Core Viewpoint - The article highlights the IPO announcement of Mu Xi Integrated Circuit (Shanghai) Co., Ltd., a leading domestic high-performance general-purpose GPU company, aiming to raise 3.904 billion yuan to enhance GPU technology iteration and industrialization, thereby strengthening its competitive position in the industry [1][4]. Company Overview - Mu Xi plans to publicly issue 40.1 million shares, accounting for 10.02% of the total share capital post-issuance, which will reach 400.1 million shares [3]. - The issuance will adopt a combination of "strategic placement + offline inquiry placement + online pricing issuance" [3]. - The company has a strong intellectual property portfolio with 245 domestic invention patents, 3 integrated circuit layout design rights, and 25 software copyrights as of March 31, 2025 [3]. Financial Performance - Since 2022, the company's annual compound growth rate in revenue has reached 4074.52%, with projected revenue of 743 million yuan in 2024 [4]. - As of March 31, 2025, the cumulative GPU sales exceeded 25,000 units, covering various applications across multiple regions [4]. - The company reported a backlog of orders amounting to 1.43 billion yuan as of September 5, 2025, nearly double the projected revenue for 2024, indicating significant growth potential [4]. Market Context - The domestic accelerated computing server market is expanding, with IDC forecasting a market size of 22.1 billion USD in 2024, expected to exceed 100 billion USD by 2029, highlighting the strategic value of domestic GPU companies [5]. - The IPO of Mu Xi is seen as a catalyst for its development and an important opportunity for investors to participate in the domestic computing power sector [5]. IPO Process - The IPO process has been efficient, with the company receiving acceptance from the Shanghai Stock Exchange on June 30, 2025, passing the review on October 24, and obtaining registration approval from the CSRC on November 13, all within four months [4].

Core Viewpoint - Investors are betting not on the current profitability of Moore Threads but on the potential reflection of Nvidia's trillion-dollar market value in the domestic market [5][21]. Group 1: Company Overview - Moore Threads officially opened subscription on the Sci-Tech Innovation Board on November 24, with an issue price of 114.28 yuan per share, making it the "most expensive new stock of the year" [6]. - The company achieved a market capitalization of 53.7 billion yuan, setting multiple records on the Sci-Tech Innovation Board, indicating strong investor confidence in the "first domestic GPU stock" [6]. - The IPO process was remarkably fast, taking just over 100 days from acceptance to public offering [8]. Group 2: Financial Performance - According to the prospectus, Moore Threads is projected to achieve a revenue of 438 million yuan in 2024, with explosive growth expected to reach 702 million yuan in the first half of 2025 [12]. - The gross margin is expected to rebound significantly to around 70% in 2024, indicating that its core products have successfully established a commercial loop [12]. - The online issuance had a final winning rate of 0.03635054%, with 4.8266 million investors participating, and the offline subscription was oversubscribed by approximately 1600 times, raising a total of 8 billion yuan [12]. Group 3: Market Context - Since 2019, U.S. technology sanctions have intensified, particularly in the high-end GPU sector, leading to a shortage of chips in domestic AI, cloud computing, and autonomous driving industries [13]. - The emergence of domestic GPU companies like Moore Threads has attracted top talent from international firms such as Nvidia and AMD [13]. - The year 2020 is regarded as the "year of domestic GPUs," with significant investment activity and a high capital threshold for chip development [16]. Group 4: Competitive Landscape - Moore Threads is compared to Cambricon, another domestic AI chip pioneer, with both facing challenges related to R&D investment and profitability [18]. - Despite revenue growth, Moore Threads is expected to incur a net loss of approximately 270 million yuan in the first half of 2025 due to high R&D expenditures [18]. - The company faces competition in building a software ecosystem, which is crucial for success in the GPU market, as Nvidia has a well-established CUDA ecosystem [20]. Group 5: Future Outlook - The market is optimistic about Moore Threads' potential to replicate or even surpass the success of Cambricon, with the 53.7 billion yuan market cap seen as just the starting point [21]. - The listing of Moore Threads signifies a transition for domestic GPUs from the "PPT financing" era to a phase where they are tested in the secondary market [21].

在报价环节就备受关注的摩尔线程，网下初步配售结果终于落地。 在此前初步询价阶段，267家网下投资者管理的7555个配售对象全部参与申购，最终网下有效申购数量达到 704.06亿股，而网下初步配售仅为3920万股，获得初步配售的配售对象比例仅为约0.0557%，意味着整体申购 与获配的倍数接近1:1800。在资金"挤满门口"的背景下，这近4000万股最终落在谁的账户里，成为市场新的关 注点。 在激烈的配售竞争中，一批实力公募基金成为本轮获配大赢家，年金管理机构同样通过数量庞大的计划组合包 揽大量配额。而在非A类的B类投资者中，部分量化私募及券商自营也挤入获配名单，但规模与分布则明显收 紧。 在一位业内人士看来，这种高比例限售安排，一方面提高了打新资金的时间成本，抬高了短线资金的参与门 槛，另一方面也在一定程度上绑定了对公司中长期成长性的看法，"不是简单赌一把上市首日的价格，而是要 考虑九个月甚至更长时间的估值消化"。 公募基金强势揽配，多家头部公司集体押注"国产GPU第一股" 长期资金大量入围 从本次配售规则看，发行人与保荐机构明显将配售资源更多地倾斜给被界定为A类的长期资金。公告披露，A 类投资者包括公募基金 ...

