昂瑞微公告显示，本次网上发行有效申购户数为512.92万户，有效申购数量为173.14亿股，网上发行初 步中签率为0.02299243%。因网上发行初步有效申购倍数约为4349.26倍，超过100倍，决定启动回拨机 制，将199.10万股从网下回拨到网上。回拨后，网下最终发行1393.43万股，占扣除最终战略配售数量后 发行总量的70%；网上最终发行数量为597.20万股，占扣除最终战略配售数量后发行总量的30%，网上 发行最终中签率为0.03449153%。 昂瑞微本次科创板IPO发行股份数量为2488.29万股，全部为公开发行新股，发行价格为83.06元/股，预 计募集资金总额为20.67亿元。 昂瑞微披露，本次IPO战略配售获得多家重磅投资者鼎力加盟。联想、北汽、广和通（300638）、保隆 科技（603197）、中保投及银华基金等知名产业及金融机构(或通过下属机构)均已参与。 公开信息显示，昂瑞微是一家专注于射频、模拟领域的集成电路设计企业，是国家级专精特新重点"小 巨人"企业。公司主要从事射频前端芯片、射频SoC芯片及其他模拟芯片的研发、设计与销售。 12月7日，同日开启申购的两只芯片巨头——沐曦股 ...

Core Viewpoint - Moores Threads has successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, raising nearly 8 billion yuan, marking the largest IPO on the board this year [1] Group 1: IPO Details - Moores Threads' stock price surged by 468% on its first day, reaching a peak of 688 yuan per share before closing at 600.50 yuan, resulting in a market capitalization of 282.25 billion yuan [1] - The company issued 70 million new shares, bringing its total share count to 470 million, with a net fundraising amount of 7.576 billion yuan after deducting issuance costs [2] - The IPO was characterized by high demand, with 4.8266 million investors participating and an effective subscription multiple of approximately 4126.49 times [1] Group 2: Company Background - Founded in October 2020, Moores Threads focuses on general-purpose GPU technology, with key personnel having backgrounds at NVIDIA [1] - The company's major shareholders include its founder and CEO, who holds 36.36% of the shares, along with investments from notable firms such as Sequoia Capital and Tencent [1] Group 3: R&D and Financials - Moores Threads has made significant investments in R&D, with planned expenditures of 1.116 billion yuan, 1.334 billion yuan, and 1.359 billion yuan from 2022 to 2024, totaling 3.8 billion yuan, which exceeds 626% of its revenue [4] - The company is projected to achieve profitability by 2027, despite reporting net losses of 1.412 billion yuan, 1.691 billion yuan, and 1.507 billion yuan from 2022 to 2024 [4][5] Group 4: Market Position and Future Outlook - Moores Threads is positioned as a significant player in the domestic GPU market, competing with NVIDIA and aiming to establish a robust product line in AI computing and graphics rendering [3] - The company is expected to benefit from the rapid growth of the global GPU market, projected to grow at a compound annual growth rate of 24.5% from 2025 to 2029, with the Chinese market growing even faster [7] - Following Moores Threads' IPO, several other AI chip startups are also pursuing listings, indicating a potential wave of new entrants in the market [8]

