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 ...

Group 1 - The core focus of the news is the successful IPO of Moer Thread, which is referred to as the "first domestic GPU stock," achieving significant market attention and record profits for investors [1][2] - Moer Thread's stock opened over 468% higher on its debut, reaching a peak price of 688 CNY per share, and closed with a 425% increase, resulting in a total market capitalization of 282.3 billion CNY [1] - The stock's first-day trading volume was 15.307 billion CNY, marking the highest for new listings in the year [2] Group 2 - Moer Thread's IPO price was 114.28 CNY per share, making it the highest IPO price of the year and the only stock to debut above 100 CNY [1][2] - The company ranks third in terms of stock price among all A-shares, following Kweichow Moutai and Cambricon Technologies [1] - The upcoming IPO of Muxi Technology, the "second domestic GPU stock," is anticipated, with an issuance price of 104.66 CNY per share, benefiting from the momentum generated by Moer Thread [2][3] Group 3 - Muxi Technology focuses on the development of high-performance GPU chips and platforms for AI training and general computing, but has not yet achieved profitability, reporting significant losses in recent years [3] - The effective subscription for Muxi Technology's online issuance reached over 5.17 million accounts, with a total of 288.62 billion shares applied for, indicating strong market interest [3]

Core Viewpoint - The announcement from domestic GPU manufacturer Muxi Co., Ltd. regarding its online issuance and subscription results indicates a low initial and final winning rate compared to a competitor, Moer Thread, highlighting the competitive landscape in the GPU sector [1][3][4]. Group 1: Subscription and Issuance Details - The effective number of subscription accounts for Muxi's online issuance was 5.1752 million, with a total of 28.862 billion shares subscribed [1][4]. - The initial winning rate for the online issuance was 0.02223023%, which increased to a final winning rate of 0.03348913% after the activation of the allocation mechanism [1][4]. - The total number of shares issued was determined to be 40.1 million, with an initial strategic placement of 8.02 million shares, accounting for 20% of the total issuance [3][4]. Group 2: Financial Projections and Use of Proceeds - The issuance price was set at 104.66 yuan per share, with an expected total fundraising amount of 4.197 billion yuan, leading to a net fundraising amount of approximately 3.899 billion yuan after deducting issuance costs [4][10]. - The raised funds will primarily be allocated to projects focused on the development and industrialization of new high-performance general-purpose GPUs and AI inference GPUs [10]. Group 3: Company Performance and Market Context - Muxi Co., Ltd. reported revenues of 426,400 yuan, 53.0212 million yuan, and 743.0716 million yuan for the years 2022 to 2024, with net losses of 777,965,200 yuan, 871,158,200 yuan, and 1.4088794 billion yuan respectively [10]. - In the first nine months of 2025, the company achieved a revenue of 1.2360856 billion yuan, representing a year-on-year growth of 453.52% [10]. - The company noted that the commercialization of its core product series has significantly increased sales volume, leading to a reduction in net losses [10].

Group 1 - The new stock and newly listed sector has returned to a volatile tug-of-war, suggesting a need for patience and flexibility during the adjustment phase [1][11] - The average increase of newly listed stocks in the Shanghai and Shenzhen markets since 2024 is approximately -0.6%, with about 44.2% of new stocks showing positive returns [1][25] - The recent surge in the market capitalization of newly listed stocks, reaching over 100 billion, has attracted new funds but may also divert attention from other new stocks [2][11] Group 2 - The current secondary cycle indicators for the new stock sector are still slowly converging, with local active directions frequently switching and lacking a consensus on main lines [2][11] - The technology sector, particularly in areas like AI and robotics, remains a focal point for long-term capital, with an emphasis on identifying new hotspots within these themes [3][11] - The upcoming new stocks include Baiao Saitu and others, with a focus on companies that are either unprofitable or just becoming profitable [4][31] Group 3 - Last week, two new stocks were listed, both from the Sci-Tech Innovation Board, which are unprofitable at the time of listing [4][20] - The average first-day increase for newly listed stocks last week was approximately 350%, indicating a significant recovery in trading sentiment compared to previous weeks [4][23] - The average first-day closing price-to-earnings ratio for newly listed stocks in December has risen to 102.8, up from 63.1 in the previous month [14][15] Group 4 - The report suggests monitoring specific stocks that have shown resilience and potential for growth, including Han Shuo Technology and Hongjing Optoelectronics, among others [39] - For mid-term investments, stocks like Na Rui Radar and Jun Ding Da are recommended for potential investment opportunities [39]

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！ 12月7日，沐曦股份发布网上发行申购情况及中签率公告。公告显示，回拨机制启动后，网上发行最终 中签率为0.03348913%。本次发行价格为104.66元/股。 沐曦股份公告，根据上交所提供的数据，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%。 据查，2025年科创板已上市新股的平均中签率约为0.04%。沐曦股份的中签率低于平均值。此前，摩尔 线程网上发行初步中签率为0.02423369%，最终中签率为0.03635054%。（详见此前报道"国产GPU第一 股"，中签率来了，真低） 本次发行股份数量为4010万股。其中，初始战略配售数量为802万股，占本次发行数量的20.00%。依据 本次发行价格确定的最终战略配售数量为760.54万股，占本次发行数量的18.97%。初始战略配售股数与 最终战略配售股数的差额41.46万股回拨至网下发行。 战略配售回拨后，网上网下回拨机制启动前，网下发行数量为2607.86万股，占扣除最终战略配售数量 后本次发行数量的80.26 ...

