Core Viewpoint - The stock prices of Kede Education and Aibulu have surged, driven by their stake in Zhonghao Xinying, a company focused on the development of high-performance TPU architecture AI chips, which is preparing for its IPO [1] Group 1: Stock Performance - Kede Education's stock reached a limit-up of 20%, closing at 23.95 yuan per share [1] - Aibulu's stock increased by 15.06%, reaching 38.74 yuan per share as of 10:57 AM [1] Group 2: Company Holdings - Aibulu indirectly holds approximately 5.8% of Zhonghao Xinying through its subsidiary Xingluo Zhonghao [1] - Kede Education holds a 5.53% stake in Zhonghao Xinying [1] Group 3: Zhonghao Xinying's Development - Zhonghao Xinying has been focused on the independent research and development of TPU architecture AI chips since its establishment [1] - The company has initiated the process for its initial public offering (IPO) and is currently in the stage of restructuring into a joint-stock company [1] Group 4: Strategic Focus - Kede Education has indicated that it closely monitors the operational and developmental status of Zhonghao Xinying while focusing on its core business [1] - Zhonghao Xinying aims to create an industrial value chain that integrates self-developed AI chips, supercomputing clusters, and pre-trained large models [1]

谷歌正大幅加紧在AI芯片竞赛中与英伟达展开竞争，而Meta正成为其潜在的数十亿美元客户。多年来，谷歌一直将其定制TPU限制在自家云数据中心内使用，并对外出租算力。但据The Information报道，谷歌现在正向客户推销这些芯片，这标志着其战略发生了重大转变。目前主要依赖英伟达的Meta据悉正在洽谈斥资数十亿美元，计划从明年起开始租借谷歌TPU算力，2027年起在其数据中心集成谷歌的TPU。#行情 谷歌盘后涨超3%。 ...

如果你想通过官网查看国产AI芯片公司的最新产品信息，恐怕要失望而归了：最新的芯片型号时常并 不会出现在产品菜单上，更不用说芯片的具体参数信息。 这是国产AI芯片公司过去几年力求低调的缩影。"这几年做芯片比较敏感，我们出来讲得也比较少。"一 位与大厂关联密切的芯片公司负责人坦言。 但近期，随着华为、百度等大厂接连公开宣布AI芯片的迭代路线图，阿里的平头哥芯片亮相央视《新 闻联播》，闷声做事的状态突然间被打破。未来三年，华为将发布四款昇腾AI芯片；按照百度的规 划，接下来两年有两款昆仑芯AI芯片即将上市。与百度仅披露芯片型号与用途相比，华为给出的信息 更为翔实，将互联带宽、算力、内存等外界关注的芯片参数悉数公开。 华为打响第一枪，百度最新接棒 在国产AI芯片阵营中，华为昇腾的头号地位毋庸置疑。以至于英伟达创始人黄仁勋也不得不将华为视 作"强大的竞争对手"，直言"低估华为这样的竞争对手是愚蠢的"。 华为在2018年发布首款昇腾AI芯片310，2019年迭代至昇腾910，其性能超过英伟达同时代的V100 GPU。但随着2020年美国制裁、台积电断供，华为自研AI芯片步入艰难时刻。从2020年开始的约五年 时间内，华为 ...

Core Viewpoint - The company, 彩虹集团 (Rainbow Group), has not invested in Chengdu Shihai Chip Technology Co., Ltd., a high-tech company focused on AI chips and solutions, as confirmed by the company's secretary [1]. Group 1 - The inquiry from investors regarding the investment in Chengdu Shihai Chip Technology Co., Ltd. was addressed by the company [1]. - The company could not find any relevant information about the mentioned technology company in the enterprise credit information public system [1]. - The company confirmed that it has not made any related investments [1].

格隆汇11月24日丨禾川科技(688320.SH)在互动平台表示，公司持续保持高强度研发投入，2025年前三 季度研发费用9300万元，占营业收入的12.69%。在芯片研发方面，公司自主设计研发了工控芯片，其 集成了主控MCU、运动控制算法、存储、工业实时以太网的技术总线，目前已量产。目前公司暂无计 划研发AI芯片。 ...

