Core Viewpoint - Moore Threads has officially launched its IPO on the Sci-Tech Innovation Board, marking its entry as the "first domestic GPU stock" and aims to raise 8 billion yuan for the development of AI training and inference chips, graphics chips, and AI SoC chips [1] Group 1: Company Overview - Moore Threads is one of the few companies in China with full GPU development capabilities, having successfully mass-produced five chips since its establishment in 2020 [1] - The company has achieved significant revenue growth, with revenue increasing from 46.09 million yuan in 2022 to 438 million yuan in 2024, representing a compound annual growth rate of 208.44% [2] - The company operates under a Fabless model, focusing on GPU chip research, design, and sales while outsourcing manufacturing to specialized firms [2] Group 2: Technology and R&D - The company has invested over 4.3 billion yuan in R&D from 2022 to mid-2025, which is crucial for continuous technological breakthroughs [3] - The MUSA architecture, developed by Moore Threads, integrates GPU hardware and software, providing a unified system that simplifies complex computing processes and enhances efficiency [4][5] - The MUSA architecture supports various tasks, including AI computing, 3D graphics rendering, and scientific computing, showcasing its adaptability [5] Group 3: Market Position and Strategy - The company aims to strengthen its market position by focusing on the development of next-generation AI training and inference chips, graphics chips, and AI SoC chips, with the 8 billion yuan raised being allocated to these projects [10][11][12] - Moore Threads plans to enhance its product offerings to cater to consumer and professional markets, including AI PCs and cloud rendering solutions [12] - The company is committed to building a comprehensive AI infrastructure and aims to provide competitive GPU solutions globally [13][14] Group 4: Future Outlook - The company intends to deepen its technological foundation and develop a collaborative AI infrastructure, focusing on overcoming training efficiency and energy efficiency bottlenecks [13] - Moore Threads will also explore the integration of edge and cloud computing, aiming to create a comprehensive service system for computing power [13] - The company is positioned to capitalize on the accelerating domestic substitution and digital transformation opportunities across various industries [14]

香港聯合交易所有限公司與香港證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準 確性或完整性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生或因 倚賴該等內容而引致的任何損失承擔任何責任。 Chaozhou Three-Circle (Group) Co., Ltd. 潮州三環（集團）股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「交易所」）及香港證券及期貨事務監察委員會（「委 員會」）的要求而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，當中所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本文件， 即代表 閣下知悉、接納並向本公司、其獨家保薦人、顧問或包銷銀團成員表示同意： 倘於適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據與香港公司註冊處處長 註冊的本公司招股章程作出投資決定；招股章程的文本將於發售期內向公眾派發。 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的。投資者不應根據 本文件中的資料作出任何投資決定； (b) 在交易所網站登載本文件 ...

周四（12月4日），港股、A股中国科技资产集体回升，港股表现相对亮眼。此前，外资机构扎堆唱多 中国科技。 港股盘面上，芯片产业链携手走强，全市场首只聚焦"港股芯片"的港股信息技术ETF（159131）放量大 涨2.41%；港股AI核心工具——港股互联网ETF（513770）、创新药含量100%的港股通创新药ETF （520880）场内放量携手涨超1%。 | 序号 代码 | | 类型 名称 | 现价 | 涨跌幅 ▼ | 成交额 | | --- | --- | --- | --- | --- | --- | | 1 | 159131 | 跨 港股信息技术ETF T+0 | 0.933 | 2.41% | 9050.34万 | | 2 | 513770 | 跨 港股互联网ETF T+0 | 0.547 | 1.11% | 6.31亿 | | 3 | 520880 | 跨 港股通创新药ETF T+0 | 0.558 | 1.09% | 2.48亿 | | 4 | 520560 | 跨 香港大盘30ETF T+0 | 0.948 | 0.53% | 3904.73万 | | 55 | 159220 | 跨 港股通红利E ...

12月4日深夜，"寒武纪科技"公众号发布消息称，公司关注到今日媒体及网络传播的关于公司产品、客户、供应及产能 预测等相关信息，均为误导市场的不实信息。 今日，寒武纪尾盘大幅拉升，最终收涨2.75%，报1369元/股，总市值 5773亿元。 日前，有媒体报道，寒武纪计划在2026年将其AI芯片产量提升到目前的三倍，以争夺更多的市场份额，并填补英伟达退出 后留下的市场空白。 东海证券此前指出，2025年前三季度该公司营收与归母净利润同比大幅增长，主要系以思元590为代表的云端产品大幅放 量所致，后续思元690也有望受益于量价齐升的逻辑。 东海证券表示，目前，以阿里、腾讯、字节等为代表的国内云厂商不断加码AI相关的资本开支，且国产替代的诉求日益深 刻，英伟达CEO黄仁勋近期发言称英伟达在中国市场的份额从95%降至0%，在中美科技摩擦的背景下，国产AI芯片迎来 加速替代期。 机构看好后市空间 虽然寒武纪年内涨幅巨大，但是不少机构仍然看好其股价空间。 12月4日，国际投行Bernstein（伯恩斯坦）将寒武纪的评级上调至跑赢大盘，目标价2000元，较现价还有46%的上涨空 间。 寒武纪紧急辟谣 "寒武纪科技"4日晚间发 ...

