Core Viewpoint - Muxi Co., Ltd., known as the "second domestic GPU stock," has successfully listed on the A-share market, experiencing a significant price surge of 568.83% during the morning session, with a stock price reaching 700 yuan compared to the issue price of 104.66 yuan, resulting in a profit of nearly 300,000 yuan for a single subscription [1][4]. Company Overview - Muxi Co., Ltd. focuses on the independent research and development of high-performance GPU chips and computing platforms, consistently engaging in the GPU and artificial intelligence sectors since its establishment. The company emphasizes independent innovation and has a research and management team with deep insights into global industry trends, possessing top-tier GPU technology and scarce mass production experience [2][6]. Product Development - The latest product from Muxi Co., Ltd., the Xiyun C600 series, is expected to have performance levels between NVIDIA's A100 and H100 models, with risk mass production anticipated by the end of this year and formal mass production scheduled for the first half of 2026. The next-generation Xiyun C700 series, built on a domestic supply chain, is expected to enter the tape-out phase in the second half of 2026 [3][7]. IPO and Subscription Details - During the recent online investor communication for Muxi Co., Ltd.'s Sci-Tech Innovation Board IPO, it was reported that there were 5.1752 million valid subscription accounts, with a total of 28.862 billion shares subscribed. The initial subscription rate was 0.02223023%, which increased to 0.03348913% after the adjustment mechanism was activated, both rates being lower than that of Moer Thread [3][7].

#行情 继摩尔线程之后，另一“GPU芯片四小龙”沐曦股份今日登陆A股，上市首日高开568.83%至700元/股。 ...

Core Viewpoint - The company Moer Technology raised approximately 7 billion yuan through its IPO, but has been criticized for investing 7.5 billion yuan of the raised funds into financial products shortly after listing, leading to skepticism about its intentions and future R&D efforts [3][6]. Fundraising and Financial Management - Moer Technology issued shares at a price of 114.28 yuan, raising a total of 7.9996 billion yuan, with a net amount of 757.60523 million yuan after deducting issuance costs [7]. - The funds raised are primarily allocated to various R&D projects, including AI training chips and graphics chips, but there are concerns that these projects may be more of a marketing strategy than genuine investment [6][8]. Market Reaction and Stock Performance - Following its IPO, Moer Technology's stock experienced significant volatility, with a peak price of 941 yuan and a market capitalization that reached 276 billion yuan at its highest [11][12]. - The stock's trading environment is characterized by a low float, with only 2.938 million shares available for trading, leading to speculative trading behavior among investors [10][11]. - The stock price saw a sharp decline of nearly 20% on December 12, resulting in a market value loss of 60 billion yuan, highlighting the risks associated with concentrated stock ownership and speculative trading [16]. Investor Sentiment - Investor sentiment has been mixed, with some expressing skepticism about the company's commitment to R&D given the immediate financial maneuvers post-IPO, while others are drawn to the speculative potential of the stock [3][12]. - The high price-to-sales ratio of 1008 times compared to industry peers has raised concerns about the sustainability of the stock's valuation [12][14].

Core Viewpoint - The stock price of Moer Thread, known as the "first domestic GPU stock," experienced significant volatility, dropping nearly 20% in early trading on December 12, 2023, but has attracted market attention due to its strong performance since listing [1]. Group 1: Moer Thread's Stock Performance - As of December 12, 2023, Moer Thread's stock price fell to 820.01 yuan, a decline of 12.87%, with a market capitalization of 385.43 billion yuan [1]. - On December 11, 2023, the stock price reached 941.08 yuan, marking a 28.04% increase, with a market value approaching 450 billion yuan [1]. - The stock's fluctuations are expected to significantly impact the performance of Century Huatong, which holds shares in Moer Thread [2]. Group 2: Century Huatong's Investment in Moer Thread - Century Huatong's subsidiary holds a 7.3121% stake in a private equity fund that owns approximately 1,958,870 shares of Moer Thread, representing about 4.9% of the total shares before the IPO [3]. - The investment in Moer Thread is classified as a financial instrument measured at fair value, impacting Century Huatong's financial statements [3]. - Century Huatong's revenue and profit for the first three quarters of 2025 were the highest among all A-share gaming companies, with revenue of 27.223 billion yuan and a net profit of 4.357 billion yuan, reflecting a year-on-year growth of 141.65% [4]. Group 3: Other Companies Holding Moer Thread Shares - Multiple A-share companies, including Heertai and Yingqu Technology, hold shares in Moer Thread, with respective market values of approximately 3.9 billion yuan and 1.3 billion yuan based on the stock price of 941.08 yuan [1][7]. - Other companies, such as Zhongke Lanyun, also have direct and indirect holdings in Moer Thread, contributing to the growing interest in the stock [7]. - Companies like Donghua Software and Shenghong Technology are engaged in deep business collaborations with Moer Thread, covering various segments of the GPU industry chain [8]. Group 4: Market Trends and Future Outlook - The domestic AI chip market is expected to see a significant increase in localization rates, projected to rise from 30-40% in 2025 to 60-70% by 2030, benefiting companies in the AI chip and computing power supply chain [8]. - Several Moer Thread-related stocks have seen substantial price increases, with companies like Shenghong Technology rising over 600% and Century Huatong doubling in value [8].

