在国产GPU赛道，沐曦股份正成为资本市场关注的又一焦点。 今日（12月17日），高性能通用GPU公司沐曦股份正式登陆科创板，继摩尔线程之后，该公司成为"国 产GPU四小龙"中第二家上市的企业。 沐曦股份的上市首日成绩单展现了资本市场对国产GPU赛道的热情。该公司上市首日股价一路狂奔，收 盘时涨幅高达692.95%，按单签500股计算，打新投资者首日盈利规模近36.26万元。若以盘中755.15%的 最大涨幅测算，沐曦股份单签最大盈利达39.52万元。这两项数据助力沐曦股份登顶A股史上最赚钱新 股"，成为首日单签盈利、单签最大盈利双纪录创造者。 与此同时，沐曦股份今日（12月17日）股价表现强势，报收于829.9元/股，在超过摩尔线程的同时成功 跻身A股股价排行榜第三名，仅次于贵州茅台、寒武纪两只千元股。 多名业内专家向《科创板日报》记者表示，随着摩尔线程和沐曦股份在科创板的上市相继落地，以及 AI算力需求指数级爆发与算力本土化战略窗口期全面打开，国产GPU行业正迈入上市加速期，技术迭 代与生态建设并行期，国产GPU市场进入 "拼产能、拼生态" 的关键竞争阶段。 国产GPU迎来上市热潮 有业内人士向《科创板日报 ...

2025 年 12 月 14 日 策略类●证券研究报告 局部人气聚集推升新股板块交投意愿，但活跃周期开启可能仍待观察 新股专题 投资要点 新股周观点：上周新股板块总体延续震荡博弈走势，但以摩尔线程为代表的局部亮 点表现突出、带动板块交投意愿出现升温。短期来看，由于新股周期指标尚未完成 触底，叠加上周板块人气热度聚集更多源自于摩尔线程等少数新股次新标的，新股 开启新一轮向上活跃的基础可能仍待夯实；但正如我们上期周报所述，由于 9 月以 来休整时间已经相对较长，不少新股次新标的性价比也有所凸显，新股交投意愿回 升或有波折、但或许也不会昙花一现，灵活应变为宜。 （1）上周新股次新板块博弈加剧；假设以 2024 年以来上市的新股次新板块比较 来看，期间板块平均涨幅 1.5%，实现正收益占比约 54.2%。 （2）上周新股次新板块整体还是延续休整周期尾端震荡博弈走势，多数标的周度 涨跌幅不大；但值得注意的，微观层面上周局部表现极为突出，以摩尔线程为代表 的近端新股标的强势拉升，并带动大鹏工业、中国铀业、恒坤新材等多个新近上市 新股标的出现阶段性活跃，资金对于新股次新标的交投意愿或趋向升温。 （3）短期来看，由于新股周期 ...

"科技牛"是资本市场2025年的最佳注脚。股市再上4000点，印证了科技是撬动经济增长的关键变量，资本市场支持创新已成为普遍共识。2025年，政策开 闸，资本市场向优质未盈利创新企业上市广开大门；市场共振，寒武纪一度登顶，超越茅台成为"新王"，股市"喜芯厌酒"让本轮IPO盛宴科技含量满满。创 新药打样、芯片企业排位、AI和机器人抢跑，中国科技公司的估值和预期、中国资本市场的含金量和信心，共同涌向了来之不易的"牛市"。 有何不同 2025年10月29日，A股重返4000点，并围绕着4000点展开了一场激烈的拉锯战。暂别几日后，11月，A股又先后两次突破4000点。 Wind数据显示，A股信息技术板块年内大涨50%，位居行业涨幅榜首位。截至11月20日，科创50指数年内累计涨幅也超过30%，并于10月9日刷新逾四年来 的新高。 经统计，1月2日—11月20日，科创50成分股中，芯原股份、拓荆科技、寒武纪等4股股价累计涨超100%。其中，备受市场关注的寒武纪自8月以来股价与贵 州茅台相互胶着，数次"问鼎"A股股王。 今年9月，证监会主席吴清表示，目前A股科技板块市值占比超过1/4，已明显高于银行、非银金融、房地产行 ...

点击阅读本周南财号热文>> （原标题：85家机构百亿押注，能否烧出国产GPU未来？丨南财号每周热文） 申请入驻南财号，请点击此处>> ...

无论是摩尔线程还是沐曦股份，超低的中签率恰恰说明了资本对于硬科技企业的追捧。在政策引导下， 上市生态持续优化，资本市场的投资理念也在同步发生改变。对于未盈利的硬科技企业，投资者的估值 认可度大幅提升。 继上市首日大涨逾4倍之后，摩尔线程股价在12月10日盘中再度大涨逾20%，再创上市后新高。从寒武 纪到摩尔线程，资本市场用真金白银对国产硬科技企业给出了估值溢价。国产替代、行业高景气的发展 预期，都是资本点赞国产硬科技赛道企业的底气。 就估值风险而言，摩尔线程上市后的超预期表现，多少带着一些偏离当前基本面的炒新情绪。但不同于 单纯的投机炒作，类似摩尔线程一样的硬科技企业有着不一样的资本逻辑。 2020年7月上市的寒武纪，上市首日涨幅超过两倍，随后股价曾持续走低调整数年，直到今年随着业绩 的大爆发，公司股价开启了狂欢。 从某种程度上而言，寒武纪在资本市场的发展路径点燃了A股市场对国产硬科技企业的资本信心，吸引 各路资金愿意为同类别的硬科技未盈利企业支付估值溢价。 从时间线来看，资本点赞硬科技正在加速度，对硬科技企业的估值认可度大幅提升。相比寒武纪，摩尔 线程享受到了资本对于硬科技企业更早、更高的估值溢价。 资本市 ...

