Core Viewpoint - The company, referred to as "China's version of Nvidia," has successfully completed its initial public offering (IPO) and listed on the Sci-Tech Innovation Board, achieving significant milestones in terms of pricing and fundraising [1][4]. Group 1: IPO Details - The strategic placement of shares has concluded, with all participating investors fulfilling their commitments [1]. - The final results of the strategic placement indicate a total of 14,000,000 shares allocated, representing 20% of the total issuance, with a total fundraising amount of approximately 1.6 billion yuan [2]. Group 2: Investor Participation - Notable investors include CITIC Securities and various asset management companies, with allocations ranging from 0.5% to 6.25% of the total shares issued [2]. - The company has attracted significant interest from institutional investors, with 267 investors submitting valid bids during the offline issuance phase, marking a record for the year [4]. Group 3: Company Overview - The company specializes in the research, design, and sales of GPUs and related products, focusing on high-performance computing applications such as AI and digital twins [3]. - Since its establishment in 2020, the company has launched four generations of GPU architectures, catering to diverse markets including government, enterprise, and consumer sectors [3]. Group 4: Record Achievements - The IPO price was set at 114.28 yuan, making it the highest IPO price on the Sci-Tech Innovation Board and in the A-share market for the year [4]. - The total fundraising target of 8 billion yuan also sets a record for new stock offerings on the Sci-Tech Innovation Board this year [4].

11月25日晚间， 被市场视为 " 中国版英伟达 " 摩尔线程，发布首次公开发行股票并在科创板上市网下初步配售结果及网上中签结果公告。 从发行价来看，摩尔线程发行价为114.28元，若按照网上发行日期统计，为年内科创板发行价最高，亦为年内A股市场新股发行价最高。 从募资规模来看，摩尔线程此番预计募集资金总额为80亿元，这一金额也创下年内科创板新股之最。 公告称，本次发行战略配售的缴款及配售工作已结束，本次发行的参与战略配售的投资者均按承诺参与了本次发行的战略配售。经确认，《发行公告》中披 露参与战略配售的投资者参与本次发行的战略配售有效。本次发行最终战略配售结果如下。中签结果如下。 | 末尾位数 | 中签号码 | | --- | --- | | 末"4"位数 | 5878, 0878, 9856 | | 末"5"位数 | 82351, 62351, 42351, 22351, 02351, 01433 | | 末"6"位数 | 531423, 031423, 735823 | | 末"7"位数 | 7314483, 9814483, 4814483, 2314483 | | 末"8"位数 | 50424341 ...

相比往届，2025年字节跳动奖学金不仅增加了获奖名额，也将奖学金从10万元升级 为20万元，含10万元现金，以及10万元专项学术资源补贴，可用于参加学术会议、 科研差旅等相关支出。此外，字节跳动还为每位获奖学生的导师提供10万元奖励， 以此致敬导师在学子成长与科研道路上的辛勤付出。 颁奖典礼上，字节跳动技术副总裁杨震原对获奖师生表示祝贺，并分享了字节跳动 在技术领域的一些探索历程，鼓励同学们保持耐心和热爱，挑战真正有高度的技术 难题，为社会创造更大价值。 以下为杨震原分享全文。 11月24日，第五届字节跳动奖学金颁奖典礼在北京大钟寺办公区举办。 本届奖学金共吸引了中国和新加坡66所高校的500余名同学报名申请，来自清华、 北大、复旦、人大、华中科技大学、香港大学、新加坡国立大学、南洋理工大学等 高校的20位学子获奖，覆盖大模型、机器学习、多模态、AI Infra、机器人、AI for Science、硬件等领域。 大家好，很高兴在字节技术奖学金，这样一个场合见到大家。我自己是一个技术爱好者，2014 年我加入字节跳动。从最初负责搭建新的推荐系统开始，到现在已经有快12年了。这些年来， 也一路参与了字节很多的技 ...

