出品 / 网界 作者 / 汪淼 更刺眼的是比例。摩尔线程这次 IPO，扣掉发行费用后，实际到手的募集资金大约 75.76 亿元。而公告 里给出的理财上限，是 75 亿元。也就是说，几乎 99% 的钱，都被允许暂时"闲着"。 这不是常见的资金周转，也不是小比例的财务管理。这是一次极其极端、也极其直观的信号释放：在当 下这个时间点，摩尔线程觉得，把钱先放进银行，比马上花出去要更安全。 这件事之所以魔幻，不是因为"买理财"本身，而是因为它发生在一个，理论上最该拼命烧钱的行业里。 01. 钱不是不想花，而是真的花不出去 如果只看公告，很容易把矛头对准 CFO，觉得这是"躺平式管理"。但只要对芯片行业稍微熟一点，就 会发现事情没这么简单。 摩尔线程在招股书里，对这笔钱的用途写得很清楚。大头投向三块：新一代 AI 训推一体芯片、新一代 图形芯片，以及新一代 AI SoC。方向没有问题，听起来也很"硬"。 问题在于，芯片研发不是互联网。 你在互联网行业，融来 75 亿，最快的方式就是砸市场、砸流量、砸服务器。钱到账的速度，和花钱的 速度，几乎可以同步。 摩尔线程这份公告，一眼看过去，确实让人愣了一下。 国产 GPU 第一股 ...

这些募集资金是用于投入研发项目和补充流动资金。 12月12日傍晚，摩尔线程（688795.SH）公告称，拟使用最高75亿元进行现金管理，资金来源为闲置募集资金。 | 序号 | 项目名称 | 项目投资总额 | 拟投入募集资金金额 | | --- | --- | --- | --- | | | 摩尔线程新一代自主可控 AI 训 推一体芯片研发项目 | 250, 957. 98 | 250,957.98 | | | 摩尔线程新一代自主可控图形 芯片研发项目 | 250, 233. 23 | 250.233.23 | | 3 | 摩尔线程新一代自主可控 AISoC | 198.180. 33 | 198.180.33 | | 芯片研发项目 | | | | --- | --- | --- | | 补充流动资金 | 100,628.45 | 100,628.45 | | 合计 | 800,000.00 | 800,000.00 | 现在，这些拟用于投入研发项目和补充流动资金的募集资金，绝大多数被摩尔线程归类为闲置募集资金，且大多数可 能用于现金管理。 据摩尔线程介绍，投资种类包括但不限于协定存款、通知存款、定期存款、结构 ...

Core Viewpoint - The company, MoEr Thread, plans to utilize up to 7.5 billion RMB of idle raised funds for cash management to enhance the efficiency of fund usage [1][4] Group 1: Fund Management - The company announced it will use idle funds for cash management within a 12-month period following board approval [1][4] - The investment types include safe and liquid products such as time deposits, structured deposits, and large-denomination certificates of deposit [4] - The purpose of this cash management is to improve the efficiency of raised funds while ensuring the safety and planned usage of these funds [4] Group 2: Financial Background - The company raised approximately 7.9996 billion RMB from its initial public offering (IPO), with a net amount of 7.576 billion RMB after deducting issuance costs [4] - The funds from the IPO were fully received by November 28, 2025, and verified by Ernst & Young [4] Group 3: Stock Performance - MoEr Thread's stock surged by 468.78% on its debut day, closing with a 425.46% increase [6] - As of December 11, the stock price had increased by 723.49% compared to the issue price, significantly outperforming related indices [6] - On December 12, the stock experienced a drop of nearly 20%, falling below 800 RMB [7][8] Group 4: Future Outlook - The company is set to hold its first MUSA Developer Conference on December 19-20, where it will unveil a new GPU architecture [7] - For the first nine months of 2025, the company reported a revenue of 785 million RMB and a net loss of 724 million RMB, with an expected net loss for the full year between 730 million and 1.168 billion RMB [7]

