作者丨吴佳楠 编辑丨朱益民 国产GPU公司迎来IPO融资热潮。 1月2日，壁仞科技（6082.HK）上市首日盘中一度涨近120%，成为"港股GPU第一股"。 上个月，号称"国产GPU第一股"的摩尔线程（688795.SH）上市首日股价涨超4倍，12月11日收盘股价超900元/股，远超发行价114.28元/股。 另一家GPU公司——沐曦股份（688802.SH）2025年12月17日上市首日，投资者中一签浮盈最高逼近40万元，刷新近十年A股上市首日单签盈 利纪录。 然而，资本狂追热捧的背后却是故事另一面，GPU公司股票市值大幅回落。 摩尔线程、沐曦股份上市之日狂飙后，目前已经大幅回调近40%，分别自最高价回落约37%、35%。 壁仞科技上市首日最终收涨不超过80%， 总市值不到千亿港元，只有摩尔、沐曦市值的三分之一左右。 激情燃烧的高估值迎来"折扣"，背后是GPU创新叙事的商业化现实难题，还需突破。 目前，上述三家公司过去三年营收都在增长，但都未实现盈利。因芯片行业的高研发投入特点，资本开支仍在继续。此外，多家国产GPU芯片 厂商与英伟达、AMD等国际芯片巨头相比，存在一定竞争差距，市占率仍不高。 对持有"国产 ...

摩尔线程今年以来股价涨2.04%，近5个交易日跌4.61%。 资料显示，摩尔线程智能科技(北京)股份有限公司位于北京市朝阳区东湖街道望京国际研发园I座3层， 成立日期2020年6月11日，上市日期2025年12月5日，公司主营业务涉及主要从事GPU及相关产品的研 发、设计和销售。主营业务收入构成为：集群70.75%，板卡17.74%，一体机9.05%，其他2.41%，芯片 0.05%。 1月5日，摩尔线程盘中上涨2.04%，截至10:47，报599.90元/股，成交9.54亿元，换手率5.49%，总市值 2819.70亿元。 资金流向方面，主力资金净流出8552.01万元，特大单买入1.57亿元，占比16.44%，卖出1.78亿元，占比 18.68%；大单买入2.50亿元，占比26.16%，卖出3.14亿元，占比32.89%。 截至12月5日，摩尔线程股东户数3.92万，较上期增加45515.12%；人均流通股748股，较上期增加 0.00%。2025年1月-9月，摩尔线程实现营业收入7.85亿元，同比增长181.99%；归母净利润-7.24亿元， 同比增长18.71%。 责任编辑：小浪快报 摩尔线程所属申万 ...

Core Viewpoint - The company aims to accelerate the application of domestic GPUs across various industries, contributing to the digital transformation and efficiency enhancement in the context of the "14th Five-Year Plan" [1] Group 1: Industry Context - The "14th Five-Year Plan" outlines a grand vision for emerging and future industries, emphasizing the importance of technological advancements [1] - The company positions itself as a leading domestic full-function GPU enterprise, focusing on the design and research of full-function GPU chips [1] Group 2: Company Strategy and Achievements - The company has established a complete technology stack based on a self-developed unified architecture, covering the entire spectrum from hardware to applications [1] - The company maintains high levels of R&D investment, with the number of authorized patents ranking among the top in the domestic GPU sector [1] - The integration of solid patent achievements with comprehensive product capabilities forms a technological moat centered on continuous independent innovation [1] Group 3: Future Outlook - The company expresses its commitment to align with the times, leveraging its technological strength to contribute to China's modernization efforts [1] - The company is determined to embark on a new journey of development under the "14th Five-Year Plan" [1]

值得注意的是，传化智联（002010.SZ）以高达256.07%至361.57%的净利润预计增幅，暂列目前"预增 王"。公司预计2025年归母净利润为5.4亿至7亿元。公告显示，业绩大幅增长除因主营业务取得良好增 长外，也受益于转让部分子公司股权确认的投资收益及回购子公司股权提升持股比例等因素。 传统制造业在此轮业绩预告中表现尤为亮眼。钢铁行业方面，首钢股份（000959.SZ）预计2025年归母 净利润为9.2亿元至10.6亿元，同比增长95.29%至125.01%，增速上限在已披露公司中位居前列。公司表 示，业绩增长得益于产品结构优化、高端化发展及"极低成本"管理理念的贯彻。 同样属于钢铁板块的华菱钢铁（000932.SZ）在消化了补缴环保税及滞纳金约6.57亿元的情况下，依然 预计净利润增长27.97%至47.66%。对此，公司解释，主要得益于降本增效以及高端化、绿色化、智能 化、精益化四化转型等工作的开展。 以电子、医药生物为代表的高景气赛道则呈现批量报喜的态势。其中，电子行业的强一股份 （688809.SH）预计净利润增长52.30%至80.18%；医药行业的百奥赛图（688796.SH）则凭借海外 ...

