面对摩尔线程上市首日的爆炒现象，投资者应保持理性和冷静。在做投资决策时，不能仅仅被短期的股 价上涨所迷惑，而要深入了解公司的基本面，包括其技术实力、市场前景、财务状况等。投资者既要做 到对摩尔线程未来发展充满信心，又要警惕股价短期震荡的风险。同时，创投资金等重要股东应树立长 期价值投资的理念，不能只看重股价的短期投资收益，避免急功近利。 摩尔线程上市首日的爆炒现象既反映了市场对硬科技公司的认可与期待，也存在短期投机行为可能带来 的潜在风险。对于优秀的公司市场有溢价预期很正常，但从中长期来看，市场给出的投资溢价需要维持 在一定的合理水平，如果太高同样会有调整的需求。 北京商报评论员 周科竞 但是，摩尔线程股价的快速飙升，在吸引大量资金涌入的同时，也可能引发包括创投资金在内的短线、 投机资金提前离场。诸如，创投资金通常具有明确的投资周期和收益目标，当股价在短期内达到或超过 其预期收益时，具备减持条件后的部分创投资金可能会选择提前获利了结。类似资金的集中离场，不仅 会导致股价的剧烈波动，增加市场的不确定性，还可能对科技公司的长期资金支持产生负面情绪影响。 科技公司的研发过程往往需要大量的资金投入，且周期较长、风险较 ...

来源：市场资讯 （来源：投资界） 浮出水面。 作者/周佳丽 报道/投资界PEdaily 这要从一起变更说起——近日，星钥半导体新引进了厦门雅恒创业投资基金合伙企业（有限合伙）、 VNTR IX HK Holdings Limited等投资方，穿透下来，分别是红杉中国、高瓴创投旗下基金主体。 换言之，红杉中国、高瓴创投投资了星钥半导体。 乍听"星钥半导体"这个名字稍显陌生，但你一定熟悉其背后掌门人——骆薇薇博士。被称为"氮化镓女 王"，她所执掌的英诺赛科最新市值已超730亿港元。 从去年开始，投资人纷纷打听骆薇薇的新项目。原来，她在2022年创办了全力押注硅基Micro LED的星 钥半导体，目前已经集结了华登国际、华业天成、武汉国资、渶策资本、君联资本等知名机构。 红杉高瓴，投了骆薇薇 公开信息显示，星钥半导体（武汉）有限公司（简称：星钥半导体）注册成立于2022年9月，公司掌门 人正是Weiwei Luo（骆薇薇），她同时还拥有一家氮化镓（GaN）功率半导体上市公司"英诺赛科"。 开启新项目，骆薇薇切入了一条极具吸引力的前沿赛道——硅基Micro LED，其所瞄准的正是下一代人 工智能与消费电子应用，产品方 ...

Core Viewpoint - The article highlights the emergence of Xingya Semiconductor, founded by Dr. Luo Weiwei, who is recognized for her expertise in GaN technology. The company has attracted significant investment from prominent firms like Sequoia China and Hillhouse Capital, indicating strong market interest in its innovative approach to silicon-based Micro LED technology [2][3][5]. Company Overview - Xingya Semiconductor was established in September 2022 and is led by Dr. Luo Weiwei, who also heads Innoscience Technology, a publicly listed GaN power semiconductor company [3]. - The company focuses on silicon-based Micro LED technology, targeting applications in next-generation AI and consumer electronics, including AR glasses and wearable devices [3][4]. Technology and Production - Xingya Semiconductor has adopted an 8-inch silicon-based GaN LED epitaxy and hybrid bonding technology, creating an IDM model that is highly compatible with mainstream CMOS semiconductor processes. This technology offers rapid response times, excellent contrast and color saturation, high stability, and long lifespan, making it suitable for AR/MR glasses [4]. - The company completed its factory construction and equipment installation in just eight months after establishing its operations in Wuhan's Optics Valley. It has surpassed 100 intellectual property rights and launched its first 8-inch silicon-based GaN Micro LED production line in September 2023, marking a significant milestone as the first of its kind in China [4]. Investment and Growth - Xingya Semiconductor has successfully attracted a diverse group of investors, including Henan State-owned Luoyang Science and Technology Innovation Group, Huaden International, and others. The recent addition of Sequoia China and Hillhouse Capital as investors signals a strong endorsement of the company's potential [5][6]. - The production line is expected to achieve an annual output of 12,000 8-inch Micro LED chips, with a factory area of approximately 1,600 square meters [4]. Leadership and Vision - Dr. Luo Weiwei's entrepreneurial journey is marked by her transition from a successful career at NASA to founding multiple high-tech companies in China. Her commitment to developing "China's chip" has led to significant advancements in the semiconductor industry [6][7]. - The company aims to fill the gap in the domestic market for 8-inch silicon-based GaN technology, which has seen a substantial increase in yield and cost efficiency compared to smaller wafer sizes [7]. Industry Context - The article emphasizes the growing presence of female leaders in the semiconductor and technology sectors, with Dr. Luo Weiwei serving as a prominent example of breaking gender stereotypes in a traditionally male-dominated field [9][10].

