12月5日，A股三大指数集体下跌，其中沪指下跌0.15%。小盘成长指数活跃，截至10:32，中证1000ETF （159845）探底回升涨0.10%。其他宽基指数中，上证50跌0.04%，沪深300跌0.16%，中证500跌 0.06%。 从个股表现来看，中证1000ETF（159845）前50只权重股中，涨幅靠前的有，应流股份涨5.1%，中钨高 新涨4.13%，惠城环保涨3.58%，东睦股份涨3.39%；然而和而泰、东芯股份表现不佳，分别跌9.36%、 4.46%。 从行业表现来看，中证1000ETF前几大重仓行业中，电子下跌0.52%，电力设备上涨0.47%，医药生物下 跌0.43%，计算机下跌0.06%，机械设备上涨0.93%。 资金面来看，中证1000ETF（159845）近五个交易日资金净流入2.43亿元，近十个交易日净流入2.98亿 元，最新规模达443.45亿元。今日盘中成交额5.01亿元，远超同类指数产品，近一周平均日成交高达8.3 亿元，流动性较好。 政策方面，12月3日，中央金融办副主任王江在《人民日报》发表文章《加快建设金融强国》，强调"加 快建设金融强国是推动高质量发展的必然要求"。一 ...

ICPC主席：首先，非常感谢邀请我们来到这个美丽的园区，这是一个方方面面都非常棒的地方，是一 个广交朋友、一起聚会的好地方。我想对大家表达感谢，给我们提供这样的机会。英语有一个非常好的 词是"together"，能够聚在一起，非常感谢！ 任总：非常感谢ICPC主席、各位教练、各位年轻的世界金牌获得者。我们认为，我们正处在一个快速 变动的时代，希望在年轻人，你们正放射着青春的光芒。你们是年轻人的榜样，时代的希望是寄托在你 们青年人身上的。 练秋湖畔贝壳图书馆漫谈 ◆以下内容引自2025年11月14日华为任正非先生与ICPC主席、教练及获奖选手座谈会纪要 练秋湖畔贝壳图书馆漫谈 ——任总与ICPC主席、教练及获奖选手座谈会纪要 2025年11月14日上午 Veronika Soboleva：大家早上好！首先，非常感谢任总将ICPC的队伍带到练秋湖这么漂亮的园区，非 常荣幸今天能够来到这里。所有参加的成员都代表ICPC，这一年都非常努力，他们来自超过三十多个 国家和地区，有110多人，包括来自世界各地的教练和参赛获胜者。有一些同事是远程参加，有一些是 现场参加，非常高兴来到这里分享我们的想法，聆听您的洞见。非常感谢 ...

12月4日，天眼查融资历程显示，深圳奥维领芯科技有限公司近日获得"Pre-A轮"融资，涉及融资金额超 亿人民币，投资机构为创东方投资，龙岗金控，哇牛资本，富土基金，力合资本，深智城集团，国翼投 资，九派资本。 资料显示，深圳奥维领芯科技有限公司法定代表人为许理，成立于2023年，位于深圳市，是一家以从事 计算机、通信和其他电子设备制造业为主的企业。企业注册资本313.412万人民币，并已于2025年完成 了Pre-A轮，交易金额超亿人民币。 通过天眼查大数据分析，深圳奥维领芯科技有限公司共对外投资了3家企业，知识产权方面有商标信息 11条，专利信息15条，此外企业还拥有行政许可3个。 天眼查信息显示，深圳奥维领芯科技有限公司的股东为：北京奥维芯成企业管理合伙企业（有限合 伙）、北京奥领企业管理合伙企业（有限合伙）、北京奥游企业管理合伙企业（有限合伙）、上海创东 方厚泽创业投资合伙企业（有限合伙）、珠海同丰企业管理咨询合伙企业（有限合伙）。 来源：市场资讯 ...

Core Insights - As of December 4, the total margin financing and securities lending balance on the Beijing Stock Exchange (BSE) was 7.516 billion yuan, a decrease of 9.0086 million yuan from the previous trading day, marking a continuous decline for three consecutive trading days [1] - The stocks with the highest margin financing balances included Jinbo Biological, Shuguang Digital Innovation, and Better Energy, with latest balances of 408 million yuan, 343 million yuan, and 313 million yuan respectively [1] - A total of 143 stocks on the BSE received net margin purchases on December 4, with 24 stocks having net purchases exceeding 1 million yuan, led by Chuangyuan Xinke with a net purchase of 7.9072 million yuan [1][2] Margin Financing Overview - The margin financing balance on December 4 was 7.515 billion yuan, down by 8.9486 million yuan from the previous day [1] - The securities lending balance was 634,100 yuan, a decrease of 60,000 yuan [1] - The average margin financing balance as a percentage of market capitalization for the top stocks was 1.40%, with leading stocks like Chenguang Cable, Audiwei, and Haidaer having ratios of 5.06%, 4.59%, and 4.10% respectively [1] Industry Performance - The industries with the highest concentration of stocks receiving net margin purchases over 1 million yuan were computer, electronics, and power equipment, with 4, 3, and 3 stocks respectively [2] - On December 4, stocks with net margin purchases over 1 million yuan had an average decline of 0.96%, with the top gainers being Sanxie Electric, Chuangyuan Xinke, and Fujida, which increased by 17.59%, 6.84%, and 1.82% respectively [2] - The average turnover rate for stocks with net margin purchases over 1 million yuan was 3.72%, with the highest turnover rates recorded for Sanxie Electric, Gais Food, and Chuangyuan Xinke at 39.13%, 14.54%, and 14.41% respectively [2] Notable Stocks - Stocks with the largest increases in margin financing on December 4 included Chuangyuan Xinke (increase of 7.9072 million yuan), Sanxie Electric (increase of 4.8019 million yuan), and Kaiter Co. (increase of 4.3903 million yuan) [2][3] - Other notable stocks with significant margin financing balances included Better Energy (31.332 billion yuan), Fujida (7.876 billion yuan), and Audiwei (14.560 billion yuan) [2][3]

