Policy - The Ministry of Industry and Information Technology (MIIT) is implementing an action plan for "chain-network collaboration" in industrial internet and key industrial chains, aiming to create suitable industrial internet solutions [1] - Five departments, including the National Development and Reform Commission, have issued opinions to strengthen the construction of data element disciplines and digital talent teams, promoting the integration of technological and industrial innovation in the data field [1] Investment and Financing - Zhejiang province aims to build foundational projects for computing power data models, targeting a computing scale of 200 EFlops by 2026, with a funding support of around 5 billion yuan for artificial intelligence initiatives [2] - Shandong Youbot Intelligent Robot Co., Ltd. completed nearly 100 million yuan in Series A financing to develop new generation bionic robots [6] - Zhejiang Xingyao Semiconductor Co., Ltd. raised over 100 million yuan in Series C financing to expand its production capacity and R&D for RF filter chips [7] - Wuxi Shangji Semiconductor Technology Co., Ltd. completed over 300 million yuan in Pre-IPO financing to accelerate R&D in semiconductor equipment [8] - AI chip company Qingwei Intelligent raised over 2 billion yuan in Series C financing, with plans for an IPO [12] Market Developments - The Civil Aviation Administration of China aims for widespread integration of artificial intelligence in civil aviation by 2030, enhancing safety and operational efficiency [4] - Beijing is strengthening the integration of "AI + government services" to improve digital governance and service delivery [3] - The stock of Moer Thread debuted on the STAR Market, achieving a significant increase of 425.46% on its first day, making it the most profitable new stock since the full registration system was implemented [12]

来源：国际投行研究报告 投早，投小，一直是创投界的规则，但说说容易做起来难，如今中国终于出现了一个世界级案例！ 沛县乾曜本是创投圈名不见经传的小型基金，却因早期押注 "国产 GPU 第一股" 摩尔线程，以 190 万元 天使投资斩获超 6200 倍回报，从幕后走向台前，成为 2025 年中国创投市场 "一战成名" 的典型标杆。 其崛起轨迹不仅是一次偶然的财富爆发，更折射出早期投资中 "精准择势、深度绑定、长期陪伴" 的核 心逻辑。 小老板与其每天在股市赌博淘金，不如投下一个摩尔线程！ 踩中 "国产替代 + 算力风口"，瞄准稀缺标的 2020 年，中国半导体产业因外部技术限制，"国产替代" 需求空前迫切，而 GPU（图形处理器）作为 AI 算力、数据中心的核心硬件，长期被英伟达、AMD 垄断，国内市场缺口巨大。当时燧原科技、壁仞科 技等玩家虽陆续入场，但尚未出现能实现 "全功能 GPU 量产量销" 的企业，赛道存在明显的 "龙头真 空"。 标的稀缺：摩尔线程的 "不可替代性" 摩尔线程的核心竞争力，成为沛县乾曜下注的关键： 团队壁垒：创始人张建中是英伟达前全球副总裁、大中华区总经理，在英伟达任职 14 年，曾将 ...