Core Viewpoint - The article discusses the IPO of Moer Thread, which is priced at 114.28 yuan per share, resulting in a total market capitalization of 53.715 billion yuan. The company warns that its price-to-sales ratio of 122.51 times for 2024 is significantly higher than its peers, indicating potential risks for investors [2]. Group 1: Company Overview - Moer Thread is the highest-priced new stock of the year, requiring an investment of 57,140 yuan for one subscription [2]. - The company reported a loss of 1.492 billion yuan in the previous year and a loss of 271 million yuan in the first half of this year [5]. - Moer Thread's total market capitalization at the time of listing is 53.715 billion yuan, while its comparable company, Jingjiawei, has a market capitalization of less than 40 billion yuan [5]. Group 2: Comparable Companies - Comparable companies listed include Nvidia, AMD, Qualcomm, and domestic firms such as Haiguang Information, Cambrian, and Jingjiawei. Their 2024 price-to-sales ratios are significantly lower than Moer Thread's [2][3][4]. - Nvidia, AMD, and Qualcomm have price-to-sales ratios of 34.73, 14.11, and 4.57, respectively, while Haiguang Information and Cambrian have ratios of 54.04 and 478.25 [3][4]. - The average price-to-sales ratio of these comparable companies is 111.23 [4]. Group 3: Financial Performance - Moer Thread's revenue for the previous year was 438 million yuan, while Jingjiawei's was 466 million yuan, both companies reported losses [5]. - Haiguang Information and Cambrian had revenues of 9.162 billion yuan and 1.174 billion yuan, respectively, with Haiguang Information achieving a net profit of 1.931 billion yuan last year [5]. - Cambrian began to turn a profit in the fourth quarter of last year and has continued to perform well in 2023 [5]. Group 4: Market Dynamics - The demand for AI chips is increasing, with Moer Thread focusing on GPU and related products for AI, cloud, and data center applications [6]. - The domestic AI chip market is highly competitive, with Nvidia holding over 80% of the global market share [7]. - Moer Thread's third-quarter loss expanded to 453 million yuan, indicating ongoing financial challenges [7].

2025.11. 24 若按114.28元/股的发行价测算，摩尔线程上市时的总市值达到537.15亿元。不过，摩尔线程此前 在公告中也提醒，本次发行价对应的公司2024年摊薄后静态市销率为122.51倍，高于同行业可比公 司2024年静态市销率平均水平，存在未来发行人股价下跌给投资者带来损失的风险。 摩尔线程列出的主营业务及经营模式相近的可比上市公司，包括海外公司英伟达、AMD、高通，以 及国内的海光信息、寒武纪、景嘉微。其中，截至11月19日，英伟达、AMD、高通的市销率分别为 34.73倍、14.11倍、4.57倍。 | 证券代码 | 证券简称 | T-3 日股票收 | 市值 | 2024 年营业收 | 对应市销率 | | --- | --- | --- | --- | --- | --- | | | | 盘价(元/股) | (亿元) | 入(亿元) | (倍) | | 688041.SH | 海光信息 | 213.03 | 4.951.54 | 91.62 | 54.04 | | 688256.SH | 寒武纪 | 1,332.00 | 5,616.85 | 11.74 | 478.25 | | 300 ...

