Core Insights - The debut of Moer Thread on the STAR Market was remarkable, with its stock opening at 650 CNY, a 468.78% increase from the issue price of 114.28 CNY, and reaching a peak of 688 CNY, marking a rise of over 500% [1][3] Group 1: Market Performance - The stock's opening price of 650 CNY resulted in a potential profit of approximately 287,000 CNY for investors holding one lot (500 shares), surpassing the previous record set by Ying Shi Innovation [3] - Within the first hour of trading, the transaction volume exceeded 10.276 billion CNY [3] Group 2: Key Financial Data - The issue price of 114.28 CNY per share is the highest for A-share IPOs since 2025, with a total fundraising of 7.576 billion CNY, the largest for a STAR Market IPO this year [5] - The company anticipates achieving consolidated profitability by 2027, with projected revenues of 0.46 million CNY, 1.24 million CNY, and 4.38 million CNY from 2022 to 2024, and 7.85 million CNY in the first three quarters of 2025 [5] - Cumulative losses from 2022 to the first three quarters of 2025 are expected to reach 5.939 billion CNY [5] Group 3: Market Reaction - The subscription rate was extraordinarily high, with 46.217 billion shares applied for, resulting in a winning rate of approximately 0.036% after adjustments, and an offline subscription multiple of 1572 times [7] - A total of 113 private equity firms participated in the allocation, with 49 firms managing over 10 billion CNY in assets [7] Group 4: Industry Context - Moer Thread's unique position in the domestic GPU market is bolstered by its ability to support full computational precision from FP8 to FP64, and its founder's background at NVIDIA provides a competitive edge [9] - The company's MUSA architecture supports both AI computing acceleration and graphics rendering, with products already included in procurement lists of provincial intelligent computing centers [9] - The Chinese GPU market is projected to grow to 1.363578 trillion CNY by 2029, driven by the increasing demand for AI applications [9] Group 5: Challenges and Opportunities - Despite the market enthusiasm, the company faces significant financial challenges, with a projected diluted price-to-sales ratio of 122.51 for 2024, which is considerably higher than industry peers [11] - The company has invested 3.810 billion CNY in R&D from 2022 to 2024, which is over six times its revenue during the same period [11] - The domestic GPU industry is entering a critical phase of commercial realization, supported by market demand and policy backing, but faces challenges such as a weak software ecosystem [15]

问： 两国元首釜山会晤后，中美禁毒合作有何进展？两国禁毒部门是否保持沟通？ 答：近期，中美两国禁毒部门认真落实两国元首釜山会晤达成的重要共识，积极开展禁毒合作，取得了显著成 效。双方还就多起案件开展联合侦办。双方跨部门禁毒工作团队保持密切沟通交流，近日举行了视频会议，相 互通报工作进展，商讨下步合作优先事项。中方将在平等、相互尊重基础上，与美方开展合作，共同应对全球 突出毒品问题。 责编：万健祎 校对：赵燕 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体 法律责任的权利。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes 公安部新闻发言人就中美禁毒合作答记者问。 点击关键字可查看 潜望系列深度报道丨 股事会专栏 丨 投资小红书 丨 e公司调查 丨 时报会客厅 丨 十大明星私募访谈 丨 首部！证监会，最新发布！ 丨 有关A股，重磅利好！ 丨 重磅利好！保险、券商联袂拉升 丨 国防 部：日方若执迷不悟必犯众怒 丨 中法发表多份联合声明 丨 热搜第一！陈震偷税被查！此前已被多 平台禁言 丨 26天15板！603122，再度涨停！ 丨 ...

今天，国产GPU——也就是图形处理器领域，迎来里程碑事件，被称为"国产GPU第一股"的企业摩尔线 程，登陆上交所科创板。不仅是摩尔线程，目前，还有多家国产GPU企业处于上市进程中。今天，也是 GPU企业沐曦股份的科创板新股申购日。此外，壁仞科技和燧原科技等GPU企业也处于上市辅导阶段。 业内人士认为，科创板作为"硬科技"企业上市的首选地，为国产GPU企业提供了绿色通道。业内人士表 示，尽管国产GPU赛道热度高，但二级市场为企业注入的资本动力，能否转化为切实的技术突破和市场 份额，还需时间检验，投资者需留意市场波动。（央视财经） ...

