"成功，源于热爱"——在摩尔线程（688795）展厅的一面墙上有着这样六个大字。站在公司上市首日这 样一个特殊日子来看，除了满屏被市场热议的资本之外，张建中等公司创始团队的情怀也被无限放大。 12月5日，A股市场迎来了"国产GPU第一股"，超越市场预期的300%首日涨幅，摩尔线程首日大涨 425.46%，153.07亿元的成交金额也登顶A股首位，巨量成交背后是股民对这家"中国英伟达"的热捧。 除了北京的摩尔线程之外，市场的另一边，上海的沐曦股份也在同日启动申购，104.66元/股的高价引 来269家机构、超7700个配售对象疯抢，网下申购倍数飙至2227.6倍，热度赶超摩尔线程。 伴随京沪GPU双雄同台亮相，两家公司实控人及背后众多知名投资机构也共同迎来了一场资本盛宴。摩 尔线程相关负责人对北京商报记者表示，"五年创业历程，此次上市是公司发展的一个关键里程碑。对 国产高端GPU的自主发展之路而言，也是一段具有象征意义的新起点"。目前，与摩尔线程、沐曦股份 齐名的"国产GPU四小龙"的壁仞科技、燧原科技也均已正式启动上市辅导。 京沪双雄的资本狂欢，是中国GPU产业迎来发展黄金期的必然结果。在全球AI算力需求爆发 ...

可这背后，究竟是谁在主导这场游戏？普通人竟然还有机会去参与下一次科技带来的红利吗？而且，这里面的门道还真得好好琢磨琢磨？ 今日这篇章，来唠唠当下热度极高的摩尔线程，竟为啥能火爆起来，而且还有谁是这财富裂变里的大赢家。 2025年12月中旬，国产GPU第一只股票——摩尔线程，在科创板上市敲钟之际，确实点燃了资本市场的热情。有人中签后迅速赚取近三十万元，有人身家 一举突破三百亿元，还有一些低调的机构悄然入场，收获颇丰。 摩尔线程一旦上市，竟直接上演起所谓"开挂般的历程"。 发行价为114.28元，上市当日盘中最高飙升至688元每股，涨幅超过500%。竟然有人运气佳中一签，而且就赚得约28.69万元。 但这运气，说实在的，还真不是普通人能有的。这回网上打新，中签率低至0.036%，差不多一万人里头，能中的还不到四个。更何况，还有大批散户因 为市值不够，压根就没资格参与。 不仅如此，在网下机构申购过程中，多达267家投资机构蜂拥而至，争相认购摩尔线程的股份；最终却仅分配到象征性的3920万股；面对高达704亿股的申 购总量，这一分配比例，简直如同中得彩票一般。 在这一轮上市里，最让人没想到的是公司创始人张建中的个人财 ...

沐曦股份网上发行最终中签率出炉。 今日，沐曦股份(688802)公告，回拨机制启动后，网下最终发行数量为2,282.9081万股，占扣除最终战略配售部分后本次发行数量的70.26%，网上最终发 行数量为966.55万股，占扣除最终战略配售部分后本次发行数量的29.74%。回拨机制启动后，网上发行最终中签率为0.03348913%。 12月3日晚间，沐曦股份发布公告显示，公司本次新股发行价为104.66元/股。 招股书显示，沐曦股份致力于自主研发全栈高性能GPU芯片及计算平台，公司主营业务是研发、设计和销售应用于人工智能训练和推理、通用计算与图形 渲染领域的全栈GPU产品，并围绕GPU芯片提供配套的软件栈与计算平台。自成立以来，公司始终专注于GPU产品的技术创新和迭代升级，形成了独具优 势的GPU产品体系和自主开放的软件生态，持续为云端计算提供高能效、高通用性的算力支撑，推动人工智能赋能千行百业，重点布局了教科研、金融、 交通、能源、医疗健康、大文娱等行业应用场景，已成为推动我国智能算力基础设施自主可控的重要力量。 公司主要产品全面覆盖人工智能计算、通用计算和图形渲染三大领域，报告期内先后推出了用于智算推理的曦 ...

