作者 / 鲁智高 还未上市，摩尔线程的朋友圈却已经赚翻了。 出品 / 投中网（ID:China-Venture） 在这家国产GPU公司要上会的消息广为流传后，包括和而泰等多家A股上市公司纷纷告诉外界，自己投资了摩尔线程。最终，众多投资者迅速行动起来， 导致与摩尔线程相关的多个概念股连续猛涨。 这不由得令人感慨："中国英伟达"的造富效果真是惊人。 摩尔线程还没有上市，二级市场就已经如此"热闹"，这要是真成功IPO，怕是会带来一场超豪华的财富盛宴。随着9月26日，摩尔线程上会，经过88天等待 的他们已迈出上市的关键一步，开启登陆A股的倒计时。 在"国产GPU第一股"即将诞生的期待中，累计投资摩尔线程上百亿元的红杉中国、深创投、纪源资本、阳光融汇资本、五源资本、洪泰基金、招商局创 投、厚雪资本、腾讯、字节跳动、小马智行、中关村科学城、和而泰、联美控股等，也终于迎来收获期。 "中国英伟达"，要IPO了 让我们回到故事的起点。 2020年6月，为了"打造中国最好的全功能GPU"，张建中与伙伴组建了一支拥有英伟达、微软、英特尔、AMD、ARM等背景的团队，毅然从北京踏上创业 之路。 这是一条充满荆棘的道路。一款芯片从设计 ...

Core Viewpoint - The news highlights the significant market reaction to the upcoming IPO of Moore Threads, which has led to a surge in the stock prices of related concept stocks, indicating strong investor interest and potential wealth creation before the company is even listed [1][3][21]. Company Overview - Moore Threads has achieved a valuation of 31 billion yuan, with founder Zhang Jianzhong's stake valued at nearly 4 billion yuan, reflecting the rapid growth of the company since its establishment in 2020 [3][6]. - The company has attracted investments from top-tier venture capital firms and tech giants, including Sequoia China, Tencent, and ByteDance, indicating strong confidence in its potential to become a leading player in the GPU market [5][6]. Financial Performance - Moore Threads reported revenue growth from less than 50 million yuan in 2022 to over 123 million yuan in 2023, with projections of 438 million yuan for 2024, showcasing impressive growth rates [7][8]. - Despite cumulative losses exceeding 5.2 billion yuan since 2022, with over 4.3 billion yuan allocated to R&D, investor sentiment remains positive, drawing parallels to Nvidia's early financial struggles [9][11]. Market Position and Competition - The company is positioned as a potential "Chinese Nvidia," with a strong focus on GPU architecture and a diverse product line covering AI computing, high-performance computing, and graphics rendering [6][8][26]. - Moore Threads is part of a competitive landscape that includes other domestic GPU companies, collectively referred to as the "Four Little Dragons of Domestic GPUs," which also have strong backgrounds in the semiconductor industry [13][14][15]. IPO and Future Prospects - The upcoming IPO aims to raise 8 billion yuan, marking it as one of the largest fundraising projects of the year, primarily for product development [17][18]. - The successful listing of Moore Threads could lead to a revaluation of other domestic GPU companies, boosting investor confidence and attracting more talent to the industry [20][27][28]. Industry Impact - The IPO of Moore Threads is expected to have a significant impact on the entire domestic chip industry, potentially leading to increased investment, talent acquisition, and overall confidence in the sector [29][30]. - The success of Moore Threads could symbolize a milestone for China's chip industry, demonstrating the capability to develop high-tech products in a challenging market [29][30].

证券研究报告 信用业务周报 如何看待近期科技板块波动加大？ 2025年9月29日 中泰证券研究所 分析师：徐驰 执业证书编号：S0740519080003 分析师：张文宇 执业证书编号：S0740520120003 请务必阅读正文之后的信息披露和重要声明 【市场回顾】 图表：市场表现回顾 2 数据来源：Wind，中泰证券研究所 【市场观察】如何看待近期科技与金融板块回调？ • 一、如何看待近期科技与金融板块回调？ 3 • 上周市场风格延续分化特征，科技板块高切低，周期类资产整体偏弱。在科技板块中，过去三个月涨 幅排名前列的通信行业上周回落，与此同时，前期涨幅相对较小的电力设备上周维持上涨，其中，风 电、光伏表现相对强势。首先，科创板ETF与创业板ETF上周的净赎回有企稳见底迹象，表明仍有相 当部分资金相信科技估值具有上升空间，愿意在震荡中持股待涨。其次，科技龙头股受纳斯达克指数 中期回调拖累表现偏弱，但随着周四起美股反弹，其估值韧性可能逐步显现。第三，周期类板块中， 只有有色金属受黄金、白银上涨趋势带动有较大涨幅，地产、石油石化、化工周度下跌。国家统计局 数据显示，8月份PPI同比下降2.9%，降幅比上月收窄 ...