Group 1 - Moore Threads officially listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, becoming the first fully functional GPU company in China to go public, with an IPO price of 114.28 yuan per share and raising 8 billion yuan, resulting in a market capitalization exceeding 300 billion yuan at opening [2] - JD, Meituan, and Taobao Flash Delivery announced voluntary compliance with the national standard for food delivery platform service management, aiming to enhance service quality and protect the rights of merchants, delivery personnel, and consumers [2] - Three major electric vehicle brands, Niu Technologies, Yadea, and Tailg, responded to recent controversies regarding new national standard models, clarifying that misunderstandings about regulations were prevalent and emphasizing their commitment to safety and comfort in their designs [2][6] Group 2 - Some banks, including Hangzhou Bank, have raised deposit interest rates, with new funds for a three-year term now at 1.9%, reflecting a 10 basis point increase, indicating a trend among banks to attract deposits [3] - Major airlines, including Air China, China Eastern Airlines, and China Southern Airlines, extended their free ticket change and refund policy for flights to and from Japan until March 28, 2026, previously set to expire on December 31, 2025 [3] - The market regulator released new national standards for food delivery services, limiting delivery personnel's working hours and requiring breaks to ensure their rights and safety [4][5] Group 3 - BYD's domestic sales have declined, attributed to a decrease in technological leadership and increasing industry homogenization, as stated by Chairman Wang Chuanfu, who emphasized the need for technological breakthroughs to address user pain points [5] - Tasting responded to media reports about store openings and closures, clarifying that the data was inaccurate and providing updated figures on their operational status [6] - The beverage group Hongsheng, led by Zong Fuli, is facing a labor dispute, with a court hearing scheduled for December 11, 2023 [6] Group 4 - Logitech's CEO announced a turnaround in the company's market share in China, achieving over 20% business growth for three consecutive quarters, and plans to integrate AI technology into existing products rather than launching standalone AI hardware [8] - iRobot is facing severe liquidity issues and owes over 2.5 billion yuan to a Chinese contract manufacturer, with a total debt exceeding 3.5 billion yuan, raising concerns about its financial stability [10][11] - Netflix announced a deal to acquire Warner Bros. Discovery's film and streaming business for approximately $827 billion, with the transaction expected to close in the third quarter of 2026 [11]

Core Viewpoint - The recent IPO of Moer Thread has generated significant market enthusiasm, with its first-day performance exceeding expectations, highlighting the potential of domestic AI chip companies in the current market environment [4][8]. Group 1: IPO Performance - Moer Thread's IPO was characterized by a "crazy" level of subscription, with a total subscription multiple of 1572 times and total shares subscribed reaching 704.06 billion [4][6]. - The stock price surged over 500% on its first trading day, leading to a potential profit of over 280,000 yuan for investors who sold at the peak, setting a new record for IPO returns in the A-share market [4][8]. - The IPO process was notably swift, taking only 88 days from acceptance to approval, establishing a new record for the Sci-Tech Innovation Board [8]. Group 2: Financials and Growth - Moer Thread raised a total of 8 billion yuan in its IPO, with a net fundraising amount of approximately 7.576 billion yuan after deducting issuance costs, marking the largest IPO on the Sci-Tech Innovation Board in 2025 [8]. - The company has shown rapid revenue growth, with revenues increasing from 46 million yuan in 2022 to 438 million yuan in 2024, reflecting a compound annual growth rate of 208.44% [11]. - Despite significant revenue growth, Moer Thread has not yet achieved profitability, with cumulative losses amounting to approximately 1.604 billion yuan as of June 2025 [11][12]. Group 3: Strategic Investors and Market Position - The IPO attracted 267 institutional investors, including major players such as China Insurance Investment Fund, Tencent Holdings, and various venture capital firms, indicating strong market confidence [6][8]. - Moer Thread focuses on developing AI chips and has launched four generations of GPU architectures, aiming to provide computing acceleration platforms for high-performance computing applications [9][11]. - The company operates in a competitive landscape dominated by international giants, facing challenges such as high customer concentration and rapid technological advancements [12].

