A股摩尔线程上市首日开涨468％，中一签盈利近27万元。公司主要从事GPU及相关产品的研发、设计 和销售，本次募集资金总额近80亿元，主要投向新一代自主可控AI训推一体芯片研发项目、新一代自 主可控图形芯片研发项目、新一代自主可控AISoC芯片研发项目以及补充流动资金。 ...

| | | | | A股迈入全面注册制以来,新股中签收益排行榜TOP10 | | | | --- | --- | --- | --- | --- | --- | --- | | 序号 | 证券名称 | 证券代码 | 上市首日最高价 | 首发价格 (元/股) | 中一签收益 (以500股计,元) | 首发上市日 | | | | | (元/股) | | | | | - | 摩尔线在 | 688795. SH | ୧୧୦ | 114. 28 | 267860 | 2025-12-05 | | 2 | 长联科技 | 301618. SZ | 408 | 21. 12 | 193440 | 2024-09-30 | | S | 诺瓦星云 | 301589. SZ | 418. 68 | 126. 89 | 145895 | 2024-02-08 | | 4 | 威力传动 | 300904. SZ | 305. 7 | 35. 41 | 135145 | 2023-08-09 | | 2 | 六九一二 | 301592. SZ | 289. 99 | 29. 49 | 130250 | 2024-10-24 | | 6 ...

公司股价周四纽约早盘走低约1%。 Alphabet Inc．的投资者日益确信，该公司的芯片业务将成为其未来收入的重要增长引擎。 Alphabet Inc．的投资者日益确信，该公司的芯片业务将成为其未来收入的重要增长引擎。 Alphabet的张量处理单元（TPU）芯片所取得的成功，是其股价在第四季度飙升31%的主要原因，该涨 幅在标普500指数成分股中位列第十。TPU向来被公司内部视为核心优势，加速了其云计算业务的增 长。但市场正日益看好Alphabet可向第三方销售该芯片的前景，从而有望为其开辟一条新的收入渠道， 最终可能价值近万亿美元。 Alphabet的张量处理单元（TPU）芯片所取得的成功，是其股价在第四季度飙升31%的主要原因，该涨 幅在标普500指数成分股中位列第十。TPU向来被公司内部视为核心优势，加速了其云计算业务的增 长。但市场正日益看好Alphabet可向第三方销售该芯片的前景，从而有望为其开辟一条新的收入渠道， 最终可能价值近万亿美元。 责任编辑：王许宁 公司股价周四纽约早盘走低约1%。 责任编辑：王许宁 ...

12月4日深夜，"寒武纪科技"公众号发布消息称，公司关注到今日媒体及网络传播的关于公司产品、客户、供应及产能 预测等相关信息，均为误导市场的不实信息。 今日，寒武纪尾盘大幅拉升，最终收涨2.75%，报1369元/股，总市值 5773亿元。 日前，有媒体报道，寒武纪计划在2026年将其AI芯片产量提升到目前的三倍，以争夺更多的市场份额，并填补英伟达退出 后留下的市场空白。 东海证券此前指出，2025年前三季度该公司营收与归母净利润同比大幅增长，主要系以思元590为代表的云端产品大幅放 量所致，后续思元690也有望受益于量价齐升的逻辑。 东海证券表示，目前，以阿里、腾讯、字节等为代表的国内云厂商不断加码AI相关的资本开支，且国产替代的诉求日益深 刻，英伟达CEO黄仁勋近期发言称英伟达在中国市场的份额从95%降至0%，在中美科技摩擦的背景下，国产AI芯片迎来 加速替代期。 机构看好后市空间 虽然寒武纪年内涨幅巨大，但是不少机构仍然看好其股价空间。 12月4日，国际投行Bernstein（伯恩斯坦）将寒武纪的评级上调至跑赢大盘，目标价2000元，较现价还有46%的上涨空 间。 寒武纪紧急辟谣 "寒武纪科技"4日晚间发 ...

