据披露，9月26日摩尔线程将在科创板迎来IPO审核。此次IPO预计募资80亿元，若成功过会，摩尔 线程将成为"国产GPU第 一股"。在摩尔线程IPO审议的前几天，A股市场上多只与其相关的概念股出现 了显著异动，连续多日涨停。 截至9月23日收盘，初灵信息、盈趣科技、和而泰、联美控股等多只与摩尔线程概念相关的股票继 续涨停，其中，和而泰更是4天3板，联美控股2连板。 据了解，部分公司股价上涨，主要因其前期曾披露对摩尔线程持股。如和而泰此前在半年报中披 露，公司对摩尔线程进行了投资，直接持有摩尔线程股份。 然而，此番市场的火爆，还是超出了许多人的意料。不少投资者跟风而动，引得其他企业如张江高 科、超声电子等企业急忙下场解释，公司没有对摩尔线程等企业进行投资。 一场算力豪赌 历时88天，国产GPU企业摩尔线程的IPO关键时刻来了。 这一巨额投资直接颠覆了人们对未来算力需求的想象。 别看现如今包括摩尔线程在内的这一批国产GPU企业开始炙手可热，如果把时间推移到七年前，他 们不过是刚刚诞生的新企业。 自2019年起，美国对中国科技企业的制裁愈演愈烈，尤其是高端GPU芯片的断供，让国内AI、云 计算、自动驾驶等行业陷入" ...

Core Viewpoint - The focus is on the upcoming IPO of domestic GPU company Moore Threads, which is expected to raise 8 billion yuan and potentially become the "first domestic GPU stock" [1][8]. 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 [1]. - Several stocks related to Moore Threads have experienced significant price increases, with companies like Heertai and Lianmei Holdings seeing consecutive trading limits [3]. - The market's enthusiasm has led to other companies, such as Zhangjiang Hi-Tech and Ultrasonic Electronics, clarifying their lack of investment in Moore Threads [3]. Group 2: Industry Background - The domestic GPU industry, including Moore Threads, emerged around seven years ago, primarily due to U.S. sanctions against Chinese tech companies, which created a shortage of high-end GPU chips [6]. - Notable figures from international companies like NVIDIA and AMD have returned to China to contribute to the development of domestic GPU firms [6][4]. Group 3: Company Development - Moore Threads was founded by Zhang Jianzhong, a former key figure at NVIDIA China, who quickly assembled a team of top talents from various tech giants [4]. - The company has raised over seven rounds of financing since its inception, with early investors like Heertai participating in seed funding [8][9]. Group 4: Financial Performance and Future Outlook - Moore Threads has reported cumulative losses of approximately 5 billion yuan from 2022 to 2024, with expectations to achieve profitability by mid-2027 [13]. - The overall GPU market is experiencing a surge in demand, driven by the rapid growth of artificial intelligence, as evidenced by NVIDIA's market valuation increasing 15 times in just 24 months [6][8].

Market Overview - A-shares experienced a slight increase with reduced trading volume, while government bond futures rose across the board [1][2] - The technology sector showed strong performance, leading the market with significant gains in the ChiNext and STAR Market indices [2][3] Stock Market Analysis - The Shanghai Composite Index rose by 0.22% to 3828.58 points, with the ChiNext Index increasing by 0.55% and the STAR Market gaining 3.38% [2] - Total trading volume in A-shares was 2.14 trillion yuan, down from 2.35 trillion yuan the previous day [2] - The technology sector remained the market's main focus, with notable declines in several weight-loss drug stocks [2] Bond Market Analysis - Government bond futures showed a "short weak long strong" pattern, with the 30-year contract rising by 0.22% and the 10-year contract by 0.20% [5] - The People's Bank of China (PBOC) resumed 14-day reverse repos, injecting 300 billion yuan into the market, contributing to a net injection of 260.5 billion yuan for the day [5][6] Commodity Market Analysis - Precious metals performed strongly, with silver rising by 3.81% and gold by 2.01%, driven by expectations of continued monetary easing [7] - The shipping index increased by 2.00%, while most basic metals saw gains, including tin and copper [7] Policy and Economic Outlook - The State Council's new policies aim to stabilize the capital market, with a focus on the technology sector, which now accounts for over 25% of A-share market capitalization [3] - The Ministry of Industry and Information Technology introduced a plan for the steel industry, targeting an average annual growth of 4% over the next two years, emphasizing structural adjustments and high-quality development [9] Trading Hotspots - Key sectors to watch include rare metals, artificial intelligence, domestic chips, and consumer goods, driven by factors such as central bank policies and economic recovery [11][12] - The current market environment suggests a potential "dual bull" scenario for both stocks and bonds, with a focus on sectors benefiting from monetary easing and policy support [12]

