（原标题：002398！不到2分钟，直线封板！A股这一赛道，涨停潮） 今日早间，A股强势上攻，科技成长股领涨，创业板指盘中大涨逾3%，收复3000点大关，科创50亦一度涨逾2%，重回1300点以上，北证50也高开 高走，再度站上1400点。近5000只个股上涨，成交呈温和放大趋势。 盘面上，人工智能、芯片、游戏、通信设备等板块涨幅居前，水产品、航空机场、航空装备、石油化工等板块跌幅居前。 芯片行业密集IPO 芯片股早间集体走强，板块指数高开高走大涨近3%。品高股份连续第3日开盘20%涨停，股价再创历史新高，德科立、光库科技、长光华芯、佳 缘科技等也密集"20cm"封板，长芯博创、力芯微、灿芯股份、瑞斯康达等逾30股亦强势涨停或涨超10%。 元器件、CPO概念、汽车芯片、存储芯片等板块也纷纷大涨，盈新发展、博杰股份、鼎信通讯、沪电股份等批量涨停。 近来，芯片行业头部企业密集IPO。被喻为"国产GPU第一股"的摩尔线程今日公告，根据上交所提供的数据，本次网上发行有效申购户数为482.66 万户，有效申购股数为462.17亿股，网上发行初步中签率为0.02423369%。本次发行价格为114.28元/股，发行数量为 ...

11月24日晚间，摩尔线程智能科技(北京)股份有限公司(以下简称"摩尔线程")公布首次公开发行股票的 网上申购情况及中签率。数据显示，本次网上发行有效申购户数达482.66万户，由于本次网上发行初步 有效申购倍数约为4126.49 倍，超过 100 倍，发行人和保荐人(主承销商)决定启动回拨机制，最终网上 发行股数为 1680 万股，网上中签率为0.03635054%。 其二，在AI浪潮汹涌而来的当下，全功能GPU凭借"AI+图形"的双线突破，确立了其核心壁垒。以英伟 达和摩尔线程为代表的全功能GPU具备功能完备性与计算精度完整性，在工作效率、生态完整多样性以 及兼容性等方面更具优势。与其他类型的加速芯片相比，全功能GPU可满足更广泛的应用需求，在科学 计算、世界模型、具身智能、物理AI等未来AI的发展趋势下，全功能GPU将拥有显著的竞争优势。 其三，摩尔线程的技术研发与创新能力走在行业前列。据悉，摩尔线程已成功推出四代 GPU 架构和智 能SoC产品，并形成了覆盖 AI 智算、高性能计算、图形渲染、计算虚拟化、智能媒体和面向个人娱乐 与生产力工具等应用领域的多元计算加速产品矩阵，产品线涵盖政务与企业级智能计 ...

Core Viewpoint - The company aims to become a globally competitive leader in full-function GPU technology, focusing on providing computing acceleration platforms for AI, digital twins, and high-performance computing since its establishment in 2020 [2][12]. Business Operations - The company primarily engages in the research, design, and sales of GPUs and related products, with a focus on high-performance computing applications [2][3]. - The company has successfully launched four generations of GPU architectures, covering various application areas including AI computing, high-performance computing, and graphics rendering [3]. - The company has a diverse product matrix that meets the differentiated needs of government, enterprises, and individual consumers [3]. Technology and Innovation - The company has applied for over 1,000 patents, with 514 patents granted as of June 30, 2025, leading among domestic GPU companies [4][6]. - The company emphasizes continuous R&D investment, with over 75% of its workforce dedicated to R&D, resulting in products that meet or exceed international standards [4]. - The company actively participates in industry standards development, enhancing its technological leadership [5]. Financial Performance - The company's main business revenue for the reporting period (2022 to 2025) shows significant growth: 45.84 million, 121.47 million, 432.32 million, and 701.58 million yuan [7]. - The main business gross margin has improved from -70.45% to 69.17% over the same period, reflecting a shift towards higher-margin products [9]. - R&D expenses have been substantial, with figures of 1,116.49 million, 1,334.43 million, 1,358.69 million, and 556.73 million yuan, indicating a strong commitment to innovation [11]. Development Strategy - The company aims to provide global computing acceleration infrastructure and solutions, focusing on AI computing support for various industries [12]. - The company has identified its core competitive advantages in the domestic GPU sector, including a robust ecosystem, a professional R&D team, and effective commercialization strategies [12][13]. Industry Trends - The Chinese GPU market is experiencing rapid growth driven by increasing demand for computing power, with a notable shift towards domestic production [16][17]. - The application of GPUs is expanding into diverse fields, particularly in AI, where their capabilities are becoming essential [17]. - The industry is witnessing a trend towards technological upgrades and increased localization, providing significant opportunities for growth [16][18]. Competitive Position - The company is positioned in a market dominated by international players like NVIDIA and AMD, but it has gained market share through close customer service and rapid response to needs [18]. - The company’s products have achieved performance metrics that are competitive with international standards, such as the MTT S80 graphics card's performance nearing that of NVIDIA's RTX 3060 [18][19]. Public Offering - The company plans to issue 70 million shares, increasing its total shares to 470.03 million, with the new shares representing 14.89% of the total [20]. - The raised funds, totaling 800 million yuan, will be allocated to the development of new AI and graphics chips, enhancing the company's core competencies and market share [21].

