Company Overview - Shengbang Co., Ltd. (300661) has submitted an application for listing on the Hong Kong Stock Exchange, with Huatai International and China International Capital Corporation (CICC) as joint sponsors [1] - The company is a comprehensive analog integrated circuit (IC) firm, offering approximately 6,600 types of analog ICs and sensor products across 36 product categories [1] - The product portfolio is divided into two main areas: signal chain integrated circuits and power management integrated circuits [1] Industry Insights - The products are widely used in various sectors, including industrial, networking, consumer electronics, electric vehicles, data centers, robotics, renewable energy, and next-generation consumer devices [1] - The company employs a "Fabless+" operational model, focusing on circuit design, system innovation, and differentiated analog processes [1] - The Chinese analog integrated circuit market is expected to continue its growth, projected to reach 334.6 billion RMB by 2029 [1]

Core Viewpoint - Guangdong continues to rank first in the national innovation capability evaluation for nine consecutive years, showcasing its strong enterprise innovation and innovation environment, but faces challenges in maintaining its leading position as other provinces catch up [1][3][5]. Group 1: Innovation Performance - Guangdong ranks first in enterprise innovation and innovation environment, second in knowledge creation, fourth in knowledge acquisition, and second in innovation performance [3][5]. - The province's research and development (R&D) expenditure reached 342.664 billion yuan, accounting for 16.34% of the national total, indicating a strong commitment to innovation [5][10]. - Guangdong has a high conversion efficiency from patents to products, with 143,141 invention patents granted and 164,853 invention patent applications, both ranking first in the country [5][10]. Group 2: Economic and Industrial Growth - The advanced manufacturing and high-tech manufacturing sectors in Guangdong are projected to increase their value-added shares to 56.7% and 31.6% respectively by 2024, with significant growth in new energy vehicles and industrial robots [6][10]. - Approximately 77,000 high-tech enterprises form a robust support system for innovation, with private enterprises contributing over 60% of invention patents and 80% of new products [6][10]. Group 3: Strategic Initiatives - Guangdong is focusing on enhancing its innovation ecosystem by investing in high-level technology innovation platforms and improving the research system to support sustainable economic growth [7][10]. - The province aims to solidify its position as a long-term leader by addressing challenges in efficiency and potential, particularly in the context of international trade and technological decoupling [10][12]. Group 4: Talent and Investment - Guangdong has attracted over 1 million college graduates to work in the province, exceeding its initial target, and plans to conduct recruitment events across major universities [11]. - The provincial government has committed to increasing R&D funding, with a focus on basic research, ensuring that at least one-third of provincial financial technology funds are allocated to this area [11]. Group 5: Global Innovation Standing - The "Shenzhen-Hong Kong-Guangzhou" innovation cluster has surpassed the "Tokyo-Yokohama" cluster to become the top global innovation cluster, excelling in PCT patent applications, scientific publications, and venture capital [12]. - The province's advancements in basic research and scientific publications indicate a significant leap in its global innovation capabilities [12].

Core Insights - The news highlights the innovative developments in Shenyang High-tech Industrial Development Zone, showcasing advancements in technology and manufacturing, driven by institutional reforms and service upgrades [1][2] - The economic development zones in Liaoning province are undergoing significant reforms aimed at enhancing efficiency and clarity in management, contributing to high-quality economic growth [2] Group 1: Innovations and Achievements - Chip manufacturer ChipSource has developed a single-wafer cleaning machine for integrated circuit front-end chip processing, breaking foreign technology barriers [1] - New松 Industrial Robots have gained national attention by appearing in major televised events, demonstrating China's manufacturing capabilities [1] - Neusoft's Aurora Smart Radiotherapy System has surpassed international monopolies, achieving advanced global performance [1] Group 2: Economic Development Zones - Liaoning province has 96 economic development zones, including 11 national-level zones, which are pivotal for the province's economic revitalization [2] - In the first half of the year, these economic zones generated a GDP of 5,874 billion, accounting for 37.4% of the province's total [2] - The total import and export volume of these zones reached 2,624 billion, representing 70.9% of the province's total [2] - National-level economic zones contributed significantly, with their GDP, industrial output, and fixed asset investment accounting for 49.3%, 43.8%, and 39.5% of the total for all economic zones, respectively [2] Group 3: Policy and Reform Initiatives - The Liaoning Provincial Department of Commerce initiated a comprehensive reform survey for economic development zones, leading to the issuance of reform opinions aimed at enhancing operational efficiency [2] - The reforms focus on clarifying responsibilities, improving management efficiency, and fostering vitality within the economic zones [2] - The implementation of tailored strategies for each zone is expected to address systemic issues and promote sustainable growth [2]

