摩尔线程小幅低开后快速翻红，截至发稿上涨3.22%，报613元 12月9日，美国总统特朗普宣布批准英伟达向中国出口H200人工智能芯片同时"抽成25%"的消息，迅速 引发市场对英伟达板块的强烈反应。A股相关概念股集体高开，国产AI芯片企业则呈现分化走势。 摩尔线程（688795.SH）小幅低开后快速翻红，截至发稿上涨3.22%，报613元；海光信息 （688041.SH）、寒武纪（688256.SH）等AI芯片龙头小幅上涨，波动普遍较小。 H200芯片作为英伟达继H100后的升级产品，配备了更多的高带宽内存，能更快速地处理数据，被视为 AI训练和推理的关键硬件。尽管美国此前对华实施芯片出口限制，但此次批准H200对华出口，显示了 美国在AI芯片领域对中国市场的战略考量。 对于英伟达产业链上的中国企业而言，H200芯片的获批出口无疑是一针强心剂。概念股的上涨反映了 市场对相关企业能够获得先进芯片供应、提升产品竞争力的积极预期。这些公司作为英伟达的供应链合 作伙伴，或直接受益于H200芯片的对华出口。 市场情绪带动下，AI分支光电路交换机概念、高速铜连接概念，纷纷跟涨，陕西华达（301517.SZ） 20cm涨停 ...

在摩尔线程（688795.SH）上市首日被市场"预付"约3000亿元市值之后，沐曦股份（688802.SH）即将登 陆科创板，再度考验资本对国产算力的买单意愿。 12月7日，沐曦股份公告其科创板IPO网上发行最终中签率为0.03348913%，低于此前摩尔线程的 0.03635%，足见投资者申购热情高涨。 作为专注于高性能通用GPU及AI推理芯片的硬科技企业，沐曦股份不仅吸引了国家人工智能产业投资 基金等重量级战略投资者，更在网下询价阶段引发机构抢筹。 根据发行安排，沐曦股份以104.66元/股的价格公开发行4010万股，若发行后总股本为40010万股，对应 发行市值将达418.74亿元。若市场情绪复刻摩尔线程首日约425%的收盘涨幅，沐曦股份股价将冲至约 595元，对应市值一举突破2300亿元——这意味着二级市场愿为其未来技术兑现与盈利前景"预付"近 1900亿元的估值溢价。 与尚无明确盈利时间表的摩尔线程不同，沐曦股份给出"达到盈亏平衡点的预期时间最早为2026年"的预 期，这份"可预期的商业化能力"会否让市场支付更高昂的"预付款"？答案不久将揭晓。 沐曦股份接棒摩尔线程，引爆年末打新热潮 上周五（12月 ...

Core Viewpoint - Moores Threads has emerged as the "king of new stocks" in the A-share market, with its stock price soaring 468.78% on the first day of trading, reaching a market capitalization of over 300 billion yuan [1][2]. Company Overview - Founded by Zhang Jianzhong, a former Nvidia executive, Moores Threads aims to create a "full-function GPU" that integrates graphics rendering, AI computing, and scientific computing [2][3]. - The company has assembled a team of top talents from Nvidia, focusing on a unique technology route with its self-developed MUSA architecture [3][5]. Financial Performance - Moores Threads has experienced rapid growth since its establishment, securing significant financing and launching its first full-function GPU in 2021 [5][6]. - The company is projected to achieve revenues of 438 million yuan in 2024, earning the title of "Beijing unicorn" [6]. Market Position and Competition - Moores Threads is positioned as the "first domestic GPU stock," with its IPO application submitted in June 2025 and listing completed in December 2025 [7]. - The company faces significant competition from Nvidia and other established players, with notable gaps in technology and market presence [11][12]. Technology and Product Development - The MUSA architecture allows for compatibility with Nvidia's CUDA ecosystem, which is crucial for reducing developer migration costs [9][10]. - Moores Threads has developed a range of products, including the "Chunxiao" chip and gaming graphics card MTTS80, targeting various market segments [6][12]. Long-term Opportunities - The company aims to build a "full-scenario computing fusion ecosystem," positioning itself as a comprehensive computing platform in the domestic GPU market [17][19]. - With the increasing demand for integrated AI and graphics capabilities, Moores Threads is well-positioned to capitalize on emerging trends in AI, digital twins, and smart manufacturing [19][21]. Future Projections - The company plans to achieve profitability by 2027, similar to the trajectory of its competitor, Cambricon [11][14]. - Long-term goals include establishing a complete autonomous "Chinese GPU ecosystem" and becoming a global leader in full-function GPU supply [22].

