行 业 及 产 业 2025 年 10 月 10 日 摩尔线程：生态、架构、集群 看好 ——国产 ASIC 系列研究之 5 本期投资提示： 相关研究 《国产 ASIC：PD 分离和超节点——ASIC 系列研究之四》 2025/09/26 《国产算力趋势走强，沐曦领衔通用 GPU——国产 ASIC 系列研究之 3》 2025/09/24 证券分析师 黄忠煌 A0230519110001 huangzh@swsresearch.com 杨海晏 A0230518070003 yanghy@swsresearch.com 研究支持 曹峥 A0230525040002 caozheng@swsresearch.com 杨紫璇 A0230524070005 yangzx@swsresearch.com 王开元 A0230125030001 wangky@swsresearch.com 研 行 业 请务必仔细阅读正文之后的各项信息披露与声明 联系人 证 券 研 究 报 曹峥 (8621)23297818× caozheng@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 究 / 行 业 深 ...

以下文章来源于东方财富Choice数据 ，作者Choice数据 东方财富Choice数据 . Choice数据是东方财富旗下智能金融数据品牌，是国内领先的金融数据服务商。我们致力于为金融投资机构、学术研究机构、政务监管、媒体和专业投资 者提供金融投资领域多场景解决方案，以及更高效、更精准的投资决策依据。 AI摘要 ： 机构称A股处于"混合牛"阶段，中银证券认为将从科技结构牛转向全面牛，信达证券显示居民资金稳步入市。国产GPU企业摩尔线程9月26日上会，机构 看好国产算力芯片因技术突破与替代需求迎来发展机遇。宇树科技拟发1.8米人形机器人，机构称该产业市场空间广阔且规模化进程提速。 1、A股中期向上趋势不变 广发证券 ： A股仍处于弹性窗口 A 股仍处于弹性风格窗口， 国内资金驱动的行情已经启动。居民储蓄搬家入股市会偏好主题投资与符合高质量发展方向的成长 股，建议采用优化版的"杠铃策略"， 适度减少高股息比例，增加杠铃另一端弹性品种的配置比例。 | | | | | 沪深300 Long-only 各风格因子收益率(%) | | | | | | | --- | --- | --- | --- | --- | -- ...

智通财经9月22日讯，市场全天震荡拉升，三大指数均收涨。在芯片概念股的带领下，科创50指数盘中一度涨逾4%。沪深两市成交额2.12万亿，较上一个交 易日缩量2023亿。从板块来看，消费电子板块表现活跃，立讯精密一字涨停。芯片产业链延续强势，其中德明利两连板创历史新高，芯原股份触及20cm涨 停创新高，中芯国际、海光信息、江波龙等多只芯片概念股大涨创历史新高。受现货黄金新高的影响，尾盘黄金板块走强，晓程科技、中金黄金快速拉升， 湖南白银涨停。下跌方面，影视院线和旅游板块大跌，金逸影视跌停。截至收盘，沪指涨0.22%，深成指涨0.67%，创业板指涨0.55%。 板块方面 板块上，消费电子板块涨幅居前，立讯精密、国光电器、盈趣科技涨停，显盈科技、领益智造、蓝思科技、歌尔股份、工业富联等个股涨幅居前。 消息面上，据The Information报道，近日，OpenAI已与苹果公司的设备组装商立讯精密签署协议，共同打造一款消费级设备。据悉，该款设备目前仍处于原 型开发阶段，预计能与OpenAI的人工智能模型深度协作。另一方面，随着苹果的iPhone 17热销，"苹果已要求立讯精密和富士康将标准版iPhone 17的提高 ...

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 ...

Core Insights - At the 2025 World Artificial Intelligence Conference (WAIC), Moore Threads showcased its full-featured GPU as the core of its "cloud-edge-end" full-stack AI products and solutions [1] - The company's full-featured GPU chip is based on the self-developed MUSA architecture, achieving breakthroughs in multi-technology integration on a single chip, supporting AI computing, graphics rendering, physical simulation, scientific computing, and ultra-high-definition video encoding and decoding [1] Company Developments - Since its establishment in 2020, Moore Threads has launched four generations of GPU architectures and intelligent SoC products, creating a comprehensive matrix of computing acceleration products to meet diverse market and scenario needs [1] - The company presented the Kuai'e (KUAE) intelligent computing cluster solution, which uses full-featured GPUs as the hardware core, providing system-level support for large-scale GPU computing power construction and operation management, with support for expansion to tens of thousands of cards [1] Product Offerings - The showcased products include the full-featured GPU OAM module, AI large model integrated machine MCCX D800 X2, large model computing acceleration card MTT S4000, cloud rendering card MTT S3000, desktop graphics card MTT S80, and edge AI computing module, covering intelligent computing, graphics acceleration, and desktop applications [1][2]