Core Viewpoint - Moore Threads is set to list on the Sci-Tech Innovation Board, achieving a record speed in its IPO process, with significant revenue growth driven by AI-related products [2][3]. Group 1: Company Overview - Moore Threads was founded in 2020 by Zhang Jianzhong, former VP of NVIDIA China, with a core team from major chip companies like NVIDIA and Intel, averaging over ten years of industry experience [2]. - The company has developed a product matrix that includes desktop graphics cards, professional graphics cards, and AI chips for servers, uniquely positioning itself in the domestic market [2]. Group 2: Financial Performance - In the first half of 2025, the company's revenue reached 702 million yuan, surpassing the total revenue of 508 million yuan from 2022 to 2024, with over 90% of this revenue coming from AI-related products [3]. - The gross margin for the first half of 2025 was 69.14%, a significant turnaround from -70.08% in 2022, with board card products achieving over 70% gross margin and cluster products around 60% [4]. Group 3: Market Projections - According to Guojin Securities, Moore's revenue is projected to be 1.405 billion yuan in 2025 and 2.596 billion yuan in 2026, with a compound annual growth rate of 220.34% [6][7]. - The company is currently not profitable, making it difficult to calculate P/E and P/B ratios, leading analysts to focus on the price-to-sales (P/S) ratio instead [6]. Group 4: Industry Context - The AI capital expenditure in China is expected to grow at a compound annual growth rate of 25% from 2025 to 2028, reaching 172 billion USD by 2028, indicating strong demand for AI chips [12]. - Bernstein predicts that domestic AI chip supply will increase fivefold by 2028, with local manufacturers expected to capture over 90% market share due to challenges faced by foreign competitors like NVIDIA [14].

Core Insights - Alphabet's semiconductor business is increasingly viewed as a significant growth driver for future revenue, particularly through the success of its Tensor Processing Unit (TPU) chips [1] - The company's stock surged 31% in Q4, making it the tenth best performer in the S&P 500, largely due to optimism surrounding TPU chips and their potential sale to third parties [1] - Analysts believe that if Alphabet aggressively pursues the sale of TPU chips, it could capture about 20% of the AI chip market, potentially creating a business valued at approximately $900 billion [1] Group 1 - Alphabet's TPU chips are seen as a competitive advantage that can accelerate cloud computing growth and may lead to new revenue streams if sold to third parties [1] - Financial services firm DA Davidson's tech research head, Gil Luria, suggests that even if Alphabet does not sell the chips externally, improved chips will enhance the quality and efficiency of its cloud services [1] - The company's stock performance has been positively influenced by partnerships, such as the deal with AI startup Anthropic for chips worth billions, and ongoing negotiations with Meta for TPU chips [2] Group 2 - The high cost and scarcity of Nvidia chips make Alphabet's ASIC chips an attractive alternative for customers, positioning Alphabet favorably in the market [2] - The value of TPU chips is further validated by the positive reception of Alphabet's latest Gemini AI model, which was specifically optimized to run on TPU chips [2] - As of the latest update, Alphabet has not provided any comments regarding these developments [3]

1. 12月4日(周四)美股盘前，美股三大股指 期货齐涨。截至发稿，道指期货涨0.12%，标普期货涨 0.09%，纳指期货涨0.03%。 2. 截至发稿，欧洲股市主要指数齐涨。欧洲斯托克50指数涨0.45%，英国富 时100指数涨0.11%，法国CAC40指数涨0.43%，德国DAX30指数涨0.78%。 3. 截至发稿，WTI原油涨 0.56%，报59.28美元/桶。布伦特原油涨0.48%，报62.97美元/桶。纽交所 黄金跌0.11%，报4227.8美元/ 盎司。 市场消息 1、美联储12月降息几无悬念，但双重使命均陷困境，加上FOMC内部鹰鸽之争及其人 事大变局，令分析师在2026年降息预期上出现显著分歧。 2、众议院议长约翰逊态度大转弯，叫停曾支 持的议员炒股禁令，担忧该禁令将成为参选阻碍。 3、惠誉评级在其12月的全球经济展望中表示，随着 日本央行预计将继续推进货币政策立场的正常化，日元存在一定的升值空间。 4、英国能源监管机构 天 然气和 电力市场办公室宣布，将拨款280亿英镑，供企业投资于能源网络的稳定性、安全性和韧性。 5、欧盟宣布2027年秋季全面禁止进口俄罗斯天然气，匈牙利表示拒绝执行。 ...

