Core Insights - Shenzhen Heertai Automotive Electronics Technology Co., Ltd. has obtained a patent for a "HOD calibration method, module, and system" with authorization announcement number CN 119104323 B, applied on July 2024 [1] Company Overview - Shenzhen Heertai Automotive Electronics Technology Co., Ltd. was established in 2019 and is located in Shenzhen, primarily engaged in the manufacturing of computers, communications, and other electronic devices [1] - The company has a registered capital of 10 million RMB [1] - According to data analysis from Tianyancha, the company has participated in one bidding project and holds 46 patent records, in addition to having three administrative licenses [1]

国家知识产权局信息显示，芜湖长信科技股份有限公司申请一项名为"一种用于汽车内饰的微孔木皮材 料的制备方法"的专利，公开号CN120944168A，申请日期为2025年09月。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 财经频道更多独家策划、专家专栏，免费查阅>> 专利摘要显示，本发明公开了一种用于汽车内饰的微孔木皮材料的制备方法，通过紫外飞秒激光在天然 木皮上进行可控微孔加工，并结合高透丙烯酸树脂清漆涂覆以形成高透光率、良好机械强度和美观外观 的复合材料。可广泛应用于汽车内饰、智能家居、电子显示屏背板等对光学性能、环境适应性和装饰性 有高要求的领域。 天眼查资料显示，芜湖长信科技股份有限公司，成立于2006年，位于芜湖市，是一家以从事计算机、通 信和其他电子设备制造业为主的企业。企业注册资本249773.3579万人民币。通过天眼查大数据分析， 芜湖长信科技股份有限公司共对外投资了16家企业，参与招投标项目56次，财产线索方面有商标信息5 条，专利信息567条，此外企业还拥有行政许可69个。 ...

Core Insights - In October, the industrial added value of large-scale enterprises increased by 4.9% year-on-year, a decline of 1.6 percentage points compared to September. For the period from January to October, the industrial added value grew by 6.1% [1] - The manufacturing Purchasing Managers' Index (PMI) for October was 49.0%, down 0.8 percentage points from the previous month, indicating a contraction in manufacturing activity [1] - Among the three major sectors, mining added value grew by 4.5%, manufacturing by 4.9%, and the production and supply of electricity, heat, gas, and water by 5.4% in October [1] Economic Type Analysis - In October, state-owned enterprises saw a 6.7% year-on-year increase in added value, while joint-stock enterprises grew by 5.2%, foreign and Hong Kong, Macao, and Taiwan-invested enterprises by 4.0%, and private enterprises by 2.1% [2] High-tech Manufacturing Insights - High-tech manufacturing added value increased by 7.2% year-on-year in October, surpassing the overall industrial added value growth by 2.3 percentage points. Cumulatively, from January to October, high-tech manufacturing added value rose by 9.3% [3] Industry Performance - Out of 41 major industries, 29 reported year-on-year growth in added value in October. Notable growth was seen in the automotive manufacturing sector at 16.8%, transportation equipment manufacturing at 15.2%, electrical machinery and equipment manufacturing at 4.9%, and computer, communication, and other electronic equipment manufacturing at 8.9% [5] - The decline in industrial production momentum in October is attributed to the fading impact of short-term factors from September and a decrease in export growth, which is expected to affect industrial production [5] Policy and Economic Outlook - The National Development and Reform Commission announced that 500 billion yuan in new policy financial tools have been fully allocated, supporting 2,300 projects with a total investment of approximately 7 trillion yuan. Additionally, 500 billion yuan in special bonds have been allocated to support local investment projects [6] - Analysts predict a potential slight rebound in exports in November, supported by fiscal policies aimed at stabilizing growth, which may bolster industrial production [6] - The economic growth momentum is expected to shift from manufacturing to services, marking a significant change from the previous year [6] - Despite supportive policies, challenges remain with a persistent imbalance between strong supply and weak demand, alongside pressures from slowing exports and rising base effects [6][7]