聚焦创投圈投融资最新情报。 12月3日，以"百廿策源汇智全球"为主题的2025年复旦科创大会在复旦大学相辉堂举行，一系列关键举措密集"上新"。其中，复旦科创海外投资基金启 动，复旦科创海外投资基金，首期目标规模为一亿美金。 该基金聚焦天使轮、Pre-A轮、A轮早期项目，致力于"做创业者的首位机构投资人"，重点布局生命健康、人工智能、新能源新材料等"3+X"前沿领域，关 注源自复旦核心科研机构与实验室的原创性技术成果，为企业"1-10"产业落地与商业化赋能。基金旨在加快复旦科研成果和本土创新企业的产业化与国际 化进程，将中国的硬科技突破转化为普惠全球的创新成果，提升中国在全球科技格局中的影响力。 近日，天津团泊华海海河创新产业发展股权投资基金合伙企业（有限合伙）顺利完成工商注册，标志着该基金正式迈入运营阶段。 广东粤科风投现场公布了基金设立情况与首期投资计划。基金设有严谨的投资决策与风控流程，并创新设置属地前置审核环节，总投资5亿元，首期出资1 亿元，目前已初步筛选出多个意向落地福州的项目，计划于2026年上半年分批推进投资，与本地产业形成深度协同。 "此次基金的设立为福州低空经济发展奠定了坚实基础，我们将发挥 ...

新质生产力、硬科技将成为核心主线 "春江水暖鸭先知。"陈超用这句话形容投资机构对市场温度的敏锐感知。他表示，并购六条新规发布 后，市场已步入"春天"。除政策的春风外，还有精准施策的春雨，如审核效率提升、融资渠道拓宽（鼓 励并购基金和并购贷款）、估值定价更趋市场化等。2024年9月后，并购活跃度显著提升，交易数量呈 现翻倍式增长，市场在交易方式、领域、规模等方面也呈现"百花齐放"的态势。 陈超认为，与2013至2015年那轮以跨界并购特别是游戏、影视等轻资产领域并购为主，呈现"三高"特征 的浪潮相比，当前市场出现了根本性改善。"当前的并购重组浪潮，主要聚焦在同行业、上下游或者'第 二增长曲线'这三个方面。"在他看来，这与并购六条及后续政策引导的方向高度吻合，使得市场行为更 趋理性和务实。 对于跨界并购，陈超持审慎态度，支持"有逻辑、有协同"的跨界。"并购的难点不在于交易达成，而在 于后续整合。如果仅仅是单纯利润拼凑，很难实现 '1加1大于2'的效果。"他认为，无论跨界幅度大小， 收购方与标的之间需要具备协同基础，如上下游供应商和客户共享、技术和管理效能提升、产业链强链 补链等，才能通过协同赋能实现价值提升。 在 ...

