11月24日新股申购 (共1J | | | 摩尔线程(科创板,688 | | | --- | --- | --- | --- | | 申购代码 | 787795 | | | | 发行价格 | 114.28元 | | 顶格 | | 总市值 | 457.2亿 | | | | 发行市盈率 | 27.06 | | 行业 | | 同业可比公司 | 海光信息 同业公司 动态市盈率 | | | | | 寒武纪 | | | | | 风神股份 | | | | 主营构成 | AI智算: 76.54%; | | | | | 专业图形加速：19.30%； | | | | | 桌面级图形加速：2.45%; | | | | | 其他: 1.71% | | | | | 1、公司是国内极少数具备全功能GPU研发能力β | | | | | 位，公司已成功推出四代GPU架构，并拓展出覆; | | | | 业务及亮点 | 域的计算加速产品矩阵。 | | | --- | --- | --- | | | 2、公司MTT S80显卡的单精度浮点算力性能接近 | | | | S5000产品构建的千卡GPU智算集群效率超过同 | | | | 3、基于自主研 ...

摩尔线程主要从事以全功能GPU为核心的GPU芯片及相关产品的研发、设计和销售。目前，公司已推出 四代GPU架构和智能SoC，能够覆盖AI智算、高性能计算、图形渲染等领域丰富完整的计算加速产品矩 阵，产品实现了"云-边-端"全栈AI产品线的布局。 在辅导摩尔线程上市期间，我们见证了摩尔线程的高速发展，深刻感受到公司坚持创新的发展文化，也 对管理团队坚韧不拔的奋斗精神感到由衷的钦佩。我们非常荣幸能将摩尔线程这样一家优秀的企业推荐 给中国资本市场！作为摩尔线程IPO的保荐人和主承销商，我们将持续督促摩尔线程不断加强公司治理 与信息披露，早日实现盈利，以优异的业绩回报广大投资者。 最后，预祝本次网上路演圆满成功！再次感谢各位投资者对摩尔线程的关注。谢谢大家！ 大家好！ 作为本次发行的保荐人和主承销商，我谨代表中信证券股份有限公司，对所有参与摩尔线程智能科技 （北京）股份有限公司首次公开发行股票并在科创板上市网上投资者交流活动的嘉宾和投资者表示热烈 的欢迎和衷心的感谢！ 尊敬的各位嘉宾、各位网友： ...

Core Insights - The AI computing industry is transitioning into an "application dividend period," driven by the integration of artificial intelligence and high-performance computing, with a projected global market size of $234 billion in 2024 and expected to exceed $2.75 trillion by 2032, reflecting a compound annual growth rate of 36.8% [5][6][10] AI Computing Industry Overview - AI computing (Intelligent Computing) combines AI with high-performance computing, utilizing dedicated hardware and distributed architecture to provide efficient and scalable computing power for AI tasks [2][3] - The industry is characterized by a three-pronged model of "computing power + algorithms + data," which supports complex AI model training and inference, making it a critical infrastructure for the digital economy [2][3] Global and Chinese AI Computing Development - The global AI market is evolving from a "model dividend period" to an "application dividend period," becoming a core engine for the digital economy, with significant advancements in computing power architecture [5][6] - In 2024, the total global computing power is expected to reach 2207 EFLOPS, with intelligent computing power contributing 1610 EFLOPS, marking a year-on-year growth of 63.8% [5][6] - China's total computing power is projected to reach 280 EFLOPS in 2024, with intelligent computing power at 90 EFLOPS, indicating a significant gap between supply and future demand [6][10] AI Computing Industry Chain in China - The AI computing industry chain in China consists of upstream hardware (GPUs, NPUs), midstream service providers (telecom operators, cloud service providers), and downstream application sectors (internet, finance, manufacturing) [8][10] - The market for AI acceleration chips is expected to grow from 17.56 billion yuan in 2020 to 142.54 billion yuan in 2024, with a compound annual growth rate of 68.8% [9][10] Competitive Landscape - Major players in the infrastructure layer include Huawei, which leads in domestic chip production, and Inspur, which dominates the AI server market [10] - Telecom operators and cloud service providers, such as China Telecom, Alibaba Cloud, and Tencent Cloud, are key players in the computing service layer [10] Future Trends in AI Computing Industry - The industry is expected to evolve towards collaborative evolution, with a focus on efficient resource utilization and deep integration with the real economy [11][12] - The emphasis will shift from model performance to creating measurable business value through large-scale applications in key sectors such as manufacturing, finance, and healthcare [13]

