不止于芯片：深度解析长鑫如何带动存储全产业链“腾飞”

Core Insights - Changxin Technology's IPO has sparked a "storage hurricane" in the capital market, showcasing a revenue growth rate exceeding 70% and establishing itself as the number one in China and the fourth globally in the DRAM market [1][10]. Industry Overview - The storage chip segment is one of the largest sub-markets in integrated circuits, accounting for approximately one-third of the market, with DRAM chips representing 59% of that segment. The global DRAM market is projected to reach $97.6 billion in 2024, making it about one-sixth of the entire integrated circuit market [3][16]. - Changxin is the only IDM (Integrated Device Manufacturer) in mainland China capable of large-scale DRAM production, covering the entire process from design to manufacturing and sales [3][16]. Changxin's Position - Changxin occupies a critical position in the domestic DRAM industry chain, serving as the "source" for the entire ecosystem. Without Changxin, upstream and downstream sectors would face significant challenges [5][18]. - The company has broken the long-standing monopoly of global giants like Samsung, SK Hynix, and Micron, marking a significant breakthrough for China's DRAM industry [3][16]. Upstream Supply Chain - The upstream supply chain for DRAM manufacturing includes three main categories: EDA tools for chip design, manufacturing equipment (such as photolithography and etching machines), and materials (including silicon wafers and photoresists) [6][20]. - As Changxin advances its IPO and expands production, the demand for upstream equipment and materials will continue to grow, thereby enhancing the domestic supply chain and driving upgrades across the entire upstream industry [7][20]. Downstream Dynamics - After Changxin manufactures DRAM chips, downstream module manufacturers (like Jiangbolong and Baiwei Storage) are responsible for assembling these chips into market-ready products. This process often leads to misunderstandings, as module manufacturers do not produce chips but package them for sale [8][21]. - Changxin focuses more on product design and production, while module manufacturers emphasize brand building and market penetration [9][22]. Market Trends - Recent price increases in memory chips illustrate the market dynamics: when DRAM prices rise (as set by Changxin), module manufacturers with lower-cost inventory benefit first, while end-product prices reflect upstream cost pressures [10][22]. - Changxin's products are widely used in various electronic devices, including smartphones, computers, and servers, with major clients such as Alibaba Cloud, ByteDance, Tencent, and Xiaomi [13][23]. Conclusion - The attention surrounding Changxin's IPO signifies a pivotal moment for China's semiconductor industry, representing a shift from isolated breakthroughs to a comprehensive industry resonance. This development is not just about one company but involves a collective effort from equipment, materials, modules, and end-users, forming a "domestic storage army" ready to capitalize on the storage supercycle [13][23].