Core Viewpoint - Moer Thread, known as the "first domestic GPU stock," is set to launch on the Sci-Tech Innovation Board with a share price of 114.28 yuan, aiming to raise 8 billion yuan in total funds [1][2]. Group 1: Company Overview - Moer Thread plans to issue 70 million shares, with a total market capitalization expected to reach 53.7 billion yuan upon listing [2]. - The company was established in June 2020 and has become one of the few domestic GPU manufacturers capable of supporting full computational precision from FP8 to FP64 [2]. - Moer Thread's founder, Zhang Jianzhong, has over ten years of experience at NVIDIA, which has influenced the company's technology direction towards "full-function GPUs" [2]. Group 2: Financial Performance - Moer Thread has shown significant revenue growth but remains in a loss-making phase, with revenues of 0.46 million yuan in 2022, 1.24 million yuan in 2023, and projected 4.38 million yuan in 2024 [3]. - The company reported a net loss of 18.94 million yuan in 2022, 17.03 million yuan in 2023, and 16.18 million yuan in 2024, with a loss of 2.71 million yuan in the first half of 2025 [3]. Group 3: Market Outlook - The demand for GPU and computing infrastructure is expected to surge due to the increasing applications of AI, with the Chinese GPU market projected to grow to 1.363 trillion yuan by 2029 [3]. - Management is optimistic about achieving profitability by 2027 based on market space, product development, and customer engagement [3].

作者丨彭新 编辑丨包芳鸣 11月21日，OpenAI正式宣布与电子制造巨头富士康（Foxconn）达成战略合作，双方将围绕新一代人工 智能（AI）基础设施硬件的设计与制造展开协作。 从协议内容来看，这并非一份代工合同，而是一份联合研发框架协议。OpenAI将分享其对人工智能行 业新兴硬件需求相关洞察，为富士康在美国工厂制造的硬件设计与开发提供参考依据。富士康将依据 OpenAI的设计参考，在美国工厂制造关键硬件。 OpenAI首席执行官萨姆·阿尔特曼（Sam Altman）在声明中称："先进人工智能背后的基础设施为美国重 振工业化提供了千载难逢的机遇，并有助于确保AI的好处得到广泛分享。" 值得注意的是，目前双方达成的仅为初步协议，不包含具体采购承诺，这意味着双方的协议存在不确定 性。 密集布局AI产业链上下游 富士康的加入，是OpenAI试图掌控算力基础设施自主权的一环。近期多种迹象表明，OpenAI正从单纯 依赖云服务商的轻资产模式，向自建数据中心的重资产模式转型。 这一战略转变在人事层面已有体现。就在宣布与富士康合作的前夕，11月10日，英特尔前首席技术官 Sachin Katti在社交媒体上确认加入O ...

市场早盘下挫，双创板块高开低走延续调整，截至11点20分，科创板50指数下跌0.8%，创业板指 数下跌0.7%。虽然近期科技成长风格震荡，但相关ETF却持续获资金加码，Wind数据显示，科创板 50ETF（588080）昨日获1亿元资金净流入，创业板ETF（159915）则连续4个交易日"吸金"，合计超20 亿元。 科创板50ETF（588080）、创业板ETF（159915）均实行ETF中最低一档0.15%/年的管理费率，可 助力投资者低成本布局科技成长板块。 每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 消息面上，谷歌近日正式发布其新一代人工智能模型Gemini3，该模型在编程、应用开发与图像生 成等复杂任务方面能力显著增强，能够更精准理解用户意图，以更少提示生成高质量结果，此次发布或 意味着全球AI竞赛进一步升级，科技巨头持续加大投入，有望为算力基础设施及AI ...

Core Viewpoint - The company, JiuLian Technology, is actively engaged in the development of computing power infrastructure and is a partner of Huawei Ascend in the APN program [1] Group 1 - The company is focusing on various aspects of computing power infrastructure, including computing power servers, edge computing intelligent terminals, and computing power networks and scheduling [1]

Core Viewpoint - The company, Jiulian Technology, is actively developing its computing power infrastructure and is a partner of Huawei Ascend in the APN program [1] Group 1 - Jiulian Technology is a partner of Huawei Ascend, indicating a strategic collaboration in the computing power sector [1] - The company is focusing on various aspects of computing power infrastructure, including computing servers, edge computing intelligent terminals, and computing networks and scheduling [1]

Core Viewpoint - The company, Jiulian Technology (688609.SH), is actively engaged in the development of computing power infrastructure and is a partner of Huawei Ascend in the APN program [1] Group 1 - The company is focusing on various aspects of computing power infrastructure, including but not limited to computing power servers, edge computing intelligent terminals, and computing power networks and scheduling [1]