根据公开资料显示，多家A股上市公司已确认直接或间接持有摩尔线程股份，或存在业务合作。其中包 括和而泰、中科蓝讯(688332)、联美控股（600167）、初灵信息（300250）等。 参股沐曦集成或与其有业务合作的则包括超讯通信、中山公用（000685）、国脉文化（600640）等。 摩尔线程上会时间确定，再度掀起国产GPU赛道涨停潮。截至9月22日收盘，和而泰（002402）、东华 软件（002065）等参股国产GPU企业的个股纷纷强势涨停。 实际上，除了摩尔线程外，另一家国产GPU龙头企业沐曦集成近期也启动冲刺IPO，其相关个股如超讯 通信（603322）等同样表现强劲。 分析人士指出，随着国产硬科技不断登陆资本市场，包含参股或业务相关的上市公司或将受到资金追 逐。 其中，中山公用9月5日披露的投资者关系活动记录表显示，其通过产业基金已布局沐曦集成等。值得注 意的是，公司新能源产业基金实缴出资15亿元，累计完成27个项目投资交割；除沐曦集成外，中山公用 的投资组合还囊括多个硬科技领域龙头标的，包括奇瑞汽车、长鑫存储、立景创新、非夕科技、腾盾技 术等，分别在港股、科创板推进相关资本运作进程。其中非夕科技的人 ...

[Table_Main] 证券研究报告 | 策略点评 2025 年 09 月 22 日 策略点评 证券分析师 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 高嘉麒 资格编号：S0120523070003 邮箱：gaojq＠tebon.com.cn 研究助理 相关研究 缩量上涨，科技领先 [Table_Summary] 投资要点： 摘要。2025 年 9 月 22 日周一，A 股市场缩量上涨。国债期货全线上行。商品涨跌 参半，贵金属品种表现亮眼。 一、市场行情分析 程强 资格编号：S0120524010005 邮箱：chengqiang＠tebon.com.cn 翟堃 1）股票市场：缩量上涨，科技强势 2)债券市场：短弱长强，整体上行 请务必阅读正文之后的信息披露和法律声明 图 1：摩尔线程上市有望提振 GPU 板块 资料来源：Wind，德邦研究所 大盘缩量上行，指数全线上涨。今日 A 股市场整体缩量上行。截至收盘，上证指 数涨 0.22%报 3828.58 点，深证成指涨 0.67%，创业板指涨 0.55%，北证 50 涨 0.71%，科创 50 涨 3.38%，万得 ...

9月22日，上海天气晴好，许多投资者怀着愉悦的心情等着股市开张。 正因为"摩王"如此"牛X"，所以投资者对它的上市寄予了高度厚望。笔者简单看了一下"摩王"的财务状 况，觉得它和"寒王"（寒武纪）有着惊人相似之处：前期都大幅度亏损。2022年-2024年，摩尔线程分 别亏18.39亿元、16.73亿元、14.92亿元，三年亏50.04亿元。2025年上半年亏2.71亿元，亏损幅度大大缩 小，主要归功于"摩王"的营收增长迅速：2022年4600万元，2023年1.24亿元，2024 4.38亿元，今年上半 年7.02亿元。研发投入大导致大幅亏损，而营收近期增长速度非常不错，这点和"寒王"也非常相似。 笔者认为，如今"摩王"要冲刺科创板IPO，这是好事。虽然它尚未盈利，但营收增长迅速表明其产品已 成功商业化，前景可谓乐观，借助资本市场的力量，可加大其研发投入的底气。 虽然"摩王"前景不可限量，但投资者也需清醒认识到，GPU行业技术壁垒高、研发周期长，面临着国 际巨头的激烈竞争。科技股投资不仅需要热情，也需要对市场前景冷静判断，特别是和它相关的一些概 念股，投资者要认真做好功课，甄别出哪些才是真正的受益者，毕竟许多股 ...

星标 ★ IPO日报 精彩文章第一时间推送 9 月22日，上海天气晴好，许多投资者怀着愉悦的心情等着股市开张。 制图：佘诗婕 " 去怼和而泰（002402）吧。"上周末的晚上，投资者"遇见你是如此美好"对笔者表示，这个星期一她准备大投和而泰。不过，令"遇见你 是如此美好"有些失望的是，和而泰股价开盘涨停，目前来看，她买入的机会不大。 "遇见你是如此美好"之所以表示要买入和而泰，一个重要的原因是，被誉为"中国英伟达"的GPU芯片公司摩尔线程（有投资者称之为"摩 王"），即将在9月26日迎来上交所科创板IPO上会审议，而和而泰是它的小股东，拥有一个多点的股份占比。和而泰因此被投资者称为"摩 尔线程"概念股，据了解，它是目前A股上市公司中和"摩王"关系最直接的公司之一。 盈趣科技和中科蓝讯都是直接持股，其中盈趣科技迅 速上板，中午蓝讯截至午盘上涨15.45%。 虽然"摩王"前景不可限量，但投资者也需清醒认识到，GPU行业技术壁垒高、研发周期长，面临着国际巨头的激烈竞争。科技股投资不仅 需要热情，也需要对市场前景冷静判断，特别是和它相关的一些概念股，投资者要认真做好功课，甄别出哪些才是真正的受益者，毕竟许 多股票炒过 ...

