Core Insights - The IPO of Moore Threads, referred to as the "Chinese version of Nvidia," has attracted significant interest from public and private funds, indicating strong market confidence in the domestic GPU industry [2][5][7] Group 1: Fund Participation - A total of 94 public funds participated in the offline allocation of Moore Threads, with 3,670 products collectively acquiring 22.74 million shares, amounting to 2.599 billion yuan [3] - Notable public funds include E Fund, which acquired 3.8418 million shares worth 439 million yuan, and Southern Fund, which secured 3.5132 million shares valued at 401 million yuan [3] - Additionally, 113 private funds participated, with 2,019 products obtaining 501,800 shares, totaling approximately 57.34 million yuan [4] Group 2: Company Background and Potential - Moore Threads, established in 2020, focuses on autonomous GPU development, covering AI computing and digital twin technologies, and has a strong technical team with over 75% of its workforce in R&D [5] - The company has accumulated 514 patents, placing it among the top tier in the domestic industry [5] - The surge in interest from capital markets reflects a broader trend of policy, technology, and demand driving the growth of the domestic GPU sector [5][7] Group 3: Market Outlook - The collective investment in Moore Threads signals confidence in the future of the domestic GPU industry, with expectations of significant advancements in AI computing capabilities [6][7] - Analysts believe that the AI sector, while currently perceived as expensive, holds substantial growth potential, particularly as domestic hardware and talent continue to catch up with international competitors [6]

Core Insights - The article highlights the strong market interest in Moole Technology, which has positioned itself uniquely in the domestic GPU market with its "full-function GPU" strategy, achieving the largest IPO on the Sci-Tech Innovation Board this year with a share price of 114.28 yuan [1][9]. Company Overview - Moole Technology was founded in 2020 by Zhang Jianzhong, a former leader at Nvidia China, with the goal of making full-function GPUs accessible to more users in China [2]. - The company has developed four generations of GPU architecture in less than five years, distinguishing itself from competitors by integrating multiple functionalities such as graphics rendering, AI computing, video processing, and scientific computing into a single chip architecture called MUSA [2][3]. Market Positioning - Moole Technology's full-function GPU is designed to be compatible with the existing global GPU ecosystem, particularly Nvidia's CUDA, which lowers the cost and barriers for users transitioning from Nvidia to Moole's platform [3]. - The company has established a comprehensive product matrix around its four generations of self-developed GPU architecture, focusing on AI computing products, professional graphics acceleration, desktop graphics acceleration, and intelligent SoC products [3]. Industry Trends - The company is strategically positioned to benefit from two major trends: the domestic replacement wave and the explosive demand for AI computing power [4][6]. - The domestic GPU market is experiencing a significant supply-demand mismatch, particularly in the high-end segment, which Moole Technology aims to address with its innovative MUSA architecture [7]. Investment Appeal - The IPO attracted significant attention, with oversubscription rates exceeding 4000 times for online applications and 1572 times for offline applications, indicating strong investor confidence [1][10]. - Following the IPO, Moole Technology's total market capitalization is expected to exceed 53.7 billion yuan, reflecting its potential for growth and valuation in the rapidly expanding GPU market [9][12]. Future Outlook - Moole Technology is positioned as a key player in the domestic GPU sector, with its innovative technology and market strategies aligning with national policies supporting the semiconductor industry [7][13]. - The company is expected to continue growing its revenue and market share, becoming an important investment target in the context of China's digital economy and AI infrastructure development [13].