公司是深耕粤港澳大湾区的新型"产城生态服务商" 粤港湾控股有限公司是全国地产百强之星，重点聚焦粤港澳大湾区，以大湾区为战略价值高地，发展住 宅及城市更新项目。近年来，公司持续推动从传统地产开发商向"产城生态服务商"的战略转型。2025年 10月23日，公司通过一宗重大并购，将闲置厂房、土地资源转化为高性能智算中心，实现从"物理空间 建造者"向"数字生态运营商"的战略升级。 完成重大资产收购，战略性切入AI与绿能智算赛道 10月23日，粤港湾控股发布公告称已完成对Wisdom Knight Holdings Limited的收购，总价为9.77亿港 元。Wisdom Knight Holdings Limited控制的国内主体(深圳天顿数据科技有限公司)是中国第一梯队智算 建设运营商，国内最早布局国标A级第三方数据中心的企业之一，是"绿能智算"全生命周期服务的供应 商，提供AI智算全生命周期服务。 传统业务成为助推，新业务有望持续放量 智通财经APP获悉，东北证券发布研报称，首予粤港湾控股(01396)"买入"评级，其通过收购成功切入AI 智算赛道，实现从传统地产商向"数字生态运营商"的战略升级。公司借助新业务 ...

Core Viewpoint - The acquisition of Guanglong Integrated Technology Co., Ltd. and Aojian Microelectronics Technology Co., Ltd. by Yintang Zhikong is a strategic move towards transforming into a semiconductor IDM enterprise, highlighting the long-term value beyond short-term capital operations [1] Group 1: Guanglong Integrated Technology - Guanglong Integrated is a leading player in the optical switch market, crucial for AI computing and data center operations, with a strong focus on OCS technology [2][4] - The company has established a comprehensive competitive barrier with a full range of optical switch products, achieving significant technological breakthroughs in OCS core modules [3] - Financially, Guanglong Integrated has shown a clear profit recovery trend, with net profits of 17.46 million yuan in 2023 and 13.99 million yuan in the first eight months of 2025, indicating strong market positioning [4] Group 2: Aojian Microelectronics - Aojian Microelectronics focuses on the critical area of analog chips, particularly power management chips, supported by a strong technical team and backing from major industry players [5] - The company has achieved significant market penetration, with over 100 million units shipped in consumer electronics and successful mass production in telecommunications and medical sectors [5][9] - The growth potential in the power management chip market is substantial, with a projected CAGR of 22% from 2025 to 2028, indicating a strong future for Aojian Microelectronics [9] Group 3: Strategic Synergy and Market Outlook - The acquisition creates a strategic synergy that enhances Yintang Zhikong's long-term value, with complementary technologies and market capabilities between the companies [10] - Both Guanglong Integrated and Aojian Microelectronics operate in high-growth sectors driven by policy and demand, with the OCS market expected to grow significantly, particularly in China [8][9] - The combined strengths of the companies are expected to create a robust semiconductor supply chain, enhancing competitive advantages in the market [11]

