There are always people at the peak

In December 2025, Moore Threads went public amid much anticipation, opening up 468% higher, with a market value of 300 billion at once, veteran investors vaguely recalling the glorious years of PetroChina's IPO. In November 2007, everyone was discussing the IPO of China National Petroleum Corporation, this giant boasting the title of "China's most profitable company," with an issue price of 16.7 yuan, and it surged to 48.6 yuan on the opening. On that day, the A-share market had a daily trading volume of only over 200 billion, while China Petroleum's trading volume reached 70 billion, accounting for 40% of the total trading volume. Buying on the first day, through tireless trading, one could probably break even in 18 years.

In the Hong Kong stock market, the negative feedback brought by the IPO flood is still ongoing. In the first 11 months of this year, the Hong Kong Stock Exchange welcomed 91 new listed companies, raising a total of 259.89 billion Hong Kong dollars, a significant increase of about 228% compared to the same period last year. The IPO fundraising amount on the Hong Kong Stock Exchange ranks first among global exchanges. The latest listed company, Yujian Xiaomian, broke its issue price on the first day, falling nearly 29%. Hitting one hand, Yujian is a big bowl of noodles. In the A-share market, the main task of reducing volatility and supporting scientific innovation continues.

Moore is listed, Muxi has subscribed, Yushu's IPO counseling has been completed, the fourth round of IPO counseling for Beren has been conducted, and the IPO of Suirun has been restarted..... You won the lottery for Yujian Xiaomian in Hong Kong, and I won the lottery for Moore Threads in the A-share market; everyone has a bright future. "The most beautiful process of A-shares is the process from insufficient production capacity to overcapacity, from industrial pearls to industrial cabbages." Those not listed want to IPO, those listed want to issue more shares, those released from lock-up want to reduce holdings, institutions want to unite, quant investors want iteration, grapefruit is transforming into KOLs, and retail investors just want to find a way to survive in the chase. Despite the market continuously shrinking to 15 trillion, setting a nearly 8-month low in trading volume, it does not hinder quantitative strategies from capturing excess returns in rapid rotations; there are still 389 products under billion-yuan private equity that have reached historical highs in net value, of which 324 are quantitative products, accounting for over 80%.

Although the giant IPO has diverted liquidity from the STAR Market, domestic chips are still in endless debate about whether "Moore's listing opens up valuation space or reduces scarcity for existing GPU giants," it does not hinder the growth of optical chips in the incrementally scarce segment, non-bank finance falling to the annual line, and the faint expectation of frost descent, leaping to pick the peaches. From China Petroleum to Moore Threads, from traditional manufacturing to emerging industries, the redistribution of funds and resources between the old economy and the new economy is still in progress; no one stands forever at the wind outlet, and there are always people "debuting at the peak." Each generation has its own version of China Petroleum.