11月24日-11月28日新股申购一览 | 公司发行市盈率 | 行业平均市盈率 39.7 | | --- | --- | | 同业可比公司 | 药康生物、南模生物、昭衍新药 | | 一句话亮点 | 公司是一家临床前CRO以及生物技术企业。公司 自主开发的基因编辑技术提供各类创新模式动物 | | | 临床前阶段的医药研发服务。 | *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 未来一周有2只新股分别干周一、周五申购,重点公司方面,摩尔 是公司是国内极少数具备全功能GPU研发能力的企业 | 摩尔线程 (科创板，688795) | | | | | --- | --- | --- | --- | | 申购日期 11月24日 周一 | | 申购代码 | 7877 | | 计算机、通信和其 所属行业 他电子设备制造业 | | 总市值 | 457.2 | | 公司发行市盈率 27.06 | | 行业平均市盈率 | 60.1 | | 同业可比公司 | 海光信息、寒武纪、风神股份 | | | | 句话亮点 | 公司是国内极少数具备全功能GPU研发能力的企 公司MTT S80显卡的单精度浮点算 ...

Core Viewpoint - The company, Moer Thread, has set its IPO price at 114.28 yuan per share, with a total issuance of 70 million shares, aiming to raise approximately 8 billion yuan [1]. Summary by Sections IPO Details - The online and offline subscription for Moer Thread will commence on November 24, 2025, with the subscription code 787795 [1][5]. - The maximum subscription requires a market value of 110,000 yuan in Shanghai, with a theoretical winning rate of only about 0.04%, indicating a need for approximately 12.5 million yuan in market value to secure 500 shares [1][6]. Subscription Mechanics - Investors must have opened the Sci-Tech Innovation Board trading permissions and also the Sci-Tech Growth Layer permissions due to the company's current unprofitability [6]. - The subscription quantity must be in multiples of 500 shares, with a maximum of 11,000 shares for top-tier subscriptions, requiring a market value of 110,000 yuan [8]. Market Interest and Allocation - The initial strategic allocation is 14 million shares, accounting for 20% of the total issuance, with only 1.12 million shares available for public investors, leading to a very low winning rate [11][13]. - If the subscription exceeds 100 times, a mechanism will be activated to increase the online issuance by 560,000 shares [12][13]. Company Performance - Moer Thread, established in 2020, has shown significant revenue growth, with revenues increasing from 46.09 million yuan in 2022 to 438 million yuan in 2024, representing a compound annual growth rate of 208.44% [17]. - The company has not yet achieved profitability, with net losses of 1.894 billion yuan in 2022, 1.703 billion yuan in 2023, and 1.618 billion yuan in 2024 [19][20]. Fundraising Purpose and Valuation - The IPO aims to raise 8 billion yuan, with net proceeds expected to be around 7.576 billion yuan after deducting issuance costs [22]. - The high issuance price reflects market expectations regarding the company's future growth potential and scarcity, as it is currently unprofitable [22].

