Core Insights - The rapid listing of Moer Technology has allowed bank wealth management subsidiaries to benefit from new stock subscriptions, indicating a trend towards equity investments to enhance returns amid declining fixed-income yields [1][2]. Group 1: Market Activity - Moer Technology, known as the "first domestic GPU stock," was listed on the STAR Market on December 5, with an opening surge of 468.78% and a closing price increase of 425.46% from the issue price [1]. - The offline issuance attracted 267 investors, with a total of 7,555 effective allocation targets, setting a new record for STAR Market IPO subscriptions since 2025 [2]. - Bank wealth management subsidiaries, such as Ningyin Wealth Management and Xingyin Wealth Management, successfully participated in the offline subscription, with Ningyin securing 34,400 shares and Xingyin obtaining 17,900 shares [2]. Group 2: Investment Strategies - Wealth management subsidiaries are increasingly participating in new stock subscriptions as a strategy to enhance returns, with Ningyin Wealth Management participating in 25 new stock subscriptions this year, successfully securing allocations in 24 instances [3]. - The trend towards equity investments is supported by policy changes that allow bank wealth management to participate in IPOs on par with public funds [2][3]. Group 3: Performance Metrics - The first-day surge of Moer Technology resulted in a potential profit of nearly 280,000 yuan for a single subscription of 500 shares, with related wealth management products showing significant annualized returns of over 20% [4]. - As of September, the average annualized returns for mixed and equity wealth management products were 5.03% and 13.72%, respectively, reflecting increases of 1.89 and 9.97 percentage points since June [4]. Group 4: Industry Challenges - The transition from fixed income to equity investments is driven by the need for higher returns, but challenges include meeting stock base value requirements and the need for robust research capabilities [6]. - Only a few wealth management subsidiaries have the capability to successfully participate in new stock subscriptions, with only 3 to 4 out of over 9 registered as offline investors being able to effectively compete [5]. Group 5: Strategic Recommendations - Industry experts suggest that wealth management subsidiaries should enhance their research capabilities, streamline operational processes, and innovate "fixed income + new stock" products to better align with investor preferences [6][7]. - There is a call for wealth management firms to leverage their parent bank resources to create differentiated product lines and improve investor education regarding net value fluctuations and long-term returns [7].

Core Insights - Moer Technology officially listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 5, becoming the first domestic GPU stock in China [1] - The company is a high-tech enterprise that has achieved full-function GPU research and production, providing computing acceleration infrastructure and one-stop solutions for various industries [3] Company Overview - Moer Technology focuses on supporting digital transformation across industries with strong AI computing capabilities, applicable in fields such as large model training and inference, digital twins, consumer electronics, industrial design, and geographic information [3] Strategic Partnerships - In the GPU industry, information security is critical for business survival. By 2025, Moer Technology plans to implement DingTalk as its exclusive digital office base to meet strict requirements for organizational management, data transmission security, and internal governance [6] - The collaboration between Moer Technology and DingTalk began with security compliance needs and has evolved into a strategic partnership aimed at enhancing information security and AI innovation applications [6] - DingTalk will continue to play a foundational role in supporting hard-tech companies like Moer Technology to accelerate their global competitiveness [6]

据介绍，摩尔线程创始人、董事长兼CEO张建中将首次系统阐述以MUSA为核心的全栈发展战略与未来愿景，并发布新一代GPU架构、推出涵盖产品体 系、核心技术及行业解决方案的完整布局，分享多领域落地案例与生态建设进展。演讲还将深入分享摩尔线程在AI计算、图形渲染、科学计算及多场景 融合中的落地实践、生态进展与前瞻思考。 摩尔线程将发布新一代GPU架构。 12月9日，摩尔线程发布消息称，12月19日至20日，摩尔线程首届MUSA开发者大会（MUSA Developer Conference，简称MDC 2025）将在北京中关村国 际创新中心拉开帷幕。 12月5日，"国产GPU第一股"摩尔线程在科创板上市。上市首日，公司股价一度涨超500%，冲高至688元/股，随后回落。截至收盘，摩尔线程当日上涨 425.46%，股价上涨486.22元/股，股价达到600.5元/股。按收盘价估算，一签摩尔线程浮盈约24.31万元。 今日（12月9日），摩尔线程股价一度涨近6%，截至收盘，涨5.73%，最新股价报628.31元/股，总市值超2950亿元。 （文章来源：证券时报） ...

