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0.037%，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。 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418.74亿元。 若市场情绪复刻摩尔线程首日450%的收盘涨幅（其开盘涨468.78%），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。（第一财经） ...

Core Insights - The total amount raised by companies on the Sci-Tech Innovation Board (STAR Market) this year has reached 34.31 billion yuan, with an average fundraising of 2.144 billion yuan per company [1][2] - C Moore has raised the highest amount at 8 billion yuan, primarily for the development of AI chip projects [1] - The average initial offering price for STAR Market stocks this year is 37.68 yuan, with four companies priced above 50 yuan [2] Fundraising Overview - A total of 16 companies have issued new shares on the STAR Market this year, with 12 companies raising over 1 billion yuan and 3 companies raising between 500 million yuan and 1 billion yuan [1] - The companies with significant fundraising include C Moore (8 billion yuan), Xi'an Yicai (4.636 billion yuan), and Muxi Co., Ltd. (4.197 billion yuan) [1] Pricing and Valuation - The average initial price of STAR Market stocks is 37.68 yuan, with C Moore having the highest price at 114.28 yuan [2] - The issued price-to-earnings (P/E) ratio ranges from 6.14 to 519.12, with an average of 86.10 and a median of 41.55 [2] - The highest P/E ratio is recorded by Bai Ao Sai Tu at 519.12, with 50% of the companies having a P/E ratio above the industry average [2] Geographic Distribution - The majority of the companies listed on the STAR Market this year are concentrated in Beijing (5 companies), Hubei (2 companies), and Guangdong (2 companies) [2] - The top fundraising regions are Beijing (14.692 billion yuan), Shaanxi (4.636 billion yuan), and Shanghai (4.197 billion yuan) [2]

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418.74亿元。若市场情绪复刻摩尔线程首日450%的收盘涨幅（其开盘 涨468.78%），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。 尤为关键的是，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"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 2025年，国产GPU企业迎来历史性年份。上周五（12月5日），摩尔线程上市首日以468.78%开盘暴涨 惊艳市场，点燃投资者对AI芯片赛道的热情。摩尔线程上市当日，沐曦股份迎来新股申购，发行价 104.66元/股，0.0335%的中签率，低于摩尔线程的中签率（0.03635%）。 尤为引人注目的是，回拨机制启动前，沐曦股份的网上发行初步有效申购倍数约为4498.38倍，超过摩 尔线程的4126.49倍。回拨机制启动 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 上周A股市场震荡上涨。Wind数据显示，截至12月5日，A股市场融资余额报24641.11亿元，融券余额报 175.65亿元，上周融资余额增加76.11亿元。 加仓C摩尔-U超17亿元 上周，机械设备行业融资余额增加超31亿元，A股市场融资净买入金额最多的股票为C摩尔-U（即摩尔 线程），净卖出金额最多的股票为中际旭创。 加仓机械设备行业超31亿元 Wind数据显示，截至12月5日，A股两融余额报24816.76亿元，融资余额报24641.11亿元，上周A股市场 融资余额增加76.11亿元。 具体来看，上周的5个交易日中，12月1日A股融资余额增加102.08亿元，12月2日增加21.94亿元，12月3 日减少37.13亿元，12月4日增加13亿元，12月5日减少23.78亿元。 从行业情况看，上周申万一级31个行业中有16个行业融资余额增加，机械设备、有色金属、电子行业融 资净买入金额居前，分别为31.57亿元、29.68亿元、22.75亿元。在出现融资余额减少的15个行业中，基 础化工、电力设备、公用事业行业融资净卖出金额居前，分别 ...

