展望后市，摩根资产管理认为可关注以下方向：一是超跌科技主线中优质公司的低吸机会；二是具备政 策支持与基本面改善预期的反内卷行业（如光伏、化工）以及供给逻辑强化的有色金属（如铜、铝）； 三是避险属性较强的红利资产（如银行、煤炭）。 11月21日，A股主要指数集体收跌。对此，摩根资产管理认为，本次调整是内外因素共振的结果，外部 因素是导火索，但并非A股市场的主要矛盾。当前市场的波动可能为中长期布局提供机会。 上证报中国证券网讯（记者 王彭）11月21日，A股主要指数集体收跌。对此，摩根资产管理认为，本次 调整是内外因素共振的结果，外部因素是导火索，但并非A股市场的主要矛盾。当前市场的波动可能为 中长期布局提供机会。 具体而言，摩根资产管理认为，A股市场调整主要受以下几方面因素影响：第一、外部流动性担忧加 剧。美联储官员对12月降息持谨慎态度，市场对12月降息的预期快速降温，导致前期全球风险资产普遍 承压，对流动性较为敏感的科技股首当其冲。 第二、AI产业逻辑出现市场分歧。投资者开始担忧美国AI巨头资本开支的可持续性及最终回报，尽管 AI龙头公司业绩超预期，但其营收质量受到质疑，引发全球AI硬件板块共振下跌。第三， ...

Core Viewpoint - Nvidia's latest performance has created significant market fluctuations, with its revenue and guidance remaining strong, yet the stock price has shown volatility, reflecting concerns about future growth sustainability amid external uncertainties [1][3]. Market Performance - Nvidia's stock price initially rose over 5% on the earnings release day but closed down 3.15%, with a cumulative decline of nearly 12% in November [1][3]. - The AI computing sector in the A-share market has also been impacted, with a 3.38% drop in the computing power concept sector and a net outflow of 141.2 billion yuan on November 21 [4]. Investment Trends - The computing power sector is undergoing a reevaluation of its valuation against fundamentals, with some institutions needing to liquidate funds as the year-end approaches [4]. - Long-term demand for AI computing remains strong, driven by major tech companies like Microsoft, Google, Meta, and Amazon increasing capital expenditures [4][6]. Domestic Market Dynamics - Domestic internet companies are experiencing a mixed capital expenditure trend due to chip supply constraints, with Alibaba planning to invest over 380 billion yuan in AI and cloud infrastructure over three years, while Tencent's capital expenditure has decreased by 24% year-on-year [6]. - The domestic computing power ecosystem is rapidly evolving, with a significant shift towards local chip suppliers, projected to increase their market share from 37% to 40% by 2025 [6][7]. Technological Advancements - The focus in the computing power industry is shifting from hardware accumulation to efficiency optimization, with significant advancements in model performance and cost reduction [8][9]. - Research indicates that the capability density of large models is expected to double approximately every 3.5 months, suggesting a move away from merely increasing model size [8]. Industry Collaboration - The domestic computing power ecosystem is forming a more comprehensive division of labor, with improvements across all stages from chip design to data center deployment [7]. - System-level innovations, such as the adoption of supernode technology, are helping domestic companies enhance computing performance despite limitations in chip capabilities [9]. Emerging Opportunities - The AI computing sector is becoming a primary growth engine for the communications industry, with investment opportunities emerging in various sub-sectors, particularly in optical modules and chips [12]. - The liquid cooling technology market is projected to grow significantly, with a compound annual growth rate of 46.8% from 2024 to 2029, indicating a shift towards more efficient cooling solutions [10][13]. Investment Shifts - Investment in the computing power industry is transitioning from infrastructure to application innovation, reflecting a maturation of the sector [13]. - The core drivers of the computing power industry are evolving from mere scale expansion to a dual focus on efficiency enhancement and self-sufficiency [13].