上个月，号称"国产GPU第一股"的摩尔线程（688795.SH）上市首日股价涨超4倍，12月11日收盘股价超900元/股，远超发行价114.28元/股。 21世纪经济报道记者 吴佳楠 深圳报道 国产GPU公司迎来IPO融资热潮。 1月2日，壁仞科技（6082.HK）上市首日盘中一度涨近120%，成为港股"GPU第一股"。 从资本狂飙到市值回落 另一家GPU公司——沐曦股份（688802.SH）12月17日上市首日，投资者中一签浮盈最高逼近40万元，刷新近十年A股上市首日单签盈利纪录。 资本市场正在力捧GPU本地叙事。 然而，资本狂追热捧的背后确是故事另一面，GPU公司股票市值大幅回落。 摩尔线程、沐曦股份上市之日狂飙后，目前已经大幅回调近40%，分别自最高价回落超37%、35%。壁仞科技上市首日最终收涨不超过80%，总市值不到千 亿港元，只有摩尔、沐曦市值的三分之一左右。 激情燃烧的高估值迎来"折扣"，背后是GPU创新叙事的商业化现实难题，还需突破。 目前，上述三家公司过去三年营收都在增长，但都未实现盈利。因芯片行业的高研发投入特点，资本开支仍在继续。此外，多家国产GPU芯片厂商与英伟 达、AMD等国际芯片巨 ...

Group 1 - The report indicates that while the number of IPOs and fundraising amounts in 2025 increased compared to 2024, the overall profitability of offline subscription has reached a new low since 2019, with A1/B class products yielding only 2.7% and 2.4% respectively [4][10][5] - In 2025, 87 new stocks were issued in the A-share market, raising a total of 1,235 billion yuan, with 64% of the new stocks having an initial fundraising scale of less than 1 billion yuan [19][20][27] - The average initial price-to-earnings (PE) ratio for new stocks in 2025 was 23x, marking a new low since 2019, with an average discount of 39% compared to comparable companies [36][34][36] Group 2 - The report forecasts a rebound in offline subscription profitability in 2026, with expected yields for A1/B class products projected to be 4.05% and 3.23% respectively, driven by an increase in the number of IPOs and stable pricing [4][10][4] - The report highlights that the strategic allocation of new stocks is expected to remain attractive in 2026, with an increase in external strategic investors and a significant average return on unlocked shares [4][4][4] - The report notes that the number of offline inquiry products has significantly increased, with a year-on-year growth of 18%, indicating a heightened interest in new stock subscriptions [64][64][64]

Core Viewpoint - The 2025 IPO market shows significant recovery compared to the low point in 2024, with a total of 297 IPOs across A-shares, Hong Kong, and the US markets, marking a notable increase in activity [2][51]. Group 1: IPO Market Overview - The Hong Kong market emerged as the largest IPO market globally in 2025, with 117 companies listed, a nearly 70% increase from 69 in 2024 [2][52]. - A-shares also saw a recovery, with 113 companies listed, up 13% from 100 in 2024, raising a total of 131.77 billion yuan, a 95.6% increase from 673.53 billion yuan in 2024 [52]. - The US market for Chinese companies remained subdued, with only 67 companies listed, raising approximately 8.03 billion yuan, significantly lower than the 18.56 billion yuan in 2024 [53]. Group 2: Investment Institutions - The "TOP100" list for 2025 includes 17 institutions that made the list for the first time in six years, while 18 institutions have maintained their presence for six consecutive years [51]. - The average number of IPO projects per institution in the TOP100 was 4.85, up from 3.19 in 2024, indicating a recovery in market activity [51]. - The threshold for inclusion in the TOP100 was set at 2 IPO projects, compared to 1 in 2024 [51]. Group 3: Fundraising and Project Distribution - The total fundraising amount in the Hong Kong market reached 261.53 billion yuan, a 218.6% increase from 82.1 billion yuan in 2024 [52]. - The average fundraising size for IPOs in Hong Kong was 2.255 billion yuan, significantly higher than 1.19 billion yuan in 2024 [56]. - The top fundraising projects included Ningde Times, which raised 37.701 billion yuan, followed by Zijin Mining and Sany Heavy Industry [57]. Group 4: City and Industry Distribution - In 2025, 89 cities in mainland China and Hong Kong hosted IPO projects, with Shanghai leading at 27 projects, followed by Beijing with 21 and Shenzhen with 16 [58]. - The most active industries for IPOs were biomedicine (26 projects), hardware equipment (25 projects), and software services (22 projects), reflecting the focus on AI technology [61]. - The total fundraising in the electrical equipment sector reached 53.03 billion yuan, driven by leading companies like Ningde Times [61].

