New IPOs This Week - This week, two new stocks are scheduled for subscription: Moer Thread (688795) and Baiaosaitu (688796) [1][3] - Moer Thread focuses on the research, design, and sales of GPUs and related products, being one of the few companies in China with full GPU development capabilities [1][4] - The subscription price for Moer Thread is set at 114.28 CNY per share, making it the most expensive new stock this year [1][4] - Baiaosaitu, established in 2009, is a preclinical CRO and biopharmaceutical company specializing in gene editing technology [6][7] Company Profiles - Moer Thread was founded in 2020 and has developed a proprietary MUSA architecture to create differentiated competitive advantages in the GPU market [5] - The company has launched four generations of GPU architectures and aims to provide computing acceleration platforms for AI, digital transformation, and scientific computing [4][5] - Baiaosaitu has completed approximately 5,300 gene editing projects and developed over 4,300 gene-edited models, focusing on various diseases [7] Market Position and Comparisons - Moer Thread's revenue scale is below the average of comparable companies, which have an average revenue of 2.887 billion CNY for 2024, while its gross profit margin is in the mid-to-high range compared to peers [5] - Baiaosaitu's revenue scale is also below the average of its comparable companies, which have an average revenue of 1.35 billion CNY for 2024, with a gross profit margin of 59.07% [7] Upcoming Listings - Hai'an Group (001233) is set to be listed this week, recognized as one of the few companies globally capable of mass-producing all-steel giant tires [8]

从今年6月IPO获受理，到如今上市在即，摩尔线程（688795）的IPO速度创下了科创板年内新股第一。根据安排，11月24日，摩尔线程将正式启动申购，这 也意味A股将迎来"国产GPU第一股"。伴随着摩尔线程上市，公司也创下了五项第一，除了上市速度以及"国产GPU第一股"之外，公司还以114.28元/股的发 行价成为年内最贵新股，4.24亿元的发行费用系年内新股第一，约80亿元的募资总额位列科创板新股第一。另外，摩尔线程的鸣锣上市，也让其创始人张建 中及深创投、红杉资本、国盛资本等知名投资机构迎来了一场资本狂欢。 | 发行人基本情况 | | | | | | --- | --- | --- | --- | --- | | 公司全称 | 摩尔线程智能科技(北 | 证券简称 | 摩尔线程 | | | 京） 股份有限公司 | | | | | | 证券代码/网下申购代 | 688795 | 网上申购代码 | 787795 | | | 码 | | | | | | 网下申购简称 | 摩尔线程 | 网上申购简称 | 摩尔申购 | | | 本次发行基本情况 | | | | | | 定价方式 | 网下初步询价确定发 行价格,网下不 ...

Group 1: Economic Events and Data Releases - The U.S. Labor Department will release the September PPI on November 25, and the third quarter GDP revision along with personal income, spending, and PCE price index will be published on November 26 [9][10] - China's October industrial enterprise profits increased by 21.6% year-on-year, and the official manufacturing PMI for November is expected to be 49 [11] - The U.S. economy is projected to grow over 3.0% in the current quarter, driven by consumer spending, with no significant acceleration expected in the PCE price index [10] Group 2: Corporate Earnings Reports - Key earnings reports are anticipated from Alibaba, Meituan, Li Auto, NIO, and Pony.ai, with Alibaba's report scheduled for November 28 and Meituan's for November 29 [6][7] - Newly listed companies such as Pony.ai and WeRide, along with Dell, HP, Chow Tai Fook, and Bosideng, are also set to release their earnings [7] Group 3: Major Corporate Events - Huawei is set to hold a product launch event on November 25, where the Mate 80 series and new Kirin chips are expected to be unveiled [16][17] - The first domestic GPU stock, Moore Threads, will be available for subscription on November 24, with an issue price of 114.28 yuan per share, marking the highest issue price of the year [18] Group 4: Political and Regulatory Developments - Trump plans to sign an AI policy called the "Genesis Mission" at the White House, which may involve increased collaboration between national laboratories and the private sector [14][15] - Trump has set November 27 as the deadline for Ukraine to accept the U.S. "28-point plan" for peace, which includes commitments from Ukraine regarding NATO [12][13] Group 5: Market Sentiment and Predictions - Michael Burry has indicated that major tech companies are underestimating depreciation, leading to inflated profits, with details to be disclosed on November 25 [19][20]

Core Viewpoint - Jinli Permanent Magnet (300748.SZ) has indirectly participated in investments in 71 high-tech enterprises through the Chengdu Jiaozi Venture Capital Fund, focusing on sectors such as GPUs, chips, semiconductors, new energy vehicles, and robotics, indicating potential for future collaborations with downstream companies [1] Group 1: Investment Activities - Jinli Permanent Magnet acquired a 1% stake in the Chengdu Jiaozi Venture Capital Fund through its wholly-owned subsidiary, Jinli Permanent Magnet (Ningbo) Investment Co., Ltd, becoming a limited partner in the fund, which holds a 0.71% stake in the leading domestic GPU company, Muxi Integrated [1] - Jinli Permanent Magnet has a direct 2.84% shareholding from Goldwind Technology (002202.SZ), which previously facilitated Jinli's wind power supply chain and accounted for over 40% of its revenue from related transactions between 2015 and 2017 [1] Group 2: Strategic Partnerships - The ongoing strategic partnership between Jinli Permanent Magnet and Goldwind Technology is expected to provide critical support for Jinli's wind power business in the long term [1]