Core Insights - The listing of domestic GPU leader Moore Threads on the A-share market has sparked a significant rally, with related concept stocks experiencing a surge [3][4] - Moore Threads' stock price soared to 650 yuan per share, a 468.78% increase from its issue price of 114.28 yuan, leading to a market capitalization exceeding 300 billion yuan [3][4] - The company raised approximately 8 billion yuan through the issuance of 70 million new shares, which will be allocated to the development of next-generation AI training and graphics chips [4][5] Market Reaction - The stock market reacted positively, with seven related stocks hitting the daily limit up, including Initial Spirit Information and Heertai, indicating strong investor sentiment [3][4] - The entire sector saw an increase of 3.9% on the same day, reflecting heightened trading activity [3] Policy and Industry Support - The surge in related stocks is supported by robust government policies aimed at promoting domestic GPU development, as outlined in recent governmental documents [4][5] - The urgency for domestic GPU alternatives is increasing, with forecasts indicating that the market share of imported GPUs will decline significantly by 2025 [5] Financial Performance - Moore Threads reported a revenue of 702 million yuan in the first half of 2025, marking a substantial year-on-year growth, which has raised market expectations regarding its impact on the industry chain [5] Risks and Concerns - Despite the market enthusiasm, there are significant risks, including the fact that Moore Threads has not yet achieved profitability, with reported net losses from 2022 to 2024 [6] - The company's valuation is concerning, with a high price-to-sales ratio of 122.51, which is significantly above its peers [6] - Limited liquidity due to a small float of shares could lead to increased volatility in stock prices [6][7]

Core Viewpoint - Moer Technology (688795.SH) has successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, raising nearly 8 billion yuan, marking the largest IPO on the board this year [1][3]. Group 1: IPO Details - On its first trading day, Moer Technology's stock price surged by 468%, reaching a peak of 688 yuan per share before closing at 600.50 yuan, resulting in a market capitalization of 282.25 billion yuan [1]. - The IPO attracted significant interest, with 4.8266 million retail investors participating and an effective subscription amounting to 46.217 billion shares, leading to a subscription multiple of approximately 4126.49 times [1][3]. - The company issued 70 million new shares, raising a total of 7.9996 billion yuan, with a net amount of 7.576 billion yuan after deducting issuance costs [3]. Group 2: Company Background - Founded in October 2020, Moer Technology focuses on general-purpose GPU technology, with key personnel having backgrounds at NVIDIA [3]. - The company's major shareholders include Guosheng Capital, Sequoia Capital, and Tencent, with the founder holding a 36.36% stake [3]. Group 3: Financial Performance and Projections - Moer Technology's R&D investments are substantial, projected at 1.116 billion yuan, 1.334 billion yuan, and 1.359 billion yuan from 2022 to 2024, totaling 3.8 billion yuan, which exceeds 626% of its revenue [8]. - The company anticipates achieving profitability by 2027, despite reporting significant net losses in the coming years [9]. Group 4: Market Position and Future Outlook - Moer Technology is positioned as a key player in the domestic GPU market, competing against NVIDIA, which currently holds a 66% market share in China's AI accelerator market [12]. - The successful IPO is expected to pave the way for other AI chip startups, with several companies already in the process of preparing for their own listings [12][13].

Group 1 - The core point of the article is the explosive debut of Moore Threads, the first domestic GPU stock, which saw its share price surge by 468.78% on its first trading day, reaching 650 CNY per share, and achieving a market capitalization exceeding 300 billion CNY [1][3] - Seven associated stocks, including Heertai and Chuxing Information, also hit the daily limit, reflecting a strong market sentiment driven by the anticipated benefits from Moore Threads' listing [3][4] - The market's enthusiasm is supported by government policies aimed at promoting domestic GPU development and the increasing urgency for domestic alternatives in the GPU market, with significant growth projections for the AI computing GPU market in China [4][5] Group 2 - Despite the excitement, there are notable risks, including Moore Threads' ongoing unprofitability, with net losses reported from 2022 to 2025, raising concerns about its sustainability [5][6] - The company's valuation is considered excessively high, with a price-to-sales ratio of 122.51 times for 2024, significantly above the industry average, indicating potential pressure for price corrections [5][6] - Limited liquidity due to a small float of only 6.25% of total shares could lead to significant price volatility, complicating trading for ordinary investors [6][7]

