Summary of the Conference Call for Moores Threads Company Overview - Moores Threads focuses on GPU-related products, established in 2020, targeting AI, digital twin, and scientific computing applications [3][4] Product Lines - The product lines cover three main areas: AI intelligent computing, graphics acceleration, and smart SoC [2] - Key products include: - AI computing products: training/inference cards, super node servers, and cross-edge computing clusters [4] - Graphics rendering products: S3,000 series graphics cards for industrial design and digital twin applications [4] - Smart SoC products: A140 computing box and E300 module for AI PC edge applications [5] Financial Performance - Projected revenue for 2024 is 438 million RMB, a year-on-year increase of approximately 2.5 times [2][10] - AI intelligent computing business contributes 77.63% of total revenue, with expectations to achieve profitability by 2027 [2][11] - Average gross margin for 2024 is 70.71%, with AI intelligent computing business gross margin exceeding 70% and desktop graphics cards at 18.99% [14] Sales and Market Presence - In 2024, the company sold three clusters and 2,058 graphics cards, with average prices of 6.113 million RMB for clusters and 60,000 RMB for computing cards [12] - 99.5% of revenue comes from the domestic market, with a direct sales model accounting for 41% and a distribution model for 59% [13] Supply Chain and Inventory - Following entry into the US Entity List in October 2023, the supply chain shifted from wafer production to raw material procurement, with inventory increasing from 275 million RMB to 647 million RMB [15] - Prepayments rose from 76 million RMB to 567 million RMB, indicating preparation for future growth [15] Research and Development - Cumulative R&D expenses exceeded 3.6 billion RMB from 2020 to 2024, significantly higher than revenue in 2024 [16] - The workforce has seen limited growth, with 1,126 employees by the end of 2024, but R&D personnel constitute over 78% of the total [18] Management Team - The management team primarily consists of former Nvidia executives, including CEO Zhang Jianzhong, who previously held senior positions at Nvidia [8] Competitive Landscape - The company’s Musa architecture competes with Nvidia's CUDA and AMD's CDNA, providing a unified GPU acceleration framework [6] - The latest chip series, Pinghu, achieves FP32 computing power of 32 TFlops, about half of Nvidia's H100, and has overcome challenges in high-efficiency interconnects [7] Industry Insights - The domestic chip industry is expected to recover in Q4 2024, despite current pressures from US restrictions on Southeast Asian AI chip imports [21] - Recommended companies for investment include Haiguang, Cambrian, and Longxin Zhongke, which are positioned to benefit from domestic computing center projects [22] Risks - Key risks include uncertainties from US-China relations, underperformance of fundamentals, and intensified market competition [26]

Core Viewpoint - The article discusses the growth and IPO journey of Zhaoxin Integrated, a Chinese semiconductor company aiming to become the "Chinese Intel" by developing domestic CPUs and achieving significant financial backing and government support [4][6][20]. Group 1: Company Overview - Zhaoxin Integrated has applied for an IPO on the Sci-Tech Innovation Board, focusing on domestic CPU development and achieving full control over the research and development of general-purpose processors and supporting chips [4][6]. - The company has received substantial support from various investors, leading to a valuation of 19 billion yuan [6][23]. - Zhaoxin Integrated's growth reflects the broader development of domestic CPUs in China, initiated by major technology projects since 2006 [9][8]. Group 2: Financial Performance - The company reported revenues of 340 million yuan in 2022, increasing to 555 million yuan in 2023, and projected to reach 889 million yuan in 2024 [18]. - Despite revenue growth, Zhaoxin Integrated is currently operating at a loss, with net losses expanding from 727 million yuan in 2022 to 951 million yuan in 2024 [18]. - The company plans to raise over 4.1 billion yuan through its IPO to fund new processor projects and R&D initiatives [18]. Group 3: Investment and Support - Zhaoxin Integrated has secured significant funding from various investment firms, including Guotai Junan Venture Capital and Shanghai Integrated Circuit Industry Fund, among others [5][16]. - The company has invested over 2.7 billion yuan in R&D over the past three years and approximately 1.8 billion yuan to acquire technology from VIA Technologies [14][13]. - The support from local government and investors has been crucial for Zhaoxin Integrated's rapid development and market positioning [5][11]. Group 4: Industry Context - The article highlights a wave of IPOs among domestic semiconductor companies, including Zhaoxin Integrated, which is part of a broader trend of Chinese firms aiming to establish themselves in the CPU and GPU markets [20][22]. - Other notable companies in this space include Moore Threads and Wallen Technology, which are also pursuing IPOs and have received substantial investment [20][21]. - The Chinese government is facilitating the IPO process for unprofitable semiconductor companies, indicating a supportive regulatory environment for the industry [23].

