Core Insights - Two domestic GPU companies in China are making progress towards their IPOs, with Biran Technology aiming for a listing on the Hong Kong Stock Exchange and Muxi Co., Ltd. set to debut on the A-share Sci-Tech Innovation Board [1][2] Group 1: Biran Technology - Biran Technology has completed the overseas listing filing and plans to issue up to 372,458,000 ordinary shares for its IPO in Hong Kong [1] - The company has 57 shareholders who intend to convert a total of 873,272,024 unlisted shares into shares for overseas listing [1] - Biran Technology's valuation reached 14 billion RMB prior to its Hong Kong listing, following a financing round of 1.5 billion RMB led by state-owned institutions [1] Group 2: Muxi Co., Ltd. - Muxi Co., Ltd. will officially list on the A-share Sci-Tech Innovation Board on December 17, becoming the second domestic GPU company to do so [1] - The total share capital after the IPO will be 400.1 million shares, with 40.1 million shares issued at a price of 104.66 RMB per share, resulting in a market capitalization of approximately 41.874 billion RMB [2] - Muxi Co., Ltd. has a projected static price-to-sales ratio of 56.35 for 2024, which is lower than the average for comparable companies [2] - The company is not yet profitable, with expectations to reach breakeven by 2026, and projected revenues for 2025 are between 1.5 billion and 1.98 billion RMB, representing a growth of 101.86% to 166.46% compared to 2024 [2] - The net loss attributable to the parent company is expected to be between 527 million and 763 million RMB for 2025, indicating a reduction in losses of 45.84% to 62.59% compared to 2024 [2]

Core Viewpoint - The announcement by Moer Thread to use up to 7.5 billion yuan of idle fundraising for cash management has sparked significant public backlash, raising questions about the appropriateness of using IPO funds for financial management instead of research and development [2][4][6]. Summary by Sections Company Announcement - On December 12, Moer Thread (688795) announced plans to use no more than 7.5 billion yuan of idle fundraising for cash management, which led to widespread criticism from the market [2]. - The company clarified that the 7.5 billion yuan is a maximum limit for cash management and that the actual amount will be significantly lower. They emphasized that the funds raised have clear project plans for R&D and technology upgrades, with a three-year implementation cycle [4][6]. Market Reaction - Investors expressed disappointment, feeling that the company should focus on R&D rather than financial management, especially given its status as the first "domestic GPU" stock [4][6]. - The market's dissatisfaction stems from a perceived mismatch between investor expectations and the company's actions, particularly in a competitive landscape where rivals like NVIDIA and AMD are heavily investing in R&D [6]. Company Performance - Moer Thread, often referred to as the "Chinese version of NVIDIA," has generated significant investor interest, achieving a record of 88 days from IPO application to approval and a stock price increase of over 600% since its listing [5][6]. - As of December 12, the company's market capitalization reached 383.02 billion yuan, reflecting its strong initial performance [5]. Future Considerations - To regain investor trust, Moer Thread needs to effectively communicate its plans for the use of IPO funds and provide timely updates on project progress [7].

Group 1 - The core viewpoint of the article highlights concerns from investors regarding the company's decision to allocate a significant portion of its raised funds for cash management, which may impact the expected investment in its projects [2] - The company clarified that the 7.5 billion yuan is merely the upper limit for cash management, and the actual amount used will be significantly lower, ensuring that it will not affect the development of its main business and investment projects [2] - The IPO raised approximately 7.576 billion yuan, which is intended for the development of next-generation AI chips and to supplement working capital, with funds to be allocated strictly according to the project plan [2] Group 2 - Since its listing on December 5, the company's stock price experienced a strong surge, reaching a market value of over 440 billion yuan, but subsequently dropped by 13.41% after a risk warning was issued [3] - Financial data indicates that while the company has seen rapid revenue growth in recent years, it has not yet achieved profitability, and its static price-to-sales ratio is significantly higher than the industry average [3] - Analysts suggest that the market's enthusiasm for the company reflects strong expectations for domestic high-performance GPUs as a strategic resource amid global tech competition, although domestic firms still face challenges in technology accumulation and ecosystem development compared to international leaders [3]