Group 1 - The U.S. Department of Commerce has modified the rules regarding patent invalidation applications, focusing on those from foreign enterprises, which has raised concerns from China about discrimination against its companies [2] - A meeting on food safety responsibilities was held in Wuxi, Jiangsu, emphasizing the need for better coordination and implementation of local management responsibilities, as well as the adoption of digital technologies for food safety management [3] - The Financial Regulatory Bureau held a meeting with foreign financial institutions in Hainan, encouraging them to integrate into China's economic development and support the construction of the Hainan Free Trade Port [4] Group 2 - Shanghai is accelerating the renovation of urban villages and expanding the supply of affordable housing, aiming to improve living conditions and community services [5] - The Ministry of Finance has issued a statement denying the existence of any fraudulent policies related to the Guangdong-Hong Kong-Macao Greater Bay Area financial bonds, warning the public against scams [6] - The Ministry of Industry and Information Technology has released guidelines for building high-standard digital parks, focusing on optimizing computing power infrastructure and enhancing network capabilities [7] Group 3 - Beijing aims to establish a robust technology transfer system by 2027, targeting the incubation of 3,000 technology-based enterprises and 600 specialized and innovative companies [8] - Chongqing is promoting the innovation of artificial intelligence terminal products, with a goal of achieving an industry scale of over 300 billion yuan by 2030 [10] - A meeting was held in Chongqing to advance the construction of a regional technology innovation center, emphasizing collaboration between central and local governments to enhance technological capabilities [11] Group 4 - The Natural Resources Department announced a unified management approach for satellite navigation positioning stations, which have expanded from 3,363 to 6,951 stations, providing over ten million positioning services daily [12] - Companies such as Lida Xin and Hengtong Optoelectronics are making strategic moves, including share reductions and partnerships with research teams, while others like Ningde Times are progressing towards solid-state battery production by 2027 [14]

Market Performance - US stock markets experienced a downturn, with the Dow Jones Industrial Average falling by 1.18%, the S&P 500 down by 0.92%, and the Nasdaq Composite decreasing by 0.84% [1][3] - This marks the third consecutive trading day of declines for European and US markets, with significant fluctuations observed during trading sessions [3][5] - The solid-state battery sector was notably affected, dropping by 3.55%, while the semiconductor sector also faced challenges, declining by 1.67% [3][4] Sector Analysis - The performance of various sectors was mixed, with solid-state batteries and semiconductors showing significant losses, while some large tech stocks like Google and Tesla saw gains [4][5] - Chinese concept stocks have been under pressure, with a 1.10% drop in the index, and individual stocks like Yatsen and Ideal Auto experiencing steep declines [5][7] - In contrast, the A-share market demonstrated resilience, with a slight decline and a notable number of stocks hitting the daily limit up [7][10] Investment Trends - Institutional perspectives are divided, with some advising caution due to external market volatility, while others see current valuations as a buying opportunity [8][10] - The market is witnessing a shift in investor structure, with increasing institutional ownership and a growing emphasis on value investing [11][13] - Recent earnings forecasts indicate that over 60% of companies are expected to report positive results, particularly in sectors like renewable energy and high-end manufacturing [11] Regulatory and Policy Environment - Regulatory bodies are actively working to stabilize the market, with ongoing reforms in the STAR Market and improvements in market liquidity [11][13] - The implementation of new trading mechanisms and the enhancement of investor protection laws are contributing to a more structured market environment [11][13] - The Chinese capital market is opening up further to foreign investments, with an increasing proportion of global asset allocation directed towards A-shares [13]

Core Viewpoint - The global AI computing power investment is expected to drive high growth in the optical communication sector's net profit attributable to the parent company in Q4 2025 and 2026 [1] Group 1: Optical Communication Sector - The optical communication sector is anticipated to continue high growth in net profit due to increased investment in AI computing power [1] - Demand for hollow-core optical fibers, submarine cables, and DCI (Data Center Interconnect) is noteworthy [1] Group 2: Telecommunications Operators - The telecommunications operator sector is expected to maintain steady growth [1] - The development of AI applications is bringing new growth momentum to cloud computing and data center businesses for telecom operators [1] Group 3: ICT Equipment and IDC - The ICT equipment and IDC sectors are likely to benefit from the capital expenditure growth of internet giants [1] Group 4: Copper Connection Sector - The copper connection sector is set to realize growth as production capacity is released [1] Group 5: Market Trends - The optical module market is expected to maintain high prosperity due to ongoing investments in domestic and international computing infrastructure [1] - As of October 28, the communication ETF (515880) has a 52% allocation to optical modules and a 22% allocation to servers, with optical fibers and copper connections combined exceeding 81% [1]

Group 1 - Major overseas AI companies are increasing capital expenditures to enhance AI infrastructure, with Google, Meta, Microsoft, and Amazon raising their 2025 capital expenditure guidance [1] - AI-driven demand is significantly strengthening, as evidenced by Google Gemini's monthly token consumption increasing over 20 times in one year, Meta exploring new AI-driven interaction modes, and Microsoft Copilot reaching over 150 million monthly active users [1] - The ongoing investment in computing infrastructure both domestically and internationally is expected to maintain a high level of prosperity in the optical module market [1] Group 2 - The Communication ETF (515880) is the largest in its category, with a scale of 11.748 billion as of October 28, 2025, and optical modules accounting for 52% of its composition, while servers account for 22%, totaling over 81% when combined with fiber and copper connections [2]