Core Viewpoint - Moore Threads is planning to raise 800 million yuan through an initial public offering (IPO) on the Shanghai Stock Exchange's Sci-Tech Innovation Board, focusing on the development of AI and graphics chips [1][3]. Group 1: Company Overview - Moore Threads specializes in the research, design, and sales of GPUs and related products, aiming to provide computing acceleration platforms for high-performance computing fields such as AI and digital twins since its establishment in 2020 [2]. - As of June 30, 2025, the company does not have a single shareholder holding more than 30% of its shares, with Zhang Jianzhong being the largest shareholder at 12.73% and controlling 36.36% of the company through various platforms [2]. Group 2: IPO Details - The IPO is set to issue 70 million shares at a price of 114.28 yuan per share, with an expected total fundraising amount of approximately 799.96 million yuan after deducting issuance costs [1][3]. - The funds raised will be allocated to the development of new AI training and inference chips, new graphics chips, new AI SoC chips, and to supplement working capital [3].

重点关注 MSCI中国指数调整将生效 全球知名指数公司MSCI此前宣布了2025年11月份指数审核结果，此次调整将于11月24日收盘后正式生效。 本次调整中，MSCI中国指数新纳入26只中国股票，剔除20只，具体变动标的如下： | 新增 | 剔除 | | --- | --- | | 中国黄金国际 | 中直股份 | | 中国有色矿业 | 北控水务集团 | | 千里科技 | 伯特利 | | 东风集团股份 | 中国光大银行 | | 赣锋锂业 | 华润医药 | | 广发证券 | 东阿阿胶 | | 东阳光 | 广电运通 | | 长川科技 | 海格通信 | | 华虹公司 | 海澜之家 | | 兴业银锡 | 华兰生物 | | --- | --- | | 金力永磁 | 凤凰传媒 | | 金发科技 | 梅花生物 | | 恺英网络 | 南京证券 | | 荣昌生物 | 纳恩达 | | 上海电气 | 欧派家居 | | 协创数据 | 西南证券 | | 生益电子 | 中国民航信息网络 | | 英维克 | 建发股份 | | 长盈精密 | 益丰药房 | | 江波龙 | 金龙鱼 | | 中材科技 | | | 优必选 | | 美国近期起草了一份 ...

Core Viewpoint - Moer Technology has officially announced its IPO on the Sci-Tech Innovation Board, setting the issue price at 114.28 yuan per share, making it the highest-priced new stock of the year and the only stock priced over 100 yuan in 2023 [3][4]. Group 1: IPO Details - The company plans to issue 70 million shares, aiming to raise approximately 7.9996 billion yuan, with a net amount of about 7.576 billion yuan, positioning it as the second-largest IPO in A-shares this year, following Huadian New Energy [3][5]. - The funds raised will primarily be used for the development of next-generation AI training and inference chips, graphics chips, and AI SoC chips, as well as to supplement working capital [3][5]. - The IPO expenses (excluding VAT) amount to 424 million yuan, with CITIC Securities as the sponsor and Ernst & Young Hua Ming as the accounting firm [3][5]. Group 2: Company Overview - Moer Technology is a leading domestic GPU manufacturer, and its listing will mark it as the "first domestic GPU stock" [4]. - The company focuses on the research, design, and sales of GPUs and related products, having launched four generations of GPU architectures since its establishment in 2020 [5]. - Moer Technology has not yet achieved profitability, with revenues of 46 million yuan, 124 million yuan, and 438 million yuan from 2022 to 2024, and net losses of 1.894 billion yuan, 1.703 billion yuan, and 1.618 billion yuan during the same period [5]. - The revenue growth rate from 2022 to 2024 is 208.44%, with significant R&D investments, accounting for 2422.51%, 1076.31%, 309.88%, and 79.33% of total revenue during the respective periods [5].

