市盈率方面，已发行的科创板公司发行市盈率在6.14倍至71.42倍，平均值35.20倍，中位数33.41倍，发 行市盈率最高的是C恒坤，发行市盈率达71.42倍，相对于行业均值，有3家公司发行市盈率高于行业均 值，占比37.50%，低于行业均值的有影石创新、思看科技、海博思创等共5家。 证券时报·数据宝统计显示，以发行日期为基准统计，截至11月24日，今年以来科创板累计有12家公司 发行新股，累计募资金额达257.46亿元，单家公司平均募集资金21.46亿元。分区间来看，募资金额超10 亿元的有8家，募资金额5亿元至10亿元的有3家，募资金额在5亿元以下的有1家。 摩尔线程为今年以来募资金额最多的科创板公司，首发募集资金达80.00亿元，募资主要投向摩尔线程 新一代自主可控AI训推一体芯片研发项目，摩尔线程新一代自主可控图形芯片研发项目，摩尔线程新 一代自主可控AISoC芯片研发项目等；其次是西安奕材，募资金额为46.36亿元，募资主要用于西安奕 斯伟硅产业基地二期项目等。募资金额较多的还有禾元生物、屹唐股份、影石创新等，分别募资25.99 亿元、24.97亿元、19.38亿元。 发行价格方面，今年已发行的科 ...

Core Insights - The semiconductor sector is experiencing a temporary downturn, but the long-term growth logic remains intact, driven by supply chain security and self-sufficiency trends [3] Industry Updates - SMIC reported Q3 2025 revenue of 17.162 billion yuan, a 6.9% increase quarter-on-quarter and a 9.9% increase year-on-year, achieving a record high for a single quarter. The net profit attributable to shareholders was 1.517 billion yuan, up 43.1% year-on-year and 60.64% quarter-on-quarter [2] - Domestic GPU company Moore Threads has initiated its IPO process on the Sci-Tech Innovation Board, planning to issue 70 million shares to raise 8 billion yuan for the development of next-generation AI training and inference chips, graphics chips, and AI SoC chips [2] - Huawei is set to unveil a breakthrough technology in the AI field on November 21, which is expected to enhance the utilization efficiency of computing resources from the industry average of 30%-40% to 70%, significantly unlocking the potential of computing hardware [2] - Nvidia's earnings report, highly anticipated in the current earnings season, is expected to be released this week, with some investors believing that Wall Street's bullish sentiment towards the company is not yet strong enough [2] ETF Insights - The Sci-Tech Semiconductor ETF (588170) and its linked funds focus on semiconductor equipment (61%) and materials (23%), highlighting the importance of domestic substitution in these sectors, which have low domestic replacement rates and high ceilings for domestic substitution [3] - The Semiconductor Materials ETF (562590) also emphasizes semiconductor equipment (61%) and materials (21%), concentrating on the upstream semiconductor industry [3]

行业资讯： 1、近日中芯国际发布2025年第三季度财报。第三季度，中芯国际整体实现营业收入为171.62亿元，环 比增长6.9%，同比增长9.9%，为单季度收入新高；实现归母净利润15.17亿元，同比增长43.1%，环比增 幅达60.64% 4、消息面上，作为本财报季最受期待的财报，英伟达季报将于本周出炉。一位顶级科技投资人认为， 在这家芯片巨头发布财报之前，华尔街对其看涨情绪还不够强烈。 2025年11月14日，截至收盘，沪指跌0.97%，报收3990.49点；深成指跌1.93%，报收13216.03点；创业 板指跌2.82%，报收3111.51点。科创半导体ETF（588170）跌2.05%，半导体材料ETF（562590）跌 2.63%。 隔夜外盘：截至收盘，道琼斯工业平均指数跌0.65%；纳斯达克综合指数涨0.13%；标准普尔500种股票 指数跌0.05%。费城半导体指数跌0.11%，恩智浦半导体跌2.05%，美光科技涨4.17%，ARM跌0.38%， 应用材料涨1.25%，微芯科技跌2.43%。 2、11月13日，国产全功能GPU企业摩尔线程正式披露招股意向书，启动科创板IPO发行流程 。根据发 行 ...

