中国经济网北京12月5日讯 今日，摩尔线程智能科技（北京）股份有限公司（股票简称：摩尔线程，股票代码：688795.SH）在上交所科创 板上市。该股开盘报650.00元，截至收盘报600.50元，涨幅425.46%，成交额153.07亿元，振幅115.51%，换手率85.49%，总市值2822.52亿元。 摩尔线程主要从事GPU及相关产品的研发、设计和销售。自2020年成立以来，公司以自主研发的全功能GPU为核心，致力于为AI、数字孪 生、科学计算等高性能计算领域提供计算加速平台。 本次发行前或截至上市公告书签署日，公司无单一持股30%以上的股东，不存在控股股东，公司实际控制人为张建中。 本次发行前，张建中直接持有公司11.06%的股份，同时张建中与持股平台南京神傲、杭州华傲签署一致行动人协议（一致行动期限至任何 一方不再持有发行人股权之日），并担任杭州华傲、杭州众傲及杭州京傲三家员工持股平台的执行事务合伙人（持股比例较低，但根据合伙协 议的约定，拥有对三家员工持股平台持续稳定的控制权），合计控制公司36.36%的股份，为公司实际控制人。 2.请发行人代表结合报告期内主要客户情况、收入确认时点和方式、经销商采 ...

Summary of AMD Conference Call Company Overview - **Company**: AMD (Advanced Micro Devices) - **Industry**: Semiconductor, focusing on high-performance computing and AI Key Points and Arguments 1. **Strategic Shift**: AMD has strategically shifted its R&D focus towards high-performance computing and AI, resulting in data center business growth exceeding 60%, significantly above market averages, indicating sustained demand for computing power [2][4][9] 2. **Unique Technology Portfolio**: AMD is the only semiconductor company with CPU, GPU, and FPGA technologies, having pioneered large-scale production of triad technology, which enhances its competitive edge in the data center market [2][5] 3. **GPU Market Dominance**: Despite the value of ASICs in specific scenarios, AMD believes GPUs will dominate the accelerator market over the next five years due to their programmability and flexibility, with ASIC market share expected to be between 20%-25% [2][7] 4. **Customized Solutions**: AMD collaborates deeply with clients through semi-custom business models, leveraging its IP and client expertise to optimize specific workloads, rather than merely fulfilling client requests [2][8] 5. **Super Cycle in Computing**: AMD perceives the current phase as the early stage of a decade-long super cycle driven by computing power, with AI investments expected to enhance productivity and product optimization [2][9] 6. **Full-Stack Solutions**: Through acquisitions like ZT Systems and partnerships with Sanmina, AMD aims to provide full-stack solutions that reduce the time clients need to establish complex infrastructures [2][11] 7. **Collaboration with OpenAI**: AMD has partnered with OpenAI to optimize hardware and software design, which is expected to generate significant revenue, enhancing market recognition of AMD's technological capabilities [3][13] 8. **Client Diversity**: AMD operates as a general supplier, maintaining long-term relationships with major hyperscale computing companies, which mitigates concerns regarding customer concentration [14] 9. **CPU Market Trends**: Recent months have seen a significant increase in CPU demand, driven by a major update cycle and delayed AI-related capital expenditures catching up, suggesting substantial growth in the CPU market over the next four to five years [15][16] 10. **Future Market Share**: AMD is well-positioned to continue gaining market share in the data center sector, with the upcoming Venue CPU expected to further solidify its leadership [17] 11. **Client PC Market Ambitions**: AMD aims for ambitious market share growth in the client PC sector, currently holding a market share in the mid-high 20% range, with strong performance in the desktop gaming and high-end laptop markets [18] 12. **Memory Price Impact**: While rising memory prices may have minor effects, they are not expected to significantly impact overall market demand [19] 13. **Growth Bottlenecks**: Key factors that could limit growth include advanced technology access, high bandwidth memory, and power supply issues, particularly in data centers [20] Additional Important Insights - AMD's focus on integrating various computing units (CPU, GPU, FPGA) allows for flexibility in addressing different workloads, enhancing its innovation in AI and software investments across its product line [12] - The company emphasizes the importance of collaboration with clients to ensure successful outcomes and differentiate its offerings in a competitive landscape [14]

然而，随着芯片服务提供商加速自主研发ASIC芯片以满足更复杂的功能需求，其对封装尺寸的 要求也大幅增长。因此，一些芯片服务提供商正在考虑从台积电的CoWoS芯片转向英特尔的 EMIB芯片。 TrendForce指出，CoWoS技术通过中介层将计算逻辑、内存和I/O芯片连接起来，并将这些芯片 安 装 在 基 板 上 。 该 技 术 已 扩 展 到 包 括 CoWoS-S 、 CoWoS-R 和 CoWoS-L 。 随 着 NVIDIA 的 Blackwell平台在2025年接近量产，市场需求正迅速转向CoWoS-L，因为它将硅中介层集成到了 封装中。预计随着NVIDIA即将推出的Rubin架构的推出，这一趋势还将继续，Rubin架构将采用 更大的光罩尺寸。 人工智能/高性能计算需求的增长导致了CoWoS技术的重大瓶颈，包括产能短缺、光罩尺寸限制 和制造成本上升。TrendForce观察到，大部分CoWoS产能已被NVIDIA GPU占用，其他客户的 选择十分有限。 此外，对更大封装尺寸的需求不断增长以及美国本地化要求，促使谷歌和 Meta 等北美主要 CSP 与英特尔合作，共同采用 EMIB。 英特尔的EMIB ...

