摩尔线程公告称，截至2025年12月11日，公司股票收盘较发行价涨幅723.49%，显著高于相关指数。 2025年1-9月营收7.85亿元，净利润-7.24亿元，预计2025年净利润-11.68亿至-7.30亿元。公司最新静态市 销率1008.84倍，显著高于行业的11.76倍。公司提示股价短期上涨过快下跌、业绩亏损、技术和产品迭 代等风险，提醒投资者谨慎决策，理性投资。 ...

Group 1 - The core viewpoint is that Moore Threads, regarded as the "first domestic GPU stock," reached a historic high stock price of 941.08 yuan per share on December 11, 2023, after breaking through 900 yuan during trading [1] - Moore Threads was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 5, 2023, with an initial offering price of 114.28 yuan per share. The company has successfully launched four generations of GPU architectures, creating a diverse product matrix covering AI computing, high-performance computing, graphics rendering, computing virtualization, and intelligent media [3] - Another domestic GPU company, Muxi Co., disclosed its IPO results, with online investors subscribing to 9.6452 million shares for a total of 1.009 billion yuan, and offline investors subscribing to 22.8291 million shares for a total of 2.389 billion yuan [3] Group 2 - Several listed companies have established connections with Moore Threads. For instance, A-share company Guangdian Yuntong indicated that its subsidiary has integrated Moore Threads graphics cards into some of its server products. Century Huatong announced that it indirectly holds shares in Moore Threads through a fund held by its wholly-owned subsidiary, which is expected to impact the company's net profit in Q4 2025 [3] - Moore Threads announced the first MUSA Developer Conference to be held in Beijing on December 19-20, where the founder and CEO Zhang Jianzhong will elaborate on the full-stack development strategy centered around MUSA [4]

作者丨叶映橙 见习记者林健民 编辑丨谢珍 "国产GPU第一股"摩尔线程的股价继续狂飙。 12月11日午后，摩尔线程股价进一步走高，盘中价格突破940元，并于收盘时达到最高价941.08元，涨 28.04%，总市值达4423亿元，股价离千元大关仅差6.26%。按照发行价114.28元计算，如果投资者中签 摩尔线程新股且能持有至今，单签浮盈将超过41万元。 当下，摩尔线程已成为资本市场最亮眼的"明星股"之一。此前，12月5日，摩尔线程上市首日股价涨幅 便高达468%，换手率超85%；开盘十分钟内，股价一度冲高至688元。 国金证券认为，AI时代驱动GPU需求快速扩张，国产替代进入加速窗口期。据弗若斯特沙利文预测， 2024年全球GPU市场规模超万亿元，预计2025–2029年CAGR有望达24.5%。中国市场成长更快，市场规 模将从2024年的1,425亿元跃升至2029年的13,368亿元，2025–2029年CAGR高达53.7%，国产GPU厂商有 望深度受益。摩尔线程作为国内稀缺的全功能GPU厂商，在硬件、生态与集群交付方面持续突破，有望 成为国产GPU加速替代的重要力量。25年上半年公司营收超95%由AI ...

剑指1000元大关，摩尔线程收盘再创历史新高，上市5个交易日大涨超过720%！ 12月11日，在不设涨跌幅限制的最后一天，"国产英伟达"摩尔线程继续疯狂之旅。在早盘微幅低开之 后，摩尔线程一路走高，突破800大关，在午后A股三大指数出现下行之后，摩尔线程依旧逆势而上， 突破900元大关。截至收盘，单日涨幅达到28.04%，报941.08元/股，创上市以来新高，总市值为4423亿 元，全天成交超过124.5亿元，单日实际换手率高达51.44%。 值得注意的是，按照科创板上市后的前5个交易日不设价格涨跌幅限制，之后涨跌幅限制比例为20%， 从12月5日上市至今，今天刚好是摩尔线程不设置涨跌幅限制的最后一天。在短短5个交易日，嗅觉灵敏 的资金疯狂涌入，摩尔线程从114.28元/股的首发价格，一路涨至941.08元/股，涨幅达到723.49%。如果 投资者中签摩尔线程新股持有至今，按收盘价计算，中一签浮盈将超过41万元。 85%中签散户在上市当天就清仓 不过这41万的浮盈收益对于绝大部分中签散户是"镜中花、水中月"，有超过85%散户就被挡在了上市第 一天。 12月5日，摩尔线程正式登陆科创板，开盘即报650元/股，相 ...