2025年12月5日，中国资本市场上演了一场极其戏剧性的景象。 一家名为摩尔线程的芯片公司在A股科创板上市，开盘股价便从114.28元的发行价一路飙 升至650元，最高涨幅达到473%，中一签（500股）的投资者最高可赚超过28万元。 而同一天，一家名为"遇见小面"的中式面馆连锁企业在香港交易所挂牌，却遭遇了完全不同的命运，其股价以较发行价7.02港元低开近25%开场，最终 收盘时破发幅度达27.84%。 一家尚处于亏损状态的科技公司和一家已实现盈利的消费企业，在上市首日为何会迎来如此天壤之别的待遇？ 这背后的差异密码，恰恰揭示了A股与港股两个市场截然不同的游戏规则和投资逻辑。 | 英语家居 | 0.88 | 1464万 | 97 | 3.90亿 | | --- | --- | --- | --- | --- | | 603216 | | | | | | 電荷高新 002023 | 2.46 | 1.21亿 | 53 | 12.72亿 | | STERN AN 600711 | 1.56 | -8488万 | 86 | 44.18亿 | | 中国市场 000797 | 1.35 | 1.10亿 | 77 | ...

沐曦股份12月7日公告，据上海证券交易所提供的数据，本次网上发行有效申购户数为517.52万户，有 效申购股数为288.62亿股，网上发行初步中签率为0.02223023%，回拨机制启动后，网上发行最终中签 率为0.03348913%。 继摩尔线程上市首日大爆后，更难抢的"国产GPU第二股"要来了！ 相比之下，沐曦股份比摩尔线程更加一票难求，其上市后的股价表现因此而充满想象。 12月8日晚，沐曦股份公告称，发行人和保荐人12月8日上午进行沐曦股份首次公开发行股票网上发行摇 号抽签仪式。凡参与网上发行申购沐曦股份A股股票的投资者持有的申购配号尾数与上述号码相同的， 则为中签号码。中签号码共有19331个，每个中签号码只能认购500股沐曦股份A股股票。 （文章来源：21世纪经济报道） 上市首日暴涨425.46%的摩尔线程，此前网上发行初步中签率为0.02423369%，最终中签率为 0.03635054%。 ...

Group 1 - The core viewpoint of the news is the performance and market reaction of Moores Threads after its debut on the STAR Market, where it experienced significant volatility, including a drop of over 6% before recovering slightly to close down 1.04% at a price of 594.25 yuan, with a market capitalization of approximately 280 billion yuan [1] - Moores Threads went public on the STAR Market last Friday, reaching a peak price of 688 yuan and closing with a gain of 425.46 yuan on its first day, allowing investors to earn up to 240,000 yuan per share [1] Group 2 - Yu Minhong congratulated Moores Threads on his social media, highlighting that his Hongtai Fund participated in the company's A-round financing in November 2021, marking it as a significant investment in the semiconductor sector [3] - The A-round financing of Moores Threads raised 2 billion yuan, led by several prominent institutions, with Hongtai Fund participating as an A+ round investor at a pre-valuation of 11.9 billion yuan, indicating a potential profit of over 20 times based on the latest market valuation [3] Group 3 - Hongtai Fund, co-founded by Yu Minhong and Sheng Xitai in 2014, focuses on high-tech industries such as intelligent manufacturing, artificial intelligence, and semiconductors, managing over 30 billion yuan and having invested in 300 companies [4] - Other investors, such as Liang Wenfeng's Huansheng Quantitative, also profited significantly from Moores Threads, with Huansheng Quantitative acquiring 61,300 shares and realizing a floating profit of nearly 30 million yuan on the first day [4]

