（文章来源：证券时报网） 据天眼查APP显示，深圳和而泰智能控制股份有限公司成立于2000年01月12日。注册资本92480.6285万 人民币。（数据宝） 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 数据宝统计，截至10:30，和而泰成交额97.26亿元，创上市以来新高。最新股价上涨1.90%，换手率 21.65%。上一交易日该股全天成交额为1.71亿元。 ...

（文章来源：每日经济新闻） 每经AI快讯，9月24日，和而泰涨停走出3连板，3天累计涨幅达33.11%。 ...

和而泰（002402.SZ）9月24日在投资者互动平台表示，公司直接持股摩尔线程，根据摩尔线程公开披露 的招股说明书，公司持股比例为1.0262%。 每经AI快讯，有投资者在投资者互动平台提问：请问公司或子公司是否直接或通过产业基金等方式间 接持有摩尔线程的股权？ （记者 胡玲） ...

(责任编辑：宋政 HN002) 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 格隆汇9月24日｜和而泰(002402)在互动平台表示，公司直接持股摩尔线程，根据摩尔线程公开披露的 招股说明书，公司持股比例为1.0262%。 ...

Market Overview - On September 23, the market showed signs of recovery after hitting a low, with the ChiNext index quickly turning positive towards the end of the trading session after previously dropping over 2% [1] - The total trading volume for the Shanghai and Shenzhen stock exchanges reached 2.49 trillion, an increase of 372.9 billion compared to the previous trading day [1] Index Performance - At the close, the Shanghai Composite Index fell by 0.18%, while the Shenzhen Component Index decreased by 0.29% [1] - In contrast, the ChiNext index experienced a gain of 0.21% [1]

Group 1: Fixed Income and Monetary Policy - The report discusses the anticipation surrounding the resumption of government bond trading, highlighting a shift from "buying long" to "buying short" under supportive monetary policy, with a focus on liquidity management [2][4][27] - It is expected that if interest rate cuts occur, the impact on the bond market will depend on the magnitude of the cuts, with a likely continuation of a 10 basis point reduction seen in the first half of the year [2][28][29] - The report emphasizes that regardless of whether bond trading resumes, liquidity concerns are manageable due to the central bank's diverse monetary policy tools [27][28][29] Group 2: Pharmaceutical Industry - The Chinese innovative drug industry is transitioning towards global commercialization, with a strong pipeline of quality projects expected to drive growth [6][9] - The report notes that the early drug development process in China is significantly faster than the global average, saving 30%-50% of time [9] - Future prospects for the industry are optimistic, with increased innovation expected to unlock greater commercial value [9] Group 3: Agricultural Sector - The dairy sector is experiencing a strong supply contraction, with expectations that the phase of destocking is nearing its end [10] - The meat cattle sector is entering a super cycle, with domestic supply tightening due to reduced imports and a long replenishment cycle [10] - The report suggests that the interconnection between dairy and meat cattle sectors will enhance profitability for related enterprises [10] Group 4: Technology Sector - The report highlights the rapid growth of Meige Intelligent, driven by demand in the smart connected vehicle and edge AI hardware markets, with a 44.50% increase in revenue year-on-year [32] - The company is expanding its applications in various sectors, including drones, AR glasses, and robotics, showcasing its strong capabilities in edge AI [34][35] - Despite a decline in overall gross margin, the company anticipates improvements in profitability in the latter half of the year [33][36] Group 5: Investment Recommendations - The report recommends focusing on sectors such as innovative pharmaceuticals, new energy, and new consumption, which are expected to benefit from seasonal demand and improving economic conditions [11] - Specific companies to watch include China Shengmu, Guangming Meat, and Fucheng Co., which are positioned well within the agricultural sector [10]

Group 1 - The core point of the news is that Moores Threads is accelerating its IPO process on the Sci-Tech Innovation Board, with plans to raise 8 billion yuan for the development of AI chips and graphics processors [1] - Moores Threads is recognized as a domestic technology company that has achieved full-function GPU independent research and development, often referred to as the "Chinese version of Nvidia" [1] - The Shanghai Stock Exchange's listing review committee is scheduled to review Moores Threads' IPO on September 26, 2025 [1] Group 2 - Following the announcement of Moores Threads' IPO, related stocks such as Heertai and Lianmei Holdings have seen significant price increases, with Heertai's stock experiencing a "4 days 3 boards" trend [2][5] - Heertai holds a 1.03% stake in Moores Threads, while Zhongke Lanyun holds 0.34% directly and 0.17% indirectly, totaling 0.50% [4] - The market has seen a surge in "Moores Threads concept" stocks, with several companies benefiting from the hype surrounding the IPO [3] Group 3 - Heertai reported a revenue of 5.446 billion yuan in the first half of the year, a year-on-year increase of 19.21%, and a net profit of 354 million yuan, up 78.65% [5] - Heertai's Zhuhai base is said to handle over 30% of Moores Threads' GPU module orders, indicating a significant business relationship [5] - Other companies with indirect stakes in Moores Threads, such as Lianmei Holdings and Chuling Information, have also seen their stock prices rise, despite their low ownership percentages [7][8] Group 4 - There are concerns regarding the sustainability of the hype around Moores Threads, as the company is still in its development phase and faces high technical barriers in GPU independent research and development [8] - Moores Threads is projected to have net losses of 1.84 billion yuan, 1.673 billion yuan, and 1.492 billion yuan from 2022 to 2024 [8] - Some companies have clarified their non-involvement with Moores Threads, indicating a need for caution regarding the perceived connections in the market [9]

