Core Viewpoint - The Hong Kong stock market is witnessing a strong performance in the chip industry, highlighted by the launch of the first ETF focused on the Hong Kong chip sector, which has shown significant trading activity and price increases [1][8]. Group 1: ETF Performance - The Hong Kong Information Technology ETF (159131) experienced a price increase of 1.07%, reaching a trading volume of over 66 million CNY, indicating active market participation [1][8]. - The ETF is designed to track a composite index consisting of 70% hardware and 30% software, focusing on semiconductor, electronics, and computer software sectors [4][11]. Group 2: Company Developments - Baidu's Kunlun Chip division plans to conduct an IPO in Hong Kong, with a recent valuation of 21 billion CNY (approximately 2.97 billion USD) [2][10]. - Kunlun Chip has launched two new AI chip products, M100 and M300, with M100 focusing on inference and set to launch in early 2026, while M300 will support both training and inference, expected in early 2027 [3][10]. Group 3: Market Context - The demand for domestic AI chips in China is increasing due to the ongoing push for self-sufficiency in semiconductor technology, especially following U.S. policies that have limited access to foreign technology [3][10]. - Other Chinese AI chip companies are also seeking to go public, with recent successful IPOs indicating a robust market for domestic semiconductor firms [3][10].

Company Overview - Moore Threads, known as the "first domestic GPU stock," debuted on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 5, opening at 650 yuan per share, a 468.78% increase from its issue price of 114.28 yuan, with potential earnings of approximately 267,900 yuan for a single subscription [1] - The company is the only domestic enterprise to achieve mass production of fully functional GPUs, focusing on the research, design, and sales of GPUs and related products, with its MUSA architecture directly competing with NVIDIA's data center GPU product line [1] Market Potential - The demand for GPUs is rapidly expanding due to the AI era, with Frost & Sullivan predicting the global GPU market to exceed 1 trillion yuan in 2024, and a compound annual growth rate (CAGR) of 24.5% from 2025 to 2029 [4] - The Chinese GPU market is expected to grow even faster, from 142.5 billion yuan in 2024 to 1,336.8 billion yuan by 2029, with a CAGR of 53.7% from 2025 to 2029, indicating significant opportunities for domestic GPU manufacturers [4] Financial Performance - Moore Threads has not yet achieved profitability, reporting losses of 1.894 billion yuan in 2022, 1.703 billion yuan in 2023, and 1.618 billion yuan in 2024, with a net loss of 724 million yuan in the first three quarters of 2025 [4][10] - Revenue has shown significant growth, increasing from 46 million yuan in 2022 to 1.24 billion yuan in 2023, and further to 4.38 billion yuan in 2024, with a 181.99% year-on-year increase to 785 million yuan in the first three quarters of 2025 [9][10] Funding and Financial Support - Moore Threads has received substantial financial support from various banks throughout its growth, utilizing innovative "equity-debt linkage" models to provide comprehensive financial backing [5][6] - In 2023, Beijing Bank provided several hundred million yuan in credit support for the second-generation chip "Chunxiao," and in 2024, China Construction Bank led a syndicate to offer liquidity loans [5] - Agricultural Bank of China invested 100 million yuan through its equity investment pilot fund, demonstrating the integration of financial services with industry policies [7] IPO Process - Moore Threads was founded in 2020 and began its IPO counseling in November 2024, completing the process in just 122 days, marking it as one of the fastest approvals for a company on the Sci-Tech Innovation Board [9] - The company is part of a growing trend of "hard technology" IPOs, with several other companies in the GPU and related sectors also receiving approval for their IPOs, indicating a robust market for technology-driven enterprises [10][11]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage of the stock [1]. Core Insights - The company, Hangyang Co., Ltd., is a leading domestic manufacturer of air separation equipment, with its gas sales business emerging as a new growth driver. The core business segments are air separation equipment and gas sales, which together are expected to contribute nearly 90% of revenue by 2024 [7][13]. - The air separation equipment market is experiencing a trend towards larger-scale production, with significant demand from the petrochemical and coal chemical industries, which are expected to drive future growth [7][40]. - The industrial gas market is a cyclical industry with a current market size of over 200 billion yuan in China, and the company is positioned to benefit from the ongoing trend of domestic production and increasing outsourcing of gas supply [7][19]. Summary by Sections 1. Company Overview - Hangyang Co., Ltd. has a long history in air separation equipment, starting from the development of China's first oxygen generator in 1956. The company has since evolved into a leader in the domestic market, with a market share of 43% in 2020 [13][16]. - The gas sales business has grown significantly, increasing its revenue contribution from 2% in 2007 to 59% in 2024, indicating strong growth potential [16][19]. 2. Air Separation Equipment - The air separation equipment industry is characterized by a clear trend towards larger equipment, with average production capacity increasing from 0.5 million m³/h in 2011 to 2.4 million m³/h in 2020. The demand is concentrated in the steel, petrochemical, and coal chemical sectors [40][44]. - The company is expected to benefit from the increasing demand for large-scale air separation equipment, particularly from new projects in the coal chemical sector in Xinjiang, which are projected to require substantial investment [46][47]. 3. Industrial Gas Market - The industrial gas market is a vital component of modern industrial production, with major applications in steel, petrochemicals, and electronics. The market is expected to grow significantly, with the company poised to capture a larger share as domestic production increases [19][37]. - The report highlights the potential for the company to expand its market share in the industrial gas sector, where it currently holds about 6% of the market, compared to over 60% for leading foreign competitors [7][19]. 4. Financial Projections - The company is projected to achieve a net profit of 1.16 billion yuan in 2025, with a corresponding dynamic P/E ratio of 24 times. The expected growth in gas prices alongside macroeconomic recovery is anticipated to support profitability [1][7].

Core Insights - The report highlights the gradual recovery of the domestic market, with expectations for a 5% growth target for the year, supported by macroeconomic stabilization and upcoming policy meetings that may catalyze a new market rally [5][9][10] - The A-share market is experiencing a phase of consolidation, with various sectors such as aerospace robotics, coal, and non-ferrous metals leading the gains, while others like tourism and food and beverage are lagging [5][9][13] - The report emphasizes the importance of maintaining a balanced investment strategy, focusing on high-dividend defensive stocks and technology growth sectors [10][12] Domestic Market Performance - The Shanghai Composite Index closed at 3,875.79, with a slight decline of 0.06%, while the Shenzhen Component Index rose by 0.40% to 13,006.72 [3] - The average price-to-earnings ratios for the Shanghai Composite and ChiNext indices are 15.94 and 47.66, respectively, indicating a suitable environment for medium to long-term investments [5][9] International Market Performance - Major international indices such as the Dow Jones and S&P 500 experienced declines of 0.67% and 0.45%, respectively, while the Nikkei 225 saw a modest increase of 0.62% [4] Industry Analysis - The report indicates that the charging and swapping service industry, along with information transmission and software services, are experiencing rapid growth in electricity consumption [16] - The coal production and import rates are declining, with a notable decrease in raw coal production by 2.3% year-on-year