Group 1 - The core point of the article is that Moer Technology has successfully listed on the Sci-Tech Innovation Board, becoming the first domestic GPU company to go public, raising approximately 8 billion yuan through its IPO [2] - Moer Technology issued 70 million new shares at a price of 114.28 yuan per share, with a staggering oversubscription of over 4000 times prior to the official issuance [2] - The company's stock price reached 600.50 yuan at the close of trading, reflecting a remarkable increase of 424% [2] Group 2 - Moer Technology, established in June 2020, is a leading domestic GPU enterprise with a self-developed full-function GPU architecture [2] - The company has developed a diverse product matrix covering various application fields, including AI computing, high-performance computing, graphics rendering, and intelligent media [2] - Revenue projections for Moer Technology show significant growth, with expected revenues of 0.46 million yuan, 1.24 million yuan, and 4.38 million yuan for the years 2022 to 2024, respectively, indicating a compound annual growth rate of 209% [2] - The company has attracted investments from notable institutions and enterprises, including Sequoia China, Shenzhen Capital Group, Tencent, and ByteDance [2]

文 | 创客公社 吴昊钰 "国产GPU第一股"来了！ 今天，南京理工大学校友张建中创立的摩尔线程正式叩开科创板的大门。 开盘股价即冲上650元，较发行价暴涨468.78%，公司市值一度突破3000亿元，成为年内最引人瞩目的IPO事件之一。 网友直呼：这得让多少人一夜之间财富自由？ 这家成立于2020年的年轻公司，曾用时300天，便成功研制首颗国产全功能GPU，开创了国产GPU研发速度的先河。 它还曾以不到100天的速度成长为GPU独角兽，同时集结了红杉、腾讯、字节跳动等数十家豪华资方天团的押注。从IPO申请获受理到成功上市仅用122 天，创下科创板"上市加速度"。 其背后的创始人张建中是南理工杰出校友，也是前英伟达全球副总裁、中国区总经理。他带领摩尔线程在五年内量产五颗芯片，推出四代GPU架构，定义 了国产全功能GPU的创新节奏。 此次上市募集80亿元资金，将全部投入新一代AI训推一体芯片、图形芯片等核心研发项目，旨在进一步筑牢AI时代的自主算力底座。 在张建中看来，"算力即国力"，GPU芯片已成为算力的基石。 随着摩尔线程的成功上市，国产GPU产业可以说迎来了新的里程碑。 南理工出了一位技术大牛 毕业于南京 ...

作为参考，摩尔线程主要从事 GPU 及相关产品的研发、设计和销售。自 2020 年成立以来，公司以自主研发的全功能 GPU 为核 心，致力于为 AI、数字孪生、科学计算等高性能计算领域提供计算加速平台。公司已成功推出四代 GPU 架构，并拓展出覆盖 AI 智算、云计算和个人智算等应用领域的计算加速产品矩阵。摩尔线程本次上市也被视为"国产 GPU 第一股"。 IT之家查询获悉，摩尔线程发行价为 114.28 元，今日收盘价涨至 600.50 元，涨幅高达 425.46%，总市值达到 2823 亿元。 IT之家 12 月 5 日消息，"国产 GPU 第一股"摩尔线程今日正式在科创板挂牌上市，证券代码"688795"。 目前摩尔线程的消费端产品主要有 MTT S80、MTT S70 等游戏显卡，支持海光、龙芯、飞腾等国产 CPU，也可用在普通 AMD、 英特尔平台，还拥有多款基于 MUSA 架构的产品和工具。 ...

（原标题：主力资金丨6股尾盘获主力重点抢筹） 20个行业获主力资金净流入。 据证券时报·数据宝统计，今日（12月5日）沪深两市主力资金净流入17.75亿元。行业板块方面，申万一级30个行业上涨，非银金融行业涨幅居 首，达3.5%；有色金属、机械设备和国防军工行业均涨超2%，综合、电力设备、基础化工和环保等行业均涨超1%，仅银行行业跌0.58%。 从资金流向来看，申万一级行业中，20个行业获主力资金净流入。有色金属行业主力资金净流入居首，达10.51亿元；计算机、非银金融、通信和 电力设备行业主力资金净流出均超7亿元。 11个主力资金净流出的行业中，基础化工、家用电器和医药生物行业主力资金净流出均超10亿元，居前列；传媒、国防军工、建筑装饰、房地产 和钢铁行业主力资金净流出金额超2亿元。 "国产GPU第一股"N摩尔-U主力资金净流入17.11亿元，居首，上市首日大涨超425%，成交额153.07亿元。 根据网上中签公告，摩尔线程（N摩尔-U）每个中签号码对应500股，网上中签号码共3.36万个，按600.5元收盘价测算，一签浮盈约24.31万元； 若按盘中最高价688元/股计算，单签账面盈利一度逼近28.7万元 ...

