图片来源：摩尔线程官网 12月5日，"中国版英伟达"、"国产GPU第一股"摩尔线程正式登陆科创板上市，开盘报650元/股，较发行价114.28元/股上涨468.78%，总市值突破3000亿元， 单签盈利高达26.786万元，成为A股全面注册制以来最赚钱新股。 截至午盘收盘，摩尔线程股价报590.59元/股，市值已从537.15亿元的发行市值飙涨至2776亿元，中签者一签（500股）即可净赚近24万元。 仅仅半日，摩尔线程股价暴涨4倍有余，交易额高达125.92亿元。国产芯片板块也同步走高，上涨近1%，年内涨幅已接近40%，远远跑赢大盘。 摩尔线程堪称今年风头最劲的新股。即便"宁王"（宁德时代）、"雪王"（蜜雪冰城）都在今年陆续登陆资本市场，接连创下年内最大IPO纪录，但其关注度 较之摩尔线程仍逊色一筹。 最名正言顺的"中国版英伟达" 人工智能的爆发让芯片再次站到了全球资本市场的舞台中央。AI芯片领域王者英伟达，今年成为第一家4万亿美元市值的公司，10月末市值一度突破5万亿 美元。 在中国，人们同样热衷于寻找"本土英伟达"。而在诸多"中国版英伟达"中，摩尔线程核心团队显得更加名正言顺。 摩尔线程成立于2020年 ...

Core Points - Moore Threads debuted on the A-share market on December 5, opening with a 468% increase, reaching a market capitalization of nearly 305.5 billion yuan, with a share price of 650 yuan [1] - The stock peaked at 688 yuan during trading, with a profit exceeding 280,000 yuan for a single lot, and closed at 590 yuan, reflecting a 416.28% increase [1][2] - The IPO price was set at 114.28 yuan per share, marking the highest price for a new stock listed on the A-share market in the past year, with a total issuance of 70 million shares [2][3] Company Overview - Moore Threads, established in June 2020, specializes in the research, design, and sales of full-function GPU chips, including data center-level and desktop-level GPUs, as well as related software systems [3] - The company’s self-developed MUSA architecture integrates four major engines for AI computing acceleration and graphics rendering, with products like the MTT S4000 intelligent computing acceleration card supporting training of large models with hundreds of billions of parameters [3] Financial Performance - Revenue is projected to grow from 124 million yuan in 2023 to 438 million yuan in 2024, with 702 million yuan already achieved in the first half of 2025 [3] - The total funds raised from the IPO are nearly 8 billion yuan, aimed at developing next-generation AI training and inference chips, graphics chips, and AISoC chips, as well as supplementing working capital [3] Market Impact - The successful listing of Moore Threads signifies further recognition of domestic computing chip enterprises in the capital market and injects new momentum into the GPU industry [3] - Since 2025, 12 new stocks have listed on the Sci-Tech Innovation Board, with an average first-day increase of 207.74%, indicating a positive trend for new listings in the sector [3]

Group 1 - The A-share market showed a rebound after an initial dip, with the three major indices turning positive before noon, and the total trading volume reaching 992.7 billion, a decrease of 39.4 billion from the previous trading day [1] - The major highlight of the day was the listing of "domestic GPU first stock" Moore Threads on the Sci-Tech Innovation Board, with its stock price peaking at 688 yuan before settling at 590.59 yuan, marking an increase of nearly 417% and a market capitalization of 277.6 billion, making it the fourth largest chip stock on the board [1] - Other stocks related to Moore Threads saw declines, with Heertai down over 9%, Initial Spirit Information down over 7%, and Zhongke Lanyun down 6.8% [1] Group 2 - Several companies have direct or indirect stakes in Moore Threads, including Heertai with a direct holding of 1.03% and an additional 0.50% through Beijing Qichuang Kexin, Zhongke Lanyun with a total indirect holding of 0.503%, and Yingqu Technology with a direct holding of 0.34% [2] Group 3 - The local stocks in Fujian experienced a surge, with Hai Xin Food achieving 7 consecutive trading limits, and other companies like Anji Food and Taiyang Cable also seeing significant gains [4] - The commercial aerospace sector continued to show strength, with Longguang Huaxin and Chaojie Co. both hitting the 20% limit up, driven by positive news in the industry [5]

