12月17日，国产GPU第二股沐曦股份即将登陆科创板。由于沐曦股份尚未盈利，自上市之日起将纳入科创成长层。 据中新经纬梳理，若市场情绪复刻摩尔线程首日约468.78%的开盘涨幅(收盘涨425.46%)，沐曦股份股价将冲至约595元，中一签(500股)的股民或赚近25万 元。 今年以来，共有14只新股登陆科创板。若以这14只新股上市首日平均涨幅218.92%计算，沐曦股份股价或将达到333.78元/股，中一签(500股)的股民或赚 11.46万元。 此次IPO，沐曦股份募集资金主要投向"新型高性能通用GPU研发及产业化项目""新一代人工智能推理GPU研发及产业化项目"和"面向前沿领域及新兴应用 场景的高性能GPU技术研发项目"。 沐曦股份发行价格为104.66元/股，对应市值约为418.74亿元，市销率为56.35倍。公司共发行4010万股，占发行后总股本的10.02%。本次发行全部为新 股，不涉及股东公开发售股份。其中，初始战略配售数量为802万股。扣除发行费用后，预计募集资金净额为38.99亿元，略低于此前计划募资的39.04亿 元。 对比来看，摩尔线程IPO发行7000万股，定价为114.28元/股，市销 ...

AIPress.com.cn报道 12月15日消息，壁仞科技赴香港联合交易所上市取得重要进展。中国证监会国际合作司披露了《关于上海壁仞科技股份有限公司境外发行上市及境内未上 市股份"全流通"备案通知书》。 根据备案信息，壁仞科技拟发行不超过372,458,000股境外上市普通股并在港股挂牌，公司57名股东拟将所持合计873,272,024股境内未上市股份转为境外上 市股份，并在香港联合交易所上市流通。这一进程若顺利完成，将填补香港市场在GPU及智能计算赛道标的上的空缺。 据壁仞科技官网介绍，壁仞科技成立于2019年，主营高性能通用GPU，致力于打造自主原创的GPU软硬件体系。首代壁仞科技通用GPU产品基于原创训推 一体芯片架构，已在多地智算中心落地。合作伙伴包括中国移动、中国电信、中兴通讯、上海人工智能实验室等，旗下产品为AI 数据中心、电信、能 源、金融、互联网等多个行业提供服务。 而就在12月5日，同为国产GPU企业的摩尔线程刚刚成功登陆上海证券交易所科创板，成为中国首家在A股上市的国产全功能GPU企业，被市场称为"国产 GPU第一股"，上市首日股价一度暴涨超400%。 | SH 688795 | | + ...

Market Overview - The A-share market experienced a general decline today, with the Shanghai Composite Index down by 0.55% closing at 3867.92 points, the Shenzhen Component Index down by 1.10% at 13112.09 points, the ChiNext Index down by 1.77% at 3137.8 points, and the Sci-Tech 50 Index down by 2.22% at 1318.91 points [1] - Overall, there were 2312 stocks that rose and 2965 stocks that fell, with a total market turnover of 17734 billion yuan, a decrease of 3188 billion yuan compared to the previous trading day [1] Industry Performance - Among the Shenwan first-level industries, non-bank financials, retail, agriculture, forestry, animal husbandry, fishery, steel, and building materials showed positive performance with increases of 1.59%, 1.49%, 1.24%, 0.91%, and 0.91% respectively [1] - Conversely, sectors such as electronics, telecommunications, media, machinery, and computers experienced declines, with decreases of 2.42%, 1.89%, 1.63%, 1.36%, and 1.27% respectively [1] Concept Sector Performance - The leading concept sectors today included dairy, selected insurance, chemical fiber selection, three-child policy, large aircraft, fiberglass, SPD, liquor, initial public offering economy, photovoltaic glass, gold and jewelry, cross-strait integration, satellite internet, chemical raw materials selection, and aquaculture [2] - In contrast, sectors such as optical modules (CPO), GPU, optical communication, cultivated diamonds, ASIC chips, optical chips, and Moore threads experienced pullbacks [2]

