Group 1: Monetary Policy and Economic Stability - The People's Bank of China emphasizes the implementation of a moderately loose monetary policy to enhance counter-cyclical adjustments and better utilize monetary policy tools for economic stability and reasonable price levels [1] - The meeting highlights the importance of coordinating monetary and fiscal policies to promote stable economic growth and maintain the stability of the capital market [1] - There is a focus on revitalizing existing real estate and land assets to consolidate the stability of the real estate market and improve the foundational financial systems [1] Group 2: Technology and Innovation - Moer Technology's IPO application has been approved, bringing it closer to listing on the A-share market, positioning it as a significant player in the GPU sector [2] - The National Development and Reform Commission and five other departments have issued measures to support the development of a national integrated computing power network, promoting orderly pooling and operation of computing resources [3] - The implementation of AI in the transportation sector is set to expand by 2027, with a focus on deploying intelligent systems and innovative projects [5] Group 3: Industry Development and Regulation - The State-owned Assets Supervision and Administration Commission calls for state-owned enterprises to resist "involutionary" competition and promote differentiated development and brand competition [4] - A work plan for stabilizing growth in the petrochemical industry aims for an average annual increase of over 5% in value added from 2025 to 2026, with a focus on technological innovation and sustainable development [6] - The Ministry of Commerce and other departments will implement export license management for pure electric passenger vehicles to promote healthy development in the new energy vehicle trade [7]

Core Viewpoint - The IPO application of Moore Threads has been approved by the Shanghai Stock Exchange, indicating strong support for domestic GPU innovation and positioning the company as a potential leader in the market [1][3][9]. Company Overview - Moore Threads specializes in the research, design, and sales of full-function GPU products, focusing on high-performance computing areas such as AI, digital twins, and scientific computing since its establishment in 2020 [6][10]. - The company is one of the few domestic GPU manufacturers capable of supporting full computational precision from FP8 to FP64 and has launched four generations of GPU architectures and intelligent SoC products [7][10]. Market Position and Product Line - Moore Threads has developed a comprehensive product matrix covering AI computing, high-performance computing, and graphics rendering, with a full-stack AI product line from cloud to edge [7][10]. - The company has achieved significant technological breakthroughs, including a single-chip architecture that supports AI computing acceleration and graphics rendering [7][10]. Financial Performance - In the first half of 2025, Moore Threads reported revenue of 702 million yuan, with a net loss of 271 million yuan. The revenue has shown a consistent increase from 46 million yuan in 2022 to 438 million yuan in 2024, while losses have gradually narrowed [10][11]. - The company anticipates significant revenue growth from AI computing products starting in 2024, with projected orders in the AI computing sector amounting to approximately 2 billion yuan [10][11]. IPO Details - The IPO aims to raise 8 billion yuan, with funds allocated for the development of next-generation AI chips, graphics chips, and to supplement working capital [6][10]. - The approval process for the IPO took only 88 days, reflecting improved efficiency in the review process for technology innovation companies on the Sci-Tech Innovation Board [9]. Leadership and Shareholding - The founder and CEO, Zhang Jianzhong, holds 11.06% of the company shares and has a significant influence over the company through various holding platforms, controlling a total of 36.36% of the shares [11][12]. - Zhang has extensive experience in the GPU industry, having previously served as NVIDIA's global vice president and general manager for China [12].

Core Viewpoint - The IPO of Moore Threads has been approved, positioning the company as a potential leader in the domestic GPU market, focusing on AI and high-performance computing solutions [2][3]. Company Overview - Moore Threads specializes in the research, design, and sales of full-function GPUs, aiming to provide computing acceleration platforms for AI, digital twins, and scientific computing [5]. - Since its establishment in 2020, the company has developed a complete product matrix covering AI computing, high-performance computing, and graphics rendering, achieving a full-stack AI product line [5]. - The company is one of the few domestic GPU manufacturers capable of supporting full computational precision from FP8 to FP64 and has launched four generations of GPU architectures [5]. IPO Details - The IPO is expected to raise 8 billion yuan, with funds allocated for the development of new AI chips, graphics chips, and AI SoC chips, as well as to supplement working capital [6]. - The review process for the IPO took only 88 days, reflecting improved efficiency in the Sci-Tech Innovation Board's review process [8]. Financial Performance - In the first half of 2025, Moore Threads reported revenue of 702 million yuan, with a net loss of 271 million yuan. Revenue has shown a consistent increase from 46 million yuan in 2022 to 4.38 billion yuan in 2024 [9]. - The company anticipates significant revenue growth in AI computing products starting in 2024, with projected orders amounting to approximately 2 billion yuan [9][10]. - Moore Threads expects to achieve profitability by 2027, with revenue primarily driven by AI computing products during the forecast period [10]. Leadership and Shareholding - The founder and CEO, Zhang Jianzhong, holds 11.06% of the company shares and has a significant influence over the company through various holding platforms, controlling a total of 36.36% of the shares [10]. - Zhang Jianzhong has extensive experience in the GPU industry, having previously served as NVIDIA's global vice president and general manager for China [11].