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Core Insights - In October, the industrial added value of large-scale enterprises in China grew by 4.9% year-on-year, with a month-on-month increase of 0.17% [1] - From January to October, the industrial added value increased by 6.1% year-on-year [1] Group 1: Industrial Performance - The mining industry saw a year-on-year increase of 4.5% in added value, while the manufacturing sector grew by 4.9%, and the electricity, heat, gas, and water production and supply industry increased by 5.4% in October [1] - Among different economic types, state-controlled enterprises experienced a 6.7% increase in added value, while joint-stock enterprises grew by 5.2%, foreign and Hong Kong, Macao, and Taiwan-invested enterprises increased by 4.0%, and private enterprises saw a growth of 2.1% [1] Group 2: Industry Breakdown - Out of 41 major industries, 29 reported a year-on-year increase in added value in October. Notable growth was seen in coal mining and washing (6.5%), chemical raw materials and products manufacturing (7.1%), general equipment manufacturing (6.9%), and automobile manufacturing (16.8%) [2] - Conversely, the beverage and refined tea manufacturing sector declined by 1.9%, and the non-metallic mineral products industry decreased by 3.2% [2] Group 3: Product Output - Among 623 industrial products, 313 saw a year-on-year increase in output in October. Key products included ethylene (314,000 tons, up 11.7%), automobiles (3.279 million units, up 11.2%, with new energy vehicles at 1.71 million units, up 19.3%), and electricity generation (800.2 billion kWh, up 7.9%) [2] - However, steel production decreased by 0.9% to 11.864 million tons, and cement production fell by 15.8% to 14.775 million tons [2] Group 4: Sales and Exports - The product sales rate for large-scale industrial enterprises was 96.4%, a year-on-year decrease of 1.0 percentage points [3] - The export delivery value of large-scale industrial enterprises was 1.3245 trillion yuan, representing a nominal year-on-year decline of 2.1% [3]

Core Viewpoint - Moer Thread is set to become the first AI GPU-focused company listed on the Science and Technology Innovation Board in China, with an IPO plan to raise 8 billion yuan [3][6]. Company Overview - Moer Thread was established in June 2020, focusing on GPU computing acceleration platforms in AI and digital twin fields, having launched four generations of GPU architectures and a diverse product matrix [5]. - The company is led by Zhang Jianzhong, who serves as the legal representative and actual controller [5]. IPO Details - The IPO will issue 70 million shares, accounting for 14.89% of the total share capital post-issue, with the initial inquiry date set for November 19 and subscription dates on November 24 and 26 [3][4]. - The IPO is expected to raise 8 billion yuan, with major shareholders including China Mobile Fund, Tencent Investment, and Lenovo Changjiang [6][10]. Financial Performance - Moer Thread has not yet achieved profitability, with cumulative losses of 1.604 billion yuan, but is projected to become profitable by 2027 [6]. - The company has shown rapid growth, with a compound annual growth rate (CAGR) of over 200% in revenue from 2022 to 2024, and a revenue of 702 million yuan in the first half of 2025, reflecting a year-on-year growth of 181.99% [6]. - The expected revenue for the full year of 2025 is projected to be between 1.218 billion and 1.498 billion yuan, representing a year-on-year increase of 177.79% to 241.65% [6]. Investment and Development - The funds raised from the IPO will be allocated to technology research and development, as well as market expansion, supporting the company's growth in the domestic GPU sector [7][10].

Core Points - The company, Moer Thread, has disclosed its intention to publicly issue shares and list on the Sci-Tech Innovation Board, with the stock code "688795" [1] - The total number of shares to be issued is 70 million, accounting for 14.89% of the total share capital post-issuance [1][2] - The initial inquiry date for pricing is set for November 19, 2025, and the subscription date is November 24, 2025 [1][2] Company Information - Full company name: Kuerxian Layer Intelligent Technology (Beijing) Co., Ltd. [2] - Industry classification: Computer, Communication, and Other Electronic Equipment Manufacturing [2] - The issuance will combine strategic placement to investors and public subscription for eligible investors [2] Issuance Details - The issuance method includes a combination of directed placement to strategic investors and public offering to eligible investors [2] - The total share capital before issuance is approximately 400 million shares, with the post-issuance total expected to be around 470 million shares [2] - The initial online issuance quantity is 11.2 million shares, while the offline issuance quantity is 44.8 million shares [2] Important Dates - Initial inquiry date: November 19, 2025 [2] - Subscription date: November 24, 2025 [2] - Payment deadline for offline subscriptions: November 26, 2025 [2] - Payment deadline for online subscriptions: November 26, 2025 [2]