Core Viewpoint - The company, Moer Technology, has issued a risk warning regarding its stock, indicating potential market overheating and irrational speculation, urging investors to be cautious and invest rationally [1][3]. Group 1: Stock Performance - As of December 11, the closing price of Moer Technology's stock was 941.08 CNY per share, representing a 723.49% increase from its issuance price [1]. - The company's recent trading days saw price increases of 5.73%, 16.98%, and 28.04% respectively, indicating significant volatility [3]. - The company's static price-to-earnings (P/E) ratio is negative, while its price-to-sales (P/S) ratio stands at 1008.84, significantly higher than the industry averages of 59.34 for P/E and 11.76 for P/S [1]. Group 2: Financial Performance and Risks - For the period of January to September 2025, the company reported revenues of 785 million CNY and a net loss of 724 million CNY, with projected net losses ranging from 1.168 billion CNY to 730 million CNY for the full year [4]. - The company faces risks of slow revenue growth and potential ongoing losses, with uncertainties surrounding product certification, customer onboarding, and mass production [4]. Group 3: Company Overview and Innovations - Moer Technology, established in 2020, has emerged as a leading domestic full-function GPU enterprise, becoming the first of its kind to be listed on the Shanghai Stock Exchange's STAR Market [5][6]. - The company has developed the MUSA unified system architecture, achieving breakthroughs in supporting AI computing acceleration, graphics rendering, and other computational tasks on a single chip [7]. - As of June 2025, Moer Technology holds 514 authorized patents, ranking among the top domestic GPU companies in terms of patent quantity [8].

Core Viewpoint - The recent performance of Moer Technology, known as the "first domestic GPU stock," has been strong, with significant stock price increases following the announcement of a new GPU architecture release scheduled for December 19-20, 2023 [1][3] Group 1: Stock Performance - On December 11, Moer Technology's stock opened strongly, reaching a high of 830 CNY per share, and by 10:23 AM, it had increased by over 11.7%, surpassing 800 CNY, with a total market capitalization of 385 billion CNY [1] - The stock price surged from 628.31 CNY on December 9 to 735 CNY on December 10, marking a nearly 17% increase in one day [3] Group 2: Company Financials - For the first half of 2025, Moer Technology reported revenue of 702 million CNY, exceeding the total revenue from 2022 to 2024, but the company still faced a net loss of 271 million CNY during the same period [3] - As of June 30, 2025, the company had accumulated an unremedied loss of approximately 1.48 billion CNY and anticipates achieving consolidated profitability by 2027 at the earliest [3] Group 3: Product Development - Moer Technology has launched four generations of GPU architectures, including Sudi, Chunxiao, Quyuan, and Pinghu, with applications in AI computing, cloud computing, high-performance computing, and graphics rendering [3]

12月10日，摩尔线程再度成为市场焦点。盘中一度涨超26%，最高触及797.97元/股，总市值超3500亿 元，创上市新高。截至发稿，涨幅达16%，报733.22元/股，成为A股市场第三高价股，仅次于寒武纪和 贵州茅台。 实际上，作为科创板年内最大IPO，摩尔线程自启动上市便备受市场期待。其网上发行阶段共吸引 482.66万户投资者参与抢筹，最终中签率仅0.036%。发行价定为114.28元/股，上市首日开盘即暴涨 468.78%，中一签盈利近27万元，成为年内最赚钱新股。 此次股价创新高的催化剂或是公司即将举行的首届MUSA开发者大会。 据其官微消息，摩尔线程创始人张建中将在12月19日—20日举办的开发者大会上，首次系统阐述以 MUSA为核心的全栈发展战略与未来愿景，并发布新一代GPU架构、推出涵盖产品体系、核心技术及 行业解决方案的完整布局。 行业层面，GPU市场正迎来爆发式增长。据沙利文预测，中国GPU市场规模将从2024年的1425亿元跃升 至2029年的13368亿元，2025-2029年CAGR高达53.7%，增速远超全球市场。国金证券也在研报中指 出，AI时代驱动GPU需求快速扩张，国产化进入 ...

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Market Analysis - The recent prolonged market consolidation with low trading volume is attributed to stable behavior from institutional investors and profit-taking by some investors due to expectation disturbances [1][3] - Low trading volume is not necessarily a negative signal; historically, low points in trading volume often represent good buying opportunities during bull markets, as seen in periods from 2005-2007 and 2019-2021 [4] - The year-end typically experiences a correction of about 5%-10% due to trading funds speculating on economic and policy expectations, with a potential for a cross-year market rally in 2026 [4][5] Industry Tracking - Quantum computing is predicted to become mainstream within two years, according to former Intel CEO Pat Gelsinger, who believes it will accelerate the decline of AI hype and that GPUs will be replaced by quantum computing by 2030 [6] - Gelsinger emphasizes that the next decade will be transformative for technology, with quantum computing moving from laboratory settings to commercial applications, impacting various sectors including finance, chemicals, pharmaceuticals, transportation, and logistics [6] - The quantum computing industry is currently in its early development stage, but its market value is gradually being recognized [7]