截至12月12日收盘，其股价为814.88元/股，公司总市值约3830.17亿元。摩尔线程的股票发行价格为 114.28元/股，照此计算，其股价已经累计上涨约613.06%。在上市后的6个交易日（12月5日至12月12 日）里，摩尔线程有4个交易日收盘上涨，2个交易日收盘下跌，其中，上市首日的涨幅为425.46%。东 方财富数据显示，截至12月5日，摩尔线程的股东户数为39229户。 12月11日晚间，摩尔线程在关于股票交易风险提示公告中表示，"近期，公司股价累计涨幅较大，超过 科创综指、科创50等相关指数涨幅。近日公司股价波动幅度较大，可能存在短期上涨过快出现的下跌风 险，可能存在市场情绪过热的情形，可能存在非理性炒作，敬请广大投资者注意二级市场交易风险，审 慎决策，理性投资。" 新京报贝壳财经讯（记者阎侠）"国产GPU第一股"摩尔线程自12月5日上市以来，每天的股价表现都牵 动着投资人的心。 摩尔线程很早便被外界贴上了"中国版英伟达"的标签。据业内人士分析，作为国内唯一在B端和C端均 有深度布局的国产GPU厂商，摩尔线程的核心标签始终绕不开"全功能GPU"。这条技术路径不仅让它开 辟了国产GPU"全功能" ...

Core Viewpoint - The stock price of Moore Threads (688795) has experienced significant increases since its listing, prompting the company to issue a risk alert due to the rapid price fluctuations and potential for market overreaction [2][3]. Group 1: Stock Performance - Moore Threads' stock price surged by 425.46% on its listing day, December 5, and has continued to rise, with recent three-day increases of 5.73%, 16.98%, and 28.04%, reaching a closing price of 941.08 yuan on December 11 [3][4]. - The company's market capitalization has reached 442.3 billion yuan, ranking it 27th in the A-share market, surpassing well-known companies such as Wuliangye and Heng Rui Medicine [4]. Group 2: Financial Performance - For the period from January to September 2025, the company reported an operating income of 785 million yuan and a net loss attributable to shareholders of 724 million yuan, with an expected net loss for the full year ranging from 1.168 billion to 730 million yuan [3][4]. - The company has indicated that its revenue growth may be slow or unsustainable due to various factors, including market conditions and competition, leading to potential ongoing losses [4]. Group 3: Business Operations and Future Outlook - The company plans to hold its first MUSA Developer Conference soon, although it does not expect this to have a significant short-term impact on its business performance [3]. - Moore Threads is committed to maintaining high R&D investment and product iteration based on its self-developed MUSA architecture, but it faces challenges in matching the R&D capabilities and market presence of international competitors [4].

国芯网[原:中国半导体论坛] 振兴国产半导体产业！ 不拘中国、 放眼世界 ！ 关注 世界半导体论坛 ↓ ↓ ↓ 公司基于自主研发的MUSA架构，将保持较高研发投入和进行产品迭代。但与部分国际巨头相比，公司在综合研发实力、核心 技术积累、产品客户生态等方面仍存在一定的差距。公司目前新产品和新架构均处于在研阶段，量产及产生收入仍需一定时 间。 公开资料显示，公司主要从事GPU及相关产品的研发、设计和销售，本次募集资金总额近80亿元，主要投向新一代 自主可控 AI训推一体芯片研发项目、新一代 自主可控 图形芯片研发项目、新一代 自主可控 AISoC芯片研发项目以及补充流动资金。 12月12日，"国产GPU第一股"摩尔线程早盘暴跌，盘中一度跌近20%，股价回落至800元下方。截至上午收盘，跌幅 10.95%，最新市值3939亿元。 12月11日晚间， 摩尔线程 公告，公司股票价格涨幅较大，显著高于相关指数涨幅， 可能存在短期上涨过快出现的下跌风 险。 公司将于近期召开首届MUSA开发者大会，预计短期内对公司经营业绩不会产生重大影响。 公司新产品尚未产生收入，产品 实现销售尚需要经过产品认证、客户导入、量产供货等环节， ...

12月12日早盘，有"国产GPU第一股"之称的摩尔线程（688795）股价出现显著回调，盘中跌幅一度超过15%，股价跌破800元整数关口，较前一交易日 941.08元的收盘价大幅回落。这一波动距公司12月11日晚间发布的股票交易风险提示公告仅隔数个小时，市场情绪在风险提示与短期获利盘兑现的双重作 用下明显降温。 | 摩尔线程-U | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 注 融 科 688795 (连续竞价)▼ | | | | | | | | | 最高 880.00 今开 879.00 换手 840.00 | | | | | | | 20.79% | | 最低 -101.08-10.74% | | 758.00 金额 | | 50.62 Z | 量比 | | 3.51 | | 半导体 -0.74% 市值 | | 3948亿 流通 | | 246.8亿 市盈 | | | -271.64 | | 动态 异动解读:异动公告+提示风险+涨幅较大+年报预亏 | | | | | | | | | 分时 目K | 五日 | 周Ｋ | ...