Group 1: Company Overview - Moores Threads has submitted its IPO prospectus to the Sci-Tech Innovation Board, aiming to issue no less than 44.45 million shares, which will account for at least 10% of the total shares post-issue [1] - The company operates under a Fabless model, focusing on the research, design, and sales of full-function GPU chips, while outsourcing manufacturing and testing processes [1] Group 2: Financial Performance - In 2024, the company's revenue exceeded 400 million yuan, with a compound annual growth rate (CAGR) of over 200% in the last three years [2] - Despite rapid revenue growth, the company has not yet achieved profitability, with net losses reported at 1.84 billion yuan in 2022, 1.67 billion yuan in 2023, and 1.49 billion yuan in the most recent period [8] Group 3: Technological Advancements - The company has developed the MUSA architecture, which supports AI computing acceleration, graphics rendering, physical simulation, and ultra-high-definition video processing on a single chip [2][3] - Moores Threads' products are designed to be highly compatible with existing global GPU application ecosystems, significantly reducing migration costs and ensuring stable technology application [3] Group 4: Market Position and Competition - The global integrated circuit industry is dominated by a few foreign companies, with Nvidia and AMD holding significant market shares [2] - The Chinese GPU market has grown rapidly, from 38.48 billion yuan in 2020 to an expected 163.82 billion yuan in 2024, driven by increasing demand for AI applications [7] Group 5: Future Prospects and Challenges - The funds raised from the IPO will be allocated to the development of new AI training and inference chips, graphics chips, and AISoC chips, as well as to supplement working capital [6] - The company faces challenges due to being placed on the U.S. Entity List, which restricts its ability to procure U.S. materials and technologies, potentially impacting its operations [8]

Group 1 - Muxi Integrated Circuit (Shanghai) Co., Ltd. has completed its listing guidance, with Huatai United as the advisory institution [2] - Moore Threads has also completed its listing guidance, with CITIC Securities as the advisory institution [3] - Both companies are preparing to submit their prospectuses for an A-share listing [4] Group 2 - Moore Threads focuses on the research and design of full-featured GPU chips and related products, supporting AI computing acceleration, 3D graphics rendering, ultra-high-definition video encoding and decoding, physical simulation, and scientific computing [4] - The company aims to meet the growing demand for large model training and inference, facilitating the application of large models, AIGC, scientific computing, digital twins, physical simulation, and the metaverse across various industries [4] - The founder and CEO of Moore Threads, Zhang Jianzhong, controls 44.07% of the company and emphasizes the vast computational power needed for future AI applications beyond just large language models [4][6] Group 3 - Muxi, established in September 2020 in Shanghai, has set up wholly-owned subsidiaries and R&D centers in several cities including Beijing, Nanjing, Chengdu, Hangzhou, Shenzhen, Wuhan, and Changsha [5] - Muxi is dedicated to providing full-stack GPU chips and solutions for heterogeneous computing, applicable in intelligent computing, smart cities, cloud computing, autonomous driving, digital twins, and the metaverse [5] - The company has launched various GPU product lines, including the Xisi® N series for intelligent computing inference, the Xiyun® C series for general computing, and the Xicai® G series for graphics rendering, focusing on high efficiency and versatility [5]

以全功能GPU为核心。 在过去这一年内，摩尔线程亦取得了多项突破——2023年年末，摩尔线程首个全国产千卡千亿模型 训练平台揭幕，宣告国内首个以国产全功能GPU为底座的大规模算力集群正式落地；今年7月，摩尔 线程又宣布其AI旗舰产品夸娥（KUAE）智算集群解决方案实现重大升级，从千卡级别大幅扩展至万 卡规模。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，摩尔线程智能科技(北京)股份有限公司（以下简称"摩尔线程"）于2024年11月6 日与中信证券签署辅导协议，正式启动A股IPO进程。 这意味着， 摩尔线程 成为短期内第三家与券商签署辅导协议并完成备案的" AI 芯片独角兽"——今 年8月2 3 日和9月1 0 日， 燧原科技 和 壁仞科技 已分别与中金公司和国泰君安证券签署 A 股辅 导协议。 成立于2020年的摩尔线程以全功能GPU为核心，致力于向全球提供加速计算的基础设施和一站式解 决方案，为各行各业的数智化转型提供强大的AI计算支持。 具体来讲， 摩尔线程 的 全功能GPU芯片及相关产品 可支 持AI计算加速、3D图形渲染、超高清视 频编解 ...