Core Insights - The listing of Moer Thread (688795.SH) on the Shanghai Stock Exchange marks a significant milestone as the first domestic GPU company, opening at 650 CNY per share, a 468.78% increase from the issue price of 114.28 CNY, with a total market capitalization of approximately 300 billion CNY [1][2] - Founded in 2020, Moer Thread specializes in the independent research and design of full-function GPU chips, achieving mass production of five generations of chips within five years [1][4] - The IPO raised 8 billion CNY, the largest IPO on the Sci-Tech Innovation Board in 2025 and the second largest in the A-share market this year, with funds primarily allocated for the development of next-generation AI chips and graphics chips [1][2] Company Overview - Moer Thread is recognized as a representative enterprise in the domestic full-function GPU sector, contributing to the capital market's recognition of domestic computing power chips [1][2] - The company was founded by Zhang Jianzhong, a former global vice president of NVIDIA, and has a team with deep NVIDIA experience, positioning it as a direct competitor to NVIDIA in China [4][5] - The company has developed a unified system architecture called MUSA, enabling simultaneous support for AI computing acceleration, graphics rendering, and other advanced computing tasks [5][6] Financial Performance - Moer Thread's revenue grew from 0.46 million CNY in 2022 to 4.38 million CNY in 2024, with a compound annual growth rate of 208.44%, and projected revenue for the first half of 2025 is 7.02 million CNY [6] - The company anticipates revenue between 12.18 million CNY and 14.98 million CNY for the full year of 2025, indicating a continuation of rapid growth [6] Market Context - The IPO coincides with a critical industry window, as demand for AI computing power in China continues to surge amid U.S. export controls on high-end AI chips [2][7] - Beijing, known as the "AI Capital," has a core AI industry scale of nearly 350 billion CNY, with over 2,400 related enterprises, positioning it as a leader in the AI chip sector [2][15] Investment Landscape - The IPO has attracted significant attention from investors, with a consortium of 85 institutional and corporate shareholders benefiting from the company's rapid valuation increase [9][11] - The early investors, including prominent venture capital firms, have seen substantial returns, reflecting the high demand for domestic alternatives in the AI chip market [9][13] Future Outlook - Moer Thread's successful IPO is seen as a pivotal moment for China's GPU industry, transitioning from technological breakthroughs to market and capital-driven growth [7][14] - The company aims to continue enhancing its R&D capabilities and contribute to China's strategic goals of achieving self-sufficiency in high-end computing power [6][7]

【#摩尔线程回应登陆科创板# 】12月5日，被誉为"#国产英伟达#"的#摩尔线程#（688795.SH）正式登 陆科创板，自上市之日起纳入科创成长层。这家成立仅5年的GPU龙头企业，从6月30日IPO申请获受理 到10月30日完成注册，全程仅用122天，其中受理至过会更是创下88天的科创板过会纪录。摩尔线程相 关负责人对记者表示，作为一家专注于全功能GPU自主研发与设计的硬科技企业，公司有两点突出感 受：首先，科创板自设立以来，为包括摩尔线程在内的大量处于关键成长期、尚未盈利的科技创新企业 提供了不可或缺的资本支持；其次，科创板"1+6"政策的迅速出台与落实，生动展现了从顶层设计到具 体执行令人瞩目的"中国速度"。这种高效务实的政策执行力，不仅极大地提振了市场信心，也为科技企 业锚定了清晰的发展方向，营造了鼓励长期主义、潜心攻关的有利环境。（经济参考报）@密度财经 转自：贝壳财经 ...

公开信息显示，摩尔线程由前英伟达全球副总裁、大中华区总经理张建中于2020年6月创立，该公司以全 功能GPU为核心，致力于向全球提供加速计算的基础设施和一站式解决方案，为各行各业的数智化转型提 供强大的AI计算支持。"全功能"指兼具通用计算与图形渲染能力。目前，摩尔线程产品线划分为AI智算、 图形加速，以及面向消费电子、智能座舱、具身智能等边缘计算领域的智能SoC（系统级芯片）三类。 12月5日，摩尔线程正式在科创板上市，这只"国产GPU第一股"开盘后迅速受到投资者热捧，开盘价650 元，大涨468.78%。值得一提的是，摩尔线程上市发行价为114.28元，这是2025年以来发行价最高的新股， 截至发稿时股价588.06元，涨幅仍超400%，这也意味着，若以此计算，中一签摩尔线程新股将至少可赚20 万元。 摩尔线程的大涨不仅将带富中签的股民，其创始人及投资者也将获益。发行后的股本结构显示，公司创始 人张建中直接持有摩尔线程4424万股，按发稿时的股价计算，该部分股票市值约260亿元。深圳明皓、国 盛资本、红杉资本均分别持有摩尔线程超1900万股，对应市值均超过百亿。 采写：南都湾财社记者 赵元 在业绩上，20 ...

