理财非存款，产品有风险，投资须谨慎。 （责任编辑：华青剑） 以专业投研为基石，以持续创新为动力，宁银理财将继续履行专业机构投资者的使命担当，服务国 家的科技金融战略。未来，公司将持续深化对科技创新领域的资产挖掘与价值判断，引导理财资金配置 于国家战略重点支持的硬科技领域，为投资者创造可持续回报，为实体经济注入金融活水。 风险提示：若无特殊说明，数据来源于宁银理财，数据时间截至2025年11月25日。本材料由宁银理 财有限责任公司（简称宁银理财）制作并提供，本材料中出现的相关股票名称仅为说明网下打新业务开 展情况，不构成股票推荐或投资建议，市场观点仅供参考 国产高性能GPU芯片企业摩尔线程近日获批上市。宁银理财成功获配摩尔线程新股，旗下6只产品 入围，入围产品数量与获配金额在银行理财公司中位列第一。（信息来源：摩尔线程于2025年11月21日 发布的《首次公开发行股票并在科创板上市发行公告》） 政策红利开启理财打新新纪元，宁银理财凭借专业投研能力率先布局。2025年1月，多部门联合印 发的《关于推动中长期资金入市工作的实施方案》明确赋予银行理财与公募基金同等的网下打新A类投 资者地位。在此政策东风下，宁银理财作 ...

Core Insights - Traditional companies are diversifying into AI chip investments as a strategic move to secure future growth while maintaining their core businesses [1][2] - The AI chip market has shown significant potential, with its market size exceeding one trillion yuan last year, making it an attractive sector for investment [1] Group 1: Company Strategies - Seven Wolves has invested in AI chip companies, holding 0.47% of Muxi Integrated Circuit and participating in funding for leading GPU firm Moore Threads through Shenzhen Innovation Investment Group [1] - Jinzi Ham has announced plans to acquire up to 20% of Zhongsheng Microelectronics for no more than 300 million yuan, focusing on high-speed optical communication and wireless access chips [1] - Yangyuan Beverage has invested 1.6 billion yuan to acquire 0.99% of the parent company of Yangtze Memory Technologies, a leading domestic storage chip manufacturer [1] Group 2: Industry Context - The traditional apparel industry is facing growth challenges, prompting companies to seek new avenues for expansion, such as AI chips [1] - The shift towards AI technology is seen as a proactive response to market pressures and a strategic move to build a second growth curve using stable cash flows from existing businesses [2] - The trend of traditional industries entering the semiconductor space reflects a deeper dialogue between established sectors and cutting-edge technology, indicating potential for unexpected cross-industry innovations in the future [2]

IPO Review and Registration Progress - Three companies successfully passed the IPO review last week, including Youxun Co., Ltd., Angrui Microelectronics, and Tian Su Measurement [2][3] - Youxun Co., Ltd. focuses on the research, design, and sales of optical communication front-end transceiver chips, aiming to raise 809 million yuan for the development of next-generation data center chips and automotive chips [2] - Angrui Microelectronics specializes in RF front-end chips and plans to raise 2.067 billion yuan for 5G RF chip development and industrial upgrades [3] - Tian Su Measurement provides calibration and testing services, achieving a revenue of 409 million yuan in the first half of 2025, with a year-on-year growth of 11.99% [3] Upcoming IPOs - Four companies are scheduled for IPO reviews this week, including Jianxin Superconductor, Shuangxin Environmental Protection, Aishalun, and Muxi Co., Ltd. [4] - Jianxin Superconductor focuses on MRI equipment components, with revenues projected to decline by 5.58% in 2024 due to market pressures [4][5] - Shuangxin Environmental Protection has seen revenue declines of 25.25% and 7.85% in 2023 and 2024, respectively, due to reduced market demand [5] - Aishalun generates over 90% of its revenue from overseas, with projected revenues of 692 million yuan in 2024 [5] New Stock Listings - Two new stocks were listed last week: Changjiang Nengke and Daoshengtianhe, with the latter seeing a first-day increase of 396.32% [10][11] - Changjiang Nengke specializes in energy chemical equipment, while Daoshengtianhe is a leading supplier of materials for wind turbine blades [10][11] New Stock Subscription - Daming Electronics is set to launch a new stock subscription on October 24, aiming to raise approximately 400 million yuan for new factory projects and working capital [12] - The company focuses on automotive electronic components, with projected revenues of 2.727 billion yuan in 2024 [12]

