Analysis of C Moore-U (688795.SH), China's First GPU Stock, Making It to the Hot List

C Moore-U (688795.SH) is China’s first full-function GPU listed company, debuting on the STAR Market on December 5, 2025 [3]. It made it to the hot list on December 9, with key driving factors including:

1. Strategic Position and Policy Dividends
   : As a landmark enterprise in China’s GPU sector, its listing aligns with the national semiconductor self-reliance strategy and enjoys the “1+6” STAR Market policy support [6].
2. Better-than-Expected IPO Performance
   : With an issue price of 114.28 yuan and a closing price of approximately 600 yuan on its first day, it achieved a 425% increase and became the most profitable new stock in A-share history [2].
3. Industry Cooperation Developments
   : Its cooperation with Winshare Technology in areas such as liquid-cooled cards, AI PCs, and graphics card manufacturing has attracted market attention [4].
4. Sustained Market Performance
   : On December 9, its stock price rose 5.73% to 628.31 yuan, with a market value reaching 29.5323 billion yuan [1], further attracting investors’ attention.

1. Sector Linkage Effect
   : As China’s first GPU stock, its popularity has driven attention to the entire domestic semiconductor and AI chip sectors, reflecting the market’s strong expectations for domestic computing power self-reliance.
2. Changes in Investor Structure
   : In addition to individual investors, institutional investors such as insurance companies have also participated [5], indicating institutions’ recognition of its long-term value and tolerance for short-term volatility.
3. Impact of International Competition
   : The Trump administration’s approval of NVIDIA H200 GPU sales to China [7] will put C Moore-U in direct competition with international giants, becoming a key challenge for its subsequent development.

• Domestic demand for AI and computing power continues to grow, and the market space for independent GPUs is broad.
• STAR Market policy dividends and industrial support provide guarantees for its technological R&D and market expansion.

• High Valuation Risk
  : With 2024 revenue of 438 million yuan and a current market value of nearly 30 billion yuan, the price-to-sales ratio is too high [6].
• Competition Risk
  : Facing dual competition from domestic enterprises such as Cambricon and international giants like NVIDIA and AMD [7].
• Volatility Risk
  : As a new stock, market speculation leads to high stock price volatility; short-term corrections need to be watched out for.
• Technology Substitution Risk
  : International GPU technology iterates rapidly; continuous R&D investment is required to maintain competitiveness.

C Moore-U (688795.SH)'s popularity stems from its strategic position as China’s first GPU stock, its better-than-expected IPO performance, and industry cooperation developments. Its listing marks a new stage in China’s GPU sector, but factors such as high valuation, fierce competition, and policy changes may affect its subsequent performance. Investors should consider their own risk tolerance and pay attention to the company’s technological progress, market expansion, and changes in the industry competition pattern.