Group 1: Brain-Computer Interface (BCI) - The National Medical Products Administration has announced measures to optimize the lifecycle regulation supporting the innovation of high-end medical devices, particularly focusing on BCI technology [1] - The BCI industry is expected to experience significant growth, with a projected compound annual growth rate of 25.22%, reaching a market size of $7.63 billion by 2029 [1] Group 2: Autonomous Charging Robots - BMW's autonomous charging robot has completed concept validation and is set to be deployed based on future market conditions, utilizing AI for efficient charging operations [2] - The technology enhances charging efficiency and convenience, with competitors like Telda and Zhida Technology also developing similar products [2] Group 3: Commercial Cryptography - New regulations on the use of commercial cryptography for critical information infrastructure will take effect on August 1, 2025, impacting sectors like energy, finance, and transportation [3] - The commercial cryptography market is expected to grow at a compound annual growth rate of 25%, reaching 140 billion yuan by 2025 [3] Group 4: POE Price Increase - Major chemical companies have announced price increases for POE (polyolefin elastomer), with prices rising over 1,000 yuan per ton due to geopolitical uncertainties [4] - POE is increasingly used in solar energy applications, accounting for 40% of its usage in China, indicating a growing market potential [4] Group 5: Metaverse Development - The Ministry of Industry and Information Technology and other departments are promoting the recommendation of typical metaverse cases, indicating a shift towards commercialization [5] - The metaverse market is projected to become a trillion-dollar industry, driven by technological advancements and policy support [5] Group 6: Solid-State Batteries - The Fourth Solid-State Battery Conference is being held, highlighting the industry's focus on high energy density and safety [6] - The solid-state battery sector is accelerating its industrialization process, with applications expected to expand in various fields [6] Group 7: PCB Market Growth - The AI server and switch market for M8 PCBs is projected to reach 50-60 billion yuan by 2026, driven by increasing demand for AI infrastructure [7] - The PCB industry is experiencing growth due to the recovery of electronic demand and innovations in AI and high-speed communication [7] Group 8: Domestic Chip Development - Strategic investments are being made in domestic AI chip companies, indicating a focus on building new AI infrastructure [8] - The demand for AI models is driving the need for enhanced computing capabilities, with domestic companies aiming to compete with international products [8]

截至2025年7月3日 10:45，上证科创板芯片指数下跌0.20%。成分股方面涨跌互现，纳芯微领涨3.25%，澜起科技上涨1.87%，乐鑫科技上涨1.53%；芯原股份 领跌，龙芯中科、源杰科技跟跌。科创芯片ETF(588200)下修调整。 流动性方面，科创芯片ETF盘中换手1.63%，成交4.60亿元。拉长时间看，截至7月2日，科创芯片ETF近1年日均成交23.25亿元，排名可比基金第一。 规模方面，科创芯片ETF近1周规模增长11.26亿元，实现显著增长，新增规模位居可比基金第一。份额方面，科创芯片ETF最新份额达186.58亿份，创近半 年新高，位居可比基金第一。 从资金净流入方面来看，科创芯片ETF近3天获得连续资金净流入，最高单日获得6.79亿元净流入，合计"吸金"14.22亿元。 数据显示，杠杆资金持续布局中。科创芯片ETF前一交易日融资净买额达6137.14万元，最新融资余额达15.32亿元。 截至7月2日，科创芯片ETF近1年净值上涨64.87%，居可比基金第一，指数股票型基金排名60/2897，居于前2.07%。从收益能力看，截至2025年7月2日，科 创芯片ETF自成立以来，最高单月回报为 ...