Core Insights - The listing of Moer Thread, known as the "first domestic GPU stock," has become one of the most notable capital events in the A-share market by the end of 2025, with its stock price soaring over four times on the first day of trading and a market capitalization reaching approximately 3,800 billion yuan shortly after its issuance [1] Group 1: Strategic Investors - Nine institutions were allocated strategic placement shares, with China Insurance Investment Fund being the largest winner, acquiring approximately 437.52 million shares, accounting for 6.25% of the issuance [3] - Companies with strategic partnerships with Moer Thread, such as Tianyi Capital under China Telecom and Shenzhen Sanqi Network Technology from Meituan, also participated in the strategic placement [3] Group 2: Institutional Participation - The offline placement segment saw significant activity, with 267 offline investors submitting valid bids, resulting in a total effective subscription of 704.06 billion shares and an offline subscription multiple of 1,572 times [5] - Public funds, social security funds, and pension funds accounted for 98.44% of the shares allocated in the offline placement, indicating strong institutional confidence in Moer Thread's technological capabilities and long-term growth potential [5] Group 3: Retail Investor Enthusiasm - The enthusiasm among retail investors was high, with 4.8266 million households participating in the online issuance, leading to an effective subscription multiple of approximately 4,126.49 times [7] - The final winning rate for the online issuance was only 0.0364%, with about 33,600 winning numbers available, highlighting the competitive nature of the subscription process [7] Group 4: Early Investors' Gains - Early investors, such as Century Huatong, have become hidden winners, holding a 7.3121% stake in a private investment fund that owns 19.5887 million shares of Moer Thread, potentially impacting their net profit by 640 million yuan [9] - Another A-share company, Heertai, holds 4.1051 million shares of Moer Thread, with a market value of approximately 3 billion yuan based on the closing price [9] Group 5: Market Outlook - The strong demand for Moer Thread reflects a general optimism regarding the development prospects of the domestic GPU industry, with the company being one of the few that covers both B-end and C-end markets [11] - Moer Thread has achieved rapid revenue growth, with 702 million yuan in revenue for the first half of 2025, surpassing the total revenue of the past three years [13] - The Chinese GPU market is projected to grow to 1,363.578 billion yuan by 2029, driven by the increasing demand for computing power infrastructure due to AI applications [13]

Core Viewpoint - The announcement by Moore Threads to use up to 7.5 billion yuan of idle raised funds for cash management has sparked significant debate on social media, especially given the company's substantial losses exceeding 720 million yuan in the first three quarters of 2025 [1][3]. Group 1: Event Background - On December 12, Moore Threads announced plans to use up to 7.5 billion yuan of idle raised funds for cash management, which quickly became a focal point in the investment community [3]. - Investors expressed concerns that using raised funds for financial management rather than core technology development contradicts the company's strategic positioning as a leading domestic GPU manufacturer [3][5]. Group 2: Company Response - In response to market concerns, Moore Threads clarified that the 7.5 billion yuan is a maximum limit for cash management, not the actual amount to be invested, which will be significantly lower [5][6]. - The company emphasized that its funding plan is clear and that cash management will not affect its core business or research and development efforts [5][6]. Group 3: Investment Direction - Moore Threads plans to invest in low-risk, high-liquidity, and capital-protected financial products, including various types of deposits and conservative financial products [8]. - The company has stated that cash management investments will not include stocks or derivatives, and there will be dedicated personnel to monitor these investments [8]. Group 4: Market Performance - Moore Threads' stock price surged over 600% from its initial offering price, reaching 814.88 yuan per share, with a total market capitalization of 383 billion yuan [9]. - Despite the strong stock performance, the company reported a net loss of 724 million yuan for the first three quarters of 2025, with an expected full-year loss between 730 million yuan and 1.168 billion yuan [9][10]. Group 5: Latest Developments - Moore Threads is set to hold its first MUSA Developer Conference on December 19-20, where the CEO will present the new GPU architecture and the company's future vision [12]. - The conference aims to strengthen the developer ecosystem and accelerate the commercialization of domestic GPUs in various applications [12]. Group 6: Industry Benchmark - The practice of using idle raised funds for cash management is not unique to Moore Threads and is common among listed companies, especially during the initial phases of project implementation [14]. - This approach is seen as a way to enhance fund efficiency and increase company returns while ensuring project progress and fund safety [14].