Group 1 - The Chinese government is focused on enhancing foreign trade quality and efficiency, aiming to build a unified national market and support high-quality manufacturing development [1] - The U.S. non-farm payrolls increased by 119,000 in September, surpassing expectations, while the unemployment rate rose to 4.4% [2] - Guangdong province plans to establish a digital economy innovation development pilot zone, targeting an AI core industry scale exceeding 440 billion yuan by 2027 [3] Group 2 - Moer Technology, the first domestic GPU company, plans to issue 70 million shares at a price of 114.28 yuan per share, aiming to raise 8 billion yuan [4] - The Netherlands has suspended administrative orders against Nexperia, with China's Ministry of Commerce urging for a complete resolution to semiconductor supply chain issues [5] - China's Ministry of Commerce warned of potential economic countermeasures against Japan if it continues its current stance on Taiwan-related issues [6] Group 3 - Japan's long-term government bonds have seen significant yield increases, raising concerns about potential impacts on global liquidity [7] - The China Chemical and Physical Power Industry Association plans to set a cost red line for lithium iron phosphate pricing to prevent price dumping [9] - The semiconductor industry is expected to face a DRAM shortage until 2027, leading to upward adjustments in target prices for global storage giants [15]

Group 1 - The core point of the news is that the domestic GPU unicorn, Muxi Co., Ltd., has received approval for its IPO registration on the Sci-Tech Innovation Board [2] - An investor inquired about the shareholding of Qipilang (Seven Wolves) in Muxi Co., Ltd., to which the company responded that it does not hold any shares in Muxi Co., Ltd. [2]

Report Industry Investment Rating No relevant information provided. Core Viewpoints - Through macro - fundamental and technical analysis, the report predicts the trend of various futures contracts on November 18, 2025, including the weak - side shock of stock index futures, the wide - range shock of ten - year and thirty - year treasury bond futures, the weak - side shock of precious metal and base metal futures, and the strong - side shock of some energy and agricultural product futures [2][3]. - The report also provides macro - economic information and recent price trends of related commodities, which may have an impact on futures prices [8][10]. Summary by Relevant Catalogs Futures Market Outlook - **Stock Index Futures**: IF2512, IH2512, IC2512, and IM2512 are expected to have a weak - side shock on November 18, 2025, with specific resistance and support levels provided [2]. - **Treasury Bond Futures**: The ten - year T2512 and thirty - year TL2512 are expected to have a wide - range shock on November 18, 2025, with corresponding resistance and support levels [2]. - **Precious Metal Futures**: Gold (AU2512) and silver (AG2602) futures are expected to have a weak - side shock on November 18, 2025, and will test support levels [2][3]. - **Base Metal Futures**: Copper (CU2512), aluminum (AL2601), alumina (AO2601), and others are expected to have a weak - side shock on November 18, 2025, with support and resistance levels given [2][3]. - **Energy Futures**: Crude oil (SC2601) and fuel oil (FU2601) are expected to have a strong - side shock on November 18, 2025, and will attack resistance levels [3][5]. - **Agricultural Product Futures**: PTA (TA601), natural rubber (RU2601), and bean meal (M2601) are expected to have a strong - side shock on November 18, 2025, while PVC (V2601) and methanol (MA601) are expected to have a weak - side shock [3][7]. Macro - Information and Trading Tips - China - Germany high - level financial and economic dialogue promotes financial infrastructure connectivity [8]. - China protests against Japan's wrong remarks on Taiwan, and Premier Li Qiang has no arrangement to meet Japanese leaders during the G20 Summit [8]. - From January to October this year, China's national fiscal revenue was 18.65 trillion yuan, a year - on - year increase of 0.8%, and fiscal expenditure was 22.58 trillion yuan, a year - on - year increase of 2% [8]. - In October, the bank settlement and sales surplus was 177 billion US dollars, and cross - border capital inflows increased [9]. - China conducts a final review of anti - dumping and counter -vailing measures on imported n - propanol from the US [9]. - Fed officials have different views on interest rate cuts and economic trends [9]. - Japan's Q3 GDP contracted by 0.4% quarter - on - quarter, and the eurozone economy is expected to expand faster [10]. Commodity Futures Information - On November 17, most lithium carbonate futures contracts hit the daily limit, and the price may break through 150,000 - 200,000 yuan/ton in 2026 if demand grows strongly [10]. - On November 17, international precious metal futures generally fell, and oil futures also declined, with institutions predicting lower oil prices in 2026 [11][12]. - Indonesia plans to impose an export tax on gold products, and India signs a long - term LPG purchase contract with the US [13]. Futures Market Analysis and Outlook - **Stock Index Futures**: On November 17, most stock index futures contracts showed a downward trend, with increased short - term downward pressure [15][16]. - **Treasury Bond Futures**: On November 17, treasury bond futures closed higher, and the ten - year and thirty - year contracts are expected to have a wide - range shock on November 18 [36][40]. - **Precious Metal Futures**: On November 17, gold and silver futures contracts declined, with increased short - term downward pressure, but are expected to have a strong - side wide - range shock in November [43][49]. - **Base Metal Futures**: On November 17, copper, aluminum, and other base metal futures contracts showed a downward trend, with increased short - term downward pressure, and are expected to have a weak - side shock on November 18 [53][58]. - **Lithium Carbonate Futures**: On November 17, the lithium carbonate futures contract LC2601 hit the daily limit, and is expected to have a strong - side shock in November [65][66]. - **Building Material Futures**: On November 17, glass and soda ash futures contracts showed a downward trend, and are expected to have a weak - side shock in November [89][93]. - **Energy Futures**: On November 17, crude oil and fuel oil futures contracts showed a downward trend, and are expected to have a strong - side shock on November 18 [98][103]. - **Agricultural Product Futures**: On November 17, PTA, PVC, and methanol futures contracts showed a downward trend, while natural rubber and bean meal futures contracts showed an upward trend, and their trends on November 18 are predicted accordingly [104][111].

