星标 ★ IPO日报 精彩文章第一时间推送 除了中签率低，摩尔线程的发行价114.28元，是今年科创板的最高发行价，也是今年A股目前为止的最高发行价。 张力制图 11月25日晚间，摩尔线程公布的网下初步配售结果显示，网下发行提交有效报价的网下投资者数量为267家，管理的配售对象个数为7555个，其 中A类投资者获配数量占比98.44%，B类投资者获配仅占比1.56%，有B类投资者最少只获配了39股，又创下了科创板年内新纪录。 除了上述纪录，摩尔线程科创板IPO从受理到过会，用时仅88天，创下科创板IPO审核最快纪录。 透过此次申购可以看出，摩尔线程可谓火出了天，这主要是被它的系列光芒吸引所致。 "中一签赚50万元。"成了股民积极参与打新的动力之源。摩尔线程的发行价为 114.28元，按每签500股计算，投资者中一签需缴款57140元，如果 开盘当天上涨10倍，意味着一签的收益超过50万元。 尽管摩尔线程目前尚未实现盈利，但在科技自主、国产高端芯片加速替代的时代大背景下，其稀缺性和战略价值吸引了无数资金踊跃参与。 摩 尔线程 在招股书中表示， 相较于英伟达、 AMD 等国际巨头，其在技术积累与产品性能方面仍存在 ...

*免责声明：文章内容仅供参考，不构成投资建议 | FEAR 201 - VALUIX, 00013 | | | | --- | --- | --- | | 114.28元 | 发行价格 | | | 中签率 | 0.036351% | 询价 | | 总市值 | 457.2亿 | | | 发行市盈率 | 27.06 | 行 | | 1、公司是国内极少数具备全功能GPU研发能力的 | | | | 地位，公司已成功推出四代GPU架构，并拓展出 | | | | 应用领域的计算加速产品矩阵。 | | | | 2、公司MTTS80显卡的单精度浮点算力性能接近 | 业务及亮点 | | | MTTS5000产品构建的千卡GPU智算集群效率超ì | | | | 算效率。 | | | | 3、基于自主研发的GPU架构，公司积极开展So( | | | *风险提示：股市有风险，入市需谨慎 ...

| 序 | 参与战略配售的投资 | 参与战略配售的投资者 | 获配股数 | 获配股数 占本次发 | 获配金额 | 限售期 | | --- | --- | --- | --- | --- | --- | --- | | ਵੇ | 者名称 | 类型 | (股) | 行数量的 | (元) | (月) | | | | | | 比例 | | | | 1 | 中信证券投资有限公 | 参与科创板跟投的保荐 | 1,400,000 | 2.00% | 159,992,000.00 | 24 | | | ロ | 人相关子公司 | | | | | | | 中信证券资管摩尔线 | 发行人的高级管理人员 | | | | | | 2 | 程员工参与科创板战 | 与核心员工参与本次战 | 2,911,095 | 4.16% | 332,679,936.60 | 12 | | | 略配售1 号集合资产 | 略配售设立的专项资产 | | | | | | | 管理计划 | 管理计划 | | | | | | 3 | 天翼资本控股有限公 | | 629,607 | 0.90% | 71.951.487.96 | 12 | | | 日 | 与发行人 ...

"摩尔线程，哪个时段申购中签率会高一些？"3天前，中小投资者张亮（化名）在社交平台上发出了这样的疑问。 11月24日，有着"中国版英伟达"之称的摩尔线程（688795.SH）正式启动科创板公开申购。如张亮一般，众多投资者的"打新"热情早已被点燃。随着 申购通道开启，市场讨论的焦点也从"是否参与打新"转向"如何提高中签几率"，各路投资者纷纷分享着自己的"申购心得"。 作为国产GPU领域的代表性企业，摩尔线程此次IPO备受资本市场关注。根据此前公告，公司本次公开发行7000万股，发行价格定为114.28元/股，预 计募集资金总额达80亿元，募资规模位居今年科创板新股首位。 | 序号 | 芯片架构 | 流片成功/ 发布时间 | 基本情况 | | --- | --- | --- | --- | | | 赤堤 | 2021 年 | 公司第一代 GPU 芯片,内置了全功能 GPU 的四大引擎, 即拥有 AI 计算加速、图形渲染、物理仿真和科学计算、 | | | | | 超高清视频编解码引擎 | | 2 | 春晓 | 2022 年 | 公司第二代 GPU 芯片,在提升芯片性能的同时,针对云 | | | | | 计算以及 G ...