Core Viewpoint - The successful IPO registration of Moer Thread marks a significant milestone for the domestic GPU industry, aligning with national strategies for technological self-reliance and innovation in the semiconductor sector [2][5]. Company Overview - Moer Thread, established in 2020, focuses on the independent research and design of full-function GPUs, positioning itself as a leading player in China's high-end AI chip market [2][4]. - The company has developed a unified system architecture called MUSA, enabling simultaneous support for AI computing acceleration, graphics rendering, physical simulation, scientific computing, and ultra-high-definition video encoding and decoding [2]. Product Development - From 2021 to 2024, Moer Thread has launched four generations of GPU architecture chips: "Sudi," "Chunxiao," "Quyuan," and "Pinghu," with the "Changjiang" smart SoC chip set to be released in 2024 [3][4]. - The performance of Moer Thread's products is approaching or matching international advanced levels, with the MTT S80 graphics card's single-precision floating-point performance nearing that of NVIDIA's RTX 3060 [4]. Financial Performance - In the first half of this year, Moer Thread achieved a revenue of 702 million yuan, surpassing the total revenue from 2022 to 2024, which was approximately 608 million yuan [4][5]. - The company's gross margin improved significantly from -70.08% in 2022 to 69.14% in the first half of 2025, indicating enhanced product competitiveness and market recognition [5]. Market Outlook - According to forecasts, the global GPU market is expected to reach 3.6 trillion yuan by 2029, with China's GPU market projected to grow to 1.36 trillion yuan, increasing its market share from 30.8% in 2024 to 37.8% [5]. - The AI chip market in China is anticipated to grow from 142.54 billion yuan in 2024 to 1.34 trillion yuan by 2029, with a compound annual growth rate exceeding 50%, making GPUs one of the fastest-growing segments [5]. Strategic Implications - The registration of Moer Thread's IPO signifies a critical leap from technological breakthroughs to capital market recognition, reinforcing China's autonomous development in the strategic GPU sector [5]. - This development is expected to promote the deep integration of domestic high-end AI general-purpose chips and AI application ecosystems, laying a solid foundation for the high-quality development of the digital economy [5].

Group 1 - The successful IPO approval of Moore Threads reflects the Science and Technology Innovation Board's support for "hard technology" and signals a new phase in the deep integration of finance and technological innovation [1] - Moore Threads' IPO process took less than three months, coinciding with the positive effects of the recent "1+6" policy reforms aimed at enhancing the capital market's adaptability to technological innovation [1][2] - The company’s products are applicable in various fields including large model training inference, digital twins, consumer electronics, digital office, and cloud computing, serving key industries such as cloud computing data centers and intelligent computing centers [2] Group 2 - The new policies introduced by the China Securities Regulatory Commission are designed to support hard technology enterprises, particularly those with high R&D investments and growth potential, such as Moore Threads [2] - Moore Threads has achieved significant technological breakthroughs with its self-developed MUSA architecture, enabling a single chip to support AI computing acceleration, graphics rendering, and other advanced functions [2] - The company has shown impressive revenue growth, with a compound annual growth rate exceeding 208.44% from 2022 to 2024, and its revenue for the first half of 2025 already surpassing the total revenue of the previous three years [3] Group 3 - Moore Threads has made significant advancements in GPU technology, with its MTT S80 graphics card's performance nearing that of NVIDIA's RTX 3060, and its MTT S5000 product achieving higher efficiency than comparable foreign GPU clusters [3] - The company's losses have been steadily decreasing, from 1.84 billion yuan in 2022 to 1.49 billion yuan in 2024, with further reduction to 271 million yuan in the first half of 2025, indicating a potential path to profitability by 2027 [3]

Core Viewpoint - The successful IPO approval of Moer Thread reflects the positive impact of the new policies introduced by the Science and Technology Innovation Board, promoting the integration of finance and technological innovation [1][3][4]. Group 1: Company Overview - Moer Thread is recognized as a leading domestic full-function GPU enterprise, showcasing a solid technical route and comprehensive product layout [3]. - The company has achieved significant technological breakthroughs, including the MUSA architecture that supports AI computing acceleration, graphics rendering, physical simulation, and high-definition video encoding [4][5]. - Moer Thread has invested over 4.3 billion yuan in R&D, with over 75% of its workforce dedicated to research and development [5]. Group 2: Financial Performance - The company's revenue has shown remarkable growth, with figures of 0.46 billion yuan in 2022, 1.24 billion yuan in 2023, and 4.38 billion yuan in 2024, resulting in a compound annual growth rate of over 208.44% [8]. - In the first half of 2025, Moer Thread's revenue reached 7.02 billion yuan, surpassing the total revenue of the previous three years [8]. - The gross margin improved significantly from -70.08% in 2022 to 70.71% in 2024, and reached 69.14% in the first half of 2025 [8]. Group 3: Market Position and Competitive Advantage - Moer Thread is one of the few domestic companies capable of competing with international giants in terms of functionality, with its MTT S80 graphics card's performance nearing that of NVIDIA's RTX 3060 [7]. - The company has made breakthroughs in critical areas, providing full computational precision support from FP8 to FP64 and being the first domestic GPU manufacturer to launch a DirectX 12 graphics acceleration engine [7]. - The rapid progress of Moer Thread's IPO process is indicative of the overall acceleration in the approval process for high-growth potential hard technology companies on the Science and Technology Innovation Board [8].

