Group 1 - Core viewpoint: Everbright Securities has seen a stock price increase due to its early investments in "hard technology" sectors, attracting market attention towards brokerage equity investments [1] - The company has strategically positioned itself in high-growth sectors such as AI chips, autonomous driving, and lidar technology, benefiting from a valuation re-rating [1][2] - Guotai Junan International has been recognized for its systematic layout in emerging technology sectors since establishing its private equity team in 2020, focusing on areas like new energy and robotics [1][2] Group 2 - Guotai Junan International's investment strategy emphasizes early positioning and deep involvement in technology projects, ensuring a focus on technological leadership and market potential [2] - The company has made significant investments in notable firms such as Horizon Robotics and Innovusion, showcasing its commitment to the hard technology sector [2][3] - The investment in Horizon Robotics, which has seen a stock price increase of over 140% since its IPO, is highlighted as a representative success of Guotai Junan International's strategy [3] Group 3 - Guotai Junan International's technology investments are entering a harvest phase, with projects transitioning from early investment to large-scale production, significantly boosting overall investment returns [4] - The company has reported a 317% year-on-year increase in investment management income, reaching 8.83 billion HKD, indicating strong performance in its private equity business [4][5] - The firm is enhancing its financial service ecosystem, creating synergies between technology investments and core business areas such as wealth management and corporate financing [4][6] Group 4 - Wealth management commission income has increased by 56% year-on-year to 2.79 billion HKD, with fund management fees rising by 110% [5] - Corporate financing income has also seen a 69% increase, with underwriting commissions growing by 85%, reflecting the successful integration of private equity returns into broader business lines [5][6] - Guotai Junan International is effectively converting single project returns from private equity into comprehensive income across multiple business lines [6] Group 5 - Looking ahead, the ongoing interest in technology sectors such as AI and autonomous driving is expected to attract further capital market attention, positioning Guotai Junan International to capture innovation dividends [7] - The company's proactive investment strategy, mature risk control system, and ability to create business synergies are anticipated to support its long-term sustainable growth [7]

该公司的IPO申请于今年6月30日获得受理，回复两轮问询后，便于9月26日过会并提交注册。该公司此 次冲刺科创板，拟融资80亿元。 摩尔线程是国内极少数兼顾图形渲染与AI计算的国产GPU公司，其动态备受市场关注。不过，该公司 也在招股说明书中称，公司与英伟达等国际巨头相比，在综合研发实力、核心技术积累、产品客户生态 等方面仍存在一定的差距。 摩尔线程IPO上会消息此前一度引爆相关概念股行情。对此，市场颇为关心，哪些上市公司参股或者有 合作关系？根据公开消息，和而泰（002402.SZ）、盈趣科技（002925.SZ）直接参股摩尔线程，还有些 上市公司的子公司持股摩尔线程；一些传闻有合作关系的公司则表示，基于保密原因不便透露。 2025.09.28 本文字数：2899，阅读时长大约5分钟 作者 |第一财经 黄思瑜 被称为"中国版英伟达"的摩尔线程智能科技（北京）股份有限公司（下称"摩尔线程"），从提交IPO申 请到过会并提交注册，只用了88天，正向"注册关"冲刺，成为全市场近期最关注的一件事。 与国际龙头仍存差距 摩尔线程成立于2020年6月，主要从事GPU（图形处理器）及相关产品的研发、设计和销售。 此次IP ...

2025.09. 28 本文字数：2899，阅读时长大约5分钟 作者 | 第一财经 黄思瑜 被称为"中国版英伟达"的摩尔线程智能科技（北京）股份有限公司（下称"摩尔线程"），从提交IPO 申请到过会并提交注册，只用了88天，正向"注册关"冲刺，成为全市场近期最关注的一件事。 该公司的IPO申请于今年6月30日获得受理，回复两轮问询后，便于9月26日过会并提交注册。该公司 此次冲刺科创板，拟融资80亿元。 2022 年 至 2024 年 ， 摩 尔 线 程 营 业 收 入 分 别 为 0.46 亿 元 、 1.24 亿 元 、 4.38 亿 元 ， 复 合 增 长 率 为 208.44%；2025年上半年营收为7.02亿元。不过，该公司仍处于亏损状态，2022年度～2024年度和 2025年上半年（报告期），归母净利润分别为亏损18.40亿元、16.73亿元、14.92亿元和2.71亿元。 摩 尔 线 程 预 计 ， 2025 年 1 ～ 9 月 ， 营 业 收 入 在 7.35 亿 元 ～ 7.86 亿 元 区 间 ， 同 比 增 长 164.17% ～ 182.50%；归母净利润亏损6.99亿元～7.33亿 ...

