Core Insights - The listing of Moer Thread, known as the "first domestic GPU stock," has become one of the most notable capital events in the A-share market by the end of 2025, with its stock price soaring over four times on the first day of trading and a market capitalization reaching approximately 3,800 billion yuan shortly after its issuance [1] Group 1: Strategic Investors - Nine institutions were allocated strategic placement shares, with China Insurance Investment Fund being the largest winner, acquiring approximately 437.52 million shares, accounting for 6.25% of the issuance [3] - Companies with strategic partnerships with Moer Thread, such as Tianyi Capital under China Telecom and Shenzhen Sanqi Network Technology from Meituan, also participated in the strategic placement [3] Group 2: Institutional Participation - The offline placement segment saw significant activity, with 267 offline investors submitting valid bids, resulting in a total effective subscription of 704.06 billion shares and an offline subscription multiple of 1,572 times [5] - Public funds, social security funds, and pension funds accounted for 98.44% of the shares allocated in the offline placement, indicating strong institutional confidence in Moer Thread's technological capabilities and long-term growth potential [5] Group 3: Retail Investor Enthusiasm - The enthusiasm among retail investors was high, with 4.8266 million households participating in the online issuance, leading to an effective subscription multiple of approximately 4,126.49 times [7] - The final winning rate for the online issuance was only 0.0364%, with about 33,600 winning numbers available, highlighting the competitive nature of the subscription process [7] Group 4: Early Investors' Gains - Early investors, such as Century Huatong, have become hidden winners, holding a 7.3121% stake in a private investment fund that owns 19.5887 million shares of Moer Thread, potentially impacting their net profit by 640 million yuan [9] - Another A-share company, Heertai, holds 4.1051 million shares of Moer Thread, with a market value of approximately 3 billion yuan based on the closing price [9] Group 5: Market Outlook - The strong demand for Moer Thread reflects a general optimism regarding the development prospects of the domestic GPU industry, with the company being one of the few that covers both B-end and C-end markets [11] - Moer Thread has achieved rapid revenue growth, with 702 million yuan in revenue for the first half of 2025, surpassing the total revenue of the past three years [13] - The Chinese GPU market is projected to grow to 1,363.578 billion yuan by 2029, driven by the increasing demand for computing power infrastructure due to AI applications [13]
揭秘“国产英伟达”上市背后的资本盛宴：谁在抢购摩尔线程？