Group 1: Semiconductor Industry - The semiconductor industry is experiencing structural opportunities driven by AI demand and domestic substitution, characterized by capacity expansion and supply chain security [1][16]. - Global silicon wafer shipments are expected to reach 12.824 billion square inches in 2025, with a year-on-year growth of 5.4%, and this growth trend is projected to continue until 2028 [16]. - The advanced process capacity (≤7nm) is expected to grow from 850,000 wafers per month in 2024 to 1.4 million wafers per month by 2028, with a compound annual growth rate (CAGR) of 14% [16]. Group 2: AI Computing - AI capital expenditures are surging, with major cloud service providers (CSPs) increasing their investments in AI infrastructure, leading to growth opportunities in PCB, liquid cooling, optical modules, and HVDC [2][48]. - CSPs' capital expenditures are expected to continue rising, with North American companies like Microsoft, Amazon, Google, and Meta showing significant year-on-year increases in their capital spending [48][52]. - The demand for AI computing is driving the need for high-end PCB products, particularly in GPU acceleration cards, with a clear trend towards advanced technologies such as HDI and CoWoP [56]. Group 3: Storage - The storage industry is entering a "super cycle" driven by AI demand, breaking traditional storage cycle models, with prices rising and technological innovations leading the investment narrative [3]. - Despite expectations of a downturn in 2024, the market is rebounding in the first half of 2025 due to high enterprise storage demand from AI servers and strict capacity control by leading manufacturers [3]. - The transition from planar to 3D DRAM technology is becoming crucial, with the 4F² combined with CBA technology expected to increase bit density by approximately 30% [3]. Group 4: Consumer Electronics - The consumer electronics sector is witnessing a significant shift as major companies like Apple and Meta transition from technology layout to market realization, with AI innovations providing macroeconomic momentum for the industry [9]. - The global sales of AI smart glasses surged by 370% year-on-year in Q3 2025, indicating that the industry has entered a high-growth phase [9]. - The market for optical displays and storage components is expected to benefit from the increasing demand for smart glasses and other AI-driven consumer electronics [9].

Core Viewpoint - Donghua Software (002065.SZ) announced a joint investment of RMB 50 million to establish Donghua Mindu, with the company contributing RMB 49.5 million (99% of the registered capital) and its wholly-owned subsidiary, HuanChuang Technology, contributing RMB 0.5 million (1% of the registered capital) [1] Group 1 - The investment aligns with the "Digital Fuzhou" development initiative and aims to enhance the competitiveness of the digital industry cluster in Fuzhou [1] - The establishment of the subsidiary is intended to further improve the company's digitalization and AI intelligent computing business layout [1] - This move is expected to cultivate new business growth points and enhance the company's core competitiveness [1]

Core Viewpoint - The article discusses the recent approval of Moores Threads Intelligent Technology (Beijing) Co., Ltd. for its IPO on the Sci-Tech Innovation Board, highlighting its significant revenue growth and strategic focus on AI computing and GPU development [1][2]. Financial Performance - In the first half of 2025, Moores Threads achieved a 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 [1]. - 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, indicating an improving financial situation [1]. - The company expects to achieve consolidated profitability by 2027, with government subsidies contributing approximately 20 million yuan, 200 million yuan, and 300 million yuan in 2025, 2026, and 2027, respectively [1]. Product Development and Market Position - Moores Threads focuses on full-function GPU development, with product lines including AI computing, graphics acceleration, and intelligent SoC for edge computing [2]. - The latest "Pinghu" architecture chip S5000 supports FP8 precision and has a threefold increase in inter-chip bandwidth to 800 GB/s, with a maximum memory capacity of 80 GB, compared to NVIDIA's H20 chip [2]. - AI computing products accounted for 94.85% of total revenue in the first half of 2025, up from 77.63% in 2024, with cluster and board card sales being the primary revenue sources [3]. Sales and Market Strategy - In 2025, Moores Threads plans to sell five AI computing clusters, with one being the "Pinghu" cluster, generating nearly 400 million yuan in revenue, representing 57% of total revenue for the first half of the year [4]. - The company is negotiating project contracts exceeding 1.7 billion yuan in the AI computing sector, primarily focused on the Pinghu series clusters [4]. - Despite the growth in AI computing, the graphics acceleration segment is facing challenges, with the first-generation "Sudi" GPU nearing the end of its lifecycle and the second-generation "Chunxiao" product facing competition from NVIDIA [5]. Future Outlook - Moores Threads is working on the development of a new generation of graphics chips to address the declining revenue and market share in the graphics acceleration segment [5].