in October 2025 [17][18] - The report also notes that the chemical industry is gradually entering a recovery phase, with improved profitability in sectors like agricultural chemicals and fluorochemicals, while others face challenges due to overcapacity [21][22] Investment Recommendations - The report maintains a "stronger than the market" rating for the electric power and public utilities sector, suggesting a focus on stable, high-dividend companies [19] - In the chemical industry, it recommends monitoring integrated leaders such as Wanhua Chemical and Baofeng Energy, as well as sectors like organic silicon and phosphoric chemicals for investment opportunities [23][24] - The AI sector is highlighted for its rapid application growth, with recommendations to focus on companies involved in AI infrastructure and domestic chip production [24][25]

12月5日，摩尔线程正式在科创板上市，这只"国产GPU第一股"开盘后迅速受到投资者热捧，开盘价650 元，大涨468.78%。值得一提的是，摩尔线程上市发行价为114.28元，这是2025年以来发行价最高的新 股，截至发稿时股价588.06元，涨幅仍超400%，这也意味着，若以此计算，中一签摩尔线程新股将至 少可赚20万元。 公开信息显示，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，该公司以 全功能GPU为核心，致力于向全球提供加速计算的基础设施和一站式解决方案，为各行各业的数智化转 型提供强大的AI计算支持。"全功能"指兼具通用计算与图形渲染能力。目前，摩尔线程产品线划分为AI 智算、图形加速，以及面向消费电子、智能座舱、具身智能等边缘计算领域的智能SoC（系统级芯片） 三类。 文｜南都记者 赵元 在业绩上，2025年上半年，摩尔线程实现7.02亿元的营收，较2024年4.38亿元营收出现较大幅度增长。 同时，净亏损2.71亿元，同比下降56.02%，亏损幅度呈逐年减少趋势。此前在回复问询函时，摩尔线程 曾预测称，其最早可于2027年实现合并报表盈利，该盈利包含政府补助带来的收益 ...

Core Viewpoint - The article highlights the successful IPO of Moore Threads, marking it as the first domestic general-purpose GPU stock in China, with significant fundraising and market potential amidst the backdrop of increasing demand for AI chips and the exit of NVIDIA from the Chinese market [3][4][5]. Company Overview - Moore Threads, founded by Zhang Jianzhong, went public on the STAR Market with an issuance price of 114.28 CNY per share, raising 8 billion CNY, making it the largest IPO on the STAR Market in 2025 by fundraising amount [3][4]. - The company has a current market valuation of 280 billion CNY, with Zhang Jianzhong holding approximately 11% of the shares, translating to a personal wealth of 30.8 billion CNY [4][5]. Market Context - The exit of NVIDIA from the Chinese market due to U.S. export controls has created a significant gap in the AI chip market, with a projected shortfall of 16.8 billion USD in 2025 [5][39]. - Domestic AI chip companies, including Moore Threads, are facing challenges in meeting this demand due to supply chain limitations and the need for further technological advancements [5][39][42]. Financial Performance - Moore Threads has maintained high R&D investments, with projected losses of approximately 19 billion CNY, 17 billion CNY, and 16 billion CNY from 2022 to 2024, respectively [12][13]. - The company’s revenue has shown significant growth, with 2023 revenue reaching 785 million CNY, surpassing the total revenue of the previous three years [26]. Product Development - Moore Threads has developed a range of products, including general-purpose GPUs for AI computing and desktop GPUs, with a focus on rapid iteration and performance improvement [25][26]. - The latest product, the "Pinghu" S5000, has achieved a computing power of 32 TFlops, surpassing NVIDIA's A100 [25]. Competitive Landscape - The article discusses the emergence of four major domestic GPU companies, including Moore Threads, which are competing in the AI chip market, each with distinct focuses and product offerings [30][31]. - Despite the growth of domestic players, the market remains dominated by NVIDIA and AMD, with NVIDIA holding an 88% market share globally [48]. Investment and Support - Moore Threads has received substantial backing from government and venture capital, raising over 10 billion CNY prior to its IPO, with ongoing support from various institutional investors [12][19]. - The company has also benefited from government subsidies, totaling 585 million CNY over two and a half years [13][14]. Future Outlook - The article emphasizes that while the IPO is a significant milestone, it is merely the beginning of a long journey for Moore Threads and other domestic AI chip companies as they strive to compete with global giants [48].