Core Viewpoint - Moer Technology, known as the "Chinese version of Nvidia," is set to launch its initial public offering (IPO) on the Sci-Tech Innovation Board, with a total of 70 million shares being offered, accounting for 14.89% of the post-issue total share capital [1] Company Overview - Moer Technology focuses on the research, design, and sales of full-function GPU products, making it one of the few domestic companies that integrate graphics rendering and AI computing [1][2] - The company has successfully launched four generations of GPU architectures and has developed a comprehensive product matrix covering AI computing, cloud computing, and personal computing [2] Market Position - Moer Technology is a leading player in the domestic GPU sector, having achieved significant technological breakthroughs with its self-developed MUSA architecture, which supports AI computing acceleration, graphics rendering, physical simulation, and scientific computing on a single chip [3] - Despite its advancements, the company acknowledges a gap in comprehensive R&D capabilities and product ecosystem compared to international giants like Nvidia [3] Fund Utilization - The funds raised from the IPO will be allocated to the development of next-generation self-controlled AI training and inference chips, graphics chips, and AI SoC chips, as well as to supplement working capital [4] Financial Performance - From 2022 to 2024, Moer Technology's revenue is projected to grow from 46 million to 438 million, with a compound annual growth rate of 208.44%; for the first half of 2025, revenue reached 702 million [4] - The company has not yet achieved profitability, reporting net losses of 1.894 billion, 1.703 billion, 1.618 billion, and 271 million for the years 2022, 2023, 2024, and the first half of 2025, respectively [4]

Core Viewpoint - Moole Technology, known as the "Chinese version of Nvidia," is set to launch its IPO on the STAR Market, aiming to raise funds for the development of advanced AI and graphics chips, while positioning itself as a leader in the domestic GPU industry [1][2][4]. Group 1: Company Overview - Moole Technology focuses on the research, design, and sales of full-function GPUs, being one of the few domestic companies that integrate graphics rendering and AI computing [2][3]. - The company has successfully launched four generations of GPU architectures and has developed a comprehensive product matrix covering AI computing, cloud computing, and personal computing [3][4]. - Moole Technology is recognized for its MUSA architecture, which supports AI computing acceleration, graphics rendering, physical simulation, and scientific computing on a single chip [4]. Group 2: Financial Performance - From 2022 to 2024, Moole Technology's revenue is projected to grow from 46 million to 438 million, with a compound annual growth rate of 208.44%. In the first half of 2025, the revenue reached 702 million [5]. - Despite rapid revenue growth, the company has not yet achieved profitability, reporting net losses of 1.894 billion, 1.703 billion, 1.618 billion, and 271 million for the years 2022, 2023, 2024, and the first half of 2025, respectively [5]. - The company maintains high R&D expenditures to ensure technological advancement, with R&D expenses of 1.116 billion, 1.334 billion, 1.359 billion, and 557 million for the same periods [5]. Group 3: IPO Details - The IPO will consist of 70 million shares, accounting for 14.89% of the total share capital post-issue, with the initial inquiry date set for November 19 and the subscription date for November 24 [2][4]. - The funds raised will be allocated to the development of new AI chips, graphics chips, and AI SoC chips, as well as to supplement working capital [4].

11月13日，摩尔线程披露首次公开发行股票并在科创板上市招股意向书，发行人股票简称为"摩尔线 程"，扩位简称为"摩尔线程"，股票代码为"688795"，该代码同时适用于此次发行的初步询价及网下申 购。 SFC 出品 | 21财经客户端 21世纪经济报道 编辑 | 金珊 21君荐读 此次发行网上申购代码为"787795"。此次公开发行股票总数为7000万股，占发行后总股本的比例为 14.89%。首次公开发行股票初步询价日为11月19日，申购日为11月24日。 | 发行人基本情况 | | | | | --- | --- | --- | --- | | 公司全称 | 摩尔线程智能科技 (北京)股份有限公 | 证券间称 | 摩尔线程 | | 可 | | | | | 证券代码/ | 688795 | 网上申购代码 | 787795 | | 网下申购代码 | | | | | 网下申购简称 | 摩尔线程 | 网上申购简称 | 摩尔申购 | | 所属行业名称 | 计算机、通信和其他 | 所属行业代码 | C39 | | 电子设备制造业 | | | | | 本次发行基本情况 | | | | | 发行方式 | | 本次发行采用向 ...