Group 1 - The core point of the article is that Moore Threads, a leading domestic GPU company, officially listed on the Sci-Tech Innovation Board, marking a new phase for the company and contributing to the development of emerging industries in Huishan District [1][3]. - The listing price of Moore Threads was set at 114.28 yuan per share, with the opening price on the first day reaching 650 yuan per share, indicating strong market recognition of the domestic GPU sector and the company's core technology [3]. - Moore Threads has been focusing on autonomous and controllable GPU technology since its establishment in 2020, developing a computing acceleration platform that covers various scenarios such as AI training, graphics rendering, and scientific computing [6]. Group 2 - In February of this year, Moore Threads established a wholly-owned subsidiary in Huishan District to develop the next generation of autonomous AISoC chips and is planning to create an ecological innovation and entrepreneurship park [9]. - In the AI education sector, a collaboration was initiated in June between provincial schools, Moore Threads, and iFLYTEK, showcasing the application of domestic computing power technology in educational settings [11]. - Huishan District plans to deepen cooperation with Moore Threads in five key areas, including building AI infrastructure, promoting AI+ industry solutions, and establishing a talent cultivation base for practical AI skills [11].

Wind数据显示，截至2025年12月9日A股收盘，通信、电子、创业板指领涨市场，涨幅分别为2.23%、0.78%、0.61%。 通信、电子、创业板指 国盛证券评论，所有科技进展仍然指向算力，Gemini3.0PRO跃迁式进展、DeepSeekV3.2进展迅速但指出不管预训练、后训练有更多算力会更进步，字节手 机展现出超级自定义Agent场景，可能其他巨头不会再沉得住气。上述事件，对国内资本支出是好事，全行业支出有望进一步提升，服务器链、AIDC链、算 力服务链是明确利好。 据摩尔线程官微，12月19日至20日，摩尔线程首届MUSA开发者大会将在北京中关村国际创新中心拉开帷幕。摩尔线程创始人、董事长兼CEO张建中将首次 系统阐述以MUSA为核心的全栈发展战略与未来愿景，并重磅发布新一代GPU架构、推出涵盖产品体系、核心技术及行业解决方案的完整布局，分享多领域 落地案例与生态建设进展。 天风证券表示，坚定看好算力产业链核心标的的投资机会。其中，海外算力产业链高景气度依旧，相关公司财报持续体现AI相关需求的高景气，相关产业 链的基本面共振更强，持续看好海外算力产业链投资机会。国内方面，后续伴随着国产算力持续发展， ...

Core Viewpoint - Moore Threads is set to unveil its next-generation GPU architecture at the inaugural MUSA Developer Conference on December 19-20, 2023, where the company's full-stack development strategy and future vision will be presented by founder and CEO Zhang Jianzhong [1] Group 1: Company Developments - Moore Threads, known as the "first domestic GPU stock," officially listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 5, 2023, opening at 650 CNY per share, a 468.78% increase from the issue price of 114.28 CNY per share, and closing at 600.5 CNY per share [1] - Following the announcement of the upcoming conference, Moore Threads' stock rose by 5.73% to 628.31 CNY per share, with a total market capitalization reaching 295.3 billion CNY, although it remains over 8% below its peak of 688 CNY per share since listing [1] - As of now, Moore Threads has launched four generations of GPU architectures (Sudi, Chunxiao, Quyuan, and Pinghu), covering fields such as AI computing, cloud computing, high-performance computing, and graphics rendering [1] Group 2: Financial Performance - In the first half of 2025, Moore Threads achieved a revenue of 702 million CNY, surpassing the total revenue from 2022 to 2024, but still reported a net loss of 271 million CNY during the same period [2] - As of June 30, 2025, the company has accumulated an unrecouped loss of approximately 1.48 billion CNY and expects to achieve consolidated profitability by 2027 at the earliest [2]

