<p>中國圖形處理單元（GPU）製造商摩爾線程科技的股價激增超過八倍，促使這家新上市公司警告投資者，漲幅可能已經超出基本面。\n 這家總部位於北京的芯片製造商在週五向上海證券交易所發佈的聲明中表示，經過快速上漲後，其股票可能面臨下跌風險。聲明中指出，沒有需要披露的催化劑，也沒有公司基本面的重大變化。\n 這一警告是在摩爾於 12 月 5 日高調上市僅一週後發出的，當時該股在首日交易中上漲 425%，成為今年上海表現第二好的新股。儘管漲幅巨大，但截至週四，股價又上漲了 57%。總的來説，股價從發行價 114.28 元上漲了 723%。\n 摩爾表示：“公司的股票在最近幾天經歷了大幅波動。市場可能存在過熱和非理性投機的情況。投資者應充分意識到交易風險，謹慎決策，理性投資。”\n\n 週五，該股在以科技股為主的科創板上暴跌至 758 元，跌幅高達 19%。\n 對摩爾股票的狂熱需求凸顯了中國投資者在北京承諾全力實現科技自給自足目標後，向科技股的巨大轉變。這一戰略在週四結束的關鍵經濟政策會議上被優先考慮，並在十月份由執政的共產黨批准的五年發展計劃中得到了強調。\n 圍繞摩爾和其他中國科技股的狂熱情緒也與全球人工智能的繁榮相吻合，納斯達克 100 指數在今年刷新了新高。\n 摩爾被稱為中國的英偉達，成立於 2020 年，由曾在美國芯片製造商工作 14 年的張建忠創辦。該公司現在還專注於用於訓練大型語言模型的人工智能加速器芯片，逐漸擺脱早期業務中用於遊戲和其他應用的低端視覺顯示芯片。它通過首次公開募股籌集了 80 億元人民幣（約合 11.3 億美元），成為今年大陸第二大股票發行。\n 在其交易所聲明中，摩爾表示其業務前景不確定，新產品尚未產生收入。銷售將在產品認證、客户指導和大規模發貨等流程完成後才能實現，並補充稱，公司在研發能力、核心技術積累和產品生態系統方面落後於一些全球行業巨頭。\n 摩爾還指出了其估值高於行業平均水平的風險。聲明中提到，其股票的市銷率為 1009 倍，而其他電子製造商的市銷率為 11.8 倍。\n 由於研發支出增加，該公司在今年前九個月報告了 7.24 億元的虧損。中信證券預測摩爾將在 2027 年實現盈利。</p>

摩爾線程-U

<p>摩爾線程科技，一家中國 GPU 製造商，在其 12 月 5 日上市後股價飆升 723% 後，警告投資者可能面臨股價下跌。該公司未提及基本面變化，並強調市場過熱和非理性投機的風險。儘管週五股價下跌 19%，但在中國推動科技自給自足的背景下，需求依然強勁。摩爾線程被稱為中國的英偉達，專注於人工智能芯片，但面臨不確定的商業前景和高估值，市盈率高達 1009 倍。該公司在前九個月報告虧損 7.24 億元，預計到 2027 年實現盈利</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>中國圖形處理單元（GPU）製造商摩爾線程科技的股價激增超過八倍，促使這家新上市公司警告投資者，漲幅可能已經超出基本面。\n 這家總部位於北京的芯片製造商在週五向上海證券交易所發佈的聲明中表示，經過快速上漲後，其股票可能面臨下跌風險。聲明中指出，沒有需要披露的催化劑，也沒有公司基本面的重大變化。\n 這一警告是在摩爾於 12 月 5 日高調上市僅一週後發出的，當時該股在首日交易中上漲 425%，成為今年上海表現第二好的新股。儘管漲幅巨大，但截至週四，股價又上漲了 57%。總的來説，股價從發行價 114.28 元上漲了 723%。\n 摩爾表示：“公司的股票在最近幾天經歷了大幅波動。市場可能存在過熱和非理性投機的情況。投資者應充分意識到交易風險，謹慎決策，理性投資。”\n\n 週五，該股在以科技股為主的科創板上暴跌至 758 元，跌幅高達 19%。\n 對摩爾股票的狂熱需求凸顯了中國投資者在北京承諾全力實現科技自給自足目標後，向科技股的巨大轉變。這一戰略在週四結束的關鍵經濟政策會議上被優先考慮，並在十月份由執政的共產黨批准的五年發展計劃中得到了強調。\n 圍繞摩爾和其他中國科技股的狂熱情緒也與全球人工智能的繁榮相吻合，納斯達克 100 指數在今年刷新了新高。\n 摩爾被稱為中國的英偉達，成立於 2020 年，由曾在美國芯片製造商工作 14 年的張建忠創辦。該公司現在還專注於用於訓練大型語言模型的人工智能加速器芯片，逐漸擺脱早期業務中用於遊戲和其他應用的低端視覺顯示芯片。它通過首次公開募股籌集了 80 億元人民幣（約合 11.3 億美元），成為今年大陸第二大股票發行。\n 在其交易所聲明中，摩爾表示其業務前景不確定，新產品尚未產生收入。銷售將在產品認證、客户指導和大規模發貨等流程完成後才能實現，並補充稱，公司在研發能力、核心技術積累和產品生態系統方面落後於一些全球行業巨頭。\n 摩爾還指出了其估值高於行業平均水平的風險。聲明中提到，其股票的市銷率為 1009 倍，而其他電子製造商的市銷率為 11.8 倍。\n 由於研發支出增加，該公司在今年前九個月報告了 7.24 億元的虧損。中信證券預測摩爾將在 2027 年實現盈利。</p>
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中國的 Nvidia 在股價飆升 723% 後警告存在過熱風險