Core Insights - In 2025, no new stocks listed on the A-share market experienced a decline on their first day, marking the first occurrence since 2019. Additionally, 66% of the new stocks had a first-day profit exceeding 10,000 yuan [1] - The year saw the emergence of several "big meat tickets," with nine new stocks achieving a first-day profit of over 50,000 yuan, including two that surpassed 300,000 yuan [1] - The top performer, Muxi Co., Ltd. (688802), had a first-day profit of 362,620 yuan, with a peak price of 895 yuan per share, leading to a potential profit of 395,200 yuan [1][6] New Stock Performance - A total of 116 companies went public in 2025, with 104 stocks doubling their price on the first day, representing 90% of the new listings. Furthermore, 66 stocks had a first-day increase of over 200%, and six stocks exceeded 500% [10] - The highest first-day increase was recorded by Dapeng Industrial (920091), which surged by 1211.11%, while the second highest was Hengdong Light (920045) at 878.16% [10][11] - Muxi Co., Ltd. (688802) achieved a first-day increase of 692.95%, and other notable performers included Moer Thread (688795) with a 425.46% increase and Jiangnan New Materials (603124) with a 606.83% increase [10][13] Stock Issuance Prices - In 2025, 23 new stocks had an issuance price exceeding 30 yuan, with 16 stocks priced over 40 yuan, and seven stocks priced above 80 yuan [14] - The highest issuance prices were for Moer Thread (688795) and Muxi Co., Ltd. (688802), both exceeding 100 yuan, while Tianyouwei (603202) had an issuance price of 93.5 yuan [14][15]

30 December 2025 | 2:59PM HKT Equity Research China Semis: Moore Thread (688795.SS, NC) visit: Local GPU supplier riding on AI trend; new GPU platform for large-scale computing cluster We visited Moore Thread (688795.SS, Not Covered) management in Beijing recently. Moore Thread is a local GPU supplier with in-house architecture, offering GPU for AI training/ inferencing and gaming. Overall, management is positive on the enhanced performance and computing power of the company's new GPU platform that is relea ...

Core Viewpoint - The company, Moore Threads, has experienced a significant decline in market value, losing over 1,066.87 billion yuan in just 13 trading days following its IPO, raising concerns about its financial management and investment strategies [1][3]. Group 1: IPO and Financial Performance - Moore Threads' stock closed at 587.90 yuan, reflecting a drop of 3.50% [1]. - The company went public on December 5, 2025, on the Shanghai Stock Exchange's Sci-Tech Innovation Board, issuing 70 million shares at a price of 114.28 yuan per share, which accounted for 14.89% of the total post-issue share capital [1]. - The total funds raised from the IPO amounted to 799.96 million yuan, with a net amount of 757.61 million yuan after deducting issuance costs, which were 42.35 million yuan [2][1]. Group 2: Use of Funds - The company plans to use the raised funds for the development of new AI training and inference chips, graphics chips, and AI SoC chips, as well as to supplement working capital [1]. - A significant portion of the raised funds, up to 750 million yuan, will be allocated for cash management to enhance the efficiency of fund utilization, without affecting the implementation of investment projects [2][3]. - The decision to manage idle funds has sparked controversy, as over 90% of the raised capital is being directed towards financial management rather than direct investment in projects [3].