Investment Rating - The report maintains a positive outlook on the ASIC industry, indicating a favorable investment rating for the sector [2]. Core Insights - The report highlights the significant cost-effectiveness and efficiency advantages of ASICs over GPUs, particularly in the context of AI model inference, with Google's TPU v5 demonstrating an energy efficiency ratio 1.46 times that of NVIDIA's H200 [3][19]. - The increasing penetration of AI applications is driving a surge in inference demand, expanding the market for ASICs, with projections indicating the global AI ASIC market could reach $125 billion by 2028 [3][32]. - The report emphasizes the complexity of ASIC design, underscoring the critical role of design service providers like Broadcom and Marvell, which are expected to benefit from the growing demand for custom ASIC solutions [4][44]. Summary by Sections 1. Demand Driven by Large Model Inference - The global AI chip market is projected to reach $500 billion by 2028-2030, with significant growth in AI infrastructure spending anticipated [13]. - ASICs are specialized chips that offer strong cost and efficiency advantages, particularly in specific applications like text and video inference [14][19]. - The report notes that the demand for ASICs is expected to rise sharply due to the increasing consumption of tokens in AI applications, exemplified by the rapid growth of ChatGPT's user engagement [25][31]. 2. High Complexity of ASIC Design and Value of Service Providers - ASIC design involves a complex supply chain, with cloud vendors often relying on specialized design service providers for chip architecture and optimization [41][44]. - Broadcom's ASIC revenue is projected to exceed $12 billion in 2024, driven by the success of its TPU designs for Google and other clients [60]. - The report identifies the importance of a complete IP system and design experience as key factors for service providers to secure new orders in the ASIC market [63]. 3. Domestic Developments: Not Just Following Trends - Leading Chinese cloud providers like Alibaba and Baidu are making significant strides in self-developed ASICs, indicating a robust domestic ecosystem [3][4]. - The report highlights the emergence of domestic design service providers such as Chipone and Aowei Technology, which are positioned to capitalize on the growing demand for ASICs [3][4]. - The trends of PD separation and supernodes are identified as critical developments in the domestic ASIC landscape, with companies like Huawei and Haiguang leading the way [4][44]. 4. Key Trends in Domestic ASIC Development - PD separation involves using different chips for prefill and decode tasks, enhancing efficiency in specific applications [4]. - Supernodes are being developed to create unified computing systems through high-bandwidth interconnections, with early implementations seen in domestic companies [4][44].

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容综合自网络 。 摩尔线程今年上半年营收超去年全年 公司披露的财务数据显示，2025年上半年，摩尔线程实现7.02亿元的营收，相比之下，2024年的 全年营收仅为4.38亿元。摩尔线程对此解释称，营收大涨得益于市场对大模型训练、推理部署、 GPU云服务等需求大幅提升，以及公司2024年推出的最新一代GPU芯片实现商业化。 营收增长带动盈亏状况好转。2025年上半年，摩尔线程净亏损2.71亿元，同比下降56.02%、环比 减少69.07%。2022年至2024年，摩尔线程归属于母公司所有者的净亏损合计约50亿元，净亏损有 逐年减少的趋势。 摩尔线程预计，最早于2027年可实现合并报表盈利，该盈利包含政府补助带来的收益，扣除该收 益后，2027年将收获微利。2025年至2027年，摩尔线程预估因政府补助带来的收益分别约为2000 万元、2亿元和3亿元。 摩尔线程，部分性能逼近国际先进水平 摩尔线程定位于全功能GPU研发，所谓"全功能"指代的是兼具通用计算与图形渲染能力。目前， 该公司产品线划分为AI智算、图形加速，以及面向消费电子、智能座舱、具身智能等边缘计算领 ...

Core Viewpoint - Moole Technology has successfully passed the IPO application review by the Shanghai Stock Exchange, marking it as the first domestic GPU company to go public [1][3]. Group 1: IPO Details - The company plans to raise 8 billion RMB through its IPO, which is the largest fundraising project in the A-share market this year and the largest IPO in the semiconductor sector [3]. - The funds will primarily be allocated to the research and development of next-generation AI training and inference chips, graphics chips, and AI SoC chips, aiming to strengthen its leading position in high-performance computing [3][5]. Group 2: Financial Performance - Moole Technology's revenue reached 702 million RMB in the first half of 2025, surpassing the total revenue of the previous three years, with a compound annual growth rate exceeding 208% over the last three years [3][4]. - The company's gross margin improved significantly from -70.08% in 2022 to 70.71% in 2024, indicating a substantial increase in market recognition of its products [3][4]. Group 3: Product Development and Market Position - Established in 2020, Moole Technology has invested heavily in R&D, totaling 4.3 billion RMB, with over 75% of its workforce dedicated to this area [4]. - The company has launched four generations of GPUs, covering various application scenarios, and its products are competitive with international standards, with some metrics approaching NVIDIA's RTX 3060 [4][5]. - Moole Technology is the first domestic manufacturer to mass-produce DirectX 12 graphics acceleration, which broadens compatibility with mainstream development toolchains [4]. Group 4: Future Outlook and Challenges - Despite rapid growth, the company faces challenges, including cumulative losses of 1.478 billion RMB as of June 30, 2025, and a market share of less than 1% in its respective segments [6]. - The company plans to continue product development and matrix layout, with the "Yangtze" SoC chip targeting automotive smart cockpits expected to be introduced and mass-produced by 2026 [6]. - The Chinese AI computing GPU market is projected to reach 1,033.34 billion RMB by 2029, with a compound annual growth rate of 56.7% during the period [6].