Core Viewpoint - Moer Technology's IPO on the Sci-Tech Innovation Board was approved in 88 days, with plans to raise 8 billion yuan for AI chip projects [2][4]. Group 1: Company Overview - Moer Technology was founded in June 2020, with Zhang Jianzhong controlling 44.07% of the shares. Zhang has extensive experience in the GPU field, having previously served as NVIDIA's global vice president [5]. - The company claims to be a leader in the domestic GPU market, having developed the MUSA architecture that supports AI computing acceleration and other advanced functionalities [5]. - Moer Technology has a significant number of intellectual property rights, including 468 invention patents and 33 software copyrights as of June 30, 2025 [5][6]. Group 2: Financial Performance - The company has shown substantial revenue growth, with revenue increasing from 46 million yuan in 2022 to 438 million yuan in 2024, representing a compound annual growth rate of 208.44% [8]. - Despite revenue growth, the company has not yet achieved profitability, reporting net losses of 1.84 billion yuan, 1.67 billion yuan, and 1.49 billion yuan for 2022, 2023, and 2024 respectively, with a loss of approximately 271 million yuan in the first half of 2025 [8]. Group 3: Market Position and Strategy - Moer Technology aims to enhance its R&D capabilities and align with national strategies for technological independence and the development of new computing infrastructure [5][6]. - The company is focused on becoming a globally competitive GPU leader, providing comprehensive computing acceleration solutions for various industries [8]. Group 4: Investment and Market Response - The company has attracted significant interest from well-known investment institutions, achieving a pre-IPO valuation of 24.62 billion yuan by the end of 2024 [8]. - The announcement of Moer Technology's entry into the capital market has led to increased activity in related A-share stocks, with several companies disclosing their indirect investments in Moer Technology [9][10].

【导读】 " 国产GPU第一股 " 摩尔线程IPO 成功过会 中国基金报记者 卢鸰 从 IPO申请获 受理到 成功 过会，摩尔线程 用 时仅88天。 据上海证券交易所官网披露，上海证券交易所上市审核委员会2025年第40次审议会议于9月26日召开 。 会议审议结果显示， 摩尔线程的 IPO符合发行条件、上市条件和信息披露要求。 上市委会议现场问询的主要问题包括：结合目前市场GPU相关产品主要厂商的技术路线差异、市场竞争格局和贸易环境影响，说明公司的 竞争优劣势，未来经营存在的潜在风险和应对措施；结合报告期内主要客户情况、收入确认时点和方式、经销商采购和产品消化情况、终 端客户使用情况等，说明相关产品收入确认是否准确，是否符合《企业会计准则》规定。 摩尔线程此次IPO速度相当快，从6月30日正式 获得 受理到9月26日 上交所 上市委会议审核通过， 用 时仅88天。这给市场传递了鲜明的 信号。 "今天恰逢证监会科创板'1+6'改革政策发布后的第100天。"在市场人士看来，科创板"1+6"改革政策发布后，科创板审核质效显著提升， 体现了服务"国之大者"的科创板速度，反映出对科技创新企业的支持力度。 摩尔线程是国内 ...

上交所文件显示，摩尔线程智能科技（北京）股份有限公司首发申请成功通过上交所上市审核委员会会议审议。🗒️“国产GPU第一股” https://t.co/DyrsWQSaEo ...

上交所：摩尔线程智能科技（北京）股份有限公司首发申请成功通过上交所上市审核委员会会议审议。🗒️“国产GPU第一股” https://t.co/HggsFZQYYw ...