Core Insights - The recent IPO of Moer Technology, dubbed the "first domestic GPU stock," has generated significant market attention, with a single lottery ticket yielding a profit of 280,000 yuan, creating a new wealth-building narrative [1] - The IPO excitement has positively impacted another domestic GPU leader, Muxi Co., which has seen a surge in interest, with its offering price set at 104.66 yuan per share, making it the second highest in A-share new stock issuance for 2025, corresponding to a market capitalization of approximately 41.874 billion yuan [1] - The final lottery winning rate for Muxi Co. was notably low at 0.03348913%, indicating increased difficulty in securing shares, with 5.1752 million investors participating in the online subscription, reflecting strong market confidence in the domestic GPU sector [1] Institutional Participation - Public and private equity funds have actively engaged in the offline allocation of Muxi Co.'s shares, with statistics showing that 200 institutions participated, collectively acquiring 13.7598 million shares, amounting to 1.44 billion yuan [1] - Among these, public funds were the primary contributors, with 94 public fund products securing a total of 13.3923 million shares, valued at 1.402 billion yuan, including 19 institutions that received allocations of at least 10 million yuan [1] Top Fund Allocations - E Fund led the allocation with 1.9409 million shares and an investment of 203.13 million yuan, followed by Southern Fund with 1.8596 million shares and 195 million yuan [2][3] - Other notable funds include ICBC Credit Suisse with 1.7070 million shares (179 million yuan) and Fortune Fund with 1.2418 million shares (129.96 million yuan) [2][3]

展望后市，中信建投表示，国产算力板块热度提升带动设备板块。在行业扩产整体放缓大背景下，国产 化驱动下的渗透率提升依然是设备板块后续增长的重要来源。我们判断未来设备国产化率将实现快速提 升，头部整机设备企业2025年订单有望实现20-30%以上增长，零部件、尤其是卡脖子零部件国产化进 程有望加快，板块整体基本面向好。 12月10日，A股三大指数低开。科创50ETF（588000）早盘震荡上升，最大涨幅为0.50%。盘面上，持 仓股生益电子大涨9.02%，天岳先进上涨4.54%，寒武纪上涨2.53%；资金上，科创50ETF（588000）近 期持续受到资金青睐，近三日资金净流入19.25亿，近五日资金净流入20.18亿。截至发文，科创50ETF （588000）成交额达15.68亿元。 相关ETF：科创50ETF（588000）。 消息面上，12月7日，沐曦股份公告，回拨机制启动后，网下最终发行数量为2282.9081万股，占扣除最 终战略配售部分后本次发行数量的70.26%，网上最终发行数量为966.55万股，占扣除最终战略配售部分 后本次发行数量的29.74%。网上初步中签率为 0.02223023%，回拨机 ...

IPO Review and Registration Progress - Three companies passed the IPO review last week, including Zuxing New Materials, Mirui Technology, and Jintai Co., with Zuxing New Materials focusing on aluminum pigments and fine spherical aluminum powder, reporting revenue of 578 million yuan and net profit of 60 million yuan for the first three quarters of 2025, reflecting year-on-year growth of 10.98% and 35.47% respectively [3][4] - Mirui Technology, engaged in smart network cameras and IoT video products, reported revenue of 549 million yuan, a decline of 0.95%, and net profit of 51 million yuan, down 12.93% for the same period [4] - Jintai Co., specializing in sponge titanium products, achieved revenue of 1.272 billion yuan, up 12.43%, and net profit of 155 million yuan, an increase of 52.68% [4] New IPO Applications and Upcoming Reviews - Five new IPO applications were accepted last week, including Ma Mining Co., which focuses on iron ore resource development, reporting a revenue of 2.057 billion yuan and net profit of 659 million yuan from 2022 to 2024 [8][9] - Zhongke Kehua, a semiconductor packaging materials company, reported revenue of 331 million yuan and net profit of 34 million yuan for 2024, with plans to raise 598 million yuan through its IPO [9] - Yulong Technology, a precision control board manufacturer, reported revenue of 1.095 billion yuan and net profit of 121 million yuan for the first half of 2025, with a significant portion of its revenue coming from BOE Technology Group [10][11] New Stock Subscription and Listing Dynamics - Three new stocks were listed last week, including Jingchuang Electric, which saw a price increase of 330.74% on its first day, and China Uranium Industry, which rose by 280.04% [13] - This week, five new stocks are scheduled for subscription, including Yuxun Co., which focuses on optical communication chips and expects a net profit of 92 million to 98 million yuan for 2025, reflecting a year-on-year growth of 18.15% to 25.86% [14][15]

Group 1 - OpenAI is expected to release GPT-5.2 as early as next Tuesday, with institutions noting that the leap in large model development is driving a continuous increase in computing power demand [1] - A new round of cold wave is anticipated, with institutions optimistic about the sustained high growth rate of electricity consumption; the company is recognized as one of the more specialized firms in the wind power industry in Fujian Province, focusing on clean energy generation [1] - The company has signed a cooperation agreement with Muxi Co., Ltd. to explore the localized application of domestic GPUs [1]

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]