三只股合计持仓市值24.12亿元，覆盖仪器仪表、电子设备、互联网三大冷门领域，持仓胜率50%，平均持股周期长达54个月，完全背离了市场"快进快出"的 炒作逻辑。 外资牛散陈发树300天坚守冷门股，背后逻辑何在？ 提到陈发树，炒股的朋友都知道他是资本市场的"传奇牛散"——早年靠布局紫金矿业狂赚150亿，投资眼光毒辣且向来"稳准狠"。但2025年A股市场上，他的 操作却让不少人看不懂：在AI、新能源等热门赛道挤破头的时候，他偏偏扎进了没人关注的"冷门股"，300多天持仓纹丝不动。 根据2025年三季度上市公司财报及权威股东数据披露，陈发树重仓持有必创科技、雷电微力、新华都三只冷门股，其中必创科技更是连续横盘308天，流通 市值仅27亿，完全不符合"追热点、炒龙头"的市场主流逻辑。作为手握24.12亿元持仓的外资背景牛散，他为啥放着热门赛道不选，死磕这些"无人问津"的 标的？ 一、持仓明细大公开：3只冷门股坚守300天，2025最新持仓数据曝光 根据2025年9月30日上市公司三季报及东方财富网、同花顺等权威平台披露的股东数据，陈发树的"冷门持仓"清单清晰可见，每一只都堪称"长期主义典 范"： - 新华都（0022 ...

Core Insights - Moore Threads, a leading domestic GPU company, officially listed on the STAR Market, becoming one of the fastest semiconductor companies to go public since the implementation of the "registration system" [2] - The Futian Capital Operation Group, a state-owned capital operation platform funded by the Futian District government, has demonstrated its deep expertise in hard technology investment [2] Investment Highlights - Futian Capital has mobilized over 160 billion yuan in social capital since its establishment, managing 53 sub-funds and investing in over 4,000 companies, with over 90% of funds directed towards strategic emerging industries [2] - The group has incubated and supported 231 companies to go public, with a total market value exceeding 2 trillion yuan, and 45 companies have completed the review or submitted application materials [2] Key Companies in Focus - Moore Threads is recognized as China's leading full-function GPU company, with its self-developed MUSA architecture achieving performance close to international mainstream levels [2] - Muxi Technology, a high-performance general-purpose GPU leader, is set to become the second domestic GPU company to list on the STAR Market [3] - Changxin Storage is the only IDM company in mainland China to achieve large-scale production of DRAM chips, targeting a global market share of 8% by 2025 [3] - Chaogufen is a pioneer in global computing infrastructure, currently advancing towards an IPO [3] Strategic Approach - Futian Capital's success in nurturing new industry forces is attributed to its systematic ecological empowerment system, focusing on national strategies and providing comprehensive support throughout the investment lifecycle [3] - The group aims to continue its development logic of "capital serving technology, technology driving industry, and industry benefiting the region," fostering a pathway to national and global markets [3]

Core Viewpoint - A profound transformation is occurring in the capital market, shifting from a focus on scale competition to a system centered on long-term value creation and investor returns [1] Group 1: Institutional Inclusiveness - The current capital market is in a critical phase of transitioning to high-quality development, with a focus on enhancing the inclusiveness and adaptability of the capital market system [2] - The relationship between investment and financing is being elevated to a strategic level, marking a shift from merely pursuing financing scale to achieving a dynamic balance between financing efficiency and investor returns [2] - Three dimensions of institutional inclusiveness are highlighted: precise empowerment for technological innovation, diverse responses to investor needs, and upgraded regulatory effectiveness using big data and AI [2] Group 2: Governance Upgrade - Effective corporate governance is now a core foundation for value management, directly impacting the reliability and sustainability of investor returns [3] - Regulatory measures have been taken against over 50 listed companies for governance violations, demonstrating a commitment to enforce governance and equity management [3] - Companies with strong governance that protect minority shareholder rights will benefit from a "governance premium," while those with poor governance will face higher regulatory risks and valuation discounts [3] Group 3: Value Creation - Creating real and sustainable value is essential for companies to fulfill their responsibility to return value to investors [4] - The focus on value creation is shifting towards technological innovation and industrial upgrading, with a dual-driven model of internal growth and external expansion [4] - There has been a notable increase in major asset restructurings in sectors like semiconductors and AI, indicating a trend towards value enhancement [4] Group 4: Market Practice - The actions of listed companies to return value to investors have become widespread, with cash dividends totaling 2.4 trillion yuan in 2024, a 9% increase year-on-year [5][6] - The number of companies implementing continuous cash dividends over three years has also increased, reflecting a shift towards more frequent dividend distributions [6] - Regulatory upgrades have transformed soft constraints into hard indicators, enhancing the accountability of cash dividends [6] Group 5: Intermediary Transformation - Intermediary institutions, particularly investment banks, are transitioning from merely facilitating IPOs to becoming "value partners" throughout the entire lifecycle of listed companies [7] - This transformation includes providing research support, connecting with investors, and enabling capital operations for industrial upgrades [7] - Public fund reforms are also reinforcing investor orientation, with a focus on long-term performance metrics [7] Group 6: Ecological Construction - A collaborative and vibrant capital market ecosystem is essential, with each market participant playing a distinct role [8] - The establishment of robust investor protection mechanisms is crucial for supporting investor rights [8] - Promoting a culture that encourages innovation and tolerates failure will create a conducive environment for value creation and market management [8] Group 7: Long-termism - The capital market is shifting from short-term speculation to long-term value management, emphasizing sustainable investor returns and strategic foresight [9] - Long-term funding is vital for supporting this shift, with mechanisms being established to attract long-term investments [9] - The dual approach of long-term capital and strategic planning provides a stable environment for value management [9] Group 8: Open and Win-Win - Expanding the capital market's openness is a key task, bringing both opportunities and challenges [10] - International investors can provide additional capital and diverse valuation perspectives, while companies must adapt to international regulatory standards [10] - The internationalization of value management standards is being promoted, requiring companies to align their practices with both domestic and international expectations [10]

