Market Trends - A-share Moore Threads concept stocks are trending upwards, with Chuling Information increasing by over 15% and Yinyu Technology hitting the daily limit [1] - Other stocks such as H&T, Zhongke Lanxun, and Lianmei Holdings are also experiencing significant gains [1] Company News - Moore Threads Intelligent Technology (Beijing) Co, Ltd's IPO application has been successfully approved by the Shanghai Stock Exchange Listing Committee [1] - Moore Threads is referred to as the "first domestic GPU stock" [1]

Group 1 - The central bank's monetary policy committee suggests enhancing monetary policy regulation to improve foresight, targeting, and effectiveness [1] - The National Bureau of Statistics reports a 0.9% increase in profits for large-scale industrial enterprises nationwide from January to August 2025 [1] - A work plan for stable growth in the non-ferrous metals industry has been released, with a new round of mineral exploration breakthrough strategic actions to be implemented [1] Group 2 - Four departments will implement export license management for pure electric passenger vehicles, starting in 2026 [1] - The National Medical Products Administration has announced industry standards for medical devices using brain-computer interface technology [1] - The public fund scale has surpassed 36 trillion, setting a new record [1] - GPU leader Moer Thread's IPO has been approved [1]

摩尔线程IPO过会的日子，正好是科创板深化改革"1+6"系列政策落地100天，深刻诠释了资本市场政策 改革对科技创新的精准适配，同时也是制度创新与产业需求的同频共振。 资本市场的加速通道从来不是"快车道"，而是"优才道"。 不仅仅是摩尔线程，只要是"含科量"高的优秀企业，都有机会驶入"优才道"，在上市过程中有望开启加 速度。 政策红利不断，为"摩尔线程们"铺就了加速跑道。聚焦服务新质生产力发展，资本市场融资端改革在持 续深化。"科创十六条"、"科创板八条"、"并购六条"、科创板"1+6"政策等举措，在发行上市、并购重 组等方面持续优化完善。 随之而变的，还有审核的理念以及市场的认知。摩尔线程尚未盈利，但却在冲击科创板的道路上走出了 加速度，归根到底是企业的硬科技"含金量"够足，未来的发展潜力够大。 "唯利润论"的单一评价标准已成为过去式。尚未盈利的硬科技企业同样可能成为未来的资本之星。聚焦 硬科技，而非单纯看盈利，A股估值逻辑正从"短期盈利导向"转向"长期价值导向"。 寒武纪就是最好的例子。上市之初虽尚未盈利，但借助资本市场的力量"养精蓄锐"，经过数年的蛰伏， 业绩终于在今年一鸣惊人，坚守的投资者们收获了超额 ...

Group 1: IPO Developments - Different Group, the parent company of BeBeBus, officially listed on the Hong Kong Stock Exchange on September 23, 2025, under the stock code "6090," becoming the "first stock in maternal and infant consumption technology" [3] - The company, founded in 2018, focuses on designing and selling parenting products, with its first brand, BeBeBus, covering key parenting scenarios such as travel, sleep, feeding, and hygiene care [3] - According to Frost & Sullivan, BeBeBus ranks first among durable parenting product brands targeting mid-to-high-end consumers in China based on 2024 GMV [3] Group 2: Financial Performance of Different Group - Different Group's founder and chairman, Wang Boyan, emphasized the company's commitment to R&D and global market expansion during the listing speech [4] - The stock opened with a rise of over 40% on its debut [4] Group 3: Moer Thread's IPO Approval - Moer Thread's IPO application for the Sci-Tech Innovation Board was approved on September 26, 2025 [5] - Established in 2020, Moer Thread specializes in the research, design, and sales of full-function GPUs and related products, aiming to provide computing acceleration platforms for AI and high-performance computing [5] - The company reported a revenue of 702 million yuan for the first half of 2025, surpassing the total revenue from 2022 to 2024, which was approximately 608 million yuan [5][6] Group 4: Moer Thread's Product Development - Moer Thread has launched four generations of GPU architecture chips from 2021 to 2024, with the latest being the intelligent SoC chip "Changjiang" [6] - The company's products have achieved performance levels close to or on par with international standards, with the MTT S80 graphics card's performance nearing that of NVIDIA's RTX 3060 [6] Group 5: Ji Fei Technology's IPO Submission - Guangzhou Ji Fei Technology Co., Ltd. submitted its IPO prospectus to the Hong Kong Stock Exchange on September 25, 2025, aiming for a main board listing [8] - Ji Fei Technology ranks second globally in the agricultural robot and agricultural drone industries, with market shares of 10.7% and 17.1% respectively [8] - The company reported revenues of 605 million yuan, 614 million yuan, and 1.066 billion yuan from 2022 to 2024, with a revenue increase from 730 million yuan to 745 million yuan in the first half of 2025 [8] Group 6: TOP TOY's IPO Submission - TOP TOY International Group Limited submitted its IPO prospectus to the Hong Kong Stock Exchange on September 26, 2025, with major underwriters including JPMorgan, UBS, and CITIC Securities [11] - Founded in 2020, TOP TOY has become the largest and fastest-growing trendy toy brand in China, achieving a GMV of 2.4 billion yuan in 2024 [11] - The company reported revenues of 679 million yuan, 1.461 billion yuan, and 1.909 billion yuan from 2022 to 2024, with a revenue increase from 858 million yuan to 1.36 billion yuan in the first half of 2025 [11][12] Group 7: You Ai Zhi He's IPO Submission - Hefei You Ai Zhi He Robot Co., Ltd. submitted its IPO prospectus to the Hong Kong Stock Exchange on September 26, 2025, planning to list under Chapter 18C [14] - Established in 2017, You Ai Zhi He focuses on mobile robotic solutions for various industries, ranking first in the industrial mobile robot sector globally based on 2024 revenue [14] - The company reported revenues of 78 million yuan, 108 million yuan, and 255 million yuan from 2022 to 2024, with a revenue increase from 100 million yuan to 127 million yuan in the first half of 2025 [15]