Market Overview - On September 22, A-shares opened higher but experienced fluctuations, with the Shanghai Composite Index down 0.15%, Shenzhen Component Index down 0.25%, and ChiNext Index down 0.87 [1][2] Index Performance - Shanghai Composite Index: 3814.43, down 5.66 points (-0.15%) - Shenzhen Component Index: 13038.44, down 32.42 points (-0.25%) - ChiNext Index: 3064.22, down 26.79 points (-0.87%) - Total trading volume reached 598.9 billion CNY, with a predicted total of 2.25 trillion CNY, a decrease of 100.6 billion CNY [2] Sector Performance - The consumer electronics sector showed strong performance, with stocks like Luxshare Precision, Guokong Electronics, and Yingqu Technology hitting the daily limit [5] - Other active sectors included automotive parts, precious metals, and AI computing power, while shipping, restaurant tourism, and real estate sectors faced declines [2][5] Notable Stocks - Meituan, Kuaishou, BYD, and JD.com all saw declines of over 2% in Hong Kong stocks [3][4] - Luxshare Precision reached a price of 60.95 CNY, with a significant increase of 10% [6][8] Moer Technology - Moer Technology's related stocks surged, with Yingqu Technology, Donghua Software, and Heertai hitting the daily limit [7] - Moer Technology plans to raise 8 billion CNY for the development of AI training chips and graphics chips, aiming to fill gaps in the domestic GPU market [9] Company Announcements - On September 21, Taimos announced unusual stock trading fluctuations and warned of potential risks due to market sentiment [10][13]

Market Overview - The A-share market opened higher on September 22, with the three major indices experiencing fluctuations. By the time of reporting, the Shanghai Composite Index fell by 0.15%, the Shenzhen Component Index decreased by 0.25%, and the ChiNext Index dropped by 0.87% [1][2]. Sector Performance - The consumer electronics sector showed strong performance, with stocks related to Moore Threads experiencing significant gains. Key sectors such as automotive parts, precious metals, and AI computing also performed actively, while shipping, dining and tourism, and real estate sectors faced notable declines [2][3]. Notable Stocks - Stocks such as Luxshare Precision, Guokong Electric, Yingqu Technology, and Heertai reached their daily limit up, while other companies like Liying Intelligent Manufacturing, GoerTek, and Transsion Holdings also saw increases [5][6]. - Moore Threads-related stocks surged, with Yingqu Technology, Donghua Software, Heertai, and Lianmei Holdings hitting their daily limit up, and companies like Qingyun Technology and Hongxin Electronics following suit [7][8]. IPO and Fundraising - Moore Threads is set to hold its IPO on September 26, aiming to raise 8 billion CNY for the development of next-generation AI training and inference chips, graphics chips, and AISoC chips, as well as to supplement working capital [9]. Industry Insights - The domestic GPU leader, Moore Threads, focuses on providing computing acceleration platforms for AI, digital twins, and scientific computing, filling several gaps in the domestic GPU market and maintaining a leading position [7][9]. - Domestic wafer foundries and packaging factories are expected to see significant replacement opportunities as advanced process technologies continue to evolve, with companies like SMIC, Huahong, and Yongxi Electronics positioned to benefit from the AI era [9].

Group 1: Market Overview - The A-share market opened higher on September 22, with the three major indices experiencing fluctuations, closing with slight declines: Shanghai Composite Index down 0.15%, Shenzhen Component Index down 0.25%, and ChiNext Index down 0.87% [2] - The consumer electronics sector showed strong performance, with stocks related to Moore Threads experiencing significant gains, while sectors such as shipping, dining, tourism, and real estate faced declines [2] Group 2: Consumer Electronics Sector - The consumer electronics sector opened strong, with stocks like Luxshare Precision (002475), Guokong Electric (002045), and Yingqu Technology (002925) hitting the daily limit, while others like Liying Intelligent Manufacturing (002600) and GoerTek (002241) also saw gains [4] - Notable stock performances included Luxshare Precision rising by 10% to a price of 60.95, and Yingqu Technology increasing by 10% to 19.56 [5] Group 3: Moore Threads Concept Stocks - Stocks related to Moore Threads surged, with Yingqu Technology, Donghua Software (002065), and Heertai hitting the daily limit, while others like Qingyun Technology and Hongxin Electronics (300657) also saw increases [7] - Moore Threads is preparing for an IPO on September 26, aiming to raise 8 billion yuan for the development of AI training chips and graphics chips, among other projects [9] Group 4: Company Developments - OpenAI has signed an agreement with Luxshare Precision to develop a consumer-grade device that will work closely with OpenAI's AI models, currently in the prototype stage [6] - The domestic GPU leader, Moore Threads, is positioned to fill gaps in the domestic GPU market, focusing on high-performance computing applications [9]