Core Insights - The successful IPO of Moore Threads saw a staggering first-day increase of 468.78%, with its market capitalization briefly exceeding 300 billion yuan, leading to significant returns for early investors like Peixian Qianyao, whose initial investment of 1.9 million yuan is now estimated to yield over 10 billion yuan, representing a return multiple of over 6000 times [1][5][12] Investment Dynamics - Peixian Qianyao was one of the first investors in Moore Threads, contributing 1.9 million yuan at a nominal price of 1 yuan per registered capital, while another investor, Shenzhen Minghao, entered at a valuation of 4.2 billion yuan, paying 35.28 yuan per registered capital [2][3] - The lower entry price for Peixian Qianyao was facilitated by its role in helping Moore Threads attract larger investments, indicating a strategic use of resources to secure favorable terms [4][3] Shareholding Structure - Prior to the IPO, Peixian Qianyao held approximately 16.99 million shares, equating to a 4.25% stake in Moore Threads, with a projected market value of nearly 12 billion yuan at peak listing [5][6] - The shareholding structure of Peixian Qianyao includes four key stakeholders, with Zhou Qi as the actual controller, who is also a partner at Shanda Capital, indicating a networked investment approach [6][8] Strategic Relationships - The investment by Peixian Qianyao is part of a broader network involving Shanda Capital, which played a crucial role in connecting Moore Threads with significant investors like Shenzhen Minghao [8][12] - Zhou Qi's prior investments in related companies, such as the graphics card manufacturer "Colorful," and his connections to Nvidia, highlight the strategic foresight and industry knowledge that underpinned the investment decision [11][12] Market Trends and Future Outlook - The investment in Moore Threads is seen as a reflection of the growing trend towards domestic GPU alternatives and the broader AI infrastructure market, positioning Peixian Qianyao as a key player in this emerging sector [12] - Historical comparisons to other successful investments in the tech sector, such as Hikvision and BYD, suggest that identifying and investing in transformative technologies can yield substantial returns, reinforcing the notion that successful venture capital is less about luck and more about strategic foresight [12]

Core Viewpoint - The IPO results of domestic GPU chip manufacturer Muxi Co., Ltd. show a low subscription rate of 0.03348913%, despite a significant first-day surge of 425.46% for a comparable company, Moer Thread [1][3]. Group 1: IPO Details - Muxi Co., Ltd. had a total of 19,331 winning numbers for its IPO, with each number allowing the purchase of 500 shares [1]. - The effective subscription number reached 5.1752 million, with a total of 28.862 billion shares applied for, leading to an initial subscription rate of 0.02223023% [1]. - The final subscription rate increased after the allocation mechanism was activated, contrasting with Moer Thread's final subscription rate of 0.03635054% [1][3]. Group 2: Financial Metrics - The IPO price was set at 104.66 yuan per share, corresponding to a market value of approximately 41.874 billion yuan and a price-to-sales ratio of 56.35 times, which is half of Moer Thread's 122.51 times [2]. - Muxi Co., Ltd. plans to raise a net amount of 3.899 billion yuan after deducting issuance costs [2]. - The company aims to allocate funds primarily to three GPU R&D projects, focusing on high-performance general-purpose GPUs and AI inference GPUs [4]. Group 3: Market Position and Strategy - Muxi Co., Ltd. has surpassed recent GPU industry benchmarks in subscription enthusiasm, indicating strong market interest [3]. - The company is in a "three-step" strategic plan to transition from product advantages to market leadership, with a focus on cloud and edge computing markets [4]. - The next-generation cloud model inference chip Nx is a key development focus, designed to significantly reduce AI inference costs [5]. Group 4: Revenue and Profitability - Muxi Co., Ltd. has experienced explosive revenue growth, with revenues of 426,400 yuan in 2022, 53.0212 million yuan in 2023, and projected revenues of 743 million yuan in 2024, reflecting a compound annual growth rate of 4074.52% [6]. - Despite rapid revenue growth, the company faces profitability challenges, with cumulative losses exceeding 3.2 billion yuan from 2022 to 2025 [6][8]. - The company expects to reach breakeven by 2026, with a projected market share of approximately 1% in China's AI chip market by 2024 [6].