今年4月8日以来，A股市场一路震荡走高，人工智能、创新药等热点板块相继引爆市场。近段时间，沪 指连续站上多个关键点位，并于10月底重回4000点上方。展望2026年，A股将有怎样的走势？ 央广网北京11月21日消息（记者 冯方）11月21日，在隔夜美股三大指数集体收跌后，亚太市场也受到 冲击。当日，日经225指数收跌2.4%，韩国综合指数收跌3.79%，A股沪指收跌2.45%。此次股市调整的 主要原因是什么？对后市行情如何展望？央广财经记者就此采访了多家公募基金公司。 市场调整背后有何原因？ 11月21日，A股三大指数悉数收跌，家电、传媒、食品饮料等板块相对抗跌，分别下跌0.27%、0.5%、 0.89%，综合、有色金属、基础化工板块跌幅相对较大，分别下跌5.41%、5.30%、5.26%。 对此，永赢基金表示，今日（21日）A股市场出现显著调整，主要受到外部市场波动的负面冲击。具体 而言，昨日美国公布的9月非农就业数据超预期，市场对美联储12月降息的预期明显降温，导致美股高 开低走，盘中大幅跳水并最终收跌，VIX恐慌指数亦攀升至近期高位。受此情绪传导，今日亚太市场普 遍承压，日经225、韩国综指等主要指数均 ...

Core Viewpoint - The IPO of Moer Thread (688795.SH) has set a record for the highest issuance price of a new stock in 2023 at 114.28 yuan per share, with a total fundraising amount of 8 billion yuan, marking it as the largest financing scale on the Sci-Tech Innovation Board this year [2][4]. Company Overview - Moer Thread was established in 2020 and has quickly become a leading domestic GPU manufacturer, known for its full computing precision support from FP8 to FP64 and being the first domestic GPU company to launch a DirectX12 graphics acceleration engine [4][5]. - The company has successfully mass-produced five chips and developed four generations of GPU architectures and intelligent SoCs, covering a wide range of computing acceleration products in AI, high-performance computing, and graphics rendering [5]. Financial Performance - Moer Thread reported revenues of 0.46 million yuan in 2022, with projections of 1.24 million yuan in 2023 and 4.38 million yuan in 2024, reflecting year-on-year growth rates of 169.01% and 253.65% respectively. For the first three quarters of 2025, revenue reached 7.85 million yuan, a year-on-year increase of 181.99% [5]. - Despite revenue growth, the company has incurred significant losses, totaling 5.939 billion yuan over the past three years and nine months, with expectations to achieve profitability by 2027 [5]. Market Sentiment and Valuation - The IPO attracted high institutional participation, with 286 offline investors and 7,787 allocation objects involved in the initial inquiry, leading to a final issuance price that is in the upper range of the quoted price [2][4]. - There is a divergence in market sentiment regarding the valuation of Moer Thread, with some investors believing its scarcity and alignment with national strategic industries justify a high premium, while others view the valuation as excessively high given the competitive landscape [7][8]. Competitive Landscape - The domestic GPU market is becoming increasingly competitive, with other companies like Muxi Co., Baidu's Kunlun Chip, and others also advancing in the sector, posing challenges to Moer Thread's market position [9]. - Moer Thread's market share in its respective segments is currently below 1%, indicating significant room for growth but also highlighting the competitive pressures it faces [8][9].

国产GPU第一股发行价出炉。 8 8天闪电过会， IPO"火线"通关 11月20日晚间，摩尔线程（688795.SH）发布了《首次公开发行股票并在科创板上市发行公 告》， 确认发行价为114.28元/股 ，预计募集资金总额为80亿元。 纵观摩尔线程的IPO之旅，可以说是非常 顺畅 。 此举不仅刷新了年内最贵新股的记录， 摩尔线程80亿元的融资规模也登顶今年科创板之最 ， 仅次于7月16日在上证主板上市的华电新能（融资额181.71亿元）。 从此次询价的情况来看，机构的参与度较高，共吸引286家网下投资者及旗下7787个配售对象 参与初步询价，报价区间覆盖88.79元/股至159.57元/股。最终发行人与主承销商在剔除无效报 价后确定的最终发行，也处于报价区间的中上部区域。 根据114.28元/股的发行价测算，摩尔线程此次发行市销率122.51倍，总市值达到537.15亿元。 而在资本市场上，这一价格却让打新机构产生了分歧。 有投资者认为，作为国产GPU龙头，在自主可控的发展趋势下，其稀缺性特质会被给予较高的 溢价，科创板对硬科技企业的估值容忍度也比较高。 但也有打新机构对记者指出， 此次摩尔线程的发行估值明显 ...

