Core Viewpoint - The article discusses the potential for significant investment opportunities in the Chinese stock market, particularly focusing on the upcoming IPO of Moer Technology, which is positioned as a leading domestic GPU company. The article highlights the supportive measures from the central bank aimed at stabilizing the capital market and fostering growth in the technology sector [3][4]. Company Insights - Moer Technology's valuation is projected to increase from 25.5 billion yuan in 2024 to 31 billion yuan in 2025, with backing from over 40 investment firms including China Mobile and Sequoia Capital [4]. - The company collaborates with major players like SMIC and Huahong Group to ensure chip production autonomy and has established AI server production lines with Inspur and Sugon, making it one of the few domestic GPU firms with both graphics rendering and AI computing capabilities [4]. - In the consumer GPU market, Moer Technology is expected to capture a 75% market share by the first half of 2025, while its share in the domestic AI computing market is currently only 1.8% [4]. Market Context - The article notes that since 2018, significant capital has flowed into the technology sector, with leading tech companies typically experiencing strong stock performance post-IPO [5]. - Historical data shows that the average daily trading volume in the A-share market has significantly increased, indicating a shift in market dynamics and investor sentiment towards equities over real estate [7][8]. - The article suggests that the stock market may become a primary wealth accumulation vehicle for the public, potentially surpassing the real estate market in importance [11].

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]

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 ...