Core Insights - The Shanghai Stock Exchange (SSE) held a conference focusing on the implementation of the "1+6" policy measures for the Sci-Tech Innovation Board, aiming to enhance the attractiveness and inclusiveness of the capital market [1] - Over 90% of companies listed on the Sci-Tech Innovation Board received support from equity investment institutions before going public, highlighting the collaborative nature of technological innovation involving multiple stakeholders [1] Group 1: Policy and Market Support - The SSE is committed to improving communication with market institutions to better implement the "1+6" policy and foster a favorable capital market ecosystem [1] - The Sci-Tech Innovation Board has supported 589 tech companies with a total IPO fundraising amount exceeding 925.7 billion yuan and refinancing exceeding 226.9 billion yuan, cumulatively supporting over 1 trillion yuan [2] - The board focuses on strategic emerging industries, with over 80% of companies in key technology sectors like integrated circuits and biomedicine, creating a demonstration effect that strengthens related industrial chains [2] Group 2: Recent Developments - The introduction of the "1+6" reform measures has led to the registration of three unprofitable tech companies under the new standards, indicating a more inclusive approach to IPOs [2] - The SSE has seen a notable increase in IPO project efficiency, exemplified by the 88-day process for the IPO application of Moore Threads Technology [2] - Wuhan Heyuan Biotechnology Co., Ltd. is the first company to initiate its issuance under the new standards, marking a significant milestone for the Sci-Tech Innovation Board [3] Group 3: Mergers and Acquisitions - The SSE has optimized its merger and acquisition mechanisms, with over 300 companies issuing Sci-Tech bonds totaling 1.17 trillion yuan since the pilot program began in 2021 [4] - The "Merger Six" policy has led to 111 new major asset merger and acquisition transactions, with a total transaction value exceeding 300.7 billion yuan [4] - Traditional companies are increasingly using mergers to transform and upgrade, with nearly 30 transactions aimed at transitioning from traditional industries to high-tech sectors [4]

该公司的IPO申请于今年6月30日获得受理，回复两轮问询后，便于9月26日过会并提交注册。该公司此 次冲刺科创板，拟融资80亿元。 摩尔线程是国内极少数兼顾图形渲染与AI计算的国产GPU公司，其动态备受市场关注。不过，该公司 也在招股说明书中称，公司与英伟达等国际巨头相比，在综合研发实力、核心技术积累、产品客户生态 等方面仍存在一定的差距。 摩尔线程IPO上会消息此前一度引爆相关概念股行情。对此，市场颇为关心，哪些上市公司参股或者有 合作关系？根据公开消息，和而泰（002402.SZ）、盈趣科技（002925.SZ）直接参股摩尔线程，还有些 上市公司的子公司持股摩尔线程；一些传闻有合作关系的公司则表示，基于保密原因不便透露。 2025.09.28 本文字数：2899，阅读时长大约5分钟 作者 |第一财经 黄思瑜 被称为"中国版英伟达"的摩尔线程智能科技（北京）股份有限公司（下称"摩尔线程"），从提交IPO申 请到过会并提交注册，只用了88天，正向"注册关"冲刺，成为全市场近期最关注的一件事。 与国际龙头仍存差距 摩尔线程成立于2020年6月，主要从事GPU（图形处理器）及相关产品的研发、设计和销售。 此次IP ...