Core Viewpoint - The company Moer Thread, recognized as the first domestic GPU stock, achieved remarkable success on its debut, setting multiple records on the STAR Market, including the fastest review speed and the highest fundraising amount for a new stock in recent years [1][3][4]. Group 1: IPO Performance - Moer Thread's stock price surged by 468.78% at the opening and closed at 600.5 yuan per share, marking a 425.46% increase [2][3]. - The market capitalization reached approximately 2823 billion yuan, making it the third highest in the A-share market, following Guizhou Moutai and Cambrian [1][2]. - The total trading volume on the first day was around 153 billion yuan, with a turnover rate of 85.49% [2][3]. Group 2: Record Achievements - The company set a record for the shortest time from IPO application acceptance to listing, completing the process in just 158 days [1][3]. - Moer Thread's IPO application was accepted on June 30, 2024, and it received approval from the Shanghai Stock Exchange on September 26, 2024, taking only 88 days from acceptance to approval [3]. Group 3: Fundraising and Use of Proceeds - Moer Thread plans to raise 8 billion yuan through its IPO, primarily for the development of next-generation AI training and graphics chips, as well as to supplement working capital [4]. - The company has consistently increased its R&D investment, with amounts of 1.116 billion yuan, 1.334 billion yuan, and 1.359 billion yuan from 2022 to 2024 [4]. Group 4: Financial Performance and Profitability Commitment - Moer Thread reported revenues of 0.46 billion yuan, 1.24 billion yuan, and 4.38 billion yuan from 2022 to 2024, with a significant increase to 7.02 billion yuan in the first half of this year [13]. - The company has not yet achieved profitability, with net losses of 1.894 billion yuan, 1.703 billion yuan, and 1.618 billion yuan from 2022 to 2024, although the loss narrowed to 271 million yuan in the first half of this year [13][14]. - Moer Thread has committed to achieving profitability by 2027, with provisions for extending the lock-up period for major shareholders if profitability is not achieved by then [14].

如果你在12月5日早上中了摩尔线程的一签，恭喜你，在这个寒冷的冬天，你的账户里凭空多出了近28 万元。 作为"国产全功能GPU第一股"，摩尔线程在科创板的亮相堪称狂暴。发行价114.28元，开盘即暴涨 468%，股价一度冲高至688元，市值瞬间膨胀至2776亿元。这一刻，它不仅是科创板的明星，更是整个 A股积压已久的情绪宣泄口。 摩尔线程敲钟上市 但在满屏飘红的欢呼声中，作为理性的商业观察者，我们需要冷静地看一组略显冰冷、甚至有些刺眼的 数据：这家公司在2024年的营收为4.38亿元，而归属于母公司所有者的净利润是亏损16.18亿元。 一家年入仅4亿、亏损却高达16亿的公司，为何能撑起近3000亿的市值？如果你还在用传统的PE（市盈 率）去计算，你会觉得这个世界疯了。但在当下的A股，这恰恰证明了一件事： 中国硬科技资产的定价锚，已经从商业变现能力，彻底让位给了国家安全权重。 今天，我们就拨开K线图的迷雾，通过四个维度的深层拆解，看看这2700亿市值里，到底装的是泡沫， 还是黄金。 500倍的"市危率" 在投资圈，当一家公司没有利润时，我们看市销率（P/S）；当一家公司没有营收时，我们看市梦率。 而摩尔线程的出 ...

狂赚27万！摩尔线程上市飙468%破500%，3.3万中签者狂欢 其次是高估值风险，本次发行价对应的2024年摊薄后静态市销率达122.51倍，而截至2025年11月19日，同行业可比公司平均市销率仅111.23倍，其中英 伟达仅34.73倍、AMD14.11倍，显著高于行业平均水平，未来股价回调压力较大 。 一、上市即巅峰！468%开盘暴涨，打新收益创纪录 摩尔线程的上市表现，用"现象级"来形容毫不为过。根据上海证券交易所2025年12月4日晚间发布的上市公告书，公司本次公开发行7000万股新股，募 集资金总额约80亿元，发行后总股本达47002.8217万股，其中上市初期无限售流通股仅2938.2386万股，占总股本的6.25% 。流通盘偏小的特质，叠加市 场对国产GPU的高预期，直接催生了股价的疯狂上涨。 与此同时，摩尔线程的上市也带动了整个GPU概念股板块的走强。和而泰（直接持股1.244%）、盈趣科技、中科蓝讯等参股或合作企业股价集体冲高， 截至当日收盘，相关概念股平均涨幅超3%，形成"新股领涨、板块跟涨"的联动效应 。 二、疯狂背后有底气？政策+行业双轮驱动国产GPU热 这场打新狂欢绝非偶然，背后 ...