Core Viewpoint - The company, Moole Technology, is set to launch on the STAR Market and has recently announced significant updates to its Torch-MUSA deep learning framework, showcasing its commitment to rapid development and ecosystem enhancement [1][4]. Group 1: Product Development - Moole Technology has released the Torch-MUSA v2.7.0, which includes over 1,050 operators, enhancing performance and stability for large model training and inference [5][6]. - The new version introduces features such as Dynamic Double Cast and Distributed Checkpoint, further optimizing the system's capabilities [6]. - The company has integrated additional computational acceleration libraries like muSolver and muFFT, significantly improving the efficiency of complex computational tasks [10]. Group 2: Strategic Positioning - The MUSA architecture, developed by Moole Technology, represents a comprehensive GPU computing acceleration system that integrates hardware and software, aiming to replace the dominant NVIDIA and CUDA ecosystems [12][15]. - The company has built a complete software stack for developers, including MUSA SDK and Torch-MUSA, to maximize the performance of its GPUs across various applications [15]. - Moole Technology's IPO process was notably swift, taking only 88 days from acceptance to approval, with an expected fundraising total of 8 billion yuan [17]. Group 3: Strategic Partnerships - Moole Technology has entered into a strategic cooperation agreement with the National Information Center to advance research and development in computing power and contribute to the national integrated computing network [18][20].

Group 1 - China's assets are increasingly recognized as essential for global investors, with a focus on smart allocation strategies rather than the viability of investment [1] - The year 2026 is highlighted as a pivotal moment for overseas capital to reassess and invest in Chinese assets, driven by factors such as declining interest rates and the AI revolution [1] - The Ministry of Industry and Information Technology has launched a plan to enhance the adaptability of supply and demand in consumer goods, aiming for a dynamic balance to stimulate economic growth [2] Group 2 - The technology sector, particularly in areas like AI, semiconductors, and robotics, is experiencing a positive growth trend, with new thematic funds being introduced to cater to investor interests [2][4] - A roadshow in Australia showcased Chinese companies' innovation stories and the potential for high-quality economic development, attracting interest from major investment institutions [3] - The ETF market is expanding rapidly, with new products focusing on innovative sectors being launched and approved, indicating a strong demand for investment in hard technology [4][7] Group 3 - The acquisition of control over Aola by Srypu reflects a trend of consolidation in the analog chip industry, which is seen as necessary for growth and strength in the sector [5] - The GPU market is witnessing significant interest, with institutional investors heavily participating in the subscription process for domestic GPU stocks [6][7] - A surge in mergers and acquisitions among state-owned enterprises indicates a structural shift towards more strategic and synergistic deals, particularly in emerging industries [9] Group 4 - The "human-vehicle-home" ecosystem is rapidly emerging, with major companies like Midea and BYD collaborating to integrate smart technologies across sectors [10]

Group 1 - Dazhong Public (600635) shares rose over 8%, reaching a peak increase of 8.66% at HKD 4.14, with a trading volume of HKD 218 million [1] - The highly anticipated result of the Moer Thread's issuance lottery was announced, with an initial subscription multiple of 4126.49 times, leading to a final winning rate of 0.03635054% after the callback mechanism was activated [1] - Moer Thread's IPO price reached a record high of RMB 114.28 per share, marking the highest issuance record in the A-share IPO market for the year [1] Group 2 - Dazhong Public's main business segments include urban gas, environmental municipal services, and financial investment, with a significant stake in Shenzhen Capital Group [1] - The company directly holds 10.8% of Shenzhen Capital Group's shares, ranking fourth among all shareholders, and its total stake, including indirect holdings, amounts to 13.93% [1] - Shenzhen Capital Group has numerous external investment projects, including notable IPO candidates such as Yushu Technology and Moer Thread [1]

