Core Viewpoint - Baidu's AI chip subsidiary Kunlun Core is accelerating its preparations for an IPO in Hong Kong, with plans to submit its application by Q1 2026 and complete the IPO by early 2027, following a recent valuation of approximately 21 billion RMB (about 2.97 billion USD) [1][4] Group 1: Company Developments - Kunlun Core has initiated its IPO preparations, aiming for a listing on the Hong Kong Stock Exchange by early 2027, with a recent funding round valuing the company at around 210 billion RMB [1][4] - The company has shifted from being an internal department of Baidu to an independent entity, focusing on reducing reliance on its parent company and expanding its customer base [5] - In the past two years, Kunlun Core has increased its external sales efforts, targeting clients beyond internet companies, including state-owned enterprises and local government data center projects [5] Group 2: Financial Performance - Kunlun Core is currently in a phase of "investing for scale," with projected revenues of approximately 2 billion RMB and a net loss of around 200 million RMB for 2024 [5] - The company anticipates that over half of its revenue will come from external clients by 2025, with expectations to exceed 3.5 billion RMB in revenue this year and achieve breakeven [5] Group 3: Market Trends and Opportunities - The enthusiasm in the capital market for AI chips is increasing, as evidenced by the recent IPO of domestic GPU company Moore Threads, which saw its stock price surge significantly on its debut [4] - The demand for high-performance chips in China is rapidly growing, providing a favorable growth window for companies like Kunlun Core [6] Group 4: Product Development - Kunlun Core is expanding its product lineup, having recently launched two new AI chips: M100, focused on inference scenarios, and M300, designed for both training and inference tasks, with launches planned for early 2026 and 2027 respectively [6] - The company aims to capture a share of the high-value AI training computing market, indicating its ambition beyond just edge inference [6]

Core Viewpoint - Kunlun Core plans to submit its IPO application to the Hong Kong Stock Exchange as early as the first quarter of next year, aiming to complete the IPO by early 2027 [1] Group 1 - Kunlun Core is targeting a listing on the Hong Kong Stock Exchange [1] - The company aims to submit its application no later than the first quarter of next year [1] - The completion of the IPO is expected by early 2027 [1]

Core Viewpoint - The article highlights the successful IPO of Moore Threads, marking it as the first domestic general-purpose GPU stock in China, with significant fundraising and market potential amidst the backdrop of increasing demand for AI chips and the exit of NVIDIA from the Chinese market [3][4][5]. Company Overview - Moore Threads, founded by Zhang Jianzhong, went public on the STAR Market with an issuance price of 114.28 CNY per share, raising 8 billion CNY, making it the largest IPO on the STAR Market in 2025 by fundraising amount [3][4]. - The company has a current market valuation of 280 billion CNY, with Zhang Jianzhong holding approximately 11% of the shares, translating to a personal wealth of 30.8 billion CNY [4][5]. Market Context - The exit of NVIDIA from the Chinese market due to U.S. export controls has created a significant gap in the AI chip market, with a projected shortfall of 16.8 billion USD in 2025 [5][39]. - Domestic AI chip companies, including Moore Threads, are facing challenges in meeting this demand due to supply chain limitations and the need for further technological advancements [5][39][42]. Financial Performance - Moore Threads has maintained high R&D investments, with projected losses of approximately 19 billion CNY, 17 billion CNY, and 16 billion CNY from 2022 to 2024, respectively [12][13]. - The company’s revenue has shown significant growth, with 2023 revenue reaching 785 million CNY, surpassing the total revenue of the previous three years [26]. Product Development - Moore Threads has developed a range of products, including general-purpose GPUs for AI computing and desktop GPUs, with a focus on rapid iteration and performance improvement [25][26]. - The latest product, the "Pinghu" S5000, has achieved a computing power of 32 TFlops, surpassing NVIDIA's A100 [25]. Competitive Landscape - The article discusses the emergence of four major domestic GPU companies, including Moore Threads, which are competing in the AI chip market, each with distinct focuses and product offerings [30][31]. - Despite the growth of domestic players, the market remains dominated by NVIDIA and AMD, with NVIDIA holding an 88% market share globally [48]. Investment and Support - Moore Threads has received substantial backing from government and venture capital, raising over 10 billion CNY prior to its IPO, with ongoing support from various institutional investors [12][19]. - The company has also benefited from government subsidies, totaling 585 million CNY over two and a half years [13][14]. Future Outlook - The article emphasizes that while the IPO is a significant milestone, it is merely the beginning of a long journey for Moore Threads and other domestic AI chip companies as they strive to compete with global giants [48].

