格隆汇12月11日丨盈趣科技(002925.SZ)在投资者互动平台表示，公司于2024年12月向摩尔线程增资1亿 元，增资后持有其134.0374万股。 ...

Core Insights - Moore Threads (688795) has successfully gone public, with its stock price experiencing significant increases, benefiting several A-share companies [1][3] Group 1: Century Huatong's Investment in Moore Threads - Century Huatong (002602) disclosed its specific holdings in Moore Threads, indicating that its wholly-owned subsidiary holds a 7.31% stake in Guosheng Capital, which owns 19.5887 million shares of Moore Threads, representing 4.90% of the pre-IPO total shares and 4.17% post-IPO [2] - The estimated impact of Century Huatong's stake in Moore Threads on its net profit for Q4 2025 is approximately 640 million yuan, accounting for 53% of the audited net profit for 2024 [2] - Century Huatong's investment in Moore Threads aligns with its strategy in the metaverse hardware ecosystem, having previously invested in leading companies in the AR display and GPU sectors [3] Group 2: Market Performance and Valuation - Moore Threads' stock surged by 425.46% on its first trading day and reached 735 yuan per share on December 10, resulting in a market capitalization of 345.5 billion yuan [3] - Century Huatong's stock has increased by over 240% this year, with a current market value of 130.5 billion yuan [4] - Other A-share companies, such as Heertai, have also invested in Moore Threads, holding 4.1051 million shares valued at approximately 3 billion yuan based on the December 10 closing price [4]

Core Viewpoint - Moore Threads has successfully gone public, leading to significant stock price increases, which may benefit several A-share companies, particularly Century Huatong [1][2]. Group 1: Century Huatong's Investment in Moore Threads - Century Huatong's wholly-owned subsidiary, Shanghai Shengqu Shuming Enterprise Management Co., holds a 7.31% stake in Guosheng Capital, which owns 19.5887 million shares of Moore Threads, representing 4.90% of the pre-IPO total shares and 4.17% post-IPO [1]. - The fair value of Century Huatong's stake in Guosheng Capital is classified as "financial instruments measured at fair value with changes recognized in profit or loss," reported under "other non-current financial assets" [1]. - Based on Moore Threads' closing price on December 10, 2025, the estimated impact on Century Huatong's net profit for Q4 2025 is approximately 640 million yuan, accounting for 53% of the audited net profit attributable to shareholders for 2024 [1]. Group 2: Market Performance and Future Outlook - After its IPO on December 5, Moore Threads' stock surged by 425.46%, reaching 735 yuan per share on December 10, with a market capitalization of 345.5 billion yuan [2]. - Century Huatong has invested in Moore Threads for several years, focusing on the metaverse hardware ecosystem, including investments in leading companies like Guangzhou Semiconductor and Moore Threads [2]. - Century Huatong reported a significant revenue increase of 75.3% year-on-year, with total revenue of 27.2 billion yuan and a net profit of 4.36 billion yuan, up 141.7% year-on-year for the first three quarters of the year [2]. Group 3: Other A-share Companies Involved - Other A-share companies, such as Heertai, have also invested in Moore Threads, with Heertai holding approximately 4.1051 million shares, valued at around 3 billion yuan based on Moore Threads' closing price on December 10 [3].

Group 1 - The core viewpoint of the article is that Guangdian Yuntong (002152.SZ) has integrated Moores Threads graphics cards into some of its server products through its subsidiary Guangdian Wuzhou, although this business currently has a minimal impact on the company's overall operating performance [1]

Group 1 - The core point of the news is that CD Projekt Red (CDPR) is launching a physical trading card game (TCG) based on the "Cyberpunk 2077" franchise, in collaboration with WeirdCo studio, as part of the five-year anniversary celebration of the game [1] - The TCG will feature characters from both "Cyberpunk 2077" and "Cyberpunk: Edgerunners," with original artwork, and is set to launch a crowdfunding campaign on Kickstarter in 2026 [1] - This move reflects CDPR's strategy to further monetize its top IP and test market response through crowdfunding, which is expected to reduce commercialization risks and positively impact the company's IP management capabilities [1] Group 2 - PlayStation has released a new promotional video showcasing key games set to launch on PS5 in 2026, including titles like "Marvel's Wolverine," "Resident Evil: Requiem," and "Halo: Combat Evolved" [2] - The inclusion of Xbox's first-party game "Halo" in the lineup indicates a gradual dissolution of industry barriers, which may enhance PS5's market competitiveness and extend the console's lifecycle [2] - The trend of cross-platform releases is emerging as a new norm in the industry, creating positive expectations for game developers with multi-platform capabilities [2] Group 3 - Century Huatong announced that its wholly-owned subsidiary, Shengqu Shuming, holds a 7.3121% stake in Guosheng Capital, which owns 1,958,889 shares of Moore Threads, representing 4.8968% of the pre-IPO total share capital [3] - The estimated impact of this investment on Century Huatong's net profit for Q4 2025 is approximately 640 million yuan, accounting for about 53% of the audited net profit attributable to the parent company for 2024 [3] - This financial benefit from the investment in Moore Threads is expected to positively influence the company's stock price and increase market interest in gaming companies' investments in semiconductor technology [3]

