Moore Threads’ IPO—valued at ¥150 billion—is imminent; eight equity-holding parties may see a wave of stock price limit-ups! Goldman Sachs and UBS have already placed bets.

According to the prospectus, Moore Threads—based on its self-developed MUSA architecture—has launched four generations of GPU architectures: 'Suti', 'Chunxiao', 'Quyuan', and 'Pinghu'. It has established four product lines: chips, graphics cards, all-in-one systems, and clusters—covering intelligent computing for government and enterprise sectors, data centers, and consumer markets. Although the company remains unprofitable, its losses are gradually narrowing. Its S3000 and S50 products have demonstrated strong repeat purchase performance; repeat purchase rates for AI intelligent computing products are rising, and cluster customers have broadly expressed willingness to test the company’s next-generation products. Currently, Moore Threads holds ¥2 billion in confirmed orders and is expected to achieve profitability within the next one to two years. This IPO will raise ¥8 billion, with proceeds earmarked for: (1) R&D of Moore Threads’ next-generation domestically controllable AI training-and-inference integrated chips; (2) R&D of its next-generation domestically controllable graphics chips; (3) R&D of its next-generation domestically controllable AI SoC chips; and (4) supplementing working capital. Currently, institutional valuations of Moore Threads stand at approximately ¥24 billion. With ¥2 billion in confirmed orders and projected full-year 2025 revenue exceeding ¥2 billion, the company—though still unprofitable—exhibits rapid growth. Its short-term market capitalization could reach roughly 30% of Cambricon’s (institutions forecast Cambricon’s 2025 revenue at ¥6.8 billion), i.e., between ¥150 billion and ¥180 billion. Per the prospectus, Moore Threads will issue no fewer than 44.44758 million shares publicly, representing no less than 10% of its post-IPO total share capital. This implies the stock could surge by up to 200% on its first trading day—making its equity investors the biggest beneficiaries. After analysis and research, eight A-share listed companies currently hold direct or indirect stakes in Moore Threads. These eight firms are poised to be the top gainers on Monday. The following list is provided for reference only—not as investment or trading advice. First: H&T Intelligent Control Systems Co., Ltd. Company Highlights: A leading domestic smart controller manufacturer. Stake: Holds 1.244% of Moore Threads’ shares; initial investment of ¥30 million has appreciated to ¥306 million. Its subsidiary NPE serves as a core GPU module contract manufacturer, with mass production capacity reaching 300,000 units per year in 2025—yielding significant technological synergy and a dual-driver model of 'equity appreciation + contract manufacturing revenue'. Institutional Activity: Among the top ten circulating shareholders, Northbound funds hold 13.21 million shares; QFII investors Goldman Sachs International and UBS Group have newly acquired 4.01 million and 2.64 million shares respectively—indicating strong foreign institutional confidence in the company’s prospects. Financial Performance: In H1 2025, revenue reached ¥5.446 billion (+19.21% YoY); net profit attributable to shareholders was ¥347 million (+78.65% YoY); non-recurring net profit attributable to shareholders was ¥347 million (+97.24% YoY). Institutions forecast full-year net profit at ¥717 million (+97.70% YoY). Second: Lianmei Holding Group Co., Ltd. Company Highlights: Exploring new digital media opportunities in high-speed rail; deeply engaged in clean heating services across Liaoning Province. Stake: Invested ¥100 million via its wholly owned subsidiary Lhasa Lianhong Investment, holding 0.3351% of Moore Threads’ shares—a strategic long-term bet on Moore Threads’ value.

Morgan Stanley, JPMorgan, UBS, and other foreign institutions’ 2026 investment outlooks and target prices for A-share companies are now available.

According to available information, OmniVision Technologies is a fabless semiconductor design company specializing in chip design. Per market research firm TrendForce, it ranks among the world’s top ten fabless semiconductor companies. Its semiconductor design and sales business comprises three main segments: image sensor solutions, display solutions, and analog solutions. OmniVision recently unveiled its new OV50R CMOS image sensor, featuring a 1/1.3-inch optical format, 50-megapixel resolution, and 1.2-μm pixel size—targeting premium main-camera applications in smartphones, action cameras, vlog cameras, and portable cameras. The OV50R has completed sampling and is scheduled for mass production in Q1 2026, potentially enhancing the company’s penetration in the high-end imaging market. JPMorgan forecasts the company’s net profit growth at 33.82% for 2025 and 40.05% for 2026. UBS: Global tech stocks set for a new rally in 2026! Upgrades four companies to 'Buy'! In its 2026 investment outlook, UBS states that the A-share market stands at a positive inflection point for both earnings growth and valuation re-rating, with projected A-share earnings growth accelerating from 6% in 2025 to 8% in 2026. This acceleration stems from two key drivers: (1) faster nominal GDP growth and a narrowing year-on-year decline in the Producer Price Index (PPI), jointly boosting corporate revenues; and (2) the implementation of supportive macroeconomic policies and sustained healthy deleveraging across the corporate sector—potentially driving modest margin recovery. Moreover, the current A-share equity risk premium—above its historical average—implies substantial valuation re-rating potential. Additionally, recent market corrections largely reflect global tech-sector adjustments and short-term trading congestion—creating an opportune entry point for positioning ahead of medium-term re-rating logic. UBS’s Global Strategy Team believes global tech stocks will enter a new upswing in 2026. Investment themes recommended include: technological self-reliance, consumption recovery, 'anti-overcompetition' beneficiaries (e.g., photovoltaics, lithium batteries, chemicals), and Chinese enterprises expanding overseas. Key risks to monitor include escalation in US-China trade tensions, continued property-sector weakness, and a potential global AI bubble burst. Our analysis shows that since October this year, UBS has issued updated ratings for 196 A-share companies: maintaining 'Buy' ratings on 131, upgrading four to 'Buy', and one to 'Neutral'. It also initiated coverage on 15 companies—including issuing 'Buy' ratings on Great Wall Motor, Akeso Inc., and Longhua Technology upon first coverage. Regarding target-price upside, UBS’s latest target price for Aier Medical is ¥118 per share—versus its December 5 closing price of ¥61.28—implying over 90% upside potential. Morgan Stanley, Goldman Sachs, and Citigroup: A-share valuations remain attractive—stock selection is critical! Wang Ying, Morgan Stanley China’s Chief Equity Strategist, notes that in 2025, China’s equity market completed a decisive valuation recovery—driven by strengthened confidence from consumption-support and 'anti-overcompetition' policies, global competitiveness recognition of Chinese enterprises, and marginal improvement in the geopolitical environment. The MSCI China Index P/E ratio rebounded from 9x to over 13x.

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Investing.com

UBS reiterates Buy on Sensient Technologies stock on growth outlook

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