Group 1: ETF Performance - The Sci-Tech Chip ETF has a turnover rate of 1.6% during trading, with a transaction volume of 447 million yuan [3] - As of July 1, the Sci-Tech Chip ETF's latest scale reached 28.225 billion yuan, marking a six-month high and ranking first among comparable funds [3] - The latest share count for the Sci-Tech Chip ETF is 1.837 billion shares, also a six-month high and ranking first among comparable funds [3] - The latest net inflow of funds into the Sci-Tech Chip ETF is 679 million yuan, with a total of 1.192 billion yuan net inflow over the last five trading days [3] - The latest margin buying amount for the Sci-Tech Chip ETF is 148 million yuan, with a margin balance of 1.471 billion yuan [3] - The net value of the Sci-Tech Chip ETF has increased by 65.59% over the past year, ranking first among comparable funds [3] - The ETF ranks in the top 2.08% among 2889 index stock funds [3] - The highest monthly return since inception is 25.18%, with the longest consecutive monthly increase being 4 months and a maximum increase of 36.01% [3] Group 2: Semiconductor Market Outlook - According to WSTS, the global semiconductor market is projected to reach 700.9 billion USD by 2025, with a year-on-year growth of 11.2% [4] - The growth in the semiconductor market will be driven by logic and memory segments, fueled by demand from AI, cloud infrastructure, and advanced consumer electronics [4] - Huachuang Securities indicates that the analog chip industry is entering a new upcycle, benefiting from improved domestic supply chain maturity and accelerated localization [4] - Tianfeng Securities notes that leading manufacturers in the semiconductor equipment and materials sector are expected to perform well in Q1 2025, with ongoing domestic substitution and industry consolidation enhancing competitiveness [4] - As of June 30, 2025, the top ten weighted stocks in the Sci-Tech Chip Index include SMIC, Haiguang Information, and Cambricon, collectively accounting for 57.76% of the index [4]

Group 1: Military Industry - The military industry is currently in a state with significant upward potential and a solid bottom, despite weak performance expectations for 2024 and the first quarter of 2025 [1] - Major contracts and bidding notifications have been announced by several listed companies in the aerospace sector, enhancing market expectations for performance recovery [1] Group 2: Innovative Pharmaceuticals - The release of measures to support the high-quality development of innovative drugs has sparked renewed interest in the sector, with a focus on opening public data resources for innovative drug research and expanding commercial health insurance coverage [1] - Institutions have positively evaluated these measures, which are expected to facilitate China's transition from a "generic drug powerhouse" to an "innovative drug stronghold," benefiting leading innovative drug companies and the biotech sector [1] Group 3: Automotive Industry - The automotive industry in the Yangtze River Delta region is facing severe challenges, including high inventory levels, disordered market competition, and increased risks to the financial chain of enterprises [2][3] - Dealers have suggested that manufacturers allow reasonable inventory limits and adjust sales targets to better align with regional market capacities [3] Group 4: Market Performance - The A-share market showed mixed performance with the Shanghai Composite Index rising by 0.39% and the ChiNext Index falling by 0.24%, with a total market turnover of 14,967 billion yuan [6] - The innovative drug concept stocks surged in the afternoon, with companies like Shutaishen and Anglikang reaching historical highs [6] Group 5: Industry Trends - The PCB sector is experiencing activity due to a report from Citigroup predicting significant growth in AI-PCB markets in 2026 and 2027, with an estimated total addressable market of 53 billion yuan, reflecting a 53% year-on-year increase [6][7] - The report also highlights a projected supply gap of at least 3 billion yuan in AI-PCB from 2026, even without considering capacity expansion and assembly yield loss [7]

Core Viewpoint - A significant surge in IPO approvals occurred in the A-share market, with 41 companies accepted for IPO in one night, indicating a renewed interest and activity in the capital market [1][5][9]. Group 1: IPO Surge - The A-share market has accepted a total of 177 companies for IPOs in 2025, surpassing the total number for the entire year of 2024 [3]. - The surge includes notable companies such as Moer Technology and Muxi Integrated Circuit, both of which are considered "super unicorns" [2][4]. - The IPO wave is seen as a potential opportunity for investors and unicorn companies to capitalize on the favorable market conditions [4][10]. Group 2: Notable Companies - Moer Technology aims to raise up to 8 billion yuan in its IPO, making it the largest IPO application in the Sci-Tech Innovation Board this year [6]. - The company reported revenues of 460.88 million yuan in 2022, with projected revenues of 1.24 billion yuan in 2023 and 4.38 billion yuan in 2024, alongside significant net losses [7]. - Muxi Integrated Circuit, also founded in 2020, has reported GPU product sales exceeding 25,000 units, with revenues projected to grow from 426,000 yuan in 2022 to 743 million yuan in 2024 [8]. Group 3: Market Dynamics - The recent IPO approvals are part of a broader strategy by the China Securities Regulatory Commission to support technology-driven companies and facilitate the listing of unprofitable firms [11][12]. - The market is witnessing a shift towards encouraging companies to apply for IPOs, with expectations of 150 to 200 companies going public annually [11]. - The recent IPO wave has revitalized investor sentiment, with many venture capital and private equity firms preparing their portfolio companies for public offerings [15][17]. Group 4: Future Outlook - The current IPO environment is seen as a critical window for companies to enter the market, with expectations of a more predictable and stable exit strategy for investors [16]. - The industry is urged to establish a healthy and predictable exit pathway to ensure the sustainability of venture capital and private equity investments [16].

