今日尾盘，摩尔线程股价快速拉升，截至收盘涨5.73%，报628.31元/股。 新一代GPU架构即将揭晓 12月5日才登陆科创板，"国产GPU第一股"摩尔线程又马不停蹄地宣布：即将推出新一代GPU架构。 刚登陆科创板，摩尔线程又有新动作。 公司12月9日宣布，即将发布新一代GPU架构，推出涵盖产品体系、核心技术及行业解决方案的完整布 局，分享多领域落地案例与生态建设进展。 作为国内首个聚焦全功能GPU的开发者盛会，大会以"创造、链接、汇聚（Create，Connect， Converge）"为核心理念，旨在汇聚全球AI与GPU领域开发者、技术领袖、产业先锋及行业数智化转型 实践者，共同探索国产算力的突破路径，擘画自主计算生态的崭新蓝图。 据悉，MDC 2025不仅是摩尔线程MUSA技术体系与全栈能力的集中呈现，更致力于打造一个连接技术 创新、开发者共创与产业应用的战略平台。大会将围绕MUSA统一系统架构，全面展示从硬件到软件、 从技术到场景的全栈能力与生态进展，加速推动国产全功能GPU技术扎根千行百业，筑牢智能时代的坚 实算力底座。 众多合作伙伴和重量级嘉宾将亮相 除了聚焦智能算力，MDC 2025还将全方位赋 ...

根据Wind数据，半导体设备ETF（159516）盘中流入3300万份，净流入700万份，资金抢筹布局。 半导体设备ETF（159516）跟踪的是半导体材料设备指数（931743），该指数聚焦于半导体产业链上游 的材料与设备领域，选取从事半导体材料研发、生产以及半导体设备制造的上市公司证券作为指数样 本，以反映半导体产业核心基础环节的整体表现。作为科技投资的重要风向标，该指数具有显著的技术 壁垒和成长性特征，能够有效追踪半导体产业关键支撑领域的发展动态。 （文章来源：每日经济新闻） 相关机构表示，近期，长江存储三期正式注册成立，若项目正式投产，长江存储的产能将实现跨越式增 长，计划力争到2026年底占据全球NAND闪存供应量的15%。而在存储扩产的必然趋势下，设备作为扩 产的前置环节，迎来重要机遇窗口。例如，3D堆叠存储快速发展，为提升存储密度，将存储单元垂直 堆叠，目前主流产品已超过200层，未来还将向1000层迈进，这使得对刻蚀设备的需求量和性能要求呈 指数级增长，同时堆叠层数增加的同时每层薄膜厚度要求严苛，ALD与CVD协同工艺成为主流，这都 对薄膜沉积设备提出了更高要求。 随着"十五五"规划提出，科技 ...

今日尾盘，摩尔线程股价快速拉升，截至收盘涨5.73%，报628.31元/股。 刚登陆科创板，摩尔线程又有新动作。 公司12月9日宣布，即将发布新一代GPU架构，推出涵盖产品体系、核心技术及行业解决方案的完整布局，分享多领域落地案例与生态建设进展。 公开资料显示，基于自研的MUSA架构，摩尔线程率先实现了在单芯片架构上同时支持AI计算加速、图形渲染、物理仿真以及超高清视频处理所需计算能 力的突破。 众多合作伙伴和重量级嘉宾将亮相 新一代GPU架构即将揭晓 12月5日才登陆科创板，"国产GPU第一股"摩尔线程又马不停蹄地宣布：即将推出新一代GPU架构。 摩尔线程于12月9日在官方微信号发布，12月19日至20日，摩尔线程首届MUSA开发者大会（MUSA Developer Conference，简称"MDC 2025"）将在北京中 关村国际创新中心拉开帷幕。 大会期间，摩尔线程创始人、董事长兼CEO张建中将发表重磅演讲，首次系统阐述以MUSA为核心的全栈发展战略与未来愿景，并重磅发布新一代GPU架 构、推出涵盖产品体系、核心技术及行业解决方案的完整布局，分享多领域落地案例与生态建设进展。 作为国内首个聚焦全功能G ...

Core Viewpoint - The MUSA Developer Conference (MDC 2025) will be held in Beijing on December 19-20, 2025, focusing on the development of domestic full-function GPUs and the exploration of breakthroughs in computing power for AI and GPU fields [1][2]. Group 1: Conference Overview - MDC 2025 aims to gather global developers, technology leaders, and industry pioneers to discuss the self-reliance in technology and industrial upgrades, with the theme "Create, Connect, Converge" [1]. - The conference will showcase the MUSA technology system and its full-stack capabilities, promoting the integration of GPU technology across various industries [1][2]. Group 2: Main Forum Highlights - The main forum will focus on intelligent computing as a core engine for digital transformation across industries, featuring a presentation by Zhang Jianzhong, the founder and CEO of Moole Technology, on the new GPU architecture and strategic vision [2]. - The forum will also include discussions on product systems, core technologies, industry solutions, and case studies [2][3]. Group 3: Technical Sessions - Over 20 technical sub-forums will be held, covering key areas such as intelligent computing, graphics computing, AI infrastructure, and developer tools, aimed at empowering developers and partners [4]. - The conference will facilitate deep integration of cutting-edge technologies with industry practices [4]. Group 4: Developer Empowerment - The "Moole Academy" will be established to support developer growth through systematic technology sharing, resource integration, and talent cultivation, fostering a sustainable domestic GPU application ecosystem [5]. Group 5: Interactive Experience - A 1000㎡ immersive "MUSA Carnival" will be created, featuring diverse thematic exhibition areas that cover advanced technologies and popular application scenarios such as AI models, intelligent manufacturing, and digital twins [6][9]. - Live demonstrations will provide an interactive experience, showcasing the real-world integration of technology and industry [7].

