Core Viewpoint - The IPO of Muxi Co., Ltd. has generated significant interest, with a low subscription rate indicating high demand for its shares, which may lead to substantial price appreciation post-listing [1][4][6]. Group 1: IPO Details - Muxi Co., Ltd. announced its IPO lottery results 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 subscription rate of 0.02223023% and a final rate of 0.03348913% after the mechanism was activated [3][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 Competitors - Muxi's subscription rates were lower than those of another GPU manufacturer, Moore Threads, which had an initial subscription rate of 0.02423369% and a final rate of 0.03635054% [6][7]. - Muxi's market valuation and price-to-sales ratio are significantly lower than Moore Threads, which had a price of 114.28 yuan per share and a price-to-sales ratio of 122.51 times [7][10]. Group 3: Future Prospects and Strategy - The funds raised from the IPO, estimated at 3.899 billion yuan after expenses, will primarily be allocated to the development of high-performance GPUs and AI inference chips [7][8]. - The company aims to establish a strong market presence by focusing on R&D and building a reputable brand, as stated by the CEO during a recent roadshow [7][8]. - Muxi Co., Ltd. plans to target the cloud and edge computing markets, with upcoming products designed to reduce AI inference costs significantly [8][11]. Group 4: Financial Performance - Muxi Co., Ltd. reported revenues of 426,400 yuan, 53.0212 million yuan, and 743 million yuan for the years 2022, 2023, and 2024, respectively, reflecting a compound annual growth rate of 4074.52% [12]. - The company expects to reach breakeven by 2026, with a revenue of 1.236 billion yuan for the first nine months of 2025, marking a year-on-year growth of 453.52% [12].

2只新股今日发行，纳百川发行2791.74万股，发行价22.63元，募资金额6.32亿元；优迅股份发行2000.00 万股，发行价51.66元，募资金额10.33亿元。 今年以来已发行新股 | 代码 | 简称 | 发行日期 | 发行总量（万股） | 发行价（元） | 募集资金（亿元） | | --- | --- | --- | --- | --- | --- | | 600930 | 华电新能 | 2025.07.07 | 571428.57 | 3.18 | 181.71 | | 688795 | C摩尔 | 2025.11.24 | 7000.00 | 114.28 | 80.00 | | 688783 | 西安奕材 | 2025.10.16 | 53780.00 | 8.62 | 46.36 | | 001280 | C中国铀 | 2025.11.21 | 24818.18 | 17.89 | 44.40 | | 688802 | 沐曦股份 | 2025.12.05 | 4010.00 | 104.66 | 41.97 | | 603049 | 中策橡胶 | 2025.05.23 | 8744.86 | ...

[Table_Reportdate] 2025年12月08日 标配 方霁 S0630523060001 fangji@longone.com.cn 联系人 董经纬 djwei@longone.com.cn 联系人 方逸洋 fyy@longone.com.cn [table_stockTrend] [table_product] 相关研究 1.国内晶圆厂产能满载，华为 与阿里新品响应端侧AI趋势— —半导体行业11月份月报 1. 阿里云Q3营收同比增长34%，华 为Mate 80系列与夸克AI眼镜发布 ——电子行业周报（20251124- 20251130） 2. 英伟达Q3业绩与Q4指引超市场 预期，谷歌发布Gemini 3——电子 行业周报（2025/11/17- 2025/11/23） 3. 中芯国际三季度产能利用率与 ASP双增，百度公布昆仑芯五年路 线图——电子行业周报 （2025/11/10-2025/11/16） [Table_NewTitle] 摩尔线程登陆科创板，美光宣布将退出 消费存储业务 业 周 报 ——电子行业周报2025/12/01-2025/12/07 [table_main] 投资 ...

作者 |第一财经魏中原 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。 2025年12月7日，沐曦股份（688802.SH）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%，足见投资者申购沐曦股 份的热情高涨。 作为专注高性能通用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、中国电信天翼资本、京东、美团等重量级战略 投资者，更在网下询价阶段引发机构抢筹。 2025.12.08 本文字数：2099，阅读时长大约4分钟 沐曦股份是国内少数真正实现千卡集群大规模商业化应用的GPU供应商，已成功支持128BMoE大模型等完成全量预训练。截至2025年3月，沐曦股份已累 计交付超过2.5万颗GPU芯片，成功部署于新华三、苏州瑞芯、汇天网络等核心客户，完成10余个智算集群的商业化落地。 更值得关注的是，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，对应发行市值已达418.74亿 ...