港股通50ETF（159712）跟踪的是港股通50指数（930931），该指数从港股通范围内选取市值最大的50 家上市公司证券作为指数样本，以大市值龙头企业为主，覆盖新经济与传统经济领域。行业配置上侧重 金融、非必需性消费及资讯科技等行业，兼具高成长性与低估值特性，旨在反映港股通大市值上市公司 证券的整体表现。 中泰证券指出，港股市场受到多重利好因素提振，科技板块表现突出，百度因人工智能业务计划赴港 IPO而大涨，显示出市场对科技板块的信心。国产GPU企业上市首日大涨超400%，AI手机概念持续火 热，反映出市场对AI产业前景的积极预期。在全球流动性预期宽松和内地经济基本面改善的支撑下， 短期内港股有望延续结构性上涨态势，科技股特别是具备创新能力和增长潜力的公司将继续受到关注。 （文章来源：每日经济新闻） ...

#摩尔线程走弱#【A股开盘｜沪指跌0.1% 有色金属普涨】三大股指开盘涨跌不一，沪指跌0.1%，深成 指涨0.21%，创业板指涨0.29%。摩尔线程、电商、GPU、CPO、6G概念股走弱；有色金属行业普涨， 锂矿、黄金涨幅居前。（第一财经） ...

09:34 摩尔线程跌超15% 摩尔线程早盘大幅走低，盘中跌超15%，股价回落至800元下方。 09:33零售板块短线走低，东百集团、永辉超市跌停，中百集团、三江购物、美凯龙、广百股份、国光 连锁等跟跌。 09:32北证50指数跌幅扩大至1%，现报1427.92点。 09:25港股黄金股走强，紫金矿业涨超3%，灵宝黄金涨3.23%，中国白银集团涨2.90%。 09:25 A股开盘丨三大指数涨跌不一 2025.12.12 本文字数：561，阅读时长大约1分钟 作者 |一财阿驴 09:22 港股开盘丨恒生指数高开0.9% 恒生指数高开0.9%，恒生科技指数涨1.02%。紫金矿业、京东健康涨逾3%，蔚来涨逾2%。 | HSTECH | 恒生科技 | mi | 56.56 | 1.02% | | --- | --- | --- | --- | --- | | મટા | 恒生指数 | ma | 230.90 | 0.90% | PS：家人们！ 沪指低开0.10%，深成指高开0.21%，创业板指高开0.29%。 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | ...

Market Performance - The A-share market showed mixed performance with the Shanghai Composite Index down by 0.1% at 3869.41 points, while the Shenzhen Component Index rose by 0.21% to 13174.45 points, and the ChiNext Index increased by 0.29% to 3172.73 points [1] Sector Performance - The sectors that weakened included Moer Thread, e-commerce, GPU, CPO, 6G, and cross-strait integration concept stocks. In contrast, the non-ferrous metals industry saw a general increase, with lithium and gold leading the gains [1] Stock Movement - According to Wind statistics, there were 2156 stocks that rose, 2378 stocks that fell, and 919 stocks that remained flat across the two markets and the Beijing Stock Exchange [2] Monetary Policy - The central bank conducted a 120.5 billion yuan 7-day reverse repurchase operation with an interest rate of 1.4%. On the same day, 139.8 billion yuan in reverse repos matured, resulting in a net withdrawal of 19.3 billion yuan [2] Margin Trading - The margin trading balance in the two markets decreased by 6.394 billion yuan, totaling 248.2437 billion yuan [2] Currency Exchange - The central parity rate of the RMB against the USD was reported at 7.0638, an increase of 48 basis points [3]

| 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | VV | 3869.41 | -3.90 | -0.10% | | 399001 | 深证成指 | M | 13174.45 | 27.06 | 0.21% | | 399006 | 创业板指 | | 3172.73 | 9.06 | 0.29% | 盘面上，电商、GPU、CPO、6G、两岸融合概念股走弱；有色金属行业普涨，锂矿、黄金涨幅居前。 盘面上，电商、GPU、CPO、6G、两岸融合概念股走弱；有色金属行业普涨，锂矿、黄金涨幅居前。 09:25 A股开盘丨三大指数涨跌不一 沪指低开0.10%，深成指高开0.21%，创业板指高开0.29%。 | HSTECH 恒生科技 | | 1 | 5591.15c | 56.56 | 1.02% | | --- | --- | --- | --- | --- | --- | | Hટા | 恒生指数 | WN | 25761.41 c | 230.90 | 0.90% | 09:21 央行开 ...