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%。 近日，国内大厂也纷纷公布大模型新进展。阿里巴巴宣布，截至11月24日，旗下的AI助手千问App公测 一周，下载量已突破1000万次，超越ChatGPT、Sora、DeepSeek，成为截至目前增长最快的AI应用。自 11月17日上线以来，千问App持续受到热捧，上线后仅两天就冲入苹果App Store免费总榜前三。 上周末，腾讯混元大模型团队也宣布，开源最新视频生成模型HunyuanVideo 1.5，这款视频生成模型支 持生成5—10 ...

Market Overview - A-shares experienced a strong rally, with technology growth stocks leading the charge, as the ChiNext Index surged over 3% and reclaimed the 3000-point mark [1] - Nearly 5000 stocks rose, indicating a moderate increase in trading volume [1] Chip Industry Developments - The chip sector saw a collective surge, with the index rising nearly 3%, and several stocks hitting the 20% daily limit up [2] - Notable companies like Moer Thread, which is dubbed the "first domestic GPU stock," reported a significant subscription rate for its IPO, with 482.66 million valid applications and a preliminary winning rate of 0.0242% [2][3] - Moer Thread's MTT S80 graphics card performance is comparable to NVIDIA's RTX 3060, indicating competitive advancements in the domestic chip market [3] Artificial Intelligence Sector - The AI sector continued its upward momentum, with the index rising over 2%, driven by strong performances from companies like Shida Group and TeFa Information [4] - The U.S. government announced a new initiative to leverage AI for scientific research, which may influence global AI trends [4] - Alibaba's AI assistant app, Qianwen, achieved over 10 million downloads within a week of its public release, surpassing other AI applications [4][5] Investment Opportunities - Analysts suggest that as Alibaba increases its investment in AI applications, related sectors such as data center operations and equipment may see sustained growth [5] - The commercialization of AI applications is expected to accelerate, potentially leading to a performance release period for companies within the related supply chain [5]

（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 ...

"国产GPU第一股"摩尔线程即将登陆科创板。 其在公告中披露，截至2025年11月19日，摩尔线程已收到286家网下投资者管理的7787个配售对象的初步询价报价信息，报价区间为88.79-159.57元/股，拟 申购数量总和约为729.99亿股。在剔除部分无效报价后，仍有7766个配售对象符合条件，有效申购总量达到704.06亿股。机构投资热情可见一斑。 据悉，此次IPO，摩尔线程拟募资80亿元，投向新一代自主可控AI（人工智能）训推一体芯片研发项目、新一代自主可控图形芯片研发项目、新一代自主可 控AISoC芯片研发项目等。 公开资料显示，摩尔线程成立于2020年6月11日，注册资本约4亿元，主要从事GPU及相关产品的研发、设计和销售。摩尔线程法定代表人为张建中，他曾担 任英伟达全球副总裁、中国区总经理，在GPU行业拥有近二十年的积累和丰富经验。此外，摩尔线程多位核心高管也有英伟达公司的工作经历。 11月21日，张建中回应投资者提问 图片截取自上证路演网 据上交所官网消息，在11月21日举行的网上投资者交流会上，公司创始人、董事长、总经理张建中回应了约200个问题，内容涵盖公司技术路径、业绩预 期、行业发展等 ...

11月24日新股申购 (共1J | | | 摩尔线程(科创板,688 | | | --- | --- | --- | --- | | 申购代码 | 787795 | | | | 发行价格 | 114.28元 | | 顶格 | | 总市值 | 457.2亿 | | | | 发行市盈率 | 27.06 | | 行业 | | 同业可比公司 | 海光信息 同业公司 动态市盈率 | | | | | 寒武纪 | | | | | 风神股份 | | | | 主营构成 | AI智算: 76.54%; | | | | | 专业图形加速：19.30%； | | | | | 桌面级图形加速：2.45%; | | | | | 其他: 1.71% | | | | | 1、公司是国内极少数具备全功能GPU研发能力β | | | | | 位，公司已成功推出四代GPU架构，并拓展出覆; | | | | 业务及亮点 | 域的计算加速产品矩阵。 | | | --- | --- | --- | | | 2、公司MTT S80显卡的单精度浮点算力性能接近 | | | | S5000产品构建的千卡GPU智算集群效率超过同 | | | | 3、基于自主研 ...

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 Insights - The China Securities Regulatory Commission has approved the initial public offering (IPO) registration of Moore Threads, marking it as the first domestic GPU company to go public, injecting momentum into the A-share market for hard technology [1] Group 1: Technological Advancements - Moore Threads has established a comprehensive technology system centered on "full-function GPUs," covering chip architecture, AI computing, graphics rendering, and scientific computing since its founding in 2020 [2] - The self-developed MUSA architecture supports AI acceleration, physical simulation, and ultra-high-definition encoding and decoding, with performance metrics approaching leading international companies [2] - As of June 2025, the company holds 453 domestic patents across critical areas such as processor architecture and computing clusters, creating a technological moat [2] Group 2: Financial Performance - The company has transitioned from technological breakthroughs to scalable profitability, with revenue increasing from 46 million yuan in 2022 to 438 million yuan in 2024, reflecting a compound annual growth rate of over 200% [3] - In the first half of 2025, revenue reached 702 million yuan, surpassing the total of the previous three years [3] - Gross margin improved significantly from -70.08% in 2022 to 69.14% in 2025, indicating a turning point in profitability [3] Group 3: Capital and Valuation - Prior to the IPO, Moore Threads completed eight rounds of financing, raising over 6.5 billion yuan, with a pre-IPO valuation of 24.62 billion yuan [4] - The IPO aims to raise 8 billion yuan, with significant portions allocated for the development of next-generation AI training chips and graphics chips [4] Group 4: Industry Positioning - In a market dominated by NVIDIA and AMD, Moore Threads is positioned as a core player in domestic GPU replacement, leveraging its self-controlled architecture and open ecosystem [5] - The company's products are utilized in key sectors such as energy and manufacturing, addressing the growing demand for AI computing power [5] - The approval of the IPO signifies a shift from technological catch-up to industry leadership for domestic GPUs, with the potential to reshape the global GPU competitive landscape [5]