昂瑞微 主要从事射频前端芯片、射频SoC芯片及其他模拟芯片的研发、设计与销售。公司是国家级专精特新重点"小巨人"企业。公司的下 游终端应用领域主要包括移动智能终端及无线键鼠、智能家居、健康医疗、智慧物流等物联网场景。其中，公司射频前端芯片产品已在荣 耀、三星、vivo、小米、OPPO、联想（moto）、传音、realme等知名品牌终端客户实现规模销售。同时，射频SoC芯片产品已经导入阿 里、拼多多、小米、联想、比亚迪、九号、台铃、汉朔、三诺医疗、凯迪仕、华立科技、惠普等知名客户。 公司2022-2024年营业收入分别为9.230亿元、16.95亿元、21.01亿元；净利润分别为-2.90亿元、-4.5亿元、-6471万元。2025年前三 季度，公司预计营业收入较上年同期减少19.19%至21.57%。公司预计2027年可实现盈亏平衡。 今日有2只新股申购，分别为科创板的昂瑞微，沐曦股份；1只新股上市，为科创板的摩尔线程。 今日申购新股 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；实现归母净利润-18.94亿元、-17.03亿元、-16.18亿元。2025 全年公司预计营业 ...

Core Viewpoint - The newly listed company "Moore Threads" has created significant wealth effects, with both current and former secretaries of the board (known as "Dongmi") becoming billionaires due to their shareholdings following the company's IPO [6]. Group 1: Key Individuals and Their Holdings - Current Secretary - Xue Yansong holds an indirect shareholding of 0.3041%, valued at approximately 163 million RMB based on the company's post-IPO market capitalization of about 53.7 billion RMB [2]. - Former Secretary - Wang Dong holds an indirect shareholding of 4.8894%, valued at approximately 2.626 billion RMB under the same market conditions [2]. - Xue Yansong joined the company over two years ago and has been the financial head for more than a year, while Wang Dong is a co-founder who has been with the company since its inception in 2020 [2][9]. Group 2: Company Background and Market Position - Moore Threads is recognized as a potential "NVIDIA of China," focusing on GPU and related product development, design, and sales [6][29]. - The company has successfully launched four generations of GPU architectures, targeting high-performance computing fields such as AI and digital simulation [29]. - The company operates under a Fabless model, outsourcing manufacturing and assembly processes while focusing on R&D and design [31]. Group 3: Financial Performance and Future Plans - The company reported significant revenue growth, with a compound annual growth rate of 208.44% over the last three years [39]. - The company plans to use the funds raised from its IPO for various R&D projects, including AI training chips and graphics chips, to enhance its competitive position in the market [49][51]. - The company aims to become a leading GPU enterprise with international competitiveness, providing robust AI computing support for digital transformation across various industries [51].

投顾发展 | 投顾晨报 耐心等待低位布局时机 朝闻道 20251205 市场策略 耐心等待低位布局时机 风格策略 藏科技进攻的"锋"，待中盘蓝筹的"时" 行业策略 有色：布局正当时 主题策略 计算机：太空算力未来可期，关注核心收益环节 风险提示 宏观经济增速放缓、关税影响需求与产业链稳定性、原料价格波动、中美关系变化、商业化进展不及预 期。 报告发布日期 2025 年 12 月 05 日 江韶军 执业证书编号：S0860525090001 jiangshaojun@orientsec.com.cn 021-63326320 ⚫ 周一"先扬后抑"的预判得到了市场验证，11 月 21 日的跳空缺口阻力明显，本周 前四个交易日沪指一阳三阴。截至 12 月 4 日，是近半年以来沪指月 K 线首次暂时收 在了 5 日均线下方，需要警惕震荡升级。站在当下，我们认为中期震荡格局未改， 耐心等待低位布局时机。要么以时间验证胜率的提升，要么以空间换来赔率的扩 大。 ⚫ 相关 ETF：现金流 ETF(159276/159399/516460/159235)、科创 100ETF(588220/589980/588190) ⚫ 日历 ...