商汤官方在回复投资者问题时表示，"公司与摩尔线程多年来保持业务合作关系，公司算法已完成对其 相关产品的适配，双方的协同将有助于提升公司产品的市场适配性。" 据悉，双方在大模型训练推理技术优化、软件生态支撑、核心技术攻关等领域已经形成高效协同。一方 面，摩尔线程的优势在于全功能GPU，兼顾AI计算与图形渲染，其丰富的算法需求与日益提升的算力 供应形成强有力的合作基础。 摩尔线程的火爆上市，是中国AI产业链协同突围的里程碑。其背后，商汤科技以创新的"算力Mall"模 式，正为国产芯片铺就一条从"可用"到"好用"的关键路径。 12月5日，国产GPU企业摩尔线程成功上市，开盘大涨超过400%，市值突破2700亿元。这无疑是中国AI 芯片产业的一个高光时刻。 而在资本市场的热度之外，更应冷静审视其背后的产业逻辑：国产GPU的真正瓶颈，已不是单纯的算力 比拼，而是生态的不完善。英伟达的核心竞争力，在于其构筑多年的CUDA软件生态壁垒。 如何破局？摩尔线程与商汤科技的长期合作提供了一个样本：唯有深度生态协同，才能实现"软硬一 体"的国产化突围。 合作多年，商汤算法+摩尔算力高效协同 （算法算力协同） 对摩尔线程而言，商汤领 ...

新华财经上海12月8日电（记者王淑娟）近日，摩尔线程在科创板上市，市值一度突破2800亿元，成为 我国半导体自主创新进程中的重要里程碑。这家被寄予厚望的"国产GPU第一股"企业，用五年时间完成 了一场从"0"到"1"的华丽蜕变。从初创期的研发攻坚，到如今的资本腾飞，浦发银行与摩尔线程相伴同 行，用专业眼光和勇气担当，为新质生产力崛起注入关键的"金融推力"。 为技术攻坚提供关键助力 不同于一般的芯片设计公司，摩尔线程自创立之初就选择了一条"少有人走的路"——研发全功能GPU。 这是芯片行业公认的"珠穆朗玛峰"，技术门槛极高，但战略意义重大。要实现从硬件架构设计到软件生 态构建的全面突破，意味着需要持续、高强度的研发投入。 时间回溯到2024年，就在摩尔线程成功搭建首个国产全功能GPU千卡智算集群，进入向全功能GPU技术 发起总攻的关键节点，现金流也开始面临严峻考验。 "硬科技"企业大多有一流的技术团队、宏大的战略蓝图，但缺乏足够的抵押物和好看的财务报表，并不 符合传统银行信贷标准。 2024年5月，在人民银行中关村分行举办的一场业务交流会上，浦发银行北京分行团队了解到摩尔线程 的金融需求，当即便与企业建立了联系 ...

张建中通过直接持股（11.06%）与南京神傲等平台间接持股，合计持有公司 10.83%-12.73% 股份。 上市后彭博社评估其净资产超 43 亿美元（约合 304 亿元人民币），跻身全球 AI 新贵行列。 摩尔线程的此次IPO 还造就了多位新的亿万富豪，其中包括了公司联合创始人：副总经理张钰勃财富达 到 17 亿美元（约120亿元）、董事周苑财富达到 14 亿美元（约100亿元）、副总经理王东财富达到 14 亿美元（约100亿元）。 北京时间12 月 8 日，据彭博社报道，芯片公司摩尔线程上周在科创板上市，首日暴涨 425%，市值逼近 400 亿美元，并造就了新的一批中国 AI 亿万富翁。 彭博亿万富翁指数首次对摩尔线程CEO 张建中的净资产进行评估。 ...

Group 1 - The core point of the news is the successful listing of domestic GPU company Moore Threads, which saw its stock price surge over 400% and market capitalization exceed 270 billion yuan, marking a significant moment for China's AI chip industry [1] - The rise of domestic GPUs requires not only technological breakthroughs but also the collaboration of software ecosystems, as exemplified by Nvidia's established CUDA software ecosystem [1] - Moore Threads' long-term partnership with SenseTime serves as a model for achieving "soft and hard integration" in domestic GPU development through deep ecological collaboration [1] Group 2 - Moore Threads and SenseTime have maintained a business cooperation for years, with SenseTime's algorithms adapted to Moore Threads' products, enhancing market adaptability [2] - The collaboration focuses on optimizing large model training and inference technologies, with Moore Threads providing full-function GPUs that meet diverse computational needs for SenseTime's applications [2] - This partnership creates a closed-loop cooperation mechanism of "demand-supply-optimization," enhancing market competitiveness for both companies [2] Group 3 - SenseTime's advanced large model system and its AI infrastructure, SenseCore, provide an excellent platform for validating Moore Threads' products, aiding in industry customer expansion [3] - Moore Threads' MTT S series GPUs have been fully adapted to SenseTime's large model system, marking a significant achievement in industrial-grade testing for domestic GPUs [3] - The collaboration allows for performance validation and product refinement, creating a virtuous cycle of ecosystem expansion, customer growth, and performance improvement for both companies [3] Group 4 - In the context of global AI computing supply shortages, establishing a diverse and stable domestic computing supply chain and ecosystem collaboration is crucial [4] - The "SenseTime Computing Mall" connects multiple chip companies to create a domestic AI computing ecosystem, providing comprehensive computing solutions and lowering barriers for enterprises [4] - Moore Threads joined the "SenseTime Computing Mall" as a core member, enabling downstream companies to access validated computing power, thus accelerating market expansion through SenseTime's ecosystem influence [4]