Core Viewpoint - Angrui Microelectronics (688790.SH) has launched its IPO with a low subscription success rate of approximately 0.0345%, indicating high demand similar to that of Moer Technology [1][2] Company Overview - Angrui Microelectronics, established in 2012, specializes in RF front-end and wireless communication chip design, focusing on RF front-end chips, RF SoC chips, and other analog chips [4][6] - The company has a strong customer base, including major brands like Honor, Samsung, Vivo, Xiaomi, OPPO, and Lenovo, with significant sales in the smartphone sector [4][6] - The company aims to become a world-class chip company in the RF and analog fields, reflecting its ambition for long-term growth [10] Financial Performance - Angrui Microelectronics reported revenues of approximately CNY 9.23 billion, CNY 16.95 billion, CNY 21.01 billion, and CNY 8.44 billion for the years 2022, 2023, 2024, and the first half of 2025, respectively [8] - The company has shown a compound annual growth rate (CAGR) of over 50% in revenue over the past three years, with a significant reduction in losses in 2024 compared to previous years [9][8] Strategic Partnerships and Investments - The strategic placement for Angrui Microelectronics includes significant allocations to long-term investors such as social security funds and industry capital, totaling nearly 1.5 million shares [2][3] - The company’s strategic placement reflects confidence from its underwriters and industry partners, including notable firms like BAIC Group and Lenovo [3] Industry Impact - The successful IPO of Angrui Microelectronics is seen as a positive signal for the semiconductor industry, particularly in Beijing, which is focusing on developing its integrated circuit sector as part of its "14th Five-Year Plan" [12][13] - The plan emphasizes the importance of building a complete industrial chain and enhancing collaboration among companies, which could benefit Angrui Microelectronics and similar tech firms [13][14]

本刊记者 崔晓萌 12月5日的科创板，被国产GPU搅得"热气腾腾"。摩尔线程上市后，价格直接创下年内科创板新高，首日高开468.78%，报650元/股，盘中一度冲至688元/ 股。 截至收盘，摩尔线程报600.5元/股，涨幅425.46%。按收盘价计算，中一签浮盈高达24.31万元。 | W | N摩尔-U(688795) | | | | | --- | --- | --- | --- | --- | | | 闭市 12-05 15:30:19 科 融 | | | | | | 600.50 额 153.07亿 股本4.70亿 市盈 -194.4 | | 万得 | | | +486.22 +425.46% | 换 85.49% 市值1 2823亿 市净 24.51 | | | | | 分时 | 五日 目K 周K 月K 更多 | | | | | 叠加 | | 2017 | 资金 | | | 1688.00 | | 502.03% 卖5 601.00 212 卖4 600.99 | | 8 | | | 33 | 600.90 | | 2 | | | 322 | 600.72 | | 13 | | | | -000% ...

Core Insights - The Sci-Tech Innovation Board (STAR Market) index rose by 1.86%, closing at 1350.80 points, with a total trading volume of 3.826 billion shares and a turnover of 206.755 billion yuan, reflecting an average turnover rate of 1.99% [1] Trading Performance - Among the tradable stocks on the STAR Market, 476 stocks closed higher, with 12 stocks experiencing a rise of over 10%, including Aikesaibo and Ruikeda, which hit the daily limit [1] - The distribution of turnover rates shows that 3 stocks had turnover rates exceeding 20%, 23 stocks between 10% and 20%, and 63 stocks between 5% and 10% [1] - C-More, a newly listed stock, had the highest turnover rate at 34.97%, despite a decline of 1.04%, with a trading volume of 6 billion yuan and a net outflow of 156 million yuan in main funds [1][2] Sector Analysis - In the high turnover stocks, the electronics sector had the most representation with 29 stocks, followed by the computer and power equipment sectors with 14 and 12 stocks, respectively [2] - The stocks with the highest net inflows included GuoDun Quantum, DeKeLi, and Tengjing Technology, with net inflows of 406 million yuan, 325 million yuan, and 257 million yuan, respectively [2] Leverage Fund Movements - A total of 44 stocks in the high turnover category received net purchases from leveraged funds, with C-More, Baiwei Storage, and Weidao Nano seeing significant increases in financing balances of 1.701 billion yuan, 239 million yuan, and 8.610 million yuan, respectively [3] Notable Stocks - The top stocks by turnover rate on December 8 included C-More, which closed at 594.25 yuan with a turnover rate of 34.97% and a net outflow of 156.30 million yuan, and Aikesaibo, which rose by 20% to 49.37 yuan with a net inflow of 63.08 million yuan [4][5]

