Group 1 - The core viewpoint of the articles highlights the listing of Moore Threads (688795.SH) on the STAR Market as a significant event for the domestic GPU industry, marking a new wave of interest in AI hardware and the further development of the domestic computing power supply chain [1] - Moore Threads is recognized as a key player focusing on local GPU research and computing power solutions, indicating a growing emphasis on domestic technology in the AI sector [1] - The collaboration between SenseTime and Moore Threads, where SenseTime's algorithms have been adapted to Moore Threads' products, illustrates the importance of synergy between AI algorithms and GPU hardware in meeting the increasing demand for AI computing power [2] Group 2 - SenseTime's response to market inquiries about its investment in Moore Threads emphasizes the long-standing business cooperation between the two companies, which enhances the market adaptability of SenseTime's products [1][2] - The interaction on the Futu stock forum reflects SenseTime's strategy of open collaboration and actively building an industrial ecosystem, aligning with the broader trend of upstream and downstream cooperation in the industry [2] - The deep adaptation of algorithms to hardware is becoming a critical factor in driving technological implementation and industry collaboration, showcasing the evolving dynamics within the AI and GPU sectors [2]

"十五五"规划建议明确提出发展创业投资，建立未来产业投入增长和风险分担机制。随着创投资本不断 发展壮大、科创板制度持续完善、金融市场结构逐步优化，继摩尔线程、沐曦股份之后，料将有更多硬 科技企业借力资本与制度的双重赋能，在全球产业链重构的浪潮中抢占核心位置。 （文章来源：证券时报网） GPU研发堪称高投入、长周期、高风险的攻坚赛道，每一步突破都离不开金融资本的赋能与陪伴。两家 企业成立仅一年便合计完成了9次近23亿元增资，背后是"国资平台+市场化创投+产业CVC"多元资本的 协同发力：深创投、国调基金、上海科创基金等国资平台发挥"压舱石"作用，以稳定资金支持夯实发展 基础；善达投资、红杉中国、真格基金等市场化机构凭借专业洞察精准布局，为企业早期成长注入强劲 动能；腾讯、和而泰等产业CVC联动，加速产业资源高效对接。摩尔线程的成长轨迹尤为典型：5年 来，超80家机构累计注入94.98亿元，使其得以投入46.7亿元研发资金攻克全功能GPU量产难关。这一过 程，既印证了多元创投资本在分担创新风险、加速技术转化中的核心价值，更彰显了一级市场对硬科技 领域的坚定支持。 科创板的制度创新，正持续拓宽硬科技企业的成长通道。 ...

Market Overview - A-shares exhibited a typical divergent trend today, with the China Shipbuilding System concept experiencing significant gains, particularly China Shipbuilding Defense hitting the daily limit, while the commercial aerospace concept also saw a surge [3][6] - The new stock Moer Thread, focused on GPU development, attracted considerable attention during its subscription [3] Financing Data - Despite an overall decline in financing balance for three consecutive days, 25 stocks received net financing inflows exceeding 50 million yuan, with Dekeli leading at 156 million yuan [3][4] - Other notable stocks with significant net financing include Beijing Bank at 151 million yuan and Zhongwen Online at 141 million yuan [4] Behavioral Finance Insights - The phenomenon of more severe adjustments in bull markets compared to bear markets is attributed to loss aversion, where investors experience greater pain from losses than pleasure from equivalent gains [5] - Institutional funds exploit this psychological weakness, using volatility to disrupt retail investors' resolve [6] Investment Strategy - The current market conditions reflect strategic repositioning by institutional funds, with stocks receiving large financing inflows likely to be long-term targets for these institutions [13] - The analysis emphasizes the importance of recognizing the nature of trading behaviors, distinguishing between genuine institutional activity and retail speculation [9][14] Sector Performance - The military and aerospace sectors have seen continuous institutional support for three months, indicating a strong interest in these areas [14] - The GPU and other hard technology sectors are identified as long-term strategic tracks, suggesting potential for future growth [14]