| 公司全称 | 摩尔线程智能科技 (北京) 股份有限公司 | 受理日期 | 2025-06-30 | | --- | --- | --- | --- | | 公司简称 | 摩尔线程 | 融资金额(亿元) | 80.00 | | 审核状态 | 上市委会议通过 | 更新日期 | 2025-09-26 | | 保存机构 | 中信证券股份有限公司 | 保存代表人 | 周哲立,吴霞娟 | | 会计师事务所 | 安永华明会计师事务所(特殊普通合伙) | 签字会计师 | 杨景璐,蒲艳娜 | | 律师事务所 | 北京市竞天公诚律师事务所 | 签字律师 | 徐旭敏,李梦,张蝶 | 在国内AI芯片市场竞争格局中，摩尔线程明确了自身定位。当前国内AI芯片市场呈现"全功能GPU+GPGPU+ASIC"多元需求，其中英伟达（全功能 GPU）、华为海思（ASIC）、AMD（GPGPU）2024年市场份额分别为54.4%、21.4%、15.3%，摩尔线程虽当前国内GPU市场份额低于1%，但作为国内极 少数具备全功能GPU研发能力的企业，其产品在通用计算与图形渲染融合能力上具备差异化优势，可覆盖FP64至FP8全精度计算，适配AI大模型训 ...

Group 1 - The core viewpoint of the article highlights that Moore Threads successfully passed the IPO review on the Sci-Tech Innovation Board, setting a record with an 88-day review period, making it the largest IPO project in A-shares for the year [2] - The company plans to raise 8 billion yuan for the development of AI training chips and graphics chips, marking it as the largest semiconductor IPO of the year [2] - As the first domestic GPU stock, this IPO signifies a breakthrough in China's AI chip industry, with the potential for a valuation that may exceed previous records upon listing [2]

出品：新浪财经上市公司研究院 作者：光心 公司归母净利润增速弱于营收增速，主要在于盈利能力下降。2025年上半年公司毛利率为46.08%，同 比下降0.21个百分点，净利率为25.92%，同比下降2.99个百分点。主要原因是受到职工薪酬的增长及收 购芯嵛公司影响，本期期间费用增长幅度高于营业收入的增长幅度。此外，本报告期利息收入减少、补 偿的政府补助金额减少。 2025年以来，AI芯片产业链景气度持续提升，半导体设备领域投资热度居高不下。据华泰证券统计， 2025年第二季度全球半导体设备公司总收入同比增长24%，预计2025年全年全球半导体设备企业收入同 比增长12%。 分产品结构来看，公司主力产品CMP装备技术和性能持续升级，全新抛光系统架构CMP机台Universal- H300已经获得批量重复订单，并实现规模化出货。新签CMP装备订单中先进制程的订单已实现较大占 具体来看，AI芯片对计算性能和功耗的高要求大幅提高了芯片设计和制造的复杂性，因此对高性能SoC 测试机和存储测试机的需求显著增长。此外，HBM技术已成为AI计算的标配，其对应的COWOS封装技 术成为GPU与HBM高速互联的关键技术支撑，因此对 ...

出品：新浪财经上市公司研究院 作者：光心 2025年以来，AI芯片产业链景气度持续提升，半导体设备领域投资热度居高不下。据华泰证券统计， 2025年第二季度全球半导体设备公司总收入同比增长24%，预计2025年全年全球半导体设备企业收入同 比增长12%。 归母净利润增速最高的四家半导体设备企业分别为微导纳米、长川科技（维权）、华峰测控、中科飞 测，2025年上半年归母净利润分别同比增长348.95%、98.73%、74.04%、73.01%，两家龙头企业北方华 创、中微公司归母净利润增速分别为14.97%、36.62%。 长川科技业绩实现高速成长的主要原因或有两方面：一是产品品类不断拓宽；二是实现从中低端市场向 中高端市场的转换。 长川科技始终专注于集成电路测试设备领域，后重点开拓覆盖SoC、逻辑等多种高端应用场景的数字测 试设备、三温探针台、三温分选机等产品，不断拓宽产品线。2025年上半年，公司营收高增41.80%至 21.67亿元。 分品类来看，2025年上半年，公司测试机收入为12.50亿元，同比增长34.30%；分选机收入为7.09亿 元，同比增长50.36%。截至2025年半年报，公司存货为30. ...