Core Viewpoint - The upcoming IPO of Moore Threads, referred to as the "Chinese version of Nvidia," is generating significant market interest, particularly benefiting its shareholder, Heertai, whose stock price has surged in response [1][2]. Group 1: Company Overview - Heertai holds a 1.0262% stake in Moore Threads, which has a book value of 306 million yuan [2][3]. - Since its A-share market debut in 2010, Heertai has seen its revenue grow from 562 million yuan to 9.659 billion yuan from 2012 to 2024, representing an increase of over 16 times [6]. - The company's net profit has also increased from 26 million yuan to 364 million yuan during the same period, a growth of 13 times [6]. Group 2: Recent Performance - Heertai's stock price has increased approximately fivefold over the past year, rising from around 9 yuan to 55.19 yuan per share [4]. - In the first half of 2025, Heertai reported revenue of 5.446 billion yuan, a year-on-year increase of 19.21%, and a net profit of 354 million yuan, up 78.65% [6][7]. Group 3: Global Strategy and Market Position - Heertai's overseas revenue accounted for 66.24% of total revenue in the first half of 2025, amounting to 3.608 billion yuan, reflecting a year-on-year growth of 22.13% [7]. - The company has established manufacturing bases in various countries, including Vietnam, Romania, Italy, and Mexico, to support its global strategy and enhance local service capabilities [6][7].

Core Viewpoint - The news highlights the strong market performance of companies associated with Moores Threads, driven by the accelerated IPO process of Moores Threads, which is recognized as a domestic leader in GPU development, aiming to raise 8 billion yuan for AI chip research and development [1][4]. Group 1: Market Performance - Companies such as Heertai and Lianmei Holdings have seen their stock prices surge, with Heertai reaching a price of 55.19 yuan and a market capitalization of 51.04 billion yuan, while Lianmei Holdings hit 8.73 yuan with a market cap of 19.75 billion yuan [1]. - Heertai's stock has shown a "4 days 3 boards" trend, indicating significant investor interest following the news of Moores Threads' IPO [4]. Group 2: Company Relationships - Heertai holds a 1.03% direct stake in Moores Threads, while Zhongke Lanyun holds 0.50% of the company, indicating a limited but notable direct investment landscape [3]. - Heertai's Zhuhai base is reportedly handling over 30% of Moores Threads' GPU module orders, suggesting a potential operational relationship despite previous statements indicating no current business collaboration [4]. Group 3: Investment Landscape - The indirect investment network in Moores Threads is extensive, with companies like Lianmei Holdings and Chuling Information also experiencing stock price increases due to their indirect stakes [5]. - Lianmei Holdings has invested 100 million yuan in Moores Threads through its subsidiary, while Chuling Information holds a 1.08% stake in a fund that owns 2.12% of Moores Threads [5]. Group 4: Market Sentiment and Clarifications - The surge in Moores Threads concept stocks has led to some companies clarifying their non-involvement, such as Zhangjiang Hi-Tech and Yinxin Technology, which denied any direct investment or strategic partnerships with Moores Threads [6].

据披露，9月26日摩尔线程将在科创板迎来IPO审核。此次IPO预计募资80亿元，若成功过会，摩尔 线程将成为"国产GPU第 一股"。在摩尔线程IPO审议的前几天，A股市场上多只与其相关的概念股出现 了显著异动，连续多日涨停。 截至9月23日收盘，初灵信息、盈趣科技、和而泰、联美控股等多只与摩尔线程概念相关的股票继 续涨停，其中，和而泰更是4天3板，联美控股2连板。 据了解，部分公司股价上涨，主要因其前期曾披露对摩尔线程持股。如和而泰此前在半年报中披 露，公司对摩尔线程进行了投资，直接持有摩尔线程股份。 然而，此番市场的火爆，还是超出了许多人的意料。不少投资者跟风而动，引得其他企业如张江高 科、超声电子等企业急忙下场解释，公司没有对摩尔线程等企业进行投资。 一场算力豪赌 历时88天，国产GPU企业摩尔线程的IPO关键时刻来了。 这一巨额投资直接颠覆了人们对未来算力需求的想象。 别看现如今包括摩尔线程在内的这一批国产GPU企业开始炙手可热，如果把时间推移到七年前，他 们不过是刚刚诞生的新企业。 自2019年起，美国对中国科技企业的制裁愈演愈烈，尤其是高端GPU芯片的断供，让国内AI、云 计算、自动驾驶等行业陷入" ...