Group 1 - The semiconductor industry continues to recover with rising prices, driven by AI demand and structural opportunities in AI computing, AIOT, semiconductor equipment, key components, and storage price increases [5][7][11] - In December, global semiconductor demand improved, with slight growth in PCs and smartphones, and rapid growth in TWS headphones, wearable devices, smart home products, AI servers, and new energy vehicles [5][7] - The supply side shows high inventory levels, but AI-driven demand in certain segments has led to price increases from upstream wafer foundries, while memory price hikes may slow down shipments of consumer electronics [5][7][11] Group 2 - The mechanical equipment industry has seen some export chain companies announce profit increases for the year, with companies like Juxing Technology and Taotao Automotive projecting significant profit growth [13][14] - Juxing Technology expects a net profit of 2.419 to 2.764 billion yuan for 2025, reflecting a growth of 5% to 20% year-on-year, while Taotao Automotive anticipates a net profit of 800 to 850 million yuan, representing an increase of 85.5% to 97.1% [13][14] - Siemens is undergoing a strategic transformation to integrate industrial AI into its operations, aiming for revenue growth of 6% to 9% in the medium term [15][16] Group 3 - The A-share market showed slight fluctuations, with the Shanghai Composite Index closing down 0.07% at 4082 points, while the Shenzhen Component and ChiNext indices also experienced declines [21][22] - The military equipment sector saw a significant increase of 4.83%, leading the industry gains, while sectors like insurance and securities faced declines [23][25] - The semiconductor sector's valuation remains high, with a PE ratio of 91.50% and a PB ratio of 72.94%, indicating strong market interest despite potential risks [6][7]

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 ...

文 | 游戏茶馆 去年盛夏，《黑神话：悟空》的热浪席卷国内每一寸土地。热浪破圈形成潮流，吸引着人们购入硬件设备以感受《黑神话：悟 空》的3A魅力。 《黑神话：悟空》发售的三天后，摩尔线程驱动团队加班加点，放出了针对游戏优化的特别驱动。在新驱动的加持下，摩尔线 程MTT S80显卡终于可以跑这款国产3A游戏大作，只是运行效果差强人意： "1080P分辨率下，低特效加上打开性能档的TSR超分，帧数勉强稳定在30~40帧。" MTT S80显卡的实测表现，显然与英伟达当时的中端甜品卡RTX 4060有着巨大的差距。但对于摩尔线程而言，第一代游戏显卡 能流畅运行最新、最前沿的国产3A大作，已是里程碑事件。 12月5日，有着"中国英伟达"外号的摩尔线程登陆科创板，当日涨幅425%，收市市值突破3000亿，跻身科创板市值Top 5。 当年，消费级显卡业务毛利录得亏损2000万，相当于"卖一张，亏一张"。 对此，摩尔线程坦言"面临国际品牌的激烈竞争，给公司产品定价带来较大压力"。 理性来看，要追赶英伟达并非一日之功，只要持续留在赛场，就仍有赶上的可能。 然而大洋彼岸的铁幕骤然落下，几乎使MTT S80成了国产游戏显卡的绝唱 ...

Core Viewpoint - The article discusses the strategic cash management approach of Moore Threads, emphasizing its commitment to responsible fund usage while pursuing ambitious GPU technology development in China, aiming for a breakthrough in the AI computing sector [6][11][24]. Group 1: Cash Management Strategy - Moore Threads plans to utilize up to 7.5 billion yuan of idle raised funds for cash management, ensuring it does not affect project implementation or fund safety [7][11]. - The company has a clear investment plan for the raised funds, with projects including AI chip development and a total investment of 800 million yuan over three years [8][9]. - The cash management strategy involves conservative investments in safe, liquid products like deposits, reflecting a responsible approach to fund management [12][13]. Group 2: GPU Technology Development - Moore Threads aims to achieve domestic GPU replacement, positioning itself as a key player in China's AI computing landscape [14][24]. - The company has chosen the challenging path of developing a general-purpose GPU, a route that has seen limited success for other Chinese firms [19][20]. - Its proprietary MUSA ecosystem integrates various capabilities, making it a strong contender against international competitors like NVIDIA [21][22]. Group 3: Market Position and Growth - The launch of the MTT S80 graphics card marked a significant achievement, becoming the only domestic card capable of running the popular game "Black Myth: Wukong" smoothly [27][30]. - Moore Threads has established a comprehensive product system across both consumer and enterprise markets, with a notable shift towards AI computing products expected to account for 77.63% of revenue by 2024 [34][31]. - The Chinese AI chip market is projected to grow significantly, with an expected compound annual growth rate of 53.7% from 2024 to 2029, indicating a favorable environment for Moore Threads [48][49]. Group 4: Competitive Landscape - The article highlights the challenges posed by NVIDIA's CUDA ecosystem, which has become a critical barrier for competitors [35][36]. - Moore Threads' MUSA architecture is designed to be independent of CUDA, allowing for easier migration for developers, thus enhancing its competitive edge [39][40]. - The anticipated growth of the GPU market, alongside Moore Threads' rapid revenue increase from 0.46 billion yuan in 2022 to 7.02 billion yuan in the first half of 2025, underscores the company's potential for future success [49][50].