New IPOs and Stock Offerings - Two new stocks are available for subscription: Angrui Microelectronics (688790.SH) and Muxi Co., Ltd. (688802.SH), with the listing of Moer Thread (688795.SH) [1][17] Angrui Microelectronics Overview - Angrui Microelectronics specializes in RF and analog integrated circuit design and is recognized as a national-level "little giant" enterprise [2] - The company focuses on the research, design, and sales of RF front-end chips, RF SoC chips, and other analog chips [2] - The planned fundraising amount is approximately 10.96 billion yuan, with 53.02% allocated to 5G RF front-end chip and module R&D and industrialization projects [4] Financial Metrics of Angrui Microelectronics - The issue price is set at 83.06 yuan per share, with an institutional offering price of 89.40 yuan per share [3] - The company's projected revenue for 2024 is 21.01 billion yuan, with RF front-end revenue accounting for 17.90 billion yuan [5] - The company ranks among the top three domestic RF front-end manufacturers based on revenue [5] Muxi Co., Ltd. Overview - Muxi Co., Ltd. is a leading domestic enterprise in high-performance general-purpose GPU products, focusing on the development of full-stack high-performance GPU chips and computing platforms [6] - The planned fundraising amount is approximately 24.59 billion yuan, with 63.00% allocated to new high-performance general-purpose GPU R&D and industrialization projects [10] Financial Metrics of Muxi Co., Ltd. - The issue price is set at 104.66 yuan per share, with an institutional offering price of 111.53 yuan per share [8] - The company's revenue structure shows a significant increase in the training and inference series GPU board revenue, which accounted for 97.55% of total revenue in Q1 2023 [13] Moer Thread Overview - Moer Thread is recognized as the "first domestic GPU stock" and aims to provide computing acceleration platforms for AI, digital twins, and high-performance computing [15] - The company has established deep cooperative relationships with operators, cloud service providers, AI companies, and research institutions [21] Financial Metrics of Moer Thread - The issue price is set at 114.28 yuan per share, with an institutional offering price of 121.33 yuan per share [18] - The planned fundraising amount includes 25.10 billion yuan for the new generation of AI training and inference integrated chip R&D project [20]

Group 1 - Sun Cable announced that its major shareholder, Xiangyu Group, plans to reduce its stake by up to 3% of the company's total shares, amounting to a maximum of 21.67 million shares [2][3] - As of the announcement, Xiangyu Group holds 101 million shares, representing 14.04% of the total shares, while its action partner holds 11.99 million shares, accounting for 1.66% [2] - The stock of Sun Cable has experienced a significant increase, achieving a market capitalization of over 6.8 billion yuan [2][5] Group 2 - Haike Xinyuan announced that its shareholder, Haike Xinyuan Asset Management Plan, intends to reduce its holdings by up to 5.57 million shares, which is 2.50% of the total shares, within three months after 15 trading days [3][4] - The shares to be reduced were part of a strategic allocation plan for employees during the company's initial public offering [4] - Haike Xinyuan's stock has seen a remarkable increase of over 400% since the beginning of the year [5] Group 3 - Anji Food reported that its price-to-earnings ratio is significantly higher than that of its industry peers, indicating potential risks of price correction [6] - Junya Technology highlighted that its PCB products, which can be used in humanoid robots, contribute less than 0.05% to its total revenue, suggesting limited impact on current performance [7] - Longzhou Co. warned investors about potential risks due to significant recent price increases and ongoing uncertainties regarding its subsidiary's operations and legal issues [7]

（来源：漫漫投资路） 周一有两只新股申购，为方便阅读先上结论：【沐曦股份给予积极申购、昂瑞微给予积极申购】 （注）：积极申购>建议申购>谨慎申购>放弃申购 风险提示：积极申购也不代表百分百赚钱，放弃申购也不代表就百分百亏钱，观点仅供参考 同时周五有一只可转债申购：普联转债申购，信用级别为A+，根据目前的数据测算申购普联转债预计盈利 概率为99%左右，推荐申购。 一、沐曦股份 科创板上市公司，发行价104.66元，公司尚未盈利，行业平均市盈率58.25倍，公司致力于自主研发全栈高 性能GPU芯片及计算平台，主营业务是研发、设计和销售应用于人工智能训练和推理、通用计算与图形渲 染领域的全栈GPU产品，并围绕 GPU 芯片提供配套的软件栈与计算平台。 公司始终专注于GPU 产品的技术创新和迭代升级，形成了独具优势的 GPU 产品体系和自主开放的软件生 态，持续为云端计算提供高能效、高通用性的算力支撑，推动人工智能赋能千行百业，重点布局了教科 研、金融、交通、能源、医疗健康、大文娱等行业应用场景，已成为推动我国智能算力基础设施自主可控 的重要力量。发行人始终以推动我国智能算力产业链自主可控为己任，长期聚焦和深耕 GP ...