Core Viewpoint - The successful IPO of Moer Technology (688795.SH) on the STAR Market marks a significant milestone in the domestic GPU industry, setting multiple records and attracting substantial investor interest [2][3]. Group 1: IPO Performance - The issuance price of 114.28 yuan per share is the highest for any new stock in the A-share market this year [3]. - On its first trading day, the stock opened at 650 yuan per share, representing a 468.78% increase from the issuance price, leading to nearly 270,000 yuan profit for investors per 500 shares [3]. - The total market capitalization exceeded 300 billion yuan, making it the largest IPO on the STAR Market this year [3]. - The fundraising amount of 8 billion yuan also positions it as the largest fundraising scale for a new stock on the STAR Market this year [3]. - The IPO process took only 88 days from acceptance to approval, setting a record for the fastest review on the STAR Market [3]. Group 2: Fund Utilization and Technology - The company raised nearly 8 billion yuan, which will be allocated to key projects including the development of next-generation AI training and inference chips, graphics chips, and AISoC chips, as well as for working capital [4]. - Unlike competitors focusing on specialized chips, Moer Technology aims to be a versatile player in the chip industry, with its MUSA unified system architecture enabling simultaneous support for AI computing acceleration, graphics rendering, and more [4]. Group 3: Market Position and Growth - Since its establishment in 2020, Moer Technology has successfully mass-produced five chips, filling a significant gap in the domestic high-end GPU market and breaking the long-standing "bottleneck" in the industry [5]. - The company has built industry barriers through comprehensive GPU architecture autonomy and has achieved performance levels comparable to international giants like NVIDIA [5]. - The demand for AI computing power has surged by 300% globally in 2023, and Moer Technology is positioned as a key player in the domestic market amid export restrictions on high-end GPUs from NVIDIA [6]. Group 4: Financial Performance and Projections - The company's revenue is projected to grow from 46.09 million yuan in 2022 to 438 million yuan in 2024, with a compound annual growth rate of 208.44% [6]. - For the first half of 2025, revenue is expected to reach between 1.5 billion to 1.98 billion yuan, representing a year-on-year growth of 101.86% to 166.46% [6]. - Despite the optimistic market sentiment, the company has faced significant losses, with cumulative losses of 5.939 billion yuan over the past three years [7]. - The high R&D expenses, totaling 3.81 billion yuan from 2022 to 2024, account for over 626% of revenue, indicating ongoing financial pressure [7]. Group 5: Market Outlook - The Chinese AI chip market is projected to grow from 142.54 billion yuan in 2024 to 1.34 trillion yuan by 2029, with the GPU segment expected to capture a larger market share [7]. - Moer Technology is recognized as one of the "four little dragons" in the domestic GPU sector, alongside other emerging companies, indicating a growing trend of capital investment in this field [7].

图片来源：摩尔线程官网 12月5日，"中国版英伟达"、"国产GPU第一股"摩尔线程正式登陆科创板上市，开盘报650元/股，较发行价114.28元/股上涨468.78%，总市值突破3000亿元， 单签盈利高达26.786万元，成为A股全面注册制以来最赚钱新股。 截至午盘收盘，摩尔线程股价报590.59元/股，市值已从537.15亿元的发行市值飙涨至2776亿元，中签者一签（500股）即可净赚近24万元。 仅仅半日，摩尔线程股价暴涨4倍有余，交易额高达125.92亿元。国产芯片板块也同步走高，上涨近1%，年内涨幅已接近40%，远远跑赢大盘。 摩尔线程堪称今年风头最劲的新股。即便"宁王"（宁德时代）、"雪王"（蜜雪冰城）都在今年陆续登陆资本市场，接连创下年内最大IPO纪录，但其关注度 较之摩尔线程仍逊色一筹。 最名正言顺的"中国版英伟达" 人工智能的爆发让芯片再次站到了全球资本市场的舞台中央。AI芯片领域王者英伟达，今年成为第一家4万亿美元市值的公司，10月末市值一度突破5万亿 美元。 在中国，人们同样热衷于寻找"本土英伟达"。而在诸多"中国版英伟达"中，摩尔线程核心团队显得更加名正言顺。 摩尔线程成立于2020年 ...