上 市 公 司 电力设备 买入（首次评级） | 市场数据： | 2025 年 09 月 26 日 | | --- | --- | | 收盘价（元） | 43.81 | | 一年内最高/最低（元） | 47.94/23.18 | | 市净率 | 5.8 | | 股息率%（分红/股价） | 0.55 | | 流通 A 股市值（百万元） | 9,249 | | 上证指数/深证成指 | 3,828.11/13,209.00 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | | --- | --- | --- | | 每股净资产（元） | | 8.96 | | 资产负债率% | | 39.75 | | 总股本/流通 A 股（百万） | 258/211 | | | 流通 B 股/H 股（百万） | | -/- | 一年内股价与大盘对比走势： 09-26 10-26 11-26 12-26 01-26 02-26 03-26 04-26 05-26 06-26 07-26 08-26 09-26 0% 100% 200% 安孚科技 沪深300指数 (收益率 ...

#行情 A股摩尔线程概念再度走强，初灵信息涨超15%，盈趣科技触及涨停，和而泰、中科蓝讯、联美控股等涨幅靠前。外汇交易员 (@myfxtrader):上交所文件显示，摩尔线程智能科技（北京）股份有限公司首发申请成功通过上交所上市审核委员会会议审议。🗒️“国产GPU第一股” https://t.co/DyrsWQSaEo ...

手机闹钟还没响，我就被微信群的连续震动吵醒了。眯着眼摸过手机，群里已经被各种截图和链接刷屏——"月初新规落地，AIGC持证上岗！""北向资金单 日净买入创年内新高""某AI应用ETF净值悄然突破前高"……我揉了揉眼睛，坐起身来，窗外城市的轮廓在晨光中渐渐清晰，而数字世界早已沸腾。 这是我——一个普通科技公司职员——在这个科技浪潮席卷一切的时代里，再寻常不过的一个清晨。 第一章 合规之路：从野蛮生长到持证上岗 月初，我司法务部门的同事格外忙碌。办公室里，他们的工位上堆满了新打印的法规文件，电脑屏幕上密密麻麻标注着重点。午餐时，法务的小张端着餐盘 在我对面坐下，长舒一口气："总算落地了。" 他指的是月初正式实施的《生成式人工智能服务管理暂行办法》。这份被业界称为"AIGC身份证"的新规，明确了生成式AI服务的底线和要求——数据来源 要合法、标注要清晰、内容禁止违法侵权、尊重知识产权。 "以前做AI项目，总有点在灰色地带摸索的感觉。"小张扒拉一口饭，"现在好了，红线划清楚了，哪些能做、怎么做，心里有谱了。" 我司作为一家专注于AI内容生成的中小企业，这几个月为了合规投入了大量精力。数据清洗、算法优化、内容审核系统升 ...

Core Viewpoint - The company, Moer Technology, has successfully passed the IPO review by the Shanghai Stock Exchange, marking a rapid approval process for a domestic GPU leader in less than three months [1][3]. Group 1: Capital Raising and Use of Proceeds - Moer Technology plans to raise 8 billion yuan for the development of next-generation AI training and inference chips, graphics chips, and AI SoC chips [3]. - The company has a diverse shareholder base, including major internet companies like Tencent and ByteDance, as well as top venture capital firms and state-owned funds [3][5]. Group 2: Shareholding Structure - The shareholding structure is characterized by a combination of founder control and diverse capital participation, with founder Zhang Jianzhong holding 11.06% directly and controlling 36.36% of voting rights through various agreements [4]. - Employee stock ownership plans cover 724 employees, accounting for 64% of the total workforce, which is crucial for attracting and retaining top talent in the competitive chip industry [4]. Group 3: Strategic Partnerships and Collaborations - Moer Technology has established business partnerships with several listed companies to build a domestic GPU ecosystem, including collaborations with Weixing Intelligent and Runxin Technology for AI computing and GPU packaging [8]. - The company is also working with various suppliers for high-end components, indicating a strong integration within the industry [8]. Group 4: Financial Performance and Market Outlook - The company has reported cumulative losses of 5.276 billion yuan from 2022 to mid-2025, reflecting the high investment nature of the chip industry [10]. - The IPO is expected to test market recognition of domestic GPU enterprises, with projections indicating that the Chinese AI chip market could reach 13.4 trillion yuan by 2029, positioning Moer Technology to benefit from this growth [10].