Core Viewpoint - The company, Tianrong Tianyu, is investing 6 million RMB to acquire a 5.82% stake in the Jiaxing Shanghe Guzong Equity Investment Partnership, which focuses on equity investment in Benmo Power (Beijing) Technology Co., Ltd, aligning with its strategic direction in precision manufacturing and smart technology [1][2]. Group 1 - The total fundraising scale of the Shanghe Guzong fund is 103.15 million RMB, attracting multiple industry capital and professional investors, including listed company Dayang Electric [1]. - The fund is managed by Beijing Shanghe Dongliang Private Fund Management Co., Ltd, which is registered with the Asset Management Association of China [1]. - Benmo Power specializes in high-performance smart devices, intelligent auxiliary equipment, and robotics, which aligns with Tianrong Tianyu's technological advantages in precision manufacturing [1]. Group 2 - The investment aims to enhance the company's industrial layout in smart devices while leveraging the management and resource advantages of the professional investment fund [2]. - This move is expected to broaden the company's investment channels and promote business synergy, aligning with its long-term strategic needs [2]. - The investment allows the company to access cutting-edge technologies and market trends, enhancing its innovation capabilities in precision components for robotics and smart equipment [2].

Core Insights - Moore Threads officially listed on the Sci-Tech Innovation Board on December 5, becoming the first domestic GPU stock, with an opening price of 650 CNY per share, a nearly 470% increase from the issue price of 114.28 CNY, and a closing market value exceeding 280 billion CNY [1][3] - The listing raised 8 billion CNY, making it the largest financing project on the Sci-Tech Innovation Board this year [1] Group 1 - Moore Threads achieved a record of only 88 days from application to approval and 122 days from acceptance to listing, setting a new record for the Sci-Tech Innovation Board [3] - The company, founded in 2020, has quickly become a benchmark in the industry with full-function GPU independent research and development capabilities [3] - Investors, particularly state-owned enterprises from Qingdao, have seen significant returns, with one investment group reporting over 7 times returns on their investment in Moore Threads [3][5] Group 2 - The Qingdao Free Trade Zone has established 49 industrial chain projects with a total investment of 187.1 billion CNY, positioning itself as a key area for hard technology development [5] - Qingdao City Investment has invested in Moore Threads through various funds, with costs around 37.5 CNY and 74.6 CNY per share [5] - The investment landscape includes multiple state-owned capital entities collaborating to enhance their positions in the hard technology sector, with significant investments from Shenzhen's state-owned investment platform and local funds from Weifang and Zibo [6] Group 3 - The investments from local state-owned enterprises not only yield financial returns but also provide valuable experience in industrial layout, aiming to seize opportunities in the hard technology sector for local economic transformation [6]