自12月11日早盘开始，摩尔线程股价便开始"狂飙"，随着涨幅持续放大，最终收涨28.04%！一方面，公 司股价成功突破900元关口，达到941.08元/股，高出A股股价第四名的源杰科技（663元/股）近四成； 另一方面，公司市值也随之飙升至超过4400亿元，进入A股总市值榜单的前30名内，体量位于海王信息 与五粮液之间。 摩尔线程收盘价涨至941.08元/股 据Wind 来源：市场资讯 来源：金融投资报 金融投资报记者 陈雨禾 林珂 在一众机构短期震荡调整的预期下，12月11日，沪指最终仍失守3900点，走出"三连阴"行情。截至收 盘，上证综指报收3873.32点，微跌0.70%；深证成指报收13147.39点，下跌1.27%；创业板指报收 3163.67点，下跌1.41%。 值得注意的是，虽然大盘持续回调，但成交数据已开始放量，全天沪深两市成交额为1.86万亿元，较上 一个交易日放量786亿元。在部分市场人士眼中，A股"三连阴"通常也被视为"回调极限"，而从A股历史 表现来看，也的确少有出现"四连阴"的情况。此外，虽然周四全天有近4400只个股出现下跌，但市场之 中仍有不少亮点涌现。 摩尔线程股价持续"狂飙 ...

【导读】"摩王"诞生，市场却4300多只个股待涨 兄弟姐妹们啊，今天又见证了一次历史，摩尔线程上市第五天，股价暴涨突破900元大关，与此同时， A股市场4300只个股待涨！ 一起回顾下发生了什么事情。 11日，沪指全天震荡调整，失守3900点，创业板指冲高回落，北证50指数午后涨超6%。截至收盘，沪 指跌0.7%，深成指跌1.27%，创业板指跌1.41%。 个股呈现普跌态势，市场共1033只个股上涨，38只个股涨停，4378只个股下跌。 摩尔线程暴涨创新高 12月11日，摩尔线程股价突破900元大关，日内涨28.04%，市值逼近4500亿元。 目前，摩尔线程股价位列A股第三，仅次于寒武纪与贵州茅台（600519）。公司宣布，将于12月19日至 20日举办首届MUSA开发者大会，CEO张建中将首次系统阐释以MUSA为核心的全栈战略，并发布新一 代GPU架构及完整产品、技术与行业方案。 若投资者中签摩尔线程新股且持有至今，按照今天的股价计算，中一签新股的最大浮盈或已超过40万 元。摩尔线程于12月5日上市，是"国产GPU第一股"，开盘当日涨超400%，首日收盘价为600.5元，总市 值超2800亿元。 摩尔线程定 ...

01 中兴通讯跳水跌停 公司紧急回应：正与美国司法部沟通 受利空消息扰动等因素影响，中兴通讯 A/H 股同步走低。截至发稿，中兴通讯A股跌停，港股跌超12%。 ↑点击上面图片 加雪球核心交流群 ↑ 市场震荡调整 ， 沪指高开低走 ， 创业板指冲高回落 ， 此前一度涨超1% 。 截至收盘 ， 沪指跌0.7% ， 深成指跌1.27% ， 创业板指跌1.41% 。 北证50午后突然拉升，盘中一度大涨超6%，截至收盘北证50涨3.84%。 沪深两市成交额1.86万亿 ， 较上一个交易日放量786亿 。 全市场近4400只个股下跌 。 商业航天 、可控核聚变、 次新股等板块涨幅居前 ， 福 建 、 房地产等板块跌幅居前 。 个股方面，值得一提的是，中兴通讯受利空消息影响，午后跳水跌停；摩尔线程继续大涨28%，股价突破900元，市值超4400亿。 中兴通讯 A 股成交169亿元，排全市场第三位。 12 月 11 日中午，中兴通讯在港交所发布内幕消息公告。 中兴通讯称，董事会已知悉近期新闻媒体针对公司涉及美国《反海外腐败法》合规性调查的报道。公司正与美国司法部就有关事项进行沟通，并将 通过法律等手段坚决维护自身权益。 中兴 ...