导语："中国英伟达"。 作者/王满华 陈美 来源/投中网 1572倍网下申购倍数、88天科创板最快过会、年内最贵"百元股"……随着一连串数字被刷新，有着"中国英伟达"之称的摩尔线程，今日正式登陆科创板。 盘面上，摩尔线程开盘最高报688元/股，较114.28元/股的发行价上涨502%。截至收盘，公司市值2823亿元。 回望摩尔线程的融资历程，公司自创立伊始便备受资本关注，迅速成为一级市场的"集体共识"——2020年成立仅三个月便完成两轮融资，随后以每年一轮 的节奏稳步推进，累计融资规模超百亿元，至IPO前股东数量多达86位。 作为最早入局的投资方，沛县乾曜若按最新2800亿市值粗略计算，其最初投入的190万元已增值至约118.98亿元，回报超过惊人的6262倍。 当然，在摩尔线程的融资故事中，也伴随着一些错失的遗憾。今年初，我们就曾写过一位投资人因未能在一日内凑足1000万元，从而与摩尔线程老股的投 资机会失之交臂。 从早期融资的疯狂抢筹，到上市前的激烈份额争夺，五年来围绕摩尔线程的资本角逐，不仅见证了中国半导体产业的快速成长，也再次印证了一个深刻的 道理：在核心技术突破的道路上，最昂贵的成本往往不是金钱，而 ...

20个行业获主力资金净流入。 据证券时报·数据宝统计，今日（12月5日）沪深两市主力资金净流入17.75亿元。行业板块方面，申万一 级30个行业上涨，非银金融行业涨幅居首，达3.5%；有色金属、机械设备和国防军工行业均涨超2%， 综合、电力设备、基础化工和环保等行业均涨超1%，仅银行行业跌0.58%。 从资金流向来看，申万一级行业中，20个行业获主力资金净流入。有色金属行业主力资金净流入居首， 达10.51亿元；计算机、非银金融、通信和电力设备行业主力资金净流出均超7亿元。 11个主力资金净流出的行业中，基础化工、家用电器和医药生物行业主力资金净流出均超10亿元，居前 列；传媒、国防军工、建筑装饰、房地产和钢铁行业主力资金净流出金额超2亿元。 根据网上中签公告，摩尔线程（N摩尔-U）每个中签号码对应500股，网上中签号码共3.36万个，按 600.5元收盘价测算，一签浮盈约24.31万元；若按盘中最高价688元/股计算，单签账面盈利一度逼近 28.7万元。 业绩方面，2022年、2023年、2024年、2025年前三季度，摩尔线程营收分别为0.46亿元、1.24亿元、 4.38亿元、7.85亿元。摩尔线程披露 ...

Core Viewpoint - The news highlights significant movements in the stock market, particularly focusing on the surge of rare earth permanent magnet stocks and the impressive debut of the new stock, N-Mole-U, which has achieved remarkable gains on its first trading day. Group 1: Rare Earth Permanent Magnet Stocks - On December 5, the Shanghai Composite Index rose, closing above the 3900-point mark, with notable interest in sectors like superconductors and commercial aerospace [1][16] - Rare earth permanent magnet stocks such as Ningbo Yunsheng (600366) saw a rapid increase, hitting the daily limit within three minutes, while Jinli Permanent Magnet surged over 15% during trading [1][3] - Companies like Jinli Permanent Magnet, Zhongke Sanhuan, and Ningbo Yunsheng have reportedly obtained general export licenses, which will streamline export processes and enhance delivery speeds, benefiting the industry as downstream demand recovers [3][18] Group 2: New Stock Performance - N-Mole-U debuted on the STAR Market on December 5, with an opening increase of 468.8%, leading to a market capitalization exceeding 300 billion yuan, closing at 600.5 yuan per share, making it the third highest-priced stock in A-shares [5][18] - The average first-day gain for new stocks in 2025 reached 254.89%, with 31 stocks experiencing gains over 300%, including notable performers like Dapeng Industrial and Sanxie Electric [10][23] - The highest first-day profit from new stock subscriptions was recorded for N-Mole-U, with a profit of 267,900 yuan for investors who sold at the opening price [20][23] Group 3: Market Trends and Valuation - As of December 5, 2025, new stocks that have seen a price drop of over 30% generally have a rolling price-to-earnings ratio below 40, with three stocks, Tianyouwei, Hai'an Group, and Yongjie New Materials, having ratios below 20 [12][26] - Tianyouwei has the lowest rolling P/E ratio at 14.01, focusing on automotive instrument development, while Yongjie New Materials has shown a 30.99% increase in net profit year-on-year [12][26]