摩尔线程需要先做好平台。 摩尔线程75亿理财到底冤不冤 如果说2024年市场追逐的是"大模型概念"，2025年最强热度则就是"国产AI芯片"，后者在资本市场的认可度和资本支持似乎更多。 当摩尔线程正式上市，网友们追捧的声音充斥网络，"中一签赚20万，这才像AI牛市。"、"国产GPU终于成主角。"、"这就是中国的英伟达！"。 图源：摩尔线程官网 资本市场也非常喜欢这样的故事：国产替代、科创稀缺、AI算力、国家战略、创始人来自英伟达、五年即上市、股价五倍涨停、重大叙事一次打满…… 然而上市仅7天，12月12日晚间摩尔线程就发了份公告：计划用最高不超过 75 亿元的闲置募集资金搞现金管理，买协定存款、定期存款这类保本产品，额度12个 月内可循环使用。 对于网上的质疑声，摩尔线程相关负责人表示，75亿元为现金管理额度上限，并非实际现金管理金额，实际现金管理金额将明显小于上限。并解释称，公司前期 明确披露了募集资金的项目计划，所募75亿元资金有分阶段、明确的研发、技术升级等一系列使用安排，也将严格按照既定募投项目计划推进。项目实施周期为 三年，资金支出将根据项目进度分阶段拨付。 怎么理解摩尔线程的回应呢？简单来说这是上 ...

Core Viewpoint - The recent IPOs of domestic GPU companies, including Moer Technology and Muxi Co., highlight the growing interest and investment in the AI chip sector in China, indicating a need for domestic firms to enhance their technological capabilities and market presence to compete effectively against international giants [1][2][3]. Group 1: IPO Developments - Muxi Co. officially listed on the STAR Market on December 17, shortly after Moer Technology's IPO, reflecting a trend of domestic GPU companies seeking public funding to support their growth [1]. - Moer Technology's IPO raised approximately 8 billion yuan, while Muxi Co. raised around 4 billion yuan, both aimed at advancing their AI chip development projects [2]. Group 2: Market Performance and Expectations - Moer Technology's stock surged by 468% shortly after its listing, reaching a market capitalization of over 300 billion yuan, indicating high market expectations for domestic GPU companies [2]. - The domestic AI chip market is projected to grow significantly, with forecasts suggesting an increase from 142.54 billion yuan in 2024 to 1,336.79 billion yuan by 2029, driven by a compound annual growth rate of 53.7% [4]. Group 3: Competitive Landscape - The global GPU market is dominated by NVIDIA, holding over 80% market share, while AMD accounts for nearly 20%. In China, NVIDIA and AMD are expected to capture 66% and 5% of the AI chip market, respectively, with domestic players like Huawei HiSilicon at 23% and both Muxi Co. and Moer Technology at around 1% [4]. - Domestic AI chip manufacturers face challenges in performance and technology, with most currently operating at levels comparable to NVIDIA's A100 products [6]. Group 4: Technological Advancements - Muxi Co. plans to launch its next-generation products, the Xiyun C600 series, which will have performance metrics between NVIDIA's A100 and H100, with mass production expected by mid-2026 [6]. - Moer Technology is also focused on enhancing its GPU capabilities, including improvements in chip performance, memory bandwidth, and communication bandwidth [6]. Group 5: Ecosystem Development - Both Muxi Co. and Moer Technology are investing in building a robust software ecosystem to support their hardware, with Muxi Co. developing a software stack compatible with mainstream CUDA ecosystems [8]. - The establishment of a strong software ecosystem is seen as crucial for domestic AI chip companies to transition from being merely "usable" to "self-sufficient and effective" [8].

| < W | N摩尔-U(688795) | | | | | | --- | --- | --- | --- | --- | --- | | | 交易中 12-05 09:25:01 融 成 | | | | | | | 650.00 额 14.5亿 股本 4.70亿 市盈™ -210 | | | | 万得 | | | 535.72 468.78% 换 7.61% 市值 3055亿 市净 26.53 | | | | 盘口 | | 分时 | 五日 周K | 目K | 月K | 甲子 | (0) | | 量加 | | | 均价:650.00 | 盘口 | 资金 | | 650.00 | | | 468.78% | | 成交统计 | | 114.28 | | | 动 0.00% | | 动 | | | | | 超大 | | 0元 0.00% | | | | | 大单 | | 070 0.00% | | | | | ch es | | 0元 0.00% | | | | | 小单 | | 0元 0.00% | | -421.44 | | | -468.78% | | | | 09:15 09:30 | 11:30/13 ...

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 ...

