摩尔线程2025年12月5日在上交所科创板上市。摩尔线程本次公开发行股票总数为7,000.0000万 股，占发行后总股本的比例为14.89%。本次发行全部为新股发行，原股东不公开发售股份，发行价格 为114.28元/股。公司本次的保荐机构（主承销商）为中信证券股份有限公司，保荐代表人周哲立、吴 霞娟，副主承销商为招商证券股份有限公司、中银国际证券股份有限公司、广发证券股份有限公司。 摩尔线程首次公开发行募集资金总额799,960.00万元，扣除发行费用后的募集资金净额为 757,605.23万元，比原计划少42,394.77万元。摩尔线程2025年11月28日披露的招股书显示，公司拟募 集资金800,000.00万元，用于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、补充流动资金。 公司公开发行新股的发行费用合计42,354.77万元，其中保荐承销费39,198.00万元。 摩尔线程12日晚发布关于使用部分闲置募集资金进行现金管理的公告。摩尔线程智能科技（北 京）股份有限公司（以下简称"公司"）于2025年12月12日召 ...

【导读】摩尔线程回应75亿元买理财 中国基金报记者 泰勒 大家好，简单关注一下摩尔线程的消息。 75亿元募集资金买保本型理财 摩尔线程回应 摩尔线程12月12日发布公告， 公司及实施募投项目的子公司计划使用最高不超过人民币75亿元（含本数）的闲置募集资金进行现 金管理，使用期限自董事会审议通过之日起12个月内有效。在上述额度及期限范围内，资金可以循环滚动使用。 投资品种包括但不 限于协定存款、通知存款、定期存款、结构性存款、大额存单、收益凭证等安全性高、流动性好的保本型产品。 数据显示， 此次现金管理的资金来源为首次公开发行股票的募集资金，公司本次募资总额约80亿元，扣除发行费后，实际募集资金 净额为75.8亿元。 2023年8月7日， 华虹半导体在上交所科创板挂牌上市，不到一个月之后，华虹公司公告， "将总额不超过人民币210亿元的暂时闲 置募集资金（含超额募集资金)进行现金管理，用于购买安全性高、流动性好的低风险现金管理产品（包括但不限于协定存款、通知 存款等存款产品）" 。 | 序号 | 项目名称 | 项目投资总额 | 拟投入募集资金金额 | | --- | --- | --- | --- | | | ...

12月5日上午9时30分，上海证券交易所交易大厅内钟声响起。国内全功能GPU领军企业——摩尔线程智能科技(北京)股份有限公司(以下简称"摩尔线程") 正式在科创板挂牌交易，标志着这家深耕自主可控GPU技术的硬科技企业迈入资本市场新阶段，更成为惠山区通过战略性股权投资带动新兴产业和未来产 业发展结出的最新成果。 今年2月，摩尔线程在惠山区设立全资子公司，落地新一代自主可控AISoC芯片研发项目，并筹划打造生态创新创业园。目前，公司已组建数十人的研发 团队，建成并开放面向长三角的首个展厅"摩尔线程无锡未来中心"，集中呈现以GPU为核心的"云-边-端"全栈AI产品与解决方案，让"AI赋能千行百业"的 愿景在惠山变为现实。 此外，在AI教育领域，今年6月，省锡中、摩尔线程与科大讯飞（002230）三方携手，依托摩尔线程的国产算力技术与智能终端打造的"AI教育"场景已正 式启动，成为政企校合作的典范。深化合作据悉，接下来惠山区将与摩尔线程围绕五大方向深化合作：共建人工智能算力基础设施与公共服务平台，打造 AI训练推理集群及教育实训基地；聚焦无锡"465"现代产业体系和惠山"345"现代产业集群、推动"AI+产业"解决方 ...

12月5日，被誉为"国产GPU第一股"的摩尔线程（688795.SH）正式登陆科创板，A股市场迎来了备受瞩目的"超级黑马"，多项纪录随之诞生。 来源：经济观察网 一是114.28元/股的发行价，是今年迄今为止A股发行价最高新股。 二是首日高开表现十分亮眼，开盘价报650元/股，较114.28元/股的发行价上涨468.78%，按中一签500股来计算，投资者单日盈利接近27万元，超越今年7月 上市的同宇新材，登顶年内最赚钱新股宝座，点燃了资本市场的热情。 三是本次公开发行7000万股新股（无老股转让）后，公司总股本达4.7亿股，上市总市值超3000亿元，一举成为科创板年内最大IPO。 四是80亿元的募集资金也使其成为年内募资规模最大的科创板新股。 五是此次IPO从受理到过会仅用时88天，创下科创板审核最快纪录。 这一亮眼表现的背后，是其创纪录的发行规模与市场狂热的认购氛围。11月24日申购当日，482.66万户投资者参与网上申购，有效申购股数达462.17亿股， 最终网上中签率仅0.03635%。 网下市场同样火爆，267家机构管理的7555个配售对象参与报价，申购量超700亿股，申购倍数高达1572倍。最终，网 ...