Core Viewpoint - Moer Technology has successfully passed the listing review by the Shanghai Stock Exchange, marking it as the fastest company to do so in 2023, with a total processing time of only 88 days from application acceptance to approval [1][2]. Company Overview - Moer Technology was founded in June 2020 and began operations in October 2020. The founder and actual controller, Zhang Jianzhong, has a significant background with NVIDIA, having served as Vice President and General Manager for Greater China for 14 years [3][4]. Financial Performance - In the first half of this year, Moer Technology achieved a revenue of 701 million yuan, surpassing the total revenue of the past three years. However, the company reported a net loss of 317 million yuan for the same period, with cumulative losses reaching 1.478 billion yuan by mid-year [5]. - The gross margin has shown an upward trend, with figures of -70.45% in 2022, 27.84% in 2023, 72.32% in 2024, and 69.17% in the first half of 2025 [5]. Product Strategy - The company has shifted its focus from desktop graphics acceleration to AI computing and professional graphics acceleration products, with AI computing products projected to account for 77.63% and 94.85% of revenue in 2024 and the first half of 2025, respectively [6]. - Moer Technology has launched four generations of GPU architectures, covering various applications including AI computing, high-performance computing, and graphics rendering [8]. Market Position and Competition - The AI computing GPU market in China is expected to reach 10,333.40 billion yuan by 2029, with a compound annual growth rate of 56.7% [7]. - Moer Technology is one of the few domestic companies with full GPU development capabilities, but it still faces challenges in market recognition and ecosystem completeness compared to leading international companies like NVIDIA [9]. IPO and Funding - The company plans to raise 8 billion yuan through its IPO, which will be used for the development of new AI training and inference chips, graphics chips, and AI SoC chips [10]. - The shareholder structure includes notable investors such as China Mobile, Sequoia Capital, and ByteDance, indicating strong backing from both state-owned and venture capital firms [11].

Core Insights - The 2025 Nanjing Yangtze River Integrated Circuit Innovation Development Promotion Conference successfully took place, focusing on the theme "Gathering Innovation in Jiangbei to Lead the Future" [1] - Over 20 key projects were signed at the event, with a total investment reaching 10 billion yuan [2][3] Industry Development - The integrated circuit industry is recognized as a strategic, foundational, and leading industry, forming part of Nanjing's "4266" industrial system planning [3] - Jiangbei New Area and Pukou District are prioritizing the integrated circuit sector as a key driver for innovative development and the establishment of a self-innovation pilot zone [3] - The two districts have successfully attracted and nurtured representative companies such as Huada Semiconductor, Xinde Semiconductor, and Changjing Technology, covering the entire industry chain from EDA tools to terminal applications [3] Project Signings - The conference resulted in the signing of over 20 key projects across various fields, including integrated circuits, smart manufacturing, energy storage, and industrial funds, with a total investment of 10 billion yuan [2][3] - This investment aims to enhance the regional industrial chain layout and promote deep integration of industry, academia, and research [3] Collaboration Opportunities - The close collaboration between upstream and downstream enterprises, along with efficient resource integration, is crucial for enhancing the scale and quality of the integrated circuit industry [4] - Seven universities have jointly released an initiative for collaborative innovation in the integrated circuit industry, focusing on talent cultivation, industry-education integration, and technological breakthroughs [4] Environmental Factors - Jiangbei New Area and Pukou District are committed to creating a favorable environment for the integrated circuit industry, emphasizing sincerity in attracting enterprises and supporting project implementation [5][6] - The conference featured discussions on enhancing core technological competitiveness in the industry, with insights shared by leaders from various organizations [6]