以下文章来源于东方财富Choice数据 ，作者Choice数据 东方财富Choice数据 . Choice数据是东方财富旗下智能金融数据品牌，是国内领先的金融数据服务商。我们致力于为金融投资机构、学术研究机构、政务监管、媒体和专业投资 者提供金融投资领域多场景解决方案，以及更高效、更精准的投资决策依据。 AI摘要 ： 机构称A股处于"混合牛"阶段，中银证券认为将从科技结构牛转向全面牛，信达证券显示居民资金稳步入市。国产GPU企业摩尔线程9月26日上会，机构 看好国产算力芯片因技术突破与替代需求迎来发展机遇。宇树科技拟发1.8米人形机器人，机构称该产业市场空间广阔且规模化进程提速。 1、A股中期向上趋势不变 广发证券 ： A股仍处于弹性窗口 A 股仍处于弹性风格窗口， 国内资金驱动的行情已经启动。居民储蓄搬家入股市会偏好主题投资与符合高质量发展方向的成长 股，建议采用优化版的"杠铃策略"， 适度减少高股息比例，增加杠铃另一端弹性品种的配置比例。 | | | | | 沪深300 Long-only 各风格因子收益率(%) | | | | | | | --- | --- | --- | --- | --- | -- ...

9月26日，上交所官网披露信息显示，摩尔线程智能科技（北京）股份有限公司（以下简称"摩尔线 程"）科创板IPO申请通过上交所上市委会议审议。 有着"中国版英伟达"之称的摩尔线程成功过会，不仅意味着A股"GPU第一股"渐行渐近，更引发了一级 市场的集体欢呼。 摩尔线程成立于2020年6月，截至目前累计融资超百亿元，背后云集了红杉中国、深创投、腾讯、字节 跳动等数十家一级市场知名风投机构，以及和而泰、联美控股等上市公司。 随着摩尔线程即将登陆A股，这些陪伴多年的投资机构都将迎来收获期。 更重要的是，作为一家尚未盈利的企业，其IPO申请顺利受理并过会，向一级市场传递出积极信号—— 未盈利科技企业上市的窗口已逐渐开启。 创始团队堪称"豪华" 率先实现商业化落地 公开资料显示，摩尔线程主要从事全功能GPU相关产品的研发、设计和销售，是国内极少数兼顾图形渲 染与AI计算的国产GPU公司。目前，摩尔线程已成为国内少数能够提供从FP8到FP64全计算精度支持的 GPU厂商之一，也是国内率先推出支持DirectX12图形加速引擎的国产GPU企业。 摩尔线程"中国版英伟达"之称，不仅源于与英伟达相似的技术和产品布局，更得益于其特 ...

前有著名私募经理把追高科技说成"被动配置"，后有"北京大爷送房给倒茶的我"，那些急于证明自己的 人，在这个周末疯狂加戏。牛市，确实热闹，喧嚣中，终于等到了大牛股即将上桌的消息…… 前所未有的呵护 先上图。近期大盘平台震荡，叠加节前效应，引发了部分科技股的调整，赚钱效应退潮明显。不过，考 虑到上证指数从3040点涨到3899点，积累了超28%的涨幅。搁以前，阶段回撤个10%很正常嘛。 但是，央行网站放出消息——用好证券、基金、保险公司互换便利和股票回购增持再贷款，探索常态化 的制度安排，维护资本市场稳定。"用好"后面接的是"探索常态化"和"维护稳定"。 在小二看来，这种呵护简直是明牌了：国庆节后是"十五五规划"窗口，这波平台震荡后，继续冲！ 大牛股即将上桌？ 大牛股？没错。大概率是这个号称"国产GPU第一股"的摩尔线程。 根据豆包大模型的表述： 摩尔线程估值从2024年的255亿元增至2025年的310亿元，投资方包括中国移动、深创投、红杉资本等40 余家机构。 在供应链方面，其与中芯国际、华虹公司合作保障芯片生产自主可控，并与浪潮信息、中科曙光等共建 AI服务器生产线，与统信软件、麒麟软件完成操作系统深度适配 ...