Core Viewpoint - The IPO of Moer Thread (688795.SH) has garnered significant attention, with an issuance price of 114.28 yuan per share and a total fundraising amount of 8 billion yuan, marking it as the most expensive new stock of the year and the largest fundraising on the Sci-Tech Innovation Board in 2023 [1][2]. Group 1: IPO Details - Moer Thread's IPO journey has been smooth, with the company completing the IPO review process in just 122 days, the shortest among companies that passed the review this year [2][3]. - The company aims to raise 8 billion yuan for the development of next-generation AI chips, graphics chips, and AISoC chips [4]. Group 2: Financial Performance - Moer Thread has shown rapid growth in revenue, with 2022 revenue at 46 million yuan, increasing to 124 million yuan in 2023 and projected to reach 438 million yuan in 2024, representing year-on-year growth rates of 169.01% and 253.65% respectively [4]. - Despite revenue growth, the company has incurred significant losses, totaling 5.939 billion yuan over the past three years and nine months, with a net loss of 724 million yuan in the first three quarters of 2025 [4][5]. Group 3: Market Position and Competition - Moer Thread is recognized as one of the few domestic GPU manufacturers capable of supporting a full range of computing precision and has been dubbed "China's NVIDIA" due to its competitive architecture [3][7]. - The company faces intense competition in the domestic market, with other players like Muxi Co., Baidu's Kunlun Chip, and others also vying for market share in the GPU sector [8].

Core Viewpoint - The IPO of Moer Thread (688795.SH) is set at an issue price of 114.28 CNY per share, aiming to raise a total of 8 billion CNY, marking it as the most expensive new stock of the year and the largest fundraising on the Sci-Tech Innovation Board this year, second only to Huadian New Energy's 18.171 billion CNY fundraising in July [1][10]. Group 1: IPO Details - Moer Thread's IPO attracted significant institutional interest, with 286 offline investors and 7,787 allocation objects participating in the initial inquiry, with a price range from 88.79 CNY to 159.57 CNY per share [1]. - The final issue price results in a price-to-sales ratio of 122.51 times, giving the company a total market value of 53.715 billion CNY [1]. - The company has experienced a smooth IPO journey, with a total of 122 days from application acceptance to approval, the shortest among companies on the Sci-Tech Innovation Board this year [4]. Group 2: Company Background and Financials - Founded in 2020, Moer Thread has become one of the few domestic GPU manufacturers capable of supporting full computing precision from FP8 to FP64 and is recognized as "China's NVIDIA" due to its competitive architecture and founder's background [4][10]. - The company has reported rapid revenue growth, with revenues of 0.46 million CNY in 2022, projected to reach 1.24 million CNY in 2023 and 4.38 million CNY in 2024, representing year-on-year growth rates of 169.01% and 253.65% respectively [5]. - Despite revenue growth, the company has incurred significant losses, totaling 5.939 billion CNY over the past three years and nine months, with expectations to achieve profitability by 2027 [6][5]. Group 3: Market Position and Competition - Moer Thread has gained substantial investor interest amid a trend towards self-sufficiency in technology, having completed seven rounds of financing totaling over 10 billion CNY within five years [9]. - The competitive landscape is intense, with other domestic GPU leaders like Muxi Co., Baidu's Kunlun Chip, and others also advancing in the market, indicating a challenging environment for Moer Thread [11]. - The company's market share in its respective segments remains below 1%, highlighting the competitive pressures it faces against established players like NVIDIA [10].

Core Insights - The electronic industry has shown significant growth in revenue and profit for the first three quarters of 2025, with a notable increase in profit growth outpacing revenue growth [1][4] - The semiconductor sector has achieved a revenue of 501.3 billion yuan, marking a 14.43% increase compared to the same period in 2024, and a net profit of 43.898 billion yuan, reflecting a substantial 49.85% growth [2][4] - All six sub-sectors within the electronic industry reported year-on-year growth in both revenue and net profit, indicating an overall improvement in industry conditions [1][4] Semiconductor Sector - The semiconductor sector's revenue for the first three quarters of 2025 reached 501.3 billion yuan, a 14.43% increase from 438.101 billion yuan in 2024, with a net profit of 43.898 billion yuan, up 49.85% from 29.294 billion yuan [2] - In Q3 2025, the semiconductor sector generated revenue of 178.803 billion yuan, a year-on-year growth of 12.55%, and a quarter-on-quarter increase of 4.32% [2] - The net profit for Q3 2025 was 19.754 billion yuan, showing a significant year-on-year increase of 73.15% and a quarter-on-quarter growth of 32.16% [2] Consumer Electronics Sector - The consumer electronics sector achieved a revenue of 1.48 trillion yuan in the first three quarters of 2025, representing a 25.77% increase from the previous year, with a net profit of 60.545 billion yuan, up 22.8% [2] - In Q3 2025, the sector's revenue was 588.946 billion yuan, reflecting a year-on-year growth of 27.21% and a quarter-on-quarter increase of 22.34% [2] - The net profit for Q3 2025 was 27.167 billion yuan, with a year-on-year increase of 34.02% and a significant quarter-on-quarter growth of 45.41% [2] Optical and Optoelectronic Sector - The optical and optoelectronic sector reported a revenue of 718.811 billion yuan for the first three quarters of 2025, a 6.85% increase from 2024, with a net profit of 14.428 billion yuan, up 60.79% [3] - In Q3 2025, the sector's revenue was 253.826 billion yuan, showing a year-on-year growth of 7.53% and a quarter-on-quarter increase of 5.72% [3] - The net profit for Q3 2025 was 4.649 billion yuan, reflecting a year-on-year increase of 48.96%, although it experienced a slight quarter-on-quarter decline of 1.91% [3] Investment Recommendations - The electronic industry is expected to maintain high revenue and profit growth, driven by trends in self-sufficiency and domestic substitution [4] - Key companies in the semiconductor sector include SMIC, Cambrian, and others with strong R&D capabilities [4] - In the consumer electronics sector, companies like GoerTek and Luxshare Precision are recommended due to their scale advantages [4] - For the optical and optoelectronic sector, TCL Technology and BOE Technology are highlighted as companies with strong performance and resilience to external tariff impacts [4]