Core Viewpoint - The NAND Flash market is experiencing significant price increases, with various products seeing price hikes of at least 20% and some exceeding 60%, driven by strong demand from AI applications and enterprise SSD orders [1][2]. Group 1: Price Trends - TrendForce reported that the average monthly price increase for NAND products ranges from 20% to over 60%, with all capacity segments experiencing rapid price growth [1]. - The price of 1Tb TLC NAND has surged due to a severe supply shortage driven by growing enterprise SSD demand [1]. - The 512Gb TLC segment saw the highest price increase in November, exceeding 65%, due to supply constraints from older process transitions and stable market demand [1][2]. Group 2: Market Demand and Supply Dynamics - The demand for enterprise-grade high-capacity products is surging, leading to tight supply for QLC NAND, which has also seen significant price increases [2]. - The overall NAND supply remains tight, with manufacturers maintaining a conservative approach to capacity expansion, contributing to sustained high prices and extended delivery times [2]. - Companies like Phison are focusing on high-end NAND development and product differentiation to avoid price competition, while ensuring stable supply through close collaboration with supply chains and customers [2]. Group 3: Industry Outlook - Taiwanese NAND manufacturers are optimistic about future market conditions, with expectations of continued price increases due to strong global demand for AI and high-performance computing [2]. - The chairman of Transcend noted that the current surge in DRAM and NAND chip demand is unprecedented in 36 years, indicating that the NAND price increase is just beginning [3].

公众号记得加星标⭐️，第一时间看推送不会错过。 碳化硅 (SiC) 供应链正步入一个分阶段的市场，SiC 原材料价格上涨，而 6 英寸器件衬底则面临巨 大的价格压力。对于电源和汽车设计人员而言，这种分化可能会重塑器件成本结构，而此时 SiC 正 被广泛应用于人工智能加速器和高性能计算平台。 *免责声明：本文由作者原创。文章内容系作者个人观点，半导体行业观察转载仅为了传达一种不同的观点，不代表半导体行业观察对该 观点赞同或支持，如果有任何异议，欢迎联系半导体行业观察。 END 今天是《半导体行业观察》为您分享的第 4245 期内容，欢迎关注。 据TrendForce援引的市场数据显示，包括黑色和绿色等级在内的散装碳化硅粉末和颗粒的价格持续上 涨。近期交易价格约为每吨6271元人民币，环比上涨约0.21%。价格上涨的原因在于原料成本坚挺、 下游需求扩大以及与环保检查和产能限制相关的供应调整，这些因素共同推高了分销环节的成本。 相比之下，用于功率器件的6英寸碳化硅（SiC）晶圆衬底市场则陷入了一场所谓的"价格战"。全球主 要供应商的产能快速扩张导致供应过剩，据报道，从2024年年中到第四季度，晶圆价格将跌破每片 5 ...

Group 1 - The core focus of the article revolves around the volatility in the gold market, driven by political developments in the U.S., particularly regarding interest rate expectations and Trump's influence on the Federal Reserve [1][8] - Gold prices are currently fluctuating around 4157 to 4165, with a slight decline of 0.14% noted, indicating a cautious market awaiting further developments [1] - The market anticipates an 86.9% probability of a 25 basis point rate cut by the Federal Reserve in December, reflecting a strong sentiment that rates will not remain unchanged [1][8] Group 2 - The tech sector in the U.S. stock market is experiencing significant attention due to advancements in AI and high-performance computing, with investors eager to capitalize on emerging opportunities [3] - Trump's recent immigration policy changes, including the suspension of benefits for non-citizens and the targeting of Venezuelan drug traffickers, are contributing to a tense political climate that affects market stability [4] - Ongoing conflicts in the Middle East, particularly between Israel and Hezbollah, are adding to the geopolitical uncertainties that influence gold prices as a safe haven asset [6][10] Group 3 - The financial market is characterized by a mix of domestic political issues and international military actions, creating a complex environment for investors [8][10] - The article highlights the unpredictability of market movements, with investors closely monitoring statements from Trump and the Federal Reserve for potential impacts on gold and stock prices [10] - The overall sentiment in the market suggests that the best news has already been priced in, leaving investors to navigate through remaining uncertainties [10]

