在全球AI产业链加速本土替代的大背景下，国产GPU企业迎来了资本市场的高光时刻。 公私募齐入场，报价热情创年内峰值 摩尔线程在申购前的初步询价阶段，就已显现出机构投资者的超高热情。据发行公告披露，共有267家 网下投资者提交了有效报价，管理的配售对象合计达7555个，有效申购股数高达704.06亿股，网下申购 倍数高达1572倍，远超年内大多数新股的询价倍数水平。 其中，来自公募、私募与券商资管等机构的参与格外引人注目。据智通财经记者不完全统计，在全部有 效报价主体中，公募基金达86家，私募基金为124家，涵盖头部公募、量化私募及主动管理型私募等各 类主体，券商参与机构也达到30家，既有自营盘，也包括部分资管子公司和券商理财产品。同时，保险 机构、年金组合以及部分合格境外机构投资者也现身列表，为这单IPO增加了长期资金的身影。 11月24日，被誉为"国产GPU第一股"的摩尔线程正式启动科创板发行，发行价定为114.28元/股，创下 2025年以来A股新股发行价新高。摩尔线程此次发行获得机构投资者高度关注。初步询价阶段，共有 267家网下投资者参与报价，涉及配售对象多达7555个，总申购股数超700亿股，网下申 ...

Core Viewpoint - The domestic GPU company, Moore Threads, is experiencing significant attention in the capital market amid the accelerated local replacement in the global AI industry chain, with its IPO on the Sci-Tech Innovation Board marking a new high for A-share IPO prices since 2025 at 114.28 yuan per share [1][10]. Group 1: IPO Details - Moore Threads' IPO has garnered substantial interest from institutional investors, with 267 offline investors participating in the initial inquiry phase, leading to a total subscription of over 700 billion shares and an offline subscription multiple of 1572 times [1][3]. - The company plans to issue 70 million shares, resulting in a market capitalization of approximately 53.7 billion yuan on the first day of trading [10]. - The initial effective subscription multiple for the online issuance was approximately 4126.49 times, prompting the activation of a mechanism to adjust the allocation between offline and online subscriptions [2][11]. Group 2: Institutional Participation - A notable number of public and private funds participated in the subscription, with 86 public funds and 124 private funds involved, indicating a strong interest in the "domestic high-performance GPU + AI computing power track" [2][3]. - Major public funds, such as Southern Fund and E Fund, utilized a significant number of products to enhance their chances of winning allocations, with Southern Fund using 404 products to apply for a total of 5.285 billion shares [6][7]. Group 3: Pricing and Market Sentiment - The price range during the inquiry phase varied from 88.79 yuan to 159.57 yuan, with some institutions willing to offer a premium, reflecting high expectations for the company's growth potential [4][5]. - The highest effective bid came from a public fund at 122.94 yuan per share, indicating differing views on the company's valuation among investors [4]. Group 4: Company Performance and Future Outlook - Moore Threads has not yet achieved profitability, reporting revenues of 46 million yuan, 124 million yuan, and 438 million yuan for 2022, 2023, and 2024 respectively, with net losses of 1.894 billion yuan, 1.703 billion yuan, and 1.618 billion yuan during the same period [11][12]. - The company has developed a comprehensive computing acceleration platform since its establishment in 2020, focusing on GPU technology and related hardware and software systems, with applications in AI computing centers, digital twin rendering, and high-performance computing [10][11].