Core Viewpoint - The article highlights the significant rise of Moole Technology, which has become the first fully functional GPU company to be listed on the Chinese stock market, achieving a market capitalization exceeding 270 billion yuan shortly after its IPO, reflecting a growing trend in the domestic GPU industry driven by the demand for AI computing power [3][6][30]. Group 1: Company Overview - Moole Technology opened at a price of 688 yuan per share, which is five times its issue price, leading to a market valuation surpassing 270 billion yuan [6]. - The company was established by Zhang Jianzhong, a former Nvidia executive, with the goal of creating a Chinese equivalent to Nvidia [13][15]. - Moole Technology has successfully raised over 10 billion yuan through multiple funding rounds before its IPO, attracting 86 shareholders [15][18]. Group 2: Industry Context - The article discusses the competitive landscape of the GPU market in China, particularly the emergence of domestic companies like Moole Technology and Muxi Integrated Circuit, which are capitalizing on the growing demand for AI computing [10][23]. - The demand for GPUs has surged due to the explosive growth of artificial intelligence, prompting significant investments in the sector [19][20]. - The article notes that the current geopolitical climate, particularly U.S. export controls, has created a vacuum in the Chinese market, presenting a historic opportunity for domestic GPU companies [25]. Group 3: Financial Performance - Moole Technology's revenue is projected to grow from 46 million yuan in 2022 to 438 million yuan in 2024, reflecting a compound annual growth rate of 208.44% [29]. - Muxi's revenue is expected to increase dramatically from 426,400 yuan in 2022 to 74.3 million yuan in 2024, with a compound annual growth rate of 4074.52% [30]. - The article emphasizes that the successful IPOs of Moole Technology and Muxi are just the beginning, with other domestic GPU companies also preparing for public offerings, which could enhance the overall capital interest in the GPU industry [30].

中经记者 顾梦轩 李正豪 广州、北京报道 "国产GPU第一股"摩尔线程（688795.SH）12月5日在科创板上市。上市首日，摩尔线程高开468.78%， 股价报650元/股，市值达3055亿元，按照114.28元/股的发行价计算，中一签（500股）盈利近27万元。 记者注意到，此前摩尔线程申购行情异常火爆，网上中签率仅0.03635%，不过从业绩来看，摩尔线程 目前仍处于亏损状态。 南开大学金融发展研究院院长田利辉在接受《中国经营报》记者采访时表示，摩尔线程上市首日暴涨 468.78%，是现象级资本信号。这不仅是新股行情回暖的体现，且本质是国产GPU"稀缺性"与算力国产 化"刚需"的共振，彰显市场对中国突破高端芯片制约的强烈信心，其近3000亿元的市值已超越单纯企业 价值，成为国产硬科技的标杆。 田利辉预计，摩尔线程实现盈利的关键在于能否持续提升产品竞争力、扩大市场份额。若能成功，将成 为国产算力崛起的重要标志；若技术突破不及预期，则面临高估值泡沫破灭风险。 上市首日表现 摩尔线程A股总股本约为47002.82万股，本次公开发行的股票数量为7000万股，均为新股，无老股转 让，其中，本次上市的无流通限制及限 ...

Core Viewpoint - The news highlights significant movements in the stock market, particularly focusing on the surge of rare earth permanent magnet stocks and the impressive debut of the new stock, N-Mole-U, which has achieved remarkable gains on its first trading day. Group 1: Rare Earth Permanent Magnet Stocks - On December 5, the Shanghai Composite Index rose, closing above the 3900-point mark, with notable interest in sectors like superconductors and commercial aerospace [1][16] - Rare earth permanent magnet stocks such as Ningbo Yunsheng (600366) saw a rapid increase, hitting the daily limit within three minutes, while Jinli Permanent Magnet surged over 15% during trading [1][3] - Companies like Jinli Permanent Magnet, Zhongke Sanhuan, and Ningbo Yunsheng have reportedly obtained general export licenses, which will streamline export processes and enhance delivery speeds, benefiting the industry as downstream demand recovers [3][18] Group 2: New Stock Performance - N-Mole-U debuted on the STAR Market on December 5, with an opening increase of 468.8%, leading to a market capitalization exceeding 300 billion yuan, closing at 600.5 yuan per share, making it the third highest-priced stock in A-shares [5][18] - The average first-day gain for new stocks in 2025 reached 254.89%, with 31 stocks experiencing gains over 300%, including notable performers like Dapeng Industrial and Sanxie Electric [10][23] - The highest first-day profit from new stock subscriptions was recorded for N-Mole-U, with a profit of 267,900 yuan for investors who sold at the opening price [20][23] Group 3: Market Trends and Valuation - As of December 5, 2025, new stocks that have seen a price drop of over 30% generally have a rolling price-to-earnings ratio below 40, with three stocks, Tianyouwei, Hai'an Group, and Yongjie New Materials, having ratios below 20 [12][26] - Tianyouwei has the lowest rolling P/E ratio at 14.01, focusing on automotive instrument development, while Yongjie New Materials has shown a 30.99% increase in net profit year-on-year [12][26]