在报价环节就备受关注的摩尔线程，网下初步配售结果终于落地。 在此前初步询价阶段，267家网下投资者管理的7555个配售对象全部参与申购，最终网下有效申购数量达到704.06亿股 ，而网下初步配售 仅为3920万股，获得初步配售的配售对象比例仅为约0.0557%，意味着整体申购与获配的倍数接近1:1800。在资金"挤满门口"的背景下， 这近4000万股最终落在谁的账户里，成为市场新的关注点。 在激烈的配售竞争中，一批实力公募基金成为本轮获配大赢家，年金管理机构同样通过数量庞大的计划组合包揽大量配额。而在非A类的B 类投资者中，部分量化私募及券商自营也挤入获配名单，但规模与分布则明显收紧。 长期资金大量入围 从本次配售规则看，发行人与保荐机构明显将配售资源更多地倾斜给被界定为A类的长期资金。公告披露，A类投资者包括公募基金、社保 基金、养老金、年金基金、银行理财产品、保险资金、保险资产管理产品以及合格境外投资者资金，除A类之外的其他投资机构被划入B 类。 在网下有效申购中，A类投资者申购数量为625.78亿股，占比接近九成，获配股份3858.96万股，占网下初步配售约98.44%。B类投资者 虽然申购数量也达到7 ...

Core Points - The online subscription rate for the IPO of Moer Thread, known as the "Chinese version of Nvidia," is extremely low, with only 0.03635054% of participants winning a share, meaning less than 4 out of 10,000 applicants will receive shares [1] - Moer Thread's IPO has set multiple records for the Science and Technology Innovation Board (STAR Market) in 2023, including the fastest approval time of 88 days from acceptance to approval [1] - The IPO price of Moer Thread is 114.28 yuan, making it the highest-priced IPO on the STAR Market and in the A-share market for the year [1] - The total fundraising amount for Moer Thread's IPO is expected to reach 8 billion yuan, marking it as the largest IPO on the STAR Market and the second-largest in the A-share market for the year [1] - Institutional investors showed significant enthusiasm during the offline subscription phase, with 267 investors submitting valid bids and managing 7,555 allocation targets, both of which are records for the STAR Market in 2023 [1]

（原标题：打新爆了！"国产GPU第一股"网上初步申购超4000倍 中一签有望赚超10万元？） 【导读】"国产GPU第一股"摩尔线程新股，网上发行初步申购超4000倍 备受关注的摩尔线程发行中签率结果出炉。网上发行初步的申购倍数达4126.49倍。启动回拨机制后， 网上发行最终中签率为0.03635054%。 中一签有望赚超10万元 摩尔线程之所以受关注，不仅因为它是热门股，还因为其上市后投资者可能获得的盈利空间较大。按 500股一签，中一签的金额为5.71万元。如果上市后涨幅100%，中一签可赚超5万元；涨幅200%的话， 则一签可赚超10万元。 今年以来的科创板新股，上市首日不论是开盘涨幅、收盘涨幅还是平均价涨幅，都超过200%。 "国产GPU第一股"网上初步申购超4000倍 11月24日晚间，摩尔线程新股发行申购情况和中签率披露。根据上交所提供的数据，本次网上发行有效 申购户数为4826579户，有效申购股数为46216647000股，网上发行初步中签率为0.02423369%。 根据摩尔线程公布的回拨机制，由于本次网上发行初步有效申购倍数约为4126.49倍，超过100倍，发行 人和保荐人（主承销商）决 ...

Core Insights - The recent launch of AI applications in China, particularly Alibaba's Qianwen and Lingguang, has led to significant market interest and rapid user adoption, with Qianwen achieving over 10 million downloads in just one week, surpassing competitors like ChatGPT [2][3][4] - The emergence of these applications signifies a shift in China's AI landscape from technology catch-up to application leadership, driving growth in the GPU industry and providing opportunities for domestic computing chip manufacturers [2][11] Company Developments - Alibaba's Qianwen and Lingguang have quickly climbed the ranks in the Apple App Store, with Qianwen reaching the third position in the free apps category within days of its launch [3][4] - Qianwen is designed as a personal AI assistant capable of performing tasks such as report writing and PPT creation, while Lingguang features a popular function that allows users to create small applications in under 30 seconds, enhancing user engagement [5][6] Industry Trends - The global AI application market is experiencing a surge, with major players like Google and Meta also making significant advancements. Google's Gemini 3.0 has reached 650 million monthly active users, showcasing the competitive landscape [8][9] - The AI industry is projected to grow significantly, with estimates suggesting a market size of approximately $615.7 billion in 2024, potentially exceeding $2.6 trillion by 2030 [10] Market Opportunities - The rapid growth of AI applications is expected to drive demand for GPU technology, presenting a unique opportunity for domestic GPU companies to capitalize on this trend [11][12] - Companies like MoEr Thread and Hanbo Semiconductor are entering the market with innovative GPU solutions, indicating a robust pipeline for future growth in the AI computing sector [11][12]