近日，图形处理器（GPU）设计企业摩尔线程智能科技于香港联合交易所主板完成上市。上市首日，该 公司股票交易活跃，股价较发行价出现显著上涨。根据市场数据，成功申购的投资者获得了可观的账面 收益。这一市场现象，引发了对于国产GPU芯片设计行业发展的关注与讨论。 | | 285mm | | 49mm | | --- | --- | --- | --- | | 12mm | | | | | | 摩尔线程(MOORE THREADS)MTT S80 | | | | 显卡核心 | 春晓 | 核心频率 | 1.8GHz | | 显存类型 | GDDR6 | 显卡功耗 | 255W | | 显存位宽 | 256bit | 推荐电源 | 650W以上 | | 供电接口 | CPU 8Pin | 输出接口 | 3*DP+1*HDMI | 一、 上市初期市场概况 该公司所处的集成电路设计行业，特别是GPU细分领域，具有技术密集、生态协同性强、市场前景广阔 等特点。 1. 市场需求持续扩张：全球智能化、数字化进程不断深入，从消费电子到企业级数据中心，对高性 能计算芯片的需求保持强劲增长，为行业提供了基本的市场容量支撑。 摩尔线程上市 ...

Core Viewpoint - The investment in Moer Thread has yielded significant returns for early investors, with some seeing their investments increase over eightfold within a year, driven by the growing demand for GPUs in the AI industry and the company's unique positioning in the market [3][4][11]. Industry Overview - The global AI industry is experiencing rapid growth, leading to an explosive demand for computing power, particularly for GPUs, which is expected to exceed $100 billion this year and grow to over a trillion dollars by 2030, with a compound annual growth rate of around 30% [5][6]. - The Chinese GPU market is projected to grow from 163.8 billion yuan last year to 1.36 trillion yuan by 2029, supported by national policies favoring domestic chip development [8]. Company Insights - Moer Thread's appeal to investors is partly due to its scarcity and the strong background of its core team, many of whom have experience at NVIDIA, including the CEO who worked there for 14 years [10][11]. - The company focuses on developing domestic full-function GPUs and related products, which is a niche area with limited competition in China [10]. Financial Performance - Despite the high market enthusiasm, Moer Thread is currently operating at a loss, with a projected net loss of 1.618 billion yuan in 2024, and its price-to-sales ratio is significantly higher than that of established competitors like NVIDIA [12]. Competitive Landscape - Moer Thread faces substantial challenges in overcoming the technological barriers established by NVIDIA over the past two decades, particularly in chip architecture and software ecosystem development [13][14]. - The company is still in the early stages of building its software ecosystem and developer support, which are critical for competing effectively in the GPU market [13].

导语："中国英伟达"。 作者/王满华 陈美 来源/投中网 1572倍网下申购倍数、88天科创板最快过会、年内最贵"百元股"……随着一连串数字被刷新，有着"中国英伟达"之称的摩尔线程，今日正式登陆科创板。 盘面上，摩尔线程开盘最高报688元/股，较114.28元/股的发行价上涨502%。截至收盘，公司市值2823亿元。 回望摩尔线程的融资历程，公司自创立伊始便备受资本关注，迅速成为一级市场的"集体共识"——2020年成立仅三个月便完成两轮融资，随后以每年一轮 的节奏稳步推进，累计融资规模超百亿元，至IPO前股东数量多达86位。 作为最早入局的投资方，沛县乾曜若按最新2800亿市值粗略计算，其最初投入的190万元已增值至约118.98亿元，回报超过惊人的6262倍。 当然，在摩尔线程的融资故事中，也伴随着一些错失的遗憾。今年初，我们就曾写过一位投资人因未能在一日内凑足1000万元，从而与摩尔线程老股的投 资机会失之交臂。 从早期融资的疯狂抢筹，到上市前的激烈份额争夺，五年来围绕摩尔线程的资本角逐，不仅见证了中国半导体产业的快速成长，也再次印证了一个深刻的 道理：在核心技术突破的道路上，最昂贵的成本往往不是金钱，而 ...

| < 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 ...