Core Insights - The announcement indicates that companies listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board that are unprofitable at the time of listing will be included in the Sci-Tech Growth Tier from the date of listing. As of the announcement date, Moore Threads has not been profitable and will be included in this tier [1][2]. Company Overview - Moore Threads primarily engages in the research, design, and sales of GPUs and related products. Since its establishment in 2020, the company has focused on developing a fully functional GPU, aiming to provide computing acceleration platforms for high-performance computing fields such as AI, digital twins, and scientific computing [1][2]. Financial Performance - Financial data shows that Moore Threads is projected to achieve revenues of approximately 46.0883 million yuan, 124 million yuan, 438 million yuan, and 702 million yuan for the years 2022 to 2024 and the first half of 2025, respectively. Correspondingly, the net profits attributable to the company are expected to be around -1.894 billion yuan, -1.703 billion yuan, -1.618 billion yuan, and -271 million yuan [1][2].

北京商报讯（记者 马换换 王蔓蕾）12月3日晚间，摩尔线程（688795）披露公告称，公司股票将于12月 5日在上交所科创板上市。公司本次发行价格为114.28元/股，对应发行后市值约为537.15亿元。 财务数据显示，2022—2024年以及2025年上半年，摩尔线程实现营业收入分别约4608.83万元、1.24亿 元、4.38亿元、7.02亿元；对应实现归属净利润分别约-18.94亿元、-17.03亿元、-16.18亿元、-2.71亿 元。 公告显示，根据《上海证券交易所科创板上市公司自律监管指引第5号——科创成长层》，上市时未盈 利的科创板公司，自上市之日起纳入科创成长层。截至公告披露日，摩尔线程尚未盈利，自上市之日起 将纳入科创成长层。 据了解，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。 ...

Core Points - The company, Moore Threads, has been recognized as the "Chinese version of Nvidia" and has announced the results of its initial public offering (IPO) on the STAR Market [1] - The IPO attracted significant interest from institutional investors, with a record number of valid bids submitted during the initial inquiry phase [5] Group 1: IPO Details - The online subscription for investors resulted in 16.77 million shares being subscribed, amounting to 1.917 billion yuan, with 29,302 shares worth 3.3486 million yuan being abandoned [1] - The offline subscription saw 39.2 million shares subscribed, with an effective subscription amount of 4.48 billion yuan, and no shares were abandoned [1] - The total amount raised from the IPO is expected to be 8 billion yuan, setting a record for the STAR Market this year [4] Group 2: Company Overview - Moore Threads focuses on the research, design, and sales of GPUs and related products, aiming to provide computing acceleration platforms for high-performance computing fields such as AI and digital twins [2] - The company has successfully launched four generations of GPU architectures and has developed a diverse product matrix covering various applications, including AI computing, high-performance computing, and personal entertainment [2] - The new generation of architecture-related products is currently in the research and development stage, with ongoing advancements in high-performance GPU chips and intelligent computing clusters [2] Group 3: Market Performance - The IPO price was set at 114.28 yuan, making it the highest IPO price on the STAR Market and in the A-share market for the year [3] - The number of institutional investors participating in the offline issuance reached 267, managing a total of 7,555 allocation objects, both of which are records for the STAR Market this year [5]

Core Viewpoint - Moer Thread, regarded as the "Chinese version of Nvidia," has successfully completed its initial public offering (IPO) and listed on the Sci-Tech Innovation Board, achieving significant milestones in the process [1][3]. Summary by Sections IPO Results - The online and offline subscription payment for the IPO concluded on November 26, 2025, with online investors subscribing to 16.77 million shares, amounting to 1.917 billion yuan, while offline investors subscribed to 39.2 million shares, totaling 4.48 billion yuan [1]. Underwriting and Subscription Details - All shares that were not subscribed by investors were fully underwritten by the lead underwriter, totaling 29,302 shares, which represents approximately 0.05% of the final issuance after strategic placement [2]. Company Overview - Moer Thread focuses on the research, design, and sales of GPUs and related products, having launched four generations of GPU architectures since its establishment in 2020. The company aims to provide computing acceleration platforms for high-performance computing fields such as AI and digital twins [2]. Record Achievements - The IPO set multiple records on the Sci-Tech Innovation Board, including the highest issuance price of 114.28 yuan, marking it as the highest for new shares in the A-share market this year [3][4]. Fundraising Scale - The total expected fundraising amount from the IPO is 8 billion yuan, which is the largest for new shares on the Sci-Tech Innovation Board this year [5]. Investor Interest - The initial inquiry phase showed high enthusiasm from institutional investors, with 267 offline investors submitting valid bids and managing 7,555 allocation targets, both of which set new records for the year on the Sci-Tech Innovation Board [6].