2025.09. 28 本文字数：2899，阅读时长大约5分钟 作者 | 第一财经 黄思瑜 被称为"中国版英伟达"的摩尔线程智能科技（北京）股份有限公司（下称"摩尔线程"），从提交IPO 申请到过会并提交注册，只用了88天，正向"注册关"冲刺，成为全市场近期最关注的一件事。 该公司的IPO申请于今年6月30日获得受理，回复两轮问询后，便于9月26日过会并提交注册。该公司 此次冲刺科创板，拟融资80亿元。 2022 年 至 2024 年 ， 摩 尔 线 程 营 业 收 入 分 别 为 0.46 亿 元 、 1.24 亿 元 、 4.38 亿 元 ， 复 合 增 长 率 为 208.44%；2025年上半年营收为7.02亿元。不过，该公司仍处于亏损状态，2022年度～2024年度和 2025年上半年（报告期），归母净利润分别为亏损18.40亿元、16.73亿元、14.92亿元和2.71亿元。 摩 尔 线 程 预 计 ， 2025 年 1 ～ 9 月 ， 营 业 收 入 在 7.35 亿 元 ～ 7.86 亿 元 区 间 ， 同 比 增 长 164.17% ～ 182.50%；归母净利润亏损6.99亿元～7.33亿 ...

Core Viewpoint - The banking industry in Zibo is actively supporting high-quality economic development through innovative financial services and products, focusing on technology-driven enterprises, green finance, and small and micro enterprises [1][3][15]. Group 1: Financial Support for Innovation and Technology - Zibo has been recognized as a national innovation city, ranking among the top fifty in both innovation index and capability, largely due to the financial sector's support for technology-driven enterprises [3]. - The Zibo Financial Regulatory Bureau has implemented policies to enhance financial support for technology innovation, including the establishment of a database for technology enterprises and the introduction of specialized loan products [3][4]. - As of June 2025, the total balance of technology loans in Zibo exceeded 628.69 billion yuan, reflecting a strong commitment to financing innovation [3]. Group 2: Green Finance Initiatives - Zibo's banking sector is promoting green finance in alignment with national carbon reduction strategies, with green credit balances reaching 853.98 billion yuan by June 2025, an increase of 133.19 billion yuan from the beginning of the year [16]. - Innovative financial products, such as sustainable development-linked loans, are being introduced to encourage companies to adopt environmentally friendly practices [17]. Group 3: Support for Small and Micro Enterprises - The banking industry in Zibo has established a comprehensive financial service system for small and micro enterprises, with a loan balance of 1,085.29 billion yuan as of June 2025, marking a year-on-year increase of 116.29 billion yuan [21]. - The average interest rate for newly issued loans to small and micro enterprises has decreased to 3.79%, indicating a more favorable lending environment [21]. Group 4: Financial Services for Agriculture and Rural Development - The banking sector is actively supporting rural development and agricultural enterprises, with a focus on enhancing credit systems and providing tailored financial solutions [36][40]. - Specific initiatives include the provision of low-interest loans to support agricultural production and the establishment of credit systems in rural areas [36]. Group 5: Digital Transformation in Banking - Zibo's banking institutions are advancing digital transformation strategies, with a reported loan balance for the digital economy reaching 8.6 billion yuan by June 2025, reflecting a growth rate of 26.47% [29]. - The focus on digital finance aims to enhance compliance management and improve customer engagement with digital financial products [29]. Group 6: Comprehensive Financial Services for Elderly Care - Zibo is developing a multi-layered financial support system for elderly care, including specialized loan products and pension account services, with over 552,448 personal pension accounts opened by June 2025 [33]. - Financial institutions are also providing loans to support the construction and operation of elderly care facilities, enhancing the overall quality of services available to the aging population [33].

Core Insights - Guangdong continues to rank first in the national innovation capability for nine consecutive years, showcasing strong performance in enterprise innovation and innovation environment [2][5] - The report indicates a marginal convergence in Guangdong's leading advantage, with a decline in innovation efficiency and growth potential rankings, necessitating a reassessment of its innovation leadership [2][5] Innovation Performance - Guangdong ranks first in enterprise innovation and innovation environment, second in knowledge creation, fourth in knowledge acquisition, and second in innovation performance [2][3] - The province's R&D investment from large-scale industrial enterprises reached 342.66 billion yuan, accounting for 16.34% of the national total, maintaining the top position [3][6] Patent and Product Development - Guangdong leads the nation with 143,141 invention patents granted and 164,853 invention patent applications from large-scale industrial enterprises [3][4] - New product sales revenue in Guangdong reached 5.19 trillion yuan, also the highest in the country, with new products accounting for the third-largest share of operating income [3][4] Manufacturing and Technology - The advanced manufacturing and high-tech manufacturing sectors in Guangdong are projected to increase their value-added shares to 56.7% and 31.6% respectively by 2024 [4] - The province produces 43% of the nation's new energy vehicles, 44% of industrial robots, over 40% of smartphones, and 18% of integrated circuits, indicating a strong industrial cluster [4] Talent and Investment - Guangdong aims to attract over 1 million college graduates by July 2025, with recruitment events planned across major cities [6] - The province's R&D expenditure has reached 510 billion yuan, with a research intensity of 3.6%, leading the nation in several key technology indicators [6] Global Innovation Standing - The "Shenzhen-Hong Kong-Guangzhou" cluster has surpassed the "Tokyo-Yokohama" cluster to become the top global innovation cluster according to the Global Innovation Index [7][8] - This cluster excels in PCT patent applications, scientific publications, and venture capital, indicating a balanced strength across key innovation dimensions [8]