Core Viewpoint - The company, Xiechuang Data, is actively developing its server remanufacturing business, leveraging its technological expertise in storage servers to create a comprehensive recycling and remanufacturing system, which is expected to contribute significantly to its revenue and sustainability efforts [1]. Group 1: Business Development - Xiechuang Data has initiated its server and peripheral remanufacturing business in 2023, establishing a complete technical system that includes server recycling, disassembly, testing, and remanufacturing [1]. - The remanufacturing process involves standardized refurbishment and rigorous testing of retired servers and related products, meeting customer demands for cost-effective hardware while generating stable revenue [1]. Group 2: Financial Performance - As of the first half of 2025, the company's remanufacturing business has achieved revenue of 835 million yuan, accounting for 16.9% of total revenue [1]. Group 3: Industry Impact - The remanufacturing business enhances the operational capabilities of GPU server clusters and creates a synergistic effect with AI computing centers, contributing to improved environmental performance throughout the product lifecycle and supporting sustainable development in the industry [1].

Core Viewpoint - The investment in the startup Moore Threads by Heertai has significantly boosted the company's stock price, with a nearly twofold increase over the year following the investment, highlighting the potential of domestic GPU companies in China [3][25]. Group 1: Investment and Market Performance - Heertai participated in the early investment rounds of Moore Threads, which has now completed its IPO counseling and is expected to become the "first domestic GPU stock" [3][25]. - Moore Threads' stock experienced rapid growth, achieving three consecutive daily limits and prompting a stock price increase of nearly 100% within a year [3]. - The valuation of Moore Threads reached 29.845 billion yuan before its IPO, with 82 shareholders, while Muxi Co. had a valuation of 21.071 billion yuan with 124 shareholders [25]. Group 2: Company Background and Leadership - Moore Threads was founded in June 2020 and quickly became a unicorn, raising tens of billions in its Pre-A round within just a few months [8]. - The founder, Zhang Jianzhong, has a strong background in the GPU industry, having worked at NVIDIA for 14 years, significantly increasing NVIDIA's market share in China [6][7]. - The leadership team of Moore Threads has extensive experience in the GPU sector, with many members previously employed at NVIDIA [12][21]. Group 3: Product Development and Market Strategy - Moore Threads aims to become the "Chinese version of NVIDIA," offering a full range of GPU products for both consumer and enterprise markets [28]. - The company has launched several generations of GPU architecture chips and plans to release its own "CUDA" architecture named "MUSA," which is compatible with NVIDIA's ecosystem [32][36]. - Muxi Co. focuses on AI training and inference, with a product matrix that includes various GPU products for different applications [28]. Group 4: Financial Performance and Projections - Moore Threads reported a compound annual growth rate of 208.44% in revenue from 2022 to 2024, with revenues of 0.46 billion yuan, 1.24 billion yuan, and 4.38 billion yuan respectively [32]. - Muxi Co. expects a revenue increase of 437.36% to 464.23% for the first nine months of the current year and aims to achieve breakeven by 2026 [35]. - Both companies are currently in a high-investment phase, with R&D expense ratios of 310% for Moore Threads and 121% for Muxi Co., indicating they are in a cash-burning stage [39]. Group 5: Market Challenges and Customer Dependency - Both companies face significant challenges in competing with established players like NVIDIA and AMD, with Moore Threads currently holding less than 1% market share in the domestic GPU market [36]. - Moore Threads relies heavily on a few major customers, with the top five contributing 98.29% of its revenue, indicating a high customer concentration risk [37]. - The companies are positioned in a high-demand market for GPUs, particularly in the AI sector, but they must navigate the challenges of high investment and dependency on a limited customer base [39][40].