Core Viewpoint - Chip Origin Co., Ltd. has entered the "trillion" market value club, with a total market value reaching 994 billion yuan and a cumulative increase of over 660% since the "924" market rally [1][3] Company Performance - As of September 26, Chip Origin's stock price was 189.11 yuan, with a total market value of 994.2 billion yuan, reflecting a strong performance that has significantly benefited its investors [3] - The company has been experiencing losses, with net profits of -318.1 million yuan and -643.4 million yuan for 2023 and 2024 respectively, showing a year-on-year decrease of 2493.19% and 102.29% [8] - In the first half of 2025, the company achieved revenue of 974 million yuan, a slight increase of 4.49%, but still recorded a net loss of 358 million yuan, a year-on-year decrease of 17.58% [8] Shareholder Insights - The third-largest shareholder, Fucai Holdings, owned by Gong Hongjia, has seen its investment grow significantly since entering the company around 2018, with a current holding value of approximately 6.516 billion yuan [1][4][5] - Fucai Holdings has participated in multiple rounds of financing, contributing a total of 15.617 million USD and 32.441 million yuan to the company [5] Business Model - Chip Origin operates differently from traditional chip companies, focusing on providing customized chip services and semiconductor IP licensing without owning its own branded chip products [7][8] - The company is positioned as a "tool provider" for chip development, which has led to a unique market perception [8] Market Expectations - There are high expectations for Chip Origin's chip customization segment, with forecasts predicting revenue growth in the chip volume business to reach 1 billion yuan, 4 billion yuan, and 6 billion yuan from 2025 to 2027 [9] - The global demand for ASIC customization is expected to grow rapidly, with projections indicating a market size of 94 billion USD by 2028, driven by advancements in AI chip development [10] Order Backlog - As of the second quarter of 2025, Chip Origin had a total order backlog of 3.025 billion yuan, with nearly 90% attributed to chip customization orders [11] - The company signed new orders worth 1.205 billion yuan between July 1 and September 11, 2025, marking an 85.88% increase compared to the same period last year [11] Leadership and Expansion - The founder, Dai Weimin, has a strong academic and entrepreneurial background, having previously held a tenured professor position before founding Chip Origin [13][14] - The company is pursuing expansion through acquisitions, including a recent announcement to acquire a 97.007% stake in Chip Technology, a local RISC-V CPU IP provider, to enhance its capabilities in AI ASIC design [16]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The "Star Gate" project in China is emerging, indicating a gradual realization of a closed-loop industry for domestic computing power. The Yangtze River Delta hub in Wuhu has successfully integrated four national-level computing platforms and six data centers, including the Jiangsu Zhixin (Zhongke Shuguang Intelligent Computing Center) [9][10] - The domestic intelligent computing power is steadily increasing, projected to rise from 3% in 2016 to 35% by 2025. Over 250 intelligent computing centers are currently built or under construction in China [10] - The demand for computing power from internet clients is continuously rising, with an accelerated adoption of domestic AI chips. Major companies like Alibaba and Tencent are significantly increasing their investments in AI infrastructure [11][13] Financial Performance and Projections - The company is expected to achieve revenues of 156.63 billion, 218.04 billion, and 285.72 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits of 28.43 billion, 40.98 billion, and 58.02 billion yuan for the same years [14][15] - The earnings per share (EPS) are projected to be 1.94, 2.80, and 3.97 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 61.98, 43.01, and 30.37 [14][15] Market Position and Competitive Advantage - The company is building a comprehensive competitive advantage in the domestic computing power sector through national-level project orders, regional penetration, and the implementation of proprietary technologies [14] - The launch of the Shuguang AI supercluster system marks a significant advancement, capable of supporting extensive AI computing needs with high efficiency [13][14]

记者丨骆轶琪 编辑丨张伟贤 9月26日，摩尔线程在披露招股书（6月30日）后仅88天，顺利进入上会阶段。公告显示，上 海证券交易所上市审核委员会认定， 摩尔线程符合发行条件和上市条件 。 与之招股时间接近的沐曦股份，则在9月21日披露第二轮问询函内容。虽然沐曦股份暂时未定 下一步动态，但这些都意味着，国产GPU芯片企业的上市正事实上进入加速阶段。 21世纪经济报道记者综合梳理发现，目前， 两家GPU芯片公司均尚未实现盈利，但支撑 其登陆资本市场底气的，是二者在2024年均实现营业收入大幅增长 ，同时面向大模型时 代的智算相关产品正逐渐获得市场认可。 | 项目 | 2025 年 1-6 月 | 2024 年度 | 2023 年度 | 2022 年度 | | --- | --- | --- | --- | --- | | 营业收入 | 7.02 | 4.38 | 1.24 | 0.46 | | 浄利润 | -2.71 | -14.92 | -16.73 | -18.40 | 从发展可持续性来看， 两家公司不仅在手订单量远超营收，向以互联网、运营商为代表的AI 智算关键客户拓展也见成效 。 此外，这已经不是单点突破 ...