Market Overview - US economic data strengthens expectations for interest rate cuts next week, with all three major US stock indices rising, and the S&P approaching record highs [2] - Nvidia fell 0.5% but gained over 3% for the week, while Tesla rose nearly 6% [2] - After agreeing to acquire Warner Bros, Netflix dropped nearly 3% [2] - Chinese concept stocks rose over 1%, with Baidu's US stock surging nearly 6% [2] - US Treasury yields rose to a two-week high, with the ten-year Treasury posting its worst weekly performance in nearly eight months [2] - The dollar index turned higher, and gold reached a new daily high, gaining over 1% intraday before retracing [2] - Silver and copper both hit historical highs, with silver rising over 4% intraday [2] - Crude oil rose for three consecutive days, reaching a two-week high, with WTI closing above $60 for the first time in two weeks [2] Key News - The China Securities Regulatory Commission (CSRC) chairman Wu Qing announced plans to moderately open up capital space and leverage limits for quality brokerages, while firmly avoiding unclear businesses like crypto assets [4] - The CSRC released a draft for China's first administrative regulations on listed companies, aiming to strengthen constraints on key individuals and establish a comprehensive mechanism against financial fraud [5] - The A-share insurance sector surged as risk factors were lowered, allowing for increased investment from insurance capital [6] - China's foreign reserves increased by 0.09% in November, with the central bank increasing gold holdings for the 13th consecutive month [7] - The 2025 China medical insurance drug list was published, adding 114 new drugs, including treatments for pancreatic and lung cancer [8] Company Developments - Baidu's Kunlun Chip plans to go public in Hong Kong with an estimated valuation of nearly $3 billion, having previously considered an A-share listing [10] - Vanke seeks to extend two medium-term notes totaling 5.871 billion yuan and has terminated cooperation with two rating agencies [11] - Wuliangye announced its first price reduction in ten years, clarifying that the "price drop" refers to changes after subsidies [12] - SpaceX's valuation may double to $800 billion, surpassing OpenAI to become the highest-valued private company globally, with plans for an IPO in the second half of next year [13] - The first domestic GPU company, Moore Threads, debuted with a 425% increase, making it one of the most profitable new stocks this year [27] Industry Insights - The insurance sector is expected to see increased capital market participation due to lowered risk factors, enhancing capital efficiency [25] - The semiconductor industry is experiencing strong demand, with companies like AMD and CoreWeave expanding to meet future needs [41] - The cultivation diamond market in China is projected to grow rapidly, with the market size expected to exceed 102.5 billion yuan by 2030 [43] - The cybersecurity sector is seeing regulatory developments, with new risk assessment measures being proposed for data processing activities [44]

Core Viewpoint - The article highlights the remarkable debut of Moer Thread, the first domestic GPU company, on the STAR Market, with its stock price soaring by 468.78% on the opening day, reflecting strong market enthusiasm for domestic high-end computing chips amid the AI boom [3][4]. Group 1: Company Overview - Moer Thread was founded by Zhang Jianzhong, a veteran in the GPU industry, who previously worked at NVIDIA for 14 years, establishing a complete GPU ecosystem in China [6][8]. - The company has rapidly evolved from a startup to a leading domestic GPU manufacturer within three years, launching its first full-function GPU, Sudi, in just 19 months [8][10]. Group 2: Financial Performance - Moer Thread's revenue structure has shifted significantly, with AI computing products contributing 77.63% of total revenue by 2024, up from 71.44% from desktop graphics acceleration products in 2022 [11]. - The company's revenue grew explosively from 0.46 billion yuan in 2022 to 4.38 billion yuan in 2024, achieving a compound annual growth rate of 208.44% [11]. - Despite cumulative losses exceeding 5 billion yuan from 2022 to 2024, the loss margin is narrowing, with expectations of profitability by 2027 [11]. Group 3: Capital Market Activity - Moer Thread achieved a valuation of over 1 billion USD within 100 days of its establishment, setting a record for the fastest unicorn ascent in the industry [12][15]. - The company has raised over 9 billion yuan in funding from 2021 to 2024, with a valuation reaching around 30 billion yuan [12][15]. Group 4: Future Prospects - The IPO raised approximately 7.576 billion yuan, which will be invested in three core technology projects, including the development of AI training chips and graphics chips [18]. - The global AI chip market is projected to reach 3.62 trillion yuan by 2029, with China's market expected to grow at a compound annual growth rate of 51.1% [20]. - The domestic GPU sector is entering a golden era, with other companies like Muxi and Biran Technology also planning to go public, indicating a competitive landscape [20].