Core Viewpoint - The company, Beijing Lier, has confirmed that its investment in high-performance GPU chip products can be widely applied in the construction of intelligent computing centers and in various industries for localized deployment of servers and all-in-one machines [1] Group 1 - The company is actively engaging with investors through interactive platforms [1] - The high-performance GPU chips are positioned for significant applications in intelligent computing centers [1] - The products are also suitable for localized deployment in various industry scenarios [1]

Core Viewpoint - The AI server market is experiencing a "revenue growth without profit growth" dilemma, primarily due to the high costs of NVIDIA's GPU chips, which dominate the server cost structure and compress profit margins [1][3][5]. Group 1: Financial Performance of Major Companies - HPE reported an 18% year-over-year revenue increase to $9.14 billion, but its server division's operating profit margin fell from 10.8% to 6.4% [3][6]. - AMD's revenue surged by 46.59% year-over-year in Q4 2025, yet its gross margin declined to 9.7% [6]. - Dell's gross margin decreased from 22% to 18.7% year-over-year in Q2 2026, attributed to pricing pressures from AI servers [7]. Group 2: Profitability Disparities - NVIDIA holds a dominant 98% market share in the data center GPU market, achieving a non-GAAP gross margin of 72.7%, significantly higher than server manufacturers [7][8]. - The profit margin for NVIDIA's latest Blackwell GPU platform can reach 77.6% in AI inference workloads, showcasing the stark contrast in profitability within the AI value chain [7][8]. Group 3: Structural Challenges Facing Server Manufacturers - High component costs, particularly for NVIDIA's GPUs, limit OEMs' bargaining power, with reports indicating a loss of $1 for every $7.9 earned in AI hardware revenue [11]. - Intense market competition leads to price wars among server manufacturers, further eroding already thin profit margins, as seen with Dell's infrastructure solutions group operating margin dropping to 8.8% [11]. - Complex supply chain management and urgent delivery requirements increase operational costs and profit pressures for manufacturers [11]. Group 4: Industry Dynamics - The role of hardware assemblers in the AI ecosystem is likened to that of "movers," while NVIDIA is positioned as the true "winner" in the market [12].

Core Insights - The financing events for specialized and innovative "little giant" enterprises decreased by 37.2% year-on-year, but the financing amount increased by 18.6% to 34.2 billion yuan [5][8] - The overall trend for IPOs remains expansive, with "little giant" enterprises being the main contributors in the A-share market [5][20] - There was a significant increase in the number of mergers and acquisitions, with a 170% year-on-year growth, although the total transaction amount decreased by 41.9% [6][28] Financing Overview - In the first half of 2025, there were 309 financing events for specialized and innovative "little giant" enterprises, a decrease of 37.2% year-on-year and 15.6% quarter-on-quarter, with disclosed financing amounting to 34.205 billion yuan, an increase of 18.6% year-on-year and 45.0% quarter-on-quarter [5][8] - In Q2 2025, there were 166 financing events, up 16.1% from Q1, but the financing amount in Q2 was 10.519 billion yuan, down 55.6% from Q1 [8] Regional Distribution - The most active regions for financing specialized and innovative "little giant" enterprises in H1 2025 were Guangdong, Beijing, Jiangsu, Shanghai, and Zhejiang, each with over 25 financing events [10] - Guangdong, Beijing, and Jiangsu had financing amounts exceeding 4.5 billion yuan, while Shenzhen and Suzhou had amounts over 1.5 billion yuan [10] Active Institutions - A total of 608 institutions participated in financing events for specialized and innovative "little giant" enterprises, with 90.6% being VC/PE and 9.4% CVC [12] - Jingguorui Fund was the most active, participating in 17 enterprises, followed by Shenchuang Investment, Shunxi Fund, and Yuanhe Holdings, each involved in 8 enterprises [12] IPO Activity - In H1 2025, there were 32 IPOs for specialized and innovative "little giant" enterprises, a year-on-year increase of 18.5% but a quarter-on-quarter decrease of 31.9% [20][23] - Among the 42 new IPOs in the A-share market, 29 were "little giant" enterprises, accounting for 69.05% [23] Mergers and Acquisitions - The number of disclosed mergers and acquisitions involving specialized and innovative "little giant" enterprises reached 54 in H1 2025, a 170% increase year-on-year and a 5.9% increase quarter-on-quarter [6][28] - The total disclosed transaction amount was 8.46 billion yuan, down 41.9% year-on-year and 29.3% quarter-on-quarter [28] Recent Developments - In May 2025, the Ministry of Industry and Information Technology announced initiatives to enhance services for small and medium-sized enterprises, focusing on specialized and innovative "little giant" enterprises [32]