Core Viewpoint - The company, referred to as "China's version of Nvidia," has successfully completed its initial public offering (IPO) and listed on the Sci-Tech Innovation Board, achieving significant milestones in terms of pricing and fundraising [1][4]. Group 1: IPO Details - The strategic placement of shares has concluded, with all participating investors fulfilling their commitments [1]. - The final results of the strategic placement indicate a total of 14,000,000 shares allocated, representing 20% of the total issuance, with a total fundraising amount of approximately 1.6 billion yuan [2]. Group 2: Investor Participation - Notable investors include CITIC Securities and various asset management companies, with allocations ranging from 0.5% to 6.25% of the total shares issued [2]. - The company has attracted significant interest from institutional investors, with 267 investors submitting valid bids during the offline issuance phase, marking a record for the year [4]. Group 3: Company Overview - The company specializes in the research, design, and sales of GPUs and related products, focusing on high-performance computing applications such as AI and digital twins [3]. - Since its establishment in 2020, the company has launched four generations of GPU architectures, catering to diverse markets including government, enterprise, and consumer sectors [3]. Group 4: Record Achievements - The IPO price was set at 114.28 yuan, making it the highest IPO price on the Sci-Tech Innovation Board and in the A-share market for the year [4]. - The total fundraising target of 8 billion yuan also sets a record for new stock offerings on the Sci-Tech Innovation Board this year [4].

11月25日晚间， 被市场视为 " 中国版英伟达 " 摩尔线程，发布首次公开发行股票并在科创板上市网下初步配售结果及网上中签结果公告。 从发行价来看，摩尔线程发行价为114.28元，若按照网上发行日期统计，为年内科创板发行价最高，亦为年内A股市场新股发行价最高。 从募资规模来看，摩尔线程此番预计募集资金总额为80亿元，这一金额也创下年内科创板新股之最。 公告称，本次发行战略配售的缴款及配售工作已结束，本次发行的参与战略配售的投资者均按承诺参与了本次发行的战略配售。经确认，《发行公告》中披 露参与战略配售的投资者参与本次发行的战略配售有效。本次发行最终战略配售结果如下。中签结果如下。 | 末尾位数 | 中签号码 | | --- | --- | | 末"4"位数 | 5878, 0878, 9856 | | 末"5"位数 | 82351, 62351, 42351, 22351, 02351, 01433 | | 末"6"位数 | 531423, 031423, 735823 | | 末"7"位数 | 7314483, 9814483, 4814483, 2314483 | | 末"8"位数 | 50424341 ...

Group 1 - The core viewpoint of the article highlights ByteDance's commitment to fostering academic excellence through the ByteDance Scholarship, which has increased its award amount and expanded its reach to more universities [1] - The scholarship attracted over 500 applicants from 66 universities in China and Singapore, with 20 students awarded in various fields including AI and robotics [1] - The award amount has been upgraded from 100,000 yuan to 200,000 yuan, which includes 100,000 yuan in cash and 100,000 yuan for academic resources [1] Group 2 - ByteDance's Vice President of Technology, Yang Zhenyuan, shared insights on the company's technological explorations and encouraged students to tackle significant technical challenges [1][2] - The company has been involved in large-scale machine learning and recommendation systems since 2014, aiming to build a recommendation system capable of handling trillions of features [7][10] - ByteDance has made significant advancements in scientific computing, particularly in solving the Schrödinger equation to simulate various phenomena, indicating a focus on AI's potential in real-world applications [13][15] Group 3 - In 2021, ByteDance acquired Pico to explore XR technology, aiming to enhance user experience through hardware innovations [27] - The company is focusing on improving clarity in XR devices, targeting a pixel density (PPD) of nearly 4000, significantly higher than existing products [29][32] - ByteDance is also developing a dedicated chip for XR devices to address processing challenges, achieving a system latency of around 12 milliseconds [34][35] Group 4 - The emergence of large models, particularly after the launch of ChatGPT, has prompted ByteDance to invest in AI technologies, leading to the development of popular AI applications like Doubao [39][40] - The company has established a robust training infrastructure, achieving a floating-point utilization rate exceeding 55%, which is significantly higher than mainstream frameworks [39] - ByteDance is exploring the future of large models and their potential impact on various industries, emphasizing the need for continuous learning and interaction capabilities in AI [43][44]