Core Viewpoint - The article highlights the significant developments in the domestic GPU industry, particularly focusing on the upcoming IPO of Moore Threads, which is expected to raise 8 billion yuan and potentially become the first domestic GPU stock [6][17]. Group 1: IPO and Market Reaction - Moore Threads is set to undergo IPO review on September 26, with an expected fundraising of 8 billion yuan, leading to a surge in related concept stocks in the A-share market [6]. - Stocks such as Initial Spirit Information, Yingqu Technology, and Heertai have experienced significant price increases, with some hitting the daily limit up due to their previous investments in Moore Threads [6][17]. - The market's enthusiasm has led other companies to clarify their non-investment in Moore Threads to avoid speculation [6]. Group 2: Industry Background and Growth - The rise of domestic GPU companies like Moore Threads can be traced back to the U.S. sanctions against Chinese tech firms, which created a gap in the high-end GPU market [8][10]. - Moore Threads was founded by Zhang Jianzhong, a former key figure at NVIDIA China, who quickly assembled a team of top talents from various renowned tech companies [8][10]. - The year 2020 marked a pivotal moment for the domestic GPU sector, with numerous financing events indicating a strong investment interest despite the capital-intensive nature of the industry [10][11]. Group 3: Investment Landscape - Moore Threads has secured over seven rounds of financing since its inception, with early investors like Heertai participating in seed funding [14]. - Several listed companies have indirectly invested in Moore Threads, contributing to its equity structure, which has led to notable stock price increases for these companies [15][16]. - The stock prices of companies like Changfei Fiber and ST Huatuo have surged significantly, reflecting the market's optimism surrounding Moore Threads [16]. Group 4: Future Outlook - Despite the excitement surrounding Moore Threads' IPO, the company is still in its investment phase, with cumulative losses projected at approximately 5 billion yuan from 2022 to 2024 [17]. - The article emphasizes the importance of technological breakthroughs and market expansion for the domestic GPU industry, suggesting that a transformative change is on the horizon [17][18].

Core Viewpoint - The article highlights the significant rise of domestic GPU companies in China, particularly focusing on the upcoming IPO of Moore Threads, which is expected to raise 8 billion yuan and potentially become the "first domestic GPU stock" [5][15]. Group 1: Industry Background - The domestic GPU industry has rapidly developed over the past few years, particularly after the U.S. imposed sanctions on Chinese tech companies, leading to a shortage of high-end GPU chips [7]. - Notable companies like Moore Threads, Biren Technology, and others have emerged, attracting top talent from international giants like NVIDIA and AMD [7][8]. - The year 2020 marked a pivotal moment for the domestic GPU sector, with numerous financing events occurring, indicating a surge in investment interest [8]. Group 2: Investment Dynamics - Moore Threads has successfully completed at least seven rounds of financing since its inception, with early investors like Heertai participating in its seed round [10][11]. - Several listed companies have indirectly invested in Moore Threads, contributing to its growing equity structure [12][14]. - The stock prices of companies associated with Moore Threads have seen significant increases, with some experiencing over 288% annual growth [14]. Group 3: Market Reactions and Future Outlook - The market has reacted strongly to Moore Threads' upcoming IPO, with related stocks experiencing notable price surges, indicating investor enthusiasm [5][15]. - Despite the excitement, Moore Threads is still in its investment phase, with cumulative losses projected to reach approximately 5 billion yuan by 2024, and profitability expected no earlier than 2027 [15]. - The article emphasizes the importance of the ongoing development of the domestic GPU ecosystem, suggesting that the industry's transformation will depend on technological advancements and market expansion in the coming years [15].

就像现在某些消费电子板块个股，看似突破前高实则"机构库存"数据连续萎缩。这种时候坚守阵地往往等来的是断头铡刀。 陷阱二：追逐热点的羊群效应 近期某GPU概念股单周暴涨40%，但量化数据显示主力资金呈现脉冲式流出。这种击鼓传花的游戏最后接棒的永远是后知后觉者。 陷阱三：强者恒强的认知偏差 上周五收盘后，我的手机突然被各种财经推送轰炸。美联储主席鲍威尔暗示通胀顽固，美债收益率应声飙升；阿里云栖大会即将揭幕，科技股蠢蠢欲 动；更有趣的是，某知名分析师信誓旦旦预言"半导体行业将迎来史诗级反弹"。这让我想起十年前刚入行时，也是这般被各种声音裹挟着在市场中跌 跌撞撞。直到我发现，那些真正持续盈利的投资者，从不会把决策权交给新闻标题或专家观点。 | 见闻财经启历 | | | 华尔街见闻 | | | --- | --- | --- | --- | --- | | WSCN Economic Calendar | | | | | | 时间 | | 内容 | 预期 前值 | | | 9月22日 周一 | | | | | | 数据 | 09:00 | 中国9月五年期贷款市场报价利率(LPR) | | 3.5% | | 09:00 ...