12月5日，A股三大指数集体下跌，其中沪指下跌0.15%。小盘成长指数活跃，截至10:32，中证1000ETF （159845）探底回升涨0.10%。其他宽基指数中，上证50跌0.04%，沪深300跌0.16%，中证500跌 0.06%。 从个股表现来看，中证1000ETF（159845）前50只权重股中，涨幅靠前的有，应流股份涨5.1%，中钨高 新涨4.13%，惠城环保涨3.58%，东睦股份涨3.39%；然而和而泰、东芯股份表现不佳，分别跌9.36%、 4.46%。 从行业表现来看，中证1000ETF前几大重仓行业中，电子下跌0.52%，电力设备上涨0.47%，医药生物下 跌0.43%，计算机下跌0.06%，机械设备上涨0.93%。 资金面来看，中证1000ETF（159845）近五个交易日资金净流入2.43亿元，近十个交易日净流入2.98亿 元，最新规模达443.45亿元。今日盘中成交额5.01亿元，远超同类指数产品，近一周平均日成交高达8.3 亿元，流动性较好。 政策方面，12月3日，中央金融办副主任王江在《人民日报》发表文章《加快建设金融强国》，强调"加 快建设金融强国是推动高质量发展的必然要求"。一 ...

一场集结了国资机构、市场化创投、产业CVC的资本盛宴。 摩尔线程此次上市将为早期投资方带来丰厚回报空间。根据招股书，上市后持股4.24%的深圳明皓是公司最大外部股东，以8000万 元投资换回发行后约23亿元账面回报，其背后GP（普通合伙人）是累计管理基金规模超400亿元的善达投资。同样位居前十大股东 之列的红杉中国、国盛资本等机构，也均将实现超15亿元的投资回报。 善达投资收益颇丰 盐城国资隐性受益 摩尔线程的资本故事，始于创始团队的亮眼履历以及善达投资主导的早期布局。 结合公开资料，摩尔线程创始团队成员均源自英伟达核心体系。除张建中拥有近15年的任职履历外，公司联合创始人周苑、张钰 勃、王东，亦曾长期服务于英伟达，其间分别深耕渠道生态、技术、销售等领域，形成了优势互补的核心创业团队。 硬核的团队背景叠加国产GPU替代的时代风口，使摩尔线程在成立的第3个月便斩获8190.48万元大额融资，这笔融资由沛县乾曜兴 科技合伙企业（有限合伙，简称"沛县乾曜"）、深圳市明皓新科技合伙企业（有限合伙，简称"深圳明皓"）联合完成——沛县乾曜 作为摩尔线程最早期的外部投资人，为后者引入深圳明皓，因此在该次增资中，前者以100 ...

摩尔线程此前列出的主营业务及经营模式相近的可比国内上市公司，包括海光信息、寒武纪、景嘉微。今日盘中海光信息、寒武纪、景嘉微的市值分别 为4892亿元、5679亿元、381亿元，股价分别为210元/股、1338元/股、72.71元/股。在可比上市公司中，摩尔线程一股价格仅次于寒武纪。 摩尔线程主要从事GPU及相关产品的研发、设计和销售，主要面向AI、云与数据中心、高性能渲染和视频加速场景，业务与AI相关性较大。但摩尔线程 尚未盈利，去年摩尔线程亏损14.92亿元，今年上半年亏损2.71亿元。摩尔线程预计，公司最早可于2027年实现合并报表盈利。 与摩尔线程此前列出的三家可比国内上市公司相比，摩尔线程此前的业绩表现并不突出。海光信息、寒武纪去年营收分别为91.62亿元、11.74亿元。去年 第四季度寒武纪开始扭亏，今年前三季度也实现盈利，海光信息去年、今年上半年净利润分别为19.31亿元、12.01亿元。只有景嘉微与摩尔线程相似，去 年、上半年都陷入亏损。 与此同时，国内芯片厂商仍面临激烈竞争。此前摩尔线程在对问询函的回复中表示，在国内AI芯片市场中，GPU的市场份额低于全球市场，在全球市 场，英伟达则处于垄断地 ...