Core Viewpoint - Xingchen Technology has submitted its H-share listing application to the Hong Kong Stock Exchange, marking a significant step in its international capital strategy following its A-share listing, aiming to enhance its global competitiveness in the AI SoC chip sector [1] Financial Performance - In the first half of 2025, Xingchen Technology achieved revenue of approximately 1.403 billion yuan, representing a year-on-year growth of 18.63%. However, the net profit attributable to shareholders was about 120 million yuan, a decrease of 7.47%, primarily due to increased R&D investments and market competition [3] - The company's total assets reached approximately 4.43 billion yuan, with net assets around 3.03 billion yuan, indicating steady growth in asset scale [3] Business Segments - The smart security segment is the largest business, accounting for 65.66% of revenue in the first half of 2025, generating approximately 909 million yuan, with a year-on-year growth of 12%. Significant growth was noted in emerging markets such as Southeast Asia, the Middle East, Africa, and Latin America, driven by urbanization and security demand [3] - The smart IoT segment, the second-largest, contributed 23.44% of revenue, amounting to about 325 million yuan, with a year-on-year increase of 31.79%. The smart robotics business has become a key growth driver, expanding from home cleaning robots to high-end applications like courtyard robots and humanoid robots, achieving substantial growth in shipment volumes [3] - The smart automotive segment, although only 10.9% of total revenue, saw the fastest growth, reaching 151 million yuan, a year-on-year increase of 45.43%. The company is expanding into L0-L2 level ADAS systems and has partnered with Tier 1 suppliers to develop L2+ advanced ADAS chips, resulting in a doubling of revenue from the pre-installed market [4] Strategic Initiatives - Xingchen Technology is strategically positioning itself in the 3D perception field, launching integrated solutions for "3D perception + AI computing" aimed at high-performance applications such as automotive lidar and advanced intelligent robotics, intending to capture the high-performance and high-reliability chip market [4] - The move to pursue an H-share listing is expected to leverage international capital platforms to increase R&D investments in AI chips, 3D perception, and intelligent driving, enhancing global market expansion capabilities, particularly in high-growth areas like smart security, robotics chips, and pre-installed automotive systems [4]

格隆汇9月26日丨世运电路(603920.SH)在投资者互动平台表示，北美龙头企业Robotaxi无人驾驶业务范 围进一步拓展，标志着无人驾驶技术的发展获得更大范围的认可，该技术的发展将显著提升车载PCB规 格和价值量，公司作为T客户的核心PCB供应商，持续高效响应客户需求，目前已向其供应自动驾驶相 关的PCB产品。在技术研发合作方面，公司与T客户一直保持着紧密的合作关系，新能源汽车与人形机 器人共享多项核心技术架构，包括三电系统、智能感知等，而芯片算力方案也具备高度兼容性。未来随 着公司与T客户业务、技术合作的不断加深，包括AI芯片无人驾驶、人形机器人在内的新兴业务逐步推 进量产，对公司PCB的需求预计会持续增长。 ...

本周，中证半导体材料设备主题指数上涨15.6%，中证芯片产业指数上涨8.1%，中证云计算与大数据主 题指数上涨1.8%。Wind数据显示，半导体设备ETF易方达（159558）本周前4日连续获资金净流入，合 计超2亿元，今日再获近1.4亿份净申购。 消息面上，半导体板块本周迎多重利好催化，华为公布昇腾AI芯片迭代时间线；阿里、百度等多家科 技大厂入局芯片研发；国产GPU龙头摩尔线程通过上交所科创板上市委会议审议；美光、闪迪、三星等 芯片巨头在供需错配的背景下掀起涨价潮。 注:"N0.1"标签指截至2025年5月 20日,相关ETF规模在跟踪同标的指 数的ETF中排名第一,规模数据来自 交易所官网。"低费率"标签指管理 费率0.15%/年,托管费率0.05%/年。 紫焦AI具刀服务,田5U只业务涉及提供云订异服务、 大数据服务以及上述服务相关硬件设备的股票组成. 主要包括计算机、通信行业 41 中证芯片产业指数 聚焦AI芯片,由50只业务涉及芯片设计、制造、封装 与测试等领域,以及为芯片提供半导体材料、晶圆生 产设备、封装测试设备等物料或设备的股票组成 中证半导体材料设备主题指数 Ci 聚焦AI芯片设备与材料, ...

Core Viewpoint - The domestic GPU manufacturer Moore Threads has successfully passed the listing review by the Shanghai Stock Exchange, indicating compliance with issuance, listing conditions, and information disclosure requirements [1]. Fundraising and Projects - Moore Threads plans to raise 8 billion yuan for the development of next-generation AI training and inference chips, graphics chips, and AI SoC chips, as well as to supplement working capital [4]. Product Development - The company has developed four generations of GPUs: "Sudi," "Chunxiao," "Quyuan," and "Pinghu," with the fourth generation "Pinghu" set to launch in 2024. It features a maximum frequency of 2GHz, 8192 shading cores, 512 tensor cores, and an interconnect speed of 800GB/s, along with 80GB of memory and support for FP8 precision [4]. - The first generation SoC "Changjiang" integrates a full-function GPU, CPU, NPU, and VPU, featuring an 8-core CPU with a frequency of 2.65GHz and an INT8 computing power of 50 TOPS [4]. Revenue Growth - Moore Threads reported revenues of approximately 46 million yuan, 124 million yuan, and 438 million yuan for the years 2022, 2023, and 2024, respectively, with a compound annual growth rate of 208.44%. In the first half of 2025, revenues reached 702 million yuan, surpassing the total revenue of the previous three years [5].