转自：新华财经 新华财经上海12月4日电（林郑宏）国产GPU第一股摩尔线程将于5日在上交所科创板上市。根据此前发 布公告，摩尔线程本次发行价格为114.28元／股，对应发行后市值约为537.15亿元。截至公告披露日， 摩尔线程尚未盈利，因此自上市之日起将纳入科创成长层。 摩尔线程表示，2025年受人工智能蓬勃发展及国产化进程加速的背景影响，公司业绩呈现上升趋势，营 业收入快速增加，公司亏损规模有所收窄。2025年1-6月，公司营业收入为7.02亿元。 摩尔线程预计，2025全年营业收入为12.18亿元至14.98亿元，较2024年同期增长177.79%至241.65%；预 计扣除非经常性损益后归属于母公司股东净利润为-12.38亿元至-8.78亿元，亏损幅度较2024年有所收 窄。 | 发行上市基本信息 | | | | | --- | --- | --- | --- | | 股票代码 | 688802 | 股票简称 | 沐康股份 | | 申购代码 | 787802 | 上市地点 | 上交所科创板 | | 发行价格(元/股) | 104.66 | 友行市密率 | | | 发行咱值(元) | 1.00 | 实际募 ...

公司产品矩阵覆盖从智能计算中心至终端设备以及从服务器级至个人计算机级的各类场景。截至目前， 公司已成功自主研发并量产四代全功能GPU架构，产品在部分性能指标上已接近或超过国际先进水平。 行业方面，公司属于GPU行业。根据弗若斯特沙利文预测，2029年全球GPU市场规模有望由2024年的 1.05万亿元增至3.61万亿元；然而考虑到英伟达、AMD等国外头部厂商仍在境内外GPU市场占据主导地 位，公司实现GPU国产化具备较强战略意义。 随着中国AI下游应用市场的迅速扩张，AI计算加速芯片的市场需求呈现爆炸式增长。过去五年，中国 GPU产业呈现快速增长态势，市场规模从2020年的384.77亿元快速增长到2024年的1638.17亿元。根据弗 若斯特沙利文预测，到2029年，中国的AI芯片市场规模将从2024年的1425.37亿元激增至13367.92亿 元，2025年至2029年期间年均复合增长率为53.7%。从细分市场上看，GPU的市场增长速度最快，其市 场份额预计将从2024年的69.9%上升至2029年的77.3%。 业绩方面，公司2022~2024年分别实现营业收入0.46亿元、1.24亿元、4.38亿元 ...

公司多位高管来自英伟达、AMD等国际巨头，其中实控人张建中先生为前英伟达全球副总裁、曾在英 伟达任职15年之久。在核心团队的带领下，公司自2020年成立以来，始终聚焦自主研发的MUSA架构以 打造差异化竞争优势。 公司产品矩阵覆盖从智能计算中心至终端设备以及从服务器级至个人计算机级的各类场景。截至目前， 公司已成功自主研发并量产四代全功能GPU架构，产品在部分性能指标上已接近或超过国际先进水平。 每经记者｜闫峰峰 每经编辑｜吴永久 各位老铁，近日新股情绪持续高昂，如昨日上市新股中国铀业，即便募资金额较多，但在上市首日依旧 上涨280%，表现非常亮眼。 而明日又将迎来1只明星新股上市，那就是摩尔线程。公司是国内极少数具备全功能GPU量产量销的厂 商，近两年营业收入快速增长，同时公司也是近两年发行价和募资金额最高的科创板新股。如果摩尔线 程在上市首日能达到近10只科创板新股平均涨幅191.48%，那么意味着中一签的投资者将赚超10万元！ 那么，摩尔线程明日上市会是一只10万元肉签吗？ 国内全功能GPU稀缺厂商，营收高速增长 公开资料显示，摩尔线程主要从事GPU及相关产品的研发、设计和销售。公司以自主研发的全功能G ...

·李强主持国务院第十七次专题学习指出新型城镇化是扩大内需和促进产业升级、做强国内大循环的重 要载体 ·两部门印发行动方案促进文旅与民航业融合发展 ·两大GPU龙头IPO新进展：摩尔线程将于12月5日上市沐曦股份发行价格确定 ·12月3日，国务院以"深入推进以人为本的新型城镇化，着力构建城乡融合发展新格局"为主题，进行第 十七次专题学习。国务院总理李强指出，新型城镇化是扩大内需和促进产业升级、做强国内大循环的重 要载体。要因地制宜实施好新型城镇化规划，坚持以规划为引领，进一步优化"人、产、城"布局，并根 据不同城市的情况实施分类指导。要科学有序推进农业转移人口市民化，采取更有力度、更具针对性的 举措，解决好农业转移人口的就业、社保、安居、子女教育等问题。要深入实施城市更新行动，把城市 更新和消除安全隐患、稳楼市等工作结合起来，扎实推进好房子建设和房地产高质量发展。要着力破解 城乡二元结构，推动城乡要素双向流动，加强城乡基础设施联通、产业对接，推进基本公共服务均等 化，促进城乡融合发展。（新华社） 用于投资"新型高性能通用GPU研发及产业化项目""新一代人工智能推理GPU研发及产业化项目"和"面 向前沿领域及新兴 ...