Core Viewpoint - Muxi Co., Ltd. has successfully launched its IPO, becoming the second domestic GPU company to list on the A-share market after Moore Threads, with a final issuance price of 104.66 yuan per share and a total fundraising amount of approximately 4.197 billion yuan [1][3][7]. Group 1: IPO Details - The final issuance quantity for offline subscriptions was 22,829,081 shares, accounting for 70.26% of the total issuance after deducting the strategic placement portion, while the online issuance quantity was 9,665,500 shares, making up 29.74% [1]. - The initial online subscription success rate was 0.02223023%, which increased to 0.03348913% after the allocation mechanism was activated [1]. - The strategic placement involved several notable investors, including the National Artificial Intelligence Industry Investment Fund and Tianyi Capital, among others [3][4]. Group 2: Company Background - Muxi Co., Ltd. was established in September 2020 in Shanghai and has set up subsidiaries and R&D centers in multiple cities across China [5]. - The company focuses on developing high-performance general-purpose GPU chips and solutions, with applications in various advanced fields such as smart computing, cloud computing, and autonomous driving [5]. Group 3: Financial Performance - Muxi's revenue for the years 2022 to 2024 is projected to be 426,400 yuan, 53.0212 million yuan, and 743 million yuan, respectively, indicating a compound annual growth rate of 4,074.52% [7]. - For the first nine months of 2025, the company reported a year-on-year revenue growth of 453.52%, reaching 1.236 billion yuan [7]. - The company anticipates reaching breakeven by 2026 based on its forward-looking estimates [7].

Core Viewpoint - Muxi Co., Ltd. has successfully launched its IPO, becoming the second domestic GPU company to list on the A-share market after Moore Threads, with a final issuance price of 104.66 yuan per share and a total fundraising amount of approximately 4.197 billion yuan [1][3][7]. Group 1: IPO Details - The final issuance quantity for offline subscriptions was 22,829,081 shares, accounting for 70.26% of the total issuance after deducting the strategic placement portion, while the online issuance quantity was 9,665,500 shares, making up 29.74% [1]. - The preliminary online subscription success rate was 0.02223023%, which increased to 0.03348913% after the call-back mechanism was activated [1]. - The total number of shares issued in this round was 40,100,000, representing 10.02% of the company's total share capital post-issuance [3]. Group 2: Strategic Placement and Investors - Notable investors participating in the strategic placement include the National Artificial Intelligence Industry Investment Fund, Tianyi Capital (China Telecom), and subsidiaries of JD.com and Meituan, among others [3][4]. - The strategic placement results indicate that a total of 760,541.9 thousand shares were allocated, representing 18.97% of the total issuance [4]. Group 3: Company Performance and Projections - Muxi Co., Ltd. reported revenues of 426,400 yuan in 2022, projected to grow to 530.212 million yuan in 2023 and 743 million yuan in 2024, reflecting a compound annual growth rate of 4074.52% over three years [7]. - For the first nine months of 2025, the company achieved a revenue of 1.236 billion yuan, marking a year-on-year growth of 453.52% [7]. - The company anticipates reaching breakeven by 2026 based on forward-looking estimates [7]. Group 4: Market Context - Muxi's IPO is notable as it is the second-highest issuance price for a new stock this year, following Moore Threads, which saw a significant price surge of 468% on its opening day [7][8]. - If Muxi's stock performs similarly to Moore Threads, investors could see substantial profits, with potential earnings exceeding 200,000 yuan per subscription [8].