Core Viewpoint - The IPO of Muxi Co., Ltd. has generated significant interest, with a low initial and final winning rate for online subscriptions, indicating high demand for its shares in the market [1][6][10]. Group 1: IPO Details - Muxi Co., Ltd. announced its online subscription lottery for its IPO on December 8, with a total of 19,331 winning numbers, each allowing the purchase of 500 shares [1]. - The effective number of subscription accounts reached 5.1752 million, with a total of 28.862 billion shares applied for, resulting in an initial winning rate of 0.02223023% and a final winning rate of 0.03348913% after the mechanism was activated [1][6]. - The IPO price was set at 104.66 yuan per share, corresponding to a market capitalization of approximately 41.874 billion yuan and a price-to-sales ratio of 56.35 times [6][7]. Group 2: Comparison with Peers - Muxi Co., Ltd.'s winning rates were lower than those of another GPU manufacturer, Moore Threads, which had an initial winning rate of 0.02423369% and a final winning rate of 0.03635054% [6][10]. - The company plans to raise approximately 3.899 billion yuan, slightly below the previously planned 3.904 billion yuan, with all shares being new issues and no existing shareholder sales involved [7]. Group 3: Future Development and Strategy - The raised funds will primarily be allocated to the development of new high-performance general-purpose GPUs, AI inference GPUs, and advanced GPU technology for emerging applications [7][8]. - The company aims to establish a strong market presence by maintaining a competitive edge in R&D and building a reputable brand, as stated by the CEO during a recent roadshow [7][8]. - Muxi Co., Ltd. is focusing on the cloud and edge computing markets, with plans to develop the second and third generations of its training and inference chips, as well as next-generation cloud model inference chips [8]. Group 4: Market Position and Financial Performance - Muxi Co., Ltd. is positioned as the second domestic GPU company to go public, following Moore Threads, and is expected to have a promising market outlook [10]. - The company reported a compound annual growth rate of 4074.52% in revenue from 2022 to 2024, with projected revenue of 1.236 billion yuan for the first nine months of 2025, reflecting a year-on-year growth of 453.52% [11]. - Although Muxi Co., Ltd.'s revenue is currently below the industry average, its sales gross margin is comparable to the industry average, highlighting its strong profitability potential [11].

Core Viewpoint - The IPO of Muxi Co., Ltd. has generated significant interest, with a low final winning rate of 0.03348913%, indicating high demand for its shares in the market [4][6]. Group 1: IPO Details - Muxi Co., Ltd. announced its IPO on December 8, with a total of 19,331 winning numbers, allowing each winner to subscribe for 500 shares [1]. - The IPO price was set at 104.66 yuan per share, corresponding to a market capitalization of approximately 41.874 billion yuan and a price-to-sales ratio of 56.35 times [7]. - The company plans to issue 40.1 million shares, accounting for 10.02% of the total share capital post-issue, with net fundraising expected to be 3.899 billion yuan [7]. Group 2: Market Comparison - Muxi's initial winning rate is lower than that of another GPU manufacturer, Moore Threads, which had a final winning rate of 0.03635054% [6]. - The fundraising amount for Muxi is slightly lower than the previously planned 3.904 billion yuan, while Moore Threads raised 7.576 billion yuan with a higher price-to-sales ratio of 122.51 times [7]. Group 3: Company Strategy and Future Plans - The funds raised will primarily be allocated to the development of new high-performance general-purpose GPUs and AI inference GPUs, as well as advanced GPU technology for emerging applications [7][8]. - The company aims to establish a strong market presence by maintaining a competitive edge in R&D and building a reputable brand [7]. - Muxi Co., Ltd. is focusing on the cloud and edge computing markets, with plans to develop next-generation chips designed for generative AI inference [8]. Group 4: Financial Performance - Muxi's revenue for 2022, 2023, and projected 2024 are 426,400 yuan, 53.0212 million yuan, and 743 million yuan respectively, showing a compound annual growth rate of 4,074.52% [14]. - The company expects to achieve breakeven by 2026, with a significant year-on-year revenue growth of 453.52% in the first nine months of 2025, reaching 1.236 billion yuan [14]. - Muxi's sales gross margin is comparable to industry averages, indicating strong profitability potential despite lower revenue compared to peers [14].