前言 《公告全知道》每周日至每周四推送明日股市重大公告！内容包含"停复牌、增减持、投资中标、收 购、业绩、解禁、高送转"等一系列个股利好利空公告，其中重要公告均以红色标注，帮助投资者提前 寻找到投资热点，防范各类黑天鹅事件，并且有充足的时间进行分辨和寻找合适的上市公司。 ①AI芯片+算力+数据中心！这家公司是国内CPU/GPU龙头且是国内唯一一家生产x86芯片的企业；②人 形机器人+低空经济+无人机+新能源汽车！这家公司已与国内外人形机器人头部企业建立联系且人形机器 人相关核心产品已经完成送样测试；③固态电池+宁德时代概念+机器视觉+氢能源！公司已向多家客户交 付核心固态电池相关设备。 ...

Market Overview - The Hong Kong stock market experienced fluctuations, with the Hang Seng Index closing down 0.13% at 26,484.68 points and a total trading volume of 314.89 billion HKD [1] - The Hang Seng Technology Index rose by 0.89%, closing at 6,379.19 points, while the Hang Seng China Enterprises Index saw a slight increase of 0.01% [1] Blue-Chip Stocks Performance - Xiaomi Group-W (01810) saw a significant increase of 4.48%, closing at 59.45 HKD, contributing 72.84 points to the Hang Seng Index [2] - Other notable blue-chip stocks included Zijin Mining (02899) up 5.13%, JD Group-SW (09618) up 3.46%, while Haier Smart Home (06690) and Hang Seng Bank (00011) experienced declines of 4.79% and 3.13% respectively [2] Sector Highlights - The technology sector showed strong performance, with major tech stocks like Xiaomi and JD Group rising significantly [3] - Copper stocks surged due to production disruptions, with Luoyang Molybdenum (03993) up 11.73% and China Nonferrous Mining (01258) up 10.99% [4] - The robotics sector gained traction, with companies like Geekplus (02590) and Ubtech (09880) seeing increases [5] Copper Market Dynamics - A landslide at Freeport McMoRan's Grasberg mine in Indonesia has halted production, affecting approximately 3% of global copper supply [4] - Analysts predict a 35% reduction in copper output by 2026, which is expected to support copper prices [4] Robotics Sector Developments - The Chinese government is promoting humanoid robots and related technologies, with significant investments expected in the coming years [5] - Companies like Ubtech and others are experiencing increased orders and production, indicating a rising industry trend [5] Chip Sector Activity - Semiconductor stocks are active, with Huahong Semiconductor (01347) rising 4.74% and SMIC (00981) seeing a slight increase [5][6] - The demand for AI chips is projected to grow, benefiting domestic foundries like SMIC [6] Notable Stock Movements - China Everbright Holdings (00165) surged 25.89% due to its focus on technology investments [7] - Yimai Sunshine (02522) rose 14.08% following the launch of an AI medical imaging product in collaboration with Alibaba Cloud [8] - Contemporary Amperex Technology Co., Ltd. (300750) reached a new high, up 5.14%, driven by increased demand for energy storage batteries [9] - Chery Automobile (09973) debuted on the Hong Kong Stock Exchange, closing up 3.8% [10] - JD Group-SW (09618) announced plans for significant investments in AI over the next three years [11]

投资界9月25日消息，据广西壮族自治区财政厅消息，广西已成功设立预期总规模100亿元人民币的人工 智能产业投资基金，旨在推动人工智能与实体经济深度融合，赋能千行百业发展。 来源：广西壮族自治区财政厅官网 据介绍，广西财政厅紧密围绕新质生产力建设方向，重点投向人工智能、数字经济、低空经济、北斗遥 感、AI芯片、大模型应用开发平台等前沿领域。采用"子基金+直投"双轮驱动模式，其中不低于80%资 金用于投资子基金项目，不超过20%用于直接投资创新企业项目，推动关键技术攻关、成果转化和场景 落地，助力广西打造面向东盟的人工智能合作高地。 对于投资成效显著的项目，超额收益最高可按100%让利。同时，广西健全与人工智能产业迭代快、模 式新、周期长、风险高特点相适应的尽职免（减）责机制，营造鼓励创新、宽容失败的良好氛围，提升 投资积极性。 ...