作为国产全功能GPU的领军企业，摩尔线程所处的行业赛道技术壁垒极高，前期资金需求巨大。科创板 仅用88天便完成从受理到过会的全流程，这种速度背后，正是因为此类企业具有着"硬科技"的核心价 值。 近日，证监会主席吴清在人民日报发表署名文章指出，经过30多年的改革发展，我国资本市场从无到 有、从小到大，当前正处在向高质量发展快速转变的关键阶段。提高资本市场制度包容性、适应性，是 站在新的历史起点上，开启的一次全方位、深层次、系统性的变革。 12月5日，A股创下了近期新股发行涨幅的新纪录。被称为"国产GPU第一股"的摩尔线程登陆上交所科 创板，IPO从受理到过会耗时仅88天。其开盘报650元/股，较发行价114.28元/股上涨468.78%，总市值突 破3000亿元。摩尔线程的惊艳亮相，不仅是一家硬科技企业的成功，更是资本市场为科技创新打开"源 头活水"的重要体现。 资本市场的"源头活水"，归根结底来自于优质上市公司的源源不断涌现。在当前全球科技竞争日趋白热 化的背景下，努力突破关键核心技术"卡脖子"难题的科技企业，正是这股活水最珍贵的一部分。 但我们也必须看到，长久以来，这一类企业往往面临着一些"成长的烦恼"：研 ...

Core Viewpoint - The article discusses the rising interest and investment in Moer Thread, a Chinese GPU company, as it approaches its IPO, drawing parallels with Nvidia and highlighting the dynamics of the investment landscape surrounding it [2][8]. Group 1: Investment Dynamics - A character referred to as A represents an investment professional who discusses Moer Thread at a high-profile dinner, indicating the company's growing prominence in the investment community [2][3]. - Moer Thread is compared to Nvidia, being labeled as "China's Nvidia," and has generated significant buzz in the market, leading to increased stock prices for related companies [7][8]. - The article notes that Moer Thread's stock has attracted interest from both institutional investors and high-net-worth individuals, indicating a diverse investor base [5][6]. Group 2: Financial Performance and Projections - Moer Thread has achieved a revenue compound annual growth rate (CAGR) exceeding 200% over the past few years, with projections of over 10 billion RMB in revenue for 2024 and over 50 billion RMB for 2025, reflecting a growth rate of over 500% [12]. - The company has completed multiple rounds of financing, with significant investments from notable firms, and has established itself as a unicorn within a short period after its founding [8][9]. - The article highlights that Moer Thread's valuation is currently around 255 billion RMB, positioning it favorably compared to other companies in the sector, such as Cambrian, which has seen its market cap soar [9][12]. Group 3: Market Position and Product Development - Moer Thread is positioned as a key player in the domestic GPU market, focusing on developing full-function GPUs and AI computing solutions, which are critical in the current AI wave [11]. - The company has made significant advancements in product development, having completed the R&D of its first domestic full-function GPU within 300 days and has built a comprehensive product line from chips to software [11]. - Moer Thread has also secured 425 authorized patents, placing it among the top GPU companies in terms of patent ownership in China [11].