Group 1 - The article highlights significant stock market announcements from Sunday to Thursday, including "suspensions and resumption of trading, shareholding changes, investment wins, acquisitions, earnings, unlocks, and high transfers" [1] - Important announcements are marked in red to assist investors in identifying investment hotspots and preventing various black swan events, providing ample time for analysis and selection of suitable listed companies [1] Group 2 - A company is noted for its technology applicable in the stablecoin sector, integrating blockchain and mobile payment, alongside state-owned enterprise reforms [1] - Another company has been providing customized and supporting information technology and intelligent embedded products and services for national defense and military over the years, focusing on military informationization, computing power leasing, domestic chips, blockchain, and drones [1] - A third company has secured hundreds of thousands of yuan in orders for brain-computer interfaces and has signed a sales framework contract for humanoid robot products, emphasizing advancements in autonomous driving and multimodal AI [1]

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 野村将中国第二季度GDP同比增长预测从3.7%上调至4.8%，将全年GDP增长预测上调0.5个百分 点。野村中国研究 认为，日内瓦中美经贸会谈 取得实质性进展对中国经济而言是一大利好，尤其是对第二季度经济而言。 另外，6月23日，高盛中国股票策略分析师付思表示： 我们维持对 A股和港股的超配建议，预计沪深300目标点位为4600点，MSCI China目标 点位为84点，隐含约10%的上行空间。 那么，外资机构近1个月到底关注了哪些A股公司呢？又有哪些外资机构调研最为活跃呢？ （ 点此查看完整调研名单 ） 0 1 36 家公司被至少 3 家外资机构聚焦！ PCB 龙头涨近 40% 领衔 私募排排网根据Choice整理的数据显示，截至6月27日的近1个月，被外资机构调研的A股公司共有95家，其中 调研次数至少为3次的公司共有36 家 。 （ 点此查看完整名单 ） 近 1个月，高盛、摩根士丹利、 德意志银行等 多家外资机构集体发声，并调高了对 2025年中国经济的预期。 其中，6月5日发布报告，德意志银行将2025年中国GDP增长预测上调0.2个百分 ...

Market Overview - The main board saw significant gains with stocks like Huanrui Century (+10.09%), Yanhua Intelligent (+10.09%), and Helitai (+10.04%) leading the charge [1] - The ChiNext board also performed well, with Weiteou (+20.02%) and Kechuang Information (+20.01%) among the top gainers [1] - The Sci-Tech Innovation Board was led by Xinan Century (+20.02%) and Aerospace Software (+10.41%) [1] - Active sub-industries included SW Communication Network Equipment and Devices (+1.71%) and SW Printed Circuit Boards (+1.56%) [1] Domestic News - Jieli Fang's silicon carbide wafer project received a funding of 180 million yuan, with plans for a vertical integration wafer factory expected to start production in 2027 [1] - Zonghui Xinguang completed a financing round worth several hundred million yuan to enhance its competitiveness in the global optical chip market [1] - The launch of the domestically developed Loongson 3C6000 processor was announced, which is expected to match the performance of mainstream products in 2023 or 2024 [1] - Zhaowei Electric introduced a new brand PREETO, entering the eBike market with a focus on mid-mounted motors [1] Company Announcements - Blue Arrow Electronics announced a cash dividend of 0.6 yuan per 10 shares, totaling 12 million yuan, which accounts for 79.41% of its net profit [2] - Fuguang Co., Ltd. disclosed a plan for a major shareholder to reduce holdings by up to 4,816,846 shares, representing 3.00% of total shares [2] - Zhongke Feice received a government subsidy of 3 million yuan [2] - Neusoft Group announced a cash dividend of 0.15 yuan per share, with a total distribution amounting to approximately 178 million yuan [2] Industry Insights - SEMI's report indicates that the global semiconductor manufacturing industry is expected to maintain strong momentum, with a projected compound annual growth rate (CAGR) of 7% from the end of 2024 to 2028, reaching a monthly capacity of 11.1 million wafers [3] - The South Korean Ministry of Science and ICT plans to select up to five teams to provide GPU equipment and support, with each selected company receiving at least 1,000 GPUs [3] - Uber and Waymo have launched autonomous taxi services in Atlanta, covering approximately 65 square miles [3] - Samsung Electronics is accelerating investments in its P4 factory, with a total investment of about 7 trillion won expected to start in the second half of the year [3]