2025.04. 23 本文字数：3936，阅读时长大约6分钟 导读 ： GDP增速双提升、主要指标"开门红"、多数指标增速加快，重点行业领域持续回升、就业物价保持稳 定…… 作者 | 第一财经 胥会云 今年一季度，上海实现地区生产总值（GDP）12735.06亿元，按不变价格计算，同比增长5.1%。这 一增速，较上海去年全年和去年一季度的GDP增速，均高出0.1个百分点。 此外，上海一季度信息传输、软件和信息技术服务业增加值同比增长13%，信息服务业营业收入、利 润分别增长13.2%和94.6%，华为海思等高速增长带动集成电路设计行业增长40%以上。 一季度，上海第三产业增加值占上海GDP的比重达到了80.8%。马海倩说，这一基本盘的稳步增长， 是上海经济平稳开局的重要保障。 稳增长，得益于上海优势行业的持续发力。比如，信息传输、软件和信息技术服务业，以及金融业， 一季度增势强劲，对全市GDP增长的贡献率合计超6成。其中，金融业拉动上海GDP增长1.7个百分 点，信息传输、软件和信息技术服务业拉动上海GDP增长1.5个百分点。 GDP增速双提升、主要指标"开门红"、多数指标增速加快，重点行业领域持续回升、就 ...

Economic Performance - Shanghai's GDP reached 12,735.06 billion yuan in Q1, with a year-on-year growth of 5.1%, surpassing the growth rates of the previous year and the last quarter by 0.1 percentage points [1] - The economic performance is characterized by "six fast and six stable" indicators, with rapid growth in finance, real estate, investment, foreign trade, information services, and transportation [2] Key Industries - The financial sector's value added grew by 9.4%, contributing 1.7 percentage points to GDP growth, while the information transmission, software, and IT services sector increased by 13%, contributing 1.5 percentage points [3][4] - The real estate market showed signs of recovery, with new housing sales up by 10.5% and second-hand housing transactions increasing by 51% [3] Emerging Sectors - The industrial sector saw a steady recovery, with industrial production increasing by 3.7% and strategic emerging industries also growing by 3.7%, particularly in new generation information technology, high-end equipment, and new energy [4][10] - High-tech industrial output rose by 14.8%, indicating a strong performance in emerging sectors [9] Investment Trends - Industrial investment in Shanghai grew by 22.5% in Q1, with significant increases in investment in integrated circuits and biomedicine [10] - The total investment in fixed assets exceeded 1 trillion yuan, with emerging industries accounting for 40% of the projects [9] Future Outlook - Shanghai aims to enhance its core functions and international competitiveness through the "Five Centers" initiative, which is expected to further drive economic growth [5] - The city is focusing on new fields and industries, with a target for the intelligent computing cloud industry to exceed 200 billion yuan by 2027 [6]