自12月11日早盘开始，摩尔线程股价便开始"狂飙"，随着涨幅持续放大，最终收涨28.04%！一方面，公 司股价成功突破900元关口，达到941.08元/股，高出A股股价第四名的源杰科技（663元/股）近四成； 另一方面，公司市值也随之飙升至超过4400亿元，进入A股总市值榜单的前30名内，体量位于海王信息 与五粮液之间。 摩尔线程收盘价涨至941.08元/股 据Wind 来源：市场资讯 来源：金融投资报 金融投资报记者 陈雨禾 林珂 在一众机构短期震荡调整的预期下，12月11日，沪指最终仍失守3900点，走出"三连阴"行情。截至收 盘，上证综指报收3873.32点，微跌0.70%；深证成指报收13147.39点，下跌1.27%；创业板指报收 3163.67点，下跌1.41%。 值得注意的是，虽然大盘持续回调，但成交数据已开始放量，全天沪深两市成交额为1.86万亿元，较上 一个交易日放量786亿元。在部分市场人士眼中，A股"三连阴"通常也被视为"回调极限"，而从A股历史 表现来看，也的确少有出现"四连阴"的情况。此外，虽然周四全天有近4400只个股出现下跌，但市场之 中仍有不少亮点涌现。 摩尔线程股价持续"狂飙 ...

摩尔线程上市仅五个交易日股价狂飙至941元，累计涨幅逾七倍，市值突破4400亿元。以114.28元发行价计算，单签浮盈已超41万元。尽管基本面 仍处高投入与亏损阶段，但资金在AI与国产算力崛起预期下持续推高股价，情绪主导走势。 作为"国产GPU第一股"，摩尔线程在登陆科创板后的短短五个交易日内，正在以惊人的涨幅重新定义市场的估值逻辑与造富效应。 截至12月11日，摩尔线程股价在午后进一步走高，收盘录得最高价941.08元，单日涨幅达28.04%。目前公司总市值已攀升至4423亿元，股价距离 千元大关仅差6.26%，约60元的差距。 市场对摩尔线程的追捧建立在AI驱动GPU需求激增的行业逻辑之上。据国金证券樊志远在11月28日的研报，2024年全球GPU市场规模超万亿元， 预计2025至2029年复合年增长率（CAGR）将达24.5%。中国市场增速更快，预计规模将从2024年的1425亿元跃升至2029年的13368亿元，CAGR 高达53.7%。 若以114.28元的发行价计算，该股上市以来累计涨幅已达723%。对于极少数能够中签并持有至今的投资者而言，单签浮盈已超过41万元。这一表 现不仅使其成为近期资本市 ...

Core Viewpoint - Moore Threads' stock price has reached a historic high, closing at 941.08 yuan per share with a gain of 28.04% on December 11, 2023, reflecting strong market demand for the company [1][5]. Group 1: Stock Performance - Moore Threads' stock price has seen a significant increase since its IPO, which was priced at 114.28 yuan, with the stock price surpassing 600 yuan on its first trading day, closing up 425.46% [3][7]. - The stock has continued to rise, with notable daily increases, including a 5.73% rise on the third trading day and a 16.98% increase when it broke the 700 yuan mark [3][8]. - The stock's performance has been characterized by high turnover rates, making it difficult for investors to hold onto shares since the IPO [1][5]. Group 2: Market Context - Moore Threads is recognized as the "first domestic GPU stock," benefiting from the growing popularity of domestic GPU concepts this year [3][8]. - The company has successfully launched four generations of GPU architecture, creating a diverse product matrix that covers various applications, including AI computing, high-performance computing, and graphics rendering [3][8]. - The product line caters to different market segments, including government, enterprise-level intelligent computing, data centers, and consumer-grade terminals, addressing the differentiated needs of various customers [3][8]. Group 3: Upcoming Competitors - Another domestic GPU company, Muxi Co., is preparing to enter the A-share market, with significant subscription amounts reported from both online and offline investors [4][8].