据摩尔线程招股书显示，在IPO申请之前，摩尔线程背后就已经站着红杉资本、小马智行、国盛资本、纪源资本、腾讯、联想、海松资本、策源电子基 金、洪泰基金、五源资本、策源资本和谐健康、厚雪资本等数十家知名投资机构，融资金额超百亿元。 按照摩尔线程最后一轮融资情况，52.25亿元对应的7002.8217 万股股份，摩尔线程的投后估值为298.45亿元。在胡润研究院发布的《2025全球独角兽榜》 中，摩尔线程的估值为310亿元。 尤其是在摩尔线程的最后一轮股权变动中，摩尔线程未增发新股，不少机构只能高价向原有股东收购老股。据摩尔线程问询函回复，2025年1月至2月，厚 雪资本、深创投、青岛图灵、久奕投资、温州科信等机构的入股价格已经到了新的高度。 9月26日，国产GPU创业公司摩尔线程通过上交所审核，迈过冲刺科创板上市的关键一步，继续冲刺"国产GPU第一股"。 据悉，摩尔线程科创板IPO申请于2025年6月30日获受理，期间完成两轮问询。自受理至顺利过会，摩尔线程的IPO闯关路还不到3个月。此次IPO，摩尔线 程凭着80亿元的募资计划，拿下科创板今年在审最大IPO。 | | | | | 首页 党建 发行上市 披露 监管 ...

Core Viewpoint - Moer Thread has successfully passed the IPO review meeting and is expected to become the first domestic GPU stock, with the entire process taking less than three months from application to approval [1][3]. Group 1: IPO Process and Market Reaction - Following the IPO approval, Moer Thread needs to submit registration to the China Securities Regulatory Commission and obtain approval for the IPO registration [3]. - The A-share market has seen the emergence of "Moer Thread concept stocks," with over ten listed companies disclosing investments or business collaborations with Moer Thread, leading to significant stock price increases [3]. Group 2: Financial Performance - In the first half of 2025, Moer Thread achieved revenue of 702 million yuan, surpassing the total revenue of 438 million yuan for the entire year of 2024, attributed to increased demand for large model training, inference deployment, and GPU cloud services [4]. - The net loss for the first half of 2025 was 271 million yuan, a decrease of 56.02% year-on-year and 69.07% quarter-on-quarter, with cumulative net losses from 2022 to 2024 totaling approximately 5 billion yuan, showing a trend of decreasing losses [4]. - Moer Thread anticipates achieving consolidated profitability by 2027, with government subsidies contributing to the expected profits [4]. Group 3: Product Lines and Market Position - Moer Thread focuses on full-function GPU development, with product lines categorized into AI computing, graphics acceleration, and intelligent SoC for edge computing [5]. - The company has launched four generations of chips since its establishment in October 2020, with a shift towards AI computing products starting from the "Quyuan" chip in 2023 [5]. - The latest "Pinghu" architecture chip S5000 supports FP8 precision and has a memory bandwidth of 800 GB/s, compared to NVIDIA's H20 chip with 900 GB/s bandwidth [5]. Group 4: AI Computing and Graphics Acceleration Products - AI computing products accounted for 94.85% of revenue in the first half of 2025, up from 77.63% in 2024, with significant sales of AI computing clusters [6]. - The company is negotiating projects worth over 1.7 billion yuan in the AI computing sector, primarily focused on the Pinghu series [6]. - In contrast, the graphics acceleration products are facing challenges, with revenue share dropping to 4.68% in the first half of 2025 from 22.06% in 2024, as the first two generations of graphics GPUs reach the end of their lifecycle [7]. Group 5: Competitive Landscape - Moer Thread faces intense competition in the domestic AI chip market, with NVIDIA, Huawei HiSilicon, and AMD holding market shares of 54.4%, 21.4%, and 15.3% respectively, while Moer Thread's share is below 1% [8]. - The company is experiencing homogenization in the mid-to-low-end market due to increased competition from both domestic and international players, making it difficult to quickly increase market share [9]. - Moer Thread has been placed on the U.S. "Entity List," which has disrupted its supply chain and limited access to advanced manufacturing processes and key components, impacting its production and R&D capabilities [9].

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].