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board semiconductor materials and equipment theme index decreased by 0.38% as of December 5, 2025 [1] - Among the constituent stocks, Zhongke Feimiao led with a rise of 2.95%, while Tianyue Advanced fell by 4.60% [1] - The Sci-Tech Semiconductor ETF (588170) experienced a decline of 0.57%, with an intraday turnover of 7.29% and a transaction volume of 248 million yuan [1] Group 2 - Moore Threads officially listed on the Sci-Tech Innovation Board, experiencing a significant surge of over 500% on its opening day, becoming the third largest stock in A-shares [1] - Huachuang Securities reported that AI computing power is a core driver of the current AI industry development, emphasizing the urgency for domestic AI computing chip independence amid overseas restrictions [1] - The semiconductor equipment and materials industry is a crucial area for domestic substitution, benefiting from the expansion of semiconductor demand driven by the AI revolution [2]

Core Insights - The article highlights the successful debut of Moore Threads, known as the "first domestic GPU stock," on the STAR Market, achieving a market capitalization of 305.5 billion yuan on its first trading day [1] - The stock opened at 650 yuan per share, representing a significant increase of 468.78% from its issue price of 114.28 yuan per share, making it the most profitable new stock of the year [1] - Investors who purchased one lot (one sign) of the stock realized a profit of nearly 270,000 yuan, surpassing the previous record set by Tongyu Materials, which was listed in July [1] Company Performance - Moore Threads' market capitalization reached 305.5 billion yuan, positioning it as the fourth largest chip stock on the STAR Market [1] - The stock's opening price of 650 yuan reflects a substantial appreciation, indicating strong investor interest and confidence in the company's prospects [1] Investment Opportunity - The significant profit margin for investors, with a nearly 270,000 yuan gain from a single lot, underscores the potential for high returns in the current market for new listings [1] - Moore Threads' performance sets a benchmark for future IPOs in the semiconductor industry, particularly in the GPU segment [1]

随后，摩尔线程在抛压下小幅回落，截至发稿，摩尔线程报584元/股，涨411.03%，总市值达到2745亿元，开盘一个小时 内成交额已超百亿元达102.76亿元。 公告显示，摩尔线程发行并上市的募集资金将应用于摩尔线程新一代自主可控AI训推一体芯片研发项目、摩尔线程新一代 自主可控图形芯片研发项目、摩尔线程新一代自主可控AI SoC芯片研发项目及补充流动资金。公司本次发行融资募集资金使用 围绕公司主营业务展开，按照公司业务发展和技术研发创新路线对现有业务进行提升和拓展，有利于公司提高技术攻关创新水 平、加速实现新产品的量产及产业化，完善GPU产品和生态布局，从而持续提升公司关键技术创新和核心竞争力。 近年来，摩尔线程把握市场发展机遇，专注于技术研发和产品创新，持续推出具有行业竞争力的全功能GPU产品。2024 年，该公司营业收入超4亿元，近三年营业收入复合增长率超过200%，持续经营能力不断提升。 摩尔线程的目标是成为具备国际竞争力的GPU领军企业，为融合AI和数字孪生的数智世界打造先进的计算加速平台。公司 的愿景是为美好世界加速。未来公司将持续进行产品研发迭代及矩阵布局，不断突破积累核心技术，建设专业人才梯队 ...

Group 1 - The Shanghai Composite Index rose by 0.08% at midday, while the ChiNext Index increased by 0.47% [1] - CPO concept stocks experienced a surge, with local stocks in Fujian showing repeated activity [1] - The indices for superconductors, ultra-high voltage, 6G, and photovoltaics had the highest gains [1] Group 2 - Moer Thread saw a significant increase of 416.79% [1] - The banking, real estate, and pharmaceutical sectors experienced notable declines [1]