Core Viewpoint - The IPO progress of domestic chip companies, specifically Moer Technology and Muxi Co., is advancing, with Moer Technology disclosing its intention to list on the Sci-Tech Innovation Board and Muxi Co. receiving approval for its IPO registration, intensifying the competition for the title of "first domestic GPU stock" [1][3]. Group 1: IPO Details - Moer Technology plans to issue 70 million shares, accounting for 14.89% of the total share capital post-issuance, with the initial inquiry date set for November 19 and subscription date for November 24 [3][4]. - The company will adopt a mixed issuance method, combining strategic placement for investors and public offerings for eligible investors [4]. - Muxi Co. has received approval from the China Securities Regulatory Commission for its IPO registration, with Huatai United Securities as the sponsor [4][5]. Group 2: Company Performance - Both companies were established in 2020 and have shown strong revenue growth, with Moer Technology achieving revenue of 702 million yuan in the first half of this year, surpassing the total revenue of 608 million yuan from 2022 to 2024 [9][10]. - Muxi Co. reported a revenue of 915 million yuan in the first half of this year, a year-on-year increase of 404.51%, also exceeding its total revenue from the previous three years [10]. - Despite the revenue growth, both companies have not yet turned profitable, with Moer Technology's net losses for 2022 to 2024 being 1.84 billion yuan, 1.67 billion yuan, and 1.49 billion yuan respectively, while Muxi Co.'s losses were 777 million yuan, 871 million yuan, and 1.409 billion yuan [10][11]. Group 3: R&D Investment - Moer Technology's R&D investments from 2022 to 2024 were 1.116 billion yuan, 1.334 billion yuan, and 1.359 billion yuan, while Muxi Co. invested 648 million yuan, 699 million yuan, and 901 million yuan in the same period [11]. - Post-IPO, Moer Technology plans to raise 8 billion yuan for the development of next-generation AI training and inference chips, graphics chips, and AI SoC chips, while Muxi Co. aims to raise 3.9 billion yuan for high-performance general-purpose GPUs and AI inference GPUs [11].

Core Viewpoint - Semiconductor stocks have seen a significant rise, driven by recent developments in the industry, particularly the approval of the IPO application for Moer Thread, which indicates strong market interest and investment potential in the semiconductor sector [1] Group 1: Stock Performance - Chip stocks have increased, with notable gains: Jingmen Semiconductor up 7.14% to HKD 0.6, Huahong Semiconductor up 5.42% to HKD 71.95, SMIC up 2.67% to HKD 74.9, and Shanghai Fudan up 2.25% to HKD 42.68 [1] Group 2: IPO Developments - Moer Thread's IPO application was approved, marking the shortest time from submission to approval among new companies this year on the Sci-Tech Innovation Board [1] - The company plans to raise HKD 8 billion for the development of next-generation AI training and inference chips, graphics chips, and AI SoC chips, as well as to supplement working capital [1] Group 3: Market Trends - Galaxy Securities reports that the semiconductor equipment sector is performing strongly, becoming a key focus for investment [1] - The demand for storage devices is being driven by AI data centers, which in turn boosts equipment demand [1] - The ongoing trend of domestic substitution is creating growth opportunities, with major storage manufacturers initiating new projects and expanding advanced logic production, leading to a new growth cycle in the equipment industry [1] - Long-term prospects remain solid due to the emphasis on increasing domestic production rates and technological breakthroughs [1]

Group 1 - Semiconductor stocks have risen significantly, with notable increases in companies such as Jingmen Semiconductor (+7.14% to HKD 0.6), Huahong Semiconductor (+5.42% to HKD 71.95), SMIC (+2.67% to HKD 74.9), and Shanghai Fudan (+2.25% to HKD 42.68) [1] - Moer Thread's IPO application has been approved, marking the shortest time from submission to approval among this year's new companies on the Sci-Tech Innovation Board, with plans to raise CNY 8 billion for various AI and graphics chip development projects [1] - The semiconductor equipment sector is experiencing strong performance, driven by increased demand for storage due to AI data centers and ongoing domestic substitution trends, indicating a new growth phase for the equipment industry [1] Group 2 - The focus on domestic substitution and technological breakthroughs is emphasized as key areas for investment, with major storage manufacturers initiating new projects and expanding advanced logic production [1]

Group 1 - The core viewpoint of the article highlights the strong performance of stocks related to Moer Thread, with significant price increases observed in several companies following the news of Moer Thread's IPO approval [1] - Moer Thread's IPO application was approved by the Shanghai Stock Exchange's Science and Technology Innovation Board, with the review process taking only 88 days from acceptance to approval [1] - The company plans to raise 8 billion yuan through the IPO, which will be allocated to the development of new generation self-controlled AI training and inference integrated chips, graphics chips, and AI SoC chips [1] Group 2 - Moer Thread has already mass-produced five types of chips, establishing a product matrix that covers AI computing, high-performance computing, and graphics rendering [1] - The company has completed the layout of a full-stack AI product line, encompassing "cloud-edge-end" solutions [1]