Core Viewpoint - The integration of advanced computing power and AI in agricultural research is transforming the approach to combating rice viruses, enhancing efficiency and precision in breeding disease-resistant varieties, ultimately contributing to national food security [2][5][6]. Group 1: Virus Impact on Rice Production - Rice stripe virus can cause a yield reduction of 20%-30% or even total crop failure, significantly affecting farmers' livelihoods and national food security [2]. - Researchers are focused on understanding the pathogenic mechanisms of rice viruses and identifying disease-resistant genes to minimize farmers' losses [2]. Group 2: Advancements in Research Methodology - The collaboration between Fujian Agriculture and Forestry University and China Telecom's Tianyi Cloud introduced the "Xirang" integrated computing service platform, enhancing computational capabilities for agricultural research [3][6]. - The research team can now utilize up to 100 computing nodes simultaneously, drastically reducing the time required for complex calculations from months to days [3][5]. Group 3: AI and Precision Breeding - The introduction of AI algorithms allows researchers to identify key genes and predict virus protein structures within hours, moving from trial-and-error methods to precise design [5][6]. - The platform has enabled significant reductions in analysis time, exemplified by the decrease from two months to 11 hours for analyzing 12,000 rice virus protein sequences [5]. Group 4: Future Implications for Food Security - The integration of AI and high-performance computing is seen as a new driving force for agricultural research, enhancing the ability to predict and respond to viral outbreaks, thereby securing food production [6][7]. - The advancements in computational resources are expected to facilitate more innovative research approaches, ultimately contributing to the stability of national food supplies [7][8].

Core Insights - The company, Moore Threads, has launched the Torch-MUSA v2.7.0, an extension library for the PyTorch deep learning framework, showcasing advancements in functionality, performance optimization, and hardware support [1][4] - Moore Threads has demonstrated rapid iteration and investment in the MUSA ecosystem by completing two version updates (v2.5.0 and v2.7.0) within a month [1] Company Overview - Moore Threads is recognized as the "Chinese version of NVIDIA," focusing on the research, design, and sales of GPUs and related products since its establishment in 2020 [4] - The company has developed a full-featured GPU as its core product, targeting high-performance computing areas such as AI, digital twins, and scientific computing [4] - Moore Threads has successfully launched four generations of GPU architectures, creating a diverse product matrix that covers various applications including AI computing, high-performance computing, graphics rendering, and smart media [4] IPO and Market Performance - On November 27, Moore Threads announced the results of its initial public offering (IPO) on the Sci-Tech Innovation Board, revealing that online investors abandoned 29,302 shares, amounting to 3.3486 million yuan [4] - The shares abandoned by online investors were fully underwritten by CITIC Securities, representing approximately 0.05% of the total issuance after deducting the final strategic placement [4]

Group 1 - The core viewpoint of the news is that Moore Threads has released the Torch-MUSA v2.7.0, showcasing its commitment to rapid iteration and investment in the MUSA ecosystem [1] - The new version of Torch-MUSA includes further breakthroughs in functionality integration, performance optimization, and hardware support [1] - Moore Threads has successfully completed two version updates (v2.5.0 and v2.7.0) within a month, indicating its strong development capabilities [1] Group 2 - Moore Threads is regarded as the "Chinese version of NVIDIA," focusing on the research, design, and sales of GPUs and related products since its establishment in 2020 [2] - The company has launched four generations of GPU architectures, providing a diverse range of computing acceleration products for AI, digital twins, and high-performance computing [2] - The product line covers various applications, including government and enterprise-level intelligent computing, data centers, and consumer-grade terminals, catering to different market needs [2] Group 3 - On November 27, Moore Threads announced the results of its initial public offering (IPO) on the Sci-Tech Innovation Board, revealing that online investors abandoned 29,302 shares, amounting to 3.3486 million yuan [2] - The abandoned shares were fully underwritten by CITIC Securities, representing approximately 0.05% of the total issuance after deducting the final strategic placement [2] - The underwritten shares accounted for about 0.04% of the total issuance scale [2]

Core Viewpoint - Moore Threads has released Torch-MUSA v2.7.0, showcasing its commitment to rapid iteration and investment in the MUSA ecosystem, with significant improvements in functionality, performance optimization, and hardware support [1]. Group 1: Company Overview - Moore Threads is recognized as the "Chinese version of NVIDIA," focusing on the research, design, and sales of GPUs and related products since its establishment in 2020 [4]. - The company has developed a comprehensive product matrix covering various applications, including AI, digital twins, scientific computing, and high-performance computing, with four generations of GPU architecture launched [4]. - The product line caters to diverse market needs, including government, enterprise, and consumer segments, emphasizing innovation and the development of general-purpose and intelligent computing solutions [4]. Group 2: Recent Developments - On November 27, Moore Threads announced the results of its initial public offering (IPO) on the Sci-Tech Innovation Board, revealing that online investors abandoned 29,302 shares, amounting to 3.3486 million yuan, while no offline investors opted out [4]. - The shares abandoned by online investors were fully underwritten by CITIC Securities, representing approximately 0.05% of the total issuance after strategic placements [4].