Core Insights - Moer Thread, known as the "first domestic GPU stock," saw a significant first-day listing increase of 468.78%, currently maintaining a rise of 425%, with a latest market capitalization of 280 billion yuan [1] - The market shows strong optimism towards the AI chip industry, as evidenced by the substantial market cap of Moer Thread exceeding 200 billion yuan, indicating a favorable outlook for domestic semiconductor chains and AI chips [1] - The demand for AI computing power is surging, leading to accelerated domestic semiconductor replacements, with forecasts suggesting a rapid expansion in GPU demand driven by the AI era [1] Industry Summary - According to Frost & Sullivan, the global GPU market is projected to grow at a CAGR of 24.5% from 2025 to 2029, with the Chinese market expected to grow even faster, from 142.5 billion yuan in 2024 to 1,336.8 billion yuan in 2029, reflecting a CAGR of 53.7% during the same period [1] - Domestic GPU manufacturers are anticipated to benefit significantly from this growth trend, as the market shifts towards local production and innovation in the semiconductor sector [1] Related Products and Market Performance - The largest chip industry ETF in the market, Chip ETF (159995), has seen a decline of 1.19%, with a total scale reaching 27.253 billion yuan, covering the entire chip industry chain [2] - The focus on semiconductor domestic replacement equipment and materials is represented by the Sci-Tech Innovation Board Semiconductor ETF (588170), which has decreased by 1%, including key stocks such as Zhongwei Company and Huahai Qingke [2]

每日晨报│2025 年 12 月 5 日 主要市场指数表现 | | 收市价 | 上个交易日升 | YTD 升跌 | | --- | --- | --- | --- | | 恒生指数 | 25,935 | +0.68% | +29.29% | | 恒生科技指数 | 5,615 | +1.45% | +25.68% | | 国企指数 | 9,106 | +0.86% | +24.92% | | 沪深 300 | 4,546 | +0.34% | +15.54% | | 上证综合指数 | 3,875 | -0.06% | +15.63% | | 深证成份指数 | 13,006 | +0.40% | +24.89% | | 中小板指 | 7,904 | +0.26% | +23.85% | | 道琼斯指数 | 47,850 | -0.07% | +12.47% | | 标普 500 指数 | 6,857 | +0.11% | +16.59% | | 纳斯达克指数 | 23,505 | +0.22% | +21.72% | | 伦敦富时指数 | 9,710 | +0.19% | +18.82% | | CAC40 指数 ...

2025 年 12 月 05 日 铝：基本面有韧性 氧化铝：继续探底 铸造铝合金：跟随电解铝 王蓉 投资咨询从业资格号：Z0002529 wangrong2@gtht.com 王宗源（联系人） 期货从业资格号：F03142619 wangzongyuan@gtht.com 所 铝、氧化铝、铸造铝合金基本面数据更新 | | | | T | T-1 | T-5 | T-22 | T-66 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 沪铝主力合约收盘价 | 22060 | 120 | ર્સ્વ | 920 | 1270 | | | | 沪铝主力合约夜盘收盘价 | 22235 | - | - | - | - | | | | LME铝3M收盘价 | 2888 | -10 | ર્સ્ | ー7 | 279 | | | | 沪铝主力合约成交量 | 246366 | 84754 | 95815 | 28882 | 164288 | | | | 沪铝主力合约持仓量 | 244457 | -4791 | -12681 | -41336 | 27991 | ...

2025年12月05日 国泰君安期货商品研究晨报 观点与策略 | 黄金：降息预期回升 | 3 | | --- | --- | | 白银：震荡回落 | 3 | | 铜：现货坚挺，支撑价格 | 5 | | 锌：供应减产，价格偏强 | 7 | | 铅：库存减少，支撑价格 | 9 | | 锡：供应再出扰动 | 10 | | 铝：基本面有韧性 | 12 | | 氧化铝：继续探底 | 12 | | 铸造铝合金：跟随电解铝 | 12 | | 铂：交投清淡横盘震荡 | 14 | | 钯：横盘整理 | 14 | | 镍：基本面限制上方弹性，低位震荡运行 | 16 | | 不锈钢：库存偏高供需双弱，成本限制下方想象力 | 16 | | 碳酸锂：去库边际放缓，上方或承压 | 18 | | 工业硅：偏弱运行 | 20 | | 多晶硅：关注仓单注册情况 | 20 | | 铁矿石：下游需求空间有限，估值偏高 | 22 | | 螺纹钢：市场多空博弈，宽幅震荡 | 23 | | 热轧卷板：市场多空博弈，宽幅震荡 | 23 | | 硅铁：电费成本抬升，偏强震荡 | 25 | | 锰硅：矿端报价坚挺，偏强震荡 | 25 | | 焦炭：宽幅震荡 ...