Core Viewpoint - Moole Thread, known as the "Chinese version of Nvidia," has successfully passed the listing review committee of the Sci-Tech Innovation Board, aiming to raise 8 billion yuan for the development of next-generation AI training and inference chips, graphics chips, and AI SoC chips [1] Group 1: Company Overview - Moole Thread was established in 2020 and focuses on GPU-related computing infrastructure and providing one-stop solutions [1] - The company plans to use the funds raised from the IPO primarily for R&D in AI chips and graphics chips [1] Group 2: ESG Disclosure - Among the 17 A-share concept stocks related to Moole Thread, the ESG report disclosure rate is 52.94%, with greenhouse gas emissions disclosure at 35.29%, all of which only cover "Scope 1" (direct emissions) and "Scope 2" (purchased energy emissions) [1][2] - No companies disclosed "Scope 3" (value chain emissions) data, indicating a lack of comprehensive carbon accounting [2] Group 3: Emissions Data - The reported greenhouse gas emissions vary significantly among the concept stocks, with Shengyuan Environmental having the lowest emissions at 25,000 tons and Lianmei Holdings at the highest with 3.05 million tons [3] - Only two companies related to Moole Thread's business, Maijie Technology and Guanghuan New Network, disclosed carbon emissions data, highlighting a significant gap in carbon data disclosure in this sector [3] Group 4: R&D and Talent Management - R&D investment, talent acquisition, and management are core issues for Moole Thread, with only 23.53% of companies disclosing employee turnover rates [4] - Among the companies related to Moole Thread, only two disclosed employee turnover data, while 35.29% disclosed the proportion of R&D personnel, with Donghua Software having the highest at approximately 90% [5] Group 5: Future Recommendations - To align with Nvidia, Moole Thread should build a resilient supply chain and green procurement system, implement comprehensive carbon emission accounting, and disclose "Scope 3" emissions [7] - The company should also develop energy efficiency and green computing strategies, enhance talent strategy disclosure, and provide information on AI application ethics and social responsibility [7]

Group 1 - The People's Bank of China emphasizes the importance of utilizing securities, funds, and insurance company swap facilities and stock repurchase loans to maintain capital market stability [1] - The Ministry of Human Resources and Social Security reports that the number of basic pension insurance participants has reached 1.072 billion, an increase of over 73 million since the end of the 13th Five-Year Plan, with a participation rate rising to over 95% [1] - The State Council's State-owned Assets Supervision and Administration Commission discusses the economic operation of state-owned enterprises, focusing on stabilizing electricity and coal prices and preventing "involution" competition [1] Group 2 - The Ministry of Industry and Information Technology and other departments issue a plan for stable growth in the petrochemical industry, projecting an average annual growth of over 5% in value added from 2025 to 2026 [1] - The National Development and Reform Commission and other departments release measures to strengthen the cultivation of innovative digital economy enterprises, promoting public data resource development [1] - The National Energy Administration reports that as of August, the total installed power generation capacity in the country reached 3.69 billion kilowatts, a year-on-year increase of 18% [1] Group 3 - The Hong Kong Monetary Authority announces the launch of a new "Renminbi Business Funding Arrangement" starting October 9, replacing the previous arrangement with lower interest rates [1] - The Shanghai Municipal People's Congress passes the "Regulations on Promoting the Private Economy," effective from October 20, 2025, focusing on fair competition and protecting enterprise rights [1] - Freeport-McMoRan states that the production forecast for its Indonesian operations in 2026 may be 35% lower than previously expected due to various factors [2]

Group 1 - The core point of the article highlights that Moer Thread has become the fastest company to pass the review for the Sci-Tech Innovation Board, achieving this in just 88 days from acceptance to approval [1][2] - The company plans to raise 8 billion yuan through its IPO, which will be fully allocated to the development of AI training and inference chips, graphics GPUs, and AI SoCs [2] - The market is intrigued by Moer Thread's potential as a "domestic Nvidia," but there are concerns regarding its fundamentals and valuation in the face of competition from established players like Nvidia [2][3] Group 2 - Moer Thread, established in 2020, is one of the few companies in China with full GPU development capabilities, showing significant advantages in general computing and graphics rendering [3] - The company has faced scrutiny from regulators regarding five major risks, including continuous losses, fluctuating gross margins, potential intellectual property risks, customer concentration, and high inventory levels [3] - The global GPU market is characterized by a dominant player, Nvidia, which holds approximately 90% of the AI chip market, while the domestic market is fragmented [3] Group 3 - Moer Thread's revenue has seen substantial growth, increasing from 46 million yuan in 2022 to 1.24 billion yuan in 2023, and projected to reach 4.38 billion yuan in 2024, reflecting a compound annual growth rate of 208% [6] - The company's net losses have narrowed from 1.84 billion yuan in 2022 to 1.49 billion yuan in 2024, with a significant reduction in losses to 271 million yuan in the first half of 2025 [7] - The gross margin has improved significantly, rising to over 70%, which is higher than the average of 38% for semiconductor companies on the Sci-Tech Innovation Board [7] Group 4 - Despite the improvements, Moer Thread still has accumulated losses of approximately 1.48 billion yuan and does not expect to achieve profitability until at least 2027 [8] - The company has a manageable short-term debt pressure with cash reserves of 4.9 billion yuan by the end of 2024 [9] - Moer Thread has successfully launched four generations of GPU architectures and has expanded its product matrix to cover AI computing, cloud computing, and personal computing applications [9]