Core Insights - The listing of Moer Thread (688795.SH) on the Shanghai Stock Exchange marks a significant milestone as the first domestic GPU company, opening at 650 CNY per share, a 468.78% increase from the issue price of 114.28 CNY, with a total market capitalization of approximately 300 billion CNY [1][2] - Founded in 2020, Moer Thread specializes in the independent research and design of full-function GPU chips, achieving mass production of five generations of chips within five years [1][4] - The IPO raised 8 billion CNY, the largest IPO on the Sci-Tech Innovation Board in 2025 and the second largest in the A-share market this year, with funds primarily allocated for the development of next-generation AI chips and graphics chips [1][2] Company Overview - Moer Thread is recognized as a representative enterprise in the domestic full-function GPU sector, contributing to the capital market's recognition of domestic computing power chips [1][2] - The company was founded by Zhang Jianzhong, a former global vice president of NVIDIA, and has a team with deep NVIDIA experience, positioning it as a direct competitor to NVIDIA in China [4][5] - The company has developed a unified system architecture called MUSA, enabling simultaneous support for AI computing acceleration, graphics rendering, and other advanced computing tasks [5][6] Financial Performance - Moer Thread's revenue grew from 0.46 million CNY in 2022 to 4.38 million CNY in 2024, with a compound annual growth rate of 208.44%, and projected revenue for the first half of 2025 is 7.02 million CNY [6] - The company anticipates revenue between 12.18 million CNY and 14.98 million CNY for the full year of 2025, indicating a continuation of rapid growth [6] Market Context - The IPO coincides with a critical industry window, as demand for AI computing power in China continues to surge amid U.S. export controls on high-end AI chips [2][7] - Beijing, known as the "AI Capital," has a core AI industry scale of nearly 350 billion CNY, with over 2,400 related enterprises, positioning it as a leader in the AI chip sector [2][15] Investment Landscape - The IPO has attracted significant attention from investors, with a consortium of 85 institutional and corporate shareholders benefiting from the company's rapid valuation increase [9][11] - The early investors, including prominent venture capital firms, have seen substantial returns, reflecting the high demand for domestic alternatives in the AI chip market [9][13] Future Outlook - Moer Thread's successful IPO is seen as a pivotal moment for China's GPU industry, transitioning from technological breakthroughs to market and capital-driven growth [7][14] - The company aims to continue enhancing its R&D capabilities and contribute to China's strategic goals of achieving self-sufficiency in high-end computing power [6][7]

公开信息显示，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，该公司以全 功能GPU为核心，致力于向全球提供加速计算的基础设施和一站式解决方案，为各行各业的数智化转型提 供强大的AI计算支持。"全功能"指兼具通用计算与图形渲染能力。目前，摩尔线程产品线划分为AI智算、 图形加速，以及面向消费电子、智能座舱、具身智能等边缘计算领域的智能SoC（系统级芯片）三类。 12月5日，摩尔线程正式在科创板上市，这只"国产GPU第一股"开盘后迅速受到投资者热捧，开盘价650 元，大涨468.78%。值得一提的是，摩尔线程上市发行价为114.28元，这是2025年以来发行价最高的新股， 截至发稿时股价588.06元，涨幅仍超400%，这也意味着，若以此计算，中一签摩尔线程新股将至少可赚20 万元。 摩尔线程的大涨不仅将带富中签的股民，其创始人及投资者也将获益。发行后的股本结构显示，公司创始 人张建中直接持有摩尔线程4424万股，按发稿时的股价计算，该部分股票市值约260亿元。深圳明皓、国 盛资本、红杉资本均分别持有摩尔线程超1900万股，对应市值均超过百亿。 采写：南都湾财社记者 赵元 在业绩上，20 ...