2025年A股"高低切"趋势最近在演绎，前期高景气成长赛道（如AI、国产算力）拥挤度攀升、机构持仓接近历史极值，资金再平衡需求推动低估值顺周期资 产成为配置核心。其中，证券与保险行业凭借"业绩增长确定性强+估值安全边际充足+资金持续流入"的三重核心优势，成为兼顾稳健性与收益性的优选配 置方向。下文将从市场逻辑、行业价值、配置工具及实操策略四方面展开分析，为投资者提供清晰、严谨的决策参考。 一、当前资金有高切低的信号 用一段话说完：行业收益分化触发极值信号+AI持仓到达高位水平+非银板块处于低估且待涨的状态。 （一）高景气赛道拥挤度已达风险阈值 当前主动偏股基金对AI板块的持仓占比超40%，接近 2017-2021 年 "茅指数" 行情的历史极值（44.8%）；同时，行业间收益分化、成长风格与价值风格的分 化程度，均攀升至过去3年90%以上分位（经MA5平滑处理）。高位板块增量资金承接能力边际减弱，回调风险逐步累积，资金亟需寻找"低拥挤、高安全 垫"的替代方向。 图：AI 与泛新能源、茅指数三轮机构持仓对比 图：今年以来涨幅较小，估值分位数仍在历史40%分位数以下的行业集中在顺周期资产方向 在资金"弃高就低"的 ...

在摩尔线程（688795.SH）上市首日被市场"预付"约3000亿元市值之后，沐曦股份（688802.SH）即将登 陆科创板，再度考验资本对国产算力的买单意愿。 12月7日，沐曦股份公告其科创板IPO网上发行最终中签率为0.03348913%，低于此前摩尔线程的 0.03635%，足见投资者申购热情高涨。 作为专注于高性能通用GPU及AI推理芯片的硬科技企业，沐曦股份不仅吸引了国家人工智能产业投资 基金等重量级战略投资者，更在网下询价阶段引发机构抢筹。 根据发行安排，沐曦股份以104.66元/股的价格公开发行4010万股，若发行后总股本为40010万股，对应 发行市值将达418.74亿元。若市场情绪复刻摩尔线程首日约425%的收盘涨幅，沐曦股份股价将冲至约 595元，对应市值一举突破2300亿元——这意味着二级市场愿为其未来技术兑现与盈利前景"预付"近 1900亿元的估值溢价。 与尚无明确盈利时间表的摩尔线程不同，沐曦股份给出"达到盈亏平衡点的预期时间最早为2026年"的预 期，这份"可预期的商业化能力"会否让市场支付更高昂的"预付款"？答案不久将揭晓。 沐曦股份接棒摩尔线程，引爆年末打新热潮 上周五（12月 ...

中信建投指出，在行业扩产整体放缓大背景下，我们认为国产化驱动下的渗透率提升依然是设备板块后 续增长的重要来源。我们判断未来设备国产化率将实现快速提升，头部整机设备企业 2025 年订单有望 实现 20-30%以上增长，零部件、尤其是卡脖子零部件国产化进程有望加快，板块整体基本面向好。景 气度方面，预计2025年前道CAPEX仍有增长，先进制程维持较强表现，成熟制程复苏；后道封装温和 复苏，2.5D/3D先进封装下半年有望有积极进展。 (本文来自第一财经) ...