可能有老铁会问，现在热点这么多，跨年行情该怎么布局？作为中长线投资者，我给大家三个实操思 路。第一，抓政策托底的确定性机会。城市更新、稳楼市带来的地产产业链优质企业，还有被富时罗素 纳入的那些经营稳健的蓝筹股，这些公司业绩有支撑、估值在低位，就像压箱底的资产，适合慢慢布 局。第二，盯产业升级的核心赛道。GPU、机器人这些新科技，不用纠结单个公司的短期涨跌，要关注 整个产业链的成熟度，比如GPU的上游材料、机器人的核心零部件，这些领域的隐形冠军才是长期赢 家。第三，借人民币升值的东风。航空、旅游这些直接受益的板块，还有依赖进口原材料的制造业龙 头，都能在汇率升值周期里慢慢兑现利润，不用急着追高，逢回调就是机会。 各位老铁早上好，我是帮主郑重，做了20年财经记者、专盯中长线投资的老炮儿。今天一睁眼，财经圈 的大消息就扎堆来，人民币创14个月新高，GPU两大龙头赶着上市，连铜价锡价都在逆势狂飙，这热闹 背后到底藏着多少真机会？咱们不聊虚的，就用二十年跑产业、看市场的经验，扒一扒能落地的中长线 逻辑。 先说说最扎眼的人民币升值，离岸人民币都冲破7.06了，这可不是小事。记得前几年采访外贸企业时， 老板们总抱怨汇率波动 ...

Group 1: Industry Insights - The Trump administration is reportedly considering an executive order on robotics technology for next year, leading to a positive surge in the U.S. robotics sector, with Tesla rising over 4% [1] - The focus on robotics indicates a strategic move by the U.S. to compete in key areas like AI against other major economies [1] Group 2: Macroeconomic Developments - Premier Li Qiang emphasized the significant potential for new urbanization development, advocating for tailored urban planning and integration with housing market stability [2] - Central Bank Governor Pan Gongsheng highlighted the importance of a scientific and robust monetary policy framework to maintain currency and financial stability, while addressing issues of excessive competition in the financial sector [3] - The U.S. ADP employment report showed a decrease of 32,000 jobs in November, the lowest since March 2023, indicating a weaker job market than expected, which raises the likelihood of a 90% chance for a Fed rate cut [4] Group 3: Market Trends - Copper prices have reached historical highs due to supply shortages and increased demand, with recommendations to focus on companies with strong resource guarantees and environmental standards [9] - The upcoming IPO of GPU leader Moore Threads on December 5 is expected to boost interest in the GPU industry, driven by the rapid growth in AI and data center applications [10] - Joint efforts by two departments to promote the integration of civil aviation and tourism are anticipated to enhance profitability in the sector, with a focus on improving supply and demand dynamics [11]

Core Insights - The participation of bank wealth management subsidiaries in IPO subscriptions is gaining momentum, with notable involvement in the recent listing of domestic GPU company Moer Thread [1][2]. Group 1: Participation in IPOs - Two bank wealth management subsidiaries, Ningyin Wealth Management and Xingyin Wealth Management, successfully participated in the offline allocation for Moer Thread's IPO, with Ningyin receiving approximately 34,400 shares valued at about 3.93 million yuan and Xingyin receiving around 17,900 shares valued at about 2.04 million yuan [1]. - A total of 267 investors participated in the offline subscription for Moer Thread, setting a record for the highest number of participants in a new stock listing on the Sci-Tech Innovation Board this year [2]. Group 2: Factors for Successful Participation - The successful allocation for bank wealth management subsidiaries was attributed to three main factors: compliance with stock base value requirements, precise pricing by the research team, and efficient collaboration among compliance, risk control, and trading departments [2][7]. - The current number of bank wealth management subsidiaries actively engaging in IPO strategies is limited, with only three to four having successfully participated in offline allocations [3]. Group 3: Market Expectations and Challenges - Following the China Securities Regulatory Commission's decision to allow bank wealth management products to be prioritized in IPO allocations, there were high expectations for rapid adoption of A-share IPO strategies among these subsidiaries [4][5]. - Challenges faced by many bank wealth management subsidiaries include meeting stock base value requirements, insufficient research capabilities, and the lack of efficient operational mechanisms [5][6]. Group 4: Operational Mechanisms - Effective operational mechanisms are crucial for timely submission of subscription materials and pricing information within three trading days after the issuance of the prospectus [8]. - Only a few bank wealth management subsidiaries have established the necessary trading systems and operational processes, while most are still working to streamline inter-departmental workflows [8]. Group 5: Future Outlook - Many bank wealth management subsidiaries are accelerating the implementation of A-share IPO strategies, recognizing the potential for differentiation in product returns [9]. - There is an expectation that if these subsidiaries can maintain a high "inclusion rate" in offline allocations, their product yields could exceed the industry average by 1-2 percentage points [8][9].