Core Viewpoint - The article discusses the remarkable journey of Moer Thread, known as the "first domestic GPU stock" in China, highlighting its rapid rise in the semiconductor industry and its recent IPO on the STAR Market, which set multiple records in terms of subscription rates and market valuation [2][3][19]. Financing Journey - Moer Thread completed two rounds of financing within three months of its establishment in 2020, achieving a valuation of over $1 billion, setting a record for the fastest unicorn in the industry [7][8]. - The first round of financing in September 2020 involved investors like Peixian Qianyao and Shenzhen Minghao, with Peixian Qianyao's initial investment of 1.9 million yuan now valued at approximately 11.898 billion yuan, yielding a return of over 6262 times [4][8]. - The angel round in December 2020 attracted top-tier investors, despite the company not having a prototype at that time, primarily due to its exceptional team [9][10]. Team and Technology - The founder, Zhang Jianzhong, previously served as a key executive at NVIDIA, contributing to the establishment of a complete GPU ecosystem in China [10][13]. - The team consists of members from leading tech companies like NVIDIA, Microsoft, Intel, AMD, and ARM, with an average of over ten years of experience [10][13]. Product Development and Market Performance - Moer Thread's first chip was delivered on time, with subsequent iterations accelerating, achieving a milestone of three chips in three years [14][15]. - The company reported revenues of 1.24 billion yuan in 2023, a 169% increase from 2022, demonstrating its commercial viability [15]. Challenges and Resilience - In October 2023, Moer Thread was placed on the U.S. Entity List, posing significant challenges, yet the management committed to increasing R&D investment and product development [17][18]. - Following this, the company secured several hundred million yuan in B+ round financing, indicating strong market confidence despite external pressures [18]. IPO and Market Reception - Moer Thread's IPO process began in November 2024, with significant interest from investors, leading to a pre-IPO round that raised 5.225 billion yuan at a valuation of 24.62 billion yuan [20][22]. - The company’s stock price surged, reflecting the market's renewed interest in its potential as a "Chinese version of NVIDIA" [20][24]. Future Outlook - The founder emphasized the ongoing efforts to enhance product performance and the importance of domestic GPU development in light of external restrictions and market demands [24].

记者丨李益文 被誉为"国产GPU第一股"的摩尔线程正式登陆科创板，首日高开表现亮眼，市值达3055亿元，成为科创 板第4大芯片股，报650元/股，较114.28元/股的发行价上涨468.78%。 以此计算，中一签投资者盈利近27万元，超越今年7月上市的同宇新材，登顶年内最赚钱新股宝座。 这一亮眼表现的背后，是其创纪录的发行规模与市场狂热的认购氛围。公开资料显示，摩尔线程此次 IPO从受理到过会仅用时88天，创下科创板审核最快纪录，其114.28元/股的发行价创下2025年A股新股 发行价新高。 | | | | 2025年上市新股"肉签"前20 | | | | --- | --- | --- | --- | --- | --- | | 证券名称 | 发行价(元) | 同市首目 | 上市首日 | 中一等 上市首日最高可赚 | 嘉集资金 净额(亿元) | | | | 最高价(元) | 涨跌幅(%) | (元) | | | 摩尔线程 | 114.28 | 650 (开盘价) | 468.78 | 267860 | 75.76 | | | | | (开盘涨幅) | (按开盘价计算) | | | 同宇新材 | 84.00 ...

记者丨李益文 编辑丨叶映橙 2025年12月5日，A股三大指数开盘涨跌不一，汽车拆解、玻纤、HBM等板块指数涨幅居前， 有色·锑、林业、铁矿石等板块指数跌幅居前。 被誉为"国产GPU第一股"的摩尔线程正式登陆科创板，首日高开表现亮眼，市值达3055亿元， 成为科创板第4大芯片股，报650元/股，较114.28元/股的发行价 上涨468.78%。 以此计算，中一签投资者盈利近27万元，超越今年7月上市的同宇新材，登顶年内最赚钱新股 宝座。 这一亮眼表现的背后，是其创纪录的发行规模与市场狂热的认购氛围。公开资料显示，摩尔线 程此次IPO从受理到过会仅用时88天，创下科创板审核最快纪录，其114.28元/股的发行价创下 2025年A股新股发行价新高。 | | | | 2025年上市新股"肉签"前20 | | | | --- | --- | --- | --- | --- | --- | | 证券名称 | 发行价(元) | 上市首日 | 上市首日 | 第一任 市直昌最高可赚 | 泉景资金 | | | | 最高价(元) | 涨跌幅(%) | | 净额(亿元) | | | | | | (元) | | | 摩尔线程 | 1 ...

据了解，摩尔线程以自主研发的全功能GPU为核心，致力于为AI、数字孪生、科学计算等高性能计算领域提供计算加速平台。自 2020年成立至今仅用5年时间，该公司便完成了商业化与资本化的双重跨越。而这一成就背后，离不开红杉中国、深创投、国盛资 本、腾讯创业投资、和而泰（002402）等超80家早期股东，8轮累计94.98亿元资金的鼎力支持，为摩尔线程在创业阶段突破技术瓶 颈、实现量产突围提供了坚实保障。 GPU研发是典型的高投入、长周期、高风险赛道，企业发展进程与资金供给深度绑定。作为中国芯片产业面对供应链挑战背景下诞 生的硬科技企业，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。5年来，摩尔线程将持续注入的融资 转化为巨额研发投入，成长为国内唯一实现全功能GPU量产的企业：2022年至2025年三季度，摩尔线程累计研发投入46.7亿元，同 时累计亏损59.39亿元。不过，其成长态势已逐步显现——2025年前三季度，公司营收同比增长181.99%，达到7.85亿元。据摩尔线 程预测，当公司2027年收入达到59.83亿元，同时整体毛利率达到61%，即有望实现合并报表盈利。 摩尔线程此次上市 ...

