作者 | 刘一 编辑 | 张恺翀 "国产GPU第一股" 果然不负众望。 12月5日，摩尔线程在科创板上市，场面堪称火爆，开盘股价即爆涨468.8%。 截至收盘，其股价报收600.5元/股，市值2822.52亿元，投资者都赚麻了，创始人张建中身家涨超200亿 元。 有人落袋平安，一签赚27万 摩尔线程是投资者眼中的大肉签，此前打新大家蜂拥而至。网上发行有效申购户数约483万户，中签率 低至0.036%，每1万名申购者中，仅不到4人能中签。 其发行价114.28元/股，上市市值约537.15亿元。按今天的收盘价算，投资者只要持有一股就能赚486.22 元。 一手则赚近5万元！一签5手，更是近25万元！ 带着"落袋平安"的想法，不少中签者果断早早卖出。 有人晒图显示，在开盘前将摩尔线程分两笔，以650元/股、680元/股的成交价卖出，"一签27万，后面涨 到1000也和我没关系了"。 | 股票/时间 | | 委托/成交价① 委托/成交量 业务/状态 | | | --- | --- | --- | --- | | N摩尔 | 680.0000 | 200 | 重出 | | 09:26:34 | 680.0000 | ...

2025年12月3日，国产GPU领军企业沐曦集成电路（上海）股份有限公司（下称"沐曦股份"）正式披露 科创板上市核心发行信息，宣布以104.66元/股的价格公开发行4010万股新股，将于12月5日同步开启网 上网下申购。 申购安排也已同步明确，本次发行将采用网上定价发行与网下询价配售相结合的方式。其中，网上申购 面向持有上海市场非限售 A 股股份和非限售存托凭证市值的社会公众投资者，网下配售则针对符合条 件的专业机构投资者，两项申购操作均将于 2025 年 12 月 5 日（T 日）分别通过上交所交易系统和上交 所互联网交易平台（IPO 网下询价申购）正式启动。 值得关注的是，本次发行的初步询价环节已完成报价剔除工作。据公告披露，初步询价结束后，发行人 和保荐人（主承销商）严格按照《发行安排及初步询价公告》中的剔除规则，对投资者报价进行筛选： 一方面，将拟申购价格高于 112.68 元 / 股（不含 112.68 元 / 股）的配售对象全部剔除；另一方面，对拟 申购价格为 112.68 元 / 股，但申购数量低于 820 万股（不含 820 万股）的配售对象也予以剔除。 本次共计剔除 235 个配售对象，对应 ...

Group 1 - Semiconductor equipment stocks showed strong performance in early trading, with Northern Huachuang rising over 7%, Zhongwei Company and Tuojing Technology increasing over 6%, and Changchuan Technology up over 4% [1] - Related semiconductor equipment ETFs rose by more than 3% [1] - Major brokerages indicate that AI computing power chips remain the core growth engine of the sector, benefiting leading companies from the explosive demand for AI servers, resulting in both revenue and profit growth [2] Group 2 - The performance of core companies related to AI edge chips is also impressive [2] - In the long term, under the guidance of the "14th Five-Year" technology self-reliance strategy, the verification and introduction process of domestic high-end chips is expected to accelerate, with clear incremental space [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10]. Core Views - The demand for domestic high-end chips is rising, with Q2 revenue and profit achieving double-digit growth [3][9]. - The company reported a significant increase in revenue and net profit for H1 2025, with revenue reaching 5.464 billion yuan, up 45.21% year-on-year, and net profit reaching 1.201 billion yuan, up 40.78% year-on-year [2][3]. - The company is positioned as a leader in both domestic CPU and GPU markets, benefiting from the accelerated development of AI computing power [9]. Financial Performance - In H1 2025, the company achieved a revenue of 5.464 billion yuan, with a net profit of 1.201 billion yuan, marking the first time the semi-annual net profit exceeded 1 billion yuan since the company went public [2][3]. - For Q2 2025, revenue was 3.064 billion yuan, up 41.15% year-on-year and 27.66% quarter-on-quarter, while net profit was 696 million yuan, up 23.14% year-on-year and 37.49% quarter-on-quarter [3][4]. Inventory and Cash Flow - As of H1 2025, inventory reached 6.013 billion yuan, a year-on-year increase of 144.88%, indicating strong growth confidence [5]. - The company reported a significant improvement in operating cash flow, with a net cash flow from operating activities of 2.177 billion yuan, compared to a negative 113 million yuan in the same period last year [2][6]. Profitability and Expenses - The gross margin for H1 2025 was 60.15%, down 3.28 percentage points year-on-year, while the net margin was 30.05%, down 2.53 percentage points [6][9]. - Sales expenses increased by 185.86% year-on-year to 203 million yuan, driven by enhanced market promotion efforts [7][9]. - R&D expenses reached 1.711 billion yuan, a year-on-year increase of 24.68%, reflecting the company's commitment to innovation and product development [7][9]. Future Projections - Revenue projections for 2025-2027 are 14.793 billion yuan, 22.054 billion yuan, and 30.690 billion yuan, respectively, with corresponding net profits of 3.170 billion yuan, 4.832 billion yuan, and 7.321 billion yuan [8][9]. - The company is expected to benefit from economies of scale, which may help improve gross and net margins in the future [7][9].