证券代码：000987 证券简称：越秀资本 公告编号：2025-057 一、以 11 票同意、0 票反对、0 票弃权，审议通过《关于 公司总经理定薪的议案》 因利益相关，董事吴勇高回避表决。 本议案已经公司董事会薪酬与考核委员会预审通过。 公司于 2025 年 8 月 11 日召开第十届董事会第二十五次会议， 审议通过《关于调整公司高级管理人员的议案》，同意聘请吴勇 高先生为公司总经理，任期自该次董事会决议通过之日起至第十 届董事会任期届满之日止。根据《广州越秀资本控股集团股份有 限公司高级管理人员薪酬和绩效管理制度》等规定，综合考虑岗 位职责等因素，董事会对吴勇高先生设定薪酬方案。 特此公告。 广州越秀资本控股集团股份有限公司 第十届董事会第二十八次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 广州越秀资本控股集团股份有限公司（以下简称"公司"）第 十届董事会第二十八次会议通知于 2025 年 9 月 15 日以电子邮件 方式发出，会议以通讯方式召开并于 2025 年 9 月 29 日完成通讯 表决，应出席董事 12 人，实际出席董事 12 ...

Investment Rating - The industry investment rating is "Overweight," indicating that the growth level of the industry is expected to exceed that of the CSI 300 index over the next six months [3][38]. Core Views - The A-share margin trading balance has reached a new high of 2.44 trillion yuan, reflecting a robust demand in the margin trading market. The financing balance accounts for 2.54% of the circulating market value, and the financing buy-in amount represents 11.80% of the A-share trading volume [2]. - The current PB valuation of the brokerage sector is 1.42 times, which is near the 40th percentile of 2020, indicating a historical low [1]. - Regulatory encouragement for industry consolidation is evident, with mergers and acquisitions seen as effective means for brokerages to achieve external growth and enhance competitiveness [3][6]. Summary by Sections Brokerage Weekly Data Tracking - The average daily trading volume for A-shares was 23,132 billion yuan, down 8.13% week-on-week, with a daily turnover rate of 3.78%, a decrease of 0.48 percentage points [11]. - As of September 26, 2025, the total equity financing scale reached 876.615 billion yuan, with IPOs contributing 75 billion yuan and additional financing at 757.9 billion yuan [13]. Insurance Weekly Data Tracking - The total insurance premium income for July 2025 was 42,085.29 billion yuan, reflecting a year-on-year increase of 6.75%. The life insurance sector accounted for 33,202.78 billion yuan, up 7.53% year-on-year [27]. - The insurance sector is seeing a surge in new product launches, with 993 life insurance products and 652 annuity products introduced this year, indicating a shift towards more competitive offerings [7]. Industry Dynamics - Recent announcements from regulatory bodies support the development of bond repurchase business for foreign investors, enhancing the attractiveness of RMB-denominated bonds [31]. - Measures to foster the growth of digital economy innovation enterprises have been introduced, aiming to accelerate the listing and financing of high-quality companies in this sector [32].

Group 1 - The core point of the article highlights the phenomenon of "shadow stocks" in the A-share market, particularly in relation to the IPO of Moole Technology, which has sparked significant interest and speculation among investors [1][9] - Since the announcement of Moole Technology's IPO timeline, at least 16 A-share listed companies have responded regarding their holdings in Moole Technology, indicating a strong market reaction [1] - Companies like Shoukai Co., Jinfa Technology, and others have seen substantial stock price increases, but their actual ownership stakes in the companies they are associated with are minimal, often through indirect holdings via investment funds [1][2] Group 2 - The stock price of Heertai surged significantly following news of Moole Technology's IPO, reaching a peak of 60.71 yuan per share before experiencing a decline of over 20% [2] - Heertai directly holds approximately 1.02% of Moole Technology's shares, but the specific investment amount and timing have not been disclosed [2][3] - Other companies like Zhongke Lanyun and Yingqu Technology also hold around 0.34% of Moole Technology, showcasing a trend of indirect investment through funds [2][3] Group 3 - A total of about 70 private equity funds have participated in the financing of Moole Technology, with many A-share listed companies holding shares indirectly through these funds [4] - The trend of listed companies investing in private equity funds has been prevalent, with 195 companies contributing over 21.6 billion yuan to 175 funds this year alone [6] - The historical data shows that since October 2013, listed companies have invested a total of 443.41 billion yuan in private equity funds, indicating a significant level of engagement in this investment strategy [6] Group 4 - The concept of "shadow stocks" is not new in the A-share market, with previous instances of similar phenomena occurring during various market cycles [9] - The relationship between primary market investments and secondary market stock price movements suggests a potential for new narratives and cycles in investor sentiment [9] - The article emphasizes that while the basic fundamentals of shadow stocks may not change significantly due to their association with high-profile companies, the potential for financial returns and strategic opportunities remains [9]