无论是摩尔线程还是沐曦股份，超低的中签率恰恰说明了资本对于硬科技企业的追捧。在政策引导下， 上市生态持续优化，资本市场的投资理念也在同步发生改变。对于未盈利的硬科技企业，投资者的估值 认可度大幅提升。 继上市首日大涨逾4倍之后，摩尔线程股价在12月10日盘中再度大涨逾20%，再创上市后新高。从寒武 纪到摩尔线程，资本市场用真金白银对国产硬科技企业给出了估值溢价。国产替代、行业高景气的发展 预期，都是资本点赞国产硬科技赛道企业的底气。 就估值风险而言，摩尔线程上市后的超预期表现，多少带着一些偏离当前基本面的炒新情绪。但不同于 单纯的投机炒作，类似摩尔线程一样的硬科技企业有着不一样的资本逻辑。 2020年7月上市的寒武纪，上市首日涨幅超过两倍，随后股价曾持续走低调整数年，直到今年随着业绩 的大爆发，公司股价开启了狂欢。 从某种程度上而言，寒武纪在资本市场的发展路径点燃了A股市场对国产硬科技企业的资本信心，吸引 各路资金愿意为同类别的硬科技未盈利企业支付估值溢价。 从时间线来看，资本点赞硬科技正在加速度，对硬科技企业的估值认可度大幅提升。相比寒武纪，摩尔 线程享受到了资本对于硬科技企业更早、更高的估值溢价。 资本市 ...

Group 1 - The 2025 Computing Power Industry Ecological High-Quality Conference will be held on December 11 [1] - The Hongmeng Office Industry Summit will also take place on December 11 [2] - Huillen Crystal will resume trading on December 11, with its stock name changed to "ST Huillen" and subject to risk warnings [2] - ST Kevin will resume trading on December 11, with its stock name changed to "Caesar Culture" and an increase in the daily trading limit from 5% to 10% [2] Group 2 - On December 10, China successfully launched nine satellites using the Lijian-1 Yao-11 rocket [3] - The Ministry of Finance issued 7 billion RMB of government bonds in Hong Kong, with a subscription multiple of 5.22 times [3] - In November 2025, China's consumer price index rose by 0.7% year-on-year, with urban prices increasing by 0.7% and rural prices by 0.4% [3] Group 3 - The Shanghai Municipal Government released the implementation plan for the childcare subsidy system, providing 3,600 RMB per child per year for eligible families [4] - The IMF raised China's economic growth forecast for this year to 5%, an increase of 0.2 percentage points from the previous report [4] - From January to November, China's railway construction investment reached 753.8 billion RMB, a year-on-year increase of 5.9% [4] Group 4 - The Ministry of Finance plans to issue special government bonds with a total face value of 75 billion RMB on December 12, 2025 [5] - The China Computing Power Platform's local zone has officially launched, marking a significant step in the construction of a national integrated computing power network [5] Group 5 - Hainan's Free Trade Port development plan emphasizes high-standard construction and aims to leverage its geographical and natural resource advantages [6][7] - The Hainan Free Trade Port will officially start its full island closure operation on December 18, benefiting the international tourism consumption center [7] Group 6 - Alibaba's Qianwen AI application has surpassed 30 million monthly active users within 23 days of public testing, becoming one of the fastest-growing AI applications globally [8] - The Qianwen app has introduced new features, enhancing its capabilities beyond simple interactions [8] Group 7 - Shanghai's first low-altitude drone medical sample delivery route has been launched, aiming to enhance healthcare efficiency [9] - The low-altitude economy is seen as a preferred direction for local economic expansion, potentially generating a multiplier effect on investments [9] Group 8 - CATL plans to register and issue bonds not exceeding 10 billion RMB [10] - Century Huatong's subsidiary holds 1,958,870 shares of Moer Thread [11] - Muxi Co. reported that 20,349 shares were abandoned by online investors [12] - Lens Technology intends to acquire 100% of Peimei International, expanding into AI computing infrastructure [13] Group 9 - Jereh Group emphasizes its capabilities in power generation equipment for various sectors, including data centers and oil and gas development [20] - The company has established a global supply chain and partnerships with major gas turbine manufacturers [20]