Core Viewpoint - Moore Threads, known as the "Chinese version of Nvidia," has set its IPO price and is nearing its listing on the STAR Market, marking a significant milestone for domestic GPU companies [1][4]. Group 1: IPO Details - The company announced an issuance of 70 million shares at a price of 114.28 yuan per share, aiming to raise a total of 8 billion yuan, with a net amount expected to be 7.576 billion yuan after deducting issuance costs [4]. - This IPO is the largest fundraising project in the A-share market this year and will position Moore Threads as the first domestic GPU stock upon listing [4][5]. Group 2: Financial Performance - In the first half of 2025, the company's revenue reached 702 million yuan, surpassing the total revenue of the previous three years combined, with a compound annual growth rate exceeding 208% [4][7]. - The gross profit margin is projected to rise from -70.08% in 2022 to 70.71% in 2024, indicating a significant improvement in market acceptance of its products [7]. Group 3: Technological Advancements - Since its establishment in 2020, Moore Threads has focused on the independent research and development of full-function GPUs, achieving breakthroughs in AI computing acceleration, graphics rendering, and other areas [6]. - The company has successfully mass-produced five chips and completed four GPU architecture iterations, creating a diverse product matrix for various applications [6]. Group 4: Market Position and Future Prospects - The management anticipates achieving consolidated profitability by 2027, with expected orders exceeding 2 billion yuan from clients as of June 30, 2025 [5]. - The company has invested over 4.3 billion yuan in R&D from 2022 to mid-2025, with a workforce comprising over 77% R&D personnel, and holds 514 authorized patents [8].

Core Viewpoint - Moer Technology announced its initial public offering (IPO) and listing on the Sci-Tech Innovation Board, aiming to raise approximately 8 billion yuan with a share price of 114.28 yuan per share, resulting in a total market capitalization of about 53.715 billion yuan [1]. Group 1: Company Overview - Moer Technology has focused on the independent research and design of full-function GPUs since its establishment in 2020, achieving significant technological breakthroughs in AI computing acceleration, graphics rendering, and more [3]. - The company has successfully mass-produced five chips and completed four GPU architecture iterations over the past five years, creating a diverse product matrix covering various application fields [4]. Group 2: Market Potential - The global GPU market is projected to reach 3.62 trillion yuan by 2029, with China's market expected to grow to 1.36 trillion yuan, significantly increasing its global market share from 15.6% in 2024 to 37.8% [3]. - The compound annual growth rate (CAGR) for the Chinese GPU market is forecasted at 51.1%, indicating substantial market opportunities [3]. Group 3: Financial Performance - Moer Technology's revenue surged from 46 million yuan in 2022 to 438 million yuan in 2024, reflecting a CAGR of over 208%, with 2025's first half revenue reaching 702 million yuan [4]. - The company has maintained high R&D investment, exceeding 4.3 billion yuan from 2022 to mid-2025, with over 77% of its workforce dedicated to R&D [4]. Group 4: Product Development - Moer Technology's products are nearing or achieving international advanced levels, with its MTTS80 graphics card's performance comparable to NVIDIA's RTX3060 [5]. - The funds raised from the IPO will primarily support the development of next-generation AI training and inference chips, graphics chips, and AI SoC chips, as well as supplement working capital [5].