Summary of Key Points Core Viewpoint - The news highlights the issuance of new stocks in the market, detailing the total amount raised by various companies and the distribution of these funds across different sectors and regions. Group 1: New Stock Issuance - Yuan Chuang Co., Ltd. issued 19.6 million shares at a price of 24.75 yuan, raising 485 million yuan [1] - A total of 102 companies have gone public this year, raising a cumulative amount of 120.164 billion yuan, with an average fundraising of 1.178 billion yuan per company [1] - Among these, 28 companies raised over 1 billion yuan, and 1 company raised over 10 billion yuan [1] Group 2: Fundraising by Sector - The Shanghai Stock Exchange saw 21 new stocks issued, raising 41.405 billion yuan; the Shenzhen Stock Exchange had 13 new stocks raising 15.082 billion yuan; the ChiNext Board issued 29 new stocks raising 22.662 billion yuan; the Sci-Tech Innovation Board had 16 new stocks raising 34.310 billion yuan; and the Beijing Stock Exchange issued 23 new stocks raising 6.705 billion yuan [1] - Huadian New Energy is the top fundraiser this year, raising 18.171 billion yuan primarily for wind and solar power projects [2] - C Moer raised 8 billion yuan for the development of AI chips and graphics chips [2] Group 3: Pricing and Regional Distribution - The average initial public offering (IPO) price this year is 23.44 yuan, with 8 companies priced above 50 yuan and 2 above 100 yuan [2] - Jiangsu, Guangdong, and Zhejiang are the top regions for new stock issuances, with 24, 18, and 16 companies respectively [2] - The highest IPO price was for C Moer at 114.28 yuan, while the lowest was for Huadian New Energy at 3.18 yuan [2]

今日尾盘，摩尔线程股价快速拉升，截至收盘涨5.73%，报628.31元/股。 新一代GPU架构即将揭晓 12月5日才登陆科创板，"国产GPU第一股"摩尔线程又马不停蹄地宣布：即将推出新一代GPU架构。 刚登陆科创板，摩尔线程又有新动作。 公司12月9日宣布，即将发布新一代GPU架构，推出涵盖产品体系、核心技术及行业解决方案的完整布 局，分享多领域落地案例与生态建设进展。 作为国内首个聚焦全功能GPU的开发者盛会，大会以"创造、链接、汇聚（Create，Connect， Converge）"为核心理念，旨在汇聚全球AI与GPU领域开发者、技术领袖、产业先锋及行业数智化转型 实践者，共同探索国产算力的突破路径，擘画自主计算生态的崭新蓝图。 据悉，MDC 2025不仅是摩尔线程MUSA技术体系与全栈能力的集中呈现，更致力于打造一个连接技术 创新、开发者共创与产业应用的战略平台。大会将围绕MUSA统一系统架构，全面展示从硬件到软件、 从技术到场景的全栈能力与生态进展，加速推动国产全功能GPU技术扎根千行百业，筑牢智能时代的坚 实算力底座。 众多合作伙伴和重量级嘉宾将亮相 除了聚焦智能算力，MDC 2025还将全方位赋 ...

【摩尔线程即将发布新一代GPU架构】#摩尔线程将发新一代GPU架构# 12月9日，据#摩尔线程# （688795）微信公众号消息，公司新一代GPU架构即将发布。 12月19日至20日，摩尔线程首届MUSA开发者大会将在北京中关村国际创新中心拉开帷幕。大会主论坛 将聚焦驱动千行百业数智化转型的核心引擎——智能算力。摩尔线程创始人、董事长兼CEO张建中将首 次系统阐述以MUSA为核心的全栈发展战略与未来愿景，并重磅发布新一代GPU架构、推出涵盖产品体 系、核心技术及行业解决方案的完整布局，分享多领域落地案例与生态建设进展。（北京商报记者 马 换换 王蔓蕾） ...

今日尾盘，摩尔线程股价快速拉升，截至收盘涨5.73%，报628.31元/股。 刚登陆科创板，摩尔线程又有新动作。 公司12月9日宣布，即将发布新一代GPU架构，推出涵盖产品体系、核心技术及行业解决方案的完整布局，分享多领域落地案例与生态建设进展。 公开资料显示，基于自研的MUSA架构，摩尔线程率先实现了在单芯片架构上同时支持AI计算加速、图形渲染、物理仿真以及超高清视频处理所需计算能 力的突破。 众多合作伙伴和重量级嘉宾将亮相 新一代GPU架构即将揭晓 12月5日才登陆科创板，"国产GPU第一股"摩尔线程又马不停蹄地宣布：即将推出新一代GPU架构。 摩尔线程于12月9日在官方微信号发布，12月19日至20日，摩尔线程首届MUSA开发者大会（MUSA Developer Conference，简称"MDC 2025"）将在北京中 关村国际创新中心拉开帷幕。 大会期间，摩尔线程创始人、董事长兼CEO张建中将发表重磅演讲，首次系统阐述以MUSA为核心的全栈发展战略与未来愿景，并重磅发布新一代GPU架 构、推出涵盖产品体系、核心技术及行业解决方案的完整布局，分享多领域落地案例与生态建设进展。 作为国内首个聚焦全功能G ...