Core Viewpoint - The article highlights the significant rise of domestic GPU companies in China, particularly focusing on the successful IPO of Moore Threads, which has seen its stock price surge and market capitalization exceed 270 billion yuan, marking a pivotal moment in the Chinese semiconductor industry [5][19]. Group 1: Company Developments - Moore Threads became the first fully functional GPU company to be listed on the Chinese stock market, achieving a remarkable opening price that was five times its issue price, leading to a market valuation surpassing 270 billion yuan [5][19]. - The company has successfully produced five chips and iterated four generations of GPU architecture, establishing a comprehensive product matrix that supports various computing needs, including AI, scientific computing, and graphics rendering [15][19]. - The revenue of Moore Threads is projected to grow from 46 million yuan in 2022 to 438 million yuan in 2024, reflecting a compound annual growth rate of 208.44% [19]. Group 2: Industry Context - The emergence of Moore Threads and another GPU company, Muxi, signifies a broader trend of domestic GPU companies rising to prominence, driven by the increasing demand for AI computing power [8][17]. - The article notes that the domestic GPU sector is experiencing a historic opportunity for replacement, particularly as U.S. export controls have led to a vacuum in the market previously dominated by NVIDIA [17][18]. - The overall market for domestic computing power is expected to grow, with projections indicating that by mid-2024, over 40% of the data center acceleration card market in China will be occupied by domestic solutions [18]. Group 3: Investment and Financing - Moore Threads has attracted significant investment, raising over 10 billion yuan through multiple funding rounds prior to its IPO, indicating strong investor confidence in the domestic GPU market [11][12]. - The article emphasizes that the successful IPOs of Moore Threads and Muxi are just the beginning, with other domestic GPU companies like Birran Technology and Suiruan Technology also accelerating their IPO processes [19].

水皮杂谈 一家之言 兼听则明 偏听则暗 多头不死 盘面消息 A股三大指数今日集体走强，截止收盘，沪指涨0.70%，收报3902.81点；深证成指涨 1.08%，收报13147.68点；创业板指涨1.36%，收报3109.30点。 沪深两市成交额达到 17258亿，较昨日放量1768亿。 老水看盘 值得注意的是，大金融 虽然在指数上涨过程中做了贡献，但 阵营内部的银行股， 今天 反而 处于跌幅榜前列 ，所以说，金融出现明显的分化 。 成交量方面， 今天 全天成交额较上午出现显著放量，整体增量近 2000 亿，一定程度上为指 数上行提供了资金支撑。但从总量来看，放量力度仍相对有限，昨 天 成交额为 1.55 万亿， 今天 增至 1.73 万亿左右，这样的量能支撑短期反弹不成问题，但其能否延续还需打个问 号。 今天 主力资金净流入超百亿，这一现象实属难得。究其原因，是 因为今天 有一只万众瞩目的 新股上市 —— 摩尔线程，其发行价 114.28 元 / 股 ，开盘价便冲高至 650 元 / 股 ，盘 中最高价触及 688 元 / 股 ，最终收于 600.50 元 / 股 ，对应总市值已突破三千亿。市场 常将其与寒武 ...