Core Viewpoint - Moore Threads has successfully gone public, leading to a significant increase in its stock price, which is expected to benefit several A-share companies, particularly Century Huatong [1] Group 1: Century Huatong's Investment in Moore Threads - Century Huatong's wholly-owned subsidiary, Shanghai Shengqu Shuming Enterprise Management Co., holds a 7.31% stake in Guosheng Capital, which owns 19.5887 million shares of Moore Threads, representing 4.90% of the total shares before the IPO and 4.17% after [2] - The fair value of Century Huatong's stake in Guosheng Capital is classified as a financial instrument measured at fair value with changes recognized in profit or loss, reported under "other non-current financial assets" [2] - Based on Moore Threads' closing price on December 10, 2025, the estimated impact on Century Huatong's net profit for Q4 2025 is approximately 640 million yuan, accounting for 53% of the audited net profit attributable to shareholders for the fiscal year 2024 [2] Group 2: Performance of Moore Threads - Moore Threads experienced a remarkable first-day increase of 425.46% after its listing on December 5, and on December 10, its stock price rose to 735 yuan per share, with a market capitalization reaching 345.5 billion yuan [3] - Century Huatong has invested in Moore Threads for several years, focusing on the metaverse hardware ecosystem, including investments in leading companies like Guangzhou Semiconductor and Moore Threads [3] - Moore Threads aims to develop a new generation of GPUs for metacomputing applications, creating a comprehensive computing platform that integrates visual computing, 3D graphics, scientific computing, and AI computing [3] Group 3: Century Huatong's Financial Performance - Century Huatong reported a significant revenue increase of 75.3% year-on-year, reaching 27.2 billion yuan in the first three quarters of this year, with a net profit of 4.36 billion yuan, reflecting a year-on-year growth of 141.7% [3] - The company's stock has risen over 240% this year, with a current market capitalization of 130.5 billion yuan [4] Group 4: Other A-share Companies' Involvement - Other A-share companies, such as Heertai, have also invested in Moore Threads, with Heertai holding 4.1051 million shares, valued at approximately 3 billion yuan based on Moore Threads' closing price on December 10 [4]

Core Viewpoint - The article discusses the successful listing of the domestic GPU leader, Moer Thread (688795), and the potential benefits for several A-share companies, particularly Century Huatong (002602), which has invested in Moer Thread [1][3]. 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 19.588689 million shares of Moer Thread, accounting for 4.8968% of the total shares before the IPO and 4.1676% after the IPO [3]. - The fair value of Century Huatong's stake in Moer Thread is expected to impact its net profit by approximately 640 million yuan for Q4 2025, representing about 53% of the audited net profit attributable to shareholders for 2024 [3][5]. Group 2: Market Performance - Moer Thread's stock surged by 425.46% on its first trading day and reached 735 yuan per share on December 10, with a market capitalization of 345.5 billion yuan [3][6]. - Century Huatong's stock has increased by over 240% this year, with a current market value of 130.5 billion yuan [6]. Group 3: Broader Industry Context - Other A-share companies, such as Heertai, have also invested in Moer Thread, with Heertai holding 4.105109 million shares valued at approximately 3 billion yuan based on Moer Thread's closing price on December 10 [6]. - Century Huatong has been investing in Moer Thread for several years, focusing on the metaverse hardware ecosystem, which includes investments in leading companies in the AR display and GPU sectors [5].

2025.12.10 本文字数：1281，阅读时长大约2分钟 作者 |第一财经 刘晓洁 12月10日，A股市值第一的游戏厂商世纪华通（002602.SZ）发布公告，因间接投资摩尔线程，预计给 今年第四季度带来净利润6.4亿元，约占2024年度公司经审计归母净利润的53%。 支撑其市值与股价的，是公司旗下爆款游戏带来的业绩爆发。10月底发布的三季度财报显示，世纪华通 单季度营收首次突破百亿大关，达到100.2亿元，同比增长60.2%；归母净利润为17亿元，同比增长 163.8%。前三季度世纪华通累计营收达272.2亿元，超越去年全年；净利润累计达到43.6亿元，同比增 长141.6%。 这意味着，一笔成功的跨界投资，几乎贡献了一家游戏龙头去年过半的利润体量。不过，如果按2025年 前三季度世纪华通43.6亿元的净利润计算，这笔投资带来的利润占比预计会在20%以下。 据公告，世纪华通全资子公司盛趣数盟持有盛芯启程私募投资基金（简称"国盛资本"）约7.3%的份额。 国盛资本持有摩尔线程约1958.9万股，占摩尔线程首次公开发行前总股本的约4.9%，占摩尔线程发行后 总股本的约4.2%。据悉，国盛资本持有摩尔线程股份 ...