Group 1 - Two new stocks are available for subscription on the Sci-Tech Innovation Board this week, with "Moore Threads," a domestic GPU company, starting its subscription on November 24 at a price of 114.28 yuan per share, the highest this year, requiring a payment of 57,140 yuan for one lot [2][4] - The A-share market is experiencing increased volatility, with the Shanghai Composite Index declining and only 20% of previously high-performing equity funds remaining profitable, while ETFs have attracted significant capital inflows of 100 billion yuan in the fourth quarter [2] - Domestic fuel prices are set to decrease, with gasoline and diesel prices lowered by 70 yuan and 65 yuan per ton respectively, leading to reduced costs for private car owners and logistics companies [2] Group 2 - Lei Jun has personally invested over 100 million Hong Kong dollars to increase his stake in Xiaomi to 23.26%, while the company has repurchased shares worth over 800 million Hong Kong dollars this month, totaling over 2.3 billion Hong Kong dollars for the year [3] - The Japanese tourism industry is under pressure due to a decline in Chinese tourists following tensions in Sino-Japanese relations, with many Chinese travelers shifting to destinations like South Korea and Thailand [3] - Federal Reserve officials have signaled a dovish stance, with expectations for a rate cut in December, positively impacting market sentiment and leading to a rebound in U.S. tech stocks [3] Group 3 - The initial subscription for "Moore Threads" saw an overwhelming response, with a preliminary subscription multiple of 4,126.49 times, resulting in a final winning rate of 0.03635054% after the implementation of a callback mechanism [4] - Discussions around the AI sector's potential bubble have intensified, with industry experts asserting that the AI industry is still in its growth phase, supported by favorable policies [5] - BYD has launched the Han L model with a post-subsidy price range of 194,800 to 264,800 yuan, featuring significant upgrades in technology and design [5]

【导读】"国产GPU第一股"摩尔线程新股，网上发行初步申购超4000倍 中国基金报记者 江右 备受关注的摩尔线程发行中签率结果出炉。网上发行初步的申购倍数达4126.49倍。启动回 拨机制后，网上发行最终中签率为0.03635054%。 摩尔线程是热门新股。此次科创板上市后，将成为"国产GPU第一股"。该股发行价高达 114.28元/股，中一签500股金额达5.71万元。如果新股上市涨1倍可赚超5万元，涨2倍则可 赚超10万元。 "国产GPU第一股"网上初步申购超4000倍 11月24日晚间，摩尔线程新股发行申购情况和中签率披露。根据上交所提供的数据，本次网 上发行有效申购户数为4826579户，有效申购股数为46216647000股，网上发行初步中签 率为0.02423369%。 根据摩尔线程公布的回拨机制，由于本次网上发行初步有效申购倍数约为4126.49倍，超过 100倍，发行人和保荐人（主承销商）决定启动回拨机制，对网下、网上发行的规模进行调 节，将扣除最终战略配售部分后本次公开发行股票数量的10%（向上取整至500股的整数 倍，即560.00万股）从网下回拨到网上。 回拨机制启动后：网下最终发行数量 ...

IPO Review and Registration Progress - Five companies passed the IPO review last week, including振石股份, 易思维, 爱得科技, 通领科技, and 兢强科技, with振石股份 planning to raise approximately 39.81 billion yuan [3][4] - 易思维 focuses on machine vision equipment for automotive manufacturing, reporting revenues of 20.4 million yuan and a net loss of 7.1755 million yuan for the first three quarters of 2025 [4] - Three companies passed the review at the North Exchange, with爱得科技 specializing in orthopedic medical devices, 通领科技 in automotive interior parts, and 兢强科技 in electromagnetic wire [5] Upcoming IPOs - Three companies, 永大股份, 美德乐, and 海菲曼, are set to present their IPO applications this week at the North Exchange [6] - 永大股份 reported revenues of 696 million yuan in 2022, with a projected decline in net profit for 2024 [6] - 美德乐's revenue from products in the new energy battery sector accounts for about 60% of its main business income, with high customer concentration [7] - 海菲曼 expects revenues between 232 million and 266 million yuan for 2025, with a net profit forecast of 70 million to 85 million yuan [7] New IPO Applications - Two IPO applications were accepted last week, with 北斗院 focusing on satellite navigation and space control technologies, and 格林生物 specializing in fragrance products [8][9] - 北斗院's revenue for 2025 is projected at 112 million yuan, with a declining gross margin trend [9] - 格林生物 aims to raise approximately 690 million yuan for various projects, including the production of high-end fragrances [9] New Stock Listings - Four new stocks were listed last week, with 大鹏工业 seeing a significant first-day increase of 1211.11% [11][13] - 海安集团 will officially list on November 25, with a share price of 48 yuan, reporting a revenue decline of 4.77% for the first three quarters of 2025 [12] - Other companies listed include 北矿检测, 恒坤新材, and 南网数字, all showing substantial first-day gains [13] Upcoming New Stock Subscriptions - Two new stocks are scheduled for subscription this week, with 摩尔线程 setting a record IPO price of 114.28 yuan per share [14] - 摩尔线程 expects to raise approximately 7.576 billion yuan, which would be a record for the year in the Sci-Tech Innovation Board [14] - 百奥赛图 anticipates a revenue of 1.351 billion yuan for 2025, reflecting a growth of 37.75% [16]