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, leading to a market valuation of approximately 41.87 billion yuan [1][3][9]. Group 1: IPO Details - The final issuance quantity after the call-back mechanism is 40.1 million shares, accounting for 10.02% of the total share capital post-issuance [4][13]. - The offline final issuance quantity is 22.83 million shares, representing 70.26% of the total issuance after deducting the strategic placement, while the online final issuance quantity is 9.67 million shares, accounting for 29.74% [1][10]. - The final online winning rate is 0.03348913% [1]. Group 2: Financial Metrics - The issuance price of 104.66 yuan per share corresponds to a 2024 diluted static price-to-sales ratio of 56.35 times, which is lower than the average level of comparable companies in the industry [3][12]. - The expected total fundraising amount is 4.197 billion yuan, which will be used for various GPU research and development projects [4][13]. Group 3: Company Performance and Market Position - Muxi Co., Ltd. is a leading enterprise in the domestic high-performance general-purpose GPU market, focusing on the independent development of high-performance GPU chips and computing platforms [6][15]. - The flagship product, the Xiyun C series GPU chip, has achieved domestic leadership in various performance metrics, with an estimated market share of about 1% in China's AI chip market for 2024 [7][16]. - The company has shown significant revenue growth, with a compound annual growth rate of 4074.52% from 2022 to 2024, and a revenue of 1.236 billion yuan for the first nine months of 2025, reflecting a year-on-year growth of 453.52% [9][18].

Core Viewpoint - The article discusses the significant market impact of the recent IPO of Moer Technology, which saw a surge of over 400% on its first trading day, reaching a market capitalization of over 300 billion, making it the fifth largest stock on the STAR Market [1][2]. Group 1: Market Reactions and Impacts - Moer Technology's IPO has created a "siphoning effect," leading to declines in the original top five stocks on the STAR Market while nearly 90% of stocks in the overall market rose [1]. - The article highlights the performance of major stocks, noting that Moer Technology (N Moer-U) had a market cap of 282.3 billion with a rise of 425.46% [2]. Group 2: Key Focus Areas - Three main areas of focus are identified: micro-level impacts from regulatory changes affecting insurance investments, macro-level implications from the Federal Reserve's interest rate decisions, and upcoming policy discussions from the economic work conference [3]. - The article emphasizes the importance of a recent regulatory change that lowers risk factors for insurance investments in certain equity sectors, potentially releasing over 100 billion in A-share equity investments [4]. Group 3: Regulatory Insights - The article discusses a recent speech by a key figure (referred to as "Village Chief") that addresses the quality of capital market development and the need for optimization of listed company structures [10][8]. - It notes that the current structure of A-shares is heavily weighted towards traditional industries with limited growth potential, suggesting a need for greater inclusivity in the capital market to allow unprofitable tech companies to list [10][11]. Group 4: Insurance Sector Implications - The regulatory change is expected to save the insurance industry 300-400 billion in capital, allowing for an additional 1000 billion in market investments, which is seen as a clear benefit for the stock market [27]. - The article explains the mechanics of how lowering risk factors can increase the investment capacity of insurance companies, particularly in the context of long-term holdings in specific indices [30][32].

Core Insights - The article highlights the significant investment success of Tuofeng Private Equity Fund in the semiconductor sector, particularly through its investments in companies like Moore Threads and Cambrian [1][2][11] - It emphasizes the transformation of Tuofeng from a financial investor to an industrial capital player, focusing on long-term value creation and ecosystem development in the semiconductor industry [4][11] Investment Strategy - Tuofeng's investment strategy is characterized by a shift from traditional financial metrics to a focus on "value co-creation" and long-term partnerships with technology firms [11][12] - The firm has established strategic collaborations with leading research institutions, such as the Chinese Academy of Sciences, to gain access to cutting-edge technology and projects [5][6] Key Investments - Tuofeng's notable investments include Cambrian and Moore Threads, with the latter being described as a "Chinese NVIDIA" due to its potential in the GPU market [1][10] - The firm has achieved a remarkable return of over 700% on its investment in Moore Threads, reflecting the growing demand for domestic GPU solutions amid international chip restrictions [10][12] Market Positioning - The article discusses the importance of understanding the semiconductor industry's dynamics, where Tuofeng aims to create a comprehensive investment ecosystem that spans from chip design to AI applications [12][13] - Tuofeng's approach includes diversifying investments across various segments of the semiconductor supply chain to mitigate risks associated with single technology failures [13] Future Outlook - The firm anticipates significant opportunities in the semiconductor supply chain, particularly in areas such as wafer production and equipment manufacturing, projecting a golden investment period over the next 5 to 10 years [13]

头顶"GPU第一股"称号，摩尔线程以600.5元/股的收盘价直接跻身第三大高价股，仅次于贵州茅台、寒武纪，这也让目前的A股百元股阵营扩容至153只。经 同花顺iFinD统计，截至12月5日收盘，在目前已有的153只百元股中，上纬新材、天普股份、鼎泰高科等88股为今年来加入的百元股成员，除摩尔线程之 外，云汉芯城、同宇新材在内的8股均为年内上市新股。另外，与年初相比，百元股数量翻倍，在不复权形式下，年初百元股数量为72只。 处于100—200元/股区间的百元股数量为118只，包括天普股份、上纬新材、中芯国际、五粮液等诸多知名个股。 按照申万一级行业划分，电子行业百元股数量最多，共57只；其次是计算机行业，有17只百元股；机械设备行业有16只百元股；电力设备、通信行业各有13 只百元股；医药生物、汽车、食品饮料行业百元股分别有11只、8只、7只；剩余行业个股数量分布较少。 天使投资人、资深人工智能专家郭涛表示，年内百元股数量的增加是产业、政策等因素合力的结果。一方面，电子、AI芯片、创新药等领域受益于国产替 代与技术突破，业绩增长确定性强，推动股价攀升；另一方面，政策支持下优质科技企业加速上市，叠加退市制度趋严， ...