Group 1: IPO and Market Activity - Moer Technology plans to publicly issue 70 million shares, with the initial inquiry date set for November 19 and subscription date for November 24 [2] - Muxi Co. has received approval from the China Securities Regulatory Commission for its IPO registration on November 12 [2] - JD.com's third-quarter revenue reached 299.1 billion yuan, marking a 14.9% year-on-year increase, with service revenue growing by 30.8% [3] Group 2: Corporate Transactions and Strategies - Lideman intends to acquire 70% equity of Xiansheng Xiangrui for 1.733 billion yuan, which will grant it controlling interest [3] - Several silicon wafer companies have united to raise prices, with 183N and 210R silicon wafers adjusted to 1.3 yuan per piece [3] - Tencent's third-quarter revenue increased to 192.87 billion yuan, a 15% year-on-year growth, driven by AI, overseas expansion, and sustainable strategies [3] Group 3: Industry Trends and Insights - The lithium hexafluorophosphate market is experiencing price fluctuations due to supply-demand mismatches, with some manufacturers halting external quotes [4] - Foreign capital is increasingly researching A-share companies, indicating a growing interest in Chinese assets [4] - The non-ferrous metals sector is expected to strengthen, with institutions predicting a price increase driven by new demands from AI, electricity, and renewable energy [4] Group 4: Economic Indicators and Policies - The social financing scale stock increased by 8.5% year-on-year as of the end of October, with abundant funding supply [9] - The consumer price index (CPI) turned from decline to increase in October, rising by 0.2% year-on-year [6] - The government aims to establish a multi-level renewable energy consumption and regulation system by 2030 to support high-quality energy integration [10]

Group 1 - The stock of Lianmei Holdings, a leading company in the clean heating sector, reached its daily limit due to the news of Moer Thread's IPO application on the Sci-Tech Innovation Board [1] - Lianmei Holdings focuses on clean heating and high-speed rail digital media, utilizing national-level demonstration technologies to create an efficient energy service system [2] - The company has subsidiaries recognized as national high-tech enterprises, and its self-developed smart heating platform significantly reduces labor demand and enhances energy efficiency [2] Group 2 - Lianmei Holdings' high-speed rail media business operates under its subsidiary Zhaoxun Media, covering 509 railway stations across 31 provincial-level regions in China [4] - The company has established a nationwide outdoor communication network with 5,310 high-definition digital media displays [4] - Lianmei Holdings is also planning to develop an independent hydrogen energy division, starting with green hydrogen production and extending to hydrogen refueling station operations [4]

Company Overview - Bloom Energy (BE) is a clean-energy and fuel-cell provider that designs, manufactures, and installs solid-oxide fuel cell (SOFC) systems for onsite electricity generation, converting fuels like natural gas, biogas, and hydrogen into electricity with high efficiency and low emissions compared to traditional generators [1] AI Energy Demand - The AI revolution faces significant challenges due to the lack of consistent, clean, and sufficient energy, as AI data centers require immense energy to operate high-performance computers for training AI models [2] - Energy demand from AI is expected to surge, and Bloom Energy provides data centers with reliable, clean, onsite energy solutions, positioning itself as a momentum leader in this space [4] Market Dynamics - Soaring energy consumption in data centers is likely to create backlash for AI companies as US household electricity prices rise, which is a bullish trend for Bloom Energy, allowing tech companies to generate power onsite and reduce reliance on the overworked US electric grid [6] - Bloom Energy has demonstrated strong performance by exceeding Zacks Consensus Analyst Estimates by an average of 88.25% over the past four quarters, showcasing its role in the AI revolution by selling essential energy solutions [7][8] Stock Performance - After a significant rise of 7x in 2025, BE shares are retreating to the 50-day moving average for the first time this year, presenting a favorable reward-to-risk opportunity for investors [9] Conclusion - As the AI revolution accelerates, energy demand presents both challenges and opportunities, with Bloom Energy's innovative fuel cell technology addressing this critical bottleneck [11]