Core Viewpoint - The IPO process for domestic GPU chip companies is accelerating, with Moore Threads and Muxi Co., Ltd. making significant progress despite both companies currently not being profitable. The expected revenue growth in 2024 and the increasing market recognition of their AI computing products are key factors supporting their market entry [1][2][3]. Company Performance - Moore Threads is projected to achieve a significant revenue increase in 2024, with expected revenue of 438 million yuan, while net losses are expected to decrease to 1.492 billion yuan. By the first half of 2025, revenue is anticipated to reach 702 million yuan, a 238.71% year-on-year increase, with net losses improving to 271 million yuan, a 56.02% decrease year-on-year [4][5]. - Muxi Co., Ltd. is expected to see a staggering revenue growth of 1354.9% in 2024, reaching 742 million yuan, although net losses are projected to widen to 1.409 billion yuan [9]. Product Development and Market Strategy - Moore Threads has been iterating its GPU architecture annually, with the latest "Pinghu" chip expected to enhance performance significantly. The company’s revenue structure is shifting towards AI computing products, which are projected to account for nearly 80% of revenue by the first half of 2025 [6][7][8]. - Muxi Co., Ltd. is focusing on expanding its customer base among major internet companies and telecom operators, with significant progress in its AI computing business. The company is actively engaging with key clients and expects to finalize orders in 2025 [15][16]. Industry Trends - The domestic AI chip industry is witnessing a trend towards building an ecosystem, with companies like Moore Threads and Muxi Co., Ltd. contributing significantly to the development of AI computing capabilities. The focus on internet and telecom markets is crucial for the growth of domestic AI chip manufacturers [3][14]. - The establishment of collaborative initiatives, such as the OISA ecosystem, indicates a concerted effort to enhance the interoperability and performance of AI chips, which is essential for the advancement of AI infrastructure in China [19][21].

Group 1 - The Chinese government has issued measures to cultivate innovative digital economy enterprises, aiming to support the development of "gazelle" and "unicorn" companies [2] - The IPO of domestic GPU company Moore Threads has been approved, with a fundraising target of 8 billion yuan for chip research and development [2] - Starting January 1, 2026, China will implement export license management for pure electric passenger vehicles, affecting the conditions and management methods for exporting companies [2] Group 2 - On September 26, the A-share market experienced a decline, influenced by factors such as pre-holiday risk aversion and fund manager portfolio adjustments [3] - Dongxing Medical announced plans to acquire 90% of Wuhan Yijiaobao's equity to expand its business in the surgical medical device sector [3] - An internal report from the Federal Reserve indicates that risks in the U.S. banking system may exceed those seen before the 2008 financial crisis, highlighting vulnerabilities in large banks [3] Group 3 - The cryptocurrency market saw a significant downturn on September 25, with over 140,000 traders facing liquidation due to falling prices [4] - The Bank of Mexico has lowered its benchmark interest rate by 25 basis points to 7.50%, marking the 11th rate cut since the start of its easing cycle in early 2024 [5] - U.S. stock markets rebounded after the August PCE inflation data met expectations, with predictions of two more rate cuts by the Federal Reserve this year [5]

Core Viewpoint - Moer Technology has successfully passed the IPO review process in just 88 days, marking a significant milestone for the company and the domestic GPU industry [1] Group 1: Company Overview - Moer Technology, established in 2020, focuses on developing full-function GPUs aimed at high-performance computing fields such as AI, digital twins, and scientific computing [1] - The company has launched four generations of GPU architectures and has expanded its product matrix to cover AI intelligent computing, cloud computing, and personal intelligent computing applications [1] Group 2: Financial Performance - Since its establishment, Moer Technology has invested over 4.3 billion yuan in R&D, with R&D personnel accounting for over 75% of its workforce [2] - The company's revenue has shown significant growth, with figures of 0.46 million yuan in 2022, 1.24 million yuan in 2023, and 4.38 million yuan in 2024, resulting in a compound annual growth rate of 208.44% [2] - In the first half of 2025, Moer Technology's revenue reached 7.02 million yuan, surpassing the total revenue of the previous three years [2] - The gross margin improved dramatically from -70.08% in 2022 to 70.71% in 2024, with a gross margin of 69.14% reported in the first half of 2025 [2] Group 3: Industry Impact - The successful IPO of Moer Technology is expected to benefit the entire industry chain, including IP suppliers, packaging and testing manufacturers, system integrators, and software companies [1] - The company aims to enhance innovation project R&D investments in response to national strategies for promoting key technology independence and building new computing infrastructure [2] Group 4: Partnerships and Collaborations - Several listed companies have disclosed their shareholding in Moer Technology, indicating a growing interest in the company [3] - Strategic cooperation agreements have been signed with various companies to explore new applications and business models in intelligent computing [3][4]