异动解读 | 摩尔线程上市利好叠加业务规模化，小马智行-W盘中大涨5.08%

异动解读11-27

小马智行-W（02026）今日盘中大涨5.08%，股价异动引发市场关注。

直接催化因素为国产GPU企业摩尔线程登陆科创板。小马智行通过盐城白杨持有摩尔线程0.4661%股份，按发行价114.28元/股计算，该部分股权价值约1.3亿元人民币。作为早期产业投资人，小马智行既获得可观财务收益，更强化了与国产算力龙头的战略协同。

更深层驱动来自小马智行自身业务突破：Robotaxi车队年底将超1000辆（全球最大L4车队之一）、与阳光出行达成战略合作、第七代Robotaxi实现单车盈利，以及自动驾驶卡车明年量产。规模化扩张带来算力需求激增，与摩尔线程的“国产GPU+自动驾驶”生态闭环形成共振。

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