Group 1: Bond Underwriting Market - CITIC Securities leads the bond underwriting market with a scale of 1.28 trillion yuan, holding a market share of 6.28% [1] - China International Capital Corporation ranks second with 1.09 trillion yuan in underwriting scale and a market share of 5.37% [1] - The merger of Guotai Junan and Haitong Securities has resulted in a strong presence in the top three, indicating an increase in industry concentration [1] Group 2: Investment Funds - A new merger and acquisition investment fund has been established with a total contribution of 2 billion yuan, focusing on strategic emerging industries [2] - The fund is backed by Western Securities and local state-owned enterprises, aiming to enhance asset allocation capabilities and support regional economic growth [2] Group 3: Quantitative Private Equity - Leading quantitative private equity firms are aggressively entering niche markets, particularly in the domestic GPU and technology sectors [3] - There is a notable trend of launching products focused on innovation and AI, reflecting a pursuit of excess returns in volatile markets [3] - Some firms are also diversifying into dividend strategies, indicating a shift in risk preferences among quantitative investors [3] Group 4: Dividend Theme Funds - The issuance of dividend theme funds has accelerated in the second half of the year, with the number of new products doubling compared to the first half [4] - A total of 37 new dividend theme funds have been issued, raising a combined scale of 20.44 billion yuan, indicating a strong market interest in stable returns [4] - The trend suggests a potential shift in market focus towards value-oriented investments, particularly benefiting sectors with stable dividends [5]

Core Viewpoint - The stock price of Moore Threads (688795) has experienced significant increases since its listing, prompting the company to issue a risk alert due to potential market overheating and irrational speculation [2] Group 1: Stock Performance - Moore Threads' stock has seen substantial growth, with recent trading day increases of 5.73%, 16.98%, and 28.04%, leading to a closing price of 941.08 yuan and a market capitalization of 442.3 billion yuan as of December 11 [2] - Since its listing on December 5, the stock price has surged by 723.49% compared to its issue price, with an initial spike of 425.46% on the first day [2][4] - The company's market capitalization has risen to the 27th position in the A-share market, surpassing well-known companies such as Wuliangye and Heng Rui Medicine [4] Group 2: Financial Performance - For the period from January to September 2025, the company reported an operating income of 785 million yuan and a net loss attributable to shareholders of 724 million yuan, with an expected net loss of between 1.168 billion yuan and 730 million yuan for the full year [2][3] - The company acknowledges that its new products have not yet generated revenue and that achieving sales will require product certification, customer onboarding, and mass production, all of which carry uncertainties [3] Group 3: Future Outlook and Risks - The company anticipates that future revenue growth may be slow or unsustainable due to complex factors such as market conditions, industry competition, and supply chain management, leading to potential ongoing losses [3] - Moore Threads plans to maintain high R&D investment and product iteration based on its self-developed MUSA architecture, but it faces challenges in matching the R&D capabilities and technology accumulation of international competitors [3]

12月11日，A股市场呈现指数调整、个股普跌、热点集中的"二八分化"格局。全市场上涨个股仅1032 只，占比不足两成，下跌个股数量高达4378只，占比超八成。全市场成交额放量至1.89万亿元，较前一 交易日增加936亿元，但资金做多意愿高度集中，多数板块沦为"资金旁观者"。截至收盘，三大核心指 数集体回调：上证指数报3873.32点，下跌0.70%；深证成指跌1.27%至13147.39点；创业板指表现最 弱，跌幅达1.41%，收于3163.67点。 在市场调整的背景下，科创板新股摩尔线程成为"破局者"，股价上演持续拉升行情。该股昨日早盘突破 800元整数关口后，午后持续发力，最终以最高价941.08元/股收盘，单日涨幅高达28.04%。 作为"国产GPU第一股"，摩尔线程自12月5日登陆科创板以来，股价表现堪称爆发力十足。从114.28元/ 股的发行价算起，短短5个交易日累计涨幅已达723.49%，总市值飙升至4423亿元，成为A股市场市值排 名前列的科技股。交易数据显示，该股昨日成交额达124亿元，位居A股第六，资金虹吸效应显著，成 为耀眼的"明星股"。 除摩尔线程外，商业航天、风电设备等少数板块逆势活跃 ...