面对摩尔线程上市首日的爆炒现象，投资者应保持理性和冷静。在做投资决策时，不能仅仅被短期的股 价上涨所迷惑，而要深入了解公司的基本面，包括其技术实力、市场前景、财务状况等。投资者既要做 到对摩尔线程未来发展充满信心，又要警惕股价短期震荡的风险。同时，创投资金等重要股东应树立长 期价值投资的理念，不能只看重股价的短期投资收益，避免急功近利。 摩尔线程上市首日的爆炒现象既反映了市场对硬科技公司的认可与期待，也存在短期投机行为可能带来 的潜在风险。对于优秀的公司市场有溢价预期很正常，但从中长期来看，市场给出的投资溢价需要维持 在一定的合理水平，如果太高同样会有调整的需求。 北京商报评论员 周科竞 但是，摩尔线程股价的快速飙升，在吸引大量资金涌入的同时，也可能引发包括创投资金在内的短线、 投机资金提前离场。诸如，创投资金通常具有明确的投资周期和收益目标，当股价在短期内达到或超过 其预期收益时，具备减持条件后的部分创投资金可能会选择提前获利了结。类似资金的集中离场，不仅 会导致股价的剧烈波动，增加市场的不确定性，还可能对科技公司的长期资金支持产生负面情绪影响。 科技公司的研发过程往往需要大量的资金投入，且周期较长、风险较 ...

Group 1: IPO Developments - Moer Thread officially listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 5, 2025, under the stock code "688795," becoming the first full-function GPU company to enter the capital market in China [3][7] - Guangzhou Yujian Xiaomian Restaurant Co., Ltd. listed on the Hong Kong Stock Exchange on December 5, 2025, under the stock code "2408," marking it as the first stock of a Chinese noodle restaurant [8][10] - HashKey Holdings Limited passed the hearing for listing on the Hong Kong Stock Exchange, aiming to become a comprehensive digital asset company [11][13] Group 2: Company Highlights - Moer Thread focuses on the independent research and design of full-function GPUs, integrating AI computing acceleration, graphics rendering, physical simulation, and scientific computing into a single chip, which enhances market adaptability and technological extensibility [4][5] - Yujian Xiaomian plans to open approximately 520 to 610 new restaurants over the next three years, aiming to exceed 500 total locations by the end of the current year [8][9] - HashKey is recognized as the largest regional onshore platform in Asia by trading volume and the largest on-chain service provider by staked assets [11][12] Group 3: Financial Performance - Moer Thread achieved a revenue of 702 million yuan in the first half of the year, nearly 1.6 times the projected full-year revenue for 2024, with a compound annual growth rate exceeding 200% from 2022 to 2024 [6] - Yujian Xiaomian's total revenue from 2022 to 2024 was 418 million yuan, 800 million yuan, and 1.154 billion yuan, with a compound annual growth rate of 66.2% [9] - 51WORLD's revenue from 2022 to 2024 was 170 million yuan, 256 million yuan, and 287 million yuan, with a 63.6% increase in the first half of 2024 compared to the same period in 2023 [22][23]

昂瑞微公告显示，本次网上发行有效申购户数为512.92万户，有效申购数量为173.14亿股，网上发行初 步中签率为0.02299243%。因网上发行初步有效申购倍数约为4349.26倍，超过100倍，决定启动回拨机 制，将199.10万股从网下回拨到网上。回拨后，网下最终发行1393.43万股，占扣除最终战略配售数量后 发行总量的70%；网上最终发行数量为597.20万股，占扣除最终战略配售数量后发行总量的30%，网上 发行最终中签率为0.03449153%。 昂瑞微本次科创板IPO发行股份数量为2488.29万股，全部为公开发行新股，发行价格为83.06元/股，预 计募集资金总额为20.67亿元。 昂瑞微披露，本次IPO战略配售获得多家重磅投资者鼎力加盟。联想、北汽、广和通（300638）、保隆 科技（603197）、中保投及银华基金等知名产业及金融机构(或通过下属机构)均已参与。 公开信息显示，昂瑞微是一家专注于射频、模拟领域的集成电路设计企业，是国家级专精特新重点"小 巨人"企业。公司主要从事射频前端芯片、射频SoC芯片及其他模拟芯片的研发、设计与销售。 12月7日，同日开启申购的两只芯片巨头——沐曦股 ...