财政部门要准确把握明年经济工作的总体要求和政策取向，保持必要的财政赤字、债务总规模和支 出总量，提高政策精准性和有效性。用好用足各类政府债券资金，发行超长期特别国债，持续支持"两 重"建设、"两新"工作。 本周末影响市场的重要资讯有：三部门发文更大力度提振消费；摩尔线程回应拿75亿募投资金理财；万 科20亿债券展期三项议案，均未能获得通过；茅台经销渠道年内计划外配额停发，明年非标产品减量； 史上最大IPO来袭，马斯克或成首位万亿美元富翁；特朗普"点名"美联储新主席人选；芯原股份终止购 买芯来智融97%股权；知情人士回应豆包手机被曝被约谈消息不实；英伟达将于下周举办一场闭门峰 会，旨在破解AI时代日益严峻的电力短缺困局等。 【宏观及市场要闻】 三部门发文：更大力度提振消费 党中央、国务院高度重视提振消费，近日召开的中央经济工作会议明确 ...

Core Viewpoint - The company plans to use up to 7.5 billion RMB of its IPO funds for cash management, which has raised concerns among investors about the allocation of funds away from originally disclosed project plans [1][2]. Group 1: Fund Allocation and Management - The company clarified that the 7.5 billion RMB will be used in a phased manner for research and development, technology upgrades, and other specified uses, adhering to the original fundraising project plan [1][3]. - The project implementation cycle is set for three years, with fund disbursement occurring in stages based on project progress [1]. - The cash management amount is a maximum limit and not the actual amount to be managed, which will be significantly lower than the cap [1][2]. Group 2: Investor Assurance and R&D Commitment - The company emphasized its commitment to increasing R&D investment to accelerate product iteration and overcome core technology barriers, ensuring that cash management will not affect the normal execution of fundraising projects or the main business [2][3]. - The company announced that the cash management plan will allow for the use of idle funds from the IPO, which totaled 7.57 billion RMB, and will be valid for 12 months from the board's approval [2][3]. Group 3: Compliance and Audit Committee Approval - The audit committee confirmed that the cash management plan complies with relevant laws and regulations and will not alter the intended use of the raised funds, thus protecting the interests of all shareholders, especially minority shareholders [3]. - The initial fundraising target was 8 billion RMB, allocated for various AI chip development projects and working capital [3]. Group 4: Market Performance - As of December 12, the company's stock price was 814.88 RMB per share, reflecting a decline of 13.41%, with a total market capitalization of 383 billion RMB [4].

w 华尔街见闻 | 时间 | 内容 | 预期 前值 | | --- | --- | --- | | 12月15日 周一 | | | | 10:00 数据 | 中国 1至11月全国房地产开发投资 | -14.7% | | 10:00 | 中国 11月规模以上工业增加值同比 | 4.9% | | 10:00 | 中国 11月社会消费品零售总额同比 | 2.9% | | 09:30 事件 | 国家统计局公布11月70城房价 | | | 待定 | 日央行或发布季度短观经济调查报告 | | | 待定 | 超级央行周继续:日欧、英国、瑞典等利率决议 | | | 待定 | 应对AI缺电,英伟达即将举办相关主题峰会 | | | 23:30 | 美联储理事米兰、FOMC永久票委威廉姆斯等将发表讲话 | | | 12月16日 周二 | | | | 17:00 数据 | 欧元区 12月制造业PMI初值 | 49.6 | | 21:30 | 美国 11月失业率 | 4.4% | | 21:30 | 美国 11月非农就业人口变动(万人) | 5 | | 22:45 | 美国 12月标普全球制造业PMI初值 | 52.2 | | 事件 ...

见闻财经目历 WSCN Economic Calendar w 华尔街见闻 | 时间 | 内容 | 预期 前值 | | --- | --- | --- | | 12月15日 周一 | | | | 10:00 数据 | 中国 1至11月全国房地产开发投资 | -14.7% | | 10:00 | 中国 11月规模以上工业增加值同比 | 4.9% | | 10:00 | 中国 11月社会消费品零售总额同比 | 2.9% | | 09:30 事件 | 国家统计局公布11月70城房价 | | | 待定 | 日央行或发布季度短观经济调查报告 | | | 待定 | 超级央行周继续:日欧、英国、瑞典等利率决议 | | | 待定 | 应对AI缺电,英伟达即将举办相关主题峰会 | | | 23:30 | 美联储理事米兰、FOMC永久票委威廉姆斯等将发表讲话 | | | 12月16日 周二 | | | | 17:00 数据 | 欧元区 12月制造业PMI初值 | 49.6 | | 21:30 | 美国 11月失业率 | 4.4% | | 21:30 | 美国 11月非农就业人口变动(万人) | 5 | | 22:45 | 美国 ...