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]

Market Performance - On September 26, 2025, the North Exchange 50 index fell by 1.81%, while the Sci-Tech 50 index decreased by 1.61%[18] - The A-share index declined by 0.65%, and the ChiNext index dropped by 2.60%[18] - The average market capitalization of the 277 constituent stocks in the North Exchange is 3.136 billion, with a trading volume of 19.456 billion, down by 1.464 billion from the previous trading day[18] Company Announcements - YinTu Network announced a pre-disclosure of share reduction by its shareholders, with the controlling shareholder planning to reduce holdings by up to 350,000 shares, representing 0.58% of total shares[29] Industry News - The Trump administration is considering a new policy requiring semiconductor imports to match domestic production, with companies failing to comply facing substantial tariffs[16] - Meituan's autonomous delivery vehicle has received the first city-level trial for cross-regional delivery in Shenzhen, covering key districts[17] Risk Warnings - Risks include individual stock earnings falling short of expectations, intensified industry competition, increased trade frictions, and policies not meeting expectations[30]

Group 1: Market Overview - The A-share market opened higher on September 22, with the three major indices experiencing fluctuations, closing with slight declines: Shanghai Composite Index down 0.15%, Shenzhen Component Index down 0.25%, and ChiNext Index down 0.87% [2] - The consumer electronics sector showed strong performance, with stocks related to Moore Threads experiencing significant gains, while sectors such as shipping, dining, tourism, and real estate faced declines [2] Group 2: Consumer Electronics Sector - The consumer electronics sector opened strong, with stocks like Luxshare Precision (002475), Guokong Electric (002045), and Yingqu Technology (002925) hitting the daily limit, while others like Liying Intelligent Manufacturing (002600) and GoerTek (002241) also saw gains [4] - Notable stock performances included Luxshare Precision rising by 10% to a price of 60.95, and Yingqu Technology increasing by 10% to 19.56 [5] Group 3: Moore Threads Concept Stocks - Stocks related to Moore Threads surged, with Yingqu Technology, Donghua Software (002065), and Heertai hitting the daily limit, while others like Qingyun Technology and Hongxin Electronics (300657) also saw increases [7] - Moore Threads is preparing for an IPO on September 26, aiming to raise 8 billion yuan for the development of AI training chips and graphics chips, among other projects [9] Group 4: Company Developments - OpenAI has signed an agreement with Luxshare Precision to develop a consumer-grade device that will work closely with OpenAI's AI models, currently in the prototype stage [6] - The domestic GPU leader, Moore Threads, is positioned to fill gaps in the domestic GPU market, focusing on high-performance computing applications [9]

Core Viewpoints - The State Council meeting emphasized ecological environment protection, government procurement reform, and financial regulation as key areas for high-quality economic development and risk prevention [4]. Group 1: Government Policies - The meeting reiterated that the construction of a beautiful China requires long-term efforts and emphasized enhancing green development momentum through high-level protection [4]. - A new policy for government procurement was discussed, focusing on establishing domestic product standards and specific requirements for key components and processes [4]. - The draft revision of the Banking Supervision Law was approved in principle, aiming to improve management systems and combat illegal financial activities, addressing urgent financial risks in real estate and local debts [4]. Group 2: Market Analysis - The Shanghai Composite Index fell by 1.3% while the ChiNext Index rose by 2.34% during the week, indicating a mixed market performance [10]. - The market showed signs of volatility with significant fluctuations in trading volume, particularly on Thursday, which saw increased activity, while Friday experienced a notable decrease in trading volume [10][11]. - Economic data for August showed a decline in industrial output and retail sales, but market sentiment and liquidity are currently more influential in interpreting these fundamentals [11]. Group 3: Investment Opportunities - The IPO of Moore Threads, which plans to raise 8 billion yuan for AI chip development, reflects strong regulatory support for hard technology enterprises amid tightening IPO conditions [6]. - The net inflow of cross-border funds reached 3.2 billion USD in August, driven by increased foreign exchange earnings from exports and the attractiveness of Chinese assets [7][8]. - The trend of residents moving deposits into the stock market is expected to continue, providing substantial incremental funds for the equity market [11].