Core Viewpoint - Moer Technology has officially launched its IPO on the Sci-Tech Innovation Board, marking a significant step in China's journey towards building a self-controlled computing power system, with the company positioned as the first domestic GPU stock [1] Company Overview - Moer Technology, established in 2020, focuses on the independent research and development of full-function GPUs, aligning closely with national strategic needs [1] - The company has achieved technological breakthroughs with its fully self-developed MUSA unified system architecture, enabling a single chip to support AI computing acceleration, graphics rendering, physical simulation, scientific computing, and ultra-high-definition video encoding and decoding [1][2] Market Potential - The global GPU market is projected to reach 3.62 trillion yuan by 2029, with China's market expected to grow to 1.36 trillion yuan, increasing its global share from 15.6% in 2024 to 37.8%, reflecting a compound annual growth rate of 51.1% [2] - Moer Technology's revenue is forecasted to grow from 46 million yuan in 2022 to 438 million yuan in 2024, with a compound annual growth rate exceeding 208%, and revenue for the first half of 2025 reaching 702 million yuan [2] Technological Advancements - Over the past five years, Moer Technology has successfully mass-produced five chips and completed four GPU architecture iterations, creating a diverse product matrix covering AI computing, high-performance computing, graphics rendering, and more [2] - The company has maintained a high level of R&D investment, exceeding 4.3 billion yuan from 2022 to June 2025, with over 77% of its workforce dedicated to R&D [3] - Moer Technology has obtained 514 authorized patents, covering key technology areas such as processor architecture design and AI applications [3] Performance Metrics - Moer Technology's products are nearing or have reached international advanced levels, with the MTTS80 graphics card's single-precision floating-point performance comparable to NVIDIA's RTX 3060 [3] - The efficiency of the GPU computing cluster built on the MTTS5000 exceeds that of equivalent foreign GPU clusters [3] IPO Fund Utilization - The funds raised from the IPO will primarily be used for the development of next-generation self-controlled AI training and inference chips, graphics chips, and AI SoC chips, as well as to supplement working capital [4] - The company aims to enhance its innovation project investments in response to national strategies for accelerating key technology independence and building new computing power infrastructure [4]

Core Viewpoint - Moer Technology is set to launch its IPO on the Sci-Tech Innovation Board, marking the emergence of the first domestic GPU company in the high-end AI chip sector [1] Group 1: Company Overview - Moer Technology focuses on the independent research and development of full-function GPUs since its establishment in 2020, aligning with national strategic needs [1] - The company has achieved significant technological breakthroughs with its fully self-developed MUSA unified system architecture, enabling a single chip to support AI computing acceleration, graphics rendering, physical simulation, scientific computing, and ultra-high-definition video encoding [1][2] Group 2: Market Potential - The global GPU market is projected to reach 3.62 trillion yuan by 2029, with China's market expected to grow to 1.36 trillion yuan, increasing its global share from 15.6% in 2024 to 37.8% by 2029, reflecting a compound annual growth rate of 51.1% [2] - Moer Technology's revenue is forecasted to grow from 46 million yuan in 2022 to 438 million yuan in 2024, with a compound annual growth rate exceeding 208%, and revenue for the first half of 2025 is expected to reach 702 million yuan [2] Group 3: Technological Advancements - The company has successfully mass-produced five chips and completed four GPU architecture iterations over the past five years, creating a diverse product matrix covering various application fields [2][3] - Moer Technology's products are widely used in key areas such as large model training inference, digital twins, and cloud computing, demonstrating strong practical applicability and market expansion potential [2] Group 4: Research and Development - The company has invested over 4.3 billion yuan in R&D from 2022 to June 2025, with over 77% of its workforce dedicated to research [3] - As of June 2025, Moer Technology has obtained 514 authorized patents covering critical technology areas such as processor architecture design and AI applications [3] Group 5: IPO Fund Utilization - The funds raised from the IPO will primarily be used for the development of next-generation self-controlled AI training and inference chips, graphics chips, and AI SoC chips, as well as to supplement working capital [4] - The company aims to enhance innovation project R&D investment and support national strategies for accelerating key technology independence and building new computing infrastructure [4]