据查，2025年科创板已上市新股的平均中签率为0.04%。摩尔线程0.024%的初步中签率远低于这一均 值，这和它 "国产GPU第一股" 的热门概念、较理智的IPO发行价密不可分。 根据摩尔线程公布的回拨机制，由于本次网上发行初步有效申购倍数约为4126.49倍，超过100倍，发行 人和保荐人（主承销商）决定启动回拨机制，对网下、网上发行的规模进行调节，将扣除最终战略配售 部分后本次公开发行股票数量的10%（向上取整至500股的整数倍，即560.00万股）从网下回拨到网 上。 摩尔线程被视为"国产GPU第一股"。公司自2020年成立以来，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。 目前，摩尔线程产品体系覆盖"芯片-模组-服务器-集群"全链条，实现了从智能计算中心到终端设备的场 景贯通。公司已自主研发并量产四代高性能GPU架构，并基于此推出十余款高性能GPU加速卡与模组， 以及D800计算服务器和KUAE智能计算集群等产品，构建了包含芯片设计、硬件产品及软硬一体化解决 方案的全方位自主可控产品体系。 作者：李兴彩 摩尔线程本次发行股份数量为7000万股 ...

在全球AI产业链加速本土替代的大背景下，国产GPU企业迎来了资本市场的高光时刻。 公私募齐入场，报价热情创年内峰值 摩尔线程在申购前的初步询价阶段，就已显现出机构投资者的超高热情。据发行公告披露，共有267家 网下投资者提交了有效报价，管理的配售对象合计达7555个，有效申购股数高达704.06亿股，网下申购 倍数高达1572倍，远超年内大多数新股的询价倍数水平。 其中，来自公募、私募与券商资管等机构的参与格外引人注目。据智通财经记者不完全统计，在全部有 效报价主体中，公募基金达86家，私募基金为124家，涵盖头部公募、量化私募及主动管理型私募等各 类主体，券商参与机构也达到30家，既有自营盘，也包括部分资管子公司和券商理财产品。同时，保险 机构、年金组合以及部分合格境外机构投资者也现身列表，为这单IPO增加了长期资金的身影。 11月24日，被誉为"国产GPU第一股"的摩尔线程正式启动科创板发行，发行价定为114.28元/股，创下 2025年以来A股新股发行价新高。摩尔线程此次发行获得机构投资者高度关注。初步询价阶段，共有 267家网下投资者参与报价，涉及配售对象多达7555个，总申购股数超700亿股，网下申 ...

Core Viewpoint - The domestic GPU company, Moore Threads, is experiencing significant attention in the capital market amid the accelerated local replacement in the global AI industry chain, with its IPO on the Sci-Tech Innovation Board marking a new high for A-share IPO prices since 2025 at 114.28 yuan per share [1][10]. Group 1: IPO Details - Moore Threads' IPO has garnered substantial interest from institutional investors, with 267 offline investors participating in the initial inquiry phase, leading to a total subscription of over 700 billion shares and an offline subscription multiple of 1572 times [1][3]. - The company plans to issue 70 million shares, resulting in a market capitalization of approximately 53.7 billion yuan on the first day of trading [10]. - The initial effective subscription multiple for the online issuance was approximately 4126.49 times, prompting the activation of a mechanism to adjust the allocation between offline and online subscriptions [2][11]. Group 2: Institutional Participation - A notable number of public and private funds participated in the subscription, with 86 public funds and 124 private funds involved, indicating a strong interest in the "domestic high-performance GPU + AI computing power track" [2][3]. - Major public funds, such as Southern Fund and E Fund, utilized a significant number of products to enhance their chances of winning allocations, with Southern Fund using 404 products to apply for a total of 5.285 billion shares [6][7]. Group 3: Pricing and Market Sentiment - The price range during the inquiry phase varied from 88.79 yuan to 159.57 yuan, with some institutions willing to offer a premium, reflecting high expectations for the company's growth potential [4][5]. - The highest effective bid came from a public fund at 122.94 yuan per share, indicating differing views on the company's valuation among investors [4]. Group 4: Company Performance and Future Outlook - Moore Threads has not yet achieved profitability, reporting revenues of 46 million yuan, 124 million yuan, and 438 million yuan for 2022, 2023, and 2024 respectively, with net losses of 1.894 billion yuan, 1.703 billion yuan, and 1.618 billion yuan during the same period [11][12]. - The company has developed a comprehensive computing acceleration platform since its establishment in 2020, focusing on GPU technology and related hardware and software systems, with applications in AI computing centers, digital twin rendering, and high-performance computing [10][11].