Core Insights - The company "Moore Threads," known as the first domestic GPU stock, has successfully listed on the Sci-Tech Innovation Board, achieving commercialization and capitalization in just five years since its establishment in 2020 [1][11] - The company has received substantial support from over 80 early investors, accumulating 9.498 billion yuan in funding through eight rounds, which has facilitated its technological breakthroughs and mass production [1][11] - Moore Threads has become the only domestic company to achieve mass production of full-function GPUs, with a cumulative R&D investment of 4.67 billion yuan and a total loss of 5.939 billion yuan from 2022 to the third quarter of 2025 [1] Investment Returns - The listing of Moore Threads is expected to yield significant returns for early investors, with the largest external shareholder, Shenzhen Minghao, projected to achieve a book return of approximately 2.3 billion yuan from an 8 million yuan investment [2] - Other major shareholders, including Sequoia China and Guosheng Capital, are also expected to realize returns exceeding 1.5 billion yuan [2] Founding Team and Early Investments - The founding team of Moore Threads consists of former key members from NVIDIA, including Zhang Jianzhong, who has nearly 15 years of experience with the company [3] - The company secured significant early funding of 81.9048 million yuan within three months of its establishment, facilitated by early investors such as Peixian Qianyao and Shenzhen Minghao [3][4] Capital Structure and Gains - Early investors like Peixian Qianyao and Shenzhen Minghao have realized substantial gains, with Peixian Qianyao achieving nearly 2 billion yuan in total returns from its investment [4][5] - The Salt City Big Data Fund, indirectly benefiting from Moore Threads, has also seen returns of 460 million yuan [6] Support from State-Owned Enterprises - The rapid growth of Moore Threads has been supported by state-owned investment institutions from Shanghai and Shenzhen, with Shenzhen Capital Group being one of the earliest investors [7][8] - Guosheng Capital, representing Shanghai state-owned assets, has contributed over 600 million yuan to the company, becoming its second-largest external shareholder [8] Market Dynamics and Future Prospects - The capital landscape of Moore Threads includes both market-oriented institutions and corporate venture capital (CVC), with Sequoia China being a prominent player [9][10] - The company is expected to receive an additional 8 billion yuan in funding from the secondary market post-IPO, aimed at advancing the development of next-generation AI training chips and graphics chips [11]

| 公司 | 上市首日 最高价 | 首发价 (元) | 中一签最高赚 上市首日 多少(元) | 最高涨幅 | | --- | --- | --- | --- | --- | | | (元) | | | | | 影石创新 | 187.99 | 47.27 | 70360 | 297. 69% | | 思着科技 | 110. 00 | 33. 46 | 38270 | 228. 75% | | 禾元生物 | 91. 32 | 29.06 | 31130 | 214. 25% | | 海博思创 | 73. 95 | 19.38 | 27285 | 281. 58% | | 恒坤新材 | 65.00 | 14.99 | 25005 0 | 333. 62% | | 汉邦科技 | 55. 55 | 22. 77 | a S16390 | 143.96% | | 西安奕材 | 39.78 | 8.62-11 | 15580 | 361. 48% | | 必见特 | 48. 91 | N17. 78 | 15565 | 175. 08% | | 寨分科技 | 29.00 | 4. 32 | 12340 | 571. 30% ...

"国产GPU第一股"摩尔线程今日登陆科创板。这家专注于全功能GPU领域的企业，自2020年成立至今仅 用5年时间，便完成了商业化与资本化的双重跨越。而这一成就背后，离不开红杉中国、深创投、国盛 资本、腾讯创业投资、和而泰等超80家早期股东，8轮累计94.98亿元资金的鼎力支持，为摩尔线程在创 业阶段突破技术瓶颈、实现量产突围提供了坚实保障。 GPU研发是典型的高投入、长周期、高风险赛道，企业发展进程与资金供给深度绑定。作为中国芯片产 业面对供应链挑战背景下诞生的硬科技企业，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。5年来，摩尔线程将持续注入的融资转化为巨额研发投入，成长为国内唯一实现全功 能GPU量产的企业：2022年至2025年三季度，摩尔线程累计研发投入46.7亿元，同时累计亏损59.39亿 元。不过，其成长态势已逐步显现——2025年前三季度，公司营收同比增长181.99%，达到7.85亿元。 据摩尔线程预测，当公司2027年收入达到59.83亿元，同时整体毛利率达到61%，即有望实现合并报表 盈利。 摩尔线程此次上市将为早期投资方带来丰厚回报空间。根据招股书，上市后持股 ...