Core Viewpoint - The company is focused on the domestic substitution process of "bottleneck" products, particularly in the field of photoresists, and has achieved mass production of advanced packaging photoresists and PSPI photoresists [2] Group 1: Product Development - The company has successfully mass-produced photoresists, including advanced packaging photoresists and PSPI photoresists [2] - Ongoing research and testing include high aspect ratio KrF photoresists and ICA chemical amplification photoresists [2] Group 2: Supply Chain Control - The key raw materials for the company's high-end photoresist products are self-researched and self-produced, ensuring supply chain autonomy and control [2]

Core Viewpoint - Zhejiang Zhongcheng is undergoing a transformation in product structure, focusing on differentiated and domestically produced alternatives, with gradual market application expected in the coming years [2] Group 1: Company Developments - Zhongli Composite Materials has been adjusting its product structure for the past two years, aiming for differentiation and the development of domestic substitute products [2] - The company has already begun applying related products in the cosmetics sector [2] - There are currently no applications of the company's products in the robotics skin field [2] Group 2: Future Outlook - The company plans to continue its innovation and differentiation strategy through 2026, striving to overcome challenges and provide returns to shareholders [2]

证券日报网讯12月4日，艾森股份在互动平台回答投资者提问时表示，公司已有多款产品率先实现国产 替代，并逐步在半导体电镀及光刻领域实现覆盖全工艺环节的产品布局。随着我国半导体产业的蓬勃发 展，及半导体供应链安全政策的明朗，公司产品将迎来量价齐升的机会。 ...

Core Viewpoint - The company, Lianying Laser, has demonstrated its capability in the research and production of laser technology, achieving domestic substitution for various laser products [1] Group 1: Company Capabilities - The company has developed a range of laser products including YAG lasers, fiber lasers, semiconductor lasers, and composite lasers [1] - Lianying Laser has established a subsidiary in Japan, where it sells its laser products and equipment under its own brand [1] Group 2: Clientele - The company's clients in Japan include major corporations such as Panasonic, Toyota, and Honda [1]

Core Viewpoint - Moore Threads is set to list on the Sci-Tech Innovation Board, achieving a record speed in its IPO process, with significant revenue growth driven by AI-related products [2][3]. Group 1: Company Overview - Moore Threads was founded in 2020 by Zhang Jianzhong, former VP of NVIDIA China, with a core team from major chip companies like NVIDIA and Intel, averaging over ten years of industry experience [2]. - The company has developed a product matrix that includes desktop graphics cards, professional graphics cards, and AI chips for servers, uniquely positioning itself in the domestic market [2]. Group 2: Financial Performance - In the first half of 2025, the company's revenue reached 702 million yuan, surpassing the total revenue of 508 million yuan from 2022 to 2024, with over 90% of this revenue coming from AI-related products [3]. - The gross margin for the first half of 2025 was 69.14%, a significant turnaround from -70.08% in 2022, with board card products achieving over 70% gross margin and cluster products around 60% [4]. Group 3: Market Projections - According to Guojin Securities, Moore's revenue is projected to be 1.405 billion yuan in 2025 and 2.596 billion yuan in 2026, with a compound annual growth rate of 220.34% [6][7]. - The company is currently not profitable, making it difficult to calculate P/E and P/B ratios, leading analysts to focus on the price-to-sales (P/S) ratio instead [6]. Group 4: Industry Context - The AI capital expenditure in China is expected to grow at a compound annual growth rate of 25% from 2025 to 2028, reaching 172 billion USD by 2028, indicating strong demand for AI chips [12]. - Bernstein predicts that domestic AI chip supply will increase fivefold by 2028, with local manufacturers expected to capture over 90% market share due to challenges faced by foreign competitors like NVIDIA [14].

点击 最 下方 关注《材料汇》 ， 点击"❤"和" "并分享 添加 小编微信 ，寻 志同道合 的你 正文 1 投资框架:当我们在谈新材料的时候,我们 到底在谈什么 当说投资新材料的时候,到底是在投什么 合金邮轮 木质帆船 蒸汽船 复合材料游艇 资料来源: Shutterstock , Borri, United Yacht,中国航海博物馆,天风证券研究所 请务必阅读正文之后的信息披露和免责申明 4 请务必阅读正文之后的信息披露和免责申明 3 我们认为,投资新材料,投资的是未来新兴产业。材料工业是现代化工业体系的基石,每一轮技术革命都与 � 新材料的发现、发明和推广密不可分。发展战略性新兴产业和未来产业，其基础是先进材料产业; 我们认为,投资新材料,投资的是产业结构转型升级。从农业文明、到工业文明、再到信息文明,每一阶段 � 主导产业不同——从一个阶段发展到另外一个阶段，产业结构面临转型升级，而这又要有能与之匹配的新材 彩。 投资新材料,判断产业生命周期至关重要 请务必阅读正文之后的信息披露和免责申明 投资新材料,判断产业生命周期至关重要 通常,处于导入期的新材料,产业化变数或较小 --- 产品形态基本定型、产 ...