Market Overview - The market experienced a significant decline with a drop in trading volume, as the total transaction amount in both markets decreased by 14.97% to 0.59 trillion yuan [7] - The main index, the Shanghai Composite Index, closed at 3897.71 points [11] Sector Performance - The lithium battery industry chain led the decline, while sectors such as innovative drugs, GPUs, robotics, photovoltaics, AI applications, semiconductors, and new energy vehicles also saw significant losses [6] - Conversely, themes related to cross-strait integration, pharmaceutical commerce, and consumer electronics showed resilience and performed well [6] Fund Flow Analysis - There was a net outflow of 526.51 billion yuan from main funds, indicating a cautious sentiment among institutional investors [8] - Retail investors showed a net inflow, primarily focusing on short-term themes and low-priced rebound stocks, while avoiding high-valued sectors [8] Investor Sentiment - The sentiment among retail investors was measured at 75.85%, reflecting a cautious approach with a tendency to follow specific stocks rather than indices [9] - The overall positioning showed 29.77% of investors increasing their positions, while 18.67% reduced their holdings, with 51.56% remaining inactive [13]

Core Viewpoint - The A-share market experienced a day of fluctuation and adjustment, with all three major indices closing lower, indicating a cautious market sentiment amid sector-specific performance variations [3][4]. Market Performance - The Shanghai Composite Index fell by 0.42% to 3897.71, the Shenzhen Component Index decreased by 0.68% to 13056.70, and the ChiNext Index dropped by 0.69% to 3071.15 [4]. - The lithium battery industry chain led the decline, while sectors such as pharmaceutical commerce and consumer electronics showed resilience [3][4]. Sector Highlights - Local stocks in Fujian province surged, with companies like Jiarong Technology and Zhaobiao Shares hitting the daily limit up [5][6]. - The aerospace sector was notably active, with Aerospace Development achieving nine consecutive trading limits in 13 days [6][7]. Capital Flow - Main capital inflows were observed in consumer electronics, shipbuilding, and automotive sectors, while significant outflows occurred in computing, securities, and non-ferrous metals [10]. - Specific stocks like Industrial Fulian and New Yisheng saw net inflows of 1.114 billion and 1.077 billion respectively, while ZTE Corporation faced a net outflow of 2.968 billion [11][12]. Analyst Insights - Huaxi Securities anticipates that the A-share market will enter a critical policy observation window in December, potentially increasing market risk appetite [12]. - CICC suggests that the current valuation of the A-share market is relatively reasonable, supported by the AI technology revolution and energy transition, indicating a continued upward trend [12]. - Guangfa Securities highlights December to January as a prime window for positioning in the market, especially for sectors with positive earnings forecasts [13].

IPO Review and Registration Progress - Three companies were reviewed for IPO, with two approvals and one deferral. Yongda Co. faced a deferral, while Meidele and Haifiman received approvals [2][3] - Yongda Co. reported a revenue of 361 million yuan for the first three quarters of 2025, a year-on-year decline of 25.16%, and a net profit of 70 million yuan, down 3.34% [2] - Meidele's revenue from products used in the new energy battery sector accounted for about 60% of its main business income, with a high customer concentration [2] - Haifiman specializes in high-end audio products, facing inquiries regarding its technological advancements and acquisition rationality [3] Upcoming IPOs - Three companies are set to present for IPO this week: Zuxing New Materials, Mirui Technology, and Jintai Co., all targeting the Beijing Stock Exchange [4] - Zuxing New Materials has previously attempted IPOs in 2016 and 2020 but withdrew applications. Its revenue for 2022 to 2024 was 629 million, 690 million, and 707 million yuan, with net profits showing fluctuations [4][5] - Mirui Technology's revenue for the first three quarters of 2025 was 549 million yuan, down 0.95%, with a net profit of 51 million yuan, down 12.93% [6] New Stock Listings - Two new stocks were listed last week: Hai'an Group and Nante Technology, with Nante's first-day increase of 183.03% [13][14] - This week, Jingchuang Electric is scheduled to list, with an issue price of 12.1 yuan per share. For the first three quarters of 2025, it reported a revenue of 403 million yuan, up 9.48% [13] Recent IPO Approvals and Terminations - Two IPO registrations were approved: Zhixin Co. and Qiangyi Co. [10] - Zhixin Co. plans to raise 1.329 billion yuan for production line expansion and working capital, while Qiangyi Co. focuses on semiconductor testing hardware [11] - Two IPO applications were terminated due to voluntary withdrawals, including Mingshan Environmental Energy [12] Upcoming New Stock Subscriptions - Two new stocks are set for subscription this week: Muxi Co. and Angrui Micro, both targeting the Sci-Tech Innovation Board [15] - Muxi Co. aims to raise 3.904 billion yuan for GPU development projects, reporting a revenue of 1.236 billion yuan for the first three quarters of 2025, up 453.52% [15] - Angrui Micro plans to raise 2.067 billion yuan for 5G chip development, with a revenue of 1.335 billion yuan and a net loss of 63 million yuan for the same period [16]