<p>中国图形处理单元（GPU）制造商摩尔线程科技的股价激增超过八倍，促使这家新上市公司警告投资者，涨幅可能已经超出基本面。\n 这家总部位于北京的芯片制造商在周五向上海证券交易所发布的声明中表示，经过快速上涨后，其股票可能面临下跌风险。声明中指出，没有需要披露的催化剂，也没有公司基本面的重大变化。\n 这一警告是在摩尔于 12 月 5 日高调上市仅一周后发出的，当时该股在首日交易中上涨 425%，成为今年上海表现第二好的新股。尽管涨幅巨大，但截至周四，股价又上涨了 57%。总的来说，股价从发行价 114.28 元上涨了 723%。\n 摩尔表示：“公司的股票在最近几天经历了大幅波动。市场可能存在过热和非理性投机的情况。投资者应充分意识到交易风险，谨慎决策，理性投资。”\n\n 周五，该股在以科技股为主的科创板上暴跌至 758 元，跌幅高达 19%。\n 对摩尔股票的狂热需求凸显了中国投资者在北京承诺全力实现科技自给自足目标后，向科技股的巨大转变。这一战略在周四结束的关键经济政策会议上被优先考虑，并在十月份由执政的共产党批准的五年发展计划中得到了强调。\n 围绕摩尔和其他中国科技股的狂热情绪也与全球人工智能的繁荣相吻合，纳斯达克 100 指数在今年刷新了新高。\n 摩尔被称为中国的英伟达，成立于 2020 年，由曾在美国芯片制造商工作 14 年的张建忠创办。该公司现在还专注于用于训练大型语言模型的人工智能加速器芯片，逐渐摆脱早期业务中用于游戏和其他应用的低端视觉显示芯片。它通过首次公开募股筹集了 80 亿元人民币（约合 11.3 亿美元），成为今年大陆第二大股票发行。\n 在其交易所声明中，摩尔表示其业务前景不确定，新产品尚未产生收入。销售将在产品认证、客户指导和大规模发货等流程完成后才能实现，并补充称，公司在研发能力、核心技术积累和产品生态系统方面落后于一些全球行业巨头。\n 摩尔还指出了其估值高于行业平均水平的风险。声明中提到，其股票的市销率为 1009 倍，而其他电子制造商的市销率为 11.8 倍。\n 由于研发支出增加，该公司在今年前九个月报告了 7.24 亿元的亏损。中信证券预测摩尔将在 2027 年实现盈利。</p>

摩尔线程-U

<p>摩尔线程科技，一家中国 GPU 制造商，在其 12 月 5 日上市后股价飙升 723% 后，警告投资者可能面临股价下跌。该公司未提及基本面变化，并强调市场过热和非理性投机的风险。尽管周五股价下跌 19%，但在中国推动科技自给自足的背景下，需求依然强劲。摩尔线程被称为中国的英伟达，专注于人工智能芯片，但面临不确定的商业前景和高估值，市盈率高达 1009 倍。该公司在前九个月报告亏损 7.24 亿元，预计到 2027 年实现盈利</p>