Group 1 - The core point of the article is that Moore Threads Technology (Beijing) Co., Ltd. officially listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 5, with an opening price of 650 CNY per share, experiencing a surge of over 400%, and its market capitalization briefly exceeding 300 billion CNY, making it the first fully functional GPU company to enter the capital market in China [1][3]. Group 2 - Moore Threads was established in 2020, focusing on the research and development of fully functional GPU chips and AI computing solutions, having successfully launched four generations of GPU architecture, and is one of the few companies in China with the capability to develop fully functional GPUs [3]. - The company is a key investment project of Weifang Municipal Financial Holdings Group, which has invested in Moore Threads through market-oriented funds since 2021, helping its valuation rise from 3.7 billion CNY to 29.8 billion CNY, ultimately leading to its listing [3]. - Weifang Municipal Financial Holdings Group has consistently adhered to the principle of financial services for the real economy, enhancing its fund management and operational capabilities, and has supported 43 companies to successfully go public across various sectors, including biomedicine, chemicals, electronic information, new energy, and new materials [3].

Group 1 - The core viewpoint of the article highlights the successful listing of Moore Threads on the Shanghai Stock Exchange, marking it as China's first fully functional GPU company to go public, with a closing price increase of 425.46% and a market capitalization of 282.3 billion yuan [2] - The article emphasizes the role of the Shenzhen Futian Guidance Fund in supporting Moore Threads and other emerging tech companies, showcasing a strategic investment approach that combines market-driven investments with direct strategic investments [3] - The Futian Capital Operation Group has mobilized over 160 billion yuan in social capital, managing 53 sub-funds and investing in over 4,000 companies, with more than 90% of funds directed towards strategic emerging industries such as AI, robotics, and new energy [3] Group 2 - The establishment of the Jianyuan Zhengxing Fund, a collaboration between multiple entities, aims to enhance investment in strategic emerging industries in Shenzhen, with an initial scale of 70 billion yuan and plans to expand to 200 billion yuan [4][5] - The article discusses innovative mechanisms in the Futian District, including a high tolerance for investment losses in early-stage projects, allowing for up to 100% loss in certain cases, which is seen as a proactive approach to encourage investment in high-risk sectors [6][7] - The Futian Guidance Fund is noted for being the first in the country to actively support the extension of the lifespan of managed sub-funds, reflecting a commitment to nurturing "patient capital" and aligning with Shenzhen's strategic goals for emerging industries [8]

Group 1 - The semiconductor sector experienced a significant increase of 2.82% on December 8, with Saiwei Microelectronics leading the gains [1] - The Shanghai Composite Index closed at 3924.08, up 0.54%, while the Shenzhen Component Index closed at 13329.99, up 1.39% [1] - Notable gainers in the semiconductor sector included Saiwei Microelectronics, which rose by 18.82% to a closing price of 101.20, and Changguang Huaxin, which increased by 15.26% to 148.48 [1] Group 2 - The semiconductor sector saw a net inflow of 4.429 billion yuan from institutional funds, while retail investors experienced a net outflow of 2.247 billion yuan [2] - Major stocks that declined included Hangyu Micro, which fell by 2.63% to 17.00, and Hongwei Technology, which decreased by 1.97% to 27.41 [2] - The trading volume for the semiconductor sector was substantial, with Saiwei Microelectronics recording a trading volume of 475,000 shares and a transaction value of 460 million yuan [1][2]