Core Viewpoint - Moer Technology is set to launch its IPO on November 24, 2023, with a share price of 114.28 yuan, aiming to raise approximately 800 million yuan for various AI and GPU projects [1][2]. Group 1: Company Overview - Moer Technology specializes in the research, design, and sales of GPUs and related products, focusing on high-performance computing areas such as AI and digital twins since its establishment in 2020 [1]. - The company has a projected market capitalization of approximately 53.715 billion yuan upon listing [1]. Group 2: Financial Performance - From 2022 to 2024, Moer Technology's revenue is expected to grow from 46.09 million yuan to 438.46 million yuan, while net losses are projected to decrease from 1.84 billion yuan to 1.49 billion yuan [4]. - For the first three quarters of 2025, the company reported a revenue of 784.60 million yuan, with a net loss of 723.53 million yuan [4][5]. Group 3: Fundraising and Use of Proceeds - The IPO aims to raise 799.96 million yuan, with a net amount expected to be 757.61 million yuan after deducting issuance costs [1]. - The funds will be allocated to the development of next-generation AI training and inference chips, graphics chips, and AI SoC chips, as well as to supplement working capital [2]. Group 4: Shareholding Structure - As of the signing date of the prospectus, there are no single shareholders holding more than 30% of the company, and Zhang Jianzhong is identified as the actual controller with a total shareholding of 36.36% [3].

周四，超微电脑(SMCI.US)股价盘初小幅上涨，盘前一度涨超5%。截至发稿，该股涨超1.6%，报34.27 美元。消息面上，该公司宣布推出最新的AMD Instinct MI350系列GPU优化服务器解决方案，进一步强 化其在高性能计算与AI基础设施领域的产品布局。 超微电脑表示，此次推出的全新系统专为需要AMD Instinct MI355X GPU高端算力、但又必须部署在空 气冷却环境中的企业而设计。相比上一代产品，新款服务器可实现最高4倍的AI训练算力提升，以及高 达35倍的推理性能飞跃，显著增强企业在大型语言模型(LLM)、生成式AI、科学计算等领域的部署能 力。 ...

超微电脑表示，此次推出的全新系统专为需要AMD Instinct MI355X GPU高端算力、但又必须部署在空 气冷却环境中的企业而设计。相比上一代产品，新款服务器可实现最高4倍的AI训练算力提升，以及高 达35倍的推理性能飞跃，显著增强企业在大型语言模型(LLM)、生成式AI、科学计算等领域的部署能 力。 智通财经APP获悉，周四，超微电脑(SMCI.US)股价盘初小幅上涨，盘前一度涨超5%。截至发稿，该股 涨超1.6%，报34.27美元。消息面上，该公司宣布推出最新的AMD Instinct MI350系列GPU优化服务器解 决方案，进一步强化其在高性能计算与AI基础设施领域的产品布局。 ...

Core Viewpoint - The company, Moer Technology, has set its IPO price at 114.28 yuan per share, based on preliminary inquiries and market evaluations, with a total expected fundraising of approximately 80 billion yuan [1][3]. Group 1: IPO Pricing and Valuation - The IPO price corresponds to a price-to-sales (P/S) ratio of 104.26 times based on projected 2024 revenue before the issuance and 122.51 times after the issuance [2]. - The company's market capitalization at the time of listing is estimated to be around 53.715 billion yuan, with projected revenue for 2024 set at 4.38 billion yuan [2]. - The average P/S ratio of comparable companies in the same industry is 111.23, indicating that Moer Technology's IPO price is above the industry average [3]. Group 2: Fundraising and Use of Proceeds - The company aims to raise approximately 79.996 billion yuan through the IPO, with a net amount expected to be around 75.76 billion yuan after deducting issuance costs [3]. - The raised funds will be allocated to the development of new AI training and inference chips, graphics chips, and AI SoC chips, as well as to supplement working capital [4]. Group 3: Research and Development Investment - From 2022 to 2024, the company plans to invest a total of 38.10 billion yuan in research and development, which represents about 626.03% of its cumulative revenue over the last three years [2]. - The company has successfully launched four generations of GPU architectures and aims to provide computing acceleration platforms for high-performance computing fields such as AI and digital twins [3].