该公司的IPO申请于今年6月30日获得受理，回复两轮问询后，便于9月26日过会并提交注册。该公司此 次冲刺科创板，拟融资80亿元。 摩尔线程是国内极少数兼顾图形渲染与AI计算的国产GPU公司，其动态备受市场关注。不过，该公司 也在招股说明书中称，公司与英伟达等国际巨头相比，在综合研发实力、核心技术积累、产品客户生态 等方面仍存在一定的差距。 摩尔线程IPO上会消息此前一度引爆相关概念股行情。对此，市场颇为关心，哪些上市公司参股或者有 合作关系？根据公开消息，和而泰（002402.SZ）、盈趣科技（002925.SZ）直接参股摩尔线程，还有些 上市公司的子公司持股摩尔线程；一些传闻有合作关系的公司则表示，基于保密原因不便透露。 2025.09.28 本文字数：2899，阅读时长大约5分钟 作者 |第一财经 黄思瑜 被称为"中国版英伟达"的摩尔线程智能科技（北京）股份有限公司（下称"摩尔线程"），从提交IPO申 请到过会并提交注册，只用了88天，正向"注册关"冲刺，成为全市场近期最关注的一件事。 与国际龙头仍存差距 摩尔线程成立于2020年6月，主要从事GPU（图形处理器）及相关产品的研发、设计和销售。 此次IP ...

2025.09. 28 本文字数：2899，阅读时长大约5分钟 作者 | 第一财经 黄思瑜 被称为"中国版英伟达"的摩尔线程智能科技（北京）股份有限公司（下称"摩尔线程"），从提交IPO 申请到过会并提交注册，只用了88天，正向"注册关"冲刺，成为全市场近期最关注的一件事。 该公司的IPO申请于今年6月30日获得受理，回复两轮问询后，便于9月26日过会并提交注册。该公司 此次冲刺科创板，拟融资80亿元。 2022 年 至 2024 年 ， 摩 尔 线 程 营 业 收 入 分 别 为 0.46 亿 元 、 1.24 亿 元 、 4.38 亿 元 ， 复 合 增 长 率 为 208.44%；2025年上半年营收为7.02亿元。不过，该公司仍处于亏损状态，2022年度～2024年度和 2025年上半年（报告期），归母净利润分别为亏损18.40亿元、16.73亿元、14.92亿元和2.71亿元。 摩 尔 线 程 预 计 ， 2025 年 1 ～ 9 月 ， 营 业 收 入 在 7.35 亿 元 ～ 7.86 亿 元 区 间 ， 同 比 增 长 164.17% ～ 182.50%；归母净利润亏损6.99亿元～7.33亿 ...

Core Viewpoint - The rapid IPO process of Moore Threads, dubbed the "Chinese version of Nvidia," has garnered significant market attention, with the company aiming to raise 8 billion yuan through its listing on the Sci-Tech Innovation Board [1][2]. Company Overview - Moore Threads was established in June 2020 and focuses on the research, design, and sales of GPUs and related products [2]. - The company has launched four generations of GPU architectures and has developed a product matrix covering AI computing, cloud computing, and personal computing applications [2]. - Despite rapid revenue growth, the company has not yet achieved profitability, with significant net losses reported [3]. Financial Performance - Revenue figures for Moore Threads from 2022 to 2024 are projected at 46 million yuan, 124 million yuan, and 438 million yuan, respectively, reflecting a compound annual growth rate of 208.44% [3]. - The company reported net losses of 1.84 billion yuan, 1.67 billion yuan, and 1.49 billion yuan for the same period, with a loss of 271 million yuan in the first half of 2025 [3]. - For the first nine months of 2025, projected revenue is between 735 million yuan and 786 million yuan, with expected net losses of 699 million yuan to 733 million yuan [3]. Market Position - Moore Threads holds less than 1% market share in its respective segments within the domestic AI computing market, indicating a significant gap compared to international leaders like Nvidia and AMD [5]. - In the domestic AI chip market, Nvidia, Huawei, and AMD hold market shares of 54.4%, 21.4%, and 15.3%, respectively, highlighting the competitive landscape [4]. Investment and Shareholding - The company has a diverse shareholder base, including notable investors such as Sequoia Capital and Tencent, with a total of 86 shareholders [6]. - The actual controller, Zhang Jianzhong, holds a combined 36.36% stake in the company, while the listed company Heertai holds a direct stake of 1.0262% [6]. Collaborations and Partnerships - There are various inquiries regarding partnerships with other companies, with some firms confirming indirect investments or agency relationships with Moore Threads [8][10]. - Companies like ST Huatuo and Yincheng Technology have acknowledged their indirect stakes in Moore Threads, while others have refrained from disclosing specific partnership details due to confidentiality [7][9].

