摩尔线程启动科创板IPO发行流程，科创半导体ETF（588170）回调走低

Core Viewpoint - The semiconductor materials and equipment sector in China's Sci-Tech Innovation Board is experiencing fluctuations, with notable movements in specific stocks and the launch of a new IPO by a domestic GPU company, indicating ongoing developments and investment opportunities in the industry [1][2]. Group 1: Market Performance - As of November 17, 2025, the Sci-Tech Innovation Board semiconductor materials and equipment theme index decreased by 0.77% [1]. - Among the constituent stocks, ShenGong Co. led with a rise of 5.43%, while TuoJing Technology fell by 4.96% [1]. - The Sci-Tech Semiconductor ETF (588170) saw a decline of 0.91%, with a latest price of 1.42 yuan and a trading volume of 1.86 billion yuan, reflecting a turnover rate of 5.5% [1]. Group 2: IPO and Fundraising - On November 13, domestic full-function GPU company MoEr Thread officially disclosed its prospectus, initiating the IPO process on the Sci-Tech Innovation Board [1]. - The company plans to publicly issue 70 million shares, aiming to raise 8 billion yuan for the development of next-generation AI training and inference chips, graphics chips, and AI SoC chips [1]. Group 3: Industry Trends - According to Fangzheng Securities, as Moore's Law slows and domestic lithography technology faces limitations, local manufacturers are expected to innovate through new structures, processes, and materials to enhance chip performance [2]. - Domestic equipment manufacturers possess unique advantages such as effective service, customization capabilities, and close alignment with customer needs, which may accelerate the domestic replacement of advanced nodes [2]. - The semiconductor materials and equipment sector is identified as a key area for domestic substitution, benefiting from low domestic replacement rates and high ceilings for domestic alternatives, driven by the AI revolution and technological advancements [2].