今天，"国产GPU第一股"摩尔线程登陆A股。 早盘集合竞价，摩尔线程上涨468.78%，报650元/股。以此计算，中一签可盈利近27万元。 据了解，摩尔线程的产品可应用于大模型训练推理、数字孪生、消费电子、数字办公、云计算等领域， 服务云计算数据中心、智算中心建设、能源、制造等多个关键行业。从产品层面来看，摩尔线程在部分 性能指标上已经接近或达到国际先进水平。例如，公司MTT S80显卡的单精度浮点算力性能接近英伟达 RTX 3060；基于MTT S5000产品构建的千卡GPU智算集群效率超过同等规模国外同代系GPU集群计算 效率。摩尔线程已成为国内少数能够提供从FP8到FP64全计算精度支持的GPU厂商，也是国内率先推出 支持DirectX 12图形加速引擎的国产GPU企业。 （文章来源：中国证券报） 截至发稿时，摩尔线程涨超420%，报594.95元/股，最新市值为2796.4亿元。 摩尔线程A股总股本为47002.8217万股，本次公开发行的股票数量为7000万股，均为新股，无老股转 让，其中，本次上市的无流通限制及限售安排的股票数量为29382386股。证券简称为"摩尔线程"，证券 代码为"68879 ...

12月5日，被称为"国产GPU第一股"，科创板IPO从受理到过会耗时仅88天的摩尔线程(688795)登陆上交所科创板，开盘报650元/股，较发行价114.28元/股 上涨468.78%，总市值突破3000亿元，单签盈利高达26.786万元。 | < W | | N摩尔-U(688795) | | | | --- | --- | --- | --- | --- | | | | 交易中 12-05 09:25:01 融 成 | | | | | 650.00 额 14.5亿 股本 4.70亿 市盈™ -210 | | | 万得 图口 | | | 535.72 468.78% 换 7.61% 市值 3055亿 市净" 26.53 | | | | | 分时 | 五日 周K | 目K | 部 | | | 壹加 650.00 | 均价:650.00 盘口 468.78% | | | 资金 | | | | | | 成交统计 | | | 动 章 | | | 动 | | 114.28 | 0.00% 超大 | | | 0元 0.00% | | | 大单 | | | 070 0.00% | | | 中中 | | | 0元 0.0 ...

Core Viewpoint - The newly listed company "Moore Threads" has created significant wealth effects, with both current and former secretaries of the board (known as "Dongmi") becoming billionaires due to their shareholdings following the company's IPO [6]. Group 1: Key Individuals and Their Holdings - Current Secretary - Xue Yansong holds an indirect shareholding of 0.3041%, valued at approximately 163 million RMB based on the company's post-IPO market capitalization of about 53.7 billion RMB [2]. - Former Secretary - Wang Dong holds an indirect shareholding of 4.8894%, valued at approximately 2.626 billion RMB under the same market conditions [2]. - Xue Yansong joined the company over two years ago and has been the financial head for more than a year, while Wang Dong is a co-founder who has been with the company since its inception in 2020 [2][9]. Group 2: Company Background and Market Position - Moore Threads is recognized as a potential "NVIDIA of China," focusing on GPU and related product development, design, and sales [6][29]. - The company has successfully launched four generations of GPU architectures, targeting high-performance computing fields such as AI and digital simulation [29]. - The company operates under a Fabless model, outsourcing manufacturing and assembly processes while focusing on R&D and design [31]. Group 3: Financial Performance and Future Plans - The company reported significant revenue growth, with a compound annual growth rate of 208.44% over the last three years [39]. - The company plans to use the funds raised from its IPO for various R&D projects, including AI training chips and graphics chips, to enhance its competitive position in the market [49][51]. - The company aims to become a leading GPU enterprise with international competitiveness, providing robust AI computing support for digital transformation across various industries [51].

Market Overview - A-shares experienced a strong rally, with technology growth stocks leading the charge, as the ChiNext Index surged over 3% to reclaim the 3000-point mark, and the STAR Market Index rose over 2% to surpass 1300 points [1] - Nearly 5000 stocks rose, with trading volume showing a moderate increase [1] Sector Performance - The artificial intelligence, semiconductor, gaming, and communication equipment sectors saw the largest gains, while the seafood, aviation, and petrochemical sectors faced declines [2] Semiconductor Industry Developments - The semiconductor sector saw a collective surge, with the index rising nearly 3%. Notable stocks included Pingao Co., which hit a 20% limit up for the third consecutive day, and several others like Dekeli, Guangku Technology, and Changguang Huaxin also reached their daily limits [3] - The IPO activity in the semiconductor industry is intensifying, with the "first domestic GPU stock" Moer Thread announcing a successful subscription for its public offering, with 4.8266 million valid applications and 46.217 billion shares subscribed, resulting in a preliminary winning rate of 0.0242% [4] - Moer Thread's stock is priced at 114.28 yuan per share, with 70 million shares being issued. The company will hold a developer conference in December to unveil new products and technologies [4] Artificial Intelligence Sector Growth - The artificial intelligence sector continued its strong performance, with the index rising over 2%. Notable stocks included Shida Group and TeFa Information, both hitting their daily limits [5] - The U.S. government announced a new initiative to leverage AI for scientific research, which is expected to further stimulate the sector [5] - Alibaba's AI assistant app, Qianwen, has surpassed 10 million downloads within a week of its public release, becoming the fastest-growing AI application to date [5] Investment Opportunities - With the acceleration of AI applications, there are potential investment opportunities in data center operations, equipment, optical modules, and switches, as companies in the AI supply chain may experience a release of performance [6]

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].