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。 公告称，发行人与保荐人（主承销商）根据网下发行询价报价情况，协商确定公司发行价格为104.66元/股，发行价格确定后上市时市值约为418.74亿元， 对应的发行人2024年摊薄后静态市销率为56.35倍，低于同行业可比公司2024年静态市销率平均水平。 | 发行人基本情况 | | | | | --- | --- | --- | --- | | 公司全称 | 沐陵集成电路(上上) | 证券简称 | 沐磨股份 | | 股份有限公司 | | | | | 证券代码/网下申 | 688802 | 网上申购代码 | 787802 | | 购代码 | | | | | 网下申购简称 | 沐陵股份 | 网上申购简称 | ...

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。 公告称，发行人与保荐人（主承销商）根据网下发行询价报价情况，协商确定公司发行价格为104.66元/股，发行价格确定后上市时市值约为418.74亿元， 对应的发行人2024年摊薄后静态市销率为56.35倍，低于同行业可比公司2024年静态市销率平均水平。 | 发行人基本情况 | | | | | --- | --- | --- | --- | | 公司全称 | (澳上) 路世佳秋堂术 | 证券简称 | 沐磨股份 | | 股份有限公司 | | | | | 证券代码/网下申 | 688802 | 网上申购代码 | 787802 | | 购代码 | | | | | 网下申购简称 | 沐陵股份 | 网上申购简称 ...

Core Viewpoint - The successful IPO of Moore Threads, known as the "first domestic GPU stock," highlights the strong market demand for innovative technology companies in China, achieving a market capitalization of 305.5 billion yuan on its first trading day, marking it as the fourth largest chip stock on the STAR Market [1]. Group 1: IPO Performance - Moore Threads' stock opened at 650 yuan per share, a 468.78% increase from its issue price of 114.28 yuan, making it the most profitable new stock of the year [1][3]. - The company raised a net amount of 7.576 billion yuan, making it the largest fundraising IPO on the STAR Market for the year [4][5]. - The IPO process was notably swift, taking only 88 days from acceptance to approval, setting a record for the STAR Market [1]. Group 2: Market Demand and Subscription - The IPO attracted significant interest, with 4.8266 million investors participating in the online subscription, leading to an effective subscription of 46.217 billion shares and a low online winning rate of only 0.03635% [4][5]. - The offline market was equally competitive, with 267 institutions managing 7,555 subscription objects, resulting in a subscription multiple of 1,572 times [5]. - A diverse range of institutional investors, including 16 insurance asset management companies, participated in the subscription, indicating strong institutional support [5]. Group 3: Company Background and Financials - Founded in 2020, Moore Threads has a core R&D team comprising over 75% of its workforce, with its founder previously serving as a global vice president at NVIDIA [6]. - The company reported revenues of 0.046 billion yuan in 2022, with projections of 1.24 billion yuan and 4.38 billion yuan for 2023 and 2024, respectively, reflecting year-on-year growth rates of 169.01% and 253.65% [6]. - Despite revenue growth, the company has faced significant losses, totaling 5.939 billion yuan over the past three years, with expectations to achieve profitability by 2027 [6]. Group 4: Market Position and Valuation Concerns - Moore Threads operates in a niche market for domestic GPUs, with its products included in procurement lists for provincial intelligent computing centers [6]. - The company's IPO price corresponds to a projected 2024 price-to-sales ratio of 122.51, which is significantly higher than the average for comparable companies, raising concerns about potential overvaluation [6]. - The company has several direct and indirect shareholders, including notable firms like Heertai and Yingqu Technology, which may influence its market dynamics [7][8].

Core Viewpoint - Moer Thread has emerged as the "king of new stocks" in A-shares, with its stock price soaring 468.78% on the first day of trading, reaching a market capitalization of over 300 billion yuan, highlighting its significant market interest and potential as a leading domestic GPU player [2][4]. Company Background - Founded by Zhang Jianzhong, a former Nvidia executive, Moer Thread aims to create a "full-function GPU" that integrates graphics rendering, AI computing, and scientific calculations, distinguishing itself from other AI-focused startups [3][4]. - The company has developed the MUSA unified system architecture, which supports multiple tasks and aims to provide a comprehensive solution for various computing needs [3]. Financial Performance - Moer Thread has experienced rapid growth since its establishment in 2020, achieving significant financing and product launches, with projected revenues of 438 million yuan in 2024 and an IPO completed in December 2023 [4][8]. - Despite its growth, the company has incurred substantial losses, exceeding 5 billion yuan over three years, primarily due to high R&D expenditures [7][8]. Market Position and Competition - Moer Thread's technology, particularly the MUSA architecture, is seen as a key player in the domestic GPU market, providing compatibility with Nvidia's CUDA ecosystem and addressing the need for domestic alternatives [6][9]. - However, there are significant gaps in technology and market presence compared to Nvidia, including manufacturing process differences and market share concentration risks [9][11]. Long-term Opportunities - The company aims to build a "full-scenario computing ecosystem" that integrates AI, graphics, and scientific computing, positioning itself as a pivotal player in the digital economy and AI era [14][20]. - With increasing demand for versatile computing capabilities across various industries, Moer Thread's strategy to develop a comprehensive ecosystem could provide substantial long-term growth potential [16][19].