将投中网设为"星标⭐"，第一时间收获最新推送 回看"国产GPU第一股"是如何诞生的？ 作者丨 王满华 陈美 来源丨 投中网 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，投中网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，而是因犹豫而付出的机会成本。 那么，在硬科技投资的浪潮中，这家公司究竟有哪些特质，能够穿越周期，成为资本不愿放手的核心资产？那些看似"冒险下注"背后，又藏着怎样的行 业判断与价值坚守？ 诚挚邀请您带着这些问题阅读本文，回看"国产 GPU 第一股"是如何诞生的？ "高起点出道" 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%。截至发稿，公司市值2800 ...

Report Industry Investment Ratings Not provided in the content. Core Views - On December 5, 2025, the central bank conducted 100 billion yuan of outright reverse repurchase operations to maintain ample liquidity in the banking system. It is expected that the medium - and long - term monetary policy will remain moderately loose [7][8]. - The macro - environment for the black sector is generally positive, but the black market has no conditions for a trending rise. Iron ore prices are expected to fluctuate in the short term, and coking coal's far - month 05 contract has conditions for a rebound [10]. Summary by Related Catalogs Central Bank's Monetary Operations - On December 4, the central bank announced that on December 5, it would conduct 100 billion yuan of outright reverse repurchase operations with a 3 - month (91 - day) term. Since 100 billion yuan of 3 - month outright reverse repurchase is due in December, it means an equal - amount roll - over. It is also expected that the central bank will conduct another 6 - month outright reverse repurchase operation this month, with a high possibility of an increased - amount roll - over. The central bank has basically formed a medium - and long - term capital injection model [8]. Black Sector - **Overall situation**: The fundamentals of the black sector are mediocre, waiting for macro - drivers. The macro environment is generally positive, but steel inventories are high, demand weakens seasonally, and the black industry chain is in a stage of production cut and inventory reduction [10]. - **Iron ore**: The profitability of steel mills has been continuously compressed, and iron ore's rigid demand has decreased. Port inventories have continued to accumulate, but there is demand for winter stockpiling by steel mills, so short - term ore prices are expected to fluctuate [10]. - **Coking coal**: The settlement price of the coking coal 2512 futures contract is 969.5 yuan/ton, at a discount of 200 yuan/ton to the spot. The far - month 05 contract has conditions for a rebound [10]. Commodity Futures - **Precious metals**: Gold's expectation of interest rate cuts has risen, and silver has fluctuated downward. The trend intensity of both is 1 [13][16][19]. - **Base metals**: - **Copper**: Spot prices are firm, supporting the price, with a trend intensity of 1 [13][21][23]. - **Zinc**: Supply has been cut, and prices are on the strong side, with a trend intensity of 1 [13][24][26]. - **Lead**: Inventory reduction supports the price, with a trend intensity of 0 [13][27][28]. - **Tin**: Supply has been disrupted again, with a trend intensity of 0 [13][30][32]. - **Aluminum**: The fundamentals are resilient; alumina continues to decline; cast aluminum alloy follows electrolytic aluminum. The trend intensities are 1, - 1, and 1 respectively [13][33][35]. - **Platinum and palladium**: Platinum trades thinly and fluctuates sideways; palladium consolidates sideways. The trend intensities of both are 0 [13][36][38]. - **Nickel and stainless steel**: Nickel's fundamentals limit its upward potential and it fluctuates at a low level; stainless steel has high inventories, weak supply and demand, and cost limits its downward potential. The trend intensities of both are 0 [13][40][44]. - **Energy and chemical products**: - **Carbonate lithium**: The marginal slowdown of inventory reduction may put pressure on the upper side, with a trend intensity of 0 [13][45][48]. - **Industrial silicon**: It runs weakly, with a trend intensity of 0 [13][49][52]. - **Polysilicon**: Attention should be paid to warehouse receipt registration, with a trend intensity of 0 [13][50][52]. - **Iron ore**: The downstream demand space is limited, and the valuation is high, with a trend intensity of 0 [13][53]. - **Rebar and hot - rolled coil**: The market has a long - short game and wide - range fluctuations. The trend intensities of both are 0 [13][56][59]. - **Silicon iron and manganese silicon**: Silicon iron's electricity cost has risen, and it fluctuates strongly; manganese silicon's