人民财讯12月6日电，12月5日，"国产GPU第一股"摩尔线程在科创板上市。上市首日，公司股价一度涨 超500%，冲高至688元/股，随后回落。截至收盘，摩尔线程当日上涨425.46%，股价上涨486.22元/股， 股价达到600.5元/股。按收盘价估算，一签摩尔线程浮盈约24.31万元。若按当日盘中最高价计算，每签 最高浮盈约28.69万元。 在摩尔线程IPO首日股价大涨背后，除了一些个人投资者收获惊喜外，一批参与打新的机构投资者也成 为潜在赢家，获利颇丰。按照摩尔线程公告，网下最终发行数量为3920万股，整体浮盈约190.6亿元。 参与此次发行的网下配售机构阵容强大。 ...

Group 1: Rare Earth Permanent Magnet Stocks - The rare earth permanent magnet stocks, including Ningbo Yunsheng, Jinli Permanent Magnet, and Zhongke Sanhuan, experienced significant price increases after obtaining general export licenses, which will simplify export processes and accelerate delivery speeds, benefiting downstream demand recovery in the industry [4][3]. - Other rare earth permanent magnet stocks such as Galaxy Magnet, Yingluohua, Dadi Bear, Zhongke Magnet, Ximic Technology, Zhenghai Magnetic Materials, and China Rare Earth also saw varying degrees of price increases [3]. Group 2: New Stock Performance - The stock of Moer Thread (N Moer-U) debuted on the STAR Market with an opening increase of 468.8%, leading to a market capitalization exceeding 300 billion yuan, making it the third highest-priced stock in A-shares [5][6]. - In 2025, 31 newly listed stocks achieved first-day price increases exceeding 300%, with an average first-day increase of 254.89%, consistent with the previous year [8]. - The highest first-day increase was recorded by Dapeng Industrial, which surged 1211.11% on its debut [8]. Group 3: New Stock Adjustments - Following their debut, 70% of new stocks experienced price declines on the second day, with an average drop of 4.36%, and seven stocks saw declines exceeding 20% [10]. - The stock with the largest second-day decline was Haiyang Technology, which fell by 31.96% after a significant first-day increase [10]. Group 4: Valuation of New Stocks - Among the new stocks that have retraced over 30%, 32 stocks have a rolling price-to-earnings ratio below 40, with three stocks, Tianyouwei, Hai'an Group, and Yongjie New Materials, having ratios below 20 [11][12]. - Tianyouwei has the lowest rolling P/E ratio at 14.01, while Yongjie New Materials has shown a profit increase of 30.99% year-on-year [11].

近日，图形处理器（GPU）设计企业摩尔线程智能科技于香港联合交易所主板完成上市。上市首日，该 公司股票交易活跃，股价较发行价出现显著上涨。根据市场数据，成功申购的投资者获得了可观的账面 收益。这一市场现象，引发了对于国产GPU芯片设计行业发展的关注与讨论。 | | 285mm | | 49mm | | --- | --- | --- | --- | | 12mm | | | | | | 摩尔线程(MOORE THREADS)MTT S80 | | | | 显卡核心 | 春晓 | 核心频率 | 1.8GHz | | 显存类型 | GDDR6 | 显卡功耗 | 255W | | 显存位宽 | 256bit | 推荐电源 | 650W以上 | | 供电接口 | CPU 8Pin | 输出接口 | 3*DP+1*HDMI | 一、 上市初期市场概况 该公司所处的集成电路设计行业，特别是GPU细分领域，具有技术密集、生态协同性强、市场前景广阔 等特点。 1. 市场需求持续扩张：全球智能化、数字化进程不断深入，从消费电子到企业级数据中心，对高性 能计算芯片的需求保持强劲增长，为行业提供了基本的市场容量支撑。 摩尔线程上市 ...