金融市场犹如变幻莫测的海洋，时刻涌动着投资与经济政策的波澜，深刻影响着全球经济的走向。在 此，喜娜AI为您呈上昨夜今晨的财经热点新闻，全方位覆盖股市动态、经济数据、企业财务状况以及 政策更新等关键领域，助您精准洞察金融世界的风云变幻，把握市场脉搏。 中央政治局会议定调2026年经济工作，释放多项政策信号 12月8日中共中央政治局召开会议分析研究2026年经济工作。会议指出要坚持稳中求进、提质增效，实 施更积极财政与适度宽松货币政策，加大逆周期和跨周期调节。还强调扩大内需、优化供给，发展新质 生产力，防范化解风险等。专家认为政策兼顾短期与长远，内需将助推经济回升，重点领域风险化解会 更积极稳妥。详情>> A股放量上涨，市场关注科技与大金融板块机会 12月8日A股量价齐升，日成交额重返2万亿元上方，创业板指大涨2.6%，超3400只个股收涨。科技股强 势，CPO概念等细分赛道飙升，"牛市旗手"券商板块回暖。分析认为宏观数据、微观流动性与产业趋势 共振支撑市场上行，但后续需关注政策落地和增量资金情况。详情>> 国际油价突然跳水，WTI原油失守60美元 12月8日晚，国际原油期货价格直线跳水，WTI原油失守60美元， ...

12月5日，摩尔线程智能科技（北京）股份有限公司（简称：摩尔线程，股票代码：688795）正式在上海证券交易所科创板挂牌上市，上市开盘价650元/ 股，涨幅超400%，总市值一度突破3000亿元，成为中国首家登陆资本市场的全功能GPU企业。 摩尔线程成立于2020年，主营业务为全功能GPU芯片研发及AI计算解决方案，已成功推出四代GPU架构，是国内极少数具备全功能GPU研发能力的企 业。该企业是潍坊市政金控股集团的重点投资项目，自2021年起，集团通过市场化基金，以"耐心资本"连续多年、多轮次对摩尔线程进行投资，助其估值 从37亿元攀升至298亿元，并最终实现上市，是集团"投早、投小、投硬科技"的生动体现。 多年来，潍坊市政金控股集团坚守金融服务实体经济初心，不断提升基金管理运营水平，增强投资战略性、前瞻性和精准性，利用各类金融手段和金融工 具，支持43家企业成功上市，投资范围涵盖生物医药、化工、电子信息、新能源、新材料等行业，助力潍坊市提升和发展新技术、新产业、新业态、新模 式，持续为新质生产力蓄势赋能。 ...

Core Viewpoint - The article discusses the rapid rise of domestic GPU companies in China, particularly focusing on the successful IPOs of Moer Technology and Muxi Technology, highlighting the significant growth and investment opportunities in the Chinese GPU market driven by the demand for AI computing power [5][11][31]. Group 1: Market Dynamics - Moer Technology's stock surged to a peak of 688 CNY per share, five times its issue price, with a market capitalization exceeding 270 billion CNY [6][31]. - The IPO of Moer Technology marks a significant milestone as it becomes the first fully functional GPU company to be listed on the Science and Technology Innovation Board in China [6][11]. - The simultaneous IPO of Muxi Technology, with an issue price of 104.66 CNY per share and a subscription rate of 2,261.68 times, indicates strong market interest in domestic GPU companies [9][31]. Group 2: Investment and Growth - Moer Technology has raised over 10 billion CNY through multiple funding rounds, with a shareholder count reaching 86 before its IPO [17][31]. - The company has achieved a remarkable revenue growth from 4.6 million CNY in 2022 to 438 million CNY in 2024, reflecting a compound annual growth rate (CAGR) of 208.44% [30][31]. - Muxi Technology's revenue growth is even more pronounced, increasing from 426,400 CNY in 2022 to 743 million CNY in 2024, with a staggering CAGR of 4,074.52% [30][31]. Group 3: Technological Advancements - Moer Technology has successfully produced five chips and developed four generations of GPU architectures, establishing a comprehensive product matrix that supports AI, scientific computing, and graphics rendering [21][28]. - Muxi Technology focuses on high-performance computing, with its MXC and MXN series chips showing unique advantages in AI training and inference [22][31]. - Both companies are positioned to benefit from the increasing demand for domestic GPU solutions, especially in light of the exit of NVIDIA from the Chinese market due to export controls [26][31]. Group 4: Future Outlook - The article suggests that the successful IPOs of Moer Technology and Muxi Technology are just the beginning, with the potential for increased capital attention on the GPU industry, which could accelerate the domestic GPU replacement process [31]. - The growing demand for AI computing power is expected to create unprecedented opportunities for domestic GPU companies, as evidenced by the rising interest in the sector [24][31].