Group 1 - The domestic gasoline and diesel prices are expected to decrease by 50 yuan per ton due to a change in the average price of crude oil, which is currently at 61.83 USD per barrel with a change rate of -0.97% [1] - MSCI announced the inclusion of 17 new stocks and the removal of 16 stocks from the MSCI China A-share index, effective after the market closes on November 24, 2025 [2] - Huawei is set to hold a product launch event for the Mate 80 series and other products on November 25, 2023, featuring four models: Mate 80, Mate 80 Pro, Mate 80 Pro Max, and Mate 80 RS [3] Group 2 - Over 200 billion yuan worth of restricted shares will be unlocked next week, with Southern Airlines leading the list at 56.89 billion yuan, followed by Huadong Holdings at 17.42 billion yuan and Sains at 14.49 billion yuan [5] - The peak of share unlocks will occur on November 24, 2023, with 40 companies having their restricted shares released [5][6][7] Group 3 - Two new stocks are set to be issued next week: Moer Thread on November 24 at an issue price of 114.28 yuan per share, and Bai Ao Sai Tu on November 28 [8][9]

Core Viewpoint - Qipai Wolf (002029.SZ) has experienced a consecutive two-day limit-up in stock price, reaching 9.35 CNY per share, amid clarifications regarding its indirect investments in Moer Thread and Yushu Technology [1] Group 1: Company Investments - Qipai Wolf clarified that it has not directly invested in Moer Thread and Yushu Technology, but its parent company holds partial equity in these firms [1] - The investments made by Qipai Wolf's parent company are classified as financial investments at the controlling shareholder level and are not directly related to the company's main business operations [1] Group 2: Financial Performance - In the 2025 semi-annual report, Qipai Wolf reported a revenue of 1.375 billion CNY, a year-on-year decrease of 5.93%, and a net profit attributable to shareholders of 160 million CNY, down 13.93% [2] - The net profit, excluding non-recurring gains and losses, significantly dropped by 61.35% to 29.1 million CNY [2] - The company generated a fair value change gain of 97.4 million CNY from financial products and stock investments, along with government subsidies of 26.66 million CNY, contributing a total profit of 131 million CNY [2] - Operating cash flow turned negative with a net outflow of 22.59 million CNY during the reporting period [2] Group 3: Business Focus - Qipai Wolf continues to focus on its main business of designing, producing, and selling "Qipai Wolf" brand men's clothing and textile products, maintaining a business model that combines direct sales and franchising [2] - The company employs an omnichannel sales strategy, integrating both online and offline platforms [2]

Group 1: New IPOs and Offerings - This week, there is one new stock available for subscription, specifically the new stock from Aomeisen, which will start subscription on September 22 [2][9] - Aomeisen's offering price is set at 8.25 yuan per share, with an issuance price-to-earnings ratio of 12.99 times, compared to the industry average dynamic price-to-earnings ratio of 35.86 times over the past month [2][3] Group 2: Company Overview - Aomeisen is a professional manufacturer of intelligent equipment, focusing on the research, design, production, and sales of intelligent production equipment and production lines [2][9] - The company's products are widely applicable in various sectors, including electrical appliances, environmental protection, wind power, and lithium battery new energy [2] - Aomeisen has established stable partnerships with major domestic and international home appliance companies, enhancing its brand influence and market presence [2] Group 3: Financial Performance - Aomeisen's projected revenues for 2022, 2023, and 2024 are 279 million yuan, 325 million yuan, and 358 million yuan, respectively, with net profits of approximately 19.39 million yuan, 48.16 million yuan, and 55.82 million yuan [3] - The company aims to raise a total of 190 million yuan through its IPO, which will be invested in the construction of a production base for digital forming equipment and a research and development center [3] Group 4: Other IPOs - Four companies are scheduled for IPO meetings this week, including Moer Thread and Bai Ao Sai Tu for the Sci-Tech Innovation Board, and Nanguang Digital and Hengtong Light for the Growth Enterprise Market [4] - Moer Thread focuses on the research, design, and sales of GPUs and related products, aiming to provide computing acceleration platforms for high-performance computing fields [5] - Bai Ao Sai Tu, a preclinical CRO and biotechnology company, offers innovative animal models and drug development services based on its gene editing technology [7][8]