ore - end quotation is firm, and it also fluctuates strongly. The trend intensities of both are 1 [13][61][65]. - **Coke and coking coal**: They fluctuate in a wide range, with trend intensities of 0 [13][66][67]. - **Log**: It fluctuates at a low level, with a trend intensity of 0 [13][68][71]. - **Para - xylene, PTA, and MEG**: Para - xylene is supported by cost and fluctuates at a high level; PTA fluctuates at a high level unilaterally; MEG's price hits a new low and trends weakly. The trend intensities are 0, 0, and - 1 respectively [13][72][77]. - **Rubber and synthetic rubber**: Rubber fluctuates; synthetic rubber fluctuates downward. The trend intensities of both are 0 [13][79][85]. - **Asphalt**: It fluctuates at a low level, and factory inventories have a slight increase, with a trend intensity of 0 [13][86][94]. - **LLDPE**: The basis has declined, and the supply is still loose, with a trend intensity of 0 [13][96][98]. - **PP**: The medium - term trend still faces pressure, with a trend intensity of - 1 [13][99][101]. - **Caustic soda**: The trend still faces pressure, with a trend intensity of - 1 [13][103][105]. - **Pulp**: It fluctuates, with a trend intensity of 0 [13][107][109]. - **Glass**: The price of the original sheet is stable, with a trend intensity of - 1 [13][112][114]. - **Methanol**: It runs under pressure, with a trend intensity of - 1 [13][116][120]. - **Urea**: It gradually enters a fluctuating pattern, with a trend intensity of 0 [13][121][123]. - **Styrene**: It fluctuates in the short term, with a trend intensity of 0 [124][125]. - **Soda ash**: The spot market has little change, with a trend intensity of - 1 [128]. - **LPG and propylene**: LPG's trend is under pressure; propylene's pattern remains loose. The trend intensities of both are - 1 [130][131][135]. - **PVC**: It fluctuates at a low level, with a trend intensity of 0 [139][140]. - **Fuel oil and low - sulfur fuel oil**: Fuel oil rebounds slightly and may temporarily get out of the weak situation; low - sulfur fuel oil weakens at night, and the spot price difference between high - and low - sulfur in the overseas market narrows slightly. The trend intensities of both are 0 [13][142]. - **Container shipping index (European line)**: Affected by geopolitical disturbances and price - increase announcements, it fluctuates strongly, with a trend intensity of 0 [13][144][157]. - **Agricultural products**: - **Short - fiber and bottle - chip**: They fluctuate in the short term and face pressure in the medium term. The trend intensities of both are 0 [13][158][159]. - **Offset printing paper**: Long positions should be closed at an appropriate time, with a trend intensity of 0 [160][161]. - **Pure benzene**: It fluctuates mainly in the short term, with a trend intensity of 0 [13][165][166]. - **Palm oil and soybean oil**: Palm oil is waiting for the inflection point to be confirmed and is traded within a range for the time being; soybean oil lacks driving force from US soybeans and fluctuates mainly. The trend intensities of both are 0 [13][168][173]. - **Soybean meal and soybeans**: Overnight US soybeans rose slightly, and Dalian soybean meal fluctuated; the spot price of soybeans is stable and strong, and the futures price fluctuates weakly. The trend intensities of both are 0 [13][174][176]. - **Corn**: It fluctuates strongly, with a trend intensity of 0 [13][177][180]. - **Sugar**: It runs weakly, with a trend intensity of - 1 [13][181][183]. - **Cotton**: Supply and demand are both strong, with a trend intensity of 0 [13][185][188]. - **Eggs**: Culling continues, and the spot price fluctuates mainly, with a trend intensity of 0 [13][191]. - **Hogs**: An increase in supply is approaching, and the industrial logic returns, with a trend intensity of - 2 [13][193][196]. - **Peanuts**: Attention should be paid to the spot market, with a trend intensity of 0 [13][198][200].

商 品 研 究 2025 年 12 月 5 日 黄金：降息预期回升 白银：震荡回落 刘雨萱 投资咨询从业资格号：Z0020476 liuyuxuan023982@gtjas.com 【基本面跟踪】 贵金属基本面数据 | | | 昨日收盘价 | 日涨幅 | 昨日夜盘收盘价 | 夜盘涨幅 | | --- | --- | --- | --- | --- | --- | | | 沪金2512 | 959.64 | 1.05% | 964.72 | 0.66% | | | 黄金T+D | 958.27 | 1.15% | 958.50 | 0.19% | | | Comex黄金2512 | 4265.00 | 0.20% | - | | | | 伦敦金现货 | #N/A | #N/A | - | - | | | 沪银2512 | 13282 | 4.46% | 13766.00 | 5.08% | | 价 格 | 白银T+D | 13261 | 4.72% | 13720 | 3.27% | | | Comex白银2512 | 58.450 | 2.39% | - | - | | | 伦敦银现货 | #N/A | #N ...