Core Viewpoint - Moer Technology has officially launched its IPO on the Sci-Tech Innovation Board, marking a significant step in China's journey towards building a self-controlled computing power system with the potential to become the first domestic GPU stock [1] Group 1: Company Overview - Moer Technology focuses on the independent research and development of full-function GPUs since its establishment in 2020, aligning closely with national strategic needs [1] - The company has achieved significant technological breakthroughs with its fully self-developed MUSA unified system architecture, enabling a single chip to support AI computing acceleration, graphics rendering, physical simulation, scientific computing, and ultra-high-definition video encoding [1][2] Group 2: Market Opportunity - The global GPU market is projected to reach 3.62 trillion yuan by 2029, with China's market expected to grow to 1.36 trillion yuan, increasing its global share from 15.6% in 2024 to 37.8% by 2029, reflecting a compound annual growth rate of 51.1% [2] - Moer Technology's revenue is forecasted to grow from 46 million yuan in 2022 to 438 million yuan in 2024, with a compound annual growth rate exceeding 208%, and revenue for the first half of 2025 is expected to reach 702 million yuan [2] Group 3: Technological Advancements - The company has successfully mass-produced five chips and completed four GPU architecture iterations over the past five years, creating a diverse product matrix covering various application fields [2][3] - Moer Technology's products are widely used in key areas such as large model training inference, digital twins, and cloud computing, demonstrating strong technical practicality and market expansion potential [2] Group 4: Research and Development - The company has invested over 4.3 billion yuan in R&D from 2022 to June 2025, with over 77% of its workforce dedicated to research [3] - As of June 2025, Moer Technology has obtained 514 authorized patents covering critical technology areas such as processor architecture design and AI applications [3] Group 5: IPO Fund Utilization - The funds raised from the IPO will primarily be used for the development of next-generation self-controlled AI training and inference chips, new graphics chips, and AI SoC chips, as well as to supplement working capital [4] - The company aims to enhance its innovation project investments and respond to national strategies for accelerating the development of key technologies and building new computing infrastructure [4]

Group 1: New IPOs and Offerings - This week, there is one new stock available for subscription, specifically the new stock from Aomeisen, which will start subscription on September 22 [2][9] - Aomeisen's offering price is set at 8.25 yuan per share, with an issuance price-to-earnings ratio of 12.99 times, compared to the industry average dynamic price-to-earnings ratio of 35.86 times over the past month [2][3] Group 2: Company Overview - Aomeisen is a professional manufacturer of intelligent equipment, focusing on the research, design, production, and sales of intelligent production equipment and production lines [2][9] - The company's products are widely applicable in various sectors, including electrical appliances, environmental protection, wind power, and lithium battery new energy [2] - Aomeisen has established stable partnerships with major domestic and international home appliance companies, enhancing its brand influence and market presence [2] Group 3: Financial Performance - Aomeisen's projected revenues for 2022, 2023, and 2024 are 279 million yuan, 325 million yuan, and 358 million yuan, respectively, with net profits of approximately 19.39 million yuan, 48.16 million yuan, and 55.82 million yuan [3] - The company aims to raise a total of 190 million yuan through its IPO, which will be invested in the construction of a production base for digital forming equipment and a research and development center [3] Group 4: Other IPOs - Four companies are scheduled for IPO meetings this week, including Moer Thread and Bai Ao Sai Tu for the Sci-Tech Innovation Board, and Nanguang Digital and Hengtong Light for the Growth Enterprise Market [4] - Moer Thread focuses on the research, design, and sales of GPUs and related products, aiming to provide computing acceleration platforms for high-performance computing fields [5] - Bai Ao Sai Tu, a preclinical CRO and biotechnology company, offers innovative animal models and drug development services based on its gene editing technology [7][8]