Core Viewpoint - Moore Threads is planning to raise 800 million yuan through an initial public offering (IPO) on the Shanghai Stock Exchange's Sci-Tech Innovation Board, focusing on the development of AI and graphics chips [1][3]. Group 1: Company Overview - Moore Threads specializes in the research, design, and sales of GPUs and related products, aiming to provide computing acceleration platforms for high-performance computing fields such as AI and digital twins since its establishment in 2020 [2]. - As of June 30, 2025, the company does not have a single shareholder holding more than 30% of its shares, with Zhang Jianzhong being the largest shareholder at 12.73% and controlling 36.36% of the company through various platforms [2]. Group 2: IPO Details - The IPO is set to issue 70 million shares at a price of 114.28 yuan per share, with an expected total fundraising amount of approximately 799.96 million yuan after deducting issuance costs [1][3]. - The funds raised will be allocated to the development of new AI training and inference chips, new graphics chips, new AI SoC chips, and to supplement working capital [3].

重点关注 MSCI中国指数调整将生效 全球知名指数公司MSCI此前宣布了2025年11月份指数审核结果，此次调整将于11月24日收盘后正式生效。 本次调整中，MSCI中国指数新纳入26只中国股票，剔除20只，具体变动标的如下： | 新增 | 剔除 | | --- | --- | | 中国黄金国际 | 中直股份 | | 中国有色矿业 | 北控水务集团 | | 千里科技 | 伯特利 | | 东风集团股份 | 中国光大银行 | | 赣锋锂业 | 华润医药 | | 广发证券 | 东阿阿胶 | | 东阳光 | 广电运通 | | 长川科技 | 海格通信 | | 华虹公司 | 海澜之家 | | 兴业银锡 | 华兰生物 | | --- | --- | | 金力永磁 | 凤凰传媒 | | 金发科技 | 梅花生物 | | 恺英网络 | 南京证券 | | 荣昌生物 | 纳恩达 | | 上海电气 | 欧派家居 | | 协创数据 | 西南证券 | | 生益电子 | 中国民航信息网络 | | 英维克 | 建发股份 | | 长盈精密 | 益丰药房 | | 江波龙 | 金龙鱼 | | 中材科技 | | | 优必选 | | 美国近期起草了一份 ...

Core Viewpoint - Moer Technology has officially announced its IPO on the Sci-Tech Innovation Board, setting the issue price at 114.28 yuan per share, making it the highest-priced new stock of the year and the only stock priced over 100 yuan in 2023 [3][4]. Group 1: IPO Details - The company plans to issue 70 million shares, aiming to raise approximately 7.9996 billion yuan, with a net amount of about 7.576 billion yuan, positioning it as the second-largest IPO in A-shares this year, following Huadian New Energy [3][5]. - The funds raised will primarily be used for the development of next-generation AI training and inference chips, graphics chips, and AI SoC chips, as well as to supplement working capital [3][5]. - The IPO expenses (excluding VAT) amount to 424 million yuan, with CITIC Securities as the sponsor and Ernst & Young Hua Ming as the accounting firm [3][5]. Group 2: Company Overview - Moer Technology is a leading domestic GPU manufacturer, and its listing will mark it as the "first domestic GPU stock" [4]. - The company focuses on the research, design, and sales of GPUs and related products, having launched four generations of GPU architectures since its establishment in 2020 [5]. - Moer Technology has not yet achieved profitability, with revenues of 46 million yuan, 124 million yuan, and 438 million yuan from 2022 to 2024, and net losses of 1.894 billion yuan, 1.703 billion yuan, and 1.618 billion yuan during the same period [5]. - The revenue growth rate from 2022 to 2024 is 208.44%, with significant R&D investments, accounting for 2422.51%, 1076.31%, 309.88%, and 79.33% of total revenue during the respective periods [5].