Core Insights - The article discusses the recent surge in A-share market driven by the IPO of Moore Threads, highlighting the phenomenon of "shadow stocks" where companies with minimal direct investment in the IPO are experiencing significant stock price increases [1][2][11] - It emphasizes that many companies are indirectly holding shares in Moore Threads through private equity funds, leading to a lack of substantial backing for the stock price increases [2][10] Group 1: Moore Threads IPO and Market Reaction - Moore Threads set a record with 63 working days for its IPO approval, prompting a frenzy among A-share companies to clarify their holdings in the company [1] - At least 16 A-share listed companies have responded regarding their stake in Moore Threads, with some companies like Xiamen Guomao and Crystal Electric clarifying their positions on September 25 alone [1] - The stock of Heertai surged significantly following the news of Moore Threads' IPO, reaching a peak of 60.71 CNY per share before dropping over 20% to 48.18 CNY by September 26 [3][4] Group 2: Indirect Holdings and Shadow Stocks - Many companies that have seen stock price increases related to Moore Threads have only minimal indirect holdings, often through private equity funds, such as Heertai holding approximately 1.02% directly [3][4] - Other companies like Zhongke Lanyun and Yingqu Technology hold about 0.34% each, with similar stock price volatility observed [4] - The article notes that around 70 private equity funds have participated in financing Moore Threads, with various A-share companies holding stakes through these funds [7] Group 3: Investment Trends and Market Dynamics - The trend of companies participating as limited partners (LPs) in private equity funds is common, with 195 companies investing over 21.6 billion CNY in 175 funds this year alone [9] - Historical data shows that since October 2013, 1,882 companies have invested a total of 443.41 billion CNY in 3,084 funds, with notable peaks in 2017, 2021, and 2022 [9] - The article suggests that the current "shadow stock" phenomenon is not new, as similar trends have been observed in previous market cycles, indicating a recurring pattern in A-share market behavior [11][12]

Core Viewpoint - Guangzhou Hengyun Enterprise Group Co., Ltd. has decided to sell up to 1% of its shares in Yuexiu Capital to optimize asset structure and improve liquidity [9][10]. Group 1: Board Meeting - The 10th meeting of the 10th Board of Directors was held on September 26, 2025, with all 10 directors participating [1][2]. - The board approved the proposal to sell part of the shares in Yuexiu Capital and authorized the management to execute the sale through centralized bidding [2][3]. Group 2: Share Sale Details - The company plans to sell no more than 1% of Yuexiu Capital's total shares, with the sale subject to market conditions and requiring approval from the state-owned enterprise [10][12]. - The company currently holds 586,457,241 shares in Yuexiu Capital, representing 11.69% of its total shares, making it the second-largest shareholder [12][14]. Group 3: Appointment of Securities Representative - The board appointed Ms. Chen Yunyi as the securities affairs representative, effective from the date of the board's approval until the end of the current board's term [20][21]. - Ms. Chen holds the necessary qualifications and experience for the role, having obtained the Board Secretary Qualification Certificate from the Shenzhen Stock Exchange [22].

Core Viewpoint - The company aims to enhance asset liquidity and optimize its asset structure by selling a portion of its shares in Yuexiu Capital, specifically up to 1% of the total share capital [1] Group 1 - The company held its 10th board meeting on September 26, 2025, to discuss the sale of shares [1] - The decision to sell shares is part of a strategy to better meet the operational development needs of the company [1] - The management is authorized to execute the sale through centralized bidding at an opportune time [1]

Core Viewpoint - The company plans to sell up to 1% of its total shareholding in Guangzhou Yuexiu Capital Holdings Group Co., Ltd. through centralized bidding to enhance asset liquidity and optimize its asset structure [1] Group 1: Transaction Details - The company currently holds 586 million shares of Yuexiu Capital, representing 11.69% of its total share capital, all of which are non-restricted circulating shares [1] - The sale of shares is subject to approval from state-owned enterprises and does not constitute a related party transaction or a major asset restructuring [1] - The number and price of the shares to be sold will be determined based on market conditions, and the specific impact on the company's profits cannot be accurately estimated at this time [1] Group 2: Post-Transaction Position - After the transaction, the company will still hold more than 5% of Yuexiu Capital's shares, allowing it to retain shareholder rights and account for investment income [1]