Core Viewpoint - The successful IPO of Moore Threads on the Sci-Tech Innovation Board highlights the strong support from the Shanghai Stock Exchange for hard technology enterprises and the emphasis on artificial intelligence and new productivity by policy makers [1][2]. Company Overview - Moore Threads, established in 2020, focuses on the research, design, and sales of full-function GPUs and related products, aiming to provide computing acceleration platforms for high-performance computing fields such as AI, digital twins, and scientific computing [1][2]. - The company is one of the few domestic GPU manufacturers that integrates both graphics rendering and AI computing, offering a comprehensive product layout from cloud to edge [1]. Financial Performance - In the first half of 2025, Moore Threads is projected to achieve a revenue of 702 million yuan, surpassing the total revenue of 608 million yuan from 2022 to 2024, which reflects a compound annual growth rate of over 200% [2]. - The revenue growth is attributed to the continuous expansion of the product matrix and sustained market demand, with the company launching a new generation of GPU architecture chips annually from 2021 to 2024 [2]. Product Development - Moore Threads has introduced four generations of chips, including "Sudi," "Chunxiao," "Quyuan," and "Pinghu," with the upcoming "Changjiang" smart SoC chip set to launch in 2024 [2]. - The performance of Moore Threads' products is approaching or has reached international advanced levels, with specific products like the MTT S80 graphics card showing single-precision floating-point performance comparable to NVIDIA's RTX 3060 [2]. Market Position and Trends - Moore Threads is currently the only domestic manufacturer capable of mass-producing full-function GPUs, with products adaptable to various application scenarios, including large model training, digital twins, consumer electronics, and cloud computing [3]. - The demand for computing power driven by AI and large model training is surging, positioning GPUs as a core computing engine and emphasizing the importance of achieving self-sufficiency in GPU technology [3]. Industry Outlook - According to Frost & Sullivan, the global GPU market is expected to reach 3.6 trillion yuan by 2029, with China's GPU market projected to grow to 1.36 trillion yuan, increasing its market share from 30.8% in 2024 to 37.8% [3]. - The AI chip market in China is forecasted to grow from 142.54 billion yuan in 2024 to 1.34 trillion yuan by 2029, with a compound annual growth rate exceeding 50%, making GPUs one of the fastest-growing segments [3][4]. Technological Advancements - As the digital economy advances, the application scenarios for GPUs are expanding beyond traditional graphics processing to include AI computing, digital twins, intelligent driving, and the metaverse, necessitating higher requirements for versatility, computing performance, and ecosystem compatibility [4]. - Companies adhering to a full-function GPU technology route are likely to achieve broader industrial application, with Moore Threads positioned as a leading player in this domain [4].

Core Viewpoint - The article highlights the rapid progress of Moer Technology's IPO process, reflecting strong policy support for AI and advanced productivity in China [2][3]. Company Overview - Moer Technology, established in 2020, focuses on the research, design, and sales of full-function GPUs and related products, aiming to provide computing acceleration platforms for high-performance computing fields such as AI and digital twins [2][3]. - The company has a diverse product layout covering cloud to edge, supporting digital transformation across various industries [3]. Financial Performance - Moer Technology is projected to achieve a revenue of 702 million yuan in the first half of 2025, surpassing the total revenue from 2022 to 2024, which was approximately 608 million yuan [3]. - The company has experienced a compound annual growth rate (CAGR) of over 200% from 2022 to 2024, with revenues of 46 million yuan, 124 million yuan, and 438 million yuan in those respective years [3]. Product Development - Moer Technology has launched four generations of GPU architecture chips from 2021 to 2024, with the latest being the intelligent SoC chip "Changjiang" [3][4]. - The products have achieved performance metrics close to or at international advanced levels, with the MTT S80 graphics card's single-precision floating-point performance nearing that of NVIDIA's RTX 3060 [4]. Market Position and Trends - Moer Technology is currently the only domestic company capable of mass-producing full-function GPUs, with products applicable in various fields such as large model training, digital twins, and cloud computing [4]. - The global GPU market is expected to reach 3.6 trillion yuan by 2029, with China's GPU market projected to grow to 1.36 trillion yuan, increasing its market share from 30.8% in 2024 to 37.8% [4][5]. - The AI chip market in China is anticipated to grow from 142.54 billion yuan in 2024 to 1.34 trillion yuan by 2029, with GPUs being one of the fastest-growing segments [5]. Strategic Importance - The demand for computing power driven by AI and large model training is surging, positioning GPUs as critical components in this landscape [4][5]. - Companies adhering to a full-function GPU technology route are expected to achieve broader industrial applications, with Moer Technology being a leading player in this domain [5].