Core Viewpoint - The rapid IPO process of Moore Threads, dubbed the "Chinese version of Nvidia," has garnered significant market attention, with the company aiming to raise 8 billion yuan through its listing on the Sci-Tech Innovation Board [1][2]. Company Overview - Moore Threads was established in June 2020 and focuses on the research, design, and sales of GPUs and related products [2]. - The company has launched four generations of GPU architectures and has developed a product matrix covering AI computing, cloud computing, and personal computing applications [2]. - Despite rapid revenue growth, the company has not yet achieved profitability, with significant net losses reported [3]. Financial Performance - Revenue figures for Moore Threads from 2022 to 2024 are projected at 46 million yuan, 124 million yuan, and 438 million yuan, respectively, reflecting a compound annual growth rate of 208.44% [3]. - The company reported net losses of 1.84 billion yuan, 1.67 billion yuan, and 1.49 billion yuan for the same period, with a loss of 271 million yuan in the first half of 2025 [3]. - For the first nine months of 2025, projected revenue is between 735 million yuan and 786 million yuan, with expected net losses of 699 million yuan to 733 million yuan [3]. Market Position - Moore Threads holds less than 1% market share in its respective segments within the domestic AI computing market, indicating a significant gap compared to international leaders like Nvidia and AMD [5]. - In the domestic AI chip market, Nvidia, Huawei, and AMD hold market shares of 54.4%, 21.4%, and 15.3%, respectively, highlighting the competitive landscape [4]. Investment and Shareholding - The company has a diverse shareholder base, including notable investors such as Sequoia Capital and Tencent, with a total of 86 shareholders [6]. - The actual controller, Zhang Jianzhong, holds a combined 36.36% stake in the company, while the listed company Heertai holds a direct stake of 1.0262% [6]. Collaborations and Partnerships - There are various inquiries regarding partnerships with other companies, with some firms confirming indirect investments or agency relationships with Moore Threads [8][10]. - Companies like ST Huatuo and Yincheng Technology have acknowledged their indirect stakes in Moore Threads, while others have refrained from disclosing specific partnership details due to confidentiality [7][9].

来源：环球网 仪式上，北京大学、清华大学、中国科学院微电子研究所分别与北京集成电路重大项目办公室签署首批 落地项目战略合作协议。会上，以屹唐基金会的名义，向屹唐科技、北方创新中心、东方晶源、盛世基 金、通嘉宏瑞、中科九微等首批捐赠单位授牌，感谢六家企业对基地人才培养公益事业的捐赠。与会嘉 宾共同为基地新学期开学启幕，标志着这一创新实践平台正式投入运行。 开学仪式期间，与会嘉宾还参观了研学中心园区，并实地调研了共建高校院所的产教融合建设成果。 北京市相关委办局、北京经开区工委管委会、在京高校及科研院所有关领导，集成电路企业及协会代 表，高校师生代表等300余人参加开学仪式。 游钧指出，集成电路是中国制造的重要基础和核心支撑，是引领新一轮科技革命和产业革命的关键力 量。北京市高度重视集成电路产业发展，聚焦关键核心技术攻关，构建了高端产业平台与创新生态体 系，探索出一系列卓有成效的"北京模式"。一是坚持系统谋划，深化教育领域综合改革，在全国率先建 立教育科技人才工作领导小组，以产教融合为抓手，推进北京集成电路产教融合基地、北京高校高精尖 创新中心、国家卓越工程师创新研究院"三位一体"建设。二是创新组织模式，建立"大 ...