Today, the most popular A-share stock, Moore Threads, has been listed, with an opening price reaching 650 yuan, which is more than four times the issue price of 114 yuan. Of course, today's turnover has also been quite active, with a turnover rate exceeding 60% within the first hour of trading. This indicates a day of significant turnover; for newly listed stocks, a high turnover rate signifies fierce competition between bulls and bears. From the performance during the trading session, there was a pullback in just the first 7 minutes after the opening, while the majority of the remaining time showed a stable horizontal fluctuation on the intraday chart. It can be said that such a high opening price with such a stable market trend is quite impressive.

Actually, what everyone is concerned about is not today, but how Moore Threads will perform in the future. This is crucial for those who have won the lottery and those outside the market wanting to join. From my own understanding, since this represents a new leader in domestic GPUs and AI chips, combined with the current market hotspots being closely related, choosing to go public and open at this time usually has a high probability of enjoying some premium. In simple terms, this means that the opening price is likely to be higher than during market downturns. However, this raises a question: at the current level, it may be quite difficult to continue rising.

Of course, we cannot simply compare it to the listing of PetroChina back in the day, and the lessons from history are profound, warranting our vigilance. When PetroChina was listed, oil prices were at a high, and today, the listing of Moore Threads is also during a relatively prosperous period for domestic technology. At this time, trading is often driven by strong emotions, inevitably lacking some rational elements.

Regardless, I believe that in the current environment, one should choose to observe more rather than act impulsively. A slight cooling of funds may be more beneficial for future trends.