Core Viewpoint - The article highlights the significant market enthusiasm surrounding domestic GPU companies, particularly focusing on the successful IPO of Moer Thread and the subsequent interest in Muxi Co., which is positioned as the "second domestic GPU stock" [4][5][9]. Group 1: Market Performance - Moer Thread, the first domestic GPU stock, debuted at an issue price of 114.28 yuan per share and opened at 650 yuan, peaking at 688 yuan, resulting in a market capitalization of approximately 2700 to 3000 billion yuan [4][5]. - Muxi Co. launched its IPO on the same day with an issue price of 104.66 yuan per share, aiming to raise 4.197 billion yuan, which would give it a market capitalization of around 418.74 billion yuan [5][9]. - Muxi's offline subscription saw a staggering 2227.6 times oversubscription, surpassing Moer Thread's previous record of 1572 times, marking it as the "king of new share subscriptions" [9][10]. Group 2: Investor Sentiment - The excitement from Moer Thread's IPO translated seamlessly to Muxi, with retail investors expressing a strong desire to participate in the latter's offering, driven by the potential for significant profits [6][7][12]. - Social media discussions reflected a prevalent "lottery mentality" among retail investors, focusing more on potential profits rather than understanding the underlying technology [6][12]. Group 3: Company Background and Financials - Muxi Co., established in September 2020, has a founding team with experience from leading chip companies like AMD and ARM, and has developed a product line that includes GPUs for general computing and AI applications [14]. - The company reported revenues of 42.64 million yuan in 2022, projected to grow to 743 million yuan by 2024, indicating a rapid growth trajectory [14]. - Despite revenue growth, Muxi has faced significant losses, with net losses of 7.77 billion yuan in 2022 and an expected continuation of losses into 2025, highlighting the challenges of high R&D costs [15][22]. Group 4: Investment Landscape - Muxi has attracted substantial investment, with total financing exceeding 10 billion yuan, supported by a diverse range of investors including state-owned funds and private equity [16][17]. - The company's shareholder structure reflects a mix of domestic and international capital, indicating strong backing but also potential pressure from early investors looking to realize gains [18]. Group 5: Future Considerations - The article emphasizes the need for Muxi to establish a sustainable business model beyond project-based revenues, aiming for recurring income streams from cloud services and software licensing [24]. - The success of Muxi will depend on its ability to validate its technology, secure long-term contracts, and maintain investor confidence amidst market volatility [23][26].

Group 1 - The Ministry of Foreign Affairs of China strongly urges Japan to stop disturbing China's normal military training activities [2] - The Chinese government asserts that its military exercises comply with international law and norms, while accusing Japan of provocative actions [2] - Japan's claims of radar illumination by Chinese naval aircraft are dismissed as misleading and an attempt to manipulate international opinion [2] Group 2 - The Ministry of Commerce expresses hope for Germany and the European Automobile Manufacturers Association to resolve the electric vehicle anti-subsidy case promptly [3] - Discussions between Chinese and European automotive industry leaders emphasize the deep integration of the automotive sectors [3] - The Chinese government welcomes continued investment from European car manufacturers to promote green and intelligent development in the automotive industry [3] Group 3 - The Political Bureau of the Central Committee of the Communist Party of China discusses economic work for 2026, highlighting the importance of the current year in the modernization process [4] - The meeting emphasizes the stability and progress of China's economy, with significant advancements in various sectors over the past five years [4] - The government aims to achieve major social and economic development goals while enhancing both hard and soft power [4] Group 4 - China's foreign trade data shows a 5.9% increase in exports in November, recovering from a decline in October [5] - The country has achieved over $1 trillion in trade surplus within 11 months, surpassing the record set for 2024 [5] - High-tech products are identified as a key support for the trade growth amid global economic challenges [5] Group 5 - The A-share market's total trading volume exceeds 2 trillion yuan, marking a significant recovery after a period of low trading activity [6] - Several stocks, including Zhongji Xuchuang and Xinyi Sheng, see trading volumes surpassing 20 billion yuan, indicating strong market interest [6] - Analysts predict an early spring market rally, with potential investment opportunities in sectors like non-bank finance and commercial aerospace [6] Group 6 - The State Taxation Administration prohibits platforms from shifting tax obligations to gig workers, addressing concerns about increased financial burdens [7] - Enhanced supervision of platforms is promised to ensure compliance with tax regulations and protect gig workers' interests [7] Group 7 - Paramount's bid of $108 billion for Warner Bros. Discovery intensifies competition in the media industry, particularly against Netflix [9][10] - The ongoing bidding war highlights the strategic importance of Warner Bros.' assets, including HBO and DC Comics [10] Group 8 - Pop Mart's stock price has dropped nearly 40% over the past four months, reflecting increasing short-selling activity [11] - The company's market capitalization has decreased by over 180 billion Hong Kong dollars, indicating significant investor concern [11] - Short-selling amounts have surged, with a notable increase in the short-selling ratio compared to previous periods [11] Group 9 - The sodium-lithium battery industry is evolving rapidly, with leading companies positioning themselves for growth [46] - The wind turbine industry is experiencing a shift towards deeper integration within the supply chain [46] - The price of silver has doubled this year, with several related stocks showing low valuations [46]

中签号出炉。 12月8日晚间，沐曦股份（688802）公告称，发行人和保荐人（主承销商）12月8日上午进行沐曦股份首次公开发行股票网上发行摇号抽签仪式。中签结果 如下： | 末尾位数 | 中签号码 | | --- | --- | | 末"4"位数 | 6116, 1116, 8507 | | 末"5"位数 | 54574, 04574, 35184 | | 末"6"位数 | 831158, 581158, 331158, 081158 | | 末"7"位数 | 9707263, 8457263, 7207263, 5957263, 4707263, 3457263, 2207263, | | | 0957263 | | 末"8"位数 | 26620185, 15168131, 41428254, 18468983, 24059508 | 凡参与网上发行申购沐曦股份A股股票的投资者持有的申购配号尾数与上述号码相同的，则为中签号码。中签号码共有19331个，每个中签号码只能认购 500股沐曦股份A股股票。 同时，本次发行战略配售的缴款及配售工作已结束，参与战略配售的投资者均按承诺参与了本次发行的战略配售。经确认， ...