发行价定了。 摩尔线程（688795）11月20日公告，发行人和保荐人（主承销商）根据初步询价结果，协商确定本次发行价格为114.28元/ 股，网下发行不再进行累计投标询价。发行人本次募投项目预计使用募集资金为80亿元。按本次发行价格114.28元/股和 7000万股的新股发行数量计算，预计发行人募集资金总额为79.996亿元，扣除发行费用，预计募集资金净额为75.76亿元。 | 发行人基本情况 | | | | | --- | --- | --- | --- | | 公司全称 | 摩尔线程智能科技(北 | 证券简称 | 摩尔线程 | | 京) 股份有限公司 | | | | | 证券代码/网下申购代 | 688795 | 网上申购代码 | 787795 | | 码 | | | | | 网下申购简称 | 摩尔线程 | 网上申购简称 | 摩尔申购 | | 本次发行基本情况 | | | | | 定价方式 | 网下初步询价确定发 行价格,网下不再进行 | 本次发行数量(万股) | 7.000.0000 | | 累计投标询价 | | | | | 发行后总股本(万股) | 47,002.8217 | 本次发行数量占发行 | ...

Core Viewpoint - The article emphasizes the accelerated development and application of digital currencies globally, particularly focusing on the importance of establishing a self-controlled cross-border payment system for the Renminbi (RMB) to enhance financial security and support the internationalization of the RMB [2][4]. Summary by Sections Global Digital Currency Landscape - The global development and application of digital currencies have entered a fast track, with major economies accelerating their Central Bank Digital Currency (CBDC) layouts [4]. - The evolving international geopolitical landscape has made financial infrastructure security a crucial component of national security [4]. RMB Internationalization and Cross-Border Payment System - The 20th National Congress report of the Communist Party of China calls for the orderly promotion of RMB internationalization, while the 14th Five-Year Plan suggests enhancing capital account openness and building a self-controlled cross-border payment system for the RMB [4]. - A multi-channel and widely covered RMB cross-border payment system has been largely established, highlighting its strategic significance for financial security and international financial discourse [4]. Challenges in Cross-Border Payments - Cross-border payments face challenges such as high costs, low efficiency, lack of transparency, and limited access, primarily due to long payment chains, high compliance costs, and insufficient trust among entities [4]. - Ongoing geopolitical tensions further increase uncertainties in cross-border payments [4]. Strategic Importance of Self-Controlled Payment Systems - Establishing a self-controlled RMB cross-border payment system is crucial for ensuring financial security, supporting RMB internationalization, and enhancing international financial influence [4]. - In the context of global payment systems facing geopolitical risks, a self-controlled RMB cross-border payment system can inject new vitality into RMB internationalization [4]. Call for Contributions - The editorial team of Tsinghua Financial Review has initiated a call for papers to explore the strategic positioning, technological pathways, and institutional arrangements of digital RMB in the cross-border payment system [5]. - The aim is to provide forward-looking insights and policy recommendations for the stable and long-term internationalization of the RMB and participation in global financial governance reform [5]. Submission Guidelines - The submission should be original and unpublished, with a suggested word count of 4,000 to 6,000 words, including charts and graphs [8]. - The deadline for submission is December 15, 2025, with specific formatting and content requirements outlined [10].