Core Viewpoint - The IPO of Moore Threads has officially launched with a share price of 114.28 yuan, making it the most expensive new stock of the year, reflecting the booming domestic semiconductor industry and attracting significant investor interest [2][3]. Company Overview - Moore Threads, founded in 2020 by former Nvidia executive Zhang Jianzhong, aims to develop full-featured GPUs for both graphics and AI applications, utilizing its self-developed MUSA architecture [6][12]. - The company has successfully produced five chips and launched four generations of GPU architectures and smart SoC products within five years [6]. IPO Details - The IPO price is set at 114.28 yuan per share, with 70 million shares issued, aiming to raise a total of 8 billion yuan, resulting in a post-IPO market capitalization of approximately 53.7 billion yuan [4][5]. - The pre-IPO valuation nearly doubled, with a subscription demand of 704.06 billion shares, indicating a subscription multiple of 1571.56 times [5]. Investment Background - Moore Threads has attracted a diverse group of 85 shareholders, significantly more than the 32 shareholders of Cambricon during its IPO [7]. - The company has undergone eight rounds of financing and share transfers since its inception, with early investors benefiting from favorable entry prices [7][9]. Financing History - Initial investments began with a valuation of 10 million yuan, with subsequent rounds raising valuations to 240 billion yuan by 2023 [10][11]. - The latest Pre-IPO round in December 2024 valued the company at 246 billion yuan, with participation from 38 investment entities [10]. Market Context - The success of Moore Threads' IPO is seen as a reflection of the growing interest in domestic GPU companies, following the notable performance of Cambricon, which has seen its stock price soar to over 1500 yuan [3][12]. - Other domestic GPU companies are also preparing for IPOs, indicating a competitive and rapidly evolving market landscape [12][13].

Industry Highlights - Changxin Storage launched its latest DDR5 product series with a maximum speed of 8000 Mbps and a maximum chip capacity of 24 Gb, showcasing the competitive technological strength of domestic storage chips [1] - The "first domestic GPU stock" Moer Thread initiated subscription with an issue price of 114.28 yuan per share, aiming to raise a total of 8 billion yuan for the development of new AI chips and graphics chips [1] - The White House is considering approving the export of Nvidia's H200 AI chips to China, with the U.S. Department of Commerce reviewing potential changes to export restrictions [1] Market Dynamics - U.S. stock markets saw collective gains on November 22, with the Nasdaq China Golden Dragon Index rising by 1.23%, following dovish comments from Federal Reserve officials regarding potential interest rate cuts [2] - WTI crude oil futures fell by 1.6% to $58.06 per barrel, influenced by expectations of a possible peace agreement between Russia and Ukraine [2] Stock Market Trends - Hong Kong's Hang Seng Index dropped by 2.38% on November 21, marking a weekly decline of 5.09%, while the Hang Seng Tech Index fell by 3.21% [3] - The Shanghai Composite Index experienced a single-day drop of 2.45%, the second-largest decline of the year, with significant inflows into equity ETFs as investors sought to capitalize on lower prices [3] Corporate Developments - 16 hard technology products received rapid approval, including AI and chip ETFs from various fund companies, indicating a growing interest in technology-focused investments [3] - Huawei is set to launch the Mate 80 series and Mate X7 on November 25, potentially featuring the new Kirin 9030 chip [4] Economic Insights - China's inbound tourism has surged, with a year-on-year increase of over 100% in visitor numbers, particularly from the U.S. and France, indicating a strong recovery in the tourism sector [12] - The Ministry of Industry and Information Technology announced the initiation of commercial trials for satellite IoT services, aiming to enhance market supply and support emerging industries [13]