继公开喊话"领先行业一代"及私下反驳空头观点后，英伟达最新发布技术博文，称其GB200 NVL72系统可将开源AI模型 的性能最高提升10倍，其系统通过硬件和软件的协同设计，解决了MoE模型在生产环境中的扩展难题，有效消除了传统 部署中的性能瓶颈。 硬·AI 作者 |李 佳 编辑 | 硬 AI 英伟达正面临来自谷歌TPU和亚马逊Trainium等竞争对手的挑战，为巩固其AI芯片市场主导地位，公司近 期展开了一系列密集的技术"自证"与公开回应。继此前通过私函反驳看空观点、公开宣称其GPU技术"领先 行业一代"后，英伟达再次发布技术博文，强调其GB200 NVL72系统可将顶尖开源AI模型的性能提升最高 10倍。 12月4日，据媒体报道，英伟达发文 称GB200 NVL72系统能够将顶级开源AI模型的性能提升多达10倍。 该公司在周三的博客文章中重点强调了其服务器系统对混合专家模型（MoE）的优化能力，这些模型包括 中国初创公司月之暗面开发的Kimi K2 Thinking和DeepSeek的R1模型。 英伟达一系列技术"自证"被视为对市场担忧的直接回应。此前有媒体报道称，英伟达的关键客户Meta正考 虑在其数据 ...

中证报中证网讯(记者齐金钊)日前，在2025GIS全球创新峰会上，云天励飞董事长兼CEO陈宁与"AI教 父"杰弗里.辛顿亮相峰会对话环节，围绕算力效率、AI向善与普惠未来等话题进行了深度对话。双方共 同认为，AI的未来，不再只是"更聪明"的竞赛，而是"更高效、更安全、更普惠"的系统性竞争。陈宁表 示，云天励飞将推出通用神经网络处理器架构，推动AI生成的成本和效率大幅提升。 陈宁介绍，云天励飞已向国际相关机构提出建议，希望推动建立统一的AI处理芯片与推理网络标准， 让不同国家和地区都能在同一张互联互通的推理网络上共享能力，尤其在医疗与教育等关乎民生的领域 真正实现"AI for All"。从"更聪明"到"更高效"，从"能不能做到"到"能不能让更多人用得起、用得好"。 陈宁认为，GPU(图形处理器)在深度学习早期扮演了重要角色，但本质仍是通用计算架构，并非为神经 网络量身定制。 结合产业发展现状，陈宁预判，到2030年，全球AI芯片产业规模有望达到约5万亿美元，其中训练芯片 约占1万亿美元，而面向终端与行业侧的推理/处理芯片有望达到4万亿美元，占比约80%。随着智能体 能力持续下沉，AI处理芯片将被广泛嵌入眼镜、 ...

Market Performance - On December 4, A-shares showed mixed performance with the Shanghai Composite Index down by 0.06% closing at 3875.79 points, while the Shenzhen Component Index rose by 0.4% to 13006.72 points, and the ChiNext Index increased by 1.01% to 3067.48 points [1] Sector Performance - The sectors that performed well included robotic actuators, space-based internet, and AI chips, while sectors such as pre-made dishes, community group buying, and agricultural planting saw declines [1] - The net inflow for robotic actuators was 4.55 billion with a rise of 4.48%, while AI chips had a net inflow of 2.01 billion with a 1.97% increase [2] Fund Manager Changes - On December 4, there were 26 fund manager changes across various funds, with 40 funds announcing departures of fund managers [3][4] - In the past 30 days (November 4 to December 4), a total of 725 fund managers left their positions, with 40 announcements made on December 4 alone [3] Fund Manager Departure Reasons - The reasons for fund manager departures included work changes (11 managers), personal reasons (1 manager), resignations (1 manager), and product expirations (2 managers) [3] New Fund Manager Appointments - On December 4, 38 funds announced new fund manager appointments, involving 12 managers, including Wu Chendong from E Fund, who manages assets totaling 24.55 billion [5][6] Fund Research Activity - In the past month, Bosera Fund conducted the most company research, engaging with 49 listed companies, followed by Guotai Fund and Huaxia Fund with 48 and 47 companies respectively [7] - The most researched sector was consumer electronics, with 270 instances of fund company engagement, followed by specialized equipment with 218 instances [7] Recent Company Research Focus - The most focused company in the last month was Luxshare Precision, with 88 fund management companies participating in its research, followed by Jereh and Huichuan Technology with 81 and 65 respectively [8][9]