作 者丨尹华禄 编 辑丨刘巷 被誉为"中国版英伟达"的摩尔线程又有新消息，其上市之路迎来新进展。 6月18日，证监会网上办事服务平台信息显示，摩尔线程智能科技（北京）股份有限公司（以 下简称"摩尔线程"）IPO辅导状态已变更为"辅导验收"。 集微咨询资深分析师王凌锋在接受南财快讯记者采访时表示， 对比寒武纪，如果摩尔线程能 够成功上市，其将是真正意义上的GPU第一股，代表的是近年来我国包含摩尔线程在内的整 个国产算力芯片行业取得了阶段性成果。因此，在AI时代背景下，作为稀缺标的摩尔线程的 市值还是比较值得期待的。 受此消息推动，今日盘中多只相关概念股上涨，如参股摩尔线程的和而泰盘中涨超8%，收涨 6.75%。 | 摩尔线程概念股名单 | | --- | | 证券简称 | 代码 | 合作情况 | | --- | --- | --- | | 和而泰 | 002402. SZ | 摩尔线程为公司的参股公司,持有摩尔线程 | | | | 1.244%股份。 | | 世纪华通 | 002602. SZ | 公司仅通过产业基金参与投资了摩尔线程, | | | | 投资金额及比例较低,不会对公司经营产生 | | | | 重 ...

Investment Rating - The report maintains a positive outlook on domestic computing power opportunities in the context of U.S. restrictions on advanced chip exports to China and the increasing urgency for domestic chip replacement [3]. Core Insights - NVIDIA is set to launch a new custom chip B40 for the Chinese market, priced between $6,500 and $8,000, significantly lower than the previous H20 model priced at $10,000 to $12,000. The new chip's performance is expected to be inferior to both its predecessor and mainstream domestic chips [2][5]. - The urgency for domestic computing power alternatives continues to rise due to geopolitical tensions and export restrictions [3]. Summary by Sections Industry Dynamics - NVIDIA's new chip B40 will not utilize CoWoS technology and will replace HBM with GDDR7 memory, resulting in a bandwidth of 1.7TB/s, down from 4TB/s in the H20 model. The expected shipment volume for 2025 is 1 million units [2][5]. - Xiaomi has launched its self-developed 3nm flagship chip "玄戒 O1," which integrates 19 billion transistors and will debut in the Xiaomi 15S Pro. The company has invested over 13.5 billion yuan in the chip's development [5]. - AMD is selling its ZT Systems server manufacturing business for $3 billion, focusing on chip design and software support while maintaining relationships with key clients [6]. - TSMC has declined offers to build factories in India, opting instead to collaborate with Powerchip for wafer fabrication [6]. - Semiconductor capital expenditure is projected to grow by 27% in Q1 2025, driven by AI-related investments, with memory-related investments increasing by 57% [6]. - GigaDevice plans to issue H shares to enhance its global strategy and brand image [6]. - NVIDIA has introduced NVLink Fusion technology, allowing third-party processors to work with NVIDIA chips, marking a significant shift in its ecosystem [6]. - Qualcomm is re-entering the data center market, expanding its CPU offerings beyond mobile and PC [6]. - TSMC plans to increase wafer prices, with a 10% rise expected for 2nm wafers [6]. - NVIDIA has launched the NVIDIA DGX Cloud Lepton platform, providing GPU resources to AI developers globally [7]. - GlobalWafers America has officially opened a new semiconductor wafer manufacturing facility in Texas, with plans for further investment [7]. - Samsung is developing a new product that combines NAND flash with DRAM memory, targeting commercialization by 2027 [7].

截至2025年5月14日 13:45，中证全指证券公司指数(399975)强势上涨5.12%，成分股红塔证券(601236)上涨10.01%，广发证券(000776)上涨10.01%，锦龙股份 (000712)上涨9.97%，华西证券(002926)，东方财富(300059)等个股跟涨。证券ETF(159841)上涨5.09%，最新价报1.01元。流动性方面，证券ETF盘中换手 6.19%，成交3.95亿元。 根据商务部发布的中美日内瓦经贸会谈联合声明内容，中美将暂停互相新征收的额外关税90天，即90天内中国将美国商品关税降至10%，美国将中国商品关 税降至30%。 中泰证券指出，当前贸易摩擦上升或带来国产算力具备结构性替代机会。但是，在行业快速扩张、国家资源集中配置的背景下，算力企业分化将加剧，技术 领先者有望持续获得政策与市场双重倾斜。资本市场政策叠加科技结构性行情下，券商板块或活跃。 此外，中国证监会近日印发《推动公募基金高质量发展行动方案》。 甬兴证券认为，逆周期调节政策落地，稳市预期进一步提升，市场或再次活跃，利好强市场贝塔属性的券商板块。公募行动方案或加快行业分化，建议关注 旗下拥有头部基金公司、 ...