Core Viewpoint - The AI chip market is dominated by a duopoly of Nvidia and AMD, leading to intense competition among companies in the sector [1][7]. Group 1: Market Overview - The newly listed company, Moore Threads, has a high initial offering price of 114.28 yuan per share, resulting in a market capitalization of 53.715 billion yuan at listing [1]. - Moore Threads' price-to-sales ratio (P/S) is projected to be 122.51 times for 2024, significantly higher than its peers, indicating potential risks for investors [1]. - Comparable companies in the AI chip sector include Nvidia, AMD, Qualcomm, and domestic firms such as Haiguang Information, Cambrian, and Jingjia Micro [1]. Group 2: Financial Comparisons - As of November 19, Nvidia, AMD, and Qualcomm have P/S ratios of 34.73, 14.11, and 4.57 respectively, with significant revenue figures of 130.497 billion USD, 25.785 billion USD, and 38.962 billion USD [2][3]. - Domestic companies like Haiguang Information and Cambrian have lower revenue and profitability, with Haiguang's revenue at 9.162 billion yuan and Cambrian's at 1.174 billion yuan [4]. Group 3: Company Performance - Moore Threads reported a loss of 1.492 billion yuan last year and 271 million yuan in the first half of this year, while Jingjia Micro also reported losses [4]. - Haiguang Information and Cambrian have shown better financial performance, with Haiguang's net profit reaching 1.931 billion yuan last year [4]. Group 4: Market Dynamics - The AI chip market is characterized by a significant share held by Nvidia, which dominates with over 80% of the global market [7]. - Domestic AI chip manufacturers are experiencing rising market penetration, but the competitive landscape remains unclear [7]. - Moore Threads reported a loss of 453 million yuan in the third quarter, with losses widening compared to the previous year [7].

Core Viewpoint - The company Moer Thread, known as the "first domestic GPU stock," has launched its IPO subscription on November 24, 2025, with a share price of 114.28 yuan and aims to raise nearly 8 billion yuan [2][4]. Company Basic Information - The stock code for Moer Thread is 688795, and it plans to issue 70 million shares, which will account for 14.89% of the total share capital post-issuance [3]. - The company operates in the computer, communication, and other electronic equipment manufacturing industry [3]. IPO Details - The IPO price of 114.28 yuan per share sets a new record for the highest IPO price in 2025, surpassing the previous record of 93.5 yuan set by Tianyouwei [4]. - Moer Thread's total fundraising of nearly 8 billion yuan ranks first among new stocks on the Sci-Tech Innovation Board in 2025 [5][6]. Market Context - The domestic GPU market is projected to reach 120 billion yuan in 2025, with an 11.8% growth from 2024, driven by AI computing demand and domestic policies [7]. - The AI chip market in China is expected to grow significantly, with a projected market size of 1.3368 trillion yuan by 2029, indicating a compound annual growth rate of 53.7% from 2025 to 2029 [7]. Financial Performance - Moer Thread has shown rapid revenue growth, with projected revenues of approximately 460.88 million yuan in 2022, 1.24 billion yuan in 2023, 4.38 billion yuan in 2024, and 7.02 billion yuan in the first half of 2025 [8]. - Despite the revenue growth, the company has reported continuous losses, with cumulative losses nearing 6 billion yuan over the past three years [9]. Competitive Advantage - Moer Thread's core product, the MTT S80, is positioned to compete with NVIDIA's RTX 3060, and the company's MUSA architecture is compatible with 90% of CUDA syntax, supporting major frameworks like PyTorch and TensorFlow [7][9]. - The management team includes former executives from NVIDIA and AMD, enhancing the company's competitive edge in the GPU market [9].

Core Viewpoint - The article discusses the potential release of the H200 chip in China, highlighting its specifications and performance compared to domestic AI chips, while also considering the geopolitical context surrounding the decision [2][3][20]. Specifications and Performance - The H200 chip features significant improvements over the H100, including 141 GB of HBM3e memory and a memory bandwidth of 4.8 TB/s, compared to the H100's 80 GB and 3.35 TB/s [9]. - The H200's FP64 Tensor Core performance is 34 teraFLOPS, which is competitive with other high-end chips like the B200 and H100 [18]. Market Context - The article notes that the H200 is currently priced higher than the B200 in certain cloud service providers due to its suitability for high-precision computing and its scarcity [17]. - The usage of H200 in overseas cloud servers remains high, driven by legacy workloads that are difficult to migrate from older cards [19]. Geopolitical Considerations - The potential release of the H200 in China is contingent on the U.S. government's stance, particularly the influence of hawkish advisors [3][20]. - The article suggests that if the U.S. does allow the release of the H200, it is likely that China would follow suit [20].