Core Insights - The stock price of Moer Thread (688795.SH), the first domestic GPU company listed on the Sci-Tech Innovation Board, surged to 941.08 CNY per share, achieving a market capitalization of 403.1 billion CNY within just five trading days since its listing on December 5, marking the fastest market cap growth for a new stock in 2023 [1][2] Group 1: Stock Performance - Moer Thread's stock price increased by over 700% within five trading days, starting from an opening price of 650 CNY per share on its debut, which was a 468.78% increase from the issue price [2] - On its first trading day, the stock reached a peak of 688 CNY per share, closing at 600.5 CNY, resulting in a single-day gain of 425.26% and a market cap exceeding 282.3 billion CNY [2] - Investors who held onto their shares since the IPO have seen significant profits, with a potential gain of 413,400 CNY for a single lot of 500 shares at the closing price on December 11 [2] Group 2: Market Demand and Policy Support - The rapid growth of Moer Thread's valuation is attributed to three main factors: scarcity of comparable stocks, policy support, and strong industry demand [4] - Moer Thread is recognized as the only domestic company capable of competing with NVIDIA in the GPU market, having developed five chips and four generations of GPU architecture within five years [4] - The company benefits from favorable policies, including the rapid IPO process enabled by the "1+6" reform policy for the Sci-Tech Innovation Board, which supports unprofitable hard-tech companies and prioritizes strategic emerging industries [5] Group 3: Industry Context - The demand for domestic GPU solutions is critical due to increasing technology competition between China and the U.S., with a national strategy emphasizing the need for domestic computing power [5] - Currently, domestic GPUs hold less than 1% market share in China, indicating significant potential for growth and replacement [5] - Moer Thread's listing serves as a benchmark for the domestic GPU sector, potentially catalyzing further investment and development in the industry [6] Group 4: Future Prospects - Following Moer Thread's success, other companies like Muxi Co., which focuses on high-performance GPU chips, are preparing to enter the market, indicating a growing interest in the domestic GPU sector [6] - Muxi Co. has already completed its subscription process and is expected to be the second domestic GPU company listed on the A-share market, with a strong market response anticipated [6][7]

Core Viewpoint - Century Huatong's investment in the technology company Moore Threads is expected to significantly impact its net profit for the fourth quarter of 2025, with an estimated contribution of 640 million yuan, representing approximately 53% of the company's audited net profit for 2024 [1][5]. Group 1: Investment Details - Century Huatong's wholly-owned subsidiary, Shanghai Shengqu Shuming Enterprise Management Co., Ltd., holds a 7.3121% stake in Guosheng Capital, which owns approximately 19.59 million shares of Moore Threads [3]. - Moore Threads, known as the "first domestic GPU stock," saw its share price increase by 468.78% on its debut, reaching 650 yuan per share, with a market capitalization exceeding 300 billion yuan [3]. - As of December 10, Moore Threads' share price rose to 735 yuan, resulting in a total market capitalization of 345.5 billion yuan [3]. Group 2: Market Context - The capital market has shown a strong enthusiasm for technology companies this year, with many tech IPOs experiencing significant price increases post-listing [1]. - Several A-share listed companies have engaged in direct investments or indirect holdings in technology startups, marking a trend of investment in technological innovation [1][6]. - The investment in Moore Threads is part of a broader trend where listed companies are increasingly investing in technology firms to enhance their growth and market valuation [7]. Group 3: Company Background - Century Huatong was established in 2005 and listed on the Shenzhen Stock Exchange in July 2011, initially focusing on automotive parts before transitioning to the internet gaming industry in 2014 [5]. - The company has diversified its operations to include internet gaming, automotive parts manufacturing, artificial intelligence cloud data, and brain science research, among other fields [5]. - Tencent is noted as a significant shareholder in Century Huatong, indicating strong backing from major industry players [5].

| 连板数 | 晋级率 | | 2025-12-1 | | --- | --- | --- | --- | | 4讲5 | 1/2=50% | 东百集团(福建+零售) | | | 3 #4 | 2/5=40% | 安妮股份(福建+实控人变更) | | | 2讲3 | 1/8=12% | 跃岭股份（光通信） | | | 1讲2 | 5/40=12% | 立昂微 (半导体) | | | | | 四川金顶(商业航天) | | | | | 中源家居 (家居) | | | 其他涨停 | | 南京商旅4天3板 (零售) | | 主线热点 智通财经12月11日讯，今日34股涨停，27股炸板，封板率为56%，东百集团5连板，再升科技4连板，跃岭股份3连板，安妮股份6天5板，中源家居6天4板， 北交所天力复合、驰诚股份30cm首板。市场震荡调整，沪指高开低走，创业板指冲高回落，此前一度涨超1%。摩尔线程拉升涨近30%，总市值超4400亿 元。沪深两市成交额1.86万亿，较上一个交易日放量786亿。全市场近4400只个股下跌。板块方面，商业航天、次新股等板块涨幅居前，福建、房地产等板 块跌幅居前。截至收盘，沪指跌0.7%，深成指 ...