<p>A more than eight-fold surge in the share price of Chinese graphics processing unit (GPU) maker Moore Threads Technology has prompted the newly listed company to warn investors that the gains may have run ahead of fundamentals.\nThe Beijing-based chipmaker said in a statement to the Shanghai Stock Exchange on Friday that its shares could face the risk of declines after the rapid rally. There was no catalyst that needed to be disclosed and no material change in the company’s fundamentals, it said.\nThe warning came just a week after Moore’s high-profile debut on December 5, when the stock jumped 425 per cent to become the second-best performing new listing in Shanghai this year in terms of first-day trading. Despite the outsized gain, the shares climbed another 57 per cent through Thursday. In total, they had surged 723 per cent from the offer price of 114.28 yuan.\n“The company’s shares have had a big swing in recent days,” Moore said. “There may be a situation of overheating on the market and irrational speculation. Investors should be well aware of the trading risk and make decisions prudently and investments rationally.”\n\nThe shares tumbled by as much as 19 per cent to 758 yuan on Friday on the technology-heavy Star Market.\nEuphoric demand for Moore’s shares underscores a massive pivot by Chinese investors to tech stocks after Beijing pledged to pull out all the stops to achieve its goal of tech self-reliance. The strategy was prioritised at a key economic policy meeting that concluded on Thursday and in a critical five-year development plan approved in October by the ruling Communist Party.\nFrenzied sentiment around Moore and other Chinese tech stocks also coincides with a global boom in artificial intelligence, with the Nasdaq 100 index refreshing new highs this year.\nDubbed as China’s Nvidia, Moore was founded in 2020 by James Zhang Jianzhong, who worked for the US chipmaker for 14 years. The Chinese company is also now focusing on AI accelerator chips for training large language models, moving away from low-end ones used for visual displays in games and other applications in its early days of business. It raked in 8 billion yuan (US$1.13 billion) from its initial public offering, the mainland’s second-largest stock sale this year.\nIn its exchange statement, Moore said its business outlook was uncertain, with new products yet to generate revenue. Sales would not be achieved until processes including product certification, customer guidance and mass shipments were completed, it said, adding that the company was lagging behind some global industry giants in research capability, accumulation of core technology and product ecosystems.\nMoore also flagged the risks of above-industry-average valuations. Its shares traded at 1,009 times sales, compared with 11.8 times for other electronics makers, the statement said.\nThe company reported a loss of 724 million yuan in the first nine months of this year due to higher research and development spending. Sinolink Securities forecast that Moore would turn profitable in 2027.\n</p>
<div class="lb-trans"><p>中国图形处理单元（GPU）制造商摩尔线程科技的股价激增超过八倍，促使这家新上市公司警告投资者，涨幅可能已经超出基本面。\n 这家总部位于北京的芯片制造商在周五向上海证券交易所发布的声明中表示，经过快速上涨后，其股票可能面临下跌风险。声明中指出，没有需要披露的催化剂，也没有公司基本面的重大变化。\n 这一警告是在摩尔于 12 月 5 日高调上市仅一周后发出的，当时该股在首日交易中上涨 425%，成为今年上海表现第二好的新股。尽管涨幅巨大，但截至周四，股价又上涨了 57%。总的来说，股价从发行价 114.28 元上涨了 723%。\n 摩尔表示：“公司的股票在最近几天经历了大幅波动。市场可能存在过热和非理性投机的情况。投资者应充分意识到交易风险，谨慎决策，理性投资。”\n\n 周五，该股在以科技股为主的科创板上暴跌至 758 元，跌幅高达 19%。\n 对摩尔股票的狂热需求凸显了中国投资者在北京承诺全力实现科技自给自足目标后，向科技股的巨大转变。这一战略在周四结束的关键经济政策会议上被优先考虑，并在十月份由执政的共产党批准的五年发展计划中得到了强调。\n 围绕摩尔和其他中国科技股的狂热情绪也与全球人工智能的繁荣相吻合，纳斯达克 100 指数在今年刷新了新高。\n 摩尔被称为中国的英伟达，成立于 2020 年，由曾在美国芯片制造商工作 14 年的张建忠创办。该公司现在还专注于用于训练大型语言模型的人工智能加速器芯片，逐渐摆脱早期业务中用于游戏和其他应用的低端视觉显示芯片。它通过首次公开募股筹集了 80 亿元人民币（约合 11.3 亿美元），成为今年大陆第二大股票发行。\n 在其交易所声明中，摩尔表示其业务前景不确定，新产品尚未产生收入。销售将在产品认证、客户指导和大规模发货等流程完成后才能实现，并补充称，公司在研发能力、核心技术积累和产品生态系统方面落后于一些全球行业巨头。\n 摩尔还指出了其估值高于行业平均水平的风险。声明中提到，其股票的市销率为 1009 倍，而其他电子制造商的市销率为 11.8 倍。\n 由于研发支出增加，该公司在今年前九个月报告了 7.24 亿元的亏损。中信证券预测摩尔将在 2027 年实现盈利。</p>
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中国的 Nvidia 在股价飙升 723% 后警告存在过热风险